Ensuring Tax Exempt Organizations the Right to Appeal Act

Floor Speech

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Mr. PETERS. Mr. President, first off, I agree with Senator Brown and Senator Hatch on how important this debate before us is. In fact, because it is so important, I certainly hope we have an opportunity to debate fully its ramifications, especially with issues such as the Ex-Im Bank, which I heard two of my colleagues discuss with some vigor just a few moments ago.

AMENDMENT NO. 1251

At this time I wish to talk about an amendment that I am offering with Senator Brown to require approval of Congress before any additional countries may join the Trans-Pacific Partnership.

The 12 countries currently participating in TPP negotiations encompass about 40 percent of the global gross domestic Product. This would be the largest free-trade agreement since NAFTA, and Members should know that this agreement has the potential to expand to a number of additional countries without congressional approval.

The administration has said that they would welcome interest from other nations, including China, in joining TPP. Given the impact that trade deals, such as NAFTA, have had on American businesses and workers, I would argue that it is important that Congress not only be notified of new negotiations but also have the opportunity to vote on whether to move forward with bringing on additional countries into multinational trade negotiations.

If Congress were to approve the Trans-Pacific Partnership, it should not and must not be a blank check to bring in additional nations without congressional approval.

I am particularly concerned about countries that manipulate the value of their currency and gain an unfair advantage over U.S. workers, steal intellectual property from American innovators, engage in unfair labor practices, damage the environment, and do not abide by existing trade deals.

Just yesterday, a Federal grand jury indicted six Chinese citizens for stealing trade secrets. Last year, five Chinese military officers were caught stealing intellectual property from U.S. companies. The United States has brought 16 claims against China at the World Trade Organization, and the Chinese Government has consistently manipulated their currency against our dollar.

Despite these serious problems, the administration has said that they would welcome interest from China in joining TPP. If providing fast-track authority makes it easier for countries such as China to join the TPP, robust congressional oversight is critical.

Senator Brown and I have offered an amendment to explicitly ensure that this oversight is available and that Congress has the opportunity to vote on the addition of any new countries to TPP negotiations. Our amendment will require the President to notify Congress before entering negotiations with another country seeking to join the TPP. It provides 90 days for Congress to conduct hearings and investigations and ultimately hold any potential new entrant accountable for unfair trade practices.

The House and Senate will need to affirmatively pass a resolution of approval for any new country to join TPP negotiations.

Nations such as China will not be able to join through unilateral action by a future White House. I urge my colleagues to support the Brown-Peters amendment.

AMENDMENT NO. 1299

I would also like to urge my colleagues to support the Portman-Stabenow amendment on currency manipulation. A study by the Center for Automotive Research found that the TPP, as currently negotiated, will allow Japan to manipulate its currency, and this practice will likely lead to the elimination of over 25,000 American auto industry jobs.

Our workers and manufacturers can compete with anyone in the world, but they deserve a level playing field. Currency manipulation is the most significant trade barrier of our time, and it must be stopped. That is why I am supporting the Portman-Stabenow currency amendment, and I hope my colleagues will join me in standing up for American workers and fighting back against unfair currency manipulation.

Mr. President, I yield the floor.

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