Chesterton Tribune



USW President Leo Gerard calls for action on foreign currency manipulation

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United Steelworkers (USW) International President Leo Gerard issued the following statement on

Wednesday, following the Economic Policy Institute’s release of a study which finds that “millions of jobs would be created in the U.S. by ending the practice of currency manipulation by our trading partners.”

That study--authored by Robert E. Scott and entitled “Stop Currency Manipulation and Create Millions of Jobs”--supports strong new disciplines in the proposed Trans-Pacific Partnership (TPP) trade agreement and changes in U.S. law.

“Creating jobs should be our highest priority,” Gerard said. “Our nation’s economic recovery is in jeopardy of stalling. Our unemployment rate is dropping because too many people have simply given up hope of finding a job. Today’s EPI study proves that ending currency manipulation would create millions of jobs all across our country. So why won’t Washington act?

“For years, workers have called on political leaders to confront China’s currency manipulation. This new study makes clear what the benefits would be. Therefore, the only reason our leaders refuse to act could only be they’re protecting someone else’s interests.

“It’s got to be either the multinational companies who have offshored and outsourced their production, or because they want to protect political leaders in other countries. They seem to have forgotten who they should be helping--people in their own country, who work hard, play by the rules, and simply want a fair chance to compete.

“Political leader after political leader claim they want to get tough on trade. They commit to addressing the issue. But, year after year, our trading partners game the system and cheat us out of the opportunity to sell to their customers and flood our market with subsidized products. The EPI study makes this clear to the millions of workers who know they could be earning a decent living if only Speaker Boehner, Leader McConnell, and more Republicans would join in putting jobs at the top of their agendas. . . .

“The Administration has the power to act, but is essentially sitting on its hands. Now is the time for the Congressional Republican leadership to join with an overwhelming number of Democrats and a small, but growing group of Republicans, to enact legislation that gives both companies and workers the right to fight for America’s interests.

“Congress should pass pending legislation (H.R. 1276 and S. 1114) on currency manipulation and urge the Administration to implement strategies in the TPP that would stop currency manipulating governments from continuing to use this practice to steal American jobs.”



Posted 2/27/2014