Max Baucus: “I have an amendment which establishes the Trade Injury Compensation Act of 2000. This measure is identical to my bill…”

“I have an amendment which establishes the Trade Injury Compensation Act of 2000. This measure is identical to my bill, S. 2709, which enjoys wide bipartisan support by my fellow members of Senate Beef Caucus and has already been referred to the Senate Agriculture Committee. The Trade Injury Compensation Act establishes a Beef Industry Compensation Trust Fund to help the United States cattle industry withstand the European Union's illegal ban on beef treated with hormones. Over a year ago, the World Trade Organization endorsed retaliation when the EU refused to open to American beef. Since that time, the EU has continued to stall in its compliance which is frankly, outrageous. For over a decade we've fought the beef battle. Now its time to try something new to help producers who continue to be injured by the ban. The Trade Injury Compensation Act establishes a mechanism for using the tariffs imposed on the EU to directly aid U.S. beef producers. Normally, the additional tariff revenues received from retaliation go to the Treasury. This bill establishes a trust fund so that the affected industry will receive those revenues as compensation for its injury.”