Congressman Tim Ryan, along with 45 of his Congressional colleagues, today signed a letter to House Speaker John Boehner asking for a vote on the bipartisan Currency Exchange Rate Oversight Reform Act, a Senate-passed bill to combat foreign currency misalignment. A vote on this bill would send a strong message to foreign governments who persistently manipulate their currencies to gain an unfair economic advantage over the United States. Congressman Ryan has been a strong advocate in the House for fair currency and trade practices in China, having authored a number of congressional bills on the issue.
The letter follows:
The Honorable John Boehner Speaker U.S. House of Representatives H-232, U.S. Capitol
Dear Speaker Boehner:
Almost one year ago, The Currency Exchange Rate Oversight Reform Act passed the Senate with strong bipartisan support. We urge you to allow a vote on currency legislation before you adjourn the House.
The Currency Exchange Rate Oversight Reform Act, which was passed by the Senate 63-35 on October 11, 2011, would repeal the currency oversight provisions in current law and replace them with a new framework, based on objective criteria. These criteria will require Treasury to identify misaligned currencies and require action by the Administration if countries fail to correct the misalignment. In addition, the legislation passed by the Senate uses trade laws to counter harm done to manufacturers, farmers, and producers from currency manipulation.
Legislation is necessary to actually give American businesses and workers tools to fight back. The House agreed in September 2010 when it voted 348-79 to allow treatment of currency manipulation as a prohibited export subsidy in trade investigations. There are 256 sitting House members, more than a majority, who supported this legislation, including 80 Republicans.
There is broad bipartisan support for a job-creating measure to address currency manipulation. We respectfully urge you to pass this bill and send it to the President.
Member of Congress