On June 30, 2010, the House agreed to the conference report to accompany H.R. 4173, the financial reform bill. The separately House- and Senate-passed bills contained trade provisions such as requirements for companies using conflict minerals, whistleblower awards for securities violations such as FCPA, expanded authority for the FTC. See future issue of ITT for details on the trade provisions in the conference report. On June 30, 2010, the Senate rejected a motion to close further debate on H.R. 4173.
On June 29, 2010, the House passed H.R. 5611, a bill to amend the Internal Revenue Code of 1986 to extend the funding and expenditure authority of the Airport and Airway Trust Fund and to amend title 49, United States Code, to extend authorizations for the airport improvement program. On June 30, 2010, the Senate passed H.R. 5611, clearing the measure for the President.
During remarks regarding H. Res. 1465, a resolution reaffirming friendship and alliance between the U.S. and Colombia, House Ways and Means Committee Ranking Member Camp (R) and Trade Subcommittee Ranking Member Brady (R) urged the U.S. to act on the U.S.-Colombia Trade Promotion Agreement. Camp stated that if the U.S. is serious about doubling exports and creating jobs, it must do what’s necessary to bring the U.S.-Colombia TPA up for a vote. Remarks available by emailing documents@brokerpower.com.
Senator Lincoln (D) Chairman of the U.S. Senate Committee on Agriculture, Nutrition and Forestry, released a statement supporting President Obama’s direction to the U.S. Trade Representative to complete the Korea free trade agreement this year. Chairman Lincoln notes that once the U.S.-Korea (KORUS) Free Trade Agreement is passed by Congress, its implementation will represent a major step toward reaching the goal of doubling U.S. exports within five years.
On June 30, 2010, the Senate Finance Committee will be meeting to consider S.J. Res. 29, a joint resolution approving the renewal of import restrictions (i.e., import ban and jadeite/ruby sanctions) contained in the Burmese Freedom and Democracy Act of 2003 and to report the nomination of Francisco Sanchez to be an Under Secretary of Commerce for International Trade. Announcement available by emailing documents@brokerpower.com.
On June 28, 2010, Senator Brown (D) joined a group of 11 Senators who sent a letter urging President Obama to name a federal Coordinated Response Commander responsible for organizing efforts to contain the spread of Asian carp.
On June 28, 2010, the Senate agreed to S. Res. 570, calling for continued support for and an increased effort by the Governments of Pakistan, Afghanistan, and other Central Asian countries to effectively monitor and regulate the manufacture, sale, transport, and use of ammonium nitrate fertilizer in order to prevent the transport of ammonium nitrate into Afghanistan where the ammonium nitrate is used in improvised explosive devices.