Press Release

Statement by AFL-CIO President Richard Trumka Applauding Currency Manipulation Bill

“The Currency Undervaluation Investigation Act (Senate Bill) and the Currency Reform for Fair Trade Act of 2015 (House Bill) are critical to creating and retaining good manufacturing jobs in America.  Enacting these bills will ensure that we have the tools to address and end destructive currency manipulation by other governments. This unfair practice distorts the global economy and disadvantages countries like the United States that comply with international trade rules. These illegal actions have cost far too many jobs over the past several years.

Working people applaud the leadership from Senators Sherrod Brown (D-OH), Jeff Sessions (R-AL), Charles Schumer (D-NY), Debbie Stabenow (D-MI) and Lindsey Graham (R-SC) and from Representatives Sander Levin (D-MI), Tim Murphy (R-PA), Tim Ryan (D-OH) and Mo Brooks (R-AL) to introduce this important the bipartisan legislation.

Currency manipulation has cost America as many as 5 million jobs, devastating many manufacturing communities.  As a result, there continues to be strong bipartisan support for currency legislation in both the House and Senate.  However, legislation by itself is not enough.  We need to ensure that there are also strong, enforceable currency mechanisms in trade agreements that the U.S. negotiates—especially the Trans-Pacific Partnership (TPP), which includes countries that have engaged in such manipulation to boost exports.”

Contact: Sean Savett (202) 637-5018