STATEMENT

Contact: Tracy Cullen
(202) 974-5282
Email: tcullen@plasticsindustry.org

SPI STATEMENT ON THE NAM'S DECISION NOT TO ENDORSE H.R. 1498

WASHINGTON, D.C. (October 31, 2006) – On September 28, 2006, during its Board meeting, the National Association of Manufacturers (NAM) rejected a resolution submitted by its International Economic Policy Committee (IEPC). The IEPC resolution, passed in June 2006, recommended that NAM endorse H.R. 1498, the so-called Hunter-Ryan bill, or similar legislation that would treat currency manipulation by U.S. trading partners as an unfair trade practice under the U.S. subsidies law.

SPI President William R. Carteaux issued the following statement:

"The Society of the Plastics Industry (SPI) is gravely concerned that the National Association of Manufacturers (NAM) rejected an opportunity to protect our domestic manufacturing base by its refusal to support legislation that would finally address unfair currency manipulation by our trading partners. The Hunter-Ryan bill is consistent with NAM's own trade agenda and public statements that call for a change in China's exchange-rate system.

"Regardless of NAM's position on this matter, SPI will continue to work with groups such as the China Currency Coalition to remedy the problem of currency manipulation by China or any other U.S. trading partner. Prolonged inaction will only lead to more manufacturing job losses and further erosion of our domestic manufacturing base.

"We hope to continue to work with NAM in the future, but we will not support solutions that give China (or any other currency manipulator) leeway to continue to resort to its own mercantilist policies detrimental to U.S. plastics manufacturers."

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Founded in 1937, The Society of the Plastics Industry, Inc., is the trade association representing one of the largest manufacturing industries in the United States. SPI's members represent the entire plastics industry supply chain, including processors, machinery and equipment manufacturers and raw materials suppliers. The U.S. plastics industry employs 1.3 million workers and provides nearly $345 billion in annual shipments.

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