Govwatch

Introduced

In Committee

3

Passed One Chamber

4

Passed Both

5

Signed into Law

Sponsor

Tim Kaine

Democrat · VA · Senator

Votes with party: 53.3% (323 recorded votes)

Full profile: /officials/K000384

Source: Congress.gov · FEC

Cosponsors (15)

Members who have signed on to support this bill since introduction. Source: Congress.gov.

Latest Action

The most recent step in the bill's legislative path. Committee Activity below shows referrals and reports; the full action-by-action history including floor proceedings lives at Congress.gov →

Read twice and referred to the Committee on Finance.

2026-03-11

Source: Congress.gov

Plain-English Summary

Reclaim Trade Powers Act This bill repeals the statute that directs the President to take certain actions, such as imposing a tariff of up to 15% for up to 150 days on articles imported into the United States, when necessary to address large and serious U.S. balance-of-payments deficits or certain other situations that present fundamental international payments problems.

Plain-English rewrite of the Congressional Research Service summary published on Congress.gov. Cached and reviewed.

Subjects

Foreign Trade and International Finance

Full Bill Text

Verbatim text published on Congress.gov via GovInfo. Use Cmd+F / Ctrl+F to search within this excerpt.

[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [S. 4049 Introduced in Senate (IS)] <DOC> 119th CONGRESS 2d Session S. 4049 To repeal section 122 of the Trade Act of 1974 relating to balance-of- payments authority. _______________________________________________________________________ IN THE SENATE OF THE UNITED STATES March 11, 2026 Mr. Kaine (for himself, Mr. Warnock, Mr. Wyden, Mr. King, Mr. Coons, Mr. Welch, Mr. Warner, Mr. Van Hollen, Ms. Klobuchar, Ms. Rosen, Ms. Alsobrooks, Mr. Heinrich, and Mrs. Murray) introduced the following bill; which was read twice and referred to the Committee on Finance _______________________________________________________________________ A BILL To repeal section 122 of the Trade Act of 1974 relating to balance-of- payments authority. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``Reclaim Trade Powers Act''. SEC. 2. REPEAL OF BALANCE-OF-PAYMENTS AUTHORITY. (a) In General.--Section 122 of the Trade Act of 1974 (19 U.S.C. 2132) is repealed. (b) Clerical Amendment.--The table of contents for the Trade Act of 1974 is amended by striking the item relating to section 122. (c) Conforming Amendment.--Section 127(b) of the Trade Act of 1974 (19 U.S.C. 2137(b)) is amended, in the matter preceding subparagraph (A), by striking ``(and from any action under section 122(c))''. <all>

Open clean-text view Read on Congress.gov →

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