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HR 3072 IH

To prohibit the Overseas Private Investment Corporation from providing insurance or financing to countries that subsidize their steel industries and for projects producing goods subject to antidumping duties, to require the United States to oppose the provision by the International Monetary Fund of assistance to countries which subsidize their steel industries, and to ban assistance by the Export-Import Bank of the United States to countries that subsidize their steel industries.

September 10, 2003

Mr. PAUL (for himself and Mr. SANDERS) introduced the following bill; which was referred to the Committee on Financial Services, and in addition to the Committee on International Relations, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned

To prohibit the Overseas Private Investment Corporation from providing insurance or financing to countries that subsidize their steel industries and for projects producing goods subject to antidumping duties, to require the United States to oppose the provision by the International Monetary Fund of assistance to countries which subsidize their steel industries, and to ban assistance by the Export-Import Bank of the United States to countries that subsidize their steel industries.

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

SECTION 1. SHORT TITLE.

This Act may be cited as the `Steel Financing Fairness Act'.

SEC. 2. PROHIBITION ON OPIC FINANCING AND INSURANCE TO COUNTRIES THAT SUBSIDIZE THEIR STEEL INDUSTRIES AND FOR PROJECTS PRODUCING GOODS SUBJECT TO ANTIDUMPING DUTIES.

(a) SUBSIDIZATION-

(1) PROHIBITION- The Overseas Private Investment Corporation may not issue any contract of insurance or reinsurance or any guaranty, or enter into any agreement to provide financing, in connection with a project in a country which provides a subsidy to its steel industry, until 3 months after the subsidy is eliminated.

(2) DEFINITION- For purposes of paragraph (1), a country provides a subsidy to its steel industry if the government of that country provides financial support directly or indirectly to any business concern in that country that produces or manufactures any steel product.

(b) ANTIDUMPING ORDERS- The Overseas Private Investment Corporation may not issue any contract of insurance or reinsurance or any guaranty, or enter into any agreement to provide financing, in connection with a project that would be engaged in the production or manufacture outside the United States of any product on which antidumping duties are in effect under an antidumping duty order issued under subtitle B of title VII of the Tariff Act of 1930 or under a finding under the Antidumping Act, 1921, regardless of the country in which such product would be produced or manufactured.

SEC. 3. UNITED STATES OPPOSITION TO IMF ASSISTANCE TO COUNTRIES THAT SUBSIDIZE THEIR STEEL INDUSTRIES.

The Bretton Woods Agreements Act (22 U.S.C. 286-286oo) is amended by adding at the end the following:

`SEC. 64. OPPOSITION TO IMF ASSISTANCE TO COUNTRIES WHICH SUBSIDIZE THEIR STEEL INDUSTRIES.

`(a) UNITED STATES POSITION-

`(1) IN GENERAL- The Secretary of the Treasury shall instruct the United States Executive Director at the Fund to use the voice, vote, and influence of the United States to oppose the provision by the Fund of assistance in any form to any foreign country the government of which subsidizes the steel industry of the foreign country, until 3 months after the subsidy is eliminated.

`(2) SUBSIDIZE DEFINED- In paragraph (1), the term `subsidize' means, with respect to the steel industry of a foreign country, the provision of financial support directly or indirectly to any business concern in the foreign country that produces or manufactures any steel product.

`(b) REDUCTION OF UNITED STATES CONTRIBUTIONS-

`(1) IN GENERAL- If, during the 3-month period referred to in subsection (a)(1), the Fund provides assistance in any form to a foreign country referred to in subsection (a)(1), the Secretary of the Treasury shall reduce the amount otherwise authorized to be contributed by the United States to the Fund in the first fiscal year that begins after the provision of the assistance by a percentage equal to--

`(A) the amount contributed by the United States to the Fund in the fiscal year in which the assistance is so provided, divided by the total of the amounts contributed to the Fund by all member countries in the fiscal year in which the assistance is so provided; multiplied by

`(B) the total amount of assistance provided by the Fund to the foreign country in the fiscal year referred to in subparagraph (A), divided by the total amount of assistance provided by the Fund to all countries in the fiscal year referred to in subparagraph (A).

`(2) CONTINUATION OF REDUCTIONS IF NECESSARY TO RECOVER FULL AMOUNT OF OPPOSED ASSISTANCE- The Secretary shall continue to reduce the amount otherwise authorized to be contributed by the United States to the Fund for succeeding fiscal years until the total amount of the reductions under paragraph (1) with respect to the foreign country equals the amount of the assistance referred to in paragraph (1) with respect to the foreign country.

`(c) NOTICE TO THE CONGRESS OF AMOUNT OF IMPENDING REDUCTION- Within 60 legislative days after the Fund, during the 3-month period referred to in subsection (a), provides assistance in any form to a foreign country referred to in subsection (a), the Secretary of the Treasury shall--

`(1) determine the amount by which the United States contribution to the Fund is required to be reduced under subsection (b); and

`(2) notify the Committee on Financial Services of the House of Representatives and the Committee on Foreign Relations of the Senate of the amount of the required reduction.'.

SEC. 4. BAN ON EXPORT-IMPORT BANK ASSISTANCE TO COUNTRIES THAT SUBSIDIZE THEIR STEEL INDUSTRIES.

Section 2(b) of the Export-Import Bank Act of 1945 (12 U.S.C. 635(b)) is amended by adding at the end the following:

`(13) BAN ON ASSISTANCE TO COUNTRIES THAT SUBSIDIZE THEIR STEEL INDUSTRIES-

`(A) IN GENERAL- The Bank may not guarantee, insure, or extend (or participate in the extension of) credit in connection with the export of any good or service to any foreign country the government of which subsidizes the steel industry of the country, until 3 months after the subsidy is eliminated.

`(B) SUBSIDIZE DEFINED- In subparagraph (A), the term `subsidize' means, with respect to the steel industry of a country, the provision of financial support directly or indirectly to any business concern in the country that produces or manufactures any steel product.'.

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