November 8, 2007 - The House last week passed the Trade and Globalization Assistance Act of 2007 by a vote of 264-157, reauthorizing and overhauling the current U.S. Trade Adjustment Assistance (TAA) program.
TAA provides retraining and financial assistance to American workers who have seen their jobs shipped overseas as a result of foreign trade. The bill passed by the House doubles the current TAA funding level from $220 million to $440 million and expands TAA eligibility to public and service sector workers who lose their jobs due to trade.
The bill would also improve the program’s training opportunities and associated health care benefits, create new benefits and tax incentives for industries and communities impacted by trade and promote reforms to the unemployment insurance system.
“We must be certain that, as our nation moves forward with expanded trade, we send a clear bipartisan signal that it won’t be at the expense of American workers,” said Rep. Charles Rangel (D-N.Y.), chairman of the House Ways and Means Committee.
Despite broad bi-partisan support, the Bush administration is threatening to veto the legislation.
