Steel Quotas: A Rigged Lottery
One of the most bizarre bills making its way through Congress is the Visclosky steel quota bill (H.R. 975). H.R. 975 passed the House on 17 March, with 289 yeas and 141 nays. It is scheduled for a Senate vote on 22 June. If enacted, H.R. 975 would limit steel imports in a heavy-handed way that scarcely benefits workers, but enriches a few lucky firms, while violating international trade rules and draining the pockets of American households. If truth-in-labeling applied to legislation, H.R. 975 would be named the Steel Lottery Act of 1999. The annual cost to American households for each steel job saved would exceed $800,000. But steel workers would receive less than 20 percent of this huge sum; lucky firms would collect more than 80 percent of the jackpot.
|Date of creation:||Jun 1999|
|Contact details of provider:|| Postal: 1750 Massachusetts Avenue, NW, Washington, DC 20036-1903|
Web page: http://www.piie.com
More information through EDIRC
When requesting a correction, please mention this item's handle: RePEc:iie:pbrief:pb99-05. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Peterson Institute webmaster)
If references are entirely missing, you can add them using this form.