Assistant Secretary for Economic and Business Affairs

(a) Establishment There is authorized to be in the Department an Assistant Secretary for Commercial Diplomacy who shall be responsible to the Under Secretary for Economic Affairs for matters pertaining to the trade and investment promotion and policy, international finance and development, transportation affairs, and such other related duties as the Secretary may from time to time designate. (b) Responsibilities In addition to the responsibilities described under subsection (a), the Assistant Secretary for Commercial Diplomacy shall be responsible for leading Department policies and programs, and coordinating with other United States agencies as appropriate, for all matters pertaining to the following: (1) Trade and investment promotion, such as— (A) assisting and advocating for United States businesses and commercial interests overseas; (B) identifying foreign market opportunities for United States businesses and helping United States firms overcome challenges in foreign business climates; (C) helping United States companies compete for and win contracts in foreign markets; (D) attracting foreign investment into the United States by identifying high potential businesses in foreign countries; (E) ensuring United States private sector concerns are integrated into United States foreign policy and economic policy; and (F) promoting international commercial projects that advance the national security interests of the United States, regardless of domestic content thresholds. (2) International trade policy, including negotiating and implementing trade agreements, resolving trade disputes, bolstering supply chain resilience, and protecting intellectual property rights. (3) International investment policy, including monitoring international investment climates, negotiating and implementing investment agreements, representing the Department in the Committee on Foreign Investment in the United States, and assisting United States companies involved in investment disputes with foreign governments. (4) Development finance, including the mobilization of private, bilateral, and multilateral development finance for developing countries, particularly investments focused on infrastructure projects. (5) The negotiation and extension of debt relief and sovereign loan guarantees for United States allies and partners. (6) The promotion of sound, transparent, and stable economic policies overseas. (7) Perform such other duties as the Under Secretary for Economic Affairs may from time to time designate. (c) First appointment On the date of the enactment of this Act, the individual serving before such date of enactment as the Assistant Secretary for Economic and Business Affairs shall be the Assistant Secretary for Commercial Diplomacy. Any subsequent appointment of an individual to the position of Assistant Secretary for Commercial Diplomacy shall be subject to the advice and consent of the Senate.

Section 1(c) of the State Department Basic Authorities Act of 1956 (22 U.S.C. 2651a(c)) is amended by striking paragraph (4) and inserting the following new paragraph: (4) Assistant Secretary and Bureau for Economic and Business Affairs (A) Establishment There is authorized to be in the Department an Assistant Secretary for Economic and Business Affairs who shall be responsible to the Under Secretary of State for Economic Growth, Energy, and the Environment for matters pertaining to the trade and investment promotion and policy, international finance and development, transportation affairs, and such other related duties as the Secretary may from time to time designate. (B) Responsibilities In addition to the responsibilities described under subparagraph (A), the Assistant Secretary for Economic and Business Affairs shall be responsible for leading Department policies and programs, and coordinating with other United States agencies as appropriate, for all matters pertaining to the following: (i) Trade and investment promotion, such as— (I) assisting and advocating for United States businesses and commercial interests overseas; (II) identifying foreign market opportunities for United States businesses and helping United States firms overcome challenges in foreign business climates; (III) helping United States companies compete for and win contracts in foreign markets; (IV) attracting foreign investment into the United States by identifying high potential businesses in foreign countries; (V) ensuring United States private sector concerns are integrated into United States foreign policy and economic policy; and (VI) promoting international commercial projects that advance the national security interests of the United States, regardless of domestic content thresholds. (ii) International trade policy, including negotiating and implementing trade agreements, resolving trade disputes, bolstering supply chain resilience, and protecting intellectual property rights. (iii) International investment policy, including monitoring international investment climates, negotiating and implementing investment agreements, representing the Department in the Committee on Foreign Investment in the United States, and assisting United States companies involved in investment disputes with foreign governments. (iv) Development finance, including the mobilization of private, bilateral, and multilateral development finance for developing countries, particularly investments focused on infrastructure projects. (v) The negotiation and extension of debt relief and sovereign loan guarantees for United States allies and partners. (vi) The promotion of sound, transparent, and stable economic policies overseas. (vii) Perform such other duties as the Under Secretary of State for Economic Growth, Energy, and the Environment may from time to time designate..