HR 7408 · 116th Congress · Foreign Trade and International Finance
Foreign Trade Modernization Act of 2020
Bill Progress
✓
Introduced2
Committee3
House Vote4
Senate5
EnactedLatest: Referred to the Committee on Foreign Affairs, and in addition to the Committees on Financial Services, and Small Business, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.(2020-06-29)
Plain Language Summary
[AI summary unavailable — showing source text]
Foreign Trade Modernization Act of 2020 This bill abolishes the United States and Foreign Commercial Service and transfers from the Department of Commerce to the Department of State all functions that were authorized to be performed by the service under any statute, reorganization plan, executive order, or other provision of law. Specifically, the bill transfers to the State Department all contracts, property, records, and unexpended balances of funds, as well as all personnel. Further, the Bureau of Economic and Business Affairs and the relevant diplomatic missions shall, through specified activities, emphasize (1) the promotion of exports of goods and services from the United States, particularly by small and medium-sized businesses; and (2) the protection of U.S. business interests abroad.…
Summarized by Claude AI · Non-partisan · For informational purposes only