[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1006 Introduced in House (IH)]
107th CONGRESS
1st Session
H. R. 1006
To amend the Emergency Steel Loan Guarantee Act of 1999 to prohibit
steel companies receiving loan guarantees from investing the loan
proceeds in foreign steel companies and using the loan proceeds to
import steel products from foreign countries that are subject to
certain trade remedies.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
March 13, 2001
Mr. Stupak introduced the following bill; which was referred to the
Committee on Financial Services
_______________________________________________________________________
A BILL
To amend the Emergency Steel Loan Guarantee Act of 1999 to prohibit
steel companies receiving loan guarantees from investing the loan
proceeds in foreign steel companies and using the loan proceeds to
import steel products from foreign countries that are subject to
certain trade remedies.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. CONDITIONS ON LOAN GUARANTEES ISSUED TO STEEL COMPANIES.
Section 101(h) of the Emergency Steel Loan Guarantee Act of 1999
(Public Law 106-51) is amended by adding at the end the following:
``(5) Certain activities prohibited.--
``(A) Prohibited activities.--Any qualified steel
company to which a loan guarantee is issued under this
section may not, during the period the guarantee is in
effect--
``(i) contribute any of the proceeds of the
loan that is guaranteed to any facility located
outside the United States that is engaged in
the production or manufacture of any product
described in subsection (c)(3)(B) of this
section; or
``(ii) use any of the proceeds of the loan
that is guaranteed to import iron ore pellets,
ingots, slabs, or billets produced in any
country if that country is subject to trade
remedies with respect to any product described
in subsection (c)(3)(B) of this section.
``(B) Penalties for violations.--(i) The Board
shall terminate any guarantee issued under this section
to a qualified steel company that violates the
provisions of subparagraph (A), and shall assess a
civil penalty of not more than $100,000 for each
violation.
``(ii) Any civil penalty under clause (i) may be
imposed only after notice and opportunity for a hearing
on the record in accordance with sections 554 and 557
of title 5, United States Code.
``(C) Definitions.--In this paragraph--
``(i) a country is subject to trade
remedies with respect to any product described
in subsection (c)(3)(B) of this section if--
``(I) a countervailing duty order
or an antidumping order under title VII
of the Tariff Act of 1930 (19 U.S.C.
1671 et seq.), or a finding under the
Antidumping Act, 1921, is in effect on
imports of any product described in
subsection (c)(3)(B) of this section
that is a product of that country;
``(II) the administering authority
or the International Trade Commission
is conducting an investigation or
making a determination under subtitle
A, B, or C of title VII of the Tariff
Act of 1930 with respect to any product
described in subsection (c)(3)(B) of
this section that is a product of that
country;
``(III) action taken by the
President under chapter 1 of title II
of the Trade Act of 1974 (19 U.S.C.
2251 et seq.), under section 406 of
that Act (19 U.S.C. 2436), under
chapter 2 of title IV of that Act (19
U.S.C. 2451 et seq.), or under part 1
of subtitle A of title III of the North
American Free Trade Agreement
Implementation Act (19 U.S.C. 3351 et
seq.), is in effect with respect to
imports of any product described in
subsection (c)(3)(B) of this section
that is a product of that country;
``(IV) a proceeding is pending
under chapter 1 of title II of the
Trade Act of 1974 (19 U.S.C. 2251 et
seq.), under section 406 of that Act
(19 U.S.C. 2436), under chapter 2 of
title IV of that Act (19 U.S.C. 2451 et
seq.), or under part 1 of subtitle A of
title III of the North American Free
Trade Agreement Implementation Act (19
U.S.C. 3351 et seq.), pursuant to a
determination by the International
Trade Commission of substantial injury
that was made pursuant to the filing of
a petition under section 202(a),
406(a)(1), 421(b), or 422(b) of the
Trade Act of 1974, or 302(a) of the
North American Free Trade Agreement
Implementation Act, with respect to any
product described in subsection
(c)(3)(B) of this section that is a
product of that country; or
``(V) a proceeding is pending under
chapter 1 of title II of the Trade Act
of 1974, under section 406 of that Act
(19 U.S.C. 2436), or under chapter 2 of
title IV of that Act, other than
pursuant to a petition, with respect to
any product described in subsection
(c)(3)(B) of this section that is a
product of that country; and
``(ii) the term `United States' includes
any commonwealth, territory, or possession of
the United States.''.
SEC. 2. EFFECTIVE DATE.
The amendment made by section 1 applies to--
(1) any loan guarantee issued on or after the date of the
enactment of this Act; and
(2) any loan guarantee issued before such date of
enactment, but only to the extent of any proceeds of the loan
remaining on such date.
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