On the recordJanuary 27, 2015
Well, one of the problems--we spent a lot of time talking about this 2 years ago, and it has dropped off the discussion table, although it should come back--is the manipulation of the Chinese currency so that China is able to maintain a very, very significant trade advantage vis-a-vis the United States by the pricing of the Chinese currency. Grossly unfair, something that we need, as representatives of the American people and the middle class and the manufacturing sector, to forcefully address in legislation such as you have just described, where the administration is required to look at the problem, and then make suggestions, or correct the problem if it does not take an act of Congress. We just can't give it away. We are talking about American jobs. We are talking about the middle class. The President stood here less than 10 days ago in his State of the Union and talked about the middle class. He called it a middle class economic policy--absolutely correct. But, at the same time, this trade issue intervenes in that program and, quite likely, will further harm the middle class by hollowing out the American manufacturing sector. So let's be careful here about these trade deals. You talked about the transportation from Mexico. A few years back, I was the insurance commissioner in California, elected by the people of California, and we were discussing with Mexico the insurance on those trucks that, under NAFTA, were supposed to come into the United States.…
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