Bayh Calls on Congress to Support U.S. Companies Battling Unfair Trade

Bayh Calls on Congress to Support U.S. Companies Battling Unfair Trade

U.S. Senator Evan Bayh today joined a bipartisan coalition of 27 Senators in support of fully funding the highly successful Trade Adjustment Assistance for Firms program (TAA for Firms). In a letter sent today to Office of Management and Budget director Rob Portman, the Senators emphasized the important role TAA for Firms plays in helping American businesses compete and succeed in today's global economy and called on Portman to fully fund the TAA for Firms program in the President's FY 2008 Budget Request to Congress that will come out early next year.

"TAA for Firms has proven to be a successful and cost-effective program that addresses competitiveness issues before companies are forced to furlough workers, or worse, shut down the business," the Senators wrote in the letter. "Since 1999, the program has helped to retain or create more than 48,000 jobs and increased sales at participating companies by at least $900 million. TAA for Firms averts the need for millions of dollars in unemployment compensation, welfare assistance and other dislocated worker program costs by saving companies and jobs imperiled by import competition."

The TAA for Firms program assists hundreds of mostly small and medium-sized manufacturing and agricultural companies that experience loss of jobs and sales due to foreign competition. Qualifying companies receive technical assistance in areas such as marketing, financing, production, product development, distribution and exporting. Nine companies in Indiana currently receive TAA assistance. As evidence of the program's success, two Indiana companies have graduated from the TAA for Firms program in the past year with increased sales and additional employees.

"Globalization presents unparalleled opportunities for economic growth and job creation, but it also brings with it many challenges," Senator Bayh said. "We have a responsibility to help our businesses compete and succeed in the global economy so that they can continue to provide good-paying jobs for Hoosier workers. This funding will ensure that with hard work and innovation, companies can get back on their feet and continue to drive the American economy."

Senator Bayh has been a leader in the effort to help grow the American economy and give our workers the tools they need to be competitive in the global marketplace by supporting programs like TAA for Firms, the Manufacturing Extension Partnership and other initiatives. While helping workers adapt to the global economy, Bayh also has fought to ensure that competition is fair for Hoosier companies by championing legislation that would crack down on unfair trade practices.

http://bayh.senate.gov/~bayh/releases/2006/11/27NOV06PR.htm