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April 24, 2015

MSCI Pleased with Currency-Related Amendments to TPA Bill, but Cautions More Work Must Be Done

Contact:
Ashley DeVecht, director of communications, 847-485-3011 or 616-260-2785
Dianna Smoljan, 708-945-7405 

MSCI Pleased with Currency-Related Amendments to TPA Bill, but Cautions More Work Must Be Done

Rolling Meadows, Ill., April 23, 2015 – Metals Service Center Institute (MSCI) President and CEO M. Robert Weidner, III, commented Thursday on passage of “fast-track” trade legislation by the U.S. House Ways and Means Committee and the U.S. Senate Finance Committee. 

“While I’m pleased the Finance Committee added provisions to its version of fast-track that will help the U.S. address currency manipulation by foreign countries, I’m disappointed the committee didn’t approve a bipartisan amendment offered by Sen. Rob Portman (R-OH) and Sen. Debbie Stabenow (D-MI) that would have set enforceable currency manipulation rules,” Weidner said. “I’m also disappointed the Ways and Means Committee voted down an amendment that would have allowed sanctions against countries that manipulate their currency.” 

MSCI is pleased the Finance Committee adopted an amendment that compels the U.S. Commerce Department to address and take action on cases of currency manipulation. Weidner said, “Free markets require the rule of law to work. The foreign exchange markets should determine the purchasing power parity of currencies for the same product bundle of goods and services. Countries that purposefully manipulate their currencies for mercantile advantage must be held accountable. This amendment offers one way to do that.” 

The full House and Senate are expected to consider their respective versions of fast-track legislation over the next couple of weeks. MSCI is hopeful lawmakers will approve additional measures to address currency manipulation during those debates and in final negotiations on the bill. 

“Currency manipulation is real. Earlier this year, the majority of G-20 finance ministers effectively endorsed currency devaluation as a tool to prop up their economies,” said Weidner. “Congress must address this threat by including strong enforceable currency rules in its final fast-track legislation. We’re hopeful that Sens. Portman and Stabenow will offer their amendment again on the Senate floor and that the full Senate will approve it, and leaders in the House will agree with it.” 

About MSCI 

Founded in 1909, the Metals Service Center Institute is a nonprofit trade association that represents more than 400 firms in the metals industry. The American metals industry accounts for nearly 2.5 million jobs and more than $552 billion to the nation’s gross domestic product. For more information, visit www.MSCI.org.