Trading System Preservation Act
12/15/2023, 4:05 PMSummary of Bill S 446
Bill 118 s 446, also known as the Trading System Preservation Act, is a piece of legislation currently being considered by the US Congress. The main purpose of this bill is to protect and preserve the integrity of the US trading system by implementing various measures to prevent fraud, manipulation, and other illegal activities within the financial markets.One of the key provisions of the Trading System Preservation Act is the establishment of stricter regulations and oversight for high-frequency trading, which involves the use of sophisticated algorithms to execute large numbers of trades in a fraction of a second. This practice has been criticized for creating instability in the markets and giving unfair advantages to certain traders.
Additionally, the bill aims to enhance transparency in the trading system by requiring more detailed reporting of trades and transactions, as well as increasing penalties for those found guilty of market manipulation or insider trading. It also seeks to improve coordination between regulatory agencies and promote cooperation with international partners to combat cross-border market abuses. Overall, the Trading System Preservation Act is designed to strengthen the regulatory framework governing the US financial markets and ensure that they operate in a fair and efficient manner. Supporters of the bill argue that it will help restore confidence in the trading system and protect investors from fraudulent activities, while critics raise concerns about potential unintended consequences and the impact on market liquidity.
Congressional Summary of S 446
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, 2028. 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.
Current Status of Bill S 446
Bill S 446 is currently in the status of Bill Introduced since February 15, 2023. Bill S 446 was introduced during Congress 118 and was introduced to the Senate on February 15, 2023. Bill S 446's most recent activity was Read twice and referred to the Committee on Finance. as of February 15, 2023Bipartisan Support of Bill S 446
Total Number of Sponsors
1Democrat Sponsors
1Republican Sponsors
0Unaffiliated Sponsors
0Total Number of Cosponsors
2Democrat Cosponsors
0Republican Cosponsors
2Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill S 446
Primary Policy Focus
Foreign Trade and International FinanceAlternate Title(s) of Bill S 446
Trading System Preservation ActTrading System Preservation ActA bill to provide the President with authority to enter into certain plurilateral trade agreements with benefits only applying to signatories of those agreements, and for other purposes.Comments
Most relevant
Sponsors and Cosponsors of S 446
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