Senate Democrats

Heard from the Floor: Top Three Reasons to End China’s Unfair Trade Practice

The bill before the Senate that would curb currency manipulation’s receiving overwhelming support by both Democrats and Republicans. Here’s a look at the top three reasons Democratic senators support the bill, known as the Currency Exchange Rate Oversight Reform Act:

#1 The bill will save jobs

Senator Richard Blumenthal (Conn.): “China has been manipulate its currency, flagrantly and blatantly, at the expense of our businesses around the country, and most blatantly and flagrantly at the expense of American workers. This measure is necessary to protect American jobs and American workers.”

Senator Sherrod Brown (Ohio): China “devalues their currency, they underappreciate it, meaning they in a sense get a bonus.  When they sell anything to the U.S., anything, they get a 25% discount. They undercut American manufacturers that could be even more efficient than they are.”

Senator Sheldon Whitehouse (R.I.): “The consequences of currency manipulation are deeply felt… by families who for generations have contributed to our growth as a nation by going to work every day and building things from cars and boats to toys and electronics.”

Senator Jack Reed (R.I.): “Unemployment throughout my home state of Rhode Island and the nation has been persistently high and is caused in part by the effects of currency manipulation, particularly Chinese devaluation of the yuan”

Senator Hagan (N.C.): It’s “The time for playing games with American jobs is over… the effects of China’s currency manipulation are damaging to our economy.”

Senator Harry Reid (Nev.) : “This is important jobs legislation.. The Senate is demanding justice for American companies”

#2 It’s a step toward economic recovery

Senator Sheldon Whitehouse (R.I.): “A Rhode Island textile manufacturer CEO told me, ‘Addressing china’s manipulation of its currency would be a good first step to bringing our trade policy to where it needs to be, to help get American manufacturers moving in the right direction again.’”

Senator Jack Reed (R.I.): “The effects of unfair currency manipulation has resulted in distorted trade balances that have hurt U.S. workers and our nation’s economy as a whole.”

#3  Our trade deficit’s only getting worse

Senator Schumer (N.Y.): “The Chinese only understand one thing. Being tough, telling them if they don’t discontinue these actions, we are going to take action unilaterally on our own.. China’s policies get worse and worse and worse.”

Senator Levin (Mich.): “This is an unfair trade practice that contributes to large U.S. trade deficits”

Senator Cardin (Md.): “The legislation provides necessary mechanisms to help halt currency manipulation committed by any country.”