Senate Bill 2713
117th Congress(2021-2022)
Market Economy Sourcing Act
Introduced
Introduced in Senate on Sep 13, 2021
Origin Chamber
Senate
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
2713
Congress
117
Policy Area
Foreign Trade and International Finance
Foreign Trade and International Finance
Primary focus of measure is competitiveness, trade barriers and adjustment assistance; foreign loans and international monetary system; international banking; trade agreements and negotiations; customs enforcement, tariffs, and trade restrictions; foreign investment. Measures concerning border enforcement may fall under Immigration policy area.
No Senate votes have been held for this bill.
Summary
Market Economy Sourcing Act
This bill limits the content from nonmarket economy countries that may be included in free trade agreement qualifying goods.
A nonmarket economy country is a foreign country that does not operate on market principles of cost or pricing structures, so that sales of merchandise in such country do not reflect the fair price of the merchandise.
The bill requires that, during the five-year period following entry into force of a free trade agreement, no more than 20% of a qualifying good may originate in a nonmarket economy country, and no more than 10% thereafter.
September 13, 2021
09/13/2021
Read twice and referred to the Committee on Finance.
09/13/2021
Introduced in Senate
Public Record
Record Updated
Dec 31, 2022 5:35:50 AM