•HCON 160 IH 
Whereas on February 27, 2003, Congressman Walter Jones 
re-submitted the previous Resolution H. Con. Res. 485, 
which then became H. Con. Res. 60.
H. Con. Res. 60 
was referred to the Committee on International Rela-
tions, Chairman Henry Hyde; 
Whereas on June 17, 2003, Congressman Walter Jones 
issued a letter stating that under International Law, 
China is clearly obligated to pay American citizens. In 
Congressman Jones’ letter, he encouraged the ABF to 
pursue other, non-legislative avenues of seeking redress 
and compensation for the bondholders. Mr. Jones wrote, 
‘‘A possible tender of the valid full faith and credit obli-
gations of the Chinese Government, which the People’s 
Republic of China is obligated to accept under Inter-
national Law as a means of cancellation of Iraq’s existing 
external sovereign debt to the PRC, would reinforce ac-
cepted conventions of international trade and commerce 
as well as free Iraq from an otherwise oppressive debt 
burden. It would enable Iraq to conserve its economic re-
sources for economic development and nation building, 
while possibly resulting in a measure of just compensa-
tion for U.S. bondholders. This avenue should be fully ex-
plored.’’; 
Whereas on October 21, 2003, the Committee on Inter-
national Relations, United States Congress, House of 
Representatives, Chairman Henry Hyde held formal 
hearings in the Rayburn House Office Building in Wash-
ington, DC entitled: Reassessing the U.S. Economic Re-
lationship with China. Mrs. Jonna Bianco, President of 
the American Bondholders Foundation, was requested by 
the International Relations Committee to testify before 
the Committee. Ms. Bianco spoke about the activities of 
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•HCON 160 IH 
the American Bondholders Foundation (ABF) rep-
resenting the consolidated claims of U.S. citizens who are 
holders of sovereign bonds issued by the government of 
China and on which that government has defaulted and 
continues to evade payment. Ms. Bianco also presented 
the International Offset Structure enabling countries that 
have outstanding debts owed to the People’s Republic of 
China to acquire these bonds discounted from the ABF 
and then utilize the bonds under full contractual value to 
extinguish such debts owed to the PRC; 
Whereas on October 30, 2003, Senator Richard Shelby issued 
a letter endorsing the ABF’s International Offset Struc-
ture. Other Members of the House and Senate have 
issued letters endorsing the same, including the Chair-
man of the International Relations Committee, Chairman 
Henry Hyde; 
Whereas in September 2005, the World Bank hosted a spe-
cial luncheon and invited heads of banks and finance 
ministers to meet with the ABF to begin communications 
working towards reducing foreign governments’ debts 
owed to the PRC through the International Offset Struc-
ture presented by the ABF; 
Whereas from June 22–October 31, 2006, Members of the 
United States Congress issued multiple letters endorsing 
the ABF’s Offset Structures and supported any entity, 
whether government or private, to acquire these defaulted 
bonds discounted from the ABF then utilizing them 
under full contractual value to extinguish their debts 
owed to the PRC; 
Whereas in 2006, the People’s Republic of China officially 
continued to assert its position mandating sovereign im-
munity protections as evidenced in the case of Marvin 
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•HCON 160 IH 
Morris v. the People’s Republic of China in the United 
States District Court for the Southern District of New 
York, upon which the courts granted; 
Whereas in May 2007, it is estimated that American compa-
nies are losing 250 to 300 billion dollars in capital due 
to China’s intellectual property thefts; 
Whereas participation in the globalized economy requires na-
tions affirm their international trade and treaty obliga-
tions through concrete actions, such as those associated 
with the World Trade Organization (in this resolution re-
ferred to as ‘‘WTO’’). This was not only the expectation 
but the clear pre-condition of Congressional support of 
the People’s Republic of China’s admission to the WTO. 
Continuing to monitor China’s actions to adhere to inter-
national trade and investment laws and practices is a 
natural oversight responsibility of Congress. The PRC’s 
recognition and settlement of defaulted obligations is a 
litmus test of their overall good economic intentions. The 
initiative of the ABF in taking on the settlement of the 
defaulted bonds, pursued in a manner consistent with 
recognized international standards, is helping to reinforce 
the multilateral system where nations trade and invest 
globally. Without effective enforcement of accepted norms 
of international trade and commerce, the global financial 
system is placed in jeopardy; 
Whereas the PRC continues to have open and unfettered ac-
cess to all U.S. capital markets while at the same time 
continuing its practices of exclusionary settlement, dis-
criminatory payments, selective default, and rejection of 
the successor government doctrine of settled international 
law; and 
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•HCON 160 IH 
Whereas to preserve the integrity of public debt contracts and 
enhance financial markets discipline and transparency for 
all participants, and consistent with the terms and condi-
tions established with the People’s Republic of China’s 
entry into the World Trade Organization, specifically the 
PRC’s acknowledgment and acceptance to be a finan-
cially responsible trading partner and to be economically 
responsible; and with substantial evidence confirming 
that the PRC has not complied with the terms and condi-
tions with accepted conventions of international law in-
cluding the terms and conditions of the aforementioned: 
Now, therefore, be it 
Resolved by the House of Representatives (the Senate 
concurring), That Congress hereby recommends that the 
People’s Republic of China be denied access to all U.S. 
capital markets until such time as the PRC fully complies 
with the terms and conditions of the WTO Agreement and 
fully honors repayment of its outstanding defaulted public 
debts owed to United States citizens consistent with the 
efforts of the American Bondholders Foundation. 
Æ 
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