Market News & Headlines >> Fast Track Trade Bill Introduced

U.S. lawmakers on Thursday introduced bipartisan legislation that would allow a bill to fast track trade agreements through Congress to move in parallel with aid for workers hurt by trade.

The legislation introduced by Sen. Orrin Hatch, R-Utah; Sen. Ron Wyden, D-Ore. and Rep. Paul Ryan, R-Wis., could set the stage for President Obama to conclude the Trans-Pacific Partnership, a trade pact with 11 nations around the Pacific.

Ag groups have been pushing for passage of Trade Promotion Authority (TPA), often referred to as “fast-track” trade authority, which allows the Congress to consider, without amendment, trade agreements that the Administration negotiates. The National Corn Growers Association was quick to applaud the legislation, urging Congress to quickly pass the bill.

“Trade benefits American corn and livestock farmers, workers and consumers. Agricultural exports are already a major driver of the U.S. economy, supporting more than one million American jobs. If we remove trade barriers and expand our access to global markets, American corn and livestock farmers can do even more,” said Chip Bowling, a Maryland farmer and NCGA president in a news release. “Trade Promotion Authority is critical to ensuring farmers get the best possible deal in trade agreements.”