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QUORUM CALL:ASK UNANIMOUS CONSENT THAT THE
QUORUM CALL BE DISPENSED WITH.
OBJECTION.
WITHOUT OBJECTION, THE SENATOR
FROM OHIO IS RECOGNIZED.
A SENATOR: THANK YOU.
EXPORTS ARE ABSOLUTELY CRITICAL
TO OUR ECONOMIC GROWTH IN THIS
IN FACT, THERE ARE NEARLY TEN
MILLION GOOD-PAYING JOBS RELATED
TO EXPORTS.
THE PRESIDENT,
MEMBERS OF CONGRESS AND SO ON
TALK ABOUT THAT A LOT BUT I'M
DISAPPOINTED WE'RE NOT MOVING
FORWARD WITH AN AGGRESSIVE
AGENDA TO OPEN UP NEW MARKETS
FOR OUR EXPORTS.
I AM ENCOURAGED THE
ADMINISTRATION THIS WEEK SENT
FORWARD THREE TRADE AGREEMENTS
THAT DO JUST THAT: THE KOREA,
COLOMBIA AND PANAMA TRADE
THESE OPEN UP MARKETS TO U.S.
WORKERS AND FARMERS, THOSE WHO
PROVIDE SERVICES.
SO IT'S GOING TO BE GOOD FOR
JOBS IN THIS COUNTRY.
THE PRESIDENT'S OWN METRICS
INDICATE THESE AGREEMENTS ALONE
WILL CREATE 350,000 NEW JOBS.
I ALSO WANT TO CONGRATULATE
CHAIRMAN DAVE CAMP IN THE WAYS
AND MEANS COMMITTEE FOR
REPORTING OUT ALL THREE OF THESE
AGREEMENTS THIS AFTERNOON.
MY UNDERSTANDING IS EACH
AGREEMENT RECEIVED A STRONG
BIPARTISAN VOTE AND I'M HOPEFUL
THOSE AGREEMENTS WILL COME TO
THE UNITED STATES SENATE FOR US
TO BE ABLE TO MOVE FORWARD,
AGAIN, OPENING UP THESE CRITICAL
MARKETS THAT WILL CREATE OVER
200,000 JOBS FOR AMERICANS.
THESE THREE AGREEMENTS WERE ALL
NEGOTIATED AND SIGNED OVER FOUR
YEARS AGO, AND DURING THAT
INTERIM PERIOD THE UNITED STATES
HAS BEEN ABSENT FROM THE KIND OF
TRADE OPENING NEGOTIATIONS WE
OUGHT TO BE INVOLVED WITH.
THE FIRST
TIME SINCE FRANKLIN DELANO
ROOSEVELT HAS NOT ASKED FOR THE
TRADE PROMOTION AUTHORITY TO BE
ABLE TO NEGOTIATE NEW
AGREEMENTS, SO WE'RE LOSING
MARKET SHARE.
EVERY DAY THERE ARE AMERICAN
WORKERS WHO HAVE WHO DO NOT
HAVE THE SAME OPPORTUNITIES TO
COMPETE IN FOREIGN MARKETS AS
THOSE WORKERS FROM OTHER
COUNTRIES DO BECAUSE THE UNITED
STATES IS NOT ACTIVELY ENGAGED
IN OPENING UP MARKETS.
WE NEED TO DO THAT.
RIGHT NOW WE HAVE NO ONGOING
BLAT TRAL TRADE AGREEMENTS.
WE HAVE ONE MULTILATERAL TRADE
AGREEMENT WHICH I SUPPORT, THE
TRANSPACIFIC PARTNERSHIP.
BUT FRANKLY, THERE ARE OVER 100
BILATERAL NEGOTIATIONS GOING ON
RIGHT NOW AND AMERICA IS NOT A
PARTNER IN ANY OF THEM.
WE NEED TO GET BACK ENGAGED
BECAUSE IT'S SO CRITICAL TO
GROWING OUR ECONOMY.
DURING THE DEBATE THAT WE'VE HAD
OVER THE LAST COUPLE OF WEEKS ON
AT
TRADE ADJUSTMENT ASSISTANCE,
WHERE I WAS SUPPORTIVE OF A
VERSION OF TRADE ADJUSTMENT
ASSISTANCE TO GET THE TRADE
AGREEMENTS MOVING, WE HAD A
DISCUSSION ABOUT GIVING THE
PHOEPLGS
-- PROMOTION AUTHORITY.
WE WERE NOT ABLE TO GET SUPPORT
THAT.
THIS IS CRITICAL TO MOVE
IT'S BECAUSE GROWING GOODS AND
SERVICES IS CRITICAL TO OUR
ECONOMIC HEALTH HERE.
OVER 95% OF CONSUMERS IN THE
WORLD LIVE OUTSIDE OUR BORDERS.
WE WANT TO ACCESS THOSE
CONSUMERS.
WE WANT TO SELL MORE TO THEM.
EXPORT GROWTH AND A HEALTHY
TRADING SYSTEM DEPENDS ON THESE
EXPORT-OPENING AGREEMENTS BUT IT
ALSO DEPENDS ON HAVING A HEALTHY
INTERNATIONAL TRADING SYSTEM
WHERE ALL THE PLAYERS PLAY BY
THE INTERNATIONAL RULES.
SO THE EXPORT EXPANDING
AGREEMENTS ARE GOOD.
WE SHOULD BE MUCH MORE ENGAGED.
BUT WE ALSO HAVE TO INSIST THAT
EVERYBODY PLAYS BY THE SAME
RULES.
TODAY THE SENATE IS DEBATING
LEGISLATION THAT HAS TO DO WITH
ONE OF THOSE RULES, AND THAT'S
THE ISSUE OF CURRENCY AND
SPECIFICALLY THE ISSUE OF CHINA
AND THEIR CURRENCY MANIPULATION.
CHINA'S A COUNTRY WHERE WE HAVE
UNPRECEDENTED TRADE DEFICIT.
IT'S ALSO A VERY IMPORTANT
TRADING PARTNER FOR US.
SO IT'S CRITICAL THAT WE KEEP
THAT STRONG TRADE RELATIONSHIP
BUT DO IT ON A BASIS THAT IS
FAIR FOR US AND FOR CHINA.
I HEAR ABOUT THIS CHINA CURRENCY
ISSUE WHEN I'M BACK IN OHIO
CONSISTENTLY.
I THAER A LOT FROM -- I HEAR IT
A LOT FROM MANUFACTURERS AND THE
WORKERS AT THOSE PLANTS WHO TELL
ME IT'S NOT FAIR THAT IN A
GLOBAL MARKETPLACE OHIO PRODUCTS
AREN'T ABLE TO COMPETE ON A
LEVEL PLAYING FIELD.
THIS YEAR I'VE WORKED WITH A LOT
OF OHIO COMPANIES WHO ARE FACING
VARIOUS PROBLEMS, INCLUDING OHIO
CANDLE MAKERS, STEEL
MANUFACTURERS, RARE EARTH MAGNET
MANUFACTURERS, OTHERS WHO ARE
SHAKE IN THE GLOBAL ECONOMY, AND
WANT TO BE SURE THAT THEY'RE NOT
COMPETING WITH UNFAIR CHINESE
COMPETITION.
OF TRADE.
I KNOW THEY WORK.
I BELIEVE IN REDUCING BARRIERS.
BUT I ALSO BELIEVE THAT OPENING
EXPORT MARKETS AND VIGOROUS
ENFORCEMENT OF TRADE LAWS GO
HAND IN HAND.
THEY SHOULD BE BOTH SOMETHING
THAT THE UNITED STATES PURSUES.
CHINA'S UNDERVALUED CURRENCY
DOES PROVIDE, IN MY VIEW, AN
EXPORT SUBSIDY, MAKING CHINESE
EXPORTS TO THE UNITED STATES
LESS EXPENSIVE IN THE GLOBAL
MARKETPLACE AND MAKING OUR
EXPORTS TO CHINA RELATIVELY MORE
EXPENSIVE.
I'VE LONG HAD CONCERNS ABOUT
THIS.
ACTUALLY WHEN I WAS BEFORE THIS
SENATE FINANCE COMMITTEE AT MY
CONFIRMATIONS TO BE U.S. TRADE
REPRESENTATIVE YEARS AGO, I
STATED THAT I BELIEVE THAT CHINA
CURRENCY DOES AFFECT TRADE AND I
STATED THAT CHINA SHOULD REVALUE
THEIR CURRENCY.
I STILL BELIEVE THAT.
I BELIEVE THIS ADMINISTRATION
SHOULD LABEL CHINA A CURRENCY
MANIPULATOR BECAUSE I THINK IT'S
MANIPULATION.
THE LEGISLATION BEFORE US TODAY
IS NOT THE PERFECT ANSWER, AND I
DO HOPE THAT THE SENATE WILL
PERMIT MY COLLEAGUE, SENATOR
HATCH, TO OFFER HIS AMENDMENT
WHICH I THINK IS A CONSTRUCTIVE
AMENDMENT TO IMPROVE PARTS OF
THE LEGISLATION.
BUT I DO SUPPORT THE BILL, WITH
THE EXPECTATION THAT IT IS
COMPLIANT WITH OUR INTERNATIONAL
TRADE OBLIGATIONS AND THAT IT
GIVES THE ADMINISTRATION THE
NEEDS TO
IMPLEMENT THIS BILL IN A SMART
AND SENSIBLE WAY.
HOWEVER, I WOULD ALSO SAY THAT
THIS BILL HAS BEEN DESCRIBED ON
THIS FLOOR MANY TIMES OVER THE
LAST COUPLE DAYS AS I'VE
LISTENED TO THE DEBATE AS DOING
MORE THAN IT DOES.
WE SHOULDN'T OVERTATE IT.
IT DOESN'T ADDRESS SOME OTHER
ISSUES THAT I THINK WOULD MAKE A
BIGGER DIFFERENCE IN OUR
IMPORTANT TRADE RELATIONSHIP
WITH CHINA.
ONE OF THESE ISSUES WOULD BE
INDIGENOUS INNOVATION, WHICH I
BELIEVE TO BE AN UNFAIR PRACTICE
THAT CHINA IS CURRENTLY
ALSO VIOLATIONS OF INTELLECTUAL
PROPERTY RIGHTS.
IT'S NOT SO MUCH THAT THE LAWS
AREN'T IN PLACE.
IT'S MANY TIMES THERE'S NOT
ADEQUATE ENFORCEMENT OF THE
INTELLECTUAL PROPERTY LAWS THAT
OF COURSE THE ANTICOMPETITIVE
PRACTICES AND SUBSIDIES THAT
CONTINUE WITH REGARD TO
STATE-OWNED ENTERPRISES.
I'M ALSO WORKING WITH SENATOR
WYDEN AND OTHERS, A BIPARTISAN
GROUP OF SENATORS ON COMBATTING
TRANSSHIPMENT IN CUSTOMS TO THE
EVASION PROBLEMS WHICH INVOLVE
MANY COUNTRIES BUT INCLUDE
WE HAVE A GROWING LIST OF
COMPLEX ISSUES FACING OUR
RELATIONSHIP WITH CHINA.
I BELIEVE THIS SHOULD ALL BE
ADDRESSED TOGETHER.
I HOPE THE NEXT ROUND OF
DIPLOMATIC AND COMMERCIAL
NEGOTIATIONS WITH CHINA WILL
DISCUSSION AND BRING ABOUT
SOLUTIONS, NOT JUST MORE BROKEN
PROMISES.
I UNDERSTAND THE JCCT, CALLED
THE JOINT COMMISSION ON COMMERCE
AND TRADE BETWEEN THE UNITED
STATES AND CHINA WILL MEET IN
NOVEMBER, NEXT MONTH, AND THAT
THE NEXT ROUND OF U.S. AND CHINA
STRATEGIC AND ECONOMIC DIALOGUE
WILL TAKE PLACE NEXT YEAR.
I URGE THE ADMINISTRATION TO USE
THESE NEGOTIATIONS AS LEVERAGE
TO GET SOME OF THESE REAL
RESULTS THAT ARE SO NECESSARY.
WE SHOULD ALSO LIKE AT
INCLUDING THE WORLD TRADE
ORGANIZATION AND CERTAINLY THE
INTERNATIONAL MONETARY FUND.
I WILL TELL YOU AS SOMEONE WHO
HAS SAT ACROSS THE TABLE IN
NEGOTIATIONS WITH TOUGH CHINESE
NEGOTIATORS, ENDLESS DIALOGUE IS
NOT THE ANSWER, AND SOMETIMES
THAT'S WHAT OCCURS.
WE'RE NOT JUST LOOKING FOR MORE
I THINK IT'S IMPORTANT THAT WE
GET SERIOUS, BOTH U.S. LEADERS
AND CHINESE LEADERS, ABOUT SOME
OF OUR LINGERING TRADE PROBLEMS
THAT WE'VE HAD THROUGH THE YEARS
SO THAT WE CAN HAVE A HEALTHY
TRADE RELATIONSHIP BASED ON
MUTUAL RESPECT.
EACH COUNTRY IS IMPORTANT TO THE
OTHER.
WE CAN'T OVERLOOK THE FACT THAT
CHINA CONTINUES TO BE A VERY
VITAL U.S. IS EXPORT MARKET
DESPITE THE ISSUES I TALKED
RIGHT NOW CHINA IS THE THIRD
LARGEST EXPORT MARKET FOR OHIO
THE STATE I REPRESENT SENDS OVER
$2.2 BILLION A YEAR TO CHINA,
WITH 25% OF OHIO MANUFACTURING
JOBS DEPENDENT UPON EXPORTS,
THIS IS INCREDIBLY IMPORTANT TO
US.
ONE OF EVERY THREE ACRES IN OHIO
IS PLANT FORD EXPORT, SO
AGRICULTURE EXPORTS ARE ALSO
IMPORTANT.
THERE IS ALSO AN IMPORTANT ISSUE
THAT RELATES TO INVESTMENT BOTH
WAYS, OUR INVESTMENTS IN CHINA
AND CHINA'S INVESTMENTS HERE.
LET ME READ YOU AN EDITORIAL
FROM THE CLEVELAND DEALER
PLAINS.
HERE.
IF GREATER CLEVELAND IS GOING TO
PROSPER IN THE 21st CENTURY IT
HAS TO BUILD STRONG CONNECTIONS
WITH THE REST OF THE WORLD.
THE REGION HAS TO SELL MORE OF
ITS SERVICE AND PRODUCTS ABROAD
AND WELCOME TALENT AND CAPITAL
FROM OVERSEAS.
THAT IS THE PATH TO JOBS AND
WEALTH.
THE EDITORIAL GOES ON TO TALK
ABOUT THE COLLABORATION BETWEEN
CHINESE COMPANIES AND INVESTORS
LOOKING TO BUILD RELATIONSHIP
WITH CLEVELAND'S WORLD RENOWNED
MEDICAL DEVICE INDUSTRY.
JUST LAST WEEK THE MAYOR OF
TOLEDO, OHIO, MIKE BELL,
RETURNED FROM A 12-DAY TRADE
MISSION TO ASIA IN ORDER TO
OHIO.
SINCE MAYOR BELL'S TRIP PLANS
INCREASED COMMERCIAL TIES
BETWEEN CHINA AND OHIO, JOB
CREATORS AND COMPANIES INCLUDING
LAUNCHING A NEW INTERNATIONAL
TOLEDO.
THESE ARE JUST A COUPLE OF
IN MY STATE OF THE IMPORTANCE OF
THIS RELATIONSHIP AND WHY IT
NEEDS TO BE TAKEN SO SERIOUSLY.
THE RELATIONSHIP IS VITAL TO THE
FUTURE NOT JUST OF OUR TWO
COUNTRIES BUT IN MY VIEW, THE
GLOBAL ECONOMY.
WE NEED TO BE SURE THAT IT'S A
IT NEEDS TO BE FAIR.
IT NEEDS TO BE ON A BASIS WHERE,
AGAIN, THERE IS A LEVEL PLAYING
FIELD ON BOTH SIDES.
IT'S TIME FOR OUR TRADING
PARTNERS TO PLAY BY THE RULES SO
THAT INDEED WE CAN HAVE A FAIR
TRADING SYSTEM.
TRADE IS KEY TO GROWTH, BUT
AGAIN, IT'S ONLY ONE PART OF A
BROADER PROBLEM THAT IS HOLDING
BACK OUR ECONOMY TODAY, HOLDING
BACK OHIO MANUFACTURERS FROM
HIRING AND INNOVATING.
ANOTHER BIG ISSUE THAT HAS COME
TO THE ATTENTION THIS HAVE
SENATE TIME AND TIME AGAIN IS
THE INCREDIBLE REGULATORY BURDEN
THAT'S PLACED ON OHIO'S JOB
SO IN ORDER TO BE SUCCESSFUL IN
TRADE, WE NEED TO HAVE MORE OPEN
MARKETS.
WE TALKED ABOUT THAT.
A LEVEL PLAYING FIELD.
BUT ALSO WE NEED TO BE MORE
COMPETITIVE HERE AT HOME OR ELSE
WE'RE NOT GOING TO BE ABLE TO
CREATE THE JOBS IN THIS CENTURY
THAT WE NEED TO KEEP OUR ECONOMY
MOVING FORWARD AT A TIME OF OVER
9% UNEMPLOYMENT, IT'S CRITICAL
THAT WE BE SURE THAT OUR ECONOMY
HERE IS MORE COMPETITIVE.
THIS REGULATORY BURDEN IS ONE
THAT I THINK ALL SIDES CAN AGREE
IS ONE THAT OUGHT TO BE
I'M JOINED TODAY BY THE JUNIOR
SENATOR TPRE NEVADA -- FROM
NEVADA, MY FRIEND AND COLLEAGUE,
TO OFFER A COUPLE OF AMENDMENTS
DESIGNED TO GIVE AMERICAN
REGULATORY MANDATES THAT
CONTINUE TO HOLD BACK OUR
ECONOMY AND HINDER JOB CREATION.
THERE'S NO OFFICIAL COUNTING OF
THIS TOTAL REGULATORY BURDEN ON
OUR ECONOMY AND ESTIMATES DO
VARY, BUT ONE STUDY THAT'S OFTEN
CITED IS FROM THE OBAMA
ADMINISTRATION'S OWN SMALL
BUSINESS ADMINISTRATION, WHERE
THEY REPORT THE REGULATORY COSTS
EXCEED $1.75 TRILLION ANNUALLY.
THAT'S EVEN MORE THAN IS
COLLECTED BY THE I.R.S. IN
INCOME TAXES EVERY YEAR.
SO IT'S A HUGE BURDEN.
WE CAN TALK ABOUT WHAT THE EXACT
NUMBER IS, BUT THE FACT IS THIS
IS SOMETHING THAT IS FORCING
OHIO COMPANIES AND OTHER
COMPANIES AROUND OUR COUNTRY TO
HAVE HIGHER COSTS OF CREATING A
JOB.
THE OFFICE OF MANAGEMENT AND
BUDGET ESTIMATES THE ANNUAL COST
OF A NARROW SET OF RULES --
THESE ARE WHAT ARE CALLED THE
BY O.M.B.
OVER ONE TEN-YEAR PERIOD
REGISTERS AT $43 BILLION TO $55
BILLION PER YEAR.
I'VE BEEN ENCOURAGED BY WHAT THE
CURRENT ADMINISTRATION HAS BEEN
SAYING ABOUT REGULATIONS.
I'VE BEEN LESS ENCOURAGED ABOUT
WHAT THEY HAVE DONE.
THE NEW REGULATORY COSTS ON THE
PRIVATE SECTOR ARE REAL AND
COMPARED TO HISTORIC TRENDS, WE
HAVE SEEN A SHARP UPTICK IN
THESE SIGNIFICANT RULES THAT
HAVE AN ECONOMIC IMPACT OF OVER
$100 MILLION ON THE ECONOMY.
THEY ALSO HAVE AN IMPACT OF
COURSE ON THINGS LIKE CONSUMER
PRICES AND AMERICAN
COMPETITIVENESS.
GEORGE WASHINGTON UNIVERSITY
REGULATORY STUDIES RECENTLY TOLD
US THAT THIS ADMINISTRATION HAS
BEEN REGULATING ON AN AVERAGE OF
84 NEW MAJOR RULES PER YEAR,
WHICH BY WAY OF COMPARISON IS
ABOUT A 35% INCREASE FROM THE
LAST ADMINISTRATION AND ABOUT A
ADMINISTRATION.
AND THESE FIGURES DO INCLUDE THE
INDEPENDENT AGENCIES, WHICH MUST
BE INCLUDED IN THE CALCULATIONS.
SO THERE HAS BEEN AN UPTICK IN
REGULATIONS, CONTINUES TO BE,
DESPITE MUCH OF THE RHETORIC TO
THE CONTRARY.
ONE COMMONSENSE STEP WE CAN TAKE
TO ADDRESS THIS ISSUE IS TO
IMPROVE AND STRENGTHEN WHAT'S
CALLED THE UNFUNDED MANDATES
REFORM ACT OF 1985.
I WORKED ON THIS ALONG WITH SOME
OF MY COLLEAGUES WHO ARE NOW IN
THE SENATE WHEN I WAS BACK IN
IT WAS AN EFFORT THAT SAID
FEDERAL REGULATORS OUGHT TO KNOW
WHAT COSTS ARE OF WHAT THEY'RE
IMPOSING.
AND WE OUGHT TO KNOW WHAT THE
BENEFITS ARE AND IF THERE ARE
LESS COSTLY ALTERNATIVES.
THE TWO AMENDMENTS AMENDMENTS I OFFER ARE
AN EFFORT THAT HAS OVER 20
COSPONSORS.
A COMMONSENSE EFFORT THAT SHOULD
BE BIPARTISAN.
THE FIRST AMENDMENT WOULD
STRENGTHEN THE ANALYSIS THAT'S
WAYS.
FIRST, IT REQUIRES AGENCIES TO
SPECIFICALLY ASSESS THE
POTENTIAL EFFECT OF NEW
REGULATIONS ON JOB CREATION
WHICH IS NOT CURRENTLY A
REQUIREMENT AND IN THIS ECONOMY
IT MUST BE.
ALSO, TO CONSIDER MARKET-BASED
AND NONGOVERNMENTAL ALTERNATIVES
TO REGULATION.
AT.
IT ALSO BROADENS THE SCOPE OF
UMA TO REQUIRE COST-BENEFIT
ANALYSIS OF RULES THAT REQUIRE
DIRECT OR INDIRECT ECONOMIC
COSTS OF $1 00 MILLION OR MORE
AND IT REQUIRES AGENCIES TO
ADOPT THE LEAST COSTLY AND LEAST
BURDENSOME ALTERNATIVE TO
ACHIEVE THE POLICY GOAL THAT'S
BEEN SET OUT.
SO CURRENTLY AGENCIES HAVE TO
CONSIDER THAT, BUT DHEE HAVE TO
FILE THE LEAST COSTLY
WE SIMPLY CANNOT AFFORD THAT,
GIVEN THE TOUGH ECONOMIC TIMES
WE HAVE.
THE SECOND AMENDMENT EXTENDS
THESE SAME REQUIREMENTS TO THE
INDEPENDENT AGENCIES.
THIS IS INCREDIBLY IMPORTANT AND
THESE ARE AGENCIES LIKE THE
COMMODITIES AND FUTURE TRADING
COMMISSION, THE NEWLY FORMED
FINANCIAL PROTECTION BUREAU,
AGENCIES THAT ARE VERY IMPORTANT
ON THE REGULATORY SIDE AND ARE
CURRENTLY EXEMPT FROM THESE
COST-BENEFIT RULES THAT AFFECT
ALL OTHER AGENCIES.
ON THIS ISSUE, I WAS VERY
PLEASED TO SEE THAT PRESIDENT
OBAMA ISSUED AN EXECUTIVE ORDER
IN JULY WHICH WAS SPECIFICALLY
THAT.
ORDER AND THE ACCOMPANYING
PRESIDENTIAL MEMORANDUM CALLED
AGENCIES TO
PARTICIPATE IN A LOOK-BACK BUT
ALSO, VERY IMPORTANTLY, CALLED
ON INDEPENDENT AGENCIES TO
EVALUATE THE COST AND BENEFITS
OF NEW REGULATIONS, JUST AS
AGAIN ALL EXECUTIVE AGENCIES ARE
ALREADY REQUIRED TO DO.
IT'S A STEP IN THE RIGHT
DIRECTION, BUT THE PROBLEM IS
THAT THE PRESIDENT'S ORDER IS
ENTIRELY NONBINDING, BECAUSE IT A
PRESIDENT CANNOT REQUIRE
INDEPENDENT AGENCIES TO DO THAT.
THE CONGRESS K INDEPENDENT
AGENCIES DON'T ANSWER TO THE
PRESIDENT.
SINCE THIS ORDER WAS ISSUED IN
JULY -- WE HAVE NOT SEEN A RUSH
BY INDEPENDENT AGENCIES TO
COMPLY WITH THESE PRINCIPLES --
SO THIS AMENDMENT, THIS SECOND
AMENDMENT, WOULD EFFECTIVE WRITE
THE PRESIDENT'S REQUEST INTO
INDEPENDENT AGENCIES WOULD BE
REQUIRED UNDER UMA TO EVALUATE
REGULATORY COST-BENEFITS AND
LESS COSTLY ALTERNATIVES BEFORE
ISSUING ANY RULE THAT WOULD
REQUIRE THE REGULATIONS.
THE FACT IS THAT INDEPENDENT
AGENCIES ARE NOT DOING IT ON
THEIR OWN.
NOT ONE OF THE 17 MAJOR RULES
ISSUED BY INDEPENDENT AGENCIES
IN 2010 INCLUDED AN ASSESSMENT
OF BOTH COST AND BENEFITS.
NOT ONE.
CLOSING THIS INDEPENDENT AGENCY
LOOPHOLE IS A REFORM I THINK
THAT ON BOTH SIDES OF THE AISLE
WE SHOULD BE ABLE TO AGREE WITH,
CERTAINLY THE PRESIDENT SHOULD
AGREE WITH SINCE IT IS PART OF
HIS EXECUTIVE ORDER AND
MEMORANDUM, AND THIS IS THE
RIGHT VEHICLE TO DO IT.
THIS IS A JOBS ISSUE, AGAIN, AND
A COMMONSENSE APPROACH.
NO MAJOR REGULATION, WHATEVER
ITS SOURCE, SHOULD BE EMPLOYED
ON AMERICAN EMPLOYERS OR STATE
OR LOCAL GOVERNMENT WITHOUT A
SERIOUS CONSIDERATION OF THE
COST, THE BENEFITS, AND THE
AVAILABILITY OF LESS BURDEN 13 BURDENSOME
THESE AMENDMENTS MOVE US CLOSER
TO THAT GOAL AND I WILL URGE
COLLEAGUES ON BOTH SITS OF THE
AISLE TO SUPPORT THEM.
MR. PRESIDENT, I YIELD THE
FLOOR.
A SENATOR: MR. PRESIDENT?
THE
SENATOR FROM NEVADA.
A SENATOR: THANK YOU,
MR. PRESIDENT.
I RISE TO SPEAK ABOUT MY
AMENDMENT AND THE ISSUE OF JOBS.
AMERICANS ARE HAD TO ENDURE
GREAT HARDSHIP OVER THE LAST FEW
YEARS.
THIS RECESSION HAS
ROBBED MILLIONS OF PEOPLE OF
THEIR JOBS, THEIR HOMES, THEIR
BUSINESSES, AND THEIR SENSE OF
SECURITY.
NO STATE HAS BEEN HIT HARDER
THAN THE STATE OF NEVADA.
MY STATE HAS THE UNFORTUNATE
DISTINCTION OF LEADING THE
NATION IN UNEMPLOYMENT,
FORECLOSURES, AND BANKRUPTCIES.
AND THERE'S NO QUESTION THAT THE
STATUS QUO OF DYSFUNCTIONAL
GOVERNMENT MUST END.
PEOPLE FROM ALL OVER THE COUNTRY
ARE STRUGGLING JUST TO GET BY
AND ARE DESPERATE FOR REAL
SOLUTIONS.
THE UNDERLYING LEGISLATION TAKES
THE WRONG APPROACH TO JOB
CREATION AND CAN BE VERY
DETRIMENTAL TO ECONOMIC GROWTH
IN OUR COUNTRY.
INCITING A TRADE WAR WITH CHINA
WILL NOT CREATE JOBS.
IN MY HOME STATE OF NEVADA, A
TRADE WAR WOULD HURT TOURISM.
IT WOULD STIFLE GROWTH IN
RENEWABLE ENERGY DEVELOPMENT AND
INCREASE COSTS TO CONSUMERS AT A
TIME WHEN THEY CAN LEAST AFFORD
IT.
WORKING TO SELL AMERICAN GOODS
IN FOREIGN MARKETS IS WHAT WE
SHOULD BE FIGHTING FOR.
INSTEAD, IT SEEMS JOB CREATION
AND ECONOMIC GROWTH HAS TAKEN A
BACK SEAT TO POLITICAL POSTURING
AND GRANDSTANDING HERE IN
WASHINGTON.
AND IT IS CLEAR THAT THE
APPROACH OF THIS ADMINISTRATION
AND ITS SUPPORTERS HAVE TAKEN
FOR ECONOMIC RECOVERY HAS FAILED
MISERABLY.
OUT-OF-CONTROL SPENDING, HEALTH
CARE LAW NO ONE CAN AFFORD, A
SEEMINGLY ENDLESS STREAM OF
REGULATION ARE CRIPPLING
EMPLOYERS, STIFLING ECONOMIC
GROWTH, AND KILLING JOBS.
INSTEAD FED FIGHTING FOR
MEASURES THAT CREEK AND CREATE
JOBS THIS ADMINISTRATION HAS
CREATED MORE GOVERNMENT THAT
CONTINUES TO IMPEDE ECONOMIC
GROWTH AT EVERY TURN.
THIS GOVERNMENT CONTINUES TO TAX
TOO MUCH, SPEND TOO MUCH, AND
BORROW TOO MUCH.
THE AMERICAN PUBLIC AND
BUSINESSES ALIKE ARE WAITING ON
A PLAN THAT CAN PLANT THE SEEDS
OF ECONOMIC GROWTH AND BOLSTER
JOB CREATION.
INSTEAD, ALL THEY GET FROM THIS
GOVERNMENT WHEN THIS COMES TO
JOB CREATION IS A BIG, WET
BLANKET.
THEY NEED WASHINGTON TO PROVIDE
RELIEF FROM NEW BURDENSOME AND
OVERLY INTRUSIVE REGULATIONS.
CONGRESS MUST HELP JOB CREATORS
BY ENSURING EVERY REGULATION IS
VETTED WITH A FULL UNDERSTANDING
OF THE IMPACT IT WILL HAVE ON
BUSINESSES ACROSS THE COUNTRY.
SO I'M PLEASED TO JOIN WITH
SENATOR PORTMAN IN THIS FIGHT TO
REIN IN EXCESSIVE GOVERNMENT
REGULATIONS AND IMPLEMENT A
MARKET BENEFIT ANALYSIS FOR ALL
AGENCIES, BOTH EXECUTIVE AND
INDEPENDENT, SO THAT THE
AMERICAN PUBLIC WILL KNOW THE
TRUE COSTS OF THESE REGULATIONS.
AS PRESIDENT OBAMA SAID, "WE
MUST REIN IN GOVERNMENT AGENCIES
AND FORCE THEM TO HELP
BUSINESSES WHEN THEY REFUSE TO
DO SO."
I COULDN'T AGREE MORE.
THERE ARE A NUMBER OF ACTIONS
CONGRESS CAN TAKE IMMEDIATELY TO
HELP BOLSTER OUR NATION'S
ECONOMY.
THE ADOPTION OF SENATOR
PORTMAN'S AMENDMENTS IS ONE OF
THOSE ACTIONS.
I LOOK FORWARD TO CONTINUING TO
WORK WITH HIM ON THESE ISSUES.
I BELIEVE OUR BEST DAYS ARE
STILL AHEAD, BUT WE NEED TO
CHANGE COURSE NOW.
WE NEED TO ROLL BACK THE
REGULATION TZ THAT ARE TYING THE
HANDS OF ENTREPRENEURS ACROSS
WE CAN HELP HASTEN AN ECONOMIC
RECOVERY BY EMBRACING PRO-GROWTH
POMS THAT -- POLICIES THAT
PLACES MORE MONEY IN THE POCKETS
OF AMERICANS.
I'D LIKE TO HIGHLIGHT ANOTHER
ISSUE THAT WOULD HELP CREATE
JOBS AND PROVIDE CERTAINTY FOR
THE BUSINESSES ACROSS THE
COUNTRY AND THAT IS THAT
CONGRESS SHOULD PASS A BUDGET.
CONGRESS HAS NOT PASSED A BUDGET
IN NEARLY TWO AND A HALF YEARS.
PASSING A COMPREHENSIVE BUDGET
IS ONE OF THE MOST BASIC
RESPONSIBILITIES OF CONGRESS,
BUT IT HAS FAILED TO ACCOMPLISH
THIS TASK.
AMERICA DESPERATELY NEEDS A
COMPREHENSIVE TEN-YEAR PLAN THAT
OFFERS REAL SOLUTIONS TO THE
ECONOMIC AND FISCAL PROBLEMS IN
THIS COUNTRY.
WE CANNOT LOWER UNEMPLOYMENT
RATES IN NEVADA OR RESTORE THE
HOUSING MARKET WITHOUT AN
HOLISTIC APPROACH TO REINING IN
FEDERAL SPENDING AND LOWERING
THE NATIONAL DEBT.
CONGRESS PASSED ANOTHER
CONTINUING RESOLUTION THAT LACKS
A LONG-TERM APPROACH TO
SANITY.
INSTEAD, THIS BILL FUNDS THE
GOVERNMENT FOR JUST A FEW MORE
MONTHS.
CONGRESS CANNOT CONTINUE TO
FUNCTION WITHOUT A MEASURE OF
ACCOUNTABILITY TO HOLD MEMBERS
OF CONGRESS TO THEIR
CONSTITUTIONALLY MANDATED
RESPONSIBILITY, WHICH IS WHY I
INTRODUCED THE NO BUDGET, NO PAY
AMENDMENT, AMENDMENT NUMBER 674.
THIS MEASURE REQUIRES CONGRESS
TO PASS A BUDGET RESOLUTION BY
THE BEGINNING OF ANY FISCAL
YEAR.
IF CONGRESS FAILS TO PASS A
BUDGET, THEN MEMBERS OF CONGRESS
DO NOT GET PAID.
HOW CAN CONGRESS COMMIT TO A
DEBT-REDUCTION PLAN WITHOUT A
ANY SERIOUS PROPOSAL TO REIN IN
FEDERAL SPENDING AND CREATE JOBS
STARTS WITH A RESPONSIBLE
BUDGET.
AT HOME IN NEVADA AND ACROSS
THIS COUNTRY, IF YOU DON'T
ACCOMPLISH THE TASKS YOUR JOB
REQUIRES, YOU DO NOT GET PAID.
SOMEHOW THIS VERY BASIC STANDARD
OF RESPONSIBILITY IS LOST UPON
WASHINGTON.
THE NO BUDGET, NO PAY IS NOT AND
HE-ALL SOLUTION TO OUR ECONOMIC
IT IS, HOWEVER, AN IMPORTANT
MEASURE THAT CONGRESS SHOULD
ADOPT IN ORDER TO SHOW THE
AMERICAN PEOPLE THAT MEMBERS OF
CONGRESS ARE SERIOUS ABOUT
RESTORING OUR COUNTRY TO A
PERIOD OF ECONOMIC PROSPERITY.
NEVADANS WORK HARD FOR THEIR
PAYCHECKS, SO SHOULD CONGRESS.
AND SINCE THE MAJORITY BELIEVES
THE LEGISLATION BEFORE US TODAY
IS A JOBS BILL, I ENCOURAGE THEM
TO TAKE UP OTHER MEASURES THAT
WILL HELP WITH JOB CREATION,
SUCH AS OPENING OUR COUNTRY TO
ENERGY EXPLORATION, STREAMLINING
THE PERMITTING PROCESS FOR
RESPONSIBLE DEVELOPMENT OF OUR
DOMESTIC RESOURCES, AND TAKE THE
AGGRESSIVE STEPS OF REFORMING
OUR TAX CODE.
LET'S MAKE THE TAX CODE SIMPLER
FOR INDIVIDUALS AND EMPLOYERS,
CUT OUT THE SPECIAL INTEREST
LOOPHOLES WHILE REDUCING THE
OVERTAXED -- THE OVERALL TAX
BURDEN FOR ALL AMERICANS.
INSTEAD OF LOOKING FOR NEW WAYS
TO TAX THE AMERICAN PUBLIC, WE
SHOULD MAKE OUR TAX CODE MORE
COMPETITIVE AND PROVIDE
BUSINESSES THE STABILITY THEY
NEED TO GROW AND TO CREATE JOBS.
THE CONTINUAL THREAT TO INCREASE
TAXES FEEDS THE UNCERTAINTY THAT
SERVES AS AN IMPEDIMENT TO
ECONOMIC GROWTH.
THESE ARE ALL THINGS THAT BOTH
THIS ADMINISTRATION AND CONGRESS
COULD DO IMMEDIATELY TO BOOST
ECONOMIC RECOVERY.
LET'S GIVE THE AMERICAN PEOPLE A
GOVERNMENT THAT WORKS FOR THEM.
REMOVING IMPEDIMENTS TO JOB
CREATION WILL GET AMERICANS
WORKING AGAIN AND ENSURE OUR
CHILDREN AND GRANDCHILDREN HAVE
A BRIGHTER FUTURE.
THANK YOU, MR. PRESIDENT.
I YIELD THE FLOOR.
MR. PRESIDENT, I SUGGEST THE
ABSENCE OF A QUORUM.
THE
CLERK WILL CALL THE ROLL.
QUORUM CALL:
MR. PRESIDENT?
I ASK UNANIMOUS CONSENT THE
QUORUM BE DISPENSED WITH.
WITHOUT
YORK IS RECOGNIZED.
MR. PRESIDENT.
MR. PRESIDENT, I'D LIKE TO TALK
ON THE BILL THAT WE ARE DEBATING
ON THE FLOOR ABOUT CHINA
CURRENCY.
AND LET ME SAY A FEW THINGS
HERE.
TO ME AND TO MANY OF MY
COLLEAGUES ON BOTH SIDES OF THE
AISLE, VERY LITTLE WE COULD DO
COULD BE MORE IMPORTANT IN BOTH
THE SHORT TERM AND THE LONG TERM
THAN TO REQUIRE CHINA TO PAY A
PRICE IF THEY CONTINUE TO FLAUNT
INTERNATIONAL TRADE RULES AND
MANIPULATE THEIR CURRENCY,
CAUSING THEIR IMPORTS TO
AMERICA, THEIR EXPORTS TO
IMPORTS, TO BE MUCH
CHEAPER THAN THEY SHOULD BE, AND
CAUSING AMERICAN EXPORTS TO
CHINA, THEIR IMPORTS IMPORT OF OUR GOODS
TO BE MORE EXPENSIVE THAN THEY
SHOULD BE.
IT HAS BEEN ESTIMATED THAT 2
MILLION JOBS COULD BE CREATED
OVER TWO YEARS IF WE PASS THIS
LEGISLATION.
AND CHINA'S CURRENCY WERE NO
LONGER MISALIGNED.
BUT THERE'S A LONG-TERM ISSUE,
THE BOTTOM LINE IS, WHAT DO WE
-- WHAT IS OUR FUTURE HERE IN
THIS COUNTRY?
IT'S GOOD, HIGH-PAYING JOBS.
IT'S COMPANIES LARGE AND SMALL
THAT CREATE HIGH-END PRODUCTS,
PRODUCTS THAT TAKE A LOT OF
KNOW-HOW, PRODUCTS THAT TAKE A
LOT OF SKILL TO CREATE, PRODUCTS
THAT BASICALLY ARE THE HIGH END
IN TERMS OF BOTH MANUFACTURING
AND SERVICES.
THAT IS OUR FUTURE.
THOSE ARE OUR CROWN JEWELS.
AND WHEN YOU ASK, AS MANY OF US
ASK THE QUESTION, HOW IN A
ECONOMY CAN AMERICA
COMPETE, THE ANSWER IS, THOSE
COMPANIES.
I MIGHT ADD, MOST OF THOSE
COMPANIES ARE NOT LARGE
COMPANIES.
THEY'RE SMALLER COMPANIES. THEY'RE SMALL
BUSINESS PEOPLE WITH GREAT IDEAS
OR NEW WAY OF PROVIDING A
SERVICE OR CREATING A PRODUCT.
AND THEY ARE THE PEOPLE WHO
EMPLOY ABOUT 65% OF THE NEW JOBS
IN AMERICA.
THEY ARE OUR FUTURE.
SOME OF THEM WILL GROW INTO VERY
LARGE COMPANIES.
MANY WILL STAY EMPLOYING 100 OR
200 OR 300 OR 400 PEOPLE.
BUT THEY ARE ON THE FRONT LINES
OF WORLD TRADE.
AND WHAT HAVE WE FOUND OVER THE
LAST DECADE?
IN ALMOST TEN YEARS, SINCE CHINA
JOINED THE W.T.O., WE HAVE LOST
2.8 MILLION JOBS SIMPLY DUE TO
CHINA'S -- THE CHINESE
GOVERNMENT'S MANIPULATION OF
CURRENCY.
LOST THOUSANDS MORE JOBS
ELSEWHERE BECAUSE CHINA STEALS
OUR INTELLECTUAL PROPERTY.
CHINA HAS A AMERICA TILLIST
POLICY OF -- HAS A MERCANTILIST
INDUSTRY OF FINDING AN INDUSTRY
AND TAKING IT.
THEY CAN TAKE AN ADVANTAGE THEY
NATURALLY HAVE, LIKE RARE EARTHS
AND AGAIN OPPOSE W.T.O. RULES
AND SAY TO COMPANIES, IF YOU
WANT THESE RARE EARTHS WHICH YOU
NEED FOR YOUR PRODUCT, YOU'VE
GOT TO MAKE IT IN CHINA.
THEY DO THIS OVER AND OVER AND
OVER AGAIN.
AND WHY DO I AND SENATOR BROWN
AND SENATOR GRAHAM AND SO MANY
THIS?
BECAUSE WE KNOW IF THE PRESENT
TREND CONTINUES, AS ROBERT
SAMUELSON, THE ECONOMIST NOTED
IN AN OP-ED IN "THE WASHINGTON
POST" THE OTHER DAY, THAT
BASICALLY IT'S A DISASTER FOR
BECAUSE IF WHEN A YOUNG
ENTREPRENEUR CREATES A PRODUCT
OR A SERVICE AND THAT
ENTREPRENEUR IS OVERWHELMED BY A
CHINESE PRODUCT THAT HAS UNFAIR
ADVANTAGE, WE DON'T HAVE A
FUTURE.
THAT'S IT.
MANY PEOPLE WORRY ABOUT THE
BUDGET DEFICIT AS THE BIGGEST
PROBLEM AMERICA FACES.
IT'S A LARGE PROBLEM.
I HOPE WE SOLVE IT.
I WILL WORK HARD TO SOLVE IT.
ABOUT TO ME, THE -- BUT TO ME,
THE NUMBER-ONE PROBLEM AMERICA
FACES IS HOW DO WE BECOME THE
PRODUCTION GIANT THAT WE WERE
OVER THE LAST SEVERAL DECADES
BUT NO LONGER SEEM TO BE.
WE ARE INDEED A CONSUMPTION
GIANT.
WE CONSUME MORE THAN ANYBODY OF
OUR OWN PRODUCTS AND OTHER
PEOPLE'S.
BUT YOU CANNOT BE A CONSUMPTION
GIANT FOR MANY YEARS ON END IF
YOU'RE NOT ALSO A PRODUCTION
AND WHAT IS PROBABLY THE MAJOR
FACTOR, EXTERNAL FACTOR THAT
CONTRIBUTES TO MAKING US A
CONSUMPTION GIANT RATHER THAN A
PRODUCTION GIANT?
IT'S THE CHINESE MANIPULATION OF
CURRENCY BECAUSE IT DISCOURAGES
PRODUCTION IN AMERICA AND
ENCOURAGES CONSUMPTION OF
UNDERVALUED CHINESE GOODS AT THE
SAME TIME.
AND THE ANGUISH THAT MANY OF US
FEEL ABOUT THE FUTURE OF THIS
COUNTRY TRANSLATES DIRECTLY INTO
THIS LEGISLATION I KNOW THERE
LOTS OF ACADEMICS WHO SIT
THERE UP THERE IN THEIR IVORY
TOWERS, EDITORIAL WRITERS, THEY
LOVE TO LOOK AT THIS LEGISLATION
AND JUST WITHOUT EVEN EXAMINING
ITS CONSEQUENCES SAY THAT'S
PROTECTIONIST.
THIS IS NOT PROTECTIONISM.
IN FACT, THIS LEGISLATION IS IN
THE NAME OF FREE TRADE, BECAUSE
CURRENCY.
THAT IS WHAT WAS SET UP IN
BRENTON WOODS.
THAT WAS THE EQUILIBRIUM CREATOR
WHEN THINGS GOT OUT OF WHACK,
BUT IT DOESN'T EXIST FOR CHINA.
THERE ARE LOTS OF COUNTRIES THAT
PEGGED THEIR CURRENCY IN THE
PAST AND WE PAID NO ATTENTION
BECAUSE IF YOU HAVE .01% OF
WORLD G.D.P. AND YOU'RE WORRIED
YOUR TINY, LITTLE CURRENCY WILL
BE OVERWHELMED TO, PEG IT -- BY
WORLD TRENDS, TO PEG IT DOESN'T
CREATE MUCH TROUBLE.
WHEN YOU'RE THE SECOND-LARGEST
ECONOMIC POWER IN THE WORLD,
WHEN YOU'RE THE LARGEST OR
SECOND-LARGEST EXPORTER IN THE
WORLD, TO PEG YOUR CURRENCY
TOTALLY DISCOME BOB HRAEUTS THE
WORLD -- DISCOME BOB LATES THE
WORLD TRADING SYSTEM.
GIVEN THE DANGER TO THE FUTURE
OF OUR COUNTRY AND TKPWEFPB THE
DANGER TO THE -- AND GIVEN THE
DANGER TO THE CONTINUATION OF
WORLD TRADE BY CHINA CONTINUING
CURRENCY MANIPULATION, WHY
ISN'T THERE MORE OF AN OUTCRY?
THAT'S THE QUESTION I ASK
MYSELF.
AND I DON'T HAVE A GOOD ANSWER.
I DON'T HAVE A GOOD ANSWER.
PERHAPS IT'S BECAUSE THOSE
EDITORIAL WRITERS AND BIG
THINKERS DON'T TALK TO THE
MANUFACTURERS OF HIGH-END
PRODUCTS IN NEW YORK STATE THAT
I TALK TO, WHO SEE THAT THEY
CAN'T COMPETE AGAINST CHINA
UNFAIRLY BECAUSE OF CURRENCY MA
WHETHER IT'S A CERAMIC THAT GOES
INTO POWER PLANTS THA EUBG THAT
I TALKED ABOUT YESTERDAY, OR A
HIGH-END WINDOW THAT GOES INTO
OFFICES OR MUSEUMS, CHINA USES
ITS CURRENCY MANIPULATION TO
GAIN UNFAIR ADVANTAGE TO THOSE
UP AND DOWN THE LINE.
BUT MAYBE THOSE IN THE IVORY
TOWER DON'T TALK TO OTHERS AS SO
OF US DO BECAUSE THAT'S OUR
JOB AND THAT'S OUR LIVING.
MAYBE IT'S BECAUSE GLOBAL
COMPANIES HAVE FOUGHT OUR
PROVISION IN THE INTEREST OF
THEIR SHAREHOLDERS.
I DON'T BEGRUDGE THE BIG
THEIR JOB IS TO MAXIMIZE THEIR
SHARE PRICE, AND IF FIRING
10,000 AMERICAN WORKERS AND
MOVING THEM TO CHINA AND
CREATING THOSE 10,000 JOBS IN
CHINA GIVES THEM MORE
PROFITABILITY IN PART BECAUSE OF
CURRENCY MANIPULATION, YEAH,
THAT'S WHAT CORPORATIONS ARE
SUPPOSED TO DO.
INTEREST.
IT MAY HAVE BEEN IN GENERAL
ELECTRIC, A COMPANY THAT HAS
LOTS OF NEW YORK PRESENCE AND
THAT I LIKE VERY MUCH, BUT IT
MAY HAVE BEEN IN THEIR INTEREST
TO SIGN A CONTRACT FOR WIND
TURBINES AND GIVE TO CHINA
INTELLECTUAL PROPERTY IN RETURN.
BUT IT SURE WASN'T IN THE
WORKERS IN SCHENECTADY'S
INTEREST EVEN IF IT MIGHT HAVE
BEEN IN THE OVERALL SHAREHOLDERS
OF G.E.'S INTEREST.
SO MAYBE IT'S BECAUSE THE
BUSINESS ROUND TABLE AND THE
CHAMBER OF COMMERCE WHO WAS
DOMINATED BY THE LARGER
MANUFACTURERS AND THE LARGER
SERVICE COMPANIES AND THE LARGER
FINANCIAL INSTITUTIONS, THEY
DON'T REALLY CARE ABOUT AMERICAN
WEALTH AND JOBS.
THEY CARE ABOUT THEIR OWN
PROFITABILITY AND SALES AND
SHARE PRICE.
AND IF MOVING TO CHINA IMPROVES
R THAT, THEY DO IT.
AND IF CHINA HAS AN UNFAIR
ADVANTAGE, SO BE IT.
THAT'S NOT THEIR JOB.
MAYBE THAT'S THE REASON.
THAT'S BEGINNING TO CHANGE, BY
THE WAY, MR. PRESIDENT.
WHEN I LAST VISITED CHINA, I MET
WITH THE HEADS OF THE CHINA
DIVISIONS OF MANY OF OUR LARGEST
COMPANIES, AND I HAD MET WITH
THE SAME PEOPLE SEVERAL YEARS
BEFORE AND INTERMITTENTLY SOME
OF THEM IN BETWEEN, AND THEIR
TONE HAD TOTALLY CHANGED.
WITH
CHINA'S MERCANTILE POLICIES.
ONE OF THE MANUFACTURERS WHO HAD
BEEN ONE OF THE LEADERS IN
SAYING DON'T TOUCH CHINA BECAUSE
THEY EXPORTED A TON OF GOODS TO
CHINA, HAD A DIFFERENT TONE.
HE SAID YOU KNOW WHAT CHINA
TELLS US NOW?
WE CAN ONLY EXPORT CERTAIN OF
OUR GOODS, THE ONES CHINA
THE REST WE HAVE TO MAKE IN
CHINA AND IN CERTAIN PROVINCES.
THIS IS A LARGE, HUGE
MULTIBILLION-DOLLAR U.S.
ANOTHER, A MAJOR RETAILER TOLD
US THAT THEY CAN'T RUN THEIR
STORES THE WAY THEY'D LIKE IN
CHINA BECAUSE CHINA DICTATES
WHAT THEY CAN AND CANNOT HAVE ON
THEIR SHELVES.
AND HALF THE PRODUCTS ON THEIR
SHELVES IN AMERICAN STORES
CANNOT BY CHINESE GOVERNMENT
DICTATE BE IN THE CHINESE STORE
SHELVES.
EVEN OUR LARGE COMPANIES ARE
SORT OF REALIZING THAT CHINA'S
NOT JUST LETTING CHINA GET AWAY
THESE VIOLATIONS OF
FREE TRADE AND ALL THESE
VIOLATIONS OF W.T.O. NO LONGER
SERVES THEIR INTEREST, ALTHOUGH
ADMITTEDLY THEY HAVE NOT YET
COME AROUND TO SUPPORT OUR BILL.
AND THEN THERE ARE THOSE WHO ARE
FEARFUL THAT THE CHINESE WILL
RETALIATE.
THAT ONE DRIVES ME THE CRAZIEST.
I GREW UP IN BROOKLYN, AND WHEN
THERE WERE BULLIES AND YOU
DIDN'T STAND UP FOR YOURSELF,
THEY BULLIED YOU AND BULLIED YOU
AND BULLIED YOU SOME MORE.
IF YOU STOOD UP TO THEM, YEAH,
THERE WAS GOING TO BE SOME
RETALIATION, BUT IT WAS A LOT
BETTER THAN GIVING IN AND GIVING
IN AND GIVING IN.
WELL, THAT'S WHAT WE'VE DONE
WITH CHINA.
WILL CHINA RETALIATE IF THIS
BILL BECOMES LAW AND HUNDREDS OF
AMERICAN COMPANIES GO TO HAVE
YES.
BUT THE CHINESE KNOW THEY HAVE
FAR MORE TO LOSE IN A TRADE WAR
THAN WE DO.
IS FAR MORE
DEPENDENT ON EXPORTS.
JUST LOOK AT THE PERCENTAGE IN
TERMS OF G.D.P.
THAN OURS ARE.
THEY ARE FAR MORE DEPENDENT ON
THE AMERICAN MARKET THAN WE ARE
ON THE CHINESE MARKET, AS
IMPORTANT AS IT IS TO MANY OF
OUR COMPANIES.
SO WHILE CHINA WILL RETALIATE IN
A MEASURED WAY, THEY'RE NOT
GOING TO CREATE A TRADE WAR.
IT'S NOT IN THEIR INTEREST.
THEY CAN'T AFFORD TO.
AND I HAVE NEWS FOR THOSE WHO
ARE WORRIED ABOUT A TRADE WAR.
WE'RE IN ONE.
WHEN CHINA MANIPULATES ITS
CURRENCY, WHEN CHINA STAEPLS
INTELLECTUAL PROPERTY, WHEN
CHINA USES RARE ERGTS TO LOWER
BUSINESSES HERE, WHEN THEY TAKE
OUR INTELLECTUAL PROPERTY AND
BRINGS IT TO FACTORIES IN CHINA
AND SUBSIDIZES THOSE FACTORIES
IN CHINA AGAINST W.T.O. RULES
AND THEN TRY TO EXPORT THE
PRODUCT HERE AS THEY DO WITH
SOLAR PANELS, THAT, LADIES AND
GENTLEMEN, IS A TRADE WAR.
AS MILLIONS OF AMERICANS WHO
HAVE LOST THEIR JOBS REALIZE.
THE WAR.
WE MAY AS WELL ARM OURSELVES SO
WE MIGHT WIN.
SO THE BOTTOM LINE IS VERY
SIMPLE.
I HOPE THIS BILL MOVES FORWARD,
AND I HOPE THAT IT GOES THROUGH
THE HOUSE.
A LARGE VOTE HERE IN THE SENATE
TOMORROW WILL BE A MESSAGE TO
THE HOUSE, SENATOR BROWN'S BILL
WHICH OF COURSE HIS BILL AND OUR
BILL HAVE BEEN COMBINED.
BUT SENATOR BROWN'S BILL PASSED
IN THE HOUSE A FEW YEARS AGO.
AND I HOPE THE PRESIDENT
RETHINKS THINGS AND SIGNS IT.
BECAUSE IF HE DOES, MY
PREDICTION IS THAT CHINA WHO
NEVER, NEVER BACKS OFF TWHE'S IN
THEIR OWN -- WHEN IT'S IN THEIR
OWN ECONOMIC INTEREST, WILL
BECAUSE IT WILL NO LONGER BE IN
THEIR ECONOMIC INTEREST BECAUSE
PENALTIES IMPOSED
AND EQUALITY IMPOSED UPON THEM
ONCE THIS BILL IS LAW.
THEY WILL ACTUALLY LET THEIR
CURRENCY FLOAT MAYBE NOT QUITE
AS QUICKLY AS WE WOULD WANT BUT
FAR MORE QUICKLY THAN IT HAPPENS
NOW, ONCE THIS BILL BECOMES LAW.
IN MY VIEW, THE ARGUMENTS THAT
HAVE BEEN RAISED AGAINST AMERICA
TAKING ACTION TO DEAL WITH
UNFAIR CHINESE CURRENCY
MANIPULATION ARE OUTDATED,
WRONG, INEFFECTUAL.
I'VE BEEN ARGUING THE OTHER
SIDE, OUR SIDE, FOR FIVE YEARS.
WHEN SENATOR GRAHAM AND I FIRST
STARTED TALKING ABOUT CURRENCY
MANIPULATION AND IMPOSING A
TARIFF, "THE NEW YORK TIMES" AND
"WALL STREET JOURNAL" EDITORIAL
BOARDS, ONE VERY LIBERAL, ONE
CONSERVATIVE, SAID CHINA SHOULD
BE ALLOWED TO PICK ITS CURRENCY.
SO WE'VE MADE PROGRESS AT LEAST
IN THE INTELLECTUAL STRENGTH --
OR IN THE INTELLECTUAL ARGUMENT.
BUT WE HAVE TO TAKE THAT
IT INTO
ACTION BECAUSE, MR. PRESIDENT,
MILLIONS, MILLIONS OF AMERICAN
JOBS ULTIMATELY TRILLIONS,
TRILLIONS OF AMERICAN DOLLARS OF
WEALTH AND NOTHING LESS THAN THE
FUTURE OF OUR COUNTRY IS AT
STAKE.
I YIELD THE FLOOR AND NOTE THE
ABSENCE OF A QUORUM.
THE
CLERK WILL CALL THE ROLL.
STPHAO QUORUM
CALL:
CALL:
A SENATOR: MR. PRESIDENT.
THE
SENATOR FROM SOUTH CAROLINA.
A SENATOR: I ASK THE QUORUM CALL
BE SUSPENDED.
WITHOUT
OBJECTION.