Rebuilding Our Economy
Protecting our economy and putting citizens back to work is a priority for Congressman Ryan.
Economy and Jobs Overview:
Currently, our nation is recovering from a time of great economic uncertainty. Protecting our economy and putting citizens back to work is one of my top priorities as a Member of Congress. We need fundamental changes that result in innovative, broad-reaching legislation that will grow the economy, reward businesses that keep jobs in the United States, reduce the deficit, and create a level playing field for American workers in the global market.
Manufacturing:
As Co-Chair of both the House Manufacturing Caucus and the House Maker Caucus, I am dedicated to promoting and expanding American manufacturing.
In 2012, a landmark $85 million public-private investment was made in Northeast Ohio. The joint venture, America Makes, was the first major investment to help revitalize American manufacturing by investing in “additive manufacturing” which relies on 3D printers to build components layer-by-layer rather than subtractive processes like milling. Experts estimate that this investment only amounts to about one-third the amount that China is investing in additive manufacturing. This investment is helping the U.S. grow its capabilities in additive manufacturing. More than 20 collaborative research projects are under way and Northeast Ohio is already seeing the benefits with companies coming to Youngstown, Akron, and Cleveland.
We also must do more to train and educate our children in manufacturing skills and to show how manufacturing jobs are changing in the 21st Century. Studies have shown that the number of jobs requesting printing and additive manufacturing expertise is growing steadily.
Currency Manipulation:
The impact of China’s currency manipulation on the U.S. economy cannot be overstated. China continues to illegally subsidize products by a third of the costs by manipulating their currency to undercut American goods. Therefore, American made products sold here and abroad start out with a severe handicap against global industry competition.
That is why I introduced the Currency Reform for Fair Trade Act, which would take aim at currency manipulators by enabling the Department of Commerce to impose countervailing duties to offset the impact of currency manipulation on a U.S. industry. The legislation is identical to the House bill that passed with overwhelming bipartisan support in 2010. Similar legislation has been introduced by a bipartisan group of Senators.
Furthermore, I joined over 150 House Members and 60 Senators in sending letters to the Obama Administration in 2013 urging them to include strong and enforceable currency obligations in the Trans-Pacific Partnership in order to deter our trading partners from manipulating their currency in the first place.
Trans-Pacific Partnership (TPP):
TPP is a very broad and overreaching trade agreement, which would give corporations wide-ranging powers to challenge federal law. In the TPP’s current form, it touches on everything from investment and service-sector regulation to government procurement, financial regulation, and patents. It would cause major repercussions for U.S. workers, companies, and consumers. Every day I am confronted with stories from my constituents who have been negatively impacted by past trade agreements, which shipped manufacturing jobs overseas. All they ask for is a level playing field so they can get the compensation they deserve. However, previous free trade agreements have not lived up to those standards and I have consistently opposed them while in Congress. In the 112th Congress, I voted against the Panama, Colombia, and South Korea free trade agreements, all three of which went into effect in 2011.
The White House has expressed interest in implementing the TPP and is currently negotiating the agreement. I have opposed this action, furthermore I urged the US Trade Representative asking for greater consultation with Congress on the TPP; citing the importance of creating a sustainable trade modal and ensuring that the public and Congress have a robust opportunity to weigh in on this important trade agreement. I will continue to oppose the forward advancement of this controversial trade agreement.
