Bill > S4049

This bill, titled the "Reclaim Trade Powers Act," proposes to repeal section 122 of the Trade Act of 1974, which grants the President authority related to balance-of-payments adjustments. Balance-of-payments refers to the record of all financial transactions between a country and the rest of the world, and the authority in question allowed the President to take certain actions if the United States experienced significant balance-of-payments deficits. By repealing this section, the bill aims to remove this specific presidential trade power, and it also includes conforming amendments to update other parts of the Trade Act of 1974 to reflect this change.

Budget and Finance

https://www.congress.gov/bill/119th-congress/senate-bill/4049/all-info