Washington, D.C. - This week, Congresswoman Fischbach (MN-07) introduced H.R. 7983, the Stop Executive Overreach on Trade Agreements Act, which passed through the Ways and Means Committee today with a (25-16) vote.
"The Biden administration has been bypassing Congressional authority and as a result they are making flimsy, band-aid agreements that hurt our economic security, our national security, and the taxpayers' wallets." said Rep. Fischbach. "My bill returns authority back to Congress where it belongs. It incentivizes domestic producers, strengthens thoughtful trade partnerships, and saves taxpayers $109 million. I am grateful to my colleagues for supporting this common-sense legislation."
Chairman Jason Smith said, “The Biden Administration must not be allowed to continue sidestepping Congress with fake, ad hoc critical mineral agreements that have no legislative support or enforceability. This legislation stops the executive branch from overstepping and makes clear that the only trade agreements that qualify for the Inflation Reduction Act’s domestic sourcing requirement are those approved by Congress. I am thankful to Rep. Fischbach for introducing this legislation.”
You can watch Rep. Fischbach's full opening statement here.
Background: The Biden Administration rushed to pass the Inflation Reduction Act and now House Republicans are having to manage the repercussions. This legislation required critical minerals in electric vehicles be sourced domestically or from a Free Trade Agreement (FTA) partner in order to qualify for its generous electric vehicle tax credit. However, the administration has found these requirements too constraining and chosen to bypass Congressional authority. Instead of making thoughtful, enforceable, and Congressionally-ratified trade agreements, they are making short-sighted agreements to cover their short-sighted plan and it is discouraging both domestic development as well as meaningful international partnerships. The Stop Executive Overreach on Trade Agreements Act clearly defines FTA and only allows minerals sourced domestically or by FTA partners to benefit from the tax credit. This will incentivize the mining and processing of critical minerals here at home, open foreign markets to American-made products and U.S. agriculture, and save taxpayers $109 million.
