H. R. No. 384 As Reported by the House State Government and Elections Committee

As Reported by the House State Government and Elections Committee

129th General Assembly

Regular Session

2011-2012

H. R. No. 384

Representative Dovilla

Cosponsors: Representatives Ashford, McGregor, Gerberry, Baker, Wachtmann, Grossman

A RESOLUTION

To memorialize the President and Congress of the 1
United States of the effect of Chinese currency 2
manipulation and to urge the President to cite 3
China as a currency manipulator. 4

BE IT RESOLVED BY THE HOUSE OF REPRESENTATIVES OF THE STATE OF OHIO:

       WHEREAS, The currency of the People's Republic of China has 5
been tightly pegged to the United States dollar; and 6

       WHEREAS, The Government of the People's Republic of China has 7
significantly intervened in foreign exchange markets in order to 8
hold the value of their currency within its tight and artificial 9
trading band, resulting in enormous growth in China's dollar 10
reserves, estimated to be over $2,240,000,000,000; and 11

       WHEREAS, The People's Republic of China has seen significant 12
increases in production capability, productivity, and foreign 13
direct investment since initially pegging the yuan to the dollar, 14
which would generally lead toward upward pressure on the currency 15
value; and 16

       WHEREAS, This peg, in the face of growing pressure, clearly 17
represents a manipulation of China's currency; and 18

       WHEREAS, The undervaluation of China's currency distorts the 19
value of exports from China and the price of foreign products for 20
Chinese consumers; and 21

       WHEREAS, The value of China's currency has had and continues 22
to have a negative impact on the United States manufacturing 23
sector, contributing to significant job losses and business 24
closures in the state of Ohio; and 25

       WHEREAS, The trade deficit with China has eliminated or 26
displaced 2.8 million United States jobs during the last ten 27
years, including 103,500 Ohio jobs; and 28

       WHEREAS, The market-based valuation of currencies is a key 29
component to the health of fair trade and stability of our 30
economy; now therefore be it 31

       RESOLVED, That we, the members of the House of 32
Representatives of the 129th General Assembly of the State of 33
Ohio, urge the President of the United States and his 34
administration to cite China as a currency manipulator; and be it 35
further 36

       RESOLVED, That the Clerk of the House of Representatives 37
transmit duly authenticated copies of this resolution to the 38
President of the United States, the Speaker and Clerk of the 39
United States House of Representatives, the President Pro Tempore 40
and the Secretary of the United States Senate, the members of the 41
Ohio Congressional delegation, the Governor of the State of Ohio, 42
and the news media of Ohio. 43

WHEREAS, The currency of the People's Republic of China has	5
been tightly pegged to the United States dollar; and	6

WHEREAS, The Government of the People's Republic of China has	7
significantly intervened in foreign exchange markets in order to	8
hold the value of their currency within its tight and artificial	9
trading band, resulting in enormous growth in China's dollar	10
reserves, estimated to be over $2,240,000,000,000; and	11

WHEREAS, The People's Republic of China has seen significant	12
increases in production capability, productivity, and foreign	13
direct investment since initially pegging the yuan to the dollar,	14
which would generally lead toward upward pressure on the currency	15
value; and	16

WHEREAS, This peg, in the face of growing pressure, clearly	17
represents a manipulation of China's currency; and	18

WHEREAS, The undervaluation of China's currency distorts the	19
value of exports from China and the price of foreign products for	20
Chinese consumers; and	21

WHEREAS, The value of China's currency has had and continues	22
to have a negative impact on the United States manufacturing	23
sector, contributing to significant job losses and business	24
closures in the state of Ohio; and	25

WHEREAS, The trade deficit with China has eliminated or	26
displaced 2.8 million United States jobs during the last ten	27
years, including 103,500 Ohio jobs; and	28

WHEREAS, The market-based valuation of currencies is a key	29
component to the health of fair trade and stability of our	30
economy; now therefore be it	31

RESOLVED, That we, the members of the House of	32
Representatives of the 129th General Assembly of the State of	33
Ohio, urge the President of the United States and his	34
administration to cite China as a currency manipulator; and be it	35
further	36

RESOLVED, That the Clerk of the House of Representatives	37
transmit duly authenticated copies of this resolution to the	38
President of the United States, the Speaker and Clerk of the	39
United States House of Representatives, the President Pro Tempore	40
and the Secretary of the United States Senate, the members of the	41
Ohio Congressional delegation, the Governor of the State of Ohio,	42
and the news media of Ohio.	43