U.S. Rep. Tim Ryan of Niles, D-17th, scored a major legislative victory this week with the passage of his Currency Reform for Fair Trade Act.
The bipartisan bill, which would allow the U.S. to crack down on Chinese currency manipulation, cleared the House with a 348-79 vote Wednesday evening.
Introduced by Ryan and U.S. Rep. Tim Murphy of Pennsylvania, R-18th, last year, the legislation had 159 co-sponsors in the House and garnered support from domestic manufacturers, the United Steelworkers union and several trade
organizations including the American Iron and Steel
Institute and the Alliance for American Manufacturing.
The bill directs the U.S. Department of Commerce to treat foreign currency manipulation as an illegal subsidy and respond by
imposing countervailing duties on imports from countries that undervalue their currency.
“This was a very courageous step on behalf of the Democrats in Congress,” Ryan said in a press-
conference call Thursday. “This will drive investment back into the U.S.”
For the full story, read today's Vindicator or Vindy.com.