Congressman Alan Grayson (FL-8) voted today to create a more level playing field for American exports on the international market. The Currency Reform for Fair Trade Act (H.R. 2378) will give our nation the tools it needs to enforce the rules of trade and address China's currency manipulation.
Congressman Grayson said, "This is about supporting American companies and American manufacturers. For too long China has gotten away with manipulating its currency to decrease the price of its goods on the world market. I believe American products can and will compete and we'll see a resurgence in exports and jobs here in America when we make our trading partners play on fair ground."
The bill authorizes the Commerce Department to impose duties or tariffs on imports from countries with undervalued currencies. China has a long history of suppressing the value of its currency to make its exports cheaper than they would be if China allowed its currency to be set by the market. Economists estimate that revaluation of China's currency would create 500,000 manufacturing jobs here in the United States. The bipartisan bill passed 348-79.
This legislation is part of the national "Make it in America" manufacturing strategy to create the high-skill, high-wage jobs of the future. While Republicans are standing on the side of big corporations who outsource jobs overseas, Democrats are working to rebuild American manufacturing and our economy to create jobs that stay here in America.
"Republicans are threatening to restore their failed policies by repealing legislation to close the loopholes that encourage companies to ship jobs overseas and voting against legislation to give small American businesses access to the capital they need to expand and grow," said Congressman Grayson.
The Congressman also voted in favor of the AMERICA Works Act (H.R. 4072) during the same series of votes this evening. The bill ensures that any vocational or training program that receives federal funds issues nationally-portable, industry-recognized credentials for the workers. The change will ensure that federal job training assistance provides hard working Americans with the credentials needed to fill the sophisticated technical jobs available in today's business world.
The AMERICA Works Act passed on a vote of 412-10.