Tom Cotton on Free Trade

Voted YES to kill reauthorization of Ex-Im Bank.

Heritage Action summary of vote# S206: The Senate voted to table (kill) an amendment by Sen. Kirk to reauthorize the Export-Import Bank. Sen. Kirk recommends voting NO. Heritage Foundation recommends voting YES because the "Ex-Im Bank is little more than a $140 billion slush fund for corporate welfare."

OnTheIssues explanation: Voting NO would allow a vote on reauthorization of the Ex-Im Bank. Voting YES would kill the bill for reauthorizing the Ex-Im Bank.

Congressional Summary from previous Ex-Im bill S.824; the Ex-Im Bank shall:
• Provide technical assistance to small businesses on how to apply for financial assistance;
• Establish programs under which private financial institutions may share risk in loans & guarantees.
• The Bank may enter into up to $25 billion worth of contracts of reinsurance or co-finance.

Cato Institute reason for voting YES to kill the bill:The Ex-Im Bank's reauthorization buffs contend that Ex-Im fills a void left by private sector lenders unwilling to provide financing for certain transactions. Ex-Im's critics [say that] by effectively superseding risk-based decision-making with the choices of a handful of bureaucrats pursuing political objectives, Ex-Im risks taxpayer dollars. It turns out that for nearly every Ex-Im financing authorization that might advance the fortunes of a single US company, there is at least one US industry whose firms are put at a competitive disadvantage. These are the unseen consequences of Ex-Im's mission.

Implement USMCA for improved North American trade.

Summary from Congressional Record and Wikipedia:Vote to amend the North American Free Trade Agreement (NAFTA) and establish the United States-Mexico-Canada Agreement (USMCA). Rather than a wholly new agreement, it has been characterized as "NAFTA 2.0"; final terms were negotiated on September 30, 2018 by each country. The agreement is scheduled to come into effect on July 1, 2020.

Case for voting YES by Rep. Charlie Crist (D-FL); (Dec. 19, 2019)The USMCA includes stronger protections for American workers and enforceable labor standards, as well as environmental protections. It eliminates the Trump Administration's threat that the US could walk away entirely from the trade agreement with Canada and Mexico, which would devastate US jobs and our economy.

Case for voting NO by Jared Huffman (D-CA); (Dec. 19, 2019) Democratic negotiators did a lot to improve Donald Trump's weak trade deal, especially in terms of labor standards and enforcement, but the final deal did not reach the high standard that I had hoped for. The NAFTA renegotiations were a once-in-a-generation opportunity to lift labor and environmental standards across the continent--to lock in serious climate commitments with two of our largest trading partners and dramatically improve labor standards and enforcement to slow the rise of outsourcing.

Legislative outcome: Bill Passed (Senate) (89-10-1) - Jan. 16, 2020; bill Passed (House) (385-41-5) - Dec. 19, 2019; signed at the G20 Summit simultaneously by President Trump, Mexican President Enrique Nieto, and Canadian Prime Minister Justin Trudeau, Nov. 30, 2018

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