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May 31, 2015

MSCI Pledges To Continue Fight To Address Currency Manipulation

MSCI Vice President of Finance and Government Relations Jonathan Kalkwarf talked to American Metal Market (subscription required) last week about the organization’s support for adding strong, enforceable currency rules to Trade Promotion legislation. Kalkwarf expressed MSCI’s disappointment that the U.S. Senate failed to adopt an amendment offered by Sen. Rob Portman (R-OH) and Sen. Debbie Stabenow (D-MI) requiring these rules. Kalkwarf said, “We are disappointed that Sens. Portman and Stabenow’s amendment was defeated, but the narrow loss demonstrates there is strong bipartisan agreement that currency manipulation by our trading partners is an unfair subsidy that inflicts serious injury on the metals industry.” 

Kalkwarf also pledged that “MSCI and its members will continue to make that case to the House of Representatives as they begin to debate TPA.” 

The House is expected to begin that debate during the second or third weeks of June. As such, MSCI once again encourages its members to contact their House representatives over the next two weeks to tell them to support efforts in that chamber to add strong, enforceable currency rules to TPA. MSCI has contact information for all members of Congress on its website

Before you call or write, review MSCI President and CEO Bob Weidner’s recent column, available here, on TPA and currency. MSCI also encourages members to read this column from Lapham-Hickey Steel Corp. President Bill Hickey. Finally, MSCI also encourages its members to mention a new Ipsos poll that found more than two-thirds of Americans don’t think Congress should approve trade deals that don’t prohibit currency manipulation. 

In other currency-related news: last week the International Monetary Fund announced that it no longer considers China to be a currency manipulator. According to Politico, “A senior Treasury Department official told reporters … that the U.S. still considers the yuan ‘significantly undervalued.’”