Update from Senator Bob Corker
October 8, 2011
China Currency Bill is Not the Answer
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Senator Corker continued to voice his strong opposition to S.1619, the Currency Exchange Rate Oversight Reform Act, sponsored by Senator Sherrod Brown (D-Ohio). On Thursday, the Senate voted 62-38 to position the “China currency bill” for a final vote. Corker opposed the measure.
“There’s no question that China manipulates its currency, but I don’t believe this bill would bring any production to the U.S. or create one job here in America. This approach is a typical Washington, cut-your-nose-off-to-spite-your-face response that would prove counterproductive,” said Corker. “We’ve seen this play out before. In 1930, in a moment of populism, Congress reached for simple answers to complex problems and passed the Smoot-Hawley Tariff Act. The result was a deeper depression and a decade of increased joblessness.
“If we want to do something productive regarding China, we should focus on pushing the Chinese to end preferential procurement policies, addressing China’s disregard for intellectual property rights, encouraging the Chinese to make investments in manufacturing plants in the U.S., and ensuring that America maintains access to the 1.3 billion Chinese consumers. These are the right policy responses toward Beijing. Unfortunately the bill currently on the Senate floor does none of this, but instead would be the opening salvo in a new dynamic of hostile relations.
“To me, one of the most shocking aspects of this debate has been the Home Alone syndrome at the White House – a total lack of leadership from this administration on an issue of great international importance.”
Video: CNBC Squawk Box interview on China currency bill
New York Times (Editorial): The Wrong Way to Deal With China
Politico (Op-ed by Chris Chocola, Club for Growth): Leave China out of it
Providing Americans with More Information about Medicare
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Senator Corker introduced legislation to add Medicare information to annual Social Security statements so Americans are better informed about their lifetime contributions and benefits. The Medinfo Act, previously introduced in the House of Representatives by Reps. Jim Cooper, D-Tenn., and Paul Ryan, R-Wis., will provide every eligible taxpayer and Medicare beneficiary age 25 and older with a detailed summary of their total lifetime contributions and benefits.
“One of the most significant long-term challenges for our country is restoring the solvency of the Medicare system, which holds $38 trillion in unfunded liabilities and runs out of money to pay full benefits in 2024. Reforming the system will require all Americans to better understand what’s at stake, and this new statement will help,” Corker said. Read more: http://bit.ly/pyVK4w
Nooga.com: Corker introduces bill to bring transparency to Medicare
Tennessean: Sen. Bob Corker wants Medicare payments detailed for taxpayers
In the News:
Columbus Dispatch (OH) (Editorial): No more help, please
Knoxville News Sentinel: Greg Johnson: Corker warned of debit card charges
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