Senator Joe Donnelly yesterday cosponsored bipartisan legislation to address the unfair trade practice of currency manipulation that is hurting U.S. businesses and manufacturers. The Currency Exchange Rate Oversight Reform Act of 2013 (S. 1114) would reform and enhance oversight of currency exchange rates, including requiring the Commerce Department to investigate claims of undervalued foreign currency at the request of a U.S. industry.
"China and other countries continue to manipulate their currency in ways that make it harder for Hoosier manufacturers to compete," said Donnelly. "This unfair practice has weakened our country's economic growth and has led to a loss of American jobs. The Currency Exchange Rate Oversight Reform Act is an important step towards a balanced and more effective trade policy, and I'm proud to support it. I urge my colleagues to take prompt action and pass into law this common sense, bipartisan solution to help level the playing field for American businesses and manufacturers in the global economy."
Senator Donnelly has long-supported congressional action to end unfair trade practices of other countries that make their products artificially cheap. While a member of the House of Representatives, Donnelly cosponsored and voted in favor of H.R. 2378, the Currency Reform for Fair Trade Act, which passed the House in the 111th Congress. He also cosponsored H.R. 639, the Currency Reform for Fair Trade Act in the 112th Congress.