Farmers Union is supporting legislation introduced in the U.S. Senate to realign the nation’s currency. Nebraska Farmers Union President John Hansen says the measure carried by Senators Tammy Baldwin of Wisconsin and Josh Hawley of Missouri calls for a correction to the current imbalance in the U.S. monetary policy.
The high price of the U.S. dollar has hurt America’s farmers and ranchers trying to sell their commodities on the global market. He says the currency realignment bill would help alleviate that problem.
Hansen says his group estimates that just a slight drop in the price of the dollar would make a huge economic difference for America’s producers.
The Competitive Dollar for Jobs and Prosperity Act would apply a market access charge on foreign investments and would strategically slow the flood of foreign capital that is currently driving the dollar’s value to non-competitive levels.
