[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3428 Introduced in House (IH)]







107th CONGRESS
  1st Session
                                H. R. 3428

   To amend the Emergency Steel Loan Guarantee Act of 1999 to revise 
 eligibility and other requirements for loan guarantees under that Act.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            December 6, 2001

 Mr. LaTourette (for himself Mr. Kucinich, Mrs. Jones of Ohio, and Mr. 
  Traficant) 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 revise 
 eligibility and other requirements for loan guarantees under that Act.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. AMENDMENTS TO EMERGENCY STEEL LOAN GUARANTEE ACT OF 1999.

    (a) Requirements for Loan Guarantees.--Section 101(g) of the 
Emergency Steel Loan Guarantee Act of 1999 (Public Law 106-51) is 
amended--
            (1) by striking ``A loan guarantee'' and inserting ``(1) A 
        loan guarantee'';
            (2) by redesignating paragraphs (1) through (5) as 
        subparagraphs (A) through (E), respectively;
            (3) in paragraph (1)(B) (as redesignated), by striking 
        ``the prospective earning power'' and inserting ``except as 
        provided in paragraph (2), the prospective earning power''; and
            (4) by adding at the end the following:
    ``(2) If the Board determines that a qualified steel company does 
not meet the requirement of paragraph (1)(B), the Board may waive such 
requirement if the Board further determines that--
            ``(A) the inability of the company to satisfy such 
        requirement is due to reasons of financial hardship beyond the 
        control of the company;
            ``(B) the company has demonstrated a good faith effort to 
        be cost efficient in its business practices; and
            ``(C) the issuance of a loan guarantee under this section 
        for the company is in the national security interests of the 
        United States.''.
    (b) Guarantee Level.--Section 101(h)(4) of the Emergency Steel Loan 
Guarantee Act of 1999 is amended--
            (1) by striking ``No loan guarantee'' and inserting the 
        following:
                    ``(A) In general.--Except as provided in 
                subparagraph (B), no loan guarantee''; and
            (2) by adding at the end the following:
                    ``(B) Exception.--A loan guarantee provided under 
                this section may exceed 85 percent of the amount of the 
                principal of the loan, but may not exceed 95 percent of 
                such amount, if the Board determines that the aggregate 
                amount of steel imported into the United States during 
                the prior year exceeds 30 percent of the aggregate 
                amount of steel produced in the United States during 
                that year.''.
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