H.R.2946 - A bill to amend the Foreign Assistance Act of 1961 to prohibit the furnishing of assistance to establish or enhance the capacity of a foreign country to produce certain commodities in competition with, or similar to, United States-produced commodities, and for other purposes.98th Congress (1983-1984)
|Sponsor:||Rep. McNulty, James F., Jr. [D-AZ-5] (Introduced 05/09/1983)|
|Committees:||House - Banking, Finance, and Urban Affrs; Foreign Affairs|
|Latest Action:||House - 05/18/1983 Referred to Subcommittee on International Economic Policy and Trade. (All Actions)|
This bill has the status Introduced
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Summary: H.R.2946 — 98th Congress (1983-1984)All Information (Except Text)
Introduced in House (05/09/1983)
Amends the Foreign Assistance Act of 1961 to prohibit the furnishing of assistance under such Act to establish or enhance the capacity of any foreign country to produce a commodity for export if: (1) the commodity is in surplus or is likely to be in surplus on the world market at the time the resulting productive capacity is expected to become operative; and (2) such assistance will cause substantial injury to U.S. producers of the same, similar, or competing commodity (surplus competing commodities).
Requires the Secretary of the Treasury to instruct the U.S. executive directors of the International Bank for Reconstruction and Development, International Development Association, International Monetary Fund, International Finance Corporation, Inter-American Development Bank, Asian Development Bank, and the African Development Bank to oppose assistance by these institutions (using any funds made available under U.S. law) to establish or enhance the capacity of any country to produce surplus competing commodities.
Requires the Secretary of the Treasury to report to Congress on all applications for assistance which have been filed with the aforementioned institutions at 30-day intervals beginning 30 days after the enactment of this Act.