Bill Archer: “H.R. 975 directs the President, in effect mandates the President, to establish quotas to limit steel imports into the…”

“H.R. 975 directs the President, in effect mandates the President, to establish quotas to limit steel imports into the U.S., and I urge its defeat. This is more than rhetoric, this is a serious matter, and what we do today will have considerable impact not only on our own economy and our leadership in the world, but on the rest of the world. A Wall Street Journal editorial yesterday called the bill, and I quote, 'the most radical American protectionist act since Smoot-Hawley.' Need I remind the Members that Smoot-Hawley passed in the late 1920s, contributed mightily if did not cause the great worldwide depression. That is why I strongly oppose this legislation. I am pleased that the Clinton administration also opposes this bill. Mr. Podesta, White House Chief of Staff, wrote to me last week saying he would recommend that President Clinton veto this legislation.”