S. 3708 · 117th Congress
Trading System Preservation Act
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Never voted on. It didn't reach a floor vote before the 117th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
PortmanSponsor1 cosponsor · 1 D
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill authorizes the President to enter into covered plurilateral trade agreements.
What it does: CRS summary · Introduced in Senate · Feb 28, 2022
Trading System Preservation Act
This bill authorizes the President to enter into covered plurilateral trade agreements. Covered plurilateral trade agreement refers to a sector-specific agreement within the framework of the World Trade Organization (WTO) involving foreign countries or foreign territories that form a subset of the members of the WTO that does not extend benefits on a most-favored-nation basis.
Specifically, the bill requires the U.S. Trade Representative to provide a classified briefing to specified congressional committees on the feasibility and advisability of pursuing and adopting covered plurilateral trade agreements.
After the congressional briefing, the bill directs the President to initiate negotiations for a covered plurilateral trade agreement when the President determines it is in the national interest to do so.
The bill authorizes the President to enter into these agreements in specified sectors of the economy (e.g., digital services and pharmaceuticals), with such authority expiring on July 1, 2027. Further, the President may proclaim a modification or continuance of any existing duty or continuance of existing excise or duty-free treatment to carry out an agreement.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Trading System Preservation Act
Latest action (Feb 28, 2022): Read twice and referred to the Committee on Finance.
Policy area: Foreign Trade and International Finance · Origin: Senate · Introduced: Feb 28, 2022
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.