Eagle Forum Warns U.S. Treasury Secretary: 'The American People Do Not Want a New...

Eagle Forum Warns U.S. Treasury Secretary: 'The American People Do Not Want a
New World Currency That China Would Control'

WASHINGTON, March 30 /PRNewswire-USNewswire/ -- Eagle Forum, a leading
conservative grassroots organization founded by Phyllis Schlafly, applauds
Congresswoman Michele Bachmann (R-MN-6th) for introducing a resolution which
would bar the U.S. dollar from being replaced by any foreign currency.
Bachmann's legislation was prompted by a series of contradictory public
remarks made by U.S. Treasury Secretary Tim Geithner last week.

During a House Financial Services Committee hearing last week, both Secretary
Geithner and Federal Reserve Chairman Ben Bernanke clearly stated that they
"categorically renounce" the proposal offered by China's top central banker to
replace the devalued U.S. dollar with a new global currency. But, just 24
hours later, while speaking at the liberal Council on Foreign Relations in New
York, Geithner contradicted his previous statement and declared that the U.S.
Treasury Department was "actually quite open" to the idea of a global
currency.

"The American people do not want a new world currency that China would
control," said Eagle Forum President Phyllis Schlafly. "It is the Obama
Administration's and the Federal Reserve's policies that are causing the
dollar to take even bigger hits against other currencies."

"Simply replacing the dollar is not the solution," Schlafly said. "It would be
yet another Band-Aide to cover up the real source of the problem which is
Obama's tidal wave of unlimited bailouts, nationalization of the banks and the
auto and mortgage industries, stimulus bills, and his proposed budget that
will inevitably cause massive inflation and further strangle our economy."

"Eagle Forum commends Congresswoman Bachmann for aggressively questioning both
Geithner and Bernanke during the committee hearing on Wednesday and for
ensuring that they remain accountable for their sworn testimony," concluded
Schlafly. "Congresswoman Bachmann is an example of the kind of leader that
grassroots Americans are demanding from their elected officials, and we
encourage even more Members of Congress to take direct action, like Michele,
and to go on the offensive against this Administration's economic
recklessness."

Rep. Michele Bachmann's resolution, H.J. Res. 41, was officially introduced on
March 25, 2009. It currently has 29 cosponsors and has been referred to the
House Committee on the Judiciary. Because the U.S. Constitution allows the
President to engage foreign governments in treaties, Bachmann's resolution
provides for a constitutional amendment which would prohibit the President
from entering into a treaty or other international agreement that would
provide for the U.S. to adopt a currency issued by an entity other than the
United States.

CONTACT: Suzanne Bibby
202-544-0353

SOURCE Eagle Forum

Suzanne Bibby of Eagle Forum, +1-202-544-0353