Transatlantic Regulatory Cooperation: A Possible Role for Congress

The Congressional Research Service, a department of the Library of Congress, conducts research and analysis for Congress on a broad range of national and international policy issues. Some of the CRS work is carried out specifically for individual members of Congress or their staff and is confidential. However, there is also much CRS compiled material which is considered public but is not formally published on the CRS website.

For that reason a number of other organisations try to keep track of these publications and make them publicly available via their own websites. Currently, ESO uses the following websites to track these reports and allow access to them in ESO:

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Federation of American Scientists (FAS)

In some cases hyperlinks allows you to access all versions of a report, including the latest. Note that many reports are periodically updated.The United States and the European Union (EU) share a comprehensive, dynamic, and mutually beneficial economic relationship. Transatlantic markets are among the most open in the world and are deeply integrated. Although the global economic crisis has had a significant negative impact on the transatlantic economy, the great stake each side has had in the other’s economy has afforded both sides the ability to withstand the worst of each other’s current economic downturn. The key measure of the strength of the transatlantic relationship has been the ability of both sides to work with each other to weather the financial storm.

One issue that has worked against an even stronger economic relationship is the existence of regulatory barriers that limit a more integrated market from materializing. The United States and the EU have engaged in a number of attempts to reduce remaining non-tariff and regulatory barriers to trade. In the most recent effort, then President Bush and German Chancellor Merkel, serving as President of the EU, at the April 2007 U.S.-EU Summit agreed to establish the Transatlantic Economic Council (TEC). The TEC was directed to ‘advance the work of reducing or eliminating non-tariff barriers to transatlantic commerce and trade.’ The leaders also created an advisory group to ‘provide guidance and direction’ to the TEC and invited the U.S. Congress, along with the European Parliament, to accept a new, more substantive role in transatlantic regulatory cooperation by becoming part of the advisory group. The Transatlantic Legislators’ Dialogue (TLD), the formal exchange between Congress and the Parliament, was appointed to represent the legislatures in the TEC advisory group.

Since it began nearly two decades ago, transatlantic regulatory cooperation has been mostly limited to the executive branches and regulatory bodies on both sides of the Atlantic. However, the idea of legislators assuming a more proactive role in transatlantic economic and regulatory cooperation is not a new issue. At the 1995 launch of the New Transatlantic Agenda, the leaders of the United States and EU acknowledged that they ‘attached great importance to enhanced parliamentary links’ and agreed to ‘consult with parliamentary leaders on both sides of the Atlantic regarding consultation mechanisms, including building on existing institutions, to discuss matters related to our transatlantic partnership.’ Advocates of the effort to achieve a more barrier-free transatlantic marketplace believe that ultimate success cannot be achieved without the strong commitment and active engagement of the U.S. Congress and the European Parliament.

Although the Transatlantic Legislators’ Dialogue has been in existence formally since 1999, only recently have observers from both inside and outside of Congress gained familiarity with its structure, membership, and function. With respect to the role of Congress in the TEC process, several questions have been raised including the composition of the TLD, the role of the standing committees in both the Congress and the Parliament, the staff, and the role of the U.S. Senate. A number of options for enhancing the role of Congress and the structure of the TLD have been proposed.

This report provides background and analysis on the TEC process, the role of the Congress, and the TLD. For additional information see CRS Report RL34717, Transatlantic Regulatory Cooperation: Background and Analysis, by Raymond J. Ahearn, and CRS Report RL30608, EU-U.S. Economic Ties: Framework, Scope, and Magnitude, by William H. Cooper.

• Primary Source

EveryCRSReport.com https://www.everycrsreport.com/

Federation of American Scientists (FAS): Congressional Research Service [CRS] Reports https://fas.org/sgp/crs/index.html

EveryCRSReport: Transatlantic Regulatory Cooperation: Background and Analysis https://www.everycrsreport.com/reports/RL34717.html

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