Senator John Walsh today cosponsored legislation to bring millions of jobs back to American soil by holding countries accountable for currency manipulation.
The Currency Exchange Rate Oversight Reform Act seeks to reverse economic damage created when countries such as China devalue their currency. When countries manipulate money, their services and products become cheaper to American consumers, and American companies are more likely to outsource jobs and import foreign goods.
"When countries are manipulating their currency, they are hurting our economy, and this bill is an important step towards protecting American jobs and ensuring fair trade relationships," Walsh said.
Recent studies suggest that passing this legislation would create 4% more jobs in Montana and increase U.S. GDP by $288 billion to $720 billion, leading to the creation of 2.3 million to 5.8 million American jobs.
The legislation outlines requirements for the Treasury Department to identify countries who are manipulating their currency. It also lays out a plan for trade negotiations between the U.S. and offenders, and authorizes actions the U.S. can take if the manipulation persists.