July 18,2019

What It Takes to Keep USMCA on the Fast Track

USMCA Fast Track
 

Trade Promotion Authority (TPA) creates a partnership between Congress and the administration to ensure that trade deals prioritize American interests. When a trade agreement meets U.S. objectives and Congress is sufficiently consulted, the administration can submit a bill to implement the agreement to Congress for an up-or-down vote or “fast track” consideration. Here’s a closer look at what it takes to keep USMCA on the fast track.

 
REQUIREMENTS MET

·        The president must notify Congress of intent to enter into negotiations at least 90 days prior to ­beginning negotiations.

·        The president must publish negotiating objectives at least 30 days prior to beginning negotiations.

·        The president must report potential changes to U.S. trade remedy laws at least 180 days prior to signature.

·        The president must notify Congress of intent to enter into a trade agreement at least 90 days prior to signature.

·        The president must publish full text of the agreement at least 60 days before signature.

·        The president must sign the agreement.

·        The president must report to Congress the changes to U.S. law that are required within 60 days after signature.

·        The United States International Trade Commission (USITC) must complete a study of the agreement’s economic impact.

·        The president must submit final legal text of the agreement and a draft statement of administrative action to Congress at least 30 days before submitting the implementing bill.
 
WHAT HAPPENS NEXT

·        The House Ways and Means and Senate Finance Committees may continue to conduct hearings, and “mock” or informal mark ups on the draft implementing bill.

·        The president must submit final legal text, implementing bill, statement of administrative action, and supporting materials to Congress when both chambers are in session.

·        The House Ways and Means Committee must vote on the implementing bill within 45 session days of introduction.

·        The full House must vote on the implementing bill within 15 session days of the committee’s vote.

·        The Senate Finance Committee must vote on the implementing bill within 15 session days of the House vote.

·        The full Senate must vote on the implementing bill within 15 session days of the committee’s vote.