WASHINGTON – U.S. Senator Bob Corker, R-Tenn., today continued to voice his strong opposition to S.1619, the Currency Exchange Rate Oversight Reform Act, sponsored by Senator Sherrod Brown (D-Ohio). Earlier today, the Senate voted 62-38 to position the “China currency bill” for a final vote. Corker opposed the measure.
“There’s no question that China manipulates its currency, but I don’t believe this bill would bring any production to the U.S. or create one job here in America. This approach is a typical Washington, cut-your-nose-off-to-spite-your-face response that would prove counterproductive,” said Corker. “We’ve seen this play out before. In 1930, in a moment of populism, Congress reached for simple answers to complex problems and passed the Smoot-Hawley Tariff Act. The result was a deeper depression and a decade of increased joblessness.
“If we want to do something productive regarding China, we should focus on pushing the Chinese to end preferential procurement policies, addressing China’s disregard for intellectual property rights, encouraging the Chinese to make investments in manufacturing plants in the U.S., and ensuring that America maintains access to the 1.3 billion Chinese consumers. These are the right policy responses toward Beijing. Unfortunately the bill currently on the Senate floor does none of this, but instead would be the opening salvo in a new dynamic of hostile relations.
“To me, one of the most shocking aspects of this debate has been the Home Alone syndrome at the White House – a total lack of leadership from this administration on an issue of great international importance.”