2013 US Code
Title 15 - Commerce and Trade
Chapter 45 - EMERGENCY LOAN GUARANTEES TO BUSINESS ENTERPRISES (§§ 1841 - 1852)
Section 1841 - Emergency Loan Guarantee Board; establishment; membership; voting
Publication Title | United States Code, 2012 Edition, Supplement 1, Title 15 - COMMERCE AND TRADE |
Category | Bills and Statutes |
Collection | United States Code |
SuDoc Class Number | Y 1.2/5: |
Contained Within | Title 15 - COMMERCE AND TRADE CHAPTER 45 - EMERGENCY LOAN GUARANTEES TO BUSINESS ENTERPRISES Sec. 1841 - Emergency Loan Guarantee Board; establishment; membership; voting |
Contains | section 1841 |
Date | 2013 |
Laws in Effect as of Date | January 16, 2014 |
Positive Law | No |
Disposition | standard |
Short Titles | 'Emergency Loan Guarantee Act'."</p> |
Source Credit | Pub. L. 92-70, §2, Aug. 9, 1971, 85 Stat. 178. |
Statutes at Large References | 85 Stat. 178 113 Stat. 252, 1478 115 Stat. 472 118 Stat. 75, 814 119 Stat. 2315 121 Stat. 1892, 1893 123 Stat. 3122 |
Public Law References | Public Law 92-70, Public Law 106-51, Public Law 106-102, Public Law 107-63, Public Law 108-199, Public Law 108-271, Public Law 109-108, Public Law 110-161, Public Law 111-117 |
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There is created an Emergency Loan Guarantee Board (referred to in this chapter as the "Board") composed of the Secretary of the Treasury, as Chairman, the Chairman of the Board of Governors of the Federal Reserve System, and the Chairman of the Securities and Exchange Commission. Decisions of the Board shall be made by majority vote.
(Pub. L. 92–70, §2, Aug. 9, 1971, 85 Stat. 178.)
SHORT TITLEPub. L. 92–70, §1, Aug. 9, 1971, 85 Stat. 178, provided that: "This Act [enacting this chapter] may be cited as the 'Emergency Loan Guarantee Act'."
EMERGENCY STEEL LOAN GUARANTEES AND EMERGENCY OIL AND GAS GUARANTEED LOANSPub. L. 106–51, Aug. 17, 1999, 113 Stat. 252, as amended by Pub. L. 106–102, title VII, §734, Nov. 12, 1999, 113 Stat. 1478; Pub. L. 107–63, title III, §336(a), Nov. 5, 2001, 115 Stat. 472; Pub. L. 108–199, div. B, title II, §211(a), Jan. 23, 2004, 118 Stat. 75; Pub. L. 108–271, §8(b), July 7, 2004, 118 Stat. 814; Pub. L. 109–108, title II, §205, Nov. 22, 2005, 119 Stat. 2315; Pub. L. 110–161, div. B, title I, §105, Dec. 26, 2007, 121 Stat. 1892; Pub. L. 111–117, div. B, title I, §108, Dec. 16, 2009, 123 Stat. 3122, provided that:
"CHAPTER 1"
"(b)
"(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 since 1998, caused by the world financial crisis;
"(2) this surge in imports resulted in the loss of more than 10,000 steel worker jobs since 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)
"(1)
"(2)
"(3)
"(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 1998, and thereafter, or that operates substantial assets of a company that meets these qualifications.
"(d)
"(e)
"(1) the Secretary of Commerce;
"(2) the Chairman of the Board of Governors of the Federal Reserve System, or a member of the Board of Governors of the Federal Reserve System designated by the Chairman, who shall serve as Chairman of the Board; and
"(3) the Chairman of the Securities and Exchange Commission, or a commissioner of the Securities and Exchange Commission designated by the Chairman.
"(f)
"(1)
"(2)
"(3)
"(4)
"(5)
"(g)
"(1) credit is not otherwise available to that company under reasonable terms or conditions sufficient to meet its financing 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 Government Accountability 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)
"(1)
"(2)
"(3)
"(4)
"(A)
"(B)
"(i) the aggregate amount of loans guaranteed at such percentage and outstanding under this section at any one time does not exceed $100,000,000; and
"(ii) the aggregate amount of loans guaranteed at such percentage under this section with respect to a single qualified steel company does not exceed $50,000,000.
"(C)
"(i) the aggregate amount of loans guaranteed at such percentage and outstanding under this section at any one time does not exceed $100,000,000; and
"(ii) the aggregate amount of loans guaranteed at such percentage under this section with respect to a single qualified steel company does not exceed $50,000,000.
"(i)
"(j)
"(k)
"(l)
"(m)
"(1)
"(2)
"
"(b) Within 30 days after the date of the enactment of this Act [Aug. 17, 1999], 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.
"SEC. 103. SALARIES AND ADMINISTRATIVE EXPENSES.
"(a) In addition to funds made available under section 101(j) of the Emergency Steel Loan Guarantee Act of 1999 (15 U.S.C. 1841 note), up to $1,000,000 in funds made available under section 101(f) of such Act may be used for salaries and administrative expenses to administer the Emergency Steel Loan Guarantee Program.
"(b) Funds made available for salaries and administrative expenses to administer the Emergency Steel Loan Guarantee Program shall remain available until expended.
"CHAPTER 2"
"(b)
"(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;
"(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)
"(1)
"(2)
"(3)
"(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 [26 U.S.C. 57(a)(2)(B)(i)]); 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)
"(1)
"(2)
"(A) the Secretary of Commerce;
"(B) the Chairman of the Board of Governors of the Federal Reserve System, or a member of the Board of Governors of the Federal Reserve System designated by the Chairman, who shall serve as Chairman of the Board; and
"(C) the Chairman of the Securities and Exchange Commission, or a commissioner of the Securities and Exchange Commission designated by the Chairman.
"(e)
"(1)
"(2)
"(3)
"(4)
"(5)
"(f)
"(1) credit is not otherwise available to the company under reasonable terms or conditions sufficient to meet its financing needs, as reflected in the financial and business plans of the company;
"(2) the prospective earning power of the company, together with the character and value of the security pledged, provide a 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 the loan; and
"(4) the company has agreed to an audit by the Government Accountability Office before issuance of the loan guarantee and annually while the guaranteed loan is outstanding.
"(g)
"(1)
"(2)
"(3)
"(4)
"(h)
"(i)
"(j)
"(k)
"
"(b) Within 30 days after the date of the enactment of this Act [Aug. 17, 1999], 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 3 "GENERAL PROVISIONS"
"This Act may be cited as the 'Emergency Steel Loan Guarantee and Emergency Oil and Gas Guaranteed Loan Act of 1999'."
[Pub. L. 110–161, div. B, title I, §105(c), Dec. 26, 2007, 121 Stat. 1893, which directed amendment of section 101(c)(3)(C) of Pub. L. 106–51, set out above, by substituting "in 1998, and thereafter," for ", in 1998", was executed by making the substitution for ", in January 1998" to reflect the probable intent of Congress.]
[Pub. L. 107–63, title III, §336(b), Nov. 5, 2001, 115 Stat. 472, provided that: "The amendments made by this section [amending section 101 of Pub. L. 106–51, set out above] shall apply only with respect to any guarantee issued on or after the date of the enactment of this Act [Nov. 5, 2001]."]
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