Dan Kildee: “Mr. Speaker, I rise today in strong support of H.R. 2378, the Currency Reform for Fair Trade Act. For years, China has…”

“Mr. Speaker, I rise today in strong support of H.R. 2378, the Currency Reform for Fair Trade Act. For years, China has unfairly pegged its currency to the U.S. dollar at a fixed exchange rate. It is estimated that this undervalues Chinese currency 20 to 40 percent, allowing them to offer significantly cheaper products for export. American workers are playing by the rules, but they are struggling to compete on the unfair playing field Chinese currency manipulation has created. Cheap exports from China have contributed to hundreds of thousands of American job losses. In my hometown of Flint, Michigan, unemployment is more than 25 percent. However, currency manipulation is not currently considered when determining export subsidies to assist American businesses. This has to change. We must stand up for our workers and their livelihoods. H.R. 2378 will make currency manipulation a factor when the Commerce Department awards export subsidies. I have long advocated for fair trade policies that protect American workers. This bill will go a long way toward achieving that goal. I urge passage of the Currency Reform for Fair Trade Act.”