WASHINGTON, DC - U.S. Rep. Harold "Hal" Rogers (KY-05) urged the Department of Treasury to register China as a 'currency manipulator' during a budget hearing Thursday morning with Treasury Secretary Jack Lew. Rogers also co-sponsored the Currency Reform for Fair Trade Act (H.R. 1276), bipartisan legislation to stop China's illegal trade practices.
"There's not a soul in the world that doesn't believe that the renminbi is being manipulated by the Chinese for trade practice purposes and it's working, very smoothly, as a matter of fact," stated Rogers. "The Department of Commerce cannot move until you take action.
"Commerce can't levy counter-veiling duties unless Treasury registers China as a 'currency manipulator' and this has been going on for decades now and we're getting beat," Rogers continued. "Our economy is absolutely suffering tremendously, I think, because of the under-value of the renminbi. In fact, I'm told it's set now at 6.14 renminbis to the dollar, which is from my information, a reduction of about 3% from this time last year."
According to a new report from the nonpartisan Peterson Institute of International Economics, our economy has lost between one and five million jobs as a result of currency manipulation by China and other foreign countries. The practice of undermining the free exchange of currencies to benefit China's own exporters violates international trade agreements and weakens manufacturing in America.
The Currency Reform for Fair Trade Act gives domestic manufacturers the tools needed to fight back against countries that won't live up to their trade obligations. It helps American companies and workers compete on a level playing field when imports from counties engaged in currency manipulation cause "material injury" to a U.S. industry and adheres to World Trade Organization rules.
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 http://halrogers.house.gov/ or follow Rogers on Twitter at https://twitter.com/#!/RepHalRogers or on Facebook at https://www.facebook.com/#!/CongressmanHalRogers.