Boosting domestic production of goods and services is the quickest way to stop rising unemployment and to put Americans back to work.  Illegally subsidized foreign goods, however, unfairly displace U.S. goods and prevent the increased U.S. production needed to create more jobs. Some foreign countries engage in illegal currency misalignment which is a way for them to prevent market forces from determining the value of their currency and thus subsidizes the price of their exports.  This practice puts American goods and services at an unfair comparative disadvantage in all markets.

Tomorrow, I will join a few of my colleagues to reintroduce the Currency Reform for Fair Trade Act. We will also share the stage with a coalition of labor and business leaders who have been affected by the unfair trade environment that currency manipulation creates. Our law refines and streamlines earlier proposals made in the 109th and 110th Congresses and aims to establish an effective trade law remedy to neutralize currency misalignment. There are two fundamental changes:  First, we want to address the issue of any country engaging in currency depreciation.  Second, exchange-rate misalignment has both monetary and trade facets -- this bill simplifies the focus to only a trade remedy that concentrates on offsetting the adverse effects of currency misalignment and does not say anything about whether other countries intentionally engage in currency manipulation from a monetary/IMF/Treasury standpoint.

One country engaging in currency manipulation, China, had run up a $1.4 trillion trade surplus with the United States since 2001. Under normal market circumstances, that would have had the natural economic effect of raising the value of the Yuan against the dollar to correct the trade imbalance. This act will give our nation the tools to combat the unfair protectionism of currency misalignment. I plan on creating a bill widget on my website so you can check the status of this legislation, and I will continue to update you on the latest updates as they happen.

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In order for our country to get back on track, it’s time to rebuild our economy in a way that's consistent with our values – an economy that rewards hard work and responsibility. American consumers struggling through this recession have the protection they need with a bipartisan Credit Cardholders’ Bill of Rights. It will provide tough new protections for consumers facing excessive credit card fees, sky-high interest rates, and unfair, incomprehensible agreements that credit card companies revise at will. Here is a summary of provisions:
 
• Prohibiting retroactive rate increases on existing balances except under limited circumstances, such as when the consumer is over 30 days late in making payment, and requiring creditors to provide consumers with a reasonable time to pay off the balance;
• Requiring creditors to provide a written notice of any rate increase at least 45 days before the increase takes effect, and to send periodic statements to consumers no less than 21 days before the payment due date;
• Prohibiting double cycle billing (the practice of basing the finance charge for the current billing cycle on balances that were outstanding in the preceding billing cycle);
• Requiring creditors to allocate payments in excess of the minimum to either the highest rate balance first or in a proportional manner;
• Requiring creditors to offer cardholders the ability to prevent any over-the-limit transactions on their card and limiting over-the-limit fees;
• Prohibiting fees on interest-only balances;
• Prohibiting creditors from knowingly issuing a credit card to a person under 18 years of age who is not emancipated;
• Prohibiting creditors from reporting the issuance of any credit card to a credit bureau until the cardholder uses or activates the card; and
• For credit cards on which fees in the first year exceed 25 percent of the initial credit limit, requiring that such fees (except late, over-the-limit, and insufficient fund fees) be paid from a source other than the card.

This Bill of Rights, combined with other legislation passed in this session, is moving our country in the right direction. What’s important to remember is that while this progress isn’t a “finger snap” solution to economic stability, we’re working in Congress to ensure that roadblocks are in place to prevent the type of decline that put us in our current situation. I look forward to working to help rebuild on our economy, and will update you on my progress.

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One of my most passionate causes is promoting legislation that creates ‘green’ opportunities. I believe we have an opportunity to build a new economy based on the research, manufacture and instillation of next generation green technologies. That is why I was proud to announce that counties within the 17th Congressional District would receive over 22 million dollars in stimulus money as part of a grant to make houses more energy efficient.

This money will create skilled jobs and provide opportunities to subcontractors specializing in energy efficiency services.  It puts people back to work in the short term and reduces energy costs and consumption in the long term. Congress has been working hard to push green initiatives as a major priority, and we are privileged in working with an Administration willing to work with us.

Earlier this session, we passed the Public Lands Management Act, already signed into law, which is the most significant conservation bill in 15 years. This type of legislation does more than save the environment—it creates jobs at a time we need them, and creates room for innovation and creativity. As a member of the energy and water subcommittee, I look forward to reviewing similar legislation, and working to make the country a global leader for green initiatives. 

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One of the most pressing issues facing Congress as we move forward will be health care reform. Earlier in the year, Congress passed groundbreaking legislation offering health coverage for up to 11 million children. Building off of that success, my colleagues in Congress  and I are working hard to come up with a  reasonable solution tom our health care crises so we can ensure that each American has access to care that is both quality and affordable.  We will be working hard with the President and his newly confirmed Secretary of Health and Human Services, Kathleen Sebelius. Secretary Sebelius will be meeting with the Committee on Ways and Means to discuss the President’s principles for health care reform. I’m very interested to hear the ideas and solutions our new Secretary has regarding the direction this debate will take.

According to a new poll released recently, 66 percent of Americans support having the option of a public health insurance plan as part of health care reform. This public plan would give everyone – insured and uninsured – the option of a plan that is more affordable, has a consistent menu of benefits, and is always available. It’s clear that we need to move as quickly as possible. At the same rate, we have to make sure that every detail is ironed out, and create legislation that will be effective and cost-saving for every American.  I’ll keep you posted as we move toward a health solution that works for everyone.

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