NEW YORK A bill to hold
currency manipulators accountable was introduced in the
House of Representatives March 20.
The Currency Reform for Fair
Trade Act of 2013 would allow the Commerce Department to treat
undervalued currency as a subsidy. The House of Representatives
passed a similar bill with bipartisan support in the last
Congress, but it did not reach the Senate (
amm.com, Nov. 14, 2011).
"Currency manipulation to gain
an unfair competitive advantage is among the most destructive
trade-distorting practices used today," Thomas J. Gibson,
president and chief executive officer of the American Iron and
Steel Institute, said in a statement. "While China has been the
largest offender, in todays weak global economy, an
increasing number of governments are manipulating their
currencies to insulate their domestic producers. This is
devastating to U.S. domestic manufacturersespecially the
steel industryand is contributing to the nations
inability to fully recover from the recession."
The bill was introduced by Rep. Tim Murphy (R., Pa.),
chairman of the Congressional Steel Caucus, as well as Sandy
Levin (D., Mich.), Tim Ryan (D., Ohio) and Mo Brooks (R.,
Ala.). Murphy is expected to testify at the joint Congressional
Steel Caucus and House Subcommittee on Commerce, Manufacturing,
and Trade hearing March 21.