News Release
« BackUnder Pressure from U.S., China Agrees to Move on Currency
Tuesday, July 06, 2010
Manufacturing groups such as One Voice continued to press the Obama Administration to follow through on its campaign promise to enforce our trade laws. In July 2005, China moved into a managed floating exchange rate system based on a basket of currencies. Under pressure from the United States, China announced at the end of June that it would proceed forward with further reforms. However, One Voice believes China still must demonstrate concrete and verifiable steps toward a substantial revaluation.
One Voice and other groups are pressing Congress to continuing to apply pressure on the Administration to hold China and others accountable for the injury illegal currency manipulation causes. Senators are considering attaching a bill by Sen. Charles Schumer (D-NY), S. 3134, the Currency Exchange Rate Oversight Reform Act of 2010, to moving legislation at anytime if China does not follow through. The House bill, H.R. 2378, the Currency Reform for Fair Trade Act by Representatives Tim Ryan (D-OH) and Tim Murphy (R-PA) now has more than 120 co-sponsors.
One Voice encourages its members to continue contacting their Senators and Representatives to ask them to co-sponsor S. 3134 and H.R. 2378. A message may be sent through the One Voice website at « Back | ^ Top
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