Bill would help protect U.S. manufacturing & agriculture from currency manipulation by foreign governments
WASHINGTON (Sept. 30, 2011) – National Farmers Union President Roger Johnson sent a letter to U.S. Senate Leadership today urging them to pass S. 1619, the Currency Exchange Rate Oversight Reform Act of 2011. The bill would give the U.S. Treasury the authority to enforce existing currency manipulation laws with countries that trade with the U.S.
“The Currency Exchange Rate Oversight Reform Act is a comprehensive piece of legislation that uses U.S. trade law to counter the economic harm caused to U.S. farmers, ranchers and manufacturers due to currency manipulation,” said Johnson. “In addition to its 19 cosponsors, S. 1619 is supported by a broad coalition of farm, labor and manufacturing trade organizations and businesses.”
Unbalanced trade agreements have negative effects on the economy. They exacerbate our current trade deficit and cause job losses, which would be damaging to an already fragile economy.
“Before our trade can truly be fair, we need to ensure that all countries are playing by the same rules,” said Johnson. “For example, after signing the North American Free Trade Agreement, Mexico devalued its currency, wiping out most of the gains U.S. industries achieved in the agreement. This action set a precedent for our other trading partners, which continues today. As our country’s economic downturn continues, we cannot afford to continue to ignore the impact illegal currency manipulation has on the U.S. economy.”