CURRENCY REFORM FOR FAIR TRADE ACT
(House of Representatives - October 13, 2011)

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[Page H6868]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                   CURRENCY REFORM FOR FAIR TRADE ACT

  (Mr. GENE GREEN of Texas asked and was given permission to address 
the House for 1 minute and to revise and extend his remarks.)
  Mr. GENE GREEN of Texas. Madam Speaker, I rise in strong support of 
American families whose jobs and livelihoods are being undermined by 
China and other countries which purposely undervalue their currency.
  For the past several years, the best economic research has shown that 
China manipulates the value of its currency by at least 25 to 30 
percent against the dollar.
  This blatantly unfair trading practice has contributed to our trade 
deficit with China, growing it from $68 billion to $273 billion in just 
11 years. Worst of all, the American people have become the ultimate 
victims. Last month, the Economic Policy Institute found that 2.8 
million U.S. jobs have been eliminated or displaced since 2001 due to 
the growing U.S.-China trade deficit.
  Last year, the Currency Reform for Fair Trade Act passed this Chamber 
with strong bipartisan support. Yesterday, unfortunately, the new House 
majority voted nearly identical legislation down. The Currency Reform 
for Fair Trade Act has been supported by Members on both sides of the 
aisle and would give this and any administration the authority to take 
countervailing measures against currency manipulators, like China, in 
support of hardworking Americans.
  We need to change that, Madam Speaker.

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