Copying and distributing are prohibited without permission of the publisher
(AMM) Steel backs currency manipulation bill
May 13, 2009 - 23:09 GMT
Location:
WASHINGTON
Legislation addressing alleged currency manipulation was introduced Wednesday at a press conference attended by lawmakers and steel industry leaders.
The Currency Reform and Fair Trade Act has strong bipartisan support and could be a useful tool to "level the playing field" for domestic industry, said Rep. Tim Murphy (R., Pa), one of the main sponsors of the bill along with Rep. Tim Ryan (D., Ohio).
"China continues to illegally subsidize products by a third of the costs by manipulating their currency," Murphy said. "The time has come for Congress to stand up for American workers and not allow China to run roughshod over the American economy."
Ryan said the bill is a "major step forward" that would significantly help the steel industry.
"Free and...
All material subject to strictly enforced copyright laws. ©
Euromoney Institutional Investor PLC.
Please log in using your online subscriber details.
Your username will be your registered email address with Metal Bulletin.
If you aren't a subscriber yet, feel free to take a seven day free trial, or subscribe using the instructions below.
Subscribe
A standard subscription include one year's worth of news and prices. You can also upgrade to the full archive and benefit from more than 13 years of intelligence. Start your subscription today.
Subscribe
Free trial
Taking a free trial will give you open access to Metal Bulletin online news, prices, archived content and email alert service for the next seven days. Start your free trial today.
Free trial