Despite the economic benefits of trade liberalization and despite some previous efforts to address labor and environment issues fast track has not had Congressional support for seven years. I am eager to hear ideas from both witnesses very specific ideas on how we do just that. I have been offering suggestions for several months now. Passing specific and balanced fast track legislation is the end goal, but there is much work to be done in advance of that passing the Jordan Free Trade Agreement, pushing for WTO reform, increasing U.S. commitment to the ILO, improving Trade Adjustment Assistance. Today, though, I want to focus on what I think is the single biggest hurdle we have to overcome.
Workers fear losing their jobs.
It's that simple. And that was in 1999 the height of our economic growth. So, we aren't going to move ahead on free trade unless Americans are convinced it will also be fair trade. I look forward to Chairman Greenspan's testimony today. I have tremendous respect for his efforts as Chairman of the Federal Reserve to keep the economy on a path toward sustained growth while containing inflation.