Page:United States Statutes at Large Volume 124.djvu/1614

 124 STAT. 1588 PUBLIC LAW 111–203—JULY 21, 2010 ‘‘(A) an insurer that is organized under the laws of a State; or ‘‘(B) a United States branch of a non-United States insurer. ‘‘(s) AUTHORIZATION OF APPROPRIATIONS.—There are authorized to be appropriated for the Office for each fiscal year such sums as may be necessary. ‘‘SEC. 314. COVERED AGREEMENTS. ‘‘(a) AUTHORITY.—The Secretary and the United States Trade Representative are authorized, jointly, to negotiate and enter into covered agreements on behalf of the United States. ‘‘(b) REQUIREMENTS FOR CONSULTATION WITH CONGRESS.— ‘‘(1) IN GENERAL.—Before initiating negotiations to enter into a covered agreement under subsection (a), during such negotiations, and before entering into any such agreement, the Secretary and the United States Trade Representative shall jointly consult with the Committee on Financial Services and the Committee on Ways and Means of the House of Representa- tives and the Committee on Banking, Housing, and Urban Affairs and the Committee on Finance of the Senate. ‘‘(2) SCOPE.—The consultation described in paragraph (1) shall include consultation with respect to— ‘‘(A) the nature of the agreement; ‘‘(B) how and to what extent the agreement will achieve the applicable purposes, policies, priorities, and objectives of section 313 and this section; and ‘‘(C) the implementation of the agreement, including the general effect of the agreement on existing State laws. ‘‘(c) SUBMISSION AND LAYOVER PROVISIONS.—A covered agree- ment under subsection (a) may enter into force with respect to the United States only if— ‘‘(1) the Secretary and the United States Trade Representa- tive jointly submit to the congressional committees specified in subsection (b)(1), on a day on which both Houses of Congress are in session, a copy of the final legal text of the agreement; and ‘‘(2) a period of 90 calendar days beginning on the date on which the copy of the final legal text of the agreement is submitted to the congressional committees under paragraph (1) has expired.’’. (b) DUTIES OF SECRETARY.—Section 321(a) of title 31, United States Code, is amended— (1) in paragraph (7), by striking ‘‘; and’’ and inserting a semicolon; (2) in paragraph (8)(C), by striking the period at the end and inserting ‘‘; and’’; and (3) by adding at the end the following new paragraph: ‘‘(9) advise the President on major domestic and inter- national prudential policy issues in connection with all lines of insurance except health insurance.’’. (c) CLERICAL AMENDMENT.—The table of sections for subchapter I of chapter 3 of title 31, United States Code, is amended by striking the item relating to section 312 and inserting the following new items: ‘‘Sec. 312. Terrorism and financial intelligence. ‘‘Sec. 313. Federal Insurance Office. Time period.