Casey Statement on Senate Vote to Crack Down on China’s Currency Manipulation

ASHINGTON, DCU.S. Senator Bob Casey (D-PA), Chairman of the Joint Economic Committee, tonight released the following statement on the Senate vote on S.1619, the Currency Exchange Rate Oversight Reform Act:

“This is a victory for Pennsylvania workers who have seen too many jobs sent overseas because of China’s unfair policies. I have talked with countless business owners and workers throughout Pennsylvania who have been hurt by China’s actions. China’s currency manipulation amounts to cheating and it has put our workers and our economy at a disadvantage.

“A recent report by the Economic Policy Institute found that the U.S. trade deficit with China has cost Pennsylvania over 106,000 jobs in the last ten years and 2.8 million jobs across the United States.

“Last week I questioned Federal Reserve Chairman Bernanke on the effect China’s currency manipulation is having on the global economic recovery. He confirmed that China’s currency manipulation is ‘hurting the recovery process.’

“Similar legislation passed the House by a wide, bipartisan margin of 348-79 last year. I hope Speaker Boehner will quickly call up this legislation and send it to the White House for signature. We have had enough tough talk. It’s time for tough action.”