China Currency Coalition Welcomes Senator Clinton's Support of S. 796, The Fair Currency Act of 2007

WASHINGTON, May 1 /PRNewswire-USNewswire/ -- The China Currency Coalition ("CCC") today greeted enthusiastically the announcement by Senator Hillary Clinton (D-NY) that she has become a co-sponsor of S. 796, the Fair Currency Act of 2007, also known as the Bunning-Stabenow-Bayh bill after Senators Jim Bunning (R-KY), Debbie Stabenow (D-MI), and Evan Bayh (D-IN).

Richard L. Trumka, co-chair of the coalition and Secretary-Treasurer of the AFL-CIO, commented, "We are delighted that Senator Clinton has decided to give her endorsement to this legislation. China's long-term, extensive undervaluation of its currency has taken and is taking a huge toll on American jobs and U.S. manufacturing. The Fair Currency Act of 2007 and its counterpart, H.R. 2942 in the House, recognize exchange-rate misalignment - whether by China or by any other country - as an export subsidy. Under this bill U.S. companies and workers will finally be able to take corrective action under U.S. trade laws. There is no good reason why U.S. families should lose their livelihoods simply because China's government has chosen to manipulate its currency to generate jobs in China and spur exports to the United States."

Added Doug Bartlett, co-chair of the coalition, owner of Bartlett Manufacturing Company, Inc., in Cary, Illinois, and Chairman of the U.S. Business and Industry Council, "Senator Clinton's backing of S. 796 is a highly positive development and is much appreciated. The Bunning-Stabenow-Bayh bill recognizes that manipulation of exchange rates by China and other countries is a monetary measure contrary to China's international legal obligations and has extremely adverse consequences for manufacturing in the United States. China's enormous and skyrocketing trade surpluses with the United States year after year and huge and growing reserves of foreign exchange are occurring at the expense of U.S. economic growth and national security. In the face of strong recessionary pressures, the United States cannot afford to look the other way when unfair practices harm domestic American producers. The Fair Currency Act of 2007 is the best approach to take corrective action to bring about a balanced trade relationship and to impress upon China that the United States means business."

About the China Currency Coalition

The China Currency Coalition is co-chaired by Richard L. Trumka, Secretary-Treasurer of the AFL-CIO, and by Doug Bartlett, owner of Bartlett Manufacturing Company, Inc., in Cary, Illinois, and Chairman of the U.S. Business and Industry Council. David A. Hartquist is Senior Partner and Chairman of the International Trade Practice Group at Kelley Drye & Warren LLP in Washington, D.C.

The China Currency Coalition is an alliance of industry, agriculture, services, and worker organizations whose mission is to support U.S. manufacturing and production by seeking an end to Chinese currency undervaluation. The CCC does not endorse candidates for public office. Attached is a list of the CCC's membership. Additional information on the coalition can be found on its Web site: www.chinacurrencycoalition.org.

China Currency Coalition Members

• The IUC AFL-CIO

• American Iron and Steel Institute

• Chicagoland Circuit Association

• Coalition for a Prosperous America

• The Committee on Pipe and Tube Imports

• The Copper & Brass Fabricators Council, Inc.

• EXEL Industrial

• Forging Industry Association

• Graphics Communications International Union (GCIU)

• The Industrial Union Council (composed of Bakery, Confectionary, Tobacco Workers and Grain Millers International Union (BCTGM))

• International Union of Electrical Workers/Communication Workers of America (IUE/CWA)