United States Senator Jeff Sessions
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From time to time my office distributes press releases and written statements on state and national issues, debate in the Senate, and legislation that I am working on. For your convenience, I post these documents on my site for your review.
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Sessions: Confronting China on Currency Upholds Conservative Values, Strengthens Middle Class
“Conservatives would not allow an American company to put another out of business by using illegal labor or stealing trade secrets. Why then should we allow a foreign country to put American manufacturers out of businesses by breaking the rules?”
WASHINGTON—U.S. Sen. Jeff Sessions (R-AL) released the following statement today regarding the need to swiftly confront China’s currency manipulation. Sessions is an original cosponsor of the Currency Exchange Rate Oversight Reform Act (S. 1619), which passed the Senate earlier this week:
“The pillars of conservatism, and American prosperity, are free enterprise, the rule of law, and moral character. Confronting China’s abusive practices upholds these core values. In that spirit, I urge the House of Representatives, and President Obama, to support the bipartisan measure passed this week by the Senate to crack down on China’s aggressive currency manipulation.
China is the second-largest economy on Earth and yet it refuses to abide by the rules that govern responsible economic and diplomatic relationships. Not only does China break the rules through its currency devaluation, but they engage in intellectual property theft and pursue economic ties with rogue nations.
How many more of our factories must China target for closure—and how much more money must we borrow from China to pay for unemployment benefits in America—before we defend our legitimate economic interests?
Even the tight-lipped Federal Reserve Chairman Ben Bernanke recently conceded that ‘Chinese currency policy is blocking what might be a more normal recovery process in the global economy.’ Conservatives who are skeptical about confronting China’s trading practices must recognize that doing so does not inhibit enterprise or trade; it enhances them. As Governor Romney explained, ‘for free enterprise and free trade to work their magic, laws and rules that guide the participants are essential to prevent distortions and abuses… For rules to be effective, of course, all players must abide by them.’
Conservatives would not allow an American company to put another out of business by using illegal labor or stealing trade secrets. Why then should we allow a foreign country to put American manufacturers out of businesses by breaking the rules?
It’s time for China to advance beyond seeking short-term advantage and instead focus on being a long-term partner. Insisting that China comply with the rules is the right course for our economic and national security. It will uphold conservative values and strengthen our besieged middle class.”
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