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May 27, 2015

Senate Approves Trade Promotion Authority Legislation

Flag CongressAfter two years, The Senate has approved the Trade Promotion Authority (TPA). If this is approved by the House it will reassure other countries they can trust the US. The TPA will give the U.S. the leverage it needs to win a fair deal for American workers as well as extend American influence to expand American trade. 

From the Sandler, Travis & Rosenberg Trade Report.

"A week after passing legislation to extend trade preference programs and strengthen trade enforcement, the Senate voted May 22 to approve a bill restoring trade promotion authority for up to six years. TPA allows the White House to submit legislation implementing new trade agreements that Congress must either approve or reject, but cannot amend, within a specified timeframe. TPA and the other trade and customs bills will now move to the House, where their prospects remain uncertain.

According to press reports, only a handful of the numerous amendments to the bill that were proposed by supporters and opponents alike were ultimately considered, and only two were approved. One would give the executive branch the flexibility to use a variety of tools, including enforceable rules but also reporting, monitoring and cooperative mechanisms, to address unfair currency practices by future trade agreement partners. After opting for this approach senators narrowly rejected a tougher amendment that would have required U.S. negotiators to seek to include in future trade agreements enforceable provisions against currency manipulation by foreign trading partners to gain a trade advantage. The other approved amendment would require the executive branch to take a country’s record on religious freedom into account when considering it as a potential trade agreement partner."

Read the entire Trade Report.

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