Washington DC – National Foreign Trade Council (NFTC) President Bill Reinsch released the following statement today applauding House and Senate passage of the Consolidated Appropriations Act of 2016, an omnibus appropriations bill that includes provisions to lift the oil export ban, approve reforms to the International Monetary Fund (IMF) and repeal country-of-origin labeling (COOL) requirements for beef and pork.
“The spending bill approved today contains several provisions that are important to growing the economy and keeping America competitive in the global marketplace. Among them is the bipartisan agreement to repeal the ban on U.S. crude oil exports, a victory for open trade and geopolitical common sense.
“This bill also includes provisions to approve long overdue reforms to the IMF, which were agreed to five years ago on the international level. Today’s congressional action on these measures takes an important step toward rebalancing the IMF to include emerging economies and sends a critical signal to our international partners that the United States is prepared to meet its international obligations.
“Further, the repeal of COOL requirements is a wise decision by the U.S. Senate to comply with our international obligations. It not only demonstrates our nation’s commitment to a rules-based trading system, but also avoids costly retaliation from regional trade partners. Following years of inaction, we can finally put the dispute to rest and forge a more prosperous future for all of North America.”
About the NFTC
Serving America’s Global Businesses Since 1914 – The National Foreign Trade Council (www.nftc.org) is a leading business organization advocating an open, rules- based global trading system. Founded in 1914 by a broad-based group of American companies, the NFTC now serves hundreds of member companies through its offices in Washington and New York.