To establish a regional trade, investment, and people-to-people partnership of countries in the Western Hemisphere to stimulate growth and integration through viable long-term private sector development, and for other purposes.
About This Bill
Committee
Latest Action · March 6, 2024
Read twice and referred to the Committee on Finance.
# Summary of S. 3878, the Americas Act
The Americas Act establishes a comprehensive Western Hemisphere trade, investment, and development partnership focused on reducing dependence on China while strengthening economic ties within the Americas. The bill creates multiple new institutions and programs to achieve these goals.
The legislation establishes an Americas Institute for Digital Governance to develop interoperable e-governance systems across partner countries, with funding of $10 million. It creates a formal partnership framework requiring countries to meet democracy, human rights, and anti-corruption standards to participate. The bill also creates the Americas Partnership Secretariat to coordinate diplomatic and economic efforts among participating countries.
On trade and investment, the bill authorizes $70 billion in loans and grants to incentivize U.S. companies to relocate operations from China to the United States or Americas partner countries, with a 5-year timeline for completion. It establishes a tax credit covering 50 percent of re-shoring costs and 35 percent of near-shoring costs. The legislation pursues USMCA expansion to additional Western Hemisphere countries and creates the BUILD Americas Unit and Americas Partnership Enterprise Fund to finance strategic infrastructure and supply chain projects.
The bill allocates significant resources for people-to-people connections, including doubling Peace Corps volunteers in partner countries, expanding the Fulbright scholarship program, creating the American University of the Americas, and establishing a new visa category for caregivers for elderly individuals. It also initiates Radio Free Americas for news broadcasting in the region.
Funding comes from a newly created Re-shoring and Near-shoring Account seeded with $500 million, supplemented by tariff revenues. The bill requires annual reporting to Congress on all program activities and outcomes.
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