CRS report via FAS – International Trade and Finance: Overview and Issues for the 115th Congress. Mary A. Irace, Coordinator. Section Research Manager; Rebecca M. Nelson, Coordinator. Specialist in International Trade and Finance. December 21, 2016.

“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 implement trade agreements and authorize trade programs. Policy issues cover areas such as U.S. trade negotiations; U.S. trade and economic relations with specific regions and countries; international institutions focused on trade; tariff and non tariff barriers; worker dislocation due to trade liberalization; enforcement of trade 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…”