Murphy Bill Subject of Contentious Debate in WashingtonWays and Means Committee Hearing Draws International Focus on Currency Manipulation
(Washington, D.C.) – The House Ways and Means Committee convened a hearing this morning to discuss the Murphy-Ryan Currency Reform for Fair Trade Act (HR 2378) which would protect domestic manufacturers and the steel industry from countries unwilling to compete fairly in the global marketplace. The bill, which has been debated globally in current weeks, will allow American industries and workers to seek remedies under current trade laws, and applies a fair and predictable standard for currency misalignment.
“America cannot keep relying on more empty promises from China – not when 15 million Americans are out of work,” said Congressman Tim Murphy. “We must hold China accountable for its currency manipulation wreaking havoc on our nation’s manufacturers. The Currency Reform for Fair Trade Act provides a long-term solution to this unfair and illegal export subsidy. In passing this legislation we are standing up in unison to say that while we welcome fair and free trade, we will not tolerate manipulated trade that undercuts American manufacturing and places American workers at a competitive disadvantage.”
Congressman Tim Ryan (D-OH) added, “It is time for Congress to act to ensure fair treatment for American workers and manufacturers. For seven years, the Bush and Obama administrations have tried a diplomatic approach with China on this issue, and it has failed. Only when China has been backed against the wall to make concessions has it indicated that it would allow its currency to rise, and then almost immediately it has backpedaled. Legislation would put teeth into our government’s effort to compel China and all other countries to comply with their responsibilities as our international partners.”
In continuing efforts to pressure leadership to bring the Currency Reform for Fair Trade Act to the floor, Congressmen Murphy and Ryan sent a letter to Speaker Pelosi and Minority Leader Boehner, with over 100 signatures, calling for a vote on the Currency Reform for Fair Trade Act.
“China’s contravention of established trade laws has imposed significant hardship on American manufacturers and workers and continues to imperil our economic recovery,” wrote Ryan and Murphy. A floor vote on the bill, which was covered in The Hill this morning (“Punishing China becomes issue in midterm election”), has yet to be scheduled.
Murphy will be leading a rally open to the press on Friday in the district with local manufacturers and members of the Coalition for a Prosperous America to continue to push for passage of his legislation to get Americans back to work.
Click here to read Congressman Murphy’s Testimony to the Ways and Means Committee or click here to read the letter to leadership.