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Risch Reintroduces Legislation to Strengthen Economic and Commercial Diplomacy

WASHINGTON – U.S. Senator Jim Risch (R-Idaho), ranking member of the Senate Foreign Relations Committee, today reintroduced the  Economic and Commercial Opportunities and Networks Act  (ECON Act), to strengthen economic and commercial diplomacy.

“With competitors like China posing risks here at home and abroad, it’s essential we have the right strategy and tools to strengthen the U.S. economy and advance our economic partnerships with allies and partners,” said Risch. “I’m proud to reintroduce the ECON Act to bolster the United States’ ability to support strong economic and commercial diplomacy.”

This legislation:

  • Strengthens the Department of State economic corps by codifying the duties of Foreign Service economic officers and establishing awards to incentivize high quality performance;
  • Invests in emerging economic leaders in Southeast Asia and the Pacific Islands;
  • Boosts two-way trade and bolsters investments by working with partners to reduce trade barriers;
  • Combats anti-competitive behavior, including through the establishment of a CFIUS-like committee to review potential acts of intellectual property theft or forced technology transfer; and
  • Amends U.S. anti-trust laws to go after predatory state-owned enterprises that harm U.S. companies.

Text of the ECON Act can be found  here.