Letter on Exchange Rate Oversight Reform Act
The Honorable John BoehnerSpeaker
U.S. House of Representatives
H-232, U.S. Capitol
Dear Speaker Boehner:
Almost one year ago, The Currency Exchange Rate Oversight Reform Act passed the Senate with strong bipartisan support. We urge you to allow a vote on currency legislation before you adjourn the House.
The Currency Exchange Rate Oversight Reform Act, which was passed by the Senate 63-35 on October 11, 2011, would repeal the currency oversight provisions in current law and replace them with a new framework, based on objective criteria. These criteria will require Treasury to identify misaligned currencies and require action by the Administration if countries fail to correct the misalignment. In addition, the legislation passed by the Senate uses trade laws to counter harm done to manufacturers, farmers, and producers from currency manipulation.
Legislation is necessary to actually give American businesses and workers tools to fight back. The House agreed in September 2010 when it voted 348-79 to allow treatment of currency manipulation as a prohibited export subsidy in trade investigations. There are 256 sitting House members, more than a majority, who supported this legislation, including 80 Republicans.
There is broad bipartisan support for a job-creating measure to address currency manipulation. We respectfully urge you to pass this bill and send it to the President.
Tim Ryan, Mike Michaud, Sander Levin, Mark Critz, Bob Filner, Brian Higgins, Paul Tonko, Tammy Baldwin, Betty Sutton, Linda Sanchez, William Owens, Nita Lowey, Pete Stark, Daniel Lipinski, Gene Green, David Cicilline, Larry Kissell, John Lewis, Donna Edwards, Kathleen Hochul, John Yarmuth, George Miller, Peter DeFazio, Loretta Sanchez, Brad Sherman, Leonard Boswell, Jan Schakowsky, Jim McDermott, Peter Visclosky, Bill Pascrell, Jim Langevin, Carolyn McCarthy, Louise Slaughter, Chris Murphy, Dennis Kucinich, Chellie Pingree, Jason Altmire, Marcia Fudge, Raul Grijalva, Dale Kildee, Tim Holden, Marcy Kaptur, Peter Welch, Dave Loebsack, John Dingell, Steve Cohen, Rosa DeLauro