DiMicco: Currency Bill Part of Wider Plan to Fix Economy

October 17, 2011
Steel Business Briefing

U.S. lawmakers and leaders need to carry on the momentum created by the Senate’s passage of currency legislation and create a comprehensive plan to make the US economy stronger, create more jobs and lay a foundation for continued prosperity, says Nucor CEO Dan DiMicco.

The threat of a recession is real, DiMicco said in a statement seen by Steel Business Briefing, and "will take leadership, as the Senate displayed in bipartisan fashion, to improve the American economy," which remains in a fragile state.

The Currency Exchange Rate Oversight Reform Act of 2011 was passed in the Senate earlier this week. If passed by the House of Representatives and signed into law by President Obama, the legislation could punish countries with misaligned currencies.

"This legislation is exactly the kind of strong action our government needs to take in order to challenge China’s abusive trade tactics," DiMicco says. "We have lost millions of manufacturing jobs because we have failed to hold China accountable for its protectionist trade practices. Now the House needs to pass this bill … in order to restore fair competition in our global trading system."

DiMicco says enforcement of trade laws is only one part of a comprehensive jobs plan needed in America, which should also include significant infrastructure investments, reformation of the tax code and the removal of regulatory barriers that prevent the development of America's energy resources.