Provision in American law affecting American trade with countries that restrict emigration / From Wikipedia, the free encyclopedia
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The Jackson–Vanik amendment to the Trade Act of 1974 is a 1974 provision in United States federal law intended to affect U.S. trade relations with countries with non-market economies (originally, countries of the Soviet Bloc) that restrict freedom of Jewish emigration and other human rights. The amendment is contained in the Trade Act of 1974 which passed both houses of the United States Congress unanimously, and signed by President Gerald Ford into law, with the adopted amendment, on January 3, 1975. Over time, a number of countries were granted conditional normal trade relations subject to annual review, and a number of countries were liberated from the amendment.
On December 14, 2012, President Barack Obama signed the Magnitsky Act (formally titled the Russia and Moldova Jackson–Vanik Repeal and Sergei Magnitsky Rule of Law Accountability Act of 2012) that repealed the application of the Jackson–Vanik amendment to Russia and gave normal US trade relations to Russia and Moldova, instead punishing individuals violating human rights.
The amendment is named after its major co-sponsors Henry M. Jackson of Washington in the Senate and Charles A. Vanik of Ohio in the House of Representatives, both Democrats.