The National Tooling & Machining Association (NTMA) and the Precision Metalforming Association (PMA) issued the following statement on the Senate's passage of the Currency Exchange Rate Oversight Act of 2011, a bill designed to address currency manipulation by U.S. trading partners including China: "We congratulate the Senate for passing this important bill and thank Sen. Sherrod Brown (D-OH), Sen. Chuck Schumer (D-NY), Sen. Lindsey Graham (R-SC), Sen. Olympia Snowe (R-ME), Sen. Debbie Stabenow (D-MI), Sen. Jeff Sessions (R-AL), Sen. Robert Casey (D-PA), and Sen. Richard Burr (R-NC) for their efforts in support of this legislation. U.S. manufacturers can compete with anyone if provided a level playing field; however, currency manipulation negatively impacts the ability of U.S. businesses - and small manufacturers in particular - to compete in the global marketplace. This bill is one step toward addressing this long-standing problem and we urge the House of Representatives to pass this legislation as quickly as possible."