China Currency Coalition Applauds Senator Obama's Support of S. 796, The Fair Currency...
* Reuters is not responsible for the content in this press release.
China Currency Coalition Applauds Senator Obama's Support of S. 796, The Fair Currency Act of 2007 WASHINGTON, May 2 /PRNewswire-USNewswire/ -- The China Currency Coalition ("CCC") today praised Senator Barack Obama (D-IL) following his announcement that he has become a co-sponsor of S. 796, the Fair Currency Act of 2007, also known as the Bunning-Stabenow-Bayh bill after Senators Jim Bunning (R-KY), Debbie Stabenow (D-MI), and Evan Bayh (D-IN). Richard L. Trumka, co-chair of the coalition and Secretary-Treasurer of the AFL-CIO, commented, "We are very pleased that Senator Obama has chosen to support this legislation. The undervaluation of the yuan has had a tremendous impact on American jobs and the U.S. manufacturing sector. This bill will enable U.S. companies and workers to finally take action under U.S. trade laws. Millions of American families have had their livelihoods imperiled and have lost their jobs due to China's manipulated currency. It's time to level the playing field." Doug Bartlett, co-chair of the coalition, owner of Bartlett Manufacturing Company, Inc., in Cary, Illinois, and Chairman of the U.S. Business and Industry Council, added, "Senator Obama's endorsement of S. 796 is a significant development. The bill identifies currency manipulation as an actionable export subsidy under U.S. trade law and allows injured U.S. industries to seek relief directly from U.S. trade agencies in the form of countervailing duties. Longstanding exchange rate manipulation by China and other countries conflicts with their international legal obligations. Currency undervaluation has had a devastatingly negative impact on domestic American manufacturers and their employees. It is one of the main reasons why China has enjoyed massive and growing trade surpluses with the U.S. for years. China's increasing reserves of foreign exchange are occurring at the expense of U.S. economic growth and national security. Amidst mounting recession concerns, the U.S. must immediately confront the unfair practices harming domestic producers." David A. Hartquist, the CCC's legal counsel, observed, "We urge all other still non-committed senators to join in co-sponsoring this vital, bipartisan legislation. China's undervaluation of the yuan is a mercantilist policy that violates China's international legal obligations. Our members will continue to work hard to inject this issue not only in the presidential campaign, but also in Senate and House races across the country." About the China Currency Coalition The China Currency Coalition is co-chaired by Richard L. Trumka, Secretary-Treasurer of the AFL-CIO, and by Doug Bartlett, owner of Bartlett Manufacturing Company, Inc., in Cary, Illinois, and Chairman of the U.S. Business and Industry Council. David A. Hartquist is Senior Partner and Chairman of the International Trade Practice Group at Kelley Drye & Warren LLP in Washington, D.C. The China Currency Coalition is an alliance of industry, agriculture, services, and worker organizations whose mission is to support U.S. manufacturing and production by seeking an end to Chinese currency undervaluation. The CCC does not endorse candidates for public office. Attached is a list of the CCC's membership. Additional information on the coalition can be found on its Web site: www.chinacurrencycoalition.org. China Currency Coalition Members The IUC AFL-CIO American Iron and Steel Institute Chicagoland Circuit Association Coalition for a Prosperous America The Committee on Pipe and Tube Imports The Copper & Brass Fabricators Council, Inc. EXEL Industrial Forging Industry Association Graphics Communications International Union (GCIU) The Industrial Union Council (composed of Bakery, Confectionary, Tobacco Workers and Grain Millers) International Union (BCTGM)) International Union of Electrical Workers/Communication Workers of America (IUE/CWA) International Association of Machinists (IAM) International Brotherhood of Boilermakers (IBB) International Brotherhood of Electrical Workers (IBEW) International Brotherhood of Teamsters (IBT) Paper Allied-Industrial Chemical & Energy Workers International Union (PACE) Manufacturers for Fair Trade Metal Treating Institute Metals Service Center Institute National Council of Textile Organizations National Tooling and Machining Association Nucor Corporation Precision Machined Products Association Precision Metalforming Association Rescue American Jobs Sheet Metal Workers International Association Society of the Plastics Industry Specialty Steel Industry of North America Spring Manufacturers Institute Steel Dynamics Steel Manufacturers Association Tooling & Manufacturing Association U.S. Business and Industry Council United Automobile Workers (UAW) United Food and Commercial Workers (UFCW) United Mine Workers of America (UMWA) United States Business & Industry Council United States Printed Circuit Alliance United Steelworkers (USW) Union of Needletrades Industrial and Textile Employees (UNITE) Vanadium Producers & Reclaimers Association Wood Machinery Manufacturers of America SOURCE China Currency Coalition Jeffrey Beckington, +1-202-342-8550, email@example.com, or Amanda Eidshaug, +1-202-342-8415, firstname.lastname@example.org, both for China Currency Coalition