A group of Republican senators, including Senate Majority Leader Trent
Lott (Republican of Mississippi), put forth a resolution February 13
that criticizes the South Korean government’s financial support for
Hyundai Electronics and calls for the U.S. government to take steps to
stop what it calls a “bailout” of that Korean corporation.
Senator Larry Craig (Republican of Indiana) introduced Senate
Concurrent Resolution 10 (S. Con. Res. 10) with a harsh attack on the
bailout and accused Seoul of acting “in bad faith.”
Seoul’s actions in bailing out a major exporter to the United States
has significantly harmed relations between the two allies, the
resolution says.
S. Con. Res. 10 calls on the Secretary of the Treasury, the Secretary
of Commerce, and the United States Trade Representative to “take
immediately such action as is necessary to assure that the unlawful
bailout by the Republic of Korea is stopped, and its effects fully
offset or reversed.”
The resolution also would have the U.S. Trade Representative and
Commerce Secretary “monitor and report to Congress on steps that have
been taken to end this bailout and reverse its effects.”
“I am extremely disappointed in Korea’s actions in regards to this
matter,” Craig told fellow senators.
