For Immediate Release:
May 17, 2012
WASHINGTON, DC – Today, Congressman Jim McDermott (D-WA) and Congressman Dave Reichert (R-WA) introduced legislation to increase exports and create jobs. One out of every three jobs in Washington state is tied to exports, and the McDermott-Reichert bill would make simple, no-cost changes to increase the efficiency and effectiveness of the United States’ export promotion efforts.
“What we’re doing here is just good government work – there are 20 federal agencies promoting U.S. exports, but their work overlaps and they don’t have a clear annual plan that’s laser-targeted at what businesses need,” said Congressman McDermott, who is the Ranking Member of the U.S. House Ways and Means Trade Subcommittee. “There is also a data problem – we need to make sure that businesses and government are getting accurate data so we have the best possible information to assess how our economy is performing and what policies are and aren’t working, especially when it comes to growing exports and American jobs. We can work across party lines to fix these issues.”
Congressman Reichert, who is also a member of the House Ways and Means Trade Subcommittee, said, “As a member of the President’s Export Council, I’m pleased to co-author this no-cost, bi-partisan legislation. I am happy to help American exporters in this economical way, recommended by the Council.”
The McDermott-Reichert bill, the “Efficient Export Promotion to Help American Businesses Act,” would require the Office of Management and Budget to coordinate export efforts and eliminate inefficiencies among the different agencies’ export promotion activities. The legislation also requires an annual report that assesses the effectiveness of the U.S.’s export promotion efforts. Finally, the bill would allow the Bureau of Economic Analysis (BEA) to use data from the international trade in services by partnerships and sole proprietorships so the BEA can provide much more accurate reports on U.S. trade activities like imports, exports, GDP, GNP, Balance of Payments and other economic statistics.
To view a summary and section-by-section description of the bill, click here.
To view the bill text, click here.