Portman Statement on Obama Administration's Refusal to Take on China's Currency Manipulation

October 15, 2012 | Press Releases

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 due today 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. 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 8 times.

“This is not the first time that the President’s campaign-driven words and promises have proved empty.  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 4 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.  The report is due on or before October 15 annually, and a follow-up report is due six months later, no later than April 15.

A history of the Administration’s semi-annual currency report release dates is below:

  • May 25, 2012 – Friday before Memorial Day Weekend
  • December 27, 2011 – Christmas was observed on December 26 – released following day
  • May 27, 2011 – Friday before Memorial Day Weekend
  • February 4, 2011 – Friday before Super Bowl weekend
  • July 8, 2010 – July 4 was observed on July 5 – released 3 days later on Thursday during July 4 week
  • October 15, 2009 – released on time
  • April 15, 2009 – released on time