Countering Economic Coercion Act of 2022

Bill: 117-s-4514
Sponsor: full_name: Sen. Young, Todd [R-IN]
Introduced: 2022-07-13
Policy area: Foreign Trade and International Finance
Latest action: action_date: 2022-07-13
text: Read twice and referred to the Committee on Foreign Relations.

Summaries:
action_date: 2022-07-13
action_desc: Introduced in Senate
text: <p><strong>Countering Economic Coercion Act of 2022</strong></p> <p>This bill authorizes the President to take certain actions to assist foreign trading partners affected by economic coercion. <em>Economic coercion</em> refers to actions or threats undertaken by a foreign adversary to restrain, obstruct, or manipulate trade, foreign aid, investment, or commerce with the intent to cause economic harm or influence sovereign political actions.</p> <p>Specifically, the bill authorizes the President (upon a determination that a foreign trading partner is subject to economic coercion) to exercise specified authorities to support or assist the foreign trading partner. These authorities include, among others, decreasing duties or modifying tariff-rate quotas on imports from the foreign trading partner, requesting appropriations for foreign aid, and expediting export licensing decisions and regulatory processes.</p> <p>The President must consult with Congress prior to exercising any authority. Additionally, the President must publish notice in the Federal Register related to the exercise of such authority.</p> <p>Any determination of economic coercion must be revoked at the earliest of (1) two years from the date of determination, (2) upon a joint resolution of Congress, or (3) when the President revokes the determination. </p> <p>The bill also directs the President to endeavor to coordinate with other foreign trading partners to broaden economic support for the foreign trading partner.</p>

tv_txt: II 117th CONGRESS 2d Session S. 4514 IN THE SENATE OF THE UNITED STATES July 13, 2022 Mr. Young (for himself and Mr. Coons ) introduced the following bill; which was read twice and referred to the Committee on Foreign Relations A BILL To grant certain authorities to the President to combat economic coercion by foreign adversaries, and for other purposes.

1. Short title This Act may be cited as the Countering Economic Coercion Act of 2022 . 2. Sense of Congress The following is the sense of Congress: (1) Foreign adversaries are increasingly using economic coercion to pressure, punish, and influence foreign trading partners. (2) Economic coercion causes economic harm to foreign trading partners and creates malign influence on the sovereign political actions of foreign trading partners. (3) Economic coercion of foreign trading partners has negative effects on the national security of the United States. (4) Economic coercion is often characterized by— (A) arbitrary and discriminatory actions that run counter to the rules-based international order; (B) capricious and non-transparent actions taken without due process afforded; (C) intimidation or threats of punitive actions; and (D) informal actions that take place without explicit government action. (5) Recent acts of economic coercion have included instances in which foreign adversaries have— (A) arbitrarily restricted transportation of exports from a foreign trading partner to the foreign adversary; (B) acted in a capricious and non-transparent manner to prevent or dissuade consumers from purchasing imports from a foreign trading partner; (C) enacted arbitrary technical barriers to trade in goods and services in response to political actions taken by a foreign trading partner; (D) arbitrarily restricted market access or otherwise limited the import of goods or services from a foreign trading partner; (E) arbitrarily restricted investment in or export of goods or services to a foreign trading partner; and (F) acted in a non-transparent manner to manipulate a private entity with the intent of causing economic harm to or influencing sovereign political actions of a foreign trading partner. (6) Existing mechanisms for trade dispute resolution and international arbitration are inadequate for responding to economic coercion in a timely and effective manner as foreign adversaries exploit plausible deniability and lengthy processes. (7) The United States should provide material support to foreign trading partners affected by economic coercion. (8) Responding to economic coercion will be most effective when the United States provides relief to affected foreign trading partners in coordination with allies and like-minded countries. (9) Such coordination will further demonstrate broad resolve against economic coercion. 3. Definitions In this Act: (1) Economic coercion The term economic coercion means actions, measures, or threats undertaken by a foreign adversary to restrain, obstruct, or manipulate trade, foreign aid, investment, or commerce in an arbitrary, capricious, or non-transparent manner with the intention to cause economic harm or influence sovereign political actions. (2) Export; Export Administration Regulations; in-country transfer; reexport The terms export , Export Administration Regulations , in-country transfer , and reexport have the meanings given those terms in section 1742 of the Export Control Reform Act of 2018 ( 50 U.S.C. 4801 ). (3) Foreign adversary The term foreign adversary has the meaning given that term in section 8(c)(2) of the Secure and Trusted Communications Networks Act of 2019 ( 47 U.S.C. 1607(c)(2) ). (4) Foreign trading partner The term foreign trading partner means a jurisdiction that is a trading partner of the United States. 4. Determination of economic coercion (a) In general If the President determines that a foreign trading partner is subject to economic coercion, the President may exercise any authority described in section 5(a) to support or assist the foreign trading partner in a manner proportionate to the economic coercion. (b) Information; hearings To inform any determination or exercise of authority under subsection (a), the President may— (1) consult with the Secretary of State, the Secretary of Commerce, the United States Trade Representative, and the heads of other Federal agencies, as the President considers appropriate; (2) seek information and advice from and consult with other relevant officers of the United States; and (3) afford other interested parties an opportunity to present relevant information and advice. (c) Consultation with Congress The President shall consult with Congress— (1) before exercising any authority under subsection (a); and (2) regularly for the duration of the exercise of such authority. (d) Notice Not later than 30 days after the date that the President determines that a foreign trading partner is subject to economic coercion or exercises any authority under subsection (a), the President shall publish in the Federal Register— (1) a notice of the determination or exercise of authority; and (2) a description of the circumstances that led to such determination or exercise of authority. 5. Authorities to assist foreign trading partners affected by economic coercion (a) In general The authorities described in this subsection are the following: (1) With respect to goods imported into the United States from a foreign trading partner subject to economic coercion by a foreign adversary— (A) the reduction or elimination of any duties; or (B) the modification of tariff-rate quotas. (2) Requesting appropriations for foreign aid to the foreign trading partner. (3) Expedited decisions with respect to the issuance of licenses for the export or reexport to, or in-country transfer in, the foreign trading partner of items subject to controls under the Export Administration Regulations, consistent with the Export Control Reform Act of 2018 ( 50 U.S.C. 4801 et seq. ). (4) Expedited regulatory processes related to the importation of goods and services into the United States from the foreign trading partner. (5) Requesting the necessary authority and appropriations for sovereign loan guarantees to the foreign trading partner. (6) The waiver of policy requirements (other than policy requirements mandated by an Act of Congress) as necessary to facilitate the provision of financing to support exports to the foreign trading partner. (7) Requesting appropriations for loan loss reserves to facilitate the provision of financing to support United States exports to the foreign trading partner. (8) The exemption of financing provided to support United States exports to the foreign trading partner from section 8(g)(1) of the Export-Import Bank Act of 1945 ( 12 U.S.C. 635g(g)(1) ). (b) Coordination with allies To broaden economic support for a foreign trading partner, the President shall endeavor to coordinate the exercise of the authorities described in subsection (a) with other foreign trading partners. 6. Revocation of determination (a) In general Any determination made by the President under section 4 shall be revoked on the earliest of— (1) the date that is 2 years after the date of such determination; (2) the date of the enactment of a joint resolution revoking the determination; or (3) the date on which the President issues a proclamation revoking the determination. (b) Termination of authorities Any authority described in section 5(a) exercised pursuant to a determination that has been revoked under subsection (a) shall cease to be exercised on the date of such revocation, except that such revocation shall not affect— (1) any action taken or proceeding pending not finally concluded or determined on such date; or (2) any rights or duties that matured or penalties that were incurred prior to such date.