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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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