I 
109TH CONGRESS 
2D SESSION 
H. R. 5627 
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 re-
quire 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. 
IN THE HOUSE OF REPRESENTATIVES 
JUNE 15, 2006 
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 provi-
sions as fall within the jurisdiction of the committee concerned 
A BILL 
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 Inter-
national 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. 
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Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Steel Financing Fair-
ness Act’’. 
SEC. 2. PROHIBITION ON OPIC FINANCING AND INSURANCE 
TO 
COUNTRIES 
THAT 
SUBSIDIZE 
THEIR 
STEEL INDUSTRIES AND FOR PROJECTS PRO-
DUCING GOODS SUBJECT TO ANTIDUMPING 
DUTIES. 
(a) SUBSIDIZATION.— 
(1) PROHIBITION.—The Overseas Private In-
vestment Corporation may not issue any contract of 
insurance or reinsurance or any guaranty, or enter 
into any agreement to provide financing, in connec-
tion 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. 
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(b) ANTIDUMPING ORDERS.—The Overseas Private 
Investment Corporation may not issue any contract of in-
surance 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 manu-
facture 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 in-
fluence 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 
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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 finan-
cial support directly or indirectly to any business 
concern in the foreign country that produces or 
manufactures any steel product. 
‘‘(b) REDUCTION OF UNITED STATES CONTRIBU-
TIONS.— 
‘‘(1) IN GENERAL.—If, during the 3-month pe-
riod referred to in subsection (a)(1), the Fund pro-
vides assistance in any form to a foreign country re-
ferred to in subsection (a)(1), the Secretary of the 
Treasury shall reduce the amount otherwise author-
ized 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 
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which the assistance is so provided; multiplied 
by 
‘‘(B) the total amount of assistance pro-
vided by the Fund to the foreign country in the 
fiscal year referred to in subparagraph (A), di-
vided by the total amount of assistance pro-
vided by the Fund to all countries in the fiscal 
year referred to in subparagraph (A). 
‘‘(2) CONTINUATION OF REDUCTIONS IF NEC-
ESSARY TO RECOVER FULL AMOUNT OF OPPOSED 
ASSISTANCE.—The Secretary shall continue to re-
duce the amount otherwise authorized to be contrib-
uted by the United States to the Fund for suc-
ceeding fiscal years until the total amount of the re-
ductions under paragraph (1) with respect to the 
foreign country equals the amount of the assistance 
referred to in paragraph (1) with respect to the for-
eign country. 
‘‘(c) NOTICE TO THE CONGRESS OF AMOUNT OF IM-
PENDING REDUCTION.—Within 60 legislative days after 
the Fund, during the 3-month period referred to in sub-
section (a), provides assistance in any form to a foreign 
country referred to in subsection (a), the Secretary of the 
Treasury shall— 
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‘‘(1) determine the amount by which the United 
States contribution to the Fund is required to be re-
duced 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 guar-
antee, insure, or extend (or participate in the exten-
sion of) credit in connection with the export of any 
good or service to any foreign country the govern-
ment of which subsidizes the steel industry of the 
country, until 3 months after the subsidy is elimi-
nated. 
‘‘(B) SUBSIDIZE
DEFINED.—In subparagraph 
(A), the term ‘subsidize’ means, with respect to the 
steel industry of a country, the provision of financial 
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support directly or indirectly to any business concern 
in the country that produces or manufactures any 
steel product.’’. 
Æ 
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