Rep. Dave Trott Joins Michigan Representatives in Leading Effort to Fight Currency Manipulation and Protect Michigan Jobs

WASHINGTON, DC:  U.S. Representative Dave Trott (MI-11) joined Michigan Reps. Mike Bishop (MI-08), John Moolenaar (MI-04), Dan Benishek (MI-01) and Bill Huizenga (MI-02) in pressing the House leadership team to include efforts to fight currency manipulation in trade related legislation. 

"We can grow Southeast Michigan’s economy by opening up new markets around world—but it’s critical that Congress cracks down on currency manipulation and allows Michigan products and services to compete on a level playing field.  We want to see America set the rules, not countries like China that unfairly manipulate their currency.  Currency manipulation puts our workers at a competitive disadvantage and we are fighting to ensure Washington recognizes the need to address this important issue,” said Rep. Dave Trott, a lifelong resident of Southeast Michigan who created 1,800 jobs during his career in business.

“There’s no doubt Michigan and American workers make the best products in the world, but ignoring currency manipulation will keep them on an uneven playing field in today’s global marketplace,” Rep. Bishop said. “We have a duty to stand up for our workforce, and we can do so by implementing enforceable currency disciplines to prevent our trading partners from distorting the market.”

In a letter sent to House Ways and Means Chairman Paul Ryan (WI-01) and Trade Subcommittee Chairman Pat Tiberi (OH-12), Trott, Bishop, Moolenaar, Benishek, and Huizenga, pressed the House leadership team to include language in trade related legislation that provides for enhanced oversight and analysis of international exchange rate policies and to authorize actions against trade partners who fail to address persistent currency manipulation issues.

“Currency manipulation is a serious trade problem that American businesses and workers face today.  Failing to address currency manipulation could lessen or even eliminate any benefits of a free trade agreement and leave workers and business in our districts and in districts across the country, at a competitive disadvantage,” the letter reads in part. 

International trade is an important component of Southeast Michigan’s economy, supporting 1.2 million jobs in the state and contributing over $70 billion annually to Michigan’s economy through exports of goods and services. 

The full text of the letter can be found below:

June 9, 2015

The Honorable Paul Ryan
Chairman, House Committee on Ways and Means
1233 Longworth House Office Building
Washington, DC 20515

The Honorable Pat Tiberi
Chairman, Subcommittee on Trade
1203 Longworth House Office Building
Washington, DC 20515

Dear Chairmen Ryan and Tiberi:

We commend your leadership in protecting American innovation and strengthening trade enforcement by introducing H.R. 1907, the “Trade Facilitation and Trade Enforcement Act of 2015”.  This legislation is necessary to ensure foreign actors comply with our trade laws or face serious repercussions. 

We were pleased to see that the Senate Committee on Finance, while considering S.1269, the Senate companion measure to Chairman Tiberi’s legislation, adopted an amendment offered by Senator Bennet.  This amendment provides tools and procedures for enhanced oversight of international exchange rates and policies, along with tools for strengthening trade enforcement against currency manipulation.  Additionally, we were pleased to see the bipartisan Hatch-Wyden amendment adopted in TPA legislation, providing for a stronger negotiating objective on currency manipulation. 

We encourage you to include Senator Bennet’s currency manipulation language, which is included in S. 1269, in a manager’s amendment, when the customs and enforcement legislation comes to the House floor for a vote. 

Currency manipulation is a serious trade problem that American businesses and workers face today.  Failing to address currency manipulation could lessen or even eliminate any benefits of a free trade agreement and leave workers and business in our districts, and in districts across the country, at a competitive disadvantage. 

Again, we applaud the action the Committee on Ways and Means has taken under your leadership in expanding America’s consumer base around the globe.  We are grateful for your consideration, and look forward to working with you as this issue progresses.
 

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