South Carolina General Assembly
116th Session, 2005-2006

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S. 1309

STATUS INFORMATION

Concurrent Resolution
Sponsors: Senators Sheheen, Martin, Lourie, Setzler, Alexander, Short and Hawkins
Document Path: l:\council\bills\gjk\21078sd06.doc
Companion/Similar bill(s): 4941

Introduced in the Senate on April 4, 2006
Introduced in the House on April 6, 2006
Adopted by the General Assembly on April 20, 2006

Summary: Treasury Department

HISTORY OF LEGISLATIVE ACTIONS 

     Date      Body   Action Description with journal page number
-------------------------------------------------------------------------------
    4/4/2006  Senate  Introduced, placed on calendar without reference
    4/5/2006          Scrivener's error corrected
    4/5/2006  Senate  Adopted, sent to House SJ-48
    4/6/2006  House   Introduced HJ-11
    4/6/2006  House   Referred to Committee on Invitations and Memorial 
                        Resolutions HJ-11
   4/19/2006  House   Committee report: Favorable Invitations and Memorial 
                        Resolutions HJ-3
   4/20/2006  House   Adopted, returned to Senate with concurrence HJ-77

View the latest legislative information at the LPITS web site

VERSIONS OF THIS BILL

4/4/2006
4/4/2006-A
4/5/2006
4/19/2006

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

COMMITTEE REPORT

April 19, 2006

S. 1309

Introduced by Senators Sheheen, Martin, Lourie, Setzler, Alexander, Short and Hawkins

S. Printed 4/19/06--H.

Read the first time April 6, 2006.

            

THE COMMITTEE ON

INVITATIONS AND MEMORIAL RESOLUTIONS

To whom was referred a Concurrent Resolution (S. 1309) to request the United States Department of the Treasury to adopt a vigorous and strong trade policy regarding currency manipulation and to take swift and responsive, etc., respectfully

REPORT:

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

ROBERT W. LEACH, SR. for Committee.

            

A CONCURRENT RESOLUTION

TO REQUEST THE UNITED STATES DEPARTMENT OF THE TREASURY TO ADOPT A VIGOROUS AND STRONG TRADE POLICY REGARDING CURRENCY MANIPULATION AND TO TAKE SWIFT AND RESPONSIVE ACTIONS IN THE WORLD TRADE ORGANIZATION TO HALT CURRENCY MANIPULATION AND OTHER UNLAWFUL BARRIERS TO FAIR AND FREE TRADE.

Whereas, the South Carolina General Assembly believes that the People's Republic of China continues to threaten our state's economy and the economic security of South Carolina's citizens by consistently undervaluing its currency relative to the dollar, and through various deliberate interventions has manipulated currency values, resulting in adverse effects on South Carolina's economy and its citizens; and

Whereas, South Carolina's manufacturing sector, as well as its suppliers and ancillary businesses, have lost over eighty thousand jobs due to unfair trade practices, which includes currency manipulation and other unscrupulous measures; and

Whereas, over the past decade China kept the Yuan "pegged" to the dollar and purchased hundreds of billions of dollars to artificially inflate our currency serving as a subsidy for Chinese goods and as a tax or tariff on American goods exported to China; and

Whereas, the trade deficit with China alone has been growing at a rate of between sixteen billion and twenty billion dollars per month and was over two hundred one billion dollars in 2005; and

Whereas, the members of the South Carolina General Assembly applaud the United States Department of Treasury's commitment to the proposition that real economic growth depends on free trade. The members of the General Assembly also applaud the department's efforts to initiate discussions with China's government regarding its currency policies. Now, therefore,

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

That the members of the General Assembly of the State of South Carolina and on behalf of South Carolina's citizens and businesses, by this resolution, request the United States Department of the Treasury to adopt a vigorous and strong trade policy regarding currency manipulation and to take swift and responsive actions in the world trade organization to halt currency manipulation and other unlawful barriers to fair and free trade.

Be it further resolved that a copy of this resolution be forwarded to the United States Department of the Treasury.

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