Congressman Pete Visclosky has joined a bipartisan group of legislators in supporting the Currency Reform for Fair Trade Act of 2013, a measure designed to crack down on foreign currency manipulators.
Visclosky explained that the bill would help to level the playing field for American workers by providing the administration with the ability to combat the artificial devaluation of currency. Visclosky co-sponsored similar legislation with 233 of his colleagues in the 112th Congress.
"For Northwest Indiana workers, each and every single day is a fight against foreign nations like China that illegally prop up their industries with artificial currency controls," Congressman Visclosky said. "I will not stand aside while we welcome illegally-subsidized imports into the country at the expense of American workers. I urge my colleagues to pass this commonsense, bipartisan legislation and send it to the President's desk without delay."
Currency manipulation policies significantly hamper domestic job creation, allowing foreign countries to export their products at below-market prices. The Peterson Institute for International Economics noted that "half or more of excess U.S. unemployment -- the extent to which current joblessness exceeds the full employment level -- is attributable to currency manipulation by foreign governments." The nonpartisan Economic Policy Institute estimates that the U.S. trade deficit with China alone cost over 2.7 million jobs from 2001-2011.