Van Hollen Statement on Passage of the Currency Reform for Fair Trade Act

Press Release

Van Hollen Statement on Passage of the Currency Reform for Fair Trade Act

Today Maryland Congressman Chris Van Hollen, Assistant to the Speaker, issued the following statement on House passage of the Currency Reform for Fair Trade Act:

"Today, I voted with my colleagues to pass the bipartisan Currency Reform for Fair Trade Act. It is clear that China is deliberately and illegally intervening in global currency markets to benefit its own economy, and this practice is weakening our ability to promote economic growth and jobs. This legislation will help address this issue, and is a key part of our "Make it in America' agenda to increase American manufacturing and create new American jobs.

"China's currency manipulation has reduced American exports, caused the loss of U.S. manufacturing jobs, and significantly contributed to our large trade deficit with China. If China allowed its currency to respond to market forces, it could create a million American manufacturing jobs and cut our trade deficit with China by $100 billion a year, with no cost to the U.S. treasury. This has been an ongoing issue, and we must act.

"The legislation passed today will help encourage the Chinese government -- and any country that unfairly and significantly acts to suppress the value of its currency to boost its own exports -- to do the right thing and float its currency in a wider band. It gives the Administration effective tools to address the unfair trade practice of currency manipulation by foreign countries, and will help to protect those American businesses and jobs that are being injured by the imbalance. In the end, it is another component of the Democratic agenda: rebuilding our economy and ensuring an even playing field for American workers."

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