Statement by AFL-CIO Secretary-Treasurer

Richard Trumka on the Senate Introduction of the Fair Currency Act
March 7, 2007

American workers have lost all patience with our government's failure to act  on years of currency manipulation by the Chinese government. Over the past  decade we have listened to a series of US Treasury Secretaries deliver biannual currency reports that fail to find any technical violations of the  law.  However, they always admit there is a problem and follow that by announcing another series of meetings and strategic dialogues. What we have  to show for it is an ever-escalating series of trade deficits with China and the rest of the world.

The AFL-CIO, our Industrial Union Council and our business partners in the  China Currency Coalition say time for talk is over.  It is time for Congress to act.  We believe the solution to the trade crisis requires a bipartisan  and multi-dimensional approach.  Our members applaud the leadership of Senator Stabenow, Senator Bunning, Senator Bayh and Senator Snow in introducing the Fair Currency Act of 2007. We pledge to work closely with these Senators and their counterparts in the House of Representatives. It is  time to pass the Fair Currency Act and prove that actions speak louder than words.