Protect U.S. Companies from Foreign Regulatory Taxation Act

This bill seeks to shield certain United States entities from the impact of foreign digital market regulations. Congress finds that the proliferation of foreign regulations targeting U.S. companies threatens U.S. technological leadership and can adversely affect economic stability and national security. A core provision of the bill prohibits any Federal or State court or agency in the United States from recognizing or enforcing judgments issued by foreign courts or agencies related to a foreign digital market regulation against an entity integral to the national interests of the United States . This prohibition applies unless explicitly overridden by another Act of Congress. Furthermore, the bill grants the President broad authority to take any action deemed in the public interest to protect these integral U.S. entities from adverse foreign regulatory actions. When making such determinations, the President must consider the impact on U.S. consumers and businesses, the nation's economic and technological security, and its foreign relations, including existing international commitments. An "entity integral to the national interests of the United States" is defined as one that does business with the Federal Government, is organized under State laws, provides a core platform service , and is subject to foreign digital market regulations, or is otherwise designated by the President. A "foreign digital market regulation" encompasses various foreign laws that, for instance, require interoperability, disclosure of protected information like intellectual property, restrict data use, mandate data sharing with third parties, prohibit self-preferencing, or limit competitive pricing measures, specifically including the European Union's Digital Markets Act.