To support the domestic shrimping industry by eliminating taxpayer subsidies for certain competitors, and for other purposes.

Summary: Shrimp Importation Financing Fairness Act - Prohibits the Secretary of Commerce from imposing any new restrictive regulations on the domestic shrimping industry within the area that is under the jurisdiction of the Gulf of Mexico Fishery Management Council.Prohibits the Overseas Private Investment Corporation from issuing any contract of insurance or reinsurance or any guaranty, or from entering into any agreement to provide financing for a project undertaken or to be undertaken in a country which exported more than 20 million pounds (excessive amounts) of shrimp to the United States in the first six months of 2002, until three months after it has reduced its shrimp exports to less than three million pounds per month for three consecutive months.Requires the Secretary of the Treasury to instruct the U.S. Executive Director at the International Monetary Fund to use the voice, vote, and influence of the United States to oppose providing assistance to any foreign country that exported excessive amounts of shrimp to the United States in the first six months of 2002, until it fulfills the requirements of this Act.Authorizes the Secretary to reduce the amount of U.S. contributions to the Fund according to a specified formula if, during the first such three-month period, the Fund provides assistance to any such country.Prohibits the Export-Import Bank of the United States from providing assistance to any country that exported excessive amounts of shrimp to the United States in the first six months of 2002, until it fulfills the requirements of this Act.

SECTION 1. SHORT TITLE.

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

SEC. 2. FINDINGS.

     The Congress finds the following:
            (1) The United States domestic shrimping industry is a 
        vital social and economic force for many coastal communities 
        across the United States, affecting not simply those who own 
        and operate shrimp boats but entire community economies 
        including food processors, hoteliers and restaurateurs, grocery 
        markets, and all those who work in and service these industries 
        and others.
            (2) In addition to the economic importance of the domestic 
        shrimping industry, the industry serves as a key source of safe 
        domestic foods at a time when the nation is engaged in 
        hostilities abroad.
            (3) Many nations have blocked the importation of shrimp 
        from certain foreign countries because of their contamination 
        with various substances, but the United States Government has 
        yet to take any such action.
            (4) Existing international trade agreements are ostensibly 
        designed to decrease not just government regulation of trade 
        but also government trade subsidies.
            (5) The domestic shrimping industry has been highly 
        regulated by the Federal Government through Federal 
        requirements of usage of items, such as by-catch reduction 
        devices and turtle excluder devices (in this Act referred to as 
        ``TEDs''), which result in a significant loss of product per 
        trawl, hence damaging the competitive position and market share 
        of the domestic shrimping fishery.
            (6) Seven non-NAFTA foreign countries (Thailand, Vietnam, 
        India, China, Ecuador, Indonesia, and Brazil) have taken 
        advantage of this Government-imposed reduction in 
        competitiveness, by each exporting in excess of 20,000,000 
        pounds of shrimp to the United States in the first 6 months of 
        2002.
            (7) These foreign countries account for nearly 70 percent 
        of all shrimp consumed in the United States in the first 6 
        months of 2002 and nearly 80 percent of all shrimp imported to 
        this country in the same period.
            (8) Since 1999 our Government has provided more than 
        $1,800,000,000 in financing and insurance for these foreign 
        countries through the Overseas Private Investment Corporation, 
        and our Government's current exposure relative to these 
        countries through our Export-Import Bank totals some 
        $14,800,000,000, bringing the total subsidy of these countries 
        by the United States to over $16,500,000,000.
            (9) Many of these countries are not market-oriented, and 
        hence their participation in United States-supported 
        international finance regimes amounts to a direct subsidy by 
        American taxpayers in the shrimping sector of their 
        international competitors.
            (10) In any case, any national economy that benefits 
        directly from participation in these finance regimes indirectly 
        grants benefits to our foreign shrimping competitors simply 
        because of the fungibility of funds.
            (11) The level of imports of shrimp by the United States 
        from these countries has compounded the anticompetitive affects 
        of our current Federal regulatory regime in this sector, 
        leading to a depression of the price of shrimp.
            (12) There is a crisis developing in the domestic shrimping 
        industry, as evidenced by the fact that the National Marine 
        Fisheries Service, the lead Federal agency in regulating the 
        domestic shrimping fishery, held briefings with staff of the 
        House of Representatives and the Senate, and with industry 
        representatives, to discuss this crisis and seek solutions 
        thereto.
            (13) Despite this meeting, the National Marine Fisheries 
        Service has not announced that it will forego future regulatory 
        encumbrances upon the domestic shrimping industry such as 
        previously proposed TEDs modifications that would further harm 
        competitiveness of the domestic shrimping fishery.

SEC. 3. MORATORIUM ON RESTRICTIVE REGULATIONS ON DOMESTIC SHRIMPING 
              INDUSTRY.

     The Secretary of Commerce shall not impose any new restrictive 
regulations on the domestic shrimping industry within the area that is 
under the jurisdiction of the Gulf of Mexico Fishery Management 
Council, including the proposed regulations modifying requirements 
relating to turtle excluder devices published on October 2, 2001, 
except as authorized by a law enacted after the date of enactment of 
this Act.

SEC. 4. BAN ON OPIC FINANCING AND INSURANCE TO COUNTRIES EXPORTING 
              EXCESSIVE AMOUNTS OF SHRIMP.

     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 undertaken 
or to be undertaken in a country which exported more than 20,000,000 
pounds of shrimp to the United States in the first 6 months of calendar 
year 2002, until 3 months after the foreign country has reduced its 
shrimp exports to the United States to less than 3,000,000 pounds per 
month for a period of 3 consecutive months.

SEC. 5. UNITED STATES OPPOSITION TO IMF ASSISTANCE TO COUNTRIES 
              EXPORTING EXCESSIVE AMOUNTS OF SHRIMP TO THE UNITED 
              STATES IN THE FIRST 6 MONTHS OF 2002.

     The Bretton Woods Agreements Act (12 U.S.C. 635(b)) is amended by 
adding at the end the following:

``SEC. 64. OPPOSITION TO IMF ASSISTANCE TO COUNTRIES EXPORTING 
              EXCESSIVE AMOUNTS OF SHRIMP TO THE UNITED STATES IN THE 
              FIRST 6 MONTHS OF 2002.

    ``(a) 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 which exported to the 
United States more than 20,000,000 pounds of shrimp in the first 6 
months of calendar year 2002, until 3 months after the foreign country 
has reduced its shrimp exports to the United States to less than 
3,000,000 pounds per month for a period of 3 consecutive months.
    ``(b) Reduction of United States Contributions.--
            ``(1) In general.--If, during the first 3-month period 
        referred to in subsection (a), the Fund provides assistance in 
        any form to a foreign country referred to in subsection (a), 
        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 first 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. 6. BAN ON EXPORT-IMPORT BANK ASSISTANCE TO COUNTRIES EXPORTING 
              EXCESSIVE AMOUNTS OF SHRIMP TO THE UNITED STATES IN THE 
              FIRST 6 MONTHS OF 2002.

     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) 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 which 
        exported to the United States more than 20,000,000 pounds of 
        shrimp in the first 6 months of calendar year 2002, until 3 
        months after the foreign country has reduced its shrimp exports 
        to the United States to less than 3,000,000 pounds per month 
        for a period of 3 consecutive months.''.