[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[H.R. 520 Introduced in House (IH)]
107th CONGRESS
1st Session
H. R. 520
To amend the Emergency Steel Loan Guarantee Act of 1999 to provide for
increased loan guarantees for steel companies under that Act, and for
other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
February 7, 2001
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 provide for
increased loan guarantees for steel companies under that Act, and for
other purposes.
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) Permissible Use of Loan.--Section 101(f)(1) of the Emergency
Steel Loan Guarantee Act of 1999 (Public Law 106-51) is amended by
adding at the end the following: ``Amounts received from a loan with
respect to which a guarantee is issued under this section may be used
to repay outstanding debts of the qualified steel company.''.
(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.''.
(c) Conversion of Loan Guarantee to Grant.--
(1) In general.--Section 101(h) of the Emergency Steel Loan
Guarantee Act of 1999 is amended by adding at the end the
following:
``(5) Conversion of loan guarantee to grant.--
``(A) In general.--If the Board determines that a
qualified steel company is unable to repay, in whole or
in part, a loan guaranteed under this section, the
Board may provide a grant to the company for the
purpose of repaying the loan if the Board further
determines that--
``(i) the inability of the company to repay
the loan is due to reasons of financial
hardship beyond the control of the company;
``(ii) the company has demonstrated a good
faith effort to be cost efficient in its
business practices; and
``(iii) the grant is in the national
security interests of the United States.
``(B) Authorization of appropriations.--
``(i) In general.--There is authorized to
be appropriated to carry out this paragraph
$200,000,000 for fiscal year 2002.
``(ii) Availability.--Amounts appropriated
pursuant to the authorization of appropriations
under clause (i) are authorized to remain
available until expended.''.
(2) Conforming amendment.--Section 101(h)(1) of the
Emergency Steel Loan Guarantee Act of 1999 is amended by
striking ``All loans'' and inserting ``Except as provided in
paragraph (5), all loans''.
(d) Prohibition on Limitation of Authority of Board.--Section 101
of the Emergency Steel Loan Guarantee Act of 1999 is amended by adding
at the end the following:
``(n) Prohibition on Limitation of Authority of Board.--
Notwithstanding any other provision of law (other than subsection
(g)(4)), the authority of the Board to provide loan guarantees to
qualified steel companies in accordance with this section shall not be
subject to the authority of any other Federal department or agency,
including the Office of Management and Budget.''.
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