Despite the strong bipartisan support for the House currency bill (HR 639), with a majority of the House co-sponsoring it, Ways and Means Chairman Dave Camp (R-MI) and Speaker Boehner have not brought it to a vote.
Meanwhile, the Rochester Technology and Manufacturing Assn (RTMA) membership is requesting support from their Congressman Tom Reed (R-NY) for the bill. RTMA is a member of CPA.
This bill is a “no brainer” as they say, and is crucial to eliminating the impact of China’s currency cheating. HR 639 would classify persistent currency manipulation as an unlawful foreign export subsidy (which it is) under U.S. trade law. This means that countervailing duties could be applied to neutralize the subsidy and bring the cost closer to fair market value.
You can see the RTMA letter below.
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