The American Council of Life Insurers (ACLI) issued the following statement on the reauthorization of Trade Promotion Authority:

Washington, D.C., (June 29, 2015) — The American Council of Life Insurers (ACLI) commends the White House and Congress on the reauthorization of trade promotion authority (TPA).

Reauthorizing TPA formally ensures additional congressional input and oversight over trade while empowering the executive branch to negotiate and secure strong trade agreements that are in the United States’ best interests. ACLI believes it will promote an open, strong and vibrant global marketplace.

The bill signed today updates congressional negotiating objectives. It is a necessary step for the enactment of vital trade agreements such as the Trans-Pacific Partnership (TPP), the Trade in Services Agreement (TISA) and the Trans-Atlantic Trade and Investment Partnership (TTIP). Each agreement potentially offers the life insurance industry greater market access and sustainable growth in the United States and abroad.

The ACLI also commends Congress and the White House for passage and signing of an amplified Trade Adjustment Assistance (TAA) program.

International trade currently supports more than one in five American jobs.  Expanding U.S. economic ties with nations around the world is essential to selling more American products and services in the global marketplace. Passing TPA will help the insurance industry surpass its goal of contributing $200 billion to U.S. exports by the end of the decade. ACLI applauds the administration and Members of Congress who voted affirmatively to pass this important legislation and continue U.S. leadership in the 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.