NAFTA Modernization Trade Negotiating Authority Act

NAFTA Modernization Trade Negotiating Authority Act - Requires that any renegotiation of the North American Free Trade Agreement (NAFTA) resulting in any new trade agreement with Canada, Mexico, or both to: (1) meet the standards established in the areas of labor and environment, dispute settlement, intellectual property, services, foreign investment, and agriculture of trade agreements negotiated under the Bipartisan Trade Promotion Authority Act of 2002; and (2) take into account specified U.S. domestic objectives set out in this Act, including protection of health and safety, security, environmental, consumer, and employment opportunity interests.

Authorizes the President before August 1, 2009, to enter into a trade agreement with such countries to: (1) reduce or eliminate a duty, restriction, barrier, or other distortion of trade that unduly burdens or restricts U.S. trade or adversely affects the U.S. economy; or (2) prohibit, or limit the imposition of, such barrier or other distortion.

Sets forth congressional notification and consultation requirements for implementation of any trade agreement.

Directs the chairman of the Committee on Ways and Means of the House of Representatives and the chairman of the Committee on Finance of the Senate, within 30 days after the convening of each Congress, to convene the Congressional Oversight Group. Requires the United States Trade Representative (USTR) to develop written guidelines to facilitate the useful and timely exchange of information between the USTR and the Group, particularly for the closest practicable coordination between them at all critical periods during NAFTA renegotiations.

Requires the President to submit to Congress a plan for implementing and enforcing any agreement.