Slaughter pushes for China currency reform

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Rep. Louise Slaughter of Fairport on Monday led 130 members of the House in a request that Congress take action on legislation that would force China to stop unfair trade practices.

She called America’s willingness to allow China to devalue their currency by up to 45 percent “foolishly destructive.”

Slaughter joined an effort to bring to the House floor a petition to consider The Currency Reform for Fair Trade Act, H.R. 639, which will empower the administration to force China and other countries to stop unfair trade practices. By undervaluing the Yuan by up to 45 percent, Chinese goods are sold at artificially cheap prices in the global marketplace making it nearly impossible for American manufacturers to compete.

As ranking member of the House Rules Committee, Slaughter was instrumental in writing the rule to bring the currency bill to the floor.

An identical version of the bill was approved by the House last year with a bipartisan vote of 348 to 79, but was not acted upon by the Senate.