H.R. 5984: American Manufacturers over Argentine Bailouts Act

This bill, known as the American Manufacturers over Argentine Bailouts Act, includes several key provisions aimed at financial support for small and medium-sized manufacturers in the United States while also addressing certain foreign economic relationships.

Prohibits Financial Support to Argentina

The bill directs the Secretary of the Treasury, under the guidance of the President, to refrain from offering any direct or indirect financial assistance to Argentina using funds that are usually reserved for such purposes. This is aligned with the provisions outlined in section 5302 of title 31 of the United States Code.

Tariff Relief for Eligible Manufacturers

The bill establishes a financial relief program specifically for small and medium-sized manufacturers affected by tariffs imposed by the President on foreign goods between January 20, 2025, and January 20, 2029. This program will use funds made available under section 5302 of title 31.

Application Process for Financial Relief

To access the relief, eligible manufacturers must submit an application that includes:

• A description of the goods they produce in the United States.
• A description of any foreign imports subject to tariffs that are used as production inputs for the goods they make.
• A detailed account of the financial impact they have faced due to these tariffs.

Relief Amount

The financial support offered will be equal to the financial harm that each eligible manufacturer has reported due to the tariffs.

Funding Authorization

The Secretary of the Treasury is authorized to allocate at least $20 billion in financial aid to qualifying manufacturers from the available funds in the stabilization fund mentioned in section 5302 of title 31.

Definition of Eligible Manufacturers

For the purposes of this bill, an "eligible manufacturer" is defined as a small or medium-sized manufacturer based in the U.S. that:

• Employs fewer than 500 individuals.
• Sources at least 50% of its steel or aluminum inputs from domestic sources.
• Does not obtain any production inputs from foreign entities considered a concern by the U.S. government.

Role of the Secretary

The term "Secretary" in this context refers to the Secretary of the Treasury, who will be responsible for the implementation of these financial programs and support measures.

Relevant Companies

None found