Mike Haridopolos: “As a new Member of Congress, I am honored to be on the floor today to support this good bill. For decades, it has been…”

“As a new Member of Congress, I am honored to be on the floor today to support this good bill. For decades, it has been suspected that China manipulates its exchange rate to keep the dollar value of their currency artificially low. Why do they do this? To simply manipulate the market, to encourage exports and discourage imports, tipping the scales in their favor. That is not free trade, nor is it fair trade. Even the World Trade Organization and the International Monetary Fund both prohibit the use of currency manipulation to gain trade advantages. However, like so many other issues, the Chinese Communist Party's lack of transparency on this issue has been a roadblock to taking action to end this unfair practice. {time} 1645 Let's bring their trade practices into the sunlight. This brilliant bill by my colleague from Pennsylvania, Mr. Meuser, who chairs the Financial Services Committee's Oversight and Investigations Subcommittee, will require Treasury to push IMF members to take China's lack of transparency into account when considering China's shareholding at the Fund. Mr. Speaker, I urge my colleagues to support this good bill as a step forward toward fairer trade with the Communist dictatorship.”