U.S. Senator Olympia J. Snowe and Congressman Donald Manzullo, Chairs of the Senate and House Small Business Committees, issued the following statement:
â€œThe Treasury Department has once again failed to recognize what the evidence demonstrates: the Chinese government wrongfully manipulates its currency at the expense of American jobs. Although China continues to offer vague promises for change at some undetermined time in the future, our nationâ€™s patience has worn thin. We cannot allow China to dictate the terms and the time-frame for complying with their international obligations. We must act immediately to ensure the viability and integrity of our manufacturing industry base, which is vital to job creation and a strong national defense,â€� said Snowe.
Manzullo added, â€œIâ€™m very disappointed that the Treasury Department has again given China and others a pass on being labeled currency manipulators. Such a designation would have given our government more tools to force these countries to end their currency manipulation practices, which put U.S. manufacturers at a tremendous disadvantage and cost Americans their jobs. Congress needs to quickly pass the legislation Senator Snowe and I introduced last week to better define currency manipulation and make it easier to label an offending country and seek remedies.â€�