[Congressional Record (Bound Edition), Volume 157 (2011), Part 4]
[House]
[Page 5271]
[From the U.S. 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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