Bill Text: OH HR384 | 2011-2012 | 129th General Assembly | Enrolled
Bill Title: To memorialize the President and Congress of the
Spectrum: Moderate Partisan Bill (Republican 37-12)
Status: (Passed) 2012-06-12 - Adopted [HR384 Detail]
Download: Ohio-2011-HR384-Enrolled.html
|
|
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
| 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 |
