September 22, 2011

Whitehouse Cosponsors Bill to Crack Down on Chinese Currency Manipulation

Chinese Practice Hurts RI Manufacturers and Costs Us Jobs

Washington, DC – Today, U.S. Senator Sheldon Whitehouse (D-RI) is continuing his fight to bolster Rhode Island manufacturing jobs, cosponsoring new legislation to crack down on unfair currency manipulation by China and other nations. The bipartisan Currency Exchange Rate Oversight Reform Act would amend U.S. trade laws to counter the economic harm to American manufacturers caused by currency manipulation.

“Currency manipulation by China and other nations makes it harder for American manufacturers to compete in the global economy,” said Whitehouse. “This legislation will help put a stop to this unfair practice and level the playing field for Rhode Island manufacturers, allowing them to grow and create jobs.”

The Currency Exchange Rate Oversight Reform Act would improve oversight of currency exchange rates, establish criteria to identify misaligned currencies, and require the Department of Commerce to investigate instances of currency undervaluation if requested by a U.S. industry. It would also impose tough consequences for nations that are found to intentionally manipulate their currency and trigger additional penalties for countries that fail to correct currency undervaluation.

Addressing unfair currency manipulation is a central part of Whitehouse’s “Making It in Rhode Island” plan to support manufacturing jobs, which he announced in January this year. He has also introduced legislation to end tax giveaways to companies that ship jobs overseas as part of that plan.

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