Mr. Speaker. on Thursday. November 12. the Washington Post carried a frontpage article about the disastrous effect the Trade Act of 1970scheduled to be considered by the House on Wednesdaywill have on the American consumer. The article cited a study by Federal Reserve Board member Andrew Brimmer that the quota bill would cost consumers $3.7 billion a year and raise the Consumer Price Index by almost 1 percent. As the worlds leading trader with a favorable balance of trade. America stands to lose the most from any decline in world tradeand this bill will create a decline. If the Trade Act is passed other nations will retaliate and hundreds of thousands of jobs in the export market will be lost at the same time that the consumer will have to pay more.
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quota bill