THE GENERAL ASSEMBLY OF PENNSYLVANIA

HOUSE RESOLUTION

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

REFERRED TO COMMITTEE ON COMMERCE, JUNE 12, 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, United States Secretary of the Treasury, Timothy

Geithner, appointee of President Barack Obama, publicly stated

that he is open to further discussion of a global reserve

currency, and that remark resulted in an immediate fall in the

value of the dollar; and

WHEREAS, The G-20, with the support of the Federal

Government, 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..."; and

WHEREAS, The irresponsible spending of the current

administration has put the value of the dollar at risk and has

increased the desire of countries abroad to abandon the dollar

and seek a global currency; 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.