[Congressional Record Volume 157, Number 49 (Wednesday, April 6, 2011)]
[House]
[Page H2331]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
U.S. MANUFACTURING AND CHINA'S CURRENCY MANIPULATION
The SPEAKER pro tempore. The Chair recognizes the gentleman from
Maine (Mr. Michaud) for 5 minutes.
Mr. MICHAUD. Madam Speaker, I rise today to express my concern about
the decline in U.S. manufacturing and China's currency manipulation. It
is time our government responded to these issues by developing a
national manufacturing strategy and bringing to the floor immediately
H.R. 639, the Currency Reform for Fair Trade Act.
This chart here shows a significant drop in manufacturing employment
in the United States. We have lost nearly 6 million manufacturing jobs
in the last decade alone. At our current rate, it will take us 24 years
to get back the U.S. manufacturing jobs that we have lost between the
year 2000 and 2010. Just last month, a report revealed that United
States manufacturing is now in second place behind China. Making things
here at home is critical for our economic diversity, our national
security, and just makes common sense. China's enormous growth in
manufacturing has come at America's expense, and it is bad for American
businesses and American jobs.
There are many reasons for our manufacturing sector's decline. I want
to highlight two that the Obama administration and Congress can act
upon today. First, we need to develop, adopt, and adhere to a
comprehensive national manufacturing strategy. Second, we need to
address China's currency manipulation and stop giving our manufacturing
jobs to Beijing.
A national manufacturing strategy makes sense. Many developed
economies and many of our competitors, including China, have them. If
China is going to implement nationwide policies designed to boost
specific sectors, so should we. Our strategy should not involve illegal
trade practices like China, but it should involve clear objectives. We
should ask ourselves the question, what should the American
manufacturing sector look like? I believe a diverse, robust
manufacturing sector is key to a strong American economy and critical
to our national security.
{time} 1020
The strategy should also evaluate what policy changes are needed to
promote more domestic production. We should seek the input from
companies that currently choose to make their products in the U.S., and
we should also consider ways to incentivize U.S. production through our
tax structure.
And, finally, the manufacturing strategy should establish clear
metrics of success over the short, medium and long term. Our
manufacturing sector has declined over the last several decades, and it
won't be rebuilt overnight. But if we are going to reclaim our spot as
a leader in manufacturing, we are going to have to have our own roadmap
for the United States manufacturing industry.
The second thing we should do to help U.S. manufacturing is address
China's currency manipulation. By devaluing the yuan, China makes their
exports cheaper and U.S. imports more expensive.
This is unfair, and it creates an unlevel playing field that forces
U.S. businesses to close their doors here in the United States. We
cannot wait any longer to take action. Diplomacy has not worked, so we
must seek legislative action.
Congress must pass the Currency Reform for Fair Trade Act
immediately, and President Obama must sign it. In addition, the United
States should bring a WTO case against China for undervaluing its
currency. We have to fight this blatant violation of trade law through
every step available to do that.
China's currency manipulations put Americans out of work and force
American businesses to close their doors. We must act with urgency to
stop that.
I urge my colleagues to support a national manufacturing strategy and
urge the House leadership to bring H.R. 639 to the floor for a vote
immediately.
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