United States 118th Congress Status: In Committee 1 R cosponsors

S 367 — ECON Act

Last action — Read twice and referred to the Committee on Foreign Relations.

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  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed Senate
  4. 4
    Passed House
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 118th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

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.

Bill Text

How this bill changes current law

2 changes Share ↗

Compared against current U.S. Code AI-generated reading aid — verify against the official bill.

The bill adds new duties and an award for Foreign Service economic officers to promote economic and commercial opportunities internationally.

  • 22 U.S.C. 3981

    SEC. 506. DUTIES OF ECONOMIC OFFICERS. (a) In General.--The Secretary of State shall direct the economic officers of the Foreign Service--...

    This addition outlines specific duties for economic officers in the Foreign Service, enhancing their roles in promoting U.S. economic and commercial interests.

  • 22 U.S.C. 4001

    SEC. 615. FOREIGN SERVICE AWARDS FOR OUTSTANDING CONTRIBUTIONS TO UNITED STATES ECONOMIC AND COMMERCIAL DIPLOMACY. (a) Establishment.--The Secretary of State shall establish an award to recognize outstanding contributions to advancing United States interests in the areas of economic diplomacy or commercial diplomacy.

    This new section establishes an award for recognition of significant contributions to U.S. economic diplomacy, providing cash awards and certificates.

Action History

  1. Introduced in Senate

  2. Read twice and referred to the Committee on Foreign Relations.

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 546 not signed on

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (546)

546 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

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Subjects

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Frequently asked questions

What does S 367 do?
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.
Who sponsors S 367?
S 367 is sponsored by Risch, James E. (Republican).
What is the current status of S 367?
This bill died with 118th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track S 367?
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