The oversight group was established by the Trade Promotion Authority Act enacted this summer. The group was formed to provide an additional consultation mechanism for senators to provide advice to the U.S. Trade Representative and other government officials on trade negotiations. Grassley was a strong advocate for the group's creation.
"There's not enough discussion in Congress about the pros and cons of new trade agreements and international trade generally," Grassley said said. "This group will provide a forum to foster that kind of dialogue within Congress and between Congress and the executive branch. While our role is not to become a referendum on new agreements or particular negotiating positions, with this partnership we can help build a stronger basis for new trade agreements."
The Trade Promotion Authority Act requires the U.S. Trade Representative to consult with the Congressional Oversight Group before and after submitting the required written notice of his intention to initiate new trade negotiations. So, the trade representative must meet with the group before initiating trade negotiations, such as free trade agreements with Morocco or Central America.
The Congressional Oversight Group is comprised of: (1) the chairman and ranking member of the Finance Committee; (2) three additional members of the Finance Committee, no more than two of whom may be of the same political party; (3) the chairman and ranking member or their designees of the committees of the House or Senate which would have jurisdiction over provisions of law affected by a trade agreement. In this Congress, members include Sens. Grassley, Baucus, Daschle, Rockefeller, Hatch, Harkin, Lugar, Hollings, McCain, Lieberman, Thompson, Leahy, Kyl, Biden and Helms
"Breaking down trade barriers will help get the U.S. economy rolling again," Grassley said. "And as a member of this new group, I welcome the additional opportunity to review U.S. strategies for free trade alliances and monitor the enforcement of trade agreements."