Richard L. Hanna: “I thank my friend from New York for yielding and for his work on this amendment. I rise in support of this bipartisan…”

“I thank my friend from New York for yielding and for his work on this amendment. I rise in support of this bipartisan amendment to strike the new trade barrier on imported olive oil included in this farm bill. This would place a new effective tax rate on olive oil imports, which hurts small businesses like restaurants, retailers, and especially consumers. It will seriously threaten good jobs in many communities, including my own. Roughly 98 percent of the olive oil consumed in the United States is imported. Only 2 percent--2 percent--is produced here. This new barrier would benefit a very small segment of the olive oil producers in very few States at the expense of all 50 States. CBO pegged the new olive oil regulation as a private sector mandate-- an earmark effectively--potentially costing businesses and consumers tens of millions of dollars. {time} 2150 Now is not the time to implement trade barriers with our allies as we begin new trade negotiations with the European Union. This amendment protects small businesses, consumers, and robust trade. I urge the support of this amendment.”