Bill Text: PA HR408 | 2009-2010 | Regular Session | Introduced

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Bill Title: Opposing all actions by the Federal Government to replace the dollar as the official United States currency with any other type of multinational or global currency or any creation of a global reserve currency, including, but not limited to, the expansion of the scope of the International Monetary Fund's Special Drawing Rights and any delegation of the United States sovereignty to a coordinated international monetary regulatory body.

Spectrum: Slight Partisan Bill (Republican 24-8)

Status: (Introduced - Dead) 2010-09-20 - Removed from table [HR408 Detail]

Download: Pennsylvania-2009-HR408-Introduced.html

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PRINTER'S NO. 2439
THE GENERAL ASSEMBLY OF PENNSYLVANIA
HOUSE RESOLUTION
No. 408 Session of2009
INTRODUCED BY CLYMER, DALEY, HESS, 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, JULY 14, 2009
REFERRED TO COMMITTEE ON COMMERCE, JULY 14, 2009
A RESOLUTION
Opposing all actions by the Federal Government to replace the
dollar as the official United States currency with any other
type of multinational or global currency or any creation of a
global reserve currency, including, but not limited to, the
expansion of the scope of the International Monetary Funds'
Special Drawing Rights and any delegation of the United
States sovereignty to a coordinated international monetary
regulatory body.
WHEREAS, The United States dollar was created and defined by
the Coinage Act of 1792 and is the most widely held reserve
currency worldwide, providing this nation's companies with an
ability to trade and the Federal Government with the opportunity
to borrow in its own currency, thus avoiding exchange rate
risks; and
WHEREAS, Any global currency would necessitate monetary
policy to be conducted by a world central bank which would not
guarantee a policy reflective of the best economic interests of
the United States and would thus undermine this nation's
sovereignty; and
WHEREAS, Special Drawing Rights (SDRs) are a reserve asset
regulated by the International Monetary Fund (IMF), which have a
potential claim on the freely usable currencies of IMF members
which holders can obtain in exchange for their SDRs; and
WHEREAS, China's top central bank governor, Zhou Xiaochuan,
has called for a global reserve currency that is disconnected
from individual nations by expanding the limitations on the
allocation and scope of the use of SDRs; and
WHEREAS, Dominique Strauss-Kahn, the managing director of the
IMF, believes discussion of a new global currency is legitimate;
and
WHEREAS, The G-20 called for a $250 billion increase in SDRs
and proclaimed in The Global Plan for Recovery and Reform, "We
will support, now and in the future...independent IMF
surveillance of our economies and financial sectors..." and "We
will take action to build a stronger, more globally consistent,
supervisory and regulatory framework for the future financial
sector..."; therefore be it
RESOLVED, That the House of Representatives of the
Commonwealth of Pennsylvania oppose all government actions
promulgating a global currency, whether those government
entities be foreign or domestic; and be it further
RESOLVED, That copies of this resolution be transmitted to
the presiding officers of each house of Congress and to each
member of Congress from Pennsylvania.
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