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S. Con. Res. 78, A concurrent resolution expressing the sense of Congress that the People's Republic of China and all enterprises owned or controlled by the People's Republic of China should make proper disclosures with the Securities and Exchange Commission regarding the selective default status of certain bonds
- This item is from the 110th Congress (2007-2008) and is no longer current. Comments, voting, and wiki editing have been disabled, and the cost/savings estimate has been frozen.
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Visitor Comments 
Richard Hughes
May 2, 2008, 4:18am (report abuse)It is about time the PRC was made to pay for their financial indiscretions from the past. They have trampled all over the Worlds financial and trade markets prospered from others decline and taken jobs from hard working Americans the US Gov. must make a stand.
Guy Powell
May 2, 2008, 4:20am (report abuse)Why should China get preferential treatment from the US?
bill sykes
May 2, 2008, 4:31am (report abuse)The situation is crystal clear.
China has an obligation and if it wishes to operate globally it must meet this and any other obligations.
Derek Henderson
May 2, 2008, 5:16am (report abuse)With China's national assets and foreign exchange reserves standing at an all time high and growing continuously, it is indeed strange that for such a proud nation and people that their status in the financial markets and the world generally should be tarnished by its continued refusal to clean up this long outstanding defaulted debt. Clearly the nation has benefited from provision of the money and would now be better served by a clean and honourable settlement.
Lawrence E Fowler
May 2, 2008, 5:58am (report abuse)If it walks like a duck, quacks like a duck, looks like a duck. China's credibility should be disclosed so investors are aware of the risk. China needs to pay it's debts.
Paul McCourt
May 2, 2008, 7:20am (report abuse)If an American citizen or the government owed China money they would use all possible means to reclaim it. It is time for the American government to stand up and be counted and act in the same manner it would if any other country owed it's citizens money.
David Crider
May 2, 2008, 8:15am (report abuse)Far to long we have played by someone else playbook. It's about time we started to make China and others accountable for themselves instead of allowing them to make rules for others that they would not follow or allow others to do to them.
DuWayne Madson
May 2, 2008, 9:01am (report abuse)I have to pay my debts. Why shouldn't China pay her debts.
Cheryl Mau
May 2, 2008, 9:04am (report abuse)I have to pay my bills. I don't understand why a nation whose economics have increased substantially over the past ten years shouldn't have to pay her bills.
Andrew Kittel
May 2, 2008, 9:11am (report abuse)Please support this Bill. If we are truly here to make this world a better place in which we found it please act on this as a statement in making our world a better place to do business and to live as a civilized world.
Sheena Buck
May 2, 2008, 9:15am (report abuse)I am sure the Chinese living in the nation of China have to pay their bills. Shouldn't the government have to pay their debts also.
Alan Wright
May 2, 2008, 9:18am (report abuse)'World's longest sea bridge'
China opens a new $1.7 billion bridge, saying it is the longest bridge spanning a sea.
It's amazing the things you can build and do when you don't have to pay your debt like the rest of us. Please support this Bill.
Lorraine Barnell
May 2, 2008, 9:34am (report abuse)Please support this Bill. China is an educated nation and needs to pay her debts.
David Manning
May 2, 2008, 9:35am (report abuse)US actress-turned-activist Mia Farrow, also in Hong Kong, used the occasion to press China over its links with Sudan, whose government has been blamed for failing to stop the bloodshed in its Darfur region.
"It isn't a pretty way to say this, but China is underwriting the atrocities in Darfur," said Farrow, who also lashed out at most of the corporate sponsors of the 2008 Games.
"History will note their silence," she said. "I'm disgusted."
Robert Barnell
May 2, 2008, 9:36am (report abuse)China has a responsibilty to pay her bills. Please support this Bill.
Sharon Wright
May 2, 2008, 9:38am (report abuse)Take a stand against China's government and make them accountable! Please support this Bill.
Rick Rogers
May 2, 2008, 9:45am (report abuse)There is no good reason why U.S. families
should lose their livelihoods simply because China's government has chosen
to manipulate its currency to generate jobs in China and spur exports to
the United States."
The manipulation of exchange rates
by China and other countries is a monetary measure contrary to China's
international legal obligations and has extremely adverse consequences for
manufacturing in the United States. China's enormous and skyrocketing trade
surpluses with the United States year after year and huge and growing
reserves of foreign exchange are occurring at the expense of U.S. economic
growth and national security. In the face of strong recessionary pressures,
the United States cannot afford to look the other way when unfair practices
harm domestic American producers.
Please support this Bill.
Yvette Herberger
May 2, 2008, 9:47am (report abuse)Make them pay their bills, just like we pay ours. Please support this bill.
Tom
May 2, 2008, 10:00am (report abuse)When are the Senators that we voted for going to step up and support this Bill???? It's not right to allow the same countries to break the laws over and over again and get away with it. Call your Senator and get them to support this bill. If I didn't pay my bills my credit score would go down and so should theirs.
Gizella Beasley
May 2, 2008, 10:43am (report abuse)It is only fair that China be accountable for there actions. The funds where loaned to China when they needed help. How is the time it needs to be repaid.
RC Weis
May 2, 2008, 11:03am (report abuse)The PROC owns billions of our treasury notes. Does this mean we don't have to pay them when they might ask for their money? We honor our debts!! Please call your Senators and ask that they support this bill
David Maxey
May 2, 2008, 11:09am (report abuse)If my senators don't approve this then they will not get my vote ever again.
FREDERICK hERR
May 2, 2008, 11:24am (report abuse)We ought to strongly encourage the Chinese to meet their promises and obligations for their own sake when dealing in the world markets.
L. Bryant
May 2, 2008, 11:24am (report abuse)Think of all the merchandise we buy from China. Giving thier people work and incomes, while we continue to lose jobs and our homes. Even China should be held responsible for thier debts.
Martin Dickinson
May 2, 2008, 11:38am (report abuse)Even the worst criminal offenders have a code of honour. China is breaking new ground in the dishonesty stakes. Worse still she is bieng aided and abetted in her actions by the good old veritable and trusted institutions of the so called civilised western world. Wake up everyone before it's too late!!
Pat B
May 2, 2008, 11:46am (report abuse)China should pay up what it owes. They are a world power now and should start acting like one. They owe US citizens for bonds, they have paid off other countries private citizens, now they should honor their debt. Honor their debt instead of floating more bonds that they will not honor in the future.
Terry
May 2, 2008, 11:55am (report abuse)China needs to save face by paying this debt to America. America needs to save face by stepping up and supporting it's people.
Kindly support this bill.
Claude Mitchell
May 2, 2008, 12:03pm (report abuse)It's about time that China be held responsible for it's debt to the American people. Why should a county whose future we helped procure be allowed to default on it's re-payment of these bonds. The British people under Margaret Thather made China repay it's bond debt, so should we. We as Americans must be persistant and have our senate representatives support S. Con. Res. 78, which would send a clear message to China and the world just what has been perpetrated on the American people. There is no room for selective repayment of debt. "If you want to dance you have to pay the band." Make China pay us back what they owe us!
John Holipski Jr.
May 2, 2008, 12:09pm (report abuse)We need to stand up to China and make them play by the same rules as others countries. They want a double standard to exist, they don't want to pay their obligations from past governments but want the obligations owed them from other countries previous governments to be honored. What hypocrites! Please support this resolution!
SAC Organization,
May 2, 2008, 12:11pm (report abuse)Support Against China Organization
Dear Senators,
We respectfully ask for you to support S. Con. Res. 78, A concurrent resolution expressing the sense of Congress that the People's Republic of China and all enterprises owned or controlled by the People's Republic of China should make proper disclosures with the Securities and Exchange Commission regarding the selective default status of certain bonds.
It is an absolute sad day for our Great Country and the citizens of the USA when such acts against our nation go unanswered.
Please Support This Bill!
Bev Holipski
May 2, 2008, 12:28pm (report abuse)There are no excuses for the Peoples Republic of China to deny the indebtedness of the Chinese bonds. The progress that China is experiencing now is a direct result of the United States participating in their global economy and China should be responsible for all their debts just like the US is.
PLEASE SUPPORT THIS RESOLUTION.
Peter E. Bryant
May 2, 2008, 12:50pm (report abuse)China paid off English Bondholders of Chinese gold bonds years ago. But will not pay American Bondholders off. Maybe they have their own "Most Favorite trading nation" list and we are not on it. Isn't it time the playing field was leveled with China?
Support this Bill please.
Mitch Rutherford
May 2, 2008, 12:51pm (report abuse)People dont think we dont have a shot here. Goliath thought he was unstoppable. Lets pick up a few smooth stones and hit them where it hurts. Dont buy Chinese crap! and lets expose these Wall Street traitors that are investing in China and not in the U.S.. PLEASE support this bill and lets do everything we can to draw attention to this. Let's flood people like Bill OReilly, Hannity, Beck and others email and expose this crap! Timing is so important. This is the time to hit China at a time it can really count!
Paula Cummings
May 2, 2008, 2:11pm (report abuse)The following bill needs everyones support. As a family member of bondholders we have experienced first hand, China not paying their obligations to the U.S. Citizens as owed. Our Senate and Congress need to make a stand and stop allowing this country to continue to buy and trade with the U.S. and own more of the U.S. then the American people do, yet allow them to be in default of their obligations without consequence. When is our gov't going to stand up for our rights and collect the money that due the Americans? Please support this bill and let's stop giving this country and others the blind eye treatment.
S. Con. Res. 78, A concurrent resolution expressing the sense of Congress that the People's Republic of China and all enterprises owned or controlled by the People's Republic of China should make proper disclosures with the Securities and Exchange Commission regarding the selective default status of certain bonds.
Chris A.
May 2, 2008, 2:19pm (report abuse)I agree with Derek above, so I hope he doesn't mind if I use his words: "With China's national assets and foreign exchange reserves standing at an all time high and growing continuously, it is indeed strange that for such a proud nation and people that their status in the financial markets and the world generally should be tarnished by its continued refusal to clean up this long outstanding defaulted debt. Clearly the nation has benefited from provision of the money and would now be better served by a clean and honorable settlement." Now is the time for our leaders to make China pay it's debts, just as we are required to pay ours. Please support this Bill.
David Truslow
May 2, 2008, 3:12pm (report abuse)When I think about what happens to my credit rating if I miss one payment, the PRC is getting away with financial murder.
The 3 primary Nationally Recognized Statistical Rating Organizations (NRSROs)should be doing their job. Who regulates them?
Please support this bill.
Bill Morgan
May 2, 2008, 3:40pm (report abuse)China continues to pirate our copyrights, paint our kids toys with lead, poison our pet food, attempt to steal our nuclear secrets at Los Alamos, invade the peaceful country of Tibet, and flagrantly violates human rights and yet China still flaunts their legitimate obligations to American Citizens. China should be forced to pay on each and every one of these issues. Please support this Resolution.
Willie V.
May 2, 2008, 4:28pm (report abuse)It's time for China to pay it's debt to the American bonholders! Please help by supporting this resolution.
Richard Maxey
May 2, 2008, 5:41pm (report abuse)Why can't the US use the same method the English used to make the Chinese pay their debt?
Phil Arno
May 2, 2008, 5:44pm (report abuse)Wouldn't it be a nice scam if China or any other country could get out of a debt just by changing administrations. If they do it maybe the US should cancel all debt to China after the next President takes over.
Don't let them get away with it. They should pay their debts!
Glenn Baldwin
May 2, 2008, 7:42pm (report abuse)For too long the eight hundred pound gorilla in congress has been the P.R.C. It is now time for the senate to start defending the rights of U.S. citizens. S.Con.Res. 78 is a good starting point.
Bev H
May 2, 2008, 7:51pm (report abuse)Still aggrevated and frustrated with the fact that the English were given consideraton for the same chinese bonds, but the US (who is making their economy soar) is left to make demands for the bond monies that are already owed. play by the rules and pay the debt incurred when the promise was made to play by the rules.
THIS IS A PLEA TO THE LAWMAKERS ELECTED TO FOLLOW THRU ON THIS RESOLUTION.
Melba Baldwin, Ph D
May 2, 2008, 7:54pm (report abuse)Congress can no longer put the interest of foreign governments over the rights of its citizens. S.Con.Res. 78 will get the attention of the R.R.C. and start reversing a disturbing trend.
Thomas Jefferson Neavitt V
May 2, 2008, 8:07pm (report abuse)Hello? Hello? Senators are you there? Would you support this already? The American people are requesting you support this Bill. You want our votes?
Charles Wade
May 2, 2008, 8:28pm (report abuse)I think it is a good time for the new congress and senate to stand up and put their promises to work when they talk about representing all of the American people. They all know of this default by the Chinese government but none have the guts to take them on. They see the Chinese building bases and offensive tactical points around the world with some of which is our money and may some day be used against us. Wake up and support the people who elect you. S.Con.Res.78 is a good place to start.
Stanford L
May 2, 2008, 8:40pm (report abuse)Why only China? US is an equal opportunity land and so goes to equal treaments for ALL regardless race, country, religion and language. Should Americans and the Congress "drive backward" systems? Are Americans and the Congress afraid of China? Well, there are others countries like Brazil, India and Indonesia to look at for trades!!!
Larry Z
May 2, 2008, 10:09pm (report abuse)I have to pay my bills, I expect China should have to do the same. If I default, my credit score goes down, so should theirs. PLEASE SUPPORT THIS BILL.
Roger S.
May 2, 2008, 11:10pm (report abuse)This is going nowhere unless this becomes newsworthy. Things don't get done unless the pressure is put on by the media. Why is nobody talking about this? There's got to be someone who wants to start discussing this with the news or talk shows. So what happens if a dozen senators and congressmen support this? What's next?
Cindy Rodemeyer
May 3, 2008, 12:29am (report abuse)What ever happened to "Liberty and Justice for all". Seems to me that there is no justice in our letting China get away with not paying their obligations. Not to mention the fact how much the tax revenue could pay down America's own deficit! Please wise up and support this bill,Senators. I've never known Uncle Sam to miss a collection opportunity....and this would be a mighty big one to miss.
Kathryn Fawkes Humphreys
May 3, 2008, 5:10am (report abuse)China has issued bonds and defaulted. Now that everyone has jumped ship and made investments there, what is to say they will not default again and default? Causing a global financial disaster!
Kathy Burnette
May 3, 2008, 11:21am (report abuse)It is time for the senate to start defending the rights of U.S. citizens. Please.....support this bill.
Craig Hadley
May 3, 2008, 11:27am (report abuse)PROC has emerged as a financial power to reckon with. They should be held accountable for debts owed as the rest of the industrialized world. PLease support this resolution.
David Mumford
May 3, 2008, 11:58am (report abuse)This sham by the PRC has been allowed to go on too long.
This resolution will go a long way to right this wrong!
Laura B. Sparks
May 3, 2008, 12:07pm (report abuse)It is important that the Senate approve this most important resolution. The PRC should be accountable like all other countries.
L.Howard
May 3, 2008, 3:51pm (report abuse)Please support this bill and make the PRC be accountable as we depend on you to work on our behalf.
R.Plummer
May 3, 2008, 3:56pm (report abuse)We expect you to support this bill and make China accountable
P. Brown
May 3, 2008, 3:58pm (report abuse)We are expecting you defend our rights. Please pass this bill.
Pamela B.
May 3, 2008, 4:10pm (report abuse)We have made China what it is today. Don't you think we have some justice do us. To have integraty one must be accountable. Please support this bill.
Janice Palmer
May 3, 2008, 4:17pm (report abuse)China should honor its debts if it is to have any future credibility
Bill B
May 3, 2008, 4:22pm (report abuse)Why can a country get away with not repaying a Debt But we as Americans would be dealt with in Court and have our wages Garnished Please we ask that you our elected Support this bill and do the American Public the Honor of what you were elected to do for us Give us Back our Rights to this...Support this bill or get out of office and let someone with a back bone in to do it
Peter R
May 3, 2008, 6:09pm (report abuse)This is a simple issue - China borrowed money and has to pay it back. If they want to be part of the international financial system, this has to be resolved. All of our elected officials should be behind this.
John Brown
May 4, 2008, 1:45am (report abuse)It is a shame that we as American people have to take legal action against a country who refuses to honor their debt, even though the U.S. continues to lend China billions of dollars to keep their country afloat.
Mark Fiander
May 4, 2008, 2:16am (report abuse)Why doesn't the credit rating agencies drop China to Default Status? Is it because they get paid big bucks to keep their ratings high? Isn't this called fraud and misrepresentation?
Sidney
May 4, 2008, 6:04am (report abuse)Please support this Bill; so much depends on this issue and the failures of the PRC,their word is worth nothing in the Worlds markets. They flood the World with cheap sub standard products and worthless financial instruments backed by fraudulent Credit Rating Agencies
R Sykes
May 4, 2008, 9:11am (report abuse)If the US Government lets this issue slip through the net and go unsettled, what example does this set for business between nations in the future, if international law cannot be upheld what is the point of any future agreements between these two great nations or any others infact? What does the future hold for us if we are not protected by the law and our governments? This debt must be settled!
Dave
May 4, 2008, 4:22pm (report abuse)It's about time that the people we put in office start doing what the people want, start with passing this bill.
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