News Release
« BackThousands of NTMA and PMA Members Urge Congress to Act on Currency Manipulation
Thursday, July 15, 2010
PMA and NTMA declared July 13, 2010, National Currency Manipulation Call-in Day and urged their members to contact their Senators and Representatives to take action against currency manipulators such as China.
"China and other countries continue to manipulate their currency, giving them an unfair and illegal advantage against U.S. businesses, resulting in the loss of thousands of U.S. manufacturing jobs," said PMA President William Gaskin. "We were disappointed that the U.S. Treasury Department responded to China's token action on currency and failed to name China a currency manipulator last week. American manufacturers need to pressure Congress and the Obama Administration to hold currency manipulators accountable to ensure that China takes long-term action to free its currency."
Thousands of manufacturers called Congress and told them to move on legislation to fix illegal currency manipulation to keep the pressure on both the Obama Administration and China. Callers urged support in the Senate for S. 3134, the Currency Exchange Rate Oversight Reform Act of 2010, and the Currency Reform for Fair Trade Act, sponsored by Representatives Tim Ryan (D-OH) and Tim Murphy (R-PA) in the House.
"Currency manipulation hurts small middle-market manufacturing businesses and their employees," said NTMA Chief Operating Officer Rob Akers. "It is a significant contributor to the global competitive disadvantage faced by our manufacturers. We hope the Obama Administration will support U.S. manufacturers by taking a more formal and forceful approach against China and other countries that illegally manipulate their currencies."
"NTMA and PMA will continue to work with the Obama Administration and Congress to address illegal currency manipulation and the others issues facing small middle-market companies manufacturing in America," concluded Gaskin.
Next Story: Small Business Credit and Tax Bill on Senate Floor