H.R. 820: The Currency Reform for Fair Trade Act
The Currency Reform for Fair Trade Act takes aim at currency manipulators by enabling the Department of Commerce to impose countervailing duties to offset the impact of currency manipulation on a U.S. industry. The legislation, introduced by Ways and Means Committee Ranking Member Sander Levin (D-MI) and Reps. Tim Murphy (R-PA), Tim Ryan (D-OH), and Mo Brooks (R-AL), is identical to the House bill that passed with overwhelming bipartisan support in 2010.
The Peterson Institute estimates that interventions in currency markets by foreign governments have cost U.S. workers as many as five million jobs over the last decade by making it more difficult for U.S. exporters to compete in other countries and by subsidizing their exports.
The Currency Reform for Fair Trade Act alone is not by itself enough to end the practice of currency manipulation. Over 150 House Members and 60 Senators sent letters to the Obama administration in 2013 urging the inclusion of strong and enforceable currency obligations in the Trans-Pacific Partnership in order to deter our trading partners from manipulating their currency in the first place.