AISI Supports Senate Passage of S. 1619, the Currency Exchange Rate Oversight Reform Act of 2011

 

FOR IMMEDIATE RELEASE                                                                CONTACT: NANCY GRAVATT

October 3, 2011                                                                                 202.452.7115 / ngravatt@steel.org

Legislation would address China’s deliberate undervaluation of its currency 

Washington, D.C. – The American Iron and Steel Institute’s (AISI) President and CEO Thomas J. Gibson sent a letter today to Senator Sherrod Brown (D-Ohio) expressing the Institute’s support of S. 1619, the Currency Exchange Rate Oversight Reform Act of 2011.  The bill, scheduled for a cloture vote today, will provide U.S. manufacturers the ability to use the existing countervailing duty law to obtain a remedy for injury caused by goods benefiting from a currency manipulation export subsidy. 

“The American steel industry has been a staunch advocate for Congressional action on legislation that will address the unfair export subsidy provided by foreign governments that manipulate their currency,” the letter states.  “We commend you and your colleagues for recognizing the need for legislative action by introducing S. 1619, which provides a very targeted approach to address this issue.” 

Click here to read the full letter.

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.