Economic Revitalization Act

Summary

TABLE OF CONTENTS: Title I: Antidumping and Countervailing Duty Laws Title II: Adjustment to Import Competition Title III: International Unfair Trade Practices Title IV: Provisions Relating to Imports Title V: Negotiating Authority Title VI: Miscellaneous Provisions Economic Revitalization Act - Establishes the Economic Security Council in the Executive Office of the President. Directs the Council to advise the President with respect to the integration of national and international policies relating to economics and trade. Title I: Antidumping and Countervailing Duty Laws - Amends the Tariff Act of 1930 to revise the authority of the administering authority and the International Trade Commission (ITC) to make proprietary information available to interested parties to antidumping duty or countervailing duty investigations under a protective order. (Sec. 102) Declares that "downstream dumping" means a course of conduct in which a product is routinely used as a significant part in the manufacture of merchandise subject to an antidumping duty investigation and such product is purchased at a price: (1) lower than the generally available price in the country of manufacture or production; or (2) lower than such price but for the artificial depression of the generally available price by reason of any subsidy or other sales at below foreign market value. Requires the administering authority to include the amount attributable to the downstream dumping in calculating the amount of any antidumping duty on such merchandise. Requires the administering authority to consider, when deciding whether to impose an antidumping duty on imported merchandise, any determination that an industry producing a product used in the manufacture of such merchandise has been materially injured or threatened with material injury, or the establishment of such an industry in the United States has been materially retarded. (Sec. 103) Provides for treatment of counteravailable subsidies to enterprises or industries in nonmarket economy countries. (Sec. 104) Revises factors to be considered by the ITC with respect to imports subject to an antidumping duty or countervailing duty investigation. (Sec. 105) Revises provisions regarding merchandise subject to an antidumping or countervailing duty order that is assembled with foreign imported parts in the United States or another foreign country than the foreign country to which the order applies. (Sec. 106) Amends the antidumping provision of the Unfair Competition Act of 1916 to revise the predicate of a private cause of action to remove intent to injure or monopolize as a necessary element. Restricts remedies to injunctive relief, or simple damages if injunctive relief cannot be timely provided. Eliminates treble damage awards and criminal penalties. Provides for private enforcement actions. (Sec. 107) Requires the Secretary of Commerce to report annually to the Congress on the antidumping and countervailing duty program. Title II: Adjustment to Import Competition - Amends the Trade Act of 1974 to transfer to the Secretary the responsibilities of the ITC with respect to relief from injury caused by import competition. (Sec. 201) Authorizes a petitioner for import relief to consult with the Secretary (currently, the United States Trade Representative (USTR)) before submitting to him or her a plan to facilitate positive adjustment to import competition. Revises: (1) the method for making "substantial cause" and "affected domestic injury" determinations; and (2) factors the Secretary must take into account when recommending action to relieve a domestic industry from such injury, and help it make a positive adjustment to import competition. Prohibits an investigation for import relief with respect to articles that have been the subject of certain actions with respect to an orderly marketing agreement. Title III: Unfair International Trade Practices - Amends the Trade Act of 1974 to require the USTR to identify U.S. trade liberalization priorities no later than September 30 of each calendar year. Adds specified congressional committees to the list of those to which the USTR must report about such priorities. Makes any of such committees eligible to file a petition with respect to import barriers and market distorting practices of foreign countries whenever it determines (by resolution) that an investigation should be initiated. (Sec. 301) Requires the ITC to take specified trade relief action if it determines that a priority practice constitutes an act, policy, or practice of a foreign country that is unreasonable or discriminatory and burdens or restricts U.S. commerce. (Sec. 302) Authorizes an interested person to request a USTR review to determine whether a foreign country is in compliance with any trade agreement it has with the United States. Requires the USTR to take specified actions with respect to a foreign country's noncompliance with an agreement. (Sec. 303) Requires the National Trade Estimate to include an enumeration of the ten most significant trade deficits between the United States and other countries on an industry-by-industry basis. Title IV: Provisions Relating to Imports - Urges the President to propose to the United Nations Economic and Social Rights Committee that the Convention for the Rights of the Child, which is to be submitted to the General Assembly of the United Nations, include a worldwide ban on trade in products of child labor (employment of children under 15). (Sec. 401) Directs the Secretary of Labor to undertake periodic reviews to identify countries: (1) which have not adopted or are not enforcing prohibitions against child labor in the production of products; and (2) which have exported products of child labor continually to the United States. Authorizes any person to file a petition with the Secretary requesting that a particular foreign country be identified as such a country. Prohibits the Secretary of the Treasury from permitting the entry of any product from such a country, with certain exceptions, during the effective identification period. Sets forth civil and criminal penalties for attempting to enter into the United States a prohibited product. (Sec. 402) Prohibits: (1) the importation or transportation in interstate commerce of products of forced labor in foreign countries (except those vital to national security); and (2) U.S. nationals from investing in, or making loans to, a foreign joint venture involving the use of forced labor. Sets forth civil penalties for violations of such prohibitions. Provides for private enforcement actions, including awards of treble damages to injured domestic competitors. Title V: Negotiating Authority - Amends the Omnibus Trade and Competitiveness Act of 1988 to repeal provisions authorizing the President to proclaim modification or continuance of existing duties, continuance of existing duty-free or excise treatment, or such additional duties to carry out trade agreements regarding unfair trade barriers by foreign countries. (Sec. 502) Amends the Trade Act of 1974 and the Omnibus Trade and Competitiveness Act of 1988 to repeal provisions relating to: (1) congressional "fast track" procedures for implementation of trade agreements on tariff and nontariff barriers; (2) bilateral trade agreements on such barriers; and (3) resolutions approving commercial agreements with Communist countries. (Sec. 503) Amends the National Environmental Policy Act of 1969 to require Federal agencies to include an environmental impact statement in every recommendation or report on proposals for legislation and other major Federal actions significantly affecting bilateral and multilateral negotiations with other countries on trade or other matters. (Sec. 504) Amends the Trade Act of 1974 to require the inclusion of representatives of environmental, consumer, and health and safety interests on the Advisory Committee for Trade Policy and Negotiations, specified general policy advisory committees, and certain sectoral or functional advisory committees. Title VI: Miscellaneous Provisions - Directs the Secretary of the Treasury to prohibit for three years any multiple customs law offender from: (1) introducing or attempting to introduce foreign goods into U.S. commerce; or (2) engaging or attempting to engage any other person to introduce, on such offender's behalf, foreign goods into U.S. commerce. (Sec. 602) Amends the Foreign Trade Zones Act to prohibit the Foreign Trade Zone Board from establishing manufacturing subzones unless it finds that certain U.S. trade benefits will result. (Sec. 603) Amends the Trade Expansion Act of 1962 to repeal a provision of procedures for congressional disapproval of presidential action to adjust imports of petroleum that threaten to impair national security. (Sec. 604) Amends the Foreign Agents Registration Act of 1938 to provide that a foreign principal shall be considered to control a person in major part if such principal holds at least 50 percent equitable ownership in such person. Replaces references to: (1) "agent" with "representative"; and (2) "propaganda" with "promotional material." Requires representatives of foreign principals engaging in private and nonpolitical activities who are relying on exemptions to registration requirements to notify the Attorney General. Establishes within the Criminal Division of the Department of Justice a section to enforce the Foreign Agents Registration Act of 1938, provisions of the Federal criminal code added by this Act, and all other laws relating to lobbying activities in the United States. Amends the Federal criminal code to prohibit the President, Vice President, specified Federal officials, members of the uniformed services, and Members of Congress, for specified time periods after their service has ceased, from acting as agents or attorneys for compensation in matters (with specified exceptions) in which the United States is a party or has a direct and substantial interest for: (1) a foreign government or political party; (2) a person outside of the United States, unless such person is a U.S. citizen; or (3) a combination of persons organized under the laws of, or having its principal place of business in, a foreign country. (Sec. 605) Amends the Tariff Act of 1930 to specify additional factors to be considered in determining the "transaction value" and "computed value" of imported merchandise with regard to the imposition of customs duties. (Sec. 606) Directs the Attorney General to take appropriate action to initiate export foreclosure antitrust cases under the Sherman Act and any other appropriate antitrust law. Requires the Attorney General to develop a list of practices that are to be the subject of such actions and the countries in which such practices occur, organized in order of priority based upon their economic impact. (Sec. 607) Amends the Securities Exchange Act of 1934 to eliminate certain quarterly reports that issuers of registered securities must file with the Securities and Exchange Commission. (Sec. 608) Amends the Trade Act of 1974 to require the Secretary of Labor to publish a quarterly report of notices U.S. firms should provide before relocating to a foreign country (runaway plants). (Sec. 609) Amends the Defense Production Act of 1950 to require the President to investigate (conduct an Exon-Florio review) to determine the effects on national security in any instance in which a person seeks to engage in a merger, acquisition, or takeover which could result in control of a person doing business in critical technologies in interstate commerce in the United States. (Sec. 610) Directs the Secretary of the Treasury to increase the number of Internal Revenue Service officers and employees whose primary responsibility is determining taxable income substantially affected by transfer pricing between related entities. (Sec. 611) Transfers ITC functions to the Department of Commerce. Terminates the ITC. (Sec. 612) Transfers the Overseas Private Investment Corporation (OPIC) and the Export-Import Bank of the United States to the Department of Commerce. (Sec. 613) Establishes the National Oceanic and Atmospheric Agency (NOAA) as an independent Federal agency. (Sec. 614) Imposes a ten percent surcharge on imported goods. Amends the Internal Revenue Code to increase, and make permanent, the allowable credit for businesses for increasing research activities.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 10 August 1995

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 10 August 1995

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 10 August 1995

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.