Motion to Instruct Conferees on H.R. 644, Trade Facilitation and Trade Enforcement Act of 2015

Floor Speech

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Ms. KUSTER. I yield myself such time as I may consume.

Mr. Speaker, I rise today in support of my motion that will instruct conferees to include in the conference report language to combat currency manipulation from the Senate-passed version of H.R. 644.

Currency manipulation by foreign governments is one of the greatest challenges we face to creating the type of free and fair trade that will benefit all Americans from top to bottom and help us create more jobs right here at home.

I, like so many others, am highly focused on helping our domestic manufacturers grow and create good, strong, middle class jobs. Since taking office, I have made supporting job creation and economic opportunity my number one priority, and our State's manufacturers play an integral role in that conversation.

Unfortunately, U.S. manufacturers already face so many challenges that make it more difficult to compete with foreign companies. From the lower cost of labor to limited environmental protections, our manufacturers must compete with foreign policies that lead to an uneven playing field.

Unfair currency manipulation makes that competition even more difficult. Currency manipulation is when governments use monetary policy to devalue their currency, which makes their exports cheaper and foreign imports more expensive.

The good news is that we have the most talented workers and the most innovative companies in the world, and we can compete and win despite these challenges.

For example, right in my district in New Hampshire, I visited dozens of new manufacturing companies that are harnessing cutting-edge technologies, like precision manufacturing and healthcare technology, to revitalize the industry and create modern, 21st century jobs for our workers. We must support these American manufacturers by cracking down on unfair advantages overseas that hinder their success.

This motion will help to level the playing field for manufacturers in New Hampshire and across the country by directing the Department of Commerce to slap duties on goods that have unfairly benefited from undervalued currency. This is the only provision in either customs bill that will effectively deter currency manipulation by our trading partners.

Working to address currency devaluation has long enjoyed bipartisan support. In 2010, the House overwhelmingly passed legislation restricting currency manipulation by a vote of 348-79. Earlier this year, the Senate version of this legislation passed 78-20, in large part because of the critical language restricting currency manipulation.

However, the version of this legislation passed by the House does not include the bipartisan provision that so many agree is crucial for limiting the ability of U.S. workers and businesses to compete more fairly with foreign companies and workers.

I strongly support fair and open trade that will spur job creation back here in the United States. When 95 percent of global consumers exist outside the United States, we have to find new markets for our manufacturers and other producers to grow and create more jobs here at home.

But when U.S. manufacturers are already disadvantaged by foreign products that are subsidized by their home currency, it is difficult for them to compete both at home and abroad.

And the impacts of this unfair manipulation are real. The Peterson Institute estimates that, over the past decade, at least 1 million and as many as 5 million jobs have been lost due to currency manipulation.

Additionally, an analysis by the Economic Policy Institute estimates that by eliminating currency manipulation we can reduce our trade deficit by as much as $500 billion, leading to a substantial increase in GDP growth and helping our American economy thrive.

Specifically, New Hampshire could expect to see roughly 13,000 new jobs as a result of an effective policy against currency manipulation.

The status quo is simply not good enough for U.S. workers, and that is why I am offering this motion today.

Our workers are already competing with foreign companies that pay their employees a fraction of what U.S. workers make. We should do whatever we can to help make it less difficult for U.S. companies to compete globally. Adding this currency manipulation language to the bill before us today will give us the best chance to do that.

Please join me in supporting my motion in support of American manufacturers.

Mr. Speaker, I reserve the balance of my time.

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