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May 3, 2015

Bob Weidner, Bill Hickey Op-Ed On Trade Promotion Authority Featured In The Hill

Last Thursday, The Hill, a Washington, DC publication with the largest circulation on Capitol Hill and that is read by 100 percent of Congressional offices, published an op-ed on Trade Promotion Authority (TPA) by MSCI President and CEO Bob Weidner and Lapham-Hickey President and CEO Bill Hickey. 

Weidner and Hickey called for strong, enforcement rules against currency manipulation in TPA and said, “We believe in free markets and expanding free trade with other countries. But free markets require the rule of law to work. The foreign exchange markets should determine the purchasing power parity of currencies for the same product bundle of goods and services. Countries that purposefully manipulate their currencies for mercantile advantage must be held accountable. We can’t stand by as foreign governments interfere to prop up their industries. We need checks and balances to make sure our trading partners play by the rules. Not doing so puts the U.S. at a competitive disadvantage and makes our country less economically secure.” 

Click here to read the full op-ed

The U.S. Senate is expected to take up Trade Promotion Authority legislation within the next few weeks. The U.S. House will then follow with its own debate. As Connecting the Dots reported last week, Sens. Rob Portman (R-OH) and Debbie Stabenow (D-MI) are likely to offer an amendment to the Senate legislation that calls for strong, enforceable rules to address currency manipulation. 

MSCI urges its members to call or write to their representatives and senators to urge them to vote for amendments, like Sen. Portman’s and Sen. Stabenow’s, that add strong, enforceable currency provisions to these bills. 

Politico Pro (subscription required) reported late last week that House leadership currently does not have the votes necessary to pass TPA legislation on the floor. The magazine said, “At this point, upward of 75 House Republicans could vote against Trade Promotion Authority if it comes up for a vote in the coming weeks, according to aides and lawmakers involved in the process. Some of the lawmakers fear job losses in their districts from free trade, others distrust Obama and oppose giving him more power.” 

The fact that leadership still needs votes means there is still time to convince your representatives that this bill need strong, enforceable currency provisions – call your representatives and senators now!