October 6, 2011

Washington, D.C. – Nevada Senator Harry Reid made the following remarks today on the Senate floor regarding legislation to curb Chinese currency manipulation. Below are his remarks as prepared for delivery:

Today I have the pleasure of welcoming a special guest from Nevada, the Reverend D. Edward Chaney, who just delivered an eloquent invocation.

Pastor Chaney is originally from South Carolina, but for the past two years he has led the flock of the Second Baptist Church in Las Vegas, Nevada.

He is also very involved with the Las Vegas community, serving on the board of the local chapters of the Urban League and the NAACP.

In addition to his tremendous service to the Southern Nevada community, he also served in the Navy for four years, and recently retired as Chaplain of the U.S. Air Force Reserve at Nellis Air Force Base.

I welcome Pastor Chaney and his wife, Avis, to Washington. Thank you, Pastor Chaney, for the inspiring invocation, which I hope it will guide the Senate’s actions today.

This morning the Senate will hold a vote to advance legislation to end the underhanded practice of currency manipulation by the Chinese government.

This practice – which gives Chinese exports an unfair advantage on the global market – hurts American manufacturers and cheats American workers out of jobs.

And it has helped balloon America’s trade deficit with China from $10 billion to $273 billion in the last 20 years, costing 3 million American jobs.

Two million of those lost jobs came from the manufacturing sector, which can’t compete as long as the Chinese government gives its exporters special advantages.

This legislation is a chance to even a tilted playing field, pump $300 billion into our economy in two years and support 1.6 million American jobs.

That’s why it has the support of labor unions and business groups. That’s why it advanced with an overwhelming, bipartisan vote on Monday.

I would remind my Republican colleagues that, since the Senate began debate of this bill, China has made no move to correct the value of its currency. It is clear that merely considering Congressional action will not solve this problem.

Democrats have offered to work with Republicans on agreement to consider several germane amendments, and we stand by that offer.

Thirty-one Republicans voted to advance this legislation earlier this week.

I am hopeful my colleagues on the other side will continue to work with us in a bipartisan fashion to advance this important, job-creating legislation today.

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