WASHINGTON, DC—U.S. Senators Bob Casey (D-PA) and Sherrod Brown (D-OH) today secured a compromise to extend for six weeks the major provisions of the Omnibus Trade Act of 2010. The Omnibus Trade Act is supported by the AFL-CIO, the U.S. Chamber of Commerce and the National Retail Federation among other organizations. The compromise is expected to pass the House and be signed by the president. Senator Casey will push for a longer extension next year.
“We’re grateful for this extension, but we have more work to do,” said Senator Casey. “The Trade Adjustment Assistance Program has played a vital role in helping those workers who have lost their job due to an increase in imports or a shift in production outside the United States. If we truly want to help America get out of the ditch, then we must ensure our workers have the proper tools to be able to find new employment. If TAA lapsed, the effects of these layoffs will be far greater than they are today.”
The legislation renews trade preferences programs that provide assistance to developing countries and also help American businesses and workers.
The Omnibus Trade Act of 2010 also continues essential updates to Trade Adjustment Assistance (TAA) and the Health Coverage Tax Credit (HCTC). TAA provides critical services to American workers who have been displaced from their jobs as a result of international trade.
The HCTC helps trade-affected workers and retirees purchase private health coverage to replace the employer-sponsored coverage they lost. Since 2002, this tax credit has helped provide health care for 40,000 workers who lost their jobs due to foreign trade.