Summary of HR 3292 — REPORT Act

Overview

HR 3292 is introduced in the House as the Reviewing Economic and Protection Objectives for Reciprocal Tariffs Act, abbreviated as the REPORT Act. The introduced text, as provided, includes only the short title and citation provision; no substantive policy provisions are included in the version content available.

• Bill number: HR 3292
• Title: REPORT Act (Reviewing Economic and Protection Objectives for Reciprocal Tariffs Act)
• Introduced: May 8, 2025
• Status: Introduced in the House; referred to the House Committee on Ways and Means
• Primary sponsor: Young Kim
• Cosponsors: Jeff Hurd; Don Bacon

What the introduced text says

• The Act may be cited as the “Reviewing Economic and Protection Objectives for Reciprocal Tariffs Act” or the REPORT Act.
• No additional provisions, duties, funding, or policy changes are included in the version content provided.

Legislative actions to date

• 2025-05-08: Introduced in the House
• 2025-05-08: Referred to the House Committee on Ways and Means

Sponsorship

• Primary sponsor: Young Kim
• Cosponsors: Jeff Hurd; Don Bacon

Potential impact (based on the bill’s title and limited text)

• The bill’s title suggests a focus on reviewing economic objectives and protection goals related to reciprocal tariffs, potentially to evaluate or guide tariff policy with trading partners in mind.
• However, since no substantive provisions are included in the introduced text, the specific policy changes, funding implications, regulatory actions, or agency responsibilities are not defined at this stage.
• If enacted with future amendments, the bill could influence how the U.S. assesses reciprocal tariff arrangements, economic protection objectives, and related trade policy decisions. The actual impact would depend on the enacted provisions, such as the scope of the review, the agencies involved, reporting requirements, and timelines.

Procedural and timeline notes

• As introduced, the bill has been referred to the House Committee on Ways and Means, which typically handles tax and revenue-related trade policy matters. Further actions would depend on committee consideration, potential amendments, and floor passage in the House, followed by the Senate.

What to watch next

• Any committee hearings or markups in the Ways and Means Committee.
• Text of any amendments or substitute versions.
• Movement toward floor votes in the House and potential Senate counterpart or companion bill.