TRADE Act Would Overhaul Bad Trade Policy

by James Parks, Jun 24, 2009

Today, a bipartisan group in Congress said they will reintroduce a major legislative overhaul of the nation’s failed trade policies to put good jobs at the center of a coherent global economic strategy.

The Trade Reform, Accountability, Development and Employment (TRADE) Act, which has 106 co-sponsors, was first introduced last year but did not come to the floor. It would require a review of existing trade agreements, establish standards for future trade agreements, protect workers’ rights and help restore congressional oversight of trade agreements.  

Rep. Mike Michaud (D-Maine), the bill’s sponsor, said at a Capitol Hill press conference today:

We all know that we live in a globalized world. But we need to ensure trade is fair for our workers and economy. The TRADE Act shows what we are for in future trade agreements—and paves the way on how to fix our existing agreements.

The co-sponsors reflect broad support in Congress for a new direction on trade. They include eight committee chairs, 45 subcommittee chairs, 17 Blue Dogs, 13 New Democrats and 19 members of the Congressional Black Caucus, among many others.

Specifically, the TRADE Act would: 

• Require a comprehensive review of existing trade agreements with an emphasis on economic results, enforcement and compliance and an analysis of non-tariff provisions in trade agreements.
• Spell out standards for labor and environmental protections, food and product safety, national security exceptions and remedies that must be included in new trade pacts.
• Set requirements regarding public services, farm policy, investment, government procurement and affordable medicines and compare them with components of current trade agreements.
• Require the president to submit renegotiation plans for current trade pacts prior to negotiating new agreements and prior to congressional consideration of pending agreements.
• Create a committee made up of the chairs and ranking members of each committee whose jurisdiction is affected by trade agreements to review the president’s plan for renegotiations.
• Restore congressional oversight of trade agreements.

You can read a full text of the bill here.

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