To establish the Emergency Trade Deficit Commission, and for other purposes.

Establishes the Emergency Trade Deficit Commission to examine, and report to the President and Congress on, the causes of the U.S. trade deficit, together with recommendations to address and reduce trade imbalances, such as the U.S. merchandise trade deficit, in order to promote sustainable economic growth that provides broad-based income and employment gains.

Prohibits the President from submitting to Congress any free trade agreement or legislation implementing one until the report has been delivered to Congress and to the President.