Senator Chris Dodd (D-CT), Chairman of the Senate Banking, Housing, and Urban Affairs Committee, today released the following statement after the House of Representatives passed and the President signed the Emergency Economic Stabilization Act:

“I commend Chairman Frank, Speaker Pelosi, and Congressmen Emanuel, Boehner and Blunt for their contributions to this bipartisan, bicameral effort.   

Responding to an announcement by the government of the United Arab Emirates (UAE) that it had recently enacted export control laws to prohibit  unlicensed trafficking of “strategic goods” such as chemical and biological weaponry, military hardware, and dual-use items,  Senator Chris Dodd, D-Conn.,  Chairman of the Senate Committee on Banking, Housing and Urban Affairs, today wrote to Commerce Secretary Carlos M. Gutierrez to request a report on the latest U.S. efforts to keep sensitive technology out of the hands of rogue and dangerous nations such as Iran.

A day after calling for a suspension of food, toy and pet food imports from China, Senator Chris Dodd sent a letter to President Bush urging him to protect the health and safety of American families by temporarily suspending these imports until the Chinese Government can ensure an adequate inspection procedure has been implemented.

Responding to inadequate action by the Treasury Department to identify and address currency manipulation by our nation’s largest trading partners, Senators Chris Dodd (D-CT) and Richard Shelby (R-AL), Chairman and Ranking Member of the Senate Banking Committee, today introduced the Currency Reform and Financial Markets Act of 2007 to level the playing field for American workers and businesses.  The Senators intend to work with their fellow Banking Committee colleagues to ensure that the legislation is passed through Committee in a timely manner.  

Senators Chris Dodd (D-CT) and Richard Shelby (R-AL), Chairman and Ranking Member of the Senate Banking Committee, today expressed disappointment upon receiving the bi-annual International Economic and Exchange Rate Policy Report from the U.S. Treasury Department.  Specifically, the Senators were concerned that the report did not identify China as a currency manipulator, an oversight that has adverse effects on the American manufacturing industry, the U.S. trade deficit, and our overall competitiveness.  Yesterday, Senators Dodd and Shelby announced legislation which will, among other things, create tough, new authority for both the Treasury Department and the Congress to act to provide a level playing field for U.S. manufacturers and workers.  The legislation would also tighten the definition of currency manipulation to provide for greater clarity and to prevent ambiguity or delay in addressing the problem. 

...to Protect U.S. Jobs and Combat China Currency Manipulation

June 12, 2007

Washington, D.C. – Responding to years of inaction by the Treasury Department to identify and promptly adjust currency manipulation by our largest trading partners, Senators Chris Dodd (D-CT) and Richard Shelby (R-AL), Chairman and Ranking Member of the Senate Banking Committee, today announced that they will introduce legislation to level the playing field for American workers and businesses. 

"One of the very first actions that I undertook as Chairman-elect of the Banking Committee in December 2006 was to write a letter with then-Chairman Shelby to the Treasury Secretary on the occasion of the first Strategic Economic Dialogue (“SED”).  In January 2007, I chaired a hearing with Secretary Paulson on exchange rates and the SED.  At that hearing, Treasury Secretary Paulson testified that the SED is the “best chance to get some progress [on the currency issue].”  The second session of the SED concluded in Washington this morning and I am eager to learn more about any progress made on both the currency and market access issues that the hearing today will address.

Senator Chris Dodd (D-CT), Chairman-Elect to the Senate Banking Committee, along with current Chairman Richard Shelby (R-AL), sent a letter today to Henry Paulson, Secretary of the U.S. Treasury Department, to strongly recommend that he prioritize currency reform and market accessibility on his trip to the People’s Republic of China this week.  The Senators cited the growing trade deficit with China and the job loss in America as reasons to raise these issues diplomatically.

Mr. President, I rise to speak about the US-Morocco Free Trade Agreement (FTA), which was passed in the Senate yesterday by a vote of 85-13. Nearly a year and a half of negotiations were devoted to crafting this Agreement by US and Moroccan officials. I voted in support of the implementing legislation to this agreement, and it is my hope that both of our countries will soon move to adopt the Agreement.

Mr. President, I rise today to speak about the US-Australia Free Trade Agreement (FTA), which is currently pending before this body. This agreement is the culmination of nearly two years of difficult negotiations and hard work by US and Australian officials. Today we have the opportunity to pass the implementing legislation that would pave the way for formal adoption of this FTA, and when that vote occurs, I intend to support this agreement.