“(a) United States Laws To Prevail in Conflict.—No provision of the Agreement, nor the application of any such provision to any person or circumstance, which is in conflict with any law of the United States shall have effect.
“(b) Relationship of Agreement to State and Local Law.—“(1) The provisions of the Agreement prevail over—“(A) any conflicting State law; and
“(B) any conflicting application of any State law to any person or circumstance;
to the extent of the conflict.
“(2) Upon the enactment of this Act, the President shall, in accordance with section 306(c)(2)(A) of the Trade and Tariff Act of 1984 (19 U.S.C. 2114c), initiate consultations with the State governments on the implementation of the obligations of the United States under the Agreement. Such consultations shall be held—“(A) through the intergovernmental policy advisory committees on trade established under such section for the purpose of achieving conformity of State laws and practices with the Agreement; and
“(B) with the individual States as necessary to deal with particular questions that may arise.
“(3) The United States may bring an action challenging any provision of State law, or the application thereof to any person or circumstance, on the ground that the provision or application is inconsistent with the Agreement.
“(4) For purposes of this subsection, the term ‘State law’ includes—“(A) any law of a political subdivision of a State; and
“(B) any State law regulating or taxing the business of insurance.
“(c) Effect of Agreement With Respect to Private Remedies.—No person other than the United States shall—“(1) have any cause of action or defense under the Agreement or by virtue of congressional approval thereof, or
“(2) challenge, in any action brought under any provision of law, any action or inaction by any department, agency, or other instrumentality of the United States, any State, or any political subdivision of a State on the ground that such action or inaction is inconsistent with the Agreement.
“(d) Initial Implementing Regulations.—Initial regulations necessary or appropriate to carry out the actions proposed in the statement of administrative action submitted under section 101(a)(3) to implement the Agreement shall, to the maximum extent feasible, be issued within 1 year after the date of entry into force of the Agreement [Jan. 1, 1989]. In the case of any implementing action that takes effect after the date of entry into force of the Agreement, initial regulations to carry out that action shall, to the maximum extent feasible, be issued within 1 year after such effective date.
“(e) Changes in Statutes To Implement a Requirement, Amendment, or Recommendation.—The provisions of section 3(c) of the Trade Agreements Act of 1979 (19 U.S.C. 2504(c)) shall apply as if the Agreement were an agreement approved under section 2(a) of that Act [19 U.S.C. 2503(a)] whenever the President determines that it is necessary or appropriate to amend, repeal, or enact a statute of the United States in order to implement any requirement of, amendment to, or recommendation, finding or opinion under, the Agreement; but such provisions shall not apply to any bill to implement any such requirement, amendment, recommendation, finding, or opinion that is submitted to the Congress after the close of the 30th month after the month in which the Agreement enters into force [January 1989].