Press Release

Contact: Sabrina Siddiqui 202-870-1138

Loebsack Statement on China Currency Manipulation Legislation


Washington, Sep 24 - Today, Congressman Loebsack released the following statement after the House Ways and Means Committee approved the bipartisan Currency Reform for Fair Trade Act (HR 2378).  Congressman Loebsack is a cosponsor of the bill and wrote to the Committee in June calling for approval of the legislation.  Loebsack also wrote to House Leadership in August calling for the bill to be brought before the full House of Representatives for a vote.   He has also called on the Obama Administration to designate China as a currency manipulator.

“China has manipulated its currency for years in order to promote its own manufacturing and to enable it to flood the US market.  I have heard time and again from industries and businesses in Iowa that this manipulation directly affects not only their ability to export American-made goods abroad but to sell American-made goods here at home.  China’s protracted undervaluation of its currency has reduced US exports, hurt American businesses’ competitiveness abroad, caused the loss of American manufacturing jobs, promoted outsourcing of American jobs and American manufacturing, and significantly contributed to our large trade deficit with China.

"We can no longer afford to take a wait and see approach to an issue that is directly affecting Iowa jobs and the Iowa economy.   I called on House Leadership to bring this bill to the Floor more than a month ago and am pleased that it has been scheduled for a vote next week.  I also reiterate my call for the Obama Administration to address this issue head on.”

The Currency Reform for Fair Trade Act addresses currency manipulation by foreign governments, including the Chinese government.  A summary of the bill can be found here.

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