The monkey in the middle of all these kind of arrangements is the US government and the bureaucrats. As much as you argue this is totally free market driven, which it appears to be, the government is always going to come in and twist the rules for some special interest.
Maybe the country of Chad, Africa deserves a break to enhance trade and reduce poverty. Maybe our agricultural markets need a break to keep them in business. History has shown us that the best of ideas can turn out bad when things turn out bad when Washington, D.C. gets its hands on it. This is particularly true when an idea deals with economic issues.
I will bet you this bill never went anywhere because export industries couldn't twist it to their benefit - like 2 export certificates = 1 import certificate.
Right now you can look out on the import deficit and see gross inequities. The prime example is the fixed, low value for the Chinese yuan. Since Feb. 2009 the exchange rate for the yuan has very deliberately down precisely 5%. No ups and downs like other currencies, but in stair-step fashion - exactly to the level the Chinese government wants it to move.
Personally, I am very hesitant to put another new idea in place when so many blatant causes for the import deficit are staring at us right in the face - and nobody takes action.
In a nutshell, government run programs show very little positive results to correct any of our international trade problems, not to mention this would never fly with the WTO!
