PRIA, Government Policy, Made Personal

Summary

The Secretary and the U.S. Trade Representative must work together to negotiate and enter into covered agreements for the United States. They must consult 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 — before talks start, while talks are happening, and before signing any deal. The talks must cover what the agreement is, how it will meet the law’s goals and priorities, and how it will be put into practice, including its general effect on state laws. The final legal text must be sent to those committees on a day when both Houses are in session, and 90 calendar days must pass after that submission before the agreement can take effect.

Title 31, §314

Money and Finance, Source: USLM XML via OLRC

(a)Authority.—

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)Requirements for Consultation With Congress.—

(1)In general.—

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)Scope.—

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)Submission and Layover Provisions.—

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