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To repeal section 122 of the Trade Act of 1974 relating to balance-of- payments authority.
Summary
This bill repeals Section 122 of the Trade Act of 1974, which relates to balance-of-payments authority. The repeal removes the authority for import restrictions or duties based on balance-of-payments considerations. The bill makes a conforming amendment to Section 127(b) of the Trade Act of 1974 by removing a cross-reference to the repealed section. The bill also makes a clerical amendment to update the table of contents of the Trade Act of 1974 to reflect the repeal. The repeal eliminates a specific statutory authority that had been part of U.S. trade law.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
- Sen. Kaine, Tim [D-VA] (D-VA)
15 cosponsors
- Sen. Alsobrooks, Angela D. [D-MD] (D-MD)
- Sen. Coons, Christopher A. [D-DE] (D-DE)
- Sen. Durbin, Richard J. [D-IL] (D-IL)
- Sen. Heinrich, Martin [D-NM] (D-NM)
- Sen. King, Angus S., Jr. [I-ME] (I-ME)
- Sen. Klobuchar, Amy [D-MN] (D-MN)
- Sen. Murray, Patty [D-WA] (D-WA)
- Sen. Rosen, Jacky [D-NV] (D-NV)
- Sen. Schiff, Adam B. [D-CA] (D-CA)
- Sen. Shaheen, Jeanne [D-NH] (D-NH)
- Sen. Van Hollen, Chris [D-MD] (D-MD)
- Sen. Warner, Mark R. [D-VA] (D-VA)
- Sen. Warnock, Raphael G. [D-GA] (D-GA)
- Sen. Welch, Peter [D-VT] (D-VT)
- Sen. Wyden, Ron [D-OR] (D-OR)
Actions (2)
- Mar 11, 2026 Read twice and referred to the Committee on Finance. · senate
- Mar 11, 2026 Introduced in Senate
Similar bills (6)
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Full text
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(a) In General.—Section 122 of the Trade Act of 1974 (19 U.S.C. 2132) is repealed.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>
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