One on One with Congressman Charles Rangel, Chairman of the House Ways & Means Committee
Friday, May 18, 2007
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JEFF YASTINE: U.S. lawmakers say China's currency policy keeps the yuan artificially undervalued, giving that country an unfair trade advantage. Stephanie Dhue spoke with Democratic Congressman Charlie Rangel this morning and began by asking the chairman of the House Ways and Means Committee his reaction to China's currency move.
CHARLES RANGEL, CHMN., HOUSE WAYS AND MEANS COMMITTEE: I think they finally understand that in the United States of America, the people govern through the Congress and that Congress believes that China has treated international standards so unfairly, manipulated their currency, dumped goods on the markets at less than their cost, subsidize its workers, stole our patents and our copyrights, that all we can say is that this is a step in the right direction. I am wondering and I'm working with Secretary Paulson, to see whether or not because of their size and their ever-growing economy whether we expect them to abide by the rules, because it's hard for me to see how they can commit all these violations against international law and then come with a gesture like this, or come to visit with us or even assure us, as they always do, that they are making progress.
STEPHANIE DHUE, NIGHTLY BUSINESS REPORT CORRESPONDENT: You recently brokered a trade agreement with the administration that lets labor and environmental standards be included in trade agreements with Panama and Peru, but in your own party, there's a lot of criticism about the agreement. Will the agreement hold together?
RANGEL: I think there's a lot of misunderstanding with the agreement. One, the constitution indicates that international trade authority belongs in the United States Congress. Two, because we cannot negotiate 535 of us, we delegate the authority to the president who then appoints the United States trade representatives. While they are negotiating, they are supposed to have included our policy, for the last decade the policy, if you will, was not an American policy. It was a republican policy. Because we're in the majority, we insisted, not that you change Republican policy, but put in our thoughts, too. So I cannot see how anybody would be upset in the Democratic Party, except for one thing. They were not included when we had the press conference because there were so many parties.
DHUE: That's the key criticism, that it's a sell out to Wall Street, that it was a back room brokered deal, that there was victory declared without a lot of detail. If you had to do it over again, would you do it differently?
RANGEL: Yes, I'd do it much faster. I would ignore a lot of people that really was just wasting my time and didn't intend to support it at all. Some people campaigned against what, trade, not fair trade, not better trade agreements, not something that would help them, they campaigned against trade. Now comes Rangel and McCleary saying we've improved the policy of what, trade, I don't want it.
DHUE: Does the agreement clear the path for an extension of the president's trade promotion authority? There seems to be some confusion about that.
RANGEL: No confusion, it makes the path easier. It sets a policy, but we have not designated that authority to the president. It's designated what the policy would be if indeed we consider fast track. All I can say is that if indeed the Congress gives it to him, you bet your life, the principles that I mentioned will be included.
DHUE: We've been speaking with Congressman Charlie Rangel, chairman, Ways and Means Committee. Mr. Chairman, thank you very much.
