Newsletter: 6/19/15

Statement

When the Democrats rammed the so-called Affordable Care Act through Congress, I joined my Republican colleagues in expressing our grave concerns over the effects of the law's tax increases.

Specifically, we warned that the excise tax on medical devices would hinder innovation as well as restrict growth and job creation in an industry that has improved the quality of life of millions around the world. And just as we cautioned, this tax on devices that restore mobility, keep hearts in rhythm and help doctors diagnose life-threatening diseases earlier than ever before has cost us local jobs and reduced research capabilities.

This week the House passed legislation to permanently repeal Obamacare's 2.3 percent excise tax on medical devices and undo its harmful effects.

Federal Obstacles to Saving for Retirement

On Wednesday the House Subcommittee on Health, Employment, Labor and Pensions examined the potential consequences of a 700-page rule proposed by the Department of Labor that expands the department's complex pension rules to cover IRAs as well as changes the definition of who is classified as a financial adviser.

This rule will restrict access to advice and drive up costs for small businesses. While I am open to modernizing current rules in order to protect consumers against predatory practices that pose unnecessary risks, I will not support efforts that make it harder for American families to save and plan for retirement.

Trade Promotion Authority

Today the House approved trade promotion authority, or TPA, legislation, which would impose congressional accountability to the president's trade negotiation efforts through enhanced oversight and additional transparency. Before it expired in 2007, TPA had applied to every president since 1974.

As I mentioned in last week's Foxx Report, there have been many mischaracterizations of what TPA is. The allegation that TPA is something for President Obama is false. Every day I hear from constituents who want me to hold the president accountable. TPA does just that by holding President Obama accountable on trade and is consistent with my ongoing efforts to limit the damage he has done to this nation. TPA requires the president to follow congressional negotiating directives and provides transparency for any negotiating texts and, of course, final agreements that Congress considers.

While I heard many different perspectives on TPA from my constituents, the argument from North Carolina families, farmers and employers that negotiating these trade agreements is in the economic best interest of our state was a deciding factor for my vote in favor of TPA earlier today.

The legislation now returns to the Senate for consideration.

What's Coming Up

Next week the House will consider our seventh appropriations bill, the fiscal year 2016 Interior and Environment Appropriations Act.

Sincerely,

Virginia Foxx

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