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ECON Act
12/15/2023, 4:05 PM
Summary of Bill S 367
The ECON Act aims to achieve this goal by requiring federal agencies to conduct a cost-benefit analysis before implementing any new regulations. This analysis would assess the potential economic impact of the regulation, including its effect on job creation, small businesses, and overall economic growth.
Additionally, the bill includes provisions to increase transparency and accountability in the regulatory process. It requires agencies to provide detailed justifications for new regulations and to consider input from affected stakeholders, such as businesses, before finalizing any rules. Overall, the ECON Act is intended to streamline the regulatory process and make it more efficient and effective in promoting economic growth. Supporters of the bill argue that reducing unnecessary regulations will help businesses thrive and create more jobs, ultimately benefiting the economy as a whole. Opponents of the bill, however, raise concerns that it could weaken important regulations that protect public health, safety, and the environment. They argue that a focus on deregulation could lead to negative consequences, such as increased pollution or unsafe working conditions. As of now, the ECON Act is still in the early stages of the legislative process and has not yet been passed into law. It will continue to be debated and potentially amended as it makes its way through Congress.
Congressional Summary of S 367
Economic and Commercial Opportunities and Networks Act of 2023 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.
