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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.