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| FOR IMMEDIATE RELEASE |
CONTACT: Tita Freeman
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| January 30, 2007 |
(202) 496-3269
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In Testimony Before the House Committee on Ways and Means,
McGraw Cites Need for New Trade, Investment and Competitiveness
Initiatives to Expand U.S. Economic Growth
Washington, D.C. - Citing the significant importance of international
trade and investment to all facets of the U.S. economy, Harold
McGraw III today urged Congress to work on a bipartisan basis
to keep America competitive in the global economy. Mr. McGraw,
Chairman, President and CEO of The McGraw-Hill Companies,
testified before the House Committee on Ways and Means on
behalf of Business Roundtable and the Emergency Committee
for American Trade. He is Chairman of both organizations.
"The question for the United States is not whether
to participate in the global economy, but how to continue
to compete and win, while making the benefits fair and inclusive,"
stated Mr. McGraw. "In addition to expanding opportunities
for trade and investment, we will need to take a broad view
of U.S. competitiveness if we are to ensure the success of
our businesses, workers, and farmers in the future."
Specifically, Mr. McGraw emphasized the need for enhanced
workforce development and education, a need for a competitive
cost structure for U.S. businesses vis-à-vis foreign competitors,
and strengthening policies that promote innovation and economic
leadership.
As the Ways and Means Committee considers new legislation,
Mr. McGraw urged Members to weigh the importance of international
trade and investment to the U.S. economy as well as the broader
implications on U.S. consumers, who benefit from imports.
"American consumers benefit from imports which have led to
improved variety, quality and price of goods, while exports
provide U.S. businesses and their workers with access to new
and expanded markets they otherwise would not have," he stated.
Mr. McGraw endorsed the following policy objectives in his
testimony:
- Level the playing field for U.S. companies, farmers and
their workers through multilateral, bilateral and regional
trade agreements;
- Complete the Doha Development Agenda negotiations;
- Implement the Peru, Colombia and Panama trade agreements;
- Move forward with negotiations with Korea and Malaysia;
- Revitalize and make bipartisan the Congressional-Executive
trade relationship, including renewing Trade Promotion Authority
(TPA);
- Promote enforcement of commitments with China and other
key economies; and
- Eliminate regressive tariffs and other U.S. barriers on
products such as clothing, footwear, and sugar, which have
a particularly negative effect on lower-income consumers.
"America must ensure that those facing the costs of globalization
are not left behind. We need to renew and significantly modernize
programs to effectively provide workers and farmers with new
skills necessary to compete in the 21st Century," Mr. McGraw
concluded.
# # #
Business Roundtable (www.businessroundtable.org) is an
association of chief executive officers of leading U.S. companies
with $4.5 trillion in annual revenues and more than 10 million
employees. Member companies comprise nearly a third of the
total value of the U.S. stock markets and represent over 40
percent of all corporate income taxes paid. Collectively,
they returned $112 billion in dividends to shareholders and
the economy in 2005.
Roundtable companies give more than $7 billion a year
in combined charitable contributions, representing nearly
60 percent of total corporate giving. They are technology
innovation leaders, with $90 billion in annual research and
development spending - nearly half of the total private R&D
spending in the U.S.
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