Sponsor
Haley Stevens
Representative · D-MI
Representative · D-MI
The bill provides targeted cash relief to small domestic manufacturers and protects against ESF aid to Argentina, but does so by tapping large Treasury stabilization resources and constraining financial-diplomatic flexibility, raising fiscal, administrative, and foreign-policy risks.
Small and mid-sized U.S. manufacturers (firms with <500 employees) receive cash relief for tariff-caused losses, improving liquidity and reducing near-term layoffs or closures.
Relief is targeted to firms that source a majority of steel/aluminum domestically, which supports domestic supply chains and upstream suppliers in manufacturing regions.
The bill prevents use of the Exchange Stabilization Fund to provide financial support to Argentina, reducing immediate federal outlays to that country and signaling a tougher diplomatic stance.
The measure requires using at least $20 billion from the Treasury stabilization fund to reimburse manufacturers, increasing federal spending and potentially reducing resources available for other emergencies or stabilization needs.
By both restricting ESF transfers to Argentina and redirecting large ESF resources domestically, the bill reduces Treasury flexibility to respond quickly to international financial crises and could limit tools used to stabilize global markets—raising spillover risks to U.S. banks and investors.
Limiting ESF use for Argentina could weaken U.S. financial leverage and diplomatic influence in Argentina, making some foreign-policy or negotiation goals harder to achieve without financial tools.
Based on analysis of 3 sections of legislative text.
Bars ESF-funded assistance to Argentina and directs at least $20 billion from ESF to a relief program for eligible U.S. small manufacturers harmed by presidential tariffs (1/20/2025–1/20/2029).
Official title: To direct the Secretary of the Treasury to provide financial relief for small and medium sized manufacturers, and for other purposes.
Introduced November 7, 2025 by Haley Stevens · Last progress November 7, 2025
Prohibits use of Exchange Stabilization Fund (ESF) money to provide direct or indirect financial assistance to Argentina and directs the Treasury Secretary to create a stabilization-funded relief program that must provide at least $20 billion to eligible U.S. small- and medium-sized manufacturers. The relief program is for manufacturers with fewer than 500 employees that meet domestic sourcing and supply-chain restrictions and that demonstrate tariff-caused financial harm from presidential tariffs applied between January 20, 2025 and January 20, 2029.