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House Proceeding on Sep 4th, 2007 :: 1:01:39 to 1:05:48
Total video length: 1 hours 28 minutes Stream Tools: Stream Overview | Edit Time

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Jim Marshall

0:55:31 to 1:01:39( Edit History Discussion )
Speech By: Jim Marshall

Jim Marshall

1:01:26 to 1:01:39( Edit History Discussion )

Jim Marshall: to form microbusinesses in the services sector. if we are successful in assisting the chinese in providing this capital to enable it to move toward services, that has the advantage to our manufacturing

Peter Roskam

1:01:39 to 1:01:50( Edit History Discussion )

Peter Roskam: industries that's fairly obviously and to the world generally. and with that, mr. speaker, i reserve the balance of my time. the speaker pro tempore: the gentleman from illinois. >> thank

Peter Roskam

1:01:39 to 1:05:48( Edit History Discussion )
Speech By: Peter Roskam

Peter Roskam

1:01:50 to 1:02:03( Edit History Discussion )

Peter Roskam: you, mr. speaker. i yield such time as i may consume. mr. speaker, i'm pleased to rise today in strong support of house resolution 552, a measure calling on the government of the people's republic

Peter Roskam

1:02:03 to 1:02:18( Edit History Discussion )

Peter Roskam: of china to remove barriers to united states financial servicesirms doing business in china. and i'm pleased to partner with chairman frank, ranking member bachus and the gentleman from georgia,

Peter Roskam

1:02:18 to 1:02:28( Edit History Discussion )

Peter Roskam: mr. marshall, on what i think is an important initiative. some of my prepared remarks, mr. speaker, would be cumulative. let me fill in some other aspects and highlight a couple of the points

Peter Roskam

1:02:28 to 1:02:46( Edit History Discussion )

Peter Roskam: that he made. first of all, these are all commitments that the chinese government have made. this is not negotiating a new set of agreements. this is not contemplating something that hasn't

Peter Roskam

1:02:46 to 1:03:05( Edit History Discussion )

Peter Roskam: literally been agreed to before. all we're doing in this resolution is putting the chinese government on notice, a, that we're watching. and b, that we have an expectation that they're going to do

Peter Roskam

1:03:05 to 1:03:16( Edit History Discussion )

Peter Roskam: what they committed themselves to do. secondly, you know, if you look at what the gentleman from georgia described, that is the chinese economy, there are some that suggest that of 1.3 billion

Peter Roskam

1:03:16 to 1:03:30( Edit History Discussion )

Peter Roskam: individuals, mr. speaker, only a million chinese individuals currently have use of credit cards in china, compared to 148 million people that have access to cell phones. if you think where this is go

Peter Roskam

1:03:30 to 1:03:40( Edit History Discussion )

Peter Roskam: -- right now the chinese government is held back in a way because chinese consumers and the chinese financial markets don't have these kinds of tools, and they have a savings rate that takes

Peter Roskam

1:03:40 to 1:03:52( Edit History Discussion )

Peter Roskam: our breath away. about a third of the savings -- you know, they're saving at about 33%. what does that mean? that means that those dollars or those that currency is not available to purchase things,

Peter Roskam

1:03:52 to 1:04:00( Edit History Discussion )

Peter Roskam: particularly from the united states, which the gentleman pointed out, creates a very difficult situation in terms of our trade deficit. you know, i view the chinese economy almost like a pot

Peter Roskam

1:04:00 to 1:04:13( Edit History Discussion )

Peter Roskam: plant, mr. speaker, a plant that at first glance may look to be flourishing. but over a period of time as that plant matures and as it developments, it reaches a point to which the roots need

Peter Roskam

1:04:13 to 1:04:24( Edit History Discussion )

Peter Roskam: to go deeper. this is the point in the chinese economic growth where china's roots need to go deeper. they need to go deeper in the ground. and our financial services sector, mr. speaker,

Peter Roskam

1:04:24 to 1:04:40( Edit History Discussion )

Peter Roskam: is robust and dynamic and offers something that i think is a great opportunity. but the unnatural truncating, the unnatural prohibition of the chinese government of prohibiting american firms to come

Peter Roskam

1:04:40 to 1:04:57( Edit History Discussion )

Peter Roskam: in, i think, ultimately has a negative impact on our economy and our growth and certainly has a negative impact on the 700 million people who are in cha and who are still living in poverty. and

Peter Roskam

1:04:57 to 1:05:09( Edit History Discussion )

Peter Roskam: i just want to highlight an aspect of this that has an impact on our district, because i represent a district outside of chicago that employs about 68,000 individuals, about 1,100 manufacturing

Peter Roskam

1:05:09 to 1:05:21( Edit History Discussion )

Peter Roskam: firms who are suffering and struggling because of the currency manipulation issue that the gentleman outlined. this is a way out. this is a way to move forward. and i think it is incumbent

Peter Roskam

1:05:21 to 1:05:36( Edit History Discussion )

Peter Roskam: upon us and i very much appreciate the gentleman's work on this in a bipartisan way. it's incumbent upon us to move forward and to urge and push and give a sharp word to the chinese government

Peter Roskam

1:05:36 to 1:05:48( Edit History Discussion )

Peter Roskam: that they need to make these reforms and do these things to which they previously committed. and with that i reserve the balance of my time. the speaker pro tempore: the gentleman from georgia.

Jim Marshall

1:05:48 to 1:06:02( Edit History Discussion )

Jim Marshall: mash mash mr. chairman, i would simply add in a -- mr. marshall: mr. chairman, i would simplely add that it is based on the consumption of others, not its own consumers, but consumers throughout the

Jim Marshall

1:05:48 to 1:07:11( Edit History Discussion )
Speech By: Jim Marshall

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