For Immediate Release
May 13,
2009
AMERICAN IRON AND STEEL INSTITUTE STRONGLY SUPPORTS THE
CURRENCY REFORM FOR FAIR TRADE ACT OF 2009 (CRFTA)
CRFTA, introduced today, has strong bipartisan
support
WASHINGTON, D.C. – The American Iron and Steel
Institute (AISI) joined other organizations in voicing strong support
for the Currency Reform for Fair Trade Act of 2009 (CRFTA), which was
introduced today. The
CRFTA builds on, refines and streamlines earlier proposals made in the
109th and
110th Congresses,
and would establish an effective trade remedy provision to neutralize
currency undervaluation.
“AISI commends Senators Debbie Stabenow (D-MI),
Sherrod Brown (D-OH) and Jim Bunning (R-KY), and Congressmen Tim Ryan
(D-OH) and Tim Murphy (R-PA) for reintroducing the Currency Reform for
Fair Trade Act, a critical step toward leveling the playing field for
American manufacturers,” Thomas J. Gibson, president and CEO of
AISI, said. “Currency manipulation by foreign governments has
contributed to persistent and serious global structural imbalances and,
in turn, to the current world economic crisis. It has led to
enormous U.S. manufacturing job losses and provides a huge unfair – and
artificial – competitive advantage.”
“Prompt enactment of this new and streamlined
trade remedy bill is urgently needed to address this significant
problem,” Gibson continued. “We are thankful to the growing
list of Members who have joined as co-sponsors, and we urge Congress to
enact it into law.”
The find out more about the CRFTA, click
here.
AISI serves as the voice of the
North American steel industry in the public policy arena and advances
the case for steel in the marketplace as the preferred material of
choice. AISI also plays a lead role in the
development and application of new steels and steelmaking
technology. AISI is comprised of 24 member
companies, including integrated and electric furnace steelmakers, and
138 associate and affiliate members who are suppliers to our customers
of the steel industry. AISI's member
companies represent approximately 75 percent of both
U.S. and
North American steel capacity. For more news
about steel and its applications, view AISI’s Web site
at www.steel.org.
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For More Information:
CONTACT:
Nancy
Gravatt
Vice President, Communications
American Iron and Steel Institute
tel: 202.452.7115
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