Political Quotes

“I am happy to hear there is a commitment to pass the extension and modification of the Wool and Cotton Trust Funds this year. As my colleagues noted, the Wool Trust Fund compensates for the competitive damage caused by the fact that duties are higher on imports of raw materials, like wool fabric, than on imports of finished products, like trousers and suits. This ``tariff inversion'' gives foreign manufacturers a significant cost advantage over U.S. manufacturers like Rochester, NY's Hickey Freeman. Hickey Freeman has been operating in Rochester, NY since 1899. Wool cloth imported by Hickey Freeman is cut and sewn into wool clothing which, in turn, is sold in stores across the United States and around the world. I am particularly proud to note--while our athlete's uniforms sadly were made in China, our announcers on NBC are wearing Hickey Freeman at the 2012 London Olympic Games. The Wool Trust Fund is a successful program in curbing job losses and allowing American textile and apparel companies to expand their own export markets. Without the technical fix that we are asking for here today, the health of the Wool Trust Fund will be in peril. I thank Senator Menendez for his tireless leadership in extending and modifying the Wool and Cotton Trust Funds and the Leader and Chairman Baucus for agreeing to work with Senators Menendez, Cardin and myself to ensure these important programs are dealt with by the end of the year. ____________________”