Page:United States Statutes at Large Volume 99 Part 1.djvu/475

 PUBLIC LAW 99-93—AUG. 16, 1985

99 STAT. 453

(1) the trade deficit looms larger than any other threat to the ability of the United States to generate jobs and create economic well-being; (2) the trade deficit continues to deteriorate even from the 1984 level of $123,000,000,000; (3) the trade deficit will continue to deteriorate until the value of the dollar declines on foreign exchange markets; (4) the dollar's rise may slow down but is unlikely to fall sufficiently as a result of Congress' contemplated budget deficit reduction measures; (5) the value of the dollar would probably fall under a number of tax reform proposals but industries losing market share due to the exchange rate may not be able to wait for a complete tax package; (6) the only remaining timely option for lowering the value of the dollar is intervention in foreign exchange markets by the Secretary of the Treasury or the Federal Reserve Board; (7) any such intervention must be strong enough to achieve the intent of the Congress of lowering the dollar's value but sufficiently moderate to prevent a sudden drop in its value; (8) any such intervention in order to assure a gradual decline and protect against too large a drop in the value of the dollar, will require coordinated action by the central banks of Europe and Japan as well as the United States; and (9) such coordination is especially important to strengthen economic and political ties with the allies of the United States and to promote consistent macroeconomic policies to the mutual benefit of all. (b) SENSE OF CONGRESS.—Therefore, it is the sense of the Congress that— (1) the Secretary of the Treasury and the Chairman of the Federal Reserve Board, in concert with United States allies and coordinated with the central banks of the Group of Five or other major central banks, should take such steps as are necessary to lower gradually the value of the dollar; (2) such steps should not exclude intervention in the foreign exchange markets; (3) the Secretary of the Treasury and the Chairman of the Federal Reserve Board should work to ensure that the domestic macroeconomic policies of the United States and its allies are forged to reinforce rather than oppose one another.

Commerce and trade.

Banks and banking.

Banks and banking.

SEC. 811. COMMENDING MAYOR TEDDY KOLLEK OF JERUSALEM.

(a) FINDINGS.—The Congress finds that— (1) Mayor Teddy Kollek has worked to promote harmony among all the people of Jerusalem; and (2) he has promoted freedom of access to religious shrines for Muslims, Christians, and Jews; and (3) through his efforts the aesthetic character of the city has been enhanced. (b) COMMENDATION.—Therefore, the Congress commends Mayor Kollek for his efforts over the years. SEC. 812. JAPAN-UNITED STATES SECURITY RELATIONSHIP AND EFFORTS 22 USC 1928 note. BY JAPAN TO FULFILL SELF-DEFENSE RESPONSIBILITIES.

(a) FINDINGS.—The Congress hereby finds—

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