AISI Urges Senate Passage of the Brown-Snowe Currency Reform Amendment to Pending Tax Legislation

Washington, D.C., 12/13/2010 - The American Iron and Steel Institute (AISI) urged the U.S. Senate to act without delay in passing an amendment filed by Sens. Sherrod Brown (D-Ohio) and Olympia Snowe (R-Maine) that would attach the Currency Reform for Fair Trade Act as an amendment to the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010.  The amendment would address the unlawful practice of currency manipulation.

“We saw national unemployment rise to 9.8 percent and 13,000 manufacturing jobs lost in November.  While foreign government currency manipulation isn’t the only factor contributing to the increase in unemployment, it cannot be ignored,” AISI President and CEO Thomas J. Gibson said.  “It is essential now for the full Senate to take up and adopt this amendment before it adjourns for the year.  We need this important legislation enacted into law in order to directly address the harmful trade practice of currency undervaluation.”
The amendment would enable the U.S. government to respond on behalf of American manufacturers and their workers by imposing countervailing duties on injurious imports that benefit from foreign government currency manipulation.

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 140 associate and affiliate members who are suppliers to or customers of the steel industry.  AISI's member companies represent approximately 80 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.

Contact:
Nancy Gravatt
Vice President, Communications
American Iron and Steel Institute
Tel: 202.452.7115