The main purpose of this legislation is to repeal a specific provision of the Trade Act of 1974 that deals with balance-of-payments authority. This authority allows the U.S. government to take certain actions related to international trade in order to manage the balance of payments, which is a record of all economic transactions between a country and the rest of the world. The key provision of this legislation is the outright repeal of section 122 of the Trade Act of 1974.