§314 — Title 31 Money and Finance | U.S. Code

Summary

The Secretary and the U.S. Trade Representative may negotiate and sign covered agreements for the United States. Before they start talks, while talks are happening, and before they sign, they must talk with four congressional committees: the House Committees on Financial Services and Ways and Means, and the Senate Committees on Banking, Housing, and Urban Affairs and Finance. Those talks must cover what the agreement is, how it will meet the goals under section 313 and this rule, and how it will be put into effect, including effects on State laws. An agreement only takes effect for the United States after the Secretary and the U.S. Trade Representative send the final legal text to those committees on a day when both Houses of Congress are in session, and then 90 calendar days have passed from that submission.

Title 31, §314

Money and Finance — Source: USLM XML via OLRC

(a)The Secretary and the United States Trade Representative are authorized, jointly, to negotiate and enter into covered agreements on behalf of the United States.

(b)(1)Before initiating negotiations to enter into a covered agreement under subsection (a), during such negotiations, and before entering into any such agreement, the Secretary and the United States Trade Representative shall jointly consult with the Committee on Financial Services and the Committee on Ways and Means of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs and the Committee on Finance of the Senate.

(2)The consultation described in paragraph (1) shall include consultation with respect to—

(A)the nature of the agreement;

(B)how and to what extent the agreement will achieve the applicable purposes, policies, priorities, and objectives of section 313 and this section; and

(C)the implementation of the agreement, including the general effect of the agreement on existing State laws.

(c)A covered agreement under subsection (a) may enter into force with respect to the United States only if—

(1)the Secretary and the United States Trade Representative jointly submit to the congressional committees specified in subsection (b)(1), on a day on which both Houses of Congress are in session, a copy of the final legal text of the agreement; and

(2)a period of 90 calendar days beginning on the date on which the copy of the final legal text of the agreement is submitted to the congressional committees under paragraph (1) has expired.

Statutory Notes and Related Subsidiaries

Effective Date

Section effective 1 day after July 21, 2010, except as otherwise provided, see section 4 of Pub. L. 111–203, set out as a note under section 5301 of Title 12, Banks and Banking.

§314 Covered agreements

Summary

Title 31, §314

Notes & Related Subsidiaries

Statutory Notes and Related Subsidiaries

Effective Date

Citations & Metadata