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The United States' top trade official urged lawmakers on Monday to update legislation streamlining the passage of trade deals through Congress to reflect the new global economy. Bipartisan negotiations are continuing on the final form of a bill which will restrict Congress to a yes-or-no vote on trade deals in exchange for setting negotiating objectives. The Republican chairman of the Senate Committee on Finance, Orrin Hatch, has said he hopes to present legislation this month. U.S. Trade Representative Michael Froman said the last time Congress passed such legislation, in 2002, only 4 percent of companies on the Fortune Global 500 list were from emerging markets, compared to one in four now.
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