United Steelworkers International President Leo Gerard, issued the following
statement on Tuesday after the U.S. Senate voted to pass the bi-partisan
Currency Exchange Rate Oversight Reform Act of 2011 (S.1619).
This bill provides sanctions on China or other nations for currency
“The USW applauds the U.S. Senate for its vigorous debate today and stepping
up to the plate for American workers and manufacturing. The legislation
addresses the economic damage being done by China and others who purposely
undervalue their currencies.
“The Senate currency reform act will put our nation on a sustainable path
for economic growth and rebalancing our massive trade and federal budget
“Our nation is facing an economic crisis and China has declared a trade war
on Americans who are struggling to recover from high unemployment, home
foreclosures, static wages and benefits. Currency manipulation by foreign
governments—particularly China—has swamped American workers in the past
decade. More than 6 million manufacturing jobs and 57,000 manufacturing
plants have disappeared forever.
“Now the bill requires swift action in the U.S. House where more than 225
members—a majority—are on record in support of this proposed law. Our USW
members will be just as vigorous in calling on the House to once again vote
as they did last fall on legislation to curb currency manipulation. The
House Republican leadership should allow the members to vote their
conscience, as they have promised in the past. We then need an immediate
signing of this legislation into law by President Obama.”