Bill summaries are authored by CRS.

Shown Here:
Passed Senate amended (06/18/1999)

Emergency Steel Loan Guarantee and Emergency Oil and Gas Guaranteed Loan Act of 1999 - Chapter 1 - Emergency Steel Loan Guarantee Act of 1999 - Establishes the Emergency Steel Guarantee Loan Program, to be administered by a Loan Guarantee Board, to provide loan guarantees to qualified steel companies. Sets limits on loan duration and on the aggregate amounts of loans and guarantees outstanding at any one time under the program or with respect to a single qualified company. Treats an iron ore company as a qualified company for purposes of such program (setting similar loan limits as above).

Rescinds a specified amount of funds made available to Federal agencies, requiring such funds to be taken only from administrative and travel accounts. Requires a report from the Director of the Office of Management and Budget (OMB) to the Senate and House appropriations committees on an accounting of the rescinded funds.

Chapter 2 - Emergency Oil and Gas Guaranteed Loan Program Act - Establishes the Emergency Oil and Gas Guaranteed Loan Program, to be administered by a Loan Guarantee Board, to guarantee loans provided to qualified oil and gas companies (including Alaska companies and Alaska Native corporations) by private banking and investment institutions. Sets forth requirements relating to such loan guarantees, including on total and individual guarantees, a minimum guarantee amount, Board determinations with respect to certain preconditions, terms and fees, and reports.

Rescinds a specified amount of funds made available to Federal agencies, requiring such funds to be taken only from administrative and travel accounts. Requires a report from the OMB Director to the appropriations committees on an accounting of the rescinded funds.

Chapter 3: General Provisions - Prohibits any part of an appropriation contained in this Act from remaining available for obligation beyond FY 1999 unless expressly so provided.