H.R. 10100 (IH) – Economic Security and Diplomacy Act of 2024
Date Introduced: November 7, 2024
Sponsor: Rep. Hakeem Jeffries (D-NY)
Co-Sponsors: Reps. Adam Schiff (D-CA), Michael McCaul (R-TX), Ilhan Omar (D-MN), Tom Cole (R-OK)
Summary:
The Economic Security and Diplomacy Act of 2024 is a comprehensive bill that aims to address a range of economic and diplomatic challenges facing the United States. Its key provisions include:
- Sanctions on Russia: Imposes additional sanctions on Russia in response to its invasion of Ukraine, targeting its energy, financial, and defense sectors.
- Economic Aid to Ukraine: Provides $10 billion in economic aid to Ukraine to support its recovery and reconstruction efforts.
- Inflation Mitigation: Includes measures to combat inflation, such as expanding tax credits for low-income families and providing loans to small businesses.
- Supply Chain Resilience: Establishes a new office within the Department of Commerce to strengthen U.S. supply chains and reduce reliance on China.
- Diplomacy with China: Promotes engagement with China while also addressing concerns about unfair trade practices and human rights abuses.
- Global Health Security: Increases funding for global health initiatives to prevent and respond to pandemics.
- Cybersecurity Enhancements: Strengthens cybersecurity measures to protect critical infrastructure and national security interests.
Background:
The bill was introduced in the wake of Russia’s invasion of Ukraine and the ongoing economic challenges facing the United States. The sanctions against Russia aim to deter further aggression and weaken its economy. The economic aid to Ukraine is intended to help the country rebuild and defend itself. The inflation mitigation measures seek to ease the financial burden on Americans struggling with rising prices. The supply chain resilience provisions aim to reduce vulnerability to disruptions and strengthen the competitiveness of U.S. businesses. The diplomacy with China provisions balance the need for engagement with the importance of addressing concerns about its behavior. The global health security measures reflect the lessons learned from the COVID-19 pandemic. The cybersecurity enhancements aim to protect the United States from cyber threats and attacks.
Congressional Action:
The bill was referred to the House Foreign Affairs Committee, the House Armed Services Committee, the House Energy and Commerce Committee, and the House Ways and Means Committee. It has not yet been considered by any of these committees.
Public Response:
The Economic Security and Diplomacy Act of 2024 has received mixed reactions from the public. Some praise it for its comprehensive approach to addressing various challenges, while others criticize specific provisions, such as the sanctions on Russia and the aid to Ukraine.
Outlook:
The bill faces an uncertain future in Congress. It is likely to face debate and amendments before it is considered for a full vote by the House of Representatives. The prospects for its passage in the Senate are less clear.
H.R. 10100 (IH) – Economic Security and Diplomacy Act of 2024
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