Sponsors
The bill directs substantial, targeted federal support to domestic manufacturers and tightens limits on ESF use abroad to protect taxpayers, but it reduces U.S. flexibility to stabilize international crises, risks draining emergency reserves, and leaves some harmed firms ineligible while imposing administrative hurdles.
Small and mid-sized U.S. manufacturers: receive up to $20 billion in stabilization funding and direct relief to cover documented tariff losses, improving near-term revenue and cash flow.
Taxpayers and broader fiscal policy: prevents use of Exchange Stabilization Fund (ESF) resources to support Argentina, reducing U.S. financial exposure to foreign bailout costs and constraining executive-branch discretion over those funds.
Manufacturers and domestic supply chains: ties eligibility to sourcing ≥50% of steel and aluminum inputs domestically, encouraging onshoring and strengthening U.S. supply chains for critical inputs.
All U.S. investors and exporters: limiting ESF use reduces U.S. tools to stabilize international markets and may weaken diplomatic leverage during crises, increasing risk of financial contagion that could harm U.S. economic interests.
Taxpayers and emergency preparedness: tapping the stabilization fund for tariff relief could deplete a taxpayer-backed reserve, leaving less funding available for other emergencies or fiscal needs.
Some harmed manufacturers (including in rural communities): narrow eligibility rules (≥50% domestic sourcing and exclusion of inputs from certain foreign entities) will leave firms that don’t meet the rules without relief.
Based on analysis of 3 sections of legislative text.
Introduced November 7, 2025 by Haley Stevens · Last progress November 7, 2025
Prohibits the Treasury Secretary, under presidential direction, from using Exchange Stabilization Fund (ESF) monies to provide direct or indirect financial support to Argentina. Requires the Treasury Secretary to set up an ESF-funded relief program to compensate eligible small and medium-sized U.S. manufacturers for documented financial harm caused by tariffs the President imposed on foreign imports between January 20, 2025 and January 20, 2029, authorizing at least $20 billion from available ESF funds and establishing application and eligibility rules.