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| 316 Hart Senate |
| Office Building |
| Washington, D.C. 20510 |
| P: 202-224-4343 |
| F: 202-228-1373 |
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| September 28th, 2006 |
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BUNNING INTRODUCES BILL TO CURB CURRENCY MANIPULATION
Says Unfair Practice Must be Stopped in Order to Protect Jobs of America’s Working Families |
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Washington, DC - U.S. Senator Jim Bunning today introduced legislation to stop the unfair trade practice known as currency manipulation that is currently taking place in countries like China. Bunning’s bill would provide U.S. manufacturers with the legal means to fight back against those companies whose governments manipulate their currency.
“It is time the Senate acts to put a stop to this unfair trade practice that hurts American businesses and workers,” said Bunning. “I have worked hard in both the Banking and Finance Committees to analyze and address currency manipulation. The bill I have introduced is a viable solution to this problem and will put in place the tools and policies needed to level the playing field with our trading partners.”
The United States Fair Currency Practices Act of 2006 removes subjectivity from determinations on currency valuation, injecting transparency and objectivity into this important process. Currently, there is no objective method for protecting American companies from countries such as China who cheat by devaluing their currency in an effort to artificially lower the cost of their exports. This practice creates an unfair trade advantage that makes it nearly impossible for American manufacturers to compete in the free market. The Bunning bill would provide injured U.S. companies that suffer due to the impact of undervalued currency with the ability to seek countervailing duties, a key enforcement tool to fight back against companies whose governments seek to create an artificial advantage.
“For too long American workers have suffered as a direct result of the unfair trade practices of countries like China. My bill will help protect American businesses from those countries who achieve an unfair trading advantage by manipulating their currency. Our economy is on the rise and it is now more important than ever that we make sure everyone plays by the rules and protect the jobs of America’s working families,” Bunning concluded.
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