Speech #930159169

Speaker. at their recent National Committee meeting in Chicago the Young Republican National Federation unanimously passed the following resolution on the Trade Reform Act: Whereas. the Trade Reform Act of 1973 is now pending in Congress. and Whereas. the U.S.-Soviet wheat deal of 1972 has cost the American people over $1 billion in government credits. food shortages with higher prices. and inflation. and Whereas. the Soviet Union has been reselling wheat to other countries at 2 to 3 times the price they paid for American wheat. and Whereas. U.S. Government credits to the Soviet Union through the Commodity Credit Corp. and ExportImport Bank at the proposed rate of 6% interest will cause these Institutions to incur a deficit of 1.7% which must be paid by the American taxpayers while Americans would have to pay considerably higher interest for comparable credit. and Whereas. these ExportImport Bank credits would be used by the Soviet Union for the purchase of American technology such as advanced computers which would greatly assist them in developing a MIRV warhead capability comparable to that of the United States. and Whereas. the Soviet Union has continued to increase its strategic nuclear force and develop a first strike capability. has continued its policy of repression. has refused to permit free emigration of its citizens. and has stated that it is using detente only as a means to achieve military and economic superiority. and Whereas. under the Johnson Act of 1934. Most Favored Nation status to any country in arrears on payments of debts to the United States is specifically prohibited. therefore be it Resolved. That the Young Republican National Federation. while recognizing the necessity of American industry to seek out new markets abroad. due partially to over regulation at home. opposes the granting of any U.S. Government credits to the Soviet Union. Red China. or any other nonmarket country which denies its citizens the right to emigrate. and be it also Resolved. That the Young Republican National Federation opposes giving "Most Favored Nation" status to the Soviet Union or Red China. and be it further Resolved. That copies of this resolution be sent to the President and all Republican Members of Congress.