Joint Council 39 Supports S 2357 the Competitive Dollar for Jobs and Prosperity Act

Senators Baldwin (D-WI) and Hawley (R-MO) lead bi-partisan effort

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Feb 24, 2020, 13:42 ET

MILWAUKEE, Wis., Feb. 24, 2020 /PRNewswire/ -- For two decades, foreign countries, including China, have manipulated their currencies to boost their exports while making American products more expensive abroad. Foreign purchases of U.S. stocks, bonds and other assets have also led to an overvalued American dollar that has led to an exploding trade deficit, thousands of closed factories and family farms, and millions of manufacturing workers laid off.

While foreign governments have reduced their currency manipulation in recent years, the dollar remains uncompetitive because the U.S. absorbs excess foreign savings from abroad that pour into dollar-denominated financial instruments. These private purchases have made the dollar 20 percent less competitive since 2014. The decline has been felt acutely in trade-sensitive industries like agriculture and manufacturing, which compete in global markets.

"We applaud Senator Baldwin for introducing the Competitive Dollar for Jobs and Prosperity Act." Said Bill Carroll, Political Coordinator for Joint Council 39. "This important legislation will allow American manufacturing and agriculture to compete globally on a level playing field."

The Competitive Dollar for Jobs and Prosperity Act would bring the dollar into alignment by establishing a "market access charge" (MAC) on foreign purchases of U.S. stocks, bonds, and other assets. By placing a small fee on foreign purchases of U.S. stocks, bonds, and other assets, the bill would gradually reduce our trade deficit—creating millions of jobs in the process.

"We support Senator Baldwin's legislation and encourage our brothers and sisters in the labor movement to join us in pushing for this pro-worker legislation." Carroll said.

Founded in 1903, the International Brotherhood of Teamsters represents 1.4 million hardworking men and women throughout the United States, Canada and Puerto Rico. Teamsters Joint Council 39 represents more than 18,000 workers at four locals across Wisconsin. Visit www.teamster.org for more information. Follow us on Twitter @Teamsters and "like" us on Facebook at www.facebook.com/teamsters.

Contact:
Bill Carroll, (414) 258-4545
[email protected]

SOURCE Teamsters Joint Council 39