Washington, D.C., (June 18, 2015) — The American Council of Life Insurers (ACLI) commends the House for passing trade promotion authority.
ACLI recognizes the leadership and enduring efforts of Speaker of the House John Boehner (R-Ohio.), Majority Leader Kevin McCarthy (R-Calif.), Majority Whip Steve Scalise (R-La.), Deputy Chief Whip Patrick McHenry (R-N.C.), House Ways and Means Chairman Paul Ryan (R-Wis.), House Ways and Means Trade Subcommittee Chairman Pat Tiberi (R-Ohio) and New Democrat Coalition Chair Ron Kind (D-Wis.) on this important issue. ACLI commends each and every House member who voted ‘yes’ to ensure passage of the legislation.
ACLI looks forward to swift Senate action in order to secure the President’s signature on this important legislation.
The bill reauthorizes trade promotion authority (TPA), officially ensuring additional congressional input and oversight while empowering the executive branch to negotiate and secure sound trade agreements that are in the United States’ best interests. We believe this will result in an open, strong and vibrant global marketplace.
TPA is an essential part of a dedicated and effective trade agenda. This legislation will formally establish updated 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.
International trade supports more than one in five American jobs. Expanding U.S. economic ties with other countries is essential to selling more American products and services in the global marketplace. This legislation 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 robust 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.
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.