Washington, DC – U.S. Senator Sheldon Whitehouse (D-RI) released the statement below today regarding the successful procedural vote in the U.S. Senate to advance legislation that would crack down on unfair currency manipulation by China and other nations. The Senate voted this evening to invoke cloture on a motion to begin debate on the bipartisan Currency Exchange Rate Oversight Reform Act, setting up a final vote on the bill for later this week.
“As I travel around the state, I’ve heard over and over from Rhode Island business owners about the unfair competition they are facing from China. Today’s vote was an important step towards putting a stop to this practice and leveling the playing field for Rhode Island manufacturers.”
The Currency Exchange Rate Oversight Reform Act would amend U.S. trade laws to counter the economic harm to American manufacturers caused by currency manipulation. Whitehouse is a cosponsor of the legislation and has made this issue a central part of his “Making It in Rhode Island” plan to support manufacturing jobs.
Since 2001, nearly 12,000 jobs have been eliminated or displaced in Rhode Island due our nation’s trade deficit with China.
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