Federal Spotlight: USMCA Passes Senate Committee
January 9, 2020
On Tuesday, the Senate Committee on Finance overwhelmingly approved the United States, Mexico, Canada Agreement (USMCA) by a resounding vote of 25-3. This action moves the USMCA one step closer toward ratification as the House recently approved the new trade accord 385-41. The business community at large has been very supportive of this deal, which is set to replace the 1994 North American Free Trade Agreement (NAFTA). While there is expected to be wide bipartisan support for the deal in the full Senate, it’s unclear when the vote will come to the floor as Senate Majority Leader Mitch McConnell (R-KY) has said President Trump’s impeachment trial will take precedence over all other business in the upper chamber. The Senate is currently waiting for Speaker of the House Nancy Pelosi (D-CA) to send the articles of impeachment over from the House, which must occur under the current Senate rules for the trial to commence. Read more from CNBC.