[Congressional Record (Bound Edition), Volume 157 (2011), Part 11]
[Senate]
[Pages 14961-14962]
[From the U.S. Government Publishing Office, www.gpo.gov]




                      CHINA CURRENCY MANIPULATION

  Mr. REID. Mr. President, this morning the Senate will hold a vote to 
advance legislation to end the underhanded practice of currency 
manipulation by the Chinese Government. This practice gives Chinese 
exports a tremendously unfair advantage over all the global markets but 
especially the one with our relations with China. It hurts American 
manufacturers and cheats American workers out of jobs. This practice 
has helped balloon America's trade deficit with China from $10 billion 
to $273 billion in the last 20 years, costing upwards of 3 million 
jobs. Too many of those lost jobs came from the manufacturing sector 
alone, which can't compete as long as the Chinese Government gives its 
exports special advantages.
  This legislation is a chance to even a tilted playing field, to pump 
$300 billion into our economy in 2 years, and support 1.6 million 
American jobs. That is why it has the support of labor unions and 
business groups. That is why it advanced with an overwhelming 
bipartisan vote on Monday. I believe there were 31 Republican votes on 
Monday.
  I would remind my Republican colleagues that since the Senate began 
debate of this bill, China has made no move to correct the value of its 
currency. It is clear that merely considering congressional action will 
not solve this problem, so it is difficult for me to comprehend how 
people could be switching their votes from Monday to Thursday. We have 
offered to work with Republicans on an agreement to consider several 
germane amendments. I stand by that offer. We talked about

[[Page 14962]]

that yesterday and, in fact, late last night. I repeat, more than 31 
Republicans voted to advance this legislation earlier this week. So I 
am hopeful my colleagues on the other side will continue to work with 
us in a bipartisan fashion to advance this important job-creating 
legislation today.
  I have indicated to the Republican leader that I have a meeting with 
three of my Senators at the White House at 5:30 this afternoon, so we 
either finish this bill if, in fact, cloture is invoked and we work out 
something on the amendments before 5:30 or we can come back tonight 
after the meeting at the White House or we can come back tomorrow, but 
we are going to complete work on this legislation before we leave, one 
way or the other. If cloture is not invoked, of course, that ends it, 
which I think would be a sad day for relations between China and the 
United States, to think we capitulated on something as important as 
this. But we are going to finish this legislation today. I would like 
to do it before 5:30. We have the Jewish holiday that starts tomorrow 
at 5:30--it is actually an hour or so after that, so 20 until 7, 
sundown. But, anyway, we are going to continue working on this 
legislation until we complete it one way or the other.


                           American Jobs Act

  Early next week, the Senate will begin debate on the American Jobs 
Act, which will create jobs while asking every American to contribute 
his or her fair share. This legislation will put construction crews 
back to work building the things that make our country stronger: modern 
bridges, roads, dams, sewers, water systems, and up-to-date schools 
where our children can get the best education possible.


                               Free Trade

  I have spent a lot of time with the Republican leader, knowing how 
strongly he and some other Members of the Senate feel about the 
Colombia trade bill, the Korea trade agreement, and Panama. In spite of 
my not feeling so strongly about these--I am not a big fan of these 
matters--I am doing my best to advance this so we can have a vote, 
hopefully as early as Wednesday of next week.

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