[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[H. Con. Res. 485 Introduced in House (IH)]







107th CONGRESS
  2d Session
H. CON. RES. 485

 Requesting the United States Government to take appropriate action to 
urge the Government of the People's Republic of China to provide for a 
   fair resolution of the claims of United States citizens who hold 
    Chinese Government bonds on which that Government has defaulted.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           September 25, 2002

    Mr. Jones of North Carolina submitted the following concurrent 
   resolution; which was referred to the Committee on International 
                               Relations

_______________________________________________________________________

                         CONCURRENT RESOLUTION


 
 Requesting the United States Government to take appropriate action to 
urge the Government of the People's Republic of China to provide for a 
   fair resolution of the claims of United States citizens who hold 
    Chinese Government bonds on which that Government has defaulted.

Whereas United States citizens who hold bonds issued by the Government of the 
        People's Republic of China and on which that Government has defaulted 
        are not permitted to file claims against the Chinese Government in any 
        United States court;
Whereas United States citizens who hold Chinese Government bonds on which that 
        Government has defaulted are dependent upon action of the United States 
        Government for a fair resolution of their claims;
Whereas in 1979 the Chinese Government settled the claims of United States 
        citizens whose property was confiscated or nationalized by the 
        Government of the People's Republic of China in 1949 or thereafter;
Whereas the Chinese Government has refused to resolve the claims of United 
        States citizens who hold Chinese Government bonds issued prior to 1950 
        and on which that Government has defaulted;
Whereas in 1987 the Chinese Government reached a settlement with the Government 
        of the United Kingdom on behalf of British holders of similar defaulted 
        Chinese Government bonds;
Whereas the People's Republic of China is one of the largest holders of United 
        States Treasury notes and bonds;
Whereas United States markets are fully open for commercial access by China;
Whereas the Chinese Government and its instrumentalities rightfully expect the 
        United States Government to honor official United States Government 
        commitments to pay its obligations of the United States held by Chinese 
        citizens; and
Whereas United States bondholders should similarly expect the Chinese Government 
        to honor its longstanding commitments to pay its obligations on those 
        bonds: Now, therefore, be it
    Resolved by the House of Representatives (the Senate concurring), 
That the United States Government should take appropriate action to 
urge the Government of the People's Republic of China to provide for a 
fair resolution of the claims of United States citizens who hold 
Chinese Government bonds on which that Government has defaulted.
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