WASHINGTON, DC – Congressman John Garamendi (D-Fairfield, CA) today thanked the U.S. Senate for passing bipartisan Chinese currency manipulation legislation designed to help level the playing field for American manufacturers and producers. Garamendi also urged Speaker John Boehner and House Republican Leadership to allow the legislation to come to the House floor for an up-or-down vote. The bill passed by a bipartisan 63-35 vote in the Senate.
The legislation would help to create at least one million jobs here at home, strengthen small businesses, and boost our nation's competitiveness by demanding that China start playing fair on the global stage. Over the last nine months, the House Republican Leadership has refused to bring the bipartisan China Currency bill to the House Floor for a vote – where it would clearly pass.
"The Senate put partisanship aside – at least for one vote – to pass commonsense legislation that helps American manufacturers and producers compete," said Congressman Garamendi. "Countries that hope to create jobs don't turn a blind eye when their greatest job creators are denied fair competition on the international market. We need this bill to Make It In America again."
Added Garamendi, "Now that the Senate has acted, I encourage Speaker Boehner and House leadership to bring this legislation to the floor for an up-or-down vote. With one vote, we can create American jobs and reduce our trade deficit with China at no expense to taxpayers. To further delay is great for China but bad for America."
The Chinese government continues to intervene in the markets to suppress the value of its currency – making American exports more expensive and Chinese products cheaper. This gives Chinese companies an unfair advantage over U.S. small manufacturers and other exporters across our country.
The bipartisan Currency Reform for Fair Trade Act (H.R. 639) was introduced by Reps. Sander Levin (D-MI), Tim Ryan (D-OH), and Tim Murphy (R-PA) in the House back in February and has 225 cosponsors, including 61 Republicans. Last year, the Democratic-led House passed this legislation by a strong bipartisan vote of 348 to 79.
The Currency Reform for Fair Trade Act (H.R. 639) will help American businesses compete on a more level playing field by treating fundamentally undervalued currencies as a prohibited subsidy, allowing the U.S. to take action to counter this unfair trade practice. This bill is essential to addressing currency manipulation by the Chinese government that has jeopardized efforts to create and preserve U.S. manufacturing jobs.