Forum Post: .....The Fair Trade Bill That Was......

Can we inject some seriousness on this forum. Please read a piece of legislation that would end political corruption in our trade policies and would sharply limit the dumping of foreign products on our markets.

Here it is: S. 3899: Balanced Trade Restoration Act of 2006 9/14/2006--Introduced. Balanced Trade Restoration Act of 2006 - Directs the Secretary of Commerce to establish a Balanced Trade Certificate Program within the International Trade Administration of the Department of Commerce. Provides under such Program for the issuance of certificates to measure and control U.S. imports and exports to achieve a balance in the foreign trade of the United States. Exempts importers of oil or gas during the first five years of the program.

S. 3899

To achieve balance in the foreign trade of the United States, through a market-based system of tradable certificates, and for other purposes.

IN THE SENATE OF THE UNITED STATES

September 14, 2006

Mr. DORGAN (for himself and Mr. FEINGOLD) introduced the following bill; which was read twice and referred to the Committee on Finance

A BILL

To achieve balance in the foreign trade of the United States, through a market-based system of tradable certificates, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the `Balanced Trade Restoration Act of 2006'.

SEC. 2. FINDINGS.

Congress makes the following findings:

(1) Since the 1990s, the United States has experienced record trade deficits that has made the United States the largest debtor country in the world.

(2) In 2005, the merchandise trade deficit of the United States was a record $767,000,000,000, and in 2006, the merchandise trade deficit of the United States is projected to surpass the record set in 2005.

(3) The surging trade deficits could soon create a balance of payments crisis for the United States, which could wreak havoc with the economy of the United States.

(4) Article XII of the General Agreement on Tariff and Trade (GATT 1994), annexed to the Agreement Establishing the World Trade Organization entered into on April 15, 1994, permits any member country to restrict the quantity or value of imports in order to safeguard the external financial position and the balance of payments of the member country.

(5) In accordance with Article XII of the GATT 1994, the United States should take steps to restore balance to its merchandise trade, and safeguard its external financial position and its balance of payments.

(6) The imposition of import restrictions should be phased in to allow the economy of the United States to absorb the impact of import restrictions with minimal disruption.

SEC. 3. DEFINITIONS.

In this Act:

(1) BALANCED TRADE CERTIFICATE; CERTIFICATE- The terms Balanced Trade Certificate' andCertificate' mean a certificate issued pursuant to section 4 that provides the holder of the certificate with a license to import into the United States a good with an appraised value that is equal to or less than the face value of the certificate.

(2) DEPARTMENT- The term `Department' means the Department of Commerce.

(3) OIL OR GAS- The term `oil or gas' means any good classifiable under--

(A) heading 2709 of the Harmonized Tariff Schedule of the United States (relating to petroleum oils and oils obtained from bituminous minerals, crude);

(B) heading 2710 of the Harmonized Tariff Schedule of the United States (relating to petroleum oils and oils obtained from bituminous minerals, other than crude); and

(C) heading 2711 of the Harmonized Tariff Schedule of the United States (relating to light oils and preparations).

(4) PROGRAM- The term `Program' means the Balanced Trade Certificate Program established under section 4.

(5) SECRETARY- The term `Secretary' means the Secretary of Commerce.

SEC. 4. ESTABLISHMENT OF BALANCED TRADE PROGRAM.

(a) In General- Not later than 180 days after the date of the enactment of this Act, the Secretary shall, in cooperation with the Secretary of Homeland Security, establish a Balanced Trade Certificate Program within the International Trade Administration of the Department. The purpose of the Program is to create gradually balance between the dollar value of goods imported into the United States and goods exported from the United States.

(b) Regulatory Authority- The Secretary, in cooperation with the Secretary of Homeland Security, shall promulgate regulations in accordance with section 5 that provide for--

(1) issuing Certificates to exporters;

(2) collecting Certificates from importers;

(3) valuing the Certificates issued and collected; and

(4) trading Certificates.