Rally With Local Manufacturers Highlights Need for Action Crowd Calls on Congress to Pass Murphy Bill to Stop Chinese Currency Cheating
(Pittsburgh, PA) – Congressman Tim Murphy rallied today with local manufacturers and workers, who are calling for the House of Representatives to vote immediately on Rep. Murphy’s bill to stop the job-killing manipulation of currency markets by China.
“Fifteen million out-of-work Americans are watching factories close down here and open in China. These jobs are not going to China because their workforce is better or because China is better at manufacturing than the United States. These jobs are leaving because China cheats on trade and manipulates its currency,” said Murphy.
By deliberately undervaluing its currency, China gives Chinese manufacturers that export products around the world a government subsidy upwards of 40%, costing the U.S. between 1.5 and three million manufacturing jobs. This week, Washington, DC was abuzz with hearings and debate on Rep. Murphy’s Currency Reform for Fair Trade Act (HR 2378), which would allow American industries and workers to seek remedies under current trade laws, and applies a fair and predictable standard for currency misalignment.
“I’ve toured dozens of local factories and talked to our manufacturers in Southwestern Pennsylvania. Businesses aren’t asking for tax breaks, stimulus dollars, or government loans. They want action out of Washington to hold our biggest trading partner accountable so they can grow jobs.”
Despite promises by the Administration that it would act “aggressively” to combat Chinese currency manipulation, Treasury Secretary Timothy Geithner continues to plead with China to allow its currency to be exchanged freely. And Beijing, which had once said it would allow its currency to appreciate in value, has flip-flopped and hasn’t taken direct action yet. Meanwhile, the Yuan has gained just one percent against the dollar since June despite being undervalued anywhere between 15 and 40 percent.
“I’ve taken this issue to the Administration, but we’ve seen the results of gentle persuasion versus decisive action — status quo. So we are asking Congressional leaders to stand up for our manufacturers today. Action delayed is jobs denied. If the White House won’t act to support our manufacturers, then Congress must take the bull by the horns,” said Murphy, who called on the public to rally behind the bill by talking to neighbors, getting involved, and contacting their legislators and officials in Washington.
“We cannot trust the Communist Chinese government to voluntarily do the right thing given its track record. China has spied on us, stolen state secrets, and sold us everything from toxic toys to poisonous pacifiers to dangerous dog food,” said Murphy. “We need my bill to be passed so we can grow local manufacturing jobs.”
A floor vote on the bill, which was covered locally in the Post-Gazette, nationally in the New York Times, and internationally in China Daily, has yet to be scheduled.