Import Certificates are a proposed mechanism to implement balanced trade, and eliminate a country's trade deficit. The idea was proposed by Warren Buffett in 2003 to address the U.S. trade deficit. In the United States, the idea was first introduced legislatively in the Balanced Trade Restoration Act of 2006. The proposed legislation was sponsored by Senators Byron Dorgan (ND) and Russell Feingold (WI), two Democrats in the United States senate. Since then there has been no action on the bill.
Read more about Import Certificates: Concept, IC Market Prices Are Market Rather Than Government Driven
Famous quotes containing the word import:
“Every tree sends its fibres forth in search of the Wild. The cities import it at any price. Men plow and sail for it. From the forest and wilderness come the tonics and barks which brace mankind.”
—Henry David Thoreau (1817–1862)