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“(a) Consultation and Layover Requirements.—If a provision of this Act provides that the implementation of an action by the President by proclamation is subject to the consultation and layover requirements of this section, such action may be proclaimed only if—“(1) the President has obtained advice regarding the proposed action from—“(A) the appropriate advisory committees established under section 135 of the Trade Act of 1974 [19 U.S.C. 2155]; and “(B) the United States International Trade Commission; “(2) the President has submitted a report to the Committee on Finance of the Senate and the Committee on Ways and Means of the House of Representatives that sets forth—“(A) the action proposed to be proclaimed and the reasons therefor; and “(B) the advice obtained under paragraph (1); “(3) a period of 60 calendar days beginning on the first day on which the requirements of paragraphs (1) and (2) have been met has expired; and “(4) the President has consulted with such Committees regarding the proposed action during the period referred to in paragraph (3). “(b) Effective Date of Certain Proclaimed Actions.—Any action proclaimed by the President under the authority of this Act that is not subject to the consultation and layover provisions under subsection (a) may not take effect before the 15th day after the date on which the text of the proclamation is published in the Federal Register.

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