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One Voice Applauds Senate For Introducing Bill to Crack Down on Currency Manipulation
Washington, DC – The Precision Metalforming Association (PMA) and the National Tooling & Machining Association (NTMA) applauded today’s introduction in the U.S. Senate of the Currency Exchange Rate Oversight Act of 2011 and called for immediate action. The legislation, backed by a bipartisan group of Senators, would provide the government with new tools to address illegally manipulated foreign currencies by countries like China.
The bipartisan group of senators backing the currency bill includes Sen. Sherrod Brown (D-OH), Sen. Chuck Schumer (D-NY), Sen. Lindsey Graham (R-SC), Sen. Olympia Snowe (R-ME), Sen. Debbie Stabenow (D-MI), Sen. Jeff Sessions (R-AL), Sen. Robert Casey (D-PA), and Sen. Richard Burr (R-NC). The bill would tighten the Treasury Department’s criteria for citing countries for currency manipulation, and impose new penalties on countries that manipulate their currencies, including duties on those countries’ exports.
"The consequences of currency manipulation are particularly tough for small, middle-market manufacturing businesses and their employees," said NTMA President Dave Tilstone. "We applaud this group of Senators for taking action to address a long-standing practice that makes it significantly tougher for our members to successfully compete in today’s global marketplace. There is no reason for our government to continue giving a pass to an issue that is so crucial to the success of our businesses."
"We’re glad to see the U.S. Senate move to confront one of the key threats faced by small and medium-market manufacturers today," said PMA President William E. Gaskin. "We hope policymakers will continue to support our industry’s competitiveness by pursuing a comprehensive manufacturing policy that addresses tax, labor, health and trade policy issues as a whole. Active engagement by lawmakers will be key to the long-term success of U.S. manufacturing."
About One Voice
The Precision Metalforming Association (PMA) and the National Tooling and Machining Association (NTMA)’s combined “OneVoice” federal government advocacy program is designed to promote U.S. government policies that will ensure a strong manufacturing sector in the United States.
NTMA is the national association representing the precision custom manufacturing industry, which employs more than 440,000 skilled workers in the United States. Its mission is to help members of the U.S. precision custom manufacturing industry achieve business success in a global economy through advocacy, advice, networking, information, programs and services. Many NTMA members are privately owned small businesses, yet the industry generates sales in excess of $40 billion a year. NTMA’s nearly 1,300 member companies design and manufacture special tools, dies, jigs, fixtures, gages, special machines and precision-machined parts. Some firms specialize in experimental research and development work.
PMA is the full-service trade association representing the $113-billion metalforming industry of North America—the industry that creates precision metal products using stamping, fabricating, spinning, slide forming and roll forming technologies, and other value-added processes. Its nearly 1,000 member companies also include suppliers of equipment, materials and services to the industry. PMA leads innovative member companies toward superior competitiveness and profitability through advocacy, networking, statistics, the PMA Educational Foundation, FABTECH and METALFORM tradeshows, and MetalForming magazine.
Visit www.metalworkingadvocate.org for additional information on PMA and NTMA.