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Keeping the U.S. Competitive in the Global Economy
October 18, 2010
Dear Friends,
As we continue to work with American businesses to promote job growth, lower taxes, and increase access to credit, it is important to also address global issues that make it difficult for American businesses to compete and succeed in the global economy.
Over the past several years, the Chinese government has maintained a policy to manipulate their currency against other major currencies, especially the U.S. dollar. This manipulation makes Chinese exports cheaper, and imports into China more expensive, than they would be under a floating exchange system. China's currency policy is a major cause of the large U.S. trade imbalance with China and the loss of numerous U.S. jobs.
Recently the Currency Reform for Fair Trade Act passed the House of Representatives. This legislation, which I cosponsored, will allow the United States to take action if it is determined that the exchange rate of the currency of an exporting country, like China, is intentionally undervalued or overvalued against the U.S. dollar.
This legislation is critical to protecting American companies and American jobs. China's undervalued currency puts U.S. firms at a competitive disadvantage and most economists agree that currency flexibility would be an important factor in helping to reduce global imbalances, which are believed to have been a major factor that sparked the global financial crisis and economic slowdown.
Addressing currency manipulation is critical for strengthening American businesses and improving their ability to compete in the global economy. Protecting and creating American jobs is the ultimate goal of the Currency Reform for Fair Trade Act and I will continue to support similar legislation that will benefit American businesses so that we can create and protect American jobs.
Sincerely,
U.S. Congressman Mike McIntyre
Representing the 7th District of North Carolina
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Lumberton, NC
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Lumberton, NC 28358
(910) 735-0610
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