WASHINGTON (Oct. 11, 2011) – National Farmers Union President Roger Johnson issued the following statement after the U.S. Senate passed S. 1619, the Currency Exchange Rate Oversight Reform Act of 2011:
“We are very pleased that the Senate passed the Currency Exchange Rate Oversight Reform Act, because it 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. Before our trade can truly be fair, we need to ensure that all countries are playing by the same rules.
“Unbalanced trade agreements negatively impact the economy. By ensuring that the currencies of other countries are valued fairly, U.S. companies are able to compete on a level playing field, which helps to create and preserve jobs. The U.S. has been harmed many times before because other countries illegally manipulated their currency, and we continue to be harmed even today.
“An Economic Policy Institute study found that if the Chinese yuan were revalued to its equilibrium level, up to 2.25 million jobs could be created through an increase in U.S. gross domestic product. These are desperately needed jobs that the U.S. has lost because of the illegal actions of other countries. This is legislation that garnered overwhelming bipartisan support in the House last year, passing 348-79. We urge the House to pass this bill and the president to sign it as quickly as possible to correct this problem.”