This bill creates a new position in the Department of State to oversee economic affairs and ensure U.S. economic interests are prioritized in foreign policy.
This bill restructures the Department of State's Office of the Under Secretary for Economic Affairs, dividing the office into four bureaus and two offices. (The current structure is here.) The bill also specifies the functions of these organizations and the responsibilities of the organizations' leaders. Under the bill, the following organizations fall under the Office of the Under Secretary for Economic Affairs:the Bureau of Commercial Diplomacy covers trade and investment promotion and policy, international finance and development, and transportation affairs; the Bureau of Water, Environment, and Space Affairs covers space, oceans, environmental quality, fisheries, wildlife, wildlife trafficking, and conservation affairs; the Bureau of Energy Security and Diplomacy formulates and implements international energy, energy technology, critical minerals, and relevant supply chain policies; the Bureau of Sanctions Policy develops policies governing the imposition of sanctions and sanctions strategies; the Office of the Chief Economist provides expert economic advice and analysis; and the Office of Subnational Diplomacy enables the department’s work with state and local governments within the United States to improve the ability of those governments to attract foreign investment, counter foreign malign influence within the United States, and contribute to U.S. foreign policy priorities. An assistant secretary with specified responsibilities leads each of the four bureaus. The heads of the two offices also have specified responsibilities. The Office of the Under Secretary for Economic Affairs shall administer and oversee the International Technology Security and Innovation Fund, which provides for technology security and semiconductor supply chain activities.