Press Releases

September 29, 2010

HOUSE APPROVES LANDMARK CHINA CURRENCY BILL

September 29, 2010
FOR IMMEDIATE RELEASE: 

HOUSE APPROVES LANDMARK CHINA CURRENCY BILL 

WASHINGTON, DC – House Majority Whip James E. Clyburn (D-SC) today released the following statement after the House of Representatives passed legislation (348 to 79) to address China’s persistent undervaluation of its currency which has reduced American exports, caused the loss of U.S. manufacturing jobs, and significantly contributed to our large trade deficit with China. Part of our Make it in America Agenda, the Currency Reform for Fair Trade Act, H.R. 2378 will increase American competitiveness, and provide the Obama administration with a framework to address China’s currency manipulation. 

“For far too long China has undervalued its currency and refused to float its currency on the open market.  As a result of this policy, American businesses and manufacturers have struggled to compete with the low price of Chinese exports, hurting job growth here in the United States.  

“It’s estimated that millions of manufacturing jobs would be created here at home and our trade deficit with China would decrease by $100 billion per year if the Chinese currency was on the open market.  U.S. businesses deserve a level playing field in an increasingly global economy.  Our government now has clearly defined tools to enforce global trade standards on Chinese goods to offset the effects China’s undervalued currency.  

“To help boost our economic recovery, we must do everything possible to increase the competiveness of home grown, American owned products, and this bill gives the Obama Administration leverage in their negotiations with the Chinese government.” 

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