Trade Agreements Extension Act Of 1955

In the same months of 1951, during which the U.S. delegation in Torquay implemented the GATT trade agreement program, the Washington Department of State urged Congress to extend the Trade Agreements Act of 1949 (63,697), which on June 12 ended the president`s power to enter into trade agreements. For the text of the Trade Agreements Extension Act 1951, definitively adopted on 16 June (65 Stat. 72), see below. After the Civil War, Democrats were generally in favor of trade liberalization and Republicans in general favor of higher tariffs. The pattern was clear in congressional votes for tariffs from 1860 to 1930. Between the Civil War and Roosevelt`s election, Democrats were the minority in Congress in the majority of Congresses. During their short period of majority, the Democrats passed several tariff-cutting laws. The Wilson-Gorman Act of 1894 and the Underwood Tariff Act of 1913 are examples, but the Republican majorities that followed kept reversing unilateral tariff cuts. [2] In August 1955, Congress passed legislation providing for U.S. participation in the International Finance Corporation (IFC)13, which was to be attached to the International Bank for Reconstruction and Development (IBRD).

IFC`s objective will be to foster the growth of productive private enterprises in their member countries, particularly in less developed regions, by investing in productive private enterprises in cooperation with private investors and without a guarantee of repayment from the State, in the absence of sufficient private capital on reasonable terms. IfC will serve as a clearing house to bring together investment opportunities, private capital and experienced management and, in general, to stimulate private capital-producing investments. IFC is intended to provide venture capital, but is not allowed to invest in a capital stock or take on responsibilities in a company in which it has invested. The extension law was not passed until June 11, 1948, when the extension expired in 1945, and the right to the reduction was abolished. The extension law[10] was introduced on 26 November 1949 and extended until 11 June 1951 and again in 1951. The year was extended by two years[11] and revoked in 1953 and extended by one year until 1954 on 7 August [12]. I touched. The extension of 1954 [13] also applied for one year, but from 1955 to the extension of 30 June 1958 [clarification needed].

[14] The Act, which was repealed once in 1958 but extended on August 30, 1960, was passed. [15] [Note 1] 1955 – subsection . . .