Jan 152015
 

A number of our legislators have recently accused China of deliberately undervaluing its currency to reduce the price of its products and give its companies an unfair trade advantage. According to many estimates, Chinese government intervention keeps the yuan about 20% below its free market value against the dollar. Lawmakers believe these manipulations are subsidies that should be retaliated against. China claims that it manages its currency to ensure domestic stability and not to cheat its trading partners. China’s membership in the International Monetary Fund (IMF) requires it to “avoid manipulating exchange rates … in order to prevent effective balance of payments adjustment or to gain an unfair competitive advantage over other members.” However, there is no venue in which this claim can be effectively challenged because the IMF agreement is basically unenforceable. Afraid of sparking a trade war, our Treasury Department has declined to cite China for its currency manipulations. Retaliation opponents claim China has made improvements regarding currency issues in recent years and that many other countries are worse offenders. They claim Singapore, Taiwan, Switzerland and Japan now manipulate the value of their currencies for gains in international trade to a worse extent than China. They also say that the exchange rate is not the main impediment to American companies trying to sell more products to china.

Pending Legislation:

H.R.1276 – Currency Reform for Fair Trade Act

I oppose reforming current currency manipulation policy and wish to defeat H.R.1276

I support investigating whether currency manipulation is a subsidy and subject to retaliation by determining if the currency of a foreign country is fundamentally undervalued if for an 18-month period; the government of the country engages in protracted, large-scale intervention in one or more foreign exchange markets; the country’s real effective exchange rate is undervalued by at least 5%; the country’s government has foreign asset reserves exceeding the amount necessary to repay all its debt obligations falling due within the coming 12 months, wish to pass H.R.1276

 Posted by at 12:00 am
Jan 152015
 

Our intelligence agencies have disclosed proof of massive Chinese computer hacking operations that have targeted America and other nations. These targets include not only our military but our manufacturing, biotechnology, telecommunications, nanotechnology and clean-energy industries. Officials claim the theft of this technology is draining up to $300 billion from our economy each year and costing millions of American jobs. Our corporate executives accuse China of committing the largest transfer of wealth in history. One of our metallurgical corporations lost technology that took 20 years and a billion dollars to develop. Our technology companies continue to notice Chinese government agencies downloading software updates for commercial and industrial programs they have never purchased. China is now the world’s second-largest market for computers but ranks only 8th in computer software sales. Many suspect the Chinese are using pirated versions of our software to operate these computers. It is not unusual for Chinese hackers to bribe employees of foreign companies to get information on firms they wish to hack. The extent to which our National Security Agency (NSA) is involved in similar hacking of foreign entities remains to be seen.

Pending Legislation:

H.R.221 – SMART SALE Act of 2013

S.1111 & H.R.2281 – Cyber Economic Espionage Accountability Act

I oppose reforming current intellectual property theft policy and wish to defeat H.R. 221 and S.1111 & H.R.2281

I support directing the President to submit to Congress, publishing, and updating a list of foreign government officials or persons acting on behalf of a foreign government that the President determines, based on credible information, are responsible for cyber espionage of intellectual property of U.S. persons; makes aliens appearing on this list ineligible to be admitted to the United States, and wish to pass S.1111 & H.R.2281

I support protecting U.S. technology by requiring any person or entity engaged in interstate commerce that owns, licenses, or holds an interest in a federally-funded technology to notify the Energy Dept. within seven days after entering into negotiations for any proposed merger, acquisition, or other transfer that could result in the control of a U.S. firm by: the governments of China, North Korea, or a state sponsor of terrorism; a citizen of such a country who owes permanent allegiance to such country; or a corporation or other legal entity which is 50% owned by a citizen of such a country, and wish to pass H.R.221

 Posted by at 12:00 am
Jan 152015
 

There can be absolutely no doubt that China has full access to our markets. Two years ago we replaced the European Union as the No.1 market for Chinese exports. These exports totaled about $350 billion in 2012. During this time, China imported about $130 billion worth of products made by our companies. Many American businesspeople protest that the Chinese are not as forthcoming in opening their markets as we are to them. They claim there are many roadblocks to selling American products there. In some cases, China has adopted a policy called “indigenous innovation” which requires that products sold in China must be conceived, designed and manufactured there. U.S. executives also complain about tight investment restrictions. They say China prohibits foreign investment in many industries and markets, permitting only joint ventures with Chinese firms. Our companies feel they will be forced to transfer sensitive technology and other information to their Chinese partners under these arrangements.

Pending Legislation: None

I oppose reforming current China market access policy

I support identifying a legislator who will sponsor a bill to enact economic sanctions against China until it provides access to its markets in a way that is equivalent to their access to U.S. markets

 Posted by at 12:00 am