Archive | Currency

Time To Stand Up To China On Trade

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The following opinion by Harold Meyerson appeared in The Washington Post on September 15, 2010. This week, committees on both sides of Capitol Hill will plumb the conundrum of Chinese currency manipulation. The conundrum isn’t that — or why — China is manipulating its currency: By undervaluing it, China is…

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Congress Must Act On Currency Reform; U.S. Jobs Depend On It

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The following letter to the editor by Daniel R. DiMicco, CEO of Nucor Corp. and chairman of the American Iron and Steel Institute, appeared in the Charlotte Observer on September 15, 2010. Congress is holding hearings this week on an issue that requires urgent action: China’s deliberate undervaluation of its…

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China’s Currency Wall Claims Jobs

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This following opinion appeared in Politico on September 15, 2010. Thomas J. Gibson is president and chief executive officer of the American Iron and Steel Institute, whose member companies produce more than 75 percent of the steel made in America. The United States is facing the worst jobs crisis since…

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U.S. Steps Up Criticism of China’s Practices

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This article by Sewell Chan appeared in the NY Times here. WASHINGTON — The Obama administration increased its criticism of China’s economic policies on Thursday, as Treasury Secretary Timothy F. Geithner told Congress that China had substantially undervalued its currency to gain an unfair trade advantage, tolerated theft of foreign…

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Committee on Ways & Means: U.S. House of Representatives

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The House Ways & Means Committee had a hearing on the currency problem on Wednesday, September 15, 2010.  The full text testimony of these witnesses has been posted to the CPA website. Congressman Tim Murphy (D-OH) Congressman John Boccieri (D-OH) Mr. Dan DiMicco, CEO of Nucor Mr. Leo Gerard, International…

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More on editorial bias via letters to the editor

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Alan Tonelson and Kevin Kearns of the USBIC wrote a very good trade/economy piece published in the NY Times op-ed page on September 9.  But today the paper published FIVE letters to the editor opposing the original USBIC piece. That those letters make silly or irrelevant points is not what…

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U.S. Bill on China Gains Momentum

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This article by Kathy Chen and Kris Maher appeared Wednesday, September 15, 2010 in the Wall Street Journal With U.S.-China tensions rising on Capitol Hill, industry and labor groups are scrambling to shape the one bill aimed at China’s currency policy that has a chance of success this election year….

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Rep. Tim Murphy currency rally in Pennsylvania

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Congressman Tim Murphy (R-PA) is the Republican co-sponsor of HR 2378, the currency reform bill that CPA supports (Tim Ryan (D-OH) is the Democratic co-sponsor) (that’s why we can call it the Irish currency manipulation bill). Murphy will hold a press conference/rally at the Universal Electric plant (one of CPA’s…

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Geithner Banking Committee testimony

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Understand that Obama supported the currency manipulation bill as a candidate.  Geithner called China a currency manipulator in his 2009 confirmation hearing but was forced (by someone) to back off.  Since then, Treasury/the White House continues the prior Bush approach of talking to China. Today, Geithner was apparently more strong…

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U.S. based groups pro-currency manipulation

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The enemies of an American economic recovery have been revealed. A letter was sent by quite a few industry groups opposing currency manipulation remedies. They are protectionists… protecting the protectionism of China. The familiar tactic is to acknowledge a problem with currency manipulation, then propose an ineffective remedy… in this…

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