[Congressional Record Volume 157, Number 147 (Tuesday, October 4, 2011)]
[Senate]
[Pages S6059-S6060]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                      CHINA CURRENCY MANIPULATION

  Mr. REID. Madam President, last night the Senate held an overwhelming 
bipartisan vote to move forward with legislation preventing continued 
currency manipulation by the Chinese Government. This unfair practice, 
which gives Chinese exports an unmerited advantage in the global 
marketplace, injures the American economy, it hurts American 
manufacturers, and it costs American jobs, lots of them.
  In 1990, America's trade deficit with China was $10 billion. Twenty 
years later, thanks to currency manipulation that gives an edge to 
Chinese exporters, that trade deficit has soared to $273 billion--from 
$10 billion to $273 billion. That trade deficit has fueled the loss of 
about 3 million American jobs, including 2 million manufacturing jobs, 
in just the last 10 years alone. In Nevada, we have lost more than 
14,000 jobs to China trade, and it is all because of currency 
manipulation. The eight hardest hit States have lost 1.4 million 
positions total, and 17 States have lost more than 2 percent of their 
jobs.
  Manufacturers simply can't compete when the Chinese Government gives 
its exporters advantages other countries don't get. American workers 
and manufacturers work as hard and are as ingenious as any in the 
world. They don't need special advantages to succeed; they just need a 
fair shot. This important jobs legislation will give them that fair 
shot.
  Putting an end to China's deliberate actions to undervalue its 
currency will even the playing field. It will also support 1.6 million 
American jobs. Demanding a fair playing field will pump $300 billion 
into our economy in just a few short years.
  But don't take my word for it. Just ask American manufacturers. The 
Alliance for American Manufacturers called this jobs bill the 
``deficit-reducing, job-creating, no-cost stimulus that

[[Page S6060]]

is desperately needed.'' Business groups have lined up to testify to 
the adverse impacts of currency manipulation on U.S. corporate 
interests. The American Iron and Steel Institute, the National 
Association of Manufacturers, and even the U.S. Chamber of Commerce 
have said the problem pits American and Chinese manufacturers against 
one another in an unfair fight.
  But this issue has also forged some strange alliances. The AFL-CIO 
has also called for swift action to level the playing field. The 
chamber of commerce and the AFL-CIO are together on this issue.
  This is what the AFL-CIO said:

       The single most important job-supporting trade measure that 
     Congress . . . can take is to address the Chinese 
     government's manipulation of its currency.

  Business and labor groups agree that American workers and 
manufacturers aren't getting a fair shake, and they agree on what 
action Congress should take to give them that fair shake. We all know 
that doesn't happen very often.
  Here in the Senate we have heard the message loudly and clearly. We 
can't ignore blatant, unfair trade practices that put American workers 
at a disadvantage.
  Supreme Court Justice Potter Stewart once said: ``Fairness is what 
justice really is.'' This week, the Senate is demanding justice for 
American companies and their employees.
  I know a few of my Democratic colleagues don't support this 
legislation but very few. There are some Republicans who don't support 
this legislation but very few. Even though there are a few on each side 
who don't support this bill, I think this is the mark of a good piece 
of legislation--garnering a significant number of votes from each 
party. That is what bipartisanship is all about. With millions of 
Americans' livelihoods at stake, I am pleased to see the Senate working 
on a truly bipartisan bill.

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