USW Urges Senate to Curb Deliberate Currency Manipulations by China and Others

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Sep 30, 2011, 02:10 ET

Lack of action will endanger more American jobs; further erode U.S. manufacturing

PITTSBURGH, Sept. 30, 2011 /PRNewswire-USNewswire/ -- In a letter sent today to members of the U.S. Senate, United Steelworkers (USW) International President Leo W. Gerard called for immediate passage of the bipartisan Currency Exchange Rate Oversight Reform Act of 2011.

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This legislation addresses the damage being done to American workers and industries by China and others purposely undervaluing their currencies. The practice taxes the products the United States exports while subsidizing the flow of foreign goods into the U.S. marketplace. Immediate action is needed to balance trade and reduce the federal deficit.

"Americans understand we are in a full-blown jobs crisis and are demanding that jobs and goods be created here in America and that our manufacturing base be revitalized to compete in the 21st century," Gerard said in the letter. "Action in the Senate, followed up by swift action in the House, will give us the tools we need to address the shuttered factories and shattered dreams that currency manipulation has caused - at no cost to the taxpayer - and with potentially large gains for the U.S. Treasury."

The entire letter is available at http://assets.usw.org/releases/110930CurrencyLtr.pdf.

The USW represents 850,000 members in the United States, Canada and the Caribbean. It is the largest private sector union in North America, representing workers in a wide range of industries including metals, mining, rubber, paper and forestry, oil refining, plus office, technical and service workers in health care, security, hotels and municipal governments and agencies. For more, go to www.usw.org

FOR MORE INFORMATION:
Gary Hubbard (202) 256-8125
[email protected] or
Wayne Ranick (412) 562-2444
([email protected])

SOURCE United Steelworkers (USW)