Chairman Menendez Introduces Economic Statecraft for the Twenty-First Century Act

Press Release

U.S. Senator Bob Menendez (D-N.J.), Chairman of the Senate Foreign Relations Committee, today introduced the Economic Statecraft for the Twenty-First Century Act, new comprehensive legislation creating a whole-of-government approach to recommit U.S. leadership in the global economy. The new initiative, which comes as the Senate and House of Representatives begin the formal conference process to reconcile different versions of U.S.-China competition legislation, complements and expands upon provisions being negotiated -- including on China's economic coercion, supply chains, global infrastructure, artificial intelligence, and economic resilience.

"Twenty years ago, the common consensus was that by joining the international economic order, China would adopt principles of economic liberalization and personal freedom. But unfortunately, that hasn't happened. Instead they are using their economic integration to pressure the developing world to choose between our system and our values of self-determination, respect for human rights, and openness -- or theirs: of authoritarianism, repression, and censorship," Chairman Menendez said. "It is time to have coordination. We need a new, whole-of-government approach. One rooted in the emerging geopolitical realities of a world more connected yet more complex than ever. And that's exactly what my bill, the Economic Statecraft for the Twenty-First Century Act, will do."

Unveiled in a speech to the American Leadership Initiative, Chairman Menendez made the case for overhauling U.S. competitive economic diplomacy so the federal government can be better equipped to outcompete China in five strategic domains of the 21st century -- infrastructure, energy, technology, international financial institutions, and global resilience.

Source