The U.S. Securities Industry Association is praising the House of Representatives for passing fast-track trade authority by the slimmest of margins.

Fast-track authority, known officially as the Bipartisan Trade Promotion Authority Act of 2001, renews the president’s authority to negotiate international trade agreements unilaterally. The SIA says it helps to ensure The States’ leadership role in promoting open and fair global markets. The bill passed by a 215 to 214 vote, after a furious session.

“With national economies tied together worldwide by international trade, it is more important than ever that U.S.-based firms have free access to foreign markets,” said David Strongin, SIA VP and director, international finance. “Ninety-six percent of the potential customers for U.S.-based firms live outside the United States, and opportunities for U.S.-based companies are enormous in Europe, Asia, and Latin America. Today’s action by the House will help consumers, investors, and our firms take advantage of global marketplace opportunities.”

International trade creates jobs for U.S. workers, provides lower cost goods to U.S. consumers, and new investment opportunities for U.S. investors. “Of the more than 130 bilateral and regional free trade agreements in force today, only two include the United States,” Strongin said. “By contrast, the European Union has free trade agreements with 27 nations. Other countries are busy negotiating trade agreements that provide preferences for their firms over our own. Today, the House has provided the leadership to ensure that the United States will not be at a disadvantage in the international marketplace.”