[Congressional Record Volume 143, Number 159 (Wednesday, November 12, 1997)]
[House]
[Page H10585]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




IT IS TIME FOR A NEW TRADE POLICY THAT BRINGS PROSPERITY TO OUR COUNTRY

  (Mr. DeFAZIO asked and was given permission to address the House for 
1 minute.)
  Mr. DeFAZIO. Mr. Speaker, the defeat of fast track trade authority 
earlier this week could perhaps mark a turning point for new trade 
policy in this country, a trade policy finally in the favor of the vast 
majority of Americans as opposed to a few multinational corporations, 
and foreign interests have been doing so well with our failed trade 
policy. As my colleagues know, our trade policy has not changed one bit 
since World War II, not one bit.
  Despite 50 years of dramatic changes in the world economy, we have 
gone from being the world's greatest creditor nation to the world's 
greatest debtor nation in international trade. We have seen our 
standard of living erode, we have lost our industrial base, and the 
defenders of the so-called free trade policy say, well, it is working 
exactly as we intended. Well, what do we intend; $160 billion trade 
deficit this year? Is that what we intend? Is that a success? No.
  Fast track was the last gasp for the apologists for a failed and 
archaic trade policy. It is time for a new trade policy that brings 
prosperity to this country, projects our values in terms of the 
environment, projects our values in terms of worker safety and standard 
of living.
  Once again, America should stand tall and lead the world to a 
prosperity for all of us, not just a select few.

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