US Senators to add themselves as cosponsors to S. 796

02 May '08

3 min read

Within the last day, U.S. Senators Hillary Clinton (D) of New York and Barack Obama (D) of Illinois have added themselves as cosponsors to S. 796, the Fair Currency Sct of 2007, introduced by U.S. Senators Jim Bunning (R) of Kentucky and Debbie Stabenow (D) of Michigan.

The Bunning-Stabenow bill is the strongest anti-currency manipulation legislation introduced thus far in the Senate as it would make currency manipulation actionable under U.S. coutervailing duty law.

S.796 also is the closest companion bill to the strongest anti-currency manipulation legislation introduced in the House -- H.R. 2942, the Currency Reform for Fair Trade Act of 2007 introduced by Congressmen Tim Ryan (D) of Ohio and Duncan Hunter (R) of California.

"We applaud Senators Clinton and Obama for cosponsoring S. 796, the Senate anti-currency manipulation legislation most favored by America's domestic manufacturing community. We encourage Senator John McCain (R) of Arizona immediately to cosponsor S. 796 as well.

Domestic manufacturing has been pressing hard for passage of these bills and it looks like our message is beginning to be heard," said American Manufacturing Trade Action Coalition (AMTAC) Executive Director Auggie Tantillo as he noted that China, the biggest trade cheat, accounted for approximately 50 percent of the $499 billion U.S. trade deficit in manufactured goods in 2007.

"Senator Clinton's and Obama's support for a strong U.S. countervailing (CVD) duty trade remedy to combat currency manipulation should send the clearest possible signal to the House and Senate leaderships to pass S. 796 and H.R. 2942 immediately. Both bills have substantial bipartisan support and are ready to be moved. Passing them would provide material help to a U.S. manufacturing sector under siege from a flood of predatory foreign imports," Tantillo continued.

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