As U.S. adversaries like China pose greater economic threats, U.S. Rep. John Moolenaar (R-MI) said Nov. 1 he plans to unveil legislation that would ramp up economic security at a restructured U.S. State Department.
Rep. Moolenaar will introduce the Economic Security and Diplomacy Act of 2024, which would amend the State Department Basic Authorities Act to establish a Deputy Secretary of State for Economic Security, according to the text of the bill.
“Economic security is national security, and control of supply chains and emerging technologies will shape the future,” said Rep. Moolenaar, chairman of the House Select Committee on the Chinese Communist Party. “By creating a new Deputy Secretary for Economic Security, Congress will ensure our diplomats are able to advocate for U.S. economic interests in the 21st century.”
Specifically, the bill aims to streamline the State Department’s efforts to advance U.S. economic security interests. Presently, according to Rep. Moolenaar, the State Department maintains little coordination to compete against the Chinese Communist Party on economic and technology issues, with its offices and authorities scattered across the federal government.
The Economic Security and Diplomacy Act would solve this problem by consolidating all State Department offices working on economic and tech issues under the new deputy secretary position, which would be in charge of export controls, supply chain security, sanctions, and investment screening, among other responsibilities, according to a bill summary provided by Rep. Moolenaar’s staff.
Additionally, the bill would create a new “Economic Security Officer Program” to place U.S. Diplomats in key capitals overseas. They would be tasked with advocating for policies to protect U.S. and allied economic security interests, the summary says.