For Immediate Release: February 2, 2007

Rep. Sutton Takes Steps to Revitalize Economy

Legislation focuses on revitalizing businesses and investment incentives

Washington, D.C. - U.S. Congresswoman Betty Sutton took a significant step this week to honor her campaign pledge to revitalize business in Northeast Ohio. Sutton became an original cosponsor of two critical pieces of legislation designed to reward American companies who invest in local economies and provide U.S. businesses tools to combat competitors who engage in unfair trade practices. The bills, H.R. 782, the Fair Currency Act of 2007; and the Patriot Corporations of America Act of 2007 (PCAA) are scheduled to be debated in the coming months.

"I promised my constituents we would work to revitalize our economy, and these bills will help us do that," said Sutton. "This legislation rewards American businesses who value hard working American families, and provide them sufficient tools to compete in the global marketplace. This legislation will level the playing field for Northeast Ohio businesses and workers. Our businesses and workers can compete with anyone in the world on a level playing field."

The PCAA will soon be introduced by Rep. Schakowsky (D-IL) and provides real incentives to keep jobs and businesses in Northeast Ohio and in America. Companies who meet the criteria of the PCAA would receive priority for government contracts and a 5% tax reduction in taxable income.

The PCAA is a revenue neutral proposal and would be paid for by closing corporate offshoring loopholes and repealing some of the most recent tax breaks for millionaires. Criteria to become a Patriot Corporation requires companies to:

• Produce at least 90% of their goods and services in the United States
• Limit top management compensation to no greater than 100 times that of their lowest-compensated full-time workers
• Spend at least 50% of their research and development budgets in the United States
• Contribute at least 5% of payroll to a portable pension fund
• Pay at least 70% of the cost of health insurance plans
• Maintain neutrality in employee organizing drives
• Comply with existing federal regulations regarding the environment, workplace safety, consumer protections and labor relations

The Fair Currency Act provides tools to American businesses that are hurt by unfair currency manipulation by foreign governments, such as China. While the Bush Administration has failed to address this issue, American workers and businesses have been hurt by a Chinese currency that is undervalued by 40%. This has led to an estimated $800 Billion U.S. trade deficit with China and endangered America's national security.

The legislation requires the Secretary of Treasury to take action to determine if any trading partner manipulates the exchange rate.

"It is long past time that we take action to address currency manipulation and other unfair trading practices by foreign governments," said Sutton. "It is unfair to ask American workers and companies to compete against such unfair trading and business practices."

Contact: Linden Zakula at 202-225-3401