ECON Act

Summary

Economic and Commercial Opportunities and Networks Act of 2022 or the ECON Act This bill addresses economic issues in foreign relations and intellectual property (IP) infringement. The bill expands the criminal offense of trade secrets theft to include the unauthorized modifying or developing of a product in a way that would not be possible without another party's trade secret. This offense shall apply to non-U.S. conduct if the offender attempts to import the product into the United States. Furthermore, the President may impose sanctions against a foreign person (individual or entity) that has committed a significant theft of IP belonging to a U.S. person. The President must also establish or designate a multiagency committee to (1) review petitions alleging such acts of IP theft, and (2) recommend whether to impose sanctions for the alleged theft. The bill also prohibits foreign state-owned entities in international commerce from engaging in predatory pricing, defined in the bill as setting prices for a good below the average variable cost in a manner that may foreseeably harm competition. An injured party may sue in federal court. In deciding such cases, the court may consider the economic support and government subsidies provided by the entity's foreign state owner. Furthermore, the Department of State must establish a pilot program to create economic defense response teams to provide targeted support for countries facing an urgent or specific coercive economic threat from a U.S. adversary. The State Department must establish another pilot program to assist developing partner countries with identifying trade barriers and facilitating trade.

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

Timeline

1. 27 July 2022

   Introduced

   Read twice and referred to the Committee on Foreign Relations.

   Source: IntroReferral

2. 27 July 2022

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 27 July 2022 · Download file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 27 July 2022

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 27 July 2022

  ViewDownloadOpen at official source

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• Introduced in Senate

  summary · EN · 27 July 2022

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Sen. Risch, James E. [R-ID] · R · Sponsor
• · ssfr00 · Standing

Related records

• related to → A bill to provide for the development and implementation of economic defense response teams.
• related to → ECON Act