Overview

The U.S. Constitution grants authority over the regulation of foreign commerce to Congress. It exercises this authority in numerous ways, including through oversight of trade policy and the consideration of legislation to approve trade agreements and authorize trade programs. Policy issues cover such areas as: U.S. trade negotiations; U.S. trade and economic relations with regions and countries; international trade institutions; tariff and nontariff barriers; worker dislocation from trade liberalization; trade remedy laws; import and export policies; international investment; economic sanctions; and trade policy functions of the federal government. Congress also has an important role in international finance. It has the authority over U.S. financial commitments to international financial institutions and oversight responsibilities for trade- and finance-related agencies of the U.S. Government. The 113th Congress reauthorized the Export-Import Bank through June 30, 2015, enacted or maintained economic sanctions against Russia and Iran, continued its oversight of the Administration's ongoing trade negotiations, and funded Trade Adjustment Assistance (TAA) programs, among other action. Members also introduced a range of legislation on international trade and finance issues, including bicameral legislation to renew Trade Promotion Authority (TPA). The 114th Congress may revisit these issues and address new ones. Among the more potentially prominent issues are: