Thank you, Chairman Dodd for holding this markup today.  Among the other bills being considered, I am pleased that we have before us the “Currency Reform and Financial Markets Access Act of 2007.”  The issue of China currency is important to me and my state, North Carolina, and that is why I have become a cosponsor of S. 1677.  As this Committee is aware, North Carolina’s economy has been heavily impacted by thousands of textile and furniture jobs moving overseas. 

We must ensure that other countries play by the rules when it comes to their currency value, so that American workers are not put at a competitive disadvantage.  This bill will help clarify the definition of currency manipulation and give the United States a plan of action to remedy the situation.

Lastly, trade remedies are intended to provide recourse for U.S. manufacturers against unfair and illegal trade practices by other countries.  As the Senate moves forward in developing a remedy to address currency manipulation and other mercantilist policies that put U.S. manufacturers at a disadvantage, I hope we can all agree that these remedies should be as strong as possible and that we should provide multiple tools, including anti-dumping and Counter-veiling duty remedies, to ensure that this problem is addressed in a comprehensive and meaningful manner. 

Chairman Dodd, thank you again for holding this markup and including the “Currency Reform and Financial Markets Access Act of 2007.”