Portman speaks out on administration's inaction on China's currency manipulation
U.S. Senator Rob Portman (R-Ohio) today released the following statement on the U.S. Department of the Treasury's announcement that it will delay the semi-annual currency report – that was due Oct. 15 – until after the November election:
"Just a few weeks ago, President Obama traveled to Ohio to talk tough on China, vowing to level the playing field for American workers, farmers and businesses and protect them against China's unfair trade practices," Portman said.
"His decision to punt the currency report due today until after the election, however, is further evidence his tough talk is just that, talk. He may claim to champion Ohio workers, but he has now shied away from naming China a currency manipulator eight times.
"This is not the first time that the president's campaign-driven words and promises have proved empty," Portman said.
"During his transition, President-elect Obama told Americans that his stimulus plan would reduce unemployment to 5.5 percent by now. Shortly after his inauguration, he further promised he would cut the deficit in half by the end of his first term.
"Today, under the president's failed policies of taxing, spending, and borrowing over the past four years, our nation's unemployment remains stubbornly high at 7.8 percent and our debt has soared to record heights of $16 trillion.
"In order to give our economy a shot in the arm and improve the livelihood of struggling middle class families, we need new leadership that is willing to stand up to China, decrease burdensome regulations on businesses, and pursue pro-growth policies that spur job creation."
Lately, the current administration has a pattern of downplaying the semi-annual currency report and delaying its release until Friday afternoons and holidays in the hopes of burying its failure to address Chinese currency manipulation, Portman said.
The report is due on or before Oct. 15 annually, and a follow-up report is due six months later, no later than April 15.
[[In-content Ad]]According to Portman, a history of the administration's semi-annual currency report release dates is as follows:
• May 25, 2012 – The Friday before Memorial Day Weekend;
• Dec. 27, 2011 – Christmas was observed on Dec. 26, it was released following day;
• May 27, 2011 – The Friday before Memorial Day weekend;
• Feb. 4, 2011 – The Friday before Super Bowl weekend;
• July 8, 2010 – July 4 was observed on July 5, the report was released three days later on Thursday during July 4 week;
• Oct. 15, 2009 – released on time; and,
• April 15, 2009 – released on time.