Bill Foster on Free Trade
Tariffs against countries undervaluing their currency.
Foster signed H.R.2378 & S.1027
Amends the Tariff Act of 1930 to require the administering authority to determine, based on certain requirements, whether the exchange rate of the currency of an exporting country is undervalued or overvalued (misaligned) against the U.S. dollar for an 18-month period; and to take certain actions under a countervailing duty or antidumping duty proceeding to offset such misalignment in cases of an affirmative determination. Congress makes the following findings:
Source: Currency Reform for Fair Trade Act 09-HR2378 on May 13, 2009
- The strength, vitality, and stability of the US economy and the openness and effectiveness of the global trading system are critically dependent upon an international monetary regime of orderly and flexible exchange rates.
Increasingly in recent years, a number of foreign governments have undervalued their currencies by means of protracted, large-scale intervention in foreign exchange markets, and this fundamental misalignment has substantially contributed to distortions in trade flows.
- This exchange depreciation serves as a subsidy for, and facilitates dumping of, exports from countries that engage in this mercantilist practice.
- It is consistent with the agreements of the World Trade Organization and the International Monetary Fund that US trade law make explicit that fundamental undervaluation by an exporting country of its currency is actionable as a countervailable export subsidy and alternatively can be offset by antidumping duties.
Review free trade agreements biennially for rights violation.
Foster signed H.R.3012
Trade Reform, Accountability, Development, and Employment Act or the TRADE Act:
- review biennially certain free trade agreements (including Uruguay Round Agreements) between the US and foreign countries to evaluate their economic, environmental, national security, health, safety, and other effects; and
- report on them to the Congressional Trade Agreement Review Committee (established by this Act), including analyses of specified aspects of each agreement and certain information about agreement parties, such as whether the country has a democratic form of government, respects certain core labor rights and fundamental human rights, protects intellectual property rights, and enforces environmental laws.
Declares that implementing bills of new trade agreements shall not be subject to expedited consideration or special procedures limiting amendment, unless such agreements include certain standards with respect to: Requires the President to submit to Congress a plan for the renegotiation of existing trade agreements to bring them into compliance with such standards. Expresses the sense of Congress that certain processes for U.S. trade negotiations should be followed when Congress considers legislation providing special procedures for implementing bills of trade agreements.
Source: TRADE Act 09-HR3012 on Jun 24, 2009
- human rights;
- environment and public safety;
- food and product health and safety;
- provision of services;
- intellectual property;
- trade remedies and safeguards;
- dispute resolution and enforcement;
- technical assistance;
- national security; and
Sponsored sugar quotas & import tariffs to stabilize prices.
Foster co-sponsored Sugar Reform Act
Congressional Summary:Sugar Reform Act:
- Requires that sugar allotments be appropriate to maintain adequate supplies at reasonable prices, taking into account all domestic supply sources, including imports.
- Revises sugar tariff-rate quota adjustment provisions so that the ratio of sugar stocks to total sugar use at the end of the quota year will be approximately 15.5%
- Extends flexible marketing sugar allotment authority through crop year 2017
- Repeals the feedstock flexibility program for bioenergy producers.
Proponent's argument for bill:(Senators' opinions reported on politico.com) "We subsidize a handful of wealthy sugar growers at the expense of everybody in America," said Sen. Patrick Toomey (R-Pa.), whose home state boasts the chocolate giant, Hershey's. Sen. Heidi Heitkamp (D-N.D.), warned her colleagues against unraveling the commodity coalition behind the farm bill: "We forget that this is much bigger than a sugar program.
It's much bigger than any one single commodity. When you single out one commodity, you threaten the effectiveness of the overall farm bill."
Opponent's argument against bill:(Food and Business News, May 2013): Users claim the sugar program nearly doubles the price of sugar to US consumers and has resulted in lost jobs as some candy manufacturers have moved operations to other countries. Producers claim the program has resulted in more stable sugar supplies, provides a safety net for growers and that world prices are often lower because of subsidies in origin countries, which would put US growers at a disadvantage should import restrictions be lifted. Producers also note that US sugar prices have declined more than 50% from late 2011 highs. They also maintain that jobs have been lost or moved out of the US for reasons other than sugar prices, mainly labor and health care costs, noting that candy makers' profits have been strong in recent years.
Source: S.345/ H.R.693 13-H0693 on Feb 14, 2013
Sponsored imposing import fee on countries with undervalued currency.
Foster co-sponsored Currency Reform for Fair Trade Act
Congressional Summary:Amends the Tariff Act of 1930 to include a countervailing duty or antidumping duty on merchandise imported into the US from foreign countries with fundamentally undervalued currency.
- Defines the [amount subject to the import fee as] ) the amount of currency such country would have provided if the real effective exchange rate of its currency were not fundamentally undervalued.
- Determines that the currency of a foreign country is fundamentally undervalued if for an 18-month period the government of the country engages in protracted, large-scale intervention in one or more foreign exchange markets; and the country has experienced significant and persistent global current account surpluses; and the country's government has foreign asset reserves exceeding the amount necessary to repay all its debt obligations falling due within the coming 12 months.
Opponent's argument against bill: (by the
Club for Growth)We urge all House members to not co-sponsor the protectionist Currency Reform for Fair Trade Act. This proposal would make it easier for the federal government to slap
Source: H.R.1276 13-H1276 on Mar 20, 2013
2012 Governor, House and Senate candidates on Free Trade:
Bill Foster on other issues:
Left 113th Congress, 2013-2014:
AL-1: Jo Bonner(R,resigned)
IL-2: Jesse L. Jackson(D,convicted)
LA-5: Rodney Alexander(R,resigned)
MA-5: Ed Markey(D,elected)
MO-8: Jo Ann Emerson(R,resigned)
NJ-1: Rob Andrews(D,investigated)
SC-1: Tim Scott(R,appointed)
Newly-elected special elections 2013-2014:
AL-1: Bradley Byrne(R)
FL-19: Pending Nov.4
IL-2: Robin Kelly(D)
LA-5: Vance McAllister(R)
MA-5: Katherine Clark(D)
MO-8: Jason Smith(R)
NC-12: Pending Jul.15
NJ-1: Pending Nov.4
SC-1: Mark Sanford(R)
Won primary 2014:
TX-4: John Ratcliffe(R)
VA-7: Dave Brat(R)
Retiring to run for Senate in 2014:
AR-4: Tom Cotton(R)
CO-4: Cory Gardner(R)
GA-1: Jack Kingston(R)
HI-1: Colleen Hanabusa(D)
IA-1: Bruce Braley(D)
LA-6: Bill Cassidy(R)
MT-0: Steve Daines(R)
OK-5: James Lankford(R)
WV-2: Shelley Moore Capito(R)
Former Reps running for House in 2014:
AL-5: Parker Griffith(R)
CA-3: Doug Ose(R)
MS-4: Gene Taylor(D)
MT-0: Denny Rehberg(R)
NH-1: Frank Guinta(R)
OH-7: John Boccieri(D)
Lost primary 2014:
TX-4: Ralph Hall(R)
VA-7: Eric Cantor(R)
Retiring to run for State Office in 2014:
AR-2: Tim Griffin(R)
ME-2: Mike Michaud(D)
VI-0: Donna Christensen(D)
Retiring effective Jan. 2015:
AL-6: Spencer Bachus(R)
AZ-7: Ed Pastor(D)
IA-3: Tom Latham(R)
MI-4: Dave Camp(R)
MI-6: Tom Petri(R)
MN-6: Michele Bachmann(R)
NC-6: Howard Coble(R)
NC-7: Mike McIntyre(D)
NJ-3: Jon Runyan(R)
NY-4: Carolyn McCarthy(D)
PA-6: Jim Gerlach(R)
UT-4: Jim Matheson(D)
VA-8: James Moran(D)
WA-4: Doc Hastings(R)
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Page last updated: Jun 18, 2014