# 119-s-4038: Small Business Liberation 2.0 Act

119-s-4038, Small Business Liberation 2.0 Act, is a 119th Congress bill sponsored by Sen. Markey, Edward J. [D-MA] (D-MA); status introduced; PRIA reads it as touching household money (as of 2026-05-21).

- Canonical: https://policyrisk.com/legislation/119-s-4038
- As of: 2026-05-21
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Bill: 119-s-4038
- Congress: 119
- Title: Small Business Liberation 2.0 Act
- Status: introduced
- Introduced: 2026-03-10
- Sponsor: Sen. Markey, Edward J. [D-MA] (D-MA)
- Cosponsors: 8
- Policy area: Foreign Trade and International Finance
- Touches household money: yes
- Last recorded action: 2026-05-21

## Summary

**This bill would exempt small businesses from certain import duties under the federal balance-of-payments authority** and require refunds of duties paid within 90 days. It would also ban duty-driven price gouging for five years and give the Federal Trade Commission primary authority for enforcement and reporting. - Consumers: Prices on covered goods would face a five-year prohibition on duty-driven gouging. The bill defines an "unreasonably high price" as increases beyond duty-related costs plus added business costs and uses a 180-day pre-duty average as the baseline. - Small businesses: Firms that meet the Small Business Act definition would be excluded from covered duties on imported final goods and components. The bill includes special rules for goods assembled in the United States and for planned duties. - Enforcement and data: The Federal Trade Commission must create a consumer reporting tool within 180 days and may investigate alleged violations. State attorneys general can bring parens patriae suits on behalf of residents. The International Trade Commission and Bureau of Labor Statistics must produce an initial report within one year and annual price and data sufficiency reports thereafter.

## Cosponsors (8)

- Sen. Hirono, Mazie K. [D-HI] (D-HI), 2026-03-10T00:00:00.000Z
- Sen. Schumer, Charles E. [D-NY] (D-NY), 2026-03-10T00:00:00.000Z
- Sen. Gillibrand, Kirsten E. [D-NY] (D-NY), 2026-03-10T00:00:00.000Z
- Sen. Hickenlooper, John W. [D-CO] (D-CO), 2026-03-10T00:00:00.000Z
- Sen. Klobuchar, Amy [D-MN] (D-MN), 2026-03-10T00:00:00.000Z
- Sen. Van Hollen, Chris [D-MD] (D-MD), 2026-03-10T00:00:00.000Z
- Sen. Rosen, Jacky [D-NV] (D-NV), 2026-03-10T00:00:00.000Z
- Sen. Alsobrooks, Angela D. [D-MD] (D-MD), 2026-05-19T00:00:00.000Z

## Provisions PRIA read

- Tariff refunds and exemptions for small businesses: benefit, high. If enacted, a qualifying small business would be exempt from covered duties on imports it uses. If enacted, the President would have to refund any covered duties a small business already paid. Refunds would be paid not later than 90 days after enactment. The small business definition would follow s…
- Ban on tariff-driven price spikes: benefit, medium. This bill would ban selling a covered good at an unreasonably high price for five years after a covered duty took effect, was increased, or a planned duty was shown. Covered goods would include final goods and components tied to duties imposed on or after January 20, 2026. The bill would measure un…
- FTC enforcement and price monitoring: benefit, medium. This bill would let the Federal Trade Commission write rules to enforce the price ban and require it to consult trade and statistics agencies when doing so. The Commission would set up phone, mail, and web ways for people to report suspected violations within 180 days. The Commission would publish…

## Related bills

- 119-s-5066: Health Equity and Accountability Act of 2026
- 119-s-51: Washington, D.C. Admission Act
- 119-s-5108: Right to IVF Act of 2026
- 119-s-1503: Equality Act
- 119-s-2295: Child Care for Working Families Act
- 119-s-852: Richard L. Trumka Protecting the Right to Organize Act of 2025

## Sources
- [119-s-4038 on Congress.gov](https://www.congress.gov/bill/119th-congress/senate-bill/4038)

## Related
- [119-s-5066: Health Equity and Accountability Act of 2026](https://policyrisk.com/legislation/119-s-5066)
- [119-s-51: Washington, D.C. Admission Act](https://policyrisk.com/legislation/119-s-51)
- [119-s-5108: Right to IVF Act of 2026](https://policyrisk.com/legislation/119-s-5108)
- [119-s-1503: Equality Act](https://policyrisk.com/legislation/119-s-1503)
- [119-s-2295: Child Care for Working Families Act](https://policyrisk.com/legislation/119-s-2295)
- [119-s-852: Richard L. Trumka Protecting the Right to Organize Act of 2025](https://policyrisk.com/legislation/119-s-852)
- [All bills in Congress](https://policyrisk.com/legislation)

Source: PRIA, https://policyrisk.com/legislation/119-s-4038 (as of 2026-05-21).