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H. R. No. 384 As IntroducedAs Introduced 129th General Assembly | Regular Session | 2011-2012 |
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Cosponsors:
Representatives Ashford, McGregor, Gerberry, Baker, Wachtmann, Grossman
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.
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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. |
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