tangent4ronpaul
01-14-2014, 02:37 AM
http://inthecapital.streetwise.co/all-series/bullet-points-how-the-new-2014-trade-bill-will-change-everything/
It may not be as interesting or controversial as gun control or immigration reform, but trade legislation probably has the biggest impact on the American economy and way of life than anything else our politicians on Capitol Hill work on. This past Thursday, a group of three senior senators introduced for the first time a massive trade bill that has been years in the making. Its passage would greatly affect the way President Obama strikes deals around the globe.
The Bipartisan Congressional Trade Priorities Act of 2014 makes three dramatic changes to the way the United States makes trade deals.
It gives members of Congress access to the transcripts of trade negotiations and give the ability to attend talks.
It requires the president to consult with Congress regarding any new trade deals on the horizon.
It requires all trade deals meet certain guidelines within the categories of currency, digital trade, state-owned enterprises, investment, labor, the environment, agriculture, services, intellectual property and trade remedies.
The bill's cosponsors are Democrat Max Baucus of Montana and Republicans Dave Camp of Michigan and Orrin Hatch of Utah. Liberal Democrats support the bill due to their concerns about certain trade deals negatively affecting American labor and the environment. Tea Party Republicans also support the bill due to their desire to curb presidential powers.
The introduction of this bill couldn't be more timely. President Obama is currently in the midst of negotiating for the Trans-Pacific Partnership, which if passed, would be the largest free trade agreement in U.S. history, surpassing the North American Free Trade Agreement. Should this new legislation pass, Obama may meet some major congressional road blocks when it comes to negotiating for the TPP.
Specifically of concern is a provision of the bill that would force the issue of currency manipulation when in trade negotiations with offending countries. U.S. lawmakers on both sides of the aisle argue that nations such as China and Japan unfairly suppress their value of their currency, giving them an advantage in the global export market. By forcing this issue of currency manipulation during trade talks, Congress could hinder the ability to strike trade deals with these countries.
There is still probably a month left of procedural hurdles before this new trade legislation is brought to the floor for debate. In the meantime proponents from both parties are working to muster up enough votes to pass this monumental act.
-t
It may not be as interesting or controversial as gun control or immigration reform, but trade legislation probably has the biggest impact on the American economy and way of life than anything else our politicians on Capitol Hill work on. This past Thursday, a group of three senior senators introduced for the first time a massive trade bill that has been years in the making. Its passage would greatly affect the way President Obama strikes deals around the globe.
The Bipartisan Congressional Trade Priorities Act of 2014 makes three dramatic changes to the way the United States makes trade deals.
It gives members of Congress access to the transcripts of trade negotiations and give the ability to attend talks.
It requires the president to consult with Congress regarding any new trade deals on the horizon.
It requires all trade deals meet certain guidelines within the categories of currency, digital trade, state-owned enterprises, investment, labor, the environment, agriculture, services, intellectual property and trade remedies.
The bill's cosponsors are Democrat Max Baucus of Montana and Republicans Dave Camp of Michigan and Orrin Hatch of Utah. Liberal Democrats support the bill due to their concerns about certain trade deals negatively affecting American labor and the environment. Tea Party Republicans also support the bill due to their desire to curb presidential powers.
The introduction of this bill couldn't be more timely. President Obama is currently in the midst of negotiating for the Trans-Pacific Partnership, which if passed, would be the largest free trade agreement in U.S. history, surpassing the North American Free Trade Agreement. Should this new legislation pass, Obama may meet some major congressional road blocks when it comes to negotiating for the TPP.
Specifically of concern is a provision of the bill that would force the issue of currency manipulation when in trade negotiations with offending countries. U.S. lawmakers on both sides of the aisle argue that nations such as China and Japan unfairly suppress their value of their currency, giving them an advantage in the global export market. By forcing this issue of currency manipulation during trade talks, Congress could hinder the ability to strike trade deals with these countries.
There is still probably a month left of procedural hurdles before this new trade legislation is brought to the floor for debate. In the meantime proponents from both parties are working to muster up enough votes to pass this monumental act.
-t