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(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.

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