"Pennsylvania's manufacturing and steel workers need protection from those countries who receive an unfair trading advantage by manipulating their currency," said Casey. "I am proud to be a cosponsor of this bipartisan bill which will give those manufacturing companies in Pennsylvania and around the country the legal means to fight back."
The United States Fair Currency Practices Act of 2007 removes subjectivity from determinations on currency valuation, injecting transparency and objectivity into this important process. Currently, there is no objective method for protecting American companies from countries such as China who cheat by devaluing their currency in an effort to artificially lower the cost of their exports. This practice creates an unfair trade advantage that makes it nearly impossible for American manufacturers to compete in the free market. The "Fair Currency Act of 2007" would provide injured U.S. companies that suffer due to the impact of undervalued currency with the ability to seek countervailing duties, a key enforcement tool to fight back against companies whose governments seek to create an artificial advantage.
"Sunbury Textiles applauds Bob Casey for sponsoring a bill that puts some teeth in our laws to hold China accountable to fair play in global trade," said Hank Truslow Jr., CEO, Sunbury Textiles in Sunbury, Pennsylvania. "We are a 50 year old company employing 230 workers in Sunbury, Pennsylvania and we make some of the finest upholstery fabrics in the world. We are happy to match our American made products against any in the world. But we cannot and should not be asked to compete against the Chinese government. It is time for Congress to hold China accountable for cooking the books where currency is concerned. We strongly support Bob Casey and other senators' efforts and urge Congress to begin to restore faith in trade policy by quickly passing this legislation."
Co-sponsors of the bill include Senators Evan Bayh (D-IN); Olympia Snowe (R-ME); and Carl Levin (D-MI).
