Chuck Hagel: “Today the United States is unilaterally disarmed in the intense global competition for new markets. For the first time…”

“Today the United States is unilaterally disarmed in the intense global competition for new markets. For the first time since 1974, the President lacks fast-track authority to negotiate agreements that would help open up new markets and reduce international barriers to U.S. exports. This failure means slower economic growth, lost markets overseas, and fewer opportunities for high-paying jobs. Fast-track authority allows the President to submit to Congress a clean vote on trade agreements negotiated with other countries. Under our Constitution, the Congress alone has the power to 'lay and collect . . . Duties' and 'To regulate Commerce with foreign Nations. . .'. The Constitution, however, uniquely empowers the President to send and receive ambassadors and negotiate with foreign powers. Over 20 years ago, the fast-track mechanism was created to accommodate this divided authority. Renewal of fast-track authority will enable our Nation to continue pressing for world economic systems based on free markets, free trade and free people. As a nation, the continued growth of our economy depends on trade. In the past 50 years, trade share of the world's gross domestic product grew from 7 percent to 21 percent. Today, trade makes up 24 percent of the U.S. economy. This decade, export growth has created 23 percent of all new U.S. jobs, and those export-related jobs pay 13 percent more than the national average.”