| Creation: |
The Commission was created in the Omnibus Appropriations Bill
signed into law on October 21, 1998 (19 U.S.C. 2213). |
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| Terms of the Commission: |
The Commission has a one-year life dating from the date of
the first technical meeting to be held in Washington, DC on
August 19, 1999. |
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| Purpose: |
The purpose of the Commission is to study the nature, causes,
and consequences of the United States merchandise trade and
current account deficits. |
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| Hearings: |
One or more hearings will be held in Washington, DC, and 4 in
different regions of the United States. |
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| Charter: |
The Commission will examine and report to the President, the
Committee on Ways and Means of the House of Representatives, the
Committee on Finance of the Senate, and other appropriate
committees of Congress on the following: |
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| a) |
The relationship of the merchandise trade and current account
balances to the overall well-being of the United States economy,
and to wages and employment in various sectors of the US economy.
|
| | |
| b) |
The impact that United States monetary and fiscal policies
may have on US merchandise trade and current account
balances. |
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| c) |
The extent to which the coordination, allocation, and
accountability of trade responsibilities among Federal agencies
may contribute to the trade and current account
deficits. |
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| d) |
The causes and consequences of the merchandise trade and
current account deficits and specific bilateral trade
deficits. |
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| Final Report and
Recommendations: |
A final report will be prepared by the Commission for
submission to the President not later than 12 months after the
initial meeting which contains: |
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| - |
the findings and conclusions of the Commission |
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| - |
recommendations for addressing the problems identified as
part of the Commission's analysis. |
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| Membership of the
Commission: |
The Commission is composed of 12 members appointed to the
Commission based on recommendations by leadership of the House of
Representatives and the US Senate as follows: |
| | |
| a) |
Three persons appointed by the President pro tempore of the
Senate as recommended by the Majority Leader of the Senate after
consultation with the Chairman of the Committee on
Finance. |
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| b) |
Three persons appointed by the President pro tempore of the
Senate as recommended by the Majority Leader of the Senate after
consultation with the ranking minority member of the Committee on
Finance. |
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| c) |
Three persons appointed by the Speaker of the House of
Representatives after consultation with the Chairman of the
Committee on Ways and Means. |
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| d) |
Three persons appointed by the Minority Leader of the House
of Representatives after consultation with the ranking minority
member of the Committee on Ways and Means. |
