Jon S. Corzine: “let me say from the start, I have thought about this long and hard. I believe in the seriousness and the potential for…”

“let me say from the start, I have thought about this long and hard. I believe in the seriousness and the potential for free-trade agreements. But after looking at this particular one, and looking at it in the context of our overall macroeconomic policy, I am unfortunately going to have to vote against this proposed Dominican Republic-Central America-Free Trade Agreement. I have supported other agreements: Australia, Jordan, and Morocco. I believe in comparative advantage. There are lots of good reasons why free-trade agreements that are fair are ones we ought to promote. But they need to preserve and protect important labor, environmental, and security interests as well. I do not think this one does that. As a matter of fact, a trade agreement between the United States and Central America with the proper safeguards I think is a good thing. I just do not believe that we have embedded those in this particular agreement. American workers justifiably feel insecure in today's economy, particularly with the outsourcing or exporting of American jobs that comes from so much of our trade policy. People are concerned whether those American jobs are going to stay at home. The increasing trade deficit puts an exclamation point on ``there is something afoul'' with our trade policy. All I have to do is point to this chart.…”