WASHINGTON, July 15, 2012 – U.S. exports to Russia could double over the next five years if the U.S. Congress approves legislation to establish permanent normal trade relations (PNTR) with Russia and remove the country from the 1974 Jackson-Vanik Amendment , according to the Senate Finance Committee. Annual U.S. exports to Russia, now the world’s seventh largest economy, total about $9 billion per year
That’s why Senate Finance Committee Chairman Max Baucus, D-Mont., plans to march ahead with plans to markup a bill on Wednesday, July 18.
“Increasing our exports to Russia will help create new jobs and give America’s economy the shot in the arm it needs,” noted Baucus when he released his Chairman’s mark of the bill on Friday. “Russia is joining the WTO no matter what Congress does – their legislature has already voted and put the wheels in motion – so we need to act soon. My bill will put American businesses, farmers, ranchers and workers in a position to succeed and grow, and that’s exactly what our economy and workers need.”
Baucus also intends to consider the Magnitsky Act, sponsored by Senators Ben Cardin, D-Md., and John McCain, R-Ariz. Sergei Magnitsky was a Russian lawyer who died in detention after trying to expose corruption with the Russian government.
According to the Congressional Research Service, that legislation would require the State Department to identify publically individuals responsible for the detention and death of Sergei Magnitsky and other individuals known to have committed human rights violations seeking to expose fraud by Russian government officials.
It would also require the Secretary of the State to deny visas for these individuals to enter the United States and for the Secretary of the Treasury to freeze the financial assets in and financial transactions with the United States.
The Chairman’s Mark also includes provisions that establish PNTR with Moldova.
The Finance Committee will also markup three other proposals: a modified version of the Enforcing Orders and Reducing Customs Evasion (ENFORCE) Act; a proposal to establish, renew, or modify the citrus, wool and cotton trust funds; and a proposal to amend provisions of the African Growth and Opportunity Act (AGOA) and the Dominican Republic-Central America-United States Free Trade Agreement (CAFTA-DR) and to reauthorize and renew Burma sanctions.
Meanwhile, the Senate Agriculture Committee will review Title IV of the Dodd-Frank Wall Street Reform and Consumer Protection Act: 2 Years Later, on Tuesday. Commodity Future Trading Commission Chairman Gary Gensler and Robert Cook, Director of the Division of Trading and Markets at the Securities and Exchange Commission, among others, will testify. The House Financial Services Committee will conduct a similar review, with a markedly different approach on Thursday and Friday. The first hearing is titled: “Who’s In Your Wallet? Dodd-Frank’s Impact on Families, Communities and Small Businesses,”
For a list of other scheduled events this week:
Monday, July 16:
The Senate will reconvene at 2:00 p.m.
The Senate meets at 2 p.m. for debate on S. 3369, the DISCLOSE Act, which would require companies, unions and other groups to report aggregate campaign expenditures once they hit $10,000. Just two years ago, Democrats supported a much lower level – only $600.
The Senate also plans to vote on the nomination of Kevin McNulty to be a U.S. District Judge for the District of New Jersey.
The House is not in session.
USDA Report: Crop Progress
Tuesday, July 17:
The House will meet at 12:00 p.m. for morning hour and 2:00 p.m. for legislative business. Votes will be postponed until 6:30 p.m.
Legislation Considered Under Suspension of the Rules:
1) S. 2039 - A bill to allow a State or local government to construct levees on certain properties otherwise designated as open space lands (Sponsored by Sen. John Hoveven / Transportation and Infrastructure Committee)
2) S. 1959 - Haqqani Network Terrorist Designation Act of 2011, as amended (Sponsored by Sen. Richard Burr / Judiciary Committee)
3) H.R. 6018 - To authorize appropriations for the Department of State for fiscal year 2013, and for other purposes, as amended (Sponsored by Rep. Ileana Ros-Lehtinen / Foreign Affairs Committee)
4) S. 2165 - United States-Israel Enhanced Security Cooperation Act of 2012 (Sponsored by Sen. Barbara Boxer / Foreign Affairs Committee)
5) S. 2009 - Insular Areas Act of 2011 (Sponsored by Sen. Jeff Bingaman / Foreign Affairs Committee)
10:00 a.m., Senate Committee on Agriculture, Nutrition & Forestry, Hearing: Dodd-Frank Wall Street Reform and Consumer Protection Act: 2 Years Later, 328A Senate Russell Office Building.
3:00 p.m., House Committee on Energy and Commerce | Subcommittee on Energy and Power, Hearing: The American Energy Initiative: A Focus on Federal Government Perspectives Regarding Alternative Fuels and Vehicles, 2123 Rayburn House Office Building.
Wednesday, July 18:
The House will meet at 10:00 a.m. for morning hour and 12:00 p.m. for legislative business.
9:30 a.m., Senate Committee on Homeland Security and Governmental Affairs Committee, Hearing: Show Me the Money: Improving the Transparency of Federal Spending, Dirksen Senate Office Building.
10:00 a.m. Senate Finance Committee markup of legislation dealing with Permanent Normal Trade Relations with Russia, 215 Dirksen Senate Office Building.
10:00 a.m., House Committee on Natural Resources, Markup on H.R. 6082: The Congressional Replacement of President Obama’s Energy-Restricting and Job-Limiting Offshore Drilling Plan, 1324 Longworth House Office Building.
10:00 a.m., House Committee on the Judiciary | Subcommittee on Intellectual Property, Competition and the Internet, Hearing: The International Trade Commission and Patent Disputes, 2141 Rayburn House Office Building.
10:15 a.m., House Committee on Energy and Commerce | Subcommittee on Energy and Power, Hearing: U.S. Agricultural Sector Relief Act of 2012, and the Asthma Inhalers Relief Act of 2012, 2123 Rayburn House Office Building.
12:00 p.m., House Committee on Small Business, Hearing: Digital Divide: Expanding Broadband Access to Small Businesses, 2360 of the Rayburn House Office Building.
National Corn Grower’s Association Corn Congress, Washington, D.C.
Thursday, July 19:
House will meet at 10:00 a.m. for morning hour and 12:00 p.m. for legislative business.
10:00 a.m., House Committee on Natural Resources, Hearing: Oversight Hearing on "Status of Obama Administration's Rewrite of the Stream Buffer Zone Rule and Compliance with Committee Subpoenas", 1324 Longworth House Office Building.
10:00 a.m., House Committee on Financial Services | Oversight and Investigations, Hearing entitled “Who’s In Your Wallet? Dodd-Frank’s Impact on Families, Communities and Small Businesses,” 2128 Rayburn House Office Building.
2:00 p.m., House Committee on Financial Services | Subcommittee on Financial Institutions and Consumer Credit, Hearing entitled “The Impact of Dodd-Frank on Consumer Choice and Access to Credit”, 2128 Rayburn House Office Building.
2:15 p.m., Senate Committee on Indian Affairs, Oversight Hearing on Impacts of Environmental Changes on Treaty Rights, Traditional Lifestyles, and Tribal Homelands, 628 Dirksen Senate Office Building.
USDA Report: U.S. Export Sales
Friday, July 20:
The House will meet at 9:00 a.m. for legislative business. Last votes expected no later than 3:00 p.m.
H.R. 5872 - Sequestration Transparency Act of 2012 (Suspension, 40 minutes of debate) (Sponsored by Rep. Jeb Hensarling / Budget Committee)
H.R. 5856 - Department of Defense Appropriations Act, 2013 (Open Rule) (Sponsored by Rep. Bill Young / Appropriations Committee)
9:30 a.m., House Committee on Financial Services | Capital Markets and Government Sponsored Enterprises, Hearing entitled “The Impact of the Dodd-Frank Act on Municipal Finance”, 2128 Rayburn House Office Building.
USDA Reports: Wheat Data and Feed Grains Database
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