0
EUROPE Act
12/29/2022, 9:48 PM
Summary of Bill HR 6944
One key component of the EUROPE Act is the promotion of trade and investment between the US and Europe. The bill calls for the removal of trade barriers and the facilitation of business partnerships to boost economic growth on both sides of the Atlantic. Additionally, the legislation seeks to enhance cooperation on issues such as cybersecurity, counterterrorism, and defense to ensure the security of both regions.
Furthermore, the EUROPE Act emphasizes the importance of diplomatic engagement with European countries. The bill encourages the US to work closely with European allies on global challenges, such as climate change, human rights, and democracy promotion. By strengthening diplomatic ties, the legislation aims to foster a more united front in addressing international issues. Overall, the EUROPE Act is a comprehensive piece of legislation that seeks to deepen the relationship between the United States and Europe across various sectors. By promoting economic cooperation, enhancing security partnerships, and prioritizing diplomatic engagement, the bill aims to strengthen the transatlantic alliance and promote shared values and interests between the two regions.
Congressional Summary of HR 6944
Energy Unleashing in Response to the Offenses of Putin against Europeans Act or the EUROPE Act
This bill expedites approvals for natural gas exports to certain countries, imposes sanctions related to Russia, and addresses various energy-related issues.
Under this bill, an application to export natural gas to a country with a mutual defense treaty with the United States must be (1) deemed consistent with the public interest, and (2) granted without modification or delay. Further, the Federal Energy Regulatory Commission must expedite the approval for liquefied natural gas terminals intended for exporting natural gas to one or more of such treaty countries.
The Department of the Interior must immediately resume oil and gas leasing on public land and offshore waters without further review.
The bill also requires the President to, subject to various exceptions and conditions, impose sanctions related to (1) Russia's central bank, and (2) foreign financial institutions that knowingly facilitate transactions with Russia's central bank or other sanctioned Russian financial institutions.
The Export-Import Bank (Ex-Im Bank) must make assistance available to finance exports directly regarding clean energy technology, energy infrastructure, and the production of natural resources, with the goal of using at least 25% of its annual authorizations for such assistance. The Ex-Im Bank must set a goal to maximize the amount financed in certain situations, such as when an international strategic competitor is likely competing against a U.S. exporter for an energy-related contract.
