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The Allegation"The China Nonproliferation Act avoids many of the pitfalls that have made some previous unilateral sanctions measures ineffective." -Dear Colleague letter to the Senate from Sens. Thompson and Torricelli, June 28, 2000
The Facts
Comments of Alan Greenspan, Chairman of the Federal Reserve Board, July 20, 2000"...A most fundamental concern about this particular [legislation] is that it doesn't have any capacity of which I am aware to work... the only thing that strikes me as a reasonable expectation is it can harm us more than it would harm others." "...To the extent we block foreigners from investing or raising funds in the United States, we probably undercut the viability of our own system... The remarkable evolution of the open financial system especially in recent years has undoubtedly been a major factor in the extraordinary economy we are experiencing, and it's the openness and the lack of political pressures within the system which has made it such an effective component of our economy." (emphasis added) "... The presumption that somehow we can block the capability of China or anybody else borrowing at essentially identical terms abroad as here, in my judgment is a mistake." --From testimony to the Senate Banking Committee, July 20, 2000 DON'T PLAY DANGEROUS GAMES WITH U.S. CAPITAL
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Business Coalition for U.S.-China Trade • 1211 Connecticut Avenue, NW Suite 801 • Washington, DC 20036 Phone (202) 659-5147 • Fax (202) 659-1347 • http://www.business4chinatrade.org/ |
Last Updated: 20-Jul-00