Not since 2007 has a U.S. president had authority to negotiate trade deals with other nations on behalf of the country. The authority, known as “fast-track” because it will allow the executive branch to hammer out the details of a trade deal and send the bill to Congress for an up-or-down vote, expired in 2007.
Today President Obama achieved a major breakthrough in restoring that authority to the Executive branch. The Senate voted 60-38 on a bill to grant the president Trade Promotion Authority. The House voted 218-208 a week earlier. The bill faced major political and procedural hurdles in both branches of Congress.
H.R. 2146 spells out trade priorities for the United States and establishes rules for Congress to consider trade agreements.
Once President Obama signs the bill, he’ll set his sights on completing the 12-nation Trans-Pacific Partnership — an agreement that will cover 40 percent of the global economy.
It’s a major victory for both the president and pro-trade politicians.
Resources:
The 116-page bill is available here through the Government Publishing Office.
Description of the bill by the House Republicans
Roll call vote on the cloture motion to all
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