US Congressman Tim Murphy is calling on the leadership of both parties to call a vote on a resolution that would demand that the International Trade Commission get tough on China if it does not float its currency. Murphy went before the House Ways and Means Committee this week to support HR 2378, which has been dubbed the Currency Reform for Fair Trade Act. The resolution is sponsored by Murphy and Youngstown Ohio Democrat Tim Ryan. Murphy says the demands in the resolution and be boiled down to a simple point, “If china is found to be manipulating their currency by the International Trade Commission, for the purpose of unfair trade practices, the ITC could put upon them tariffs to bring the cost of their goods back in line.”
Murphy says the goal it to, “protect domestic manufacturers and the steel industry from countries unwilling to compete fairly in the global marketplace.” Murphy says by not floating its currency on the open market, China can undercut US manufactures by 40-percent. Murphy says that means manufacturers in China can make and ship products to the US for less than a manufacturer here can by the raw materials. “We must hold China accountable for its currency manipulation wreaking havoc on our nation’s manufacturers,” says Murphy. China currently pegs its currency to the US dollar.
The congressman gathered supporters in his district today to call on House speaker Nancy Pelosi and Minority Leader John Boehner to call the resolution to the floor for an up or down vote. Murphy says, “She said would then she said she would not, so we want to know when, for goodness sake, are we going to stand up for American manufacturing and American jobs rather than giving into China and their threats.” A letter making similar demands was signed by 100 members of congress and sent to the two leaders.