*EPF507 09/12/2003
Text: Lawmaker Wants to "Get Tough" on China Currency Practices
(Representative Mark Green's September 10 news release) (590)

A member of the House International Relations Committee and House Financial Services Committee has accused the Chinese government of manipulating the exchange rate between the Chinese yuan and the American dollar and says it is "time to get tough with the Chinese."

Representative Mark Green (Republican of Wisconsin) is one of the co-sponsors of H.R. 3058, a bill that would require the Treasury Secretary to monitor China's currency exchange rate and impose a tariff on all Chinese goods in addition to current tariffs if the Secretary finds the yuan has been kept artificially low in relation to the dollar.

"It's time to get tough with the Chinese on their unscrupulous manipulation of currency," Green said in a September 10 press release.

"Our people are losing jobs and our economy is suffering because the Chinese aren't playing by the rules," he continued. "It's time for them to pay a heavy price for the way they unfairly conduct their currency policy."

Following is the text of the press release:

(begin text)

REPRESENTATIVE MARK GREEN
8TH DISTRICT, WISCONSIN

FOR IMMEDIATE RELEASE

September 10, 2003

Rep. Green: time to "get tough" with China on "unscrupulous" currency practices

Green, colleagues introduce new bill Wednesday to combat Chinese currency manipulation that "threatens manufacturing jobs and America's economic future"

WASHINGTON - The government of the People's Republic of China deliberately keeps the value of its currency, the yuan, low in order to gain an artificial advantage in international trade.

But if U.S. Rep. Mark Green (R-Green Bay) gets his way, the Chinese will soon be severely penalized for a currency policy that puts U.S. manufacturers and other businesses at a "terrible disadvantage."

"It's time to get tough with the Chinese on their unscrupulous manipulation of currency," Green said Wednesday. "Our people are losing jobs and our economy is suffering because the Chinese aren't playing by the rules. It's time for them to pay a heavy price for the way they unfairly conduct their currency policy."

At a U.S. Capitol news conference Wednesday, Green and several of his House colleagues announced their introduction of a new bill designed to combat Chinese currency manipulation. If signed into law, the bill would require the U.S. treasury secretary to determine the degree to which the Chinese are controlling their currency prices. The U.S. government would then be required to impose tariffs on Chinese imports in an amount equal to the advantage gained by the Chinese through currency manipulation.

Green, who has been engaged in an ongoing effort to protect U.S. manufacturing jobs, called the bill "a great start," but said more must still be done on other fronts to ensure U.S. workers and businesses get "a fair shake" in international trade.

"When we compete on a level playing field, the U.S. wins every time," Green said. "We have the best workers producing the best stuff on the planet. But things like currency manipulation and other problems get in the way of our being able to truly compete with other countries. Our economic future is at stake, and our economy is a national security issue. We'd better start realizing that and taking some harsh steps, like what we're trying to do today, to ensure our national security is protected. Our workers and our businesses aren't asking for favors, they're asking for some fairness. Because when things are fair, they prevail."

(end text)

(Distributed by the Bureau of International Information Programs, U.S. Department of State. Web site: http://usinfo.state.gov)

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