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Dear FreedomWorks member,
As one of our million-plus FreedomWorks members nationwide, I urge you to contact your senator and ask him or her to vote NO on S. 1619, the Currency Exchange Rate Oversight Reform Act of 2011. Introduced by Sen. Sherrod Brown (R-Ohio), the bill would impose sanctions on China for allegedly manipulating its currency. Retaliation aimed at the value of Chinese currency will not fix anything. The extent of the yuan’s misalignment is unclear but the value of Chinese currency has not significantly affected the U.S. economy. The Currency Exchange Rate Oversight Reform Act is a misdirected bill that will hurt U.S. job growth and could trigger a trade war.
Foreign trade is not to blame for our economic woes. Punishing China by raising U.S tariffs will likely do more harm than good. High tariffs will ultimately get passed on to consumers in the form of higher prices for goods. As a result, the bill would further destroy American jobs and slow economic growth. If China retaliates by buying goods from elsewhere, American exporters will be hurt in the process. We should instead strive to have freer trade with all countries to promote innovation and freedom. The economic downturn is primarily due to the U.S. government’s policy mistakes, including excessive taxation and regulation.
I urge you to call your senator and ask him or her to vote NO on S.1619, the Currency Exchange Rate Oversight Reform Act. We will count their vote as a KEY VOTE when calculating the FreedomWorks Economic Freedom Scorecard for 2011. The Economic Freedom Scorecard is used to determine eligibility for the Jefferson Award, which recognizes members of Congress with voting records that support economic freedom.
President and CEO
[Click here for a PDF version of this key vote.]