SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Free and Fair Trade Act of 2011''.

SEC. 2. EXTENSION OF GENERALIZED SYSTEM OF PREFERENCES.

    (a) Extension.--Section 505 of the Trade Act of 1974 (19 U.S.C. 
2465) is amended by striking ``December 31, 2010'' and inserting ``June 
30, 2012''.
    (b) Effective Date.--
            (1) In general.--The amendment made by subsection (a) shall 
        apply to goods entered on or after the 15th day after the date 
        of the enactment of this Act.
            (2) Retroactive application for certain liquidations and 
        reliquidations.--
                    (A) In general.--Notwithstanding section 514 of the 
                Tariff Act of 1930 (19 U.S.C. 1514) or any other 
                provision of law and subject to subparagraph (B), any 
                entry of an article (other than an article described in 
                section 503(b)(5) of the Trade Act of 1974, as amended 
                by section 3(a) of this Act) to which duty-free 
                treatment under title V of the Trade Act of 1974 would 
                have applied if the entry had been made on December 31, 
                2010, that was made--
                            (i) after December 31, 2010; and
                            (ii) before the 15th day after the date of 
                        the enactment of this Act,
                shall be liquidated or reliquidated as though such 
                entry occurred on the date that is 15 days after the 
                date of the enactment of this Act.
                    (B) Requests.--A liquidation or reliquidation may 
                be made under subparagraph (A) with respect to an entry 
                only if a request therefor is filed with U.S. Customs 
                and Border Protection not later than 180 days after the 
                date of the enactment of this Act that contains 
                sufficient information to enable U.S. Customs and 
                Border Protection--
                            (i) to locate the entry; or
                            (ii) to reconstruct the entry if it cannot 
                        be located.
                    (C) Payment of amounts owed.--Any amounts owed by 
                the United States pursuant to the liquidation or 
                reliquidation of an entry of an article under 
                subparagraph (A) shall be paid, without interest, not 
                later than 90 days after the date of the liquidation or 
                reliquidation (as the case may be).
            (3) Definition.--As used in this subsection, the term 
        ``entry'' includes a withdrawal from warehouse for consumption.

SEC. 3. INELIGIBILITY OF CERTAIN SLEEPING BAGS FOR PREFERENTIAL 
              TREATMENT UNDER THE GENERALIZED SYSTEM OF PREFERENCES.

    (a) In General.--Section 503(b) of the Trade Act of 1974 (19 U.S.C. 
2463(b)) is amended by adding at the end the following:
            ``(5) Certain sleeping bags.--An article classifiable under 
        subheading 9404.30.80 of the Harmonized Tariff Schedule of the 
        United States shall not be an eligible article for purposes of 
        subsection (a).''.
    (b) Applicability.--The amendment made by subsection (a) shall 
apply to articles entered, or withdrawn from warehouse for consumption, 
on or after the 15th day after the date of the enactment of this Act.

SEC. 4. EXTENSION OF ANDEAN TRADE PREFERENCE ACT.

    (a) Extension.--Section 208(a) of the Andean Trade Preference Act 
(19 U.S.C. 3206(a)) is amended--
            (1) in paragraph (1)(A), by striking ``February 12, 2011'' 
        and inserting ``June 30, 2012''; and
            (2) in paragraph (2), by striking ``February 12, 2011'' and 
        inserting ``June 30, 2012''.
    (b) Treatment of Certain Apparel Articles.--Section 204(b)(3) of 
the Andean Trade Preference Act (19 U.S.C. 3203(b)(3)) is amended--
            (1) in subparagraph (B)--
                    (A) in clause (iii)--
                            (i) in subclause (II), by striking ``8 
                        succeeding 1-year periods'' and inserting ``9 
                        succeeding 1-year periods''; and
                            (ii) in subclause (III)(bb), by striking 
                        ``and for the succeeding 3-year period'' and 
                        inserting ``and for the succeeding 4-year 
                        period''; and
                    (B) in clause (v)(II), by striking ``7 succeeding 
                1-year periods'' and inserting ``8 succeeding 1-year 
                periods''; and
            (2) in subparagraph (E)(ii)(II), by striking ``February 12, 
        2011'' and inserting ``June 30, 2012''.
    (c) Effective Date.--
            (1) In general.--The amendments made by this section shall 
        apply to articles entered on or after the 15th day after the 
        date of the enactment of this Act.
            (2) Retroactive application for certain liquidations and 
        reliquidations.--
                    (A) In general.--Notwithstanding section 514 of the 
                Tariff Act of 1930 (19 U.S.C. 1514) or any other 
                provision of law and subject to subparagraph (B), any 
                entry of an article to which duty-free treatment or 
                other preferential treatment under the Andean Trade 
                Preference Act would have applied if the entry had been 
                made on February 12, 2011, that was made--
                            (i) after February 12, 2011; and
                            (ii) before the 15th day after the date of 
                        the enactment of this Act,
                shall be liquidated or reliquidated as though such 
                entry occurred on the date that is 15 days after the 
                date of the enactment of this Act.
                    (B) Requests.--A liquidation or reliquidation may 
                be made under subparagraph (A) with respect to an entry 
                only if a request therefor is filed with U.S. Customs 
                and Border Protection not later than 180 days after the 
                date of the enactment of this Act that contains 
                sufficient information to enable U.S. Customs and 
                Border Protection--
                            (i) to locate the entry; or
                            (ii) to reconstruct the entry if it cannot 
                        be located.
                    (C) Payment of amounts owed.--Any amounts owed by 
                the United States pursuant to the liquidation or 
                reliquidation of an entry of an article under 
                subparagraph (A) shall be paid, without interest, not 
                later than 90 days after the date of the liquidation or 
                reliquidation (as the case may be).
            (3) Definition.--As used in this subsection, the term 
        ``entry'' includes a withdrawal from warehouse for consumption.

SEC. 5. OFFSET.

    (a) In General.--Notwithstanding any other provision of law, of all 
unobligated Federal funds available, $2,300,000,000 in appropriated 
discretionary unexpired funds are rescinded.
    (b) Implementation.--Not later than 60 days after the date of the 
enactment of this Act, the Director of the Office of Management and 
Budget shall--
            (1) identify the accounts and amounts rescinded to 
        implement subsection (a); and
            (2) submit a report to the Secretary of the Treasury and 
        Congress of the accounts and amounts identified under paragraph 
        (1) for rescission.
    (c) Exception.--This section shall not apply to the unobligated 
Federal funds of the Department of Defense or the Department of 
Veterans Affairs.

SEC. 6. COMPLIANCE WITH PAYGO.

    The budgetary effects of this Act, for the purpose of complying 
with the Statutory Pay-As-You-Go Act of 2010, shall be determined by 
reference to the latest statement titled ``Budgetary Effects of PAYGO 
Legislation'' for this Act, submitted for printing in the Congressional 
Record by the Chairman of the Senate Budget Committee, provided that 
such statement has been submitted prior to the vote on passage.
Output: Free and Fair Trade Act of 2011 - Amends the Trade Act of 1974 to extend duty-free treatment under the Generalized System of Preferences (GSP) through June 30, 2012.

Requires the liquidation or reliquidation (refund of duties) on such articles that entered into the United States after December 31, 2010, and before the 15th day after enactment of this Act.

Makes ineligible for such treatment certain imported sleeping bags.

Amends the Andean Trade Preference Act (ATPA) to extend duty-free treatment or other preferential treatment of the products of Colombia and Ecuador through June 30, 2012.

Extends through FY2012 preferential treatment for apparel articles assembled in one or more beneficiary countries from regional fabrics or regional components, and specified other type apparel (brassieres).

Requires the liquidation or reliquidation (refund of duties) on such articles that entered into the United States after February 12, 2011, and before the 15th day after enactment of this Act.

Extends the President's authority to take bilateral emergency action to grant duty-free treatment of certain apparel articles imported from an ATPDEA beneficiary country.

Rescinds $2.3 billion in appropriated discretionary unexpired federal funds.