U.S. Sen. Jeff Sessions (R-AL) issued the following remarks after joining with his colleagues to reintroduce a bipartisan jobs bill today to rein in foreign currency manipulation that undermines U.S. manufacturers and workers:
"American manufacturers and American workers are suffering from currency manipulation that unfairly impacts their ability to compete. It is past time to confront the problem. That is why I, along with a bipartisan group of senators, have re-introduced the Currency Exchange Rate Oversight Reform Act. This bill, which passed the Senate in 2011 by a vote of 63-35, would help end abusive currency manipulation by China and other countries. When another country undervalues its currency its manufacturers and exporters gain a significant trade advantage. Over time this manipulation has done serious damage to our economy. It will be important for President Obama to raise this issue when he meets with China's President Xi Jinping this week in California. It is critical for American workers."
Sessions was an original cosponsor of the identical 2011 legislation, which he helped pass through the Senate by a 63-35 vote.