Sen. Sessions issued the following comments today about the need to combat illicit trading practices: I am pleased to join Senator Brown in sending a letter to President Obama about foreign currency manipulation that is unfairly impacting our American workers. An April 2014 report from the Treasury Department found that China was grossly manipulating their currency—an improper practice that artificially lowers the price of imported Chinese goods and puts Americans out of work. Our trade laws must ensure that the people living and working in the U.S. can compete on a level playing field. We must defend the legitimate interests of American workers on the world stage. Trading agreements are like contracts for mutual benefit, and when one party fails to act in accordance with the agreement, action must be taken. For many years now, our government has failed in that task and allowed American factories to shutter and good-paying middle class jobs to disappear. President Obama’s weak trade stance, like that of his predecessors in the White House, has directly harmed U.S. workers and manufacturing. The legislation I am sponsoring with Senator Brown, The Currency Exchange Rate Oversight Reform Act, is important to achieve a market-based exchange rate that will address currency manipulation to ensure our businesses and workers can fairly compete in the global marketplace.”
Posted on: Tue, 10 Jun 2014 23:36:04 +0000
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