The Senate approved a bill May 15 to reauthorize the U.S. Export-Import Bank. The bipartisan legislation would increase the bank's lending limit to $140 billion by 2014. The text of the legislation is (here). The Senate approval sends the bill to President Obama for his signature, who is expected to sign it into law. The legislation would reauthorize the bank's charter, which expires on May 31, 2012, and increase the lending cap of the bank. The Ex-Im bank was expected to hit that lending limit by the end of May. The bill also begins the process of reducing export subsidies for aircraft, addressing a major complaint from airlines that disagreed with the practice.
Senate Finance Committee Chairman Max Baucus (D-Mont.) hailed the U.S.-Colombia Free Trade Agreement’s (FTA) entry into force, which is scheduled to take effect May 15, 2012 and will phase-out Colombian tariffs on American manufactured and agricultural goods. The trade agreement with Colombia will boost U.S. exports by more than $1 billion and help U.S. exporters regain market share that has been lost to countries that have already signed FTAs with Colombia, said Baucus in a press release. “Colombia is dropping tariffs on our manufactured and agricultural goods, and that means the door is opening for American workers and businesses to grow,” Baucus said. “This a major economic win that levels the playing field for American workers and businesses. Colombia’s economy is growing quickly, and it’s a lucrative market for the world-class products made here in the U.S. This trade deal is worth a billion dollars in new U.S. exports and thousands of new jobs at home, and that’s just the kind of boost our economy needs."
The following are the trade-related hearings scheduled from May 14-18, 2012:
The Senate plans to consider a bi-partisan bill to reauthorize the U.S. Export-Import Bank on May 14, 2012, according to Senate Majority Leader Harry Reid (D-Nev.) The bill, which was already approved by the House, was scheduled for consideration May 10, 2012, but that was delayed due to a set of amendments from Senate Republicans.
The House Homeland Security Committee gave its approval to a bill that would direct the Secretary of Homeland Security to conduct a report to Congress on port security gaps. H.R. 4005, the “Gauging American Port Security (GAPS) Act” was ordered to be reported to the House with a favorable recommendation, as amended, by voice vote. Text of the legislation is (here).
Federal Maritime Commission Chairman Richard Lidinsky said his "top priority will continue to be assisting our economic recovery for job growth, both within our ocean transportation industry and among the exporting and importing businesses they serve," if he's confirmed for a second term. He and commissioner William Doyle testified May 10 during confirmation hearings before the Senate Commerce, Science and Transportation Committee.
The Air Forwarders Association (AfA) is working on Capitol Hill with members of the House transportation Highway bill conference committee to voice concern over whether forwarders should be subject to new bonding requirements during the truck shipment of goods with a prior or subsequent air movement or domestic/trans-border all truck shipments, said AfA. Airforwarders are exempt from bonding requirements in this respect, but language in the Senate transportation bill would force a $100,000 surety bond on airforwarders and customs brokers when moving these shipments, said the association.
The House Financial Services Subcommittee on International Monetary Policy and Trade took a look at conflict mineral provisions within the Dodd-Frank Wall Street Reform and Consumer Protection Act, during a hearing May 10. Section 1502 of Dodd-Frank requires companies subject to SEC reporting whose manufactured goods contain any gold, tantalum, tin, or tungsten to report annually to the SEC on whether those minerals “did originate” from the Democratic Republic of Congo (DRC) or adjoining countries.
The House of Representatives approved a bill May 9 to reauthorize the U.S. Export-Import Bank. The bipartisan legislation would increase the bank's lending limit to $140 billion by 2014. The text of the legislation is (here).
The Department of Homeland Security (DHS) is working in the Asia-Pacific region to increase supply chain security there, DHS Office of International Affairs Deputy Assistant Secretary Mark Koumans said during testimony May 8, 2012. He also lauded a number of existing programs said to have helped the trade relationship between the U.S. and the Asia-Pacific region. Koumans spoke before the House Committee on Homeland Security, Subcommittee on Transportation Security during a hearing on “Building Secure Partnerships in Travel, Commerce, and Trade with the Asia-Pacific Region.”