ECON Act

The ECON Act strengthens U.S. economic diplomacy by establishing new duties for Foreign Service economic officers, requiring chiefs of mission to coordinate economic efforts across U.S. agencies, and creating "deal teams" at embassies to help American businesses secure overseas opportunities. Key provisions include establishing a "Deal Team of the Year" award, creating economic defense response teams to assist countries facing coercive economic practices, and implementing a pilot program to identify trade barriers in developing partner countries. The bill also expands protections against intellectual property theft and predatory pricing by foreign state-owned entities, while mandating revised performance metrics focused on outcomes rather than processes. This legislation directly affects U.S. diplomatic missions worldwide, American businesses seeking international opportunities, and foreign governments engaging in practices the U.S. considers unfair.