“To direct the Secretary of the Treasury to provide financial relief for small and medium sized manufacturers, and for other purposes.”
No CRS summary available for this bill.
This section prohibits the Secretary of the Treasury, pursuant to the direction of the President, from providing direct or indirect financial support to Argentina using the Exchange Stabilization Fund (ESF). (The ESF, established under 31 U.S.C. 5302, supports orderly exchange arrangements and a stable system of exchange rates by authorizing the Secretary to deal in gold, foreign exchange, and related instruments, including short-term loans or credits to foreign governments.)
This section establishes a financial relief program using funds from the Exchange Stabilization Fund (ESF) to provide at least $20 billion in assistance to eligible small and medium-sized U.S. manufacturers—defined as those domiciled in the United States, employing fewer than 500 individuals, sourcing at least 50% of steel or aluminum inputs domestically, and not sourcing production inputs from a foreign entity of concern—to offset negative financial impacts from any presidential tariffs on foreign imports imposed from January 20, 2025, to January 20, 2029. (As background, the ESF under 31 U.S.C. 5302 enables the Secretary of the Treasury, with presidential approval, to stabilize exchange rates through foreign exchange operations and related activities.) The Secretary of the Treasury must create an application process requiring descriptions of the U.S.-produced good, tariff-affected foreign input imports, and financial harm, with relief equal to demonstrated harm.