[Congressional Record Volume 156, Number 40 (Thursday, March 18, 2010)]
[Senate]
[Pages S1753-S1754]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                         SUBMITTED RESOLUTIONS

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SENATE RESOLUTION 461--EXPRESSING THE SENSE OF THE SENATE THAT CONGRESS 
   SHOULD REJECT ANY PROPOSAL FOR THE CREATION OF A SYSTEM OF GLOBAL 
                        TAXATION AND REGULATION

  Mr. VITTER submitted the following resolution; which was referred to 
the Committee on Finance:

                              S. Res. 461

       Whereas many proposals are pending in Congress--
       (1) to increase taxes;
       (2) to regulate businesses; and
       (3) to continue runaway government spending;
       Whereas taxpayer funding has already financed major, on-
     going bailouts of the financial sector;
       Whereas the proposed cap-and-trade system would result in 
     trillions of dollars in new taxes and job-killing 
     regulations;
       Whereas a number of nongovernmental organizations are 
     proposing that a cap and trade regulatory system be adopted 
     on a global scale;
       Whereas the International Monetary Fund was tasked by the 
     G-20 with preparing ``a report for our next meeting with 
     regard to the range of options countries have adopted or

[[Page S1754]]

     are considering as to how the financial sector could make a 
     fair and substantial contribution toward paying for any 
     burdens associated with government interventions to repair 
     the banking system.'';
       Whereas the options expected to be included in the 
     International Monetary Fund report being prepared for the 
     next meeting of the G-20 would essentially describe proposals 
     to finance bailouts of the financial sector on a global 
     scale;
       Whereas the Climate Conference held during December 1 
     through December 18, 2009, in Copenhagen, Denmark considered 
     a number of international taxation and regulatory proposals 
     that will--
       (1) punish businesses; and
       (2) promote proposals not based in sound science;
       Whereas new international taxation and regulatory proposals 
     would be an affront to the sovereignty of the United States;
       Whereas the best manner by which to overcome the economic 
     downturn in the United States includes taking measures that 
     would--
       (1) lower tax rates;
       (2) reduce government spending; and
       (3) impose fewer onerous and unnecessary regulations on job 
     creation; and
       Whereas the worst manner by which to overcome the economic 
     downturn in the United States includes taking measures that 
     would--
       (1) increase tax rates; and
       (2) expand government intervention, including intervention 
     on a global scale: Now, therefore, be it
       Resolved, That it is the sense of the Senate that Congress 
     should reject any proposal for the creation of--
       (1) an international system of government bailouts for the 
     financial sector;
       (2) a global cap-and-trade system or other climate 
     regulations that would--
       (A) punish businesses in the United States; and
       (B) limit the competitiveness of the United States; and
       (3) a global tax system that would violate the sovereignty 
     of the United States.

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