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Iran's Economic Conditions: U.S. Policy Issues [June 15, 2009]
This Congressional Research Service report examines Iran's economic policies and situation vis-à-vis the foreign policy of the United States and international bodies like the United Nations. From the text: "The Islamic Republic of Iran, a resource-rich and labor-rich country in the Middle East, is a central focus of U.S. national security policy. The United States asserts that Iran is a state sponsor of terrorism and that Iran's uranium enrichment activities are for the development of nuclear weapons. To the extent that U.S. sanctions and other efforts to change Iranian state policy target aspects of Iran's economy as a means of influence, it is important to evaluate Iran's economic structure, strengths, and vulnerabilities. Iran faces several external challenges to its economy. Iran has long been subject to U.S. economic sanctions and, more recently, to United Nations sanctions. Partly due to the sanctions, some foreign countries and companies, particularly in Europe, have curbed trade and business with Iran. Iran also has faced challenges in obtaining foreign investment for development of its energy sector. Iran has turned to new trading partners, such as China and Russia, and has focused more heavily on regional trade opportunities. A significant internal challenge is reported domestic economic mismanagement. With the election of President Mahmoud Ahmadinejad in 2005, Iran's economic policies have worked to reduce regional and class disparities through oil wealth redistribution. Ahmadinejad has tried to reduce unemployment and poverty through expansionary monetary and fiscal policies, including large energy subsidies and subsidized lending. However, some criticize these policies for contributing to unemployment and inflation and not reducing poverty."
Library of Congress. Congressional Research Service
Akhtar, Shayerah Ilias
2009-06-15
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U.S. International Trade: Trends and Forecasts [March 6, 2009]
"The U.S. trade deficit is shrinking primarily because the global financial crisis is causing U.S. imports to drop faster than U.S. exports. The global simultaneous recession, however, implies that exporting countries cannot rely on increased foreign demand to make up for slack demand at home. Even though U.S. imports are projected to decline, companies competing with imports are still likely to face diminishing demand as the domestic economy shrinks. These conditions imply that the political forces to protect domestic industry from imports are likely to intensify both in the United States and abroad. [...]. Trade deficits are a concern for Congress because they may generate trade friction and pressures for the government to do more to open foreign markets, to shield U.S. producers from foreign competition, or to assist U.S. industries to become more competitive. Overall U.S. trade deficits reflect excess spending (a shortage of savings) in the domestic economy and a reliance on capital imports to finance that shortfall. Capital inflows serve to offset the outflow of dollars used to pay for imports. Movements in the exchange rate help to balance trade. The rising trade deficit (when not matched by capital inflows) places downward pressure on the value of the dollar which, in turn, helps to shrink the deficit by making U.S. exports cheaper and imports more expensive. Central banks in countries such as China, however, have intervened in foreign exchange markets to keep the value of their currencies from rising too fast. [...]. This report will be updated periodically."
Library of Congress. Congressional Research Service
Nanto, Dick Kazuyuki; Akhtar, Shayerah Ilias; Donnelly, J. Michael
2009-03-06
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Iran's Economic Conditions: U.S. Policy Issues [Updated January 15, 2009]
This Congressional Research Service report examines Iran's economic policies and situation vis-à-vis the foreign policy of the United States and international bodies like the United Nations. From the text: "The Islamic Republic of Iran, a resource-rich and labor-rich country in the Middle East, is a central focus of U.S. national security policy. The United States asserts that Iran is a state sponsor of terrorism and that Iran's uranium enrichment activities are for the development of nuclear weapons. To the extent that U.S. sanctions and other efforts to change Iranian state policy target aspects of Iran's economy as a means of influence, it is important to evaluate Iran's economic structure, strengths, and vulnerabilities. Iran faces several external challenges to its economy. Iran has long been subject to U.S. economic sanctions and, more recently, to United Nations sanctions. Partly due to the sanctions, some foreign countries and companies, particularly in Europe, have curbed trade and business with Iran. Iran also has faced challenges in obtaining foreign investment for development of its energy sector. Iran has turned to new trading partners, such as China and Russia, and has focused more heavily on regional trade opportunities. A significant internal challenge is reported domestic economic mismanagement. With the election of President Mahmoud Ahmadinejad in 2005, Iran's economic policies have worked to reduce regional and class disparities through oil wealth redistribution. Ahmadinejad has tried to reduce unemployment and poverty through expansionary monetary and fiscal policies, including large energy subsidies and subsidized lending. However, some criticize these policies for contributing to unemployment and inflation and not reducing poverty."
Library of Congress. Congressional Research Service
Akhtar, Shayerah Ilias
2009-01-15
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Islamic Finance: Overview and Policy Concerns [February 9, 2009]
"Islamic finance is based on principles of shariah, or 'Islamic law.' Major principles of shariah are a ban on interest, a ban on contractual uncertainty, adherence to risk-sharing and profitsharing, promotion of ethical investments that enhance society, and asset-backing. The international market for Islamic finance has grown between 10% to 15% annually in recent years. Islamic finance historically has been concentrated in Persian Gulf and Southeast Asian countries, but has expanded globally to both Muslim and non-Muslim countries. There is a small but growing market for Islamic finance in the United States. Through international and domestic regulatory bodies, there has been effort to standardize regulations in Islamic finance across different countries and financial institutions, although challenges remain. Critics of Islamic finance express concerns about possible ties between Islamic finance and political agendas or terrorist financing and the use of Islamic finance to circumvent U.S. economic sanctions. Supporters argue that Islamic finance presents significant new business opportunities and provides alternate methods for capital formation and economic development."
Library of Congress. Congressional Research Service
Akhtar, Shayerah Ilias
2009-02-09
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Iran's Economy [Updated August 22, 2008]
This Congressional Research Service report examines Iran's economic policies and situation vis-à-vis the foreign policy of the United States and international bodies like the United Nations. From the text: "The Islamic Republic of Iran, a resource-rich and labor-rich country in the Middle East, is a central focus of U.S. national security policy. The United States asserts that Iran is a state sponsor of terrorism and that Iran's uranium enrichment activities are for the development of nuclear weapons. To the extent that U.S. sanctions and other efforts to change Iranian state policy target aspects of Iran's economy as a means of influence, it is important to evaluate Iran's economic structure, strengths, and vulnerabilities. Iran faces several external challenges to its economy. Iran has long been subject to U.S. economic sanctions and, more recently, to United Nations sanctions. Partly due to the sanctions, some foreign countries and companies, particularly in Europe, have curbed trade and business with Iran. Iran also has faced challenges in obtaining foreign investment for development of its energy sector. Iran has turned to new trading partners, such as China and Russia, and has focused more heavily on regional trade opportunities. A significant internal challenge is reported domestic economic mismanagement. With the election of President Mahmoud Ahmadinejad in 2005, Iran's economic policies have worked to reduce regional and class disparities through oil wealth redistribution. Ahmadinejad has tried to reduce unemployment and poverty through expansionary monetary and fiscal policies, including large energy subsidies and subsidized lending. However, some criticize these policies for contributing to unemployment and inflation and not reducing poverty."
Library of Congress. Congressional Research Service
Akhtar, Shayerah Ilias
2008-08-22
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Boosting U.S. Exports: Selected Issues for Congress [July 21, 2011]
"For many years, the U.S. government has played an active role in promoting U.S. commercial exports of goods and services by administering various forms of export assistance through federal government agencies. Congress has had a long-standing interest in the effectiveness and efficiency of federal export promotion activities and may exercise export promotion authority in a number of ways, including through oversight, authorization, and funding roles. […] Thus, it is argued that efforts to ensure foreign compliance with existing trade agreements and the negotiation of new FTAs [Free Trade Agreements] should be part of a strategy to boost U.S. exports. Others argue that more can be done to address U.S. barriers to exports, such as U.S. export controls on dual-use products, which some contend may be too restrictive and may put U.S. exporters at a disadvantage vis-à-vis foreign competitors. Finally, many argue that greater efforts should be made to induce countries with high savings and relatively low consumption and that are heavily dependent on exporting for their economic growth to implement policies that would make private consumption the engine of future economic growth, which would enhance their demand for U.S. goods and services. The NEI [National Export Initiative] also has drawn greater attention to whether the trade policy structure and organization of the federal government is suited to boosting U.S. exports and supporting U.S. jobs effectively and efficiently."
Library of Congress. Congressional Research Service
Villarreal, M. Angeles; Morrison, Wayne M.; Fergusson, Ian F. . . .
2011-07-21
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U.S. Government Agencies Involved in Export Promotion: Overview and Issues for Congress [May 1, 2012]
"This report provides an overview of the federal agencies that participate in U.S. export promotion efforts and the issues that they raise for Congress. It proceeds first by discussing the coordination, budgets, and functions of federal government agencies involved in promoting exports. Second, the report provides an overview of the missions and activities of key federal government agencies that support exports. The third section of the report discusses agency-related issues for Congress. The report concludes with a summary of legislation introduced in the 112th Congress related to export promotion. While this report focuses on the role of the federal government in promoting exports, it is important to acknowledge that state and local governments, as well as businesses, have an important role in promoting exports."
Library of Congress. Congressional Research Service
Akhtar, Shayerah Ilias; Hanrahan, Charles; Villarreal, M. Angeles
2012-05-01
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Islamic Finance: Overview and Policy Concerns [July 29, 2008]
"Islamic finance is based on principles of 'shariah', or 'Islamic law.' Major principles of 'shariah' are a ban on interest, a ban on uncertainty, adherence to risk-sharing and profit-sharing, promotion of ethical investments that enhance society, and asset-backing. The international market for Islamic finance has grown between 10% to 15% annually in recent years. Islamic finance historically has been concentrated in the Persian Gulf countries, but has expanded globally to both Muslim and non-Muslim countries. There is a small but growing market for Islamic finance in the United States. Through international and domestic regulatory bodies, there has been effort to standardize regulations in Islamic finance across different countries and financial institutions, although challenges remain. Critics of Islamic finance express concerns about possible ties between Islamic finance and political agendas or terrorist financing and the use of Islamic finance to circumvent U.S. economic sanctions. Proponents argue that Islamic finance presents significant new business opportunities and provides alternate methods for capital formation and economic development."
Library of Congress. Congressional Research Service
Akhtar, Shayerah Ilias
2008-07-29
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Proposed Anti-Counterfeiting Trade Agreement: Background and Key Issues [July 19, 2012]
"The proposed Anti-Counterfeiting Trade Agreement (ACTA) is a new agreement for combating intellectual property rights (IPR) infringement. The ACTA negotiation concluded in October 2010, nearly three years after it began, and negotiating parties released a final text of the agreement in May 2011. Negotiated by the United States, Australia, Canada, the European Union and its 27 member states, Japan, South Korea, Mexico, Morocco, New Zealand, Singapore, and Switzerland, the ACTA is intended to build on the IPR protection and enforcement obligations set forth in the 1995 World Trade Organization (WTO) Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS Agreement). It also is intended to address emerging IPR issues believed to be not addressed adequately in the TRIPS Agreement, such as IPR infringement in the digital environment. The ACTA, which was negotiated outside of the WTO, focuses primarily on trademark and copyright enforcement. It establishes a legal framework for IPR enforcement, which contains provisions on civil enforcement, border measures, criminal enforcement in cases of willful trademark counterfeiting or copyright piracy on a commercial scale, and enforcement in the digital environment for infringement of copyrights or related rights. It also provides for enhanced enforcement best practices and increased international cooperation."
Library of Congress. Congressional Research Service
Akhtar, Shayerah Ilias
2012-07-19
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Intellectual Property Rights and International Trade [February 17, 2011]
"This report provides background on intellectual property rights (IPR) and discusses the role of U.S. international trade policy in enhancing IPR protection and enforcement abroad. IPR are legal rights granted by governments to encourage innovation and creative output by ensuring that creators reap the benefits of their inventions or works, and they may take the form of patents, trade secrets, copyrights, trademarks, or geographical indications. U.S. industries that rely on IPR contribute significantly to U.S. economic growth, employment, and trade with other countries. Counterfeiting and piracy in other countries may result in the loss of billions of dollars of revenue for U.S. firms as well as the loss of U.S. jobs. Responsibility for developing IPR policy, engaging in IPR-related international negotiations, and enforcing IPR laws cuts across several different U.S. government agencies. Promoting the enforcement of IPR is an important component of U.S. international trade policy. Since the 1995 Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS Agreement) at the World Trade Organization (WTO), trade policy has been used to promote enforcement of IPR abroad. The United States and several trading partners have been negotiating the Anti-Counterfeiting Trade Agreement (ACTA), which would surpass TRIPS Agreement commitments."
Library of Congress. Congressional Research Service
Akhtar, Shayerah Ilias; Fergusson, Ian F.
2011-02-17
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U.S. Government Agencies Involved in Export Promotion: Overview and Issues for Congress [January 31, 2013]
"In times of economic crisis, including the global financial crisis of 2008-2009 and ensuing economic downturn, Congress often has debated on how best to promote U.S. commercial exports as a policy tool for economic growth and job creation. Congressional interest in U.S. export promotion policy has risen with President Obama's announcement of a National Export Initiative (NEI) in his 2010 State of the Union Address. The NEI is a strategy for doubling U.S. exports by 2014 in order to help generate 2 million new jobs in the United States through increased coordination and funding of federal export promotion activities; greater financing for U.S. exporters; increased government advocacy on behalf of U.S. exporters; and negotiation of new trade agreements and stronger enforcement of existing U.S. trade agreements. With the increased focus on export promotion efforts, some Members of Congress have placed greater priority on understanding the functions, coordination, and budgets of federal government agencies involved in export promotion. Such an understanding may support increased congressional oversight of U.S. export promotion policy and related legislative activity. It also may assist Members of Congress in supporting the efforts of their constituents to learn about federal export promotion services and to become involved in exporting. The 113th Congress could conduct oversight and legislate on a range of export promotion issues. This report provides an overview of the federal agencies that participate in U.S. export promotion efforts and the issues that they raise for Congress. While this report focuses on the role of the federal government in promoting exports, it is important to acknowledge that state and local governments, as well as businesses, also have an important role in promoting exports."
Library of Congress. Congressional Research Service
Akhtar, Shayerah Ilias; Hanrahan, Charles; Villarreal, M. Angeles
2013-01-31
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U.S. Trade and Investment in the Middle East and North Africa: Overview and Issues for Congress [March 4, 2013]
"U.S. interest in deepening economic ties with certain countries in the Middle East and North Africa (MENA) has increased in light of the political unrest and transitions that have swept the region since early 2011. Policymakers in Congress and the Obama Administration are discussing ways that U.S. trade and investment can bolster long-term economic growth in the region. In May 2011, President Obama announced the MENA 'Trade and Investment Partnership Initiative' (MENA-TIP), through which various federal government agencies are engaged in efforts to enhance trade and investment with the region. Such activities are in line with long-standing U.S. trade policy goals and measures. Some Members of Congress have called for deeper economic ties with MENA countries undergoing political change. However, continued political uncertainty and changing security environments in the region have prompted greater scrutiny of U.S. engagement. This report analyzes policy approaches that Congress might consider concerning U.S.-MENA trade and investment."
Library of Congress. Congressional Research Service
Akhtar, Shayerah Ilias; Bolle, Mary Jane; Nelson, Rebecca M.
2013-03-04
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U.S. Trade and Investment in the Middle East and North Africa: Overview and Issues for Congress [January 20, 2012]
"In order to support democratic political transitions and stability in the Middle East and North Africa (MENA), policymakers in Congress and elsewhere are discussing potentially using U.S. trade and investment to bolster long-term economic growth in the region. For example, President Obama has called for the creation of a 'Trade and Investment Partnership Initiative' in the MENA region, and some Members of Congress have called for deeper economic ties with Arab countries undergoing profound change. This report analyzes policy approaches that the Congress might consider concerning U.S.-MENA trade and investment."
Library of Congress. Congressional Research Service
Nelson, Rebecca M.; Bolle, Mary Jane; Akhtar, Shayerah Ilias
2012-01-20
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Boosting U.S. Exports: Selected Issues for Congress [November 29, 2011]
"For many years, the U.S. government has played an active role in promoting U.S. commercial exports of goods and services by administering various forms of export assistance through federal government agencies. Congress has had a long-standing interest in the effectiveness and efficiency of federal export promotion activities and may exercise export promotion authority in a number of ways, including through oversight, authorization, and funding roles. The recent global economic downturn has renewed congressional interest in U.S. government efforts to expand U.S. exports levels. In addition, in 2010, President Obama introduced a National Export Initiative (NEI), a strategy for doubling U.S. exports by 2015 to generate U.S. jobs. The NEI's key components are to (1) improve advocacy and trade promotion efforts on behalf of U.S. exporters; (2) increase access to export financing; (3) reinforce efforts to remove barriers to trade, such as through free trade agreements (FTAs); (4) enforce trade rules; and (5) pursue policies to promote strong, sustainable, and balanced global economic growth. The NEI also contains a focus on expanding specific U.S. exports, such as exports from small businesses. The growing interest in federal export promotion raises a number of issues for the 112th Congress. One debate involves export promotion definitions. Based on varying views, activities that constitute export promotion can range from direct forms of export assistance (such as commercial advocacy or export financing) to broader forms (such as negotiating FTAs). Although the main goal of export promotion policy generally is to boost U.S. exports, policymakers may use export promotion to advance other goals, such as macroeconomic, economic sector-specific, or international trade policy goals, and may differ on how to prioritize such goals."
Library of Congress. Congressional Research Service
Akhtar, Shayerah Ilias; Fergusson, Ian F.; Morrison, Wayne M.
2011-11-29
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Proposed Anti-Counterfeiting Trade Agreement: Background and Key Issues [March 1, 2012]
"The proposed Anti-Counterfeiting Trade Agreement (ACTA) is a new agreement for combating intellectual property rights (IPR) infringement. The ACTA negotiation concluded in October 2010, nearly three years after it began, and negotiating parties released a final text of the agreement in May 2011. Negotiated by the United States, Australia, Canada, the European Union and its 27 member states, Japan, South Korea, Mexico, Morocco, New Zealand, Singapore, and Switzerland, the ACTA is intended to build on the IPR protection and enforcement obligations set forth in the 1995 World Trade Organization (WTO) Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS Agreement). […] The ACTA, which was negotiated outside of the WTO, focuses primarily on trademark and copyright enforcement. It establishes a legal framework for IPR enforcement, which contains provisions on civil enforcement, border measures, criminal enforcement in cases of willful trademark counterfeiting or copyright piracy on a commercial scale, and enforcement in the digital environment for infringement of copyrights or related rights. It also provides for enhanced enforcement best practices and increased international cooperation. […] The U.S. government has made the enforcement of IPR a top priority in its trade policy, due to the importance of IPR to the U.S. economy and the potentially negative commercial, health and safety, and security consequences associated with counterfeiting and piracy. Policymakers face a challenge of finding an appropriate balance between protecting private rights and promoting broader economic and social welfare. The ACTA negotiation has spurred various policy debates. While governments involved in the negotiation and IPR-based industries have voiced strong support for the ACTA, other groups have expressed concern about the ACTA's potential impact on trade in legitimate goods, consumer privacy, the free flow of information, and public health."
Library of Congress. Congressional Research Service
Akhtar, Shayerah Ilias
2012-03-01
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Export-Import Bank: Background and Legislative Issues [April 3, 2012]
"The Export-Import Bank of the United States (Ex-Im Bank, EXIM Bank, or the Bank), an independent federal government agency, is the official export credit agency (ECA) of the United States. It helps finance U.S. exports of manufactured goods and services, with the objective of contributing to the employment of U.S. workers, primarily in circumstances when alternative financing is not available. The Ex-Im Bank also may assist U.S. exporters to meet foreign, officially sponsored, export credit competition. Its main programs are direct loans, loan guarantees, working capital guarantees, and export credit insurance. Ex-Im Bank transactions are backed by the full faith and credit of the U.S. government. The Ex-Im Bank is a participant in President Obama's National Export Initiative (NEI), a plan to double exports by 2015 to support 2 million U.S. jobs. The Bank operates under a renewable charter, the Export-Import Bank Act of 1945, as amended, and has been reauthorized through May 31, 2012 (P.L. 112-74). The charter requires that all of the Bank's financing have a reasonable assurance of repayment and directs the Bank to supplement, and to not compete with, private capital. In light of the international financial crisis, demand for Ex-Im Bank services has grown in recent years. […] Members of Congress may examine issues related to the Ex-Im Bank that center on the economic rationale for the Bank; the impact of the Bank on the federal budget and U.S. taxpayers; the Bank's support for specific types of business or industries; the current balance between the Bank's advancement of U.S. commercial interests and other U.S. policy goals; the competitive position of the Bank compared to foreign ECAs; and the Bank's organizational structure."
Library of Congress. Congressional Research Service
Akhtar, Shayerah Ilias
2012-04-03
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Overseas Private Investment Corporation: Background and Legislative Issues [July 5, 2011]
"The Overseas Private Investment Corporation (OPIC), which was established in 1969 and began operations in 1971, is an independent U.S. government agency that provides political risk insurance, project finance, and other services to support U.S. investment in over 150 developing countries and emerging economies. OPIC's programs are intended to promote U.S. private investment, by mitigating risks, such as political risks (including currency inconvertibility, expropriation, political violence, and terrorism), for U.S. firms making qualified investments overseas. OPIC's governing legislation is the Foreign Assistance Act of 1961 (P.L. 87-195) as amended. The agency's authority will expire at the end of FY2011 unless extended by Congress. […] While OPIC's budget is fully self-sustaining from its own revenues, Congress annually provides OPIC with the authority to cover its administrative expenses and credit subsidy funding from its offsetting collections, which include user fees and interest from U.S. Treasury securities. For FY2011, Congress provided $52.31 million for OPIC's administrative expenses and authorized a transfer of $18.115 million from OPIC's noncredit account to conduct its credit and administrative programs (P.L. 112-10). President Obama's budget proposal for FY2012 requested $57.89 million for OPIC's administrative expenses and a transfer of $31 million from OPIC's noncredit account to conduct it programs. The 112th Congress may consider legislation to extend OPIC's authority. In doing so, Congress may examine the policy debate related to OPIC's mission, the length of time for which to extend the agency's authority, the statutory restrictions and limitations on its support for investments, and the agency's organizational structure."
Library of Congress. Congressional Research Service
Akhtar, Shayerah Ilias
2011-07-05
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Intellectual Property Rights and International Trade [July 23, 2008]
"This report provides background on intellectual property rights (IPR) and discusses the role of U.S. international trade policy in enhancing IPR protection and enforcement abroad. IPR are legal rights granted by governments to encourage innovation and creative output by ensuring that creators reap the benefits of their inventions or works and they may take the form of patents, trade secrets, copyrights, trademarks, or geographical indications. U.S. industries that rely on IPR contribute significantly to U.S. economic growth, employment, and trade with other countries. Counterfeiting and piracy in other countries may result in the loss of billions of dollars of revenue for U.S. firms as well as the loss of jobs. Responsibility for developing IPR policy, engaging in IPR-related international negotiations, and enforcing IPR laws cuts across several different U.S. Government agencies. The main structures for coordinating interagency efforts are the National Intellectual Property Law Enforcement Coordinating Council (NIPLECC) and the Strategy Targeting Organized Piracy (STOP!). […] IPR protection and enforcement bring up several key issues for Congress. A central issue is the appropriateness of FTAs as a vehicle for promoting IPR. Congress also faces the challenge of balancing the need for IPR protection and enforcement with the goals of the Doha Declaration on Public Health. Additionally, there has been concern about the effectiveness of the current U.S. IPR enforcement structure. In the 110th Congress, legislation was introduced calling for a new structure to coordinate federal IPR enforcement activities and to increase U.S. international IPR enforcement efforts. This report will be updated as warranted by events."
Library of Congress. Congressional Research Service
Akhtar, Shayerah Ilias; Fergusson, Ian F.
2008-07-23
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Iran's Economy [June 12, 2008]
"The Islamic Republic of Iran, a resource-rich and labor-rich country in the Middle East, is a central focus of the U.S. national security policy. The United States asserts that Iran is a state sponsor of terrorism and that Iran's uranium enrichment activities are for the development of nuclear weapons. To the extent that U.S. sanctions and other efforts to change Iranian state policy target aspects of Iran's economy as a means of influence, it is important to evaluate Iran's economic structure, strengths, and vulnerabilities. […] While some analysts maintain that Iran's economy is performing robustly, others suggest that the economy is underperforming, given the country's vast resources. Despite the challenges faced by Iran, most analysts believe that the economy is not in immediate crisis, given the continued highs in oil prices. Members of Congress are divided about the proper course of action respect to Iran. Some advocate a hard line, while others contend that sanctions are ineffective at promoting policy change in Iran and hurt the U.S. economy. In the 110th Congress, several bills have been introduced that reflect both perspectives. This report will be updated as warranted by events."
Library of Congress. Congressional Research Service
Akhtar, Shayerah Ilias
2008-06-12
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Trade Reorganization: Overview and Issues for Congress [May 31, 2012]
"On January 13, 2012, President Obama asked Congress for authority to reorganize and consolidate into one department the business- and trade-related functions of six federal entities: Department of Commerce; Export-Import Bank (Ex-Im Bank); Overseas Private Investment Corporation (OPIC); Small Business Administration (SBA); Trade and Development Agency (TDA); and Office of the United States Trade Representative (USTR). U.S. policymakers' interest in the organizational structure of U.S. government trade functions has grown in recent years, stimulated by congressional and federal efforts to promote U.S. exports and employment, including through the National Export Initiative (NEI). Interest also has been stimulated by national debates on reducing federal spending and the size of the U.S. government. […] Congress would play a significant role in a trade reorganization debate through its legislative and oversight responsibilities; it could engage in consultations with the Administration, hold hearings, grant reorganizational authority to the President, and/or introduce and enact trade reorganization legislation separate from the President's plan. In addition to considering possible reorganizational authority for the executive branch, Congress could consider policy alternatives such as to maintain the current trade organizational structure, privatize or terminate certain trade functions, strengthen or revise existing coordination of trade functions, or create a trade reorganization commission to examine the issue further."
Library of Congress. Congressional Research Service
Akhtar, Shayerah Ilias
2012-05-31
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U.S. International Investment Agreements: Issues for Congress [April 29, 2013]
"The global landscape for foreign direct investment (FDI) is undergoing significant transformation. Over the past few decades, investment flows have increased with greater economic integration of the global economy and the growth of international value chains. Although global FDI flows dipped amid the 2008 international financial crisis, they surpassed pre-crisis levels in 2011. Previous distinctions between advanced country/capital exporters and developing country/capital importers are being blurred as more and more countries are both sources of and hosts for FDI. The United States, which remains a major source of and destination for FDI, seeks to facilitate investment flows by reducing restrictions on foreign investment and enhancing protections for investors, while balancing other policy interests. In 2011, the Obama Administration issued a statement reaffirming the United States' commitment to an open investment policy that treats all investors in a fair and equitable manner under the law, and encourages and supports business investment from both domestic and foreign sources. […] This report provides an overview of U.S. international investment agreements, focusing specifically on BITs [bilateral investment treaties] and investment chapters in FTAs [free trade agreements]. It discusses key trends in U.S. and international investment flows, governance structures for investment at the bilateral and multilateral levels, the goals and basic components of investment provisions in U.S. international investment agreements, the outcomes of the Administration's Model BIT review, and key policy issues for Congress."
Library of Congress. Congressional Research Service
Weiss, Martin A.; Akhtar, Shayerah Ilias
2013-04-29
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Export-Import Bank: Background and Legislative Issues [March 17, 2009]
"The Export-Import Bank (Ex-Im Bank) is the chief U.S. government agency that helps finance American exports of manufactured goods and services with the objective of contributing to the employment of U.S. workers. (For additional information, see the Bank's Internet site: http://www.exim.gov.) With an annual budget of around $200 million, the Bank finances less than 1% of U.S. exports a year. Ex-Im Bank provides loan guarantees, working capital guarantees, and insurance to commercial banks to make trade credits available to U.S. exporters. The Bank also offers direct financing to U.S. exporters on a limited basis, primarily to counter subsidized trade credits offered to foreign exporters by their governments. On December 20, 2006, President Bush signed P.L. 109-438, to reauthorize the Bank's authority through September 30, 2011. Since the FY2008 appropriations, the Ex-Im Bank has been a 'self-sustaining' agency for appropriations purposes. The Bank funds it administrative and program costs through fee income generated from its financing programs. On March 11, 2009, President Obama signed the Omnibus Appropriations Act of 2009 (P.L. 111- 8), which authorized a limit of $41 million on the total amount that the Bank can spend on its loan, guarantees, and insurance programs and a limit of $82 million for the Bank's administrative expenses. In addition, under the legislation, offsetting collections of up to $75 million above the approved spending levels are to be available for use in the following three fiscal years. This report will be updated as events warrant."
Library of Congress. Congressional Research Service
Akhtar, Shayerah Ilias
2009-03-17
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U.S. Trade and Investment in the Middle East and North Africa: Overview and Issues for Congress [February 28, 2013]
"U.S. interest in deepening economic ties with certain countries in the Middle East and North Africa (MENA) has increased in light of the political unrest and transitions that have swept the region since early 2011. Policymakers in Congress and the Obama Administration are discussing ways that U.S. trade and investment can bolster long-term economic growth in the region. In May 2011, President Obama announced the MENA 'Trade and Investment Partnership Initiative' (MENA-TIP), through which various federal government agencies are engaged in efforts to enhance trade and investment with the region. Such activities are in line with longstanding U.S. trade policy goals and measures. Some Members of Congress have called for deeper economic ties with MENA countries undergoing political change. However, continued political uncertainty and changing security environments in the region have prompted greater scrutiny of U.S. engagement. This report analyzes policy approaches that the Congress might consider concerning U.S.-MENA trade and investment."
Library of Congress. Congressional Research Service
Nelson, Rebecca M.; Bolle, Mary Jane; Akhtar, Shayerah Ilias
2013-02-28
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India-U.S. Economic Relations: In Brief [September 26, 2014]
"As the world's 3rd largest economy, India is an important trade and economic partner for the United States. The upcoming September 29-30 visit by recently elected Prime Minister Narendra Modi, his first to Washington, DC, has heightened congressional interest in the current status of the relationship. Modi's visit provides the Obama Administration with an opportunity to advance the U.S.-India strategic partnership, including by discussing ways to foster greater trade and investment between the two nations. May 2014 parliamentary elections in India brought a new government into power, led by the Bharatiya Janata Party (BJP) and Prime Minister Modi. Prime Minister Modi's victory was widely seen as a mandate for the new government to pursue economic policies similar to those Modi implemented during his 15 years as Chief Minister of India's Gujarat state. Although merchandise trade between India and the United States has grown rapidly over the last five years, each nation contends that some aspects of the other's economic and trade policies hinder greater trade and investment growth. For example, the Obama Administration considers India's intellectual property rights (IPR) protection as inadequate, and its localization policies as non-tariff trade barriers. The Indian government considers current U.S. laws on visas for temporary foreign workers and payroll taxes as non-tariff trade barriers that discriminate against Indian workers. While both governments maintain that their policies are compliant with international agreements and respond to domestic needs, these perceptions continue to create tension in bilateral relations."
Library of Congress. Congressional Research Service
Martin, Michael F.; Akhtar, Shayerah Ilias; Kronstadt, K. Alan . . .
2014-09-26
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Export-Import Bank: Overview and Reauthorization Issues [June 3, 2014]
From the Report: "The Export-Import Bank of the United States (Ex-Im Bank or the Bank) is an independent U.S. government executive agency and a wholly-owned U.S. government corporation. It is the official export credit agency (ECA) of the United States, and is charged with financing and promoting exports of U.S. manufactured goods and services, with the objective of contributing to the employment of U.S. workers. Ex-Im Bank is among the federal government agencies involved in promoting U.S. exports of goods and services. The Bank operates under a renewable charter, the Export-Import Bank Act of 1945, as amended (P.L. 79-173; 12 U.S.C. §635 et seq). In 2012, Congress debated and ultimately reauthorized Ex- Im Bank through the close of business on September 30, 2014 (P.L. 112-122). Currently, Congress is considering whether to renew Ex-Im Bank's authority and if so, for how long and under what terms. This report provides: (1) a general background of Ex-Im Bank; (2) a discussion of the international context of the Bank; (3) analysis of key issues that Congress may consider in a reauthorization debate; and (4) the congressional outlook on Ex-Im Bank."
Library of Congress. Congressional Research Service
Akhtar, Shayerah Ilias
2014-06-03
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Export-Import Bank: Overview and Reauthorization Issues [June 30, 2014]
"The Export-Import Bank of the United States (Ex-Im Bank or the Bank), an independent federal government agency, is the official export credit agency (ECA) of the United States. It operates under a renewable charter, the Export-Import Bank Act of 1945 (P.L. 79-173), as amended. Ex-Im Bank helps finance U.S. exports of manufactured goods and services, with the objective of contributing to U.S. employment, in circumstances when alternative financing is not available or to assist U.S. exporters to meet foreign, government-backed sponsored, export credit competition. Its main programs are direct loans, loan guarantees, working capital finance, and export credit insurance. Its transactions are backed by the full faith and credit of the U.S. government. Legislation was enacted in the 112th Congress to extend Ex-Im Bank's authority through the close of business on September 30, 2014 (P.L. 112-122) and to raise its exposure cap (total amount of outstanding credit and insurance authority) to $140 billion by FY2014. Currently, Congress is debating whether to renew Ex-Im Bank's authority and, if so, for how long and under what terms."
Library of Congress. Congressional Research Service
Akhtar, Shayerah Ilias
2014-06-30
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Export-Import Bank Reauthorization: Frequently Asked Questions [August 1, 2014]
"The Export-Import Bank of the United States (Ex-Im Bank or the Bank), a wholly owned federal government corporation, is the official export credit agency (ECA) of the U.S. government. Its mission is to assist in the financing of U.S. exports of goods and services to support U.S. employment. The agency's general statutory charter (Export-Import Bank Act of 1945, as amended, 12 U.S.C. §635 et seq.) expires on September 30, 2014. A sunset in Ex-Im Bank's authority would mean that the agency's authority to enter into new obligations generally would cease and a wind-down of operations would be required. (This issue is distinct from an 'authorization of appropriations' expiring, which would not, in and of itself, terminate such authority to operate.) Congress is actively debating whether to renew Ex-Im Bank's authority; if so, for how long and under what terms; and if not, the possibility of other policy options. The issue of Ex-Im Bank reauthorization has raised a number of frequently asked questions regarding Ex-Im Bank itself and reauthorization policy options."
Library of Congress. Congressional Research Service
Akhtar, Shayerah Ilias; Carpenter, David Hatcher; Levit, Mindy R. . . .
2014-08-01
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Export-Import Bank Reauthorization: Frequently Asked Questions [September 10, 2014]
"The Export-Import Bank of the United States (Ex-Im Bank or the Bank), a wholly owned federal government corporation, is the official export credit agency (ECA) of the U.S. government. Its mission is to assist in the financing of U.S. exports of goods and services to support U.S. employment. The agency's general statutory charter (Export-Import Bank Act of 1945, as amended, 12 U.S.C. §635 et seq.) expires on September 30, 2014. A sunset in Ex-Im Bank's authority would mean that the agency's authority to enter into new obligations generally would cease and a wind-down of operations would be required. (This issue is distinct from an 'authorization of appropriations' expiring, which would not, in and of itself, terminate such authority to operate.) Congress is actively debating whether to renew Ex-Im Bank's authority; if so, for how long and under what terms; and if not, the possibility of other policy options. The issue of Ex-Im Bank reauthorization has raised a number of frequently asked questions regarding Ex-Im Bank itself and reauthorization policy options. This report addresses many of those questions, including: (1) What is the Export-Import Bank? (2) What is the reauthorization debate over Ex-Im Bank? (3) What is the Bank's market and international context? (4) What is its leadership structure? (5) What are its programs, policies, and activities? (6) How does its budget work? (7) How does it manage risk? (8) What are the implications of a sunset in authority for the Bank's activities? (9) What are historical and current approaches to Ex-Im Bank reauthorization?"
Library of Congress. Congressional Research Service
Akhtar, Shayerah Ilias; Carpenter, David Hatcher; Levit, Mindy R. . . .
2014-09-10
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Export-Import Bank Reauthorization Debate [August 18, 2014]
"The Export-Import Bank of the United States (Ex-Im Bank or the Bank), a wholly owned federal government corporation, is the official export credit agency (ECA) of the U.S. government. Its mission is to assist in the financing of U.S. exports of goods and services to support U.S. employment. On a demand-driven basis, it seeks to provide financing when the private sector is unwilling, or unable, to undertake alone such financing at terms commercially viable for exporters; and/or to meet foreign competition by countering government-backed financing offered by foreign countries to their companies. [...] Congressional and stakeholder views on Ex-Im Bank vary. Proponents contend that the Bank supports U.S. exports and jobs by addressing shortfalls in private sector financing and helping U.S. exporters compete against foreign companies backed by their governments' ECAs. Critics contend that it crowds out private sector activity, picks winners and losers through its support, operates as a form of corporate welfare, and poses a risk to taxpayers."
Library of Congress. Congressional Research Service
Akhtar, Shayerah Ilias
2014-08-18
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Export-Import Bank Reauthorization: Frequently Asked Questions [November 26, 2014]
"The Export-Import Bank of the United States (Ex-Im Bank or the Bank), a wholly owned federal government corporation, is the official export credit agency (ECA) of the U.S. government. Its mission is to assist in the financing of U.S. exports of goods and services to support U.S. employment. The FY2015 continuing resolution (CR; Sec. 147 of P.L. 113-164) extends Ex-Im Bank's general statutory charter (Export-Import Bank Act of 1945, as amended, 12 U.S.C. §635 et seq.) through June 30, 2015. Previously, the charter was set to sunset on September 30, 2014 (P.L. 112-122). A sunset in Ex-Im Bank's authority would mean that the agency's authority to enter into new obligations generally would cease and a wind-down of operations would be required. (This issue is distinct from an 'authorization of appropriations' expiring, which would not, in and of itself, terminate such authority to operate.) As the new sunset date approaches, Congress is likely to debate whether to renew Ex-Im Bank's authority; if so, for how long and under what terms; and if not, other policy alternatives. The issue of Ex-Im Bank reauthorization raises a number of frequently asked questions regarding Ex-Im Bank itself and reauthorization policy options. This report addresses many of those questions, including: (1) What is the Export-Import Bank? (2) What is the reauthorization debate over Ex-Im Bank? (3) What is the Bank's market and international context? (4) What is its leadership structure? (5) What are its programs, policies, and activities? (6) How does its budget work? (7) How does it manage risk? (8) What are the implications of a sunset in authority for the Bank's activities? And (9) What are historical and current approaches to Ex-Im Bank reauthorization?"
Library of Congress. Congressional Research Service
Akhtar, Shayerah Ilias; Carpenter, David Hatcher; Levit, Mindy R. . . .
2014-11-26
