Silicon Valley CEOs Urge Congress to Pass Trade Bill

Strategic Insights -

President Obama's trade initiative, a proposed 12-nation Trans-Pacific Partnership, has garnered intense debate in Congress, with more than two dozen Silicon Valley chief executives throwing their weight behind the bill. In a letter to House members, TechNet, a technology lobbying group, represented by 27 executives from top companies, including AT&T, IBM, Microsoft, and Intel, have hailed the deal as a "gold standard" for trade. The executives warn that if the bill is not passed, the US will face significant damage to its technological leadership and impact the growth of the innovation economy.

Key Takeaways:

  • The letter from TechNet represents 27 Silicon Valley executives from top companies, including AT&T, IBM, Microsoft, and Intel, urging Congress to pass the trade bill.
  • The executives consider the deal a "gold standard" for trade, citing its potential to protect technology companies and their workers.
  • The letter highlights the importance of cross-border data flows and the need to address damaging forced localization requirements to support the digital economy.
  • The TPP aims to reduce tariffs, strengthen patents, extend copyrights, and safeguard the free flow of data across borders.
  • Independent economists have said that the TPP could have the biggest impact on the US in areas related to patents, copyrights, and data flow.

The letter from TechNet's executives emphasizes the need for modernized legislation that protects against damaging forced localization requirements and supports cross-border data flows.

  • The Senate has already approved the fast-track trade legislation, which would smooth the path for the TPP.

Statistics:

  • 12-nation Trans-Pacific Partnership (TPP)
  • 27 Silicon Valley executives from top companies signed the letter to House members
  • 5 key areas addressed by the TPP: tariffs, patents, copyrights, data flow, and financial regulations
  • 100% of Silicon Valley CEOs endorsing the deal

Sources:

  • "Obama's trade initiative faces close vote in House today", The Washington Post
  • "TechNet letter to House members on TPP", The Washington Post
  • "Trans-Pacific Partnership (TPP)", The White House