[Congressional Bills 104th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2212 Introduced in House (IH)]

  1st Session
                                H. R. 2212

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


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             August 4, 1995

Mr. Richardson introduced the following bill; which was referred to the 
Committee on Economic and Educational Opportunities, and in addition to 
 the Committee on Commerce, for a period to be subsequently determined 
 by the Speaker, in each case for consideration of such provisions as 
        fall within the jurisdiction of the committee concerned

_______________________________________________________________________

                                 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 ``Professional Boxing Corporation Act 
of 1995''.

SEC. 2. FINDINGS.

    The Congress finds that--
            (1) professional boxing is beset with wide-ranging problems 
        which are beyond the scope of the current system of State 
        regulation to protect against;
            (2) the rules governing professional boxing and the 
        enforcement of such rules varies widely among 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 can 
        be characterized as exploitation of boxers, conflicts of 
        interest, questionable judging, and corruption, including 
        organized crime influence; 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 shall 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 term--
            (1) ``Board'' means the Professional Boxing Advisory Board 
        established under section 7;
            (2) ``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'' means the Professional Boxing 
        Corporation established under section 5;
            (4) ``Executive Director'' means the Executive Director of 
        the Corporation;
            (5) ``Fund'' means the Professional Boxing Corporation 
        Trust Fund established under section 13;
            (6) ``promoter'' means any person or business organization 
        licensed under this Act to hold, give, or otherwise conduct any 
        boxing match, program, or exhibition;
            (7) ``sanctioning organization'' means any entity that 
        authorizes or sanctions a championship boxing match;
            (8) ``Secretary'' means the Secretary of the Treasury;
            (9) ``State'' means any State of the United States and the 
        District of Columbia, the Commonwealth of Puerto Rico, Guam, 
        the Virgin Islands, the Commonwealth of the Northern Mariana 
        Islands, American Samoa, and any other territory or possession 
        of the United States; and
            (10) ``State boxing authority'' means a State agency with 
        authority to regulate professional boxing.

SEC. 5. ESTABLISHMENT OF PROFESSIONAL BOXING CORPORATION.

    There is established the Professional Boxing Corporation which 
shall be a Government corporation as defined under section 103 of title 
5, United States Code. The Corporation shall maintain its principal 
office in Washington, District of Columbia.

SEC. 6. EXECUTIVE DIRECTOR OF THE 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 thereof the 
following:
            ``Executive Director of the Professional Boxing 
        Corporation.''.
SEC. 7. PROFESSIONAL BOXING ADVISORY BOARD.

    (a) Establishment.--There is established a Professional Boxing 
Advisory Board. The members of the Board shall be appointed by the 
Executive Director. The Board shall consist of 7 members, of whom--
            (1) three shall be acting State athletic or boxing 
        commissioners;
            (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 persons with an interest in and knowledge 
        of the sport of boxing.
    (b) Qualifications.--(1) Each member of the Board shall be a 
citizen of the United States and 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.
    (2) Each member of the Board shall be an individual who, by reason 
of such individual's 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.
    (c) Chairman.--The Executive Director shall appoint one of the 
members to serve as Chairman of the Board.
    (d) Purpose and Function.--The Board shall make recommendations to 
the Corporation to most effectively and efficiently carry out the 
provisions of this Act.
    (e) Unanimous Vote of Disapproval.--(1) If the Board by unanimous 
vote adopts a resolution of disapproval of any action or pending action 
of the Executive Director, the Executive Director shall--
            (A) stay such action for a period of 30 days beginning on 
        the date of the adoption of such resolution; or
            (B) in the case of a pending action, refrain from taking 
        such action for a period of 30 days beginning on the date of 
        the adoption of such resolution.
    (2) If the Executive Director determines to take or resume such 
action after the adoption of a resolution of disapproval, the Executive 
Director shall report to the Board before the end of the 30-day period 
referred to under paragraph (1) on--
            (A) such determination; and
            (B) the reasons for making such determination.
    (3) Notwithstanding the provisions of paragraph (1), the Executive 
Director may take the action disapproved by resolution during the 30-
day period referred to under paragraph (1) if the Board by unanimous 
vote rescinds such resolution of disapproval during such 30-day period.
    (f) Initial Appointments.--Initial appointments under subsection 
(a) shall be made within 60 days after the effective date of this Act.
    (g) Terms.--Members of the Board shall be appointed to 5-year 
terms.
    (h) Compensation of Members.--Each member of the Board who is not 
an officer or employee of the Federal Government shall be compensated 
at a rate equal to the daily equivalent of the annual rate of basic pay 
prescribed 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. All members of the Board who are officers or employees of 
the United States shall serve without compensation in addition to that 
received for their services as officers or employees of the United 
States.
    (i) Travel Expenses.--The members of the Board shall be allowed 
travel expenses, including per diem in lieu of subsistence, at rates 
authorized for employees of agencies under subchapter I of chapter 57 
of title 5, United States Code, while away from their homes or regular 
places of business in the performance of services for the Board.
    (j) Staff and Services.--The Corporation shall provide all 
necessary staff and support services for the Board.
    (k) Successors.--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.
    (l) Quorum.--Four members of the Board shall constitute a quorum.
    (m) Initial Meeting.--The initial meeting of the Board shall be 
held within 90 days after the effective date of this Act.
SEC. 8. FUNCTIONS OF THE CORPORATION.

    (a) Protection of General Interests of Boxers.--The primary 
function of the Corporation shall be to protect the health, safety, and 
general interests of boxers consistent with the provisions of this Act.
    (b) Establishment of National Registry and Licensing.--(1) The 
Corporation shall provide a unified
 national computer source for the collection, storage, and retrieval of 
information, which may include--
             (A) a list of professional boxers;
            (B) the medical records, won-loss records, size, weight, 
        and business associates of such boxers; and
            (C) information pertinent to the sport of boxing on boxing 
        promoters, boxing matchmakers, boxing managers, trainers, cut 
        men, referees, boxing judges, physicians, and any other 
        personnel determined by the Corporation to have a professional 
        role in boxing.
    (2)(A) 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 boxer, boxing 
judge, referee, or other person serving in a professional role in a 
boxing match as determined by the Corporation who meets Corporation 
minimum standards, and shall issue for licensed boxers an accurate 
record of their medical history, biographical information, and won-loss 
boxing record.
    (B) During the 2-year period beginning on the effective date of 
this Act, each boxer, boxing judge, referee, or other person serving in 
a professional role in a boxing match who is subject to licensing under 
subparagraph (A) and holds a valid license issued by a State before the 
effective date of this Act shall be deemed to meet Corporation minimum 
standards for purposes of subparagraph (A).
    (3) The Corporation may require and issue a special event license 
to each boxer, boxing promoter, sanctioning organization, boxing 
manager or other person regulated under this Act who participates in a 
major boxing match. The Corporation shall promulgate regulations 
defining a major boxing match for purposes of this paragraph.
    (4) 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 boxing promoter, boxing matchmaker, sanctioning organization, 
boxing manager, trainer, physician, cut man, and other person 
determined by the Corporation to have a professional role in boxing, 
who meets Corporation minimum standards.
    (c) License and Registration Fees.--
            (1) The Corporation may set and charge licensing and 
        registration fees for all persons regulated under this Act. 
        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.
            (2) The Corporation may set, charge, and adjust varying 
        fees under paragraph (1) based on classifications of persons, 
        functions, and events regulated under this Act.
            (3) In setting and charging fees under paragraph (1), the 
        Corporation shall ensure that to the greatest extent 
        practicable--
                    (A) club boxing shall not be adversely effected; 
                and
                    (B)(i) sanctioning organizations and promoters 
                shall pay the largest portion of all such fees 
                collected under such paragraph; and
                    (ii) boxers shall pay as small a portion of all 
                such fees as is possible.
    (d) Additional Functions.--In addition to the functions described 
under subsections (a), (b), and (c), the Corporation shall--
            (1) prescribe regulations requiring a copy of any contract 
        for a boxing match to be filed with the Corporation or with a 
        State boxing authority at a time before such match and in a 
        manner determined appropriate by the Corporation;
            (2) prescribe regulations of the sport of professional 
        boxing to ensure the safety of participants;
            (3) establish minimum standards and procedures for physical 
        and mental examinations to be given boxers;
            (4) establish minimum standards for the availability of 
        medical services at professional boxing matches;
            (5)(A) encourage a life, accident, and health insurance 
        fund for professional boxers and other members of the 
        professional boxing community; and
            (B) submit a report to the Congress on the feasibility of 
        establishing a pension system for professional boxing 
        participants;
            (6) research and establish minimum standards for the 
        manufacturing and use of boxing equipment;
            (7) conduct discussions and enter into agreements with 
        foreign boxing entities on methods for applying minimum health 
        and safety standards to foreign boxing events and foreign 
        boxers, trainers, cut men, referees, judges, ringside 
        physicians, and other professional boxing personnel;
            (8) review State boxing authority regulations for 
        professional boxing and provide assistance to such authorities 
        in meeting the Corporation minimum standards and requirements;
            (9) prescribe regulations for establishing standards for 
        the making of contracts, agreements, arrangements, and 
        understandings relating to professional boxing;
            (10) review the role of sanctioning organizations in 
        professional boxing and prescribe regulations relating to 
        sanctioning organizations consistent with this Act; and
            (11) prescribe regulations prohibiting conflicts of 
        interest relating to boxing matches.
    (e) Consultation With State Boxing Authorities.--The Corporation 
shall consult with State boxing authorities--
            (1) before prescribing any regulation or establishing any 
        standard under the provisions of this section; and
            (2) no less than once each year regarding matters relating 
        to professional boxing.
    (f) Suspension and Revocation of License or Registration.--(1) The 
Corporation may, after appropriate notice and opportunity for a 
hearing, suspend or revoke any license or registration made under this 
Act if the Corporation finds--
            (A) such suspension or revocation is in the public 
        interest, including the protection of health and safety; or
            (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) Any suspension of a license or registration under this section 
shall be for a period of not less than 6 months unless--
            (A) such suspension results from a person's medical 
        condition; and
            (B) such person is medically certified to participate in a 
        boxing match before the end of such 6-month period.
    (g) Prohibitory Orders.--(1) The Corporation may, after appropriate 
notice and opportunity for hearing, by order prohibit the holding of 
any proposed boxing 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 comply with the regulations of the 
        Corporation;
            (B) such match, or any participant in such match, is not 
        licensed or registered as provided under this Act;
            (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; or
            (D) the health and safety of any participant is placed at 
        undue risk by such proposed match.
    (2)(A) At or after the time that 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 issue such an order without notice 
or hearing if in its judgment such action is in the public interest 
(including the protection of the health and safety of a boxer) and 
necessary to carry out the purposes of this Act.
    (B) 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) The Corporation may, in 
its discretion, make such investigations as it considers necessary to 
determine whether any person has violated or is about to violate any 
provision of this Act or any rule or regulation thereunder, and 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. 
The Corporation may, in its discretion, publish information concerning 
any such violations, and investigate any facts, conditions, practices, 
or matters which it may determine necessary or proper to aid in the 
enforcement of the provisions of this Act, in the prescribing of rules 
and regulations under this Act, or in securing information to serve as 
a basis for recommending further legislation concerning the matters to 
which this Act relates.
    (2) For the purpose of any such investigation, 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.
    (3) 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. Such court may issue an order requiring such person to appear 
before the Corporation to produce records, if so ordered, or to give 
testimony concerning the matter under investigation or in question. Any 
failure to obey such order of the court may be punished by such court 
as a contempt thereof. All process in any such case may be served in 
the judicial district in which such person is an inhabitant or in which 
such person may be found. 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 the power of such person 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.
    (4) 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 such person may tend to incriminate such 
person or subject such person 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 such 
individual is compelled, after having claimed a 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.
    (5) 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.
    (6) 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) Intervention in Civil Actions.--The Corporation shall be 
permitted an intervention of right as provided under rule 24(a) of the 
Federal Rules of Civil Procedure in any civil action filed in a United 
States district court on behalf of the public interest in any case 
relating to professional boxing. The Corporation may file a brief in 
any action filed in a court of the United States on behalf of the 
public interest in any case relating to professional boxing.
    (j) Hearings by Corporation.--Hearings may be public and may be 
held before any officer of the Corporation and appropriate records 
thereof shall be kept.

SEC. 9. SUBMISSION AND APPROVAL OF STATE BOXING PLAN TO CORPORATION.

    (a) In General.--Beginning on the date occurring 18 months after 
the date of the enactment of this Act, a State regulating professional 
boxing shall submit to the Corporation a State boxing plan that meets 
the requirements of subsection (b).
    (b) State Boxing Plan Requirements.--A State boxing plan meets the 
requirements of this subsection if such plan--
            (1) establishes or maintains a State agency for the purpose 
        of regulating professional boxing in such State in compliance 
        with the minimum standards established by the Corporation; and
            (2) establishes a registration procedure consistent with 
        the provisions of section 8 by which such State agency requires 
        that--
                    (A) each individual and organization involved in 
                professional boxing in such State be registered with 
                such State agency in accordance with the minimum 
                Federal boxing standards; and
                    (B) each individual and organization referred to in 
                subparagraph (A) pay a registration fee to the 
                Corporation in an amount determined by the Corporation 
                pursuant to section 8(b) for the purpose of funding the 
                Corporation.
    (c) Approval and Disapproval of State Boxing Plan.--No later than 
60 days after the date on which a State submits a State boxing plan 
pursuant to subsection (a), the Corporation shall--
            (1) approve such plan if the plan meets the requirements of 
        subsection (b); or
            (2) disapprove the plan and notify the State of the reasons 
        therefore.
    (d) Withdrawal of Approval.--The Corporation shall withdraw its 
approval of any State boxing plan if the Corporation determines that 
such plan, or the administration of such plan, no longer meets the 
requirements of subsection (b).
    (e) Prohibition of Certain Professional Boxing Matches.--Beginning 
3 years after the date of the enactment of this Act, no boxing match 
shall be held in a State--
            (1) which does not have in effect a State boxing plan 
        approved by the Corporation under subsection (c);
            (2) which has in effect a State boxing plan approved by the 
        Corporation under subsection (c), if the Corporation determines 
        that there exist reasonable grounds for belief that the minimum 
        boxing standards established under section 8 are not being met 
        in connection with such match; or
            (3) which has a State boxing plan approval withdrawn under 
        subsection (d).

SEC. 10. POWERS OF THE 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; and
            (5) 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 which do not comply 
        with requirements of 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. 11. 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. 12. ASSISTANCE FROM OTHER 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 executive department, agency, bureau, board, 
commission, office, independent establishment, or instrumentality any 
information, suggestions, estimates, and statistics which shall assist 
the Corporation in carrying out the purposes of this Act, and each such 
department, agency, bureau, board, commission, office, independent 
establishment, or instrumentality 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) of this subsection, 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) of this subsection. 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) of this 
subsection 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) of this subsection is maintained, gives 
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 of the United States.
    (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 executive department, agency, 
bureau, board, commission, office, independent establishment, or 
instrumentality 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 such employee 
and shall retain, without interruption, the rights and privileges of 
such employment.

SEC. 13. 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) of 
this section and any interest earned on investment of amounts in the 
Fund under subsection (e)(2) of this section.
    (b) Transfer of Amounts Equivalent to Certain Fees.--(1) 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) 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) 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)(A) 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.
    (B) 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.
    (C) Interest on advances made to the Fund 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.
    (e) Investment of Fund.--(1) It shall be the duty of the Secretary 
to invest such portion of the Fund as is not, in the Secretary's 
judgment, required to meet current withdrawals. 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) properly allocable administrative costs of the Federal 
        Government for the activities related to 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. 14. 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 a report to the Congress 
within 1 year after the effective date of this Act and annually 
thereafter. Such report shall detail the activities of the Corporation 
for the preceding year and shall include--
            (1) a description of the State boxing authority in each 
        State; and
            (2) the results of the audit required under subsection (a).
    (c) Public Report.--The Corporation shall annually issue a report 
made available to the public on the progress made at Federal and State 
levels in the reform of professional boxing and commenting on issues of 
continuing concern to the Corporation.

SEC. 15. PETITION TO REPEAL BEFORE EFFECTIVE DATE.

    (a) Petition to Congress.--During the 1-year period preceding the 
effective date of this Act, a majority of the State boxing authorities 
from all States may submit a petition as described under subsection (b) 
to the Committee on Governmental Affairs of the Senate and the 
Committee on Government Reform and Oversight 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. 16. INFORMAL RULEMAKING.

    To the greatest extent practicable, the Corporation shall conduct 
all rulemaking under the provisions of section 553 of title 5, United 
States Code.

SEC. 17. TERMINATION OF CORPORATION.

    The Corporation shall terminate effective on the date occurring 7 
years after the date of the enactment of this Act.

SEC. 18. EFFECTIVE DATE.

    The provisions of this Act and the amendments made by this Act 
(except for section 15 which shall take effect on the date of 
enactment) shall be effective on and after 1 year after the date of the 
enactment of this Act.
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