738 days have passed since ANY Democrat in Congress did ANYTHING to help us on the CPSIA. There are 73 days left until Election Day.
The EU has served notice of its objections to Henry Waxman's latest brainstorm, the Foreign Manufacturers Legal Accountability Act of 2010. This profoundly misconceived bill, championed by leftist consumer groups for its supposed benefits to consumers while ignoring the real problems likely to cripple commerce, has garnered increasing corporate interest in recent weeks. With more and more attention being given to persistent job losses and anemic (if any) economic growth, this bill seems suicidal. That apparently is no deterrent to our saviors, the Democratic majority in Congress. Reliable sources tell me that this bill will resume its relentless march toward law upon the return of Congress to Washington later this Fall (before Election Day).
Don't mistake this bill for good policy. We have gone over the many unforgivable flaws of this legislation in this space in the past. It is starkly anti-small business and is an economic depressant. The likely impact would be akin to a trade barrier tariff and could be this generation's version of Smoot-Hawley. It is also almost certainly a flagrant violation of the WTO and would trigger retaliatory regulations in our principal export markets. Trade war - just what we need . . . since export sales is about all that's working here now. Small business owners, please consider the impact on your export business if you need to set up registered agents in 50, 60, 70 countries. Think of the legal fees, think of the potential litigation that would be invited. How many such markets would you close?
There's more cooking in Congress to "help" us this election season. These guys are going to keep trying to "save" you until you save yourself on Election Day. Stay tuned.