Sen. Sherrod Brown (D-Ohio) urged Congress to pass his bill that aims to stop other countries from manipulating their currency.
“As the Chinese government continues to push down the value of the yuan, the urgency for passing our bipartisan bill addressing currency manipulation rises,” Brown said Thursday in a press release. “We can create millions of jobs — without adding a dime to the deficit — by fighting back when our trading partners cheat.”
{mosads}Brown’s renewed call for passage of his bill, the Currency Exchange Rate Oversight Reform Act, coincides with the Chinese yuan reaching close to its lowest level in a year.
S. 1114 would punish trading partners that fail to adopt policies to end currency manipulation. Brown said currency manipulation unfairly gives other countries a price advantage and therefore harms U.S. manufacturing workers who can’t compete with China’s low prices.
“Ending currency manipulation could create 5.8 million jobs for Americans,” Brown said. “Congress should stand up for American workers by passing our bipartisan bill.”