Steel Industry Commends Bipartisan Members of the Senate for Introduction of Currency Reform Legislation

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September 22, 2011 202.452.7115 /

American Iron and Steel Institute Calls On Congress to Support Action Immediately

Washington, D.C. – The American Iron and Steel Institute (AISI) commends Sen. Brown (D-Ohio), Sen. Schumer (D-NY), Sen. Snowe (R-ME), Sen. Graham (R-SC), Sen. Stabenow (D-MI), Sen. Sessions (R-AL), Sen. Casey (D-PA) and Sen. Burr (R-NC) for introducing The Currency Exchange Rate Oversight Reform Act of 2011 and urges both the House and Senate to take up and pass legislation addressing currency manipulation immediately.

“We greatly appreciate the tremendous leadership shown today by the sponsors of The Currency Exchange Rate Oversight Reform Act of 2011. This bill has wide bipartisan support as shown by its 20 original Democrat and Republican cosponsors,” AISI President and CEO Thomas J. Gibson commented. “This bill is common sense legislation that adds no additional cost to the federal government but does provide the U.S. with a legal tool to use in addressing the job loss caused by China’s protectionist undervaluation of its currency. Like the bill passed last Congress by an overwhelming bipartisan vote of 348-79, and a bill pending in the U.S. House of Representatives (H.R. 639), which also has wide bipartisan support with over 200 cosponsors, this legislation would give U.S. manufacturers the ability to use the existing countervailing duty law to obtain a remedy for injury caused by goods benefiting from a currency manipulation export subsidy.

“The bill introduced by the Senate today also provides a new framework and criteria that Treasury will have to utilize in order to identify misaligned currencies and that will require action by the administration if countries fail to correct the misalignment.

“A recent study released by the Economic Policy Institute found that addressing currency manipulation would result in an estimated 2.25 million jobs and reduce our budget deficit by $621-$857 billion over ten years. Given our current fiscal situation, we clearly cannot keep giving China a free pass on this critical issue. There is wide bipartisan support for addressing the unfair trade practice of currency manipulation and the time for Congress to act is now.”

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