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Protecting American Competition Act of 2026 This bill establishes additional requirements for the Department of Commerce's Bureau of Industry and Security (BIS) to review applications for export licenses and establishes related reporting requirements. Specifically, the bill directs BIS, when reviewing an application for a license or other authorization for the export, reexport, or in-country transfer of controlled items, to consider whether the requested license or other authorization would be the initial license or other authorization for the export, reexport, or in-country transfer of the item to an ultimate consignee or end user. After issuing an initial license or other authorization, BIS must attempt to administer in a timely manner any subsequent license application by a different applicant for the same or a similar item to the same ultimate consignee or end user as the initial license. The bill requires BIS to submit annual reports to specified congressional committees on initial licenses granted by BIS. Additionally, BIS must report to Congress on how it is implementing the bill's provisions.

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