March 31, 2010

WASHINGTON, DC—U.S. Senator Bob Casey (D-PA) today spearheaded a bipartisan letter to Treasury Secretary Timothy Geithner calling on him to list China as a currency manipulator in his April 15th bi-annual exchange rate report to Congress. 

“Given the severity and widespread use of currency manipulation, we are troubled that no economy has met Treasury’s standards necessary to be considered a currency manipulator since 1994,” the senators wrote.  “When we consider the substantial adverse impact on American jobs attributable to currency manipulation, the U.S. government should revisit our approach to dealing with the issue of currency manipulation.”

Currency manipulation is one of the schemes which China has used to give their exports an unfair advantage. A recent report by the Economic Policy Institute found that an increasing trade deficit to China, a decrease in U.S. export capacity to China and mounting foreign debt have caused 2.4 million U.S. jobs to be lost or displaced.

The letter was also signed by Senators Debbie Stabenow (D-MI), Carl Levin (D-MI), Russ Feingold (D-WI), Olympia Snowe (R-ME) and Susan Collins (R-ME).

A copy of the letter is attached.

Senator Casey is also a cosponsor of the Currency Exchange Rate Oversight Reform Act of 2010 (S. 3134) which would impose tougher standards, giving the Treasury Department less flexibility when deciding whether to cite countries for currency manipulation. It would also impose stiff new penalties on designated countries, including tariffs on the exports and a ban on companies from those countries receiving U.S. government contracts.

Last month, Senator Casey joined a bipartisan group of senators urging the U.S. Department of Commerce to finally move forward with an investigation of China’s currency manipulation.

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March 31, 2010

The Honorable Timothy F. Geithner
Department of the Treasury
1500 Pennsylvania Avenue, NW
Washington, DC 20220

Dear Mr. Secretary:

We write today to ask that the Department of Treasury list China as a currency manipulator in its April 15th bi-annual exchange rate report to Congress.  

In January 2010, senior fellows with the Peterson Institute for International Economics, William R. Cline and John Williamson, estimated the Renminbi (RMB) to be undervalued by a staggering 41 percent relative to the dollar. The tremendous undervaluation of the RMB directly subsidizes exports from China. This direct form of subsidization of exports upends the playing field against American manufacturers and has resulted in the loss of 2.4 million American jobs according to a March 23, 2010 report by the Economic Policy Institute.

Given the severity and widespread use of currency manipulation, we are troubled that no economy has met Treasury’s standards necessary to be considered a currency manipulator since 1994.  Treasury’s justification for its stance, namely that nations with undervalued currencies who appear to be taking steps to enhance exchange rate flexibility are not currency manipulators, allows economically damaging policies to persist.  To that point, the aforementioned Cline and Williamson point out that a number of other nations engage in significant undervaluation: Hong Kong (32 percent), Malaysia (31 percent), Taiwan (29 percent), and Singapore (25 percent). 

When we consider the substantial adverse impact on American jobs attributable to currency manipulation, the U.S. government should revisit our approach to dealing with the issue of currency manipulation.  That is why we support the Currency Exchange Rate Oversight Reform Act of 2010 (S. 3134), which would enhance Treasury’s ability to confront this issue.  We encourage you to follow the commitment you made in your January 21, 2009 comments to the Senate Finance Committee to act aggressively to address currency manipulation, specifically in relation to China. 

Please use the bi-annual report to unambiguously declare these actions for what they are—an unfair competitive advantage utilized by nations to harm the American economy.  We must use the tools we have to create an economic atmosphere where our manufacturers can compete and create jobs to grow the U.S. economy. 

Thank you for your attention to this issue.  We look forward to reviewing your report.

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March 30, 2010

WASHINGTON, DC-U.S. Senators Bob Casey (D-PA) and Arlen Specter (D-PA) today announced that the U.S. Department of Agriculture (USDA) has awarded $1,145,000 to two rural central Pennsylvania businesses to provide economic opportunities and promote job creation. The funding is available through the American Recovery and Reinvestment Act.

“Rural areas in Pennsylvania and across the country have been some of the hardest hit by the economic downturn,” said Senator Casey. “Giving rural businesses access to capital allows them to hire more workers and support their local communities.”

“These loan guarantees offer significant federal support for Keystone Contracting and Susquehanna Trail Solar,”  said Senator Specter.  “This news will encourage job growth in Pennsylvania and act as a boon to our rural economies.”

The funding is part of $101.6 million in loan guarantees for 44 projects in 24 states announced today through USDA Rural Development’s Business and Industry Guaranteed Loan Program. The Business and Industry Guaranteed Loan Program received $1.57 billion in Recovery Act funding to help rural businesses stimulate their economies and support their communities. The funds are targeted to create and retain quality jobs and serve difficult-to-reach populations and areas hardest hit by the current economic downturn.

Keystone Contracting in Perry County has been guaranteed a loan of $500,000 through the First National Bank of Marysville. Susquehanna Trail Solar in Northumberland County will receive a loan of $645,000 through Woodlands Bank.

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March 30, 2010

WASHINGTON, DC-U.S. Senators Bob Casey (D-PA) and Arlen Specter (D-PA) today announced that the U.S. Department of Health and Human Services (HHS) has awarded $1 million to the Pennsylvania Department of Aging to help older Pennsylvanians manage chronic diseases. The funding is available through the American Recovery and Reinvestment Act.

“The funds going to the Pennsylvania Department of Aging are yet another example of the way the Recovery Act continues to help Pennsylvanians,” said Senator Casey. “By giving older Pennsylvanians the resources they need to manage chronic diseases, we can ensure that they stay healthy and happy.”

“This funding is great news for the Pennsylvania Department of Aging.” Specter said.  “Programs to manage chronic disease will enable seniors to stay healthy and independent, as well as to help control the skyrocketing health care costs which disproportionately affect our nation’s seniors.”

The funding is part of $27 million in grants for 47 states announced today through HHS’ Communities Putting Prevention to Work Chronic Disease Self-Management Program. States will use the funds to provide self-management programs to older adults with chronic diseases, build statewide delivery systems and develop the workforce that delivers these programs.

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March 29, 2010

WASHINGTON, DC-U.S. Senators Bob Casey (D-PA) and Arlen Specter (D-PA) announced that the U.S. Department of Commerce has awarded $2 million to the Berwick Area Joint Sewer Authority to improve the sewer system which serves the Berwick Industrial Development Authority Complex. The project is expected to create 117 jobs and retain 325 jobs.

“I am pleased to see funding going to the Berwick Area Joint Sewer Authority to improve the area’s sewer system,” said Senator Casey.  “This project will help local businesses by enabling future business growth while retaining and creating jobs.”

“This funding for improvements to Berwick Area Joint Sewer Authority is a welcome announcement from the EDA,” said Senator Specter.  “While stimulating job growth and local business development, this project also ensures that our sanitation facilities are managed responsibly and meet state standards.”

The funding is available through the Department of Commerce’s Economic Development Administration (EDA). The EDA funds will be used to separate the combined storm and sanitary sewer system which serves the Berwick Industrial Development Authority Complex. The construction will enable the complex to meet state requirements, reduce sewage rates for businesses in the industrial complex and enable future business growth and job creation.

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March 26, 2010

Washington, D.C. – U.S. Senators Arlen Specter and Bob Casey announced today that the Department of Homeland Security has approved $34,913 for Clifford Township Volunteer Fire Company in Susquehanna County. 

“These fire prevention and safety programs will help protect the citizens of Pennsylvania and the firefighters who risk their lives every day,” Senator Specter said.  “I commend the Department of Homeland Security for recognizing this priority and for its continued support of our nation’s fire services.”
“Firefighters are invaluable members of the community and they work tirelessly to ensure our safety. It is critical that we do everything in our power to provide them with the necessary tools and resources to perform their jobs,” said Senator Casey.  “This money will provide valuable assistance to the firefighters of Pennsylvania.”

The funding is contained in Round 8 of the competitive Fiscal Year 2009 Fire Grants Award announcements.  These awards are administered by the Department of Homeland Security’s Federal Emergency Management Agency (FEMA) in cooperation with the U.S. Fire Administration.  

The AFG programs are designed to enhance first responders’ ability to protect the health and safety of the public, as well as that of first-responder personnel.  In Fiscal Year 2009, the AFG program awarded approximately $565 million directly to fire departments and EMS organizations for operations and safety programs, as well as vehicle acquisition. 

More information on the AFG program can be found at:
http://www.firegrantsupport.com/  or call the toll free help line at: 866-274-0960

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March 26, 2010

Washington, D.C. – U.S. Senators Arlen Specter and Bob Casey announced today that the Department of Homeland Security has approved funding for two fire companies in Southeast Pennsylvania. 

“These fire prevention and safety programs will help protect the citizens of Pennsylvania and the firefighters who risk their lives every day,” Senator Specter said.  “I commend the Department of Homeland Security for recognizing this priority and for its continued support of our nation’s fire services.”

“Firefighters are invaluable members of the community and they work tirelessly to ensure our safety. It is critical that we do everything in our power to provide them with the necessary tools and resources to perform their jobs,” said Senator Casey.  “This money will provide valuable assistance to the firefighters of Pennsylvania.”

The funding is contained in Round 8 of the competitive Fiscal Year 2009 Fire Grants Award announcements.  These awards are administered by the Department of Homeland Security's Federal Emergency Management Agency (FEMA) in cooperation with the U.S. Fire Administration.  

The AFG programs are designed to enhance first responders’ ability to protect the health and safety of the public, as well as that of first-responder personnel.  In Fiscal Year 2009, the AFG program awarded approximately $565 million directly to fire departments and EMS organizations for operations and safety programs, as well as vehicle acquisition. 

Funding has been approved for the following companies in Southeast Pennsylvania:

Bucks County
•    $183,725 for Midway Volunteer Fire Company

Montgomery County
•    $56,137 for Cheltenham Hook & Ladder Co. No. #1

More information on the AFG program can be found at:
http://www.firegrantsupport.com/  or call the toll free help line at: 866-274-0960

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March 26, 2010

WASHINGTON, DC-This weekend, U.S. Senator Bob Casey (D-PA) is leading a congressional delegation to Brussels, Belgium to participate in a foreign policy forum.  Senator Casey is co-chairing the delegation with Senator George Voinovich (R-OH).  The forum will feature government officials from Europe, Russia, the Middle East and Asia as well as other members of the U.S. Senate and House.

“As the Chairman of the Middle East and South Asia subcommittee and a member of the European Affairs subcommittee of the Senate Foreign Relations Committee, I am honored to lead this delegation with Senator Voinovich,” said Senator Casey.  “We face many global economic and foreign policy issues that have a direct relationship to U.S. security.  I look forward to discussing these issues with the political, diplomatic and business leaders at the Brussels Forum.”

Senator Casey will deliver remarks at the forum and will be featured in panel discussions on global food security and the “Rise of a Nuclear Iran.” 

Following the Brussels Forum, Senator Casey will travel to Vienna, Austria to discuss nuclear security issues with top officials at the International Atomic Energy Agency (IAEA).

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March 26, 2010

WASHINGTON, DC—As Senate Republicans again block an extension of unemployment benefits and COBRA health care premium assistance for laid off workers, U.S. Senator Bob Casey (D-PA) released the following statement:

“Senate Republicans are out of touch with the laid off workers who are struggling to make ends meet.  For the second time in a month, Senate Republicans are blocking help for workers who have lost their jobs through no fault of their own.

“If nothing is done and benefits expire, 1,800 Pennsylvanians will stop receiving their unemployment insurance checks in the first week alone.  In the month of April, 6,000 Pennsylvanians would lose their assistance.  And by adding uncertainty to the process, families have to worry even more about how they will pay the bills.  And state unemployment agencies would have to incur additional expense and experience additional delays as they continually have to readjust their systems and send out new notices.

“Pennsylvanians who have been out of work for an extended period of time have enough to worry about.  They shouldn't have to worry if they will receive help because of callous obstruction by Republicans in the Senate.

“These benefits are also good for the economy.  According to economist Mark Zandi, for every $1 spent on unemployment insurance benefits, approximately $1.63 is contributed to the gross domestic product. So you spend a buck on unemployment insurance, taxpayers get $1.63 back in return.”

Currently, the extended unemployment insurance benefits and COBRA health care premium assistance are scheduled to expire on April 5th.  Even if Republicans relent, the delay could cause a disruption in benefits reaching recipients.

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