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HR 384
As Adopted by House

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H. R. No. 384 As Adopted by the House

As Adopted by the House

129th General Assembly

Regular Session

2011-2012

H. R. No. 384

Representative Dovilla

Cosponsors: Representatives Ashford, McGregor, Gerberry, Baker, Wachtmann, Grossman, Adams, R., Barnes, Beck, Blair, Brenner, Bubp, Buchy, Butler, Carney, Celebrezze, Combs, Damschroder, Duffey, Gardner, Goyal, Hackett, Hall, Hayes, Hottinger, Johnson, Kozlowski, Maag, Mallory, Martin, McClain, Milkovich, Newbold, O'Brien, Patmon, Ramos, Rosenberger, Ruhl, Scherer, Schuring, Sears, Smith, Sprague, Stinziano, Terhar, Uecker, Young Speaker Batchelder

A RESOLUTION

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

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

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

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

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

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

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

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

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

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

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

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