Judd Gregg: “The FSC bill, if it is not approved, will lead directly to the loss of jobs in the United States. We have, regrettably…”

“The FSC bill, if it is not approved, will lead directly to the loss of jobs in the United States. We have, regrettably, found ourselves in a situation where the World Trade Organization, to which we are a signator and in which we participate, has ruled that we, as a nation, are in violation of the rules of international commerce. We fought this case aggressively. We used our legal rights. We lost in a court of jurisdiction, which we acknowledge and which we respect. As a result of losing that case, it is very clear the European Community, specifically, has the right to assess tariffs, duties, or penalties against our products as they move into Europe. The practical effect of those duties is that our products will be less competitive.”