Posts tagged ‘tariffs’

January 19, 2012

Senate Passes Foreign Currency Oversight Bill

The Senate passed S 1619, the Currency Exchange Rate Oversight Reform Act of 2011 on October 11, 2011 by a vote of 63 – 35. The measure provides for a committee appointed by Congress and the President to study and assess foreign currency manipulations that have an adverse effect on foreign trade, and to recommend actions by the Treasury Secretary to take to combat those effects.

The 3o Republicans and five Democrats opposed to the bill voted on grounds that the ultimate effect of the measure would initiate trade wars which neither side would benefit from.

The bill was sent to the House where it lies unconsidered.

January 19, 2012

Senate Passes Trade Adjustment Act

On September 22, 2011, the Senate passed HR 2832, the Trade Adjustment Assistance Extension Act of 2011 by a vote of 70 – 27. The bill originated in the House on September 2, 2011, and was passed by voice vote there on September 7, 2011. The measure provides unemployment extensions, job training, and other programs for workers negatively affected by foreign trade imbalances. Supporters and the CBO claim that the bill will not add to the Federal deficit; however, the programs will be funded by increasing foreign import tariffs and fees to US businesses for a total of $1.1 billion over the next three years.

All twenty-seven nay votes came from Republicans claiming that the program funding would have a negative impact on US businesses, making it harder for them to compete with foreign companies.

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