May 28, 2024 - Last week, Senator Marco Rubio released the following:

For years, Communist China has artificially deflated the value of its currency to boost exports. This ploy is actively hurting U.S. companies and workers.

U.S. Senators Marco Rubio (R-FL) and Tammy Baldwin (D-WI) introduced the China Exchange Rate Transparency Act to ensure the U.S. is safeguarding American companies and workers from China’s currency manipulation.

• “We cannot allow the Chinese Communist Party to flood the world with artificially cheap goods. That’s why I’m introducing this crucial bill, which would hold the CCP accountable for its currency manipulation at the IMF. It’s our duty to prioritize American workers.” – Senator Rubio
• “For too long, China has been cheating the system and it undermines our workers and economy – and it’s time we hold them accountable. I’m proud to introduce this bipartisan bill to level the playing field for American workers and stop China from manipulating its currency.” – Senator Baldwin 

U.S. Representative Dan Meuser (R-PA) and Wiley Nickel (D-NC) introduced companion legislation in the House.

Specifically, this bill would:

• Require the U.S. Representative for the International Money Fund (IMF) to use the voice and vote of the U.S. to require IMF to more closely scrutinize currency manipulation by China 
• Incorporate consideration of China’s currency manipulation when determining the value of Special Drawing Rights (SDRs) and in determining vote shares at the IMF; and
• Require the Treasury Department to quarterly report to Congress on whether or not China meets the criteria to be designated as a currency manipulator, according to the 1988 Omnibus Trade and Competitiveness Act

Want more information?

• May 2024: ICYMI: Rubio Supports Raising Tariffs on China
  Source: Senator Marco Rubio