policy to be a residual of United States foreign pol-
icy. Globalization together with the increased mobil-
ity of capital and technology is reshaping both com-
parative and competitive trade advantages among
nations.
(10) The United States is once again at a criti-
cal juncture in trade policy development. The per-
sistent growth of the United States trade deficit
must be reversed. The causes and consequences of
the trade deficit must be identified and a plan must
be developed to eliminate the trade deficit within the
next 10 years.
SEC. 3. ESTABLISHMENT OF COMMISSION.
(a) ESTABLISHMENT.—There is established a com-
mission to be known as the Emergency Commission To
End the Trade Deficit (hereafter in this Act referred to
as the ‘‘Commission’’).
(b) PURPOSE.—The purpose of the Commission is to
develop a trade policy plan to eliminate the United States
merchandise trade deficit by the year 2006 and to develop
a competitive trade policy for the 21st century. The plan
shall include strategies necessary to achieve a balance of
trade that fully reflects the competitiveness and productiv-
ity of the United States and also improves the standard
of living of United States citizens.
(c) MEMBERSHIP OF COMMISSION.—
(1) COMPOSITION.—The Commission shall be
composed of 11 members of whom—
(A) 3 shall be appointed by the President;
(B) 1 Senator and 1 other person shall be
appointed by the President pro tempore of the
Senate upon the recommendation of the major-
ity leader of the Senate;
(C) 1 Senator and 1 other person shall be
appointed by the President pro tempore of the
Senate upon the recommendation of the minor-
ity leader of the Senate;
(D) 1 Member of the House of Representa-
tives and 1 other person shall be appointed by
the Speaker of the House of Representatives;
and
(E) 1 Member of the House of Representa-
tives and 1 other person shall be appointed by
the minority leader of the House of Representa-
tives.
(2) QUALIFICATIONS OF MEMBERS.—
(A) PRESIDENTIAL
APPOINTMENTS.—Of
the persons appointed under paragraph (1)(A),
not more than 1 may be an officer, employee,
or paid consultant of the executive branch.
(B) OTHER APPOINTMENTS.—Persons who
are not Members of Congress, appointed under
subparagraph (B), (C), (D), or (E) of para-
graph (1), shall be persons who—
(i) are experts in economics, distin-
guished academics, environmentalists, jour-
nalists, State or local government officials,
or have other pertinent qualifications or
experience; and
(ii) are not officers or employees of
the United States.
(C) OTHER CONSIDERATIONS.—In appoint-
ing Commission members, every effort shall be
made to ensure that the members—
(i) are representative of a broad cross-
section of economic and trade perspectives
within the United States; and
(ii) provide fresh insights to achieving
a trade deficit reduction plan.
(d) PERIOD OF APPOINTMENT; VACANCIES.—
(1) IN GENERAL.—Members shall be appointed
not later than 60 days after the date of the enact-
ment of this Act and the appointment shall be for
the life of the Commission.
(2) VACANCIES.—Any vacancy in the Commis-
sion shall not affect its powers, but shall be filled in
the same manner as the original appointment.
(e) INITIAL MEETING.—Not later than 30 days after
the date on which all members of the Commission have
been appointed, the Commission shall hold its first meet-
ing.
(f) MEETINGS.—The Commission shall meet at the
call of the Chairperson.
(g) CHAIRPERSON AND VICE CHAIRPERSON.—The
members of the Commission shall elect a chairperson and
vice chairperson from among the members of the Commis-
sion.
(h) QUORUM.—A majority of the members of the
Commission shall constitute a quorum for the transaction
of business.
(i) VOTING.—Each member of the Commission shall
be entitled to 1 vote, which shall be equal to the vote of
every other member of the Commission.
SEC. 4. DUTIES OF THE COMMISSION.
(a) IN GENERAL.—The Commission shall be respon-
sible for developing a comprehensive trade policy plan, by
examining the economic policies, trade, tax, and invest-
ment laws, and other legal incentives and restrictions that
are relevant to reducing the United States trade deficit.
(b) RECOMMENDATIONS.—The Commission shall ex-
amine and make recommendations to the Congress and
the President on the following:
(1) The manner in which the Government of
the United States establishes and administers the
Nation’s fundamental trade policies and objectives,
including—
(A) the relationship of the merchandise
trade balance to the overall well-being of the
United States economy and in particular the
impact the trade balance has on wages and em-
ployment in various sectors of the United
States economy;
(B) the relationship of United States for-
eign policy objectives to trade policy and the ex-
tent to which foreign policy considerations re-
ceive a priority over trade objectives;
(C) the extent to which United States
monetary policies and the need for foreign cap-
ital to finance the current account deficit influ-
ence trade objectives;
(D) the coordination, allocation, and ac-
countability of trade responsibilities among
Federal agencies; and
(E) the methods for improving and en-
hancing systematic congressional review of for-
eign policy and trade policy as part of a plan
to establish a coordinated set of national eco-
nomic priorities.
(2) The causes and consequences of both the
overall trade deficit and specific bilateral trade defi-
cits, including—
(A) identification and quantification of the
macroeconomic, sectoral, and bilateral trade
factors contributing to the United States trade
deficit with various countries;
(B) identification and quantification of the
impact of the trade deficit on the domestic
economy, industrial base, manufacturing capac-
ity, number and quality of jobs, productivity,
wages, health, safety, and environmental stand-
ards, and the United States standard of living;
(C) identification and quantification of in-
dividual industrial, manufacturing, and produc-
tion 
sectors, 
and 
intraindustry 
and
intracompany transactions which contribute to
or are impacted by United States trade deficits;
(D) a review of the adequacy of the cur-
rent collection and reporting of trade data, and