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(Original Signature of Member)
H. RES. ll
112TH CONGRESS
1ST SESSION
Raising a question of the privileges of the House.
IN THE HOUSE OF REPRESENTATIVES
Ml. llllll submitted the following resolution; which was referred to
the Committee on lllllllllllllll
RESOLUTION
Raising a question of the privileges of the House.
Whereas Majority Leader Cantor bought up to $15,000 of
shares in ProShares Trust UltraShort 20+ Year Treas-
ury ETF in December 2009;
Whereas the ProShares Trust UltraShort 20+ Year Treas-
ury ETF takes a short position on the value of U.S.
Treasury Bonds;
Whereas a ‘‘short’’ is when the trader intends to profit from
the decline in the value of an asset;
Whereas according to his latest financial disclosure state-
ment, which covers the year 2010 and has been publicly
available since this spring, Cantor still has up to $15,000
in the same fund;
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Whereas unless an agreement to increase the debt ceiling can
be reached, the United States could begin defaulting on
its debt payments as soon as August 2, 2011;
Whereas if the United States defaults on its debt, the value
of ProShares Trust UltraShort 20+ Year Treasury ETF
would increase exponentially;
Whereas Majority Leader Cantor stands to profit from U.S.
treasury default, which thereby raises the appearance of
a conflict of interest;
Whereas despite the appearance of this conflict of interest,
Majority Leader Cantor represented the House of Rep-
resentatives in the bicameral negotiations on the debt
limit;
Whereas on June 23, 2011 Cantor walked out of bicameral
negotiations with the White House thereby placing a deal
to raise the debt limit and avoid default in jeopardy;
Whereas these actions raise the appearance that Majority
Leader Cantor may be sabotaging negotiations for his
own personal gain; and
Whereas ProShares Trust UltraShort 20+ Year Treasury
ETF which Majority Leader Cantor has invested in has
increased in value by over 3 percent since the Majority
Leader walked out of the negotiations, thereby increasing
the value of the original investment: Now, therefore, be
it
1 Resolved, That—
2 (1) Majority Leader Cantor has compromised
3 the dignity and integrity of the Members of the
4 House by raising the appearance of a conflict of in-
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1 terest in negotiations with the executive branch over
2 raising the debt ceiling; and
3 (2) Majority Leader Cantor has compromised
4 his reputation as a Member of the House by raising
5 the appearance that he is seeking to profit from the
6 default of the United States Government and work-
7 ing to bring about that result for his own personal
8 gain.
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