S. 4049Senate119th Congress (2025-2027)In Committee

Reclaim Trade Powers Act

A bill to repeal section 122 of the Trade Act of 1974 relating to balance-of-payments authority.

AI-Generated Summary

Updated March 21, 2026 at 4:10 AM UTC

The Reclaim Trade Powers Act removes the balance‑of‑payments authority that currently exists under Section 122 of the Trade Act of 1974. By repealing that section, the bill takes away the President’s power to act on trade matters based on balance‑of‑payments issues, affecting how U.S. trade policy is implemented. It also updates the law’s table of contents and cleans up related references.

Key Provisions

Repeals Section 122 of the Trade Act of 1974, which gave the President authority to take action based on balance‑of‑payments concerns.
Updates the Trade Act’s table of contents to remove the reference to the repealed Section 122.
Amends Section 127(b) of the Trade Act to delete language that referred to actions under the now‑repealed Section 122.

Legislative Activity

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1 earlier action

SenateIntro Referral Latest Action

Read twice and referred to the Committee on Finance.

Finance Committee

March 11, 2026

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SenateIntro Referral

Introduced in Senate

March 11, 2026

SenateIntro Referral

Read twice and referred to the Committee on Finance.

Finance Committee

March 11, 2026

Bill Text

Latest available legislative text

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Introduced in SenateIssued March 11, 2026

119th CONGRESS

2d Session

S. 4049

IN THE SENATE OF THE UNITED STATES

March 11, 2026

Mr. Kaine (for himself, Mr. Warnock, Mr. Wyden, Mr. King, Mr. Coons, Mr. Welch, Mr. Warner, Mr. Van Hollen, Ms. Klobuchar, Ms. Rosen, Ms. Alsobrooks, Mr. Heinrich, and Mrs. Murray) introduced the following bill; which was read twice and referred to the Committee on Finance

A BILL

To repeal section 122 of the Trade Act of 1974 relating to balance-of-payments authority.

Short title

This Act may be cited as the Reclaim Trade Powers Act.

Repeal of balance-of-payments authority

(a)

In general

Section 122 of the Trade Act of 1974 (19 U.S.C. 2132) is repealed.

(b)

Clerical amendment

The table of contents for the Trade Act of 1974 is amended by striking the item relating to section 122.

(c)

Conforming amendment

Section 127(b) of the Trade Act of 1974 (19 U.S.C. 2137(b)) is amended, in the matter preceding subparagraph (A), by striking (and from any action under section 122(c)).