[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7086 Introduced in House (IH)]







110th CONGRESS
  2d Session
                                H. R. 7086

  To help our Nation meet our growing energy needs and strengthen our 
energy security through the development of nuclear power in the United 
                                States.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           September 25, 2008

    Mr. Barrett of South Carolina (for himself, Mr. Brown of South 
    Carolina, Mr. Wilson of South Carolina, and Mr. Inglis of South 
  Carolina) introduced the following bill; which was referred to the 
Committee on Energy and Commerce, and in addition to the Committees on 
     Ways and Means, Rules, and the Judiciary, 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 help our Nation meet our growing energy needs and strengthen our 
energy security through the development of nuclear power in the United 
                                States.

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

SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

    (a) Short Title.--This Act may be cited as the ``Pathway to Nuclear 
Power Act''.
    (b) Table of Contents.--The table of contents for this Act is as 
follows:

Sec. 1. Short title; table of contents.
                        TITLE I--NUCLEAR ENERGY

Sec. 101. Incentives for innovative technologies.
Sec. 102. Standby support for certain nuclear plant delays.
Sec. 103. Authorization for Nuclear Power 2010 Program.
Sec. 104. Domestic manufacturing base for nuclear components and 
                            equipment.
Sec. 105. Nuclear energy workforce.
Sec. 106. Licensing of new nuclear power plants.
Sec. 107. Investment tax credit for investments in nuclear power 
                            facilities.
Sec. 108. 5-year accelerated depreciation for new nuclear power 
                            facilities.
Sec. 109. Modification of credit for production from advanced nuclear 
                            power facilities.
Sec. 110. Joint Congressional Committee on Nuclear Energy.
Sec. 111. Confidence in availability of waste disposal.
                        TITLE II--NUCLEAR WASTE

Sec. 201. Short title.
Sec. 202. United States High Level Nuclear Waste Management 
                            Corporation.
Sec. 203. Termination of Office of Civilian Radioactive Waste 
                            Management.
Sec. 204. Funding.
Sec. 205. New plant contracts.

                        TITLE I--NUCLEAR ENERGY

SEC. 101. INCENTIVES FOR INNOVATIVE TECHNOLOGIES.

    (a) Definition of Project Cost.--Section 1701(1) of the Energy 
Policy Act of 2005 (42 U.S.C. 16511(1)) is amended by inserting a new 
paragraph (4) and renumbering the paragraphs accordingly:
            ``(4) Project cost.--The term `project cost' means all 
        costs associated with the development, planning, design, 
        engineering, permitting and licensing, construction, 
        commissioning, start-up, shakedown and financing of the 
        facility, including but not limited to reasonable escalation 
        and contingencies, the cost of and fees for the guarantee, 
        reasonably required reserve funds, initial working capital and 
        interest during construction.''.
    (b) Terms and Conditions.--Section 1702 of the Energy Policy Act of 
2005 (42 U.S.C. 16512) is amended by striking subsection (b) and 
inserting the following:
    ``(b) Specific Appropriation or Contribution.--
            ``(1) In general.--No guarantee shall be made unless--
                    ``(A) an appropriation for the cost has been made; 
                or
                    ``(B) the Secretary has received from the borrower 
                a payment in full for the cost of the obligation and 
                deposited the payment into the Treasury; or
                    ``(C) a combination of (A) and (B) has been made, 
                that when combined is sufficient to cover the cost of 
                the obligation.
            ``(2) Relation to other laws.--Section 504 (b) of the 
        Federal Credit Reform Act of 1990 (2 U.S.C. 661c (b)) shall not 
        apply to a loan guarantee made in accordance with paragraph 
        (1)(B).''.
    (c) Amount.--Section 1702 of the Energy Policy Act of 2005 (42 
U.S.C. 16512) is amended by striking subsection (c) and inserting the 
following:
    ``(c) Amount.--
            ``(1) In general.--Subject to paragraph (2), the Secretary 
        shall guarantee 100 percent of the obligation for a facility 
        that is the subject of the guarantee, or a lesser amount if 
        requested by the borrower.
            ``(2) Limitation.--The total amount of loans guaranteed for 
        a facility by the Secretary shall not exceed 80 percent of the 
        total cost of the facility, as estimated at the time at which 
        the guarantee is issued.''.
    (d) Fees.--Section 1702(h) of the Energy Policy Act of 2005 (42 
U.S.C. 16512(h)) is amended by striking paragraph (2) and inserting the 
following:
            ``(2) Availability.--Fees collected under this subsection 
        shall--
                    ``(A) be deposited by the Secretary into a special 
                fund in the Treasury to be known as the `Incentives For 
                Innovative Technologies Fund'; and
                    ``(B) remain available to the Secretary for 
                expenditure, without further appropriation or fiscal 
                year limitation, for administrative expenses incurred 
                in carrying out this title.''.

SEC. 102. STANDBY SUPPORT FOR CERTAIN NUCLEAR PLANT DELAYS.

    (a) Definitions.--Section 638(a) of the Energy Policy Act of 2005 
(42 U.S.C. 16014(a)) is amended as follows:
            (1) By redesignating paragraph (4) as paragraph (7).
            (2) By inserting the following:
            ``(4) Full power operation.--The term `full power 
        operation' means whichever occurs first of--
                    ``(A) the `commercial operation date' or the 
                equivalent under the terms of the financing documents 
                for such facility; or
                    ``(B) operation of such facility at an average of 
                50 percent or greater of nameplate capacity over any 
                consecutive 30-day period.
            ``(5) Increased project costs.--The term `increased project 
        costs' means the increased cost of constructing, commissioning, 
        testing, operating or maintaining a reactor prior to full-power 
        operation incurred as a result of a delay covered by the 
        contract including but not limited to costs of demobilization 
        and remobilization, increased costs of equipment, materials and 
        labor due to delay (including idle time), increased general and 
        administrative costs, and escalation costs for completing 
        construction.
            ``(6) Litigation.--The term `litigation' means adjudication 
        in Federal, State, local or tribal courts and administrative 
        proceedings or hearings at or before Federal, State, local or 
        tribal agencies or administrative bodies.''.
    (b) Contract Authority.--Section 638(b) of the Energy Policy Act of 
2005 (42 U.S.C. 16014(b)) is amended by striking paragraph (1) and 
inserting the following:
            ``(1) In general.--The Secretary may enter into contracts 
        under this section with sponsors of an advanced nuclear 
        facility that cover at any one time outstanding a total of not 
        more than 6 reactors, with the 6 reactors consisting of not 
        more than 3 different reactor designs, in accordance with 
        paragraph (2). In the event that any contract entered into 
        under this section terminates or expires without a claim being 
        paid by the Secretary thereunder, then the Secretary may enter 
        into a new contract under this section in replacement or 
        substitution for such contract.''.
    (c) Covered Costs.--Section 638(d) of the Energy Policy Act of 2005 
(42. U.S.C. 16014(d)) is amended by striking paragraphs (2) and (3) and 
inserting the following:
            ``(2) Coverage.--In the case of reactors that receive 
        combined licenses and on which construction is commenced, the 
        Secretary shall pay--
                    ``(A) 100 percent of the covered costs of delay 
                that occur after the initial 30-day period of covered 
                delay; but
                    ``(B) not more than $500,000,000 per contract.
            ``(3) Covered debt obligations.--Debt obligations covered 
        under subparagraph (A) of paragraph (5) shall include but not 
        be limited to debt obligations incurred to pay increased 
        project costs.''.
    (d) Dispute Resolution.--Section 638 of the Energy Policy Act of 
2005 (42 U.S.C. 16014) is amended as follows:
            (1) By designating subsections (f), (g), and (h) as 
        subsections (g), (h), and (i) respectively.
            (2) By inserting the following:
    ``(f) Dispute Resolution.--Any controversy or claim arising out of 
or relating to any contract entered into under this section shall be 
determined by arbitration in Washington, DC according to the then 
prevailing Commercial Arbitration Rules of the American Arbitration 
Association. A decision by the arbitrator(s) shall be final and 
binding, and any court having jurisdiction may enter judgment on it.''.

SEC. 103. AUTHORIZATION FOR NUCLEAR POWER 2010 PROGRAM.

    Section 952(c) of the Energy Policy Act of 2005 (42 U.S.C. 16272) 
is amended by striking subsections (1) and (2) and substituting the 
following:
            ``(1) In general.--The Secretary shall carry out a Nuclear 
        Power 2010 Program to position the Nation to start construction 
        of new nuclear power plants by 2010 or as close to 2010 as 
        achievable.
            ``(2) Scope of program.--The Nuclear Power 2010 Program 
        shall be cost-shared with the private sector and shall support 
        the following objectives:
                    ``(A) Demonstrating the licensing process for new 
                nuclear power plants, including the Nuclear Regulatory 
                Commission process for obtaining early site permits 
                (EPS), combined construction/operating licenses (cols), 
                and design certifications.
                    ``(B) Conducting first-of-a-kind design and 
                engineering work on at least two advanced nuclear 
                reactor designs sufficient to bring those designs to a 
                state of design completion sufficient to allow 
                development of firm cost estimates.
            ``(3) Authorization of appropriations.--There are 
        authorized to be appropriated to the Secretary to carry out the 
        Nuclear Power 2010 Program--
                    ``(A) $182,800,000 for fiscal year 2008;
                    ``(B) $159,600,000 for fiscal year 2009;
                    ``(C) $135,600,000 for fiscal year 2010;
                    ``(D) $46,900,000 for fiscal year 2011; and
                    ``(E) $2,200,000 for fiscal year 2012.''.

SEC. 104. DOMESTIC MANUFACTURING BASE FOR NUCLEAR COMPONENTS AND 
              EQUIPMENT.

    (a) Establishment of Interagency Working Group.--
            (1) Purposes.--The purposes of this section are--
                    (A) to increase the competitiveness of the United 
                States nuclear energy products and services industries;
                    (B) to identify the stimulus or incentives 
                necessary to cause United States manufacturers of 
                nuclear energy products to expand manufacturing 
                capacity;
                    (C) to facilitate the export of United States 
                nuclear energy products and services;
                    (D) to reduce the trade deficit of the United 
                States through the export of United States nuclear 
                energy products and services;
                    (E) to retain and create nuclear energy 
                manufacturing and related service jobs in the United 
                States;
                    (F) to integrate the objectives in subparagraphs 
                (A) through (E) in a manner consistent with the 
                interests of the United States, into the foreign policy 
                of the United States; and
                    (G) to authorize funds for increasing United States 
                capacity to manufacture nuclear energy products and 
                supply nuclear energy services.
            (2) Establishment.--
                    (A) There shall be established an interagency 
                working group that, in consultation with representative 
                industry organizations and manufacturers of nuclear 
                energy products, shall make recommendations to 
                coordinate the actions and programs of the Federal 
                Government in order to promote increasing domestic 
                manufacturing capacity and export of domestic nuclear 
                energy products and services.
                    (B) The Interagency Working Group shall be composed 
                as follows:
                            (i) The Secretary of Energy, or the 
                        Secretary's designee, who shall chair the 
                        interagency working group. The Secretary of 
                        Energy shall provide staff for carrying out the 
                        functions of the interagency working group 
                        established under this section.
                            (ii) Representatives of--
                                    (I) the Department of Energy;
                                    (II) the Department of Commerce;
                                    (III) the Department of Defense;
                                    (IV) the Department of Treasury;
                                    (V) the Department of State;
                                    (VI) the Environmental Protection 
                                Agency;
                                    (VII) the United States Agency for 
                                International Development;
                                    (VIII) the Export-Import Bank of 
                                the United States;
                                    (IX) the Trade and Development 
                                Agency;
                                    (X) the Small Business 
                                Administration;
                                    (XI) the Office of the U.S. Trade 
                                Representative; and
                                    (XII) other Federal agencies, as 
                                determined by the President.
                            (iii) The heads of appropriate agencies 
                        shall detail such personnel and furnish such 
                        services to the interagency group, with or 
                        without reimbursement, as may be necessary to 
                        carry out the group's functions.
            (3) Duties of the interagency working group.--
                    (A) Within six months of enactment, the interagency 
                working group established under paragraph (2)(A) shall 
                identify the actions necessary to promote the safe 
                development and application in foreign countries of 
                nuclear energy products and services in order to--
                            (i) increase electricity generation from 
                        nuclear energy sources through development of 
                        new generation facilities;
                            (ii) improve the efficiency, safety and/or 
                        reliability of existing nuclear generating 
                        facilities through modifications; and
                            (iii) enhance the safe treatment, handling, 
                        storage and disposal of used nuclear fuel.
                    (B) Within 6 months of enactment, the interagency 
                working group shall identify mechanisms (including, but 
                not limited to, tax stimulus for investment, loans and 
                loan guarantees, and grants) necessary for United 
                States companies to increase their capacity to produce 
                or provide nuclear energy products and services, and to 
                increase their exports of nuclear energy products and 
                services. The interagency working group shall identify 
                administrative or legislative initiatives necessary 
                to--
                            (i) encourage United States companies to 
                        increase their manufacturing capacity for 
                        nuclear energy products;
                            (ii) provide technical and financial 
                        assistance and support to small and mid-sized 
                        businesses to establish quality assurance 
                        programs in accordance with domestic and 
                        international nuclear quality assurance code 
                        requirements;
                            (iii) encourage, through financial 
                        incentives, private sector capital investment 
                        to expand manufacturing capacity; and
                            (iv) provide technical assistance and 
                        financial incentives to small and mid-sized 
                        businesses to develop the work-force necessary 
                        to increase manufacturing capacity and meet 
                        domestic and international nuclear quality 
                        assurance code requirements.
                    (C) Within 9 months of enactment, the interagency 
                working group shall provide a report to Congress on its 
                findings under subparagraphs (A) and (B), including 
                recommendations for new legislative authority where 
                necessary.
                    (D) The interagency working group shall identify 
                the trade barriers that exist globally to the export of 
                United States nuclear products and services.
            (4) Trade assistance.--The interagency working group shall 
        encourage the member agencies of the interagency working group 
        to--
                    (A) provide technical training and education for 
                international development personnel and local users in 
                their own country;
                    (B) provide financial and technical assistance to 
                nonprofit institutions that support the marketing and 
                export efforts of domestic companies that provide 
                nuclear energy products and services;
                    (C) develop nuclear energy projects in foreign 
                countries;
                    (D) provide technical assistance and training 
                materials to loan officers of the World Bank, 
                international lending institutions, commercial and 
                energy attaches at embassies of the United States and 
                other appropriate personnel in order to provide 
                information about nuclear energy products and services 
                to foreign governments or other potential project 
                sponsors;
                    (E) support, through financial incentives, private 
                sector efforts to commercialize and export nuclear 
                energy products and services in accordance with the 
                subsidy codes of the World Trade Organization; and
                    (F) augment budgets for trade and development 
                programs in order to support prefeasibility or 
                feasibility studies for projects that utilize nuclear 
                energy products and services.
            (5) Authorization of appropriations.--There are authorized 
        to be appropriated to the Secretary for purposes of carrying 
        out this section $20,000,000 for fiscal years 2009 and 2010.
    (b) Credit for Qualifying Nuclear Power Manufacturing.--Subpart E 
of part IV of subchapter A of chapter 1 of the Internal Revenue Code is 
amended by inserting after section 48B the following new section:

``SEC. 48C. QUALIFYING NUCLEAR POWER MANUFACTURING CREDIT.

    ``(a) In General.--For purposes of section 46, the qualifying 
nuclear power manufacturing credit for any taxable year is an amount 
equal to 20 percent of the qualified investment for such taxable year.
    ``(b) Qualified Investment.--
            ``(1) In general.--For purposes of subsection (a), the 
        qualified investment for any taxable year is the basis of 
        eligible property placed in service by the taxpayer during such 
        taxable year--
                    ``(A) which is either part of a qualifying nuclear 
                power manufacturing project or is qualifying nuclear 
                power manufacturing equipment,
                    ``(B)(i) the construction, reconstruction, or 
                erection of which is completed by the taxpayer, or
                    ``(ii) which is acquired by the taxpayer if the 
                original use of such property commences with the 
                taxpayer,
                    ``(C) with respect to which depreciation (or 
                amortization in lieu of depreciation) is allowable, and
                    ``(D) which is placed in service on or before 
                December 31, 2015.
            ``(2) Special rule for certain subsidized property.--Rules 
        similar to section 48(a)(4) shall apply for purposes of this 
        section.
            ``(3) Certain qualified progress expenditures rules made 
        applicable.--Rules similar to the rules of subsections (c)(4) 
        and (d) of section 46 (as in effect on the day before the 
        enactment of the Revenue Reconciliation Act of 1990) shall 
        apply for purposes of this section.
    ``(c) Definitions.--For purposes of this section--
            ``(1) Qualifying nuclear power manufacturing project.--The 
        term `qualifying nuclear power manufacturing project' means any 
        project which is designed primarily to enable the taxpayer to 
        produce or test equipment necessary for the design, 
        construction, or operation of a nuclear power plant.
            ``(2) Qualifying nuclear power manufacturing equipment.--
        The term `qualifying nuclear power manufacturing equipment' 
        means machine tools and other similar equipment, including 
        computers and other peripheral equipment, acquired or 
        constructed primarily to enable the taxpayer to produce or test 
        equipment necessary for the design, construction, or operation 
        of a nuclear power plant.
            ``(3) Project.--The term `project' includes any building 
        constructed to house qualifying nuclear power manufacturing 
        equipment.''.
    (c) Conforming Amendments.--
            (1) Additional investment credit.--Section 46 of such Code 
        is amended by--
                    (A) striking ``and'' at the end of paragraph (3);
                    (B) striking the period at the end of paragraph (4) 
                and inserting ``, and''; and
                    (C) inserting after paragraph (4) the following new 
                paragraph:
            ``(5) the qualifying nuclear power manufacturing credit.''.
            (2) Application of section 49.--Subparagraph (C) of section 
        49(a)(1) of such Code is amended by--
                    (A) striking ``and'' at the end of clause (iii);
                    (B) striking the period at the end of clause (iv) 
                and inserting ``, and''; and
                    (C) inserting after clause (iv) the following new 
                clause:
                            ``(v) the basis of any property which is 
                        part of a qualifying nuclear power equipment 
                        manufacturing project under section 48C.''.
            (3) Table of sections.--The table of sections preceding 
        section 46 of such Code is amended by inserting after the line 
        for section 48B the following new line:

``Sec. 48C. Qualifying nuclear power manufacturing credit.''.
    (d) Effective Date.--The amendments made by this section shall 
apply to property--
            (1) the construction, reconstruction, or erection of which 
        of began after the date of enactment; or
            (2) which was acquired by the taxpayer on or after the date 
        of enactment and not pursuant to a binding contract which was 
        in effect on the day prior to the date of enactment.

SEC. 105. NUCLEAR ENERGY WORKFORCE.

    (a) Amendment.--Section 1101 of the Energy Policy Act of 2005 (42 
U.S.C. 16411) is amended--
            (1) by redesignating subsection (d) as subsection (e); and
            (2) by inserting after subsection (c) the following:
    ``(d) Workforce Training.--
            ``(1) In general.--The Secretary of Labor, in cooperation 
        with the Secretary of Energy, shall promulgate regulations to 
        implement a program to provide workforce training to meet the 
        high demand for workers skilled in the nuclear utility and 
        nuclear energy products and services industries.
            ``(2) Consultation.--In carrying out this subsection, the 
        Secretary of Labor shall consult with representatives of the 
        nuclear utility and nuclear energy products and services 
        industries, and organized labor, concerning skills that are 
        needed in those industries.
            ``(3) Authorization of appropriations.--There are 
        authorized to be appropriated to the Secretary of Labor, 
        working in coordination with the Secretaries of Education and 
        Energy $20,000,000 for each of fiscal years 2009 through 2013 
        for use in implementing a program to provide workforce training 
        to meet the high demand for workers skilled in the nuclear 
        utility and nuclear energy products and services industries.''.
    (b) Collaborative Programs.--Federal agencies shall take 
appropriate actions to encourage private sector companies to 
collaborate with local institutions of higher education to develop 
programs to expand the United States nuclear workforce.

SEC. 106. LICENSING OF NEW NUCLEAR POWER PLANTS.

    Sections 189 and 185 of the Atomic Energy Act of 1954 are amended 
thus:
            (1) Hearings and judicial review.--Section 189a.(1)(A) is 
        modified thus: ``In any proceeding under this Act, for the 
        granting, suspending, revoking, or amending of any license or 
        construction permit, or application to transfer control, and in 
        any proceeding for the issuance or modification of rules and 
        regulations dealing with the activities of licensees, and in 
        any proceeding for the payment of compensation, an award, or 
        royalties under section 153, 157, 186c., or 188, the Commission 
        shall grant a hearing upon the request of any person whose 
        interest may be affected by the proceeding, and shall admit any 
        such person as a party to such proceeding. The Commission may, 
        in the absence of a request therefor by any person whose 
        interest may be affected, issue a construction permit, an 
        operating license or an amendment to a construction permit or 
        an amendment to an operating license without a hearing, but 
        upon thirty days' notice and publication once in the Federal 
        Register of its intent to do so. The Commission may dispense 
        with such thirty days' notice and publication with respect to 
        any application for an amendment to a construction permit or an 
        amendment to an operating license upon a determination by the 
        Commission that the amendment involves no significant hazards 
        consideration.''.
            (2) Construction permits and operating licenses.--Section 
        185b is modified thus: ``After any public hearing held under 
        section 189a.(1)(A), the Commission shall issue to the 
        applicant a combined construction and operating license if the 
        application contains sufficient information to support the 
        issuance of a combined license and the Commission determines 
        that there is reasonable assurance that the facility will be 
        constructed and will operate in conformity with the license, 
        the provisions of this Act, and the Commission's rules and 
        regulations. The Commission shall identify within the combined 
        license the inspections, tests, and analyses, including those 
        applicable to emergency planning, that the licensee shall 
        perform, and the acceptance criteria that, if met, are 
        necessary and sufficient to provide reasonable assurance that 
        the facility has been constructed and will be operated in 
        conformity with the license, the provisions of this Act, and 
        the Commission's rules and regulations. Following issuance of 
        the combined license, the Commission shall ensure that the 
        prescribed inspections, tests, and analyses are performed and, 
        prior to operation of the facility, shall find that the 
        prescribed acceptance criteria are met. Any finding made under 
        this subsection shall not require a hearing except as provided 
        in section 189a.(1)(B).''.

SEC. 107. INVESTMENT TAX CREDIT FOR INVESTMENTS IN NUCLEAR POWER 
              FACILITIES.

    (a) New Credit for Nuclear Power Facilities.--Section 46 of the 
Internal Revenue Code of 1986, as amended by this Act, is amended by--
            (1) striking ``and'' at the end of paragraph (4);
            (2) striking the period at the end of paragraph (5) and 
        inserting ``, and''; and
            (3) inserting after paragraph (5) the following new 
        paragraph:
            ``(6) the nuclear power facility construction credit.''.
    (b) Nuclear Power Facility Construction Credit.--Subpart E of part 
IV of subchapter A of chapter 1 of such Code, as amended by this Act, 
is amended by inserting after section 48C the following new section:

``SEC. 48D. NUCLEAR POWER FACILITY CONSTRUCTION CREDIT.

    ``(a) In General.--For purposes of section 46, the nuclear power 
facility construction credit for any taxable year is 10 percent of the 
qualified nuclear power facility expenditures with respect to a 
qualified nuclear power facility.
    ``(b) When Expenditures Taken Into Account.--
            ``(1) In general.--Qualified nuclear power facility 
        expenditures shall be taken into account for the taxable year 
        in which the qualified nuclear power facility is placed in 
        service.
            ``(2) Coordination with subsection (c).--The amount which 
        would (but for this paragraph) be taken into account under 
        paragraph (1) with respect to any qualified nuclear power 
        facility shall be reduced (but not below zero) by any amount of 
        qualified nuclear power facility expenditures taken into 
        account under subsection (c) by the taxpayer or a predecessor 
        of the taxpayer (or, in the case of a sale and leaseback 
        described in section 50(a)(2)(C), by the lessee), to the extent 
        any amount so taken into account has not been required to be 
        recaptured under section 50(a).
    ``(c) Progress Expenditures.--
            ``(1) In general.--A taxpayer may elect to take into 
        account qualified nuclear power facility expenditures.
                    ``(A) Self-constructed property.--In the case of a 
                qualified nuclear power facility which is a self-
                constructed facility, in the taxable year for which 
                such expenditures are properly chargeable to capital 
                account with respect to such facility.
                    ``(B) Acquired facility.--In the case of a 
                qualified nuclear facility which is not self-
                constructed property, in the taxable year in which such 
                expenditures are paid.
            ``(2) Special rules for applying paragraph (1).--For 
        purposes of paragraph (1):
                    ``(A) Component parts, etc.--Property which is not 
                self-constructed property and which is to be a 
                component part of, or is otherwise to be included in, 
                any facility to which this subsection applies shall be 
                taken into account in accordance with paragraph (1)(B).
                    ``(B) Certain borrowing disregarded.--Any amount 
                borrowed directly or indirectly by the taxpayer on a 
                nonrecourse basis from the person constructing the 
                facility for the taxpayer shall not be treated as an 
                amount expended for such facility.
                    ``(C) Limitation for facilities or components which 
                are not self-constructed.--
                            ``(i) In general.--In the case of a 
                        facility or a component of a facility which is 
                        not self-constructed, the amount taken into 
                        account under paragraph (1)(B) for any taxable 
                        year shall not exceed the amount which 
                        represents the portion of the overall cost to 
                        the taxpayer of the facility or component of a 
                        facility which is properly attributable to the 
                        portion of the facility or component which is 
                        completed during such taxable year.
                            ``(ii) Carry-over of certain amounts.--In 
                        the case of a facility or component of a 
                        facility which is not self-constructed, if for 
                        the taxable year--
                                    ``(I) the amount which (but for 
                                clause (i)) would have been taken into 
                                account under paragraph (1)(B) exceeds 
                                the limitation of clause (i), then the 
                                amount of such excess shall be taken 
                                into account under paragraph (1)(B) for 
                                the succeeding taxable year; or
                                    ``(II) the limitation of clause (i) 
                                exceeds the amount taken into account 
                                under paragraph (1)(B), then the amount 
                                of such excess shall increase the 
                                limitation of clause (i) for the 
                                succeeding taxable year.
                    ``(D) Determination of percentage of completion.--
                The determination under subparagraph (C)(i) of the 
                portion of the overall cost to the taxpayer of the 
                construction which is properly attributable to 
                construction completed during any taxable year shall be 
                made on the basis of engineering or architectural 
                estimates or on the basis of cost accounting records. 
                Unless the taxpayer establishes otherwise by clear and 
                convincing evidence, the construction shall be deemed 
                to be completed not more rapidly than ratably over the 
                normal construction period.
                    ``(E) No progress expenditures for certain prior 
                periods.--No qualified nuclear facility expenditures 
                shall be taken into account under this subsection for 
                any period before the first day of the first taxable 
                year to which an election under this subsection 
                applies.
                    ``(F) No progress expenditures for property for 
                year it is placed in service, etc.--In the case of any 
                qualified nuclear facility, no qualified nuclear 
                facility expenditures shall be taken into account under 
                this subsection for the earlier of--
                            ``(i) the taxable year in which the 
                        facility is placed in service; or
                            ``(ii) the first taxable year for which 
                        recapture is required under section 50(a)(2) 
                        with respect to such facility, or for any 
                        taxable year thereafter.
            ``(3) Self-constructed.--For purposes of this subsection:
                    ``(A) The term `self-constructed facility' means 
                any facility if it is reasonable to believe that more 
                than half of the qualified nuclear facility 
                expenditures for such facility will be made directly by 
                the taxpayer.
                    ``(B) A component of a facility shall be treated as 
                not self-constructed if the cost of the component is at 
                least 5 percent of the expected cost of the facility 
                and the component is acquired by the taxpayer.
            ``(4) Election.--An election shall be made under this 
        section for a qualified nuclear power facility by claiming the 
        nuclear power facility construction credit for expenditures 
        described in paragraph (1) on a tax return filed by the due 
        date for such return (taking into account extensions). Such an 
        election shall apply to the taxable year for which made and all 
        subsequent taxable years. Such an election, once made, may be 
        revoked only with the consent of the Secretary.
    ``(d) Definitions and Special Rules.--For purposes of this section:
            ``(1) Qualified nuclear power facility.--The term 
        `qualified nuclear power facility' means an advanced nuclear 
        power facility, as defined in section 45J, the construction of 
        which was approved by the Nuclear Regulatory Commission on or 
        before December 31, 2013.
            ``(2) Qualified nuclear power facility expenditures.--
                    ``(A) In general.--The term `qualified nuclear 
                power facility expenditures' means any amount properly 
                chargeable to capital account--
                            ``(i) with respect to a qualified nuclear 
                        power facility;
                            ``(ii) for which depreciation is allowable 
                        under section 168; and
                            ``(iii) which are incurred before the 
                        qualified nuclear power facility is placed in 
                        service or in connection with the placement of 
                        such facility in service.
                    ``(B) Pre-effective date expenditures.--Qualified 
                nuclear power facility expenditures do not include any 
                expenditures incurred by the taxpayer before January 1, 
                2007, unless such expenditures constitute less than 20 
                percent of the total qualified nuclear power facility 
                expenditures (determined without regard to this 
                subparagraph) for the qualified nuclear power facility.
            ``(3) Delays and suspension of construction.--
                    ``(A) In general.--For purposes of applying this 
                section and section 50, a nuclear power facility that 
                is under construction shall cease to be treated as a 
                facility that will be a qualified nuclear power 
                facility as of the earlier of--
                            ``(i) the date on which the taxpayer 
                        decides to terminate construction of the 
                        facility; or
                            ``(ii) the last day of any 24-month period 
                        in which the taxpayer has failed to incur 
                        qualified nuclear power facility expenditures 
                        totaling at least 20 percent of the expected 
                        total cost of the nuclear power facility.
                    ``(B) Authority to waive.--The Secretary may waive 
                the application of clause (ii) of subparagraph (A) if 
                the Secretary determines that the taxpayer intended to 
                continue the construction of the qualified nuclear 
                power facility and the expenditures were not incurred 
                for reasons outside the control of the taxpayer.
                    ``(C) Resumption of construction.--If a nuclear 
                power facility that is under construction ceases to be 
                a qualified nuclear power facility by reason of 
                paragraph (2) and work is subsequently resumed on the 
                construction of such facility--
                            ``(i) the date work is subsequently resumed 
                        shall be treated as the date that construction 
                        began for purposes of paragraph (1); and
                            ``(ii) if the facility is a qualified 
                        nuclear power facility, the qualified nuclear 
                        power facility expenditures shall be determined 
                        without regard to any delay or temporary 
                        termination of construction of the facility.''.
    (c) Provisions Relating to Credit Recapture.--
            (1) Progress expenditure recapture rules.--
                    (A) Basic rules.--Subparagraph (A) of section 
                50(a)(2) of such Code is amended to read as follows:
                    ``(A) In general.--If during any taxable year any 
                building to which section 47(d) applied or any facility 
                to which section 48D(c) applied ceases (by reason of 
                sale or other disposition, cancellation or abandonment 
                of contract, or otherwise) to be, with respect to the 
                taxpayer, property which, when placed in service, will 
                be a qualified rehabilitated building or a qualified 
                nuclear power facility, then the tax under this chapter 
                for such taxable year shall be increased by an amount 
                equal to the aggregate decrease in the credits allowed 
                under section 38 for all prior taxable years which 
                would have resulted solely from reducing to zero the 
                credit determined under this subpart with respect to 
                such building or facility.''.
                    (B) Amendment to excess credit recapture rule.--
                Subparagraph (B) of section 50(a)(2) of such Code is 
                amended by--
                            (i) inserting ``or paragraph (2) of section 
                        48D(b)'' after ``paragraph (2) of section 
                        47(b)'';
                            (ii) inserting ``or section 48D(b)(1)'' 
                        after ``section 47(b)(1)''; and
                            (iii) inserting ``or facility'' after 
                        ``building''.
                    (C) Amendment of sale and leaseback rule.--
                Subparagraph (C) of section 50(a)(2) of such Code is 
                amended by--
                            (i) inserting ``or section 48D(c)'' after 
                        ``section 47(d)''; and
                            (ii) inserting ``or qualified nuclear power 
                        facility expenditures'' after ``qualified 
                        rehabilitation expenditures''.
                    (D) Other amendment.--Subparagraph (D) of section 
                50(a)(2) of such Code is amended by inserting ``or 
                section 48D(c)'' after ``section 47(d)''.
    (d) No Basis Adjustment.--Section 50(c) of such Code is amended by 
inserting at the end thereof the following new paragraph:
            ``(6) Nuclear power facility construction credit.--
        Paragraphs (1) and (2) shall not apply to the nuclear power 
        facility construction credit.''.
    (e) Technical Amendments.--The table of sections for subpart E of 
part IV of subchapter A of chapter 1 of such Code is amended by 
inserting after the item relating to section 48C the following new 
item:

``Sec. 48D. Nuclear power facility construction credit.''.
    (f) Effective Date.--The amendments made by this section of this 
Act shall be effective for expenditures incurred and property placed in 
service in taxable years beginning after the date of enactment.

SEC. 108. 5-YEAR ACCELERATED DEPRECIATION FOR NEW NUCLEAR POWER 
              FACILITIES.

    (a) In General.--Subparagraph (B) of section 168(e)(3) of the 
Internal Revenue Code of 1986 (relating to 5-year property) is 
amended--
            (1) by striking ``and'' at the end of clause (v);
            (2) by striking the period at the end of clause (vi) and 
        inserting ``, and''; and
            (3) by inserting after clause (vi) the following new 
        clause:
                            ``(vii) any qualified nuclear power 
                        facility described in paragraph (1) of section 
                        48D(d) (without regard to the last sentence 
                        thereof) the original use of which commences 
                        with the taxpayer.''.
    (b) Conforming Amendment.--Section 168(e)(3)(E)(vii) of the 
Internal Revenue Code of 1986 is amended by inserting ``and not 
described in subparagraph (B)(vii) of this paragraph'' after ``section 
1245(a)(3)''.
    (c) Effective Date.--The amendments made by this section shall 
apply to property placed in service in taxable years beginning after 
the date of enactment of this Act.

SEC. 109. MODIFICATION OF CREDIT FOR PRODUCTION FROM ADVANCED NUCLEAR 
              POWER FACILITIES.

    (a) Allocation of Credit to Private Partners of Tax-Exempt 
Entities.--
            (1) In general.--Section 45J of the Internal Revenue Code 
        of 1986 (relating to credit for production from advanced 
        nuclear power facilities) is amended--
                    (A) by redesignating subsection (e) as subsection 
                (f); and
                    (B) by inserting after subsection (d) the following 
                new subsection:
    ``(e) Special Rule for Public-Private Partnerships.--
            ``(1) In general.--In the case of an advanced nuclear power 
        facility which is owned by a public-private partnership, any 
        qualified public entity which is a member of such partnership 
        may transfer such entity's allocation of the credit under 
        subsection (a) to any non-public entity which is a member of 
        such partnership, except that the aggregate allocations of such 
        credit claimed by such non-public entity shall be subject to 
        the limitations under subsections (b) and (c) and section 
        38(c).
            ``(2) Qualified public entity.--For purposes of this 
        subsection, the term `qualified public entity' means a Federal, 
        State, or local government entity, or any political subdivision 
        thereof, or a cooperative organization described in section 
        1381(a).
            ``(3) Verification of transfer of allocation.--A qualified 
        public entity that makes a transfer under paragraph (1), and a 
        non-public entity that receives an allocation under such a 
        transfer, shall provide verification of such transfer in such 
        manner and at such time as the Secretary shall prescribe.''.
            (2) Coordination with general business credit.--Subsection 
        (c) of section 38 of such Code (relating to limitation based on 
        amount of tax) is amended by adding at the end the following 
        new paragraph:
            ``(6) Special rule for credit for production from advanced 
        nuclear power facilities.--
                    ``(A) In general.--In the case of the credit for 
                production from advanced nuclear power facilities 
                determined under section 45J(a), paragraph (1) shall 
                not apply with respect to any qualified public entity 
                (as defined in section 45J(e)(2)) which transfers the 
                entity's allocation of such credit to a non-public 
                partner as provided in section 45J(e)(1).
                    ``(B) Verification of transfer.--Subparagraph (A) 
                shall not apply to any qualified public entity unless 
                such entity provides verification of a transfer of 
                credit allocation as required under section 
                45J(e)(3).''.
    (b) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after the date of the enactment of 
this Act.

SEC. 110. JOINT CONGRESSIONAL COMMITTEE ON NUCLEAR ENERGY.

    (a) Establishment.--There is hereby established a Joint Committee 
on Nuclear Energy (hereafter in this section referred to as the ``joint 
committee'').
    (b) Composition.--The joint committee shall be composed of 10 
Members of the Senate and 10 Members of the House of Representatives, 
to be appointed by the majority leader of the Senate and the Speaker of 
the House of Representatives. In each instance, not more than 12 
members shall be members of the same political party. A vacancy in the 
membership of the joint committee shall be filled in the same manner as 
the original appointment.
    (c) Jurisdiction.--The joint committee shall not have legislative 
jurisdiction and shall have no authority to take legislative action on 
any bill or resolution. Its sole authority shall be to investigate, 
study, make findings, and develop recommendations on policies, 
strategies, technologies, and other innovations intended to further the 
development of nuclear energy in the United States.
    (d) Chairman.--The joint committee shall select a chairman and a 
vice chairman from among its members at the beginning of each Congress. 
The vice chairman shall act in place of the chairman in the absence of 
the chairman. The chairmanship shall alternate between the Senate and 
the House of Representatives with each Congress, and the chairman shall 
be selected by the members from that House entitled to the 
chairmanship. The vice chairman shall be chosen from the House other 
than that of the chairman by the members from that House.
    (e) Powers.--In carrying out its duties under this section, the 
joint committee, or any duly authorized subcommittee thereof, is 
authorized to--
            (1) hold such hearings, to sit and act at such places and 
        times within the United States during the sessions, recesses, 
        and adjourned periods of Congress;
            (2) require the attendance of such witnesses and the 
        production of such books, papers, and documents, administer 
        such oaths, take such testimony, procure such printing and 
        binding as it deems necessary; and
            (3) make such rules respecting its organization and 
        procedures as it deems necessary.
    (f) Staff.--The joint committee may appoint and fix the 
compensation of such experts, consultants, and staff as it deems 
necessary.
    (g) Funding.--(1) There shall be paid out of the applicable 
accounts of the House of Representatives such sums as may be necessary 
for one-half of the expenses of the joint committee. Such payments 
shall be made on vouchers signed by the chairman or vice chairman of 
the joint committee who is a Member of the House of Representatives, as 
the case may be, and approved in the manner directed by the Committee 
on House Administration of the House of Representatives. Amounts made 
available under this paragraph shall be expended in accordance with 
regulations prescribed by the Committee on House Administration of the 
House of Representatives.
    (2) [To be supplied by the Senate].

SEC. 111. CONFIDENCE IN AVAILABILITY OF WASTE DISPOSAL.

    (a) Congressional Determination.--The Congress finds that--
            (1) there is reasonable assurance that high-level 
        radioactive waste and spent nuclear fuel generated in reactors 
        licensed by the Nuclear Regulatory Commission in the past, 
        currently, or in the future will be managed in a safe manner 
        without significant environmental impact until capacity for 
        ultimate disposal is available; and
            (2) the Federal Government is responsible and has 
        established a policy for the ultimate safe and environmentally 
        sound disposal of such high-level radioactive waste and spent 
        nuclear fuel.
    (b) Regulatory Consideration.--Notwithstanding any other provision 
of law, for the period following the licensed operation of a civilian 
nuclear power reactor or any facility for the treatment or storage of 
spent nuclear fuel or high-level radioactive waste, no consideration of 
the public health and safety, common defense and security, or 
environmental impacts of the storage of high-level radioactive waste 
and spent nuclear fuel generated in reactors licensed by the Nuclear 
Regulatory Commission in the past, currently, or in the future, is 
required by the Department of Energy or the Nuclear Regulatory 
Commission in connection with the development, construction, and 
operation of, or any permit, license, license amendment, or siting 
approval for, a civilian nuclear power reactor or any facility for the 
treatment or storage of spent nuclear fuel or high-level radioactive 
waste. Nothing in this section shall affect the Department of Energy's 
and Nuclear Regulatory Commission's obligation to consider the public 
health and safety, common defense and security, and environmental 
impacts of storage during the period of licensed operation of a 
civilian nuclear power reactor or facility for the treatment or storage 
of spent nuclear fuel or high-level radioactive waste.

                        TITLE II--NUCLEAR WASTE

SEC. 201. SHORT TITLE.

    This title may be cited as the ``United States High Level Nuclear 
Waste Management Corporation Act''.

SEC. 202. UNITED STATES HIGH LEVEL NUCLEAR WASTE MANAGEMENT 
              CORPORATION.

    The Nuclear Waste Policy Act of 1982 (42 U.S.C. 10101 et seq.) is 
amended by adding at the end the following new title:

     ``TITLE VI--UNITED STATES HIGH LEVEL NUCLEAR WASTE MANAGEMENT 
                              CORPORATION

``SEC. 601. DEFINITIONS.

    ``For purposes of this title:
            ``(1) The term `Board' means the Board of Directors of the 
        Corporation under section 606.
            ``(2) The term `Corporation' means the United States High 
        Level Nuclear Waste Management Corporation established under 
        section 603.
            ``(3) The term `Department' means the Department of Energy.
            ``(4) The term `Secretary' means the Secretary of Energy.

``SEC. 602. PURPOSES.

    ``The Corporation is created for the following purposes:
            ``(1) To carry out the functions of the Secretary under 
        this Act, subject to the general supervision of the Secretary.
            ``(2) To operate as a business enterprise on a cost-
        effective and efficient basis.
            ``(3) To conduct research and development as required to 
        meet business objectives for the purposes of identifying, 
        evaluating, improving, and testing alternative technologies for 
        high level waste management and disposal as provided in this 
        Act.
            ``(4) To comply with laws, and regulations promulgated 
        thereunder, to protect the public health, safety, and the 
        environment.
            ``(5) To continue at all times to meet the objectives of 
        ensuring the Nation's common defense and security, including 
        abiding by United States laws and policies concerning special 
        nuclear materials and nonproliferation of atomic weapons and 
        other nonpeaceful uses of atomic energy.
            ``(6) To take all other lawful actions in furtherance of 
        these purposes.

``SEC. 603. ESTABLISHMENT OF THE CORPORATION.

    ``(a) In General.--There is established a body corporate to be 
known as the United States High Level Nuclear Waste Management 
Corporation.
    ``(b) Government Corporation.--The Corporation shall be established 
as a wholly owned Government corporation subject to chapter 91 of title 
31, United States Code (commonly referred to as the Government 
Corporation Control Act), except as otherwise provided in this title.
    ``(c) Federal Agency.--The Corporation shall be an agency and 
instrumentality of the United States.

``SEC. 604. CORPORATE OFFICES.

    ``The Corporation shall maintain an office for the service of 
process and papers in the District of Columbia, and shall be deemed, 
for purposes of venue in civil actions, to be a resident thereof. The 
Corporation may establish offices in such other place or places as it 
may deem necessary or appropriate in the conduct of its business.

``SEC. 605. POWERS OF THE CORPORATION.

    ``In order to accomplish its purposes, the Corporation--
            ``(1) shall, except as provided in this title or applicable 
        Federal law, have all the powers of a private corporation 
        incorporated under the District of Columbia Business 
        Corporation Act;
            ``(2) shall have the priority of the United States with 
        respect to the payment of debts out of bankrupt, insolvent, and 
        decedents' estates;
            ``(3) may obtain from the Administrator of General Services 
        the services the Administrator is authorized to provide 
        agencies of the United States, on the same basis as those 
        services are provided to other agencies of the United States; 
        and
            ``(4) may conduct, or provide for conducting, those 
        research and development activities related to radioactive 
        waste management and disposal and related processes and 
        activities the Corporation considers necessary or advisable to 
        maintain the Corporation as a commercial enterprise operating 
        on a cost-effective and efficient basis.

``SEC. 606. BOARD OF DIRECTORS.

    ``(a) In General.--The powers of the Corporation are vested in the 
Board of Directors.
    ``(b) Appointment.--The Board of Directors shall consist of--
            ``(1) the Secretary, who shall serve an ex-officio member 
        of the Board; and
            ``(2) 7 individuals, to be appointed by the President by 
        and with the advice and consent of the Senate.
The members of the Board shall select 1 of the members to act as 
chairman of the Board.
    ``(c) Qualifications.--Members of the Board--
            ``(1) shall be citizens of the United States;
            ``(2) shall not be an employee of the Corporation or have 
        any direct financial relationship with the Corporation other 
        than that of being a member of the Board;
            ``(3) shall make full disclosure to Congress of any 
        investment or other financial interest that the individual 
        holds in the energy industry; and
            ``(4) shall affirm support for the objectives and missions 
        of the Corporation.
    ``(d) Terms.--
            ``(1) In general.--Except as provided in paragraph (2), 
        members of the Board shall serve 7-year terms.
            ``(2) Initial members.--Of the members first appointed to 
        the Board--
                    ``(A) 2 shall be appointed for an initial term of 5 
                years;
                    ``(B) 2 shall be appointed for an initial term of 4 
                years;
                    ``(C) 2 shall be appointed for an initial term of 3 
                years; and
                    ``(D) 1 shall be appointed for an initial term of 2 
                years.
            ``(3) Reappointment.--Members of the Board may be 
        reappointed by the President, by and with the advice and 
        consent of the Senate.
            ``(4) Removal.--Any appointed member of the Board of 
        Directors may be removed from office by the President for good 
        cause.
    ``(e) Vacancies.--Upon the occurrence of a vacancy on the Board, 
the President by and with the advice and consent of the Senate shall 
appoint an individual to fill such vacancy for the remainder of the 
applicable term.
    ``(f) Meetings and Quorum.--The Board shall meet at any time 
pursuant to the call of the Chairman and as provided by the bylaws of 
the Corporation, but not less than quarterly. Four voting members of 
the Board shall constitute a quorum. A majority of the Board shall 
adopt and from time to time may amend bylaws for the operation of the 
Board.
    ``(g) Powers.--The Board shall be responsible for general 
management of the Corporation and shall have the same authority, 
privileges, and responsibilities as the board of directors of a private 
corporation incorporated under the District of Columbia Business 
Corporation Act.
    ``(h) Compensation.--Members of the Board shall serve on a part-
time basis and shall receive per diem, when engaged in the actual 
performance of Corporation duties, plus reimbursement for travel, 
subsistence, and other necessary expenses incurred in the performance 
of their duties.
    ``(i) Conflict of Interest Requirements.--No director, officer, or 
other management level employee of the Corporation may have a financial 
interest in any customer, contractor, or competitor of the Corporation 
or in any business that may be adversely affected by the success of the 
Corporation.

``SEC. 607. EMPLOYEES OF THE CORPORATION.

    ``(a) Chief Executive Officer.--
            ``(1) Appointment.--The Board shall appoint a person to 
        serve as chief executive officer of the Corporation.
            ``(2) Qualifications.--
                    ``(A) In general.--To serve as chief executive 
                officer of the Corporation, a person--
                            ``(i) shall have senior executive-level 
                        management experience in large, complex 
                        organizations;
                            ``(ii) shall not be a current member of the 
                        Board or have served as a member of the Board 
                        within 2 years before being appointed chief 
                        executive officer; and
                            ``(iii) shall comply with the conflict-of-
                        interest policy adopted by the Board.
                    ``(B) Expertise.--In appointing a chief executive 
                officer, the Board shall give particular consideration 
                to appointing an individual with expertise in the 
                management of nuclear activities and with strong 
                financial skills.
            ``(3) Tenure.--The chief executive officer shall serve for 
        a term of 7 years, renewable at the pleasure of the Board. The 
        chief executive officer may be removed from office by the Board 
        of Directors for good cause.
    ``(b) Appointment by the Chief Executive Officer.--The chief 
executive officer shall appoint, with the advice and consent of the 
Board, and without regard to the provisions of civil service laws 
applicable to officers and employees of the United States, such 
managers, assistant managers, officers, employees, attorneys, and 
agents, as are necessary for the transaction of the business of the 
Corporation.
    ``(c) Compensation, Duties, and Removal.--The Board shall, without 
regard to section 5301 of title 5, United States Code, fix the 
compensation of all officers and employees of the Corporation, define 
their duties, and provide a system of organization to fix 
responsibility and promote efficiency. Any officer or employee of the 
Corporation may be removed in the discretion of the Board.
    ``(d) Applicable Criteria.--The Board shall ensure that the 
personnel function and organization is consistent with the principles 
of section 2301(b) of title 5, United States Code, relating to merit 
system principles. Officers and employees shall be appointed, promoted, 
and assigned on the basis of merit and fitness, and other personnel 
actions shall be consistent with the principles of fairness and due 
process but without regard to those provisions of title 5 of the United 
States Code governing appointments and other personnel actions in the 
competitive service.
    ``(e) Treatment of Persons Employed Prior to Transition Date.--
Compensation, benefits, and other terms and conditions of employment in 
effect immediately prior to the transition date, whether provided by 
statute or by rules of the Department or the executive branch, shall 
continue to apply to officers and employees who transfer to the 
Corporation from other Federal employment until changed by the Board.
    ``(f) Protection of Existing Employees.--
            ``(1) In general.--It is the purpose of this subsection to 
        ensure that the establishment of the Corporation pursuant to 
        this chapter shall not result in any adverse effects on the 
        employment rights, wages, or benefits of employees at 
        facilities that are operated, directly or under contract, in 
        the performance of the functions vested in the Corporation.
            ``(2) Applicability of existing collective bargaining 
        agreement.--Any employer (including the Corporation) at a 
        facility described in paragraph (1) shall abide by the terms of 
        a collective bargaining agreement in effect on April 30, 1991, 
        at each individual facility until--
                    ``(A) the earlier of the date on which a new 
                bargaining agreement is signed; or
                    ``(B) the end of the 2-year period beginning on the 
                date of the enactment of this title.
            ``(3) Applicability of nlra.--Except as specifically 
        provided in this subsection, the Corporation is subject to the 
        provisions of the National Labor Relations Act (29 U.S.C. 151 
        et seq.).
            ``(4) Benefits of transferees and detailees.--At the 
        request of the Board and subject to the approval of the 
        Secretary, an employee of the Department may be transferred or 
        detailed as provided for in section 611(f), to the Corporation 
        without any loss in accrued benefits or standing within the 
        Civil Service System. For those employees who accept transfer 
        to the Corporation, it shall be their option as to whether to 
        have any accrued retirement benefits transferred to a 
        retirement system established by the Corporation or to retain 
        their coverage under either the Civil Service Retirement System 
        or the Federal Employees' Retirement System, as applicable, in 
        lieu of coverage by the Corporation's retirement system. For 
        those employees electing to remain with one of the Federal 
        retirement systems, the Corporation shall withhold pay and make 
        such payments as are required under the Federal retirement 
        system. For those Department employees detailed, the Department 
        shall offer those employees a position of like grade, 
        compensation, and proximity to their official duty station 
        after their services are no longer required by the Corporation.

``SEC. 608. SECURITIZATION.

    ``(a) Securitization.--
            ``(1) Authorized actions.--On such terms and conditions as 
        the Corporation may prescribe, the Corporation may--
                    ``(A) borrow;
                    ``(B) give security;
                    ``(C) pay interest or other return; and
                    ``(D) issue notes, debentures, bonds, or other 
                obligations or securities.
    ``(b) No Federal Guarantee.--The Corporation shall insert 
appropriate language in all of the obligations and securities of the 
Corporation issued under this section that clearly indicates that the 
obligations and securities (together with the interest)--
            ``(1) are not guaranteed by the United States; and
            ``(2) do not constitute a debt or obligation of the United 
        States or any agency or instrumentality other than the 
        Corporation.
    ``(c) Exempt Securities.--All securities issued or guaranteed by 
the Corporation shall, to the same extent as securities that are direct 
obligations of or obligations guaranteed as to principal or interest by 
the United States, be considered to be exempt securities within the 
meaning of the laws administered by the Securities and Exchange 
Commission.

``SEC. 609. FEDERAL OWNERSHIP OF OBLIGATIONS.

    ``(a) In General.--In order to maintain sufficient liquidity, the 
Corporation may issue notes, debentures, bonds, or other obligations 
for purchase by the Secretary of the Treasury.
    ``(b) Public Debt Transactions.--For the purpose of subsection 
(a)--
            ``(1) the Secretary of the Treasury may use as a public 
        debt transaction the proceeds of the sale of any securities 
        issued under chapter 31 of title 31, United States Code; and
            ``(2) the purposes for which securities may be issued under 
        that chapter are extended to include any purchase under this 
        subsection.
    ``(c) Maximum Outstanding Holding.--The Secretary of the Treasury 
shall not purchase any obligations under this section if the purchase 
would increase the aggregate principal amount of the outstanding 
holdings of obligations under this section by the Secretary to an 
amount that is greater than $1,500,000,000.
    ``(d) Rate of Return.--Each purchase of obligations by the 
Secretary of the Treasury under this section shall be on terms and 
conditions established to yield a rate of return determined by the 
Secretary to be appropriate, taking into account the current average 
rate on outstanding marketable obligations of the United States as of 
the last day of the month preceding the purchase.
    ``(e) Sale of Obligations.--The Secretary of the Treasury may at 
any time sell, on terms and conditions and at prices determined by the 
Secretary, any of the obligations acquired by the Secretary under this 
section.
    ``(f) Public Debt Transactions.--All redemptions, purchases, and 
sales by the Secretary of the Treasury of obligations under this 
section shall be treated as public debt transactions of the United 
States.

``SEC. 610. GENERAL PROVISIONS.

    ``(a) Immunity From Impairment, Limitation, or Restriction.--
            ``(1) In general.--All rights and remedies of the 
        Corporation (including any rights and remedies of the 
        Corporation on, under, or with respect to any mortgage or any 
        obligation secured by a mortgage) shall be immune from 
        impairment, limitation, or restriction by or under--
                    ``(A) any law (other than a law enacted by Congress 
                expressly in limitation of this paragraph) that becomes 
                effective after the acquisition by the Corporation of 
                the subject or property on, under, or with respect to 
                which the right or remedy arises or exists or would so 
                arise or exist in the absence of the law; or
                    ``(B) any administrative or other action that 
                becomes effective after the acquisition.
            ``(2) State law.--The Corporation may conduct the business 
        of the Corporation without regard to any qualification or law 
        of any State relating to incorporation.
    ``(b) Powers.--Subject to subsection (c), the Corporation shall 
have all the powers of a private corporation incorporated under the 
District of Columbia Business Corporation Act (D.C. Code, sec. 29 et 
seq.).
    ``(c) Administration.--
            ``(1) Performance-based compensation.--A significant 
        portion of potential compensation of all executive officers of 
        the Corporation shall be based on the performance of the 
        Corporation, all without regard to any other law except as may 
        be provided by the Corporation or by a law enacted after the 
        date of enactment of this title that expressly limits this 
        paragraph.
            ``(2) Use of other agencies.--With the consent of a 
        department, establishment, or instrumentality (including any 
        field office), the Corporation may--
                    ``(A) use and act through any department, 
                establishment, or instrumentality; and
                    ``(B) use, and pay compensation for, information, 
                services, facilities, and personnel of the department, 
                establishment, or instrumentality.
    ``(d) Financial Matters.--
            ``(1) Investments.--Funds of the Corporation may be 
        invested in such investments as the Board of Directors may 
        prescribe.
            ``(2) Fiscal agents.--
                    ``(A) In general.--Any Federal Reserve bank or any 
                bank as to which at the time of the designation of the 
                bank by the Corporation there is outstanding a 
                designation by the Secretary of the Treasury as a 
                general or other depository of public money, may be 
                designated by the Corporation as a depositary or 
                custodian or as a fiscal or other agent of the 
                Corporation.
                    ``(B) Depositary of public money.--If designated 
                for that purpose by the Secretary of the Treasury, the 
                Corporation--
                            ``(i) shall be a depositary of public 
                        money, under such regulations as may be 
                        promulgated by the Secretary of the Treasury;
                            ``(ii) may also be employed as a fiscal or 
                        other agent of the United States; and
                            ``(iii) shall perform all such reasonable 
                        duties of such depositary or agent as may be 
                        required.
    ``(e) Taxation.--
            ``(1) In general.--Subject to paragraph (2), the 
        Corporation (including the franchise, activities, capital, 
        reserves, surplus, and income of the Corporation) shall be 
        exempt from all taxation imposed by any State or local 
        political subdivision of a State.
            ``(2) Real property.--Any real property of the Corporation 
        shall be subject to taxation by a State or political 
        subdivision of a State to the same extent according to the 
        value of the real property as other real property is taxed.
    ``(f) Jurisdiction.--Notwithstanding section 1349 of title 28, 
United States Code, or any other provision of law--
            ``(1) the Corporation shall be considered an agency covered 
        by sections 1345 and 1442 of title 28, United States Code;
            ``(2) all civil actions to which the Corporation is a party 
        shall be considered to arise under the laws of the United 
        States, and the district courts of the United States shall have 
        original jurisdiction of all such actions, without regard to 
        amount or value; and
            ``(3) any civil or other action, case or controversy in a 
        court of a State, or in any court other than a district court 
        of the United States, to which the Corporation is a party may 
        at any time before trial be removed by the Corporation, without 
        the giving of any bond or security and by following any 
        procedure for removal of causes in effect at the time of the 
        removal--
                    ``(A) to the district court of the United States 
                for the district and division embracing the place in 
                which the same is pending; or
                    ``(B) if there is no such district court, to the 
                district court of the United States for the district in 
                which the principal office of the Corporation is 
                located.
    ``(g) Annual Reports.--Not later than 1 year after incorporation of 
the Corporation and annually thereafter, the Corporation shall submit 
to the Committee on Energy and Natural Resources of the Senate and the 
Committee on Energy and Commerce in the House a report that includes--
            ``(1) a description of--
                    ``(A) how the activities of the Corporation advance 
                the purposes of this Act;
                    ``(B) the performance of the Corporation on meeting 
                the goals established by the Secretary;
                    ``(C) the comparability of the compensation 
                policies of the Corporation with the compensation 
                policies of other similar businesses;
                    ``(D) in the aggregate, the percentage of total 
                cash compensation and payments under employee benefit 
                plans (which shall be defined in a manner consistent 
                with the proxy statement of the Corporation for the 
                annual meeting of shareholders for the preceding year) 
                earned by executive officers of the Corporation during 
                the preceding year that was based on the performance of 
                the Corporation; and
                    ``(E) the comparability of the financial 
                performance of the Corporation with the performance of 
                other similar businesses; and
            ``(2) the proxy statement of the Corporation for the annual 
        meeting of shareholders for the preceding year.
    ``(h) Audits by the Comptroller General.--
            ``(1) In general.--The programs, activities, receipts, 
        expenditures, and financial transactions of the Corporation 
        shall be subject to audit by the Comptroller General of the 
        United States under such rules and regulations as may be 
        prescribed by the Comptroller General.
            ``(2) Access.--The representatives of the Government 
        Accountability Office shall--
                    ``(A) have access to the personnel and to all 
                books, accounts, documents, records (including 
                electronic records), reports, files, and all other 
                papers, automated data, things, or property belonging 
                to, under the control of, or in use by the Corporation 
                and necessary to facilitate the audit;
                    ``(B) be afforded full facilities for verifying 
                transactions with the balances or securities held by 
                depositories, fiscal agents, and custodians;
                    ``(C) be authorized to obtain and duplicate any 
                such books, accounts, documents, records, working 
                papers, automated data and files, or other information 
                relevant to the audit without cost to the Comptroller 
                General; and
                    ``(D) have the right of access of the Comptroller 
                General to such information be enforceable pursuant to 
                section 716(c) of title 31, United States Code.
            ``(3) Report.--
                    ``(A) In general.--The Comptroller General shall 
                submit to Congress a report on each audit conducted 
                under this subsection.
                    ``(B) Contents.--The report shall include a 
                description of--
                            ``(i) the scope of the audit;
                            ``(ii) any surplus or deficit;
                            ``(iii) income and expenses;
                            ``(iv) sources and application of funds;
                            ``(v) such comments and information as is 
                        necessary to inform Congress of the financial 
                        operations and condition of the Corporation; 
                        and
                            ``(vi) any recommendations as the 
                        Comptroller General considers appropriate.
            ``(4) Assistance and cost.--
                    ``(A) In general.--For the purpose of conducting an 
                audit under this subsection, the Comptroller General 
                may, in the discretion of the Comptroller General, 
                employ by contract, without regard to section 3709 of 
                the Revised Statutes (41 U.S.C. 5), professional 
                services of firms and organizations of certified public 
                accountants for temporary periods or for special 
                purposes.
                    ``(B) Reimbursement.--On the request of the 
                Comptroller General, the Corporation shall reimburse 
                the Government Accountability Office for the full cost 
                of any audit conducted by the Comptroller General under 
                this subsection.
    ``(i) Annual Independent Audit.--
            ``(1) In general.--The Corporation shall have an annual 
        independent audit made of the financial statements of the 
        Corporation by an independent public accountant in accordance 
        with generally accepted auditing standards.
            ``(2) Content.--In conducting an audit under this 
        subsection, the independent public accountant shall determine 
        and report on whether the financial statements of the 
        Corporation--
                    ``(A) are presented fairly in accordance with 
                generally accepted accounting principles; and
                    ``(B) to the extent determined necessary by the 
                Director, comply with any disclosure requirements 
                imposed under this Act.

``SEC. 611. TRANSITION.

    ``(a) Transition Manager.--Within 30 days after the date of the 
enactment of this title, the President shall appoint a Transition 
Manager, who shall serve at the pleasure of the President until a 
quorum of the Board has been appointed and confirmed in accordance with 
section 606.
    ``(b) Powers.--
            ``(1) In general.--Until a quorum of the Board has 
        qualified, the Transition Manager shall exercise the powers and 
        duties of the Board and shall be responsible for taking all 
        actions needed to effect the transfer of the Office of Civilian 
        Radioactive Waste Management from the Secretary to the 
        Corporation on the transition date.
            ``(2) Continuation until board has quorum.--In the event 
        that a quorum of the Board has not qualified by the transition 
        date, the Transition Manager shall continue to exercise the 
        powers and duties of the Board until a quorum has qualified.
    ``(c) Ratification of Transition Manager's Actions.--All actions 
taken by the Transition Manager before the qualification of a quorum of 
the Board shall be subject to ratification by the Board.
    ``(d) Responsibilities of Secretary.--Before the transition date, 
the Secretary shall--
            ``(1) continue to be responsible for the functions assigned 
        by this Act;
            ``(2) provide funds, to the extent provided in 
        appropriations Acts, to the Transition Manager to pay salaries 
        and expenses;
            ``(3) delegate Department employees to assist the 
        Transition Manager in meeting his responsibilities under this 
        section; and
            ``(4) assist and cooperate with the Transition Manager in 
        preparing for the transfer of the functions assigned to the 
        Secretary by this Act to the Corporation on the transition 
        date.
    ``(e) Transition Date.--The transition date shall be July 1, 2009.
    ``(f) Detail of Personnel.--For the purpose of continuity of 
operations, maintenance, and authority, the Department shall detail, 
for up to 18 months after the date of the enactment of this title, 
appropriate Department personnel as may be required in an acting 
capacity, until such time as a Board is confirmed and top officers of 
the Corporation are hired. The Corporation shall reimburse the 
Department and its contractors for the detail of such personnel.

``SEC. 612. OVERSIGHT BY THE SECRETARY.

    ``(a) Duties.--The Secretary shall--
            ``(1) oversee the operations of the Corporation; and
            ``(2) ensure that--
                    ``(A) the Corporation operates in a safe and sound 
                manner, including maintenance of adequate capital and 
                internal controls;
                    ``(B) the Corporation carries out the statutory 
                mission of the Corporation only through activities that 
                are authorized under and consistent with this Act; and
                    ``(C) the activities of the Corporation and the 
                manner in which the Corporation is operated is 
                consistent with the public interest.
    ``(b) Financial Reports.--
            ``(1) In general.--The Corporation shall submit to the 
        Secretary annual and quarterly reports of the financial 
        condition and operations of the Corporation which shall be in 
        such form, contain such information, and be submitted on such 
        dates as the Secretary shall require.
            ``(2) Contents of annual reports.--Each annual report shall 
        include--
                    ``(A) financial statements prepared in accordance 
                with generally accepted accounting principles;
                    ``(B) any supplemental information or alternative 
                presentation that the Secretary may require; and
                    ``(C) an assessment (as of the end of the most 
                recent fiscal year of the Corporation), signed by the 
                chief executive officer and chief accounting or 
                financial officer of the Corporation, of--
                            ``(i) the effectiveness of the internal 
                        control structure and procedures of the 
                        Corporation; and
                            ``(ii) the compliance of the Corporation 
                        with designated safety and soundness laws.
            ``(3) Special reports.--The Secretary may require the 
        Corporation to submit other reports on the condition (including 
        financial condition), management, activities, or operations of 
        the Corporation, as the Secretary considers appropriate.
            ``(4) Accuracy.--Each report of financial condition shall 
        contain a declaration by the president, vice president, 
        treasurer, or any other officer designated by the Board of 
        Directors of the Corporation to make the declaration, that the 
        report is true and correct to the best of the knowledge and 
        belief of the officer.
    ``(c) Management and Operation Standards.--The Secretary shall 
establish standards, by regulation or guideline, for the Corporation 
relating to--
            ``(1) the adequacy of internal controls and information 
        systems;
            ``(2) the independence and adequacy of internal audit 
        systems;
            ``(3) the management of market risk, including standards to 
        provide for systems that measure, monitor, and control market 
        risks and, as warranted, to establish limitations on market 
        risk;
            ``(4) risk management processes, including the adequacy of 
        oversight by senior management and the Board of Directors and 
        of processes and policies to measure, monitor, and control 
        material risks, including reputational risks, and for adequate, 
        well-tested business resumption plans in the case of disruptive 
        events;
            ``(5) the maintenance of adequate records, in accordance 
        with consistent accounting policies and practices to enable the 
        Secretary to evaluate the financial condition of the 
        Corporation; and
            ``(6) such other operational and management standards as 
        the Secretary determines to be appropriate.
    ``(d) Failure To Meet Standards.--
            ``(1) In general.--If the Secretary determines that the 
        Corporation fails to meet any standard established under 
        subsection (c), the Secretary may require the Corporation to 
        submit an acceptable plan to the Secretary within a reasonable 
        time that specifies the actions that the Corporation will take 
        to correct the deficiency.
            ``(2) Required order on failure to submit or implement 
        plan.--If the Corporation fails to submit an acceptable plan 
        within the time specified by the Secretary or fails in any 
        material respect to implement a plan accepted by the Secretary, 
        the Secretary shall, by order, require the Corporation to 
        correct the deficiency.
    ``(e) Prohibition and Withholding of Executive Compensation.--
            ``(1) In general.--The Secretary shall prohibit the 
        Corporation from providing compensation to any executive 
        officer that is not reasonable and comparable with compensation 
        for employment in other similar businesses (including other 
        publicly held financial institutions or major financial 
        services companies) involving similar duties and 
        responsibilities.
            ``(2) Factors.--In making any determination under paragraph 
        (1), the Secretary may take into consideration any factors the 
        Secretary considers relevant, including any wrongdoing on the 
        part of the executive officer.
            ``(3) Withholding of compensation.--In carrying out 
        paragraph (1), the Secretary may require the Corporation to 
        withhold any payment, transfer, or disbursement of compensation 
        to an executive officer, or to place such compensation in an 
        escrow account, during the review of reasonableness and 
        comparability of compensation.
            ``(4) Prohibition of setting compensation.--In carrying out 
        paragraph (1), the Secretary may not prescribe or set a 
        specific level or range of compensation.

``SEC. 613. ISSUANCE OF COMMON STOCK TO EXPAND OPERATIONS.

    ``(a) In General.--Not later than 5 years after the date of 
enactment of this title, the Corporation may prepare a strategic plan 
for issuing common stock to raise the capital needed to expand the 
operations of the Corporation in carrying out this title.
    ``(b) Consideration of Alternatives for Governance.--The strategic 
plan shall include consideration of alternatives for restructuring the 
Board of Directors to allow for a majority of the members to be 
selected by voting common stockholders.
    ``(c) Evaluation and Recommendation.--The strategic plan shall--
            ``(1) evaluate the relative merits of the alternatives 
        considered; and
            ``(2) include the recommendation of the Corporation on a 
        proposed alternative.
    ``(d) Transmittal.--On completion of the strategic plan, the 
Corporation shall submit copies of the strategic plan to the President 
and Congress, along with any recommendations for legislative changes 
required to implement the plan.
    ``(e) Implementation.--Subject to subsections (f) and (g), 
subsequent to submitting a strategic plan pursuant to this section, the 
Corporation may implement the strategic plan.
    ``(f) Requirement for Presidential Approval.--The Corporation may 
not implement the strategic plan without the approval of the President.
    ``(g) Notification of Congress.--
            ``(1) In general.--The Corporation shall notify Congress of 
        any intent to implement the strategic plan if the Corporation 
        determines, in consultation with the Secretary and other 
        appropriate agencies of the United States, that no further 
        legislation is required for the implementation.
            ``(2) Implementation.--The Corporation may not implement 
        the strategic plan under this subsection earlier than 60 days 
        after notification of Congress.''.

SEC. 203. TERMINATION OF OFFICE OF CIVILIAN RADIOACTIVE WASTE 
              MANAGEMENT.

    Section 304 of the Nuclear Waste Policy Act of 1982 (42 U.S.C. 
10224) is repealed.

SEC. 204. FUNDING.

    (a) Contracts and Fees.--Section 302(a) of the Nuclear Waste Policy 
Act of 1982 (42 U.S.C. 10222(a)) is amended--
            (1) in paragraph (2)--
                    (A) by striking ``(2) For'' and inserting the 
                following:
            ``(2) Fee for electricity from civilian nuclear power 
        reactors.--
                    ``(A) In general.--For''; and
                    (B) by adding at the end the following:
                    ``(B) Adjusted fee.--For electricity generated by a 
                civilian nuclear power reactor and sold on or after the 
                date that is 90 days after the date of enactment of 
                this subparagraph, the fee under paragraph (1) shall be 
                1 mill per kilowatt-hour.'';
            (2) in paragraph (4)--
                    (A) by designating the first through fifth 
                sentences as subparagraphs (A) through (E), 
                respectively;
                    (B) by striking subparagraph (D) (as so designated) 
                and inserting the following:
                    ``(D) In the event the Secretary determines that 
                either insufficient or excess revenues are being 
                collected, in order to recover the costs incurred by 
                the Federal Government that are specified in subsection 
                (d), and with the concurrence of the Federal Energy 
                Regulatory Commission, the Secretary shall propose an 
                adjustment to the fee to insure full cost recovery.''; 
                and
                    (C) by striking subparagraph (E) (as so designated) 
                and inserting the following:
                    ``(E) Effective date of adjusted fee.--The adjusted 
                fee proposed by the Secretary shall be effective after 
                a period of 90 days of continuous session have elapsed 
                following the receipt of such transmittal.''; and
            (3) by adding at the end the following new paragraph:
            ``(6) The Secretary may renegotiate or amend contracts with 
        individual waste owners or generators to reduce future fee 
        payments or refund of fees already paid in exchange for actions 
        by the contract holder that reduce the overall cost of waste 
        management activities financed by the Funds established in 
        section 302(c). Within 180 days of the enactment of this 
        paragraph, the Secretary shall promulgate by rule and publish a 
        methodology for determining such fee reductions or refunds. 
        Such methodology shall recognize the value of efficient use of 
        repository area and shall reflect the cost of developing 
        repository area beyond the area included in the initial license 
        application for Yucca Mountain.''.
    (b) Authorized Uses of Nuclear Waste Funds.--Section 302(d) of the 
Nuclear Waste Policy Act (42 U.S.C. 10222(d)) is amended in the first 
sentence by inserting after paragraph (6) the following:
            ``(7) any interest or returns paid on securities issued by 
        the United States High Level Nuclear Waste Management 
        Corporation under title VI.''.
    (c) Establishment of Nuclear Waste Funds.--Section 302 of the 
Nuclear Waste Policy Act of 1982 (42 U.S.C. 10222) is amended by 
striking subsection (c) and inserting the following:
    ``(c) Establishment of Nuclear Waste Funds.--
            ``(1) Nuclear waste revolving fund.--
                    ``(A) Establishment.--There is established in the 
                Treasury of the United States a separate revolving 
                fund, to be known as the Nuclear Waste Revolving Fund 
                (referred to in this section as the `Waste Fund').
                    ``(B) Contents.--Subject to paragraph (2)(B)(i), 
                the Waste Fund shall consist of--
                            ``(i) all interest realized by the 
                        Secretary under subsection (e), which have been 
                        and shall be deposited in the Waste Fund 
                        immediately on receipt;
                            ``(ii) fees paid under subsections (a) and 
                        (b);
                            ``(iii) any appropriation made to the Waste 
                        Fund; and
                            ``(iv) any unexpended balances available on 
                        January 7, 1983, for functions or activities 
                        necessary or incident to the disposal of 
                        civilian high level radioactive waste or 
                        civilian used nuclear fuel, which shall be 
                        transferred to the Waste Fund on the date of 
                        enactment of this subparagraph.
            ``(2) Nuclear waste legacy fund.--
                    ``(A) Establishment.--There is established in the 
                Treasury of the United States a separate fund, to be 
                known as the Nuclear Waste Legacy Fund (referred to in 
                this section as the `Legacy Fund').
                    ``(B) Contents.--The Legacy Fund shall consist of--
                            ``(i) the amount of the corpus minus $1 
                        billion which shall be transferred from the 
                        Waste Fund on the date of enactment of this 
                        subparagraph; and
                            ``(ii) any appropriations made to the 
                        Legacy Fund.''.
    (d) Administration of Funds.--Section 302(e) of the Nuclear Waste 
Policy Act of 1982 (42 U.S.C. 10222(e)) is amended--
            (1) by redesignating paragraphs (4) through (6) as 
        paragraphs (6) through (8), respectively; and
            (2) by striking ``(e) Administration of Waste Fund'' and 
        all that follows through the end of paragraph (3) and inserting 
        the following:
    ``(e) Administration of Funds.--
            ``(1) In general.--The Secretary of the Treasury shall 
        maintain the Waste Fund and the Legacy Fund (referred to in 
        this subsection as the `Funds').
            ``(2) Annual reports.--After consultation with the 
        Secretary of the Treasury, the Secretary shall report annually 
        to Congress on the financial condition and operations of the 
        Funds during the preceding fiscal year.
            ``(3) Budget.--
                    ``(A) Submission.--The Secretary shall submit the 
                budget of the Funds to the Office of Management and 
                Budget triennially along with the budget of the 
                Department of Energy submitted in accordance with 
                chapter 11 of title 31, United States Code.
                    ``(B) Administration.--The budget of the Funds 
                shall--
                            ``(i) contain estimates made by the 
                        Secretary of expenditures from the Funds, and 
                        other relevant financial matters, for the 
                        succeeding 3 fiscal years; and
                            ``(ii) be included in the budget for the 
                        United States Government.
            ``(4) Expenditures.--
                    ``(A) Waste fund.--
                            ``(i) In general.--Subject to subsection 
                        (d) and any limitations in appropriations Acts, 
                        the Secretary may make expenditures from the 
                        Waste Fund without further appropriation and 
                        without fiscal year limitation to carry out 
                        this Act.
                    ``(B) Legacy fund.--The Secretary may make 
                expenditures from the Legacy Fund, subject to 
                appropriations, to remain available until expended.
            ``(5) Investments.--If the Secretary determines that either 
        of the Funds contains at any time amounts in excess of current 
        needs, the Secretary may request the Secretary of the Treasury 
        to invest such amounts, or any portion of such amounts as the 
        Secretary determines to be appropriate, in obligations of the 
        United States--
                    ``(A) having maturities determined by the Secretary 
                of the Treasury to be appropriate to the needs of the 
                Fund; and
                    ``(B) bearing interest at rates determined to be 
                appropriate by the Secretary of the Treasury, taking 
                into consideration the current average market yield on 
                outstanding marketable obligations of the United States 
                with remaining periods to maturity comparable to the 
                maturities of those investments, except that the 
                interest rate on the investments shall not exceed the 
                average interest rate applicable to existing 
                borrowing.''.
    (e) Conforming Amendments.--
            (1) Section 6 of the Nuclear Waste Policy Act of 1982 (42 
        U.S.C. 10105) is repealed.
            (2) Section 302 of the Nuclear Waste Policy Act of 1982 (42 
        U.S.C. 10222) is amended by striking the section heading and 
        inserting the following: ``nuclear waste funds''.

SEC. 205. NEW PLANT CONTRACTS.

    Section 302(a) of the Nuclear Waste Policy Act of 1982 (42 U.S.C. 
10222(a)) is amended by striking paragraph (5) and inserting the 
following:
            ``(5) Required provisions.--
                    ``(A) In general.--Except as provided in 
                subparagraph (B), any contract entered into under this 
                section shall provide that--
                            ``(i) following issuance of a license to 
                        construct and operate facilities to receive and 
                        store spent nuclear fuel at the Yucca Mountain 
                        site, the Secretary shall take title to the 
                        high-level radioactive waste or spent nuclear 
                        fuel involved as expeditiously as practicable 
                        upon the request of the generator or owner of 
                        such waste or spent fuel; and
                            ``(ii) in return for the payment of fees 
                        established by this section, the Secretary, 
                        beginning not later than January 31, 1998, 
                        shall dispose of the high-level radioactive 
                        waste or spent nuclear fuel involved as 
                        provided in this subtitle.
                    ``(B) Exception.--Notwithstanding subparagraph (A), 
                with respect to a nuclear power facility for which a 
                license application is filed with the Commission after 
                January 1, 2008, under section 103 or 104 of the Atomic 
                Energy Act of 1954 (42 U.S.C. 2133, 2134), a contract 
                entered into under this section shall--
                            ``(i) except as provided in clause (ii) and 
                        any terms and conditions relating to spent 
                        nuclear fuel generated before the date of 
                        enactment of the United States High Level 
                        Nuclear Waste Management Corporation Act, be 
                        consistent with the terms and conditions of the 
                        contract entitled `Contract for Disposal of 
                        Spent Nuclear Fuel and/or High-Level 
                        Radioactive Waste' that is included in section 
                        961.11 of title 10 of the Code of Federal 
                        Regulations (as in effect on the date of 
                        enactment of the Nuclear Fuel Management and 
                        Disposal Act);
                            ``(ii) provide for the taking of title to, 
                        and removal of, high-level waste or spent 
                        nuclear fuel beginning not later than 30 years 
                        after the date on which the nuclear power 
                        facility begins commercial operations; and
                            ``(iii) be entered into not later than 60 
                        days after the date on which the license 
                        application is docketed by the Commission.''.
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