US HB5248

Creates a new Under Secretary for Economic Affairs position at the Department of State to oversee economic growth, commercial expansion, energy, technology, critical minerals, sanctions, and space affairs, with participation in National Security Council and G-7 activities

Establishes an Office of the Chief Economist to provide research and analysis on international economic strategy, sanctions evasion, supply chain resilience, and economic coercion vulnerabilities, with biannual reports to Congress

Creates four new Assistant Secretary positions and corresponding bureaus: Commercial Diplomacy (trade/investment promotion), Water/Environment/Space Affairs, Energy Security and Diplomacy, and Sanctions Policy

Establishes an Office of Subnational Diplomacy to coordinate State Department engagement with U.S. state, county, and municipal governments on foreign investment, countering foreign malign influence, and international events

Authorizes appropriations for fiscal years 2026 and 2027, with the Under Secretary for Economic Affairs directing funds from the International Technology Security and Innovation Fund established by the CHIPS Act of 2022