Currency Reform For Fair Trade Act

Floor Speech

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. THOMPSON of California. Mr. Speaker and Members, I rise in support of this legislation in part because it will help level the playing field for America's renewable energy manufacturers. China has time and again turned to unfair trade practice to promote their manufacturers, and it is time we put a stop to that.

For example, solar panel technology was developed in America. Yet in 2008, China became the largest producer of solar panels in the world. Right now it is cheaper to purchase Chinese-made solar panels here in the United States because of China's manipulated currency. This is unacceptable.

In my district our solar manufacturers compete on a global scale, but they are at a huge disadvantage because of China's current policy.

The solar and renewable energy sector creates tens of thousands of jobs, generating more jobs per megawatt of capacity than any other energy technology.

Further, petroleum currently accounts for half of our total trade deficit. By investing in and supporting our renewable energy manufacturers, we can help close our trade deficit and stop giving monies to countries who, in about 40 percent of the cases, are not our friends.

It is time to support American jobs, American renewable energy manufacturers, and, again, bring those jobs home. I urge my colleagues to vote in favor of H.R. 2378.

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