Year End Legislative Update

President Repeals Jackson-Vanik: On December 14, the President signed HR-6156 giving Russia and Moldova Permanent Normal Trade Relations (PNTR) status repealing the Jackson-Vanik amendment.

Democrats and Republicans introduce their own versions of Customs Reauthorization legislation: Democrats and Republicans have introduced Customs Reauthorization legislation. Both bills reflect the view that Customs processes should be simplified for legitimate importers, expediting clearances for those importers with a proven, compliant track record. In addition, both establish a new Senate-confirmed Deputy Commissioner for Commercial Operations at CBP along with new interagency teams and private sector advisory groups. Here are some of the key differences between the two bills: 1) The Democrat's bill includes stronger provisions to thwart the evasion of antidumping and countervailing duties. 2) It also includes a provision that would require CBP to collect additional security from importers (SEB's) where there's evidence that evasion might be taking place. 3) The Dem's bill requests additional funding for the Office of the USTR.

Congress Works on MTB Package: Congress is attempting to pass MTB legislation by year's end, but many believe there will be no movement on the package until 2013. If preferential duty rates currently in place expire on December 31, Congress will likely extend those MTB's retroactively back to January 1, 2013 later in the year. In the past it has taken Congress several months to make that extension.    

Liberty will continue to provide updates on these topics as more details become available.