Greenspan: Trade Barriers `Unwise And Self-Defeating`
WASHINGTON -(Dow Jones)- Federal Reserve Chairman Alan Greenspan told U.S. lawmakers Wednesday that laws aimed at punishing allegedly unfair foreign trade practices are often "just simple guises" for restricting trade, a tendency he said is both unwise and self-defeating.
Speaking to the Senate Finance Committee, Greenspan said the U.S. government should instead focus its efforts on improving the job skills of its workers, and retraining workers who lose their jobs because of trade liberalization. "Our efforts should be directed at job skills enhancement...and, if necessary, selected income maintenance programs for those over a certain age, where retraining is problematic."
In his prepared remarks to the committee, Greenspan did not discuss the outlook for U.S. monetary policy.
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