{ "id": "RL34735", "type": "CRS Report", "typeId": "REPORTS", "number": "RL34735", "active": false, "source": "EveryCRSReport.com, University of North Texas Libraries Government Documents Department", "versions": [ { "source": "EveryCRSReport.com", "id": 354732, "date": "2010-01-04", "retrieved": "2016-04-07T02:06:16.735356", "title": "Transatlantic Regulatory Cooperation: A Possible Role for Congress", "summary": "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\u2019s economy has afforded both sides the ability to withstand the worst of each other\u2019s 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. \nOne 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 \u201cadvance the work of reducing or eliminating non-tariff barriers to transatlantic commerce and trade.\u201d The leaders also created an advisory group to \u201cprovide guidance and direction\u201d 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\u2019 Dialogue (TLD), the formal exchange between Congress and the Parliament, was appointed to represent the legislatures in the TEC advisory group.\nSince 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 \u201cattached great importance to enhanced parliamentary links\u201d and agreed to \u201cconsult 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.\u201d 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.\nAlthough the Transatlantic Legislators\u2019 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.\nThis 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. 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