S.Amdt. 4947

1. Adds SEC. 1308. RESPONSE TO CERTAIN ACTIONS ARISING OUT OF WORLD TRADE ORGANIZATION PROCEEDINGS on page 423, line 25

   Adds a sectionPrinted page

   Inserted: SEC. 1308. RESPONSE TO CERTAIN ACTIONS ARISING OUT OF WORLD TRADE ORGANIZATION PROCEEDINGS.

   Inserted: (a) In General.--The United States Trade Representative shall provide timely notice to Congress, through the Chairman and Ranking Members of the Committee on Environment and Public Works of the Senate and the Committee on Energy and Commerce of the House of Representatives, of proceedings before the World Trade Organization challenging the consistency of any aspect of this subtitle with respect to international agreements to which the United States is a party. The notice shall include--

   Inserted: (1) the commencement of any such proceeding;

   Inserted: (2) any decision by a dispute settlement panel or body with respect to such a proceeding;

   Inserted: (3) the status of any implementation period provided for the United States to bring a measure into conformity with the recommendations or rulings of the Dispute Settlement Body of the World Trade Organization and arising out of any such a proceeding, as well as the timetables associated with any such implementation period;

   Inserted: (4) authorization of any foreign country to engage in retaliatory actions in response to the failure of the United States to implement any recommendation or ruling of the Dispute Settlement Body of the World Trade Organization; and

   Inserted: (5) the commencement of retaliatory actions by any foreign country against products of the United States arising out of any such proceeding.

   Inserted: (b) Notice to Administrator.--The United States Trade Representative shall provide notice to the Administrator of the Environmental Protection Agency of any retaliatory action by a foreign country pursuant to authorization by the Dispute Settlement Body of the World Trade Organization and in response to a finding that the United States has failed to implement any recommendation or ruling of the Dispute Settlement Body relating to a proceeding described in subsection (a).

   Inserted: (c) Suspension of Reserve Allowance.--Upon receipt of any notification described in subsection (b), the Administrator shall suspend application of the international reserve allowance program established under section 1306 and shall promptly publish notification of the termination of the program.

   Inserted: (d) Cessation of Emission Allowance and Offset.--Notwithstanding any other provision of this Act, effective with the publication of the notification described in subsection (c), any obligation of an affected domestic producer of competitive goods to submit an emission allowance or offset under section 202 to account for emissions associated with the production of an affected domestic product shall cease to apply.

   Inserted: (e) Distribution to Affected Domestic Producers.--Notwithstanding any other provision of this Act, effective in the first calendar year following any termination of the international reserve allowance program, as described in subsection (c), and continuing through 2050, the Administrator shall establish a program to distribute a quantity of emission allowances established pursuant to section 201(a) to each entity that was an affected domestic producer of competitive goods during the last year of operation of the international reserve allowance program. The quantity of emission allowances distributed to each such entity shall be sufficient to offset any additional costs arising out of the requirements of this Act (other than costs arising out of any obligation terminated pursuant to subsection (d)) in the production of an affected domestic product, including costs arising from the purchase of electricity or from allowance requirements imposed upon the producers of inputs used to produce an affected domestic product.

   Inserted: (f) Regulations.--Following publication of notice of any termination of the international reserve allowance program, as described in subsection (c), the Administrator shall promulgate such regulations as the Administrator determines to be necessary to implement the requirements of this section.

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   Inserted: (g) Definitions.--For purposes of this title:

   Inserted: (1) Affected domestic producers of competitive goods.--The term "affected domestic producers of competitive goods" means any manufacturing entity in the United States that makes products like or directly competitive with any product treated as a covered good.

   Inserted: (2) Affected domestic product.--The term "affected domestic product" means a product produced by any manufacturing entity in the United States that is like or directly competitive with any product treated as a covered good.

   Original wording

   On page 423, after line 25, insert the following:

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As printed