House votes to repeal Byrd Amendment

House votes to repeal Byrd Amendment

Today, the House of Representatives voted 217 to 215 in favor of repealing the so-called Byrd amendment, a bill that redirects government funds to US companies who file antidumping complaints against foreign competitors. Since the year 2000, the Byrd Amendment has redirected about $1 billion in tariffs and fees to corporations, half of which went to only five companies. The Timken Company, the largest recipient of these tariffs, is anxious for the Senate, who has shown support for the Byrd Amendment in the past, to reinstate the law when it meets with House leaders to go over budget cuts. The company has stated that the Byrd Amendment provides a solution to businesses and workers who are placed at a disadvantage because of unfair trade practices. Republican supporters such as House member Bob Ney agree with Timken that the Byrd Amendment is fundamental to the health of the steel industry. Still, many are opposed to this controversial law; opponents of the Byrd Amendment have criticized it as corporate welfare that only aids Bush-friendly special interests. The Word Trade Organization has ruled the law in violation of global trade rules and has authorized Canada countries to impose retaliatory tariffs on US goods.