1.Congress makes the following
findings:
(1)The United States has run persistent trade
deficits since 1978, and many of such trade deficits since 2000 have been
especially large.
(2)There appeared to
be some improvements in the United States trade balance in 2009, but this was
during a time of global economic crisis, and the reduction in the United States
trade deficit appears to be attributable to a shrinking demand in the United
States for imports rather than an increase in United States exports.
(3)Many of the trade
deficits are structural, with the same countries, year after year. In 2009, the
United States continued to have significant merchandise trade deficits with the
People’s Republic of China ($226,800,000,000), the European Union
($60,500,000,000), Japan ($44,700,000,000), and Mexico ($47,500,000,000),
notwithstanding the overall decline in the United States trade deficit. In
fact, in 2009, China accounted for 44 percent of the United States merchandise
trade deficit.
(4)While the United
States has one of the most open borders and economies in the world, the United
States faces significant tariff and nontariff trade barriers with its trading
partners.
(5)The causes and
consequences of the United States trade deficit must be documented and
recommendations must be developed to expeditiously address structural
imbalances in the trade deficit.
2.Establishment of
Commission
(a)There
is established a commission to be known as the Emergency Trade Deficit
Commission (in this Act referred to as the Commission).
(b)
(1)The
Commission shall be composed of 11 members, of whom—
(A)3 members shall be
appointed by the President, of whom—
(i)1
shall be appointed to represent labor interests;
(ii)1
shall be appointed to represent small businesses; and
(iii)1
shall be appointed to represent manufacturing interests;
(B)2 members shall be appointed by the
President pro tempore of the Senate upon the recommendation of the majority
leader of the Senate, after consultation with the chairperson of the Committee
on Finance of the Senate;
(C)2 members shall be
appointed by the President pro tempore of the Senate upon the recommendation of
the minority leader of the Senate, after consultation with the ranking member
of the Committee on Finance of the Senate;
(D)2 members shall be
appointed by the Speaker of the House of Representatives, after consultation
with the chairperson of the Committee on Ways and Means of the House of
Representatives; and
(E)2 members shall be appointed by the
minority leader of the House of Representatives, after consultation with the
ranking member of the Committee on Ways and Means of the House of
Representatives.
(2)Qualifications
of members
(A)Presidential
appointmentsOf the members appointed under paragraph (1)(A), not
more than 1 may be an officer, employee, or paid consultant of the executive
branch.
(B)Members appointed under subparagraph (B), (C), (D),
or (E) of paragraph (1) shall be individuals who—
(i)have
expertise in economics, international trade, manufacturing, labor, environment,
or business, or have other pertinent qualifications or experience; and
(ii)are
not officers or employees of the United States.
(C)In appointing members of the Commission, every
effort shall be made to ensure that the members—
(i)are
representative of a broad cross-section of economic and trade perspectives
within the United States; and
(ii)provide fresh
insights in identifying the causes and consequences of the United States trade
deficit and developing recommendations to address structural trade
imbalances.
(c)Period of
appointment; vacancies
(1)Members shall be appointed not later than 60 days after
the date of the enactment of this Act and each appointment shall be for the
life of the Commission.
(2)Any
vacancy in the Commission shall not affect its powers, but shall be filled in
the same manner in which the original appointment was made.
(d)
(1)The Commission shall meet at the call of the
chairperson.
(2)Not later than 30 days after the date on which all
members of the Commission have been appointed, the Commission shall hold its
first meeting.
(e)Chairperson and
vice chairpersonThe members of the Commission shall elect a
chairperson and vice chairperson from among the members of the
Commission.
(f)A
majority of the members of the Commission shall constitute a quorum for the
transaction of business.
(g)Each
member of the Commission shall be entitled to 1 vote, which shall be equal to
the vote of every other member of the Commission.
3.
(a)The Commission shall
be responsible for—
(1)examining the causes and consequences of
the United States trade deficit; and
(2)making recommendations with respect to
addressing and reducing structural trade imbalances, including with respect to
the United States merchandise trade deficit, in order to promote sustainable
economic growth that provides broad-based income and employment gains.
(b)Causes of United
States trade deficitIn
examining the causes of the United States trade deficit under subsection
(a)(1), the Commission shall, among other things—
(1)identify and
assess the impact of macroeconomic factors, including currency practices,
foreign government purchases of United States assets, and savings and
investment rates, including savings rates of foreign state-owned enterprises,
on United States bilateral trade imbalances and global trade imbalances;
(2)with respect to
countries with which the United States has significant, persistent sectoral or
bilateral trade deficits, assess with respect to the magnitude and composition
of such trade deficits—
(A)the impact of
tariff and nontariff barriers maintained by such countries and the lack of
reciprocal market access as a result of such barriers;
(B)the impact of
investment, offset, and technology transfer requirements by such
countries;
(C)any impact due to
the failure of such countries to adhere to internationally recognized labor
standards, including the extent to which any such failure affects conditions of
competition with the United States or the ability of consumers in such
countries to buy United States goods and services;
(D)any impact due to
differences in levels of environmental protection and enforcement of
environmental laws between such countries and the United States, including the
extent to which such differences affect conditions of competition with the
United States;
(E)policies maintained by such countries that
assist manufacturers in such countries, including the impact of such policies
on manufacturers in the United States; and
(F)the impact of
border tax adjustments by such countries;
(3)examine the impact of free trade agreements
on the United States trade deficit;
(4)examine the impact
of investment flows both into and out of the United States on the United States
trade deficit, including—
(A)the impact of the
relocation of production facilities overseas on the United States trade
deficit, including by reviewing major domestic plant closures over an
appropriate representative period to determine how much of the production
terminated as a result of such closures was relocated offshore;
(B)the impact of
United States outbound investment on the United States trade deficit and on
standards of living and production in the United States;
(C)the impact of
foreign direct investment in the United States on the United States trade
deficit and on standards of living and production in the United States;
and
(D)the impact of
United States bilateral investment treaties, including bilateral investment
treaties under negotiation, on the United States trade deficit;
(5)examine the role
and impact of imports of oil and other energy products on the United States
trade deficit; and
(6)assess the extent
to which United States foreign policy interests influence United States
economic and trade policies.
(c)Consequences of
United States trade deficitIn examining the consequences of the United
States trade deficit under subsection (a)(1), the Commission shall, among other
things—
(1)identify and, to
the extent practicable, quantify the impact of the trade deficit—
(A)on the overall
domestic economy of the United States; and
(B)with respect to
different sectors of the economy of the United States, on manufacturing
capacity, the number and quality of jobs, wages, and health, safety, and
environmental standards;
(2)assess the effects
the trade deficits in the areas of manufacturing and technology have on the
defense production and innovation capabilities of the United States; and
(3)assess the impact
of significant, persistent trade deficits, including sectoral and bilateral
trade deficits, on United States economic growth.
(d)In making recommendations under subsection
(a)(2), the Commission shall, among other things—
(1)identify specific
strategies for achieving improved trade balances with those countries with
which the United States has significant, persistent sectoral or bilateral trade
deficits;
(2)identify United
States trade policy tools, including enforcement mechanisms, that can be more
effectively used to address the underlying causes of structural trade
deficits;
(3)identify domestic
and trade policies that can enhance the competitiveness of United States
manufacturers domestically and globally, including those policies of the United
States and other countries that have been successful in promoting
competitiveness;
(4)address ways to improve the coordination
and accountability of Federal departments and agencies relating to trade;
and
(5)examine ways to
improve the adequacy of the collection and reporting of trade data, including
identifying and developing additional databases and economic measurements that
may be needed to properly assess the causes and consequences of the United
States trade deficit.
4.
(a)Not
later than 16 months after the date of the enactment of this Act, the
Commission shall submit to the President and the Committee on Finance of the
Senate and the Committee on Ways and Means of the House of Representatives a
report that contains—
(1)the findings and
recommendations of the Commission under section 3; and
(2)any recommendations
for administrative and legislative actions as the Commission considers
necessary.
(b)Any member of the Commission may submit additional findings
and recommendations as part of the report required by subsection (a).
5.
(a)Except as provided in subsection (b), the Commission may
hold such hearings, sit and act at such times and places, take such testimony,
and receive such evidence as the Commission considers advisable to carry out
this Act.
(b)The
Commission shall hold not less than 7 public hearings—
(1)1 or more of
which shall be held in Washington, District of Columbia; and
(2)not less than 4
of which shall be held in different regions of the United States.
(c)Information from
Federal agenciesThe Commission may secure directly from any
Federal department or agency such information as the Commission considers
necessary to carry out this Act. Upon request of the chairperson of the
Commission, the head of a department or agency shall furnish such information
to the Commission.
(d)The Commission may use the United States mails in the
same manner and under the same conditions as other Federal departments and
agencies.
6.Commission
personnel matters
(a)
(1)Members who are
not Federal employeesEach member of the Commission who is not an
officer or employee of the Federal Government shall be compensated at a rate
equal to the daily equivalent of the annual rate of basic pay prescribed for
level IV of the Executive Schedule under section 5315 of title 5, United States
Code, for each day (including travel time) during which such member is engaged
in the performance of the duties of the Commission.
(2)Members who are
Federal employeesAll members of the Commission who are officers
or employees of the United States shall serve without compensation in addition
to the compensation received for their services as officers or employees of the
United States.
(b)The members of the Commission shall be allowed travel
expenses, including per diem in lieu of subsistence, at rates authorized for
employees of agencies under subchapter I of chapter 57 of title 5, United
States Code, while away from their homes or regular places of business in the
performance of duties of the Commission.
(c)
(1)Except as provided in paragraph (2), the chairperson of
the Commission may, without regard to the civil service laws and regulations,
appoint and terminate an executive director and such other additional personnel
as may be necessary to enable the Commission to perform its duties.
(2)Confirmation of
executive directorThe employment of an executive director shall
be subject to confirmation by the Commission.
(3)The
chairperson of the Commission may fix the compensation of the executive
director and other personnel without regard to the provisions of chapter 51 and
subchapter III of chapter 53 of title 5, United States Code, relating to
classification of positions and General Schedule pay rates, except that the
rate of pay for the executive director and other personnel may not exceed the
rate payable for level V of the Executive Schedule under section 5316 of such
title.
(d)Detail of
government employeesAny employee of the Federal Government may
be detailed to the Commission without reimbursement, and such detail shall be
without interruption or loss of civil service status or privilege.
(e)Procurement of
temporary and intermittent servicesThe chairperson of the
Commission may procure temporary and intermittent services under section
3109(b) of title 5, United States Code, at rates for individuals that do not
exceed the daily equivalent of the annual rate of basic pay prescribed for
level V of the Executive Schedule under section 5316 of such title.
7.Termination of
CommissionThe Commission
shall terminate 30 days after the date on which the Commission submits its
report under section 4(a).
8.Government
Accountability Office auditNot later than 180 days after the date on
which the Commission terminates under section 7, the Comptroller General of the
United States shall—
(a)complete an audit of the financial books
and records of the Commission; and
(b)submit to the President and Congress a
report on the audit.
9.Authorization of
appropriationsThere are
authorized to be appropriated $2,000,000 to the Commission to carry out this
Act.