[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[S. 492 Introduced in Senate (IS)]







108th CONGRESS
  1st Session
                                 S. 492

To direct the Secretary of Commerce to impose countervailing duties on 
 dynamic random access memory (DRAM) semiconductors produced by Hynix 
                             Semiconductor.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           February 27, 2003

   Mr. Craig introduced the following bill; which was read twice and 
                  referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
To direct the Secretary of Commerce to impose countervailing duties on 
 dynamic random access memory (DRAM) semiconductors produced by Hynix 
                             Semiconductor.

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

SECTION 1. FINDINGS OF CONGRESS.

    Congress makes the following findings:
            (1) The Government of Korea and the banks that it owns and 
        controls have provided over $16 billion in financial assistance 
        to Hynix Semiconductor.
            (2) Hynix Semiconductor is essentially a bankrupt entity 
        that would not be able to obtain loans from commercial sources.
            (3) Hynix Semiconductor has recently been implicated in the 
        illegal transfer of funds to North Korea in 2000.
            (4) The subsidies provided by the Government of Korea to 
        Hynix Semiconductor are special and deferential and are 
        provided specifically for the benefit of that company.
            (5) The financial contributions made by the Government of 
        Korea provide a substantial benefit to Hynix.
            (6) The imports of these subsidized products have caused 
        material injury to the United States industry producing Dynamic 
        Random Access Memory (DRAM) semiconductors, including 
        substantial operating losses and significant layoffs of 
        employees.

SEC. 2. IMPOSITION OF COUNTERVAILING DUTIES ON HYNIX.

    (a) Congress hereby directs the Secretary of Commerce and the 
United States Customs Service to immediately suspend liquidation on 
entries into the United States of dynamic random access memory (DRAM) 
semiconductors produced or imported by Hynix Semiconductor and to 
impose a cash deposit of estimated countervailing duties in the amount 
of 80 percent ad valorem on all such imports.
    (b) These provisions shall be effective on the date of enactment of 
this Act.
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