H.R. 4476 would establish a Trade and Economic Security Council within the Department of Homeland Security (DHS). The council would consist of representatives from multiple DHS offices and subagencies and would be responsible for identifying risks to trade and economic security and recommending new policies in those areas. Under the bill, the council would be required to meet at least four times a year and brief the Congress every six months on its activities. H.R. 4476 also would establish the position of Assistant Secretary for Trade and Economic Security within the department, which would be responsible for chairing the council and coordinating DHS activities on trade and economic security.
The bill would authorize the appropriation of $3 million each year from 2022 to 2026. Using historical patterns of spending for similar programs and assuming appropriation of the authorized amounts, CBO estimates implementing H.R. 4476 would cost DHS about $14 million over the 2022-2026 period, with the remaining authorized amount spent after 2026.
