Stephen Miller: “Mr. President, I rise also in support of this country's textile industry, an industry that is in crisis and an industry…”

“Mr. President, I rise also in support of this country's textile industry, an industry that is in crisis and an industry that needs our help very badly. This industry is suffering from the worst economic crisis since the Great Depression. I realize several factors have contributed to this crisis; most notably is the strong competition of the U.S. dollar against foreign currencies. For example, there has been an average 40-percent decline in Asian currencies against the U.S. dollar over the past 4 years. Prices for Asian yarn and fabric have dropped by as much as 38 percent. This has caused a flood of artificially low-priced textile and apparel products into our U.S. markets. At the same time, prices for U.S. textile products have plummeted since 1997 and profits have evaporated. And when prices fall, and profits disappear, plant owners have no choice but to lay off workers and close down plants. And that is exactly what has happened in this country. Since the beginning of 2001, 179 textile plants have closed in this country. We have lost 91,000 textile jobs.”