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The Fed, working closely with bank regulators and the Treasury Department, raced to complete the deal Sunday night in order to prevent investors from panicking on Monday about the ability of Bear Stearns to make good on billions of dollars in trading commitments.
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World trade commitments will prevent the use of fresh subsidies to export them.
Some countries that are trying to reregulate their financial systems worry that they may run afoul of trade commitments.
The United States argued that such protection, which is not permitted now, would mean moving backward on current world trade commitments.
That would keep pressure on Beijing to comply with its trade commitments and improve human rights, Mr. Levin said.
Unions and many Congressional Democrats have contended that the administration should be more assertive in forcing China to honor previous free trade commitments.
A world trade panel concluded last week that Beijing was violating its free-trade commitments by forcing imported media products to be routed through Chinese state-owned companies.
It calls on all countries "to exercise vigilance" in entering into new trade commitments with Iran, including granting export credits, guarantees or insurance.
Representative Sander Levin, a Michigan Democrat, has proposed steps that would couple permanent trade status with new tools for monitoring and pressing China on human rights and fulfillment of its trade commitments.
We seek reciprocal trade commitments from developing countries to open closed economies, promote positive domestic reforms, like adherence to the rule of law, and to encourage sustained economic growth.
Foreign companies keen to use Hong Kong as a base for exports to mainland China have pushed for eased access while foreign governments have warned against a deal violating trade commitments made when China joined the World Trade Organization.
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