Richard Blumenthal on Free Trade



Protect "Made in the USA" and "Made in Connecticut"

Connecticut workers are among the most talented in the world, but too often corporate profits and global pressures overpower their interests and those of local and American industry. We've got to do more to make "Made in Connecticut" and "Made in America" matter more in Washington. We've got to stand up for the workers and small businesses that make great products and deserve our support.

Made in Connecticut. I have always fought for Connecticut's manufacturers, its companies, and its workers:

Protecting "Made in the USA": For 50 years, the federal government required all or nearly all of any product labeled as "Made in the USA" to be manufactured in America. In 1996, the Federal Trade Commission tried to loosen this standard. I challenged Washington on behalf of 18 Attorneys General, and the FTC backed down from its proposal.

Source: 2010 Senate campaign website, richardblumenthal.com "Issues" , Aug 12, 2010

Impose tariffs against countries which manipulate currency.

Blumenthal signed Currency Reform for Fair Trade Act

[Explanatory note from Wikipedia.com "Exchange Rate"]:

Between 1994 and 2005, the Chinese yuan renminbi was pegged to the US dollar at RMB 8.28 to $1. Countries may gain an advantage in international trade if they manipulate the value of their currency by artificially keeping its value low. It is argued that China has succeeded in doing this over a long period of time. However, a 2005 appreciation of the Yuan by 22% was followed by a 39% increase in Chinese imports to the US. In 2010, other nations, including Japan & Brazil, attempted to devalue their currency in the hopes of subsidizing cheap exports and bolstering their ailing economies. A low exchange rate lowers the price of a country's goods for consumers in other countries but raises the price of imported goods for consumers in the manipulating country.

Source: HR.639&S.328 11-S0328 on Feb 14, 2011

$25B more loans from Export-Import Bank.

Blumenthal co-sponsored H.R.1031 & S.824

This bill raises the cap on outstanding loans, guarantees, and insurance of the Export-Import Bank of the United States for FY2015-FY2022 and afterwards. The Bank shall:

Opponents reasons for voting NAY: (Washington Examiner, 12/2/12): The Export-Import Bank is a taxpayer-backed agency that finances U.S. exports, primarily though loan guarantees. You'd think the bank would spread the money around to nurture up-and-coming businesses. You'd be wrong, very wrong. In fact, 83% of its taxpayer-backed loan guarantees in 2012 went to just one exporter: Boeing. Welcome to the "New Economic Patriotism," where the big get bigger and taxpayers bear the risk. Ex-Im is at the heart of Obama's National Export Initiative and is a pillar of the economic patriotism that Obama pledged in a second term. When government hands out more money, the guys with the best lobbyists and the closest ties to power will disproportionately get their hands on that money. Obama has spent four years pushing more subsidies, more bailouts and more regulations. "New Economic Patriotism" basically amounts to a national industrial policy -- Washington championing certain major domestic companies and industries, as if the global economy were an Olympic competition.

Source: Promoting U.S. Jobs Through Exports Act 15-S824 on Mar 19, 2015

Rated 50% by the USAE, indicating a mixed record on trade.

Blumenthal scores 50% by USA*Engage on trade issues

Ratings by USA*Engage indicate support for trade engagement or trade sanctions. The organization's self-description: "USA*Engage is concerned about the proliferation of unilateral foreign policy sanctions at the federal, state and local level. Despite the fact that broad trade-based unilateral sanctions rarely achieve our foreign policy goals, they continue to have political appeal. Unilateral sanctions give the impression that the United States is 'doing something,' while American workers, farmers and businesses absorb the costs."

VoteMatch scoring for the USA*Engage ratings is as follows :

Source: USA*Engage 2011-2012 ratings on Congress and politicians 2012-USAE on Dec 31, 2012

Other candidates on Free Trade: Richard Blumenthal on other issues:
CT Gubernatorial:
Dan Malloy
David Walker
Tom Foley
CT Senatorial:
Chris Murphy

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Retiring in 2014 election:

Retired as of Jan. 2013:
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Page last updated: Apr 30, 2016