WASHINGTON, D.C. — U.S. Sen. Sherrod Brown (D-OH) issued the following statement after the Senate Finance Committee voted to include an amendment in the trade package that would allow the U.S. to crack down on currency manipulation.
“American workers can compete with anyone in the world, but they deserve access to a level playing field. This amendment would crack down on illegal trade practices like currency manipulation. Addressing currency manipulation will create middle class jobs and boost American manufacturing.”
A Feb. 2014 report by the Economic Policy Institute (EPI) found that ending currency manipulation could:
- Create up to 250,000 Ohio jobs;
- Reduce Ohio’s unemployment rate by up to 2.7 percentage points;
- Create up to 75,900 Ohio manufacturing jobs;
- Increase Ohio’s Gross Domestic Policy (GDP) output by up to $17.4 billion; and
- Raise up to $3.7 billion for Ohio and its local communities as output growth leads to increased tax revenues and spending reductions.
Today’s amendment is based on the Currency Undervaluation Investigation Act, which Brown introduced in February. It would use U.S. trade law to counter the economic harm to U.S. manufacturers caused by currency manipulation, and provide consequences for countries that fail to adopt appropriate policies to eliminate currency misalignment. The bill – cosponsored by U.S. Sens. Jeff Sessions (R-AL), Charles E. Schumer (D-NY), Lindsey Graham (R-SC), Debbie Stabenow (D-MI), and Richard Burr (R-NC) – would require the Commerce Department to treat currency manipulation as an illegal subsidy and impose applicable duties.