Candice S. Miller: “currency manipulation by our foreign competitors is creating difficult challenges for our country's manufacturing base…”

“currency manipulation by our foreign competitors is creating difficult challenges for our country's manufacturing base, particularly our domestic auto industry. The Wall Street Journal reported in June that ``a cheap yen is making it advantageous for Toyota to increase manufacturing capability and to export cars from Japan, and that it is much more profitable to produce cars in Japan and ship them all to the United States right now.'' And what is the response of the Congress to this threat against the American automotive industry which is directly responsible for the employment of millions of American jobs? Well, the Democrats control the Congress, and the Democratic leadership has decided that Detroit doesn't have enough on its plate right now. Instead of trying to level the playing field, Democrats want to pile on unworkable new CAFE standards on the domestic auto industry. Higher CAFE standards will not reduce our dependence on foreign oil, but they will steal investment dollars from technologies that could transform the entire automobile industry and level the global automotive market. I urge my colleagues to reject this misguided policy and stand up for American manufacturing companies, stand up for American jobs.”