Co-authors of the Currency Reform for Fair Trade Act (HR 2378), Representatives Tim Murphy (R-PA) and Tim Ryan (D-OH), called on Senate Leadership to immediately bring forward HR 2378 for an up-or-down vote in a letter today.
"With an estimated 2.4 million American jobs lost to China in the past decade because of Beijing's currency manipulation and unfair trade practices, the time for discussions without repercussions has long since passed. The Senate must give courage to its convictions, and approve legislation empowering the Administration to stand up in defense of American workers and manufacturers unjustly injured by trading partners who refuse to follow the rules of fair play," wrote Reps. Murphy and Ryan.
The House of Representatives passed HR 2378 by an overwhelming bi-partisan margin of 348 to 79 on September 29, 2010. Immediate action by the Senate is needed before the 111th Congress officially adjourns.
By deliberately devaluing its currency, China gives its exporters upwards of a 40 percent price discount. Chinese government officials have repeatedly flip-flopped on pledges to allow the Renminbi to appreciate in value and end the country's notorious illegal trade practices. In the letter, the legislators stated that given China's track record, China could not be trusted to do the right thing. The Senate must give the Administration the ability to take decisive action when diplomatic negotiations fail, argued Reps. Murphy and Ryan.
"China's contravention of established trade laws has imposed significant hardship on American manufacturers and workers, and continues to imperil our economic recovery," they wrote. "With nearly 15 million Americans out of work, it is vitally important that Congress act now to give the Administration the necessary tools that will put a stop to China's currency manipulation."