Trustee Election
These are the original issues in this subcategory
  • CURRENCY MANIPULATION
  • INTELLECTUAL PROPERTY THEFT
  • MARKET ACCESS
Winning Issue » CURRENCY MANIPULATION


A number of our legislators have accused China of deliberately undervaluing its currency to reduce the price of its products and give its companies an unfair trade advantage. According to many estimates, Chinese government intervention keeps the yuan about 20% below its free market value against the dollar. Lawmakers believe these manipulations are subsidies that should be retaliated against. China claims that it manages its currency to ensure domestic stability and not to cheat its trading partners. China’s membership in the International Monetary Fund (IMF) requires it to “avoid manipulating exchange rates ... in order to prevent effective balance of payments adjustment or to gain an unfair competitive advantage over other members.” However, there is no venue in which this claim can be effectively challenged because IMF agreements are basically unenforceable. Afraid of sparking a trade war, our Treasury Department has declined to cite China for its currency manipulations. Retaliation opponents claim China has made improvements regarding currency issues in recent years and that many other countries are worse offenders. They claim Singapore, Taiwan, Switzerland and Japan now manipulate the value of their currencies for gains in international trade to a worse extent than China. They also say that the exchange rate is not the main impediment to American companies trying to sell more products to china.

Due to rising competition from other emerging markets and the weakening of China’s economy, the International Monetary Fund stated that China's yuan currency is no longer undervalued, saying "Our assessment now is that the substantial real effective appreciation over the past year has brought the exchange rate to a level that is no longer undervalued." However, despite a 10% raise against the dollar last year, our Treasury Department insists the yuan is still too cheap and urges China to make more progress on foreign exchange reforms.


Pending Legislation:
H.R.820 - Currency Reform for Fair Trade Act



Options


  • I oppose reforming current currency manipulation policy and wish to defeat H.R.820 - Currency Reform for Fair Trade Act, and also wish to donate resources to the campaign committee of either Rep. Paul Ryan or Sen. Mitch McConnell
  • I support investigating whether currency manipulation is a subsidy and subject to retaliation by determining if the currency of a foreign country is fundamentally undervalued if for an 18-month period; the government of the country engages in protracted, large-scale intervention in one or more foreign exchange markets; the country's real effective exchange rate is undervalued by at least 5%; the country's government has foreign asset reserves exceeding the amount necessary to repay all its debt obligations falling due within the coming 12 months, and wish to pass H.R.820 - Currency Reform for Fair Trade Act, and also wish to donate resources to either the campaign committees of Rep. Paul Ryan (WI) and/or Rep. Sander Levin (MI), or to an advocate group currently working with this issue


Winning Option
  • I support investigating whether currency manipulation is a subsidy and subject to retaliation by determining if the currency of a foreign country is fundamentally undervalued if for an 18-month period; the government of the country engages in protracted, large-scale intervention in one or more foreign exchange markets; the country's real effective exchange rate is undervalued by at least 5%; the country's government has foreign asset reserves exceeding the amount necessary to repay all its debt obligations falling due within the coming 12 months, and wish to pass H.R.820 - Currency Reform for Fair Trade Act, and also wish to donate resources to either the campaign committees of Rep. Paul Ryan (WI) and/or Rep. Sander Levin (MI), or to an advocate group currently working with this issue
There has been $0.00 pledged in support of this issue
Trustee Candidates

If elected as a trustee, the campaign committee of Rep. Paul Ryan (WI) will be unconditionally awarded the funds pledged to this issue along with a letter requesting him to favorably consider passing H.R.820 - Currency Reform for Fair Trade Act. If more than $1,000 has been pledged, the campaign committee of sponsor Rep. Sander Levin (MI) will be unconditionally awarded 10% of these funds.

Legislation: H.R.820 - Currency Reform for Fair Trade Act
Sponsor: Rep. Sander Levin, MI
Status: House Ways and Means Committee
Chairman: Rep. Paul Ryan, WI


If elected as a trustee, NTMA/PMA’s One Voice will be awarded the funds pledged to this issue along with a letter requesting these funds be used to advocate for reducing or eliminating currency manipulations by the Chinese government.

The National Tooling and Machining Association (NTMA)'s and the Precision Metalforming Association (PMA)'s combined to form the One Voice federal government advocacy program which represents nearly 3,000 metalworking companies and more that 440,000 skilled American workers. These associations believe we need a sound manufacturing policy which makes our businesses and employees more globally competitive. One Voice is designed to promote government policies that will ensure a strong manufacturing sector in the United States. It states that U.S. manufacturers can compete with anyone if provided a level playing field. However, currency manipulation negatively impacts the ability of U.S. businesses – and small manufacturers in particular – to compete in the global marketplace. One Voice advocates for a more formal and forceful approach against China and other countries that illegally manipulate their currencies.
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Trustee Election - Opening Date
February 27, 2020
Trustee Election - Closing Date
March 4, 2020