H.R.1486 - Economic Espionage Prevention Act (119th Congress)
Summary
H.R. 1486, the Economic Espionage Prevention Act, aims to impose sanctions on foreign entities, particularly those associated with adversarial nations, that engage in economic or industrial espionage against the United States. The bill focuses on entities providing material support to foreign adversaries' military, intelligence, or national security apparatus, or violating US export control laws. It mandates a report on entities linked to the People's Republic of China that support Russia's defense industrial base.
Expected Effects
The Act could lead to significant economic and diplomatic consequences for entities and nations involved in espionage or supporting adversarial activities. Sanctions may include property blocking, visa restrictions, and ineligibility for admission to the United States. The Act also establishes procedures for implementation, penalties for violations, and reporting requirements to Congress.
Potential Benefits
- Strengthened national security by hindering foreign adversaries' ability to acquire sensitive US technology and trade secrets.
- Protection of American businesses and intellectual property from economic espionage.
- Increased deterrence against foreign entities engaging in activities detrimental to US interests.
- Enhanced international standing by demonstrating a commitment to protecting national assets and enforcing fair trade practices.
- Potential for increased transparency and accountability in international trade and technology transfer.
Potential Disadvantages
- Potential for retaliatory actions from foreign adversaries, impacting international trade and diplomatic relations.
- Increased compliance costs for businesses to ensure they are not inadvertently violating the Act's provisions.
- Risk of unintended consequences, such as harming legitimate international collaborations or partnerships.
- Possible overreach in defining "economic espionage," leading to disputes and legal challenges.
- The broad scope of sanctions could negatively impact global supply chains and economic stability.
Constitutional Alignment
The bill aligns with the Constitution's broad goals of providing for the common defense and promoting the general welfare (Preamble). Congress has the power to regulate commerce with foreign nations (Article I, Section 8, Clause 3) and to enact laws necessary and proper for carrying out its enumerated powers (Article I, Section 8, Clause 18). The Act's provisions regarding sanctions and trade restrictions fall under these constitutional authorities.
Impact Assessment: Things You Care About ⓘ
This action has been evaluated across 19 key areas that matter to you. Scores range from 1 (highly disadvantageous) to 5 (highly beneficial).