WASHINGTON, D.C.— U.S. Sen. Sherrod Brown (D-OH) issued the following statement today after the release of the U.S. Department of Treasury’s Semi-Annual Report to Congress on International Economic and Exchange Rate Policies. In the report, Treasury concludes that China has made insufficient progress in allowing its currency to appreciate, but fails to find that China has manipulated its currency.
“Today’s Treasury report today both confirms and ignores the obvious: the appreciation of the yuan is completely inadequate, and it’s not by accident,” Brown said. “While the Administration prefers to take a diplomatic approach towards the Chinese government’s unlawful practice of currency manipulation, American manufacturers and workers struggling to compete against unfairly-subsidized imports can’t afford to wait any longer for action. Congress must act this year to pass legislation addressing currency manipulation to level the playing field and help get our economy back on track.”
Brown has been a leader in efforts to address Chinese currency manipulation. Last month, in advance of President Hu Jintao’s visit, Brown and Sen. Olympia Snowe (R-ME) announced plans to introduce bipartisan legislation to address China’s unlawful practice of currency manipulation. Last December, Brown filed Chinese currency legislation as an amendment to the tax extenders legislation. The same month, Brown authored an op-ed urging passage of legislation to address China’s currency manipulation. Previously, Brown and Snowe had also sent a letter to Senate Majority Leader Harry Reid and Senate Minority Leader Mitch McConnell urging action before the Senate adjourned for the year on the Currency Reform for Fair Trade Act.
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