31 U.S.C. § 314 — Covered agreements
submitted 16 years ago by Pub. L. 111-203 to r/title-31-MONEY-AND-FINANCE · 267 words · no verdicts yet
The Treasury Secretary and the US Trade Representative can jointly negotiate international insurance agreements called covered agreements. They must consult with key congressional committees before, during, and after negotiating. A covered agreement can only take effect after Congress gets the final text and 90 days pass.
(a) Authority. The Secretary and the U.S. Trade Representative are jointly authorized to negotiate and enter into covered agreements on behalf of the United States.
(b) Requirements for consultation with Congress.
(1) In general. Before starting negotiations on a covered agreement, while negotiating, and before signing any such agreement, the Secretary and the Trade Representative must jointly consult with four congressional committees: the House Financial Services Committee, the House Ways and Means Committee, the Senate Banking, Housing, and Urban Affairs Committee, and the Senate Finance Committee.
(2) Scope. That consultation must cover: (A) what kind of agreement it is; (B) how, and how well, the agreement achieves the purposes, policies, priorities, and objectives set out in section 313 and in this section; and (C) how the agreement will be carried out, including its general effect on existing state laws.
(c) Submission and layover provisions. A covered agreement can only take legal effect for the United States if two things happen: (1) the Secretary and the Trade Representative jointly give the four committees a copy of the agreement's final legal text, on a day when both houses of Congress are in session; and (2) at least 90 calendar days pass after that text is submitted.
The Secretary and the United States Trade Representative are authorized, jointly, to negotiate and enter into covered agreements on behalf of the United States.
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.
The consultation described in paragraph (1) shall include consultation with respect to—
the nature of the agreement;
how and to what extent the agreement will achieve the applicable purposes, policies, priorities, and objectives of section 313 and this section; and
the implementation of the agreement, including the general effect of the agreement on existing State laws.
A covered agreement under subsection (a) may enter into force with respect to the United States only if—
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
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.
Source credit: (Added Pub. L. 111–203, title V, § 502(a)(3), July 21, 2010, 124 Stat. 1588.)
- 2010Enacted · Pub. L. 111-203 · 124 Stat. 1588
A history note hasn’t been published yet. The record shows enactment by Pub. L. 111-203 on 2010-07-21.
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