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| THE GENERAL ASSEMBLY OF PENNSYLVANIA |
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| HOUSE RESOLUTION |
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| INTRODUCED BY CLYMER, BAKER, BARRAR, BEYER, CREIGHTON, CUTLER, DENLINGER, FAIRCHILD, FLECK, GEORGE, HARHAI, HENNESSEY, HUTCHINSON, KAUFFMAN, O'NEILL, RAPP, READSHAW, ROAE, ROHRER, SCAVELLO, SIPTROTH, SOLOBAY, STERN, SWANGER, TALLMAN, VULAKOVICH AND YOUNGBLOOD, JUNE 12, 2009 |
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| REFERRED TO COMMITTEE ON COMMERCE, JUNE 12, 2009 |
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| A RESOLUTION |
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1 | Opposing all actions by the Federal Government to replace the |
2 | dollar as the official United States currency with any other |
3 | type of multinational or global currency or any creation of a |
4 | global reserve currency, including, but not limited to, the |
5 | expansion of the scope of the International Monetary Funds' |
6 | Special Drawing Rights and any delegation of the United |
7 | States sovereignty to a coordinated international monetary |
8 | regulatory body. |
9 | WHEREAS, The United States dollar was created and defined by |
10 | the Coinage Act of 1792 and is the most widely held reserve |
11 | currency worldwide, providing this nation's companies with an |
12 | ability to trade and the Federal Government with the opportunity |
13 | to borrow in its own currency, thus avoiding exchange rate |
14 | risks; and |
15 | WHEREAS, Any global currency would necessitate monetary |
16 | policy to be conducted by a world central bank which would not |
17 | guarantee a policy reflective of the best economic interests of |
18 | the United States and would thus undermine this nation's |
19 | sovereignty; and |
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1 | WHEREAS, Special Drawing Rights (SDRs) are a reserve asset |
2 | regulated by the International Monetary Fund (IMF), which have a |
3 | potential claim on the freely usable currencies of IMF members |
4 | which holders can obtain in exchange for their SDRs; and |
5 | WHEREAS, China's top central bank governor, Zhou Xiaochuan, |
6 | has called for a global reserve currency that is disconnected |
7 | from individual nations by expanding the limitations on the |
8 | allocation and scope of the use of SDRs; and |
9 | WHEREAS, Dominique Strauss-Kahn, the managing director of the |
10 | IMF, believes discussion of a new global currency is legitimate; |
11 | and |
12 | WHEREAS, United States Secretary of the Treasury, Timothy |
13 | Geithner, appointee of President Barack Obama, publicly stated |
14 | that he is open to further discussion of a global reserve |
15 | currency, and that remark resulted in an immediate fall in the |
16 | value of the dollar; and |
17 | WHEREAS, The G-20, with the support of the Federal |
18 | Government, called for a $250 billion increase in SDRs and |
19 | proclaimed in The Global Plan for Recovery and Reform, "We will |
20 | support, now and in the future...independent IMF surveillance of |
21 | our economies and financial sectors..." and "We will take action |
22 | to build a stronger, more globally consistent, supervisory and |
23 | regulatory framework for the future financial sector..."; and |
24 | WHEREAS, The irresponsible spending of the current |
25 | administration has put the value of the dollar at risk and has |
26 | increased the desire of countries abroad to abandon the dollar |
27 | and seek a global currency; therefore be it |
28 | RESOLVED, That the House of Representatives of the |
29 | Commonwealth of Pennsylvania oppose all government actions |
30 | promulgating a global currency, whether those government |
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1 | entities be foreign or domestic; and be it further |
2 | RESOLVED, That copies of this resolution be transmitted to |
3 | the presiding officers of each house of Congress and to each |
4 | member of Congress from Pennsylvania. |
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