U.S. Sen. Todd Young (R-IN) introduced bipartisan legislation on Nov. 7 to ensure the United States can effectively combat international predatory economic practices.
Sen. Young and cosponsors U.S. Sens. Jeff Merkley (D-OR), Chris Coons (D-DE) and Marco Rubio (R-FL) introduced S. 2826, the Global Economic Security Strategy Act of 2019. The bill would create a statutory requirement for future administrations to produce a Global Economic Security Strategy (GESS) and submit it to Congress. The goal would be to promote free and fair economic relationships between the United States and foreign countries.
“This bipartisan legislation would help ensure that our different government agencies work together and with partners around the world to create coordinated policies to promote and protect our economic security,” Sen. Young, a member of the Senate Foreign Relations Committee.
Specifically, a GESS would be required 180 days after the bill was signed into law, and updated versions would be issued under new administrations or the release of a new National Security Strategy, according to a bill summary from Sen. Young’s office. The legislation calls for the GESS to complement the National Security Strategy, but with a focus on U.S. economic interests.
Sen. Rubio noted that the bill recognizes the importance of combatting the threat the Chinese Communist Party poses to U.S. national and economic security by upholding the United States’ leadership position in the world.
Sen. Young agreed.
“Predatory economic practices by China and other strategic competitors has the potential to weaken America’s national security and our standing in the world. We must combat these predatory practices by working together with our like-minded partners and allies around the globe,” Sen. Young said.