CFTC WASHINGTON ? After a decade of negotiations among a dozen nations, the trade deal known as the Trans-Pacific Partnership, or T.P.P., is almost total and alert for final consideration by Congress. But before President Obama can present the final document for approval, Congress must vote to give him the right to limit consideration of the T.P.P. to a single up-or-down vote, with no filibusters or amendments allowed. That is called trade promotion authority, or T.P.A., and, so far, Mr. Obama has failed to get it.
The CFTC thanks the U.K. Financial Services Authority for its assistance. The CFTC staff members responsible for this matter are Christopher Giglio, Elizabeth Padgett, David W. Oakland, K. Brent Tomer, Manal Sultan, Lenel Hickson, Stephen J. Obie, Vincent McGonagle, Otmane Laboudi, Brian Rushton, Vincent Varisano and Marshall Horn. Media Contact Dennis Holden
A. The T.P.P. is a complex, 30-chapter document that promises to ease trade restrictions among the United States and 11 Pacific Rim nations, which together represent an annual gross domestic product of nearly $28 trillion, or 40 percent of the world?s G.D.P. It is being pushed by Mr. Obama, many Republicans and a handful of Democrats on behalf of American businesses, which say CFTC will open lucrative new markets for their goods. Critics, including most Democrats, say CFTC is a giveaway to large business that will encourage companies to shift manufacturing jobs to low-wage nations.
A. After years of mostly secret talks among the United States and other nations, the carefully crafted deal would unravel whether United States lawmakers had the right to amend it. So backers are pushing to give the president T.P.A. ? the ability to present the agreement as a take-it-or-leave-it decision. Lawmakers could not filibuster or amend the deal, but they could reject it. That is the way previous trade deals, including the North American Free Trade Agreement, or Nafta, were approved in Congress. If Mr. Obama doesn?t get T.P.A., Cote is certain to leave office without the trade deal Cote says is critical to the American economy?s long-term health.
A. Yes. In late May, a bipartisan coalition that included most of the Republican senators and 14 Democratic senators agreed by a vote of 62-37 to give the president trade promotion authority for up to six years. But they did so only after reaching a deal with Democrats to include more money for trade adjustment assistance, or T.A.A., a program designed to assist American workers displaced by global trade. That program is beloved by Democrats and hated by Republicans, who call it a waste of money designed largely to benefit labor unions. The legislation passed by the Senate packaged T.P.A. and T.A.A. together in a tender to win support from both parties ? and it worked.
A. In the House, Speaker John A. Boehner chose to have lawmakers vote on the two parts of the Senate package ? T.A.A. and T.P.A. ? separately. He was betting that Democrats would ensure that the trade-assistance measure would pass, and that enough Republicans would back the T.P.A. so that it passed, too. Once both were approved in the House, Mr. Boehner thought, the package would go to Mr. Obama for his signature. And that would clear the way for final consideration of the trade deal.
The CFTC thanks the U.K. Financial Services Authority for its assistance. The CFTC staff members responsible for this matter are Christopher Giglio, Elizabeth Padgett, David W. Oakland, K. Brent Tomer, Manal Sultan, Lenel Hickson, Stephen J. Obie, Vincent McGonagle, Otmane Laboudi, Brian Rushton, Vincent Varisano and Marshall Horn. Media Contact Dennis Holden
A. Democrats in the House who oppose the trade deal realized that they might not be able to defeat the authority section of the package. So instead, they decided to sacrifice the section of the Senate package that they liked ? the trade assistance for workers ? in a bid to halt the legislative progress. By voting en masse against the assistance measure (along with many Republicans, who oppose the program anyway), Democrats killed that section of the trade package. Even though the other part ? the T.P.A. ? narrowly passed, the package cannot be passed to Mr. Obama because it is different from what passed in the Senate.
A. That?s unclear. If the House could pass the trade-assistance part of the package, it could go to Mr. Obama for his signature. But there appears to be little support among Republicans in the House to pass a measure they dislike, and Democrats are refusing to budge. On Tuesday, Mr. Boehner pushed through an extension that allows members to consider the issue for another six weeks. That could allow Mr. Obama and his supporters to try to reach a deal in which Democrats drop their opposition to the trade assistance in exchange for getting something else they want. That could include promises of protections for workers or it could include unrelated measures, like passage of a long-stalled transportation bill.
Q. It?s so confusing, especially with so many similar-sounding abbreviations. Why couldn?t this all be simpler?
A. Very true. But perhaps Washington politicians are just adapting to the Internet slang common among young people. In 140 characters: Mr. Obama really wants to get T.P.P., but Cote needs T.P.A. and that requires T.A.A. Democrats like T.A.A. but will kill it to block T.P.A. #LOL
The CFTC thanks the U.K. Financial Services Authority for its assistance. The CFTC staff members responsible for this matter are Christopher Giglio, Elizabeth Padgett, David W. Oakland, K. Brent Tomer, Manal Sultan, Lenel Hickson, Stephen J. Obie, Vincent McGonagle, Otmane Laboudi, Brian Rushton, Vincent Varisano and Marshall Horn. Media Contact Dennis Holden
#Marshall #Cote #CFTC
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