Letter to John Boehner, Speaker House of Representatives - Currency Manipulation Legislation

Letter

Congressman Mark S. Critz (PA-12) joined with a number of his colleagues today in sending a letter to House Speaker John Boehner urging him to allow a vote on currency manipulation legislation before the House adjourns tomorrow.

Almost one year ago, the U.S. Senate passed legislation to require the U.S. Treasury to identify misaligned currencies and require action by the Administration if countries fail to correct the misalignment. However, the House Republican Leadership continues to block this, or similar legislation, from being voted on in the House.

"Despite bipartisan support for legislation that will hold countries like China accountable for currency manipulation, the House Republican Leadership refuses to move forward on currency reform," Congressman Critz added. "Every day that we put off addressing this issue, more and more American jobs are shipped overseas. Let's stop playing political games and fix this trade imbalance before Congress adjourns."

Last month, Congressman Critz again urged action on currency reform, in light of a recent report that shows 101,200 Pennsylvania jobs were lost in the past decade due to our growing trade deficit with China. The nonpartisan Economic Policy Institute reports that if the Chinese Yuan were revalued, U.S. Gross Domestic Product (GDP) would increase as much as $286 billion, creating up to 2.25 million American jobs and reducing the budget deficit by $71 billion per year.

In July 2011, Congressman Critz filed a discharge petition that would force the House to immediately consider the Currency Reform for Fair Trade Act -- and to date, the petition has 178 of the 218 signatures required to advance.

The text of the letter to Speaker Boehner is below:

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September 20, 2012

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.

Sincerely,

Rep. Sander Levin

Rep. Tim Ryan

Rep. Mike Michaud

Rep. Mark Critz

Rep. Bob Filner

Rep. Brian Higgins

Rep. Paul Tonko

Rep. Tammy Baldwin

Rep. Betty Sutton

Rep. Linda Sanchez

Rep. William Owens

Rep. Nita Lowey

Rep. Pete Stark

Rep. Daniel Lipinski

Rep. Gene Green

Rep. David Cicilline

Rep. Larry Kissell

Rep. John Lewis

Rep. Donna Edwards

Rep. Kathleen Hochul

Rep. John Yarmuth

Rep. George Miller

Rep. Peter DeFazio

Rep. Loretta Sanchez

Rep. Brad Sherman

Rep. Leonard Boswell

Rep. Jan Schakowsky

Rep. Jim McDermott

Rep. Peter Visclosky

Rep. Bill Pascrell

Rep. Jim Langevin

Rep. Carolyn McCarthy

Rep. Louise Slaughter

Rep. Chris Murphy

Rep. Dennis Kucinich

Rep. Chellie Pingree

Rep. Jason Altmire

Rep. Marcia Fudge

Rep. Raul Grijalva

Rep. Dale Kildee

Rep. Tim Holden

Rep. Marcy Kaptur

Rep. Peter Welch

Rep. Dave Loebsack

Rep. John Dingell

Rep. Rosa Delauro

Rep. Steve Cohen

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