Oct 11 2011
(Washington DC) – Today U.S. Senator Dean Heller (R-NV) opposed S. 1619, the Currency Exchange Rate Oversight Reform Act of 2011, citing concerns that the bill would harm Nevada’s business community and hinder job creation.
“There’s no question we need to address China’s currency manipulation, but symbolic votes on ineffective, incendiary legislation are not the answer. We should be working with a multilateral coalition that could help address a broader range of economic and trade issues with China, including currency. The push to pass this bill is politically motivated, and ultimately harmful for Nevadans trying to grow their businesses and hire new employees.
“As Nevada struggles with the highest unemployment in the country, we cannot afford a trade war with China. Nevada’s tourism, energy development and export businesses all rely on relationships with China to create jobs here at home. Common sense suggests we should be trying to expand on what’s helping Nevadans desperate to work, not putting up more barriers,” said Senator Dean Heller.
According to the Nevada Commission on Economic Development, Nevada exports to China grew from $62 million to $600 million between 2001 and 2011. Businesses across the state rely on trade with China, including exporters of electronics, minerals, food products and materials.