Ways and Means Chairman Pushing TPP Currency Manipulation Provisions, TPA Passage
The Obama Administration's refusal to politically and economically tackle currency manipulation in the Trans-Pacific Partnership (TPP) could undermine support for the agreement, said House Ways and Means Committee Chairman Dave Camp, R-Mich. in a Nov. 13 statement. “Currency manipulation is a serious problem that can erode the benefits of our trade agreements,” said Camp. “It’s time to have a serious discussion about the pros and cons of including currency provisions in trade agreements -- and what those provisions might look like.” Ways and Means Committee ranking member Sander Levin, D-Mich., proposed a TPP action plan in July that aims to address Japanese currency manipulation (see 13072414).
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The administration must also ramp up efforts to pass Trade Promotion Authority (TPA), said Camp in the statement. President Barack Obama “missed a prime opportunity” to urge TPA passage during a Nov. 8 speech at the Port of New Orleans, added Camp (see 13110828). “We simply cannot get the high standard, job-creating agreements that we need without TPA,” said Camp. Camp’s counterpart on the Senate Finance Committee, Chairman Max Baucus, D-Mont., has pressed for TPA passage by the end of 2013 (see 13103107). The administration is also pushing to complete TPP negotiations by the end of the year (see 13103004).