Bill Overview
Title: Domestic Reinvestment Act of 2022
Description: This bill prohibits the Department of Homeland Security (DHS) or any other person from requiring any repayment, recoupment, or offset of certain antidumping and countervailing duties. The bill also requires DHS, within 90 days, to (1) refund any repayment or recoupment of these payments, and (2) fully distribute any antidumping or countervailing duties withheld as an offset by U.S. Customs and Border Protection.
Sponsors: Rep. Clyburn, James E. [D-SC-6]
Target Audience
Population: Individuals and businesses involved in the importation of goods subject to U.S. antidumping and countervailing duties
Estimated Size: 500000
- The bill specifically targets businesses and individuals involved in importing goods that are subject to antidumping and countervailing duties.
- Antidumping duties are applied to protect domestic industries from foreign companies selling goods below market value. This affects industries and consumers reliant on such imports.
- Countervailing duties are imposed to counteract subsidies provided by foreign governments to their exporters. This affects U.S. companies competing with imported goods.
- Importers who had previously been required to pay duties that are now being refunded will directly benefit.
- The bill affects financial operations of businesses importing certain goods, potentially affecting their pricing and competitiveness within domestic markets.
Reasoning
- The population involved in importing goods subject to antidumping and countervailing duties is diverse, covering a spectrum from large corporations to small business owners, as well as individuals employed in these sectors.
- The policy directly influences the financial burdens faced by these importers, potentially improving cash flow and reducing costs associated with importing goods.
- The range of impacts includes improved company profitability, potential expansion due to better cash flows, and downstream effects on pricing and competitiveness.
- Individuals not directly involved in importing or industries connected to it may see no direct impact but could experience indirect effects, possibly through consumer price changes.
- Considering the standard Cantril wellbeing score scale (0 to 10), those directly impacted would likely see a shift as financial pressures ease; however, indirect or non-impacted individuals show little to no change.
Simulated Interviews
Small Business Owner (Los Angeles, CA)
Age: 45 | Gender: male
Wellbeing Before Policy: 6
Duration of Impact: 10.0 years
Commonness: 5/20
Statement of Opinion:
- The policy will ease financial strains on my business, allowing us to invest more in marketing and development.
- Refunds from past duties will help me balance the books and potentially hire more staff.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 8 | 6 |
| Year 2 | 8 | 5 |
| Year 3 | 8 | 5 |
| Year 5 | 7 | 5 |
| Year 10 | 7 | 5 |
| Year 20 | 6 | 4 |
Imports Manager (Houston, TX)
Age: 32 | Gender: female
Wellbeing Before Policy: 7
Duration of Impact: 7.0 years
Commonness: 8/20
Statement of Opinion:
- The act should help stabilize our pricing models and make us more competitive against other suppliers.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 8 | 7 |
| Year 2 | 8 | 6 |
| Year 3 | 8 | 6 |
| Year 5 | 7 | 6 |
| Year 10 | 7 | 5 |
| Year 20 | 6 | 5 |
Warehouse Coordinator (Chicago, IL)
Age: 56 | Gender: male
Wellbeing Before Policy: 5
Duration of Impact: 5.0 years
Commonness: 10/20
Statement of Opinion:
- The impact on our warehouse operations could mean more consistent work and job security for many of us.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 5 |
| Year 2 | 6 | 5 |
| Year 3 | 6 | 5 |
| Year 5 | 5 | 5 |
| Year 10 | 5 | 4 |
| Year 20 | 4 | 4 |
Finance Analyst (Miami, FL)
Age: 29 | Gender: female
Wellbeing Before Policy: 8
Duration of Impact: 10.0 years
Commonness: 4/20
Statement of Opinion:
- Financial changes due to the policy could lead to broader budget adjustments within the firm, potentially impacting bonuses.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 9 | 8 |
| Year 2 | 9 | 8 |
| Year 3 | 8 | 8 |
| Year 5 | 8 | 8 |
| Year 10 | 7 | 8 |
| Year 20 | 7 | 8 |
Consumer Advocate (New York, NY)
Age: 60 | Gender: male
Wellbeing Before Policy: 7
Duration of Impact: 3.0 years
Commonness: 9/20
Statement of Opinion:
- While direct impacts on individual wellbeing might be minimal, cheaper goods can improve access for consumers.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 7 |
| Year 2 | 7 | 7 |
| Year 3 | 7 | 7 |
| Year 5 | 7 | 7 |
| Year 10 | 6 | 7 |
| Year 20 | 6 | 7 |
Retail Store Manager (Seattle, WA)
Age: 39 | Gender: female
Wellbeing Before Policy: 6
Duration of Impact: 8.0 years
Commonness: 7/20
Statement of Opinion:
- This policy might help us drop prices slightly, increasing our competitive edge.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 6 |
| Year 2 | 7 | 6 |
| Year 3 | 7 | 6 |
| Year 5 | 7 | 6 |
| Year 10 | 6 | 5 |
| Year 20 | 6 | 5 |
Independent Consultant (Dallas, TX)
Age: 50 | Gender: female
Wellbeing Before Policy: 7
Duration of Impact: 2.0 years
Commonness: 6/20
Statement of Opinion:
- Advising clients will change slightly, but it's not a huge impact on my wellbeing.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 7 |
| Year 2 | 7 | 7 |
| Year 3 | 7 | 7 |
| Year 5 | 6 | 6 |
| Year 10 | 6 | 6 |
| Year 20 | 6 | 6 |
Logistics Supervisor (Denver, CO)
Age: 40 | Gender: male
Wellbeing Before Policy: 6
Duration of Impact: 6.0 years
Commonness: 8/20
Statement of Opinion:
- By reducing our duty-related costs, the policy could make operations smoother.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 6 |
| Year 2 | 7 | 6 |
| Year 3 | 7 | 6 |
| Year 5 | 6 | 5 |
| Year 10 | 6 | 5 |
| Year 20 | 6 | 5 |
Retired (Phoenix, AZ)
Age: 66 | Gender: female
Wellbeing Before Policy: 7
Duration of Impact: 0.0 years
Commonness: 3/20
Statement of Opinion:
- From my experience, this policy will benefit companies more than everyday people.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 7 |
| Year 2 | 7 | 7 |
| Year 3 | 7 | 7 |
| Year 5 | 7 | 7 |
| Year 10 | 7 | 7 |
| Year 20 | 7 | 7 |
Software Developer (San Francisco, CA)
Age: 27 | Gender: male
Wellbeing Before Policy: 8
Duration of Impact: 0.0 years
Commonness: 11/20
Statement of Opinion:
- Don't expect significant personal impact, but our firm's financial team might experience changes.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 8 | 8 |
| Year 2 | 8 | 8 |
| Year 3 | 8 | 8 |
| Year 5 | 8 | 8 |
| Year 10 | 8 | 7 |
| Year 20 | 8 | 7 |
Cost Estimates
Year 1: $1500000000 (Low: $1200000000, High: $1800000000)
Year 2: $0 (Low: $0, High: $0)
Year 3: $0 (Low: $0, High: $0)
Year 5: $0 (Low: $0, High: $0)
Year 10: $0 (Low: $0, High: $0)
Year 100: $0 (Low: $0, High: $0)
Key Considerations
- The speed and effectiveness of refunding efforts depend on DHS's execution and compliance by importing entities.
- Market reaction among industries reliant on imports might vary, influencing wider economic effects.
- Antidumping and countervailing duties were originally imposed to protect domestic industries, and this policy shift may impact those sectors negatively.