Vote expected on currency oversight

Vote expected on currency oversight

WASHINGTON

U.S. Sen. Sherrod Brown, a Democrat from Avon, expects Congress to vote today on the Currency Exchange Rate Oversight Reform Act of 2011 that could give the President Barack Obama’s administration stronger authority to address China’s currency manipulation.

Advocates of the bill say China purposely devalues its currency, making it difficult for America to compete globally for jobs.

“Ohio companies can compete with anyone in the world as long as we’re playing by the same rules,” Brown said Wednesday.

In June, the Economic Policy Institute released a report that showed addressing Chinese currency manipulation could lead to the creation of more than 2 million American jobs.

The Senate voted 79-19 Monday to start debate on the bill.

Bankruptcy filing

YOUNGSTOWN

The parent of the Friendly’s restaurant chain filed for Chapter 11 bankruptcy protection Wednesday and said that it already has closed 63 of its stores. Each store employed about 20 people, so about 1,260 jobs were lost.

The five Ohio locations, including one in Poland, owned by Mike Steigerwald, are local franchises and are not impacted by the bankruptcy.

The 76-year-old company known for its ice cream and hamburgers is the latest restaurant chain to file for bankruptcy, as consumers continue to eat out less, a habit they picked up during the recession, and food costs remain high.

About 424 Friendly’s restaurants will continue to operate.

Vindicator staff reports