[Congressional Record Volume 157, Number 186 (Tuesday, December 6, 2011)]
[House]
[Page H8142]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                              {time}  1050
                    TAKING ON CURRENCY MANIPULATORS

  The SPEAKER pro tempore. The Chair recognizes the gentleman from 
Indiana (Mr. Donnelly) for 5 minutes.
  Mr. DONNELLY of Indiana. Madam Speaker, I rise today because it has 
been weeks since the bipartisan majority in the Senate passed 
legislation to take on currency manipulators. Weeks have passed, and 
House leadership has refused to allow a stand-alone up-or-down vote on 
currency manipulation legislation right here in the House of 
Representatives. Legislators from both sides of the aisle talk about 
the importance of creating jobs every day. Why wouldn't we take this 
opportunity to work together to not only create jobs but to also 
protect the good-paying jobs we already have here in America?
  Recently, the Peterson Institute for International Economics 
concluded that China's currency is undervalued by 24 percent against 
the dollar. That means that America's manufacturers are competing with 
Chinese manufacturers who are enjoying a permanent 24 percent off sale. 
Isn't it time to do something about these problems, problems that are 
damaging the U.S. economy, and to stand up for American manufacturers?
  When countries are allowed to keep the values of their currencies 
artificially low and, in turn, the price of their exports into the 
United States, American companies face an unfair disadvantage. American 
companies are currently playing on an unlevel playing field where their 
competitors are able to maintain a permanent sale on all the products 
they sell. As our trade deficit increases with countries like China, we 
lose American jobs. In fact, the Economic Policy Institute released a 
study this fall showing that, between 2001 and 2010, the U.S. lost 2.8 
million jobs, including nearly 62,000 jobs in my own State of Indiana, 
as a result of the expanding trade deficit with China.
  The Senate has already acted on this issue. It passed the Currency 
Exchange Rate Oversight Reform Act in October. The passage of this bill 
assures that correcting unfair trade practices is not a Democrat or a 
Republican issue--rather, it's an American priority. Sixteen Republican 
Senators joined 47 Democrat Senators in voting for this bill to counter 
the currency manipulation that is damaging our economic recovery. In a 
time of too much partisan bickering, we need to take the opportunity to 
work together and stand up for American businesses and American 
workers. That's what we were sent here to do.
  In addition to the Senate-passed bill, we have a piece of 
legislation, which is waiting for a vote right here in the House, with 
225 cosponsors of both Republicans and Democrats. That's more than a 
majority. The Currency Reform for Fair Trade Act would allow the 
Department of Commerce to counter imports, made cheaper by currency 
manipulation, with a corresponding tariff. A nearly identical bill 
passed the House last year with 348 votes. The support is here. We just 
need to take this vote.
  When I travel around north central Indiana, I often hear from small 
businesses and manufacturers on this issue, and they never ask that 
Congress guarantee their success. They simply ask for a level playing 
field and to have the rules the same for everybody. All they want is a 
fair fight.
  So, today, I echo my request from 2 months ago to the House 
leadership: It is time. It is time for bipartisan legislation that 
addresses currency manipulation and to have a vote on it here in the 
House of Representatives--a stand-alone up-or-down vote.
  As I said then and as I'll say again to our House leadership: Who do 
you stand with, the Chinese Government or the American workers? It is 
time to stand up for our country--for all of the people who work in our 
country and for all of our citizens. Let's have a vote.

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