Trade Injury Compensation Act of 2000

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Trade Injury Compensation Act of 
2000''.

SEC. 2. FINDINGS.

    Congress makes the following findings:
            (1) United States goods and services compete in global 
        markets and it is necessary for trade agreements to promote 
        such competition.
            (2) The current dispute resolution mechanism of the World 
        Trade Organization is designed to resolve disputes in a manner 
        that brings stability and predictability to world trade.
            (3) When foreign countries refuse to comply with a panel or 
        Appellate Body report of the World Trade Organization and 
        violate any of the Uruguay Round Agreements, it has a 
        deleterious effect on the United States economy.
            (4) A WTO member can retaliate against a country that 
        refuses to implement a panel or Appellate Body report by 
        imposing additional duties of up to 100 percent on goods 
        imported from the noncomplying country.
            (5) The World Trade Organization Dispute Settlement Body 
        found in favor of the United States regarding the European 
        Union's ban on United States beef produced with hormones and 
        authorized retaliation subsequent to the European Union's 
        failure to implement that decision.
            (6) The United States beef industry has suffered by the 
        European Union's continued noncompliance with the World Trade 
        Organization ruling and should be remedied through the 
        establishment of a Beef Industry Compensation Trust Fund until 
        compliance is achieved.
            (7) In cases where additional duties are imposed such as 
        the United States beef and the European Union dispute, the 
        additional duties should be used to provide relief to the 
        United States beef industry that has been insured by 
        noncompliance.

SEC. 3. DEFINITIONS.

    In this Act:
            (1) Uruguay round agreements.--The term ``Uruguay Round 
        Agreements'' has the meaning given such term in section 2(7) of 
        the Uruguay Round Agreements Act (19 U.S.C. 3501(7).
            (2) World trade organization.--The term ``World Trade 
        Organization'' means the organization established pursuant to 
        the WTO Agreement.
            (3) WTO agreement.--The term ``WTO Agreement'' means the 
        Agreement Establishing The World Trade Organization entered 
        into on April 15, 1994.
            (4) WTO and wto member.--The terms ``WTO'' and ``WTO 
        member'' have the meanings given those terms in section 2 of 
        the Uruguay Round Agreements Act (19 U.S.C. 3501).
            (5) Injured producer.--The term ``injured producer'' means 
        a domestic producer of a product (including an agricultural 
        product) with respect to which a dispute resolution proceeding 
        has been brought before the World Trade Organization, if the 
        dispute resolution is resolved in favor of the producer, and 
        the foreign country against which the proceeding has been 
        brought has failed to comply with the report of the panel or 
        Appellate Body of the WTO.
            (6) Beef retaliation list.--The term ``beef retaliation 
        list'' means the list of products of European Union countries 
        with respect to which the United States Trade Representative is 
        imposing duties above the level that would otherwise be imposed 
        under the Harmonized Tariff Schedule of the United States as a 
        result of the European Union's ban on the importation of United 
        States beef produced with hormones.

SEC. 4. BEEF INDUSTRY COMPENSATION TRUST FUND.

    (a) Establishment.--There is established in the Treasury of the 
United States a fund to be known as the ``Beef Industry Compensation 
Trust Fund'' (referred to in this Act as the ``Fund'') consisting of 
such amounts as may be appropriated or credited to the Fund under 
subsection (b) and any interest earned on investment of amounts in the 
Fund under subsection (c)(2).
    (b) Transfer of Amounts Equivalent to Certain Duties.--
            (1) In general.--There are hereby appropriated and 
        transferred to the Fund an amount equal to the amount received 
        in the Treasury as a result of the imposition of additional 
        duties imposed on the products on a United States beef 
        retaliation list.
            (2) Transfers based on estimates.--The amounts required to 
        be transferred under paragraph (1) shall be transferred at 
        least quarterly from the general fund of the Treasury to the 
        Fund on the basis of estimates made by the Secretary of the 
        Treasury. Proper adjustment shall be made in amounts 
        subsequently transferred to the extent prior estimates were in 
        excess of or less than the amounts required to be transferred.
    (c) Investment of Fund.--
            (1) In general.--The Secretary of the Treasury shall invest 
        such portion of the Fund as is not, in the Secretary's 
        judgment, required to meet current withdrawals. Such 
        investments may be made only in interest-bearing obligations of 
        the United States or in obligations guaranteed as to both 
principal and interest by the United States.
            (2) Credits to fund.--The interest on, and the proceeds 
        from the sale or redemption of, any obligations held in the 
        Fund shall be credited to and form a part of the Fund.
    (d) Distributions From Fund.--Amounts in the Fund shall be 
available as provided in appropriations Acts, for making distributions 
in accordance with subsections (e) and (f).
    (e) Availability of Amounts From Fund.--From amounts available in 
the Fund (including any amounts not obligated in previous fiscal 
years), the Secretary of Agriculture is authorized to provide grants to 
a nationally recognized beef promotion and research board established 
for the education and market promotion of the United States beef 
industry for the following purposes:
            (1) To provide assistance to United States beef producers 
        to improve the quality of beef produced in the United States.
            (2) To provide assistance to United States beef producers 
        in market development, consumer education, and promotion of the 
        beef industry in overseas markets.
    (f) Termination of Fund.--
            (1) In general.--The Secretary of the Treasury shall cease 
        the transfer of amounts equivalent to the duties on the beef 
        retaliation list when the European Union complies with the 
        World Trade Organization ruling allowing United States beef 
        producers access to the European market and additional duties 
        are no longer imposed on products listed on the beef 
        retaliation list.
            (2) Distribution of unused funds.--The Secretary of 
        Agriculture shall distribute any unused funds in a manner that 
        benefits the domestic beef industry.
    (g) Report to Congress.--The Secretary of the Treasury shall, after 
consultation with the Secretaries of Agriculture, Commerce, and Labor, 
report to the Congress each year on the financial condition and the 
results of the operations of the Fund during the preceding fiscal year 
and on its expected condition and operations during the next fiscal 
year.

SEC. 5. PROHIBITION ON REDUCING SERVICES OR FUNDS.

    No payment made to an injured producer under this Act shall result 
in the reduction or denial of any service or assistance with respect to 
which the injured producer would otherwise be entitled.

Summary: Authorizes the Secretary of Agriculture to provide grants to a nationally recognized beef promotion and research board to assist U.S. beef producers: (1) improve U.S. beef quality; and (2) promote and develop overseas markets.
Terminates the Fund when: (1) the European Union complies with the World Trade Organization ruling allowing U.S. producers access to the European market; and (2) additional duties are no longer imposed on products listed on the beef retaliation list.