New regulations on currency exchange rates would save American jobs and add new ones, said Sen. Sherrod Brown.

Yesterday, Brown announced he is introducing legislation that would reform and enhance oversight of currency exchange rates. The bill is called the Currency Exchange Rate Oversight Reform Act of 2013.

In April, the United States trade deficit was $40.3 billion, with exported goods valued at $187.4 billion and imports worth $227.7 billion, according to figures released this week by the U.S. Census Bureau and the Bureau of Economic Analysis of the Department of Commerce. The trade report is available online at the Census Bureau’s website.