Constituent Interests And U.S. Trade Policies

In developing such policies and procedures, you should, for example, consider establishing product review processes for products that may be recommended, including establishing procedures for identifying and mitigating the conflicts of interests associated with the product, or declining to recommend a product where you cannot effectively mitigate the conflict, and identifying which retail customers would qualify for recommendations from this product menu.

Constituent Interests and U.S. Trade Policies

Then Adam Smith challenged this prevailing thinking in The Wealth of Nations published in 1776.[2] Smith argued that when one nation is more efficient than another country in producing a product, while the other nation is more efficient at producing another product, then both nations could benefit through trade. This would enable each nation to specialize in producing the product where it had an absolute advantage, and thereby increase total production over what it would be without trade. This insight implied very different policies than mercantilism. It implied less government involvement in the economy and a reduction of barriers to trade.

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However, monetary policy alone will not help to balance trade. In addition, the U.S. should pursue a number of structural policies, such as enforcement of existing trade agreements, particularly of anti-dumping laws, inclusion of labour and environmental standards in new trade agreements, and public support (e.g., R&D) for U.S. industries.

ConclusionThe 1990s offer four important lessons for sustainable long-term growth. These are that public investment, especially in R&D, matters for future productivity growth, that consumption has to be based on growing incomes, that asset and debt markets need to regulated, and that the growing U.S. trade deficit may become unsustainable unless it is controlled through macro and structural policies. Without heeding the lessons from the past decade, the chances for sustained long-term growth, beyond the current economic slowdown, are weak, and the possibility that the U.S. will experience a period of prolonged slow economic growth is real.

Senator Casey has worked to eliminate policies that rig the economic system against American workers. He has continuously fought against unfair trade policies that force American workers to compete on a playing field that is not level. He has pushed for the U.S. government to take stronger action against China in response to the undervaluing of its currency and other policies that result in American job loss. He also voted for legislation to eliminate tax policies that make it easier for companies to send U.S. jobs overseas.

OFAC's rule to "clarify" this payment regulation is unnecessary and will have the effect of significantly reducing the aggregate level of trade between the two countries. Since passage of TSREEA in 2000, U.S. exports to Cuba to have grown to nearly $800 million per year including more than $400 million in farm products. Cuba 's economy presents a growing market opportunity for many crops produced in Washington state. Farmers, ports, and rail carriers in my state are concerned that requiring payment before shipment will greatly curtail their ability to efficiently coordinate shipments of agricultural commodities, particularly those which are perishable. My constituents also contend that this payment regulation runs contrary to the traditional norms of conducting international trade.

OFAC's rule is clearly an attempt by this Department agency to define the will of Congress put forth in TSREEA. I vehemently oppose this action. I ask for your personal attention in providing some additional clarity to me that I can share with my constituents as to the agency's decision making process on this rule and whether my constituents can seek its reconsideration. If OFAC does not reconsider, this rule will hinder recent progress to expand trade between the U.S. and Cuba and will adversely affect American exporters as well as Cuban consumers. 041b061a72