Bipartisan Trade Promotion Agreement Good News for Economy
Congress Would Grant President Expanded Power to Negotiate
(Washington D.C.) – Leaders of both parties in Congress recently agreed on Trade Promotion Authority legislation, which would simplify Congressional review of trade deals with other nations, effectively strengthening the president’s negotiating position. Nevertheless, the bill – which President Obama supports — has garnered opposition from some liberal groups and Members of Congress who are concerned that expanding trade and allowing more consumer choice could impact some domestic industries that may have a hard time competing.
Supporters of the TPA note that this legislation is necessary because other countries will not grant concessions if Congress insists on picking apart each deal during congressional debate. They argue that it is essentially impossible for the U.S. to secure a major deal unless Congress agrees to vote “yes” or “no” on an agreement in its entirety, rather than reserving the right to change any part of it after it is signed. If passed, this legislation would help in negotiation of the Trans-Pacific Partnership (TPP) with eleven other nations – an accord that could increase U.S. exports by $123.5 billion and set a standard for international compacts going forward.
“Congress must put the Interest of the American people first – that’s the bottom line. Trade agreements such as the Trans-Pacific Partnership give consumers more and better choices while expanding opportunities for export sales. That fuels job creation, wage growth, greater government revenue, and the overall economy. A good, bipartisan agreement on the Trade Promotion Authority bill has been laid out – one that still guarantees Congress’ input in negotiations and the right to reject a bad deal. This is an opportunity for Washington to show how they can work together in the best Interest of the people.”