May 14 2015

Graham Backs Effort to Fight Illegal Currency Manipulation

Contact: Kevin Bishop (864) 250-1417 or Lorcan Connick (202) 224-5972

WASHINGTON – U.S. Senator Lindsey Graham (R-South Carolina) today voted in support of a measure designed to punish countries such as China who unfairly manipulate the value of their currency. The legislation is opposed by the Obama Administration.

“I’m very pleased the Senate overwhelmingly passed this legislation which I helped author,” said Graham. “Our legislation would impose duties and tariffs on countries like China who intentionally manipulate the value of their currency to gain a competitive advantage over American manufacturers.

“The manner in which China and other foreign countries manipulate their currency hurts the American worker and is an undisputed illegal trade practice,” continued Graham. “I hope the House of Representatives will soon take up and pass this important legislation. When it comes to trade, China cheats. This bill fights back.”

The measure, which passed the Senate by an overwhelming 78-20 vote, requires the United States Department of Commerce to investigate all allegations of illegal currency manipulation by foreign countries. If illegal manipulation is found, new import duties would be placed on imports from the country in question.

The legislation now goes to the House of Representatives.