Dingell Praises Action On Currency Legislation

Press Release

Dingell Praises Action On Currency Legislation

Today, Congressman John D. Dingell (D-MI15) congratulated his colleagues on the House Committee on Ways and Means for advancing legislation to facilitate quicker U.S. action to penalize currency manipulation by its trading partners.

"I commend Chairman Sander Levin (D-MI12) and the members of the Ways and Means Committee, who voted to advance H.R. 2378, the Currency Reform and Fair Trade Act, to the full House of Representatives," said Dingell. "I am a co-sponsor of this important legislation and think it will provide the United States with a useful tool with which to combat unfair currency manipulation by our trade partners, particularly China. I call on both the House and Senate to send this bill to the President for his signature, and in so doing, confirm their dedication to helping American workers and businesses thrive."

H.R. 2378 was introduced by Congressman Tim Ryan (D-OH17) on May 13, 2009. The bill has 155 co-sponsors in the House of Representatives and would allow the Secretary of Commerce to assess duties on imports from countries found to have manipulated the value of their currency. As amended by the House Committee on Ways and Means, this legislation is fully compliant with the United States' obligations as a member of the World Trade Organization and will be especially helpful in addressing currency manipulation by China, which, despite numerous negotiations, has kept the value of its currency persistently and artificially low.

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