The U.S. House passed Currency Reform Act 348-79. legislation will remedy the Chinese practice of undervaluing its currency. The effect of this undervaluation is to make Chinese goods less expensive in the U.S. and make U.S. goods more expensive in China. Many economists believe that the Chinese have kept their currency undervalued by 30-40% and this has led to our massive, job-destroying trade deficit with China.
In 2009, our annual trade deficit with China was 226 billion dollars.
A summary and complete roll call vote on HR 2378 can be found here.
Now if we can find a few Republicans that believe in American jobs, trade partners that don’t cheat, and know a little economics to act on those beliefs in the Senate. Imagine how many jobs, tax revenue, and lives would be changed if America produced another $226 billion in goods and services!