AISI Applauds Senate for Passing Currency Reform Bill; Urges House Action

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FOR IMMEDIATE RELEASE                                                    CONTACT: NANCY GRAVATT

October 11, 2011                                                                               202.452.7115 / ngravatt@steel.org

Washington, D.C. – The American Iron and Steel Institute (AISI) lauds the bipartisan passage of S. 1619, the Currency Exchange Rate Oversight Reform Act of 2011 in the Senate and urges the House of Representatives to take up this or similar legislation as soon as possible.  S. 1619 provides U.S. manufacturers with a remedy to address currency manipulation, which continues to harm U.S. workers and cost millions of valuable jobs.

“The American steel industry commends Senators Sherrod Brown (D-Ohio), Charles Schumer (D-N.Y.), Lindsey Graham (R-S.C.), Jeff Sessions (R-Ala.), Olympia Snowe (R-Maine), Debbie Stabenow D-Mich.), Bob Casey (D-Pa.), and Richard Burr (R-N.C.) for their strong leadership on this legislation, which gives domestic industry a way to save jobs that are being lost due to the market distorting practice of currency manipulation,” stated AISI President and CEO Thomas J. Gibson.  “According to a recent Economic Policy Institute report, addressing currency manipulation could create up to 2.25 million jobs and reduce our budget deficit by $621-$857 billion over 10 years.”

“The Senate took decisive action and passed this legislation which is an effective, measured, and WTO-consistent remedy that will save jobs in industries injured by unfair trade practices.  The House of Representatives passed similar legislation last September with bipartisan support and should do so once again.” 

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 25 member companies, including integrated and electric furnace steelmakers, and 118 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.

 

Link here for a PDF version of this press release.