Oldtimer
Well-known member
Legal/Regulatory News
Bush loses "fast track" trade authority
By John Gregerson on 7/2/2007 for Meatingplace.com
Congress refused on Saturday to renew President Bush's power to fast track trade deals, citing concerns that recent trade pacts have sent U.S. jobs abroad.
Bush is only the second president since 1975 to lose the so-called Trade Promotion Authority. Bill Clinton was the first.
Failure to renew TPA means trade deals struck by the Bush administration could be subject to alterations by Congress. Under TPA, members of Congress could only vote "yes" or "no" on trade pacts.
U.S. Trade Representative Susan C. Schwab said failure to renew TPA will hamper U.S. efforts to boost trade. "More than 100 bilateral trade negotiations are currently under way among our trading partners. It is important that [the U.S.] not sit on the sidelines as other countries lock in new preferential trading arrangements with our competitors."
Bush loses "fast track" trade authority
By John Gregerson on 7/2/2007 for Meatingplace.com
Congress refused on Saturday to renew President Bush's power to fast track trade deals, citing concerns that recent trade pacts have sent U.S. jobs abroad.
Bush is only the second president since 1975 to lose the so-called Trade Promotion Authority. Bill Clinton was the first.
Failure to renew TPA means trade deals struck by the Bush administration could be subject to alterations by Congress. Under TPA, members of Congress could only vote "yes" or "no" on trade pacts.
U.S. Trade Representative Susan C. Schwab said failure to renew TPA will hamper U.S. efforts to boost trade. "More than 100 bilateral trade negotiations are currently under way among our trading partners. It is important that [the U.S.] not sit on the sidelines as other countries lock in new preferential trading arrangements with our competitors."