Save American Manufacturing Act of 2003

Bill: 108-s-592
Sponsor: Sen. Hollings, Ernest F. [D-SC]
Introduced: 2003-03-11 in the Senate
Policy area: Taxation
Subjects: Armed Forces and National Security
Buy American
Child labor
Commerce
Conferences
Congress
Congressional oversight
Congressional reporting requirements
Corporate mergers
Corporation taxes
Customs administration
Department of Commerce
Department of Homeland Security
Dispute settlement
Dumping
Economic statistics
Executive reorganization
Export-Import Bank of the United States
Families
Federal advisory bodies
Finance and Financial Sector
Foreign Trade and International Finance
Foreign corporations
Foreign tax credit
Free trade
Government Operations and Politics
Government contractors
Government paperwork
Government procurement
Import restrictions
Imports
Income tax
Industrial capacity
Industrial management
Industrial statistics
International Affairs
International agencies
International competitiveness
International cooperation
International organization
Labor and Employment
Overseas Private Investment Corporation
Partnerships
Science, Technology, Communications
Stock exchanges
Stockholders
Stocks
Tariff
Tax evasion
Tax havens
Technological innovations
Textile fabrics
Trade agreements
Trade negotiations

Summary:
action_date: 2003-03-11
text: 
Save American Manufacturing Act of 2003 - Establishes within the Department of Commerce an Office of Manufacturing which shall be responsible, among other things, for developing policies to preserve and enhance the industrial base of the United States.
 
Establishes the WTO Dispute Settlement Review Commission which shall review: (1) all reports of dispute settlement panels or the Appellate Body of the World Trade Organization (WTO) in proceedings initiated by other WTO parties which are adverse to the United States and adopted by the Dispute Settlement Body; and (2) upon the U.S. Trade Representative's request, any other report of a dispute settlement panel or the Appellate Body adopted by the Dispute Settlement Body.
 
Sets forth certain requirements regarding the congressional review of WTO dispute settlement procedures and U.S. participation in the WTO and WTO panel proceedings.
 
Amends specified laws to prohibit the Export-Import Bank of the United States and the Overseas Private Investment Corporation (OPIC) from guaranteeing, insuring or reinsuring, financing, or extending credit in connection with any project involving the the production of any commodity less than 80 percent of the value of which is attributable to content produced, manufactured, mined, or grown in the United States.
 
Abolishes the International Trade Commission and transfers all its functions to the Assistant Secretary of Commerce for Import Administration of the Department of Commerce.
 
Imposes Buy-American requirements on the Department of Homeland Security, with specified exceptions.
 
Prohibits the sale in interstate commerce of goods manufactured by child labor.
 
Expresses the sense of the Senate that the Byrd Amendment (regarding the distribution of antidumping duties to affected domestic producers) is consistent with U.S. obligations under the WTO.
 
Amends the Internal Revenue Code to: (1) extend the meaning of domestic corporation (subject to Federal taxation) to the acquiring corporation in a corporate expatriation transaction; (2) include income from U.S. imports in subpart F (controlled foreign corporations) income; and (3) deny reduced rates of any withholding tax under any U.S. income tax treaty with a foreign country to any foreign entity unless it is predominantly owned by individuals who are residents of such country.


Legislative actions:
action_date: 2003-03-11
text: Read twice and referred to the Committee on Finance.
action_date: 2003-03-11
text: Sponsor introductory remarks on measure. (CR S3516-3517)
action_date: 2003-03-11
text: Introduced in Senate