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Pub.L. 106-052 Making appropriations for military construction, family housing, and base realignment and closure for the Department of Defense for the fiscal year ending September 30, 2000, and for other purposes. <> %%F...


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[[Page 251]]

EMERGENCY STEEL LOAN GUARANTEE AND EMERGENCY OIL AND GAS GUARANTEED LOAN 
                               ACT OF 1999

[[Page 113 STAT. 252]]

Public Law 106-51
106th Congress

                                 An Act


 
Providing emergency authority for guarantees of loans to qualified steel 
 and iron ore companies and to qualified oil and gas companies, and for 
         other purposes. <<NOTE: Aug. 17, 1999 -  [H.R. 1664]>> 

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled, <<NOTE: Emergency Steel 
Loan Guarantee and Emergency Oil and Gas Guaranteed Loan Act of 
1999.>> That the following sums are appropriated, out of any money in 
the Treasury not otherwise appropriated, for the fiscal year ending 
September 30, 1999, and for other purposes, namely:

  CHAPTER 1 <<NOTE: Emergency Steel Loan Guarantee Act of 1999. 15 USC 
1841 note.>> 

15 USC 
1841 note.

    Sec. 101. Emergency Steel Loan Guarantee Program. (a) Short Title.--
This chapter may be cited as the ``Emergency Steel Loan Guarantee Act of 
1999''.
    (b) Congressional Findings.--Congress finds that--
            (1) the United States steel industry has been severely 
        harmed by a record surge of more than 40,000,000 tons of steel 
        imports into the United States in 1998, caused by the world 
        financial crisis;
            (2) this surge in imports resulted in the loss of more than 
        10,000 steel worker jobs in 1998, and was the imminent cause of 
        three bankruptcies by medium-sized steel companies, Acme Steel, 
        Laclede Steel, and Geneva Steel;
            (3) the crisis also forced almost all United States steel 
        companies into--
                    (A) reduced volume, lower prices, and financial 
                losses; and
                    (B) an inability to obtain credit for continued 
                operations and reinvestment in facilities;
            (4) the crisis also has affected the willingness of private 
        banks and investment institutions to make loans to the United 
        States steel industry for continued operation and reinvestment 
        in facilities;
            (5) these steel bankruptcies, job losses, and financial 
        losses are also having serious negative effects on the tax base 
        of cities, counties, and States, and on the essential health, 
        education, and municipal services that these government entities 
        provide to their citizens; and
            (6) a strong steel industry is necessary to the adequate 
        defense preparedness of the United States in order to have 
        sufficient steel available to build the ships, tanks, planes, 
        and armaments necessary for the national defense.

    (c) Definitions.--For purposes of this section:
            (1) Board.--The term ``Board'' means the Loan Guarantee 
        Board established under subsection (e).

[[Page 113 STAT. 253]]

            (2) Program.--The term ``Program'' means the Emergency Steel 
        Guarantee Loan Program established under subsection (d).
            (3) Qualified steel company.--The term ``qualified steel 
        company'' means any company that--
                    (A) is incorporated under the laws of any State;
                    (B) is engaged in the production and manufacture of 
                a product defined by the American Iron and Steel 
                Institute as a basic steel mill product, including 
                ingots, slab and billets, plates, flat-rolled steel, 
                sections and structural products, bars, rail type 
                products, pipe and tube, and wire rod; and
                    (C) has experienced layoffs, production losses, or 
                financial losses since the beginning of the steel import 
                crisis, in January 1998 or that operates substantial 
                assets of a company that meets these qualifications.

    (d) Establishment of Emergency Steel Guarantee Loan Program.--There 
is established the Emergency Steel Guarantee Loan Program, to be 
administered by the Board, the purpose of which is to provide loan 
guarantees to qualified steel companies in accordance with this section.
    (e) <<NOTE: Establishment.>> Loan Guarantee Board Membership.--There 
is 
established a Loan Guarantee Board, which shall be composed of--
            (1) the Secretary of Commerce;
            (2) the Chairman of the Board of Governors of the Federal 
        Reserve System, who shall serve as Chairman of the Board; and
            (3) the Chairman of the Securities and Exchange 
        Commission.

    (f ) Loan Guarantee Program.--
            (1) Authority.--The Program may guarantee loans provided to 
        qualified steel companies by private banking and investment 
        institutions in accordance with the procedures, rules, and 
        regulations established by the Board.
            (2) Total guarantee limit.--The aggregate amount of loans 
        guaranteed and outstanding at any one time under this section 
        may not exceed $1,000,000,000.
            (3) Individual guarantee limit.--The aggregate amount of 
        loans guaranteed under this section with respect to a single 
        qualified steel company may not exceed $250,000,000.
            (4) Timelines.--The Board shall approve or deny each 
        application for a guarantee under this section as soon as 
        possible after receipt of such application.
            (5) Additional costs.--For the additional cost of the loans 
        guaranteed under this subsection, including the costs of 
        modifying the loans as defined in section 502 of the 
        Congressional Budget Act of 1974 (2 U.S.C. 661a), there is 
        appropriated $140,000,000 to remain available until expended.

    (g) Requirements for Loan Guarantees.--A loan guarantee may be 
issued under this section upon application to the Board by a qualified 
steel company pursuant to an agreement to provide a loan to that 
qualified steel company by a private bank or investment company, if the 
Board determines that--
            (1) credit is not otherwise available to that company under 
        reasonable terms or conditions sufficient to meet its financing

[[Page 113 STAT. 254]]

        needs, as reflected in the financial and business plans of that 
        company;
            (2) the prospective earning power of that company, together 
        with the character and value of the security pledged, furnish 
        reasonable assurance of repayment of the loan to be guaranteed 
        in accordance with its terms;
            (3) the loan to be guaranteed bears interest at a rate 
        determined by the Board to be reasonable, taking into account 
        the current average yield on outstanding obligations of the 
        United States with remaining periods of maturity comparable to 
        the maturity of such loan;
            (4) the company has agreed to an audit by the General 
        Accounting Office prior to the issuance of the loan guarantee 
        and annually thereafter while any such guaranteed loan is 
        outstanding; and
            (5) in the case of a purchaser of substantial assets of a 
        qualified steel company, the qualified steel company establishes 
        that it is unable to reorganize itself.

    (h) Terms and Conditions of Loan Guarantees.--
            (1) Loan duration.--All loans guaranteed under this section 
        shall be payable in full not later than December 31, 2005, and 
        the terms and conditions of each such loan shall provide that 
        the loan may not be amended, or any provision thereof waived, 
        without the consent of the Board.
            (2) Loan security.--Any commitment to issue a loan guarantee 
        under this section shall contain such affirmative and negative 
        covenants and other protective provisions that the Board 
        determines are appropriate. The Board shall require security for 
        the loans to be guaranteed under this section at the time at 
        which the commitment is made.
            (3) Fees.--A qualified steel company receiving a guarantee 
        under this section shall pay a fee to the Department of the 
        Treasury to cover costs of the program, but in no event shall 
        such fee exceed an amount equal to 0.5 percent of the 
        outstanding principal balance of the guaranteed loan.
            (4) Guarantee level.--No loan guarantee may be provided 
        under this section if the guarantee exceeds 85 percent of the 
        amount of principal of the loan.

    (i) Reports to Congress.--The Secretary of Commerce shall submit to 
Congress a full report of the activities of the Board under this section 
during each of fiscal years 1999 and 2000, and annually thereafter, 
during such period as any loan guaranteed under this section is 
outstanding.
    ( j) Salaries and Administrative Expenses.--For necessary expenses 
to administer the Program, $5,000,000 is appropriated to the Department 
of Commerce, to remain available until expended, which may be 
transferred to the Office of the Assistant Secretary for Trade 
Development of the International Trade Administration.
    (k) Termination of Guarantee Authority.--The authority of the Board 
to make commitments to guarantee any loan under this section shall 
terminate on December 31, 2001.
    (l) Regulatory Action.--The Board shall issue such final procedures, 
rules, and regulations as may be necessary to carry out this section not 
later than 60 days after the date of the enactment of this Act.
    (m) Iron Ore Companies.--

[[Page 113 STAT. 255]]

            (1) In general.--Subject to the requirements of this 
        subsection, an iron ore company incorporated under the laws of 
        any State shall be treated as a qualified steel company for 
        purposes of the Program.
            (2) Total guarantee limit for iron ore company.--Of the 
        aggregate amount of loans authorized to be guaranteed and 
        outstanding at any one time under subsection (f )(2), an amount 
        not to exceed $30,000,000 shall be loans with respect to iron 
        ore companies.

               federal administrative and travel expenses

                              (rescissions)

    Sec. 102. <<NOTE: 15 USC 1841 note.>> (a) Of the funds available in 
the nondefense category to the agencies of the Federal Government, 
$145,000,000 are hereby rescinded: Provided, That rescissions pursuant 
to this subsection shall be taken only from administrative and travel 
accounts: Provided further, That rescissions shall be taken on a pro 
rata basis from funds available to every Federal agency, department, and 
office in the executive branch, including the Office of the President.

    (b) <<NOTE: Deadline. Reports.>> Within 30 days after the date of 
the enactment of this Act, the Director of the Office of Management and 
Budget shall submit to the Committees on Appropriations of the House of 
Representatives and the Senate a listing of the amounts by account of 
the reductions made pursuant to the provisions of subsection (a) of this 
section.

 CHAPTER <<NOTE: Emergency Oil and Gas Guaranteed Loan Program Act. 15 
USC 1841 note.>> 2

15 USC 
1841 note.

    Sec. 201. Petroleum Development Management. (a) Short Title.--This 
chapter may be cited as the ``Emergency Oil and Gas Guaranteed Loan 
Program Act''.
    (b) Findings.--Congress finds that--
            (1) consumption of foreign oil in the United States is 
        estimated to equal 56 percent of all oil consumed, and that 
        percentage could reach 68 percent by 2010 if current prices 
        prevail;
            (2) the number of oil and gas rigs operating in the United 
        States is at its lowest since 1944, when records of this tally 
        began;
            (3) if prices do not increase soon, the United States could 
        lose at least half its marginal wells, which in aggregate 
        produce as much oil as the United States imports from Saudi 
        Arabia;
            (4) oil and gas prices are unlikely to increase for at least 
        several years;
            (5) declining production, well abandonment, and greatly 
        reduced exploration and development are shrinking the domestic 
        oil and gas industry;
            (6) the world's richest oil producing regions in the Middle 
        East are experiencing increasingly greater political 
        instability;
            (7) United Nations policy may make Iraq the swing oil 
        producing nation, thereby granting Saddam Hussein tremendous 
        power;
            (8) reliance on foreign oil for more than 60 percent of our 
        daily oil and gas consumption is a national security threat;

[[Page 113 STAT. 256]]

            (9) the level of United States oil security is directly 
        related to the level of domestic production of oil, natural gas 
        liquids, and natural gas; and
            (10) a national security policy should be developed that 
        ensures that adequate supplies of oil are available at all times 
        free of the threat of embargo or other foreign hostile acts.

    (c) Definitions.--In this section:
            (1) Board.--The term ``Board'' means the Loan Guarantee 
        Board established by subsection (e).
            (2) Program.--The term ``Program'' means the Emergency Oil 
        and Gas Guaranteed Loan Program established by subsection (d).
            (3) Qualified oil and gas company.--The term ``qualified oil 
        and gas company'' means a company that--
                    (A) is--
                          (i) an independent oil and gas company (within 
                      the meaning of section 57(a)(2)(B)(i) of the 
                      Internal Revenue Code of 1986); or
                          (ii) a small business concern under section 3 
                      of the Small Business Act (15 U.S.C. 632) (or a 
                      company based in Alaska, including an Alaska 
                      Native Corporation created pursuant to the Alaska 
                      Native Claims Settlement Act (43 U.S.C. 1601 et 
                      seq.)) that is an oil field service company whose 
                      main business is providing tools, products, 
                      personnel, and technical solutions on a 
                      contractual basis to exploration and production 
                      operators that drill, complete wells, and produce, 
                      transport, refine, and sell hydrocarbons and their 
                      byproducts as the main commercial business of the 
                      concern or company; and
                    (B) has experienced layoffs, production losses, or 
                financial losses since the beginning of the oil import 
                crisis, after January 1, 1997.

    (d) Emergency Oil and Gas Guaranteed Loan Program.--
            (1) In general.--There is established the Emergency Oil and 
        Gas Guaranteed Loan Program, the purpose of which shall be to 
        provide loan guarantees to qualified oil and gas companies in 
        accordance with this section.
            (2) Loan <<NOTE: Establishment.>> guarantee board.--There is 
        established to administer the Program a Loan Guarantee Board, to 

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