Statement of Senator Barack Obama on the Fair Currency Act

May 1, 2008 -- WASHINGTON, D.C. - U.S. Senator Barack Obama today released the following statement in support of the Fair Currency Act, S.796. Obama is a cosponsor of the measure.

"It is long past time for the United States to confront the issue of unfair trade with China. The Chinese Government must play by the rules and act as a positive force for balanced global progress.

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"Raising the living standards of the Chinese people is an important way to help promote stability in that country, which can create a large market for American exports. But too often, China has competed in ways that tilt the playing field inappropriately in its favor. China has followed the path taken by so many other countries before it - dumping goods into American markets while failing to open its own; violating intellectual property rights; and grossly undervaluing its currency thereby giving its goods another unfair advantage.

"Each year, the Bush Administration has failed to act on China's currency manipulation. This is unacceptable and allows China to continue inaccurately valuing its goods in a manner that mirrors a subsidy, which is inappropriate and we should call it what it is. That is why I cosponsored the Currency Exchange Rate Oversight Reform Act earlier this year, and that is why I am cosponsoring the Fair Currency Act today.

"This Administration has demonstrated through its inaction that it cannot be trusted to deal with the issue of currency manipulation. This bill would allow a domestic producer harmed by this practice to seek redress through our fair trade laws. This legislation also finally helps American companies compete on a level playing field with Chinese companies. I applaud Senator Bunning and Senator Stabenow for their work on this legislation."

Source: Senator Barack Obama