Full Employment Act of 1982

Full Employment Act of 1982 - Title I: Acceleration in Individual Income Tax Rate Reductions - Amends the Internal Revenue Code to provide that the individual income tax rate reductions for 1982 enacted by the Economic Recovery Tax Act of 1981 shall take effect three months sooner than scheduled.

Title II: Equity Energy Reserve - Authorizes appropriations from the Energy Security Reserve for housing assistance. Provides for the establishment of the "Energy Equity Reserve" to hold and distribute such funds.

Title III: Trade and Investment Equity - Amends the Trade Act of 1974 to include restrictions on direct investments by U.S. citizens or nationals among the discriminatory foreign trade practices that trigger a U.S. response.

Requires U.S. action if the President determines such action is appropriate to respond to a foreign trade practice that denies the United States commercial opportunities substantially equivalent to those offered by the United States.

Authorizes the President, upon making such a determination, to: (1) change Government procurement policies to provide for procurement from nations that provide substantially equivalent commercial opportunities to comparable U.S. producers; or (2) propose legislation that would impose equivalent restrictions within the United States on countries that do not provide such opportunities. Authorizes the President to negotiate agreements to eliminate discriminatory barriers on foreign direct investment by U.S. citizens or nationals.

Imposes specified conditions and limitations on Presidential action to enforce U.S. rights under trade agreements and to respond to foreign trade practices. Authorizes the President to take action: (1) on a nondiscriminatory basis or solely against the products, services, or investment of the foreign entity involved; and (2) against products, services, or investments other than those involved in the investigation. Directs the President to take into account: (1) U.S. trade agreement obligations; and (2) the impact of the action taken on the U.S. economy. Directs the President to review at least biennially each such trade action. Directs the President to rescind an enforcement action within 30 days after: (1) the offending practice is eliminated; or (2) it is determined that continuing the action is not in the national interest.

Authorizes the House Ways and Means Committee or the Senate Finance Committee to file a resolution with the U.S. Trade Representative (USTR) requesting the President to take action to enforce U.S. trade rights or to respond to discriminatory trade practices.

Directs the USTR to recommend possible Presidential actions concerning specified trade agreements within one year of the start of the dispute settlement procedure. (Current law requires such recommendations within 30 days of the end of the dispute settlement procedure.)

Requires the USTR to consult with the U.S. International Trade Commission on the probable impact on the U.S. economy of taking action with respect to such product, service, or direct investment.

Authorizes the President to negotiate international agreements on restrictions on foreign direct investment.

Directs the President to take such action as may be necessary to extend the General Agreement on Tariffs and Trade to cover trade in services and direct investment.

Directs the USTR to report biennially to the Senate Finance Committee and the House Ways and Means Committee on the principle trade barriers of any major trading country.