Senators Introduce Bipartisan Legislation to Counter International Predatory Economic Practices
WASHINGTON, D.C. – U.S. Senators Todd Young (R-Ind.), Jeff Merkley (D-Ore.), Marco Rubio (R-Fla.), and Chris Coons (D-Del.), members of the Senate Foreign Relations Committee, have introduced legislation requiring the President and future administrations to regularly produce and submit to Congress a National Economic Security Strategy. Based on the belief that the national security of the United States depends in large part on a vibrant, growing, and secure economy, the legislation seeks to ensure the U.S. responds in the most effective manner possible to international predatory economic practices.
“America’s national security rests on an economic foundation, and predatory economic practices by China and others have undermined that foundation for years. If left unaddressed, these predatory practices will further endanger not only the prosperity of Americans, but also our security, and we must respond in a smart, multilateral, and strategic manner,” said Senator Young. “This bipartisan legislation would help ensure that all federal departments and agencies have clear and coordinated policies to promote and protect our nation’s economic security.”
“International trade done right can boost our nation’s economy, but without a level playing field it all too often hurts Americans’ ability to earn a living and contributes to a global race to the bottom in labor and environmental standards,” said Senator Merkley. “This bipartisan bill would help ensure that America has a plan in place to combat the negative effects of other countries’ predatory economic strategies.”
“America’s strategic competitors seek to challenge our interests, weaken our alliances and partnerships, and disrupt our way of life,” said Senator Rubio. “By requiring the President to put forth a national economic security strategy, this legislation is an important step in confronting the challenges the United States faces in the 21st century.”
“A strong U.S. economy is vital to the prosperity and security of the American people. I am proud to cosponsor this bipartisan legislation requiring the Administration to develop a national economic security strategy that will foster free and fair economic relationships, promote U.S. industry and innovation, and reduce threats to our nation’s economy. I am pleased that this bill also requires the Administration to develop specific plans to ensure fair competition for American workers and families and to promote environmental stewardship,” said Senator Coons.
The National Economic Security Strategy Act of 2018 (S.2757) explains why a National Economic Security Strategy (NESS) is necessary and creates a statutory requirement for the production and submission of the strategy to Congress. An initial NESS would be required 180 days after enactment of the bill, and subsequent versions would be required following the inauguration of a new President or production of a new National Security Strategy. The NESS would complement the National Security Strategy, focusing in more detail on U.S. economic interests. Informed by the best scholarship regarding strategy formulation, the legislation details at length what the NESS must include. Its goal is to ensure federal policies, statutes, regulations, and procedures are optimally designed and implemented to facilitate the competitiveness, prosperity, and security of the United States.
Click here to view the bill text.