Sen. Benjamin Cardin, D-Md., takes part in a hearing on Capitol in Washington. Industry and corporations are pushing for Congress to approve permanent normal trade relations with Russia this July now that Moscow is slated to join the World Trade Organization. But Democrats, led by Cardin, want to impose tough sanctions on Russian human rights violators.WASHINGTON – Conservative Republicans have roughed up the business community this year – and it’s not over yet.
The U.S. Chamber of Commerce, the National Association of Manufacturers and major companies like Boeing Co. and Caterpillar Inc. all wanted quick reauthorization of the Export-Import Bank, which helps finance American companies’ overseas sales. Congress had reaffirmed the independent federal agency some two dozen times since its creation in 1934. But this year it took months of pleas, briefings and negotiations to overcome conservative opposition.
Similarly, industries ranging from asphalt to steel pressed for the popular transportation bill to rebuild the nation’s infrastructure. Conservatives wanted to give authority to the states. Nine short-term extensions later – and almost three years after the last transportation bill expired – businesses finally prevailed last month.
The business community is now pressing the Senate to ratify a treaty governing the high seas, arguing that it would open a new path to oil, gas and other resources and produce thousands of jobs. Prospects are uncertain as conservatives stand united in opposition. They condemn the pact as a threat to U.S. sovereignty.
Perhaps the most telling clue is that proponents call it the Law of the Sea Convention – shorthand LOSC – while opponents refer to it as the Law of the Sea Treaty – LOST.