Floor SpeechNeutral2026-06-08

PRODUCING RETURNS AND OPPORTUNITY FOR INVESTMENT AND TRADE ACT OF 2026

EconomyTaxesEnvironmentForeign PolicyTrade

Context

On 2026-06-08, Representative Ami Bera (D-CA-6) delivered a floor speech titled "PRODUCING RETURNS AND OPPORTUNITY FOR INVESTMENT AND TRADE ACT OF 2026" in the House.

Full Text

PRODUCING RETURNS AND OPPORTUNITY FOR INVESTMENT AND TRADE ACT OF 2026

Congressional Record, Volume 172 Issue 96 (Monday, June 8, 2026) [Congressional Record Volume 172, Number 96 (Monday, June 8, 2026)] [House] [Pages H3950-H3954] From the Congressional Record Online through the Government Publishing Office [ www.gpo.gov ] PRODUCING RETURNS AND OPPORTUNITY FOR INVESTMENT AND TRADE ACT OF 2026 Mr. MAST. Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 5248) to ensure the alignment of economic and foreign policies, to position the Department of State to reflect that economic security is national security, and for other purposes. The Clerk read the title of the bill. The text of the bill is as follows: H.R. 5248 Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, TITLE V--ECONOMIC AFFAIRS SEC. 501. UNDER SECRETARY FOR ECONOMIC AFFAIRS. (a) Establishment.--There shall be in the Department an Under Secretary for Economic Affairs who shall be responsible to the Secretary for matters pertaining to economic growth, commercial expansion, energy, technology policy and innovation, scientific research, commercial outer space affairs, critical minerals, water and the environment, protection of natural resources, sanctions policies, and such other related duties as the Secretary may from time to time designate. (b) Responsibilities.--In addition to the responsibilities described under subsection (a), the Under Secretary for Economic Affairs shall maintain continuous observation and coordination of all matters pertaining to economic and business affairs in the conduct of foreign policy, including, as appropriate, the following: (1) Preparing an annual strategic plan for expanding opportunities for United States private sector companies in international markets, coordinating the use of sanctions to achieve national security objectives, promoting international trade and investment, developing international policies around new and emerging technologies, ensuring United States leadership in science and technology, protecting natural resources, and promoting United States energy interests. (2) Developing policies for consideration by the Secretary to promote economic growth, facilitate market access, create business enabling environments abroad, expand trade and investment opportunities for United States companies, promote United States energy exports and energy security, conserve and manage economically important ecosystems and resources, expand access to critical minerals abroad, support United States civil and commercial space governance, promote international standards, policies, and best practices for emerging technology that facilitate United States economic growth, and safeguard the preeminence of the United States dollar in international markets. (3) Promoting United States international economic interests to be addressed in the Biannual National Economic Security Strategy Report, coordinated by the Office of the Chief Economist. (4) Attending and participating in meetings of the National Security Council, and National Space Council, when applicable, at the direction of the Secretary, for matters related to economic growth, energy, and commercial expansion, commercial outer space affairs, oceans, science and technology developments, natural resource protection, and fulfill the role of Foreign Affairs Sous Sherpa relating to the activities of the Group of Seven Industrial Nations (G- 7). (5) Providing guidance to Department personnel in the United States and overseas who conduct or implement policies, programs, and activities related to economic growth, energy, and commercial expansion, science and technology affairs, natural resource conservation, and civil and commercial activities in outer space. (6) Coordinating activities related to promoting economic growth, facilitating market access, creating business enabling environments abroad, expanding trade and investment opportunities, promoting of energy exports, conserving and managing economically important ecosystems and resources, expanding access to critical minerals, maintaining United States leadership in science, technology, and outer space, and safeguarding the preeminence of the United States dollar in international markets. (7) As directed by the Secretary, representing the Department at interdepartmental meetings including the National Economic Council, Homeland Security Council, Council on Environmental Quality, and in providing policy advice to the Secretary on matters under consideration by these groups. (c) First Appointment.--On the date of the enactment of this Act, the individual serving before such date of enactment as the Under Secretary for Economic Growth, Energy and the Environment shall be the Under Secretary for Economic Affairs. Any subsequent appointment of an individual to the position of Under Secretary for Economic Affairs shall be subject to the advice and consent of the Senate. SEC. 502. ADMINISTRATION OF THE INTERNATIONAL TECHNOLOGY SECURITY AND INNOVATION FUND. Section 102(c) of the CHIPS Act of 2022 (Public Law 117- 167; 136 Stat. 1375) is amended-- (1) in paragraph (1)-- (A) by inserting ``, acting through the Under Secretary of State for Economic Affairs'' after ``Secretary of State''; and (B) by adding at the end the following: ``Within the Department of State, the Fund shall be overseen and administered by the Under Secretary for Economic Affairs.''. (2) in paragraph (2)(B), by inserting ``, acting through the Under Secretary of State for Economic Affairs'' after ``Secretary of State''. SEC. 503. AUTHORIZATION OF APPROPRIATIONS FOR ECONOMIC AFFAIRS. (a) Administration of Accounts.--The Under Secretary for Economic Affairs shall direct, oversee, and otherwise exercise responsibility of funds made available for the International Technology Security and Innovation Fund. (b) Authorization of Appropriations.--Of the funds authorized to be appropriated to the Secretary of State under section 141, the Under Secretary for Economic Affairs shall receive the funds necessary to fulfill the Under Secretary's responsibilities for fiscal years 2026 and 2027. SEC. 504. CHIEF ECONOMIST. (a) Establishment.--There is authorized to be in the Department a Chief Economist who shall be responsible to the Under Secretary for Economic Affairs for matters pertaining to analyzing and forecasting the impact of economic trends on diplomatic functions and national security priorities, and such other related duties as the Secretary may from time to time designate. (b) Responsibilities.--In addition to the responsibilities described under subsection (a), the Chief Economist shall provide research and analysis to inform the Department's strategy for deploying international economic policy to strengthen alliances, deter malign foreign actors, and reduce dependencies on strategic rivals in the conduct of foreign policy, including, as appropriate, the following: (1) Providing research and analysis to inform the development of the Department's strategy for deploying foreign policy to ensure supply chain resilience, secure access to raw materials and critical minerals, and maximize international market access. (2) Providing analysis of complex, emerging geoeconomic issues and offer advice to Department leadership on economic diplomacy challenges. (3) Conducting research and rigorous, data-driven analysis of high priority issues at the intersection of economics and foreign policy to inform decision-making and diplomatic engagements by senior Department officials. (4) Maintaining analytical products for the Department on international economic issues, including on sanctions evasion and the vulnerabilities of the United States and its partners to economic coercion, as well as the economic opportunities for United States businesses. (5) Contributing to the expansion of the economic expertise of the Department through collaboration with the Foreign Service Institute, the academic community, international organizations, and other Federal departments and agencies the Chief Economist determines necessary. (6) Serving as a liaison to technical experts in economics and related fields in partner governments, international institutions, and elsewhere in the United States government and academic community. [[Page H3951]] (7) Performing such other duties as the Under Secretary for Economic Affairs may from time to time designate. (c) Report.--Not later than one year after the date of the enactment of this section, and every two years for the subsequent four years, the Chief Economist shall transmit to Congress a report on the international economic strategy of the United States and its analytical basis. In preparing the report, the Chief Economist shall coordinate input and analysis from other bureaus within the Under Secretary for Economic Affairs. SEC. 505. OFFICE OF THE CHIEF ECONOMIST. (a) Establishment.--The Secretary shall establish an Office of the Chief Economist, which shall perform such functions related to the provision of expert economic advice and analysis, as the Under Secretary for Economic Affairs may prescribe. (b) Chief Economist.--The Chief Economist shall be the head of the Office of the Chief Economist. SEC. 506. AUTHORIZATION OF APPROPRIATIONS FOR THE CHIEF ECONOMIST. Of the funds authorized to be appropriated to the Under Secretary for Economic Affairs under section 503, the Chief Economist shall receive the funds necessary to fulfill Office functions and the Chief Economist's responsibilities for fiscal years 2026 and 2027. SEC. 507. ASSISTANT SECRETARY FOR COMMERCIAL DIPLOMACY. (a) Establishment.--There is authorized to be in the Department an Assistant Secretary?for Commercial Diplomacy who shall be responsible to the Under Secretary for Economic Affairs for matters pertaining to the trade and investment promotion and policy, international finance and development, transportation affairs, and such other related duties as the Secretary may from time to t

Referenced legislation: HR5248, HR5248

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PRODUCING RETURNS AND OPPORTUNITY FOR INVESTMENT AND TRADE ACT OF 2026 Congressional Record, Volume 172 Issue 96 (Monday, June 8, 2026) [Congressional Record Volume 172, Number 96 (Monday, June 8, 2026)] [House] [Pages H3950-H3954] From the Congressional Record Online through the Government Publishing Office [ www.gpo.gov ] PRODUCING RETURNS AND OPPORTUNITY FOR INVESTMENT AND TRADE ACT OF 2026 Mr. MAST. Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 5248) to ensure the alignment of economic and foreign policies, to position the Department of State to reflect that economic security is national security, and for other purposes. The Clerk read the title of the bill. The text of the bill is as follows: H.R. 5248 Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, TITLE V--ECONOMIC AFFAIRS SEC. 501. UNDER SECRETARY FOR ECONOMIC AFFAIRS. (a) Establishment.--There shall be in the Department an Under Secretary for Economic Affairs who shall be responsible to the Secretary for matters pertaining to economic growth, commercial expansion, energy, technology policy and innovation, scientific research, commercial outer space affairs, critical minerals, water and the environment, protection of natural resources, sanctions policies, and such other related duties as the Secretary may from time to time designate. (b) Responsibilities.--In addition to the responsibilities described under subsection (a), the Under Secretary for Economic Affairs shall maintain continuous observation and coordination of all matters pertaining to economic and business affairs in the conduct of foreign policy, including, as appropriate, the following: (1) Preparing an annual strategic plan for expanding opportunities for United States private sector companies in international markets, coordinating the use of sanctions to achieve national security objectives, promoting international trade and investment, developing international policies around new and emerging technologies, ensuring United States leadership in science and technology, protecting natural resources, and promoting United States energy interests. (2) Developing policies for consideration by the Secretary to promote economic growth, facilitate market access, create business enabling environments abroad, expand trade and investment opportunities for United States companies, promote United States energy exports and energy security, conserve and manage economically important ecosystems and resources, expand access to critical minerals abroad, support United States civil and commercial space governance, promote international standards, policies, and best practices for emerging technology that facilitate United States economic growth, and safeguard the preeminence of the United States dollar in international markets. (3) Promoting United States international economic interests to be addressed in the Biannual National Economic Security Strategy Report, coordinated by the Office of the Chief Economist. (4) Attending and participating in meetings of the National Security Council, and National Space Council, when applicable, at the direction of the Secretary, for matters related to economic growth, energy, and commercial expansion, commercial outer space affairs, oceans, science and technology developments, natural resource protection, and fulfill the role of Foreign Affairs Sous Sherpa relating to the activities of the Group of Seven Industrial Nations (G- 7). (5) Providing guidance to Department personnel in the United States and overseas who conduct or implement policies, programs, and activities related to economic growth, energy, and commercial expansion, science and technology affairs, natural resource conservation, and civil and commercial activities in outer space. (6) Coordinating activities related to promoting economic growth, facilitating market access, creating business enabling environments abroad, expanding trade and investment opportunities, promoting of energy exports, conserving and managing economically important ecosystems and resources, expanding access to critical minerals, maintaining United States leadership in science, technology, and outer space, and safeguarding the preeminence of the United States dollar in international markets. (7) As directed by the Secretary, representing the Department at interdepartmental meetings including the National Economic Council, Homeland Security Council, Council on Environmental Quality, and in providing policy advice to the Secretary on matters under consideration by these groups. (c) First Appointment.--On the date of the enactment of this Act, the individual serving before such date of enactment as the Under Secretary for Economic Growth, Energy and the Environment shall be the Under Secretary for Economic Affairs. Any subsequent appointment of an individual to the position of Under Secretary for Economic Affairs shall be subject to the advice and consent of the Senate. SEC. 502. ADMINISTRATION OF THE INTERNATIONAL TECHNOLOGY SECURITY AND INNOVATION FUND. Section 102(c) of the CHIPS Act of 2022 (Public Law 117- 167; 136 Stat. 1375) is amended-- (1) in paragraph (1)-- (A) by inserting ``, acting through the Under Secretary of State for Economic Affairs'' after ``Secretary of State''; and (B) by adding at the end the following: ``Within the Department of State, the Fund shall be overseen and administered by the Under Secretary for Economic Affairs.''. (2) in paragraph (2)(B), by inserting ``, acting through the Under Secretary of State for Economic Affairs'' after ``Secretary of State''. SEC. 503. AUTHORIZATION OF APPROPRIATIONS FOR ECONOMIC AFFAIRS. (a) Administration of Accounts.--The Under Secretary for Economic Affairs shall direct, oversee, and otherwise exercise responsibility of funds made available for the International Technology Security and Innovation Fund. (b) Authorization of Appropriations.--Of the funds authorized to be appropriated to the Secretary of State under section 141, the Under Secretary for Economic Affairs shall receive the funds necessary to fulfill the Under Secretary's responsibilities for fiscal years 2026 and 2027. SEC. 504. CHIEF ECONOMIST. (a) Establishment.--There is authorized to be in the Department a Chief Economist who shall be responsible to the Under Secretary for Economic Affairs for matters pertaining to analyzing and forecasting the impact of economic trends on diplomatic functions and national security priorities, and such other related duties as the Secretary may from time to time designate. (b) Responsibilities.--In addition to the responsibilities described under subsection (a), the Chief Economist shall provide research and analysis to inform the Department's strategy for deploying international economic policy to strengthen alliances, deter malign foreign actors, and reduce dependencies on strategic rivals in the conduct of foreign policy, including, as appropriate, the following: (1) Providing research and analysis to inform the development of the Department's strategy for deploying foreign policy to ensure supply chain resilience, secure access to raw materials and critical minerals, and maximize international market access. (2) Providing analysis of complex, emerging geoeconomic issues and offer advice to Department leadership on economic diplomacy challenges. (3) Conducting research and rigorous, data-driven analysis of high priority issues at the intersection of economics and foreign policy to inform decision-making and diplomatic engagements by senior Department officials. (4) Maintaining analytical products for the Department on international economic issues, including on sanctions evasion and the vulnerabilities of the United States and its partners to economic coercion, as well as the economic opportunities for United States businesses. (5) Contributing to the expansion of the economic expertise of the Department through collaboration with the Foreign Service Institute, the academic community, international organizations, and other Federal departments and agencies the Chief Economist determines necessary. (6) Serving as a liaison to technical experts in economics and related fields in partner governments, international institutions, and elsewhere in the United States government and academic community. [[Page H3951]] (7) Performing such other duties as the Under Secretary for Economic Affairs may from time to time designate. (c) Report.--Not later than one year after the date of the enactment of this section, and every two years for the subsequent four years, the Chief Economist shall transmit to Congress a report on the international economic strategy of the United States and its analytical basis. In preparing the report, the Chief Economist shall coordinate input and analysis from other bureaus within the Under Secretary for Economic Affairs. SEC. 505. OFFICE OF THE CHIEF ECONOMIST. (a) Establishment.--The Secretary shall establish an Office of the Chief Economist, which shall perform such functions related to the provision of expert economic advice and analysis, as the Under Secretary for Economic Affairs may prescribe. (b) Chief Economist.--The Chief Economist shall be the head of the Office of the Chief Economist. SEC. 506. AUTHORIZATION OF APPROPRIATIONS FOR THE CHIEF ECONOMIST. Of the funds authorized to be appropriated to the Under Secretary for Economic Affairs under section 503, the Chief Economist shall receive the funds necessary to fulfill Office functions and the Chief Economist's responsibilities for fiscal years 2026 and 2027. SEC. 507. ASSISTANT SECRETARY FOR COMMERCIAL DIPLOMACY. (a) Establishment.--There is authorized to be in the Department an Assistant Secretary?for Commercial Diplomacy who shall be responsible to the Under Secretary for Economic Affairs for matters pertaining to the trade and investment promotion and policy, international finance and development, transportation affairs, and such other related duties as the Secretary may from time to t Referenced legislation: HR5248, HR5248