VIDEO: Visclosky Urges Congress to Address Chinese Currency Manipulation
On September 30, 2010, Congressman Pete Visclosky spoke on the floor of the House of Representatives before voting to help pass legislation that addresses Chinese currency manipulation. China’s undervaluation of the yuan makes its goods artificially cheap, a practice that comes to the detriment of American goods, manufacturing industry, and jobs. Passed by a vote of 348 to 79, the Currency Reform for Fair Trade Act (H.R. 2378) gives the Commerce Department the authority to levy additional tariffs to offset the effects of an undervalued currency.