IRS Bureaucracy Reduction and Judicial Review Act

Floor Speech

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Mr. VAN HOLLEN. Mr. Speaker, I rise in support of the Trade Preferences Extension Act, which will extend important trade preferences to our partners around the world.

First, this bill extends the African Growth and Opportunity Act (AGOA) until September 2025. This will expand preferences and reduce trade barriers with African countries and foster U.S. investment in the region. It will also help to promote social and economic development and empower farmers and women through sustainable agriculture assistance.

The bill also retroactively renews and updates the General System of Preferences (GSP), which reduces trade barriers by allowing various products from developing countries to enter into the U.S. duty-free. This program expired in July 2013 and I am glad to see that it has finally been renewed.

It also extends trade preferences with Haiti and ensures that we continue to assist Haiti's recovery and support its economy. In addition, the bill will also help outerwear and footwear imports by reducing duty rates and creating a new category of product that will include protective active footwear.

I am also pleased that it strikes the Medicare pay-for found in the Trade Adjustment Assistance package and replaces it with a different offset that I helped identify. In addition, I am pleased that this bill will support community banks by reducing burdensome reporting requirements. These measures represent a significant effort to reduce trade barriers and support our partners around the world and I urge a YES vote. I hope that the Senate will pass this legislation expeditiously and send it to the President's desk.

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