WASHINGTON, June 5, 2013 /PRNewswire-USNewswire/ -- Leo W. Gerard, president of the United Steelworkers (USW) issued the following statement today on introduction of a U.S. Senate bill titled the: Currency Exchange Rate Oversight Reform Act of 2013.
"Today we sent a USW support letter to every member of the U.S. Senate urging swift action to redress the shuttered factories and shattered dreams that currency manipulation has cost working people across the country. We need immediate passage of the Currency Exchange Rate Oversight Reform Act of 2013.
"Prompt action to address foreign governments' deliberate undervaluing of their currencies to gain an unfair competitive advantage is an important step Congress can take to creating jobs and getting America on track towards balanced trade and a reduced federal deficit.
"We are proud of the leadership from Senators Sherrod Brown (D-OH), Jeff Sessions (R-AL), Charles Schumer (D-NY), Richard Burr (R-NZC), Debbie Stabenow (D-MI), Bob Casey (D-PA), Lindsey Graham (RSC) and Susan Collins (R-ME) to introduce this critical bipartisan legislation that would counter the economic harm to American manufacturers and workers caused by currency manipulation
"The bill would put the proper tools in the hands of the Administration and the American people to eliminate this most distorting of unfair trade practices, which in reality taxes products the U.S. wants to sell to other countries, while subsidizing a flood of exports to our shores from China and other countries.
"In addition to supporting this Senate bill, the USW advocates for similar legislation in the U.S. House, The Currency Reform for Fair Trade Act of 2013 (H.R. 1276). Although the same bill passed the House in 2010, currency legislation was not brought to a vote by the Republican leadership in the last Congress.
"Every reasonable economist and policymaker agrees that many countries, especially China, undervalue currency to promote their own interests at the expense of other countries and workers. Cheating by foreign governments cheats American workers and producers out of jobs and trade benefits. Enough is enough. Deliberate currency undervaluation by China and other countries is a losing proposition for American workers and producers."
SOURCE United Steelworkers (USW)