Congressman Bill Pascrell

Representing the 9th District of NEW JERSEY

Pascrell, Levin, and Ryan Call for President to Support Currency Manipulation Legislation

Feb 17, 2017
Press Release

WASHINGTON, D.C. – Committee on Ways and Means Trade Subcommittee Ranking Member Bill Pascrell, Jr. (D-NJ), Reps. Sander Levin (D-MI), and Tim Ryan (D-OH) today sent a letter to President Trump today urging him to go beyond executive action and support legislation that would direct the Department of Commerce to treat currency manipulation as a countervailable subsidy.

“We have read reports that your Administration is looking at the possibility of addressing this issue, specifically by treating manipulated exchange rates as export subsidies and applying countervailing duties against countries that benefit from the undervalued currency,” the Members wrote. “Instead of simply making this change through executive action, however, we urge you to support legislation that would make this change permanent. Without legislation, the next Administration could revoke this much-needed policy with the stroke of a pen.”

The Members went on to note that without assurance that this policy will be in place permanently, U.S. manufacturers will not have the confidence needed to invest in the United States.

A PDF of the letter is available here.