Trade

Floor Speech

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Mrs. DINGELL. Mr. Speaker, I rise this afternoon regarding Fast Track
authorization.

There are many reasons to oppose Fast Track, but the first and
foremost is that Fast Track is an abdication of Congress' fundamental
responsibilities.

The Constitution authorizes the Congress, not the executive branch,
to regulate commerce between nations. This deal was negotiated by the administration, in secret, without the proper input or oversight from the Congress. The grapevine tells us--because they are not talking to us directly--that it will do nothing to
address currency manipulation, the mother of all trade barriers.

Just one consequence is an $8,000 cost advantage to a Japanese
vehicle sold in the United States, which is then used to subsidize
parts, advertising, or to undercut the cost of a vehicle in the
marketplace. In fact, Toyota made more in profits last year from
currency manipulation than Ford made last year in its entire worldwide
operations.

What I know about the domestic auto industry is that they can
outcompete any of their competitors in the world, but they cannot
outcompete the Bank of Japan or the Japanese Government.
Those who care about the constitutional responsibilities of Congress
should oppose Fast Track.

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