H.R. 5248 — PROFIT Act of 2026

This section provides the short title of the Act as the Producing Returns and Opportunity for Investment and Trade Act of 2026 (PROFIT Act of 2026) and sets forth the table of contents.

This section defines "appropriate congressional committees" as the House Foreign Affairs and Appropriations Committees and the Senate Foreign Relations and Appropriations Committees. It also defines "Department" and "Secretary" as the Department of State and the Secretary of State.

This section establishes an Under Secretary of State for Economic Growth, Energy, and the Environment, who reports to the Secretary and coordinates all economic and business matters in the conduct of foreign policy. The Under Secretary prepares an annual strategic plan for expanding US private sector opportunities abroad, promotes trade and investment, advances US energy exports and security, expands access to critical minerals, supports civil and commercial space governance, safeguards the preeminence of the US dollar, and represents the Department at the National Economic Council, National Security Council, and other interagency bodies.

This section designates the Under Secretary of State for Economic Growth, Energy, and the Environment to oversee and administer the International Technology Security and Innovation Fund within the Department of State, and requires the Secretary of State to act through that official for Fund-related functions.

This section establishes an Assistant Secretary for Sanctions Policy and a Bureau of Sanctions Policy in the Department of State. The Assistant Secretary reports to the Under Secretary for Economic Growth, Energy, and the Environment and is responsible for developing sanctions policies, coordinating their implementation and enforcement with foreign partners, consulting stakeholders on economic impacts, contributing to congressional reports, designating individuals for human rights-related visa sanctions, and combating illicit finance in coordination with the Treasury Department. The current Coordinator for Sanctions assumes the position upon enactment, with future appointments requiring Senate confirmation.

This section establishes a Chief Economist in the Department of State, reporting to the Under Secretary for Economic Growth, Energy, and the Environment. The Chief Economist must analyze economic trends’ effects on diplomacy and national security; provide research on supply chain resilience, critical minerals, sanctions evasion, and economic coercion; and expand departmental economic expertise. The Secretary must create an Office of the Chief Economist, staffed by a Senior Executive Service Chief Economist with a doctorate and at least five years of relevant experience, six to twelve GS-15 civil servants, one FS-01 Foreign Service officer, and detailees, with authority for personal services contracts and other transactions. The Chief Economist must transmit a report on U.S. international economic strategy to Congress within one year of enactment and every two years thereafter for the subsequent four years.

This section establishes an Assistant Secretary for Economic and Business Affairs who reports to the Under Secretary of State for Economic Growth, Energy, and the Environment. The Assistant Secretary leads Department policies on trade and investment promotion, international trade and investment policy, development finance, debt relief and sovereign loan guarantees, and the promotion of sound economic policies overseas.

This section establishes an Office of Subnational Diplomacy in the Department of State, headed by a Coordinator for Subnational Diplomacy who reports through the Assistant Secretary for Economic and Business Affairs to the Under Secretary of State for Economic Growth, Energy, and the Environment. The office assists state, county, city, and municipal governments in attracting foreign investment, countering foreign malign influence, bidding on international events, tracking foreign direct investment, advancing sports diplomacy, and coordinating with foreign governments, and it is co-located with the Office of Foreign Missions in Los Angeles.

This section establishes an Assistant Secretary for Energy Security and Diplomacy within the Department of State, reporting to the Under Secretary for Economic Growth, Energy, and the Environment, and creates a Bureau of Energy Security and Diplomacy headed by that Assistant Secretary. The Assistant Secretary formulates and implements U.S. international energy, energy technology, critical minerals, and supply chain policies; coordinates with the Departments of Energy, Commerce, Defense, and Interior and the Development Finance Corporation; represents the Secretary in interagency and international forums including the International Energy Agency; and performs related functions previously handled by other bureaus. The Assistant Secretary must submit an annual report on the U.S. international energy strategy to Congress beginning one year after enactment and continuing for three additional years.

This section establishes an Assistant Secretary for Water, Environment, and Space Affairs within the Department of State, reporting to the Under Secretary for Economic Growth, Energy, and the Environment. The position assumes responsibility for U.S. foreign policy on oceans, fisheries, polar affairs, environmental quality, freshwater, wildlife trafficking, conservation, and outer space, including bilateral and multilateral negotiations on maritime security, Antarctica, global pollution, natural resource management, and civil and commercial space activities. The incumbent Assistant Secretary for Oceans and International Environmental and Scientific Affairs assumes the new role upon enactment.

This section requires Office Director, Deputy Office Director, and special assistant positions under the Under Secretary of State for Economic Growth, Energy, and the Environment to be filled by civil service officers, phased in over 5 years, with Foreign Service officers limited to one-third of positions. It authorizes direct hiring into competitive service positions for 4 years, except in the Office of the Chief Economist. It directs submission of a report within 180 days on plans to attract and retain economic expertise, including GS-15 career tracks.

This section renames the Assistant Secretary for Oceans and International Environmental and Scientific Affairs to the Assistant Secretary for Water, Environment, and Space Affairs, the Bureau for Oceans and International Environmental and Scientific Affairs to the Bureau for Water, Environment, and Space Affairs, the Sanctions Coordinator to the Assistant Secretary for Sanctions Policy, and the Office of the Sanctions Coordinator to the Bureau of Sanctions Policy.

This section terminates the Coordinator for International Energy Affairs position within the Department of State, along with associated interagency coordination duties and the requirement for a report on energy expertise at U.S. embassies. It authorizes the Secretary of Energy to assign personnel from the Department of Energy or National Laboratories to serve as dedicated energy advisors in U.S. embassies and other diplomatic missions.