Mr. GENE GREEN of Texas. Madam Speaker, I rise in strong support of American families whose jobs and livelihoods are being undermined by China and other countries which purposely undervalue their currency.
For the past several years, the best economic research has shown that China manipulates the value of its currency by at least 25 to 30 percent against the dollar.
This blatantly unfair trading practice has contributed to our trade deficit with China, growing it from $68 billion to $273 billion in just 11 years. Worst of all, the American people have become the ultimate victims. Last month, the Economic Policy Institute found that 2.8 million U.S. jobs have been eliminated or displaced since 2001 due to the growing U.S.-China trade deficit.
Last year, the Currency Reform for Fair Trade Act passed this Chamber with strong bipartisan support. Yesterday, unfortunately, the new House majority voted nearly identical legislation down. The Currency Reform for Fair Trade Act has been supported by Members on both sides of the aisle and would give this and any administration the authority to take countervailing measures against currency manipulators, like China, in support of hardworking Americans.
We need to change that, Madam Speaker.