The Kentucky Chamber of Commerce sent letters to the Kentucky Congressional delegation urging swift action to renew Trade Promotion Authority (TPA) and pass the bipartisan Congressional Trade Priorities and Accountability Act of 2015.
The bill, introduced by the Senate Finance Committee Chairman Orrin Hatch and House Ways and Means Chairman Paul Ryan, will not only renew TPA, but will also establish concrete rules for international trade negotiations to help the United States deliver strong, high-standard trade agreements that will boost American exports.
TPA is a longstanding and proven partnership between Congress and the President that enables Congress to set negotiating objectives and requires the executive branch to consult extensively with legislators during negotiations. These agreements allow businesses in Kentucky to generate economic growth and job creation in the Commonwealth.
According to the U.S. Chamber, one in four manufacturing jobs in the United States depends on exports, and one in every three acres of farmland is planted for consumers overseas. More than 97 percent of the 300,000 U.S. companies that export are small and medium-sized businesses.
Senate Majority Leader McConnell also voiced support for passage of the bipartisan trade promotion bill saying “passing that bipartisan legislation is key to enhancing Congress’ role in the trade process, while simultaneously ensuring Presidents of either party will have the tools they need to secure strong and enforceable trade agreements for American workers.”
The bill has recently passed the Finance Committee Leader McConnell has said he intends to take it up for a vote as soon as the Senate completes action on the Iran Nuclear Agreement Review Act.