AISI Calls for Congress to Pass Currency Reform Legislation

AISI Dismayed at Treasury Department’s Failure Once Again to Name China A Currency Manipulator

Washington, D.C., 2/7/2011 - Thomas J. Gibson, president and CEO, the American Iron and Steel Institute (AISI), issued the following statement regarding the Obama Administration’s decision not to name China a currency manipulator:

We are extremely disappointed and dismayed with the Administration’s decision to once again fail to name China as a currency manipulator, particularly considering that U.S. Treasury reported last week that the yuan ‘remains substantially undervalued’ to the detriment of other nations.

With U.S. unemployment remaining at high levels and job creation a top priority, we cannot allow China to continue undercutting American manufacturers by giving its own manufacturers as much as a 40 percent subsidy for their exports. 

It’s clear that we need to turn to Congress to level the playing field by enacting an effective trade remedy tool to deal with the problem of currency undervaluation by China and other governments.   Representatives Tim Murphy (R-PA), Tim Ryan (D-OH) and Sander Levin (D-MI), joined by a growing group of co-sponsors, plan to reintroduce the Currency Reform for Fair Trade Act, which AISI strongly supports.   We look forward to similar currency reform legislation being brought forward in the Senate by Senators Sherrod Brown (D-OH), Olympia Snowe (R-ME) and Charles Schumer (D-NY).  We encourage the swift passage of currency reform legislation by both chambers, which is urgently needed to prevent further damage to U.S. manufacturers and workers.

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 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