NTU urges all Senators to vote “YES” on two key amendments from Senators Toomey (R-PA) and Corker (R-TN) to S. 2987, the John S. McCain 2019 National Defense Authorization Act (NDAA). These amendments would restore Congressional oversight of trade and regulatory actions.
Senator Toomey’s amendment, S. 2098, would apply the commonsense principles of the REINS Act, which would require Congress to affirmatively approve any rule that may result in an annual effect on the economy of $100 million or more, to decisions made by the Committee on Foreign Investment in the United States (CFIUS). This is vital for promoting executive branch accountability and ensuring that legitimate, job-creating foreign investment in the U.S. economy is not unfairly restricted. CFIUS should guard against true threats to U.S. security. It should not create barriers to beneficial foreign investment, or be inappropriately used to protect domestic non-military firms from competition, or to pick winners and losers in the U.S. economy.
Senator Corker’s amendment, S. 3013, would amend the Trade Expansion Act of 1962 to require Congressional approval before the President adjusts imports that are determined to threaten to impair national security. Under this amendment, any potential tariffs to be applied under Section 232 would be submitted to Congress and taken up via an expedited procedure to ensure timely consideration. In addition, the amendment includes a two-year reach-back mechanism to capture and harmonize recent trade decisions with this improved approach.
Article I, Section 8 of the U.S. Constitution gives Congress the authority to impose tariffs and regulate foreign commerce. This is an essential power that Congress should reclaim and use to prevent damaging trade policies that could hurt both our economy and consumers.
Roll call votes on these amendment to S. 2987 will be heavily-weighted in our annual Rating of Congress and a “YES” vote will be considered the pro-taxpayer position.