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.

Summary: Steel Financing Fairness Act - Prohibits the Overseas Private Investment Corporation (OPIC) from providing insurance or financing for a project: (1) in any country that grants a subsidy to its steel industry until three months after such subsidy is eliminated; or (2) that produces, outside of the United States, any product subject to antidumping duties.

Amends the Bretton Woods Agreements Act to require the Secretary of the Treasury to: (1) instruct the U.S. Executive Director at the International Monetary Fund (IMF) to oppose any assistance from the IMF to any foreign government that subsidizes its steel industry until three months after such subsidy is eliminated; and (2) reduce the U.S. contribution to the IMF if it provides assistance to any such government during such period.

Amends the Export-Import Bank Act of 1945 to prohibit the Export-Import Bank from guaranteeing, insuring, or extending credit for exports to any foreign government that subsidizes its steel industry until three months after such subsidy is eliminated.

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.''.