A U.S. senator and a U.S. representative made a stop at a Newton Falls plastics company Monday to push along a bill cracking down on Chinese currency manipulation.
Sen. Sherrod Brown, D-Ohio, the bill's lead sponsor, said the U.S. has lost millions of jobs and Ohio has lost nearly 100,000 jobs to China due to what he said is that country's illegal practice of devaluing its currency against the U.S. dollar.
"This is a successful business that is growing and too often facing a disadvantage. We know that any American company that is competing with the Chinese are competing on a playing field that really isn't level," Brown said while visiting Venture Plastics.
The bill, called the Currency Exchange Rate Oversight Reform Act of 2011, was passed by the Senate, but the House leadership has refused to bring the bill to the floor for a vote. Congressman Tim Ryan, D-Niles, hopes that soon will change.
"We've lost more than 2.8 million jobs in the U.S. already because of currency manipulation, including 100,000 in Ohio," Ryan said. "How many more jobs have to disappear before we take action? We have many manufactures in the U.S. who their raw material costs are the same as the final product landing on the shores here in the U.S. That's a complete disadvantage. How you can compete with that and still be in business, I think is a tribute to a lot of the businesses in this community."
Venture Plastics supplies custom injection molding services to a number of markets, including major appliances, automotive and communications. It has been around for more than 40 years.
Officials at Venture Plastics said not only will the bill help level the playing field, it also will help protect the 150 jobs currently working at this Newton Falls Facility.
"This is bi-partisan and it is what we need to see more of, both sides of the aisle taking a hold of one element, so it's good," said company president Steve Trapp.
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