Sec. 3. Amendment to the International Emergency Economic Powers Act

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The International Emergency Economic Powers Act ( 50 U.S.C. 1701 et seq. ) is amended by adding at the end the following: In this section: The term appropriate congressional committees — means— the Committee on Foreign Relations of the Senate; and the Committee on Foreign Affairs of the House of Representatives; and includes— with respect to the exercise of any authority under subsection (c)(1)(A), (c)(1)(D), or (c)(2)— the Committee on Finance of the Senate; and the Committee on Ways and Means of the House of Representatives; and with respect to the exercise of any authority under subsection (c)(1)(B) or (b)(1)(G)— the Committee on Appropriations of the Senate; and the Committee on Appropriations of the House of Representatives; and with respect to the exercise of any authority under subparagraphs

(F)or

(H)of subsection (c)(1)— the Committee on Banking, Housing, and Urban Affairs of the Senate; and the Committee on Financial Services of the House of Representatives. The term economic coercion means actions, practices, or threats undertaken by a foreign adversary to unreasonably 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 to achieve strategic political objectives or influence sovereign political actions. 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 ). 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) ). The term foreign trading partner means any partner or allied jurisdiction that trades with the United States. If the President determines that a foreign trading partner is subject to economic coercion by a foreign adversary, the President may exercise, in a manner proportionate to the economic coercion, any authority described— in subsection (c)(1) to support or assist the foreign trading partner; or in subsection (c)(2) to penalize the foreign adversary. To inform any determination or exercise of authority under subparagraph (A), the President shall— obtain the written opinion and analysis of the Secretary of State, the Secretary of Commerce, the Secretary of the Treasury, the United States Trade Representative, and the heads of other Federal agencies, as the President considers appropriate; seek information and advice from and consult with other relevant officers of the United States; and afford other interested parties an opportunity to present relevant information and advice. The President shall consult with the appropriate congressional committees— not later than 10 days before exercising any authority under this paragraph; and not less frequently than once every 180 days for the duration of the exercise of such authority. 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 subparagraph (A), the President shall publish in the Federal Register— a notice of the determination or exercise of authority; and a description of the economic coercion that the foreign adversary is applying to the foreign trading partner and other circumstances that led to such determination or exercise of authority. If the Secretary of State determines that a foreign trading partner is subject to economic coercion by a foreign adversary, the Secretary of State or the head of the relevant Federal agency may exercise any authority described in subparagraphs

(B)through

(G)of subsection (c)(1). Not later than 10 days after a determination under subparagraph (A), the Secretary of State shall submit to the appropriate congressional committees a notice of such determination. Not later than 10 days after the exercise of any authority described in subparagraphs

(B)through

(G)of subsection (c)(1) that relies on the determination for which the Secretary of State submitted notice under clause (i), the Secretary of State or the head of the relevant Federal agency relying on such determination shall submit to the appropriate congressional committees a notice of intent to exercise such authority, but not more frequently than once every 90 days. Any determination made by the President under paragraph

(1)or Secretary of State under paragraph

(2)shall be revoked on the earliest of— the date that is two years after the date of such determination; the date of the enactment of a joint resolution of disapproval revoking the determination; or the date on which the President issues a proclamation revoking the determination. Any authority described in subsection (c)(1) exercised pursuant to a determination that has been revoked under subparagraph

(A)shall cease to be exercised on the date of such revocation, except that such revocation shall not affect— any action taken or proceeding pending not finally concluded or determined on such date; or any rights or duties that matured or penalties that were incurred prior to such date. The authorities described in this subsection are the following: Subject to subsection (e), with respect to goods imported into the United States from a foreign trading partner subject to economic coercion by a foreign adversary— the reduction or elimination of duties; or the modification of tariff-rate quotas. Requesting appropriations for foreign aid to the foreign trading partner. 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. ). Expedited regulatory processes related to the importation of goods and services into the United States from the foreign trading partner. Requesting the necessary authority and appropriations for sovereign loan guarantees to the foreign trading partner. 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. Requesting appropriations for loan loss reserves to facilitate the provision of financing to support United States exports to the foreign trading partner. 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) ). Subject to subsection (e), with respect to goods imported into the United States from a foreign adversary engaged in economic coercion of a foreign trading partner, the authorities described in this subsection are the following: The increase in duties. The modification of tariff-rate quotas. After a determination by the President that a foreign trading partner is subject to economic coercion by a foreign adversary, the President shall endeavor to coordinate— the exercise of the authorities described in subsection

(c)with other allies and partners, in order to broaden economic support to the foreign trading partner affected by economic coercion; and with allies and partners to issue joint condemnation of the actions of the foreign adversary and support for the foreign trading partner. The Secretary of State, in coordination with the heads of relevant agencies, shall endeavor— to encourage allies and partners to create mechanisms and authorities necessary to facilitate the coordination under paragraph (1)(A); to coordinate with allies and partners to broaden international opposition to economic coercion; to coordinate with allies and partners to deter the use of economic coercion by foreign adversaries; and to engage with allies and partners to gather information about possible instances of economic coercion and share such information with the appropriate congressional committees. The authority described in subsection (c)(1)(A)— does not include the authority to reduce or eliminate antidumping or countervailing duties imposed under title VII of the Tariff Act of 1930 ( 19 U.S.C. 1671 et seq. ); may only apply to an article if— such article is— designated by the President as an eligible article for purposes of the Generalized System of Preferences under section 503 of the Trade Act of 1974 ( 19 U.S.C. 2463 ); and imported directly from the foreign trading partner into the customs territory of the United States; and the sum of the cost or value of the materials produced in the foreign trading partner and the direct costs of processing operations performed in such foreign trading partner is not less than 35 percent of the appraised value of such article at the time it is entered; and may not apply to any article that is the product of the foreign trading partner by virtue of having merely undergone— simple combining or packaging operations; or mere dilution with water or another substance that does not materially alter the characteristics of the article. Before exercising any authority described in paragraph (1)(A) or

(2)of subsection (c), the President shall submit to the appropriate congressional committees a notice of intent to exercise such authority that includes a description of— the circumstances that merit the exercise of such authority; the expected effects of the exercise of such authority on the economy of the United States and businesses, workers, farmers, and ranchers in the United States; the expected effects of the exercise of such authority on the foreign trading partner; and the expected effects of the exercise of such authority on the foreign adversary. During the period of 45 calendar days beginning on the date on which the President submits a notice of intent under subparagraph (A), the appropriate congressional committees should hold hearings and briefings and otherwise obtain information in order to fully review the proposed exercise of authority. Notwithstanding any other provision of law, during the period for congressional review described in clause

(i)of a notice of intent submitted under subparagraph (A), the President may not take the proposed exercise of authority unless a joint resolution of approval with respect to that exercise of authority is enacted. Notwithstanding any other provision of law, if a joint resolution of disapproval relating to a notice of intent submitted under subparagraph

(A)is enacted during the period for congressional review described in clause (i), the President may not take the proposed exercise of authority. In this section: The term joint resolution of approval means only a joint resolution of either House of Congress— which does not have a preamble; the title of which is as follows: A joint resolution approving the President’s exercise of authority under section 209(c) of the International Emergency Economic Powers Act. ; and the sole matter after the resolving clause of which is as follows: That Congress approves the exercise of authority by the President under section 209(c) of the International Emergency Economic Powers Act, submitted to Congress on ___. , with the blank space being filled with the appropriate date. The term joint resolution of disapproval means— with respect to the determination in subsection (b)(1), per the revocation outlined in subsection (b)(3), only a joint resolution of either House of Congress— which does not have a preamble; the title of which is as follows: A joint resolution disapproving the President’s determination under section 209(b) of the International Emergency Economic Powers Act. ; and the sole matter after the resolving clause of which is as follows: That Congress disapproves the determination of the President under section 209(b) of the International Emergency Economic Powers Act, published in the Federal Register on ___. , with the blank space being filled with the appropriate date; and with respect to an expedited determination under subsection (b)(2), per the revocation outlined in subsection (b)(3), only a joint resolution of either House of Congress— which does not have a preamble; the title of which is as follows: A joint resolution disapproving the Secretary of State’s determination under section 209(b) of the International Emergency Economic Powers Act. ; and the sole matter after the resolving clause of which is as follows: That Congress disapproves the determination of the Secretary of State under section 209(b) of the International Emergency Economic Powers Act, submitted to Congress on ___. , with the blank space being filled with the appropriate date; and with respect to the exercise of authorities in subsection (c), per the limitations outlined in subsection (e)(2), only a joint resolution of either House of Congress— which does not have a preamble; the title of which is as follows: A joint resolution disapproving the President’s exercise of authority under section 209(c) of the International Emergency Economic Powers Act. ; and the sole matter after the resolving clause of which is as follows: That Congress disapproves the exercise of authority by the President under section 209(c) of the International Emergency Economic Powers Act, submitted to Congress on ___. , with the blank space being filled with the appropriate date. During a period of 5 legislative days beginning on the date that a notice of determination is published in the Federal Register in accordance with subsection (b)(1)(D) or submitted to the appropriate congressional committees in accordance with subsection (b)(2)(B)(i) or a notice of intent is submitted to the appropriate congressional committees in accordance with subsection (b)(2)(B)(ii) or subsection (e)(2)(A), a joint resolution of approval or a joint resolution of disapproval may be introduced in the House of Representatives by the majority leader or the minority leader. During a period of 5 days on which the Senate is in session beginning on the date that a notice of determination is published in the Federal Register in accordance with subsection (b)(1)(D) or submitted to the appropriate congressional committees in accordance with subsection (b)(2)(B)(i) or a notice of intent is submitted to the appropriate congressional committees in accordance with subsection (b)(2)(B)(ii) or subsection (e)(2)(A), a joint resolution of approval or a joint resolution of disapproval may be introduced in the Senate by the majority leader (or the majority leader’s designee) or the minority leader (or the minority leader’s designee). If a committee of the House of Representatives to which a joint resolution of approval or joint resolution of disapproval has been referred has not reported such joint resolution within 10 legislative days after the date of referral, that committee shall be discharged from further consideration of the joint resolution. In the House of Representatives, the following procedures shall apply to a joint resolution of approval or a joint resolution of disapproval: Beginning on the third legislative day after each committee to which a joint resolution of approval or joint resolution of disapproval has been referred reports it to the House of Representatives or has been discharged from further consideration of the joint resolution, it shall be in order to move to proceed to consider the joint resolution in the House of Representatives. All points of order against the motion are waived. Such a motion shall not be in order after the House of Representatives has disposed of a motion to proceed on a joint resolution with regard to the same certification. The previous question shall be considered as ordered on the motion to its adoption without intervening motion. The motion shall not be debatable. A motion to reconsider the vote by which the motion is disposed of shall not be in order. The joint resolution shall be considered as read. All points of order against the joint resolution and against its consideration are waived. The previous question shall be considered as ordered on the joint resolution to final passage without intervening motion except two hours of debate equally divided and controlled by the sponsor of the joint resolution (or a designee) and an opponent. A motion to reconsider the vote on passage of the joint resolution shall not be in order. A joint resolution of approval or a joint resolution of disapproval introduced in the Senate shall be referred to the Committee on Foreign Relations. If the Committee on Foreign Relations has not reported a joint resolution of approval or a joint resolution of disapproval within 10 days on which the Senate is in session after the date of referral of such joint resolution, that committee shall be discharged from further consideration of such joint resolution and the joint resolution shall be placed on the appropriate calendar. Notwithstanding Rule XXII of the Standing Rules of the Senate, it is in order at any time after the Committee on Foreign Relations reports the joint resolution of approval or the joint resolution of disapproval to the Senate or has been discharged from its consideration (even though a previous motion to the same effect has been disagreed to) to move to proceed to the consideration of the joint resolution, and all points of order against the joint resolution (and against consideration of the joint resolution) shall be waived. The motion to proceed is not debatable. The motion is not subject to a motion to postpone. A motion to reconsider the vote by which the motion is agreed to or disagreed to shall not be in order. If a motion to proceed to the consideration of the joint resolution of approval or the joint resolution of disapproval is agreed to, the joint resolution shall remain the unfinished business until disposed. Debate on a joint resolution of approval or a joint resolution of disapproval, and on all debatable motions and appeals in connection with such joint resolution, shall be limited to not more than 10 hours, which shall be divided equally between the majority and minority leaders or their designees. A motion to further limit debate is in order and not debatable. An amendment to, or a motion to postpone, or a motion to proceed to the consideration of other business, or a motion to recommit the joint resolution is not in order. The vote on passage shall occur immediately following the conclusion of the debate on the joint resolution of approval or the joint resolution of disapproval and a single quorum call at the conclusion of the debate, if requested in accordance with the rules of the Senate. Appeals from the decisions of the Chair relating to the application of the rules of the Senate, as the case may be, to the procedure relating to the joint resolution of approval or the joint resolution of disapproval shall be decided without debate. Debate in the Senate of any veto message with respect to the joint resolution of approval or the joint resolution of disapproval, including all debatable motions and appeals in connection with such joint resolution, shall be limited to 10 hours, to be equally divided between, and controlled by, the majority leader and the minority leader or their designees. Except as otherwise provided in this section, the following procedures shall apply in the Senate to a joint resolution of approval or a joint resolution of disapproval to which this section applies: Except as provided in subparagraph (B), a joint resolution of approval or a joint resolution of disapproval that has passed the House of Representatives shall, when received in the Senate, be referred to the Committee on Foreign Relations for consideration in accordance with this subsection. If a joint resolution of approval or a joint resolution of disapproval to which this section applies was introduced in the Senate before receipt of a joint resolution of approval or a joint resolution of disapproval that has passed the House of Representatives, the joint resolution from the House of Representatives shall, when received in the Senate, be placed on the calendar. If this paragraph applies, the procedures in the Senate with respect to a joint resolution of approval or a joint resolution of disapproval introduced in the Senate that contains the identical matter as a joint resolution of approval or a joint resolution of disapproval that passed the House of Representatives shall be the same as if no joint resolution of approval or joint resolution of disapproval had been received from the House of Representatives, except that the vote on passage in the Senate shall be on the joint resolution of approval or the joint resolution of disapproval that passed the House of Representatives. This subsection is enacted by Congress— as an exercise of the rulemaking power of the Senate and the House of Representatives, respectively, and as such is deemed a part of the rules of each House, respectively, but applicable only with respect to the procedure to be followed in that House in the case of a joint resolution of approval or a joint resolution of disapproval under this subparagraph, and supersedes other rules only to the extent that it is inconsistent with such rules; and with full recognition of the constitutional right of either House to change the rules (so far as relating to the procedure of that House) at any time, in the same manner, and to the same extent as in the case of any other rule of that House. .

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Sec. 3

Amendment to the International Emergency Economic Powers Act

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