Rep. Michaud Slams Treasury Report on Currency

FOR IMMEDIATE RELEASE

June 1, 2011

CONTACT: Ed Gilman

 

Rep. Michaud Slams Treasury Report on Currency

 

WASHINGTON, DC – Representative Mike Michaud, Chairman of the House Trade Working Group, released the following statement in reaction to the U.S. Department of Treasury’s semi-annual report to Congress on International Economic and Exchange Rate Policies, which did not list China as a currency manipulator:

 

“I am greatly disappointed that the Administration once again chose not to label China as a currency manipulator in their semi-annual exchange report. Treasury outlines in the report all of the reasons China should be identified as undervaluing their currency, but they refuse to state the obvious. While the Administration continues this diplomatic song and dance, American companies are shutting their doors and workers are losing their jobs as a result of China’s currency manipulation.

 

“In addition, given that Congress is likely to consider the Korea-U.S. free trade agreement in the coming months, it is particularly notable that Treasury again included Korea in its exchange report. If the Administration’s own Treasury Department calls on Korea to stop intervening in its currency, it is hard to believe the White House’s claims that the trade deal will be good for U.S. manufacturers and workers.”

 

“Burying the report on a Friday afternoon before a holiday weekend shows that Treasury knows the report’s findings on both China and Korea are bad for American workers.  Instead of issuing a report they’re ashamed of, the Administration should do the right thing and protect American workers from other countries’ currency manipulation.” 

 

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