Increases from 85 percent to 95 percent the maximum principal loan amount to be guaranteed 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.
[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.''.
<all>
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
Referred to the Subcommittee on Domestic Monetary Policy, Technology and Economic Growth.
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