Blog: Resolution introduced in House outlines importance of the digital economy – Financial Regulation News – Financial Regulation News

A bipartisan resolution was introduced in the U.S. House of Representatives last week that outlines the importance of the digital economy and seeks to strengthen U.S. leadership in digital trade negotiations with other countries.

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Specifically, the resolution calls for the White House to negotiate “strong, inclusive, forward-looking, and enforceable rules” on digital trade with like-minded countries. It is part of a broader trade and economic strategy to address trade barriers and ensure that American values are at the core of the digital world.

“Digital trade is an engine for economic growth and a vehicle to promote American values and standards around the world,” Rep. Darin LaHood (R-IL), one of the sponsors of the resolution, said. “Supporting free and open digital trade policies will support our broader trade and economic strategy, help U.S. industries remain competitive in the global marketplace, and support our national security interests. As co-chair of the bipartisan Digital Trade Caucus, along with Rep. Suzan DelBene, I will continue to advocate for a robust and proactive trade agenda that strengthens the American economy and empowers the US to work with our partners and allies to set rules and standards in the evolving digital trade marketplace.”

Along with LaHood, U.S. Reps. Suzan DelBene (D-WA), Steve Chabot (R-OH), and Ami Bera (D-CA) are also sponsors.

“In the 21st century, the U.S. should be rule makers, not rule takers, for the global digital economy. Digital trade is far more than just the tech sector. It supports nearly 8 million American jobs and is especially important to Washington state’s tech, agriculture, and manufacturing industries. This resolution encourages the U.S. to pursue digital trade chapters in broader trade and economic agreements that also emphasize strong labor and environmental provisions,” DelBene said. “Without American leadership in this space now, we risk an unchecked China with its dangerous example built around censorship and surveillance.”

DelBene is vice chair of the House Ways & Means Committee.

“Without U.S. leadership and engagement in negotiations, there is no guarantee that digital trade policies impacting the U.S. will be pro-worker, pro-consumer, or pro-small business,” Bera, chair of the House Foreign Affairs Subcommittee on Asia, the Pacific, Central Asia, and Nonproliferation, said. “It is critical to advance policy efforts that will ensure workers are treated fairly, consumers’ privacy is protected, and that small businesses have the digital tools they need to create good jobs.”

The resolution was cosponsored U.S. Reps. Earl Blumenauer (D-OR) and Adrian Smith (R-NE).

“Expanding digital trade through high-standards agreements would bring untold benefits to American consumers, workers, and small businesses,” Chabot, ranking member of the subcommittee, said. “As the Ranking Member of the Foreign Affairs Asia-Pacific subcommittee, I see this as particularly critical in the Indo-Pacific where countries are eager for increased U.S. economic engagement.”

A companion resolution was introduced in the Senate, sponsored by U.S. Sens. Todd Young (R-IN) and Tom Carper (D-DE). It is co-sponsored by U.S. Sens. Ron Wyden (D-OR), Mike Crapo (R-ID), Ben Cardin (D-MD), and John Cornyn (R-TX).

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