The committee voted in favor of leveling the playing field for American manufacturers and workers.
The Senate Finance Committee completed its work Wednesday on several trade bills, including a trade enforcement package and a “fast track” bill. Action on currency manipulation and improving our trade laws was front and center.
So, as it currently stands, here’s what’s in, what’s out, and the next steps from the Alliance for American Manufactuirng’s perspective.
Customs and Enforcement
The committee passed legislation to strengthen enforcement of trade laws at the border and to streamline legal trade in goods. This bill included several important measures to boost trade enforcement and the committee passed an amendment to the billl to address currency manipulation.
- Schumer Currency Amendment: The committee voted 18-8 to approve an amendment to direct the Department of Commerce to investigate undervalued currencies as a subsidy under U.S. trade remedy laws. This amendment drew support from both Republicans and Democrats on the committee.
- Leveling the Playing Field Act: The bill includes improvements to U.S. trade remedy laws, which will improve the ability of U.S. companies and workers to be successful in trade cases.
- ENFORCE Act: The bill strengthens procedures for enforcement at the border against evasion of antidumping and countervailing duty orders.
Trade Promotion Authority
The committee also voted 20-6 to approve Trade Promotion Authority legislation that would “fast track” approval of new trade agreements and give direction on congressional priorities in trade agreements. Among the many amendments offered:
- Portman-Stabenow Amendment: The committee voted 11-15 to reject an amendment to direct negotiators to seek enforceable rules against currency manipulation in trade agreements. Senators Portman, Burr, Stabenow, and others voiced their support and the need to deal with this issue in TPP. Despite the loss, the amendment will likely be taken up by the full Senate in the coming weeks.
The House Ways & Means Committee is holding a markup today on a "fast track" bill. More to come …