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House, Senate Pass Bill to Reform IMF, Repeal COOL Requirements

[ December 22, 2015   //   ]

The US House and Senate passed the Consolidated Appropriations Act of 2016, an omnibus appropriations bill on Dec. 18 that includes provisions to lift the oil export ban, approve reforms to the International Monetary Fund (IMF) and repeal country-of-origin labeling (COOL) requirements for beef and pork.

“The spending bill approved today contains several provisions that are important to growing the economy and keeping America competitive in the global marketplace,” said National Foreign Trade Council President Bill Reinsch. “Among them is the bipartisan agreement to repeal the ban on U.S. crude oil exports, a victory for open trade and geopolitical common sense.”

The bill also includes provisions to approve long overdue reforms to the IMF, which were agreed to five years ago on the international level. Such congressional action takes an important step toward rebalancing the IMF to include emerging economies.

“It sends a critical signal to our international partners that the United States is prepared to meet its international obligations,” Reinsch said. “Further, the repeal of COOL requirements is a wise decision by the US Senate to comply with our international obligations. It not only demonstrates our nation’s commitment to a rules-based trading system, but also avoids costly retaliation from regional trade partners. Following years of inaction, we can finally put the dispute to rest and forge a more prosperous future for all of North America.”

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