Berks County News

The United States House of Representatives has taken a significant step towards addressing China's secretive and unfair currency practices with the passage of H.R. 839, the China Exchange Rate Transparency (CERT) Act of 2023. Introduced by Congressman Dan Meuser, this legislation aims to promote greater transparency in China's exchange rate policies, which have long been a source of concern for American businesses and the global economy.

China's currency manipulation has had a profound impact on the competitiveness of American products and the overall fairness of the global economic system. By intentionally devaluing their currency, China has made their products cheaper than American counterparts, giving them an unfair advantage in international trade. The CERT Act seeks to address this issue by holding China accountable and ensuring that every country, including China, follows the promises they made regarding exchange rates.

Representative Meuser expressed his support for the bill, stating, "My bill takes on the Chinese Communist Party’s unfair tactics in the world of currency trading. They're purposely lowering the value of their money to make their products cheaper than American ones. This isn't just about being fair; it's about making sure the world economy plays by the rules." He emphasized that the CERT Act would make China's often-manipulative exchange rates more transparent at the International Monetary Fund (IMF).

The passage of the CERT Act in the House demonstrates bipartisan support for addressing currency manipulation and leveling the playing field for American businesses and workers. By curbing these unfair practices, the Act is expected to enhance the competitiveness of U.S. exports, ultimately benefiting the American economy as a whole. This legislation underscores the United States' commitment to fair trade and a transparent global economic system.

Congressman Meuser's bill not only represents a significant legislative achievement but also serves as a clear statement of the United States' determination to protect its economic interests and maintain fair trade amidst global complexities. It highlights the commitment of U.S. leaders to defend American businesses and workers from unfair economic practices.

The Congressman spoke in support of his legislation on the House Floor, emphasizing the importance of addressing China's currency manipulation. The video of his speech can be found here. For those interested in reading the text of the legislation, it is available here.

The passage of the CERT Act is a notable stride toward global economic fairness and a testament to the United States' commitment to ensuring a level playing field for American businesses in international trade.