1.Short
title; table of contents
(a)This Act may be cited
as the Sound Management of America’s
Resources and Technologies for Energy Act of 2009
or the
SMART Energy
Act
.
(b)The table of contents of this Act is as follows:
Sec. 1. Short title; table of
contents.
TITLE I—Energy Superhighway
Sec. 101. Energy Superhighway.
Sec. 102. Authorization to recover costs of incremental
transfer capability to facilitate renewable energy development and
deployment.
Sec. 103. Coordination of Federal authorizations for
transmission facilities.
TITLE II—Investing in America's energy security
Subtitle A—Energy Security Trust Fund
Sec. 201. Energy Security Trust Fund.
Sec. 202. Tax on crude oil and natural gas produced from the
outer Continental Shelf in the Gulf of Mexico.
Subtitle B—Biogas
Sec. 211. Credit for production of biogas and syngas from
certain renewable feedstocks.
Subtitle C—Investing in biofuels and renewable fuel
infrastructure
Sec. 221. Definition of renewable biomass.
Sec. 222. Loan guarantees for renewable energy
pipelines.
Sec. 223. Biofuels infrastructure.
Sec. 224. Definition of lifecycle greenhouse gas
emissions.
Sec. 225. Biofuels Revolving Loan Fund.
Subtitle D—Energy efficiency
Part I—Vehicles
Sec. 231. Lightweight materials research and
development.
Sec. 232. Federal Government gasoline consumption.
Sec. 233. Credit for fuel-efficient motor vehicles.
Part II—Other energy efficiency programs
Sec. 241. Energy efficiency and conservation block
grants.
Sec. 242. Smart growth.
Subtitle E—Incentives for innovative technologies
Sec. 251. Security for loan guarantees for innovative
technology projects.
TITLE III—Expanding domestic energy production
Subtitle A—Oil and gas production on the outer Continental
Shelf
Sec. 301. Production of oil and gas on outer Continental
Shelf.
Sec. 302. Production incentives program.
Subtitle B—Nuclear
Sec. 311. Sense of the Senate on scalable, modular light-water
nuclear reactors and electric plants.
Sec. 312. Nuclear Regulatory Commission.
Sec. 313. Nuclear energy workforce.
Sec. 314. Interagency Working Group to promote domestic
manufacturing base for nuclear components and equipment.
Sec. 315. Spent fuel recycling program.
Sec. 316. Standby support for certain nuclear plant
delays.
Sec. 317. Incentives for innovative technologies.
Sec. 318. Modification of credit for production from advanced
nuclear power facilities.
Sec. 319. 5-year accelerated depreciation for new nuclear power
facilities.
TITLE IV—Ensuring market integrity
Sec. 401. Definitions.
Sec. 402. Definition of energy commodity.
Sec. 403. Speculative limits and transparency of off-shore
trading.
Sec. 404. Disaggregation of index funds and other data in
energy and agriculture markets.
Sec. 405. Rulemaking with respect to reporting requirements of
index traders and swap dealers.
Sec. 406. Transparency and recordkeeping
authorities.
Sec. 407. Trading limits to prevent excessive
speculation.
Sec. 408. Modifications to core principles applicable to
position limits for contracts in agricultural and energy
commodities.
Sec. 409. Administration of Commodity Futures Trading
Commission.
Sec. 410. Review of prior actions.
Sec. 411. Review of over-the-counter markets.
Sec. 412. Studies; reports.
Sec. 413. Over-the-counter authority.
Sec. 414. Expedited procedures.
Sec. 415. Treatment of emission allowances and offset
credits.
Sec. 416. Inspector General of Commodity Futures Trading
Commission.
TITLE V—National Commission on Energy Policy and Global Climate
Change
Sec. 501. Establishment of Commission.
Sec. 502. Purposes.
Sec. 503. Composition of Commission.
Sec. 504. Functions of Commission.
Sec. 505. Powers of Commission.
Sec. 506. Reports of Commission; termination.
Sec. 507. Staff of Commission.
Sec. 508. Compensation and travel expenses.
Sec. 509. Meetings.
Sec. 510. Authorization of appropriations.
Sec. 511. Termination.
<enum>I</enum><header>Energy
Superhighway</header>
<section id="ID7cd94b0c4d964e32a38e0e6b1402893f"><enum>101.</enum><header>Energy
Superhighway</header><text display-inline="no-display-inline">Part II of the
Federal Power Act (16 U.S.C. 824 et seq.) is amended by adding at the end the
following:</text>
<quoted-block display-inline="no-display-inline" id="idC139637D91984338A73D686195D89E43" style="OLC">
<section commented="no" display-inline="no-display-inline" id="id69499C86495A4647A3E3B0031742276F" section-type="subsequent-section"><enum>224.</enum><header display-inline="yes-display-inline">Energy Superhighway</header>
<subsection id="IDb0429a8ec16d457aad695d533717fe23"><enum>(a)</enum><header>Purpose</header><text>The
purpose of this section is to invest in and construct an interstate Energy
Superhighway that—</text>
<paragraph id="id1B942B76B87647C2A81620A60D92CEE7"><enum>(1)</enum><text>contains
high-voltage electricity transmission lines (with at least a 400-kilovolt
capacity), including direct current lines where appropriate;</text>
</paragraph><paragraph id="id993D519EBEBB425CA970B88CAB336546"><enum>(2)</enum><text>has a siting
preference that uses existing Federal, State, or other rights-of-way (such as
the Interstate System, State roads, railroads, pipelines, and existing
transmission infrastructure or Federal land); and</text>
</paragraph><paragraph id="id807A2045276048FEB27A69E2FC957D1F"><enum>(3)</enum><text>uses smart grid
technologies for monitoring, reliability, operability, and security and to
detect and locate outage, maintenance, repair, and other similar needs.</text>
</paragraph></subsection><subsection id="idB8D511D8A0E44F78BA5705D420E18D28"><enum>(b)</enum><header>Definitions</header><text>In
this section:</text>
<paragraph id="id3781F3DF3AA44777B6CE808ECE5A81F1"><enum>(1)</enum><header>Commission</header><text>The
term <term>Commission</term> means the Federal Energy Regulatory Commission, in
consultation with the Secretary of Transportation and the Secretary of
Energy.</text>
</paragraph><paragraph id="id2AC93E2B0AC94F32A60C5D038AE16BD9"><enum>(2)</enum><header>Energy
Superhighway</header><text>The term <term>Energy Superhighway</term> means the
Energy Superhighway described in subsection (a) that is established under this
section.</text>
</paragraph><paragraph id="id37E183EACEF243B5A5FD3C53B2552BD8"><enum>(3)</enum><header>Interstate
System</header><text>The term <term>Interstate System</term> has the meaning
given the term in section 101(a) of title 23, United States Code.</text>
</paragraph><paragraph id="idC8AAAEA8AF5E4134872FC9F8CE147F87"><enum>(4)</enum><header>Joint
resolution</header><text>The term <term>joint resolution</term> means only a
joint resolution introduced during the 30-day period beginning on the date on
which a report referred to in subsection (d)(1) is received by Congress
(excluding days either House of Congress is adjourned for more than 3 days
during a session of Congress), the matter after the resolving clause of which
is as follows: <quote>That Congress disapproves the plan for establishing an
Energy Superhighway described in a report required under section 224(d)(1) of
the Federal Power Act submitted by the Federal Energy Regulatory Commission to
Congress on ____, and the plan for establishing the Energy Superhighway shall
have no force or effect.</quote> (The blank space being appropriately filled
in).</text>
</paragraph><paragraph id="IDd8ad4fc79c1b4b85b3665c975939a768"><enum>(5)</enum><header>Secondary line
connection</header><text>The term <term>secondary line connection</term>
means—</text>
<subparagraph id="id762797D55D98474383707902697B5267"><enum>(A)</enum><text>a new
transmission line built to connect to the Energy Superhighway; and</text>
</subparagraph><subparagraph id="idA2F948F2A5E94589AFA3A04F9534FAA6"><enum>(B)</enum><text>an existing
transmission line rerouted or otherwise modified to connect to the Energy
Superhighway.</text>
</subparagraph></paragraph></subsection><subsection id="ID6fce43d45e46455c9313881042a2d2ea"><enum>(c)</enum><header>Authority</header>
<paragraph id="idF13CCBDAC52445B4A045ED714C025AC0"><enum>(1)</enum><header>In
general</header><text>Notwithstanding any other provision of law, for the
exclusive purpose of using funds provided under this section, the Commission
shall have exclusive authority over all siting, permitting, planning, and
construction decisions and actions necessary to establish an Energy
Superhighway.</text>
</paragraph><paragraph id="id71453E7CB4EE4D03AA878E9A84D4927C"><enum>(2)</enum><header>Administration</header><text>In
establishing the Energy Superhighway, the Commission shall use a siting
preference that utilizes existing Federal, State, or other rights-of-way (such
as the Interstate System, State roads, railroads, and existing transmission
infrastructure on Federal land), unless the Commission otherwise provides
notice in the plan required under subsection (d).</text>
</paragraph></subsection><subsection id="id3ECB0A12CD29450EB90111B1B1023E7C"><enum>(d)</enum><header>Plan</header>
<paragraph id="ID20baf7a74d33411a91945bd9ad48a477"><enum>(1)</enum><header>Reports</header>
<subparagraph id="idB44F11B218244AB7AA6BC4AE0FD21A69"><enum>(A)</enum><header>Initial
plan</header><text>Not later than 1 year after the date of enactment of this
section, before any plan establishing an Energy Superhighway can take effect,
the Commission shall submit to the Committee on Appropriations of the Senate,
the Committee on Appropriations of the House of Representatives, the Committee
on Energy and Natural Resources of the Senate, the Committee on Energy and
Commerce of the House of Representatives, and the President a plan for
establishing the Energy Superhighway.</text>
</subparagraph><subparagraph id="idDF9836B14C7549C9AEA1DE371556B01E"><enum>(B)</enum><header>Modified
plan</header><text>If Congress enacts a joint resolution of disapproval of the
plan submitted under subparagraph (A), not later than 180 days after the date
of enactment of the joint resolution of disapproval, before any plan
establishing an Energy Superhighway can take effect, the Commission shall
submit to each of the Committees described in subparagraph (A) and the
President a modified plan for establishing the Energy Superhighway.</text>
</subparagraph><subparagraph id="idC505F3083D80438F9160D406F2E54A27"><enum>(C)</enum><header>Administration</header><text>In
developing a plan for an Energy Superhighway, the Commission shall, to the
maximum extent practicable—</text>
<clause id="idA96514071EAA4B598DEF6736BA593BE3"><enum>(i)</enum><text>conduct an open,
transparent, and participatory process that considers input from all interested
parties;</text>
</clause><clause id="ID5025c5e425fd435e8ca2dd9da7eb0847"><enum>(ii)</enum><text>plan for the
construction of at least 10,000 miles of high-voltage transmission lines across
the United States, including the use of direct current lines where
appropriate;</text>
</clause><clause id="id8F1C8DDB00E0496D94203596159F5994"><enum>(iii)</enum><text>use existing
Federal, State, or other rights-of-way (such as the Interstate System, State
roads, railroads, pipelines, and existing transmission infrastructure on
Federal land), to the maximum extent practicable;</text>
</clause><clause id="idC47524987572457F8928DBD9F524389A"><enum>(iv)</enum><text>plan on a
national scale, or with a national focus, to seek to provide interconnections
between the eastern and western areas of the United States where practical,
beneficial, and feasible;</text>
</clause><clause id="ID8eb1df5243e042a285c64a6963338981"><enum>(v)</enum><text>maintain costs
per mile that are within reasonable estimates of costs (including cost
reduction through the use of smart grid technology and related communications
systems);</text>
</clause><clause id="ID9f185aa9035e402ba8ab6cbfa879d5ae"><enum>(vi)</enum><text>develop a
bidding process for the construction of the components of the Energy
Superhighway;</text>
</clause><clause id="id1EB926D45AB844F5B36B41AA210F0F6F"><enum>(vii)</enum><text>examine the
feasibility of burying high-voltage transmission lines (particularly in highway
medians), using other options to standing towers, or taking other actions to
address safety and other concerns relating to placing high-voltage transmission
lines within existing rights-of-way;</text>
</clause><clause id="IDab44592dcdfe487397eca5139345d280"><enum>(viii)</enum><text>include
provisions to address the need for flexibility in the planning and construction
process; and</text>
</clause><clause id="ID31ad789b99bd431eb11f9489098fba95"><enum>(ix)</enum><text>allocate the
costs of establishing the Energy Superhighway in a manner that ensures costs
are shared by the Federal Government and among as many States and public and
private entities (including among ratepayers) that the Commission determines
have reasonable interests in, or would benefit from, the Energy Superhighway,
except that the Federal share shall not exceed 90 percent.</text>
</clause></subparagraph></paragraph><paragraph id="ID4465AD80005B4404A979A40D0F41C801"><enum>(2)</enum><header>Joint
resolutions of disapproval</header>
<subparagraph id="idB625829CC24A440485D8E3184769EECC"><enum>(A)</enum><header>In
general</header><text>The plan of the Commission for establishing an Energy
Superhighway shall not take effect (or continue) if Congress enacts a joint
resolution of disapproval of each plan submitted under paragraph (1).</text>
</subparagraph><subparagraph id="idF1379063F74540CAA2C93255BCD272BB"><enum>(B)</enum><header>Report</header><text>If
Congress enacts a joint resolution of disapproval of the plan submitted under
paragraph (1)(A), as soon practicable after the date of enactment of the joint
resolution of disapproval, the 1 or more of the Committees described in
paragraph (1)(A) shall submit to the Commission a report that—</text>
<clause id="id198D67ADAC874519B5B9B7D60EC0F85C"><enum>(i)</enum><text>describes the
concerns of the Committees with the plan; and</text>
</clause><clause id="idAF34BDAC39E94DBBA3FA308D4BF3CA00"><enum>(ii)</enum><text>makes any
recommendations for a modified plan for establishing the Energy
Superhighway.</text>
</clause></subparagraph><subparagraph id="IDD6BC4095863A4D948D45B97A828F0F20"><enum>(C)</enum><header>Procedure</header>
<clause id="ID6F435E816E094DF384C15E6AC7F729F4"><enum>(i)</enum><header>In
general</header><text>Subject to clause (ii), the procedures described in
subsections (b) through (g) of section 802 of title 5, United States Code,
shall apply to the consideration of a joint resolution under this
paragraph.</text>
</clause><clause id="ID66F34C176E594D1C90BDC4D255BF48BB"><enum>(ii)</enum><header>Terms</header><text>For
purposes of this paragraph—</text>
<subclause id="IDD47F054A9601406C8C7260DBE74A586C"><enum>(I)</enum><text>the reference to
<quote>section 801(a)(1)</quote> in section 802(b)(2)(A) of that title shall be
considered to refer to paragraph (1); and</text>
</subclause><subclause id="ID274E8BAA98E54F61A2CAD8DE886554C6"><enum>(II)</enum><text>the reference to
<quote>section 801(a)(1)(A)</quote> in section 802(e)(2) of that title shall be
considered to refer to paragraph (1).</text>
</subclause></clause></subparagraph></paragraph><paragraph id="ID94be5d8de4604aaebb14b3acd0d5c3c8"><enum>(3)</enum><header>Implementation</header><text>If
a joint resolution of disapproval of each plan submitted under paragraph (1) is
not enacted in accordance with paragraph (2), not later than 18 months after
the final date for consideration by Congress of the joint resolution of
disapproval of the modified plan submitted under paragraph (1)(B), the
Commission shall commence construction of the Energy Superhighway.</text>
</paragraph></subsection><subsection id="ID88accf0d77014d20bd36ae5bec7c5627"><enum>(e)</enum><header>Secondary line
connections to Energy Superhighway</header>
<paragraph id="ID5982e3593ab34545bf933a199423e426"><enum>(1)</enum><header>In
general</header><text>Subject to paragraph (2), the Commission shall ensure
that each secondary line connection to the Energy Superhighway is sited and
constructed in accordance with applicable siting laws.</text>
</paragraph><paragraph id="id49A4AEA9B1C64A5E96230DAE4D8A9125"><enum>(2)</enum><header>Backstop
authority</header><text>The Commission may site the secondary line connection
to the Energy Superhighway in a State (including through use of eminent domain)
if, not later than 1 year after the date of the filing of an application for
the siting, the State or State Commission—</text>
<subparagraph id="ID800fe982d26c497f9bf409410ac5a020"><enum>(A)</enum><text>denies the
application for siting and the Commission determines that the denial is
contrary to the public interest (including the interest in increased
electricity production from renewable resources) or detrimental to the Energy
Superhighway; or</text>
</subparagraph><subparagraph id="IDf7df94cb76db49ff87dbb189397b6dcb"><enum>(B)</enum><text>is otherwise
unable to approve the siting application and the Commission determines that the
siting is in the public interest or beneficial to the Energy
Superhighway.</text>
</subparagraph></paragraph><paragraph id="ID1bf32db4fca74e84bd18cf2fcc8d463c"><enum>(3)</enum><header>Renewable
energy development and deployment</header><text>The Commission may provide for
secondary line connections to be constructed, in conjunction with secondary
line connections constructed by private entities, to promote renewable energy
development and deployment, including through the use of section 225.</text>
</paragraph></subsection><subsection id="ID75d89284e83f47fda09745647c092026"><enum>(f)</enum><header>Bulk electric
system and reliability standards</header><text>The Commission shall ensure that
the Energy Superhighway and any secondary transmission facilities that are
constructed to support the Energy Superhighway—</text>
<paragraph id="id5D167FA5EA7B4F3D9FC527075BFA33B9"><enum>(1)</enum><text>are integrated
into the bulk electric system of the United States;</text>
</paragraph><paragraph id="idF8EC471BAA28412BB2DE464D82058C57"><enum>(2)</enum><text>comply with
reliability standards of the North American Electric Reliability Corporation
and regional entities of the Corporation;</text>
</paragraph><paragraph id="id21E61EB69112436DB8376022CA7DA743"><enum>(3)</enum><text>support an
interconnection or operability among—</text>
<subparagraph id="id58F7457E78774592950A2FC0BE1E7072"><enum>(A)</enum><text>the Western
Interconnection;</text>
</subparagraph><subparagraph id="id5E58BD833AD74B849D7835B3AB4A5377"><enum>(B)</enum><text>the Eastern
Interconnection; and</text>
</subparagraph><subparagraph id="id166B2E9BFC8E44F384894D9983BC9BBC"><enum>(C)</enum><text>the Electric
Reliability Council of Texas; and</text>
</subparagraph></paragraph><paragraph id="idA33817BB53F8441D8211E3CA381BA911"><enum>(4)</enum><text>are coordinated
with the procedures of regional transmission organizations.</text>
</paragraph></subsection><subsection id="IDe9746389239445479060961fc3386301"><enum>(g)</enum><header>Rebates for
transmission on Energy Superhighway</header><text>The Commission shall develop
a plan for rebates for any tariff charged for electricity transmitted on the
Energy Superhighway under which—</text>
<paragraph id="IDc93e7bf226154d2a9a6d3e0cf18abbfa"><enum>(1)</enum><text>an entity that
transmits electricity that is generated from a renewable energy resource
(including wind, solar, ocean, tidal, geothermal, biomass, biogas, landfill
gas, or incremental hydropower) shall receive a rebate in an amount equal to
<fraction>1/2</fraction> of the tariff; and</text>
</paragraph><paragraph id="ID968ca95dcee04bae86123ecf53f690ee"><enum>(2)</enum><text>an entity that
transmits electricity that is generated from a nuclear resource shall receive a
rebate in an amount equal to <fraction>1/3</fraction> of the tariff.</text>
</paragraph></subsection><subsection id="ID8f6b10ad175f409e98882c9833237f1b"><enum>(h)</enum><header>Federally owned
utilities</header>
<paragraph id="idD6CEB6D1F10246AA8BEA6A4A22C79AE1"><enum>(1)</enum><header>In
general</header><text>The Commission shall deed ownership of a facility
constructed for the Energy Superhighway to—</text>
<subparagraph id="idAD5C8F0260954CD785A994E1C14B08F9"><enum>(A)</enum><text>if the Federal
share of the cost of the facility is more than 50 percent, federally owned
utilities operating under regional entities of the North American Electric
Reliability Corporation; and</text>
</subparagraph><subparagraph id="idB698084CA0C1413883AE58F03D4BDAB6"><enum>(B)</enum><text>if the Federal
share of the cost of the facility is 50 percent or less, federally owned
utilities described in subparagraph (A) on the basis of cost allocation, an
auction, or other means determined appropriate by the Commission.</text>
</subparagraph></paragraph><paragraph id="id9EE30E2E7FA34BD782CC1EFD533CAA49"><enum>(2)</enum><header>Duties</header><text>A
federally owned utility to which a facility is deeded under paragraph (1)
shall—</text>
<subparagraph id="id42F887D327BD4D7AA88FC7F9B6CAD22C"><enum>(A)</enum><text>operate and
maintain the facility in accordance with the requirements of regional entities
of the North American Electric Reliability Corporation; and</text>
</subparagraph><subparagraph id="idDCE1482240E343E7A1D3C2878295B2EC"><enum>(B)</enum><text>use any revenue
derived from the tariff from the facility to upgrade, maintain, and operate the
Energy Superhighway in accordance with the requirements of the regional
entities.</text>
</subparagraph></paragraph></subsection><subsection id="IDb9843974bcb34833a2a1821496666d53"><enum>(i)</enum><header>Authorization
of appropriations</header><text>There are authorized to be appropriated such
sums as are necessary to carry out this
section.</text>
</subsection></section><after-quoted-block>.
</after-quoted-block></quoted-block>
</section><section id="idAEEC184265714A508C85680743F08CFF"><enum>102.</enum><header>Authorization
to recover costs of incremental transfer capability to facilitate renewable
energy development and deployment</header><text display-inline="no-display-inline">Part II of the Federal Power Act (16 U.S.C.
824 et seq.) (as amended by section 101) is amended by adding at the end the
following:</text>
<quoted-block display-inline="no-display-inline" id="id86344AD8E3C442DC8F00F3FE5A66FCB3" style="OLC">
<section id="ID96c8f2ec181c47489c7c7f7318b933dc"><enum>225.</enum><header>Authorization
to recover costs of incremental transfer capability to facilitate renewable
energy development and deployment</header>
<subsection id="IDca915909afcd4bb9a9d1b9ac98563795"><enum>(a)</enum><header>Definitions</header><text>In
this section:</text>
<paragraph id="IDff44ee247faf49aa9e79fef68d1fe0ce"><enum>(1)</enum><header>Core
transmission facility</header><text>The term <term>core transmission
facility</term> means a transmission facility—</text>
<subparagraph id="id7E7E8DD107A34911B48EBB292E04AAD2"><enum>(A)</enum><text>for which a
project sponsor has demonstrated 1 or more financial or regulatory commitments
to construct, operate, and maintain;</text>
</subparagraph><subparagraph id="id0F396C917E0E46CD8732B61BC7EA5977"><enum>(B)</enum><text>that the project
sponsor would construct regardless of Federal incentives; and</text>
</subparagraph><subparagraph id="id9647860586874848AE68F4B7BB6291B8"><enum>(C)</enum><text>that has the
demonstrated ability to add incremental transfer capability through—</text>
<clause id="id987C0247FA204798A243CD2AFE0D8862"><enum>(i)</enum><text>the addition of
electrical circuits; or</text>
</clause><clause id="id3ABC56FDFBF5434495FD14B73574DB6B"><enum>(ii)</enum><text>increasing the
operating voltage of the transmission facility.</text>
</clause></subparagraph></paragraph><paragraph id="IDca9ee48f81f245378605889d4c59f11f"><enum>(2)</enum><header>Financial or
regulatory commitment</header><text>The term <term>financial or regulatory
commitment</term> means a commitment through—</text>
<subparagraph id="id7E8CDB2754FB49C6B3146E2138501EB1"><enum>(A)</enum><text>a transmission
service agreement accepted or on file with the Commission;</text>
</subparagraph><subparagraph id="idB260739F599F4937AFAFE5A4D91AE010"><enum>(B)</enum><text>an allocation to
network customers posted on an open access same-time information system;
or</text>
</subparagraph><subparagraph id="id3AEA4217D4A5496E83A186E80EC626A8"><enum>(C)</enum><text>a ruling granting
full future cost recovery through the tariff of a regional transmission
organization that is on file with the Commission.</text>
</subparagraph></paragraph><paragraph id="idB7AC5C62492C42FCA11810E17C544C90"><enum>(3)</enum><header>Fund</header><text>The
term <term>Fund</term> means the Renewable Energy Incremental Transmission Fund
established under subsection (d).</text>
</paragraph><paragraph id="ID4e0d196ab8a6486fbba6e24b1f24f3ad"><enum>(4)</enum><header>Incremental
transfer capability</header><text>The term <term>incremental transfer
capability</term> means—</text>
<subparagraph id="IDf5dfe896f02d4de2942299de7b629e43"><enum>(A)</enum><text>the transfer
capability of additional electrical transmission circuits primarily within the
same right-of-way as core transmission facilities and traversing substantially
all of its length; or</text>
</subparagraph><subparagraph id="ID82204c1296884236897603a72e48ade4"><enum>(B)</enum><text>the additional
transfer capability that results from installing a transmission line of
increased voltage in comparison with core transmission facilities.</text>
</subparagraph></paragraph><paragraph id="ID95be6723228b4765a0490c15593eacc1"><enum>(5)</enum><header>Project
sponsor</header><text>The term <term>project sponsor</term> means an entity
that proposes to include incremental transfer capability as part of a core
transmission facilities project.</text>
</paragraph><paragraph id="ID33af035aa5584ae5aadb6c5df4bde617"><enum>(6)</enum><header>Pro
rata</header><text>The term <term>pro rata</term>, in relation to a core
transmission facility, means the incremental transfer capability of the core
transmission facility divided by the total transfer capability of the core
transmission facility.</text>
</paragraph><paragraph id="ID491a3d0414504fefb5b8f6048a0e7e28"><enum>(7)</enum><header>Renewable
energy resources</header><text>The term <term>renewable energy resource</term>
means solar, wind, ocean, tidal, geothermal energy, biomass, biogas, landfill
gas, or incremental hydropower.</text>
</paragraph><paragraph id="ID8d73a4dbf6ed4eb382b634347b21db0b"><enum>(8)</enum><header>Secretary</header><text>The
term <term>Secretary</term> means the Secretary of Energy.</text>
</paragraph><paragraph id="ID04a29abae0104e58ba188ce4b7cb4133"><enum>(9)</enum><header>Uncommitted
transfer capability</header>
<subparagraph id="idEB1E6EC00124496D9FFFEB38CE85FD2A"><enum>(A)</enum><header>In
general</header><text>The term <term>uncommitted transfer capability</term>
means transfer capability, and associated transmission facilities using a pro
rata calculation, that is move than the needs demonstrated by the core
transmission facilities, that—</text>
<clause id="idC71CB6E544BB4D92AF2E23B8BA40A1F3"><enum>(i)</enum><text>are not paid for
through long-term transmission service agreements filed with the
Commission;</text>
</clause><clause id="id230EDA6BF13A42E2922FC8C551DA5378"><enum>(ii)</enum><text>are not
allocated through an open access same-time information system posting to
network customers and recovered via embedded transmission rates; or</text>
</clause><clause id="id161061602D574D59ADCAFFFD0FAA06E9"><enum>(iii)</enum><text>do not receive
payment of the associated rates of the core transmission facilities through the
tariff of a regional transmission organization that is on file with the
Commission.</text>
</clause></subparagraph><subparagraph id="idC4BA270F92584527812E592908DDE329"><enum>(B)</enum><header>Limitation</header><text>The
uncommitted transfer capability financed by the Secretary shall be not more
than 75 percent of the total transfer capability provided by the core
transmission facilities.</text>
</subparagraph></paragraph></subsection><subsection id="ID36a5168f331f4949b9a35f3c27274917"><enum>(b)</enum><header>Cost recovery
authorization</header>
<paragraph id="id7D7933F3414C4CAA85E141ABDC896F8B"><enum>(1)</enum><header>In
general</header><text>Notwithstanding any provision of this Act or State law
relating to the rates or charges for electric service or transmission of
electric energy, a project sponsor shall be entitled to collect payment and
recover costs of the incremental transfer capability in accordance with
subsection (d) if—</text>
<subparagraph id="idC5962F3C8CA541588E68A71AF56CE11D"><enum>(A)</enum><text>the 1 or more
project sponsors of the incremental transfer capability have filed a cost
recovery plan described in subsection (c) with the Commission; and</text>
</subparagraph><subparagraph id="idBB82A76575774A2C90C7F5043CEAE947"><enum>(B)</enum><text>the Commission
finds that the project sponsor has demonstrated—</text>
<clause id="ID4c930741fc2043448a8d0286329fae37"><enum>(i)</enum><text>that the
transmission project constitutes a core transmission facility;</text>
</clause><clause id="IDcc6a896659724ccdb427cb15984b8149"><enum>(ii)</enum><text>that the core
transmission facility and incremental transfer capability will facilitate
development or transmission of electric energy generated from renewable energy
resources;</text>
</clause><clause id="ID27c658495963464e87907ab5ac35e634"><enum>(iii)</enum><text>that the
process for seeking approval of siting and construction of the core
transmission facilities in the 1 or more States in which the facilities will be
located, or by the Commission pursuant to section 216, has been initiated by
the date on which the cost recovery plan is submitted to the Commission for
approval;</text>
</clause><clause id="ID407af2dd1e76407c994ffc4a999955d8"><enum>(iv)</enum><text>that the core
transmission facilities include at least 100 miles of new transmission lines or
constitute secondary line connections to the Energy Superhighway for
electricity generated from renewable resources;</text>
</clause><clause id="IDff959c14316542ab96b3d5d496f93313"><enum>(v)</enum><text>that the
facilities providing the incremental transfer capability will operate at a
nominal voltage of at least 345 kilovolts;</text>
</clause><clause id="IDca9f53ab4379422187b40047c721dcfe"><enum>(vi)</enum><text>that the
incremental transfer capability is likely to promote the reliable and
economically efficient transmission and generation of electricity or reduce
transmission congestion;</text>
</clause><clause id="ID5a02e92c2cc64bf081592bb23b6a1719"><enum>(vii)</enum><text>that, in the
case of a project sponsor that has on file with the Commission and is operating
subject to an open access transmission tariff, the transfer capability of the
core transmission facilities, without the incremental transfer capability, is
sufficiently committed through transmission service agreements accepted by or
on file with the Commission or as allocated to network or native customers
pursuant to the open access transmission tariff of the project sponsor;</text>
</clause><clause id="ID6be58763485d4bccbf74665bca5ccc0c"><enum>(viii)</enum><text>that, in the
case of a project sponsor that must obtain approval from any regional
transmission organization prior to constructing core transmission facilities,
all required approvals from any regional transmission organization for the core
transmission facilities have been obtained;</text>
</clause><clause id="IDdb0aba4cb6944c819a967a3eb4b91d0d"><enum>(ix)</enum><text>that the project
sponsor has the ability to finance construction of the core transmission
facilities absent the incremental transfer capability;</text>
</clause><clause id="ID0391119c4db84bb2b2e11032aff78aab"><enum>(x)</enum><text>a
commitment to undertake all reasonable and prudent efforts to construct the
core transmission facilities in a way that provides the incremental transfer
capability as outlined in the plan of the project sponsor if the Commission
grants the cost recovery incentives for the incremental transfer capability
under subsection (c);</text>
</clause><clause id="ID6796263728024502b6ffc8fa90bd8604"><enum>(xi)</enum><text>a commitment to
provide ancillary services, including integration service, on the incremental
transfer capability pursuant to Commission-approved rates; and</text>
</clause><clause id="ID818069055d4e4188836096a48747ae6b"><enum>(xii)</enum><text>a commitment to
maintain a Commission-approved rate, separate from the embedded transmission
rate of the project sponsor, for the incremental transfer capability, unless
otherwise agreed to by the project sponsor and future transmission customers
and approved by the Commission.</text>
</clause></subparagraph></paragraph><paragraph id="IDa0c69fd33f6e4a4b9406f60554784293"><enum>(2)</enum><header>Facilitating
renewable energy resources</header><text>For purposes of satisfying the cost
recovery authorization requirements of paragraph (1), an incremental transfer
capability project facilitates development or transmission of electric energy
generated from renewable energy resources if the project—</text>
<subparagraph id="ID49f74802f4114141bb9330cfea4a381c"><enum>(A)</enum><text>is constructed in
whole or in part between a liquid energy market hub and an area that has been
determined by the Commission to have the potential to generate in excess of 1
gigawatt of electricity from renewable energy resources; or</text>
</subparagraph><subparagraph id="ID60e72cd1a6b344e7bc1c67837ae98846"><enum>(B)</enum><text>is consistent
with transmission facilities identified as needed in the transmission planning
initiatives associated with a regional renewable energy zone identification
process that is undertaken with the involvement of State and Federal
agencies.</text>
</subparagraph></paragraph><paragraph id="IDde9822b6427c4ffa9eea199ca191a795"><enum>(3)</enum><header>Termination of
effectiveness</header><text>The authority provided by this subsection
terminates effective December 31, 2015.</text>
</paragraph></subsection><subsection id="IDf9d24842e7e5468fb0bdcc36cf097f46"><enum>(c)</enum><header>Cost recovery
plan</header>
<paragraph id="id18E193B49A8A4C73A7A5FE6DE105F25D"><enum>(1)</enum><header>In
general</header><text>The Commission shall approve the recovery of costs for
incremental transfer capability added to core transmission facilities pursuant
to a plan submitted by the project sponsor consistent with subsection
(b).</text>
</paragraph><paragraph id="idAB634C3550014A9AAE62B0C82B63D0F0"><enum>(2)</enum><header>Requirements</header>
<subparagraph id="id8172A6864C9E4E34AFD5550DEA90EEE5"><enum>(A)</enum><header>In
general</header><text>A plan described in paragraph (1) shall include—</text>
<clause id="id83DC6BDCAEF94B3CA8C748F110C27ADE"><enum>(i)</enum><text>in accordance
with paragraph (3), a proposal for rates and charges for the uncommitted
transfer capability to be paid annually by the Secretary to the project sponsor
for a period of 10 years beginning on the date on which the transmission
facilities are placed in service; or</text>
</clause><clause id="id10E0417631C44EEBB3F3DC2A9781651D"><enum>(ii)</enum><text>in accordance
with paragraph (4), a proposal for the Secretary to purchase from the project
sponsor and hold the rights to the uncommitted transfer capability on a pro
rata basis based on the final cost of the assets providing the uncommitted
transfer capability.</text>
</clause></subparagraph><subparagraph id="idAC664D529ECF4845AB6557537C24E5A7"><enum>(B)</enum><header>Control of
facilities</header><text>A project sponsor submitting a plan under this
subsection shall own, operate, and maintain the facilities providing the
uncommitted transfer capability.</text>
</subparagraph></paragraph><paragraph id="IDa3a15693e4f34f0a9cac53bf092d3be6"><enum>(3)</enum><header>Direct payment
for uncommitted transfer capability</header>
<subparagraph id="idC0A954C05BF843B7964546DB5BEB1416"><enum>(A)</enum><header>In
general</header><text>On the request of the project sponsor and if approved by
the Commission, the Secretary shall pay the project sponsor, on a pro rata
basis, for all prudently incurred costs and associated returns on equity of
constructing, owning, and operating the uncommitted transfer capability for a
period of 10 years beginning on the date that the transmission facilities are
placed in service.</text>
</subparagraph><subparagraph id="id6CCC0FB638014901BB3496D2B8DE8235"><enum>(B)</enum><header>Public
interest</header><text>In determining whether rates and charges under this
subsection for use of uncommitted transfer capability are just and reasonable
and not unduly discriminatory or preferential, the Commission shall—</text>
<clause id="id101DBB16FEA6475FA49C9560A5281C2C"><enum>(i)</enum><text>consider the
public interest to increase transmission transfer capability to facilitate the
development and transmission of renewable energy; and</text>
</clause><clause id="id56C1E30E658D4F019CDE15F6B108CD48"><enum>(ii)</enum><text>account for the
cost of constructing the uncommitted transfer capability separately from the
cost that would have been incurred to construct the transmission facility
without the uncommitted transfer capability using a pro rata
calculation.</text>
</clause></subparagraph></paragraph><paragraph id="ID57d60d1e099e44ed93a8091e105176ea"><enum>(4)</enum><header>Direct purchase
of uncommitted transfer capability</header>
<subparagraph id="id0DD65C3168C0403B8052C8A83A3D5B08"><enum>(A)</enum><header>In
general</header><text>Subject to subparagraph (B), on the request of the
project sponsor and if approved by the Commission, the Secretary shall purchase
from the project sponsor and hold the rights to the uncommitted transfer
capability on a pro rata basis once the transmission facilities are placed in
service.</text>
</subparagraph><subparagraph id="idADEF733927E544CC9F4D25DCBCFDD26F"><enum>(B)</enum><header>Limitation</header><text>The
Secretary shall not purchase any uncommitted transfer capability rights under
this section until the Secretary has deposited into the Fund amounts sufficient
to cover the price of the rights as set forth in the plan approved by the
Commission.</text>
</subparagraph></paragraph><paragraph id="ID1a97a476fed44833a4b79943aef864b7"><enum>(5)</enum><header>Access to
uncommitted transfer capability</header><text>The Commission shall ensure, to
the maximum extent practicable, that—</text>
<subparagraph id="id6479E1414C28452C825961A5E67110F1"><enum>(A)</enum><text>the uncommitted
transfer capability made available pursuant to this section is used to deliver
electricity generated from renewable energy resources, including other
resources necessary to support the interconnection of renewable energy
resources; and</text>
</subparagraph><subparagraph id="id8B508C899A9F46D1BAB6C3F0C9B688C8"><enum>(B)</enum><text>the project
sponsor has preferential access to purchase all or part of the right to the
uncommitted transfer capability held by the Secretary to serve customers that
purchase or sell renewable energy resources developed and delivered pursuant to
this section for a period of 10 years, to the extent that the preference does
not have a negative impact on electric reliability.</text>
</subparagraph></paragraph><paragraph id="IDdbc4597634ac44afa6dcb75c2a102d4a"><enum>(6)</enum><header>Remarketing
uncommitted transfer capability</header>
<subparagraph id="id6A7DE2C95B87446286994DD78FFB2735"><enum>(A)</enum><header>In
general</header><text>In order to minimize Federal Government outlays and
reduce the amount of total uncommitted transfer capability rights still held by
the Federal Government at the end of the 10-year reservation period described
in paragraph (3)(A), at the end of that period the project sponsor shall be
required to—</text>
<clause id="idD0DE583E9AD84B9EAA17519D91E67564"><enum>(i)</enum><text>post on an open
access same time information system and remarket the rights to the residual
uncommitted transfer capability; and</text>
</clause><clause id="idF54E4E9F956245C3B3498C251304BEBC"><enum>(ii)</enum><text>repurchase the
rights as new long-term transmission service agreements or network commitments
are made.</text>
</clause></subparagraph><subparagraph id="idD3D3460FA8AF4A71AE8BD77F312E2B07"><enum>(B)</enum><header>Effect</header><text>Nothing
in this paragraph establishes the project sponsor as an agent of the Federal
Government.</text>
</subparagraph></paragraph><paragraph id="ID5d0f0f816222468a843a5d5ad704a93d"><enum>(7)</enum><header>Resale of
uncommitted transfer capability</header>
<subparagraph id="id73D2732071F744D998DA80349D4D4B1E"><enum>(A)</enum><header>In
general</header><text>The Secretary may receive and accept payments for the
purpose of purchasing uncommitted transfer capability rights held by the
Secretary.</text>
</subparagraph><subparagraph id="id7A9F179AA3B446008D59FBCC2627BACC"><enum>(B)</enum><header>Price</header><text>The
price at which the rights of the Secretary may be purchased shall equal the
product obtained by multiplying—</text>
<clause id="id51A3CF6F250D40DDB1422D1F7DEE9393"><enum>(i)</enum><text>the amount paid
by the Secretary net of accumulated depreciation for the rights plus interest
compounded annually at the 2-year Treasury note rate; by</text>
</clause><clause id="idF1F79B9437E6497BA2B2D407CD33D419"><enum>(ii)</enum><text>the percentage
of the rights of the Secretary to the uncommitted transfer capability of the
project being purchased.</text>
</clause></subparagraph><subparagraph id="id974EBD15ED56496BACE420B2DD906832"><enum>(C)</enum><header>Use of
funds</header><text>Any payments to the Secretary under this paragraph shall be
deposited directly into the general fund of the Treasury.</text>
</subparagraph></paragraph></subsection><subsection id="ID5ca7c9cf904b4a3a88af8b183bb387d1"><enum>(d)</enum><header>Renewable
energy incremental transmission fund</header>
<paragraph id="IDB87E6EB3E15A423C9459B522069F2D1F"><enum>(1)</enum><header>Establishment</header><text>There
is established in the Treasury of the United States a revolving fund, to be
known as the <quote>Renewable Energy Incremental Transmission Fund</quote>,
consisting of such amounts as are appropriated to the Fund under paragraph
(2).</text>
</paragraph><paragraph id="idD099F71C4C8547A281A2744C7B8C3FD4"><enum>(2)</enum><header>Transfer</header><text>There
are appropriated to the Fund, out of funds of the Treasury not otherwise
appropriated, $10,000,000,000,000, to be appropriated as soon as practicable
after the date of enactment of this section, but not later than October 1,
2009.</text>
</paragraph><paragraph id="id50957E3AFC2D4824A071FF5004B5E45C"><enum>(3)</enum><header>Availability of
funds</header><text>Notwithstanding subsection (b)(3), amounts in the Fund
shall be available to the Secretary for expenditure under this section without
fiscal year limitation, to remain available until expended.</text>
</paragraph><paragraph id="id2BBA98D3B60444FD97DC7A362F10DA9F"><enum>(4)</enum><header>Report</header><text>Each
year, the Secretary shall submit to the appropriate committees of Congress a
report describing the activities of the Secretary under this section.</text>
</paragraph></subsection><subsection id="IDc598d0a4382748c38060eeb401936a84"><enum>(e)</enum><header>Rulemaking
requirement</header>
<paragraph id="id2802A721C975455985373C7E64B95DC2"><enum>(1)</enum><header>In
general</header><text>The Commission shall, by 1 or more rules promulgated not
later than 90 days after the date of enactment of this section,
establish—</text>
<subparagraph id="ID46b283b6527a436c858df5b895f2ee02"><enum>(A)</enum><text>appropriate final
procedural requirements to specify the process by which a project sponsor shall
submit and the Commission shall evaluate the cost recovery plan provided for in
this section; and</text>
</subparagraph><subparagraph id="ID78d54de009184118a3d852be557ab913"><enum>(B)</enum><text>incentive-based
rate treatments for investments in incremental transfer capability projects
authorized by the Commission under this section that expand the transfer
capability of core transmission facilities being permitted, sited, or
constructed, beyond their initial planned transfer capability, to accommodate
increased future growth of renewable energy.</text>
</subparagraph></paragraph><paragraph id="id8887036B4AF741A5B094FCFDBAC7A047"><enum>(2)</enum><header>Requirements</header><text>Incentive-based
rate treatments described in paragraph (1)(B) shall take into account—</text>
<subparagraph id="id4C5BD4F2D7694D03B9B933869630BCFD"><enum>(A)</enum><text>the scale of
investment required;</text>
</subparagraph><subparagraph id="id79E0FC67E6F546209EC3765209753E27"><enum>(B)</enum><text>the extraordinary
financial and nonfinancial risks and challenges impeding this investment;
and</text>
</subparagraph><subparagraph id="id6BEE7E5A07C4421BB6180984DA9981B6"><enum>(C)</enum><text>the wide-ranging
public interest benefits provided by developing the incremental transfer
capability projects.</text>
</subparagraph></paragraph><paragraph id="id2AA3B429D4AA42048B82FCC13D57EF7E"><enum>(3)</enum><header>Relation to
other incentive rates</header><text>In establishing appropriate procedural
requirements under this subsection, the Commission shall determine the
incentive-based rate treatments described in paragraph (1)(B) independently
from other incentive rates that the Commission is authorized to provide under
section
219.</text>
</paragraph></subsection></section><after-quoted-block>.</after-quoted-block></quoted-block>
</section><section id="id2741C87419DB4814B2528486FB293B90"><enum>103.</enum><header>Coordination
of Federal authorizations for transmission facilities</header><text display-inline="no-display-inline">Section 216(h) of the Federal Power Act (16
U.S.C. 824p(h)) is amended—</text>
<paragraph id="idAB020DAA19EB40EFA01642F3F93E04D2"><enum>(1)</enum><text display-inline="yes-display-inline">in paragraph (2), by striking
<quote>Department of Energy</quote> and inserting <quote>Federal Energy
Regulatory Commission (referred to in this subsection as the
<quote>Commission</quote>)</quote>;</text>
</paragraph><paragraph id="id315FEFC9ACEC4AF6A62539F0A01019A8"><enum>(2)</enum><text>by striking
<quote>Secretary</quote> each place it appears and inserting
<quote>Commission</quote>;</text>
</paragraph><paragraph id="id3A651503012A4DFB939CEB96D527A9DB"><enum>(3)</enum><text>in paragraph
(7)—</text>
<subparagraph id="idAC3A30E99AD64CD4BDB67A454A6BA062"><enum>(A)</enum><text>in subparagraph
(A), by striking <quote>18 months after the date of enactment of this
section</quote> and inserting <quote>180 days after the date of enactment of
the <short-title>SMART Energy Act</short-title></quote>;
and</text>
</subparagraph><subparagraph id="idE9092CC65553469B8E9F554926CDCBBC"><enum>(B)</enum><text>in subparagraph
(B), by striking <quote>1 year after the date of enactment of this
section</quote> and inserting <quote>180 days after the date of enactment of
the <short-title>SMART Energy Act</short-title></quote>;
and</text>
</subparagraph></paragraph><paragraph id="idE8E4657E1F4746E986680B97E5F91A96"><enum>(4)</enum><text>in paragraph (9),
by striking subparagraph (A) and inserting the following:</text>
<quoted-block display-inline="no-display-inline" id="idC3461D5D48FA4FE09259135D7DCC0BA6" style="OLC">
<subparagraph id="id5DFC5B653DBA4342A287A8A2D8A0D381"><enum>(A)</enum><text>the Secretary of
Energy;</text>
</subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></section><enum>II</enum><header>Investing in
America's energy security</header>
<subtitle id="id88A4F0F37FFF4B06A6D0CF7E6FDF7EAC"><enum>A</enum><header>Energy Security
Trust Fund</header>
<section id="id224E6DBA160344FFA4796BFCBC8E0BC6"><enum>201.</enum><header>Energy
Security Trust Fund</header>
<subsection id="H4B5E94BB18E347CC9500EA1D4127BC30"><enum>(a)</enum><header>Establishment</header><text>Subchapter
A of chapter 98 of the Internal Revenue Code of 1986 is amended by adding at
the end the following new section:</text>
<quoted-block id="HD40462D555554B78B9D3EA00087FD963" style="OLC">
<section id="H596D0ED8F3CA4374B8C1317B05E75683"><enum>9511.</enum><header>Energy
Security Trust Fund</header>
<subsection id="HFE2F12838769457891AF4119F3874F82"><enum>(a)</enum><header>Creation of
Trust Fund</header><text>There is established in the Treasury of the United
States a trust fund to be known as the <quote>Energy Security Trust
Fund</quote> (referred to in this section as the <quote>Trust Fund</quote>),
consisting of such amounts as may be appropriated or credited to the Trust Fund
as provided in this section or section 9602(b).</text>
</subsection><subsection id="H9FE4BD51457749118700EBFA50E57422"><enum>(b)</enum><header>Transfers to
Trust Fund</header><text>There is hereby appropriated to the Trust Fund an
amount equivalent to the sum of—</text>
<paragraph id="id5B5CCD27DD0F4567BE6CF8DDC8DF79E0"><enum>(1)</enum><text>the taxes
received in the Treasury under section 5896, plus</text>
</paragraph><paragraph commented="no" id="id134E912E33CA476B8C1B1E862D88E997"><enum>(2)</enum><text>any increase in
the amounts received in the Treasury that are attributable to leasing or other
revenue from increased oil and natural gas production as the result of the
enactment of the <short-title>SMART Energy
Act</short-title> (as determined by the Secretary of the Treasury).</text>
</paragraph></subsection><subsection id="HEE53D0E432AC4AD683001034AEF347C7"><enum>(c)</enum><header>Distribution of
amounts in Trust Fund</header>
<paragraph id="id2EEB235B446045D885B4D47EF50277BF"><enum>(1)</enum><header>In
general</header><text display-inline="yes-display-inline">Subject to paragraph
(2), amounts in the Trust Fund shall be available to the Secretary of Energy
for the purposes of carrying out research, development, deployment, and related
activities for—</text>
<subparagraph id="IDc2613a47064a4d7c98eca07fd0b7adc9"><enum>(A)</enum><text>advanced
biofuels;</text>
</subparagraph><subparagraph id="id93773D3DF44A46138EFD40FB694EE2EA"><enum>(B)</enum><text>renewable energy
production;</text>
</subparagraph><subparagraph id="idF812B68030CD422297D3CF58BA4EC288"><enum>(C)</enum><text>infrastructure
needs for advanced biofuels and renewable energy production; and</text>
</subparagraph><subparagraph id="id8FBE8BD2AE214A4EA3458F2912CA031D"><enum>(D)</enum><text>energy
conservation and efficiency, including energy-efficient vehicles and conserving
and making more efficient transportation fuels.</text>
</subparagraph></paragraph><paragraph id="id52A0EC1B043B47C18EBEFC4A0475B865"><enum>(2)</enum><header>Use of certain
funds</header><text>All funds in the Trust Fund that are derived from fees
collected under the production incentives program established under section 302
of the <short-title>SMART Energy Act</short-title> during
the first 5 fiscal years for which funds are collected under the program shall
be used—</text>
<subparagraph id="ID529c4b112b17484a8a364569fe231712"><enum>(A)</enum><text>to complete, as
soon as practicable after the date of enactment of that Act, any environmental
or socioeconomic impact studies or consultations for prospective production
areas on the outer Continental Shelf;</text>
</subparagraph><subparagraph id="idC0153F2BB9604F22988F8F81794CCA09"><enum>(B)</enum><text>to pay the
expenses of the Special Commission on Offshore Oil and Gas Leasing established
under section 18(j) of the Outer Continental Shelf Lands Act (43 U.S.C.
1344(j)); and</text>
</subparagraph><subparagraph id="idFAA85DE7694243F2A0689E0DE8ADD079"><enum>(C)</enum><text>to identify the
most prospective areas for recoverable oil and gas accumulations for industry
exploration under, and otherwise carry out, section 357 of the Energy Policy
Act of 2005 (42 U.S.C.
15912).</text>
</subparagraph></paragraph></subsection></section><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="id44112053B0B845E2893DBBCCBBD9D730"><enum>(b)</enum><header>Clerical
amendment</header><text>The table of sections for subchapter A of chapter 98 of
the Internal Revenue Code of 1986 is amended by adding at the end the following
new item:</text>
<quoted-block id="idf88033a7-6300-48a9-a4bb-3d5868904dca" style="OLC">
<toc>
<toc-entry idref="H596D0ED8F3CA4374B8C1317B05E75683" level="section">Sec. 9511. Energy Security Trust
Fund.</toc-entry>
</toc>
<after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection commented="no" display-inline="no-display-inline" id="H5005B6F488744BEB966EF5792CE5FB47"><enum>(c)</enum><header>Effective
date</header><text>The amendments made by this section shall take effect on the
date of the enactment of this Act.</text>
</subsection></section><section id="id7DCCDA8FB8724F198E84C5B5AB752C05" section-type="subsequent-section"><enum>202.</enum><header>Tax on crude oil and
natural gas produced from the outer Continental Shelf in the Gulf of
Mexico</header>
<subsection id="id761C2ADC2F5844DB8E40A06D4CF2311E"><enum>(a)</enum><header>In
general</header><text>Subtitle E of the Internal Revenue Code of 1986 is
amended by adding at the end the following new chapter:</text>
<quoted-block display-inline="no-display-inline" id="id2F96117F0F294EAC8C6F1BA00E1DCB5D" style="OLC">
<chapter id="id14D22A95B3114B5CB24D62F150F360A8"><enum>56</enum><header>Tax on severance
of crude oil and natural gas from the outer Continental Shelf in the Gulf of
Mexico</header>
<toc regeneration="no-regeneration">
<toc-entry level="section">Sec. 5896. Imposition of
tax.</toc-entry>
<toc-entry level="section">Sec. 5897. Taxable crude oil or natural
gas and removal price.</toc-entry>
<toc-entry level="section">Sec. 5898. Special rules and
definitions.</toc-entry>
</toc>
<section id="id1F6CABB4526C482887AB2CEDBBE0A63A"><enum>5896.</enum><header>Imposition of
tax</header>
<subsection id="id29FA3E0B4D1248E8AB3E0886FD693EC9"><enum>(a)</enum><header>In
general</header><text>In addition to any other tax imposed under this title,
there is hereby imposed a tax equal to 18 and two-thirds percent of the removal
price of any taxable crude oil or natural gas removed from the premises during
any taxable period.</text>
</subsection><subsection id="id80F66C369C024972AC5B966053583EC3"><enum>(b)</enum><header>Credit for
Federal royalties paid</header>
<paragraph id="id4AF8D7698B71448B89D889D176F55CC5"><enum>(1)</enum><header>In
general</header><text>There shall be allowed as a credit against the tax
imposed by subsection (a) with respect to the production of any taxable crude
oil or natural gas an amount equal to the aggregate amount of royalties paid
under Federal law with respect to such production.</text>
</paragraph><paragraph id="id5601E188F66F41209B2F31AD58571DF0"><enum>(2)</enum><header>Limitation</header><text>The
aggregate amount of credits allowed under paragraph (1) to any taxpayer for any
taxable period shall not exceed the amount of tax imposed by subsection (a) for
such taxable period.</text>
</paragraph></subsection><subsection id="id96DC35B2C47E48D0852F545A80C6AD2A"><enum>(c)</enum><header>Tax paid by
producer</header><text>The tax imposed by this section shall be paid by the
producer of the taxable crude oil or natural gas.</text>
</subsection></section><section id="id1DB9BC5E9CD147E38DC16CA38AA3B966"><enum>5897.</enum><header>Taxable crude
oil or natural gas and removal price</header>
<subsection id="id9C6349F8189148F897D7775694EE0F57"><enum>(a)</enum><header>Taxable crude
oil or natural gas</header><text>For purposes of this chapter, the term
<term>taxable crude oil or natural gas</term> means crude oil or natural gas
which is produced from Federal submerged lands on the outer Continental Shelf
in the Gulf of Mexico pursuant to a lease entered into with the United States
which authorizes the production.</text>
</subsection><subsection id="idBC1C28CB12F3412CACEF164754EF7086"><enum>(b)</enum><header>Removal
price</header><text>For purposes of this chapter—</text>
<paragraph id="id1653C1A842F54588B5446CD8FCC6C222"><enum>(1)</enum><header>In
general</header><text>Except as otherwise provided in this subsection, the term
<term>removal price</term> means—</text>
<subparagraph id="id00874073EBD64D2DB6E9BFC4673CF722"><enum>(A)</enum><text>in the case of
taxable crude oil, the amount for which a barrel of such crude oil is sold,
and</text>
</subparagraph><subparagraph id="id441A53B235A24B1288C51E52692B069F"><enum>(B)</enum><text>in the case of
taxable natural gas, the amount per 1,000 cubic feet for which such natural gas
is sold.</text>
</subparagraph></paragraph><paragraph id="id78E61E6A08D149F5BEF9116EC76CD76C"><enum>(2)</enum><header>Sales between
related persons</header><text>In the case of a sale between related persons,
the removal price shall not be less than the constructive sales price for
purposes of determining gross income from the property under section
613.</text>
</paragraph><paragraph id="idE20CF1A47F174B04AB8E36731DB93AC6"><enum>(3)</enum><header>Oil or gas
removed from property before sale</header><text>If crude oil or natural gas is
removed from the property before it is sold, the removal price shall be the
constructive sales price for purposes of determining gross income from the
property under section 613.</text>
</paragraph><paragraph id="idB52760C036C0489FB7B6DFC32FFB4E64"><enum>(4)</enum><header>Refining begun
on property</header><text>If the manufacture or conversion of crude oil into
refined products begins before such oil is removed from the property—</text>
<subparagraph id="id352698933C534D598FF61A43B5DAB0CA"><enum>(A)</enum><text>such oil shall be
treated as removed on the day such manufacture or conversion begins, and</text>
</subparagraph><subparagraph id="id6FB7AF5108464B2998FB2347521EF8E9"><enum>(B)</enum><text>the removal price
shall be the constructive sales price for purposes of determining gross income
from the property under section 613.</text>
</subparagraph></paragraph><paragraph id="id2D13A119DE4842D987F504589718B305"><enum>(5)</enum><header>Property</header><text>The
term <term>property</term> has the meaning given such term by section
614.</text>
</paragraph></subsection></section><section id="idAFA32486493E4BE2973FB078C7166A39"><enum>5898.</enum><header>Special rules
and definitions</header>
<subsection id="idBD8B4ECF768F4966B77E38B770B66BFF"><enum>(a)</enum><header>Administrative
requirements</header>
<paragraph id="id5B421A90931346AE9710382EB4B5C93D"><enum>(1)</enum><header>Withholding and
deposit of tax</header><text>The Secretary shall provide for the withholding
and deposit of the tax imposed under section 5896 on a quarterly basis.</text>
</paragraph><paragraph id="id12BD94527E6545B29C08E03E3325C136"><enum>(2)</enum><header>Records and
information</header><text>Each taxpayer liable for tax under section 5896 shall
keep such records, make such returns, and furnish such information (to the
Secretary and to other persons having an interest in the taxable crude oil or
natural gas) with respect to such oil as the Secretary may by regulations
prescribe.</text>
</paragraph><paragraph id="idB7BA4E4695F649E6A8E255C4036C05F9"><enum>(3)</enum><header>Taxable
periods; return of tax</header>
<subparagraph id="id929C614DF9C449D690F2DA53441E4A60"><enum>(A)</enum><header>Taxable
period</header><text>Except as provided by the Secretary, each calendar year
shall constitute a taxable period.</text>
</subparagraph><subparagraph id="id722024A6B9344F7C8CBB21FA783E462A"><enum>(B)</enum><header>Returns</header><text>The
Secretary shall provide for the filing, and the time for filing, of the return
of the tax imposed under section 5896.</text>
</subparagraph></paragraph></subsection><subsection id="id76B3DFCDE7FE455884D03CBCABB66BBC"><enum>(b)</enum><header>Definitions</header><text>For
purposes of this chapter—</text>
<paragraph id="id302B08C90DC64A949D2001AC16F8C63B"><enum>(1)</enum><header>Producer</header><text>The
term <term>producer</term> means the holder of the economic interest with
respect to the crude oil or natural gas.</text>
</paragraph><paragraph id="id2EB5A1DF05CD4BE5926FE1FC02C32BEA"><enum>(2)</enum><header>Crude
oil</header><text>The term <term>crude oil</term> includes crude oil
condensates and natural gasoline.</text>
</paragraph><paragraph id="idF4D554DA15CD4D73A15CB1855C65E377"><enum>(3)</enum><header>Premises and
crude oil product</header><text>The terms <term>premises</term> and <term>crude
oil product</term> have the same meanings as when used for purposes of
determining gross income from the property under section 613.</text>
</paragraph></subsection><subsection id="id51769BB8B1F2483BA21D1597DE8E06D8"><enum>(c)</enum><header>Adjustment of
removal price</header><text>In determining the removal price of oil or natural
gas from a property in the case of any transaction, the Secretary may adjust
the removal price to reflect clearly the fair market value of oil or natural
gas removed.</text>
</subsection><subsection id="id1E546EA950A44707806DA5C09F16B708"><enum>(d)</enum><header>Regulations</header><text>The
Secretary shall prescribe such regulations as may be necessary or appropriate
to carry out the purposes of this
chapter.</text>
</subsection></section></chapter><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="idDC53CC5257C642328B89B303B627AC6F"><enum>(b)</enum><header>Deductibility
of tax</header><text>The first sentence of section 164(a) of the Internal
Revenue Code of 1986 is amended by inserting after paragraph (5) the following
new paragraph:</text>
<quoted-block display-inline="no-display-inline" id="idAD335B4DA1CE47FB857DCD7100B78732" style="OLC">
<paragraph id="id8631A986804A46F8852ABAC22ABD9A95"><enum>(6)</enum><text>The tax imposed
by section 5896(a) (after application of section 5896(b)) on the severance of
crude oil or natural gas from the outer Continental Shelf in the Gulf of
Mexico.</text>
</paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="idC4792838E8744222941EF7E464972AF2"><enum>(c)</enum><header>Clerical
amendment</header><text>The table of chapters for subtitle E of the Internal
Revenue Code of 1986 is amended by adding at the end the following new
item:</text>
<quoted-block display-inline="no-display-inline" id="idC705B4C72B124032984DFA546B211A57" style="tax">
<toc regeneration="no-regeneration">
<toc-entry level="chapter">Chapter 56. Tax on severance of crude oil
and natural gas from the outer Continental Shelf in the Gulf of
Mexico.</toc-entry>
</toc>
<after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection commented="no" display-inline="no-display-inline" id="id3157A94398C9474EB35E3CED626D5E0A"><enum>(d)</enum><header>Effective
date</header><text>The amendments made by this section shall apply to crude oil
or natural gas removed after the date of the enactment of this Act.</text>
</subsection></section></subtitle><subtitle id="id46E476B6308D4B55BB6FA58FBFCD4D03"><enum>B</enum><header>Biogas</header>
<section commented="no" id="id321ACA82111744EA98FCEC12A5FDBDCF"><enum>211.</enum><header>Credit for
production of biogas and syngas from certain renewable feedstocks</header>
<subsection commented="no" id="idBF8AD043195B434598727A657D7176C7"><enum>(a)</enum><header>In
general</header><text>Subpart D of part IV of subchapter A of chapter 1 of the
Internal Revenue Code of 1986 is amended by inserting after section 45Q the
following new section:</text>
<quoted-block display-inline="no-display-inline" id="id8919B01065B74098832B4FC5E31B67DC" style="OLC">
<section commented="no" id="idB23DE302B4CB4336B9756E378338481C"><enum>45R.</enum><header>Biogas and
syngas produced from certain renewable feedstocks</header>
<subsection commented="no" id="id4BF15652494A4125B1D27AC0CC66F598"><enum>(a)</enum><header>Allowance of
credit</header>
<paragraph commented="no" id="id021EC5558AC0462AA10477A717E34182"><enum>(1)</enum><header>In
general</header><text>For purposes of section 38, the qualified biogas and
renewable syngas production credit for any taxable year is an amount equal to
the sum of the biogas production amount and the renewable syngas production
amount.</text>
</paragraph><paragraph commented="no" id="id1C485BC494A4446CAC92CDD2C1873F26"><enum>(2)</enum><header>Biogas
production amount</header>
<subparagraph commented="no" id="id2624A94022B140E89E68D1116A54A660"><enum>(A)</enum><header>In
general</header><text>For purposes of paragraph (1), except as provided in
subparagraph (B), the biogas production amount is an amount equal to the
product of—</text>
<clause commented="no" id="idF2C8C24BF44444EFA45383890C53705A"><enum>(i)</enum><text>$4.27, and</text>
</clause><clause commented="no" id="id78767E28075C49099B9513E91D49FF0E"><enum>(ii)</enum><text>each million
British thermal unit (mmBtu) of biogas—</text>
<subclause commented="no" id="id9CDE3CBC7A0B46008B8260BABAA27B52"><enum>(I)</enum><text>produced by the
taxpayer—</text>
<item commented="no" id="id5FF0229274284916892F10538B265F11"><enum>(aa)</enum><text>from qualified
energy feedstock, and</text>
</item><item commented="no" id="id4F1FBF109A0F41E485CF5B5202C80ED0"><enum>(bb)</enum><text>at a qualified
facility during the 10-year period beginning on the date the facility was
originally placed in service, and</text>
</item></subclause><subclause commented="no" id="id5AF01D94EE244BA1B9C8197DEF4BFEEC"><enum>(II)</enum><text>sold or used by
the taxpayer during the taxable year.</text>
</subclause></clause></subparagraph><subparagraph id="IDa6abc62542154828895a6b8e528451d3"><enum>(B)</enum><header>Exception for
biogas produced from a landfill</header><text>In the case of biogas produced
from a landfill, the biogas production amount is $2.00.</text>
</subparagraph></paragraph><paragraph commented="no" id="id3D24C568558746DF8A428B0433F9D7A3"><enum>(3)</enum><header>Renewable
syngas production amount</header><text>For purposes of paragraph (1), the
renewable syngas production amount is an amount equal to the product of—</text>
<subparagraph commented="no" id="id7432D70F97BD4C2C9421F5BFA341C615"><enum>(A)</enum><text>$2.92, and</text>
</subparagraph><subparagraph commented="no" id="id7172F89734FF45DEAE041560498CEC6D"><enum>(B)</enum><text>each million
British thermal unit (mmBtu) of renewable syngas—</text>
<clause commented="no" id="id591BF6451C114F6F904012149C1B06A9"><enum>(i)</enum><text>produced by the
taxpayer—</text>
<subclause commented="no" id="id44BEEC87842B4C0E95C90690E0B974A1"><enum>(I)</enum><text>from qualified
energy feedstock, and</text>
</subclause><subclause commented="no" id="id4CB76EDD4CF940C693C62494ACD85082"><enum>(II)</enum><text>at a qualified
facility during the 10-year period beginning on the date the facility was
originally placed in service, and</text>
</subclause></clause><clause commented="no" id="idBD9F1D96B4EE4D6EB272032B934E5521"><enum>(ii)</enum><text>used by the
taxpayer during the taxable year as a fuel at such qualified facility.</text>
</clause></subparagraph></paragraph></subsection><subsection commented="no" id="idD302E55400504AABB76009E6FD9371AE"><enum>(b)</enum><header>Definitions</header><text>For
purposes of this section—</text>
<paragraph id="id032EB520B84049E6A3D016CF1C7BC3B6"><enum>(1)</enum><header>Biogas</header><text>The
term <term>biogas</term> means a gas which—</text>
<subparagraph id="id928C49AFF6BA4B90AFD147E195F4ECF6"><enum>(A)</enum><text>is derived by
processing qualified energy feedstock, and</text>
</subparagraph><subparagraph id="id0D9D5CA5EC3544478E7A59F90941EE60"><enum>(B)</enum><text>contains at least
50 percent methane.</text>
</subparagraph></paragraph><paragraph id="idFB29FAE0C8364088A1F270061091A720"><enum>(2)</enum><header>Renewable
syngas</header><text>The term <term>renewable syngas</term> means any fuel
which is derived by processing qualified energy feedstock.</text>
</paragraph><paragraph id="idBA3747B632344CD2BFAA3A4FE56D65D6"><enum>(3)</enum><header>Qualified
energy feedstock</header>
<subparagraph id="id467DE69E7405445CA970691E280CF334"><enum>(A)</enum><header>In
general</header><text>The term <term>qualified energy feedstock</term>
means—</text>
<clause id="id7B4408AECA2246D7BDC170ADD466FF64"><enum>(i)</enum><text>manure of
agricultural livestock, including litter, wood shavings, straw, rice hulls,
bedding material, and other materials incidentally collected with the
manure,</text>
</clause><clause id="idD3494CB9A8F4470683EEA8F14FAE6EA8"><enum>(ii)</enum><text>any
nonhazardous, cellulosic, or other organic agricultural or food industry
by-product or waste material which is derived from—</text>
<subclause id="id6E84FA1E44CD4868954B0D7C5ED00204"><enum>(I)</enum><text>renewable
biomass,</text>
</subclause><subclause id="id178EC5301A9E424A99C43287425DF9C6"><enum>(II)</enum><text>harvesting
residues,</text>
</subclause><subclause id="id9A990FC12B14412583340D789B5C7628"><enum>(III)</enum><text>wastes or
byproducts from fermentation processes, ethanol production, biodiesel
production, slaughter of agricultural livestock, food production, food
processing, or food service, or</text>
</subclause><subclause id="id6F89E51E3FA94477AFCE8A37F8299821"><enum>(IV)</enum><text>other organic
wastes, byproducts, or sources,</text>
</subclause></clause><clause id="id75BFD0C620F3432CA07C27F89FC7B0AC"><enum>(iii)</enum><text>solid wood
waste materials, including waste pallets, crates, dunnage, manufacturing and
construction wood wastes, and landscape or right-of-way tree trimmings,
or</text>
</clause><clause id="id45875CC2E9064B6091588A020E1F6853"><enum>(iv)</enum><text>landfill waste,
sewage waste treatment materials, or other organic materials.</text>
</clause></subparagraph><subparagraph id="IDb36a86f1ada8406498b8bc3e0fec8228"><enum>(B)</enum><header>Renewable
biomass</header><text>The term <term>renewable biomass</term> means—</text>
<clause id="id9C5DAE8C981447E9B056EEE766BA146D"><enum>(i)</enum><text>materials from
pre-commercial thinning or invasive species from National Forest System land
and public lands (as defined in section 103 of the Federal Land Policy and
Management Act of 1976 (43 U.S.C. 1702)) which—</text>
<subclause id="IDf0c0ee614b2d4152a2da09c33bd357e5"><enum>(I)</enum><text>are byproducts of
preventive treatments which are removed to reduce or contain disease or insect
infestation to restore ecosystem health,</text>
</subclause><subclause id="ID499d6d8ead9e42f09b03e24a844335a6"><enum>(II)</enum><text>would not
otherwise be used for higher-value products, and</text>
</subclause><subclause id="ID9282a2f7ffc4404494abf64a75e36b53"><enum>(III)</enum><text>are harvested
in accordance with applicable law and land management plans and the
requirements for old-growth maintenance, restoration, and management direction
of paragraphs (2), (3), and (4) of subsection (e) of section 102 of the Healthy
Forests Restoration Act of 2003 (16 U.S.C. 6512) and large tree retention of
subsection (f) of that section, or</text>
</subclause></clause><clause id="IDc4ccaccc3ac345528dc80a495ace5e39"><enum>(ii)</enum><text>any organic
matter which is available on a renewable or recurring basis from non-Federal
land or land belonging to an Indian or Indian tribe which is held in trust by
the United States or subject to a restriction against alienation imposed by the
United States, including—</text>
<subclause id="ID669d9ba729224b9e8346f54496c4001a"><enum>(I)</enum><text>renewable plant
material (such as feed grains, other agricultural commodities, other plants and
trees, and algae), and</text>
</subclause><subclause id="ID13a4b9ddff144eda9471325838ff2c14"><enum>(II)</enum><text>waste material
(such as crop residue, other vegetative waste material (including wood waste
and wood residues), animal waste and byproducts (including fats, oils, greases,
and manure), food waste, and yard waste).</text>
</subclause></clause></subparagraph><subparagraph id="id34F06BB919AA49A3A96093BBFB3E93EF"><enum>(C)</enum><header>Agricultural
livestock</header><text>The term <term>agricultural livestock</term> means
poultry, cattle, sheep, swine, goats, horses, mules, and other equines.</text>
</subparagraph></paragraph></subsection><subsection id="idE32C52C03DBE4F38AF228A73B83D86D7"><enum>(c)</enum><header>Qualified
facility</header><text>For purposes of this section—</text>
<paragraph id="id94AC2ADE62D448DFAF2DFFFCAEB75F0D"><enum>(1)</enum><header>Biogas
facility</header><text>In the case of a facility producing biogas, the term
<term>qualified facility</term> means a facility which—</text>
<subparagraph id="idD9BE3200313646D489D354F747A8B9B5"><enum>(A)</enum><text>uses anaerobic
digesters, gasification, or other biological, chemical, or thermal processes to
convert qualified energy feedstock into biogas,</text>
</subparagraph><subparagraph id="id8A0827D3F7114969AAA3EA2A0AC6139B"><enum>(B)</enum><text>is owned by the
taxpayer,</text>
</subparagraph><subparagraph id="id1808F55822D5467F9B7052D1933849ED"><enum>(C)</enum><text>is located in the
United States,</text>
</subparagraph><subparagraph id="idFA213C0DE6F44E5287478EBE3EDEC0CD"><enum>(D)</enum><text>is originally
placed in service before January 1, 2017, and</text>
</subparagraph><subparagraph id="id90289735E06A4D69BD9F077C1A88322B"><enum>(E)</enum><text>the biogas output
of which is—</text>
<clause id="id052FCA0A18C54C0C8CDE0BA6919AB36C"><enum>(i)</enum><text>marketed through
interconnection with a gas distribution or transmission pipeline, or</text>
</clause><clause commented="no" display-inline="no-display-inline" id="id017D626B909A4FA6BE615C9CF2C7B74A"><enum>(ii)</enum><text>reasonably
expected to be used in a quantity sufficient to offset the consumption of 5,000
mmBtu annually of commercially marketed fuel derived from coal, crude oil,
natural gas, propane, or other fossil fuels.</text>
</clause></subparagraph></paragraph><paragraph commented="no" display-inline="no-display-inline" id="id478F328E1B1E4F648257CC16F0C7A313"><enum>(2)</enum><header>Renewable
syngas facility</header><text>In the case of a facility producing renewable
syngas, the term <term>qualified facility</term> means a facility which—</text>
<subparagraph id="idB9A3E6C44713448A863E8649610C2C3F"><enum>(A)</enum><text>uses anaerobic
digesters, gasification, or other biological, chemical, or thermal processes to
convert qualified energy feedstock into renewable syngas,</text>
</subparagraph><subparagraph id="idA092FCF499304408A9E088D02C00A7CA"><enum>(B)</enum><text>is owned by the
taxpayer,</text>
</subparagraph><subparagraph id="id27AAAF1C6EF542D98CF5F1C72C855EEB"><enum>(C)</enum><text>is located in the
United States,</text>
</subparagraph><subparagraph id="idE2A7E5AF3197436299373B0AE0D3DD5C"><enum>(D)</enum><text>is originally
placed in service before January 1, 2017,</text>
</subparagraph><subparagraph id="id965DA4CB392146AEACB2E848C938E8C1"><enum>(E)</enum><text>the renewable
syngas output of which is reasonably expected to be used in a quantity
sufficient to offset the consumption of 5,000 mmBtu annually of commercially
marketed fuel derived from coal, crude oil, natural gas, propane, or other
fossil fuels, and</text>
</subparagraph><subparagraph id="idCE9387FA5A0A4F79A59FC87B22B5C7FD"><enum>(F)</enum><text>provides for
waste treatment and clean-up.</text>
</subparagraph></paragraph></subsection><subsection commented="no" id="ID1d540e59b5f84aa387ab527e9384ad7f"><enum>(d)</enum><header>Special
rules</header><text>For purposes of this section—</text>
<paragraph commented="no" id="IDb6a23af81a1b487abd27eb165890ca7e"><enum>(1)</enum><header>Production
attributable to the taxpayer</header><text>In the case of a facility in which
more than 1 person has an ownership interest, except to the extent provided in
regulations prescribed by the Secretary, production from the qualified facility
shall be allocated among such persons in proportion to their respective
ownership interests in the gross sales from such qualified facility.</text>
</paragraph><paragraph commented="no" id="id31401C6A21024534AC2677D225F4705F"><enum>(2)</enum><header>Pass-thru in
the case of estates and trusts</header><text>Under regulations prescribed by
the Secretary, rules similar to the rules of subsection (d) of section 52 shall
apply.</text>
</paragraph><paragraph commented="no" id="id442C46B08EB34ACFACBE2025243F9325"><enum>(3)</enum><header>Coordination
with credit from producing fuel from a nonconventional source</header><text>The
amount of biogas produced and sold or used by the taxpayer during any taxable
year which is taken into account under this section shall be reduced by the
amount of biogas produced and sold by the taxpayer in such taxable year which
is taken into account under section 45K.</text>
</paragraph><paragraph id="ID85a5f8cc01544e3ab81543346e4b92da"><enum>(4)</enum><header>Credit
eligibility in the case of government-owned facilities</header><text>In the
case of any facility which produces biogas or renewable syngas and which is
owned by a governmental unit, paragraphs (1)(B) and (2)(B) of subsection (c)
shall each be applied by substituting <quote>is leased or operated by the
taxpayer</quote> for <quote>is owned by the taxpayer</quote>.</text>
</paragraph><paragraph commented="no" id="id9ECC9B5997894D5CB89C049C77F0F956"><enum>(5)</enum><header>Special rule
for public-private partnerships</header>
<subparagraph commented="no" id="id96351275CEED4A548C0EEC60B8100783"><enum>(A)</enum><header>In
general</header><text>In the case of a 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 section 38(c).</text>
</subparagraph><subparagraph commented="no" id="id07546EDE9939448996BDF0F087FF9336"><enum>(B)</enum><header>Qualified
public entity</header><text>For purposes of this paragraph, the term
<term>qualified public entity</term> means a Federal, State, or local
government entity, or any political subdivision thereof, or a cooperative
organization described in section 1381(a).</text>
</subparagraph><subparagraph commented="no" id="id9DC8810C0B2B481484FFBA21C5AB9023"><enum>(C)</enum><header>Verification of
transfer of allocation</header><text>A qualified public entity that makes a
transfer under subparagraph (A), 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.</text>
</subparagraph></paragraph></subsection><subsection commented="no" id="idA154EA26DA974867AD9D359DC4B36A48"><enum>(e)</enum><header>Adjustment
based on inflation</header>
<paragraph id="IDb4664a258d6b4b93bb87d5e4c4fb9d55"><enum>(1)</enum><header>In
general</header><text>The $4.27 amount under subsection (a)(2)(A)(i), the $2.00
amount under subsection (a)(2)(B), and the $2.92 amount under subsection
(a)(3)(A) shall each be adjusted by multiplying such amount by the inflation
adjustment factor for the calendar year in which the sale occurs. If any amount
as increased under the preceding sentence is not a multiple of 0.1 cent, such
amount shall be rounded to the nearest multiple of 0.1 cent.</text>
</paragraph><paragraph id="IDc357d78cfe744dd290ac5c9ae4c10681"><enum>(2)</enum><header>Computation of
inflation adjustment factor</header>
<subparagraph id="idFD1F6932A9F34DD9A898839F207BF2C7"><enum>(A)</enum><header>In
general</header><text>The Secretary shall, not later than April 1 of each
calendar year, determine and publish in the Federal Register the inflation
adjustment factor in accordance with this paragraph.</text>
</subparagraph><subparagraph id="id3A59E4F21A8F4979B2DD5739C41FA5ED"><enum>(B)</enum><header>Inflation
adjustment factor</header><text>The term <term>inflation adjustment
factor</term> means, with respect to a calendar year, a fraction the numerator
of which is the GDP implicit price deflator for the preceding calendar year and
the denominator of which is the GDP implicit price deflator for calendar year
2008. The term <term>GDP implicit price deflator</term> means the most recent
revision of the implicit price deflator for the gross domestic product as
computed and published by the Department of Commerce before March 15 of the
calendar
year.</text>
</subparagraph></paragraph></subsection></section><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection commented="no" id="id42886B95D7884DB4A923C6053458FDC4"><enum>(b)</enum><header>Credit treated
as business credit</header>
<paragraph commented="no" id="id63F6352F427A4170BE7A4B9BF32EACD7"><enum>(1)</enum><header>In
general</header><text>Section 38(b) of the Internal Revenue Code of 1986 is
amended by striking <quote>plus</quote> at the end of paragraph (34), by
striking the period at the end of paragraph (35) and inserting <quote>,
plus</quote>, and by adding at the end the following new paragraph:</text>
<quoted-block display-inline="no-display-inline" id="id6ECFD70709A246E5BD9E42CC27815A70" style="OLC">
<paragraph commented="no" id="idE56C6A38DBE9496B8CDED84DB16D27C6"><enum>(36)</enum><text>the qualified
biogas and renewable syngas production credit under section
45R(a).</text>
</paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph><paragraph commented="no" id="id61543390F2234A7F8C19C685B3D4EF26"><enum>(2)</enum><header>Coordination
with partnership rules</header><text>Subsection (c) of section 38 of such Code
is amended by adding at the end the following new paragraph:</text>
<quoted-block act-name="" id="idB36857F0F04840B6994027361489E157" style="OLC">
<paragraph commented="no" id="idA2D8840450334B528C974F7F9781485C"><enum>(6)</enum><header>Special rule
for credit for production from biogas and renewable syngas facilities</header>
<subparagraph commented="no" id="idA1D60950FB9245EA8183114C16C4C539"><enum>(A)</enum><header>In
general</header><text>In the case of the qualified biogas and renewable syngas
production credit determined under section 45R(a), paragraph (1) shall not
apply with respect to any qualified public entity (as defined in section
45R(d)(5)(B)) which transfers the entity's allocation of such credit to a
non-public partner as provided in section 45R(d)(5)(A).</text>
</subparagraph><subparagraph commented="no" id="id1C3EAEAB3EE84B1588C7D390A9FD212E"><enum>(B)</enum><header>Verification of
transfer</header><text>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
45R(d)(5)(C).</text>
</subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection><subsection commented="no" id="id54FB3B6C600D42F0B7720FD4993E6EBF"><enum>(c)</enum><header>Coordination
with credit for production of electricity from a renewable
resource</header><text>Section 45(e) of the Internal Revenue Code of 1986 is
amended by adding at the end the following new paragraph:</text>
<quoted-block display-inline="no-display-inline" id="idC906009BD2794157BDE5C20E7D1D0439" style="OLC">
<paragraph commented="no" id="id686FDBFAD94B4376B1B33A0DC578C4C4"><enum>(12)</enum><header>Coordination
with credit for production of biogas</header><text>The term <term>qualified
facility</term> shall not include any facility which produces electricity from
biogas or renewable syngas the production from which is allowed a credit under
section 45R for such taxable year or any prior taxable
year.</text>
</paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection commented="no" id="id3991FC611F57463ABA995C909C0BBC35"><enum>(d)</enum><header>Credit allowed
against AMT</header><text>Section 38(c)(4)(B) of the Internal Revenue Code of
1986 is amended by redesignating clauses (vi) through (viii) as clauses (vii)
through (ix), respectively, and by inserting after clause (v) the following new
clause:</text>
<quoted-block display-inline="no-display-inline" id="id916DA531452E499DBF66964D0EFCBC1A" style="OLC">
<clause id="IDb52e4a22590e45458addc212586d9450"><enum>(vi)</enum><text>the credit
determined under section
45R(a).</text>
</clause><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection commented="no" id="id1D699D8E27F34FA8A0639CC696C06A9A"><enum>(e)</enum><header>Clerical
amendment</header><text>The table of sections for subpart D of part IV of
subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by
inserting after the item relating to section 45Q the following new item:</text>
<quoted-block id="ide1953b20-86bc-4647-bf45-7a1075234d6a" style="OLC">
<toc>
<toc-entry idref="idB23DE302B4CB4336B9756E378338481C" level="section">Sec. 45R. Biogas and syngas produced from certain renewable
feedstocks.</toc-entry>
</toc>
<after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection commented="no" display-inline="no-display-inline" id="idE524A9917A6E4E209602386FE8D5F803"><enum>(f)</enum><header>Effective
date</header><text>The amendments made by this section shall apply to gas
produced and sold or used in taxable years beginning after the date of the
enactment of this Act.</text>
</subsection></section></subtitle><subtitle id="idE583EFFB3C6D420EB7A8FBC6FD98A878"><enum>C</enum><header>Investing in
biofuels and renewable fuel infrastructure</header>
<section id="idE61EA8E913F141A594C29C973AAC5E8C"><enum>221.</enum><header>Definition of
renewable biomass</header><text display-inline="no-display-inline">Section
211(o)(1) of the Clean Air Act (42 U.S.C. 7545(o)(1)) is amended by striking
subparagraph (I) and inserting the following:</text>
<quoted-block display-inline="no-display-inline" id="id3598820711704D64A9D343297CD83DEE" style="OLC">
<subparagraph id="ID9E5511CD6D53448FB5DF24DD2270C457"><enum>(I)</enum><header>Renewable
biomass</header><text>The term <term>renewable biomass</term> means—</text>
<clause id="IDF2C1085D0BA241B2AC172400893FB7EB"><enum>(i)</enum><text>materials,
pre-commercial thinnings, or invasive species from National Forest System land
and public lands (as defined in section 103 of the
<act-name parsable-cite="FLPMA">Federal Land Policy and Management Act of
1976</act-name> (43 U.S.C. 1702)) that—</text>
<subclause id="IDA27ADAFA40E5411987AB4CD933E3D862"><enum>(I)</enum><text>are byproducts of
preventive treatments that are removed—</text>
<item id="ID54C66A7E828A4ECE8FDD26AD8802C233"><enum>(aa)</enum><text>to
reduce hazardous fuels;</text>
</item><item id="ID34BE3EE8E88E4603ACCF55D6E783328A"><enum>(bb)</enum><text>to
reduce or contain disease or insect infestation; or</text>
</item><item id="IDB9EA4322D5F34320ADA3F52688EE58D5"><enum>(cc)</enum><text>to
restore ecosystem health;</text>
</item></subclause><subclause id="IDE840A52221A640C496362E8D833926F0"><enum>(II)</enum><text>would not
otherwise be used for higher-value products; and</text>
</subclause><subclause id="IDDEA69C3EB42945519787D56A28B5FF6E"><enum>(III)</enum><text>are harvested
in accordance with—</text>
<item id="ID75FEE2400A9F4716B180FF789A2ED2B4"><enum>(aa)</enum><text>applicable law
and land management plans; and</text>
</item><item id="ID69E414F109734122806A152C48005DD8"><enum>(bb)</enum><text>the requirements
for—</text>
<subitem id="ID4fc1661b6d0f4cc6856a2d6cdceefb36"><enum>(AA)</enum><text>old-growth
maintenance, restoration, and management direction of paragraphs (2), (3), and
(4) of subsection (e) of section 102 of the Healthy Forests Restoration Act of
2003 (16 U.S.C. 6512); and</text>
</subitem><subitem id="IDbffa33b5a2134eb9be0d45ff8dfb7ed5"><enum>(BB)</enum><text>large-tree
retention of subsection (f) of that section; or</text>
</subitem></item></subclause></clause><clause id="IDDCCBE41B7FF14D9096AF192CC9C79891"><enum>(ii)</enum><text>any organic
matter that is available on a renewable or recurring basis from non-Federal
land or land belonging to an Indian or Indian tribe that is held in trust by
the United States or subject to a restriction against alienation imposed by the
United States, including—</text>
<subclause id="IDF5885DC919B24DD9AAFB64CD1553078B"><enum>(I)</enum><text>renewable plant
material, including—</text>
<item id="IDBA581462D4204D23B518EC6CACF2E553"><enum>(aa)</enum><text>feed
grains;</text>
</item><item id="IDBE16988068FD47F58D1CB8CB3851208C"><enum>(bb)</enum><text>other
agricultural commodities;</text>
</item><item id="IDEF8CD78346D748A691E33A8273310686"><enum>(cc)</enum><text>other plants and
trees; and</text>
</item><item id="IDDCDA66B494D54E08B040D6B50C94391B"><enum>(dd)</enum><text>algae;
and</text>
</item></subclause><subclause id="IDE3E67289F916478EB5D2A80AD0E77BF8"><enum>(II)</enum><text>waste material,
including—</text>
<item id="IDE3BF1ABC09F3441BADC440813CDA39CB"><enum>(aa)</enum><text>crop
residue;</text>
</item><item id="IDC307E6E870A0477FA7989DBEE239B90D"><enum>(bb)</enum><text>other vegetative
waste material (including wood waste and wood residues);</text>
</item><item id="ID63A147806E6341C485CEFFB01727053C"><enum>(cc)</enum><text>animal waste and
byproducts (including fats, oils, greases, and manure); and</text>
</item><item commented="no" display-inline="no-display-inline" id="ID5E2C16333070412481E6FFEB0BDFECDB"><enum>(dd)</enum><text>food waste and
yard
waste.</text>
</item></subclause></clause></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</section><section id="idA9825022C29F4E4B84A85BE19E4F4AE0"><enum>222.</enum><header>Loan
guarantees for renewable energy pipelines</header><text display-inline="no-display-inline">Subtitle C of title II of the Energy
Independence and Security Act of 2007 (42 U.S.C. 17051 et seq.) is amended by
adding at the end the following:</text>
<quoted-block display-inline="no-display-inline" id="id8BA63E87E68D4BB693DC36A807E128DD" style="OLC">
<section commented="no" display-inline="no-display-inline" id="id4ABA8D82B63C4427BB677E0FA2387C6C" section-type="subsequent-section"><enum>249.</enum><header display-inline="yes-display-inline">Loan guarantees for renewable energy
pipelines</header>
<subsection id="IDc7457b3c6c24471ba133668d82f3ff12"><enum>(a)</enum><header>Definitions</header><text>In
this section:</text>
<paragraph id="id45E2483FE06544369DBBD7F2F06461EF"><enum>(1)</enum><header>Cost</header><text>The
term <quote>cost</quote> has the meaning given the term <quote>cost of a loan
guarantee</quote> in section 502(5)(C) of the Federal Credit Reform Act of 1990
(2 U.S.C. 661a(5)(C)).</text>
</paragraph><paragraph id="ID3b8ff66d5b8545fa9e6a9b540bcfd19b"><enum>(2)</enum><header>Eligible
project</header><text>The term eligible project means a project described in
subsection (b)(1).</text>
</paragraph><paragraph id="ID5b14c8b01645442088fe3cb5eb79cc76"><enum>(3)</enum><header>Guarantee</header>
<subparagraph id="ID4e7e0cf895f044a299b71142d7f9abf1"><enum>(A)</enum><header>In
general</header><text>The term <quote>guarantee</quote> has the meaning given
the term <quote>loan guarantee</quote> in section 502 of the Federal Credit
Reform Act of 1990 (2 U.S.C. 661a).</text>
</subparagraph><subparagraph id="IDdb19c22838e445a29553db22173f35b1"><enum>(B)</enum><header>Inclusion</header><text>The
term <quote>guarantee</quote> includes a loan guarantee commitment (as defined
in section 502 of the Federal Credit Reform Act of 1990 (2 U.S.C.
661a)).</text>
</subparagraph></paragraph><paragraph id="ID05a7d59fe9564d33bf5bfe78e378eb2e"><enum>(4)</enum><header>Renewable
energy pipeline</header><text>The term <quote>renewable energy pipeline</quote>
means a common carrier pipeline for transporting renewable energy.</text>
</paragraph></subsection><subsection id="IDf76a778e41da49c4b938cec14e1864b2"><enum>(b)</enum><header>Loan
guarantees</header>
<paragraph id="idE5625E2C3C3B4B4C95300B5D5B4E2C83"><enum>(1)</enum><header>In
general</header><text>The Secretary shall make guarantees under this section
for projects that provide for—</text>
<subparagraph id="idF931EF1756934B1B99A4C42A3632AA2E"><enum>(A)</enum><text>the construction
of new renewable energy pipelines; or</text>
</subparagraph><subparagraph id="id25745B0215D74F829475B774A48DBB48"><enum>(B)</enum><text>the modification
of pipelines to transport renewable energy.</text>
</subparagraph></paragraph><paragraph id="ID56c33eefba384e82ac1c85be21aa3eb7"><enum>(2)</enum><header>Eligibility</header><text>In
determining the eligibility of a project for a guarantee under this section,
the Secretary shall consider—</text>
<subparagraph id="IDf2de893ff8dd4cebabe9db435ffabf05"><enum>(A)</enum><text>the volume of
renewable energy to be moved by the renewable energy pipeline;</text>
</subparagraph><subparagraph id="ID0acb2634f6c94ea1b2891af3ceae8457"><enum>(B)</enum><text>the size of the
markets to be served by the renewable energy pipeline;</text>
</subparagraph><subparagraph id="ID10c7ba0067e2407583174ed82ffc66ef"><enum>(C)</enum><text>the existence of
sufficient storage to facilitate access to the markets served by the renewable
energy pipeline;</text>
</subparagraph><subparagraph id="IDb27fbfe96b4c4648915b35dea64cfb5d"><enum>(D)</enum><text>the proximity of
the renewable energy pipeline to ethanol production facilities;</text>
</subparagraph><subparagraph id="ID9e58dd6a14404b6aa5a731a9aa39fb05"><enum>(E)</enum><text>the investment of
the entity carrying out the proposed project in terminal infrastructure;</text>
</subparagraph><subparagraph id="id70A3C83CE3C74A55B1CE68CD3AB91085"><enum>(F)</enum><text>the experience of
the entity carrying out the proposed project in working with renewable
energy;</text>
</subparagraph><subparagraph id="ID23b671ee7e774cb2a9347a969416f640"><enum>(G)</enum><text>the ability of
the entity carrying out the proposed project to maintain the quality of the
renewable energy through—</text>
<clause id="id9B2A4AFE37E44683990A10A409548A0C"><enum>(i)</enum><text>the terminal
system of the entity; and</text>
</clause><clause id="id8E9481930C8C4238BBE426C5C4052B59"><enum>(ii)</enum><text>the dedicated
pipeline system;</text>
</clause></subparagraph><subparagraph id="IDa61d49e6690e4f85904ebd99907ff527"><enum>(H)</enum><text>the ability of
the entity carrying out the proposed project to complete the project in a
timely manner; and</text>
</subparagraph><subparagraph id="ID885b889af0344f159487922e04a8e6e5"><enum>(I)</enum><text>the ability of
the entity carrying out the proposed project to secure property rights-of-way
in order to move the proposed project forward in a timely manner.</text>
</subparagraph></paragraph><paragraph commented="no" display-inline="no-display-inline" id="IDd014c2ed2638461bad91ec2eb8898844"><enum>(3)</enum><header>Amount</header><text>Unless
otherwise provided by law, a guarantee by the Secretary under this section
shall not exceed an amount equal to 90 percent of the eligible project cost of
the renewable energy pipeline that is the subject of the guarantee, as
estimated at the time at which the guarantee is issued or subsequently modified
while the eligible project is under construction.</text>
</paragraph><paragraph id="id9E563EA0FFA2483E8885ED9AFF5E7C50"><enum>(4)</enum><header>Terms and
conditions</header><text>Guarantees under this section shall be provided in
accordance with section 1702 of the Energy Policy Act of 2005 (42 U.S.C.
16512), except that subsections (b) and (c) of that section shall not apply to
guarantees under this section.</text>
</paragraph><paragraph id="IDc7b26a7201d042d1b7c3180de85caf35"><enum>(5)</enum><header>Existing
funding authority</header><text>The Secretary shall make a guarantee under this
section under an existing funding authority.</text>
</paragraph><paragraph id="id05FC614EFD6945A58292CE8A06A3EADD"><enum>(6)</enum><header>Final
rule</header><text>Not later than 90 days after the date of enactment of this
section, the Secretary shall publish in the Federal Register a final rule
directing the Director of the Department of Energy Loan Guarantee Program
Office to initiate the loan guarantee program under this section in accordance
with this section.</text>
</paragraph></subsection><subsection id="IDcf733c01cd0c4d158980b5e87311090a"><enum>(c)</enum><header>Funding</header>
<paragraph id="id2D2EEC6A549D457EBD398EA7D19B4F55"><enum>(1)</enum><header>In
general</header><text>There are authorized to be appropriated such sums as are
necessary to provide $5,000,000,000 in guarantees under this section.</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="IDe158d3061fcd46b39b72612f59ca7865"><enum>(2)</enum><header>Use of other
appropriated funds</header><text>To the extent that the amounts made available
under title XVII of the Energy Policy Act of 2005 (42 U.S.C. 16511 et seq.)
have not been disbursed to programs under that title, the Secretary may use the
amounts to carry out this
section.</text>
</paragraph></subsection></section><after-quoted-block>.</after-quoted-block></quoted-block>
</section><section id="id605CCD854E7A4794A9DB5CCF6F182A93"><enum>223.</enum><header>Biofuels
infrastructure</header><text display-inline="no-display-inline">Section 212 of
the Clean Air Act (42 U.S.C. 7546) is amended by adding at the end the
following:</text>
<quoted-block display-inline="no-display-inline" id="idDBBE55EB2DD44FDCB1DD53DA324A7C70" style="OLC">
<subsection id="IDef5770fa3b594338a83739af777caab6"><enum>(f)</enum><header>Biofuels
infrastructure</header>
<paragraph id="IDa9094697d33a4f74a3e10ee019c0c015"><enum>(1)</enum><header>In
general</header><text>The Administrator shall provide grants for research into,
and development and implementation of—</text>
<subparagraph id="id05AB437F006C4DE1AE5A05654B81893A"><enum>(A)</enum><text>biofuels
infrastructure, including for pipelines that can be retrofitted to accommodate
biofuels; and</text>
</subparagraph><subparagraph id="ID9280a654d6bb44ea81ed68b4070ad15a"><enum>(B)</enum><text>comprehensive
regional planning for biofuels, including—</text>
<clause id="ID7c5e46960e214988a126abf97ab09710"><enum>(i)</enum><text>coordination of
feedstock production, harvesting, transportation, storage, logistics, and
related infrastructure;</text>
</clause><clause id="ID5bc2171a958843e1bf1ffbd1a50999b8"><enum>(ii)</enum><text>coordination of
biofuel production and regional consumption infrastructure, such as blending
and refueling stations; and</text>
</clause><clause id="IDfc4472cc862b46f9a9e28afdbebdb915"><enum>(iii)</enum><text>regional
marketing and education activities.</text>
</clause></subparagraph></paragraph><paragraph id="ID511d92f8d34043a1ac84549e03604401"><enum>(2)</enum><header>Authorization
of appropriations</header><text>There are authorized to be appropriated such
sums as are necessary to carry out this subsection for each of fiscal years
2010 through
2015.</text>
</paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</section><section id="idF91EA2EFFA574EA9A656A2AB314F83AB"><enum>224.</enum><header>Definition of
lifecycle greenhouse gas emissions</header><text display-inline="no-display-inline">Section 211(o)(1)(H) of the Clean Air Act
(42 U.S.C. 7545(o)(1)(H)) is amended by striking <quote>(including direct
emissions and significant indirect emissions such as significant emissions from
land use changes)</quote>.</text>
</section><section id="idF0861A7D699641728DA6EAFA83AD687E" section-type="subsequent-section"><enum>225.</enum><header>Biofuels Revolving
Loan Fund</header><text display-inline="no-display-inline">Subtitle C of title
II of the Energy Independence and Security Act of 2007 (42 U.S.C. 17051 et
seq.) is amended by adding at the end the following:</text>
<quoted-block display-inline="no-display-inline" id="idBC723BD3D62540F998C121647B3A0564" style="OLC">
<section id="idCFCCDE746C7C4E4DA45037CE407DA30E"><enum>249.</enum><header>Biofuels
Revolving Loan Fund</header>
<subsection id="idAB868E53BD2443D5ACC57DCBEEF8B65D"><enum>(a)</enum><header>Establishment</header><text>There
is established in the Treasury of the United States a revolving fund, to be
known as the <quote>Biofuels Revolving Loan Fund</quote> (referred to in this
section as the <quote>Fund</quote>), consisting of such amounts as are
appropriated to the Fund under subsection (d).</text>
</subsection><subsection id="ID72CBA45BD1F440E4B3F4FD55F33AAC30"><enum>(b)</enum><header>Expenditures
from Fund</header>
<paragraph id="ID1475BB464CDB4E84B16FFDF76CB44B9B"><enum>(1)</enum><header>In
general</header><text>Subject to paragraph (3), on request by the Secretary,
the Secretary of the Treasury shall transfer from the Fund to the Secretary
such amounts as the Secretary determines are necessary to provide loans to
eligible persons (as determined by the Secretary) in accordance with this
subsection.</text>
</paragraph><paragraph id="idA176999CD3504C4EA2B5985967C32208"><enum>(2)</enum><header>Loans</header>
<subparagraph id="idF98C2B5CB0D04C7CB4B3D9F2C9C7758E"><enum>(A)</enum><header>In
general</header><text>Subject to subparagraphs (B) through (D), the Secretary
shall use amounts transferred under paragraph (1) to provide loans to eligible
entities (as determined by the Secretary) that—</text>
<clause id="ID246473b84a114f9fafe413ced4462195"><enum>(i)</enum><text>seek to use
renewable energy resources to power a facility engaged in the production of
biofuels from renewable feedstocks (including corn and renewable biomass)
by—</text>
<subclause id="IDdc683ec537a54be4a2e69f2e5fa39f1b"><enum>(I)</enum><text>constructing a
new facility; or</text>
</subclause><subclause id="ID0079ab1ec45c42b48feed27475646972"><enum>(II)</enum><text>retrofitting or
converting an existing facility;</text>
</subclause></clause><clause id="ID6bde21287bf14f4390fe4d67a6d86aac"><enum>(ii)</enum><text>seek to produce
advanced biofuels by—</text>
<subclause id="idD7DEEC40588342AEBDE016988F5DD3E9"><enum>(I)</enum><text>constructing a
new facility; or</text>
</subclause><subclause id="id209651303A2F49ADBD2D39B0B266BEB5"><enum>(II)</enum><text>retrofitting or
converting an existing facility;</text>
</subclause></clause><clause id="id73C5458054714DDF980EC2F5B2BAC5E5"><enum>(iii)</enum><text>seek to achieve
at least a 20 percent reduction in the lifecycle greenhouse gas emissions by
using—</text>
<subclause id="id001C7D44CE8645BD97A5964FD6139072"><enum>(I)</enum><text>feedstocks that
produce reduced greenhouse gas; or</text>
</subclause><subclause id="id6757CBF485664706BABE5E785012EE50"><enum>(II)</enum><text>renewable energy
resources (including waste sources) to provide power to the facility;
and</text>
</subclause></clause><clause id="id22443C001ED44BBC9B335F59294C6E53"><enum>(iv)</enum><text>demonstrate to
the Secretary that—</text>
<subclause id="idFAF5EBA2E47444B7A950BC3E48BF9A8B"><enum>(I)</enum><text>as of the date of
enactment of this section, the development of a biofuel facility has been
suspended or is in an advanced stage of development (as demonstrated by
permitting, construction, design, or other indication of development);
or</text>
</subclause><subclause id="id3134E5A1B45C4F1F83BA3809A7D79944"><enum>(II)</enum><text>not later than 3
years after the date of enactment of this section, the eligible person will
commence construction of a biofuel facility.</text>
</subclause></clause></subparagraph><subparagraph id="idB7A9B9ED02474413936EA661595F0060"><enum>(B)</enum><header>Application</header><text>To
be eligible to receive a loan from the Fund, an eligible entity shall submit to
the Secretary an application at such time, in such manner, and containing such
information as the Secretary may require.</text>
</subparagraph><subparagraph id="ID739ae36247024f29834870da8400de22"><enum>(C)</enum><header>Administration</header><text>In
making loans under this paragraph, the Secretary shall—</text>
<clause id="idCEA9E8744BA94B05A6B41C8C6FBAC11B"><enum>(i)</enum><text>provide to any
eligible entity not more than—</text>
<subclause id="id2D1B1905E1E14FEB80EC0CAD0FE6EA9F"><enum>(I)</enum><text>$20,000,000 for
any fiscal year to retrofit or convert an existing facility;</text>
</subclause><subclause id="idC3EABD6E47BC483DA11784694F86684E"><enum>(II)</enum><text>$50,000,000 for
any fiscal year to construct a new biofuel facility; or</text>
</subclause><subclause id="idCB4B81A7CBF74C3285F47DEFD91D9CAE"><enum>(III)</enum><text>$30,000,000 for
any fiscal year to carry out any other project or activity described in
subparagraph (A) that is not covered by subclause (I) or (II);</text>
</subclause></clause><clause id="id4E60AE71095641FCAC1238A4D9E56840"><enum>(ii)</enum><text>ensure that loan
funds are used for equity; and</text>
</clause><clause id="idD4FEF542FA814D7899BE6CA2E2C3C3DA"><enum>(iii)</enum><text>establish terms
and conditions for a loan that permit the loan to repaid over a long term with
low or no interest, as determined by the Secretary.</text>
</clause></subparagraph><subparagraph id="IDffb4f5724c004e44a8a110f77585fe3c"><enum>(D)</enum><header>Refueling
facilities and infrastructure</header><text>The Secretary shall use not more
than $30,000,000 of the amount in the Fund to make loans to eligible entities
for the construction or retrofitting of biofuel facilities or infrastructure
(including tanks, blender pumps, and other types of dispensing pumps) that will
be constructed not later than 180 days after the date the loan is made.</text>
</subparagraph></paragraph><paragraph id="ID9724CABDFFA844AE9AEFD47A75CBECA6"><enum>(3)</enum><header>Administrative
expenses</header><text>An amount not exceeding 10 percent of the amounts in the
Fund shall be available for each fiscal year to pay the administrative expenses
necessary to carry out this section.</text>
</paragraph></subsection><subsection id="ID990781DF86FA4B5A8ADACB8C3C4C49B3"><enum>(c)</enum><header>Transfers of
amounts</header>
<paragraph id="IDEA15210E59234B4AB0176880E4E2B3F6"><enum>(1)</enum><header>In
general</header><text>The amounts required to be transferred to the Fund under
this section shall be transferred at least monthly from the general fund of the
Treasury to the Fund on the basis of estimates made by the Secretary of the
Treasury.</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="IDCF3824F211E742E7A61FAAF06623B01E"><enum>(2)</enum><header>Adjustments</header><text>Proper
adjustment shall be made in amounts subsequently transferred to the extent
prior estimates were in excess of or less than the amounts required to be
transferred.</text>
</paragraph></subsection><subsection id="ID9a57f0233bc8490ca4a6da7c2b9eab3b"><enum>(d)</enum><header>Other
assistance</header><text>The receipt of a loan by an eligible entity for a
facility under this section shall not preclude the eligible entity from
receiving additional assistance from the Federal Government for the facility,
such as grants or loan guarantees, provided under other provisions of
law.</text>
</subsection><subsection commented="no" display-inline="no-display-inline" id="id1B4ED1CA4BAA4FA58BD0BFEA02ED211E"><enum>(e)</enum><header>Authorization
of appropriations</header><text>There is authorized to be appropriated to the
Fund $500,000,000 for the period of fiscal years 2010 through
2015.</text>
</subsection></section><after-quoted-block>.</after-quoted-block></quoted-block>
</section></subtitle><subtitle id="idD6272E244EF14D4886766EC8C18EB78D"><enum>D</enum><header>Energy
efficiency</header>
<part id="id7C4152A503CA462CB86F07A88D23FA08"><enum>I</enum><header>Vehicles</header>
<section commented="no" display-inline="no-display-inline" id="IDee735546981f40759047e999ff2243cb" section-type="subsequent-section"><enum>231.</enum><header display-inline="yes-display-inline">Lightweight materials research and
development</header>
<subsection commented="no" display-inline="no-display-inline" id="id7BCE9174408E4885B02CF9E4CBADD619"><enum>(a)</enum><header display-inline="yes-display-inline">In general</header><text display-inline="yes-display-inline">As soon as practicable after the date of
enactment of this Act, the Secretary of Energy shall establish a research and
development program on lightweight materials and composites and other
innovations to increase the fuel efficiency of motor vehicles, including
materials, composites, and innovation that will permit—</text>
<paragraph commented="no" display-inline="no-display-inline" id="id310DDA9194A74A2F9555F0595F1E18CE"><enum>(1)</enum><text display-inline="yes-display-inline">the weight of vehicles to be reduced to
improve fuel efficiency without compromising passenger safety; and</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="id38EDC6DF9446488993587A8C29B415E7"><enum>(2)</enum><text display-inline="yes-display-inline">the cost of lightweight materials (such as
steel alloys and carbon fibers) required for the construction of lighter-weight
vehicles to be reduced.</text>
</paragraph></subsection><subsection id="idE69B6F43CC4749089CADC5BDE85727D5"><enum>(b)</enum><header>Funding</header>
<paragraph id="id10F77347EC034612BDD2B31FE8DA733E"><enum>(1)</enum><header>In
general</header><text>On October 1, 2010, and on each October 1 thereafter
through October 1, 2015, out of any funds in the Treasury not otherwise
appropriated, the Secretary of the Treasury shall transfer to the Secretary to
carry out this section $100,000,000, to remain available until expended.</text>
</paragraph><paragraph id="id58280C4473444729863B14DD27917D7C"><enum>(2)</enum><header>Receipt and
acceptance</header><text>The Secretary shall be entitled to receive, shall
accept, and shall use to carry out this subsection the funds transferred under
paragraph (1), without further appropriation.<added-phrase reported-display-style="italic"></added-phrase></text>
</paragraph></subsection></section><section commented="no" id="id3F79E5127AB4462BB0A098E070E109EE"><enum>232.</enum><header>Federal
Government gasoline consumption</header>
<subsection commented="no" id="id0FE56DCC87A0458BB7736D84DBFBB8EF"><enum>(a)</enum><header>In
general</header><text display-inline="yes-display-inline">Section 303(b) of the
Energy Policy Act of 1992 (42 U.S.C. 13212(b)) (as amended by section 205) is
amended by adding at the end the following:</text>
<quoted-block display-inline="no-display-inline" id="id90DFC946B1D24002A5B56AD5AAF29B00" style="OLC">
<paragraph commented="no" display-inline="no-display-inline" id="id8117505380CC4C6A83D0EF17F2335CC7"><enum>(5)</enum><header display-inline="yes-display-inline">Gasoline consumption</header><text display-inline="yes-display-inline">The Secretary shall promulgate regulations
for Federal fleets subject to this title requiring that, not later than fiscal
year 2010, each Federal agency achieve at least a 5 percent reduction in
petroleum consumption, as calculated from the baseline established by the
Secretary for fiscal year
2008.</text>
</paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection commented="no" id="id2950C1EE1E1F4447A66F6FEC272A22ED"><enum>(b)</enum><header>Additional
gasoline reduction measures</header>
<paragraph commented="no" display-inline="no-display-inline" id="id69DF90687E384556B096976A98AD3627"><enum>(1)</enum><header>Study</header><text>The
Comptroller General of the United States shall conduct a study to determine
whether additional gasoline reduction measures by Federal departments,
agencies, and Congress are technically feasible.</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="idC823984554974D17B8142F860BF07331"><enum>(2)</enum><header>Report</header><text>Not
later than 180 days after the date of enactment of this Act, the Comptroller
General shall submit to Congress a report that describes the results of the
study, including any recommendations.</text>
</paragraph></subsection></section><section id="id16A12924B4BF4AE6926B1279DE683F50"><enum>233.</enum><header>Credit for
fuel-efficient motor vehicles</header>
<subsection id="id02E6231F3F644A6FB9A5370E32927B26"><enum>(a)</enum><header>In
general</header><text>Subpart B of part IV of subchapter A of chapter 1 of the
Internal Revenue Code of 1986 is amended by adding at the end the following new
section:</text>
<quoted-block display-inline="no-display-inline" id="id8DB14FC4D8234A22B458373F426F7B36" style="OLC">
<section id="id3DA4ED60D408408DA0C9E3D3ECDFCB41"><enum>30E.</enum><header>Fuel-efficient
motor vehicle credit</header>
<subsection id="idDDF5A14CD17A4485BF324804D29CFB3B"><enum>(a)</enum><header>Allowance of
credit</header>
<paragraph id="id4F1B9B05A5D846E28D5B7894255367C4"><enum>(1)</enum><header>In
general</header><text>There shall be allowed as a credit against the tax
imposed by this chapter for the taxable year an amount equal to the amount
determined under paragraph (2) with respect to any new fuel-efficient motor
vehicle placed in service by the taxpayer during the taxable year.</text>
</paragraph><paragraph commented="no" id="id6E557EBF690F41B3853C3EBCB69555B0"><enum>(2)</enum><header>Credit
amount</header><text>The amount determined under this paragraph shall
be—</text>
<subparagraph commented="no" id="id02C013C372534FF5A0CB1961A2116B88"><enum>(A)</enum><text>$500, if the new
fuel-efficient motor vehicle achieves a city fuel economy which is 42 miles per
gallon or less,</text>
</subparagraph><subparagraph commented="no" id="idE049CB60359843EABB6F47104A9C60DD"><enum>(B)</enum><text>$1,000, if the
new fuel-efficient motor vehicle achieves a city fuel economy which is greater
than 42 miles per gallon but less than 45.6 miles per gallon,</text>
</subparagraph><subparagraph commented="no" id="id0704D0E469B44F7B9E9490AAA446F637"><enum>(C)</enum><text>$1,500, if the
new fuel-efficient motor vehicle achieves a city fuel economy which is greater
than 45.5 miles per gallon but less than 49.1 miles per gallon,</text>
</subparagraph><subparagraph commented="no" id="id7DC17F01C0AA4ECDB2F90105ED4AAFB7"><enum>(D)</enum><text>$2,000, if the
new fuel-efficient motor vehicle achieves a city fuel economy which is greater
than 49 miles per gallon but less than 52.6 miles per gallon, and</text>
</subparagraph><subparagraph commented="no" id="idE21FE83E3DAA4BED8A6BCB91B2263C46"><enum>(E)</enum><text>$2,500, if the
new fuel-efficient motor vehicle achieves a city fuel economy which is greater
than 52.5 miles per gallon.</text>
</subparagraph></paragraph></subsection><subsection id="idF8B3BF6F2C9A477FA4EAD8935E2E475E"><enum>(b)</enum><header>New
fuel-efficient motor vehicle</header><text>For purposes of this section, the
term <term>new fuel-efficient motor vehicle</term> means any motor
vehicle—</text>
<paragraph id="idA934F084CC0341B0B42EF7364F88FB9B"><enum>(1)</enum><text>which has a gross
vehicle weight rating of not more than 8,500 pounds,</text>
</paragraph><paragraph id="idCA9C9A85D0314EC38AFCED2411DF9209"><enum>(2)</enum><text>which achieves a
city fuel economy of at least 38.5 miles per gallon,</text>
</paragraph><paragraph id="id8C78D5B20F444E0B8B101B30149990C3"><enum>(3)</enum><text>the original use
of which commences with the taxpayer,</text>
</paragraph><paragraph id="id95C37AC8F78F4C199A36C2264B5F08EF"><enum>(4)</enum><text>which is acquired
by the taxpayer for use or lease, but not for resale, and</text>
</paragraph><paragraph id="id3D39B1FD36394C03914582B77D84E933"><enum>(5)</enum><text>which is made by
a manufacturer.</text>
</paragraph></subsection><subsection id="idB91C73D7B77F4CBB8ABE9C464C4F6533"><enum>(c)</enum><header>Other
definitions and special rules</header><text>For purposes of this
section—</text>
<paragraph id="idCFC6B0CB86AB4624A6BA43F3F8DCCFD1"><enum>(1)</enum><header>City fuel
economy; manufacturer</header><text>The terms <term>city fuel economy</term>
and <term>manufacturer</term> have the meanings given such terms under section
30B(h).</text>
</paragraph><paragraph id="id67D58862A79E49CFA723E33AC7007CE6"><enum>(2)</enum><header>Basis
reduction</header><text>The basis of any property for which a credit is
allowable under subsection (a) shall be reduced by the amount of such
credit.</text>
</paragraph><paragraph id="id450C437FF87E454391E5E6AE6783F52D"><enum>(3)</enum><header>Recapture;
property used outside the United States; election not to take
credit</header><text>For purposes of this section, rules similar to the rules
of paragraphs (2), (3), and (4) of section 30(d) shall apply.</text>
</paragraph><paragraph id="idD8C2A33737174A64894ED0155FB7E69D"><enum>(4)</enum><header>Denial of
double benefit</header><text>No credit shall be allowed under this section with
respect to any new fuel-efficient motor vehicle if a credit is allowed with
respect to such vehicle under section 30, 30B, or 30D.</text>
</paragraph></subsection><subsection id="IDb19e3a9c8f794f5d9dd10f4d5eacbd97"><enum>(d)</enum><header>Application
with other credits</header>
<paragraph id="ID61b8150e09c1448d8436d925b2806cdc"><enum>(1)</enum><header>Business credit
treated as part of general business credit</header><text>So much of the credit
which would be allowed under subsection (a) for any taxable year (determined
without regard to this subsection) that is attributable to property of a
character subject to an allowance for depreciation shall be treated as a credit
listed in section 38(b) for such taxable year (and not allowed under subsection
(a)).</text>
</paragraph><paragraph id="ID25df3c3902534f2dbc86c4cae542fecf"><enum>(2)</enum><header>Personal
credit</header><text>The credit allowed under subsection (a) (after the
application of paragraph (1)) for any taxable year shall not exceed the excess
(if any) of—</text>
<subparagraph id="ID5fd4d2926224422d9fe388c24d8bd228"><enum>(A)</enum><text>the regular tax
liability (as defined in section 26(b)) reduced by the sum of the credits
allowable under subpart A and sections 27, 30, 30B, and 30D, over</text>
</subparagraph><subparagraph id="ID57b9734257bf4c579464dd27199de261"><enum>(B)</enum><text>the tentative
minimum tax for the taxable year.</text>
</subparagraph></paragraph></subsection><subsection id="id9AC6C3974ACF4C82A6F1673A0D87C310"><enum>(e)</enum><header>Termination</header><text>This
section shall not apply to property placed in service after December 31,
2011.</text>
</subsection></section><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="id959922D9341441AA81BE52B83FBF0FA4"><enum>(b)</enum><header>Conforming
amendments</header>
<paragraph id="idEB01BEC454E942558FE7B4FCFF014DC0"><enum>(1)</enum><text>Section 38(b) of
the Internal Revenue Code of 1986, as amended by this Act, is amended by
striking <quote>plus</quote> at the end of paragraph (35), by striking the
period at the end of paragraph (36) and inserting <quote>, plus</quote>, and by
adding at the end the following new paragraph:</text>
<quoted-block display-inline="no-display-inline" id="id4593B9638C454D719B84FB97BF724978" style="OLC">
<paragraph id="id65E899111C554AE8970C3DD22B70A4B1"><enum>(37)</enum><text>the portion of
the new fuel-efficient motor vehicle credit to which section 30E(d)(1)
applies.</text>
</paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph><paragraph id="id33DA36B9C6314F5D971C2DA19E88FD6F"><enum>(2)</enum><text>Section 55(c)(3)
of such Code is amended by inserting <quote>30E(d)(2),</quote> after
<quote>30C(d)(2),</quote>.</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="id0CF12ECF25FC4480B336EACC80B764C4"><enum>(3)</enum><text display-inline="yes-display-inline">Section 1016(a) of such Code is amended by
striking <quote>and</quote> at the end of paragraph (36), by striking the
period at the end of paragraph (37) and inserting <quote>, and</quote>, and by
adding at the end the following new paragraph:</text>
<quoted-block display-inline="no-display-inline" id="id4A7F7EEB5CF74CB9A87B6C2DA8168C01" style="OLC">
<paragraph commented="no" display-inline="no-display-inline" id="id89725A12C3684C5B915FA77C5C56350F"><enum>(38)</enum><text display-inline="yes-display-inline">to the extent provided in section
30E(c)(2).</text>
</paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="id0B55537F9BBE4A37A3656E46681552FD"><enum>(4)</enum><text display-inline="yes-display-inline">Section 6501(m) of such Code, as amended by
the American Recovery and Reinvestment Tax Act of 2009, is amended by inserting
<quote>30E(c)(3),</quote> after <quote>30D(e)(4),</quote>.</text>
</paragraph></subsection><subsection id="id45EE486C631E46EA805D0555CDCC0A65"><enum>(c)</enum><header>Clerical
amendment</header><text>The table of sections for subpart B of part IV of
subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by
adding at the end the following new item:</text>
<quoted-block id="id59b73de0-b7ac-4064-9bef-857a8162696f" style="OLC">
<toc>
<toc-entry idref="id3DA4ED60D408408DA0C9E3D3ECDFCB41" level="section">Sec. 30E. Fuel-efficient motor vehicle
credit.</toc-entry>
</toc>
<after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection commented="no" display-inline="no-display-inline" id="id25291E42644447A9809BF6EDF3BA7C70"><enum>(d)</enum><header>Effective
date</header><text>The amendments made by this section shall apply to property
placed in service after the date of the enactment of this Act.</text>
</subsection></section></part><part id="idE11C086E7D334E0C868F78E536ADB018"><enum>II</enum><header>Other energy
efficiency programs</header>
<section id="id44DAAA72CB9E4B61B50040C259B9260E"><enum>241.</enum><header>Energy
efficiency and conservation block grants</header><text display-inline="no-display-inline">Section 544 of the Energy Independence and
Security Act of 2007 (42 U.S.C. 17154) is amended—</text>
<paragraph id="id9A92479E957E464D90ABABFB5E8C1199"><enum>(1)</enum><text display-inline="yes-display-inline">in paragraph (13), by striking
<quote>and</quote> at the end;</text>
</paragraph><paragraph id="idE24001D4A7224451ACC66F75D6018F81"><enum>(2)</enum><text>by redesignating
paragraph (14) as paragraph (15); and</text>
</paragraph><paragraph id="id90EDC2C25F7D451C9811645788AF06E8"><enum>(3)</enum><text>by inserting
after paragraph (13) the following:</text>
<quoted-block display-inline="no-display-inline" id="id701168378B5A4403B06BD62A91E733BD" style="OLC">
<paragraph id="id602B802973954F60B060BCB93EB2CC95"><enum>(14)</enum><text>development,
implementation, and installation of smart grid technologies and smart grid
functions (as defined in section 1306(d));
and</text>
</paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></section><section id="id767D3833D4E54EC8989B63E68DBCA25E"><enum>242.</enum><header>Smart
growth</header>
<subsection id="id2861AF5A288744BFBDD4ED98AD89EFAA"><enum>(a)</enum><header>Findings</header><text display-inline="yes-display-inline">Congress finds that—</text>
<paragraph id="ID8ab48a2eb2cc4803b2def12b052ee3c9"><enum>(1)</enum><text><fraction>2/3</fraction>
of the oil consumed in the United States is used in the transportation
sector;</text>
</paragraph><paragraph id="ID16960ef23a5548618c161fb91b77d4eb"><enum>(2)</enum><text>increasing
vehicle miles traveled (which rose by 3 times the rate of the United States
population since 1980) are responsible in part for increasing oil
consumption;</text>
</paragraph><paragraph id="ID03bdeb5c6bdf44f792e06cfc24dc9924"><enum>(3)</enum><text>on average,
people drive <fraction>1/3</fraction> fewer miles in smart growth
neighborhoods, which are walkable and prioritize making shops and services more
conveniently located, compared to auto-dependent neighborhoods;</text>
</paragraph><paragraph id="ID77fbbaa3231e4e8a9a63c75e2dd0104d"><enum>(4)</enum><text>living in smart
growth neighborhoods saves residents $300 to $400 a month, or up to $4,800 a
year, on gas expenses alone, according to research by the Center for
Neighborhood Technology;</text>
</paragraph><paragraph id="IDdbc51804a77f41f2ba6f8500f693c455"><enum>(5)</enum><text>households with
access to good transit service and in smart growth areas spend only 9 percent
of the income of the households on transportation, while households in
auto-dependent areas can spend up to 25 percent on transportation on
average;</text>
</paragraph><paragraph id="IDa798cc657b8b4f8da282d6ac12fed906"><enum>(6)</enum><text>according to a
study commissioned by the American Council for an Energy Efficient Economy,
shifting just 10 percent of new United States housing starts to smart growth
would save 4,950,000,000 gallons of gasoline, 118,000,000 million barrels of
oil, 59,500,000 metric tons of carbon dioxide, and $220,000,000,000 in
household expenses over 10 years;</text>
</paragraph><paragraph id="IDbdfac69431ae4ec39bc151c7dc6b9f32"><enum>(7)</enum><text>Congress should
support State and local governments in promoting sustainable, smart-growth
oriented communities that help save energy and reduce spending on
gasoline;</text>
</paragraph><paragraph id="ID6466ea0b376e465a95ce943702ac93c8"><enum>(8)</enum><text>the Environmental
Protection Agency has maintained a smart growth office, the Development,
Community, and Environment Division, that has provided technical assistance to
communities that apply to promote smart growth principles; and</text>
</paragraph><paragraph id="IDb6066d54f7f14cd2aa957513ddb5ca37"><enum>(9)</enum><text>in 2007, the
Environmental Protection Agency received 65 applications for the smart growth
program of the Agency, but had enough resources to fund only 5
applications.</text>
</paragraph></subsection><subsection id="ID6c19172448784817a307042e05f7d7c3"><enum>(b)</enum><header>Definitions</header><text display-inline="yes-display-inline">In this section:</text>
<paragraph id="id63FDA2EBBC584C58B07E589F7F620CE6"><enum>(1)</enum><header>Administrator</header><text>The
term <term>Administrator</term> means the Administrator of the Environmental
Protection Agency, acting through the Development, Community, and Environment
Division.</text>
</paragraph><paragraph id="idEC20A4E88C774B37AC9FC4EA652373B2"><enum>(2)</enum><header>Smart
growth</header><text display-inline="yes-display-inline">The term <term>smart
growth</term> means development, in an environmentally and economically
sustainable manner, with the goals of—</text>
<subparagraph id="IDe577acff4d49440f9c3d093b9c115690"><enum>(A)</enum><text>expanding the
range of transportation, housing, and employment that are convenient to
communities;</text>
</subparagraph><subparagraph id="IDe7b0cc671e8b4a1aa92ce62ee6984d5d"><enum>(B)</enum><text>promoting more
energy efficient forms of development and transportation;</text>
</subparagraph><subparagraph id="IDe5cdbdfcad28484d8012e1e5c32afb2c"><enum>(C)</enum><text>strengthening and
directing development towards existing communities, which saves open space,
energy, and costs;</text>
</subparagraph><subparagraph id="ID99da12bc84a5421a868f30279c95879f"><enum>(D)</enum><text>taking advantage
of compact building design, which is more energy-efficient and helps foster
walkable neighborhoods; and</text>
</subparagraph><subparagraph id="ID969048a2b6eb466c9ac33f0e218a952a"><enum>(E)</enum><text>making
development decisions predictable, fair, and cost-effective while encouraging
community and stakeholder collaboration.</text>
</subparagraph></paragraph></subsection><subsection id="idC0868D93269A41AFA7EC3A2EEEA500CF"><enum>(c)</enum><header>Program</header><text>To
promote smart growth, the Administrator shall—</text>
<paragraph id="id9F81704CB1F14D9F883FD5FD6772BF6A"><enum>(1)</enum><text>provide technical
assistance to create more energy-efficient communities that provide more
transportation choices for people;</text>
</paragraph><paragraph id="id12C17DE6362948D8B04B7A91E5729270"><enum>(2)</enum><text>conduct research
and policy development relating to smart growth and energy;</text>
</paragraph><paragraph id="id8263907B69F542D8972D9812FCC5C480"><enum>(3)</enum><text>conduct public
outreach and public education on best practices for smart growth; and</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="id3929EF4370F1464CA8B156D652F40DED"><enum>(4)</enum><text>provide matching
funds for cross-agency initiatives conducted by and with other Federal agencies
to promote energy conservation through smart growth.</text>
</paragraph></subsection><subsection id="ID20120fd7373743d49b3899862b140162"><enum>(d)</enum><header>Allocation of
technical assistance funds</header><text display-inline="yes-display-inline">The Administrator shall allocate technical
assistance funding under this section on the basis of—</text>
<paragraph id="ID73592fbaaa8d411ab6f8f6b635d4472b"><enum>(1)</enum><text>the geographic
diversity of communities over the course of the fiscal year;</text>
</paragraph><paragraph id="ID1c085fe2ecf4498f85f3ca195bc8cc86"><enum>(2)</enum><text>the potential
impact on energy and oil savings; and</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="ID1597386ecab44786baa44add30be1d9b"><enum>(3)</enum><text>the likelihood of
success and policy implementation at the State or local level.</text>
</paragraph></subsection><subsection id="IDc16a9440bf324eb5a4f92aeec31a2117"><enum>(e)</enum><header>Authorization
of appropriations</header><text display-inline="yes-display-inline">There is
authorized to be appropriated to the Administrator to carry out this section
$25,000,000 for each fiscal year, of which (to the maximum extent
practicable)—</text>
<paragraph id="IDccc245fa6b5e413ebaedd3598f335f65"><enum>(1)</enum><subparagraph commented="no" display-inline="yes-display-inline" id="id751606FA4BD44A1CADE5724FB9579660"><enum>(A)</enum><text>$15,000,000 shall be
used to provide technical assistance to create more energy-efficient
communities that provide more transportation choices for people; and</text>
</subparagraph><subparagraph id="id23C783EF4B484AC88CD9E3F871D6FB12" indent="up1"><enum>(B)</enum><text>$1,500,000 shall be used to expand the
staff capacity to provide the technical assistance;</text>
</subparagraph></paragraph><paragraph id="ID1754ca0e38ee4bb5a8665e2d7523d620"><enum>(2)</enum><text>$3,500,000 shall
be used to conduct research and policy development relating to smart growth and
energy;</text>
</paragraph><paragraph id="ID4a7c7b4091384e2bbf3254acff2a0134"><enum>(3)</enum><text>$2,000,000 shall
be used to conduct public outreach and public education on best practices for
smart growth; and</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="IDea637846c0ad4c50a0909f515ec822d3"><enum>(4)</enum><text>$3,000,000 shall
be used to provide matching funds for cross-agency initiatives conducted by and
with other Federal agencies to promote energy conservation through smart
growth.</text>
</paragraph></subsection></section></part></subtitle><subtitle id="id94DCD2575FA94D8499D1607ADB633956"><enum>E</enum><header>Incentives for
innovative technologies</header>
<section id="id07DF22AD08C545ACA089B12C8424BE92"><enum>251.</enum><header>Security for
loan guarantees for innovative technology projects</header><text display-inline="no-display-inline">Section
1702(g)(2) of the Energy Policy Act of 2005 (42 U.S.C. 16512(g)(2)) is amended
by adding at the end the following:</text>
<quoted-block display-inline="no-display-inline" id="idEC547BAEF6B84E1A81E60F70948C2C00" style="OLC">
<subparagraph id="ID871aaf2a87a24c8faf94bf3435d8331e"><enum>(D)</enum><header>Security</header><text>Notwithstanding
subparagraphs (A) through (C), a loan guarantee made before, on, or after the
date of enactment of this subparagraph for a project covered by subsection (a)
shall be considered to be in compliance with this paragraph—</text>
<clause id="idCCADE8583002488FB3271A2333AFA828"><enum>(i)</enum><text>regardless of
whether or the extent to which the Secretary requires the loan to be secured by
any project or other property; and</text>
</clause><clause id="id2F37A24DDB9245EDB1AA9485D1598652"><enum>(ii)</enum><text>regardless of
the priority, if any, of any such security with respect to any interest of any
other creditor of the borrower in the
property.</text>
</clause></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</section></subtitle><enum>III</enum><header>Expanding
domestic energy production</header>
<subtitle id="id04BA415B79154D3189E540852942AE8C"><enum>A</enum><header>Oil and gas
production on the outer Continental Shelf</header>
<section id="idD4DF9890927E4FE99424A6934AB6BA0C"><enum>301.</enum><header>Production of
oil and gas on outer Continental Shelf</header>
<subsection id="idA803BBE52E2C4E098E7E41CD8E2BD789"><enum>(a)</enum><header>In
general</header><text display-inline="yes-display-inline">Section 18 of the
Outer Continental Shelf Lands Act (43 U.S.C. 1344) is amended by adding at the
end the following:</text>
<quoted-block display-inline="no-display-inline" id="idD6FA9EC88A7C41DC8491A64C695CD7BE" style="OLC">
<subsection id="idA70AC0F0D2F042FC816D265CA5EAAAD6"><enum>(i)</enum><header>Prohibition on
export</header><text>All oil and natural gas produced on the outer Continental
Shelf of the United States under this Act shall be made available for refining
and sale solely within the United States.</text>
</subsection><subsection id="H57A95797A67C4F77B0E86461FDFA133"><enum>(j)</enum><header>Special
Commission on Offshore Oil and Gas Leasing</header>
<paragraph id="HFEBD07F97F964F74878E2DF1A05F3472"><enum>(1)</enum><header>Establishment</header>
<subparagraph id="id49C6B167276549ACB463A4A3F011C6BA"><enum>(A)</enum><header>In
general</header><text>There is established a commission, to be known as the
<quote>Special Commission on Offshore Oil and Gas Leasing</quote> (referred to
in this subsection as the <quote>Commission</quote>).</text>
</subparagraph><subparagraph commented="no" id="H9271B44E42F94DFE9904FC620048EE4C"><enum>(B)</enum><header>Membership</header><text>The
Commission shall be composed of 15 members, of whom—</text>
<clause commented="no" id="H2B2CBD44F02C47CB00BCA2A973AE931E"><enum>(i)</enum><text>3 shall be
appointed by the President;</text>
</clause><clause commented="no" id="H0D86D6235444419FBFC49EB5562838C2"><enum>(ii)</enum><text>3 shall be
appointed by the majority leader of the Senate;</text>
</clause><clause commented="no" id="HA883487CC875430F87BE6DC4638D36FA"><enum>(iii)</enum><text>3 shall be
appointed by the minority leader of the Senate;</text>
</clause><clause commented="no" id="H84D966CFB12C44A1BDD0A38954FF010"><enum>(iv)</enum><text>3 shall be
appointed by the Speaker of the House of Representatives; and</text>
</clause><clause commented="no" id="H63331EDF1D2E4566AF8F9763FF7BF25E"><enum>(v)</enum><text>3 shall be
appointed by the minority leader of the House of Representatives.</text>
</clause></subparagraph><subparagraph id="H632C93C9A09149AB855F22D14C711F00"><enum>(C)</enum><header>Co-chairpersons</header>
<clause id="idEAF265F5C9E74066AE46E375FC27C85D"><enum>(i)</enum><header>In
general</header><text>The President shall designate 2 co-chairpersons from
among the members of the Commission appointed.</text>
</clause><clause id="idE2C75C42CCFA49D5801FB0963388A8FE"><enum>(ii)</enum><header>Political
affiliation</header><text>The co-chairpersons designated under clause (i) shall
not both be affiliated with the same political party.</text>
</clause></subparagraph><subparagraph id="H24255C72D9544CF99F75CB5C52ED8FEC"><enum>(D)</enum><header>Deadline for
appointment</header><text>Members of the Commission shall be appointed not
later than 90 days after the date of enactment of the
<short-title>SMART Energy Act</short-title>.</text>
</subparagraph><subparagraph id="H674E63AC4A31489EA57E84503CF198F"><enum>(E)</enum><header>Term;
vacancies</header>
<clause id="id78EE6D9D7D5E44D78BEF90B51A78ABDA"><enum>(i)</enum><header>Term</header><text>A
member of the Commission shall be appointed for the life of the
Commission.</text>
</clause><clause id="id4F2E2E12A1504BE3B3F9081B09D00722"><enum>(ii)</enum><header>Vacancies</header><text>Any
vacancy in the Commission—</text>
<subclause id="id7C954AAB88C3483FA7E9361D73469EAB"><enum>(I)</enum><text>shall not affect
the powers of the Commission; and</text>
</subclause><subclause id="id304E2E334F92404CA9E8811B76A759B7"><enum>(II)</enum><text>shall be filled
in the same manner as the original appointment.</text>
</subclause></clause></subparagraph></paragraph><paragraph id="H7ABE05A076D84B4BB5F86396E0019EB"><enum>(2)</enum><header>Functions</header><text>The
Commission shall—</text>
<subparagraph id="id1D0144EFF67A46DCB20CA516156F8882"><enum>(A)</enum><text>review—</text>
<clause id="id6621B52170D7426CB2F06EC5483A7BFD"><enum>(i)</enum><text>the results of
the comprehensive inventory of outer Continental Shelf oil and natural gas
resources conducted under section 357 of the Energy Policy Act of 2005 (42
U.S.C. 15912);</text>
</clause><clause id="ID6f2ec2c7f03c453e89db235bcc051e7a"><enum>(ii)</enum><text>all existing
information and data on potential oil and natural gas reserves in the outer
Continental Shelf;</text>
</clause><clause id="idB11AC4ADD8214DBDB4112696F26AA9B8"><enum>(iii)</enum><text>other
information relating to the environmental impact, community acceptance,
existing and planned infrastructure, and other factors that are relevant to the
recommendation required under subparagraph (B);</text>
</clause><clause id="IDe12eeb108e5c4536949be23251dcc12b"><enum>(iv)</enum><text>the report by
the Secretary on the most prospective outer Continental Shelf oil and natural
gas areas; and</text>
</clause><clause id="ID762c010ac4a541e3a54063d2cb9b6a94"><enum>(v)</enum><text>input from
coastal States; and</text>
</clause></subparagraph><subparagraph id="id3253810E69BC44D1998F798C71C27752"><enum>(B)</enum><text>based on the
review conducted under subparagraph (A), make detailed recommendations to
Congress and the Secretary, beginning 1 year after the date on which the
Commission is established, on—</text>
<clause id="ID5ccb66998f4a4f9391fe2df7122ed156"><enum>(i)</enum><text>the areas on the
outer Continental Shelf that should immediately become available for oil and
gas leasing based on the most recent 5-year plan, production potential,
environmental factors, community acceptance, existing and planned
infrastructure, and other relevant factors; and</text>
</clause><clause id="IDecae231bf7f1449aaa13de0fb77fb027"><enum>(ii)</enum><text>the areas on the
outer Continental Shelf that should be the subject of further inventory
(including use of 3-dimensional seismic technology and drilling or other
technology necessary for a more complete inventory analysis) and evaluation in
order to determine future production.</text>
</clause></subparagraph></paragraph><paragraph id="HA49A850FBE1D46FAA10367963F340552"><enum>(3)</enum><header>Commission
personnel matters</header>
<subparagraph id="H8C4F5F17BE0F45DA882320D6CD2D6045"><enum>(A)</enum><header>Staff and
director</header><text>The Commission shall have a staff headed by an Executive
Director.</text>
</subparagraph><subparagraph id="H21A76AE13E40468BA9DDC3E0177773D1"><enum>(B)</enum><header>Staff
appointment</header><text>The Executive Director may appoint such personnel as
the Executive Director and the Commission determine to be appropriate.</text>
</subparagraph><subparagraph id="H2C8D9DC5B0534DA7A2E801574F6B432D"><enum>(C)</enum><header>Experts and
consultants</header><text>With the approval of the Commission, the Executive
Director may procure temporary and intermittent services under section 3109(b)
of title 5, United States Code.</text>
</subparagraph><subparagraph id="H86166E85A2BA411698580600A253A327"><enum>(D)</enum><header>Federal
agencies</header>
<clause id="H1C0611FBA1BF405687B2C9FA1EB65331"><enum>(i)</enum><header>Detail of
government employees</header>
<subclause id="id7F7200D2CF3A4222897E35AF3C5C050D"><enum>(I)</enum><header>In
general</header><text>On the request of the Commission, the head of any Federal
agency may detail, without reimbursement, any of the personnel of the Federal
agency to the Commission to assist in carrying out the duties of the
Commission.</text>
</subclause><subclause id="id3940B84B095B4E7FA62EBF814B3D57D2"><enum>(II)</enum><header>Nature of
detail</header><text>Any detail of a Federal employee under subclause (I) shall
not interrupt or otherwise affect the civil service status or privileges of the
Federal employee.</text>
</subclause></clause><clause id="H0F5C9E610E6F4465B5F49248D7ADC43B"><enum>(ii)</enum><header>Technical
assistance</header><text>On the request of the Commission, the head of a
Federal agency shall provide such technical assistance to the Commission as the
Commission determines to be necessary to carry out the duties of the
Commission.</text>
</clause></subparagraph></paragraph><paragraph commented="no" display-inline="no-display-inline" id="HD734CE1821E848AD8E77CE04599DD34D"><enum>(4)</enum><header>Resources</header>
<subparagraph commented="no" display-inline="no-display-inline" id="idE3F527060882458EA4C4003E694AE13F"><enum>(A)</enum><header>In
general</header><text>The Commission shall have reasonable access to materials,
resources, statistical data, and such other information from Executive agencies
as the Commission determines to be necessary to carry out the duties of the
Commission.</text>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="id8ED00479ECA24AA3974F632FD8B423FE"><enum>(B)</enum><header>Form of
requests</header><text>The co-chairpersons of the Commission shall make
requests for access described in subparagraph (A) in writing, as
necessary.</text>
</subparagraph></paragraph><paragraph id="idF9B1E0EAE75549D78D30E75743151AC3"><enum>(5)</enum><header>Authorization
of appropriations</header><text display-inline="yes-display-inline">In addition
to funds made available from the Energy Security Trust Fund under section
9511(c)(2) of the Internal Revenue Code of 1986, there are authorized to be
appropriated such sums as are necessary to carry out this
subsection.</text>
</paragraph></subsection><after-quoted-block>.
</after-quoted-block></quoted-block>
</subsection><subsection id="id9DF928CA685B41EC857E1BF8E3903871"><enum>(b)</enum><header>Identification
of most prospective outer Continental Shelf oil and natural gas
areas</header><text>Section 357 of the Energy Policy Act of 2005 (42 U.S.C.
15912) is amended to read as follows:</text>
<quoted-block display-inline="no-display-inline" id="id75F56559E6F44E6DAF5FBBF984ECB263" style="OLC">
<section id="id358D0B5F81DC490E98A68B8E9DE603C0"><enum>357.</enum><header>Identification
of most prospective outer Continental Shelf oil and natural gas areas</header>
<subsection id="idA4BAE44C0A054BB984C37AC7A0EE22C6"><enum>(a)</enum><header>Definitions</header><text display-inline="yes-display-inline">In this section:</text>
<paragraph id="ID8938c1b4074a49699d49f0ff07b55cbd"><enum>(1)</enum><header>Prospective
area</header><text>The term <term>prospective area</term> means a portion of
any area of the outer Continental Shelf that may contain recoverable oil or gas
in accordance with the most recent 5-year plan.</text>
</paragraph><paragraph id="ID466eddc987e74176947d65cd58bd4993"><enum>(2)</enum><header>Secretary</header><text>The
term <term>Secretary</term> means the Secretary of the Interior.</text>
</paragraph><paragraph id="id4AC178195DEA4A0795CD2D2A5E431F2A"><enum>(3)</enum><header>Special
Commission</header><text>The term <term>Special Commission</term> means the
Special Commission on Offshore Oil and Gas Leasing established under section
18(j) of the Outer Continental Shelf Lands Act (43 U.S.C. 1344(j)).</text>
</paragraph></subsection><subsection id="IDf59dd8bc210c4407aea76cf825345b05"><enum>(b)</enum><header>Inventory</header>
<paragraph id="ID70d131e586b34d3d9ff171e9dd845489"><enum>(1)</enum><header>In
general</header><text>The Secretary shall identify the most prospective areas
for recoverable oil and gas accumulations for industry exploration.</text>
</paragraph><paragraph id="ID0e90b621c2c14f5194eece48aa8cc452"><enum>(2)</enum><header>Information</header><text>In
identifying the prospective areas, the Secretary shall take into account any
existing information on the geological potential for oil and gas or acquire new
data as appropriate to assist in narrowing down prospective areas.</text>
</paragraph><paragraph id="IDd67f8488e73f463ea5ae2a2814f427cb"><enum>(3)</enum><header>Technology</header><text>The
Secretary may use any available geological, geophysical, economic, engineering,
and other scientific technology to obtain accurate estimates of resource
potential.</text>
</paragraph><paragraph id="ID331f64fb39bb439b9ed12c73b4862870"><enum>(4)</enum><header>Other
factors</header><text>In identifying the prospective areas, the Secretary shall
consider—</text>
<subparagraph id="idA6B6255519F74241BE48A1D0CCDCE9F6"><enum>(A)</enum><text>the political
acceptability of new production in the coastal area;</text>
</subparagraph><subparagraph id="idA04A721E2F0E44B4B593D699E1ACBEEF"><enum>(B)</enum><text>the willingness
of the State or region for new production off of the coasts of the State or
region and other matters that may affect the speed with which a prospective
area can be leased, developed, and used to produce oil or natural gas;
and</text>
</subparagraph><subparagraph id="idBEDA8E17E64E4DB6AE9B316CCCED7C32"><enum>(C)</enum><text>other factors
determined by the Secretary.</text>
</subparagraph></paragraph></subsection><subsection id="IDf0a0b251d78e4f39870df9e4b20e411a"><enum>(c)</enum><header>Acquisition of
geological and geophysical data</header>
<paragraph id="IDe5aace5c85964fe9b938d7e4ff50d8e6"><enum>(1)</enum><header>In
general</header><text>The Secretary may acquire and process new geological and
geophysical data or use existing geological and geophysical data for any area
of the outer Continental Shelf if the Secretary determines that additional
information is needed to identify and assess potential prospective
areas.</text>
</paragraph><paragraph id="IDa2a233f3bc9947fdabe2bd6301b0b010"><enum>(2)</enum><header>Technology</header><text>In
carrying out this subsection, the Secretary shall use any available technology
(other than drilling), including 3-dimensional seismic technology, to obtain an
accurate estimate of resource potential.</text>
</paragraph><paragraph id="ID5ab23dba114e4e8caf30544ee2689228"><enum>(3)</enum><header>Availability of
data</header><text>In the case of newly acquired geological and geophysical
data under this subsection, the Secretary—</text>
<subparagraph id="id2FAF61F0EE1948C0AF984C692F3C8A94"><enum>(A)</enum><text>may make the data
available on a cost recovery basis to recover the full costs expended for
acquisition and processing of new geological and geophysical data; and</text>
</subparagraph><subparagraph id="id2C372BE229024D15A51DC3FAC6885BA2"><enum>(B)</enum><text>shall make the
data available to the Special Commission.</text>
</subparagraph></paragraph></subsection><subsection id="IDa8fae9b7c22f4ff0aae3e599c5c940ad"><enum>(d)</enum><header>Administration</header>
<paragraph id="IDcfee12b0d0404317a2ba5da221427c8f"><enum>(1)</enum><header>In
general</header><text>As soon as practicable, but not later than 1 year, after
the date of enactment of the <short-title>SMART Energy
Act</short-title>, to expedite collection of geological and geophysical data
under this section, each Federal agency shall conduct and complete any analyses
or consultations that are required to carry out this section.</text>
</paragraph><paragraph id="ID2ccb26dd2b7546768ab73ce6e67d6556"><enum>(2)</enum><header>Protected
species</header><text>Before conducting any geological and geophysical survey
required under this section in any prospective area, the Secretary shall, at a
minimum, implement the mitigation, monitoring, and reporting measures that are
used for protected species in the Gulf of Mexico region.</text>
</paragraph></subsection><subsection id="ID07fd8ef3f19e468ca671838ae62f3f09"><enum>(e)</enum><header>Environmental
and socioeconomic studies</header>
<paragraph id="ID5ed9e88f4b5b4702969a3c90293bd700"><enum>(1)</enum><header>In
general</header><text>The Secretary shall conduct, directly or by contract,
environmental or socioeconomic studies for any prospective area identified
under subsection (b) immediately on identifying the prospective area.</text>
</paragraph><paragraph id="ID9674f194e0134376a1c1fe09beef739c"><enum>(2)</enum><header>Interagency
action</header><text>The Secretary, acting through the Minerals Management
Service, may work jointly with the United States Fish and Wildlife Service, the
National Oceanic and Atmospheric Administration, or other relevant
agencies—</text>
<subparagraph id="ID8dd1a0f3937d445fb88060cb7da795bf"><enum>(A)</enum><text>to compile
existing environmental and socioeconomic information on prospective areas;
or</text>
</subparagraph><subparagraph id="IDa157d304c26740fe9b03a8edc9d6ae67"><enum>(B)</enum><text>obtain new
environmental or socioeconomic studies for identified prospective areas.</text>
</subparagraph></paragraph></subsection><subsection id="ID7d7b1faf78b340a3897ebdd62f0ea10a"><enum>(f)</enum><header>Sharing
information with States and other stakeholders</header>
<paragraph id="ID804369d019f149e2a872feaa029c02a3"><enum>(1)</enum><header>In
general</header><text>The Secretary shall—</text>
<subparagraph id="idF28B3069A9034204AF27E6FEA4C96F84"><enum>(A)</enum><text>share the
information with the Special Commission; and</text>
</subparagraph><subparagraph id="id457373D7E96C4C5691BB4D9E24EF8F44"><enum>(B)</enum><text>establish a
process—</text>
<clause id="IDc60ca40b20704f0291ba34e899172d18"><enum>(i)</enum><text>to share
information identified by actions taken under this section to identify the most
prospective areas; and</text>
</clause><clause id="ID636d707e46e648b3afbeb08ee30e1555"><enum>(ii)</enum><text>to obtain input
from States or other stakeholders on the prospective areas.</text>
</clause></subparagraph></paragraph><paragraph id="ID92d6f8f54abf487086dea9681662600b"><enum>(2)</enum><header>Process</header><text>The
process shall include workshops or meetings with—</text>
<subparagraph id="ID87493471f5f04ef8b209138cdcc60f74"><enum>(A)</enum><text>the
public;</text>
</subparagraph><subparagraph id="ID2c75050bd20a4450b591776844b5c6cb"><enum>(B)</enum><text>Governors or
designated officials from appropriate States; and</text>
</subparagraph><subparagraph id="IDfc7a9bcadab3470c95e2ad895f08b3ba"><enum>(C)</enum><text>other relevant
user groups.</text>
</subparagraph></paragraph></subsection><subsection id="IDe2095fddf1dd48c99538a3d17dd7f437"><enum>(g)</enum><header>Reports</header>
<paragraph id="ID04c87296c4a441a5b386d556f95a8134"><enum>(1)</enum><header>Identification
of prospective areas</header><text>Not later than 180 days after the date of
enactment of the <short-title>SMART Energy
Act</short-title>, the Secretary shall submit to Congress and the Special
Commission a report that includes—</text>
<subparagraph id="IDab09b603e2e243b0bd7d23b93e9ff827"><enum>(A)</enum><text>an identification
of the most prospective oil and gas areas within areas of the outer Continental
Shelf using existing information;</text>
</subparagraph><subparagraph id="ID6379e607e7d345a09af7d2f86648b779"><enum>(B)</enum><text>a summary of
environmental and socioeconomic information relating to the prospective areas;
and</text>
</subparagraph><subparagraph id="ID3b0e6920396c4776ab44d223ac93238b"><enum>(C)</enum><text>a schedule for
completion of any environmental or socioeconomic impact studies or
consultations planned for those prospective areas.</text>
</subparagraph></paragraph><paragraph id="ID5338e301b72f4d6b8042655edb46a161"><enum>(2)</enum><header>Potential of
prospective areas</header><text>Not later than 90 days after the date which the
Special Commission submits recommendations to Congress and the Secretary under
section 18(j)(2)(B) of the Outer Continental Shelf Lands Act (43 U.S.C.
1344(j)(2)(B)), the Secretary shall submit to Congress a plan to commence
leasing activities in the most prospective areas that includes—</text>
<subparagraph id="IDe8e1845eda624811b3d16270d9f76c33"><enum>(A)</enum><text>the
recommendations of the Special Commission and an explanation for any
recommendations that are not followed;</text>
</subparagraph><subparagraph id="ID87812cdb466744d0a3b353a7ffc2fd2e"><enum>(B)</enum><text>a description of
the consultation process under subsection (f) used to share information and
obtain input from stakeholders and a report on the results of the process;
and</text>
</subparagraph><subparagraph id="IDde49b172598441438e51b915c9af5fd4"><enum>(C)</enum><text>recommendations
on approaches for recovery of costs expended for acquisition and processing of
new geological and geophysical data or conducting other studies for the
report.</text>
</subparagraph></paragraph></subsection><subsection id="id8FE13A5769AF4DF0B44F81F38FC8AEDC"><enum>(h)</enum><header>Authorization
of appropriations</header><text display-inline="yes-display-inline">In addition
to funds made available from the Energy Security Trust Fund under section
9511(c)(2) of the Internal Revenue Code of 1986, there are authorized to be
appropriated such sums as are necessary to carry out this
section.</text>
</subsection></section><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection></section><section id="ID6ed5b68f363d4f0e99b8da040f2b6043"><enum>302.</enum><header>Production
incentives program</header>
<subsection id="idCA9B0FA7A4D7410A809C764EBE81361B"><enum>(a)</enum><header>Production
incentive fee</header>
<paragraph id="id2E7C817D3A1A4DE8888B2A0F47919F46"><enum>(1)</enum><header>In
general</header><text>Subject to paragraphs (2) and (3), effective beginning on
the date that is 1 year after the date a lease is entered into with the
Secretary for the production of oil or natural gas on Federal land, the
Secretary shall impose an annual production incentive fee on the lessee if oil
or natural gas is not being produced under the lease in a quantity for which
the lessee is responsible for paying a royalty under Federal law.</text>
</paragraph><paragraph id="id80BDA36A4C4B4153A848458BC68853AD"><enum>(2)</enum><header>Amount</header><text>The
amount of the production incentive fee shall be $3.00 per acre.</text>
</paragraph><paragraph id="IDa77c3cbd2cff4c8986583fbb8a7005ca"><enum>(3)</enum><header>Waiver</header><text>The
Secretary may waive the requirement that a lessee pay a production incentive
fee for a year under paragraph (1) if the lessee applies to the Secretary for a
waiver and demonstrates to the Secretary that, during the 1-year period covered
by the fee, the lessee—</text>
<subparagraph id="ID0eeb329059b249b5948552871faa96d6"><enum>(A)</enum><text>made significant
efforts to produce oil or natural gas, as determined by the Secretary;
or</text>
</subparagraph><subparagraph id="idE33C7DF95AE94547B0036F8BFC743E51"><enum>(B)</enum><text>was unable to
make significant efforts to produce oil or natural gas due to circumstance
beyond the control of the lessee.</text>
</subparagraph></paragraph></subsection><subsection id="ID2ce09d969fd64ab3a26f8bb554eef478"><enum>(b)</enum><header>Annual
reports</header><text>In the case of leases entered into with the Secretary for
the production of oil or natural gas on Federal land that are in effect as of
the date of the report, the Secretary shall submit to Congress an annual report
that describes—</text>
<paragraph id="ID3093725b83c84f73bb68a59cbe6a3817"><enum>(1)</enum><text>the number of the
leases;</text>
</paragraph><paragraph id="ID63f3b77f9307445188cdff996f27a614"><enum>(2)</enum><text>the number of the
leases that are producing oil or natural gas and the quantity produced;</text>
</paragraph><paragraph id="IDe5bbf312e3764684afb60d6cfa8e1d37"><enum>(3)</enum><text>the number of
production incentive fee waivers that are applied for and granted under
subsection (a)(3);</text>
</paragraph><paragraph id="IDb1cac091387d476f92bd04e4dda0b392"><enum>(4)</enum><text>the number of
leases under which significant efforts have been made to produce oil or natural
gas; and</text>
</paragraph><paragraph id="IDadffec0140324cd7bc7323e6030d31c6"><enum>(5)</enum><text>the number of
leases under which significant efforts have not been made to produce oil or
natural gas.</text>
</paragraph></subsection><subsection id="ID209e4a23212e4673a21f4e8c9e56a1eb"><enum>(c)</enum><header>Disposition of
fees</header><text>All funds collected under this section shall be deposited in
the Energy Security Trust Fund established under section 9511 of the Internal
Revenue Code of 1986.</text>
</subsection><subsection commented="no" display-inline="no-display-inline" id="ID6c1de3524a2942aab0d53aa447ae1d17"><enum>(d)</enum><header>Definition of
proved undeveloped reserves</header><text>As soon as practicable after the date
of enactment of this Act, the Securities and Exchange Commission shall adopt a
definition of <quote>proved undeveloped reserves</quote> that would prohibit a
covered entity from assigning proved status to undrilled locations if the
reserves are not scheduled to be drilled within 5 years, unless the covered
entity demonstrates to the Commission unusual circumstances that justify a
longer period, as determined by the Commission.</text>
</subsection></section></subtitle><subtitle id="id41D412AF9BBF4D9BAD453172983856B3"><enum>B</enum><header>Nuclear</header>
<section id="idFA51A29A53CD4A7D93AA245D8244C069"><enum>311.</enum><header>Sense of the
Senate on scalable, modular light-water nuclear reactors and electric
plants</header>
<subsection id="idD18971F531BB4D7693ADF5F26C193F5E"><enum>(a)</enum><header>Findings</header><text>Congress
finds that—</text>
<paragraph commented="no" id="ID119df3391f3149009627d24c76727cf7"><enum>(1)</enum><text>civilian nuclear
electric power technologies operate in 31 States and have provided the United
States with safe, reliable, and competitively priced electricity for over 3
decades, currently supplying consumers with nearly 20 percent of the entire
electricity needs of the consumers;</text>
</paragraph><paragraph commented="no" id="ID7157366123c04d689ac4343e31844762"><enum>(2)</enum><text>civilian nuclear
electric power technologies reduce the annual greenhouse gas emission of the
United States by nearly 700,000,000 metric tons, according to the energy
information voluntary reporting greenhouse gas program of the Department of
Energy, an effective emission control program of the United States;</text>
</paragraph><paragraph commented="no" id="IDcb921469c6964fdcb529dbf148cd379c"><enum>(3)</enum><text>innovations in
civilian nuclear electric power technologies (such as high temperature gas
reactors and scalable, modular light water reactors) are—</text>
<subparagraph commented="no" id="id103CA403205644A8874E4149CE90115F"><enum>(A)</enum><text>attracting public
and private sector funding; and</text>
</subparagraph><subparagraph commented="no" id="id06E8F2A8B7754B359BBA5EB1DA19683D"><enum>(B)</enum><text>poised—</text>
<clause commented="no" id="id0429A29380184771A519075DC313E47E"><enum>(i)</enum><text>to meet changing
market conditions here in the United States; and</text>
</clause><clause commented="no" id="id1AC1A5E85E224DB2ADBE88C369A7BA01"><enum>(ii)</enum><text>to contribute
significantly to domestic job growth in the basic manufacturing industries of
the United States;</text>
</clause></subparagraph></paragraph><paragraph commented="no" id="ID12cca4ce1d7e4e18a5230fda0559a43f"><enum>(4)</enum><text>scalable, modular
light-water nuclear reactors represent an important and promising technology
for the future; and</text>
</paragraph><paragraph commented="no" id="ID0d91a86aae7148408667967a776d1c59"><enum>(5)</enum><text>the designs of
the plants described in paragraph (4) maximize domestic manufacturing
capabilities and enable plant owners to add power to the grid and incur costs
incrementally over a period of years, according to—</text>
<subparagraph commented="no" id="IDb31f358d7e2e43b49ae09fe67b140e34"><enum>(A)</enum><text>market
conditions; and</text>
</subparagraph><subparagraph commented="no" id="ID6d6dab583aaa4260a39e533bd6154dc6"><enum>(B)</enum><text>the pace of
electrical demand growth of the consumers of electricity generated by the
plants.</text>
</subparagraph></paragraph></subsection><subsection commented="no" id="id9C84723DC76448598AC36910F04C73AA"><enum>(b)</enum><header>Sense of the
Senate</header><text display-inline="yes-display-inline">It is the sense of the
Senate that the Chairman of the Nuclear Regulatory Commission should continue
to complete the design certification phase for scalable, modular light-water
nuclear reactors and electric plants, in particular for applications with
respect to which vendors have provided appropriate and timely
information.</text>
</subsection></section><section id="idFD3F111DE0694A7281CD99109C0BB700"><enum>312.</enum><header>Nuclear
Regulatory Commission</header><text display-inline="no-display-inline">There
are authorized to be appropriated to the Nuclear Regulatory Commission such
sums as are necessary for the Commission to establish an additional 40
full-time equivalent positions to—</text>
<paragraph id="id492C9C5B7DF646A0AE6A5B9CA7E6017A"><enum>(1)</enum><text display-inline="yes-display-inline">expedite the processing of applications for
new nuclear plants; and</text>
</paragraph><paragraph id="id08F4746465864B6482BE439D68F35E04"><enum>(2)</enum><text>streamline the
licensing process.</text>
</paragraph></section><section id="idCA130A82C94140938D49EF846BD016A6"><enum>313.</enum><header>Nuclear energy
workforce</header><text display-inline="no-display-inline">Section 1101 of the
Energy Policy Act of 2005 (42 U.S.C. 16411) is amended—</text>
<paragraph id="id60F3F13DFCD54D4FA03B8F59E31C9D25"><enum>(1)</enum><text>in subsection
(b)(1)—</text>
<subparagraph id="id0334D42472574C3A948BDA0A096806B7"><enum>(A)</enum><text>in subparagraph
(A), by striking <quote>and</quote> at the end;</text>
</subparagraph><subparagraph id="id9DC818FD450B454EB67A238116115ABA"><enum>(B)</enum><text>in subparagraph
(B), by striking the period and inserting <quote>; and</quote>; and</text>
</subparagraph><subparagraph id="id0E7F8555DA6D4FE6B166DD27F3A86496"><enum>(C)</enum><text>by adding at the
end the following:</text>
<quoted-block display-inline="no-display-inline" id="id736D6105F6104D7DB765641BB2CE6599" style="OLC">
<subparagraph id="idB11940B8BFAF4C059837FD72D214C6D5"><enum>(C)</enum><text>nuclear utility
and nuclear energy product and service
industries.</text>
</subparagraph><after-quoted-block>;</after-quoted-block></quoted-block>
</subparagraph></paragraph><paragraph id="idB63A7DDC486442969324324CA7008928"><enum>(2)</enum><text>by redesignating
subsection (d) as subsection (e); and</text>
</paragraph><paragraph id="idD2E61FB033BD4ADC9B84C0A51BD8D347"><enum>(3)</enum><text>by inserting
after subsection (c) the following:</text>
<quoted-block display-inline="no-display-inline" id="idC6CC1B637E9C43909D2BD6CDA3C18486" style="OLC">
<subsection id="id98B4B68D505945FB8B6CE99B9CAC037A"><enum>(d)</enum><header>Workforce
training</header>
<paragraph id="ID5376380924ed4355a7ed4df8b13680a1"><enum>(1)</enum><header>In
general</header><text>The Secretary of Labor, in cooperation with the
Secretary, shall promulgate regulations to implement a program to provide
grants to enhance workforce training for any occupation in the workforce of the
nuclear utility and nuclear energy products and services industries for which a
shortage is identified or predicted in the report under subsection
(b)(2).</text>
</paragraph><paragraph id="IDe0f62b9049f5461cba3c4fcbc75476d0"><enum>(2)</enum><header>Consultation</header><text>In
carrying out this subsection, the Secretary of Labor shall consult with
representatives of the nuclear utility and nuclear energy products and services
industries, including organized labor organizations and multiemployer
associations that jointly sponsor apprenticeship programs that provide training
for skills needed in those industries.</text>
</paragraph><paragraph id="IDe96e1091f76f474c98fd44be984e6e4c"><enum>(3)</enum><header>Authorization
of appropriations</header><text>There are authorized to be appropriated to the
Secretary of Labor, working in coordination with the Secretary and the
Secretary of Education, $20,000,000 for each of fiscal years 2009 through 2015
to carry out this
subsection.</text>
</paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></section><section id="ID2eb96eb029de43f78550e4f3e3b44186"><enum>314.</enum><header> Interagency
Working Group to promote domestic manufacturing base for nuclear components and
equipment</header>
<subsection id="IDce7eae5b148a46699c0c568c315f5f4a"><enum>(a)</enum><header>Purposes</header><text>The
purposes of this section are—</text>
<paragraph id="ID1f23e710146042d8b534a111c1e9616f"><enum>(1)</enum><text>to increase the
competitiveness of the United States nuclear energy products and services
industries;</text>
</paragraph><paragraph id="ID3e74b9b081754b5fa379b503afad1c4c"><enum>(2)</enum><text>to identify the
stimulus or incentives necessary to cause United States manufacturers of
nuclear energy products to expand manufacturing capacity;</text>
</paragraph><paragraph id="IDb07f3b48dde54ff3b7c95189782b330a"><enum>(3)</enum><text>to facilitate the
export of United States nuclear energy products and services;</text>
</paragraph><paragraph id="ID0bd47c6eb6a248d8ae83261402e15c37"><enum>(4)</enum><text>to reduce the
trade deficit of the United States through the export of United States nuclear
energy products and services;</text>
</paragraph><paragraph id="ID3879df04e47e495d8015e0f68c1c17e4"><enum>(5)</enum><text>to retain and
create nuclear energy manufacturing and related service jobs in the United
States;</text>
</paragraph><paragraph id="ID6d50159bb0494e2aaa113680e75b188a"><enum>(6)</enum><text>to integrate the
objectives described in paragraphs (1) through (5), in a manner consistent with
the interests of the United States, into the foreign policy of the United
States; and</text>
</paragraph><paragraph id="ID73efa36596c54d848f7800b8cc7a3ab1"><enum>(7)</enum><text>to authorize
funds for increasing United States capacity to manufacture nuclear energy
products and supply nuclear energy services.</text>
</paragraph></subsection><subsection id="ID3f6071fb13144bf396333796c72205bb"><enum>(b)</enum><header>Establishment</header>
<paragraph id="IDa29ca29aade145188b557890e290079e"><enum>(1)</enum><header>In
general</header><text>There is established an interagency working group
(referred to in this section as the <term>Working Group</term>) 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.</text>
</paragraph><paragraph id="IDf03252b7685e4cc992219bb8ab78284c"><enum>(2)</enum><header>Composition</header><text>The
Working Group shall be composed of—</text>
<subparagraph id="id878992AB5E914C0EBFF6749AE9EAD35D"><enum>(A)</enum><text>the Secretary of
Energy (or a designee), who shall serve as Chairperson of the Working Group;
and</text>
</subparagraph><subparagraph id="ID45cd1732efc540209eeb15499fb1cc00"><enum>(B)</enum><text>representatives
of—</text>
<clause id="ID6c2762190ab24ddeb30a4ba8b1b73fbe"><enum>(i)</enum><text>the
Department of Energy;</text>
</clause><clause id="ID7a8e7af83e7f41839d7a47d00faf2829"><enum>(ii)</enum><text>the Department
of Commerce;</text>
</clause><clause id="ID044bbbb02aef41a5b4cf34ae528fe77c"><enum>(iii)</enum><text>the Department
of Defense;</text>
</clause><clause id="ID4b9710fbeaae42f2b83d436f3784c5d0"><enum>(iv)</enum><text>the Department
of Treasury;</text>
</clause><clause id="IDcc313ec8e0184859a4ad3a39468b8130"><enum>(v)</enum><text>the
Department of State;</text>
</clause><clause id="IDe11f1935ecd34d2fb481878b07559433"><enum>(vi)</enum><text>the
Environmental Protection Agency;</text>
</clause><clause id="ID8761773a22904214ac56fddb939da301"><enum>(vii)</enum><text>the United
States Agency for International Development;</text>
</clause><clause id="ID1c68203012124ad49aa0c9acea4a603d"><enum>(viii)</enum><text>the
Export-Import Bank of the United States;</text>
</clause><clause id="IDe9344bc91cb049908b21daf046608e71"><enum>(ix)</enum><text>the Trade and
Development Agency;</text>
</clause><clause id="ID080b7076ec564b7182dd13e124ebc031"><enum>(x)</enum><text>the
Small Business Administration;</text>
</clause><clause id="ID5ec92175323041a2b19e7041fc5ad460"><enum>(xi)</enum><text>the Office of
the United States Trade Representative; and</text>
</clause><clause id="ID4832a1a78d6b411a80c1dac496028892"><enum>(xii)</enum><text>other Federal
agencies, as determined by the President.</text>
</clause></subparagraph></paragraph></subsection><subsection id="ID535c37a7ef1744288eba1bbeeef50ac5"><enum>(c)</enum><header>Duties of
Working Group</header><text>The Working Group shall—</text>
<paragraph id="IDcec0d17a7a024a7d9d889680bc4aa16f"><enum>(1)</enum><text>not later than
180 days after the date of enactment of this Act, identify the actions
necessary to promote the safe development and application in foreign countries
of nuclear energy products and services—</text>
<subparagraph id="IDfe6031a66d754319b76b8f5eaf3f7f69"><enum>(A)</enum><text>to increase
electricity generation from nuclear energy sources through development of new
generation facilities;</text>
</subparagraph><subparagraph id="ID15ada5a5d0d444f093a7d20763060671"><enum>(B)</enum><text>to improve the
efficiency, safety, and reliability of existing nuclear generating facilities
through modifications; and</text>
</subparagraph><subparagraph id="ID047fb1279a00476cb3c1a9e1900b37ad"><enum>(C)</enum><text>enhance the safe
treatment, handling, storage, and disposal of used nuclear fuel;</text>
</subparagraph></paragraph><paragraph id="ID684c30a3cb734a5c99b6b05a08f00178"><enum>(2)</enum><text>not later than
180 days after the date of enactment of this Act, identify—</text>
<subparagraph id="id70AD43181F9F4B0D8E5265B39358B06C"><enum>(A)</enum><text>mechanisms
(including tax stimuli for investment, loans and loan guarantees, and grants)
necessary for United States companies to increase—</text>
<clause id="id6068B8782EF044228BBA004C8A43E4D1"><enum>(i)</enum><text>the
capacity of the companies to produce or provide nuclear energy products and
services; and</text>
</clause><clause id="idD1A654549F1143F0A5C96C0406602D9D"><enum>(ii)</enum><text>exports of
nuclear energy products and services; and</text>
</clause></subparagraph><subparagraph id="id35FB8A95669A4C089AF98E99C7D2B658"><enum>(B)</enum><text>administrative or
legislative initiatives that are necessary—</text>
<clause id="IDf8a11c08adec49b6a80c61b21ca000ef"><enum>(i)</enum><text>to
encourage United States companies to increase the manufacturing capacity of the
companies for nuclear energy products;</text>
</clause><clause id="ID549d9d818b824cd8a56f4bb861364b05"><enum>(ii)</enum><text>to
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;</text>
</clause><clause id="ID36e6de59097c4344b2607969b69a923d"><enum>(iii)</enum><text>to encourage,
through financial incentives, private sector capital investment to expand
manufacturing capacity; and</text>
</clause><clause id="IDa0618bb013b44c36a81d1e39fda3b999"><enum>(iv)</enum><text>to
provide technical assistance and financial incentives to small and mid-sized
businesses to develop the workforce necessary to increase manufacturing
capacity and meet domestic and international nuclear quality assurance code
requirements;</text>
</clause></subparagraph></paragraph><paragraph id="ID23f8b40ca0be4cd597a5e03024e4d112"><enum>(3)</enum><text>not later than
270 days after the date of enactment of this Act, submit to Congress a report
that describes the findings of the Working Group under paragraphs (1) and (2),
including recommendations for new legislative authority, as necessary;
and</text>
</paragraph><paragraph id="idFF6A642668F4468AA184A72B52715960"><enum>(4)</enum><text>encourage the
agencies represented by membership in the Working Group—</text>
<subparagraph id="ID6e86fd5605f347bba4654291c3d7dccd"><enum>(A)</enum><text>to provide
technical training and education for international development personnel and
local users in other countries;</text>
</subparagraph><subparagraph id="ID9ebf22f9de9941daabc8aa44e0d4d9d1"><enum>(B)</enum><text>to 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;</text>
</subparagraph><subparagraph id="ID37a886c88e67452195601857e4a5282a"><enum>(C)</enum><text>to develop
nuclear energy projects in foreign countries;</text>
</subparagraph><subparagraph id="IDb1ed846a1008485c8b84b1cae4eef19e"><enum>(D)</enum><text>to 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;</text>
</subparagraph><subparagraph id="ID5bc6d63d0af54ae798cccf81efaad70a"><enum>(E)</enum><text>to 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</text>
</subparagraph><subparagraph id="IDa623f52110f9449ba29abf593f0f402a"><enum>(F)</enum><text>to augment
budgets for trade and development programs in order to support prefeasibility
or feasibility studies for projects that use nuclear energy products and
services.</text>
</subparagraph></paragraph></subsection><subsection id="id23BB2EDFE2DC4E66895DAFD489E3BC03"><enum>(d)</enum><header>Personnel and
service matters</header><text>The Secretary and the heads of agencies
represented by membership in the Working Group shall detail such personnel and
furnish such services to the Working Group, with or without reimbursement, as
are necessary to carry out the functions of the Working Group.</text>
</subsection><subsection commented="no" display-inline="no-display-inline" id="ID44742253c7644e718d33c37b4d9ed39d"><enum>(e)</enum><header>Authorization
of appropriations</header><text>There is authorized to be appropriated to the
Secretary to carry out this section $20,000,000 for each of fiscal years 2009
through 2015.</text>
</subsection></section><section id="id6CEFE52293B84D749E76D356BB799DEC"><enum>315.</enum><header>Spent fuel
recycling program</header>
<subsection id="idBF3AE85B65F8469D99A2D7990B3ACC84"><enum>(a)</enum><header>In
general</header><text>The Secretary of Energy shall—</text>
<paragraph id="idD2F261E3C7304256BB6F2C5E86D14DAC"><enum>(1)</enum><text>begin
construction of a spent fuel recycling research and development facility not
later than 1 year after the date of enactment of this Act; and</text>
</paragraph><paragraph id="idF3E178856C0749F9B4D6B0ED86B9AD45"><enum>(2)</enum><text>conduct research
and development activities to develop spent fuel processes that reduces the
quantity of waste in a manner that ensures adequate protection against
proliferation and is in accordance with the defense, security, national
interests, and treaty obligations of the United States.</text>
</paragraph></subsection><subsection id="id2D6A970B88314688B2AB30E8C03B6AC9"><enum>(b)</enum><header>Spent fuel
recycling research and development facility</header>
<paragraph id="IDf9467b7624b44ce1af56308aac4217d9"><enum>(1)</enum><header>Policy</header><text>It
shall be the policy of the United States to recycle spent nuclear fuel to
advance energy independence by maximizing the energy potential of nuclear fuel
in a proliferation resistant-manner that reduces the quantity of waste
deposited in a Federal repository.</text>
</paragraph><paragraph id="idDEBBA0A502C34864AF0ED5FA0EA776AE"><enum>(2)</enum><header>Purpose</header><text>The
facility described in subsection (a)(1) shall serve as the lead site for
continuing research and development of advanced nuclear fuel cycles and
separation technologies.</text>
</paragraph><paragraph id="id8D69D8B3D118474DB6862B28C3886767"><enum>(3)</enum><header>Site
selection</header><text>In selecting a site for the facility, the Secretary
shall give preference to a site that has—</text>
<subparagraph id="id16B1633A8F014A26BCC47753D98F45CD"><enum>(A)</enum><text>the most
technically sound bid;</text>
</subparagraph><subparagraph id="idC05104ADA9C84F8AB178354D406CD200"><enum>(B)</enum><text>a demonstrated
technical expertise in spent fuel recycling; and</text>
</subparagraph><subparagraph id="IDb35fc74d27cc423293c67e992e64a0a0"><enum>(C)</enum><text>community
support.</text>
</subparagraph></paragraph><paragraph id="ID88d489c25a5f4e859199902d1d0f15c8"><enum>(4)</enum><header>Competitive
selection</header><text>Funds for a facility described in subsection (a)(1)
shall be awarded on the basis of a competitive bidding process that—</text>
<subparagraph id="IDeaf1e6f80e414067995392598695a603"><enum>(A)</enum><text>maximizes the
competitive efficiency of the projects funded;</text>
</subparagraph><subparagraph id="ID00fabc92c6b4463ea9fde20207e12a99"><enum>(B)</enum><text>best serves the
goal of reducing the quantity of waste requiring disposal under this Act and
other laws; and</text>
</subparagraph><subparagraph id="ID6e6041353ba74eb8af5f30fdd60fcd6e"><enum>(C)</enum><text>ensures adequate
protection against the proliferation of nuclear materials that could be used in
the manufacture of nuclear weapons.</text>
</subparagraph></paragraph></subsection><subsection id="idF0767DFBCFAB40F9B3B97E668FA34199"><enum>(c)</enum><header>Authorization
of appropriations</header><text>There are authorized to be appropriated such
sums as are necessary to carry out this section.</text>
</subsection></section><section id="IDd81b127e76724f8c8fae6f9d2d94108e"><enum>316.</enum><header>Standby
support for certain nuclear plant delays</header>
<subsection id="IDea24039b124a4a18acd186e53a0e6ceb"><enum>(a)</enum><header>Definitions</header><text>Section
638(a) of the Energy Policy Act of 2005 (42 U.S.C. 16014(a)) is amended—</text>
<paragraph id="IDe38c8cf5aaae4d71b99603fc5d84d84b"><enum>(1)</enum><text>by redesignating
paragraph (4) as paragraph (7); and</text>
</paragraph><paragraph id="id7C633B576C1D46ADA18F56E40F3A9A86"><enum>(2)</enum><text>by inserting
after paragraph (3) the following:</text>
<quoted-block display-inline="no-display-inline" id="id08833787A18B4697B58B0981DB0E0568" style="OLC">
<paragraph id="IDb1f8e971a79d45cdaa96494cac3e40a5"><enum>(4)</enum><header>Full power
operation</header><text>The term <term>full power operation</term>, with
respect to a facility, means the earlier of—</text>
<subparagraph id="id1926455A58F54A0D9769FEBE6D2D4CCF"><enum>(A)</enum><text>the commercial
operation date (or the equivalent under the terms of the financing documents
for the facility); and</text>
</subparagraph><subparagraph id="id3B345FBFA59747F9956FC0089DA089ED"><enum>(B)</enum><text>the date on which
the facility achieves operation at an average nameplate capacity of 50 percent
or more during any consecutive 30-day period after the completion of startup
testing for the facility.</text>
</subparagraph></paragraph><paragraph id="ID14052d1fed80494d97b306cf700c7dd6"><enum>(5)</enum><header>Increased
project costs</header><text>The term <term>increased project costs</term> 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 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.</text>
</paragraph><paragraph id="ID838f9b4bb0954d1797b5221932f61759"><enum>(6)</enum><header>Litigation</header><text>The
term <term>litigation</term> means any—</text>
<subparagraph id="id94E39AEF00A040DCA287387E30577E49"><enum>(A)</enum><text>adjudication in
Federal, State, local, or tribal court; and</text>
</subparagraph><subparagraph id="id5B623C7A55CA42BB81C728B388A1B85E"><enum>(B)</enum><text>any
administrative proceeding or hearing before a Federal, State, local, or tribal
agency or administrative
entity.</text>
</subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection><subsection id="IDa191c0f5d2f14d6b8529dc3c41a20347"><enum>(b)</enum><header>Contract
authority</header><text>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:</text>
<quoted-block display-inline="no-display-inline" id="idF8C90DEB6878472CB614A9C1066E6723" style="OLC">
<paragraph id="IDb6ae7dae7bab4a23b6b6cc377e8f535f"><enum>(1)</enum><header>Contracts</header>
<subparagraph id="idC222E612971E4BC6AD50940A34B45853"><enum>(A)</enum><header>In
general</header><text>The Secretary may enter into contracts under this section
with sponsors of an advanced nuclear facility that cover at any 1 time a total
of not more than 12 reactors, which shall consist of not less than 2 nor more
than 4 different reactor designs, in accordance with paragraph (2).</text>
</subparagraph><subparagraph id="idB5BBCF5801404D438A9FCA29FB8C45BE"><enum>(B)</enum><header>Replacement
contracts</header><text>If any contract entered into under this section
terminates or expires without a claim being paid by the Secretary under the
contract, the Secretary may enter into a new contract under this section in
replacement of the
contract.</text>
</subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="ID539b9ebb92fa4fc1bdf5337dbc44dfd9"><enum>(c)</enum><header>Covered
costs</header><text>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:</text>
<quoted-block display-inline="no-display-inline" id="idD830D0FE51B04FB2ACD5EF3004139BD5" style="OLC">
<paragraph id="ID3164e56b2af04c10a30b70e07a4fc82f"><enum>(2)</enum><header>Coverage</header><text>In
the case of reactors that receive combined licenses and on which construction
is commenced, the Secretary shall pay—</text>
<subparagraph id="IDb24aebe845504d278b67b043ea4234f4"><enum>(A)</enum><text>100 percent of
the covered costs of delay that occur after the initial 30-day period of
covered delay; but</text>
</subparagraph><subparagraph id="ID00b43acf51064c78aef6313a1c49b53c"><enum>(B)</enum><text>not more than
$500,000,000 per contract.</text>
</subparagraph></paragraph><paragraph id="IDa6c785dde7674f0c83798a4452138efd"><enum>(3)</enum><header>Covered debt
obligations</header><text>Debt obligations covered under subparagraph (A) of
paragraph (5) shall include debt obligations incurred to pay increased project
costs.</text>
</paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="ID37a04f12e6bc4122b35d5afeb507688d"><enum>(d)</enum><header>Dispute
resolution</header><text>Section 638 of the Energy Policy Act of 2005 (42
U.S.C. 16014) is amended—</text>
<paragraph id="ID29bb6830aa8444a291e6f16bb0fc4e9a"><enum>(1)</enum><text>by redesignating
subsections (f) through (h) as subsections (g) through (i), respectively;
and</text>
</paragraph><paragraph id="id60E00E2757214D13ABE2299F93E74193"><enum>(2)</enum><text>by inserting
after subsection (e) the following:</text>
<quoted-block display-inline="no-display-inline" id="id459D37698CD04069905348C8DBCEDD87" style="OLC">
<subsection id="ID5469d4a6bb424759afede5b77b2c8e94"><enum>(f)</enum><header>Dispute
resolution</header>
<paragraph id="id74E9EFFB2E8241FE87043CD89CBF7524"><enum>(1)</enum><header>In
general</header><text>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, in accordance with the applicable Commercial Arbitration
Rules of the American Arbitration Association.</text>
</paragraph><paragraph id="id1D822FC21E2A4A8CB8575D0027F2CFB8"><enum>(2)</enum><header>Treatment of
decision</header><text>A decision by an arbitrator shall be final and binding,
and the United district court for Washington, DC, or the district in which the
project is located shall have jurisdiction to enter judgment on the
decision.</text>
</paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection></section><section id="ID3a3674caddd247c2a750c50fd8115f62" section-type="subsequent-section"><enum>317.</enum><header>Incentives for
innovative technologies</header>
<subsection id="idED35497A44E540CE9CA58CF4B137B3AF"><enum>(a)</enum><header>Definition of
project cost</header><text>Section 1701(1) of the Energy Policy Act of 2005 (42
U.S.C. 16511(1)) is amended by adding at the end the following:</text>
<quoted-block display-inline="no-display-inline" id="idAA6F0DEDF13A4B7BA279BDB6F6FAFC27" style="OLC">
<paragraph id="id4725520F4A834612B5B24D4180997ED7"><enum>(6)</enum><header>Project
cost</header><text>The term <term>project cost</term> means all costs
associated with the development, planning, design, engineering, permitting and
licensing, construction, commissioning, startup, shakedown, and financing of a
facility, including reasonable escalation and contingencies, the cost of and
fees for the guarantee, reasonably required reserve funds, initial working
capital, and interest during
construction.</text>
</paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="id5798D083104F41ADA82FD701F99B8C8D"><enum>(b)</enum><header>Terms and
conditions</header><text>Section 1702 of the Energy Policy Act of 2005 (42
U.S.C. 16512) is amended by striking subsections (b) and (c) and inserting the
following:</text>
<quoted-block display-inline="no-display-inline" id="id9AA6E2C11A7D4BF19178F488E71C0E49" style="OLC">
<subsection id="idC1F59E533D884C4291A0E830675E838D"><enum>(b)</enum><header>Specific
appropriation or contribution</header>
<paragraph id="idD796B7CA358F4441979FEA8358BE4D09"><enum>(1)</enum><header>In
general</header><text>No guarantee shall be made unless—</text>
<subparagraph id="idEA54130A59F94F0F9AAA88D8165BFFFB"><enum>(A)</enum><text>sufficient
amounts have been appropriated to cover the cost of the guarantee;</text>
</subparagraph><subparagraph id="id9BEDE734711C42EA82DF96C4EA76B2BB"><enum>(B)</enum><text>the Secretary
has—</text>
<clause id="idBE5C8AB3615A4E1EBB4D610F624CAEE4"><enum>(i)</enum><text>received from the
borrower payment in full for the cost of the obligation; and</text>
</clause><clause id="id018DBF2C804D415DB7CB5AF33F805B12"><enum>(ii)</enum><text>deposited the
payment into the Treasury; or</text>
</clause></subparagraph><subparagraph id="id976DFBCEA6CC4171A8035E95AB5C30B3"><enum>(C)</enum><text>any combination
of subparagraphs (A) and (B) that is sufficient to cover the cost of the
obligation.</text>
</subparagraph></paragraph><paragraph id="id094503DCB2094FF2991CAC0655CC4C82"><enum>(2)</enum><header>Relation to
other laws</header><text>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).</text>
</paragraph></subsection><subsection id="id68A8D93158FC4EFBABF3A000C831D4DF"><enum>(c)</enum><header>Amount</header>
<paragraph id="id436D6F1172934E288FECFD672B99E145"><enum>(1)</enum><header>In
general</header><text>Subject to paragraph (2), the Secretary shall
guarantee—</text>
<subparagraph id="id32DD147D9F094E2BAE00BB05830674DB"><enum>(A)</enum><text>100 percent of
the obligation for a facility that is the subject of a guarantee; or</text>
</subparagraph><subparagraph id="id0C34635833064527B011B3C8E7F33497"><enum>(B)</enum><text>a lesser amount,
if requested by the borrower.</text>
</subparagraph></paragraph><paragraph id="id95A69E35725E44ADA28104FC25D668EA"><enum>(2)</enum><header>Limitation</header><text>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.</text>
</paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="id72EF589EB5D342AD80918411EB19BA71"><enum>(c)</enum><header>Fees</header><text>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:</text>
<quoted-block display-inline="no-display-inline" id="idC747A3A49FE046CDAF79F32073E99C1F" style="OLC">
<paragraph id="id3AA1B6828D6645ABBBBFFC2E43C8C9CD"><enum>(2)</enum><header>Availability</header><text>Fees
collected under this subsection shall—</text>
<subparagraph id="id6B3219BF14FC40F4A62B7CF6B490AA83"><enum>(A)</enum><text>be deposited by
the Secretary into a special fund in the Treasury to be known as the
<quote>Incentives For Innovative Technologies Fund</quote>; and</text>
</subparagraph><subparagraph id="id92537E2722654833A7714DD3EF321D1D"><enum>(B)</enum><text>remain available
to the Secretary for expenditure, without further appropriation or fiscal year
limitation, for administrative expenses incurred in carrying out this
title.</text>
</subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection></section><section id="id1605E1CA9F854E0F8B3C8F816AC80AB7"><enum>318.</enum><header>Modification
of credit for production from advanced nuclear power facilities</header>
<subsection id="IDcbb545a4a29f41c6b32d874cd72ad6f9"><enum>(a)</enum><header>In
general</header><text>Paragraph (2) of section 45J(b) of the Internal Revenue
Code of 1986 is amended by striking <quote>6,000 megawatts</quote> and
inserting <quote>8,000 megawatts</quote>.</text>
</subsection><subsection commented="no" id="id1622F32AF9924DC398A3CCEC7EF84007"><enum>(b)</enum><header>Allocation of
credit to private partners of tax-exempt entities</header>
<paragraph commented="no" id="id1EF9D230C4874AA7B87C3C94FD19FF37"><enum>(1)</enum><header>In
general</header><text>Section 45J of the Internal Revenue Code of 1986 is
amended—</text>
<subparagraph commented="no" id="idB80E3F56481C4B7CA624C720F47C6CEF"><enum>(A)</enum><text>by redesignating
subsection (e) as subsection (f), and</text>
</subparagraph><subparagraph commented="no" id="idC60A554FAE0C4AACBB0A001473B172C0"><enum>(B)</enum><text>by inserting
after subsection (d) the following new subsection:</text>
<quoted-block act-name="" id="idE5E006AD6DC5441E886757F9FE96D60A" style="OLC">
<subsection commented="no" id="id0FB1A0DE2FAB4627984041EF02264410"><enum>(e)</enum><header>Special rule
for public-private partnerships</header>
<paragraph commented="no" id="id940E3357DE9F485DAE0036061838092E"><enum>(1)</enum><header>In
general</header><text>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).</text>
</paragraph><paragraph commented="no" id="id51A2939F9B054B9B86A53FD0904852EF"><enum>(2)</enum><header>Qualified
public entity</header><text>For purposes of this subsection, the term
<term>qualified public entity</term> means a Federal, State, or local
government entity, or any political subdivision thereof, or a cooperative
organization described in section 1381(a).</text>
</paragraph><paragraph commented="no" id="idADA3E36F6C2A4183A4BEB257C64CDA33"><enum>(3)</enum><header>Verification of
transfer of allocation</header><text>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.</text>
</paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</subparagraph></paragraph><paragraph commented="no" id="id7FBCFD967E1F40D984551FB70FC88AF4"><enum>(2)</enum><header>Coordination
with general business credit</header><text>Subsection (c) of section 38 of such
Code, as amended by this Act, is amended by adding at the end the following new
paragraph:</text>
<quoted-block act-name="" id="idA0B8F6B3A80B41FFBE7C5079FE009802" style="OLC">
<paragraph commented="no" id="id6DE39998B67A404FB4F1C183476B7FE4"><enum>(7)</enum><header>Special rule
for credit for production from advanced nuclear power facilities</header>
<subparagraph commented="no" id="id4DEB7A7E12904227A6261913D137C45F"><enum>(A)</enum><header>In
general</header><text>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)(B)) which transfers the entity's allocation of such credit to a
non-public partner as provided in section 45J(e)(2)(A).</text>
</subparagraph><subparagraph commented="no" id="id9581A1CA7A484ED494B4DA8FEA028286"><enum>(B)</enum><header>Verification of
transfer</header><text>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)(2)(C).</text>
</subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection><subsection id="ID438cc967e185414884790c21ef4f235b"><enum>(c)</enum><header>Effective
date</header>
<paragraph id="id6EED9F20031A4BEEBA16CCE476C977B1"><enum>(1)</enum><header>In
general</header><text>The amendment made by subsection (a) shall apply to
electricity produced in taxable years beginning after the date of the enactment
of this Act.</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="id3E004444B3C4404CA43C14FE9191A052"><enum>(2)</enum><header>Allocation of
credit</header><text>The amendments made by subsection (b) shall apply to
taxable years beginning after the date of the enactment of this Act.</text>
</paragraph></subsection></section><section commented="no" id="idF89BAC93F6B4499BB0AF7611F15F1A89"><enum>319.</enum><header>5-year
accelerated depreciation for new nuclear power facilities</header>
<subsection commented="no" id="id28ADDA599A414F1A9C0A35DDDC69DC22"><enum>(a)</enum><header>In
general</header><text>Subparagraph (B) of section 168(e)(3) of the Internal
Revenue Code of 1986 is amended—</text>
<paragraph commented="no" id="id0690A6D8FB9F433BB27067A71604D227"><enum>(1)</enum><text>by striking
<quote>and</quote> at the end of clause (v);</text>
</paragraph><paragraph commented="no" id="idE14A9A44DF5A46E592F653B05AF480FD"><enum>(2)</enum><text>by striking the
period at the end of clause (vi) and inserting <quote>, and</quote>; and</text>
</paragraph><paragraph commented="no" id="id84119BFF6C594E5F9917AE03785237F9"><enum>(3)</enum><text>by inserting
after clause (vi) the following new clause:</text>
<quoted-block display-inline="no-display-inline" id="idC0E4456216F6438188834859A26C706D" style="OLC">
<clause commented="no" id="id871A9CD4DEA845D1BCBA64A39804E2C8"><enum>(vii)</enum><text>any qualified
nuclear power facility the original use of which commences with the
taxpayer.</text>
</clause><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection><subsection id="idD2145020547A450FB3BC0CE883AE2A9B"><enum>(b)</enum><header>Qualified
nuclear power facility</header><text>Section 168(e) of the Internal Revenue
Code of 1986 is amended by adding at the end the following new
paragraph:</text>
<quoted-block display-inline="no-display-inline" id="id853A3B4378744A199F3124D5CBD037A0" style="OLC">
<paragraph commented="no" id="IDb4c76f1b3d4948108607c2fe2c780786"><enum>(9)</enum><header>Qualified
nuclear power facility</header><text>The term <term>qualified nuclear power
facility</term> means an advanced nuclear facility (as defined in section
45J(d)(2))—</text>
<subparagraph commented="no" id="idB65F7501F2A2463F88BC8F0F01BFE26C"><enum>(A)</enum><text>which, when
placed in service, will use nuclear power to produce electricity,</text>
</subparagraph><subparagraph commented="no" id="id8C240653088F48E1ABB0081BC53FF3B4"><enum>(B)</enum><text>the construction
of which is approved by the Nuclear Regulatory Commission on or before December
31, 2013, and</text>
</subparagraph><subparagraph commented="no" id="id52CDC408222D4545BA4B27DF27F9D3D2"><enum>(C)</enum><text>which is placed
in service before January 1,
2021.</text>
</subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="ID0b19321393a440e695f7fecf3cc7f147"><enum>(c)</enum><header>Conforming
amendment</header><text>Section 168(e)(3)(E)(vii) of the Internal Revenue Code
of 1986 is amended by inserting <quote>and not described in subparagraph
(B)(vii) of this paragraph</quote> after <quote>section
1245(a)(3)</quote>.</text>
</subsection><subsection commented="no" display-inline="no-display-inline" id="id446114E4177C439EBCCCA466BCE2BAF9"><enum>(d)</enum><header>Effective
date</header><text>The amendments made by this section shall apply to property
placed in service in taxable years beginning after the date of the enactment of
this Act.</text>
</subsection></section></subtitle><enum>IV</enum><header>Ensuring market
integrity</header>
<section id="id7AD1634BF5104B1E88D7329A1AC4812A"><enum>401.</enum><header>Definitions</header><text display-inline="no-display-inline">In this title:</text>
<paragraph id="id3240BD612D5B487C99710A63F56B3AE0"><enum>(1)</enum><header>Commission</header><text display-inline="yes-display-inline">The term <term>Commission</term> means the
Commodity Futures Trading Commission.</text>
</paragraph><paragraph id="idCFC6ED50DF9449248D5A9165B8C75C14"><enum>(2)</enum><header>Comptroller
General</header><text>The term <term>Comptroller General</term> means the
Comptroller General of the United States.</text>
</paragraph></section><section id="idF8137AAB082C4959B9EFAA58005436F8"><enum>402.</enum><header>Definition of
energy commodity</header>
<subsection commented="no" display-inline="no-display-inline" id="IDfaa678f95f4e461bb599915f8a81e06f"><enum>(a)</enum><header display-inline="yes-display-inline">Definition of energy
commodity</header><text>Section 1a of the Commodity Exchange Act (7 U.S.C. 1a)
is amended—</text>
<paragraph commented="no" display-inline="no-display-inline" id="id8C87574E59A844109985525E8D53A426"><enum>(1)</enum><text>by redesignating
paragraphs (13) through (34) as paragraphs (14) through (35), respectively;
and</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="idAD52103893374451AF1D714485291A05"><enum>(2)</enum><text>by inserting
after paragraph (12) the following:</text>
<quoted-block display-inline="no-display-inline" id="id753A50B9A4354B07A106AC800DC7C362" style="OLC">
<paragraph id="ID513fcbc53e9e4cd48a27d7cfacffe0ec"><enum>(13)</enum><header>Energy
commodity</header><text>The term <term>energy commodity</term> means—</text>
<subparagraph id="ID28a1da1451c848dd96261f50771a4159"><enum>(A)</enum><text>coal;</text>
</subparagraph><subparagraph id="IDb7d5e7db902a4358bff06bac63f6d871"><enum>(B)</enum><text>crude oil;</text>
</subparagraph><subparagraph id="id96827D8C4703477F9DDA2B9A77BCD36A"><enum>(C)</enum><text>gasoline;</text>
</subparagraph><subparagraph id="idB8535234E4CD402A862ADEB4A9348BB8"><enum>(D)</enum><text>diesel
fuel;</text>
</subparagraph><subparagraph id="idAED64FB08227455FBD54DFC547A493FD"><enum>(E)</enum><text>jet fuel;</text>
</subparagraph><subparagraph id="id9967C769CF1747C7B64A3CE982EC9298"><enum>(F)</enum><text>heating
oil;</text>
</subparagraph><subparagraph id="id899CA52F0D3C4A17892787B824BCB2B8"><enum>(G)</enum><text>propane;</text>
</subparagraph><subparagraph id="ID7db7c29f764347aab5a9f376e11d2988"><enum>(H)</enum><text>electricity;</text>
</subparagraph><subparagraph id="ID799516f1e4de4a48becbf91ccd2c2e1e"><enum>(I)</enum><text>natural gas;
and</text>
</subparagraph><subparagraph id="id52D00D8CE80940618C55C0AEA0DA3CE5"><enum>(J)</enum><text>any other
substance that is used as a source of energy, as determined to be appropriate
by the
Commission.</text>
</subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection><subsection commented="no" display-inline="no-display-inline" id="id71C21A918C3B4D06B95C86E825C4DECF"><enum>(b)</enum><header>Conforming
amendments</header>
<paragraph commented="no" display-inline="no-display-inline" id="id34239B74F295453886B20AE0FCE8BCDA"><enum>(1)</enum><text>Section
2(c)(2)(B)(i)(II)(cc) of the Commodity Exchange Act (7 U.S.C.
2(c)(2)(B)(i)(II)(cc)) is amended—</text>
<subparagraph commented="no" display-inline="no-display-inline" id="id97E6560B20974092877B92CE9B97256F"><enum>(A)</enum><text>in subitem (AA),
by striking <quote>section 1a(20)</quote> and inserting <quote>section
1a(21)</quote>; and</text>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="id49CC89746A30479EAE44EC1AB3247F4C"><enum>(B)</enum><text>in subitem (BB),
by striking <quote>section 1a(20)</quote> and inserting <quote>section
1a(21)</quote>.</text>
</subparagraph></paragraph><paragraph commented="no" display-inline="no-display-inline" id="idC19B5EE35E974886B086B9C4F6657713"><enum>(2)</enum><text>Section
13106(b)(1) of the Food, Conservation, and Energy Act of 2008 (7 U.S.C. 2 note;
Public Law 110–246) is amended by striking <quote>section 1a(32)</quote> and
inserting <quote>section 1a</quote>.</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="id1E4CBA7D6DE54E88B4F3140E1D6B9C00"><enum>(3)</enum><text>Section 402 of
the Legal Certainty for Bank Products Act of 2000 (7 U.S.C. 27) is
amended—</text>
<subparagraph commented="no" display-inline="no-display-inline" id="idAAEFA62FC32F408E82DC4934098ED1AD"><enum>(A)</enum><text>in subsection
(a)(7), by striking <quote>section 1a(20)</quote> and inserting <quote>section
1a</quote>; and</text>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="id3312D8048E084D9A9AAF60FCDD2B3EE0"><enum>(B)</enum><text>in subsection
(d)—</text>
<clause commented="no" display-inline="no-display-inline" id="idA1AEDCF9FC0E4C2DBCFEFA6AC8A08E51"><enum>(i)</enum><text>in paragraph
(1)(B), by striking <quote>section 1a(33)</quote> and inserting <quote>section
1a</quote>; and</text>
</clause><clause commented="no" display-inline="no-display-inline" id="id854E589DCE24427FB973D9438F30F0E0"><enum>(ii)</enum><text>in paragraph
(2)(D), by striking <quote>section 1a(13)</quote> and inserting <quote>section
1a</quote>.</text>
</clause></subparagraph></paragraph></subsection></section><section id="H4B249933B9434A078E016DC3FEE64DD6"><enum>403.</enum><header>Speculative
limits and transparency of off-shore trading</header>
<subsection id="H0066DD3498A548F5901425AF15C9CAEC"><enum>(a)</enum><header>In
general</header><text display-inline="yes-display-inline">Section 4 of the
Commodity Exchange Act (7 U.S.C. 6) is amended by adding at the end the
following:</text>
<quoted-block display-inline="no-display-inline" id="HE99CBBC77F4D4E6195CED0830088A544" style="OLC">
<subsection id="H0042EDE111434C6FAD173F41EB64FA1E"><enum>(e)</enum><header>Foreign boards
of trade</header>
<paragraph id="HAE59436929FC45AFB3C9BB7CFC4F7C30"><enum>(1)</enum><header>In
general</header><text>The Commission may not permit a foreign board of trade to
provide to the members of the foreign board of trade or other participants
located in the United States direct access to the electronic trading and order
matching system of the foreign board of trade with respect to an agreement,
contract, or transaction in an energy or agricultural commodity that settles
against any price (including the daily or final settlement price) of 1 or more
contracts listed for trading on a registered entity, unless—</text>
<subparagraph id="H1E6BD8237C344EDDAB3C0920CB67C83B"><enum>(A)</enum><text display-inline="yes-display-inline">the foreign board of trade makes public
daily trading information regarding the agreement, contract, or transaction
that is comparable to the daily trading information published by the registered
entity for the 1 or more contracts against which the agreement, contract, or
transaction traded on the foreign board of trade settles; and</text>
</subparagraph><subparagraph id="H21CCC44C19544C0C90C0058FB18B26FC"><enum>(B)</enum><text>the foreign board
of trade (or the foreign futures authority that oversees the foreign board of
trade)—</text>
<clause id="H7C7DCEC405064894A9225C0022704FA0"><enum>(i)</enum><text display-inline="yes-display-inline">adopts position limits (including related
hedge exemption provisions) for the agreement, contract, or transaction that
are comparable, taking into consideration the relative sizes of the respective
markets, to the position limits (including related hedge exemption provisions)
adopted by the registered entity for the 1 or more contracts against which the
agreement, contract, or transaction traded on the foreign board of trade
settles;</text>
</clause><clause id="H22720F66B81B474689015707133E4724"><enum>(ii)</enum><text>has the authority
to require or direct market participants to limit, reduce, or liquidate any
position the foreign board of trade (or the foreign futures authority that
oversees the foreign board of trade) determines to be necessary to prevent or
reduce the threat of price manipulation, excessive speculation (as described in
section 4a(a)), price distortion, or disruption of delivery or the cash
settlement process;</text>
</clause><clause id="H1DD2ECB6C45D44AFB1193324A2CB6BF9"><enum>(iii)</enum><text>agrees to
promptly notify the Commission of any change regarding—</text>
<subclause id="HD9A19566D87E456C876B86AA8B9D63C5"><enum>(I)</enum><text>the information
that the foreign board of trade will make publicly available;</text>
</subclause><subclause id="H4DFE49CD37D14E8EBDDA42B832A36259"><enum>(II)</enum><text>the position
limits that the foreign board of trade or foreign futures authority will adopt
and enforce;</text>
</subclause><subclause id="HD1A765F0E968448286DD3362971DD795"><enum>(III)</enum><text display-inline="yes-display-inline">the position reductions required to prevent
manipulation, excessive speculation (as described in section 4a(a)), price
distortion, or disruption of delivery or the cash settlement process;
and</text>
</subclause><subclause id="H6506692F2F2C4D57B3048C0000E2BFA3"><enum>(IV)</enum><text>any other area of
interest communicated by the Commission to the foreign board of trade or
foreign futures authority;</text>
</subclause></clause><clause id="HFFDE2B70C72D411E00E04D306687BB87"><enum>(iv)</enum><text display-inline="yes-display-inline">provides information to the Commission
regarding large trader positions in the agreement, contract, or transaction
that is comparable to the large trader position information collected by the
Commission for the 1 or more contracts against which the agreement, contract,
or transaction traded on the foreign board of trade settles; and</text>
</clause><clause id="HDF861934496E4C4B90B961393227BDBA"><enum>(v)</enum><text display-inline="yes-display-inline">provides to the Commission information
necessary to publish reports on aggregate trader positions for the agreement,
contract, or transaction traded on the foreign board of trade that are
comparable to the reports for the 1 or more contracts against which the
agreement, contract, or transaction traded on the foreign board of trade
settles.</text>
</clause></subparagraph></paragraph><paragraph id="HC9CF37F0808A45C395DDC4218037FE8D"><enum>(2)</enum><header>Existing foreign
boards of trade</header><text>Paragraph (1) shall not be effective with respect
to any agreement, contract, or transaction in an energy commodity executed on a
foreign board of trade to which the Commission had granted direct access
permission before the date of enactment of this subsection until the date that
is 180 days after the date of enactment of this
subsection.</text>
</paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection display-inline="no-display-inline" id="H827EB12899464D5E8BA944CA366479C7"><enum>(b)</enum><header>Liability of
registered persons trading on a foreign board of trade</header>
<paragraph id="H22131ABD9D0C4E6DAED0E76C8D62715F"><enum>(1)</enum><header>In
general</header><text>Section 4(a) of the <act-name parsable-cite="COMEX">Commodity Exchange Act</act-name> (7 U.S.C. 6(a)) is
amended in the matter preceding paragraph (1) by inserting <quote>or subsection
(f)</quote> after <quote>pursuant to subsection (c)</quote>.</text>
</paragraph><paragraph id="H9B9A584447A1445D8DC3BCA098934727"><enum>(2)</enum><header>Violations with
respect to certain persons</header><text>Section 4 of the
<act-name parsable-cite="COMEX">Commodity Exchange Act</act-name> (7 U.S.C. 6)
(as amended by subsection (a)) is amended by adding at the end the
following:</text>
<quoted-block id="H9A588C3E870447D0A5AB00C77F5C2359" style="OLC">
<subsection id="H9C37B0D3E6B740A4B9C031BAD46A4FC"><enum>(f)</enum><header>Violations with
respect to certain persons</header><text display-inline="yes-display-inline">A
person registered with the Commission, or exempt from registration by the
Commission, under this Act may not be found to have violated subsection (a)
with respect to a transaction in, or in connection with, a contract of sale of
a commodity for future delivery if the person has reason to believe that the
transaction and the contract are made on or subject to the rules of a board of
trade that—</text>
<paragraph id="idC331E5A62A8640E4AFF7AAF0F3357EFC"><enum>(1)</enum><text display-inline="yes-display-inline">is legally organized under the laws of a
foreign country;</text>
</paragraph><paragraph id="idB5E626D90AD34BFE8C0FEED814DF4B90"><enum>(2)</enum><text display-inline="yes-display-inline">is authorized to act as a board of trade by
the appropriate foreign futures authority;</text>
</paragraph><paragraph id="id938E715F918046D1AC7C7333D0744023"><enum>(3)</enum><text display-inline="yes-display-inline">is subject to regulation by the appropriate
foreign futures authority; and</text>
</paragraph><paragraph id="id1F5D7A1C719B4DC784F3ED486D346826"><enum>(4)</enum><text display-inline="yes-display-inline">has not been determined by the Commission
to be operating in violation of subsection
(a).</text>
</paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection><subsection display-inline="no-display-inline" id="H693CC670F0504087961EB8009308C300"><enum>(c)</enum><header>Contract
enforcement with respect to foreign futures contracts</header><text>Section
22(a) of the <act-name parsable-cite="COMEX">Commodity Exchange Act</act-name>
(7 U.S.C. 25(a)) is amended by adding at the end the following:</text>
<quoted-block id="HAEBDFF14219F47FE8DB832755E600087" style="OLC">
<paragraph id="HD655F97A9C6049F00096EC40090B108"><enum>(5)</enum><header>Effect on
contracts of sale; authority of parties to contracts of sale</header>
<subparagraph id="idF8FDB52C144B4D8ABE2F588F681F75FA"><enum>(A)</enum><header>Effect on
contracts of sale</header><text>For purposes of section 4(a), a contract of
sale of a commodity for future delivery traded or executed on or through the
facilities of a board of trade, exchange, or market located outside of the
United States (including the territories and possessions of the United States)
shall not be void, voidable, or unenforceable.</text>
</subparagraph><subparagraph id="id46DF34EBA16F47A3A623ADBADB081ED6"><enum>(B)</enum><header>Authority of
parties to contracts of sale</header><text>A party to a contract of sale of a
commodity for future delivery described in subparagraph (A) shall not be
entitled to rescind or recover any payment made with respect to the contract
based on the failure of the foreign board of trade on which the contract is
traded or executed to comply with any provision of this
Act.</text>
</subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection></section><section id="H13E9B55D543B4F9EAAA1AF2031604EF7"><enum>404.</enum><header>Disaggregation
of index funds and other data in energy and agriculture markets</header><text display-inline="no-display-inline">Section 4 of the Commodity Exchange Act (7
U.S.C. 6) (as amended by section 403(b)(2)) is amended by adding at the end the
following:</text>
<quoted-block display-inline="no-display-inline" id="H171D4F2386AC424F99DD9EDB63202C" style="OLC">
<subsection id="H09576AA0FED5421B9C48FF24F16B4B5"><enum>(g)</enum><header>Disaggregation of
index funds and other data in energy and agriculture markets</header><text display-inline="yes-display-inline">Subject to section 8, not later than 30
days after the date on which the final rule required under section 4(h) is
issued, the Commission shall disaggregate and make public weekly—</text>
<paragraph id="HC2773A39E337436AA7001BE7ACF09361"><enum>(1)</enum><text display-inline="yes-display-inline">the number of positions and total value of
index funds and other passive, long-only and short-only positions (as defined
by the Commission) in each energy and agriculture market; and</text>
</paragraph><paragraph id="H3702DD8EB05B4464981FA01D99315556"><enum>(2)</enum><text display-inline="yes-display-inline">data regarding speculative positions
relative to bona fide physical hedgers in those
markets.</text>
</paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</section><section id="HA011A8B65B9F43D5896901C1D1332E19"><enum>405.</enum><header>Rulemaking with
respect to reporting requirements of index traders and swap
dealers</header><text display-inline="no-display-inline">Section 4 of the
Commodity Exchange Act (7 U.S.C. 6) (as amended by section 404) is amended by
adding at the end the following:</text>
<quoted-block display-inline="no-display-inline" id="HF0CC630DF3284B86A8087D7EAE44848C" style="OLC">
<subsection id="HCC70983B22614CE49DC7B43E35DBD2C"><enum>(h)</enum><header>Rulemaking with
respect to reporting requirements of index traders and swap dealers</header>
<paragraph id="idB134F908798440D68B5893215F5BE9D0"><enum>(1)</enum><header>Proposed
rulemaking</header><text display-inline="yes-display-inline">Not later than 60
days after the date of enactment of this subsection, the Commission shall issue
a notice of proposed rulemaking—</text>
<subparagraph id="id95A4E45E9B6C4761BF39FBCB8493A938"><enum>(A)</enum><text display-inline="yes-display-inline">to define and classify index traders and
swap dealers (as each term is defined by the Commission); and</text>
</subparagraph><subparagraph id="id71969DC33DD04FF59FAE8DCF2E62DEC3"><enum>(B)</enum><text display-inline="yes-display-inline">to specify data reporting requirements, and
establish routine detailed reporting requirements, with respect to significant
price discovery contracts relating to exempt and agricultural commodities for
index traders and swap dealers in—</text>
<clause id="id9E5E48EF4D994B1CBFA00869850C983F"><enum>(i)</enum><text display-inline="yes-display-inline">designated contract markets;</text>
</clause><clause id="idF1BBA8E7D9454A179C0A0B784B26117D"><enum>(ii)</enum><text display-inline="yes-display-inline">derivatives transaction execution
facilities;</text>
</clause><clause id="idD9DDBDA424474D908A8D6EE1951B7AE7"><enum>(iii)</enum><text display-inline="yes-display-inline">foreign boards of trade subject to
subsection (e); and</text>
</clause><clause id="idB94679A83C524742B0E4762C9F38CAA0"><enum>(iv)</enum><text display-inline="yes-display-inline">electronic trading facilities.</text>
</clause></subparagraph></paragraph><paragraph id="idD76AF88CC6364AD6A4B9256D57F23C6C"><enum>(2)</enum><header>Final
rule</header><text>Not later than 120 days after the date of enactment of this
subsection, the Commission shall promulgate a final rule to accomplish the
purposes described in paragraph
(1).</text>
</paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</section><section id="H36A8F91EF7A8442C8D538C14571136A7"><enum>406.</enum><header>Transparency
and recordkeeping authorities</header>
<subsection id="H4B92727C8BA941C3BC2FEBF617C67F66"><enum>(a)</enum><header>In
general</header><text>Section 4g(a) of the Commodity Exchange Act (7 U.S.C.
6g(a)) is amended—</text>
<paragraph id="HAF9AD7E52FED43029443CEA4A4FBDB0"><enum>(1)</enum><text>by
striking <quote>as futures commission</quote> and inserting <quote>as a futures
commission</quote>; and</text>
</paragraph><paragraph id="H14044DBCF3684267907ED94561312E08"><enum>(2)</enum><text display-inline="yes-display-inline">by inserting <quote>and transactions and
positions traded pursuant to subsection (g), (h)(1), or (h)(2) of section 2, or
any exemption issued by the Commission by rule, regulation, or order,</quote>
after <quote>United States or elsewhere,</quote>.</text>
</paragraph></subsection><subsection id="H4FCFA16390964810AC29FB5851913499"><enum>(b)</enum><header>Reports of deals
equal To or In excess of trading limits</header><text display-inline="yes-display-inline">Section 4i of the Commodity Exchange Act (7
U.S.C. 6i) is amended—</text>
<paragraph id="HC80C084E0F5C40DBA75030E9E12F13E"><enum>(1)</enum><text>by
striking <quote><header-in-text level="section" other-style="traditional-inline" style="other">Sec.</header-in-text> 4i. It
shall be</quote> and inserting the following:</text>
<quoted-block display-inline="no-display-inline" id="id809F13CE5BBE47D299DF2EBC66179CD5" style="OLC">
<section id="idC3E3FA4BA3724487A82BFFE61B79EF6B"><enum>4i.<?LEXA-Enum 4i.?></enum><header>Reports regarding deals equal to or in excess of
trading limits</header>
<subsection id="idD9329A9E7577492D852557A0AC7D4B2E"><enum>(a)</enum><header>In
general</header><text>It shall
be</text>
</subsection></section><after-quoted-block>;</after-quoted-block></quoted-block>
</paragraph><paragraph id="idF9F061458D264E159916AB0CF00660C0"><enum>(2)</enum><text>in subsection (a)
(as designated by paragraph (1)), in the first sentence, in the matter
following clause (2), by inserting before <quote>, and of cash or spot</quote>
the following: <quote>located in the United States or elsewhere, and of
transactions and positions in any such commodity entered into pursuant to
subsection (g), (h)(1), or (h)(2) of section 2, or any exemption issued by the
Commission by rule, regulation, or order</quote>; and</text>
</paragraph><paragraph id="id5F2E23BED8BC4F2AA722CBE9144749BF"><enum>(3)</enum><text>by striking the
second and third sentences and inserting the following:</text>
<quoted-block display-inline="no-display-inline" id="H3C19747749B746CC8E02336650C0B663" style="OLC">
<subsection id="H94335E35BA054ECCBA67FCA79135D903"><enum>(b)</enum><header>Documentation
requirements of certain persons</header><text display-inline="yes-display-inline">With respect to agricultural and energy
commodities, upon special call by the Commission, a person shall provide to the
Commission, in such form, in such manner, and within such period as is required
under the special call, and in accordance with subsection (d), books and
records of each transaction and position traded by the person on or subject to
the rules of any board of trade or electronic trading facility located in the
United States or elsewhere, pursuant to subsection (g), (h)(1), or (h)(2) of
section 2, or any exemption issued by the Commission by rule, regulation, or
order, as the Commission determines to be appropriate—</text>
<paragraph id="idE03C9EE5E84B4AF48EEA101A0BDF1640"><enum>(1)</enum><text display-inline="yes-display-inline">to deter and prevent price manipulation or
any other disruption to market integrity; or</text>
</paragraph><paragraph id="idB0D7E4B3996C451C90C8AA3132FCCF22"><enum>(2)</enum><text display-inline="yes-display-inline">to diminish, eliminate, or prevent
excessive speculation (as described in section 4a(a)).</text>
</paragraph></subsection><subsection id="HC8A126874A4D491A90A96089C8E33D2D"><enum>(c)</enum><header>Requirements
relating to books and records</header>
<paragraph id="id3A88FFB96AC24CEFBCA3E68E33ABF76C"><enum>(1)</enum><header>In
general</header><text display-inline="yes-display-inline">The books and records
described in subsections (a) and (b) shall contain complete descriptions of
each transaction, position, inventory, and commitment (including the name and
address of each person that has an interest in each transaction, position,
inventory, and commitment) of the person covered by the books and
records.</text>
</paragraph><paragraph id="id9B7850D20D2C4477828F3B9105C584AE"><enum>(2)</enum><header>Maintenance</header><text display-inline="yes-display-inline">The books and records of a person described
in subsections (a) and (b) shall be—</text>
<subparagraph id="id19060050F6194DC5B3B7300B6150AA39"><enum>(A)</enum><text display-inline="yes-display-inline">maintained for a period of 5 years;
and</text>
</subparagraph><subparagraph id="idE31DD4554FB34F6893EE27A34A24FC3A"><enum>(B)</enum><text display-inline="yes-display-inline">during the period described in subparagraph
(A), available for inspection by any representative of the Commission or the
Department of Justice.</text>
</subparagraph></paragraph></subsection><subsection id="id47D3B8F3D7F5486D99369F83233A25DE"><enum>(d)</enum><header>Inclusions with
respect to futures and cash or spot transactions and positions</header><text display-inline="yes-display-inline">For the purposes of this section, the
futures and cash or spot transactions and positions of any person shall include
each transaction and position of any person directly or indirectly controlled
by the
person.</text>
</subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection><subsection id="H35F9E9C693E843149EE9A9C1474F77F0"><enum>(c)</enum><header>Conforming
amendments</header>
<paragraph id="H63496801E878428E9331576F44CB13DF"><enum>(1)</enum><text display-inline="yes-display-inline">Section 2(g) of the
<act-name parsable-cite="COMEX">Commodity Exchange Act</act-name> (7 U.S.C.
2(g)) is amended in the matter preceding paragraph (1)—</text>
<subparagraph id="HE50D16BDEFA14E0BB9B69D23E746B18B"><enum>(A)</enum><text>by striking
<quote>than section 5a</quote> and inserting <quote>than subsection (j),
section 4g(a), 4i, 5a</quote>; and</text>
</subparagraph><subparagraph id="H812C16AEFC5C4F00BEA4F8AFDA0DC97"><enum>(B)</enum><text>by inserting
<quote>(including any regulation promulgated by the Commission pursuant to
section 4c(b) requiring reports with respect to commodity option
transactions)</quote> before <quote>shall apply</quote>.</text>
</subparagraph></paragraph><paragraph id="HF87DE30E941C4DAF84943DA5DF039000"><enum>(2)</enum><text>Section 2(h)(2) of
the <act-name parsable-cite="COMEX">Commodity Exchange Act</act-name> (7 U.S.C.
2(h)(2)) is amended by striking subparagraph (A) and inserting the
following:</text>
<quoted-block display-inline="no-display-inline" id="H79FAE50D28BB4830949BECE2ED634745" style="OLC">
<subparagraph id="HB21323748DFE42C48EB510855B1B5867"><enum>(A)</enum><text display-inline="yes-display-inline">sections 4g(a), 4i, 5b, and 12(e)(2)(B)
(including any regulation promulgated by the Commission pursuant to section
4c(b) requiring reports with respect to commodity option
transactions);</text>
</subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection></section><section id="H7F03F2DB5B4447539264CAD01D47FE6C"><enum>407.</enum><header>Trading limits
to prevent excessive speculation</header>
<subsection id="id1E9CEA882BF24A00BE6C43A7C8A8FF03"><enum>(a)</enum><header>In
general</header><text display-inline="yes-display-inline">Section 4a of the
<act-name parsable-cite="COMEX">Commodity Exchange Act</act-name> (7 U.S.C. 6a)
is amended—</text>
<paragraph id="idE24242124EEA4F62ACE91C96A1B7EA7D"><enum>(1)</enum><text display-inline="yes-display-inline">by striking <quote><header-in-text level="section" style="traditional-inline">Sec.</header-in-text> 4a. (a)
Excessive speculation</quote> and inserting the following:</text>
<quoted-block display-inline="no-display-inline" id="idF2F523F614804023B719232875E335A9" style="OLC">
<section id="idA201A42D872A4AF091C5ED5FADEA6F03"><enum>4a.<?LEXA-Enum 4a.?></enum><header>Excessive speculation</header>
<subsection id="id7969F0ABB3CF4495951A0BEA515F6B0A"><enum>(a)</enum><header>Burden on
interstate commerce; establishment of position limits</header>
<paragraph id="id6BDBE093CB0F4798BF26B281CF45B401"><enum>(1)</enum><header>In
general</header><text display-inline="yes-display-inline">Excessive
speculation</text>
</paragraph></subsection></section><after-quoted-block>;
</after-quoted-block></quoted-block>
</paragraph><paragraph id="id8ACB401099104C738456D694D8047565"><enum>(2)</enum><text>in subsection (a)
(as amended by paragraph (1)), by adding at the end the following:</text>
<quoted-block display-inline="no-display-inline" id="id02E8EB83056A4AC9BC2C391D2951D968" style="OLC">
<paragraph id="id1FE60B0082944BFAA5B18DB3108C82A1"><enum>(2)</enum><header>Establishment
of position limits</header><text>Not later than 60 days after the date of
enactment of this paragraph, in accordance with each standard described in
paragraph (1), and consistent with the good faith exception described in
subsection (b)(2), with respect to agricultural and energy commodities, the
Commission shall by rule, regulation, or order establish limits on the amount
of positions that may be held by any person with respect to contracts of sale
for future delivery (including options on the contracts or commodities)—</text>
<subparagraph id="id644F2B594F014615A7CD3C2EE1355FA9"><enum>(A)</enum><text>traded on or
subject to the rules of a contract market or derivatives transaction execution
facility; or</text>
</subparagraph><subparagraph id="id849C72FB7449411C9708F918DC46DC98"><enum>(B)</enum><text>traded on an
electronic trading facility as a significant price discovery contract.</text>
</subparagraph></paragraph><paragraph id="HF1BF1A2434C24241ACF47585016BA63C"><enum>(3)</enum><header>Requirements
with respect to position limits</header><text display-inline="yes-display-inline">In establishing position limits under
paragraph (2), the Commission shall set limits—</text>
<subparagraph id="HDDEC689AF2224D428379BAA471CD01C"><enum>(A)</enum><text>on the number of
positions that may be held by any person during—</text>
<clause id="id0AAF32FDC7F3416E8F4625D178D751B0"><enum>(i)</enum><text>a
spot month; and</text>
</clause><clause id="idB3227BCCE9FF43FBA3A13E342C6D4B04"><enum>(ii)</enum><text>each month other
than a spot month;</text>
</clause></subparagraph><subparagraph id="id2C98481B29504C9787429A1B4C00CA25"><enum>(B)</enum><text>on the aggregate
number of positions that may be held by any person during each month;
and</text>
</subparagraph><subparagraph id="H2DEAEBAE6CE549D1BF655104E9DB16D3"><enum>(C)</enum><text>to the maximum
extent practicable—</text>
<clause id="HE09FEBFD00974FFDBC6B1EE97468CFB"><enum>(i)</enum><text>to
diminish, eliminate, or prevent excessive speculation;</text>
</clause><clause id="H851C360B20B14136BF6D19B8FC81D7F"><enum>(ii)</enum><text display-inline="yes-display-inline">to deter and prevent market manipulation,
squeezes, and corners;</text>
</clause><clause id="HF8DA5DEFD5844188A6D0315B64EAC84D"><enum>(iii)</enum><text>to ensure
sufficient market liquidity for bona fide hedgers;</text>
</clause><clause id="H413BA59C948749C080008735650502BA"><enum>(iv)</enum><text>to ensure that
the price discovery function of the underlying market is not disrupted;
and</text>
</clause><clause id="H79F052C8D7C04D77A258DF1DA3655B05"><enum>(v)</enum><text display-inline="yes-display-inline">to take into account the total number of
positions in fungible agreements, contracts, or transactions that a person can
hold in agricultural and energy commodities in other markets.</text>
</clause></subparagraph></paragraph><paragraph id="idA18CF2CADB1B48F697B7DC24AA90EBF6"><enum>(4)</enum><header>Advisory
groups</header>
<subparagraph id="id03DA61B48BD44EB19D006F44EA0FC809"><enum>(A)</enum><header>In
general</header><text>Not later than 150 days after the date of enactment of
this paragraph, the Commission shall convene—</text>
<clause id="id80D0B5D534094E5696535B99E06410FE"><enum>(i)</enum><text>an advisory group
to be known as the <quote>Position Limit Agricultural Advisory Group</quote>;
and</text>
</clause><clause id="id6C5302F7558D4BCC8E4758E352BEA31E"><enum>(ii)</enum><text>an advisory
group to be known as the <quote>Position Limit Energy Advisory
Group</quote>.</text>
</clause></subparagraph><subparagraph id="idEADD6A6F62D84F5F8D98F1E7F61E8E67"><enum>(B)</enum><header>Composition</header><text>Each
advisory group convened by the Commission under subparagraph (A) shall be
comprised of—</text>
<clause id="id7C91DCB73A2742D78DD3AAB50F4271D3"><enum>(i)</enum><text>5
predominantly commercial short hedgers of the actual physical commodity for
future delivery;</text>
</clause><clause id="id8E0B983708C34E3998F741CD72F6E817"><enum>(ii)</enum><text>5 predominantly
commercial long hedgers of the actual physical commodity for future
delivery;</text>
</clause><clause id="idB255F37BD01D4BD780D928E4496C7670"><enum>(iii)</enum><text>4 noncommercial
participants in markets for commodities for future delivery; and</text>
</clause><clause id="id380DE0265B9C4578AFCED012269FBC67"><enum>(iv)</enum><text>a representative
of—</text>
<subclause id="id4BAC5776867D45A3A7505F552C999865"><enum>(I)</enum><text>each designated
contract market or derivatives transaction execution facility upon which a
contract in the commodity for future delivery is traded; and</text>
</subclause><subclause id="id506FF95BD936425085FB7CA56557E1B6"><enum>(II)</enum><text>each electronic
trading facility that has a significant price discovery contract in the
commodity described in subclause (I).</text>
</subclause></clause></subparagraph><subparagraph id="idD9CDF9EB53374DE8AAD6BD1AD103D92A"><enum>(C)</enum><header>Annual
reports</header><text>Not later than 60 days after the date on which each
advisory group is convened under subparagraph (A), and annually thereafter,
each advisory group shall submit to the Commission a report containing
recommendations regarding—</text>
<clause id="id158651310A1E4612B2DCC14EFC1E48FB"><enum>(i)</enum><text>the position
limits established under paragraph (2); and</text>
</clause><clause id="id265E76A082EE4EDBB6884865905731AF"><enum>(ii)</enum><text>whether the
position limits established under paragraph (2) should be administered—</text>
<subclause id="id0A2AEFE8EECB475ABEF07F461B6247EE"><enum>(I)</enum><text>directly by the
Commission; or</text>
</subclause><subclause id="idEACA89084A5B424F89AF527A242179E4"><enum>(II)</enum><text>by the
registered entity on which the commodity is listed, with enforcement carried
out by the registered entity and the
Commission.</text>
</subclause></clause></subparagraph></paragraph><after-quoted-block>;
and</after-quoted-block></quoted-block>
</paragraph><paragraph id="H66EC0879D5EA4A72B6A648E3B73956E5"><enum>(3)</enum><text>in subsection
(c)—</text>
<subparagraph id="idC95866ED4DDA4A38B1546EB3696F1675"><enum>(A)</enum><text>by striking
<quote>(c) No rule</quote> and inserting the following:</text>
<quoted-block display-inline="no-display-inline" id="id85E47B3AAAB24FEEA787EAC8A3870FB3" style="OLC">
<subsection id="idDCAA5086C570481E9D21EDCF37B601E1"><enum>(c)</enum><header>Applicability
of rules, regulations, and orders</header>
<paragraph id="idB3D05FC1E6C74F75878417C01D84B132"><enum>(1)</enum><header>In
general</header><text>No rule</text>
</paragraph></subsection><after-quoted-block>;
and</after-quoted-block></quoted-block>
</subparagraph><subparagraph id="idC5571DA15652429DB9E22310B28E7EA4"><enum>(B)</enum><text>by adding at the
end the following:</text>
<quoted-block display-inline="no-display-inline" id="HEE19E16620EF42A0BE6727428CA6C0DC" style="OLC">
<paragraph id="H5550FD7EAE114332A0AF4D452CDCDE11"><enum>(2)</enum><header>Definition of
bona fide hedging transaction or position</header><text display-inline="yes-display-inline">With respect to agricultural and energy
commodities, for the purposes of contracts of sale for future delivery
(including an option on any contract or commodity), the term <term>bona fide
hedging transaction or position</term> means a transaction or position
that—</text>
<subparagraph id="HC91DAC0180D0400BA37175BFA8ABEC1E"><enum>(A)</enum><clause commented="no" display-inline="yes-display-inline" id="H3AFD4BF8690148E6AA3D57E24683B0EC"><enum>(i)</enum><text>represents a substitute
for a transaction to be made or a position to be taken at a later time in a
physical marketing channel;</text>
</clause><clause id="HD0F56F1EF008460987CD6C89D133D81B"><enum>(ii)</enum><text display-inline="yes-display-inline">is economically appropriate for the
reduction of risks in the conduct and management of a commercial enterprise;
and</text>
</clause><clause id="HEFFA631978BC4D12A3003460BEDF3523"><enum>(iii)</enum><text display-inline="yes-display-inline">arises from the potential change in the
value of—</text>
<subclause id="H9D0C75A79F7744FDB9FEFFE0F0AD2442"><enum>(I)</enum><text display-inline="yes-display-inline">assets that a person owns, produces,
manufactures, processes, or merchandises (or anticipates owning, producing,
manufacturing, processing, or merchandising);</text>
</subclause><subclause id="H7EDC3196901343C2AD006294DC616BDF"><enum>(II)</enum><text>liabilities that
a person owns or anticipates incurring; or</text>
</subclause><subclause id="H8B13AC830A764144900025E6EBBBA2"><enum>(III)</enum><text>services that a
person provides or purchases (or anticipates providing or purchasing);
or</text>
</subclause></clause></subparagraph><subparagraph id="H1080F6DEBCF04304A7CA89812B1D2D6C"><enum>(B)</enum><text display-inline="yes-display-inline">reduces risks attendant to a position
resulting from a transaction that was—</text>
<clause id="id402625528E81469B95FC113D83C4F40E"><enum>(i)</enum><text display-inline="yes-display-inline">executed—</text>
<subclause id="H5EBC98C72B5246BEA0BE649EEA73E2AC"><enum>(I)</enum><text>pursuant
to—</text>
<item id="id85C9CF0243104695AC4C3B745E615DF1"><enum>(aa)</enum><text>subsection (g),
(h)(1), or (h)(2) of section 2; or</text>
</item><item id="id8264BA55AADB457D909E04C333B0B676"><enum>(bb)</enum><text>an
exemption issued by the Commission by rule, regulation, or order; and</text>
</item></subclause><subclause id="H344090ED3EF4439288A16B45E7FB9E8F"><enum>(II)</enum><text>opposite to a
counterparty for which the transaction would qualify as a bona fide hedging
transaction pursuant to subparagraph (A); or</text>
</subclause></clause><clause id="idF5CC6D2B9C91465F9465F1FC35D1153E"><enum>(ii)</enum><text>in accordance
with each position level and procedure established by any rule, regulation, or
order of the Commission, executed by a person that—</text>
<subclause id="id5D85AD8C0E8640958476EFB34894F7D6"><enum>(I)</enum><text>reports to the
Commission in the event that any counterparty of the person reaches a specified
futures-equivalent position level; and</text>
</subclause><subclause id="id651D68662B444FD38E7A1909875AC867"><enum>(II)</enum><text>certifies to the
Commission that no counterparty has reached a specified futures-equivalent
position
level.</text>
</subclause></clause></subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subparagraph></paragraph></subsection></section><section id="H8413D39E94574C318DFE2F9E624F81A"><enum>408.</enum><header>Modifications to
core principles applicable to position limits for contracts in agricultural and
energy commodities</header>
<subsection id="HD9312324C3F94B6D8760C9B8F12CB8D"><enum>(a)</enum><header>Contracts traded
on contract markets</header><text display-inline="yes-display-inline">Section
5(d)(5) of the Commodity Exchange Act (7 U.S.C. 7(d)(5)) is amended by striking
<quote>adopt position</quote> and all that follows through <quote>and
appropriate</quote> and inserting <quote>adopt, for speculators, position
limitations with respect to agricultural commodities or energy commodities, and
position limitations or position accountability with respect to other
commodities, where necessary and appropriate.</quote>.</text>
</subsection><subsection id="HFC74FA58AA044F4883C17C78D6E6F941"><enum>(b)</enum><header>Contracts traded
on derivatives transaction execution facilities</header><text display-inline="yes-display-inline">Section 5a(d)(4) of the
<act-name parsable-cite="COMEX">Commodity Exchange Act</act-name> (7 U.S.C.
7a(d)(4)) is amended by striking <quote>adopt position</quote> and all that
follows through <quote>deliverable supply</quote> and inserting <quote>adopt,
for speculators, position limitations with respect to energy commodities, and
position limitations or position accountability with respect to other
commodities, where necessary and appropriate for a contract, agreement, or
transaction with an underlying commodity that has a physically deliverable
supply.</quote>.</text>
</subsection><subsection id="HDF0C928093CA4834B1FAE220B1ADF4F4"><enum>(c)</enum><header>Significant
price discovery contracts</header><text display-inline="yes-display-inline">Section 2(h)(7)(C)(ii)(IV) of the
<act-name parsable-cite="COMEX">Commodity Exchange Act</act-name> (7 U.S.C.
2(h)(7)(C)(ii)(IV)) is amended by striking <quote>where necessary</quote> and
all that follows through <quote>in significant price discovery
contracts</quote> and inserting <quote>for speculators, position limitations
with respect to significant price discovery contracts in energy commodities,
and position limitations or position accountability with respect to significant
price discovery contracts in other commodities</quote>.</text>
</subsection></section><section id="H7C26AF6B98AD455CBFB060FFDE3C8CDD"><enum>409.</enum><header>Administration
of Commodity Futures Trading Commission</header>
<subsection display-inline="no-display-inline" id="H718F9630CBCC4A17A7BE4D87A7D9FED3"><enum>(a)</enum><header>Additional
Commodity Futures Trading Commission employees for improved
enforcement</header><text>Section 2(a)(7) of the Commodity Exchange Act (7
U.S.C. 2(a)(7)) is amended by adding at the end the following:</text>
<quoted-block display-inline="no-display-inline" id="H144F92FEB5F44134B79ED5F65E46792E" style="OLC">
<subparagraph id="H90D4827A30714B25B584E9AB7CF4EEB6"><enum>(D)</enum><header>Additional
employees</header><text>As soon as practicable after the date of enactment of
this subparagraph, subject to the availability of appropriations, the
Commission shall appoint at least 100 full-time employees (in addition to the
employees employed by the Commission as of the date of enactment of this
subparagraph)—</text>
<clause id="H836DB7079879444F821E44A3CD86EF57"><enum>(i)</enum><text>to
increase the public transparency of operations in agriculture and energy
markets;</text>
</clause><clause id="HAE7B0B800BE84A838B70F6F6C6F4AC11"><enum>(ii)</enum><text>to improve the
enforcement of this Act in those markets; and</text>
</clause><clause commented="no" display-inline="no-display-inline" id="H6192CE61066040FA9659C3BBB559696C"><enum>(iii)</enum><text>to carry out
such other duties as are prescribed by the
Commission.</text>
</clause></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection display-inline="no-display-inline" id="HD03820DEDC414CFFA1382E2B7F210095"><enum>(b)</enum><header>Inspector
General of Commodity Futures Trading Commission</header>
<paragraph display-inline="no-display-inline" id="idA4C57A73C0154658B28921AED112D2F3"><enum>(1)</enum><header>In
general</header><text>Section 2(a) of the Commodity Exchange Act (7 U.S.C.
2(a)) is amended by adding at the end the following:</text>
<quoted-block display-inline="no-display-inline" id="idA947EF1556204BBCB4E7B40C7BF4E599" style="OLC">
<paragraph id="HC4A6AFA0BE394F2DABEA7EBC8534AF9E"><enum>(13)</enum><header>Inspector
general</header>
<subparagraph id="idF0934D0EBAF946259AE84CDF589031A1"><enum>(A)</enum><header>Office</header><text>There
shall be in the Commission, as an independent office, an Office of the
Inspector General.</text>
</subparagraph><subparagraph id="idEFEA466C38194567B0E6CEF729443B27"><enum>(B)</enum><header>Appointment</header><text>The
Office shall be headed by an Inspector General, appointed in accordance with
the Inspector General Act of 1978 (5 U.S.C. App.).</text>
</subparagraph><subparagraph id="idE951B699CE8B42CE8D31CF685395690D"><enum>(C)</enum><header>Compensation</header><text>The
Inspector General shall be compensated at the rate provided for level IV of the
Executive Schedule under section 5315 of title 5, United States Code.</text>
</subparagraph><subparagraph id="idB95000E792844AF9B5D47B9B1765B223"><enum>(D)</enum><header>Transition</header><text>Until
the date on which the Inspector General is appointed under subparagraph (B),
the Inspector General of the Commission shall continue to carry out the
responsibilities of the Inspector General of the
Commission.</text>
</subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph><paragraph id="id9EDD0E258ACC418FB00D99141AF4CBDA"><enum>(2)</enum><header>Conforming
amendments</header>
<subparagraph id="H623713F8C391453D95070929D1A6EB39"><enum>(A)</enum><text>Section 8G(a)(2)
of the Inspector General Act of 1978 (5 U.S.C. App.) is amended by striking
<quote>the Commodity Futures Trading Commission,</quote>.</text>
</subparagraph><subparagraph id="id87867B3C2D6343C2A0909F33014B7493"><enum>(B)</enum><text>Section 11(2) of
the Inspector General Act of 1978 (5 U.S.C. App.) is amended by striking
<quote>or the Export-Import Bank</quote> and inserting <quote>, the
Export-Import Bank, or the Commodity Futures Trading Commission</quote>.</text>
</subparagraph></paragraph></subsection></section><section id="HB1678C1B22B346069535F583425C981"><enum>410.</enum><header>Review of prior
actions</header><text display-inline="no-display-inline">Notwithstanding any
other provision of the <act-name parsable-cite="COMEX">Commodity Exchange
Act</act-name> (7 U.S.C. 1 et seq.), to ensure the compliance of each prior
action described in paragraphs (1) and (2) with the
<act-name parsable-cite="COMEX">Commodity Exchange Act</act-name> (7 U.S.C. 1
et seq.), the Commission shall review, as appropriate—</text>
<paragraph id="idC4288D1D91BC474087798E4FCCC2F697"><enum>(1)</enum><text display-inline="yes-display-inline">each regulation, rule, exemption,
exclusion, guidance, no action letter, order, and other action taken by or on
behalf of the Commission that is in effect as of the date of enactment of this
Act; and</text>
</paragraph><paragraph id="id5473F1FA56954CDBB642AB610B788B9E"><enum>(2)</enum><text display-inline="yes-display-inline">each action taken pursuant to the
<act-name parsable-cite="COMEX">Commodity Exchange Act</act-name> (7 U.S.C. 1
et seq.) by an exchange, self-regulatory organization, or any other registered
entity that is in effect as of the date of enactment of this Act.</text>
</paragraph></section><section id="H942F9D59EA974CAE88916CBEC453002"><enum>411.</enum><header>Review of
over-the-counter markets</header>
<subsection id="HAD9B5472DC05491100AAF9EED4243B63"><enum>(a)</enum><header>Study</header>
<paragraph id="idCB0A99ADE636471B874ED715030CC510"><enum>(1)</enum><header>In
general</header><text display-inline="yes-display-inline">As soon as
practicable after the date of enactment of this Act, the Commission shall
conduct a study—</text>
<subparagraph id="idA8F02E6ADEF6466C8BAC123908DBD9C8"><enum>(A)</enum><text display-inline="yes-display-inline">to deter and prevent price manipulation or
any other disruption to market integrity; and</text>
</subparagraph><subparagraph id="id9AD6A942CCED4B81BCCE7DC37DA274DD"><enum>(B)</enum><text>to diminish,
eliminate, or prevent excessive speculation (as described in section 4a(a) of
the Commodity Exchange Act (7 U.S.C. 6a(a))) for physical-based
commodities.</text>
</subparagraph></paragraph><paragraph id="id41F3E9D306694DE88420F603732728C3"><enum>(2)</enum><header>Scope</header><text display-inline="yes-display-inline">In conducting the study under paragraph
(1), the Commission shall determine the efficacy, practicality, and
consequences of establishing—</text>
<subparagraph id="H62EB63B235ED44EE84DD3133EA6D40B4"><enum>(A)</enum><text display-inline="yes-display-inline">position limits for agreements, contracts,
or transactions conducted in reliance on subsections (g) and (h) of section 2
of the Commodity Exchange Act (7 U.S.C. 2), and any exemption issued by the
Commission by rule, regulation, or order—</text>
<clause id="idE77EE318C92F478A9213B2435553415C"><enum>(i)</enum><text display-inline="yes-display-inline">to deter and prevent price manipulation or
any other disruption to market integrity; or</text>
</clause><clause id="idB1A606FDD2614A6CB64C0E9C297468A5"><enum>(ii)</enum><text display-inline="yes-display-inline">to diminish, eliminate, or prevent
excessive speculation (as described in section 4a(a) of the Commodity Exchange
Act (7 U.S.C. 6a(a))) for physical-based commodities; and</text>
</clause></subparagraph><subparagraph id="HD1F505B25FE04139BAC9E09D9DC34CCD"><enum>(B)</enum><text display-inline="yes-display-inline">aggregate position limits for similar
agreements, contracts, or transactions for physical-based commodities
traded—</text>
<clause id="H8C22B093EDFA41649CFF72D56ECCB600"><enum>(i)</enum><text>on
designated contract markets;</text>
</clause><clause id="H88998818C64847C59865F8F6CD8DB00"><enum>(ii)</enum><text>on
derivatives transaction execution facilities; and</text>
</clause><clause id="H043AC649C6A944098835505B469BB6C9"><enum>(iii)</enum><text>in
reliance on subsections (g) and (h) of section 2 of the Commodity Exchange Act
(7 U.S.C. 2), and any exemption issued by the Commission by rule, regulation,
or order.</text>
</clause></subparagraph></paragraph><paragraph id="HDA7B7C3DAAF2497CB7CC3E06D0B668EE"><enum>(3)</enum><header>Public
hearings</header><text display-inline="yes-display-inline">To gather
information to prepare the report under paragraph (1), the Commission shall
provide not less than 2 public hearings at which the testimony provided at each
hearing shall be recorded.</text>
</paragraph></subsection><subsection id="H69BABAA3CC514ABA824274B5D5AA7553"><enum>(b)</enum><header>Report</header><text display-inline="yes-display-inline">Not earlier than 1 year after the date of
enactment of this Act, the Commission shall submit to the Committee on
Agriculture of the House of Representatives and the Committee on Agriculture,
Nutrition, and Forestry of the Senate a report that contains—</text>
<paragraph id="H28F590E75DE14D3BB8D90000C5C2769D"><enum>(1)</enum><text>a
description of the results of the study carried out under subsection (a)(1);
and</text>
</paragraph><paragraph id="HDAD574E0F34E416F802200F308D2C98"><enum>(2)</enum><text>recommendations
regarding any action that the Commission determines to be necessary to deter
and prevent price manipulation or any other disruption to market integrity, or
to diminish, eliminate, or prevent excessive speculation (as described in
section 4a(a) of the Commodity Exchange Act (7 U.S.C. 6a(a))) for
physical-based commodities, including—</text>
<subparagraph id="H2C745A495E7E4D358589FEB6126D6216"><enum>(A)</enum><text>any additional
statutory authority that the Commission determines to be necessary to implement
each recommendation; and</text>
</subparagraph><subparagraph id="HB941EE452FC04027B818FE03FBC8C774"><enum>(B)</enum><text display-inline="yes-display-inline">a description of the resources that the
Commission considers to be necessary to implement each recommendation.</text>
</subparagraph></paragraph></subsection></section><section id="HF78831A06B374C5687D022007DB5D57B"><enum>412.</enum><header>Studies;
reports</header>
<subsection id="HDF4001028F014F38814BFC45DBAB23C"><enum>(a)</enum><header>Study relating to
international regulation of energy commodity markets</header>
<paragraph id="H0C370EE7DEF3456191D005F600741F78"><enum>(1)</enum><header>In
general</header><text display-inline="yes-display-inline">The Comptroller
General shall conduct a study of the international regime for regulating the
trading of energy commodity futures and derivatives.</text>
</paragraph><paragraph id="H3F3758442AE743EB8F8724DBAFDEFC70"><enum>(2)</enum><header>Analysis</header><text>The
study shall include an analysis of, at a minimum—</text>
<subparagraph id="HBA70BAD91DEF47D6BFCFB4808EB4BD21"><enum>(A)</enum><text>key common
features and differences among countries in the regulation of energy commodity
trading, including with respect to market oversight and enforcement standards
and activities;</text>
</subparagraph><subparagraph id="H8ED1D4A030634CE8A253EB6F266898B2"><enum>(B)</enum><text display-inline="yes-display-inline">variations among countries with respect to
the use of position limits, position accountability levels, or other thresholds
to detect and prevent price manipulation, excessive speculation (as described
in section 4a(a) of the Commodity Exchange Act (7 U.S.C. 6a(a))), or other
unfair trading practices;</text>
</subparagraph><subparagraph id="H145760E1FE0E4AE3903FE544399320A"><enum>(C)</enum><text>variations in
practices regarding the differentiation of commercial and noncommercial
trading;</text>
</subparagraph><subparagraph id="H26F83EE0565F44F992A257667614759D"><enum>(D)</enum><text display-inline="yes-display-inline">agreements and practices for sharing market
and trading data among futures authorities and the entities that the futures
authorities oversee; and</text>
</subparagraph><subparagraph id="HDFC76A69D7E34126B4B25BF412E02121"><enum>(E)</enum><text>agreements and
practices for facilitating international cooperation on market oversight,
compliance, and enforcement.</text>
</subparagraph></paragraph><paragraph id="H42567C6D0D9840FABCA172BD77B2CD5"><enum>(3)</enum><header>Report</header><text>Not
later than 1 year after the date of enactment of this Act, the Comptroller
General shall submit to the Committee on Agriculture of the House of
Representatives and the Committee on Agriculture, Nutrition, and Forestry of
the Senate a report that—</text>
<subparagraph id="H2531BF464CA246B781096607AA1FA9CC"><enum>(A)</enum><text>contains—</text>
<clause id="idCFE3F96B4FE04897A069E992733881B6"><enum>(i)</enum><text>a
description of the results of the study carried out under paragraph (1);
and</text>
</clause><clause id="id272A9064A987423081E1D8C57CA1F515"><enum>(ii)</enum><text>recommendations
to improve openness, transparency, and other necessary elements of a properly
functioning market in a manner that protects consumers in the United States;
and</text>
</clause></subparagraph><subparagraph id="H51D3FB2849824309915D34872B69C64F"><enum>(B)</enum><text>addresses whether
there is excessive speculation, and if so, the effects of the speculation and
energy price volatility on energy futures.</text>
</subparagraph></paragraph></subsection><subsection id="HE16C341E514E49C980DA1332716500B"><enum>(b)</enum><header>Study relating to
effects of speculators on agriculture and energy futures markets and
agriculture and energy prices</header>
<paragraph id="HAF39FD2DA178414EB0B16CFA52FA9797"><enum>(1)</enum><header>Study</header><text display-inline="yes-display-inline">The Comptroller General shall conduct a
study of the effects of speculators on agriculture and energy futures markets
and agriculture and energy prices.</text>
</paragraph><paragraph id="HB8FECC7E438A458786AC4CDFFBE5EF03"><enum>(2)</enum><header>Analysis</header><text>The
study shall include an analysis of, at a minimum—</text>
<subparagraph id="H73AC2E03870E4AFAA12012F8EEADAE17"><enum>(A)</enum><text display-inline="yes-display-inline">the effect of increased amounts of capital
in agriculture and energy futures markets;</text>
</subparagraph><subparagraph id="H540D27560B704C289536E2FB39465591"><enum>(B)</enum><text display-inline="yes-display-inline">the impact of the roll-over of positions by
index fund traders and swap dealers on—</text>
<clause id="id653B667BAAD24629976F1AF913DFE793"><enum>(i)</enum><text display-inline="yes-display-inline">agriculture and energy futures markets;
and</text>
</clause><clause id="id6CBE26AA11E14CC49BE55A8CCC9A4BE5"><enum>(ii)</enum><text display-inline="yes-display-inline">agriculture and energy prices; and</text>
</clause></subparagraph><subparagraph id="HA05FDA0F1FB24FD900E8BF3FD172096"><enum>(C)</enum><text>the extent to which
each factor described in subparagraphs (A) and (B) and speculators—</text>
<clause id="H68C6BC7BE2254C648E1300CBC97E6D72"><enum>(i)</enum><text>affect—</text>
<subclause id="HFC89ED5A805D406FA6E8B796E5EA2745"><enum>(I)</enum><text display-inline="yes-display-inline">the pricing of agriculture and energy
commodities; and</text>
</subclause><subclause id="HECE7A1CC23824B69B629F6117432AE48"><enum>(II)</enum><text>risk management
functions; and</text>
</subclause></clause><clause id="H31611D2F6D4949DDACE834EDBF5638C9"><enum>(ii)</enum><text>contribute to
economically efficient price discovery.</text>
</clause></subparagraph></paragraph><paragraph id="HCEE9AC87D27D4D44B39B4B5734247C21"><enum>(3)</enum><header>Report</header><text display-inline="yes-display-inline">Not later than 2 years after the date of
enactment of this Act, the Comptroller General shall submit to the Committee on
Agriculture of the House of Representatives and the Committee on Agriculture,
Nutrition, and Forestry of the Senate a report that contains a description of
the results of the study carried out under paragraph (1).</text>
</paragraph></subsection></section><section id="HEDDD43127D684E3784510028E3D6F81C"><enum>413.</enum><header>Over-the-counter
authority</header>
<subsection id="H58A6661F4655416C006F717D24A17E27"><enum>(a)</enum><header>In
general</header><text display-inline="yes-display-inline">Section 2 of the
Commodity Exchange Act (7 U.S.C. 2) is amended by adding at the end the
following:</text>
<quoted-block display-inline="no-display-inline" id="H1B8B7A329F4F4CE4B79D7C588B7627C" style="OLC">
<subsection id="H4A8EC73B60AC443090275D20AFB6DDDC"><enum>(j)</enum><header>Over-the-counter
authority</header>
<paragraph id="H15DC1B39675F40AAB9B624EB3DB64149"><enum>(1)</enum><header>Agricultural and
energy commodities</header><text display-inline="yes-display-inline">Not later
than 60 days after the date of enactment of this subsection, the Commission
shall, by rule, regulation, or order, require, on not less than a monthly
basis, the periodic reporting of agreements, contracts, or transactions, with
regard to any—</text>
<subparagraph id="id2F1A3308809545E69036F2432A9E3010"><enum>(A)</enum><text display-inline="yes-display-inline">agricultural or energy commodity entered
into in reliance on subsection (g), (h)(1), or (h)(2); or</text>
</subparagraph><subparagraph id="idBFCDE3CCCF9D41E2A0BF0EB11A6C83EE"><enum>(B)</enum><text display-inline="yes-display-inline">exemption issued by the Commission by rule,
regulation, or order that is fungible (as defined by the Commission) with
agreements, contracts, or transactions traded on or subject to the rules of any
board of trade or of any electronic trading facility with respect to a
significant price discovery contract.</text>
</subparagraph></paragraph><paragraph id="H2B5554E3183744D69EFF8604852DEA6E"><enum>(2)</enum><header>Duty of
Commission to issue findings</header><text display-inline="yes-display-inline">Notwithstanding subsections (g), (h)(1),
and (h)(2), and any exemption issued by the Commission by rule, regulation, or
order, the Commission shall assess and issue a finding on whether each
agreement, contract, or transaction reported pursuant to paragraph (1), alone
or in conjunction with other similar agreements, contracts, or transactions,
has the potential—</text>
<subparagraph id="H82E601DDA5B94B8C900053119B43C2F2"><enum>(A)</enum><text display-inline="yes-display-inline">to disrupt the liquidity or price discovery
function on a registered entity;</text>
</subparagraph><subparagraph id="HFDAF338AA39C46DF97C8B9BFA5C300D9"><enum>(B)</enum><text>to cause a severe
market disturbance in the underlying cash or futures market for an agricultural
or energy commodity; or</text>
</subparagraph><subparagraph id="H107C7E9BA7A046958F39043C36C8BA80"><enum>(C)</enum><text display-inline="yes-display-inline">to prevent or otherwise impair the price of
a contract listed for trading on a registered entity from reflecting the forces
of supply and demand in any market for an agricultural commodity or an energy
commodity.</text>
</subparagraph></paragraph><paragraph id="HCAA91F19236C4304B6DF1754288EECA"><enum>(3)</enum><header>Authority of
Commission</header><text display-inline="yes-display-inline">If the Commission
makes a finding under paragraph (2), the Commission, in accordance with section
8a(9), may—</text>
<subparagraph id="id7980C3B8B64247918DD97B969B42FE8A"><enum>(A)</enum><text display-inline="yes-display-inline">impose position limits for speculators on
the agreements, contracts, or transactions involved; and</text>
</subparagraph><subparagraph id="id1CC3765BBD9C4A58BD4BCC60422A221E"><enum>(B)</enum><text display-inline="yes-display-inline">take corrective actions to enforce the
position limits described in subparagraph
(A).</text>
</subparagraph></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="H68A5AD7B554C4DDBB2D409D9E4001150"><enum>(b)</enum><header>Conforming
amendments</header>
<paragraph id="H4FD33BDA499347730004AE6B575FEEB7"><enum>(1)</enum><text>Section 2(h)(2)(A)
of the <act-name parsable-cite="COMEX">Commodity Exchange Act</act-name> (7
U.S.C. 2(h)(2)(A)) is amended by inserting <quote>subsection (j), and</quote>
before <quote>sections</quote>.</text>
</paragraph><paragraph id="H89754DF19D584448943DA91512B09FD3"><enum>(2)</enum><text display-inline="yes-display-inline">Section 8a(9) of the
<act-name parsable-cite="COMEX">Commodity Exchange Act</act-name> (7 U.S.C.
12a(9)) is amended in the matter preceding the first sentence by striking
<quote>of the Commission’s action</quote> and inserting the following:
<quote>the action of the Commission, and to fix and enforce limits to any
agreement, contract, or transaction subject to section 2(j)(1) pursuant to a
finding made under section 2(j)(2)</quote>.</text>
</paragraph></subsection></section><section commented="no" display-inline="no-display-inline" id="idF13E3FE5D9B047C9900D63F68E1B792C" section-type="subsequent-section"><enum>414.</enum><header>Expedited
procedures</header><text display-inline="no-display-inline">The Commission may
use emergency and expedited procedures (including any administrative or other
procedure as appropriate) to carry out this Act (including the amendments made
by this Act) if the Commission determines that the use of emergency and
expedited procedures is necessary.</text>
</section><section commented="no" display-inline="no-display-inline" id="id830E6ED8E2BF43E7B5425BB518DA1FFF" section-type="subsequent-section"><enum>415.</enum><header>Treatment of
emission allowances and offset credits</header>
<subsection commented="no" display-inline="no-display-inline" id="id7F65A5EFC9AA4240BEDAFAAAD6B3299B"><enum>(a)</enum><header>Exempt
commodity</header><text>Section 1a of the Commodity Exchange Act (7 U.S.C. 1a)
is amended by striking paragraph (15) (as redesignated by section 402(a)(1))
and inserting the following:</text>
<quoted-block display-inline="no-display-inline" id="idFA954D34838C42CBAF3F5057DE6430BE" style="OLC">
<paragraph commented="no" display-inline="no-display-inline" id="idCC85CB87A3B146E88C7A654274418AF1"><enum>(15)</enum><header>Exempt
commodity</header><text>The term <term>exempt commodity</term> means a
commodity that is not—</text>
<subparagraph commented="no" display-inline="no-display-inline" id="idF2BD565AB5B24060BAD1D3976853DD3A"><enum>(A)</enum><text>an agricultural
commodity;</text>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="idB7E5AD4ED7F64624950CB5E33FA3C474"><enum>(B)</enum><text>an excluded
commodity;</text>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="idB033C7A15A2E4C68A2E782295A14DF0C"><enum>(C)</enum><text>an allowance
authorized under any law (including regulations) to emit a greenhouse gas;
or</text>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="id01F43562B4C848B783B35780E3A755BF"><enum>(D)</enum><text>a credit
authorized under any law (including regulations) for—</text>
<clause commented="no" display-inline="no-display-inline" id="idCD46A806B4844A7788D7149F96AA75B7"><enum>(i)</enum><text>a reduction in
greenhouse gas emissions; or</text>
</clause><clause commented="no" display-inline="no-display-inline" id="id1603CAC22E764D1AAADE3F4EB6A2E509"><enum>(ii)</enum><text>an increase in
carbon
sequestration.</text>
</clause></subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection commented="no" display-inline="no-display-inline" id="id25B0DEBA6C2E446CA6A0659D33CCFA08"><enum>(b)</enum><header>Memorandum of
understanding</header><text>Not later than 180 days after the date of enactment
of this Act, the Commodity Futures Trading Commission shall enter into a
memorandum of understanding with the Secretary of Agriculture, which shall
include provisions—</text>
<paragraph commented="no" display-inline="no-display-inline" id="idDAA0FC48BEAD4B6F9CA0D9EF49738418"><enum>(1)</enum><text>consistent with
section 1245 of the Food Security Act of 1985 (16 U.S.C. 3845); and</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="idB425D868FD374758BDFB70682E130351"><enum>(2)</enum><text>to ensure that
the development of any procedures and protocols for a market-based greenhouse
gas program are properly constructed and coordinated to maximize credits for
carbon sequestration.</text>
</paragraph></subsection></section><section commented="no" display-inline="no-display-inline" id="idAEA05BC3FFA1405C83F7E5AC351F63AE"><enum>416.</enum><header>Inspector
General of Commodity Futures Trading Commission</header>
<subsection commented="no" display-inline="no-display-inline" id="idCA0E99C054734FAC9D1C47FFFF894ACF"><enum>(a)</enum><header>Office of
Inspector General</header>
<paragraph commented="no" display-inline="no-display-inline" id="idD1650CF00EAB4CB59D958369AF88E221"><enum>(1)</enum><header>Head of the
establishment</header><text>Section 12(1) of the Inspector General Act of 1978
(5 U.S.C. App.) is amended by inserting <quote>the Chairman of the Commodity
Futures Trading Commission;</quote> after <quote>Export-Import
Bank;</quote>.</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="id2AA5C69E557446ACBCAE1D28FE7A920E"><enum>(2)</enum><header>Establishment</header><text>Section
12(2) of the Inspector General Act of 1978 (5 U.S.C. App.) is amended by
inserting <quote>the Commodity Futures Trading Commission,</quote> after
<quote>Export-Import Bank,</quote>.</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="idEB23459F6511483C800B9537C2544531"><enum>(3)</enum><header>Designated
Federal entity</header><text>Section 8G(a)(2) of the Inspector General Act of
1978 (5 U.S.C. App.) is amended by striking <quote>the Commodity Futures
Trading Commission,</quote>.</text>
</paragraph></subsection><subsection commented="no" display-inline="no-display-inline" id="id8006EEA53F024D7E97799EA69BA7A7FF"><enum>(b)</enum><header>Effective date;
transition</header>
<paragraph commented="no" display-inline="no-display-inline" id="idBE6AFF52FE5B41B3801166179889BDAC"><enum>(1)</enum><header>Effective
date</header><text>The amendments made by subsection (a) take effect on the
date that is 30 days after the date of enactment of this Act.</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="id485D5BB15C224CE8B1581446A5EC8D16"><enum>(2)</enum><header>Transition</header><text>An
individual serving as Inspector General of the Commodity Futures Trading
Commission as of the date described in paragraph (1) may continue to serve as
Inspector General of the Commodity Futures Trading Commission until the date on
which the President appoints an Inspector General for the Commodity Futures
Trading Commission under section 3(a) the Inspector General Act of 1978 (5
U.S.C. App.).</text>
</paragraph></subsection></section><enum>V</enum><header>National
Commission on Energy Policy and Global Climate Change</header>
<section id="id325C87975BD442E883FB5AC510CE0112"><enum>501.</enum><header>Establishment
of Commission</header><text display-inline="no-display-inline">There is
established in the legislative branch the National Commission on Energy Policy
and Global Climate Change (referred to in this title as the
<quote>Commission</quote>).</text>
</section><section id="IDe9a84a53b505450fb5da4becc7e96261"><enum>502.</enum><header>Purposes</header><text display-inline="no-display-inline">The purposes of the Commission are—</text>
<paragraph id="IDd00593d3dc8140c1960bf448e4f3633f"><enum>(1)</enum><text>to advise and
assist Congress in developing a comprehensive energy policy that ensures
national energy security and significantly reduces greenhouse gas emissions in
order to address global climate change without damaging the economy;</text>
</paragraph><paragraph id="IDafd54e1cc38c4563a0d0d8d656b1bb19"><enum>(2)</enum><text>to examine all
aspects of the energy situation of the United States and related policies in
order to develop a comprehensive, economy-wide policy approach to energy
issues;</text>
</paragraph><paragraph id="ID1e149e4e32564cafb80c4fd88499bbb3"><enum>(3)</enum><text>to examine the
relevant facts and science related to global climate change, including impacts
from human activities; and</text>
</paragraph><paragraph id="ID030cee95f20c490385e1337b6dcbf136"><enum>(4)</enum><text>to report to
Congress and the President on the findings, conclusions, and recommendations of
the Commission for legislation creating a comprehensive energy policy for the
United States that ensures national energy security and significantly reduces
greenhouse gas emissions in order to address global climate change without
damaging the economy.</text>
</paragraph></section><section id="ID2aa948a6332c44c4911ee3f7e6988eb7"><enum>503.</enum><header>Composition of
Commission</header>
<subsection id="IDb858443e6b7d460c9d610c5c26fd5323"><enum>(a)</enum><header>Members</header><text>The
Commission shall be composed of 12 members, of whom—</text>
<paragraph id="IDf2a169fcce72465ebecdbdc85a6ff916"><enum>(1)</enum><text>1 member shall be
jointly appointed by the majority leader of the Senate and the Speaker of the
House of Representatives, who shall serve as Chairperson of the
Commission;</text>
</paragraph><paragraph id="IDf519b2dea4044255867ce59efa35a68e"><enum>(2)</enum><text>1 member shall be
jointly appointed by the minority leader of the Senate and the minority leader
of the House of Representatives, who shall serve as Vice-Chairperson of the
Commission;</text>
</paragraph><paragraph id="ID489e7daab4e043c8a687c056bd65ac86"><enum>(3)</enum><subparagraph commented="no" display-inline="yes-display-inline" id="id162D550384064403AF81D86FD906F61D"><enum>(A)</enum><text>1 member shall be
jointly appointed by the Chair and Ranking Member of the Committee on the
Environment and Public Works of the Senate; and</text>
</subparagraph><subparagraph id="id395DB4C3BAF54EC183EC9A49DB8C8CFE" indent="up1"><enum>(B)</enum><text>1 member shall be jointly appointed by
the Chair and Ranking Member of the Committee on Natural Resources of the House
of Representatives, in consultation with the Select Committee on Energy
Independence and Global Warming of the House of Representatives;</text>
</subparagraph></paragraph><paragraph id="ID1f9c14b495824bbfb47632596cbabd12"><enum>(4)</enum><subparagraph commented="no" display-inline="yes-display-inline" id="idC7B79494B7864B3EBA9B123D0E3EF394"><enum>(A)</enum><text>1 member shall be
jointly appointed by the Chair and Ranking Member of the Committee on Energy
and Natural Resources of the Senate; and</text>
</subparagraph><subparagraph id="idEADB50A9F96B45019FEC6792581B96D2" indent="up1"><enum>(B)</enum><text>1 member shall be jointly appointed by
the Chair and Ranking Member of the Committee on Energy and Commerce of the
House of Representatives;</text>
</subparagraph></paragraph><paragraph id="IDf9f39a2ac80e4eab86cc81cf7eb83114"><enum>(5)</enum><subparagraph commented="no" display-inline="yes-display-inline" id="idE3E31EC1995F43CD9BA286B4A42DA474"><enum>(A)</enum><text>1 member shall be
jointly appointed by the Chair and Ranking Member of the Committee on Commerce,
Science and Transportation of the Senate; and</text>
</subparagraph><subparagraph id="idBE9D27CE8DF847988EC52589C5411414" indent="up1"><enum>(B)</enum><text>1 member shall be jointly appointed by
the Chair and Ranking Member of the Committee on Science and Technology of the
House of Representatives and the Committee on Transportation and Infrastructure
of the House of Representatives;</text>
</subparagraph></paragraph><paragraph id="IDd82f1b8af72744a9b5f3dbe5d2b92403"><enum>(6)</enum><subparagraph commented="no" display-inline="yes-display-inline" id="id6D37F4D5D3C94A5384F335EE0FD9CDFE"><enum>(A)</enum><text>1 member shall be
jointly appointed by the Chair and Ranking Member of the Committee on
Agriculture, Nutrition and Forestry of the Senate; and</text>
</subparagraph><subparagraph id="id140ED72645504B9D9954646343103E31" indent="up1"><enum>(B)</enum><text>1 member shall be jointly appointed by
the Chair and Ranking Member of the Committee on Agriculture of the House of
Representatives; and</text>
</subparagraph></paragraph><paragraph id="ID588db6899b9c451c8a5e605bb41f1d1d"><enum>(7)</enum><subparagraph commented="no" display-inline="yes-display-inline" id="idA098FC374921494AB020F67857553FD3"><enum>(A)</enum><text>1 member shall be
jointly appointed by the Chair and Ranking Member of the Committee on Finance
of the Senate; and</text>
</subparagraph><subparagraph id="id05BBB43886F24730AEE493E77C9464C5" indent="up1"><enum>(B)</enum><text>1 member shall be jointly appointed by
the Chair and Ranking Member of the Committee on Ways and Means of the House of
Representatives.</text>
</subparagraph></paragraph></subsection><subsection id="ID60a6ca6d5cca44dea23c720550fafa04"><enum>(b)</enum><header>Qualifications;
initial meeting</header>
<paragraph id="IDa008c83692b24b378a7ee910462d8710"><enum>(1)</enum><header>Political party
affiliation</header><text>Each appointment to the Commission shall be made
without regard to political party affiliation and on a nonpartisan
basis.</text>
</paragraph><paragraph id="ID7f10effe06c94133af6dccd4d11f8624"><enum>(2)</enum><header>Nongovernmental
appointees</header><text>An individual appointed to the Commission may not be
an officer or employee of the Federal Government or any State or local
government.</text>
</paragraph><paragraph id="IDc1a53ec39b4344f2b12154714b7e3ce1"><enum>(3)</enum><header>Other
qualifications</header><text>It is the sense of Congress that individuals
appointed to the Commission should be prominent United States citizens, with
national recognition and significant depth of experience in such professions as
governmental service, science, energy, economics, environment, agriculture,
manufacturing, public administration, and commerce (including aviation
matters).</text>
</paragraph><paragraph id="ID5186cfb10961410e95cce3ad84f638f3"><enum>(4)</enum><header>Deadline for
appointment</header><text>Each member of the Commission shall be appointed not
later than 90 days after the date of enactment of this Act.</text>
</paragraph></subsection><subsection id="IDf390fd4417ae483ba1e320ccb0d1c080"><enum>(c)</enum><header>Meetings</header>
<paragraph id="idBC9DE23290E84809838D73DB492BA4EB"><enum>(1)</enum><header>Initial
meeting</header><text>The Commission shall hold the initial meeting of the
Commission as soon as practicable, and not later than 60 days, after the date
on which all members of the Commission are appointed.</text>
</paragraph><paragraph id="id379BAB103A084D4C8CAFBA79A8A9F9C4"><enum>(2)</enum><header>Subsequent
meetings</header><text>After the initial meeting under paragraph (1), the
Commission shall meet at the call of—</text>
<subparagraph id="id6D433F9E4D4641979C884A9ED18E518B"><enum>(A)</enum><text>the Chairperson;
or</text>
</subparagraph><subparagraph id="idBF00B44FC0804D95AD5733233DA47D50"><enum>(B)</enum><text>a majority of the
members of the Commission.</text>
</subparagraph></paragraph></subsection><subsection id="IDd82c233087fe4894834a29319ace42ae"><enum>(d)</enum><header>Quorum</header><text>7
members of the Commission shall constitute a quorum.</text>
</subsection><subsection id="id17AAE5B2F8DE4DD49C291E6A8FBFA342"><enum>(e)</enum><header>Vacancies</header><text>A
vacancy on the Commission—</text>
<paragraph id="id1B870A9DE35F413EB129FC8BA1168837"><enum>(1)</enum><text>shall not affect
the powers of the Commission; and</text>
</paragraph><paragraph id="id197CB0FE06F24451875962342F137FD0"><enum>(2)</enum><text>shall be filled
in the same manner in which the original appointment was made.</text>
</paragraph></subsection></section><section id="IDd63bb41110de4ec0af9e2b88e8e1d57e"><enum>504.</enum><header>Functions of
Commission</header>
<subsection id="ID7d2fde36d74e4756b4afb3e88123d2db"><enum>(a)</enum><header>In
general</header><text>The functions of the Commission are—</text>
<paragraph id="ID18f4486128014b4fbd8b10b6b5da9b5f"><enum>(1)</enum><text>to examine,
study, and evaluate the relevant facts, studies, and proposals relating to
national energy policies and policies to address global climate change,
including to any relevant legislation, Executive order, regulation, plan,
policy, practice, procedure relating to—</text>
<subparagraph id="IDb7a4adda6d8e450eb21893bea991e5f5"><enum>(A)</enum><text>domestic
production and consumption of energy from all sources and imported sources of
energy, particularly oil and natural gas;</text>
</subparagraph><subparagraph id="IDec230efa602f468da660af378b6f232b"><enum>(B)</enum><text>domestic and
international oil and gas exploration, production, refining, oil and gas
pipelines, and other forms of infrastructure and transportation;</text>
</subparagraph><subparagraph id="ID292fcbca523440298107a92a407a3102"><enum>(C)</enum><text>energy markets,
including market speculation, transparency, and oversight;</text>
</subparagraph><subparagraph id="IDe52a36561da54f25bbad7af60be201ca"><enum>(D)</enum><text>the structure of
the energy industry including the impacts of consolidation, antitrust and
oligopolistic concerns, market manipulation and collusion concerns, and other
similar matters;</text>
</subparagraph><subparagraph id="ID0155047cfa8448f2bebce04446c713ca"><enum>(E)</enum><text>electricity
production and transmission issues, including fossil fuels, renewable energy,
energy efficiency and energy conservation matters;</text>
</subparagraph><subparagraph id="ID9b77fdf322114809aa4e8c7bf082311f"><enum>(F)</enum><text>transportation
fuels, biofuels and other renewable fuels, fuel cells, motor vehicle power
systems, efficiency and conservation;</text>
</subparagraph><subparagraph id="ID6abc6d8fca8e4e15a9559d120a8bfa4a"><enum>(G)</enum><text>nuclear energy,
including matters pertaining to permitting, regulation, and legal
liability;</text>
</subparagraph></paragraph><paragraph id="ID85b805d24dcc48b28bb4ab6c0b8bae44"><enum>(2)</enum><text>to examine the
relevant facts and science related to global climate change and the national
and global environment, including—</text>
<subparagraph id="id762E03BEFCB94093B4C7B5D3F8A34806"><enum>(A)</enum><text>the impacts on
the global climate system and environment from human activities, particularly
greenhouse gas emissions and pollution;</text>
</subparagraph><subparagraph id="idE038A8668293454ABEED5444A78D9045"><enum>(B)</enum><text>the consequences
to the global climate system and environment; and</text>
</subparagraph><subparagraph id="idB91E78C4532841949C15B7EECFC945BF"><enum>(C)</enum><text>the consequences
of global climate change on humans and other species, particularly consequences
to the national security, economy, public health and well-being of the United
States, including the citizens and residents of the United States;</text>
</subparagraph></paragraph><paragraph id="ID82f83f5026e34b13bd42e0727817bac0"><enum>(3)</enum><text>to identify,
review, and evaluate the lessons learned from previous energy policies, energy
crises, environmental problems, and attempts to address global climate
change;</text>
</paragraph><paragraph id="IDb0432c2a4d404cfbb5b320684e4c6d68"><enum>(4)</enum><text>to evaluate
proposals for energy and global climate change policies, including proposals
developed by Members of Congress, congressional Committees, all relevant
Federal, State, and regional governmental agencies, nongovernmental
organizations, independent organizations, and international organizations, with
a focus to build on proposals for developing a blueprint for comprehensive
energy and global climate change legislation; and</text>
</paragraph><paragraph id="ID24c4b0c6ec764a92ac7fc089e8738681"><enum>(5)</enum><text>to submit to
Congress and the President such reports as are required by section 506
containing such findings, conclusions, and recommendations as the Commission
shall determine necessary to advise and assist Congress and the President in
developing energy and climate change legislation, procedures, rules, and
regulations.</text>
</paragraph></subsection><subsection id="ID388c0e973c8b46278749bb8ee5fec980"><enum>(b)</enum><header>Relationship to
the efforts of congressional committees</header><text>The Commission
shall—</text>
<paragraph id="ID66d913001bee4560a999c2f35d9ad44f"><enum>(1)</enum><text>review the
information compiled by, and the findings, conclusions, and recommendations of,
all congressional Committees of relevant jurisdiction; and</text>
</paragraph><paragraph id="IDd611dca5bca94c8c9caf2e655fcafa88"><enum>(2)</enum><text>after that
review, pursue any appropriate area of inquiry that the Commission determines
necessary to carry out this title.</text>
</paragraph></subsection></section><section id="ID2589f36a858f462f96852d07da68bbb0"><enum>505.</enum><header>Powers of
Commission</header>
<subsection id="ID0900bdbd82c44400bff3b9d9a85902d6"><enum>(a)</enum><header>In
general</header>
<paragraph id="ID396453edd7d34fe5aba47f18f2bcacfe"><enum>(1)</enum><header>Rules</header><text>The
Commission may establish such rules and regulations relating to administrative
procedures as are reasonably necessary to enable the Commission to carry out
this title.</text>
</paragraph><paragraph id="IDbc4aece657e94d2389d04d3dbb97af37"><enum>(2)</enum><header>Hearings and
evidence</header><text>The Commission or, on the authority of the Commission,
any subcommittee or member of the Commission may, for the purpose of carrying
out this title hold such hearings and sit and act at such times and places,
take such testimony, receive such evidence, administer such oaths as the
Commission determines to be appropriate.</text>
</paragraph></subsection><subsection id="IDd0dda9ad55774e81b825866d1ec090a8"><enum>(b)</enum><header>Contracting</header><text>To
the extent amounts are made available in appropriations Acts, the Commission
may enter into contracts to assist the Commission in carrying out the duties of
the Commission under this title.</text>
</subsection><subsection id="ID9F2DFF4FD67B4848850FB6A9D5163A41"><enum>(c)</enum><header>Information
from Federal agencies</header>
<paragraph id="IDC441D234895B4B08BF9511974F6BE278"><enum>(1)</enum><header>In
general</header><text>The Commission may secure directly from a Federal agency
such information, suggestions, estimates, and statistics as the Commission
considers to be necessary to carry out this title.</text>
</paragraph><paragraph id="IDAD56F68235BE45E78F03E5540FE7301A"><enum>(2)</enum><header>Provision of
information</header><text>On request of the Commission, the head of the agency
shall provide the information, suggestions, estimates, and statistics to the
Commission.</text>
</paragraph><paragraph id="idF22B9DE8806142AF8F3FF5C5E29DB7AE"><enum>(3)</enum><header>Treatment</header><text>Information
provided to the Commission under this paragraph shall be received, handled,
stored, and disseminated by members and staff of the Commission in accordance
with applicable law (including regulations) and Executive orders.</text>
</paragraph></subsection><subsection id="id48E1F4C3274741A3BB9FCCB0E75E0213"><enum>(d)</enum><header>Assistance from
Federal agencies</header>
<paragraph id="IDb6821221c49d405795c8720d0c33098f"><enum>(1)</enum><header>General
Services Administration</header><text>The Administrator of General Services
shall provide to the Commission, on a reimbursable basis, administrative
support and other services to assist the Commission in carrying out the duties
of the Commission under this title.</text>
</paragraph><paragraph id="IDd0203795ce424e509321774b96d18129"><enum>(2)</enum><header>Other
departments and agencies</header><text>In addition to the assistance described
in paragraph (1), any other Federal department or agency may provide to the
Commission such services, funds, facilities, staff, and other support as the
head of the department or agency determines to be appropriate.</text>
</paragraph></subsection><subsection id="id308F3AA8C4E94427AB7940A1972A659C"><enum>(e)</enum><header>Gifts</header><text>The
Commission may accept, use, and dispose of gifts or donations of services or
property only in accordance with the ethical rules applicable to congressional
officers and employees.</text>
</subsection><subsection id="ID74e86bf20faa480684da3895bf2f3655"><enum>(f)</enum><header>Volunteer
services</header>
<paragraph id="id6D28017DE44E49F58F969656EA89354D"><enum>(1)</enum><header>In
general</header><text>Notwithstanding section 1342 of title 31, United States
Code, the Commission may accept and use the services of volunteers serving
without compensation.</text>
</paragraph><paragraph id="idFF4FA1BF4ED04759A3EC4193D0DD1C03"><enum>(2)</enum><header>Reimbursement</header><text>The
Commission may reimburse a volunteer for office supplies, local travel
expenses, and other travel expenses, including per diem in lieu of subsistence,
in accordance with section 5703 of title 5, United States Code.</text>
</paragraph><paragraph id="idD03D5DE041AA4ADDAF326DBAE042E9A3"><enum>(3)</enum><header>Treatment</header><text>A
volunteer of the Commission shall be considered to be an employee of the
Federal Government in carrying out activities for the Commission, for purposes
of—</text>
<subparagraph id="idA61FB76041D044909E45BC38ABEA2EA7"><enum>(A)</enum><text>chapter 81 of
title 5, United States Code;</text>
</subparagraph><subparagraph id="idD55A0A864D1F4EA7A532C66686D53CCD"><enum>(B)</enum><text>chapter 11 of
title 18, United States Code; and</text>
</subparagraph><subparagraph id="idFC0594E352D145339BA75612D852F123"><enum>(C)</enum><text>chapter 171 of
title 28, United States Code.</text>
</subparagraph></paragraph></subsection><subsection id="ID628DFFD3FCE443AFBBA043B8634B7263"><enum>(g)</enum><header>Postal
services</header><text>The Commission may use the United States mails in the
same manner and under the same conditions as other agencies of the Federal
Government.</text>
</subsection></section><section id="IDf5a1b2db076d4ce28ab33d0645d1440d"><enum>506.</enum><header>Reports of
Commission; termination</header>
<subsection id="ID6bc8aa50c5204879944024e9297fb938"><enum>(a)</enum><header>Interim
reports</header><text>The Commission shall submit to Congress and the President
such interim reports as the Commission considers necessary, containing such
findings, conclusions, and recommendations as have been agreed to by a majority
of the members of the Commission.</text>
</subsection><subsection id="ID86f3f8d0d2564bc889819b9cd0c2ca5b"><enum>(b)</enum><header>Final
report</header><text>Not later than 1 year after the date on which all members
of the Commission are appointed under section 503, the Commission shall submit
to Congress and the President a final report that contains a legislative
blueprint for a comprehensive national policy for energy security that—</text>
<paragraph id="id32128B2AE43D4C65B92D46B196F897DA"><enum>(1)</enum><text>addresses global
climate change; and</text>
</paragraph><paragraph id="id1C62176F5B2740E9A8F73C8C62D0B3BA"><enum>(2)</enum><text>contains all
findings, conclusions, and recommendations agreed to by a majority of members
of the Commission.</text>
</paragraph></subsection></section><section id="ID0C94A54F18724CA78604561BDE2A59AC"><enum>507.</enum><header>Staff of
Commission</header>
<subsection id="IDE0F4CB3012E4442EBCCA7C3B0E2CB797"><enum>(a)</enum><header>In
general</header><text>The Chairperson of the Commission (in consultation with
the Vice-Chairperson of the Commission) may, without regard to the civil
service laws (including regulations), appoint and terminate a staff director
and such other additional personnel as are necessary to enable the Commission
to perform the duties of the Commission.</text>
</subsection><subsection id="ID5E46BDE4566A42EB82523C89E701671B"><enum>(b)</enum><header>Compensation</header>
<paragraph id="IDAA2990FA9B504AEB9E14B14852EACEDD"><enum>(1)</enum><header>In
general</header><text>Except as provided in clause (ii), the Chairperson of the
Commission may fix the compensation of the staff director and other personnel
without regard to the provisions of chapter 51 and subchapter III of chapter 53
of title 5, United States Code, relating to classification of positions and
General Schedule pay rates.</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="ID53852F21B50A4AD49866A188D63DA634"><enum>(2)</enum><header>Maximum rate of
pay</header><text>The rate of pay for the staff director and other personnel
shall not exceed the rate payable for level IV of the Executive Schedule under
section 5316 of title 5, United States Code.</text>
</paragraph></subsection><subsection commented="no" display-inline="no-display-inline" id="id83F25007C3694D5CBC447EBD7F714261"><enum>(c)</enum><header>Status</header><text>The
staff director and any employee (not including any member) of the Commission
shall be considered to be employees under section 2105 of title 5, United
States Code, for purposes of chapters 63, 81, 83, 84, 85, 87, 89, and 90 of
that title.</text>
</subsection><subsection id="IDe9621e9049d9430589e460e292b2822a"><enum>(d)</enum><header>Consultant
services</header><text>The Commission may procure the services of experts and
consultants in accordance with section 3109 of title 5, United States Code, at
rates not to exceed the daily rate paid to an individual occupying a position
at level IV of the Executive Schedule under section 5315 of title 5, United
States Code.</text>
</subsection></section><section id="ID970986f91f7f4b378f0df8941ce9ecad"><enum>508.</enum><header>Compensation
and travel expenses</header>
<subsection id="ID40CD19C2755743E0A877328695537261"><enum>(a)</enum><header>Compensation of
members</header><text>A member of the Commission shall be compensated at a rate
equal to the daily equivalent of the annual rate of basic pay prescribed for
level IV of the Executive Schedule under section 5315 of title 5, United States
Code, for each day (including travel time) during which the member is engaged
in the performance of the duties of the Commission.</text>
</subsection><subsection commented="no" display-inline="no-display-inline" id="ID2806C7831D624B0282FF382049442273"><enum>(b)</enum><header>Travel
expenses</header><text>A member of the Commission shall be allowed travel
expenses, including per diem in lieu of subsistence, at rates authorized for an
employee of an agency under subchapter I of chapter 57 of title 5, United
States Code, while away from the home or regular place of business of the
member in the performance of the duties of the Commission.</text>
</subsection></section><section id="ID296de83a283b4d808b3446d84c3a1583"><enum>509.</enum><header>Meetings</header>
<subsection id="ID639f6788262641ecb999641d5d3aacc9"><enum>(a)</enum><header>In
general</header><text>The Federal Advisory Committee Act (5 U.S.C. App.) shall
not apply to the Commission.</text>
</subsection><subsection id="ID1a1df11c339d41a1807e2c0d089870eb"><enum>(b)</enum><header>Public meetings
and release of public versions of reports</header><text>The Commission shall
ensure, to the maximum extent practicable, that—</text>
<paragraph id="ID7073cd41da5c40d4baf050064b7a1018"><enum>(1)</enum><text>all hearings of
the Commission are available to the public, including by—</text>
<subparagraph id="idBC84C34B1EBE4661B6A9A21E26118FD4"><enum>(A)</enum><text>providing live
and recorded public access to hearings on the Internet; and</text>
</subparagraph><subparagraph id="id6DF1D36DF8D249B5AC1E6BE8EF77D7B3"><enum>(B)</enum><text>publishing all
transcripts and records of hearings at such time and in such manner as is
agreed to by the majority of members of the Commission; and</text>
</subparagraph></paragraph><paragraph id="IDedf11f10018e4ebe90d7977391ccd7a4"><enum>(2)</enum><text>transcripts and
records of all meetings of the Commission are published in a time and manner
agreed to by a majority of the members of the Commission; and</text>
</paragraph><paragraph id="ID55a2c3d35dd645e9bc2d74794cce0d9c"><enum>(3)</enum><text>all reports,
findings, and conclusions are made public.</text>
</paragraph></subsection><subsection id="IDa0b7da514adb4f8b93d06716051c032d"><enum>(c)</enum><header>Public
hearings</header><text>Public hearings of the Commission shall be conducted in
a manner consistent with the protection of information provided to or developed
for or by the Commission as required by any applicable law (including
regulations) or Executive order.</text>
</subsection></section><section id="id02D530934C8047CCA84D2BD6EAF345DA"><enum>510.</enum><header>Authorization
of appropriations</header><text display-inline="no-display-inline">There are
authorized to be appropriated to the Commission such sums as are necessary to
carry out this title, to remain available until the later of—</text>
<paragraph id="idB57214B7BDBF48C795D8B44762148AE1"><enum>(1)</enum><text>the date on which
the funds are expended; or</text>
</paragraph><paragraph id="id6884C353FB3C4A48BFE5366785CD84F7"><enum>(2)</enum><text>the date of
termination of the Commission under section 511.</text>
</paragraph></section><section id="idC250D5D21A734B02BF63CB102C4804B2"><enum>511.</enum><header>Termination</header>
<subsection id="IDd86d68a6fc4846b08aa36f7a1ffe86f0"><enum>(a)</enum><header>In
general</header><text>The Commission shall terminate on the date that is 60
days after the date on which the final report is submitted under section
506(b).</text>
</subsection><subsection id="IDafdb7d4092434f8b9106dd292e793107"><enum>(b)</enum><header>Administrative
activities before termination</header><text>During the 60-day period described
in subsection (a), the Commission may conclude the activities of the
Commission, including—</text>
<paragraph id="idD7F9CD65AC4A400A84B585CA1F400106"><enum>(1)</enum><text>providing
testimony to appropriate committees of Congress regarding the reports of the
Commission; and</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="idA677978FCC11479E81D9D88CEC153FA8"><enum>(2)</enum><text>disseminating the
final report of the Commission.</text>
</paragraph></subsection></section>