Congress also considered legislation to reauthorize the Export-Import Bank (Ex-Im Bank), Trade Adjustment Assistance (TAA), certain U.S. trade preference programs, and the commercial operations of U.S. Customs and Border Protection (CBP), as well as legislation to approve governance reforms at the International Monetary Fund (IMF). Additionally, Congress continued oversight of ongoing U.S. trade agreements and negotiations, and of U.S. economic sanctions against Iran, Cuba, North Korea, Russia, and other countries. Approaches to intellectual property rights (IPR), digital trade, and investment in U.S. trade negotiations, agreements, and programs also are expanding policy issues. The Role of Congress in International Trade and Finance

The U.S. Constitution assigns express authority over foreign trade to Congress. Since the passage of the Tariff Act of 1930, Congress has delegated certain trade authority to the executive branch. These include such areas as U.S. trade agreement negotiations, tariffs and nontariff barriers, trade remedy laws, import and export policies, economic sanctions, and the trade policy functions of the federal government. It has authority over bilateral investment treaties (BITs) and the level of U.S. financial commitments to the multilateral development banks (MDBs), including the World Bank, and to the International Monetary Fund (IMF). TPA allows implementing bills for specific trade agreements to be considered under expedited legislative procedures—limited debate, no amendments, and an up or down vote—provided the President observes certain statutory obligations in negotiating trade agreements. The latest grant of authority expires on July 1, 2021, provided that neither chamber introduces and passes an extension disapproval resolution by July 1, 2018. These efforts include: 
WTO Trade Facilitation Agreement (TFA). WTO Environmental Goods Agreement (EGA). Such activities may support Administration initiatives and programs on trade. Export Controls and Sanctions

Congress has authorized the President to control the export of various items for national security, foreign policy, and economic reasons. Congress influences all aspects of these international investment issues. The 114th Congress responded to concerns about currency manipulation through Trade Promotion Authority (TPA) and customs legislation. In engaging on these issues, Congress may wish to: 
consider potential implementing legislation for the Trans-Pacific Partnership (TPP), which could prompt a vigorous debate on a number of trade issues encompassed in the proposed agreement; conduct oversight of ongoing U.S. trade negotiations, including on a potential Transatlantic Trade and Investment Partnership (T-TIP) with the European Union (EU), a potential international plurilateral Trade in Services Agreement (TiSA), and World Trade Organization (WTO) negotiations; conduct oversight and take possible legislative action concerning a range of other trade issues, including U.S. trade relations with China and other major economies as well as U.S. export and import policies and programs; and monitor the remaining implications of the Eurozone and Greek debt crisis, the financial markets, international financial institutions and U.S. funding levels, and other countries' exchange rate policies, among other international finance issues.
The U.S. Constitution grants authority to Congress to regulate commerce with foreign nations. Congress exercises this authority in numerous ways, including through oversight of trade policy and consideration of legislation to approve trade agreements and authorize trade programs. Policy issues cover such areas as U.S. trade negotiations, U.S. trade and economic relations with specific regions and countries, international institutions focused on trade, tariff and nontariff barriers, worker dislocation due to trade liberalization, trade remedy laws, import and export policies, international investment, economic sanctions, and other trade-related functions of the federal government. Congress also has authority over U.S. financial commitments to international financial institutions and oversight responsibilities for trade- and finance-related agencies of the U.S. government.
To date, the 114th Congress has passed legislation that:
renews Trade Promotion Authority (TPA) to July 1, 2021 (subject to passage of an extension disapproval resolution in 2018), allowing implementing legislation for trade agreements to be considered under expedited legislative procedures, provided that certain statutory requirements are met; reauthorizes Trade Adjustment Assistance (TAA) through June 30, 2021, the Export-Import Bank (Ex-Im Bank) through September 30, 2019, and several U.S. trade preference programs on a multi-year basis; funds an increase in the U.S. quota at the International Monetary Fund (IMF), and authorizes the executive branch to vote in favor of IMF governance reforms; and reauthorizes the U.S. Customs and Border Protection (CBP).
Congress continued its oversight of the Administration's ongoing trade agreements and negotiations, and maintained economic sanctions against Iran, Cuba, Russia, and other countries, among other actions. Members also introduced a range of legislation on international trade and finance issues.
Congress may revisit these issues and address new ones. Among the more potentially prominent issues are:
possible consideration of legislation to implement the proposed Trans-Pacific Partnership (TPP) free trade agreement (FTA); oversight of the Transatlantic Trade and Investment Partnership (T-TIP) FTA negotiations with the European Union (EU); possible action on a miscellaneous tariff bill (MTB); U.S.-China trade relations, including investment issues, intellectual property rights (IPR) protection, currency issues, and market access liberalization; international finance and investment issues, including ongoing implications of the Eurozone and Greek debt crisis, oversight of international financial institutions (IFIs), treatment of "currency manipulation," the creation of development and infrastructure banks by emerging economies, and U.S. negotiations on new bilateral investment treaties (BITs), notably with China and India; oversight of World Trade Organization (WTO) and other negotiations, including the completed WTO Trade Facilitation Agreement (TFA) and expansion of the WTO Information Technology Agreement (ITA), as well as a potential WTO plurilateral Environmental Goods Agreement (EGA) and a separate potential plurilateral Trade in Services Agreement (TiSA); review of the President's export control reform initiative and possible renewal of the Export Control Act (EAA); and review of sanctions on Iran, Cuba, North Korea, Russia, and other countries.