China Currency Coalition Welcomes Senator Clinton's Support of S. 796, The Fair Currency Act of 2007

WASHINGTON, May 1  /PRNewswire-USNewswire/ -- The China  Currency Coalition ("CCC") today greeted enthusiastically the announcement by Senator Hillary Clinton (D-NY) that she has become a co-sponsor of S. 796, the Fair Currency Act of 2007, also known as the Bunning-Stabenow-Bayh bill after Senators Jim Bunning (R-KY), Debbie Stabenow (D-MI), and Evan Bayh (D-IN).

Richard  L.  Trumka,  co-chair   of  the  coalition  and  Secretary-Treasurer  of  the  AFL-CIO, commented, "We are delighted that Senator Clinton has decided to give her endorsement to this legislation.  China's long-term, extensive undervaluation of its currency has taken and is taking a huge toll on American jobs and U.S. manufacturing.  The Fair Currency Act of 2007 and its counterpart, H.R. 2942 in the House, recognize exchange-rate misalignment - whether by China or by any other country - as an export subsidy.  Under this bill U.S. companies and workers will finally be able to take corrective action under U.S. trade laws.  There is no good reason why U.S. families  should  lose  their  livelihoods  simply  because  China's  government  has  chosen  to manipulate its currency to generate jobs in China and spur exports to the United States."

Added Doug Bartlett, co-chair of the coalition, owner of Bartlett Manufacturing Company, Inc., in Cary, Illinois, and Chairman of the U.S. Business and Industry Council, "Senator Clinton's backing of S. 796 is a highly positive development and is much appreciated.  The Bunning-Stabenow-Bayh bill recognizes that manipulation of exchange rates by China and other countries is a monetary measure contrary to China's international legal obligations and has extremely adverse  consequences  for  manufacturing  in  the  United  States.    China's  enormous  and skyrocketing trade  surpluses  with  the  United  States  year  after  year  and  huge  and growing reserves of foreign exchange are occurring at the expense of U.S. economic growth and national security.  In the face of strong recessionary pressures, the United States cannot afford to look the other way when unfair practices harm domestic American producers.  The Fair Currency Act of 2007 is the best approach to take corrective action to bring about a balanced trade relationship and to impress upon China that the United States means business."

About the China Currency Coalition

The China Currency Coalition is co-chaired by Richard L. Trumka, Secretary-Treasurer of the AFL-CIO, and by Doug Bartlett, owner of Bartlett Manufacturing Company, Inc., in Cary, Illinois, and Chairman of the U.S. Business and Industry Council.  David A. Hartquist is Senior Partner and Chairman of the International Trade Practice Group at Kelley Drye & Warren LLP in Washington, D.C.

The  China  Currency  Coalition  is  an  alliance  of  industry,  agriculture,  services,  and  worker organizations whose mission is to support U.S. manufacturing and production by seeking an end to Chinese currency undervaluation.  The CCC does not endorse candidates for public office. Attached is a list of the CCC's membership.  Additional information on the coalition can be found on its Web site: http://www.chinacurrencycoalition.org/.

  China Currency Coalition Members

  •       The IUC AFL-CIO

  •       American Iron and Steel Institute

  •       Chicagoland Circuit Association

  •       Coalition for a Prosperous America

  •       The Committee on Pipe and Tube Imports

  •       The Copper & Brass Fabricators Council, Inc.

  •       EXEL Industrial

  •       Forging Industry Association

  •       Graphics Communications International Union (GCIU)



•       The Industrial Union Council (composed of Bakery, Confectionary, Tobacco Workers and Grain Millers International Union (BCTGM))

•       International Union of Electrical Workers/Communication Workers of America (IUE/CWA)

  •       International Association of Machinists (IAM)

  •       International Brotherhood of Boilermakers (IBB)

  •       International Brotherhood of Electrical Workers (IBEW)

  •       International Brotherhood of Teamsters (IBT)



•       Paper Allied-Industrial Chemical & Energy Workers International Union (PACE)

  •       Manufacturers for Fair Trade

  •       Metal Treating Institute

  •       Metals Service Center Institute

  •       National Council of Textile Organizations

  •       National Tooling and Machining Association

  •       Nucor Corporation

  •       Precision Machined Products Association

  •       Precision Metalforming Association

  •       Rescue American Jobs

  •       Sheet Metal Workers International Association

  •       Society of the Plastics Industry

  •       Specialty Steel Industry of North America

  •       Spring Manufacturers Institute

  •       Steel Dynamics

  •       Steel Manufacturers Association

  •       Tooling & Manufacturing Association

  •       U.S. Business and Industry Council

  •       United Automobile Workers (UAW)

  •       United Food and Commercial Workers (UFCW)

  •       United Mine Workers of America (UMWA)

  •       United States Business & Industry Council

  •       United States Printed Circuit Alliance

  •       United Steelworkers (USW)

  •       Union of Needletrades Industrial and Textile Employees (UNITE)

  •       Vanadium Producers & Reclaimers Association

  •       Wood Machinery Manufacturers of America


China Currency Coalition