Press Releases
U.S. Congressman Hal Rogers (KY-05) announced that the House of Representatives passed H.R. 2378, the Currency Reform for Fair Trade Act. As a co-sponsor of this bill, Rogers joined his colleagues in the House in supporting a pro-job, pro-business, pro-investment, and pro-growth U.S. economic and trade policy.
“For far too long our American businesses have suffered because the Chinese government has manipulated the value of its currency at the expense of U.S. made goods,” said Rogers. “This bill will help level the playing field so that our small and medium-sized businesses no longer have to compete against Chinese products purposely devalued by up to 35%. While not a complete solution to our trade woes with China , for several years I have voiced strong concerns regarding China’s deliberate undervalued currency policy. H.R. 2378 marks a step in the right direction so that we can end some of the unfair practices and give U.S. businesses a leg up and a chance to compete.”
The Currency Reform for Fair Trade Act would help to neutralize the effects of this trade imbalance by allowing American industries to appeal for remedies under current international trade law. The legislation would clarify the responsibility of the U.S. Department of Commerce and allow them to investigate alleged currency undervaluation on a case-by-case basis. This legislation favorably passed out of the House of Representative on September 29, 2010 and awaits Senate consideration.
Rogers has served Kentucky’s 5th Congressional District since 1981. With a focus on economic development, job creation, fighting illegal drugs and preserving Appalachia’s natural treasures, he has a reputation for listening to his constituents and fighting for the region he represents. For more information visit www.halrogers.house.gov.
“For far too long our American businesses have suffered because the Chinese government has manipulated the value of its currency at the expense of U.S. made goods,” said Rogers. “This bill will help level the playing field so that our small and medium-sized businesses no longer have to compete against Chinese products purposely devalued by up to 35%. While not a complete solution to our trade woes with China , for several years I have voiced strong concerns regarding China’s deliberate undervalued currency policy. H.R. 2378 marks a step in the right direction so that we can end some of the unfair practices and give U.S. businesses a leg up and a chance to compete.”
The Currency Reform for Fair Trade Act would help to neutralize the effects of this trade imbalance by allowing American industries to appeal for remedies under current international trade law. The legislation would clarify the responsibility of the U.S. Department of Commerce and allow them to investigate alleged currency undervaluation on a case-by-case basis. This legislation favorably passed out of the House of Representative on September 29, 2010 and awaits Senate consideration.
Rogers has served Kentucky’s 5th Congressional District since 1981. With a focus on economic development, job creation, fighting illegal drugs and preserving Appalachia’s natural treasures, he has a reputation for listening to his constituents and fighting for the region he represents. For more information visit www.halrogers.house.gov.