DODD REACTS TO TREASURY’S CURRENCY REPORT

WASHINGTON – Senate Banking Committee Chairman Chris Dodd (D-CT) made the following statement in response to the Treasury Department’s semi-annual Report on International Economic and Exchange Rate Policies submitted today to the Senate Banking Committee and House Financial Services Committee.

 

“Today’s Treasury report made clear for the record what we all already knew -- China continues to undervalue its currency,” said Dodd.  “For years, American workers have not been able to compete on a level playing field because of China’s undervalued currency and now they are struggling to secure jobs in the midst of a painful economic crisis.  The Committee will hold a hearing with Treasury Secretary Geithner to follow up on today’s report and to determine what solutions we can deliver for American workers so they can secure jobs and compete.”

 

Senator Dodd and Banking Committee Ranking Member Richard Shelby (R-AL) authored the Currency Reform and Financial Markets Access Act of 2007 (S. 1677), which passed out of Committee in August 2007 by a 17-4 vote.  The bill updated Treasury’s oversight of countries that manipulate their exchange rates, strengthened the role of multilateral institutions such as the IMF in Treasury’s exchange rate negotiations, and expanded access to overseas markets for American employers.

 

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