Haridopolos Speaks in Favor of Bills Against Chinese Currency Manipulation, Protecting Small Businesses

Representative Mike Haridopolos (R-FL) recently addressed the House Finance Committee in favor of two pieces of legislation: one holding China accountable for currency manipulation and another protecting small businesses from regulations that impose unnecessary costs.

H.R. 692, the China Exchange Rate Transparency Act, requires the U.S. Executive Director at the International Monetary Fund (IMF) to demand greater oversight of Chinese currency exchange rate practices.

Such a call is the result of suspicion that the Chinese are deliberately undervaluing their currency to promote exports.

"For decades, it’s been suspected that China manipulates its exchange rate to keep the dollar value of their currency artificially low. Why do they do this? To encourage exports and discourage imports, tipping the scales in their favor. That is not free trade, nor is it fair trade," said Rep. Haridopolos in his address to the House Finance Committee.

More to the point, Rep. Haridopolos emphasized how "even the World Trade Organization and the International Monetary Fund both prohibit the use of currency manipulation to gain trade advantages. However, like on so many other issues, the Chinese Communist Party’s lack of transparency on this issue has been a roadblock to taking action to end this unfair practice. So, let’s bring their trade practices into the sunlight."

The second bill, H.R. 736, AKA the Protect Small Businesses from Excessive Paperwork Act, aims to dilute "complicated and costly beneficial ownership reporting requirements" imposed on small businesses by the Biden Administration through the Corporate Transparency Act (CTA).

Specifically, the Corporate Transparency Act, as described by the House Finance Committee, was designed to detect shell companies used as fronts for illegal activity through an initially simple reporting system that quickly ballooned into a system that many small businesses are unaware of and cannot feasibly cooperate within a short amount of time.

Haridopolos echoed the impact on the House Finance floor, saying, "Many small businesses run on slim margins and are now facing added hardships due to the last Administration’s carelessness in implementing these reporting requirements."

As a result, "This bill takes a small step for common sense by giving our small businesses an additional year to report their beneficial ownership paperwork."

"This extension will also give Treasury Secretary Bessent and the Financial Crimes Enforcement Network the time to apply common sense in helping small businesses meet the reporting requirements. A bureaucrat’s carelessness shouldn’t become a back-breaking burden on small businesses, let’s pass this bill and get back to common sense," the Florida Congressman concluded.