Jones Cosponsors Bill to Oppose Global Currency

Press Release

JONES COSPONSORS BILL TO OPPOSE GLOBAL CURRENCY

U.S. Representative Walter B. Jones (R-NC) has joined Rep. Michele Bachmann (R-MN) as an original cosponsor of H. J. Res. 41, a bill introduced that would bar the dollar from being replaced by any foreign currency. The resolution was introduced this week in response to China, Russia and other countries around the world recently calling on the International Monetary Fund to explore a multi-national currency.

"President Obama and members of his administration have tried to assure the nation that they would oppose efforts to move towards the use of a global currency," Congressman Jones said. "Yet, while speaking at the Council of Foreign Relations on Wednesday, Treasury Secretary Tim Geithner said he was ‘open' to a suggestion by the governor of China's central bank to replace the dollar with a new global currency."

"As a sovereign nation, it is vital for the U.S. to maintain the integrity and independence of its currency. Congress must make clear its position that the option of a foreign currency should not be on the table," Jones said.

Federal law (Title 31, Sec. 5103 USC) currently prohibits the recognition of foreign currency in the U.S. However, the President maintains constitutional authority to negotiate and implement treaties with foreign governments. For this reason, H. J. Res. 41 proposes an amendment to the Constitution of the United States to expressly prohibit the President from entering into a treaty or other international agreement that would allow the United States to adopt as legal tender a currency issued by an entity other than the United States.

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