Economic Security and Diplomacy Act of 2024

The Economic Security and Diplomacy Act of 2024 creates a new Deputy Secretary of State for Economic Security to centralize U.S. economic security efforts within the State Department, taking over responsibilities like sanctions policy, trade, supply chain security, and foreign assistance from existing offices. It reorganizes the department by establishing two new Assistant Secretaries (for Strategic Foreign Assistance and Technology and Innovation Security) and an Office of Economic Analysis and Targeting, which will maintain a Federal database tracking critical supply chains, trade flows, and economic activities of countries like China and Russia. The bill authorizes $10 million for the Deputy Secretary and $25 million annually for the new Office of Economic Analysis and Targeting, including funding for artificial intelligence tools to analyze economic security data. It also creates a program to deploy 20 Foreign Service officers to key diplomatic posts to advance economic security priorities under the new structure.