American Economic Independence Act of 2024
Latest action (21 Mar 2024): Introduced
What this bill does
S. 4026, the American Economic Independence Act of 2024, would require the President, acting through the Director of the Office of Management and Budget and in consultation with numerous federal agencies, to submit a report to Congress on economic integration between the United States and the People's Republic of China. The first report would be due within one year of enactment, with follow-up reports every three years for fifteen years. Each report would assess the level and trends of U.S.-China economic ties in ten designated "priority sectors"—including financial services, critical minerals, semiconductors, artificial intelligence, communications, quantum computing, cloud computing, biotechnology, pharmaceuticals and medical technology, and manufacturing—and analyze risks such as reliance on Chinese-controlled capital and supply chains, intellectual property theft, threats to the U.S. defense industrial base, and Chinese subsidies or dumping. Reports would include recommendations for mitigating identified risks, be submitted publicly (with a possible classified annex), and not be subject to the Paperwork Reduction Act.
The bill primarily affects federal agencies, which would bear reporting and coordination responsibilities, and indirectly affects policymakers and industries in the named sectors by generating government analysis that could inform future legislation or regulation. It would not itself impose new restrictions, sanctions, or requirements on private businesses.
The bill was introduced in the Senate on March 21, 2024, by Senator Mitt Romney with several cosponsors from both parties, and was referred to the Committee on Finance. It has not received a committee vote or further floor action, and its status remains at the introduction stage.
Plain-English summary generated by Bill100 AI from the official record. Always verify against the source below.
Official summary
This bill was introduced on March 21, 2024, in a previous session of Congress, but it did not receive a vote.
Common questions
- What does S. 4026 do?
- S. 4026, the American Economic Independence Act of 2024, would require the President, acting through the Director of the Office of Management and Budget and in consultation with numerous federal agencies, to submit a report to Congress on economic integration between the United States and the People's Republic of China. The first report would be due within one year of enactment, with follow-up reports every three years for fifteen years. Each report would assess the level and trends of U.S.-China economic ties in ten designated "priority sectors"—including financial services, critical minerals, semiconductors, artificial intelligence, communications, quantum computing, cloud computing, biotechnology, pharmaceuticals and medical technology, and manufacturing—and analyze risks such as reliance on Chinese-controlled capital and supply chains, intellectual property theft, threats to the U.S. defense industrial base, and Chinese subsidies or dumping. Reports would include recommendations for mitigating identified risks, be submitted publicly (with a possible classified annex), and not be subject to the Paperwork Reduction Act. The bill primarily affects federal agencies, which would bear reporting and coordination responsibilities, and indirectly affects policymakers and industries in the named sectors by generating government analysis that could inform future legislation or regulation. It would not itself impose new restrictions, sanctions, or requirements on private businesses. The bill was introduced in the Senate on March 21, 2024, by Senator Mitt Romney with several cosponsors from both parties, and was referred to the Committee on Finance. It has not received a committee vote or further floor action, and its status remains at the introduction stage.
- Has S. 4026 become law?
- Not yet. As of 21 Mar 2024, S. 4026 is introduced.
- Who sponsored S. 4026?
- S. 4026 was sponsored by Sen. Mitt Romney [R-UT, 2019-2024] (Republican-UT), with 5 cosponsors.
- What's the latest action on S. 4026?
- Introduced (21 Mar 2024).
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