[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3311 Introduced in House (IH)]

103d CONGRESS
  1st Session
                                H. R. 3311

    To establish the Professional Boxing Corporation, and for other 
                               purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            October 19, 1993

Mr. Owens introduced the following bill; which was referred jointly to 
     the Committees on Energy and Commerce and Education and Labor

_______________________________________________________________________

                                 A BILL


 
    To establish the Professional Boxing Corporation, and for other 
                               purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Boxing Safety, Retirement, and 
Retraining Act of 1993''.

SEC. 2. FINDINGS.

    Congress finds that--
            (1) professional boxing is beset with wide-ranging problems 
        which are beyond the scope of the current system of State 
        regulation;
            (2) the rules governing professional boxing and the 
        enforcement of such rules varies widely among the States;
            (3) boxing, unlike other professional sports, does not have 
        an entity by which the sport can be successfully regulated, nor 
        is there a prospect of meaningful self-regulation;
            (4) the problems currently facing professional boxing are 
        exploitation of boxers, conflicts of interest, questionable 
        judging, and corruption, including the influence of organized 
        crime; and
            (5) such problems endanger the health, safety, and welfare 
        of boxers and undermine the sport's credibility with the 
        public.

SEC. 3. PURPOSE.

    The purpose of this Act is to establish a national organization 
which will work with State boxing authorities to establish and enforce 
uniform rules and regulations for professional boxing in order to 
protect the health and safety of boxers and to ensure fairness in the 
sport.

SEC. 4. DEFINITIONS.

    For purposes of this Act, the following definitions apply:
            (1) Board.--The term ``Board'' means the Professional 
        Boxing Advisory Board established under section 7(a).
            (2) Boxing match.--The term ``boxing match'' means a 
        professional boxing match, or any part thereof, which is held 
        within the United States and does not include an amateur boxing 
        match.
            (3) Corporation.--The term ``Corporation'' means the 
        Professional Boxing Corporation established under section 5(a).
            (4) Executive director.--The term ``Executive Director'' 
        means the Executive Director of the Corporation.
            (5) Fund.--The term ``Fund'' means the Professional Boxing 
        Corporation Trust Fund established under section 12(a).
            (6) Promoter.--The term ``promoter'' means any person 
        licensed under this Act to hold, give, or otherwise conduct a 
        boxing match, program, or exhibition.
            (7) Secretary.--The term ``Secretary'' means the Secretary 
        of the Treasury.
            (8) State.--The term ``State'' means any State of the 
        United States, the District of Columbia, American Samoa, the 
        Federated States of Micronesia, Guam, the Republic of the 
        Marshall Islands, the Commonwealth of the Northern Mariana 
        Islands, the Commonwealth of Puerto Rico, Palau, and the Virgin 
        Islands.
            (9) State boxing authority.--The term ``State boxing 
        authority'' means a State agency with authority to regulate 
        professional boxing.

SEC. 5. ESTABLISHMENT OF PROFESSIONAL BOXING CORPORATION.

    (a) In General.--There is established the Professional Boxing 
Corporation which shall be a Government corporation as defined under 
section 103 of title 5, United States Code.
    (b) Principal Office.--The Corporation established under subsection 
(a) shall maintain its principal office in the District of Columbia.

SEC. 6. EXECUTIVE DIRECTOR OF CORPORATION.

    (a) Executive Director.--The Corporation shall be administered by 
an Executive Director who shall be appointed by the President by and 
with the advice and consent of the Senate.
    (b) Executive Schedule Level III Position.--Section 5314 of title 
5, United States Code, is amended by adding at the end the following:
            ``Executive Director of the Professional Boxing 
        Corporation.''.

SEC. 7. PROFESSIONAL BOXING ADVISORY BOARD.

    (a) Establishment.--There is established an advisory board to be 
known as the Professional Boxing Advisory Board.
    (b) Duties.--The Board shall--
            (1) make recommendations to the Corporation to most 
        effectively and efficiently carry out the provisions of this 
        Act; and
            (2) in conjunction with the Executive Director, contact 
        each State boxing authority and encourage the establishment of 
        a Congress of State Boxing Administrators which shall--
                    (A) advise the Board and the Corporation in all 
                matters relating to the operation and administration of 
                professional boxing;
                    (B) meet at least annually and be composed of one 
                voting member from each State or local agency 
                responsible for regulating professional boxing in such 
                State or locality;
                    (C) establish, from within the membership of the 
                Congress of State Boxing Administrators--
                            (i) a committee to review--
                                    (I) the rules of professional 
                                boxing;
                                    (II) the health and safety of 
                                professional boxers;
                                    (III) the licensing of professional 
                                boxers, judges, and referees;
                                    (IV) the registration of 
                                professional boxing promoters, 
                                matchmakers, managers, trainers, cut 
                                men, physicians, and other individuals 
                                determined by the Corporation to have a 
                                significant role in professional 
                                boxing; and
                                    (V) life insurance and health 
                                insurance benefits for the individuals 
                                referred to in subclauses (III) and 
                                (IV); and
                            (ii) any other committees considered 
                        necessary by such Congress;
                    (D) approve or disapprove recommendations to the 
                full Congress made by such committees; and
                    (E) transmit approved recommendations of such 
                Congress to the Board and the Corporation.
    (c) Membership.--The Board shall be composed of 5 members, to be 
appointed by the Executive Director, of whom--
            (1) one shall be an acting State athletic or boxing 
        commissioner;
            (2) one shall be a physician certified in neurosurgery;
            (3) one shall be a representative of the United States 
        Amateur Boxing Association; and
            (4) two shall be individuals with an interest in and 
        knowledge of the sport of boxing.
    (d) Qualifications.--Each member of the Board--
            (1) shall be a citizen of the United States;
            (2) shall be an individual who, from business, 
        professional, or other background, training, experience, or 
        activities outside the business of professional boxing and its 
        related activities, has a broad understanding of the 
        relationship between professional boxing, both as a sport and 
        as a business, and the public interest; and
            (3) shall not, during service as a member of the Board, be 
        engaged as a professional boxer, boxing promoter, agent, fight 
        manager, matchmaker, referee, judge, or in any other capacity 
        in the conduct of the business of professional boxing or have 
        any pecuniary interest in the earnings of any boxer or the 
        proceeds or outcome of any boxing match.
    (e) Terms.--Each member of the Board shall be appointed to a 5-year 
term.
    (f) Compensation.--
            (1) In general.--Except as provided in paragraph (2), each 
        member of the Board shall be compensated at a rate equal to the 
        daily equivalent of the annual rate of basic pay payable for 
        level V of the Executive Schedule under section 5316 of title 
        5, United States Code, for each day (including travel time) 
        during which such member is engaged in the performance of the 
        duties of the Board.
            (2) Prohibition of compensation of federal employees.--
        Except as provided in paragraph (3), members of the Board who 
        are officers or employees of the United States may not receive 
        additional pay, allowances, or benefits by reason of their 
        service on the Board.
            (3) Travel expenses.--Each member of the Board shall 
        receive travel expenses, including per diem in lieu of 
        subsistence, in accordance with sections 5702 and 5703 of title 
        5, United States Code.
    (g) Initial Appointments.--Initial appointments under subsection 
(c) shall be made not later than 60 days after the effective date of 
this Act.
    (h) Vacancies.--If any member of the Board is unable to serve a 
full term of office or becomes unqualified to serve in such position, a 
new member shall be appointed to serve the remainder of such term of 
office in the same manner in which the original appointment was made.
    (i) Chairman.--The Executive Director shall appoint one of the 
members of the Board to serve as Chairman of the Board.
    (j) Initial Meeting.--The initial meeting of the Board shall be 
held not later than 90 days after the effective date of this Act.
    (k) Quorum.--Three members of the Board shall constitute a quorum.
    (l) Staff and Services.--The Corporation shall provide all 
necessary staff and support services for the Board.

SEC. 8. FUNCTIONS OF CORPORATION.

    (a) National Computer Data Base.--The Corporation shall establish 
and provide a unified national computer data base source for the 
collection, storage, and retrieval of information relating to 
professional boxing, which may include--
            (1) a list of professional boxers and business associates 
        of such boxers;
            (2) the medical records, won-loss records, size, and weight 
        of such boxers; and
            (3) information relating to professional boxing promoters, 
        matchmakers, managers, trainers, cut men, referees, judges, 
        physicians, and any other individual determined by the 
        Corporation to have a significant role in professional boxing.
    (b) Licensing of Professional Boxers, Judges, and Referees.--The 
Corporation shall issue a license, either through State boxing 
authorities or through the manner determined most appropriate by the 
Corporation, on an annual renewable basis, to each professional boxer, 
judge, and referee who meets the minimum standards established by the 
Corporation (including the minimum standards and procedures for 
physical and mental examinations established pursuant to subsection 
(e)(3)) and shall issue for licensed boxers an accurate record of their 
medical history, biographical information, and won-loss boxing record.
    (c) Certificate of Registration for Other Individuals Involved in 
Professional Boxing.--The Corporation shall issue a certificate of 
registration, either through State boxing authorities or through the 
manner determined most appropriate by the Corporation, at least every 3 
years, to each professional boxing promoter, matchmaker, manager, 
trainer, cut man, physician, and any other individual determined by the 
Corporation to have a significant role in professional boxing, who 
meets the minimum standards established by the Corporation.
    (d) License and Registration Fees.--The Corporation may establish 
and charge licensing and registration fees for the individuals 
described in subsections (b) and (c). Fees paid by promoters may be 
derived from gross receipts from boxing matches. Such fees may be 
collected through State boxing authorities or through the manner 
determined most appropriate by the Corporation. All such fees shall be 
deposited in the General Treasury of the United States.
    (e) Additional Functions.--In addition to the functions described 
under subsections (a) through (d), the Corporation shall--
            (1) prescribe regulations for professional boxing to ensure 
        the health and safety of participants;
            (2) prescribe regulations requiring a copy of any contract 
        for a boxing match to be filed with the Corporation not later 
        than 30 days before such match for review by the Corporation;
            (3) establish minimum standards and procedures for physical 
        and mental examinations to be given to professional boxers;
            (4) establish minimum standards for the availability of 
        medical services at boxing matches;
            (5) establish a life, pension, accident, and health 
        insurance fund for professional boxers, judges, referees, 
        boxing promoters, matchmakers, managers, trainers, cut men, 
        physicians, and other individuals determined by the Corporation 
        to have a significant role in professional boxing;
            (6) establish minimum standards for the manufacturing and 
        use of boxing equipment;
            (7) to the extent practicable, conduct discussions and 
        enter into agreements with foreign boxing entities on methods 
        for applying minimum health and safety standards to foreign 
        boxing matches;
            (8) review State boxing authority regulations for 
        professional boxing and provide assistance to such authorities 
        in meeting the minimum standards and requirements established 
        by the Corporation for professional boxing;
            (9) prescribe regulations that establish universal 
        standards for contracts between boxers and promoters;
            (10) prescribe regulations to establish standards relating 
        to the telecasting of boxing matches;
            (11) prescribe regulations prohibiting conflicts of 
        interest relating to boxing matches; and
            (12) establish a program for job training and occupational 
        therapy for former professional boxers.
    (f) Suspension and Revocation of License or Registration.--
            (1) In general.--The Corporation may suspend or revoke any 
        license issued under subsection (b) or certificate of 
        registration issued under subsection (c) if the Corporation 
        finds--
                    (A) such suspension or revocation is in the public 
                interest; and
                    (B) there is reasonable grounds for belief that 
                standards prescribed by the Corporation under this 
                section are not being met, or that bribery, collusion, 
                intentional losing, racketeering, extortion, or the use 
                of unlawful threats, coercion, or intimidation have 
                been used in connection with such licensing or 
                registration.
            (2) Time period.--Any suspension of a license or 
        registration under this section shall be for a period of not 
        less than 6 months.
    (g) Prohibitory Orders.--
            (1) In general.--Subject to paragraph (2), the Corporation 
        may, after appropriate notice and opportunity for hearing, by 
        order prohibit the holding of any proposed boxing match, and 
        where applicable, the telecasting of such match, if it finds 
        such prohibition is in the public interest and that--
                    (A) any contract, arrangement, or agreement with 
                respect to such match does not conform to the standards 
                prescribed by the Corporation;
                    (B) such match, or any participant in such match, 
                is not licensed or registered as provided under 
                subsections (b) and (c); or
                    (C) there is reasonable grounds for belief that 
                such match may be affected by bribery, collusion, 
                intentional losing, racketeering, extortion, or the use 
                of unlawful threats, coercion, intimidation or 
                violence.
            (2) Summary prohibition.--
                    (A) In general.--At or after the date on which 
                notice of any proceeding under paragraph (1) is sent or 
                ordered by the Corporation to be published, regardless 
                of whether or not any person to be affected by such 
                proceeding has received such notice, the Corporation 
                may by order, without notice or hearing, summarily 
                prohibit the holding of the boxing match in question 
                pending final disposition of the proceeding by the 
                Corporation, or for such shorter period as the 
                Corporation considers appropriate. The Corporation 
                shall make such an order if in its judgment such action 
                is in the public interest and necessary to carry out 
                the purposes of this Act.
                    (B) Liability.--No liability shall attach to any 
                person by virtue of a summary order issued under this 
                subsection unless such person has actual notice 
                thereof.
    (h) Investigations and Injunctions.--
            (1) Investigations.--
                    (A) In general.--The Corporation may investigate 
                any facts, conditions, practices, or matters which it 
                may determine necessary or proper to aid--
                            (i) in the enforcement of the provisions of 
                        this Act, including investigations as the 
                        Corporation considers necessary to determine 
                        whether any person has violated or is about to 
                        violate any provision of this Act or any rule 
                        or regulation prescribed pursuant to this Act 
                        (and the Corporation may require or permit any 
                        person to file with it a statement in writing, 
                        under oath or otherwise as the Corporation 
                        shall determine, as to all the facts and 
                        circumstances concerning the matter to be 
                        investigated);
                            (ii) in the prescribing of rules and 
                        regulations under this Act; and
                            (iii) in securing information to serve as a 
                        basis for recommending further legislation 
                        concerning the matters to which this Act 
                        relates.
                    (B) Publication of information.--The Corporation 
                may publish information concerning violations of any 
                provision of this Act or any rule or regulation 
                prescribed pursuant to this Act.
                    (C) Powers.--
                            (i) In general.--For the purpose of any 
                        investigation conducted pursuant to 
                        subparagraph (A), or any other proceeding under 
                        this Act, any officer designated by the 
                        Corporation is empowered to administer oaths 
                        and affirmations, subpoena witnesses, compel 
                        their attendance, take evidence, and require 
                        the production of any books, papers, 
                        correspondence, memorandums, or other records 
                        which the Corporation considers relevant or 
                        material to the inquiry. Such attendance of 
                        witnesses and the production of any such 
                        records may be required from any place in the 
                        United States or any State at any designated 
                        place of hearing.
                            (ii) Enforcement.--In case of contumacy by, 
                        or refusal to obey a subpoena issued to, any 
                        person, the Corporation may file an action in 
                        any court of the United States within the 
                        jurisdiction of which such investigation or 
                        proceeding is carried on, or where such person 
                        resides or carries on business, to enforce the 
                        attendance and testimony of witnesses and the 
                        production of books, papers, correspondence, 
                        memorandums, and other records. Any person who, 
                        without just cause, fails or refuses to attend 
                        and testify or to answer any lawful inquiry or 
                        to produce books, papers, correspondence, 
                        memorandums, and other records, if in his power 
                        so to do, in obedience to the subpoena of the 
                        Corporation, shall be guilty of a misdemeanor 
                        and, upon conviction, shall be subject to a 
                        fine of not more than $1,000 or to imprisonment 
                        for a term of not more than 1 year, or both.
                    (D) Self-incrimination.--No person shall be excused 
                from attending and testifying or from producing books, 
                papers, contracts, agreements, and other records and 
                documents before the Corporation, or in obedience to 
                the subpoena of the Corporation, or in any cause or 
                proceeding instituted by the Corporation, on the ground 
                that the testimony or evidence, documentary or 
                otherwise, required of him may tend to incriminate him 
                or subject him to a penalty or forfeiture. No 
                individual shall be prosecuted or subject to any 
                penalty or forfeiture for or on account of any 
                transaction, matter, or thing concerning which he is 
                compelled, after having claimed his privilege against 
                self-incrimination, to testify or produce evidence, 
                documentary or otherwise, except that such individual 
                so testifying shall not be exempt from prosecution and 
                punishment for perjury committed in so testifying.
            (2) Injunctions.--
                    (A) In general.--If the Corporation determines that 
                any person is engaged or about to engage in any acts or 
                practices which constitute or shall constitute a 
                violation of any provision of this Act, or of any rule 
                or regulation thereunder, it may bring an action in the 
                appropriate district court of the United States, the 
                United States District Court for the District of 
                Columbia, or the United States courts of any territory 
                or other place subject to the jurisdiction of the 
                United States, to enjoin such acts or practices, and 
                upon a proper showing a permanent or temporary 
                injunction or restraining order shall be granted 
                without bond.
                    (B) Writs of mandamus.--Upon application of the 
                Corporation the district courts of the United States, 
                the United States District Court for the District of 
                Columbia, and the United States courts of any territory 
                or other place subject to the jurisdiction of the 
                United States, shall have jurisdiction to issue writs 
                of mandamus commanding any person to comply with the 
                provisions of this Act or any order of the Corporation.
    (i) Hearings.--The Corporation shall ensure that each hearing of 
the Corporation is open to the public (unless the Corporation 
determines that the circumstances warrant that a hearing be closed to 
the public) and appropriate records of each such hearing are kept.

SEC. 9. POWERS OF CORPORATION.

    (a) In General.--The Corporation may--
            (1) serve as the coordinating body for all efforts in the 
        United States to establish and maintain uniform minimum health 
        and safety standards for professional boxing;
            (2) appoint and fix the compensation of such officers and 
        employees as may be necessary to carry out the functions of the 
        Corporation, and shall appoint such officers and employees in 
        accordance with the civil service laws and fix such 
        compensation in accordance with the provisions of title 5, 
        United States Code;
            (3) enter into contracts for temporary and intermittent 
        services to carry out any function of the Corporation;
            (4) publish a newspaper, magazine, or other publication 
        consistent with corporate purposes;
            (5) pay the travel expenses, including per diem in lieu of 
        subsistence, in accordance with sections 5702 and 5703 of title 
        5, United States Code, of the members of the Congress of State 
        Boxing Administrators established under section 7(d)(2) while 
        such members are away from their homes or regular places of 
        business in performance of services for such Congress; and
            (6) take any necessary and proper action to accomplish the 
        purposes of this Act consistent with the provisions of this 
        Act.
    (b) Prohibitions.--The Corporation may not--
            (1) promote boxing events or rank professional boxers; or
            (2) provide technical assistance to, or authorize the use 
        of the name of the Corporation by, States that do not comply 
        with requirements established by the Corporation.
    (c) Use of Name.--The Corporation shall have the exclusive right to 
use the name ``Professional Boxing Corporation'' and the acronyms 
``P.B.C.'' and ``PBC'', and any person who, without the permission of 
the Corporation, uses such name or any other exclusive name, trademark, 
emblem, symbol, or insignia of the Corporation for the purpose of 
inducing the sale of any goods or services, or to promote any 
exhibition, performance, or sporting event, shall be subject to suit in 
a civil action by the Corporation for the remedies provided in the Act 
of July 5, 1946 (60 Stat. 427; 15 U.S.C. 1051 et seq., popularly known 
as the Trademark Act of 1946).

SEC. 10. NONINTERFERENCE WITH STATE BOXING AUTHORITIES.

    (a) Noninterference.--Nothing in this Act shall prohibit any agency 
established by or pursuant to the law of any State or political 
subdivision of any State from exercising any of its powers, duties, or 
functions with respect to the regulation or supervision of professional 
boxing or boxing matches to the extent not inconsistent with the 
provisions of this Act.
    (b) Minimum Standards.--Nothing in this Act shall prohibit any 
State boxing authority from enforcing State standards or requirements 
which exceed the minimum standards or requirements promulgated by 
regulation of the Corporation.

SEC. 11. ASSISTANCE FROM FEDERAL AGENCIES.

    (a) In General.--(1) Notwithstanding section 552a of title 5, 
United States Code, or any other provision of law, the Corporation may 
secure directly from any Federal agency any information, suggestions, 
estimates, and statistics which shall assist the Corporation in 
carrying out the purposes of this Act, and each such agency shall 
furnish such information, suggestions, estimates, and statistics 
directly to the Corporation, upon request made by the Executive 
Director.
    (2) Any information, including suggestions, estimates, and 
statistics, secured by the Corporation which, but for paragraph (1) of 
this subsection, could not be secured by the Corporation by reason of 
section 552a of title 5, United States Code, or any other provision of 
law shall be treated by the Corporation as confidential information.
    (3) Except as provided in paragraph (4), no officer or employee of 
the Corporation may disclose to any person other than an officer or 
employee of the Corporation any information referred to in paragraph 
(2). Nothing in this subsection shall be construed to authorize the 
Corporation to withhold information from the Congress.
    (4)(A) Any information referred to in paragraph (2) may be 
disclosed in accordance with the prior written consent of the person 
with respect to whom such information is maintained, but only to such 
extent, under such circumstances, and for such other purposes as may be 
allowed under regulations which shall be prescribed by the Corporation.
    (B) Whether or not the person, with respect to whom any information 
referred to in paragraph (2) is maintained, gives his consent, such 
information may be disclosed if authorized by an appropriate order of a 
court of competent jurisdiction granted after application showing good 
cause therefore. In assessing good cause the court shall weigh the 
public interest and the need for disclosure against any prejudice to 
the person together with the effective administration and enforcement 
of the provisions of this Act. Upon the granting of such order, the 
court, in determining the extent to which any disclosure of all or any 
part of any information is necessary, shall impose appropriate 
safeguards against unauthorized disclosure.
    (5)(A) Whoever violates any provision of this subsection may be 
assessed a civil penalty of not to exceed $1,000 for each violation. 
Such penalty shall be assessed by the court in a civil action brought 
by the Attorney General.
    (B) The Corporation shall refer to the Attorney General the name of 
any person it has reasonable cause to believe has violated any 
provision of this subsection.
    (b) Details.--Any employee of any Federal agency may be detailed to 
the Corporation, upon the request of the Executive Director, on a 
reimbursable or nonreimbursable basis, with the consent of the 
appropriate authority having jurisdiction over such employee. While so 
detailed, such employee shall continue to receive the compensation 
provided pursuant to law for the regular employment of the employee and 
shall retain, without interruption, the rights and privileges of such 
employment.

SEC. 12. PROFESSIONAL BOXING CORPORATION TRUST FUND.

    (a) Establishment.--There is established the Professional Boxing 
Corporation Trust Fund in the Treasury of the United States, consisting 
of such amounts as are transferred to the Fund under subsection (b) and 
any interest earned on investment of amounts in the Fund under 
subsection (e)(2).
    (b) Transfer of Amounts Equivalent to Certain Fees.--
            (1) In general.--The Secretary shall transfer to the Fund 
        an amount equal to the sum of the fees received in the Treasury 
        under section 8 after the effective date of this Act.
            (2) Time limit.--The amounts required to be transferred to 
        the Fund under paragraph (1) shall be transferred at least 
        quarterly from the general fund of the Treasury to the Fund on 
        the basis of estimates made by the Secretary. Proper adjustment 
        shall be made in amounts subsequently transferred to the extent 
        prior estimates were in excess of or less than the amounts 
        required to be transferred.
    (c) Expenditure From Fund.--Amounts in the Fund shall be available, 
as provided in appropriation Acts, only for purposes of making 
expenditures to carry out the purposes of this Act.
    (d) Authority To Borrow.--
            (1) In general.--There are authorized to be appropriated to 
        the Fund, as repayable advances, such sums as may be necessary 
        to carry out the purposes of the Fund.
            (2) Interest on advances.--Interest on repayable advances 
        made to the Fund under paragraph (1) shall be at a rate 
        determined by the Secretary (as of the close of the calendar 
        month preceding the month in which the advance is made) to be 
        equal to the current average market yield on outstanding 
        marketable obligations of the United States with remaining 
        periods to maturity comparable to the anticipated period during 
        which the advance will be outstanding and shall be compounded 
        annually.
            (3) Time limit.--No advance shall be made to the Fund after 
        the date occurring 5 years after the effective date of this 
        Act, and all advances to such Fund shall be repaid on or before 
        such date.
            (4) Repayment.--Advances made to the Fund shall be repaid, 
        and interest on such advances shall be paid, to the general 
        fund of the Treasury when the Secretary determines that moneys 
        are available for such purposes in the Fund.
    (e) Investment of Fund.--
            (1) In general.--The Secretary shall invest such portion of 
        the Fund that is not required to meet current withdrawals, as 
        determined by the Secretary. Such investments may be made only 
        in interest-bearing obligations of the United States or in 
        obligations guaranteed as to both principal and interest by the 
        United States. For such purpose, such obligations may be 
        acquired--
                    (A) on original issue at the issue price; or
                    (B) by purchase of outstanding obligations at the 
                market price.
        The purposes for which obligations of the United States may be 
        issued under chapter 31 of title 31, of the United States Code, 
        are hereby extended to authorize the issuance at par of special 
        obligations exclusively to the Fund. Such special obligations 
        shall bear interest at a rate equal to the average rate of 
        interest, computed as to the end of the calendar month next 
        preceding the date of such issue, borne by all marketable 
        interest-bearing obligations of the United States then forming 
        a part of the Public Debt; except that where such average rate 
        is not a multiple of one-eighth of 1 percent, the rate of 
        interest of such special obligations shall be the multiple of 
        one-eighth of 1 percent next lower than such average rate. Such 
        special obligations shall be issued only if the Secretary 
        determines that the purchase of other interest-bearing 
        obligations of the United States, or of obligations guaranteed 
        as to both principal and interest by the United States on 
        original issue or at the market price, is not in the public 
        interest.
            (2) Any obligation acquired by the Fund (except special 
        obligations issued exclusively to the Fund) may be sold by the 
        Secretary of the Treasury at the market price, and such special 
        obligations may be redeemed at par plus accrued interest.
            (3) The interest on, and the proceeds from the sale or 
        redemption of, any obligations held in the Fund shall be 
        credited to and form a part of the Fund.
    (f) Obligations From Fund.--The Corporation is authorized to 
obligate such sums as are available in the Fund (including any amounts 
not obligated in previous fiscal years) for--
            (1) the functions of the Corporation under section 8; and
            (2) necessary administrative costs associated with such 
        functions.
    (g) Report to Congress.--It shall be the duty of the Secretary to 
hold the Fund, and (after consultation with the Corporation) to report 
to the Congress each year on the financial condition and the results of 
the operations of the Fund during the preceding fiscal year and on its 
expected condition and operations during the next fiscal year. Such 
report shall be printed as both a House and Senate document of the 
session of the Congress to which the report is made.

SEC. 13. AUDIT AND REPORT.

    (a) Audit.--The Comptroller General shall conduct an annual audit 
of the finances of the Corporation, to be completed in time for 
inclusion in the report required by subsection (b).
    (b) Report.--The Corporation shall submit to the Congress a report 
not later than 1 year after the effective date of this Act and annually 
thereafter. Such report shall describe the activities of the 
Corporation for the preceding year and shall also include--
            (1) a description of the State boxing authority in each 
        State; and
            (2) the results of the audit conducted pursuant to 
        subsection (a).

SEC. 14. PETITION TO REPEAL BEFORE EFFECTIVE DATE.

    (a) Petition to Congress.--During the 1-year period ending on the 
effective date of this Act, a majority of the State boxing authorities 
from all States may submit a petition in accordance with subsection (b) 
to the Committee on Governmental Affairs of the Senate and the 
Committee on Government Operations of the House of Representatives. 
Such committees shall take all necessary actions to respond to such 
petition before the effective date of this Act.
    (b) Contents.--The petition submitted under subsection (a) shall 
include--
            (1) a statement with supporting evidence that the 
        provisions of this Act are unnecessary because the State 
        authorities have established an organization to effectively 
        carry out the purposes of this Act; and
            (2) a request for the Congress to enact legislation to 
        delay the effective date of this Act or repeal this Act.

SEC. 15. EFFECTIVE DATE.

    (a) In General.--Except as provided in subsection (b), this Act and 
the amendments made by this Act shall take effect 1 year after the date 
of the enactment of this Act.
    (b) Section 14.--Section 14 shall take effect on the date of the 
enactment of this Act.

                                 <all>

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