Finance Committee Chair Introducing Bill to Renew GSP, MTB
Sen. Ron Wyden, D-Ore., the chairman of the Senate Finance Committee, announced that he's introducing a bill that would renew the Generalized System of Preferences benefits program through Jan. 1, 2027, and renew the Miscellaneous Tariff Bill through the end of 2023.
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The bill proposes adding new mandatory eligibility criteria for countries on human rights and the environment, and adds discretionary criteria on the environment, women's economic empowerment, the rule of law and digital trade. There would be regular eligibility reviews, and there would have to be more transparency for administrative decisions on partial removals, removals or approvals of GSP benefits.
The bill also would have the International Trade Commission study GSP utilization rates, including what role the rules of origin, and which articles are eligible, has in those utilization rates.
The bill also renews the MTB, and both the GSP and MTB renewal would be retroactive.
The announcement came May 18, but the introduction date was not mentioned. The House is required to originate revenue bills, and there was no mention in the emailed press release of that chamber's plans. Wyden's office did not immediately respond to a question about a companion bill in the House.