Quad Economic Security Act
Summary
The "Quad Economic Security Act" directs the Secretary of State, in consultation with the Secretary of Commerce, to establish an Economic Security Working Group within the Quad (United States, Australia, India, and Japan). The goal is to enhance economic cooperation and address shared economic security challenges in the Indo-Pacific region. The act emphasizes securing critical supply chains, safeguarding critical infrastructure, countering economic coercion, and addressing crises that disrupt supply chains.
Expected Effects
The act aims to create a formal mechanism for the Quad countries to coordinate on economic security matters. This includes conducting crisis simulation exercises and establishing a collective emergency response mechanism. The Secretary of State is required to submit reports to Congress identifying critical supply chains and regional partners.
Potential Benefits
- Strengthened cooperation with key allies in the Indo-Pacific region.
- Enhanced security of critical supply chains.
- Improved preparedness for economic coercion and supply chain disruptions.
- Potential for increased economic stability and resilience.
- Bolstering the US's international standing and influence.
Potential Disadvantages
- No additional funds are authorized, potentially limiting the scope and effectiveness of the working group.
- Success depends on the willingness of other Quad countries to cooperate.
- Potential for bureaucratic delays and inefficiencies.
- The act's focus on national security could overshadow broader economic development goals.
- Possible tensions with other countries not included in the Quad framework.
Constitutional Alignment
The bill aligns with the Constitution's broad goals of providing for the common defense and promoting the general welfare (Preamble). It falls under the purview of Congress's power to regulate commerce with foreign nations (Article I, Section 8, Clause 3) and the President's authority to conduct foreign affairs. The establishment of international agreements is a power shared by the executive and legislative branches.
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).