Hearings & Proceedings: Difference between revisions
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:In the Senate, three major factions existed, each pushing their own agenda. | |||
<center>[[Image:CompSenate.JPG|thumb|Description]]</center> | |||
<center>''Source: Adopted from class notes, IB&M 200: Global Economics, taught by Michael Fratantuono''</center> | |||
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Revision as of 03:32, 26 April 2006
- Chairman Willis Hawley called the tariff revision hearings to order on January 7, 1929. The hearings and testimonies were dominated by groups favoring tariffs and an upward revision in tariff rates (17). This occurred for 3 reasons:
- Personal contacts with many of the Congressmen. Because of these close relationships, they were able to achieve an upper hand in many regards, including obtaining inside information about the content of the hearings, favorable interpretations of the committee rules, and special concessions which gave them a leg up (18).
- Reciprocal non-interference. Those wishing for upward tariff revision sought increased duties for their own benefit, but did not oppose duties sought by others (19).
- Economic benefit. Those who wanted tariffs had an economic motive; those who opposed did not (20).
- Due to these reasons, the testimonies were heavily biased. Eventually, the major issues and points of concern were whittled down to three major topics:
- General Upward Revision of Tariffs.
- Flexible Provision. The Flexible Provision Clause granted the President power to adjust tariff rates, granting the President powers similar to those seen in the Fordney-McCumber Act.
- Debenture Clause. The Debenture Clause was created to help the agricultural sector. In this plan, the government would give vouchers to exporters of certain agricultural goods equal to fifty percent of the duty that would be paid according to the tariff schedules. This would cause competition between the exporters to obtain the vouchers, causing a subsequent bidding up of price for the designated goods (21).
- In the Senate, three major factions existed, each pushing their own agenda.
