H.R.5578 - Shrimp Importation Financing Fairness Act107th Congress (2001-2002)
|Sponsor:||Rep. Paul, Ron [R-TX-14] (Introduced 10/08/2002)|
|Committees:||House - Financial Services; Resources; International Relations|
|Latest Action:||10/21/2002 Referred to the Subcommittee on International Monetary Policy and Trade. (All Actions)|
This bill has the status Introduced
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Summary: H.R.5578 — 107th Congress (2001-2002)All Bill Information (Except Text)
Shrimp Importation Financing Fairness Act - Prohibits the Secretary of Commerce from imposing any new restrictive regulations on the domestic shrimping industry.
Introduced in House (10/08/2002)
Prohibits the Overseas Private Investment Corporation from issuing any contract of insurance or reinsurance or any guaranty, or from entering into any agreement to provide financing for a project undertaken or to be undertaken in a country which exported more than 20 million pounds (excessive amounts) of shrimp to the United States in the first six months of 2002, until three months after it has reduced its shrimp exports to less than three million pounds per month for three consecutive months.
Requires the Secretary of the Treasury to instruct the U.S. Executive Director at the International Monetary Fund to use the voice, vote, and influence of the United States to oppose providing assistance to any foreign country that exported excessive amounts of shrimp to the United States in the first six months of 2002, until it fulfills the requirements of this Act.
Authorizes the Secretary to reduce the amount of U.S. contributions to the Fund according to a specified formula if, during the first such three-month period, the Fund provides assistance to any such country.
Prohibits the Export-Import Bank of the United States from providing assistance to any country that exported excessive amounts of shrimp to the United States in the first six months of 2002, until it fulfills the requirements of this Act.