Washington, D.C., (May 22, 2015) — The American Council of Life Insurers (ACLI) applauds the Senate’s passage of the “Bipartisan Congressional Trade Priorities and Accountability Act of 2015.”
ACLI appreciates the extended bi-partisan cooperation in the Senate on this bill. ACLI recognizes the dedicated efforts by Majority Leader Mitch McConnell (R-Ky.), Finance Committee Chairman Orrin Hatch (R-Utah), Finance Committee Ranking Member Ron Wyden (D-Ore.) and others who worked to keep the bill moving forward.
The bill reauthorizes trade promotion authority (TPA), formally ensuring additional congressional input and oversight while empowering the executive branch to negotiate and conclude strong trade agreements that are in the United States’ best interests.
TPA is critical to a dedicated and effective trade agenda. Passage of this legislation will formally establish updated congressional negotiating objectives. It is a necessary step toward the enactment of crucial trade agreements such as the Trans-Pacific Partnership (TPP), the Trade in Services Agreement (TISA) and the Trans-Atlantic Trade and Investment Partnership (TTIP), all of which potentially offer the life insurance industry increased market access and sustainable growth, abroad and at home.
International trade currently supports more than one in five American jobs. Expanding U.S. economic ties with countries around the world is essential to selling more American products and services globally. Passing TPA will help the overall insurance industry surpass its goal of contributing $200 billion dollars to U.S. exports by the end of the decade.
The life insurance industry not only provides financial and retirement security to individuals and businesses, but it is also one of the world’s largest institutional investors. A strong global marketplace with clear, transparent and dependable trade rules will contribute to the health of our industry and to greater economic development at home and abroad.
We look forward to House passage of TPA. ACLI believes this will result in an open, strong and sustainable global marketplace.
The American Council of Life Insurers (ACLI) is a Washington, D.C.-based trade association with approximately 300 member companies operating in the United States and abroad. ACLI advocates in federal, state, and international forums for public policy that supports the industry marketplace and the 75 million American families that rely on life insurers’ products for financial and retirement security. ACLI members offer life insurance, annuities, retirement plans, long-term care and disability income insurance, and reinsurance, representing more than 90 percent of industry assets and premiums. Learn more at www.acli.com.