Manufacturers Praise 63 To 35 U.S. Senate Vote To Pass Currency Legislation
U.S. House of Representatives Now on Spot to Act
WASHINGTON — October 11, 2011 — American Manufacturing Trade Action Coalition (AMTAC) applauded the
63 to 35 U.S. Senate vote to pass S. 1619, the Currency Exchange Rate Oversight Reform Act of 2011.
"This bill would not have passed without the dogged determination of Senators Sherrod Brown (D-OH), Charles Schumer (D-NY), Lindsey Graham, (R-SC), Olympia Snowe (R-ME), Debbie Stabenow (D-MI), Jeff Sessions (R-AL), Robert Casey (D-PA), and Richard Burr (R-NC), said AMTAC Executive Director Auggie Tantillo.
"Domestic manufacturers cannot thank these senators enough for their leadership. This is the best job creation bill that Congress can pass this year," Tantillo continued.
"U.S. manufacturing, especially America's textile industry, has worked hard to transform itself. There are many exciting business possibilities out there for textile manufacturers if they are afforded the opportunity to compete in a market that eliminates unfair distortions like currency manipulation," Tantillo added.
"Now that the Senate has passed a currency bill, the U.S. House must do the same if it wants to be seen as serious about tackling the jobs problem," Tantillo concluded.
Robert H. Chapman III, Chairman and CEO of Inman Mills of Inman, South Carolina praised the Senate vote on currency legislation, saying, "Passage of this legislation will finally help level the playing field with China. Chinese exporters have used various subsidies, including their substantially undervalued currency to take U.S. market share and displace millions of U.S. workers."
Chapman also said, "We join with others in the U.S. manufacturing base in thanking Senator Graham and all those who supported this much needed legislation. Now that the Senate has acted, the U.S. House of Representatives should swiftly pass currency legislation too."
Kathie Leonard, President and CEO of Auburn Manufacturing of Mechanic Falls, Maine stated, "I want to thank Senators Snowe and Collins for their leadership in securing Senate passage of the Currency Exchange Rate Oversight Act of 2011".
"Their pressing for passage of this important bill demonstrates their continued support of U.S. manufacturing. Without an effective remedy for countries that purposely undervalue their currency, we can expect to continue to lose industrial capacity and manufacturing jobs to countries such as China at an alarming rate," Leonard continued.
"I also want to thank Congressman Mike Michaud for his continued efforts to bring this much needed bill to a vote in the U.S. House of Representatives. It is critical that the U.S. House quickly adopt this legislation and send it to President Obama for signature. U.S. manufacturing has waited far too long for this job destroying problem to be solved." Leonard added.
Background on S. 1619 and Currency Issue
China brazenly uses illegal subsidies and non-tariff barriers to steal U.S. manufacturing jobs and markets. Its blatant intervention to keep the renminbi (RMB) undervalued by 25 to 40 percent relative to the dollar is one policy that has been especially damaging. Currency manipulation and other unfair trade tactics have enabled China to tilt the competitive playing field against America, factoring mightily to the more than 5.3 million U.S. manufacturing jobs lost since 2001.
China's currency machinations have significantly contributed to the crippling of growth of U.S. industrial output too. The Federal Reserve reported that the "Total Index" of U.S. industrial production grew by a measly 1.74 percent between January 2001 and January 2011. In contrast, U.S. industrial output grew by 50 percent during the decade before.
S. 1619 is a measured response to the currency manipulation by China and others that has destroyed so many U.S. jobs. It is World Trade Organization (WTO)-compliant and gives no grounds for retaliation by any trading partner. The bill clarifies the responsibility of the Commerce Department to investigate alleged currency undervaluation as a prohibited export subsidy on a case-by-case basis. This is a similar approach to the bipartisan legislation (H.R. 2378) passed by the U.S. House of Representatives by a vote of 348 to 79 in the 111th Congress.
The positive impact of congressional enactment of S. 1619 would be substantial. U.S. exports would rise and more jobs would be created. More U.S. research and development would be encouraged and new investment in new plant and equipment would grow. Finally, the U.S. economy would be stimulated without incurring any new public debt or budgetary expenditures.
Posted on October 18, 2011
Source: AMTAC
"This bill would not have passed without the dogged determination of Senators Sherrod Brown (D-OH), Charles Schumer (D-NY), Lindsey Graham, (R-SC), Olympia Snowe (R-ME), Debbie Stabenow (D-MI), Jeff Sessions (R-AL), Robert Casey (D-PA), and Richard Burr (R-NC), said AMTAC Executive Director Auggie Tantillo.
"Domestic manufacturers cannot thank these senators enough for their leadership. This is the best job creation bill that Congress can pass this year," Tantillo continued.
"U.S. manufacturing, especially America's textile industry, has worked hard to transform itself. There are many exciting business possibilities out there for textile manufacturers if they are afforded the opportunity to compete in a market that eliminates unfair distortions like currency manipulation," Tantillo added.
"Now that the Senate has passed a currency bill, the U.S. House must do the same if it wants to be seen as serious about tackling the jobs problem," Tantillo concluded.
Robert H. Chapman III, Chairman and CEO of Inman Mills of Inman, South Carolina praised the Senate vote on currency legislation, saying, "Passage of this legislation will finally help level the playing field with China. Chinese exporters have used various subsidies, including their substantially undervalued currency to take U.S. market share and displace millions of U.S. workers."
Chapman also said, "We join with others in the U.S. manufacturing base in thanking Senator Graham and all those who supported this much needed legislation. Now that the Senate has acted, the U.S. House of Representatives should swiftly pass currency legislation too."
Kathie Leonard, President and CEO of Auburn Manufacturing of Mechanic Falls, Maine stated, "I want to thank Senators Snowe and Collins for their leadership in securing Senate passage of the Currency Exchange Rate Oversight Act of 2011".
"Their pressing for passage of this important bill demonstrates their continued support of U.S. manufacturing. Without an effective remedy for countries that purposely undervalue their currency, we can expect to continue to lose industrial capacity and manufacturing jobs to countries such as China at an alarming rate," Leonard continued.
"I also want to thank Congressman Mike Michaud for his continued efforts to bring this much needed bill to a vote in the U.S. House of Representatives. It is critical that the U.S. House quickly adopt this legislation and send it to President Obama for signature. U.S. manufacturing has waited far too long for this job destroying problem to be solved." Leonard added.
Background on S. 1619 and Currency Issue
China brazenly uses illegal subsidies and non-tariff barriers to steal U.S. manufacturing jobs and markets. Its blatant intervention to keep the renminbi (RMB) undervalued by 25 to 40 percent relative to the dollar is one policy that has been especially damaging. Currency manipulation and other unfair trade tactics have enabled China to tilt the competitive playing field against America, factoring mightily to the more than 5.3 million U.S. manufacturing jobs lost since 2001.
China's currency machinations have significantly contributed to the crippling of growth of U.S. industrial output too. The Federal Reserve reported that the "Total Index" of U.S. industrial production grew by a measly 1.74 percent between January 2001 and January 2011. In contrast, U.S. industrial output grew by 50 percent during the decade before.
S. 1619 is a measured response to the currency manipulation by China and others that has destroyed so many U.S. jobs. It is World Trade Organization (WTO)-compliant and gives no grounds for retaliation by any trading partner. The bill clarifies the responsibility of the Commerce Department to investigate alleged currency undervaluation as a prohibited export subsidy on a case-by-case basis. This is a similar approach to the bipartisan legislation (H.R. 2378) passed by the U.S. House of Representatives by a vote of 348 to 79 in the 111th Congress.
The positive impact of congressional enactment of S. 1619 would be substantial. U.S. exports would rise and more jobs would be created. More U.S. research and development would be encouraged and new investment in new plant and equipment would grow. Finally, the U.S. economy would be stimulated without incurring any new public debt or budgetary expenditures.
Posted on October 18, 2011
Source: AMTAC
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