A resolution commemorating the 95th anniversary of the enactment of the Tariff Act of 1930.
Reflecting on the 95th Anniversary of the 1930 Tariff Act
This resolution is currently in the Senate Committee on Finance for review. It was recently introduced and is waiting for the committee to decide on its next steps. There are no upcoming votes scheduled at this time.
Legislative Progress
This is a symbolic statement that does not change any laws. While it has some support, trade issues can sometimes become political arguments in the Senate.
Key Points
- This resolution marks 95 years since the Smoot-Hawley Tariff Act was signed. It describes the act as one of the most damaging mistakes in the history of Congress because it triggered trade wars with other countries.
- The resolution points out that after the 1930 law passed, other nations fought back by raising their own taxes on American goods. This caused American exports to drop by 68 percent and helped lead to the Great Depression.
- It highlights how the act hurt regular people by causing unemployment to jump to 23 percent. The resolution argues that open trade is better for the economy because it lowers prices for families and helps American businesses sell products around the world.
- By passing this, the Senate would officially recognize that high trade barriers can damage the economy. It aims to remind leaders today to avoid repeating the same economic mistakes made in the past.
Impact Analysis
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Milestones
Referred to the Committee on Finance. (text: CR S3437-3438)
Sent to a congressional committee for expert review. The committee decides whether this bill moves forward.
Introduced in Senate
The bill was officially filed and given a number. It now enters the legislative queue.
Votes
No votes have been recorded for this legislation yet.
News
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Source Information
Document Type
Congressional Bill
Official Title
A resolution commemorating the 95th anniversary of the enactment of the Tariff Act of 1930.
Data Sources
Sponsor
Cosponsors
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