[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[S. 2189 Introduced in Senate (IS)]
107th CONGRESS
2d Session
S. 2189
To amend the Trade Act of 1974 to remedy certain effects of injurious
steel imports by protecting benefits of steel industry retirees and
encouraging the strengthening of the American steel industry.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
April 17, 2002
Mr. Rockefeller (for himself, Mr. Specter, Mr. Daschle, Mr. Wellstone,
Mr. Durbin, Ms. Mikulski, Mr. Sarbanes, Mr. Dayton, and Mrs. Clinton)
introduced the following bill; which was read twice and referred to the
Committee on Finance
_______________________________________________________________________
A BILL
To amend the Trade Act of 1974 to remedy certain effects of injurious
steel imports by protecting benefits of steel industry retirees and
encouraging the strengthening of the American steel industry.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE; CONGRESSIONAL FINDINGS AND PURPOSE.
(a) Short Title.--This Act may be cited as the ``Steel Industry
Consolidation and Retiree Benefits Protection Act of 2002''.
(b) Congressional Findings and Purpose.--
(1) Findings.--Congress finds the following:
(A) The United States Department of Commerce has
documented that American steelworkers and their
employers have been forced over the last 30 years to
compete in a global steel market in which foreign
governments have engaged in market distorting practices
that to this day sustain enormous overcapacity in world
steel supplies.
(B) The United States International Trade
Commission, in its recent investigation of steel
imports to the United States under section 201 of the
Trade Act of 1974, has concluded that surges of
imported steel since the Asian crisis of 1997 have
caused serious injury to American producers of most
steel products.
(C) Since 1997, 32 American steel companies have
been forced to seek bankruptcy protection, over 45,000
steelworkers have lost their jobs, and over 100,000
steel retirees have suffered a complete cutoff of vital
medical and life insurance benefits.
(D) Many steel industry retirees were forced into
retirement as a result of the restructurings of the
1980's and 1990's, and then, as a second blow, recently
lost their retiree medical insurance.
(E) Recent steel imports have pushed steel prices
to such record lows that surviving American steelmakers
face imminent financial collapse, and these firms
employ over 185,000 workers in family-supporting jobs
and provide crucial medical coverage to hundreds of
thousands of retirees and beneficiaries.
(F) As American steel companies continue to weaken
or fail, a very different trend is underway in other
countries where governments shoulder a substantial
portion of retirement costs and foreign steelmakers are
now merging into companies of unprecedented size and
market influence.
(G) If the American steel industry is to survive
and compete, it must transform itself from a group of
relatively small producers into a consolidated market
force.
(H) For many American steel companies, the ability
to consolidate is undermined by the burden of retiree
health and life insurance obligations.
(2) Purpose.--It is the purpose of this Act to ensure
that--
(A) retired steelworkers receive medical and life
insurance coverage, and
(B) the American steel industry can continue to
provide livelihoods to tens of thousands of American
workers, their families, and communities through the
receipt of assistance in consolidating its position in
world steel markets.
SEC. 2. ESTABLISHMENT OF STEEL INDUSTRY RETIREE BENEFITS PROTECTION
PROGRAM.
The Trade Act of 1974 is amended by adding at the end the following
new title:
``TITLE IX--PROTECTION FOR STEEL INDUSTRY RETIREMENT BENEFITS
``Subtitle A. Definitions.
``Subtitle B. Steel Industry Retiree
Benefits Protection Program.
``Subtitle C. Steel Industry Legacy
Relief Trust Fund.
``Subtitle A--Definitions
``Sec. 901. Definitions.
``SEC. 901. DEFINITIONS.
``(a) Terms Relating to Benefits Program.--For purposes of this
title--
``(1) Retiree benefits program.--The term `retiree benefits
program' means the Steel Industry Retiree Benefits Protection
Program established under this title to provide medical and
death benefits to eligible retirees and beneficiaries.
``(2) Steel retiree benefits.--
``(A) In general.--The term `steel retiree
benefits' means medical, surgical, or hospital
benefits, and death benefits, whether furnished through
insurance or otherwise, which are provided to retirees
and eligible beneficiaries in accordance with an
employee benefit plan (within the meaning of section
3(3) of the Employee Retirement Income Security Act of
1974) which--
``(i) is established or maintained by a
qualified steel company or an applicable
acquiring company, and
``(ii) is in effect on or after January 1,
2000.
Such term includes benefits provided under a plan
without regard to whether the plan is established or
maintained pursuant to a collective bargaining
agreement.
``(B) Retiree.--
``(i) In general.--The term `retiree' means
an individual who has met any years of service
or disability requirements under an employee
benefit plan described in subparagraph (A)
which are necessary to receive steel retiree
benefits under the plan.
``(ii) Certain retirees included.--An
individual shall not fail to be treated as a
retiree because the individual--
``(I) retired before January 1,
2000, or
``(II) was not employed at the
steelmaking assets of a qualified steel
company.
``(b) Terms Relating to Steel Companies.--For purposes of this
title--
``(1) Qualified steel company.--
``(A) In general.--The term `qualified steel
company' means any person which on January 1, 2000, was
engaged in--
``(i) the production or manufacture of a
steel mill product,
``(ii) the mining or processing of iron ore
or beneficiated iron ore products, or
``(iii) the production of coke for use in a
steel mill product.
``(B) Transportation.--The term `qualified steel
company' includes any person which on January 1, 2000,
was engaged in the transportation of any steel mill
product solely or principally for another person
described in subparagraph (A), but only if such person
and such other person are related persons.
``(C) Successors in interest.--The term `qualified
steel company' includes any successor in interest of a
person described in subparagraph (A) or (B).
``(2) Steelmaking assets and steel mill products.--
``(A) Steelmaking assets.--The term `steelmaking
assets' means any land, building, machinery, equipment,
or other fixed assets located in the United States
which, at any time on or after January 1, 2000, have
been used in the activities described in subparagraph
(A) or (B) of paragraph (1).
``(B) Steel mill product.--The term `steel mill
product' means any product defined by the American Iron
and Steel Institute as a steel mill product.
``(3) Acquiring company.--The term `acquiring company'
means any person which acquired on or after January 1, 2000,
steelmaking assets of a qualified steel company with respect to
which a qualifying event has occurred.
``(c) Other Definitions.--For purposes of this title--
``(1) Related person.--The term `related person' means,
with respect to any person, a person who--
``(A) is a member of the same controlled group of
corporations (within the meaning of section 52(a) of
the Internal Revenue Code of 1986) as such person, or
``(B) is under common control (within the meaning
of section 52(b) of such Code) with such person.
``(2) Secretary.--The term `Secretary' means the Secretary
of Commerce.
``(3) Trust fund.--The term `Trust Fund' means the Steel
Industry Legacy Relief Trust Fund established under subtitle C.
``Subtitle B--Steel Industry Retiree Benefits Protection Program
``I. Establishment.
``II. Relief and assumption of liability,
eligibility, and certification.
``III. Program benefits.
``PART I--ESTABLISHMENT
``Sec. 902. Establishment.
``SEC. 902. ESTABLISHMENT.
``There is established a Steel Industry Retiree Benefits Protection
program to be administered by the Secretary and the Board of Trustees
of the Trust Fund in accordance with the provisions of this title for
the purpose of providing medical and death benefits to eligible
retirees and eligible beneficiaries certified as participants in the
program under part II.
``PART II--RELIEF AND ASSUMPTION OF LIABILITY, ELIGIBILITY, AND
CERTIFICATION
``Sec. 911. Relief and assumption of
liability.
``Sec. 912. Qualifying events.
``Sec. 913. Eligibility and certification
of eligibility.
``SEC. 911. RELIEF AND ASSUMPTION OF LIABILITY.
``(a) In General.--If--
``(1) the Secretary certifies under section 912 that there
was a qualifying event with respect to a qualified steel
company,
``(2) the asset transfer requirements of subsection (b) are
met with respect to the qualifying event, and
``(3) the qualified steel company and any acquiring company
assumes their respective liability to make any contributions
required under subsection (c),
then the United States shall assume liability for the provision of
steel retiree benefits for each eligible retiree and eligible
beneficiary certified for participation in the retiree benefits program
under section 913 (and the qualified steel company, any predecessor or
successor, and any related person to such company, predecessor, or
successor shall be relieved of any liability for the provision of such
benefits). The United States shall be treated as satisfying any
liability assumed under this subsection if benefits are provided to
eligible retirees and eligible beneficiaries under the retiree benefits
program provided in part III.
``(b) Required Asset Transfers.--
``(1) In general.--The requirements of this subsection are
met if the qualified steel company and any applicable acquiring
company transfer to the Trust Fund all assets, as determined in
accordance with rules prescribed by the Secretary, which, under
the terms of an applicable collective bargaining agreement,
were required to be set aside under an employee benefit plan or
otherwise for the provision of the steel retiree benefits the
liability for which (determined without regard to this
subsection) is relieved by operation of subsection (a). The
assets required to be transferred shall not include voluntary
contributions, including voluntary contributions made pursuant
to a voluntary employees beneficiary association trust, which
are in excess of the contributions described in the preceding
sentence.
``(2) Determination.--The amount of the assets to be
transferred under paragraph (1) shall be determined at the time
of the certification under section 912 and shall include
interest from the time of the determination to the time of
transfer. Such amount shall be reduced by any payments from
such assets which are made after the determination by the
qualified steel company or applicable acquiring company for the
provision of steel retiree benefits for which such assets were
set aside and the liability for which (determined without
regard to this subsection) is relieved by operation of
subsection (a).
``(c) Contribution Requirements.--
``(1) Contributions based on ownership of steelmaking
assets.--
``(A) In general.--If there is a qualifying event
certified under section 912 with respect to a qualified
steel company--
``(i) the qualified steel company shall
assume the obligation to pay, and
``(ii) if the qualified steel company
transferred on or after January 1, 2000, any of
its steelmaking assets, the qualified steel
company and any acquiring company acquiring
such assets as part of (or after) a qualifying
event shall assume the obligation to pay,
to the Trust Fund for each of the years in the 10-year
period beginning on the date of the qualifying event
its ratable share of the amount determined under
subparagraph (B) with respect to the steelmaking assets
owned by such company or person.
``(B) Amount of liability.--
``(i) In general.--The amount required to
be paid under subparagraph (A) for any year
shall be equal to $5 per ton of products
described in section 901(b)(1)(A) attributable
to the steelmaking assets which are the subject
of the qualifying event and shipped to a person
other than a related person. If 2 or more
persons own steelmaking capacity or assets, the
liability under this clause shall be allocated
ratably on the basis of their respective
ownership interests. The determination under
this clause for any year shall be made on the
basis of shipments during the calendar year
preceding the calendar year in which such year
begins.
``(ii) Reductions in liability.--The amount
of any liability under clause (i) for any year
shall be reduced by the amount of any assets
transferred to the Trust Fund under subsection
(b), reduced by any portion of such amount
applied to a liability for any preceding year.
If 2 or more persons are liable under
subparagraph (A) with respect to any qualifying
event, any reduction with respect to assets
transferred to the Trust Fund under subsection
(b) shall be allocated ratably among such
persons on the basis of their respective
liabilities or in such other manner as such
persons may agree.
``(2) FASB liability in case of certain qualifying
events.--
``(A) In general.--If there is a qualifying event
(other than a qualified acquisition) with respect to a
qualified steel company, then, subject to the
provisions of subparagraphs (C) and (D), the qualified
steel company shall be liable for payment to the Trust
Fund of the amount determined under subparagraph (B).
If a qualified acquisition occurs after another
qualifying event, such other qualifying event shall be
disregarded for purposes of this paragraph.
``(B) Amount of liability.--The amount determined
under this subparagraph shall be equal to the excess
(if any) of--
``(i) the amount determined under the
Financial Accounting Standards Board Rule 106
as being equal to the present value of the
steel retiree benefits of eligible retirees and
beneficiaries of the qualified steel company
the liability for which (determined without
regard to any modification pursuant to section
1114 of title 11, United States Code) is
relieved under subsection (a), over
``(ii) the sum of--
``(I) the value of the assets
transferred under subsection (b) with
respect to the retirees and
beneficiaries, and
``(II) the present value of any
payments (other than payments
determined under this subparagraph) to
be made under this subsection with
respect to steelmaking assets of the
qualified steel company.
``(C) Discharges in bankruptcy.--The amount of any
liability under subparagraph (B) shall be reduced by
the portion of such liability which, in accordance with
the provisions of title 11, United States Code, is
discharged in any bankruptcy proceeding.
``(D) No liability if industry-wide election
made.--If a qualifying event occurs by reason of a
qualified election under section 912(d)(2)(B), then--
``(i) any liability that arose under this
paragraph for any qualifying event occurring
before such election is extinguished (and any
payment of such liability shall be refunded
from the Trust Fund with interest), and
``(ii) no liability shall arise under this
paragraph with respect to the qualifying event
occurring by reason of such election or any
subsequent qualifying event.
``(3) Joint and several liability.--Any related person of
any person liable for any payment under this subsection shall
be jointly and severally liable for the payment.
``(4) Time and manner of payment.--The Secretary shall
establish the time and manner of any payment required to be
made under this subsection, including the payment of interest.
``SEC. 912. QUALIFYING EVENTS.
``(a) In General.--For purposes of this title, the term `qualifying
event' means any--
``(1) qualified acquisition,
``(2) qualified closing,
``(3) qualified election, and
``(4) qualified bankruptcy transfer.
``(b) Qualified Acquisition.--For purposes of this title, the term
`qualified acquisition' means any arms'-length transaction or series of
related transactions--
``(1) under which a person (whether or not a qualified
steel company) acquires by purchase, merger, stock acquisition,
or otherwise all or substantially all of the steelmaking assets
held by the qualified steel company as of January 1, 2000, and
``(2) which occur on and after January 1, 2000, and before
the date which is 2 years after the date of the enactment of
this title.
Such term shall not include any acquisition by a related person.
``(c) Qualified Closing.--For purposes of this title--
``(1) In general.--The term `qualified closing' means--
``(A) the permanent cessation on or after January
1, 2000, and before January 1, 2004, by a qualified
steel company operating under the protection of chapter
11 or 7 of title 11, United States Code, of all
activities described in subparagraph (A) or (B) of
paragraph (1) of section 901(b), or
``(B) the transfer on or after January 1, 2000, and
before January 1, 2004, by a qualified steel company
operating under the protection of chapter 11 or 7 of
title 11, United States Code, of all or substantially
all of its steelmaking assets to 1 or more persons other than related
persons in an arms'-length transaction or series of related
transactions which do not constitute a qualified acquisition.
``(2) Companies in imminent danger of closure.--A qualified
closing of a qualified steel company operating under the
protection of chapter 11 or 7 of title 11, United States Code,
shall be treated as having occurred if the company--
``(A) meets the acquisition effort requirements of
paragraph (3),
``(B) establishes to the satisfaction of the
Secretary that--
``(i) it is in imminent danger of becoming
a closed company, or
``(ii) in the case of a company operating
under protection of chapter 11 of title 11,
United States Code, it is unable to reorganize
without the relief provided under this title,
and
``(C) elects, in such manner as the Secretary
prescribes, at any time after the date of the enactment
of this title and before the date which is 2 years
after the date of the enactment of this title, to avail
itself of the relief provided under this title.
``(3) Acquisition effort requirements.--
``(A) In general.--The requirements of this
paragraph are met by a qualified steel company if--
``(i) the company files with the Secretary
within 10 days of the date of the enactment of
this title--
``(I) a notice of intent to be
acquired, and
``(II) a description of the actions
the company will undertake to have its
steelmaking assets acquired in a
qualified acquisition, and
``(ii) the company at all times after the
filing under clause (i) and the date which is 2
years after the date of the enactment of this
title (or, if earlier, the date on which the
requirement of paragraph (2)(B) is satisfied)
makes a continuing, good faith effort to have
its steelmaking assets acquired in a qualified
acquisition.
``(B) Good faith effort.--A continuing, good faith
effort under subparagraph (A)(ii) shall include--
``(i) the active marketing of a company's
steelmaking assets through the retention of an
investment banker, the preparation and
distribution of offering materials to
prospective purchasers, allowing due diligence
and investigatory activities by prospective
purchasers, the active and good faith
consideration of all expressions of interest by
prospective purchasers, and any other
affirmative action designed to result in a
qualified acquisition of a company's
steelmaking assets, and
``(ii) a demonstration to the Secretary by
the company that no bona fide and fair offer
which would have resulted in a qualified
acquisition of the company's steelmaking assets
has been unreasonably refused.
``(d) Qualified Election.--For purposes of this title--
``(1) In general.--The term `qualified election' means an
election by a qualified steel company operating under the
protection of chapter 11 or 7 of title 11, United States Code,
meeting the acquisition effort requirements of subsection
(c)(3) to transfer its obligations for steel retiree benefits
to the retiree benefit program. Such an election shall be made
not earlier than the date which is 2 years after the date of
the enactment of this title, and in such manner as the
Secretary may prescribe.
``(2) Industry-wide election.--Notwithstanding paragraph
(1), a qualified election shall be treated as having occurred
with respect to a qualified steel company (whether or not
operating under the protection of chapter 11 or 7 of title 11,
United States Code) if--
``(A) the Secretary determines that at least
200,000 eligible retirees and beneficiaries have been
certified under section 913 for participation in the
retiree benefits program, and
``(B) the qualified steel company elects to avail
itself of the relief provided under this title on or
after the date of the determination under subparagraph
(A).
``(e) Qualified Bankruptcy Transfer.--For purposes of this title,
the term `qualified bankruptcy transfer' means any transaction or
series of transactions--
``(1) under which the qualified steel company, operating
under the protection of chapter 11 or 7 of title 11, United
States Code, transfers by any means (including but not limited
to a plan of reorganization) its control over at least 30
percent of the production capacity of its steelmaking assets to
1 or more persons which are not related persons of such
company,
``(2) which are not part of a qualified acquisition or
qualified closing of a qualified steel company, and
``(3) which occur on and after January 1, 2000, and before
January 1, 2004.
``(f) Certification.--
``(1) In general.--The Secretary shall certify a qualifying
event with respect to a qualified steel company if the
Secretary determines that the requirements of this title are
met with respect to such event and that the asset transfer and
contribution requirements of section 911 will be met.
``(2) Time for decision.--The Secretary shall make any
determination under this subsection as soon as possible after a
request is filed (and in the case of a request for
certification as a qualified acquisition filed at least 60 days
before the proposed date of the acquisition, before such
proposed date).
``(3) Eligibility to file request.--A request for
certification under this subsection may be made by the
qualified steel company or any labor organization acting on
behalf of retirees of such company.
``SEC. 913. ELIGIBILITY AND CERTIFICATION.
``(a) Retirees.--
``(1) In general.--Any individual who is a retiree of a
qualified steel company with respect to which the Secretary has
certified under section 912 that a qualifying event has
occurred shall be treated as an eligible retiree for purposes
of this title if--
``(A) the individual was receiving steel retiree
benefits under an employee benefit plan described in
section 901(a)(2)(A) as of the date of the qualifying
event, or
``(B) the individual was eligible to receive such
benefits on such date but was not receiving such
benefits because the plan ceased to provide such
benefits.
``(2) Certain individuals included.--An individual shall be
treated as an eligible retiree under paragraph (1) if the
individual--
``(A) was an employee of the qualified steel
company before a qualified acquisition,
``(B) became an employee of the acquiring company
as a result of the acquisition, and
``(C) voluntarily retires within 3 years of the
acquisition.
``(b) Beneficiaries.--An individual shall be treated as an eligible
beneficiary for purposes of this title if the individual is the spouse,
surviving spouse, or dependent of an eligible retiree (or an individual
who would have been an eligible retiree but for the individual's death
before the date of the qualifying event).
``(c) Certification of Eligible Retirees and Beneficiaries.--
``(1) In general.--The Board of Trustees of the Trust Fund
shall certify an individual as an eligible retiree or eligible
beneficiary if the individual meets the requirements of this
section.
``(2) Eligibility to file request.--A request for
certification under this subsection may be filed by any
individual seeking to be certified under this subsection, the
qualified steel company, an acquiring company, a labor
organization acting on behalf of retirees of such company, or a
committee appointed under section 1114 of title 11, United
States Code.
``(d) Records.--A qualified steel company, an acquiring company,
and any successor in interest shall on and after the date of the
enactment of this title maintain and make available to the Secretary
and the Board of Trustees of the Trust Fund, all records, documents,
and materials (including computer programs) necessary to make the
certifications under this section.
``PART III--PROGRAM BENEFITS
``Sec. 921. Program benefits.
``SEC. 921. PROGRAM BENEFITS.
``(a) General Rule.--Each eligible retiree and eligible beneficiary
who is certified for participation in the retiree benefits program
shall be entitled--
``(1) to receive health care benefits coverage described in
subsection (b), and
``(2) in the case of an eligible retiree, payment of $5,000
death benefits coverage to the beneficiary of the retiree upon
the retiree's death.
``(b) Health Care Benefits Coverage.--
``(1) In general.--The Board of Trustees of the Trust Fund
shall establish health care benefits coverage under which
eligible retirees and beneficiaries are provided benefits for
health care items and services that are substantially the same
as the benefits offered as of January 1, 2002, under the Blue
Cross/Blue Shield Standard Plan provided under the Federal
Employees Health Benefit Program under chapter 89 of title 5,
United States Code, to Federal employees and annuitants. In
providing the benefits under such program, the secondary payer
provisions and the provisions relating to benefits provided
when an individual is eligible for benefits under the medicare
program under title XVIII of the Social Security Act that are
applicable under such Plan shall apply in the same manner as
such provisions apply to Federal employees and annuitants under
such Plan.
``(2) Contracting authority.--The Board of Trustees of the
Trust Fund shall have the authority to enter into such
contracts as are necessary to carry out the provisions of this
subsection, including contracts necessary to ensure adequate
geographic coverage and cost control. The Board of Trustees may
use the authority under this subsection to establish preferred
provider organizations or other alternative delivery systems.
``(3) Premiums, deductibles, and cost sharing.--The Board
of Trustees of the Trust Fund shall establish premiums,
deductibles, and cost sharing for eligible retirees and
beneficiaries provided health care benefits coverage under
paragraph (1) which are substantially the same as those
required under the Blue Cross/Blue Shield Standard Plan
described in paragraph (1).
``Subtitle C--Steel Industry Legacy Relief Trust Fund
``SEC. 931. STEEL INDUSTRY LEGACY RELIEF TRUST FUND.
``(a) Creation of Trust Fund.--There is established in the Treasury
of the United States a trust fund to be known as the Steel Industry
Legacy Relief Trust Fund, consisting of such amounts as may be
appropriated to the Trust Fund as provided in this section.
``(b) Transfers to Trust Fund.--
``(1) In general.--There are appropriated to the Trust Fund
amounts equivalent to--
``(A) tariffs on steel mill products received in
the Treasury under title II of this Act,
``(B) amounts received in the Treasury from asset
transfers and contributions under section 911,
``(C) amounts credited to the Trust Fund under
section 9602(b) of the Internal Revenue Code of 1986,
and
``(D) the premiums paid by retirees under the
program.
``(2) Authorization of appropriations.--There is authorized
to be appropriated to the Trust Fund each fiscal year an amount
equal to the excess (if any) of--
``(A) expenditures from the Trust Fund for the
fiscal year, over
``(B) the assets of the Trust Fund for the fiscal
year without regard to this paragraph.
``(c) Expenditures.--Amounts in the Trust Fund shall be available
only for purposes of making expenditures--
``(1) to meet the obligations of the United States with
respect to liability for steel retiree benefits transferred to
the United States under this title, and
``(2) incurred by the Secretary and the Board of Trustees
in the administration of this title.
``(d) Board of Trustees.--
``(1) In general.--The Trust Fund and the retiree benefits
program shall be administered by a Board of Trustees,
consisting of--
``(A) 2 individuals designated by agreement of the
5 qualified steel companies which, as of the date of
the enactment of this title--
``(i) are conducting activities described
in subparagraph (A) or (B) of section
901(b)(1), and
``(ii) have the largest number of retirees,
and
``(B) 2 individuals designated by the United
Steelworkers of America in consultation with the
Independent Steelworkers Union, and
``(C) 3 individuals designated by individuals
designated under subparagraphs (A) and (B).
``(2) Duties.--Except for those duties and responsibilities
designated to the Secretary, the Board of Trustees shall have
the responsibility to administer the Trust Fund and the retiree
benefits program, including--
``(A) enrolling eligible retirees and beneficiaries
under the program,
``(B) procuring the medical services to be provided
under the program,
``(C) entering into contracts, leases, or other
arrangements necessary for the implementation of the
program,
``(D) implementing cost-containment measures under
the program,
``(E) collecting revenues and enforcing claims and
rights of the program and the Trust Fund,
``(F) making disbursements as necessary under the
program, and
``(G) acquiring and maintaining such records as may
be necessary for the administration and implementation
of the program.
``(3) Report.--The Board of Trustees report to Congress
each year on the financial condition and the results of the
operations of the Trust Fund during the preceding fiscal year
and on its expected condition and operations during the next 2
fiscal years. Such report shall be printed as a House document
of the session of Congress to which the report is made.
``(e) Transfer Investment of Assets.--Sections 9601 and 9602(b) of
the Internal Revenue Code of 1986 shall apply to the Trust Fund.''
<all>