Currently, the Treasury has no clear definition of what constitutes currency manipulation and imposes no consequences for those who engage in it. Worse, currency manipulation is not addressed within the TPP.
As president, O’Malley will take action to end currency manipulation. In agreements such as the TPP, he will clearly define currency manipulation—as a prolonged, one-way, large-scale foreign exchange intervention that prevents appreciation or forces a currency to depreciate—and prohibit all signatories from engaging in it. Then, if a country deliberately tries to depreciate its currency, it would lose its preferential access to the U.S. market and other privileges granted under the free trade agreement.