REPORT Act
Tariffs: New Transparency and Reporting Rules
The REPORT Act is currently in the early stages of the legislative process after being introduced in the House. It has been sent to the House Committee on Ways and Means for review. The bill is considered active as it waits for the committee to decide on its next steps.
Legislative Progress
While the bill has support from both parties, legislation that limits the power of the White House to act quickly on trade often faces significant hurdles.
Key Points
- This bill would require the administration to explain why they are raising or lowering taxes on imported goods. Currently, these changes can sometimes happen with very little public notice or explanation.
- Under this plan, the public would get a notice at least 48 hours before any new tariff takes effect. This notice must include a detailed reason for why the change is happening.
- Trade officials would also have to meet with leaders in Congress within one week of a tariff change. They would need to explain the decision to the committees that handle taxes and trade.
- This policy aims to give businesses and consumers more time to prepare for price changes. It also makes it harder for any administration to change trade rules without showing their work to the public.
Impact Analysis
Govbase has not yet run an impact analysis on this legislation.
Milestones
Referred to the House Committee on Ways and Means.
Introduced in House
The bill was officially filed and given a number. It now enters the legislative queue.
Votes
No votes have been recorded for this legislation yet.
News
No related news coverage found for this legislation yet.
Source Information
Document Type
Congressional Bill
Official Title
REPORT Act
Data Sources
Sponsor
Cosponsors
(2)Analysis generated by AI. Always verify with official sources.