S. 3661 (110th): United States Nuclear Fuel Management Corporation Establishment Act of 2008

110th Congress, 2007–2009. Text as of Oct 01, 2008 (Introduced).

Status & Summary | PDF | Source: GPO

II

110th CONGRESS

2d Session

S. 3661

IN THE SENATE OF THE UNITED STATES

October 1 (legislative day, September 17), 2008

(for himself, Mr. Domenici, Ms. Murkowski, Mrs. Dole, and Mr. Alexander) introduced the following bill; which was read twice and referred to the Committee on Environment and Public Works

A BILL

To amend the Atomic Energy Act of 1954 to establish a United States Nuclear Fuel Management Corporation, and for other purposes.

1.

Short title

This Act may be cited as the United States Nuclear Fuel Management Corporation Establishment Act of 2008.

2.

United States Nuclear Fuel Management Corporation

(a)

In general

The Atomic Energy Act of 1954 (42 U.S.C. 2011 et seq.) is amended by adding at the end the following:

III

United States Nuclear Fuel Management Corporation

3001.

Purpose

The purpose of this title is to establish a corporation—

(1)

to manage, on a self-sustaining and efficient basis, a spent nuclear fuel enterprise to eliminate the need for Federal funding (other than funding provided pursuant to this title) for the management of spent nuclear fuel;

(2)

to assume responsibility for the activities, obligations, and resources of the Federal Government with respect to spent nuclear fuel management, including the duties and powers of—

(A)

the Secretary relating to the Nuclear Waste Fund; and

(B)

the Office of Civilian Radioactive Waste Management under section 304 of that Act (42 U.S.C. 10224);

(3)

to ensure in the United States—

(A)

the common defense and security; and

(B)

the enforcement of laws and policies concerning nonproliferation of atomic weapons and other nonpeaceful uses of atomic energy;

(4)

to advance technologies and facilities that will recycle spent nuclear fuel into useable reactor fuel which will—

(A)

address global counterproliferation and counterterrorism;

(B)

promote efficient utilization of nuclear fuel resources; and

(C)

provide for safe, secure disposal of nuclear materials;

(5)

to maintain a reliable and economical domestic source of spent nuclear fuel management services and sustain and expand the role of nuclear energy in meeting United States requirements for clean, safe, reliable, and affordable energy;

(6)

to provide spent nuclear fuel management and related services to—

(A)

the Department of Energy for governmental purposes; and

(B)

domestic persons; and

(7)

to carry out other activities to advance the purposes described in this section.

3002.

Definitions

In this title:

(1)

Board

The term Board means the Board of Directors of the Corporation established under section 3103.

(2)

Corporation

The term Corporation means the United States Spent Nuclear Fuel Corporation established by section 3101(a).

(3)

Corporation Fund

The term Corporation Fund means the United States Nuclear Fuel Management Corporation Fund established by section 3107.

(4)

Decommissioning; decontamination

The terms decommissioning and decontamination, with respect to an activity, include any activity other than a response action or corrective action carried out for purposes of decontaminating or decommissioning a facility for spent nuclear fuel management that has residual radioactive or mixed radioactive and hazardous chemical contamination (including depleted tailings).

(5)

Department

The term Department means the Department of Energy.

(6)

Nuclear Waste Fund

The term Nuclear Waste Fund means the Nuclear Waste Fund established under section 302 of the Nuclear Waste Policy Act of 1982 (42 U.S.C. 10222).

(7)

Secretary

The term Secretary means the Secretary of Energy.

(8)

Spent fuel disposal contract

The term spent fuel disposal contract means a contract between the Secretary and a person entered into pursuant to section 302(a) of the Nuclear Waste Policy Act of 1982 (42 U.S.C. 10222(a)).

(9)

Spent nuclear fuel

The term spent nuclear fuel means any nuclear fuel or highly radioactive waste that has been irradiated in a domestic, commercial nuclear power reactor pursuant to a spent fuel disposal contract.

(10)

Spent nuclear fuel management

The term spent nuclear fuel management means any activity involving—

(A)

the storage, transportation, reprocessing, processing, treatment, fabrication, or sale of a product derived from spent nuclear fuel; or

(B)

the disposal of spent nuclear fuel.

(11)

Technology for spent nuclear fuel management

The term technology for spent nuclear fuel management means any technology used to transport, store, process, reprocess, or dispose of spent nuclear fuel.

(12)

Transfer date

The term transfer date means, with respect to any asset, property, right, liability, or obligation transferred from the Department to the Corporation pursuant to this title, the date selected by the Corporation and the Department for the transfer.

A

Establishment, powers, and organization

3101.

Establishment

(a)

In general

There is established a corporation, to be known as the United States Nuclear Fuel Management Corporation.

(b)

Treatment

Except as otherwise provided in this title, the Corporation shall be—

(1)

a wholly owned Federal corporation, subject to chapter 91 of title 31, United States Code; and

(2)

considered to be a Federal agency.

(c)

Corporate offices

(1)

In general

The Corporation shall—

(A)

for the service of process and papers, maintain an office in the District of Columbia; and

(B)

for purposes of venue in civil actions, be considered to be a resident of the District of Columbia.

(2)

Other offices

The Corporation may establish offices in such other locations as the Corporation determines to be appropriate.

3102.

Powers

(a)

In general

The Corporation—

(1)

except as otherwise provided in this title or applicable Federal law, shall have all the powers of a private corporation incorporated under the District of Columbia Business Corporation Act (D.C. Code section 29–301 et seq.).;

(2)

shall have the priority of the United States with respect to the payment of debts from bankrupt, insolvent, and decedent persons or estates;

(3)

may obtain from the Administrator of General Services the services provided by the Administrator to Federal agencies on the same basis as those services are so provided;

(4)

shall have the authority to manage spent nuclear fuel, provide for the management of spent nuclear fuel by others, and acquire spent nuclear fuel or materials necessary to reprocess spent nuclear fuel or fabricate reactor fuel from spent nuclear fuel;

(5)

shall have the authority necessary to carry out, in accordance with subsection (b), the activities, obligations, and use of resources of the Federal Government with respect to spent nuclear fuel management, including the duties and powers of—

(A)

the Secretary relating to the Nuclear Waste Fund; and

(B)

the Office of Civilian Radioactive Waste Management under section 304 of that Act (42 U.S.C. 10224); and

(6)

shall—

(A)

construct spent fuel reprocessing and fuel fabrication facilities required to conduct engineering-scale demonstrations of nuclear fuel reprocessing research and development conducted by the Department or by public or private organizations;

(B)

use the facilities to develop the required licensing basis documentation and technical criteria necessary to obtain a construction and operating license from the Nuclear Regulatory Commission for full commercial-scale used nuclear fuel reprocessing and fuel fabrication facilities;

(C)

develop used nuclear fuel reprocessing and fuel fabrication technologies the Corporation considers commercially promising that—

(i)

do not seek to separate pure plutonium;

(ii)

reduce the burden on geological repositories for ultimate waste disposal;

(iii)

promote extraction of additional useful energy from used nuclear fuel through recycling or reuse; and

(iv)

produce fuel for use in civilian nuclear power reactors; and

(D)

use funds of the Corporation to license, construct, and operate the reprocessing and fuel fabrication demonstration facilities.

(b)

Inclusions

The authority of the Corporation described in subsection (a)(5) includes authority—

(1)

for the identification, development, licensing, construction, operation, decommissioning, and post-decommissioning maintenance and monitoring of any repository, interim storage facility, monitored retrievable storage facility, reprocessing facility, fuel fabrication facility, or test and evaluation facility constructed under title III of the Nuclear Waste Policy Act of 1982 (42 U.S.C. 10221 et seq.), except that the limitations imposed on a monitored retrievable storage facility under section 141(g) of that Act (42 U.S.C. 10161(g)) shall not apply to an interim storage facility developed by the Corporation;

(2)

for the administration of the high-level radioactive waste disposal program of the Department;

(3)

to enter into a new spent fuel disposal contract under section 302(a) of the Nuclear Waste Policy Act of 1982 (42 U.S.C. 10222(a)) for a commercial nuclear power reactor not yet licensed by the Nuclear Regulatory Commission;

(4)

to assume all responsibilities of the Department under spent fuel disposal contracts in existence on the date of enactment of this title, except that (as provided in section 3205) liability for failure to perform under those contracts shall not be assumed by the Corporation until the date that is 15 years after the date of enactment of this title; and

(5)

to recommend changes to the nuclear waste fee provided by section 302(a)(4) of the Nuclear Waste Policy Act of 1982 (42 U.S.C. 10222(a)(4)) and spent fuel disposal contracts, except that the Corporation may not implement any changes in the fee schedule except as authorized by Act of Congress;

(6)

for the acquisition, design, modification, replacement, operation, and construction of facilities at a repository site, reprocessing facility site, reprocessed fuel fabrication facility site, monitored retrievable storage site, or test and evaluation facility site necessary or incident to a repository, reprocessing facility, reprocessed fuel fabrication facility, monitored retrievable storage facility, or test and evaluation facility;

(7)

to carry out such nongeneric research, development, and demonstration activities relating to evaluating, improving, and testing existing technologies for spent nuclear fuel management and related processes and activities as the Corporation considers to be necessary or advisable to achieve the purposes of this title;

(8)

to carry out transactions regarding spent nuclear fuel management, uranium, enriched uranium, plutonium, other special nuclear material, fissionable nuclear material, fertile nuclear material, fission byproducts, actinides, or depleted uranium with any person—

(A)

licensed under section 53, 63, 103, or 104, in accordance with the applicable license;

(B)

in accordance with, and during the period provided for, an agreement for cooperation under section 123; or

(C)

otherwise authorized by law to enter into a transaction described in subparagraph (A) or (B);

(9)

to enter into contracts or other agreements with—

(A)

any person licensed under section 53, 63, 103, or 104, for such period as the Corporation considers to be appropriate to provide services supporting the mission and purpose of the Corporation under this title; and

(B)

the Department in accordance with this title for spent nuclear fuel management and related services that the Department determines to be required—

(i)

to carry out Presidential directives and authorizations; and

(ii)

to conduct other Department programs;

(10)

to adopt, alter, and use a corporate seal, which shall be judicially noticed;

(11)

to sue and be sued in the corporate name and be represented by an attorney in all administrative and judicial proceedings, including, on approval of the Attorney General, appeals from decisions of United States courts, except that the United States Court of Federal Claims shall have exclusive jurisdiction over a claim against the Corporation and a decision or action of the Corporation shall not be subject to review under section 119 of the Nuclear Waste Policy Act of 1982 (42 U.S.C. 10139);

(12)

to indemnify directors, officers, attorneys, agents, and employees of the Corporation for liabilities and expenses relating to corporate activities;

(13)
(A)

to acquire, purchase, lease, and hold real and personal property, including patents and proprietary data, as the Corporation determines to be necessary in the transaction of business; and

(B)

to sell, lease, grant, and dispose of such real and personal property as the Corporation determines to be necessary to achieve the purposes of this title;

(14)

on consent of each unit of government concerned, to employ the services, records, facilities, or personnel of any State or local government agency or instrumentality or voluntary or uncompensated personnel to perform appropriate functions on behalf of the Corporation;

(15)

to enter into and carry out such contracts, leases, cooperative agreements, or other transactions as are necessary to conduct business, on a reimbursable basis, with—

(A)

any Federal department or agency;

(B)

any State, territory, or possession (or any political subdivision thereof) of the United States; or

(C)

any individual, firm, association, or corporation;

(16)

to determine the character of, and the necessity for, the obligations and expenditures of the Corporation and the manner in which the obligations and expenditures will be incurred, allowed, and paid, subject to this title and other Federal law specifically applicable to wholly owned Federal corporations;

(17)

to retain and use the revenues of the Corporation to achieve the purposes of this title, including research and development and capital investment, in a manner that ensures that the retention and use shall not be subject to apportionment under subchapter II of chapter 15 of title 31, United States Code;

(18)

to settle and adjust claims—

(A)

held by the Corporation against other parties; or

(B)

held by other parties against the Corporation;

(19)

to accept gifts or donations of services and real, personal, mixed, tangible, or intangible property to achieve the purposes of this title;

(20)

to execute, in accordance with applicable bylaws and regulations, appropriate instruments;

(21)

to provide for liability insurance by contract or self-insurance; and

(22)

subject to this subsection and section 3205, to pay any settlement or judgment entered against the Corporation from the Corporation Fund and not from funds made available pursuant to section 1304 of title 31, United States Code.

(c)

Colocation with interim storage facilities

If the Corporation determines that an interim used nuclear fuel storage facility is needed, the Corporation shall consider the colocation of commercial-scale used nuclear fuel recycling facilities with the interim storage facility in the siting and engineering of the interim storage facility.

3103.

Board of Directors

(a)

In general

The Corporation shall be headed by a Board of Directors.

(b)

Membership

(1)

Appointment

The Board shall be composed of 7 members, to be appointed by the President by and with the advice and consent of the Senate.

(2)

Chairperson

The members of the Board shall elect 1 member to act as Chairperson of the Board.

(c)

Qualifications

To be eligible to be appointed as a member of the Board, an individual—

(1)

shall be a citizen of the United States;

(2)

shall have management expertise relating to large organizations;

(3)

shall not be an employee of the Corporation;

(4)

shall make full disclosure to Congress of any investment or other financial interest that the individual holds in the energy industry;

(5)

shall affirm support for the purposes of the Corporation; and

(6)

may be a representative of and have fiduciary obligations to, 1 or more parties currently or previously contributing to the Nuclear Waste Fund or the Corporation Fund, with the association not considered a conflict of interest.

(d)

Terms

(1)

In general

Except as provided in paragraph (2), a member of the Board shall serve for a term of not more than 5 years.

(2)

Initial members

Of the members first appointed to the Board—

(A)

1 shall be appointed for a 1-year term;

(B)

2 shall be appointed for a 2-year term;

(C)

2 shall be appointed for a 3-year term; and

(D)

2 shall be appointed for a 4-year term.

(3)

Reappointment

A member of the Board the term of service of whom has expired may be reappointed by the President, by and with the advice and consent of the Senate.

(4)

Expiration

A member of the Board the term of service of whom has expired may continue to serve on the Board until the earlier of—

(A)

the date on which a successor member is appointed; and

(B)

the date on which the session of Congress during which the term of the member expires ends.

(e)

Vacancies

A vacancy on the Board—

(1)

shall not affect the powers of the Board; and

(2)

shall be filled in the same manner as the original appointment was made.

(f)

Meetings

The Board shall meet in accordance with the bylaws of the Corporation—

(1)

at the call of the Chairperson; and

(2)

not less frequently than once each quarter.

(g)

Quorum

5 members of the Board shall constitute a quorum.

(h)

Bylaws

A majority of the members of the Board may amend the bylaws of the Corporation.

(i)

Compensation

A member of the Board shall be allowed travel expenses, including per diem in lieu of subsistence, at rates authorized for an employee of an agency under subchapter I of chapter 57 of title 5, United States Code, while away from the home or regular place of business of the member in the performance of the duties of the Board.

3104.

Management

(a)

Chief executive officer

(1)

Appointment

The Board shall appoint an individual to serve as chief executive officer of the Corporation.

(2)

Qualifications

(A)

In general

To be eligible serve as chief executive officer of the Corporation, an individual—

(i)

shall have senior executive-level management experience in large, complex organizations;

(ii)

shall not—

(I)

be a member of the Board; or

(II)

have served as a member of the Board during the 2-year period ending on the date of appointment as chief executive officer; and

(iii)

shall comply with the conflict of interest policy adopted by the Board.

(B)

Expertise

In appointing a chief executive officer, the Board shall give particular consideration to appointing an individual with—

(i)

expertise in the nuclear industry; and

(ii)

strong financial skills.

(3)

Tenure

The chief executive officer shall serve at the pleasure of the Board.

(4)

Authorities and duties

The chief executive officer shall—

(A)

be responsible for the management of the Corporation; and

(B)

report to, and be under the direct authority of, the Board.

(5)

Corporate officers

The chief executive officer shall appoint such managers, assistant managers, employees, attorneys, and agents as are necessary to carry out the powers of the Corporation—

(A)

with the advice and consent of the Board; and

(B)

without regard to the civil service laws applicable to officers and employees of the United States.

(b)

Compensation plan

(1)

In general

Without regard to section 5301 of title 5, United States Code, the Board shall establish—

(A)

the duties of and compensation for all officers and employees of the Corporation; and

(B)

a system of organization to describe those responsibilities and promote efficiency.

(2)

Applicable criteria

The Board shall ensure that—

(A)

officers and employees are appointed, promoted, and assigned on the basis of capability and fitness; and

(B)

other personnel actions are consistent with the principles of fairness and due process, without regard to the provisions of title 5, United States Code, relating to appointments and other personnel actions in the competitive service.

(3)

Protection of Department employees

(A)

Purpose

The purpose of this paragraph is to ensure that the establishment of the Corporation does not result in any inequitable effect on the employment rights, wages, or benefits of Department employees in carrying out the functions transferred from the Department to the Corporation pursuant to this title.

(B)

Measures of protection

The compensation, benefits, and other terms and conditions of employment in effect on the day before the applicable transfer date for activities previously carried out by the Department pursuant to any law or regulation shall continue to apply to officers and employees of the Department or any other Federal department or agency who are detailed to the Corporation until the date on which the officers or employees are no longer detailed to the Board.

(c)

Transferees and detailees

(1)

In general

On request of the Board and subject to the approval of the Secretary, an employee of the Department may be transferred or detailed to the Corporation in accordance with section 3112 without any loss in accrued benefits or standing within the Civil Service System.

(2)

Benefits

(A)

In general

An employee who accepts a transfer to the Corporation may elect—

(i)

to have any accrued retirement benefits transferred to a retirement system established by the Corporation; or

(ii)

to retain coverage under, as applicable—

(I)

the Civil Service Retirement System; or

(II)

the Federal Employees Retirement System.

(B)

Withholding

With respect to an employee who elects to retain coverage under subparagraph (A)(ii), the Corporation shall—

(i)

withhold a portion of the payment of the employee; and

(ii)

use the amounts withheld to make such payments as are required under the applicable Federal retirement system.

(3)

Detailees

The Department shall offer any employee of the Department who is detailed to the Board a position of like grade, compensation, and proximity to the official duty station of the employee beginning on the date on which the services of the employee are no longer required by the Corporation.

3105.

Audits

(a)

Independent audits

(1)

In general

The financial statements of the Corporation shall be—

(A)

prepared in accordance with generally accepted accounting principles; and

(B)

audited annually by an independent certified public accountant in accordance with—

(i)

auditing standards issued by the Comptroller General of the United States; and

(ii)

generally accepted auditing standards of the private sector.

(2)

Review by GAO

The Comptroller General—

(A)

may review any audit under paragraph (1); and

(B)

shall submit to Congress and the Corporation a report describing the results of each review under subparagraph (A), including appropriate recommendations, if any.

(b)

GAO audits

(1)

In general

The Comptroller General may audit the financial statements of the Corporation for any year in accordance with subsection (a)(1).

(2)

Reimbursement by Corporation

The Corporation shall reimburse the Comptroller General for the cost of any audit conducted under this subsection, as determined by the Comptroller General.

(c)

Availability of books and records

Subject to section 3111, all books, accounts, financial records, reports, files, papers, and other property belonging to, or in use by, the Corporation or an auditor of the Corporation that the Comptroller General considers to be necessary to conduct an audit or review under this section shall be made available to the Comptroller General.

(d)

Treatment of GAO audits

An audit or review by the Comptroller General under this section shall be in lieu of any other audit of the financial transactions of the Corporation required to be carried out by the Comptroller General under chapter 91 of title 31, United States Code, or other applicable law.

3106.

Annual reports

(a)

In general

Not less frequently than once each year, the Corporation shall submit to the President and Congress a report describing the activities carried out by the Corporation during the preceding fiscal year, including—

(1)

a general description of the operations of the Corporation;

(2)

a summary of the operating and financial performance of the Corporation, including an explanation of the decision whether to pay dividends; and

(3)

a copy of each audit report prepared for the applicable fiscal year under section 3105.

(b)

Deadline

A report under subsection (a) shall—

(1)

be completed by not later than 150 days after the end of each fiscal year of the Corporation; and

(2)

accurately reflect the financial position of the Corporation as of that date.

3107.

United States Nuclear Fuel Management Corporation Fund

(a)

Establishment

(1)

In general

There is established in the Treasury of the United States a revolving fund, to be known as the United States Nuclear Fuel Management Corporation Fund

(A)

to be made available to the Corporation to carry out this title without appropriation or fiscal year limitation; and

(B)

which shall not be subject to apportionment under subchapter II of chapter 15 of title 31, United States Code.

(b)

Transfer of unexpended balances

On the applicable transfer date, the Secretary shall deposit in the Corporation Fund, without further appropriation, the unexpended balance of appropriations and other funds available to the Department (including funds set aside for accounts payable), and accounts receivable, relating to functions and activities assumed by the Corporation from the Department pursuant to this title, including all advance payments.

(c)

Nuclear Waste Fund transfer

The Secretary of the Treasury, without further appropriation, shall deposit in the Corporation Fund the unexpended balance of the Nuclear Waste Fund in accordance with the following schedule:

(1)

On the date of enactment of this title, any unfunded balance of the unexpended balance shall be credited to the Corporation Fund as an unfunded asset, which will continue to accrue interest at rates and maturities determined by the Secretary of Treasury, including—

(A)

all receipts, proceeds, and recoveries received by the Nuclear Waste Fund under subsections (a), (b), and (e) of section 302 of the Nuclear Waste Policy Act of 1982 (42 U.S.C. 10222); and

(B)

any appropriations made to the Nuclear Waste Fund.

(2)

Beginning on the date of enactment of this title, all receipts, proceeds, interest, and recoveries received on or after that date under subsections (a), (b), and (e) of section 302 of that Act (42 U.S.C. 10222).

(d)

Use of Corporation Fund

(1)

In general

The Corporation may make expenditures from the Corporation Fund only to carry out the purposes of this title.

(2)

Relationship to other provisions

Expenditures from the Corporation Fund shall not be subject to section 302(d) of the Nuclear Waste Policy Act of 1982 (42 U.S.C. 10222(d)).

(e)

Administration of Corporation Fund

(1)

In general

The Secretary of the Treasury shall—

(A)

administer the Corporation Fund; and

(B)

in consultation with the Corporation, submit to Congress annual reports describing the financial condition and operations of the Corporation Fund during the preceding fiscal year.

(2)

Treatment

The Corporation Fund shall not be subject to—

(A)

the allocations for discretionary spending under section 302(a) of the Congressional Budget Act of 1974 (2 U.S.C. 633(a)); or

(B)

the suballocations of appropriations committees under section 302(b) of that Act (2 U.S.C. 633(b)).

(3)

Investment

If the Corporation determines that the Corporation Fund contains at any time amounts in excess of the needs of the Corporation, the Corporation may request the Secretary of the Treasury to invest such portion of the excess amounts as the Corporation determines to be appropriate in obligations of the United States—

(A)

having maturities determined by the Secretary of the Treasury to be appropriate to the needs of the Corporation Fund; and

(B)

bearing interest at rates determined to be appropriate by the Secretary of the Treasury, taking into consideration the current average market yield on outstanding marketable obligations of the United States with remaining periods to maturity comparable to the maturities of the investments, except that the interest rate on the investments shall not exceed the average interest rate applicable to existing borrowings.

(4)

Annual apportionment

Receipts, proceeds, and recoveries realized by the Corporation under this section and expenditures of amounts from the Corporation Fund shall be exempt from annual apportionment under section 1511 of title 31, United States Code.

(5)

Insufficient amounts

(A)

In general

If at any time amounts available in the Corporation Fund are insufficient to enable the Corporation to carry out this title, the Corporation shall issue to the Secretary of the Treasury obligations in such forms and denominations, bearing such maturities, and subject to such terms and conditions as may be agreed to by the Corporation and the Secretary of the Treasury.

(B)

Redemption

Redemption of an obligation under subparagraph (A) shall be made by the Corporation from amounts available in the Corporation Fund.

(C)

Interest

Obligations under subparagraph (A) shall bear interest at a rate determined by the Secretary of the Treasury, which shall be not less than a rate determined taking into consideration the average market yield on outstanding marketable obligations of the United States of comparable maturities during the month preceding the issuance of the obligations under this paragraph.

(D)

Purchase

(i)

In general

The Secretary of the Treasury shall purchase any obligations issued under this paragraph, using as a public debt transaction the proceeds from the sale of any securities issued under section 3101 of title 31, United States Code.

(ii)

Treatment

The purposes for which securities may be issued under section 3101 of title 31, United States Code, shall be considered to include any purchase of an obligation under this subparagraph.

(E)

Sale

The Secretary of the Treasury may at any time sell an obligation acquired pursuant to this paragraph.

(F)

Treatment

Each redemption, purchase, and sale by the Secretary of the Treasury of an obligation under this paragraph shall be considered to be a public debt transaction of the United States.

(6)

Repayment

(A)

In general

Any appropriated amounts deposited in the Corporation Fund for a purpose described in subsection 302(d) of the Nuclear Waste Policy Act of 1982 (42 U.S.C. 10222(d)) shall be repaid into the general fund of the Treasury, together with interest accrued during the period beginning on the date on which the amounts are made available and ending on the date of repayment.

(B)

Interest

The interest required under subparagraph (A) shall be an amount equal to the difference between—

(i)

the cumulative amount of appropriations available to the Corporation Fund; and

(ii)

the average undisbursed cash balance in the Corporation Fund for the applicable fiscal year.

(C)

Rate

The rate of interest under this paragraph shall be determined by the Secretary of the Treasury, taking into consideration the average market yield during the month preceding the first date of each fiscal year on outstanding marketable obligations of the United States of comparable maturity.

(D)

Deferral

(i)

In general

An interest payment under this paragraph may be deferred on approval of the Secretary of the Treasury.

(ii)

Interest

An interest payment deferred under clause (i) shall bear interest.

3108.

Issuance of bonds

(a)

Issuance

(1)

In general

The Corporation may issue and sell bonds, notes, and other evidences of indebtedness (referred to in this section as bonds).

(2)

Use of revenue

The Corporation may pledge and use revenues of the Corporation for—

(A)

payment of the principal and interest on the bonds;

(B)

purchase or redemption of additional bonds; and

(C)

other purposes incidental to the functions described in subparagraphs (A) and (B), including creation of reserve funds and other funds that may be similarly pledged and used.

(3)

Agreements with holders and trustees

The Corporation may enter into binding agreements with the holders and trustees of bonds with respect to activities to enhance the marketability of the bonds, including—

(A)

the establishment of reserve funds and other funds;

(B)

stipulations concerning the subsequent issuance of bonds; and

(C)

other activities in accordance with this title.

(b)

Not obligations of United States

(1)

In general

A bond issued by the Corporation under this section shall not be considered to be an obligation of, or guaranteed as to principal or interest by, the United States.

(2)

Notice

Each bond of the Corporation shall contain a notice of the consideration described in paragraph (1).

(c)

Terms and conditions

(1)

Negotiability; maturity

A bond issued by the Corporation under this section shall—

(A)

be a negotiable instrument unless otherwise specified in the bond; and

(B)

mature not later than 50 years after the date of issuance.

(2)

Role of Secretary of Treasury

(A)

Right of disapproval

(i)

In general

Not later than 15 days after the date on which the Corporation submits to the Secretary of the Treasury a notification of the establishment of a term or condition on a bond under this section described in clause (ii), the Secretary of the Treasury may disapprove the term or condition.

(ii)

Description

The terms and conditions referred to in clause (i) are terms and conditions relating to—

(I)

the form or denomination of a bond;

(II)

the time, amount, or price at which a bond is sold;

(III)

the rate of interest of the bond;

(IV)

the terms by which the bond may be redeemed by the Corporation before maturity;

(V)

the priority of claims on the net revenues of the Corporation with respect to principal and interest payments; and

(VI)

any other term or condition the Secretary of the Treasury determines to be appropriate.

(B)

Inapplicability of right to prescribe terms

Section 9108(a) of title 31, United States Code, shall not apply to the Corporation.

(d)

Inapplicability of securities requirements

The Corporation—

(1)

shall be considered to be an executive department of the United States for purposes of section 3(c) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(c)); and

(2)

may register the securities and maintain the books of the Corporation in accordance with—

(A)

the Securities Act of 1933 (15 U.S.C. 77a et seq.);

(B)

the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.); and

(C)

applicable regulations of the Securities and Exchange Commission.

(e)

Use of Federal Financing Bank

The Corporation may issue or sell any bond to the Federal Financing Bank.

3109.

Exemption from taxation and payments in lieu of taxes

(a)

Exemption from taxation

The Corporation shall be exempt from taxation in any manner or form by any State, county, or other entity of local government, including State, county, or local sales tax.

(b)

Payments in lieu of taxes

(1)

In general

The Corporation shall make annual payments, in such amounts as the Corporation determines to be fair and reasonable, to each State and local governmental agency with tax jurisdiction over any area in which a facility of the Corporation is located.

(2)

Determination

In making a determination under paragraph (1), the Corporation shall take into consideration—

(A)

the customs and practices prevailing in the applicable area with respect to appraisal, assessment, and classification of industrial property and any special considerations extended to large-scale industrial operations; and

(B)

the requirement that any payment made to a taxing authority for any period shall be not less than the payments that would have been made to the taxing authority for the same period by the Department and contractors of the Department on behalf of the Department with respect to property and operations of the Corporation.

(c)

Time of payments

Each payment under this section shall be made by the Corporation on the date on which payments of taxes by taxpayers to each taxing authority are due and payable.

(d)

Determination of amount due

A determination by the Corporation of an amount due under this section shall be final and conclusive.

3110.

Nonapplicability of certain Federal law

(a)

Antitrust laws

The Corporation shall not be subject to—

(1)

the Sherman Act (15 U.S.C. 1 et seq.);

(2)

the Clayton Act (15 U.S.C. 12 et seq.); or

(3)

section 73 or 74 of the Wilson Tariff Act (15 U.S.C. 8, 9).

(b)

Environmental, occupational, and public health and safety licensing laws

(1)

In general

The Corporation shall comply with the National Environmental Policy Act of 1969 (42 U.S.C. 4321 et seq.).

(2)

Jurisdiction

The Commission shall have exclusive jurisdiction over the facilities and operations of the Corporation with respect to licensing, permitting, rulemaking, compliance, or operations under all Federal, State, interstate, and local environmental, occupational, and public health and safety laws.

(3)

Enforcement

(A)

In general

A requirement included in a license of the Commission or a substantive requirement (including any injunctive relief, administrative order, or civil or administrative penalty or fine) may be enforced against the Corporation only by the Commission (or a designee).

(B)

Waiver

The United States waives any immunity otherwise applicable to the Corporation.

(c)

Energy Reorganization Act requirements

(1)

In general

The Corporation shall be subject to section 210 of the Energy Reorganization Act of 1974 (42 U.S.C. 5850).

(2)

Leased facilities

With respect to the operation of any facility leased by the Corporation, section 206 of that Act (42 U.S.C. 5846) shall apply to the directors and officers of the Corporation.

(d)

Exemption from Federal property and procurement requirements

The Corporation shall not be subject to—

(1)

subtitle I of title 40, United States Code;

(2)

title III of the Federal Property and Administrative Services Act of 1949 (41 U.S.C. 251 et seq.); or

(3)

any other law requiring conformance with the Federal Acquisition Regulations contained in title 48, Code of Federal Regulations.

(e)

Export control laws

No transaction of the Corporation shall be subject to the export control laws if the transaction is carried out in accordance with an agreement between the United States and a foreign country.

3111.

Protection of information

(a)

In general

Subject to subsection (b), the Corporation shall protect information classified under this Act, trade secrets, and commercial or financial information to the same extent as a Federal agency or private corporation, in accordance with applicable law, including section 1905 of title 18, United States Code.

(b)

Other applicable laws

Section 552(d) of title 5, United States Code, shall not apply to the Corporation.

3112.

Transition and transfer requirements

(a)

Transition manager

Not later than 30 days after the date of enactment of this title, the President shall appoint a Transition Manager, who shall serve at the pleasure of the President during the period beginning on the date of appointment and ending on the date on which a quorum of the Board has been appointed under section 3103.

(b)

Duties

(1)

In general

The Transition Manager shall carry out the powers and duties of the Board, including any activity required to transfer spent nuclear fuel management obligations, functions, personnel, and funds from the Secretary to the Corporation effective on the transition date.

(2)

Continuation until quorum

The Transition Manager shall carry out this section regardless of whether a quorum of the Board is appointed under section 3103 by the transition date.

(c)

Ratification of actions

Each action carried out by the Transition Manager shall be subject to ratification by the Board.

(d)

Responsibilities of Secretary

During the period beginning on the date of enactment of this title and ending on the transition date, the Secretary shall—

(1)

retain responsibility for spent nuclear fuel management in accordance with applicable Federal law;

(2)

to the extent provided in appropriations Acts, provide funds to the Transition Manager to pay relevant salaries and expenses;

(3)

assign employees of the Department to assist the Transition Manager in carrying out this section; and

(4)

assist and cooperate with the Transition Manager in preparing for the transfer to the Corporation of spent nuclear fuel management functions of the Department on the transition date.

(e)

Detail of personnel

(1)

In general

Beginning on the date of the enactment of this title, for the purpose of achieving continuity of operations, maintenance, and authority, the Secretary shall detail in an acting capacity, for a period of not more than 18 months, appropriate personnel of the Department as the Secretary determines to be necessary until the later of—

(A)

the date on which each member of the Board is appointed; and

(B)

the date on which the head officers of the Corporation are hired.

(2)

Reimbursement

The Corporation shall reimburse the Secretary and any applicable contractor of the Department for the detail of personnel under paragraph (1).

3113.

Working Capital Account

The Board shall establish within the Corporation an account, to be known as the Working Capital Account, in which the Corporation may retain all revenue necessary for legitimate business expenses or investments of the Corporation in carrying out this title.

B

Rights, privileges, and assets

3201.

Marketing and contracting authority

(a)

Exclusive marketing agent

(1)

In general

The Corporation shall act as the exclusive marketing agent on behalf of the United States for entering into contracts to provide spent nuclear fuel management and related products and services.

(2)

Effect on Department

Beginning on the transition date, the Department may not market spent nuclear fuel management or any related service.

(b)

Transfer of contracts

Each spent nuclear fuel management contract, agreement, and lease executed by the Department before the transition date relating to spent nuclear fuel management or a related service shall be transferred to the Corporation.

3202.

Pricing

(a)

Services provided to commercial customers

(1)

In general

The Corporation shall establish prices for products, materials, and services provided by the Corporation to customers other than the Department, and for services other than those provided under a spent fuel disposal contract, on a basis sufficient to—

(A)

recover the costs of the Corporation; and

(B)

operate on a self-sustaining basis.

(2)

Approval

Each price established under paragraph (1) shall be subject to review and approval by the Board.

(b)

Services provided to Department

The Corporation shall charge the Department fees for spent nuclear fuel management services provided under section 3102(b)(7) on a basis sufficient to recover the costs of the Corporation, on a yearly basis, of providing the services.

3203.

Acquisition of Department land and facilities

(a)

In general

The Corporation—

(1)

shall have the exclusive option to lease or otherwise access required portions of Department or other Federal land (other than land within the National Park System, the National Forest System, or the National Wildlife Refuge System or land managed by the Bureau of land Management that is within a conservation system unit), facilities, and property useful for spent nuclear fuel management purposes, including property or facilities of the Department necessary for storage, processing, or fuel fabrication involving materials containing plutonium; and

(2)

may acquire or lease any required portion of State or private land, facilities, or property useful for spent nuclear fuel management purposes.

(b)

Terms of lease

(1)

In general

The Corporation and the Department shall establish mutually agreeable terms for any lease under subsection (a)(1), including specifying annual payments to be made to the Department by the Corporation.

(2)

Payments

The amount of annual payments for a lease under subsection (a)(1) shall be equal to the cost incurred by the Department in administering the lease and providing to the Corporation services relating to the lease (excluding depreciation and imputed interest on original plant investments and costs under subsection (c)).

(c)

Department responsibility for preexisting conditions

The payment of any costs of decontamination and decommissioning, actions for response (as defined in section 101 of the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 (42 U.S.C. 9601)), or corrective actions (as defined by the Administrator of the Environmental Protection Agency under section 3004(u) of the Solid Waste Disposal Act (42 U.S.C. 6924(u))), with respect to conditions existing before the transition date, in connection with property of the Department leased under subsection (a)(1), shall remain the sole responsibility of the Department.

(d)

Environmental audit

The Secretary, in consultation with the Administrator of the Environmental Protection Agency, shall conduct a comprehensive environmental audit to identify the environmental conditions that will remain the responsibility of the Department under subsection (c) after leasing the applicable land or facility.

(e)

Treatment under Price-Anderson

Any lease executed between the Secretary and the Corporation under this section shall be considered to be a contract for purposes of section 170 d.

(f)

Waiver of EIS requirement

A lease executed between the Corporation and the Department under this section shall not be considered to be a major Federal action significantly affecting the quality of the human environment for purposes of section 102 of the National Environmental Policy Act of 1969 (42 U.S.C. 4332).

3204.

Patents and inventions

(a)

Grant of rights

(1)

In general

The Corporation may use—

(A)

efficacious and economical processes for spent nuclear fuel management; and

(B)

any method of improving the production of nuclear power.

(2)

Infringement

Except as provided in paragraph (3), an owner of a patent the patent rights of which are copied, used, infringed, or employed by the Corporation pursuant to this subsection shall have as the exclusive remedy a cause of action against the Corporation to be instituted and prosecuted, as a case in equity, in the appropriate United States district court for the recovery of reasonable compensation for the infringement.

(3)

Federal employees

This section shall not apply to any art, machine, method of manufacture, or composition of matter discovered or invented by an employee during the period of employment by the Corporation or the Federal Government.

(b)

Exclusive right To commercialize

The Corporation shall have the exclusive commercial right to deploy and use any spent nuclear fuel management patent or process of the Corporation.

(c)

Research and development

On request of the Corporation, the Secretary shall provide, on a reimbursable basis, research and development of alternative technologies for spent nuclear fuel management.

3205.

Liabilities

(a)

Liabilities based on operations before transition

Except as otherwise provided in this title, each liability attributable to spent nuclear fuel management or property transferred to the Corporation before the applicable transition date shall remain a liability of the Department.

(b)

Judgments based on operations before transition

Except as otherwise agreed to by the Corporation and the Department, a judgment entered against the Department imposing liability arising out of a spent nuclear fuel management obligation of the Department under the Nuclear Waste Policy Act of 1982 (42 U.S.C. 10101 et seq.) or a spent fuel disposal contract shall be considered to be a judgment against, and payable solely by, the Department.

(c)

Representation

With respect to any claim to impose liability under subsection (a) or (b)—

(1)

the United States shall be represented by the Department of Justice; and

(2)

the Corporation shall be represented by a counsel selected by the Corporation.

(d)

Judgments and liabilities based on operations after transition

(1)

In general

Except as otherwise provided in this subsection, a judgment entered against the Corporation arising from operations of the Corporation on or after the transition date shall be payable solely by the Corporation from funds of the Corporation.

(2)

Existing spent fuel disposal contracts

(A)

In general

Paragraph (1) shall not apply to a liability or judgment that—

(i)

is based on a spent fuel disposal contract in existence on the date of enactment of this title; and

(ii)

accrues during the 15 year-period beginning on the date of enactment of this title.

(B)

Payment

A liability or judgment described in subparagraph (A) shall continue to be—

(i)

the responsibility of the Department; and

(ii)

payable pursuant to section 1304 of title 31, United States Code.

(3)

Relationship to other provisions

Payments from the funds of the Corporation described in paragraph (1) shall not be subject to the Nuclear Waste Policy Act of 1982 (42 U.S.C. 10101 et seq.), including section 302(d) of that Act (42 U.S.C. 10222(d)).

(4)

Treatment

The Corporation shall not be considered to be a Federal agency for purposes of chapter 171 of title 28, United States Code.

3206.

Predeployment activities by Corporation

The Corporation, in coordination with the Department, may carry out such activities as are necessary to prepare for the provision of spent nuclear fuel management services, including—

(1)

completion of preapplication activities with the Commission;

(2)

confirmation of technical performance;

(3)

validation of economic projections;

(4)

completion of feasibility and risk studies;

(5)

initiation of preliminary plant design and engineering; and

(6)

site selection, site characterization, and environmental documentation activities.

3207.

Construction of facilities

(a)

Establishment

If the Corporation elects to proceed with the construction of a facility for spent nuclear fuel management, the Corporation may enter into a contract with 1 or more contractors for the construction.

(b)

Transactions between Corporation and contractors

(1)

Grants

The Corporation may make grants or loans to 1 or more contractors to carry out any duty of the Corporation under this title.

(2)

Licensing agreement

The Corporation may license to a contractor any right, title, or interest of the Corporation under this title.

(3)

Purchase agreement

The Corporation may enter into a commitment to purchase any spent nuclear fuel management service, nuclear material, or fuel product produced at a facility operated by a contractor.

(4)

Additional assistance

The Corporation may provide to a contractor such additional personnel, services, and equipment as the Corporation determines to be appropriate.

3208.

Price-Anderson coverage

(a)

In general

Section 170 shall apply to any spent nuclear fuel management facility—

(1)

owned or operated by, or under contract with, the Corporation;

(2)

licensed under section 53, 63, or 103; and

(3)

constructed after the date of enactment of this title.

(b)

Indemnity agreements

The Secretary, pursuant to section 170, may enter in to any indemnity agreement with the Corporation or a contractor of the Corporation as the Secretary determines to be necessary.

3209.

References

Any reference to the Commission or the Department contained in section 161 k., 221 a., or 230 shall be considered to include the Corporation.

3210.

Severability

If any provision of this title or the application of any such provision to any entity, person, or circumstance is for any reason judged by a court of competent jurisdiction to be invalid, the remainder of this title and the application of this title shall not be affected.

.

(b)

Conforming amendment

The table of contents of the Atomic Energy Act of 1054 (42 U.S.C. 2011 note) is amended by adding at the end the following:

Sec. 1. Short title.

Sec. 2. United States Nuclear Fuel Management Corporation.

TITLE III—United States Nuclear Fuel Management Corporation

Sec. 3001. Purpose.

Sec. 3002. Definitions.

Subtitle A—Establishment, powers, and organization

Sec. 3101. Establishment.

Sec. 3102. Powers.

Sec. 3103. Board of Directors.

Sec. 3104. Management.

Sec. 3105. Audits.

Sec. 3106. Annual reports.

Sec. 3107. United States Nuclear Fuel Management Corporation Fund.

Sec. 3108. Issuance of bonds.

Sec. 3109. Exemption from taxation and payments in lieu of taxes.

Sec. 3110. Nonapplicability of certain Federal law.

Sec. 3111. Protection of information.

Sec. 3112. Transition and transfer requirements.

Sec. 3113. Working Capital Account.

Subtitle B—Rights, privileges, and assets

Sec. 3201. Marketing and contracting authority.

Sec. 3202. Pricing.

Sec. 3203. Acquisition of Department land and facilities.

Sec. 3204. Patents and inventions.

Sec. 3205. Liabilities.

Sec. 3206. Predeployment activities by Corporation.

Sec. 3207. Construction of facilities.

Sec. 3208. Price-Anderson coverage.

Sec. 3209. References.

Sec. 3210. Severability.

.