Grassley Statement on Caribbean Basin Economic Recovery Act, Generalized System of Preferences Program
Oct 01, 2020
WASHINGTON – Senate Finance Committee Chairman Chuck Grassley today released the following statement regarding the congressional passage of the Extension of the Caribbean Basin Economic Recovery Act, an extension of the Caribbean Basin Trade Partnership Act, also known as “CBTPA,” and the status of the Generalized System of Preferences (GSP) program.
“I was glad the Senate acted so quickly following the House’s passage of an extension of the Caribbean Basin Economic Recovery Act so it can now go to President Trump for signature. This type of bipartisanship is how Congress ought to work. It’s common sense that we should support development programs that also reduce costs for American consumers by lowering tariffs. The same is true for the Generalized System of Preferences program, which benefits American consumers far more and includes many more countries. That’s why I’ve introduced legislation to extend GSP through April 2022. I hope my colleagues will show the same level of bipartisan support for GSP and make sure that it’s renewed before it expires later this year.”
The Extension of the Caribbean Basin Economic Recovery Act passed the House of Representatives last week and passed the Senate on Wednesday, September 30 by unanimous consent after it was “hotlined” by Grassley. Grassley recently introduced legislation to extend the GSP program (S.4784).