This is a cross-post from the House Ways and Means Committee Democrats:

Currency manipulation costs the United States hundreds of thousands of jobs, yet the Republicans fail to act.

Last fall the House passed legislation to crack down on China’s manipulation of its currency with overwhelming bipartisan support. 

Earlier this year Rep. Sander Levin (D-Mich.), ranking member of the House Ways and Means Committee, and Rep. Tim Ryan (D-Ohio) introduced H.R. 639, the Currency Reform for Fair Trade Act, to curtail continued Chinese currency manipulation. Despite bipartisan support in the House to crack down on China’s manipulation of its currency last fall, and the 189 bipartisan co-sponsors who support current legislation, the Republican leadership has refused to move forward on the measure this year. 

China’s undervaluation of its currency artificially raises the price of U.S. exports to China and suppresses the price of Chinese imports into the United States. This manipulation closes opportunities for American business to sell their goods in China while flooding the U.S. market with cheap goods. 

BY THE NUMBERS

• 500,000 to 1.5 million: Estimated job growth by reining in China’s currency manipulation.  
• 28.5 percent: Estimate of undervaluation today.
• 348: Number of members who supported the bill in September.
• Six: Months since the reintroduction of the bill without any action by Republican leadership.
• 54: Number of Republican co-sponsors of the bill this year.
• 189: Number of co-sponsors to H.R. 639.