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DODD, SHELBY REACT TO TREASURY SEMI-ANNUAL CURRENCY REPORT

December 19, 2007

Washington, D.C. – Senator Chris Dodd, D-Conn., Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, and Ranking Member Senator Richard Shelby, R-Ala., today made the following statements in reaction to the Treasury Department semi-annual currency report that is required by law to be delivered to the Banking Committee: “Today’s Treasury report acknowledges China’s massive intervention to keep its currency undervalued. In essence, Treasury admits there is smoke but refuses to admit a fire continues to burn,” said Dodd. “As a result, many of our nation’s businesses are being placed at a competitive disadvantage, workers are losing their jobs and our foundation for prosperity is being weakened. We intend to address these problems by working to enact our legislation, which would require the Treasury Department to finally face the facts and take effective action to address currency manipulation without further delay.” Senator Shelby said, "The fact that Treasury declined to designate China a currency manipulator is not surprising; we've seen this before. I believe that the Strategic Economic Dialogue can lead to progress provided that Treasury uses it in conjunction with all of the other tools at its disposal. Because Treasury is not using all of these tools, I believe that the Senate must take action on the legislation passed by the Banking Committee, which will compel Treasury to do so."

December 2007 Majority Press Releases

December 21st DODD HIGHLIGHTS BANKING COMMITTEE ACCOMPLISHMENTS
  Current record
December 19th Statement of Senator Dodd, Chairman of the Senate Banking Committee, on Morgan Stanley-China Investment Corporation Deal Washington, D.C.
December 18th Statement of Senator Dodd on House Passage of Senate TRIA Bill
December 18th Statement of Senator Dodd, Chairman of the Senate Banking Committee, in Reaction to Proposed Fed Housing Rules
December 18th DODD HAILS FINAL PASSAGE OF HIS BILL WHICH WILL ENCOURAGE DIVESTMENT FROM DARFUR
December 17th BANKING COMMITTEE CHAIRMAN DODD NAMES HOLLINGSWORTH DEPUTY STAFF DIRECTOR AND SENIOR POLICY ADVISOR Washington, D.C.
December 14th SENATE PASSES DODD’S BILL TO HELP FAMILIES KEEP AND BUY THEIR HOMES
December 12th DODD INTRODUCES LEGISLATION TO PROTECT AMERICAN HOMEOWNERSHIP
December 11th Statement of Chairman Dodd on Federal Reserve’s Policy Action
December 6th DODD RESPONDS TO ADMINISTRATION’S HOUSING PROPOSAL Washington, D.C.
December 6th DODD RESPONDS TO ADMINISTRATION’S HOUSING PROPOSAL
December 6th Banking Committee Chairman Dodd and Securities Subcommittee Chairman Reed Urge SEC to Issue Guidance on Disclosure of Corporate Climate Risk Washington, D.C.
December 3rd DODD RESPONDS TO TREASURY SECRETARY’S COMMENTS
December 3rd DODD RESPONDS TO TREASURY SECRETARY’S COMMENTS Washington, D.C.