WASHINGTON, D.C. – U.S. Sen. Sherrod Brown (D-OH) released the following statement tonight after the Senate voted 79-19 to advance the Currency Exchange Rate Oversight Reform Act of 2011, of which he is the lead sponsor.
“Today, we’re one step closer to passing a bipartisan bill that creates jobs and reduces the deficit by cracking down on China’s currency manipulation. It’s time to stand up for American workers and American manufacturers,” Brown said. “We cannot stand by any longer and watch as our factories close down and entire communities undergo total devastation. Rhetoric has done little to solve the problem, and our manufacturers and workers have paid the price. We must equip the Obama Administration with the tools it needs to crack down on China’s currency manipulation, and help level the playing field for American businesses.”
Last week, the Economic Policy Institute (EPI) and the Alliance for American Manufacturing released a new report showing that that the growing trade deficit with China, caused in large part by China’s illegal currency manipulation, has cost the United States more than 2.8 million jobs since 2001, including more than 1.9 million manufacturing jobs. In June, EPI released a report showing that addressing Chinese currency manipulation could support the creation of 2.25 million American jobs.