Lipinski Helps Lead Re-Introduction of Bill to Crack Down on China's Currency Manipulation and Create American Jobs
Today, Congressman Dan Lipinski (IL-03) announced his commitment to passing The Currency Reform for Fair Trade Act of 2011, H.R. 639, to make it easier to combat China’s currency manipulation, which artificially lowers the price of Chinese exports and has caused the loss of countless American jobs.
Congressman Lipinski helped introduce H.R. 639 and has supported similar legislation since he was first elected to Congress. Last year, he helped pass a nearly identical version of the bill in the House with bipartisan support. Unfortunately, the Senate did not follow suit.
“It’s not too late for Congress to take concrete action to address China’s illegal currency manipulation and defend American workers,” Congressman Lipinski said. “We’ve been hemorrhaging manufacturing jobs for more than a decade, and a big part of the reason is that China deliberately drives down the value of its currency instead of allowing the free market to determine exchange rates. That makes it difficult for manufacturers in the Third District and across the country to compete. For the sake of middle class families, we have to act now to hold China accountable and establish a level playing field.”
If China stopped devaluing its currency, an estimated 500,000 American jobs would be created. H.R. 639 would make it easier for the Commerce Department to rule that China’s currency manipulation constitutes an export subsidy and to impose remedial tariffs to protect American manufacturers and jobs. The bill has been carefully crafted to be consistent with World Trade Organization rules.
“While China said last year that it would allow the renminbi to rise, it remains drastically undervalued,” Congressman Lipinski said. “It’s going to take more than talk to get China to play by the rules, and that’s why it’s critical that we pass this bill. American manufacturers remain the most innovative and productive on earth, and I have no doubt that they can outcompete their Chinese counterparts, so long as the competition is free and fair.”
Last month, Congressman Lipinski received the Metals Service Center Institute’s Congressional Leadership Award for his outstanding work on behalf of manufacturing, including his leadership in helping to pass the prior version of the Currency Reform for Fair Trade Act in the House. Just one Republican and one Democrat received the award, which covered both years of the 111th Congress and for which members of both the House and Senate were eligible.
(February 15, 2011)
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