Introduced by US Senate Co-sponsors to protect jobs, hold China accountable

Leo W. Gerard, International President of the United Steelworkers (USW) welcomed today’s introduction of the “Currency Exchange Rate Oversight Reform Act of 2010” as a bipartisan effort by U.S. Senators Charles Schumer (D-NY), Debbie Stabenow (D-MI) and Lindsey Graham (R-SC). 

“The continuing and deliberate undervaluation of currency by foreign governments, in particular China, is one of the most pernicious of unfair trade subsidies,” Gerard declared.  “Currency undervaluation has contributed substantially to the loss of millions of American manufacturing jobs in the past few years.”

Also cosponsoring the legislation are U.S. Senators Evan Bayh (D-IN), Sherrod Brown (D-OH), Sam Brownback (R-KS), Ben Cardin (D-MD), Robert Casey (D-PA), Russ Feingold (D-WI), Kirsten Gillibrand (D-NY), Carl Levin (D-MI), Olympia Snowe (R-ME), Arlen Specter (D-PA), and Jim Webb (D-VA) ... more