[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[S. 492 Introduced in Senate (IS)]
108th CONGRESS
1st Session
S. 492
To direct the Secretary of Commerce to impose countervailing duties on
dynamic random access memory (DRAM) semiconductors produced by Hynix
Semiconductor.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
February 27, 2003
Mr. Craig introduced the following bill; which was read twice and
referred to the Committee on Finance
_______________________________________________________________________
A BILL
To direct the Secretary of Commerce to impose countervailing duties on
dynamic random access memory (DRAM) semiconductors produced by Hynix
Semiconductor.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. FINDINGS OF CONGRESS.
Congress makes the following findings:
(1) The Government of Korea and the banks that it owns and
controls have provided over $16 billion in financial assistance
to Hynix Semiconductor.
(2) Hynix Semiconductor is essentially a bankrupt entity
that would not be able to obtain loans from commercial sources.
(3) Hynix Semiconductor has recently been implicated in the
illegal transfer of funds to North Korea in 2000.
(4) The subsidies provided by the Government of Korea to
Hynix Semiconductor are special and deferential and are
provided specifically for the benefit of that company.
(5) The financial contributions made by the Government of
Korea provide a substantial benefit to Hynix.
(6) The imports of these subsidized products have caused
material injury to the United States industry producing Dynamic
Random Access Memory (DRAM) semiconductors, including
substantial operating losses and significant layoffs of
employees.
SEC. 2. IMPOSITION OF COUNTERVAILING DUTIES ON HYNIX.
(a) Congress hereby directs the Secretary of Commerce and the
United States Customs Service to immediately suspend liquidation on
entries into the United States of dynamic random access memory (DRAM)
semiconductors produced or imported by Hynix Semiconductor and to
impose a cash deposit of estimated countervailing duties in the amount
of 80 percent ad valorem on all such imports.
(b) These provisions shall be effective on the date of enactment of
this Act.
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