Steel Association Lauds Currency Bill Introduced in Senate

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Bi-partisan Bill Would Provide Remedy for Industry Injured by Manipulation

For Immediate Release
June 5, 2013
                                 
WASHINGTON, D.C. – The American Iron and Steel Institute (AISI) today commended the introduction of a Senate bill to address the unfair trade practice of currency manipulation that is injuring U.S. manufacturers.

Thomas J. Gibson, president and CEO of the American Iron and Steel Institute (AISI), said the legislation, “The Currency Exchange Rate Oversight Reform Act of 2013,” introduced today by Senators Sherrod Brown (D-OH), Jeff Sessions (R-AL), Charles Schumer (D-NY), Richard Burr (R-NC), Debbie Stabenow (D-MI) Susan Collins (R-ME), Bob Casey (D-PA), and Lindsey Graham (R-SC), allows for U.S. businesses to utilize existing trade remedy laws to address the unfair trade advantage given to imports that benefit from currency manipulation; and, is identical to the legislation passed by the Senate in 2011.

“China continues to protect and increase its exports by manipulating its currency, and numerous other countries are following China’s example and are engaging in this trade distorting practice given the current state of the weak global economy.  The United States needs a new, more effective trade policy to combat this unfair trade practice.  Today’s legislation takes a tremendous step in that direction by providing new tools to address the deliberate misalignment of currency by foreign governments seeking to promote their industries at the expense of U.S. producers and workers.  We look forward to working with these senators to achieve passage of this bill,” Gibson concluded.


Contact: Lisa Harrison
202.452.7115 / lharrison@steel.org

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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 125 associate members who are suppliers to or customers of the steel industry.  AISI’s member companies represent over three quarters of both U.S. and North American steel capacity.  For more news about steel and its applications, view AISI’s website at www.steel.org.