GovTrack’s Bill Summary
We don’t have a summary available yet.
The bill’s title was written by its sponsor. H.R. stands for House of Representatives bill.
This bill was introduced in a previous session of Congress and was passed by the House on July 28, 2010 but was never passed by the Senate.
Last updated Jul 29, 2010.
|Referred to Committee|
To establish the Emergency Trade Deficit Commission.
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No summaries available.
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H.R. 1875--111th Congress: End the Trade Deficit Act. (2009). In www.GovTrack.us. Retrieved March 14, 2014, from http://www.govtrack.us/congress/bills/111/hr1875
“H.R. 1875--111th Congress: End the Trade Deficit Act.” www.GovTrack.us. 2009. March 14, 2014 <http://www.govtrack.us/congress/bills/111/hr1875>
|title=H.R. 1875 (111th)
|accessdate=March 14, 2014
|author=111th Congress (2009)
|date=April 2, 2009
|quote=End the Trade Deficit Act
We don’t have a summary available yet.
The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.
The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.
This summary can be found at http://www.gop.gov/bill/111/2/hr1875.
U.S. exports and imports have grown consistently since the mid-twentieth century. A July 2010 study prepared for the Business Roundtable noted that as U.S. trade expands, so does U.S. employment. Today, more than 38 million U.S. jobs depend on trade—more than one in five. Additionally, the net impact of trade on U.S. manufacturing is positive. Indeed, every state has seen net employment gains directly related to trade.
Importantly, the U.S. trade balance with the 13 countries for which free trade agreements have been implemented under improved by 467 percent between 2001 and 2009, creating a trade surplus of over $25 billion with these countries. In 2009, the U.S. had a surplus of over $26 billion in manufactured goods with all free trade partners combined (including NAFTA).
Members may be concerned that in his 2009 State of the Union Address, President Obama pledged to double exports within five years, thus creating 2 million jobs. However, the president has yet to submit any of the pending free trade agreements (with South Korea, Colombia, and Panama) to Congress for approval.
An analysis by the U.S. International Trade Commission estimates U.S. exports to Panama for key products will increase by between 9 and 145 percent if that deal was implemented. The ITC also estimates that, through the Korea deal, U.S. exports to Korea would increase by at least $9.7 billion. For Colombia, the ITC estimates U.S. exports to Colombia will increase by $1.1 billion and the trade deal would add $2.5 billion per year to U.S. GDP.
H.R. 1875 would establish an Emergency Trade Deficit Commission composed of 11 compensated members appointed by the president and bipartisan leaders in Congress. Members would have expertise in economics, international trade, manufacturing, labor, environment, or business.
The Commission would examine the nature, causes, and consequences of the U.S. trade deficit and provide recommendations on how to address and reduce trade balances. The commission would also examine other issues such as the impact of free trade agreements on the trade deficit and the role and impact of imports of oil and other energy on the trade deficit. The Commission would provide recommendations on how to improve trade balances and report to Congress. The Commission would terminate 30 days after the date on which it submits its report.
H.R. 1875 would authorize $2 million to carry out the Act.
The Congressional Budget Office has not produced a score for H.R. 1875 as of press time, but the bill authorizes the appropriation of $2 million.
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The bill contains the following citations to other parts of U.S. law:
The United States Code is the compilation of general and permanent laws enacted by Congress. Laws that are not permanent in nature, law that affect a single individual, family, or small group, regulations, case law, state law, and local law do not appear in the United States Code.