Passage of Murphy-Ryan Bill A Win For US Jobs and Manufacturing

Passage of Murphy-Ryan Bill A Win For US Jobs and Manufacturing

(Washington, D.C.) – Upon passage today of the Currency Reform for Fair Trade Act (HR 2378) by the House of Representatives, Congressman Tim Murphy, the bill’s co-author, released the following statement:
 
“This is truly a historic moment. For years American manufacturers and workers have been pleading for Washington to stand up for US jobs and enforce global fair trade. Passage of the Currency Reform for Fair Trade Act sends a clear message that Congress heard those pleas and is taking a giant step forward to help revitalize the American manufacturing sector. We are no longer waiting for empty promises to come true, we took action.”
 
“The US has lost more than 5 million manufacturing jobs in the past decade. That’s an astounding 17% of all manufacturing jobs in our nation lost. Did we stop making great products, did innovation cease?  No. What did happen was that while we were working, innovating, and producing better than ever, we were being undermined by unfair trade practices.” 
 
“By deliberately undervaluing its currency, China gives its manufacturers a government subsidy upwards of 40%. When a Chinese company manufactures a product in China, exports it to the US, then brings dollars back to China, it is required to exchange those dollars for yuan. When the yuan is undervalued, that Chinese company receives more yuan for the dollar than it should. This is a direct financial contribution by the Chinese government because it overpays the exporter in yuan for each dollar it brings back to China. Add this to money lent at rock-bottom rates and reimbursement for interest paid, preferential access to domestic natural resources, and other trade-distorting benefits enjoyed by Chinese companies, and no American manufacturer – no matter how well-run its business, or pioneering its product, or efficient its workforce – can fairly compete.” 
 
 “Our currency reform bill will give US manufacturers hurt by currency manipulation a critical tool to level the competitive field. American manufacturers, who already operate at a competitive disadvantage to Chinese companies that pay their workers pittance and observe no workplace or environmental standards, will be able to seek redress for illegal trade practices. By giving them the tools to ensure other countries play fairly by the rules, the American manufacturer will win in the global marketplace every time. With our dedicated workforce and demonstrated ingenuity, American manufacturing has the chance to not just repair our economy, not just lead us out of debt and deficit, but create hundreds of thousands of new, well-paying, high-quality jobs.”
 
“There was a time when “Made in the USA” was the standard for the world. It wasn’t just a matter of pride to own a “Made in the USA” product, it was a matter of fact that you owned the best. We earned that esteem. And with the passage of the Ryan-Murphy bill, we’re on track to getting back to the top spot as the world’s greatest manufacturing economy.”
 
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