Protecting American Competition Act of 2026

This bill modifies the Export Control Reform Act of 2018 to require the Under Secretary for Industry and Security to consider whether a license application represents the first export authorization for an item to a specific buyer. It mandates that if an initial license is granted, the agency must promptly process any subsequent applications from other parties seeking to export similar items to the same buyer. The legislation also requires annual reports to Congress detailing the number of initial licenses issued, information about competing applications, and explanations for why initial licenses were granted despite other requests. These changes aim to increase transparency in export licensing procedures while maintaining flexibility for national security and foreign policy decisions.