Political Quotes

“Madam President, I rise today to speak on the Currency Exchange Rate Oversight Act of 2011. Before I get into the bill, I want to say this is not an easy vote for me. It is a difficult vote because, beginning in 1979, I developed a relationship as mayor of San Francisco with China. Over these 30-plus years, I have seen China make the greatest changes of virtually any large country in the world. I know China has wanted to reach out, and the United States has reached out. On the Pacific Coast we have developed a century of trade which long ago overtook the Atlantic Coast. This trade between Asia and this country is, indeed, large and prized. During that time, I have had occasion to have meetings with the former President of China, the former Premier of China, and the latest Foreign Minister on the subject of currency. I have urged each to let the renminbi float freely. In every conversation, they have indicated that Beijing is aware of the situation and the need to allow the renminbi to respond to market forces, and there has been some progress. From July 2005 to July of 2008, the renminbi appreciated by 21 percent against the dollar, and since 2010 it has risen by an additional 7 percent. Unfortunately, action on this matter has not been sufficient, and China continues to resist a free-floating currency. My last conversation with a major government official took place last Friday evening in San Francisco. On Saturday, I pulled out my binoculars.…”