Text: S.3123 — 114th Congress (2015-2016)All Information (Except Text)

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Introduced in Senate (06/29/2016)

 
[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[S. 3123 Introduced in Senate (IS)]

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114th CONGRESS
  2d Session
                                S. 3123

 To provide for the continuation with respect to the United Kingdom of 
   existing commercial agreements between the United States and the 
European Union, to encourage the President to expeditiously negotiate a 
 new comprehensive bilateral trade agreement with the United Kingdom, 
                        and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             June 29, 2016

  Mr. Lee (for himself and Mr. Cotton) introduced the following bill; 
     which was read twice and referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
 To provide for the continuation with respect to the United Kingdom of 
   existing commercial agreements between the United States and the 
European Union, to encourage the President to expeditiously negotiate a 
 new comprehensive bilateral trade agreement with the United Kingdom, 
                        and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``United Kingdom Trade Continuity 
Act''.

SEC. 2. FINDINGS; SENSE OF CONGRESS.

    (a) Findings.--Congress makes the following findings:
            (1) On June 23, 2016, the people of the United Kingdom 
        voted in support of a referendum to leave the European Union.
            (2) The United States has a special and historic 
        relationship with the United Kingdom that has enabled economic 
        prosperity and security cooperation that greatly benefits both 
        countries.
            (3) The United Kingdom is a great and important trading 
        partner with the United States, with exports to the United 
        Kingdom in 2015 totaling approximately $56,114,600,000 and 
        imports to the United States totaling approximately 
        $57,962,300,000.
            (4) It is in the national interest of both the United 
        States and the United Kingdom to preserve and expand the 
        special relationship between the 2 countries.
    (b) Sense of Congress.--It is the sense of Congress that--
            (1) the United States supports the decision by the people 
        of the United Kingdom to leave the European Union;
            (2) the United States should give the United Kingdom the 
        assurance that the special relationship between the United 
        States and the United Kingdom will not be adversely affected by 
        a lapse in or confusion about trade rules with the United 
        States;
            (3) it is vital to reassure trading markets, businesses, 
        and consumers of the commitment of the United States to 
        continue without interruption the close and mutually beneficial 
        trade partnership between the United States and the United 
        Kingdom; and
            (4) the market access provided to financial institutions 
        based in the United States and the United Kingdom through 
        passporting rights should be supported by equivalent forms of 
        market access before the United Kingdom exits the European 
        Union.

SEC. 3. CONTINUATION OF EXISTING COMMERCIAL AGREEMENTS.

    (a) In General.--The United States shall continue to comply with 
the terms of all commercial agreements between the United States and 
the European Union that govern commerce between the United States and 
the United Kingdom as of the date of the enactment of this Act to the 
same extent as if the United Kingdom were still a member of the 
European Union, unless such an agreement specifically provides 
otherwise, until a new comprehensive agreement between the United 
States and the United Kingdom is negotiated and enters into force.
    (b) Required Actions.--The President shall expeditiously take such 
measures as are necessary, in coordination with Congress, to ensure 
that the United States is able to fulfill the requirement under 
subsection (a).

SEC. 4. NEGOTIATION AND RATIFICATION OF A UNITED STATES-UNITED KINGDOM 
              TRADE AGREEMENT.

    (a) Sense of Congress.--It is the sense of Congress that--
            (1) not later than 30 days after the date of the enactment 
        of this Act, the President should initiate negotiations with 
        the United Kingdom with the goal of reaching a final 
        comprehensive bilateral trade agreement by the date that is one 
        year after such date of enactment; and
            (2) the President should make every effort to negotiate 
        such an agreement expeditiously.
    (b) Expedited Procedures.--The expedited procedures provided for 
under section 151 of the Trade Act of 1974 (19 U.S.C. 2191) shall apply 
to a bill to implement a comprehensive bilateral trade agreement with 
the United Kingdom negotiated under subsection (a) to the same extent 
as such procedures apply to an implementing bill under section 
103(b)(3) of the Bipartisan Congressional Trade Priorities and 
Accountability Act of 2015 (19 U.S.C. 4202(b)(3)).
    (c) Consultations.--The President shall frequently update the 
Committee on Finance and the Committee on Foreign Relations of the 
Senate and the Committee on Ways and Means and the Committee on Foreign 
Affairs of the House of Representatives on the progress made in 
negotiating a comprehensive bilateral trade agreement with the United 
Kingdom under subsection (a).
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