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House passes legislation to end currency manipulation by foreign governments

WASHINGTON, DC – Today the U.S. House of Representatives passed H.R. 2378, the Currency Reform for Fair Trade Act, commonly know as the China Currency Bill. The bill, which Congressman Carney co-sponsored, will address China’s fundamental undervaluation of its currency, protect American manufacturing jobs and cut our trade deficit.
“Saving and creating American jobs is a top priority for me,” said Congressman Carney. “We live in the greatest country in the world but we know that America must stay competitive in the global market. Each year we lose far too many jobs because of unfair competition from overseas companies and we must do all we can to keep manufacturers here in the US.”
Last March Congressman Carney introduced the Made in America Act of 2009. This bipartisan legislation creates tax cuts to support American companies that keep their jobs and businesses “made in America”. The US currently has one of the highest corporate tax rates in the world at 35 percent. The Made in America Act lowers the tax rate to 30 percent, which will attract new businesses and keep American jobs right here at home.
Currently, China suppresses the value of its currency (the RMB), making China’s exports cheaper than they would be if China allowed its currency to be set by the market. This policy places a drag on US economic growth and job creation. If China allowed its currency to respond to market forces, it would create a million US manufacturing jobs and cut our trade deficit with China by $100 billion a year, with no costs to the US treasury.
“For too long China, and other foreign governments, have intervened in their currency markets artificially making US products more expensive. The Currency Reform for Fair Trade Act will protect, create and encourage economic growth in American manufacturing without adding a single dime to the deficit and I was proud to support it.”
H.R. 2378 amends the Tariff Act of 1930 to require the Department of Commerce to determine whether the exchange rate of the currency of an exporting country is fundamentally undervalued or overvalued against the US dollar and take actions under a countervailing duty or antidumping duty to offset such misalignments. The bill passed the House with a vote of 348 to 79 and now moves to the Senate for final passage.

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