[Congressional Record Volume 157, Number 100 (Thursday, July 7, 2011)]
[House]
[Page H4687]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                   CURRENCY REFORM FOR FAIR TRADE ACT

  (Ms. HANABUSA asked and was given permission to address the House for 
1 minute.)
  Ms. HANABUSA. Mr. Speaker, for so long we've been hearing about our 
debt. We've also been hearing about who owns our debt, and of course, 
the name ``China'' comes up. That is why we need to have the Currency 
Reform for Fair Trade Act come to this floor, because that is the only 
way--the only way--we are going to address the currency manipulation by 
China and simply ask that they play by fair rules for fair trade.
  Look at what this means for us. Let's understand that, by having the 
currency manipulated by them, they are having the benefit of 25 to 30 
percent. That's what we're subsidizing them in terms of their exports. 
If we get the currency manipulation under control, this is what we 
could hope to accomplish:
  Our budget deficit will be reduced to about $857 billion over the 
next 10 years. The trade deficit will be reduced by $138 billion. The 
GDP over the next 18 months will increase by $285 billion. This will 
support 1.6 million American jobs.
  So as we are asking ``where are the jobs?'' look to currency 
manipulation.

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