S.Con.Res.11 - 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.
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Committee
Latest Action · February 27, 2003
Referred to the Committee on Finance. (text of measure as introduced: CR S2979)
Declares that it is the sense of Congress that the actions of the Republic of Korea with respect to the bailouts of Hynix Semiconductor Inc. are severely detrimental to the bilateral friendship and economic relationships between the United States and Korea.Calls on the Republic of Korea immediately to cease any further bailouts of Hynix, and comply with all of its obligations as a member of the World Trade Organization, including those regarding subsidies.Calls on the Secretary of Commerce and the United States Trade Representative to: (1) take necessary actions immediately 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 (2) begin consultations with Congress regarding appropriate legislative action to deal fully with the impact of the bailouts of Hynix.Calls on 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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