PRODUCING RETURNS AND OPPORTUNITY FOR INVESTMENT AND TRADE ACT OF 2026

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.

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 H3970-H3974] 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, as amended. 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, SECTION 1. SHORT TITLE; TABLE OF CONTENTS. (a) Short Title.--This Act may be cited as the ``Producing Returns and Opportunity for Investment and Trade Act of 2026'' or the ``PROFIT Act of 2026''. (b) Table of Contents.--The table of contents for this Act is as follows: Sec. 1. Short title; table of contents. Sec. 2. Definitions. Sec. 3. Under Secretary of State for Economic Growth, Energy, and the Environment. Sec. 4. Administration of the International Technology Security and Innovation Fund. Sec. 5. Assistant Secretary for Sanctions Policy. Sec. 6. Chief Economist. Sec. 7. Assistant Secretary for Economic and Business Affairs. Sec. 8. Enhancing subnational diplomacy. Sec. 9. Energy security and diplomacy. Sec. 10. Assistant Secretary for Water, Environment, and Space Affairs. Sec. 11. Strengthening economic expertise at the Department of State. Sec. 12. References. Sec. 13. Energy diplomacy. SEC. 2. DEFINITIONS. In this Act: (1) Appropriate congressional committees.--The term ``appropriate congressional committees'' means-- (A) the Committee on Foreign Affairs and the Committee on Appropriations of the House of Representatives; and (B) the Committee on Foreign Relations and the Committee on Appropriations of the Senate. (2) Department; secretary.--The terms ``Department'' and ``Secretary'' mean the Department of State and the Secretary of State, respectively. SEC. 3. UNDER SECRETARY OF STATE FOR ECONOMIC GROWTH, ENERGY, AND THE ENVIRONMENT. Section 1(b) of the State Department Basic Authorities Act of 1956 (22 U.S.C. 2651a(b)) is amended by-- (1) redesignating paragraphs (2) through (6) as paragraphs (3) through (7) respectively; and (2) by inserting after paragraph (1) the following: ``(2) Under secretary of state for economic growth, energy, and the environment.-- ``(A) Establishment.--There shall be in the Department an Under Secretary of State for Economic Growth, Energy, and the Environment who shall be responsible to the Secretary. ``(B) Responsibilities.--The Under Secretary of State for Economic Growth, Energy, and the Environment 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: ``(i) 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. ``(ii) 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. ``(iii) 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. ``(iv) 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). ``(v) 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. ``(vi) 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 [[Page H3971]] safeguarding the preeminence of the United States dollar in international markets. ``(vii) 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.''. (3) redesignating paragraphs (2) through (6) as paragraphs (3) through (7); SEC. 4. 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 Growth, Energy, and the Environment'' 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 of State for Economic Growth, Energy, and the Environment.''. (2) in paragraph (2)(B), by inserting ``, acting through the Under Secretary of State for Economic Growth, Energy, and the Environment'' after ``Secretary of State''. SEC. 5. ASSISTANT SECRETARY FOR SANCTIONS POLICY. Section 1 of the State Department Basic Authorities Act of 1956 (22 U.S.C. 2651a) is amended by striking subsection (l) and inserting the following new subsection: ``(l) Assistant Secretary and Bureau for Sanctions Policy.-- ``(1) Establishment.--There is authorized to be in the Department an Assistant Secretary for Sanctions Policy, who shall be responsible to the Under Secretary of State for Economic Growth, Energy, and the Environment for matters pertaining to the development of policies governing the imposition of sanctions, in consultation with the Under Secretary of State for International Security Affairs and the Assistant Secretary for Arms Control and Nonproliferation as appropriate, and such other related duties as the Secretary may from time to time designate. ``(2) Responsibilities.--In addition to the responsibilities described under paragraph (1), the Assistant Secretary for Sanctions Policy shall maintain continuous observation and coordination of all matters pertaining to the development and implementation of sanctions policies as part of United States diplomatic strategies in the conduct of foreign policy, including, as appropriate, the following: ``(A) Developing the foreign policy strategy of United States sanctions programs, including consideration of the use of sanctions in combination with other United States foreign policy tools and the political and economic implications of sanction policies. ``(B) Coordinating the effective implementation and enforcement of sanctions, including all activities, policies, and programs pertaining to sanctions within the Department. ``(C) Coordinating sanctions policy with foreign partners and allies to ensure the maximum effectiveness of sanctions imposed by the United States and such allies and partners. ``(D) Consulting regularly with a broad range of stakeholders on the implications of United States sanctions policy for United States economic interests. ``(E) Contributing to the reports to Congress produced by the Chief Economist. ``(F) Leading the Department's efforts to identify and designate individuals for visa sanctions related to human rights violations. ``(G) Developing policies and programs, in coordination with the Department of the Treasury and other Federal departments and agencies as necessary and with foreign partners, to combat money laundering, terrorist financing, cybercrimes, and other illicit financial activities. ``(H) Representing the Department in all interagency groups or organizations within the executive branch that plan, assess, analyze, or review United States sanctions policies, such as interagency groups organized under the auspices of the Department of Treasury, the Department of Commerce, and the Department of Homeland Security. ``(I) Performing such other duties as the Under Secretary of State for Economic Growth, Energy, and the Environment may from time to time designate. ``(3) Redelegation of authority.--The Secretary may delegate, or authorize successive redelegation of, authority to the Assistant Secretary for Sanctions Policy to act and to render decisions, with respect to all sanctions policies administered b

Referenced legislation: HR5248, HR5248