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Bill 5283

                    Current Status

Bill Number:                      5283
Type of Legislation:              Concurrent Resolution CR
Introducing Body:                 House
Introduced Date:                  20020515
Primary Sponsor:                  Chellis
All Sponsors:                     Chellis, Cotty, Sinclair, Sharpe, Allen, 
                                  Altman, Bales, Barfield, Barrett, Battle, 
                                  R. Brown, Campsen, Cato, Coates, Cobb-Hunter, 
                                  Dantzler, Davenport, Edge, Fleming, Freeman, 
                                  Frye, Gilham, Gourdine, Harrison, Hayes, 
                                  M. Hines, Hinson, Huggins, Jennings, Keegan, 
                                  Koon, Law, Limehouse, Littlejohn, McCraw, 
                                  McGee, Meacham-Richardson, Merrill, Miller, 
                                  Owens, Phillips, Rice, Riser, Rivers, 
                                  Scarborough, Simrill, D.C. Smith, F.N. Smith, 
                                  J.R. Smith, Snow, Thompson, Townsend, Vaughn, 
                                  Walker, Webb, White and A. Young
Drafted Document Number:          l:\council\bills\gjk\21364sd02.doc
Date Bill Passed both Bodies:     20020522
Subject:                          Request Congress and President to limit 
                                  further over-valuation of US Dollar


                        History

Body    Date      Action Description                     Com     Leg Involved
______  ________  ______________________________________ _______ ____________
Senate  20020522  Introduced, adopted, returned
                  with concurrence
House   20020521  Adopted, sent to Senate
House   20020516  Committee report: Favorable            24 HIMR
House   20020515  Introduced, referred to Committee      24 HIMR


              Versions of This Bill
Revised on May 16, 2002 - Word format

COMMITTEE REPORT

May 16, 2002

    H. 5283

Introduced by Reps. Chellis, Cotty, Sinclair, Sharpe, Allen, Altman, Bales, Barfield, Barrett, Battle, R. Brown, Campsen, Cato, Coates, Cobb-Hunter, Dantzler, Davenport, Edge, Fleming, Freeman, Frye, Gilham, Gourdine, Harrison, Hayes, M. Hines, Hinson, Huggins, Jennings, Keegan, Koon, Law, Limehouse, Littlejohn, McCraw, McGee, Meacham-Richardson, Merrill, Miller, Owens, Phillips, Rice, Riser, Rivers, Scarborough, Simrill, D.C. Smith, F.N. Smith, J.R. Smith, Snow, Thompson, Townsend, Vaughn, Walker, Webb, White and A. Young

S. Printed 5/16/02--H.

Read the first time May 15, 2002.

    To whom was referred a Concurrent Resolution (H. 5283) to memorialize the President and the Congress to adopt and maintain policies that would limit the further over-valuation of the United States dollar in order to place United States manufacturers, etc., respectfully

    That they have duly and carefully considered the same and recommend that the same do pass:

RONALD N. FLEMING for Committee.

TO MEMORIALIZE THE PRESIDENT AND THE CONGRESS TO ADOPT AND MAINTAIN POLICIES THAT WOULD LIMIT THE FURTHER OVER-VALUATION OF THE UNITED STATES DOLLAR IN ORDER TO PLACE UNITED STATES MANUFACTURERS ON EVEN GROUND WITH FOREIGN COMPETITORS.

Whereas, the current economic recession in the United States is to a large degree the result of a manufacturing recession that is worsened by the ever-rising value of the United States currency; and

Whereas, the United States dollar valuation now stands at a sixteen-year high compared to foreign currencies; and

Whereas, an over-valuation of the United States currency that exceeds a reasonable valuation consistent with underlying economic fundamentals results in a drastic reduction of the exportation of United States products and the attendant loss of employment in this country; and

Whereas, the negative trade gap between the United States and its economic trading partners could result in a permanent loss of jobs to overseas competitors as United States businesses lose distribution channels to foreign competitors; and

Whereas, the thirty percent over-valuation of the United States dollar as measured by the United States Federal Reserve Board relative to other major currencies has the further negative impact of lowering prices of foreign products in the United States, in affect creating a thirty percent tariff on domestic products. Now, therefore,

Be it resolved by the House of Representatives, the Senate concurring:

That the members of the South Carolina General Assembly, by this resolution, memorialize the President and the Congress to adopt and maintain policies that would limit the further over-valuation of the United States dollar in order to place United States manufacturers on even ground with foreign competitors.

Be it further resolved that a copy of this resolution be forwarded to the United States House of Representatives, the Senate, the President of the United States, and each member of the South Carolina Congressional Delegation.

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