S.Con.Res. 11Senate108th Congress (2003-2005)In Committee

A concurrent resolution expressing the sense of Congress regarding the Republic of Korea's continuing unlawful bailouts of Hynix Semiconductor Inc., and calling on the Republic of Korea, the Secretary of Commerce, the United States Trade Representative, and the President to take actions to end the bailouts.

Sponsored by Mike CrapoSen. Mike Crapo (R-ID)
Introduced February 27, 2003

Legislative Activity

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2 earlier actions
SenateIntro Referral Latest Action

Referred to the Committee on Finance. (text of measure as introduced: CR S2979)

February 27, 2003

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SenateIntro Referral

Introduced in Senate

February 27, 2003

SenateIntro Referral

Sponsor introductory remarks on measure. (CR S2979-2980)

February 27, 2003

SenateIntro Referral

Referred to the Committee on Finance. (text of measure as introduced: CR S2979)

February 27, 2003

Floor Debate

11 members

What members said about S.Con.Res. 11 on the floor

5 Republicans6 Democrats
Chuck Grassley
Sen. Chuck GrassleyR-IA · Feb 27, 2003

Mr. President, I ask unanimous consent that the order for the quorum call be rescinded. Mr. President, I rise once again to speak in support of the confirmation of Miguel Estrada, an exceptionally…

Hillary Rodham Clinton
Sen. Hillary Rodham ClintonD-NY · Feb 27, 2003

Now, Mr. President, on another issue that is of deep concern to me, I come also to raise questions about our commitment to homeland security. This is something I have come to this Chamber to address…

Edward M. Kennedy
Sen. Edward M. KennedyD-MA · Feb 27, 2003

Madam President, one of our most important responsibilities as Senators is the confirmation of Federal judges. Federal judges are appointed for life, and they will be interpreting laws affecting the…

Frank R. Lautenberg
Sen. Frank R. LautenbergD-NJ · Feb 27, 2003

Mr. President, I ask unanimous consent that the order for the quorum call be rescinded. Mr. President, today is the 12th day, as remarkable as that seems, that the Senate is debating this nomination…

Mike Crapo
Sen. Mike CrapoR-ID · Feb 27, 2003

Mr. President, I rise today to introduce this resolution on behalf of myself and Senator George Allen from Virginia. This resolution underscores a very serious and ongoing problem relating to the…

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Harry Reid
Sen. Harry ReidD-NV · Feb 27, 2003

Will the Senator yield for a question? The Senator is from the State of New Jersey. Of course, the State of New Jersey is very aware of the news that is put out in the New York Times and the…

Barbara A. Mikulski
Sen. Barbara A. MikulskiD-MD · Feb 27, 2003

Mr. President, I rise in opposition to the nomination of Miguel Estrada to the United States Circuit Court of Appeals for the District of Columbia. The President has the right to make judicial…

Craig Thomas
Sen. Craig ThomasR-WY · Feb 27, 2003

Mr. President, I ask unanimous consent that the order for the quorum call be rescinded. Mr. President, it is very interesting to hear the discussions. It is very similar to what we have heard now for…

Mike Crapo
Sen. Mike CrapoR-ID · Feb 27, 2003

Mr. President, I rise today to submit a resolution. (The remarks of Mr. Crapo pertaining to the submission of S. Con. Res. 11 are printed in today's Record under ``Submission on Concurrent and Senate…

Mark L. Pryor
Sen. Mark L. PryorD-AR · Feb 27, 2003

Mr. President, I ask unanimous consent that the order for the quorum call be rescinded. Mr. President, I ask unanimous consent that I be permitted to speak in morning business for up to 25 minutes.

Don Nickles
Sen. Don NicklesR-OK · Feb 27, 2003

Madam President, I ask unanimous consent to proceed as if in morning business.

John E. Sununu
Sen. John E. SununuR-NH · Feb 27, 2003

Mr. President, I suggest the absence of a quorum.

Bill Text

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Introduced in SenateIssued February 27, 2003
        [Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[S. Con. Res. 11 Introduced in Senate (IS)]

108th CONGRESS
1st Session
S. CON. RES. 11

Expressing the sense of Congress regarding the Republic of Korea's
continuing unlawful bailouts of Hynix Semiconductor Inc., and calling
on the Republic of Korea, the Secretary of Commerce, the United States
Trade Representative, and the President to take actions to end the
bailouts.

_______________________________________________________________________

IN THE SENATE OF THE UNITED STATES

February 27, 2003

Mr. Crapo (for himself and Mr. Allen) submitted the following
concurrent resolution; which was referred to the Committee on Finance

_______________________________________________________________________

CONCURRENT RESOLUTION

Expressing the sense of Congress regarding the Republic of Korea's
continuing unlawful bailouts of Hynix Semiconductor Inc., and calling
on the Republic of Korea, the Secretary of Commerce, the United States
Trade Representative, and the President to take actions to end the
bailouts.

Whereas the government of the Republic of Korea has continually, and in
violation of its international trade commitments, supplied financial aid
to Hynix Semiconductor Inc. (``Hynix''), a failing semiconductor
company;
Whereas the United States has strongly and repeatedly requested that the
Republic of Korea refrain from these wrongful trade activities;
Whereas these bailouts have resulted in severe distortion of the world DRAM,
semiconductor, and electronics markets to the detriment of major United
States and other non-Korean producers;
Whereas the United States has continually provided military, national security,
and financial aid to the Republic of Korea, including significant
contributions to the International Monetary Fund financial package to
prevent the Korean economy from going into bankruptcy;
Whereas Hynix exports the vast majority of its semiconductor production to
nations outside of Korea, including to the United States and European
nations;
Whereas, it was recently announced that Hynix would receive an additional
$4,000,000,000 in debt restructuring, eliminating Hynix's existing debt,
an additional $1,550,000,000 in a debt-for-equity swap, and an extension
of $2,500,000,000 with respect to other outstanding Hynix loans;
Whereas Hynix's creditor banks are providing another subsidy to Hynix in the
form of $188,000,000 in financing to a Chinese company to purchase
Hynix's flat computer screen business;
Whereas the largest creditors of Hynix are institutions such as the Korea
Development Bank and the Woori Bank, both of which are 100 percent owned
by the government of the Republic of Korea; and
Whereas United States and Europe have been forced to initiate anti-subsidy
investigations against the Republic of Korea: Now, therefore, be it
Resolved by the Senate (the House of Representatives concurring),
That--
(1) it is the sense of Congress that the actions of the
Republic of Korea with respect to the bailouts of Hynix
Semiconductor Inc. (``Hynix'') are severely detrimental to the
bilateral friendship and economic relationships between the
United States and Korea; and
(2) Congress calls on--
(A) the Republic of Korea to--
(i) immediately cease any further bailouts
of Hynix; and
(ii) immediately comply with all of its
obligations as a member of the World Trade
Organization, including its obligations
regarding subsidies;
(B) the Secretary of Commerce and the United States
Trade Representative to--
(i) immediately take such actions as are
necessary to end any further bailouts of Hynix,
including the self-initiation of further trade
cases, the initiation of a further government
investigation of the financial impact of these
bailouts, and the calling of a special
subsidies code meeting to raise the legal
concerns with this issue; and
(ii) begin consultations with Congress
regarding appropriate legislative action to
fully deal with the impact of the bailouts of
Hynix; and
(C) the President to consult with the European
Union regarding joint action with respect to the
unlawful subsidies to Hynix that are harming the
international DRAM, semiconductor, and electronics
markets.
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