Congressman Chris Lee (NY-26) today voted for H.R. 2378, the Currency Reform for Fair Trade Act, to create a level playing field for American manufacturers and create American jobs. Today's vote comes less than two weeks after Lee joined a bipartisan group of more than 100 colleagues to press leading members of the House on both sides of the aisle for quick action on H.R. 2378.
A broad range of economists believe that the Chinese yuan may be undervalued by as much as 40 percent. By manipulating its currency, China has an unfair and illegal advantage over foreign trade competition, including American-based manufacturers. As someone who has run an American manufacturing firm, Lee has seen the devastating effect that foreign currency manipulation -- particularly by the Chinese -- can have on American business and workers.
"Leveling the playing field for American manufacturers is something I've worked on since coming to Congress last year," Lee said. "Having run a manufacturing business myself I know the significant impact that currency manipulation can have on a business trying to compete in a global market. The bill passed today will go a long way towards leveling the playing field so American manufacturers grow and can create jobs here at home."
In addition to Lee's letter to House leaders of both parties two weeks ago, he also pressed Treasury Secretary Tim Geithner on Chinese currency manipulation during a hearing before the Financial Services Committee last week.