Tip:
Highlight text to annotate it
X
A SENATOR: MR. PRESIDENT.
THE
SENATOR FROM SOUTH CAROLINA.
A SENATOR: I ASK THE QUORUM CALL
BE SUSPENDED.
WITHOUT
OBJECTION.
I RISE TODAY TO
RISE IN OPPOSITION TO THE
CHINESE TARIFF BILL BEING
PROPOSED BY MY COLLEAGUE FROM
NEW YORK.
I UNDERSTAND THE FRUSTRATION
THAT MOTIVATES THIS
LEGISLATION, AND I SHARE
SERIOUS CONCERNS OVER CHINA'S
CURRENCY MANIPULATION AND TRADE
PRACTICES.
I'VE WORKED FOR YEARS TO ENSURE
THAT TRADE -- FREE TRADE
ON A LEVEL PLAYING
FIELD, AND WE STILL HAVE A LONG
WAY TO GO.
BUT THE ANSWER TO THESE
FRUSTRATIONS WITH CHINA IS NOT
TO START A TRADE WAR THAT WILL
RAISE PRICES ON MANY GOODS FOR
AMERICAN FAMILIES AT A TIME WHEN
THEY'RE ALREADY STRUGGLING.
ESPECIALLY WHEN THIS APPROACH
HAS ALREADY BEEN TRIED AND
FAILED TO GAIN ANY POSITIVE
RESULTS FOR AMERICAN WORKERS.
THE ABSOLUTE LAST THING OUR
FLOUNDERING ECONOMY NEEDS RIGHT
NOW ARE RETALIATORY TARIFFS ON
AMERICAN PRODUCTS THAT WILL
DESTROY MORE JOBS.
IF WE WANT TO STRENGTHEN OUR
CURRENCY, WE SHOULD START BY
GETTING CONTROL OF OUR OWN
MONETARY POLICY IN THIS COUNTRY.
WAR WITH CHINA.
WE DON'T NEED TO START A TRADE
WE NEED TO STOP THE CLASS
WARFARE THAT'S PREVENTING JOBS
FROM BEING CREATED RIGHT HERE IN
AMERICA.
AMERICANS WORKERS ARE THE BEST
IN THE WORLD, BUT THEY CANNOT
FAIRLY COMPETE IN A GLOBAL
ECONOMY WHEN THE U.S. GOVERNMENT
IS KEEPING ONE ARM TIED BEHIND
THEIR BACK.
THE SOLUTION IS TO FREE AMERICAN
WORKERS, NOT TO TRY TO TIE UP
OUR COMPETITORS WITH MORE
MISGUIDED POLICIES THAT WILL
HURT AMERICAN FAMILIES WITH
HIGHER PRICES ON HOUSEHOLD
GOODS.
THE UNITED STATES GOVERNMENT
NEEDS TO GIVE AMERICAN WORKERS
THE FREEDOM TO WORK, AND THAT
FREEDOM STARTS WITH THE FREEDOM
TO GET A JOB.
AND IF PRESIDENT OBAMA AND THE
DEMOCRATS WANT TO KNOW WHO IS
PREVENTING JOBS FROM BEING
CREATED IN AMERICA, ALL THEY
HAVE TO DO IS TO LOOK IN THE
MIRROR.
LET'S BE CLEAR ABOUT A FEW
THINGS.
OTHER COUNTRIES AREN'T
THREATENING TO MASSIVELY RAISE
TAXES ON OUR NATION'S JOB
CREATORS AND DRIVE JOBS
OVERSEAS.
PRESIDENT OBAMA IS.
OTHER COUNTRIES DIDN'T JAM
THROUGH A HEALTH CARE TAKEOVER
BILL THAT'S RAISING THE COST OF
HEALTH CARE, MAKING IT HARDER
FOR BUSINESSES TO HIRE PEOPLE
AND ADDING TRILLIONS OF DOLLARS
TO OUR NATIONAL DEBT.
THE DEMOCRATS IN CONGRESS DID.
OTHER COUNTRIES DIDN'T FORCE US
TO PASS THE DODD FRANK FINANCIAL
TAKE OVER WITH THOUSANDS OF
REGULATIONS THAT ARE RAISING
COSTS ON AMERICAN BUSINESSES AND
CRIPPLING BUSINESSES.
DEMOCRATS IN CONGRESS DID.
OTHER COUNTRIES HAVEN'T WROIG
NEW RULES THAT ARE DESTROYING
JOBS AND KEEPING US DEPENDENT ON
FOREIGN OIL.
THE ADMINISTRATION'S E.P.A. IS.
OTHER COUNTRIES AREN'T BLOCKING
BOEING FROM CREATING THOUSANDS
OF AMERICAN JOBS IN THE STATE OF
SOUTH CAROLINA.
THE PRESIDENT'S NATIONAL LABOR
RELATION BOARD IS.
OTHER COUNTRIES AREN'T FORCING
28 U.S. STATES TO REQUIRE
EMPLOYEES TO JOIN LABOR UNIONS
THAT MAKE BUSINESSES LESS
COMPETITIVE.
DEMOCRATS ARE THE ONE PROTECTING
LABOR BOSSES AND HURTING WORKERS
IN AMERICA.
"THE WALL STREET JOURNAL" HAS
CALLED THIS CHINESE TARIFFS BILL
THE MOST DANGEROUS TRADE
LEGISLATION IN MANY YEARS.
AND FOR GOOD REASON.
IF WE PASS THIS BILL, IT'S
LIKELY TO SPARK A TRADE WAR.
IT IS UNLIKELY TO CREATE NEW
JOBS IN AMERICA.
BUT WILL RESULT IN HIGHER PRICES
FOR U.S. CONSUMERS.
AND BUSINESSES WILL PAY MORE FOR
RAW MATERIALS FROM CHINA WHICH
WILL INCREASE PRICES ON THEIR
GOODS AND REDUCE EMPLOYMENT.
PRESIDENT OBAMA AND THE
DEMOCRATS SHOULD KNOW BETTER
AFTER SEEING THE RESULTS OF THE
TARIFF THAT WAS PUT ON CHINESE
TIRES IN 2009.
IN RESPONSE, CHINA RETALIATED
WITH TARIFFS ON AMERICAN AUTO
PARTS AND POULTRY.
THIS WELL-INTENDED BILL WILL
HAVE THE SAME UNINTENDED
RESULTS.
I UNDERSTAND THE ECONOMIC
PEOPLE HAVE
WITH CHINA, BUT JUST AS SO MANY
OF OBAMA'S OTHER POLICIES HAVE
DONE, THIS BILL WILL ONLY MAKE
THINGS WORSE.
THIS BILL DOESN'T EXPORT THE
BEST OF WHAT AMERICAN WORKERS
HAVE TO OFFER.
IT EXPORTS BAD ECONOMICS.
TAXES AND TARIFFS DO NOT CREATE
JOBS.
COMPETITIONS -- COMPETITION IN
MARKETS DO.
FREEDOM WILL WORK IF WE LET IT.
I URGE URGE THE SENATE TO REJECT
THIS BILL AND START HELPING
AMERICAN WORKERS COMPETE MORE
FREELY HERE IN AMERICA AND
AROUND THE WORLD INSTEAD OF
BACK.
SIMPLY TRYING TO HOLD OTHERS
THANK YOU, MR. PRESIDENT.
I YIELD BACK AND NOTE THE
ABSENCE OF A QUORUM.
THE CLERK
WILL CALL THE ROLL.
CALL:
NANIMOUS
CONSENT TO DISPENSE WITH THE
WITHOUT
QUORUM CALL.
OBJECTION.
THANK YOU,
MR. PRESIDENT.
JUST A COUPLE OF COMMENTS ON THE
COMMENTS FROM THE OTHER
SENATOR -- THE SENATOR FROM
SOUTH CAROLINA.
HE WAS THE RANKING MEMBER ON THE
ECONOMIC POLICY SUBCOMMITTEE ON
WHICH SAT THE PRESIDING OFFICER
FROM OREGON ALSO IN 2009 AND
2010 AND WE HELD A SERIES OF
HEARINGS ON MANUFACTURING POLICY
AND THERE WAS SOME AGREEMENT
BETWEEN SENATOR DeMINT AND ME
ON WHEN -- YOU KNOW, HAVING A
MANUFACTURING STRATEGY, WE'RE
REALLY THE ONLY MAJOR INDUSTRIAL
COUNTRY IN THE WORLD WITHOUT A
REAL STRATEGY ON HOW TO DO
MANUFACTURING.
THERE ARE THREE WAYS TO CREATE
WEALTH IN A SOCIETY,
MANUFACTURING AND MINING AND
AGRICULTURE.
AND MANUFACTURING HAS BEEN A
DOMINANT FORCE AND SIGNIFICANT
CREATOR OF THE MIDDLE CLASS IN
THIS COUNTRY AND I THINK WE
AGREE ON THAT.
WHEN WE AGREE THAT WE WANT MORE
OF IT IN OUR COUNTRY.
30 YEARS AGO THE GROSS
DOMESTIC -- MORE THAN 25% OF
THE DPROAS DOMESTIC PRODUCT OF
OUR COUNTRY WAS MANUFACTURING.
TODAY THAT NUMBER IS LESS THAN
HALF THAT.
AND THERE ARE COUNTRIES AROUND
THE WORLD, GERMANY, FOR
INSTANCE, WHICH HAS HAD A
MANUFACTURING STRATEGY AND
ALMOST -- THEY HAVE ALMOST
TWICE THE G.D.P., MANUFACTURING
IS ALMOST TWICE THE G.D.P. AND
TWICE THE WORK FORCE IN THEIR
COUNTRY.
SO WHILE SENATOR DeMINT AND I
DISAGREE ON THIS CHINA TRADE
BILL I DO AGREE WITH THE OTHER
REPUBLICAN SENATOR FROM SOUTH
CAROLINA, SENATOR GRAHAM, WHO
HAS BEEN A SIGNIFICANT LEADER,
HE AND SENATOR SCHUMER HAVE
WORKED ON THIS FOR, YOU KNOW,
MORE THAN -- I BELIEVE MORE
THAN HALF A DECADE ON RESPONDING
TO THE CHEATING THAT THE CHINESE
COMMUNIST PARTY AND THE PEOPLE'S
DONE IN
THIS WORLD, IN THIS -- THIS --
IN THE WORLD TRADE STRUCTURE.
AND I DON'T BELIEVE IT ANYWAY
THAT WE'RE STARTING A CLASS --
A TRADE WAR, THE CHINESE HAVE
BY ALMOST ANY ECONOMIST WILL
TELL YOU THE CHINESE HAVE BEEN
COMMITTING A TRADE WAR FOR A
DECADE.
THAT'S
WHY OUR TRADE DEFICIT WITH CHINA
IS THREE TIMES WHAT IT WAS 10 OR
11 YEARS AGO.
THAT'S WHY SO MANY MANUFACTURING
JOBS IN SENATOR GRAHAM'S STATE,
SENATOR DeMINT'S STATE OF
SOUTH CAROLINA, THE PRESIDING
OFFICER'S STATE OF OREGON AND MY
STATE OF OHIO, SO MANY
MANUFACTURING JOBS HAVE BEEN
LOST.
NOT ONLY BECAUSE OF THAT BUT
THAT'S CERTAINLY A SIGNIFICANT
CONTRIBUTING FACTOR TO THAT.
I GO BACK TO THE ILLUSTRATION OF
IF YOU HAD GAS STATIONS, ONE
ACROSS THE STREET FROM THE OTHER
IN AKRON, OHIO, THE ONE THAT --
IF ONE GAS STATION COULD BUY ITS
OIL -- ITS GASOLINE WITH A 25%
DISCOUNT, THEY'D SOON PUT THE
BUSINESS.
OTHER GAS STATION OUT OF
THAT'S REALLY WHAT'S HAPPENED
WITH CHINA, THAT CHINA
UNDERSTANDS THAT THEY HAVE A 25%
ADVANTAGE GIVEN TO THEM BECAUSE
THEY GAME THE CURRENCY SYSTEM,
AND I KNOW WHAT THAT MEANS, THAT
THE NEW PRESIDING OFFICER FROM
NORTH CAROLINA HAS SEEN WHAT'S
HAPPENED TO MANUFACTURING IN HER
STATE, A MAJOR, MAJOR
COUNTRY.
MANUFACTURING STATE IN THIS
AND WHAT'S HAPPENED WHEN ONE
COUNTRY -- AND WE'RE NOT REALLY
-- OUR TRADE PROBLEMS AREN'T
WITH SO MUCH COMPANIES IN CHINA.
THEY'RE WITH THE GOVERNMENT.
IT REALLY IS OUR COMPANIES
AGAINST THEIR GOVERNMENT, AND
WHEN THEY CAN GAME THE SYSTEM AT
A 25% BONUS, AND WHEN WE TRY --
WHEN THEY SELL INTO THE UNITED
STATES AND GET A 25% BONUS, WHEN
WE TRY TO SELL INTO CHINA, WE
GET A 25% PENALTY ON OUR
COMPANIES AND OUR PRODUCTS.
AND THAT HARDLY SEEMS FAIR TO
ME.
SO THIS IS RULELY, AS SENATOR
GRAHAM HAS SAID SO WELL AND
SENATOR SCHUMER FROM NEW YORK,
THE TWO LEADERS IN THIS FOR MANY
YEARS HERE, HAVE SAID THEY JUST
WANT TO LEVEL THE PLAYING FIELD.
DHEE WANT -- THEY DON'T WANT ONE
COUNTRY -- THEY DON'T WANT US TO
HAVE AN ADVANTAGE OVER CHIEFNLT
LET US PLAY IT FAIRKS LET US
PLAY IT STRAIGHT.
THAT'S WHAT THIS CURRENCY BILL
WILL ULTIMATELY DO.
WITH THAT, MADAM PRESIDENT, I
YIELD THE FLOOR AND SUGGEST THE
ABSENCE OF A QUORUM.
A SENATOR: MADAM PRESIDENT?
I WITHDRAW MY
REQUEST.
THE
SENATOR FROM OREGON.
I WONDER IF MY
COLLEAGUE FROM OHIO WOULD
CONSIDER A BIT OF A DISCUSSION
FOR A FEW MINUTES.
I THUT IT VERY INTERESTING IN
LISTENING TO SOME OF THE DEBATE
HERE THAT THERE SEEMED TO BE
SOME POLICY-MAKERS IN THE UNITED
STATES SENATE WHO HAVEN'T COME
TO UNDERSTAND THAT WHEN ANOTHER
NATION PEGS ITS CURRENCY, RATHER
THAN LETTING IT FLOAT, IT DOES
SO DELIBERATELY TO PUT IN EFFECT
WHAT IS ESSENTIALLY A TARIFF
AGAINST IMPORTS.
IN OUR CASE, IT'S A TARIFF
AGAINST IMPORTS.
AND A SUBSIDY IS A TARIFF
AGAINST EXPORTS.
HERE WE ARE IN AMERICA.
WHY WOULD WE SAY IT'S OKAY FOR
CHINA TO PEG ITS CURRENCY THAT
PUTS A TARIFF AGAINST IMPORTS
AND A SUBSIDY AGAINST EXPORTS.
WHY WOULD SOME MEMBERS OF THE
CHAMBER CONSIDER THAT TO BE JUST
FINE?
I'M PUZZLED BY THAT.
I WAS LISTENING TO
ONE OF THE PREVIOUS SPEAKERS WHO
OPPOSED THIS BILL CHARACTERIZE
THE BILL AS A TARIFF -- A CHINA
TARIFF BILL.
AND YOU SAID IT EXACTLY WRITE.
WHEN WE SELL TO CHINA, IT'S AS
IF THEY PUT A TARIFF ON YOU ARE
PRODUCTS.
WHEN WE BUY FROM THEM, WE GIVE
THEM A 25% BONUS.
AND -- EXCUSE ME, WHEN WE TRY TO
SELL TO THEM, THEY ADD THAT
IMPORT.
WHEN WE BUY FROM THEM, THEY HAVE
A 25% BONUS.
AND IT'S PUTTING US AT SUCH A
DISADVANTAGE, AS YOU SAY.
WELL, WE RECENTLY
HAD THE SHUTDOWN OF A COMPANY
CALLED BLUE HERRING.
IT IS OPERATED FOR THE BETTER
PART OF A CENTURY MAKING PAPER.
AND THE POINT THAT BLUE HERON
WAS MAKING WAS THAT BECAUSE OF
THE PEGGING OF THE CURRENCY,
THEIR PAPER, IF THEY TRY TO SELL
TO CHINA, FACE ADD 25% TARIFF
WHILE CHINA'S PAPER WAS 25%
SUBSIDY.
AND IF IT WAS SOLD IN THE U.S.
IT CREATED AN ABSOLUTELY UNFAIR
INTERNATIONAL TRADE PLAYING
FIELD THAT WAS GOING TO BE
PUTTING AMERICAN PAPER MAKERS
OUT OF BUSINESS, NO MATTER HOW
BE.
EFFICIENT THEY COULD POSSIBLY
CHINA WITH THIS SUBSIDY, COULD
SELL INTO THE U.S. MARKET
UNDERCUTTING AMERICAN PRODUCTS.
WELL, THAT PLANT SHUT DOWN.
AND IT'S ONE OF A SERIES OF
PAPER PLANTS THAT HAVE SHUT
DOWN, AND I THINK YOU HAVE SOME
SIMILAR SITUATIONS IN OHIO.
THE SENATOR FROM
OREGON AND I HAVE TALKED ABOUT
THIS, THAT THERE IS A GENTLEMAN
WHO WORKED FOR A PAPER COMPANY
THAT ILLUSTRATED TO ME WHAT
CHINA HAS DONE AND A SPECIFIC
KIND OF PAPER CALLED -- IT IS
KIND OF THE GLOSSY MAGAZINE,
COATED PAPER, THAT CHINA BOUGHT
THEIR WOOD PULP IN BRAZIL, THEY
UNDERCUT BLUE HERON AND UNDERCUT
OHIO PAPER COMPANIES BECAUSE
THEY HAD THAT 25% SUBSIDY.
THERE'S NO WHAT I LABOR COSTS
ARE ONLY ABOUT 10% -- LABOR IS
ONLY ABOUT 10% THE COST OF PAPER
PRODUCTION, THAT YOU POSSIBLY
COULD BUY SOMETHING AS HEAVY AND
VOLUMINOUS AS WOOD PULP -- AS
PULP, SHIP IT ACROSS THE OWEN
OCEAN, MILL IT, SHIP IT IN THE
FORM OF PAPER BACK AND THE ONLY
WAY YOU COULD UNDERCUT PRICES IS
BY HUGE SUBSIDIES.
IT MAY HAVE BEEN WATER AND
ENERGY AND CAPITAL AND
LARNTIONDZ BUT IT SURELY WAS
THAT 25% SUBSIDY THAT THESE
COMPANIES HAVE WHEN THEY
UNDERCUT OUR MANUFACTURERS.
I JUST KNOW IN 15 YEARS, SENATOR
MERKLEY, OR 10 YEARS WE'LL JUST
LOOK BACK ON OUR COUNTRY, AT OUR
HISTORY AND SAY, WHY DID WE LET
ONE COUNTRY UNDERCUT OUR
MANUFACTURING BASE SO
SUBSTANTIALLY AND LOSE ALL THOSE
JOBS AND LOSE ALL THAT
TECHNOLOGY WHEN THE PRODUCTS ARE
INVENTED IN THIS COUNTRY, THEN
THE PRODUCTION IS DONE OFFSHORE,
SO MUCH OF THE INNOVATION THAT'S
DONE ON THE SHOP FLOOR ENDS UP
IN THAT COUNTRY RATHER THAN
HERE, AND IT MAKES IT HARDER FOR
US WHEN WE LOSE THAT INNOVATION
EDGE TO CATCH UP.
WELL, I THINK
IT'S IMPORTANT TO UNDERSTAND AS
WELL THAT THE PEGGED CURRENCY
ISN'T THE ONLY TOOL THAT CHINA
IS USING TO CREATE AN UNLEVEL
PLAYING FIELD AGAINST AMERICAN
PRODUCTS.
ANOTHER IS THAT THEY USE
SOMETHING THAT ECONOMISTS CALL
FINANCIAL REPRESSION.
NOW, THAT'S A FANCY WORD FOR
ARTIFICIALLY LOWERING THE
INTEREST RATES ON SAVINGS TO A
LEVEL BELOW INFLATION.
SO IF YOU'RE A CHINESE CITIZEN
AND YOU'RE SAVING MONEY AND THE
INFLATION RATE IS 5%, THE
INTEREST RATE YOU'RE GOING TO
GET IS GOING TO BE LESS THAN 5%.
IT IS A WAY ESSENTIALLY OF TASMG
THE ENTIRE NATION AND THE
GOVERNMENT TAKES THOSE FUNDS --
THE CHINESE GOVERNMENT TAKES
THOSE FUNDS AND THEY DO MASSIVE
SUBSIDIES TO MANUFACTURING IN
CHINA.
AND THOSE SUBSIDIES INCLUDE
GRANTS AND THEY INCLUDE
BELOW-MARKET LOANS.
SO ON TOP OF THE HUGE TARIFF ON
AMERICAN PRODUCTS AND THAT
BASICALLY STEMS FROM THIS
CURRENCY MANIPULATION, YOU HAVE
THESE HUGE SUBSIDIES TO DOMESTIC
MANUFACTURERS WHO EXPORT TO THE
UNITED STATES.
SUPPOSED TO
DISCLOSE THOSE SUBSIDIES UNDER
W.T.O.
BUT IT MAY COME AS A SURPRISE TO
SOME IN THIS CHAMBER, CHINA
DOESN'T DO IT.
THEY ONLY DID IT ONE YEAR -- IN
2006.
AND SO THEY ARE TAKING THE
STRUCTURE THAT WAS SET UP AND
THEY'RE ABUSING IT.
AND THIS ADDS ON TOP OF THE
CURRENCY MANIPULATION FURTHER
DRIVING JOBS OUT OF THE UNITED
STATES, DISCRIMINATING AGAINST
U.S. PRODUCTS.
ISN'T THERE A TIME, WHEN WE NEED
AS POLICY-MAKERS OF THE NATION,
TO STAND UP FOR THE AMERICAN
WORKERS, STAND UP FOR THE MIDDLE
CLASS AND SAY WE ARE NOT GOING
TO A HOW ANOTHER NATION IN A
MAJOR TRADING RELATIONSHIP TO
BREAK THE RULES IN ORDER TO
DISCRIMINATE AGAINST AMERICAN
PRODUCTS AND PUT AMERICAN
WORKERS OUT OF WORK?
FROM THE WORK THAT
SENATOR SCHUMER DID EARLIER IN
THE COSPONSORSHIP
OF THE SENATOR FROM NORTH
CAROLINA WHO IS PRESIDING, THIS
BILL -- IT REALLY IS THE FIRST
MAJOR BIPARTISAN JOBS -- MAJOR,
BIGGEST JOBS BILL WE'VE BROUGHT
IN FRONT OF THIS CHAMBER.
AND THIS IS A CHANCE TO FINALLY
BEGIN TO LOOK TOWARDS WAYS OF
REINDUSTRIALIZING OUR CURNTION
OF BUILDING MANUFACTURING.
IT MATTERS IN PLACES LIKE
BUFFALO AND HEART IS CHARLOTTE
AND PORTLAND AND TOLEDO.
THAT'S WHY WE GOT 79 VOTES IN
THE FIRST GO-AROUND MONDAY
NIGHT.
THAT'S WHY WE HAVE SO MANY
BILL.
REPUBLICAN SPONSORS OF THIS
THAT'S WHY THE WORK THAT SENATOR
SCHUMER AND GRAHAM HAVE BEEN
DOING FOR YEARS TO BEGIN TO
BUILD THAT FOUNDATION AND THAT'S
WHY THE PASSAGE OF 1619 IS SO
IMPORTANT.
MADAM PRESIDENT,
I JUST WANT TO THANK THE SENATOR
FROM OHIO, SENATOR BROWN, FOR
HIS TREMENDOUS WORK ON THIS,
ALONG WITH THE WORK THAT MY
COLLEAGUE FROM NEW YORK HAS
DONE, SENATOR SCHUMER.
IT IS TIME THAT WE STAND UP FOR
WORKERS ACROSS OUR NATION WHO
HAVE BEEN SYSTEMATICALLY LOSING
THEIR GOOD-PAYING MANUFACTURING
JOBS BECAUSE CHINA HAS BEEN
PEGGING ITS CURRENCY TO
DISCRIMINATE AGAINST AMERICAN
PRODUCTS AND TO SUBSIDIZE THE
EXPORT OF THEIR OWN.
THIS MUST BE DISCUSSED IN EVERY
COARCH OUR NATION.
IT MUST BE DISCUSSED HERE ON THE
FLOOR OF THIS CHAMBER BECAUSE IT
IS AFFECTING THE SUCCESS OF
AMERICAN FAMILIES IN OREGON, IN
OHIO, IN NEW YORK, IN NORTH
CAROLINA, AND THROUGHOUT OUR
NATION.
THANK YOU, MADAM PRESIDENT.
MADAM PRESIDENT, I NOTE THE
ABSENCE OF A QUORUM.
THE
CLERK WILL CALL THE ROLL.
QUORUM CALL:
QUORUM CALL:
A SENATOR: MADAM PRESIDENT?
THE
SENATOR FROM WYOMING.
MADAM PRESIDENT,
I ASK THAT THE QUORUM CALL BE
VITIATED.
WITHOUT
OBJECTION.
THANK YOU,
MADAM PRESIDENT.
MADAM PRESIDENT, IF WASHINGTON
IS GOING TO FORCE NEW
REGULATIONS ON THE JOB CREATORS
COUNTRY, WELL, I THINK
AMERICA NEEDS TO KNOW THE COST
OF THOSE REGULATIONS.
THAT'S WHY I RISE TODAY TO
DISCUSS AN IMPORTANT AMENDMENT,
AN AMENDMENT THAT I AM OFFERING
TO THE UNDERLYING CHINA CURRENCY
BILL.
IT IS THE BARRASSO AMENDMENT
NUMBER 671.
THIS AMENDMENT, WHICH IS A
BIPARTISAN AMENDMENT, IT'S
COSPONSORED BY SENATOR MANCHIN,
SENATOR BLUNT, THIS WILL FORCE
THE UNITED STATES GOVERNMENT TO
LOOK BEFORE IT LEAPS WHEN IT
COMES TO ISSUING JOB-CRUSHING
REGULATIONS.
SIMPLY PUT, THE ADMINISTRATION
WOULD BE REQUIRED TO DO A
COMPREHENSIVE AND TRANSPARENT
JOBS IMPACT ANALYSIS.
A JOBS IMPACT ANALYSIS BEFORE
ISSUING ANY JOB-CRUSHING
REGULATIONS.
JOB CREATION IN THIS COUNTRY HAS
ALMOST COME TO A HALT.
THE LABOR DEPARTMENT REPORTED
AUGUST.
THAT ZERO JOBS WERE CREATED IN
THE ECONOMIC RECOVERY THAT WAS
PROMISED BY THE ADMINISTRATION
FAILED TO MATERIALIZE.
UNEMPLOYMENT REMAINS AT 9.1%.
MEANWHILE, THE UNEMPLOYMENT RATE
IN CHINA IS 4.1%.
OUR ECONOMY IS STAGNANT.
CHINA'S ECONOMY IS GROWING.
IT HAS BEEN THIS WAY SINCE
PRESIDENT OBAMA TOOK OFFICE.
NOW, THE PRESIDENT BLAMES THE
AMERICAN PEOPLE BY SAYING THAT
THE COUNTRY HAS GROWN SOFT.
IN SEPTEMBER HE STATED IN A TV
INTERVIEW IN FLORIDA THAT, HE
SAID THE WAY I THINK ABOUT THIS
IS, YOU KNOW, THIS IS A GREAT,
GREAT COUNTRY THAT HAS GOTTEN A
LITTLE SOFT, HE SAID.
HE SAID WE DON'T HAVE THAT SAME
COMPETITIVE EDGE WE NEEDED OVER
THE LAST COUPLE OF DECADES.
HE SAID WE NEED TO GET BACK ON
TRACK.
WELL, YET DESPITE THE REPAOETD
ASSURANCES OF -- REPEATED
ASSURANCES OF IMPROVEMENT,
PRESIDENT OBAMA'S OWN ECONOMIC
POLICIES HAVE FAILED.
THE ONLY PEOPLE WHO HAVE GAINED
FROM THESE POLICIES, COUNTRIES
OVERSEAS.
WE SEE IT IN CHINA.
THESE ARE PEOPLE WHO ARE
BENEFITTING FROM AMERICAN
COMPANIES MOVING OPERATIONS
OUTSIDE THE UNITED STATES.
WHY?
IT'S TO ESCAPE WASHINGTON'S RED
TAPE.
THE PRESIDENT'S STIMULUS PLAN
FAILED TO PRODUCE THE
3.5 MILLION JOBS THAT THE
PRESIDENT HAD PROMISED.
HIS SO-CALLED GREEN JOBS
INITIATIVE GAVE US MORE RED INK
BUT NEVER CAME CLOSE TO THE FIVE
MILLION NEW JOBS THAT HE
PREDICTED.
ALL THE WHILE, THE WASHINGTON
BUREAUCRACY THAT HE CONTROLS HAS
CONTINUED TO CHURN OUT EXPENSIVE
AS WELL AS EXPANSIVE NEW
REGULATIONS THAT AMOUNT TO AN
ASSAULT ON DOMESTIC PRIVATE
SECTOR JOB CREATION.
THE FACTS ARE INESCAPABLE.
SINCE PRESIDENT OBAMA TOOK
OFFICE, AMERICA HAS LOST
APPROXIMATELY 2.3 MILLION JOBS.
WE HAVE BEEN IN AN ECONOMIC
CRISIS, A CRISIS THAT EXTENDS TO
AMERICA'S CONFIDENCE IN THE
PRESIDENT, CONFIDENCE IN THIS
PRESIDENT TO DO ANYTHING THAT
WILL CHANGE THE CURRENT COURSE.
WHAT THE AMERICAN PEOPLE WANT IS
LEADERSHIP, AND THEY HAVE
REJECTED THE PRESIDENT'S
INSISTENCE THAT THE ONLY WAY
FORWARD IS THROUGH MORE SPENDING
AND MORE WASHINGTON RED TAPE ON
JOBS.
THOSE IN THIS COUNTRY WHO CREATE
IN SEPTEMBER, THE PRESIDENT
ADDRESSED A JOINT SESSION OF
CONGRESS.
HE ACTUALLY SAID HE WANTED TO
ELIMINATE REGULATIONS,
REGULATIONS HE SAID THAT PUT AN
UNNECESSARY BURDEN ON BUSINESSES
AT A TIME, HE SAID, WHEN THEY
CAN LEAST AFFORD IT.
WELL, WE HEARD THIS SAME MESSAGE
FROM THE WHITE HOUSE TIME AND
TIME AGAIN.
THE RHETORIC COMING OUT OF THIS
WHITE HOUSE SIMPLY HAS NOT
MATCHED THE REALITY.
IN FACT, WASHINGTON CONTINUES TO
DAY.
ROLL OUT RED TAPE EACH AND EVERY
THE RED TAPE MAKES IT HARDER AND
MORE EXPENSIVE FOR THE PRIVATE
SECTOR TO CREATE JOBS, WHILE
MAKING IT EASIER TO CREATE JOBS
IN FOREIGN COUNTRIES LIKE CHINA.
THE PRESIDENT SAID THAT HIS
ADMINISTRATION HAS IDENTIFIED
OVER 500 REFORMS TO OUR
REGULATORY SYSTEM, HE SAID, THAT
WOULD SAVE BILLIONS OF DOLLARS
THE NEXT FEW YEARS.
WELL, I APPRECIATE THAT THE
WHITE HOUSE MAY HAVE IDENTIFIED
WASTEFUL REGULATIONS, BUT IT
WON'T REALLY HELP OUR ECONOMY
UNLESS THE WHITE HOUSE REPEALS
THOSE WASTEFUL REGULATIONS.
THE PRESIDENT'S JOBS PLAN DOES
NOTHING TO FIX THE REGULATORY
BURDENS FACED BY AMERICA'S JOB
CREATORS.
HIS JOB PLAN ACTUALLY ADDS TO
THE BURDENS OF JOB CREATORS IN
THIS COUNTRY.
THE PRESIDENT HAS TRIED TO
JUSTIFY THIS INCREASING
AVALANCHE OF RED TAPE.
HE SAID HE DOESN'T WANT TO
CHOOSE BETWEEN JOBS AND SAFETY.
WELL, IN TODAY'S REGULATORY
CLIMATE, THE CHOICE IS A FALSE
ONE.
WASHINGTON'S WASTEFUL
REGULATIONS AREN'T KEEPING
AMERICANS SAFE FROM DANGEROUS
JOBS.
PEOPLE CANNOT FIND
JOBS BECAUSE NO ONE IS SAFE FROM
THE REGULATIONS COMING OUT OF
WASHINGTON.
FOR EVERY STEP THAT OUR ECONOMY
TRIES TO TAKE FORWARD,
WASHINGTON REGULATIONS CONTINUE
TO STAND IN THE WAY.
THE EXPANSION OF THE FEDERAL
BUREAUCRACY IS SUFFOCATING THE
PRIVATE SECTOR ECONOMY.
FEDERAL AGENCY FUNDING HAS
INCREASED 16% OVER THE PAST
THREE YEARS WHILE OUR ECONOMY
HAS ONLY GROWN 5% OVER THE SAME
THREE YEARS.
THE REGULATORY BURDEN IS
LITERALLY GROWING THREE TIMES
FASTER THAN OUR OWN ECONOMY.
THIS MASSIVE INCREASE IN
WASHINGTON'S POWER HAS ONLY MADE
THE U.S. ECONOMY WORSE, AND
CHINA'S BETTER.
AMERICANS KNOW THAT REGULATING
OUR ECONOMY MAKES IT HARDER AND
MORE EXPENSIVE FOR THE PRIVATE
SECTOR TO CREATE JOBS.
THE COMBINED COSTS OF NEW
REGULATIONS BEING PROPOSED BY
THE OBAMA ADMINISTRATION IN JULY
AND AUGUST ALONE WAS
$17.7 BILLION.
MUCH OF THIS COST WAS BORNE BY
AMERICANS WORKING IN RED, WHITE,
AND BLUE JOBS.
THOSE WHO TRY TO JUSTIFY THESE
POLICIES CLAIM THAT THEY WILL
HELP US CREATE GREEN JOBS AT
SOME UNKNOWN TIME IN THE FUTURE.
OUR ECONOMY, OUR JOB MARKET, IS
NOT A SEESAW.
PUSHING ONE PART DOWN DOESN'T
MAKE THE OTHER SIDE POP UP.
THIS ADMINISTRATION'S
OUT-OF-CONTROL REGULATION SCHEME
IS DRAGGING DOWN LARGE PORTIONS
OF OUR ECONOMY.
NOW, THE PRESIDENT HAS PROMISED
TO STOP THIS KIND OF OVERREACH.
PRESIDENT OBAMA ISSUED AN
EXECUTIVE ORDER AT THE START OF
THIS YEAR, WAY BACK IN THE
BEGINNING OF 2011, AND HE SAID
HE WANTED TO DO THAT TO SLOW
DOWN WASHINGTON'S REGULATION.
WELL, LET'S SEE, HOW EFFECTIVE
HAS THE PRESIDENT BEEN WITH HIS
EXECUTIVE ORDER?
WELL, IT'S FAILED.
IN THE MONTH SINCE THE PRESIDENT
EXECUTIVE ORDER, BACK
WAY IN THE BEGINNING OF 2011,
ALL OF THOSE MONTHS, HUNDREDS OF
NEW RULES AND REGULATIONS HAVE
BEEN EITHER ENACTED OR PROPOSED.
FOR EVERY DAY THAT GOES BY,
AMERICA'S JOB CREATORS FACED AT
FOLLOW.
LEAST ONE NEW WASHINGTON RULE TO
WHEN THE PRESIDENT ANNOUNCED HIS
EXECUTIVE ORDER, HE SAID HE
WANTED TO PROMOTE PREDICTABILITY
AND REDUCE UNCERTAINTY.
THESE ARE VERY LAUDABLE GOALS,
BUT A NEW RULE EVERY DAY DOES
NOTHING TO PROMOTE
PREDICTABILITY AND IS THE VERY
DEFINITION OF UNCERTAINTY.
THE MAIN SOURCES OF UNCERTAINTY
IN THE ECONOMY RIGHT NOW ARE
WASHINGTON REGULATIONS.
TO MAKE THINGS WORSE, THE PEOPLE
MOST VICTIMIZED BY THIS
UNCERTAINTY ARE THE VERY PEOPLE
THAT THE PRESIDENT CLAIMS HE
WANTS TO HELP.
THE PRESIDENT SAID LAST YEAR
THAT WHEN IT COMES TO JOB
CREATION, HE WANTS TO, AND HE
SAID -- QUOTE -- "START WHERE
BUSINESSES."
MOST NEW JOBS DO WITH SMALL
WELL, THE SENTIMENT IS RIGHT,
BUT AGAIN WHAT HAS HE DONE ABOUT
IT?
ACCORDING TO THE U.S. CHAMBER OF
COMMERCE, BUSINESSES WITH FEWER
THAN 20 EMPLOYEES, WELL, THOSE
BUSINESSES INCUR REGULATORY
COSTS THAT ARE 42% HIGHER THAN
LARGER BUSINESSES WHICH HAVE UP
TO 500 EMPLOYEES.
AND THESE FIGURES DON'T INCLUDE
THE AVALANCHE OF NEW REGULATIONS
COMING DOWN THE ROAD.
SINCE JANUARY 1 OF THIS YEAR,
OVER 50,000 PAGES OF REGULATIONS
HAVE BEEN ADDED TO THE FEDERAL
REGISTER.
THE U.S. CHAMBER OF COMMERCE HAS
SAID THAT THE PRESIDENT'S NEW
HEALTH CARE LAW ALONE WILL
PRODUCE 30,000 PAGES OF NEW
HEALTH CARE REGULATIONS.
AND WHO ARE MANY OF THESE AIMED
AT?
WELL, IT IS THE SAME SMALL
EMPLOYERS THAT THE PRESIDENT
CLAIMS TO WANT TO HELP.
THE PRESIDENT SAID HE WILL KEEP
TRYING EVERY NEW IDEA THAT
WORKS, AND HE WILL LISTEN TO
PROPOSAL NO MATTER
WHICH PARTY HE SAID COMES UP
WITH IT.
WELL, I HAVE A PRETTY SIMPLE
IDEA.
IF THE PRESIDENT WANTS TO KNOW
WHICH PROPOSALS WILL WORK TO
CREATE JOBS, MAYBE HE SHOULD
REQUIRE HIS REGULATORY AGENCIES
TO TELL HIM HOW THEIR OWN
ACTIONS WILL AFFECT THE JOB
MARKET.
THE AMENDMENT THAT I AM OFFERING
IS GOING TO DO JUST THAT, AND IT
IS A BIPARTISAN AMENDMENT.
IT IS BASED ON A BILL THAT I
HAVE INTRODUCED CALL THE
EMPLOYMENT IMPACT ACT.
THIS AMENDMENT WILL FORCE EVERY
REGULATORY AGENCY TO PREPARE
WHAT IS CALLED A JOBS IMPACT
STATEMENT, A JOBS IMPACT
PROPOSED.
STATEMENT FOR EVERY NEW RULE
THE IMPACT STATEMENT MUST
INCLUDE A DETAILED ASSESSMENT OF
THE JOBS THAT WOULD BE LOST OR
EVEN GAINED OR SENT OVERSEAS
UPON ENACTMENT OF A RULE COMING
OUT OF WASHINGTON.
AGENCIES WOULD BE REQUIRED TO
CONSIDER WHETHER NEW RULES WOULD
HAVE A BAD IMPACT ON OUR JOB
MARKET IN GENERAL.
THIS JOB IMPACT STATEMENT WOULD
ALSO REQUIRE AN ANALYSIS OF ANY
ALTERNATIVE PLANS THAT MIGHT
ACTUALLY BE BETTER FOR OUR
ECONOMY, AND THE AMENDMENT
REQUIRES REGULATORY AGENCIES TO
EXAMINE AND REPORT ON HOW NEW
RULES MIGHT INTERACT WITH OTHER
PROPOSALS THAT ARE ALSO COMING
DOWN THE ROAD.
THE PROBLEM WITH WASHINGTON
REGULATIONS IS NOT ONLY THAT
THEY ARE TOO SWEEPING BUT THEY
ARE ALSO TOO MANY.
IT MAKES NO SENSE TO LOOK AT ANY
ONE INDIVIDUAL RULE OR
REGULATION IN A VACUUM, AND
ENACTING HUNDREDS OF THEM
WITHOUT IDENTIFYING AND
UNDERSTANDING THEIR CUMULATIVE
IMPACT AND EFFECT.
THE CUMULATIVE EFFECT OF THESE
REGULATIONS IS GOING TO SPELL
DEATH BY A THOUSAND CUTS FOR
HARD-WORKING AMERICANS WHO ARE
TRYING TO WORK, TRYING TO
SUPPORT THEIR FAMILIES.
IN KEEPING WITH THE PRINCIPLES
OF TRANSPARENCY THAT PRESIDENT
OBAMA REGULARLY PROCLAIMS IS A
PRIORITY FOR HIM, THIS BILL,
THIS AMENDMENT WILL REQUIRE
EVERY JOBS IMPACT STATEMENT
PREPARED BY A FEDERAL AGENCY TO
BE MADE AVAILABLE TO THE PUBLIC.
THE AMERICAN PEOPLE DESERVE TO
KNOW, HAVE A RIGHT TO KNOW WHAT
THEIR GOVERNMENT IS ACTUALLY
DOING, AND FEDERAL AGENCIES IN
WASHINGTON NEED TO LEARN TO
THINK, TO THINK ABOUT THE
AMERICAN PEOPLE BEFORE THEY ACT.
REQUIRING STATEMENTS FROM THESE
AGENCIES ON WHAT THEIR
NEW.
REGULATIONS WILL DO IS NOTHING
FOR 40 YEARS, FOR 40 YEARS, THE
FEDERAL GOVERNMENT HAS REQUIRED
AN ANALYSIS OF HOW FEDERAL
REGULATIONS WILL IMPACT
AMERICA'S ENVIRONMENT.
THEY HAVE TO FILE THINGS CALLED
ENVIRONMENTAL IMPACT STATEMENTS,
AND WHAT I'M ASKING HERE IS
SIMPLY A JOBS IMPACT STATEMENT.
PAST GENERATIONS OF LEGISLATORS
RIGHTLY RECOGNIZE THE IMPORTANCE
OF AMERICA'S LAND, AIR AND
WATER.
IT IS EQUALLY IMPORTANT THAT WE
RECOGNIZE THE IMPORTANCE OF
AMERICA'S WORKING FAMILIES AS
WELL.
AMERICA'S GREATEST NATURAL
RESOURCE IS THE AMERICAN PEOPLE.
WE ARE TALKING ABOUT PEOPLE WHO
WANT TO WORK, WHO ARE WILLING TO
WORK, WHO ARE LOOKING FOR WORK,
AND YET CANNOT FIND A JOB.
THIS AMENDMENT, THE BARRASSO
AMENDMENT, WILL FORCE WASHINGTON
BUREAUCRATS TO REALIZE THAT
AMERICANS ARE MUCH MORE
INTERESTED IN GROWING OUR
NATION'S ECONOMY THAN THEY ARE
IN GROWING CHINA'S ECONOMY.
OF
THIS AMENDMENT.
I YIELD THE FLOOR AND SUGGEST
THE ABSENCE OF A QUORUM.
THE
SENATOR FROM MICHIGAN.
THANK YOU, MADAM
PRESIDENT.
I RISE TODAY TO, FIRST OF ALL,
CONGRATULATE ALL OF MY
COLLEAGUES, 79 MEMBERS THAT CAME
TOGETHER TO VOTE TO PROCEED TO A
VERY IMPORTANT MEASURE, A JOBS
BILL THAT IS CURRENTLY BEFORE
US.
THE GREAT NEWS IS IT'S A JOBS
BILL THAT WILL COST US ZERO
DOLLARS TO BE ABLE TO IMPLEMENT
IN TERMS OF ABOUT 2.25 MILLION
NEW JOBS, NEW JOBS THAT WILL
COME WHY?
BECAUSE WE ARE SAYING AS A
GROUP, AS THE UNITED STATES
SENATE, THAT ENOUGH IS ENOUGH
AND WE WANT CHINA AS WELL AS
OTHER COUNTRIES TO FOLLOW THE
RULES.
WE WANT THEM TO FOLLOW THE RULES
SO THAT WHEN OUR COMPANIES AND
OUR WORKERS ARE COMPETING IN A
GLOBAL ECONOMY, THAT WE WILL
HAVE A LEVEL PLAYING FIELD, THAT
WE WILL HAVE THE ABILITY TO
COMPETE BECAUSE WE KNOW IF THE
RULES ARE FAIR, IF THERE IS A
LEVEL PLAYING FIELD, WE IN
AMERICA WILL COMPETE AND WE WILL
WIN.
WE KNOW THAT.
NOW, THE BIGGEST VIOLATOR ON ANY
NUMBER OF TRADE ISSUES WE KNOW
RIGHT NOW IS CHINA, AND SINCE
THEY JOINED THE W.T.O. 10 YEARS
AGO AND THE WHOLE POINT OF THEM
BEING ABLE TO JOIN THE WORLD
COMMUNITY UNDER A WORLD SET OF
ECONOMIC AGREEMENTS WAS TO MAKE
SURE THAT THEY WOULD HAVE TO
FOLLOW THE RULES LIKE EVERYBODY
ELSE, BUT EVER SINCE THAT TIME,
THEY HAVE DONE NOTHING BUT
FLAGRANTLY VIOLENT THE RULES.
WHEN CHINA DOESN'T PLAY BY THE
RULES, IT COSTS US JOBS.
IT PUTS OUR BUSINESSES IN
MICHIGAN, OUR WORKERS IN
MICHIGAN AND ACROSS THE COUNTRY
AT A SEVERE DISADVANTAGE, AND
IT'S GOT TO STOP.
MADAM PRESIDENT, WE IN MICHIGAN
HAVE BEEN THROUGH MORE, DEEPER
AND LONGER THAN ANY OTHER STATE
IN THE UNION, AND WE ARE COMING
BACK BECAUSE OF A GREAT WORK
ETHIC AND INGENUITY AND IDEAS
AND ENTREPRENEURIALSHIP, AND WE
ARE MOVING FORWARD AND CREATING
NEW IDEAS, MORE CLEAN ENERGY
PATENTS BEING CREATED IN
MICHIGAN THAN IN ANY OTHER PLACE
IN THE COUNTRY.
WE JUST HAD NEWS TODAY THAT IN
FACT WE ARE LAST YEAR, 2010, THE
FASTEST GROWING HIGH-TECH
SECTOR, MORE HIGH-TECH RESEARCH
AND DEVELOPMENT PROBLEMS IN
MICHIGAN THAN ANY OTHER PLACE IN
THE COUNTRY, AND SO WE KNOW HOW
TO COMPETE AND WE KNOW HOW TO
WIN.
BUT WE'RE IN A GLOBAL ECONOMY
WHERE OUR COMPANIES ARE
COMPETING AGAINST COUNTRIES, AND
AN ENTITY, A
COUNTRY LIKE CHINA THAT DOES NOT
FEEL THAT THEY NEED TO FOLLOW
THE RULES, WHETHER IT'S STEALING
OUR PATENTS, WHETHER IT'S
BLOCKING OUR BUSINESSES FROM
BEING ABLE TO BID TO DO BUSINESS
IN CHINA OR WHETHER IT'S THE
HUGE ISSUE OF CURRENCY
MANIPULATION WHICH IS IN FRONT
OF US TODAY, WE KNOW THAT THE
RULES MATTER.
WE KNOW IT'S OUR JOB TO STAND UP
FOR AMERICAN BUSINESSES AND
AMERICAN WORKERS, AND THAT'S
WHAT THE BILL IN FRONT OF US
DOES.
IT SAYS TO CHINA AND ANY OTHER
COUNTRY INVOLVED IN CURRENCY
MANIPULATION THAT WE HAVE HAD
ENOUGH.
IT DIRECTS TREASURY TO TAKE
ACTION TO LOOK AROUND THE GLOBE,
DETERMINE WHERE THERE IS
CURRENCY MISALIGNMENT TO
PRIORITIZE THE COUNTRIES THAT
ACTIONS.
ARE MOST EGREGIOUS IN THEIR
WE KNOW THAT CHINA IS AT THE TOP
THAT LIST, AND THEN IT
REQUIRES THEM TO ACT.
IT REQUIRES COMMERCE TO WORK
WITH OUR BUSINESSES TO ACT.
WE HAVE HAD ENOUGH TALK, WE HAVE
HAD ENOUGH HEARING ABOUT HOW --
GIVE CHINA TIME.
WE'RE NOW PAST TEN YEARS WHEN
THEY ANSWERED THE W.T.O. AND
EVERY TIME WE TALK ABOUT THIS,
THEY SAY THEY'VE STARTED TO
CHANGE IT.
ECONOMISTS HAVE SAID MAYBE IT'S
NOT CHANGE, EVEN GETTING WORSE.
THE POINT IS WE ARE LOSING JOBS
AS A RESULT OF THE FACT THAT
CHINA CHEATS AND ENOUGH IS
ENOUGH.
HOW DO THEY DO THAT?
IN THIS CASE WHEN WE SAY
CURRENCY MANIPULATION, I THINK
A LOT OF FOLKS' EYES GLAZE OVER
BUT THE REALITY IS BECAUSE OF
THE WAY THEY VALUE THEIR
CURRENCY, THEIR MONEY, THEY
ARE ABLE TO GET AN ARTIFICIAL
DISCOUNT.
THEIR PRODUCTS APPEAR TO COST
LESS COMING INTO THE UNITED
STATES, SAME PRODUCT MADE THE
SAME WAY AND OURS ARTIFICIALLY
GETS AN INCREASE IN THE PRICE.
AND IT CAN BE UP TO 40%
DIFFERENCE, JUST -- NOT BECAUSE
OF ANYTHING OTHER THAN THE FACT
THAT THEY DO NOT VALUE THEIR
CURRENCY THE WAY EVERY OTHER
COUNTRY DOES IN THE WORLD
ECONOMY.
AND SO THEY ALWAYS MAKE SURE
THAT THEY PEG IT IN A WAY THAT
THEY GET A DISCOUNT.
NO MATTER WHAT.
AND THAT'S ILLEGAL UNDER THE
W.T.O.
IT'S UNFAIR.
IT'S CHEATING.
AND THAT'S WHAT THIS BILL FIXES.
REAL-WORLD EXAMPLE: WE HAVE SOME
GREAT AUTO PARTS MANUFACTURERS
IN MICHIGAN AND A VERY COMMON
STORY WOULD BE A PART, BRAKES
OR ANOTHER PART THAT COSTS A
HUNDRED DOLLARS IN MICHIGAN THAT
THE CHINESE WOULD BE ABLE TO PEG
THEIR COST AT $60, NOT BECAUSE
IT WAS ANY DIFFERENCE OTHER THAN
THE FACT THAT THEY VALUE THEIR
CURRENCY IN A WAY THAT ALLOWS
THEM TO HAVE IT APPEAR THAT IT
COSTS LESS.
AND SO THIS IS SOMETHING THAT WE
INTEND TO TAKE ACTION ON.
WE KNOW RIGHT NOW, THE GOOD
NEWS IS IF CHINA'S CURRENCY WAS
REVALUED, IF THEY DID WHAT
EVERYBODY ELSE DOES IN THE
GLOBAL ECONOMY AND FOLLOWED THE
RULES AS THEY WERE SUPPOSED TO,
THAT WE WOULD SEE UP TO
$286 BILLION ADDED TO OUR G.D.P.
RIGHT NOW.
WE WOULD SEE 2.25 MILLION U.S.
JOBS BEING CREATED IF CHINA AND
THOSE OTHERS AROUND THEM
FOLLOWED THE LEAD AND IN FACT
REVALUED THEIR CURRENCY,
2.25 MILLION JOBS.
WE DON'T NEED A LINE ITEM IN THE
BUDGET TO DO THAT.
PROGRAM.
WE'RE NOT TALKING ABOUT A NEW
WE'RE TALKING ABOUT SIMPLY
LEVELING THE PLAYING FIELD AND
STOPPING CHINA FROM CHEATING.
AND WE CAN CREATE 2.25 MILLION
JOBS.
OUR DEFICIT WOULD BE REDUCED BY
BETWEEN $621 BILLION AND
$857 BILLION AT NO COST TO
TAXPAYERS.
AT THE TIME WHEN WE ARE
STRUGGLING WITH THE LARGEST
DEFICIT HOLE WE HAVE EVER HAD,
AND WE ARE STRUGGLING WITH HOW
WE ADDRESS THAT, THE ABILITY TO
HAVE UP TO $857 BILLION REDUCED
IN OUR DEFICIT AT NO COST TO
TAXPAYERS, MADAM PRESIDENT,
SOUNDS LIKE A PRETTY GOOD DEAL
TO ME.
AND I WOULD SAY PEOPLE IN
MICHIGAN WOULD SAY WHY HAS IT
TAKEN SO LONG TO BE ABLE TO
ADDRESS THIS?
SO NOW IS THE TIME.
WE HAVE A STRONG BIPARTISAN
COALITION, AND I'M SO PROUD OF
ALL THE COLLEAGUES THAT HAVE
COME TOGETHER FROM EVERY PART OF
THE COUNTRY, EVERY PART OF OUR
ECONOMY, WHETHER IT'S
MANUFACTURING, AGRICULTURE, OR
TEXTILES, OR THOSE INVOLVED IN
HIGH TECH, SAYING IT'S TIME FOR
US TO STAND UP FOR AMERICA, FOR
AMERICAN JOBS, AMERICAN
BUSINESSES.
THAT'S WHAT THIS IS REALLY ALL
ABOUT.
AND WHAT ELSE ARE WE HEARING
ABOUT THIS PARTICULAR EFFORT?
THE FEDERAL RESERVE CHAIRMAN,
BEN BERNANKE SAID THE CHINESE
CURRENCY POLICY IS BLOCKING WHAT
MIGHT BE A MORE NORMAL RECOVERY
PROCESS IN THE GLOBAL ECONOMY.
IT IS HURTING THE RECOVERY.
AGAIN, SOMETHING WE CAN DO THAT
WILL REDUCE THE DEFICIT, CREATE
JOBS, CHINA, PROCEEDING WITH A
POLICY THAT IS HURTING THE
RECOVERY AT A TIME WHEN WE NEED
TO GET EVERYTHING OUT OF THE WAY
SO THAT WE CAN COME ROARING BACK
AS A COUNTRY.
WE ARE THE GREATEST COUNTRY IN
THE WORLD.
I HAVE TREMENDOUS CHALLENGES
RIGHT NOW ECONOMICALLY THAT WE
WILL WORK OUR WAY OUT OF.
BUT ONE OF THE FIRST THINGS THAT
WE CAN DO IS TO SAY TO CHINA
STOP CHEATING.
WE ALSO HAVE HEARD FRED BERGSTEN
THE FORMER ASSISTANT TREASURY
SECRETARY, I REGARD CHINA'S
CURRENCY POLICY AS THE MOST
PROTECTIONIST MEASURE TAKEN BY
ANY MAJOR COUNTRY SINCE WORLD
WAR II.
WE DEBATE OVER THE YEAR, FAIR
TRADE, FREE TRADE, IS IT
PROTECTIONISM TO STAND UP FOR
AMERICAN BUSINESSES OR AMERICAN
WORKERS, AND HERE WE HAVE AN
EXPERT SAYING TO US THAT CHINA'S
POLICY ON CURRENCY MANIPULATION
HE REGARDS AS THE MOST
PROTECTIONIST MEASURE TAKEN BY
ANY MAJOR COUNTRY SINCE WORLD
WAR II.
THE REALITY IS WE CAN COMPETE
WILL.
WITH ANYBODY AND WIN, AND WE
BUT IT'S OUR JOB TO MAKE SURE
FIELD.
THAT THERE'S A LEVEL PLAYING
THIS IS ABOUT AMERICAN
COMPETITIVENESS.
THIS IS ABOUT BEING IN A GLOBAL
ECONOMY, MAKING SURE THE RULES
ARE FAIR, MAKING SURE THAT
EVERYBODY IS FOLLOWING THE SAME
RULES AND THEN LET'S GO FOR IT.
AND I'LL PUT AMERICAN
INGENUITY,
ENTREPRENEURIALSHIP, RESEARCH
AND DEVELOPMENT, SKILLED WORK
FORCE UP AGAINST ANYBODY.
NOW, SOME SAY -- IN FACT,
WE'VE HEARD NOW FROM THE HIGHEST
LEVELS OF THE CHINESE GOVERNMENT
THAT THIS WILL SPARK A TRADE WAR
IF WE TRY TO STAND UP FOR OUR
BUSINESSES AND REQUIRE THAT
THERE BE A LEVEL PLAYING FIELD.
WE KNOW WE HAVE A COMPLICATED
RELATIONSHIP WITH CHINA.
CERTAINLY, WE BORROW FUNDS TO
OFFSET OUR DEBT.
BUT WE ALSO ARE THE LARGEST
CONSUMER MARKET IN THE WORLD.
AND THEY WANT TO BE ABLE TO SELL
TO US.
AND I CAN'T BELIEVE THAT THEY
WILL DECIDE THEY SUDDENLY DON'T
WANT TO SELL ALL OF THOSE THINGS
THAT THEY MAKE TO THE UNITED
STATES, THE LARGEST CONSUMER
MARKET IN THE WORLD.
THE DIFFERENCE IS, THEY WON'T
BE ABLE TO CHEAT.
THEY WON'T ABLE TO GET
ARTIFICIAL DISCOUNT THAT WILL
HURT AN AMERICAN SMALL BUSINESS
MAKING THE SAME PRODUCT,
AMERICAN TEXTILE INDUSTRY.
I HAD AN OPPORTUNITY TO VISIT
MAKE DENIM FOR DENIM
JEANS AND VISIT FOLKS IN THE
COTTON INDUSTRY TALKING ABOUT
COMPETITIVENESS AND WHAT THIS
POLICY, THIS PROTECTIONIST
POLICY IN CHINA IS DOING TO THE
AMERICAN TEXTILE INDUSTRY WHICH
IS BEGINNING TO COME BACK.
AND WILL COME BACK IF IN FACT
THERE'S A LEVEL PLAYING FIELD.
ON TRADE.
BUT THEY ARE UP AGAINST A
SITUATION WHERE THEY
ARTIFICIALLY ARE FACING A 28% TO
30% DISCOUNT BECAUSE OF CURRENCY
MANIPULATION.
AND YET THEY'RE STILL COMPETING.
CAN YOU IMAGINE IF THE RULES
WERE FAIR?
COMPETITIVENESS.
THIS IS ABOUT AMERICAN
IT'S ABOUT THE FACT THAT WE ARE
RESPONSIBLE FOR MAKING SURE
THERE'S A LEVEL PLAYING FIELD
FOR AMERICAN BUSINESSES AND
AMERICAN WORKERS.
WE WILL NOT HAVE A MIDDLE CLASS
IN THIS COUNTRY IF WE DON'T MAKE
THINGS AND GROW THINGS.
AND WE WANT TO MAKE THINGS SHEER
AND GROW THINGS HERE.
THE JOBS WILL BE HERE AND THEN
WE'RE HAPPY TO EXPORT THEM.
WE WANT TO EXPORT OUR PRODUCTS,
NOT OUR JOBS.
THAT'S THE DIFFERENCE.
WE'RE SICK AND TIRED OF
EXPORTING OUR JOBS BECAUSE OF
THE FACT THAT CHINA DOES NOT
FOLLOW THE RULES.
ENOUGH IS ENOUGH.
MORE THAN TEN YEARS THEY'VE HAD
TO STEP UP AND DO WHAT THEY'RE
SUPPOSED TO BE DOING UNDER THE
AGREEMENTS THAT THEY HAVE
ENTERED.
ENOUGH IS ENOUGH.
SO AGAIN, I'M LOOKING FORWARD
TO OUR FINAL VOTE ON THIS
LEGISLATION.
I THINK THIS IS A VERY IMPORTANT
MOMENT AT A TIME WHEN THERE ARE
MANY DISAGREEMENTS AND THERE
HAVE BEEN MANY DIFFICULT TIMES
HERE IN THE SENATE BEING ABLE TO
MOVE FORWARD AND TAKE ACTION.
THE FACT THAT COLLEAGUES ON BOTH
SIDES OF THE AISLE ARE STANDING
TOGETHER ON BEHALF OF BUSINESSES
AND WORKERS WHO EVERY CORNER --
THROUGH EVERY CORNER OF THIS
COUNTRY AND SAYING WE'RE GOING
TO FIGHT FOR AMERICAN JOBS,
AMERICAN BUSINESSES LARGE AND
SMALL, AND WE'RE GOING TO MAKE
SURE THAT WE CREATE A LEVEL
PLAYING FIELD SO WE HAVE THE
COMPETITIVENESS STRUCTURE THAT
WE NEED IN THIS COUNTRY BECAUSE
WE KNOW IF WE HAVE THAT LEVEL
PLAYING FIELD, THERE IS NOTHING
THAT CAN STOP AMERICAN INGENUITY
AND AMERICAN WORKERS WHO ARE THE
BEST IN THE WORLD AND WILL
CONTINUE TO BE.
THIS BILL
AND CONGRATULATE ALL OF MY
COLLEAGUES AND PLEASED TO HAVE
BEEN INVOLVED WITH THIS ISSUE
FOR MANY, MANY YEARS, WITH
COLLEAGUES ON BOTH SIDES OF THE
AISLE AND VERY PLEASED THAT
WE'VE BEEN ABLE TO GET THIS
LEGISLATION TO THIS POINT.
IT'S NOW TIME TO ACT ON BEHALF
OF AMERICAN WORKERS AND AMERICAN
BUSINESSES.
I YIELD BACK THE FLOOR.
THE CLERK
WILL CALL THE ROLL.
QUORUM CALL: