Chairman John Moolenaar, a Republican from Michigan, has introduced the Economic Security and Diplomacy Act of 2024. This legislative proposal aims to streamline the State Department's efforts in advancing U.S. economic security interests, especially in light of growing threats from countries like China. According to Moolenaar, the current structure of the State Department lacks coordination when it comes to competing with the Chinese Communist Party on economic and technology issues.

The proposed bill seeks to address this issue by consolidating all State offices dealing with economic and tech matters under a new position: the Deputy Secretary for Economic Security. This official would oversee export controls, supply chain security, sanctions, investment screening, and other related responsibilities.

Additionally, the bill introduces an "Economic Security Officer Program," which aims to place U.S. diplomats in key capitals worldwide with a focus on advocating for policies that protect U.S. and allied economic security interests. The initiative also intends to streamline existing offices within the State Department for improved efficiency.

Chairman Moolenaar emphasized the importance of this legislation by stating, "Economic security is national security, and control of supply chains and emerging technologies will shape the future. By creating a new Deputy Secretary for Economic Security, Congress will ensure our diplomats are able to advocate for U.S. economic interests in the 21st century."