III 

111TH CONGRESS 

2D SESSION S. RES. 461 

Expressing the sense of the Senate that Congress should reject any proposal 

for the creation of a system of global taxation and regulation. 

IN THE SENATE OF THE UNITED STATES 

MARCH 18, 2010 

Mr. VITTER submitted the following resolution; which was referred to the 

Committee on Finance 

RESOLUTION 

Expressing the sense of the Senate that Congress should 

reject any proposal for the creation of a system of global 

taxation and regulation. 

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, ongoing 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; 


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•SRES 461 IS 

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 

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 


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•SRES 461 IS 

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 

1 Resolved, That it is the sense of the Senate that Con2 gress should reject any proposal for the creation of— 

3 (1) an international system of government bail4 outs for the financial sector; 

5 (2) a global cap-and-trade system or other cli6 mate regulations that would— 

7 (A) punish businesses in the United 

8 States; and 

9 (B) limit the competitiveness of the United 

10 States; and 

11 (3) a global tax system that would violate the 

12 sovereignty of the United States. 

Æ 


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