[Congressional Record Volume 152, Number 65 (Tuesday, May 23, 2006)]
[Extensions of Remarks]
[Page E932]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                        CURRENCY PROTECTION BILL

                                 ______
                                 

                        HON. DONALD A. MANZULLO

                              of illinois

                    in the house of representatives

                         Tuesday, May 23, 2006

  Mr. MANZULLO. Mr. Speaker, I wish to call your attention to H. Con. 
Res. 390, a resolution I introduced on April 26, 2006.
  We are currently living in an environment where prevention of 
terrorism is at the forefront of the American mind. It is important to 
remember that although the U.S. dollar is not typically viewed as a 
vessel of major catastrophic events, mass counterfeiting of the dollar 
will undermine the U.S. economy and ultimately destroy the security of 
our Nation. We have come a long way in protecting our highly visible 
assets since September 11, 2001. Now we must also extend that to our 
currency.
  H. Con. Res. 390 calls upon the U.S. government to ensure the 
protection of the U.S. dollar and defend its integrity throughout the 
world. Our Nation must deter counterfeiting of our currency in order to 
preserve the strength of the U.S. dollar and protect America from a 
economic disaster.
  Recent global politics illustrate the necessity of H. Con. Res. 390. 
A few months ago, the United States accused the Democratic People's 
Republic of Korea (North Korea) of counterfeiting the U.S. dollar. In 
retaliation, North Korea claimed that the CIA had counterfeited the 
U.S. dollar and planted the counterfeit bills in North Korea. Despite 
North Korea's claim of innocence, it is estimated that at least $45 
million counterfeit U.S. dollar are in circulation and have originated 
from North Korea.
  A timely CRS report released March 22, 2006, correctly states that 
any act of counterfeiting the U.S. dollar is a direct attack on the 
United States. We must not allow our adversaries the option of using 
counterfeit U.S. dollars to cause harm against our Nation or economy. 
That is why H. Con. Res. 390 is so necessary.
  This is not just a threat against the United States. The U.S. dollar 
is the world's reserve currency. Undermining the value of the dollar 
will negatively affect our allies and the nations that are dependent on 
our currency. Counterfeiting of the U.S. dollar weakens our own ability 
to protect the U.S. and also pads the arsenals of those who wish to 
engineer our destruction.
  It is time to step up and put a stop to the obvious counterfeiting of 
the U.S. dollar by foreign nations. I am proud to introduce H. Con. 
Res. 390 in the House, and I hope my colleagues will join me in support 
of this measure. We must protect our most important national asset--the 
U.S. dollar.

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