,,ii #aaith ,,congress #b;d ,session ,s4 #djch ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,march #aj1 #bjbf,mr4 ,markey 7for himself1 ,ms4 ,hirono1 ,mr4 ,schumer1 ,mrs4 ,gillibrand1 ,mr4 ,hickenlooper1 ,ms4 ,klobuchar1 ,mr4 ,van ,hollen1 and ,ms4 ,rosen7 introduced the following bill2 which was read twice and referred to the ,committee on ,finance ,a ,,bill ,to exempt small business concerns from duties imposed by the ,president under section #abb of the ,trade ,act of #aigd and to prevent price gouging with respect to goods subject to such duties4 #a4 ,short title ,the ,act may be cited as the ,small ,business ,liberation #b4j ,act4 #b4 ,definitions ,in this ,act3 7#a7 ,commission ,the term ,commission means the ,federal ,trade ,commission4 7#b7 ,component ,the term component means a good that is offered for sale to consumers through incorporation into a final good4 7#c7 ,covered duty ,the term covered duty means a duty imposed under the authority provided by section #abb of the ,trade ,act of #aigd 7#ai ,u4,s4,c4 #bacb74 7#d7 ,covered good ,the term covered good means the following3 7,a7 ,a final good or a component that is subject to a covered duty imposed on or after ,january #bj1 #bjbf4 7,b7 ,a good that is assembled1 in whole or in part1 in the ,united ,states and that includes a component described in subparagraph 7,a74 7,c7 ,a final good or a component with respect to which there is a planned duty4 7,d7 ,a good that is assembled1 in whole or in part1 in the ,united ,states and that includes a component described in subparagraph 7,c74 7#e7 ,duty-related shock date 7,a7 ,in general ,the term duty-related shock date means any date if1 during the #cj-;day period preceding that date-- 7i7 covered duties with respect to goods classifiable under #e or more subheadings of the ,harmonized ,tariff ,schedule of the ,united ,states took effect2 or 7ii7 planned duties with respect to goods classifiable under #e or more such subheadings were demonstrated by a written or spoken statement4 7,b7 ,consideration of number of trading partners ,subparagraph 7,a7 applies without regard to the number of trading partners to which a covered duty or planned duty is applicable4 7#f7 ,final good ,the term final good means a good that does not require any further assembly to be ready for sale to consumers4 7#g7 ,good ,the term good means any good offered for sale in commerce4 7#h7 ,planned duty ,the term planned duty means a covered duty that is intended to be imposed or increased1 as demonstrated by a written or spoken statement by the ,president1 the ,united ,states ,trade ,representative1 the ,secretary of ,commerce1 or another senior ,federal official determined appropriate by the ,commission1 including by means of a press release1 a comment at a press conference1 meeting1 or public event1 or any other public communication4 7#i7 ,small business concern ,the term small business concern has the meaning given that term in section #c of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcb74 7#aj7 ,state ,the term ,state means each of the several ,states1 the ,district of ,columbia1 each commonwealth1 territory1 or possession of the ,united ,states1 and each federally recognized ,indian ,tribe4 7#aa7 ,ultimate parent entity ,the term ultimate parent entity has the meaning given such term in section #hja4a of title #af1 ,code of ,federal ,regulations 7or any successor regulation74 #c4 ,exemption and refunds for small business concerns from duties under balance-of-payments authority 7a7 ,exemption ,a covered duty shall not apply with respect to goods imported by or for the use of a small business concern4 7b7 ,refunds ,not later than #ij days after the date of the enactment of this ,act1 the ,president shall refund the amount of any covered duties paid on goods imported by or for the use of a small business concern4 #d4 ,prevention of price gouging with respect to goods subject to duties under balance-of-payments authority 7a7 ,prohibition on price gouging 7#a7 ,in general ,no person may sell or offer for sale in the ,united ,states a covered good at an unreasonably high price during the #e-year period that follows the date on which-- 7,a7 a covered duty with respect to the good took effect or was increased2 or 7,b7 a planned duty with respect to the good was demonstrated by a written or spoken statement4 7#b7 ,role in supply chain immaterial ,the prohibition under paragraph 7#a7 applies without regard to the position of a person in a supply chain or distribution network4 7#c7 ,unreasonably high price 7,a7 ,in general ,for purposes of this subsection1 a person sells or offers for sale a covered good at an unreasonably high price if the person-- 7i7 has raised the price of a covered good that is a final good by more than the amount of-- 7,i7 the costs directly generated by the imposition of or an increase in a covered duty with respect to the good2 and 7,,ii7 additional costs incurred by the person in providing the good that demonstrate that the covered duty was not used by the person as a pretext for a price increase2 or 7ii7 has raised the price of a covered good that is or includes a component by more than the amount of-- 7,i7 the costs directly generated by the imposition of or an increase in a covered duty with respect to the component2 and 7,,ii7 additional costs incurred by the person in providing the good that demonstrate that the covered duty was not used by the person as a pretext for a price increase4 7,b7 ,planned duties ,with respect to a covered good1 no costs may be determined to be directly generated by the imposition of a covered duty with respect to the good before the date on which the covered duty takes effect with respect to the good4 7,c7 ,baseline price determinations ,for purposes of this paragraph1 the price of a covered good before the date on which any covered duty or planned duty applicable to the good took effect or was demonstrated by a written or spoken statement1 as the case may be1 shall be determined by reference to the average price of the good during the #ahj-;day period preceding that date4 7b7 ,exemption for small businesses ,subsection 7a7 does not apply to the sale1 or offering for sale1 of a covered good by a small business concern4 7c7 ,presumption of violation 7#a7 ,in general ,with respect to any duty-related shock date1 a person shall be presumed to be in violation of subsection 7a7 if a preponderance of the evidence demonstrates that the person-- 7,a7 has unfair leverage 7as described in paragraph 7#c772 and 7,b7 sold or offered for sale on that date a covered good at a price that was greater than the average price of the good during the #ahj-;day period preceding the date on which the most recent covered duty or planned duty applicable to the good took effect or was demonstrated by a written or spoken statement1 as the case may be4 7#b7 ,rebuttal ,a person may rebut a presumption under paragraph 7#a7 if the person demonstrates by clear and convincing evidence that the relevant increase in the price of a covered good is attributable1 in full1 to-- 7,a7 costs directly generated by the imposition of or an increase in a covered duty with respect to the good2 and 7,b7 additional costs incurred by the person in providing the good that demonstrate that the covered duty was not used by the person as a pretext for such increase4 7#c7 ,unfair leverage 7,a7 ,characteristics ,for purposes of this subsection1 a person has unfair leverage if the person or the ultimate parent entity of the person-- 7i7 is not a small business concern2 or 7ii7 satisfies another characteristic set forth in a regulation promulgated by the ,commission with respect to determining unfair leverage4 7,b7 ,inflation adjustment ,in ,january of the first year beginning after the date of the enactment of this ,act1 and annually thereafter1 the ,commission shall adjust the amount specified in subparagraph 7,a77i7 by the percentage change in the ,consumer ,price ,index for ,all ,urban ,consumers published by the ,bureau of ,labor ,statistics with respect to the #ab-month period preceding the date of such adjustment4 7,c7 ,considerations ,in promulgating regulations under subparagraph 7,a77ii71 the ,commission shall consider the capacity of a person to do the following3 7i7 ,absorb1 in whole or in part1 costs directly generated by a covered duty4 7ii7 ,increase production1 in the ,united ,states1 of a good that is identical or substantially similar to a covered good4 7d7 ,regulations 7#a7 ,in general ,the ,commission may promulgate1 in accordance with section #eec of title #e1 ,united ,states ,code1 such regulations as may be necessary to carry out this section4 7#b7 ,interagency consultation ,the ,commission1 in promulgating regulations under this subsection1 shall consult with the ,united ,states ,trade ,representative1 the ,united ,states ,international ,trade ,commission1 the ,commissioner of ,u4,s4 ,customs and ,border ,protection1 and the ,commissioner of the ,bureau of ,labor ,statistics4 7e7 ,enforcement by ,commission 7#a7 ,unfair or deceptive acts or practices ,a violation of this section or a regulation promulgated under this section shall be treated as a violation of a regulation under section #ah7;a77#a77;,b7 of the ,federal ,trade ,commission ,act 7#ae ,u4,s4,c4 #eg;a7a77#a77;,b77 regarding unfair or deceptive acts or practices4 7#b7 ,powers of ,commission ,the ,commission shall enforce this section and the regulations promulgated under this section in the same manner1 by the same means1 and with the same jurisdiction1 powers1 and duties as though all applicable terms and provisions of the ,federal ,trade ,commission ,act 7#ae ,u4,s4,c4 #da et seq47 were incorporated into and made a part of this section4 ,any person who violates this section or a regulation promulgated under this section shall be subject to the penalties and entitled to the privileges and immunities provided in the ,federal ,trade ,commission ,act4 7#c7 ,authority preserved ,nothing in this section may be construed to limit the authority of the ,commission under any other provision of law4 7f7 ,actions by ,states 7#a7 ,in general ,in any case in which the attorney general of a ,state1 or an official or agency of a ,state1 has reason to believe that an interest of the residents of such ,state has been or is threatened or adversely affected by an act or practice in violation of this section or a regulation promulgated under this section1 the ,state1 as parens patriae1 may bring a civil action on behalf of the residents of the ,state in an appropriate ,state court or an appropriate district court of the ,united ,states to-- 7,a7 enjoin such act or practice2 7,b7 enforce compliance with this section or such regulation2 7,c7 obtain damages1 restitution1 or other compensation on behalf of residents of the ,state2 or 7,d7 obtain such other legal and equitable relief as the court may consider to be appropriate4 7#b7 ,notice ,before filing an action under this subsection1 the attorney general1 official1 or agency of the ,state involved shall provide to the ,commission a written notice of such action and a copy of the complaint for such action4 ,if the attorney general1 official1 or agency determines that it is not feasible to provide the notice described in this paragraph before the filing of the action1 the attorney general1 official1 or agency shall provide written notice of the action and a copy of the complaint to the ,commission immediately upon the filing of the action4 7#c7 ,authority of ,commission ,on receiving notice under paragraph 7#b7 of an action under this subsection1 the ,commission shall have the right-- 7,a7 to intervene in the action2 7,b7 upon so intervening1 to be heard on all matters arising therein2 and 7,c7 to file petitions for appeal4 7#d7 ,rules of construction 7,a7 ,exercising of certain powers ,for purposes of bringing a civil action under this subsection1 nothing in this ,act may be construed to prevent an attorney general1 official1 or agency of a ,state from exercising the powers conferred on the attorney general1 official1 or agency by the laws of such ,state to conduct investigations1 administer oaths and affirmations1 or compel the attendance of witnesses or the production of documentary and other evidence4 7,b7 ,state proceedings ,nothing in this subsection may be construed to prohibit an authorized official of a ,state from initiating or continuing any proceeding in a court of the ,state for a violation of any civil or criminal law of the ,state4 7g7 ,effect on other laws ,nothing in this section may be construed to preempt or otherwise affect any ,state or local law4 7h7 ,reporting by consumers and related investigations 7#a7 ,in general ,not later than #ahj days after the date of the enactment of this ,act1 the ,commission shall establish a mechanism for consumers to report to the ,commission potential violations of this section4 7#b7 ,requirements ,the mechanism established under paragraph 7#a7 shall allow a consumer to report a potential violation by a variety of means1 including the following3 7,a7 ,a telephone number4 7,b7 ,a mailing address4 7,c7 ,a website4 7#c7 ,consideration ,not later than #ahj days after the date of the enactment of this ,act1 the ,commission shall promulgate regulations establishing1 and providing a detailed description of1 the process by which the ,commission shall consider reports provided through the mechanism established under paragraph 7#a7 and1 if applicable1 open investigations into potential violations of this section4 7#d7 ,rule of construction ,nothing in this subsection may be construed to preclude the ,commission from unilaterally initiating an investigation of a potential violation of this section4 #e4 ,reports 7a7 ,international ,trade ,commission and ,bureau of ,labor ,statistics report 7#a7 ,in general ,not later than #a year after the date of the enactment of this ,act1 and annually thereafter1 the ,united ,states ,international ,trade ,commission and the ,commissioner of the ,bureau of ,labor ,statistics shall jointly submit to ,congress1 and make available to the public1 a report on the prices of goods sold by any entity that is not a small business concern1 with a focus on identifying changes in the prices of covered goods4 7#b7 ,sufficiency of surveys 7,a7 ,in general ,before submitting the first report required by paragraph 7#a71 the ,commissioner of the ,bureau of ,labor ,statistics shall identify whether the existing surveys of the ,bureau collect sufficiently granular data with respect to pricing decisions and consumer prices to effectively identify price increases for covered goods4 7,b7 ,development of new surveys ,if the ,commissioner determines under subparagraph 7,a7 that the surveys of the ,bureau are insufficient1 the ,bureau shall develop and include in such surveys new questions to collect the data necessary for the report required under paragraph 7#a74 7b7 ,federal ,trade ,commission report ,not later than #a year after the date of the enactment of this ,act1 and annually thereafter1 the ,commission shall submit to ,congress1 and make available to the public1 a report on the enforcement activities of the ,commission under this ,act1 which shall include an assessment of the impact of the enforcement of this ,act on consumer prices1 both for covered goods and all goods4