Camp Discusses China's Exchange Rate Policy At Ways And Means Hearing

Press Release

Camp Discusses China's Exchange Rate Policy At Ways And Means Hearing

Today, the Ways and Means Committee, of which Rep. Dave Camp is top Republican, held a hearing on China's exchange rate policy.

The Committee examined steps that can be taken to mitigate the impact of China's devaluation of its currency relative to the U.S. dollar. Members heard from four expert witnesses, all of whom agreed that China is currently undervaluing its currency, exacerbating the U.S. trade deficit, impeding U.S. job creation, and stunting the global economic recovery.

At the hearing, Camp called on the Obama Administration to move more aggressively in concert with our trading partners in Europe and Asia to pressure China to allow its currency to appreciate. At the same time, Camp advised caution on the part of public officials from both nations.

"Clearly, China's currency practices are unsustainable and must be addressed as part of the U.S. and global economic recovery. But, in exploring the way forward, we must be responsible in our rhetoric and public statements. No nation likes to be told how to run its house. Blustering and irresponsible comments only serve to push China in the opposite direction and are counterproductive to U.S. efforts. We must advocate productive approaches to solving this problem, and this hearing today is a good start," Camp sa

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