(1) The United States domestic shrimping in-
dustry is a vital social and economic force for many 
coastal communities across the United States, af-
fecting not simply those who own and operate 
shrimp boats but entire community economies in-
cluding 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 sub-
sidies. 
(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 dam-
aging the competitive position and market share of 
the domestic shrimping fishery. 
(6) Seven non-NAFTA foreign countries (Thai-
land, Vietnam, India, China, Ecuador, Indonesia, 
and Brazil) have taken advantage of this Govern-
ment-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 insur-
ance for these foreign countries through the Over-
seas Private Investment Corporation, and our Gov-
ernment’s current exposure relative to these coun-
tries 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-ori-
ented, 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 com-
petitors. 
(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 effects of our current Federal 
regulatory regime in this sector, leading to a depres-
sion 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 Representa-
tives and the Senate, and with industry representa-
tives, to discuss this crisis and seek solutions there-
to.
(13) Despite this meeting, the National Marine 
Fisheries Service has not announced that it will fore-
go future regulatory encumbrances upon the domes-
tic shrimping industry such as previously proposed 
TEDs modifications that would further harm com-
petitiveness 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, 
including the proposed regulations modifying require-
ments relating to turtle excluder devices published on Oc-
tober 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 financ-
ing, in connection with a project undertaken or to be un-
dertaken 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 CONTRIBU-
TIONS.—
‘‘(1) IN GENERAL.—If, during the first 3-month 
period referred to in subsection (a), the Fund pro-
vides assistance in any form to a foreign country re-
ferred to in subsection (a), 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 
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 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 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. 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 con-
secutive months.’’.
Æ
(1) The United States domestic shrimping in-
dustry is a vital social and economic force for many 
coastal communities across the United States, af-
fecting not simply those who own and operate 
shrimp boats but entire community economies in-
cluding 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 sub-
sidies. 
(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 dam-
aging the competitive position and market share of 
the domestic shrimping fishery. 
(6) Seven non-NAFTA foreign countries (Thai-
land, Vietnam, India, China, Ecuador, Indonesia, 
and Brazil) have taken advantage of this Govern-
ment-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 insur-
ance for these foreign countries through the Over-
seas Private Investment Corporation, and our Gov-
ernment’s current exposure relative to these coun-
tries 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.