[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4100 Introduced in House (IH)]







109th CONGRESS
  1st Session
                                H. R. 4100

    To establish the Louisiana Recovery Corporation for purposes of 
    economic stabilization and redevelopment of devastated areas in 
                   Louisiana, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            October 20, 2005

  Mr. Baker introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
    To establish the Louisiana Recovery Corporation for purposes of 
    economic stabilization and redevelopment of devastated areas in 
                   Louisiana, 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 ``Louisiana Recovery Corporation 
Act''.

SEC. 2. ESTABLISHMENT OF CORPORATION.

    (a) In General.--There is hereby established the Louisiana Recovery 
Corporation (hereafter in this Act referred to as the ``Corporation'').
    (b) Status of Corporation.--The Corporation shall be an independent 
establishment in the executive branch and shall be deemed to be an an 
agency of the United States for purposes of subchapter II of chapter 5 
and chapter 7 of title 5, United States Code.
    (c) Principal Office.--The principal office of the Corporation 
shall be located in the State of Louisiana, but there may be 
established agencies or branch offices in the District of Columbia and 
in any city or parish in Louisiana to the extent provided for in the 
by-laws of the Corporation.
    (d) Corporate Divisions.--
            (1) In general.--At a minimum, the Corporation shall 
        establish and maintain separate divisions for the following 
        subjects:
                    (A) Environment and Land Use Management.
                    (B) Economic Development.
                    (C) Property Acquisition.
                    (D) Property Management.
                    (E) Property Disposition.
                    (F) Urban Homesteading and Community and Faith-
                Based Organizations.
            (2) Management of divisions.--Management of each division 
        shall be vested in an executive vice president who shall be 
        appointed by the Board of Directors in the manner provided by 
        the Board of Directors and the by-laws of the Corporation.

SEC. 3. MANAGEMENT.

    (a) Board of Directors.--
            (1) In general.--The management of the Corporation shall be 
        vested in a Board of Directors consisting of 7 individuals 
        appointed by the President, by and with the advice and consent 
        of the Senate, from among individuals who are citizens of the 
        United States and who, by virtue of their education, training 
        or experience in environmental land reclamation, economic 
        development, housing development, land use, or urban planning, 
        are especially qualified to serve on the Board of Directors.
            (2) Nominations by governor of louisiana.--2 of the members 
        of the Board of Directors shall be appointed under paragraph 
        (1) from among individuals who are nominated for appointment by 
        the Governor of Louisiana.
    (b) Chairperson and Vice Chairperson.--
            (1) Chairperson.--1 of the 5 members of the Board of 
        Directors who were not nominated by the Governor of Louisiana 
        shall be designated by the President, by and with the advice 
        and consent of the Senate, to serve as Chairperson of the Board 
        of Directors and the chief executive officer of the 
        Corporation.
            (2) Vice chairperson.--1 of the 5 members of the Board of 
        Directors who were not nominated by the Governor of Louisiana 
        shall be designated by the President, by and with the advice 
        and consent of the Senate, to serve as Vice Chairperson of the 
        Board of Directors.
            (3) Acting chairperson.--In the event of a vacancy in the 
        position of Chairperson of the Board of Directors or during the 
        absence or disability of the Chairperson, the Vice Chairperson 
        shall act as Chairperson.
    (c) Terms.--
            (1) In general.--Each member of the Board of Directors 
        shall be appointed to a term of 5 years.
            (2) Staggered terms.--Of the members first appointed to the 
        Board of Directors after the date of the enactment of this 
        Act--
                    (A) 2 shall be appointed for a term of 5 years;
                    (B) the 2 members who were nominated by the 
                Governor of Louisiana shall be appointed for a term of 
                3 years; and
                    (C) 3 shall be appointed for a term of 2 years.
            (3) Interim appointments.--Any member appointed to fill a 
        vacancy occurring before the expiration of the term for which 
        such member's predecessor was appointed shall be appointed only 
        for the remainder of such term.
            (4) Continuation of service.--The Chairperson, Vice 
        Chairperson, and each appointed member may continue to serve 
        after the expiration of the term of office to which such member 
        was appointed until a successor has been appointed and 
        qualified.
            (5) Removal for cause.--The Chairperson, Vice Chairperson, 
        and any appointed member may may be removed by the President 
        for cause.
            (6) Full-time service.--The members of the Board of 
        Directors shall serve on a full-time basis.
    (d) Vacancy.--Any vacancy on the Board of Directors shall be filled 
in the manner in which the original appointment was made.
    (e) Ineligibility for Other Offices.--
            (1) Other government positions.--No person may serve as a 
        member of the Board of Directors while holding any position as 
        an officer or employee of the Federal Government, any State 
        government, or any political subdivision of any State.
            (2) Restriction during service.--No member of the Board of 
        Directors may--
                    (A) be an officer or director of any insured 
                depository institution, insured credit union, 
                depository institution holding company, Federal reserve 
                bank, Federal home loan bank, investment bank, mortgage 
                bank, or any other entity which enters into any 
                contract with the Corporation; or
                    (B) hold stock in any insured depository 
                institution, depository institution holding company, 
                investment bank, mortgage bank, or any other entity 
                which enters into any contract with the Corporation.
            (3) Certification.--Upon taking office, each member of the 
        Board of Directors shall certify under oath that such member 
        has complied with this subsection and such certification shall 
        be filed with the secretary of the Board of Directors.
    (f) Clarification of Nonliability.--
            (1) In general.--A director, member, officer, or employee 
        of the Corporation has no liability under the Securities Act of 
        1933 with respect to any claim arising out of or resulting from 
        any act or omission by such person within the scope of such 
        person's employment in connection with any transaction 
        involving the disposition of assets (or any interests in any 
        assets or any obligations backed by any assets) by the 
        Corporation. This subsection shall not be construed to limit 
        personal liability for criminal acts or omissions, willful or 
        malicious misconduct, acts or omissions for private gain, or 
        any other acts or omissions outside the scope of such person's 
        employment.
            (2) Effect on other law.-- This subsection shall not be 
        construed as--
                    (A) affecting--
                            (i) any other immunities and protections 
                        that may be available to person to whom 
                        paragraph (1) applies under applicable law with 
                        respect to such transactions, or
                            (ii) any other right or remedy against the 
                        Corporation, against the United States under 
                        applicable law, or against any person other 
                        than a person described in paragraph (1) 
                        participating in such transactions; or
                    (B) limiting or altering in any way the immunities 
                that are available under applicable law for Federal 
                officials and employees not described in this 
                subsection.

SEC. 4. CAPITALIZATION OF THE CORPORATION.

    (a) In General.--The Corporation shall have capital stock 
subscribed to by the United States Government in such amount as the 
President may determine to be appropriate, to the extent provided in 
advance in an appropriation Act for any fiscal year.
    (b) Certificates.--Certificates evidencing shares of nonvoting 
capital stock of the Corporation shall be issued by the Corporation to 
the President of the United States, or to such other person or persons 
as the President may designate from time to time, to the extent of 
payments made for the capital stock of the Corporation.
    (c) Public Debt Transaction.--For the purpose of purchasing shares 
of capital stock of the Corporation, the Secretary of the Treasury may 
use as a public-debt transaction the proceeds of any securities issued 
under chapter 31 of title 31, United States Code.
    (d) Reports.--
            (1) In general.--The Board of Directors shall submit to the 
        Director of the Office of Management and Budget and to the 
        Secretary of the Treasury quarterly reports and an annual 
        report on the expenses of the Corporation during the period 
        covered by the report, the financial condition of the 
        Corporation as of the end of such period, the results of the 
        Corporation's operations during such period, and the progress 
        made during such period in fulfilling the mission and purposes 
        of the Corporation, together with a copy of the Corporation's 
        financial operating plans and forecasts for the annual or 
        quarterly period (as the case may be) succeeding the period 
        covered by the report.
            (2) Public availability.--Each report submitted to the 
        Director of the Office of Management and Budget and to the 
        Secretary of the Treasury under paragraph (1) shall be made 
        available to the public.
    (e) Termination of Authority to Issue Stock.--No shares of capital 
stock of the Corporation may be issued after the end of the 10-year 
period beginning on the date of the enactment of this Act.
    (f) Revenue Used to Retire Stock.--Any net revenue of the 
Corporation in excess of amounts required to meet on-going expenses and 
investments shall be paid to the Secretary of the Treasury to redeem 
the capital stock of the Corporation and shall be deposited in the 
general fund of the Treasury.

SEC. 5. MISSION, PURPOSE, AND DUTIES OF THE CORPORATION.

    (a) Mission.--The primary mission and purpose of the Corporation 
shall be the economic stabilization and redevelopment of areas within 
Louisiana that were devastated or significantly distressed by Hurricane 
Katrina or Hurricane Rita.
    (b) Economic Stabilization.--In executing its economic 
stabilization mandate, the Corporation shall, after consultation with 
State and local officials and pursuant to agreement that eligible 
properties are not likely to be redeveloped without Corporation 
assistance, locate and acquire real property (commercial and 
residential) in such a manner and subject to such conditions that, upon 
the consummation of any acquisition of real property securing a 
mortgage loan--
            (1) the mortgagee's debt shall be considered paid in full 
        by the mortgagor; and
            (2) all title and interest in the real property securing 
        such mortgage loan passes to the Corporation.
    (c) Redevelopment.--In executing its redevelopment mandate, the 
Corporation shall, after consultation with State and local officials, 
carry out the following activities:
            (1) Package for sale acquired real property in substantial 
        tracts of land.
            (2) Make improvements to such tracts of land so as to make 
        the land suitable for sale and development, including such 
        basic improvements as the following:
                    (A) Construction and reconstruction of neighborhood 
                roads.
                    (B) Repair or replacement of water and wastewater 
                infrastructure.
                    (C) Similar activities necessary to maximize the 
                return on acquired real property.
            (3) Through a competitive bidding process, dispose of such 
        acquired properties in a profitable manner.
            (4) In consultation with State and local officials, provide 
        for the protection and preservation of historical and other 
        sites of cultural significance in such a manner that promotes 
        local heritage and interest.
    (d) Office of Internal Audit.--
            (1) Establishment.--The Board of Directors shall establish 
        an audit committee, to be known as the Office of Internal 
        Audit.
            (2) Reports.--The Office of Internal Audit shall report to 
        the Board of Directors no less than 4 times a year on the 
        Office's reviews of the activities, contracts, and financial 
        statements of the Corporation.
            (3) Employees.--The Office of Internal Audit shall set the 
        compensation and benefits for the employees of the Office.
            (4) Relationship to inspector general.--Notwithstanding any 
        provision of the Inspector General Act of 1978, the Board of 
        Directors shall provide for the Inspector General to report to 
        the Office of Internal Audit and to the Board of Directors.
    (e) Inspector General.--For purposes of the Inspector General Act 
of 1978--
            (1) the Board of Directors shall be treated as the head of 
        the establishment; and
            (2) the Corporation shall be treated as the establishment.

SEC. 6. PROPERTY ACQUISITION AUTHORITY AND METHODOLOGY.

    (a) In General.--Pursuant to section 5(b), the Corporation shall 
negotiate to acquire title to real property and compensate any property 
owner, mortgagee or primary lien holder with an interest in such real 
property.
    (b) Purchase Offer for Real Property Secured by a Lien.--The 
Corporation shall take into consideration the following in constructing 
offers of compensation for the acquisition of real property secured by 
a lien:
            (1) The Corporation's expenses to improve the property for 
        sale and development.
            (2) The Corporation's anticipated return upon the 
        property's disposition.
            (3) The post-event fair market value of the property.
            (4) The remaining principle balance of any outstanding 
        mortgage.
            (5) The potential for economic recovery of the mortgagee.
    (c) Purchase From Owner.--The Corporation shall take into 
consideration the following in constructing offers of compensation for 
any real property where no lien secures such real property:
            (1) The Corporation's expenses to improve the property for 
        sale and development.
            (2) The Corporation's anticipated return upon the 
        property's disposition.
            (3) The post-event fair market value of the property.
            (4) The potential for economic recovery of the property 
        owner.
    (d) Right of First Refusal and Option to Repurchase Real 
Property.--
            (1) In general.--Subject to paragraph (2), the Corporation 
        shall ensure that any entity awarded a contract under Section 7 
        shall grant a right of first refusal and option to obtain an 
        interest in real property of comparable size and location in 
        redeveloped areas to any party previously holding title.
            (2) Guidelines for exercise.--The Corporation shall--
                    (A) ensure that the right of first refusal and 
                option to obtain an interest in real property that are 
                granted pursuant to paragraph (1) are granted before 
                the real property is listed for public sale; and
                    (B) shall establish guidelines to provide that any 
                party receiving the option to obtain an interest in 
                real property is given adequate time to consider and 
                exercise such option.
    (e) Right to Retain an Interest in Real Property.--
            (1) Property owner or mortgagee right to retain interest.--
        The Corporation shall offer any property owner or mortgagee an 
        option to retain an interest in real property of comparable 
        size and location, subject to the following conditions:
                    (A) The Corporation shall pay no compensation to 
                the property owner or mortgagee.
                    (B) The property owner or mortgagee shall 
                compensate the Corporation for expenses to improve the 
                property for sale and development when such property 
                owner or mortgagee obtains construction financing for 
                development of the property.
            (2) Requirement to develop property.--Any property owner or 
        mortgagee exercising a right to retain interest in a property 
        shall--
                    (A) obtain construction financing within 90 days of 
                notification by the Corporation that the area in which 
                the property owner or mortgagee retains an interest is 
                available for development; and
                    (B) complete construction of a replacement 
                residential or commercial structure, as applicable, 
                within 2 years of a notification pursuant to 
                subparagraph (A).
            (3) Failure to develop.--If the Corporation certifies in 
        writing that a property owner or mortgagee has failed to comply 
        with the requirements of paragraph (2), the Corporation shall 
        exercise its authority pursuant to Section 8(c).
    (f) Limitation on Payment and Prohibition Against Windfall.--In 
general, in constructing and extending offers to acquire real property 
under this section, the Corporation shall ensure that--
            (1) in no case may the cumulative payment by the 
        Corporation to any individual for the purposes of acquiring 
        real property exceed $500,000; and
            (2) in no case may any person be the beneficiary of a 
        windfall gain as a result of any purchase offer extended by the 
        Corporation.

SEC. 7. ASSET DISPOSITION AUTHORITY AND METHODOLOGY.

    (a) Disposition of Property.--Pursuant to section 5(c), the 
Corporation shall dispose of property through a competitive bidding 
process under which purchasers are selected based on an ability to meet 
select criteria established by the Corporation, which shall include the 
following:
            (1) Capacity to oversee major development projects through 
        a community-based collaborative process.
            (2) Commitment of private capital.
            (3) Effective deployment of Federal National Mortgage 
        Association, Federal Home Loan Mortgage Corporation, Federal 
        home loan bank, and other Federal or State resources (such as 
        low-income housing tax credits, new markets tax credits, 
        enterprise zones, and the Historically Underutilized Business 
        Zones Program of the Small Business Administration) to ensure 
        construction of affordable housing.
            (4) Use of private contractors and subcontractors.
            (5) Use of local corporations and local employees.
            (6) Scale of development and job creation.
    (b) Urban Homestead Program.--The Corporation shall assist in the 
implementation of an urban homestead program by providing the 
following:
            (1) Land to the Federal Government for development as urban 
        homesteads.
            (2) Downpayment assistance and other seed money to enable 
        homestead construction.
            (3) Coordination with not-for-profit and faith-based 
        organizations in the construction and development of urban 
        homesteads.
    (c) Other Disposition.--The Corporation shall ensure that acquired 
property not made available for an urban homestead shall be disposed of 
in a manner that maximizes the return on the sale of acquired property 
to retire debt attributable to the Corporation.
    (d) Accounting Requirements.--
            (1) Accounting for holding and managing assets and 
        liabilities.--The Corporation shall keep a full and complete 
        accounting of all costs and expenses associated with the 
        holding and management of any asset or liability acquired by 
        the Corporation in carrying out the duties of the Corporation 
        under this Act.
            (2) Accounting for disposition of assets and liabilities.--
        The Corporation shall keep a full and complete accounting of 
        all expenses and receipts associated with the disposition of 
        any asset or liability acquired by the Corporation in carrying 
        out the duties of the Corporation under this Act.
    (e) Utilization of Private Sector.--In carrying out its 
responsibilities in the management and disposition of assets under this 
Act, the Corporation shall utilize the services of private persons, 
including real estate and loan portfolio asset management, property 
management, auction marketing, legal, and brokerage services, only if 
such services are available in the private sector and the Corporation 
determines utilization of such services is the most practicable, 
efficient, and cost effective.

SEC. 8. POWERS OF THE CORPORATION.

    (a) Powers.--The Corporation shall be a body corporate that shall 
have the power to--
            (1) adopt, alter, and use a corporate seal;
            (2) provide for such other officers and employees as may be 
        necessary to perform the functions of the Corporation, define 
        their duties, and require surety bonds or make other provisions 
        against losses occasioned by acts of such persons;
            (3) fix the compensation and number of, and appoint, 
        employees for any position established by the Corporation, 
        without regard to the provisions of chapter 51 or subchapter 
        III of chapter 53 of title 5;
            (4) sue and be sued, and complain and defend, by and 
        through its own attorneys, in any court of law or equity, State 
        or Federal;
            (5) with the consent of any executive agency, department, 
        or independent agency utilize the information, services, staff, 
        and facilities of such department or agency, on a reimbursable 
        (or other) basis, in carrying out this section;
            (6) prescribe, by the Board of Directors, bylaws that are 
        consistent with law to provide for--
                    (A) the management and operational structure of the 
                Corporation, subject to sections 2(d) and 3;
                    (B) the manner in which general operations are to 
                be conducted; and
                    (C) such other matters as the Board of Directors 
                determines to be appropriate;
            (7) enter into contracts and modify or consent to the 
        modification of any contract or agreement;
            (8) use the United States mails in the same manner and 
        subject to the same conditions as other departments or agencies 
        of the United States; and
            (9) exercise, by the Board of Directors, or duly authorized 
        officers or agents, any and all powers established under this 
        section and such incidental powers as are necessary to carry 
        out the powers, duties, and functions of the Corporation and 
        the Board of Directors under this Act.
    (b) Termination of Contract for Cause.--In the case of any service 
contract between the Corporation and any other person, the Corporation 
may terminate such contract for cause, whether by reason of breach of 
contract, violation of regulations or guidelines of the Corporation, or 
otherwise, or bar any such person from entering into any other 
contract, after notice and an opportunity for an agency hearing on the 
record.
    (c) Limited Power to Acquire Interests in Property by Eminent 
Domain.--
            (1) In general.--To the extent financial resources are 
        available, the Corporation may acquire by eminent domain 
        interests in property under paragraph (3) only to the extent 
        necessary to accomplish the mission and purpose of the 
        Corporation.
            (2) Limitation on exercise.--The Corporation may exercise 
        the power of eminent domain only if the Corporation--
                    (A) cannot agree with the owner on the purchase 
                price for the interest; or
                    (B) has determined in writing that a property owner 
                or mortgagee retaining an interest in a property has 
                failed to develop the property.
            (3) Civil actions.--
                    (A) In general.--A civil action to acquire an 
                interest in property by eminent domain under this 
                subsection shall be brought in the district court of 
                the United States for the judicial district in which 
                the property is located or, if a single piece of 
                property is located in more than 1 judicial district, 
                in any judicial district in which any piece of the 
                property is located.
                    (B) Point of taking.--An interest is condemned and 
                taken by the Corporation for its use when a declaration 
                of taking is filed under this subsection and an amount 
                of money estimated in the declaration to be just 
                compensation for the interest is deposited in the 
                court.
                    (C) Declaration of taking.--The declaration of 
                taking--
                            (i) may be filed with the complaint in the 
                        action or at any time before judgment; and
                            (ii) shall contain or be accompanied by--
                                    (I) a statement of the public use 
                                for which the interest is taken;
                                    (II) a description of the property 
                                sufficient to identify it;
                                    (III) a statement of the interest 
                                in the property taken;
                                    (IV) a plan showing the interest 
                                taken; and
                                    (V) a statement of the amount of 
                                money the Corporation estimates is just 
                                compensation for the interest.
                    (D) Vesting of title.--When the declaration is 
                filed and the deposit is made under this paragraph, 
                title to the property vests in the Corporation in fee 
                simple absolute or in the lesser interest shown in the 
                declaration, and the right to the money vests in the 
                person entitled to the money.
                    (E) Court action.--When the declaration is filed, 
                the court may decide--
                            (i) the time by which, and the terms under 
                        which, possession of the property is given to 
                        the Corporation; and
                            (ii) the disposition of outstanding charges 
                        related to the property.
                    (F) Finding of just compensation.--
                            (i) In general.--After a hearing, the court 
                        shall make a finding on the amount that is just 
                        compensation for the interest in the property 
                        and enter judgment awarding that amount and 
                        interest on it.
                            (ii) Rate of interest.--The rate of 
                        interest shall be 6 percent a year and shall be 
                        computed on the amount of the award less the 
                        amount deposited in the court from the date of 
                        taking to the date of payment.
                            (iii) Immediate payment.--On application of 
                        a party, the court may order immediate payment 
                        of any part of the amount deposited in the 
                        court for the compensation to be awarded.
                            (iv) Deficiency.--If the award is more than 
                        the amount received, the court shall enter 
                        judgment against the Corporation for the 
                        deficiency.
    (d) Hearings and Sessions.--
            (1) In general.--The Corporation may, for the purposes of 
        carrying out this Act, hold hearings, sit and act at times and 
        places, take testimony, and receive evidence as the Corporation 
        determines to be appropriate.
            (2) Summons.--In the course of or in connection with any 
        proceeding under this Act or in connection with any claim, the 
        Corporation, or any designated representative of the 
        Corporation, including any person designated to conduct any 
        hearing under this section, shall have the power to administer 
        oaths and affirmations, to take or cause to be taken 
        depositions, and to issue, revoke, quash, or modify subpenas 
        and subpenas duces tecum; and the Corporation is empowered to 
        make rules and regulations with respect to any such 
        proceedings, claims, examinations, or investigations.
            (3) Administrative aspects of summons.--
                    (A) Production at designated site.--A summons 
                issued pursuant to this section may require that books, 
                papers, records, or other data stored or maintained at 
                any place be produced at any designated location in any 
                State or in any territory or other place subject to the 
                jurisdiction of the United States not more than 500 
                miles distant from any place where the person resides 
                or operates or conducts business in the United States.
                    (B) Fees and travel expenses.--Persons summoned 
                under this section shall be paid the same fees and 
                mileage for travel in the United States that are paid 
                witnesses in the courts of the United States.
                    (C) No liability for expenses.--The United States 
                shall not be liable for any expense, other than an 
                expense described in subparagraph (B), incurred in 
                connection with the production of books, papers, 
                records, or other data under this section.
                    (D) Service of summons.--Service of a summons 
                issued under this subsection may be by registered mail 
                or in such other manner calculated to give actual 
                notice as the Corporation may prescribe by regulation.
            (4) Contumacy or refusal.--
                    (A) In general.--In case of contumacy by a person 
                issued a summons under this subsection or a refusal by 
                such person to obey such summons, the Corporation may 
                invoke the aid of any court of the United States within 
                the jurisdiction of which--
                            (i) the investigation which gave rise to 
                        the summons is being or has been carried on;
                            (ii) the person summoned is an inhabitant; 
                        or
                            (iii) the person summoned carries on 
                        business or may be found, to compel compliance 
                        with the summons.
                    (B) Court order.--The court may issue an order 
                requiring the person summoned to appear before the 
                Corporation or a delegate of the Corporation to produce 
                books, papers, records, and other data, to give 
                testimony as may be necessary to explain how such 
                material was compiled and maintained, and to pay the 
                costs of the proceeding.
                    (C) Failure to comply with order.--Any failure to 
                obey the order of the court may be punished by the 
                court as a contempt thereof.
                    (D) Service of process.--All process in any case 
                under this paragraph may be served in any judicial 
                district in which such person may be found.
    (e) Agency Authority.--
            (1) Status.--The Corporation, in any capacity, shall be an 
        agency of the United States for purposes of section 1345 of 
        title 28 without regard to whether the Corporation commenced 
        the action.
            (2) Federal court jurisdiction.--
                    (A) In general.--All suits of a civil nature at 
                common law or in equity to which the Corporation, in 
                any capacity, is a party shall be deemed to arise under 
                the laws of the United States.
                    (B) Removal.--The Corporation may, without bond or 
                security, remove any action, suit, or proceeding from a 
                State court to the appropriate United States district 
                court before the end of the 90-day period beginning on 
                the date the action, suit, or proceeding is filed 
                against the Corporation or the Corporation is 
                substituted as a party.
                    (C) Appeal of remand .--The Corporation may appeal 
                any order of remand entered by any United States 
                district court.
            (3) Service of process.--The Board of Directors shall 
        designate agents upon whom service of process may be made in 
        Louisiana and the District of Columbia.
            (4) Bonds or fees.--The Corporation shall not be required 
        to post any bond to pursue any appeal and shall not be subject 
        to payments of any filing fees in United States district courts 
        or courts of appeal.

SEC. 9. TERMINATION OF CORPORATION.

    (a) In General.--The Corporation shall terminate at the end of the 
10-year period beginning on the date of the enactment of this Act.
    (b) Winding Up the Affairs of the Corporation.--Any right, title, 
interest, or obligation of the Corporation with respect to liabilities 
or assets of the Corporation which have not been fully disposed of by 
the end of the 10-year period referred to in paragraph (1) shall 
transfer, as of the end of such period, to the Director of the Office 
of Management and Budget who shall promptly wind up the affairs of the 
Corporation and dispose of such assets and liabilities.
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