II 112th CONGRESS 1st Session S. 433 IN THE SENATE OF THE UNITED STATES March 2, 2011 Mr. Sessions introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To extend certain trade preference programs, and for other purposes.

1.

Short title

This Act may be cited as the Free and Fair Trade Act of 2011.

2.

Extension of Generalized System of Preferences

(a)

Extension

Section 505 of the Trade Act of 1974 (19 U.S.C. 2465) is amended by striking December 31, 2010 and inserting June 30, 2012. (b)

Effective date

(1)

In general

The amendment made by subsection (a) shall apply to goods entered on or after the 15th day after the date of the enactment of this Act. (2)

Retroactive application for certain liquidations and reliquidations

(A)

In general

Notwithstanding section 514 of the Tariff Act of 1930 (19 U.S.C. 1514) or any other provision of law and subject to subparagraph (B), any entry of an article (other than an article described in section 503(b)(5) of the Trade Act of 1974, as amended by section 3(a) of this Act) to which duty-free treatment under title V of the Trade Act of 1974 would have applied if the entry had been made on December 31, 2010, that was made— (i)after December 31, 2010; and (ii)before the 15th day after the date of the enactment of this Act, shall be liquidated or reliquidated as though such entry occurred on the date that is 15 days after the date of the enactment of this Act.(B)

Requests

A liquidation or reliquidation may be made under subparagraph (A) with respect to an entry only if a request therefor is filed with U.S. Customs and Border Protection not later than 180 days after the date of the enactment of this Act that contains sufficient information to enable U.S. Customs and Border Protection— (i)to locate the entry; or (ii)to reconstruct the entry if it cannot be located. (C)

Payment of amounts owed

Any amounts owed by the United States pursuant to the liquidation or reliquidation of an entry of an article under subparagraph (A) shall be paid, without interest, not later than 90 days after the date of the liquidation or reliquidation (as the case may be). (3)

Definition

As used in this subsection, the term entry includes a withdrawal from warehouse for consumption.

3.

Ineligibility of certain sleeping bags for preferential treatment under the Generalized System of Preferences

(a)

In general

Section 503(b) of the Trade Act of 1974 (19 U.S.C. 2463(b)) is amended by adding at the end the following: (5)

Certain sleeping bags

An article classifiable under subheading 9404.30.80 of the Harmonized Tariff Schedule of the United States shall not be an eligible article for purposes of subsection (a). . (b)

Applicability

The amendment made by subsection (a) shall apply to articles entered, or withdrawn from warehouse for consumption, on or after the 15th day after the date of the enactment of this Act.

4.

Extension of Andean Trade Preference Act

(a)

Extension

Section 208(a) of the Andean Trade Preference Act (19 U.S.C. 3206(a)) is amended— (1)in paragraph (1)(A), by striking February 12, 2011 and inserting June 30, 2012; and (2)in paragraph (2), by striking February 12, 2011 and inserting June 30, 2012. (b)

Treatment of certain apparel articles

Section 204(b)(3) of the Andean Trade Preference Act (19 U.S.C. 3203(b)(3)) is amended— (1)in subparagraph (B)— (A)in clause (iii)— (i)in subclause (II), by striking 8 succeeding 1-year periods and inserting 9 succeeding 1-year periods; and (ii)in subclause (III)(bb), by striking and for the succeeding 3-year period and inserting and for the succeeding 4-year period; and (B)in clause (v)(II), by striking 7 succeeding 1-year periods and inserting 8 succeeding 1-year periods; and (2)in subparagraph (E)(ii)(II), by striking February 12, 2011 and inserting June 30, 2012. (c)

Effective date

(1)

In general

The amendments made by this section shall apply to articles entered on or after the 15th day after the date of the enactment of this Act. (2)

Retroactive application for certain liquidations and reliquidations

(A)

In general

Notwithstanding section 514 of the Tariff Act of 1930 (19 U.S.C. 1514) or any other provision of law and subject to subparagraph (B), any entry of an article to which duty-free treatment or other preferential treatment under the Andean Trade Preference Act would have applied if the entry had been made on February 12, 2011, that was made— (i)after February 12, 2011; and (ii)before the 15th day after the date of the enactment of this Act, shall be liquidated or reliquidated as though such entry occurred on the date that is 15 days after the date of the enactment of this Act.(B)

Requests

A liquidation or reliquidation may be made under subparagraph (A) with respect to an entry only if a request therefor is filed with U.S. Customs and Border Protection not later than 180 days after the date of the enactment of this Act that contains sufficient information to enable U.S. Customs and Border Protection— (i)to locate the entry; or (ii)to reconstruct the entry if it cannot be located. (C)

Payment of amounts owed

Any amounts owed by the United States pursuant to the liquidation or reliquidation of an entry of an article under subparagraph (A) shall be paid, without interest, not later than 90 days after the date of the liquidation or reliquidation (as the case may be). (3)

Definition

As used in this subsection, the term entry includes a withdrawal from warehouse for consumption.

5.

Offset

(a)

In general

Notwithstanding any other provision of law, of all unobligated Federal funds available, $2,300,000,000 in appropriated discretionary unexpired funds are rescinded. (b)

Implementation

Not later than 60 days after the date of the enactment of this Act, the Director of the Office of Management and Budget shall— (1)identify the accounts and amounts rescinded to implement subsection (a); and (2)submit a report to the Secretary of the Treasury and Congress of the accounts and amounts identified under paragraph (1) for rescission. (c)

Exception

This section shall not apply to the unobligated Federal funds of the Department of Defense or the Department of Veterans Affairs.

6.

Compliance with PAYGO

The budgetary effects of this Act, for the purpose of complying with the Statutory Pay-As-You-Go Act of 2010, shall be determined by reference to the latest statement titled Budgetary Effects of PAYGO Legislation for this Act, submitted for printing in the Congressional Record by the Chairman of the Senate Budget Committee, provided that such statement has been submitted prior to the vote on passage.