[Congressional Record Volume 150, Number 124 (Tuesday, October 5, 2004)]
[Senate]
[Page S10459]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




    MODIFICATION AND EXTENSION OF CERTAIN PRIVATIZATION REQUIREMENTS

  Mr. FRIST. I ask unanimous consent that the Senate proceed to the 
immediate consideration of S. 2896, which was introduced earlier today.
  The PRESIDING OFFICER. The clerk will report the bill by title.
  The legislative clerk read as follows:

       A bill (S. 2896) to modify and extend certain privatization 
     requirements of the Communications Satellite Act of 1962.

  There being no objection, the Senate proceeded to consider the bill.
  Mr. FRIST. I ask unanimous consent that the bill be read a third time 
and passed, the motion to reconsider be laid upon the table, and that 
any statements relating to this matter be printed in the Record.
  The PRESIDING OFFICER. Without objection, it is so ordered.
  The bill (S. 2896) was read the third time and passed, as follows:

                                S. 2896

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

     SECTION 1. PRIVATIZATION REQUIREMENTS MODIFIED AND EXTENDED.

       Section 621(5) of the Communications Satellite Act of 1962 
     (47 U.S.C. 763) is amended--
       (1) in subparagraph (A)(ii), by striking ``June 30, 2004'' 
     and inserting ``June 30, 2005''; and
       (2) by adding at the end the following new subparagraph:
       ``(F) Notwithstanding subparagraphs (A) and (B), a 
     successor entity may be deemed a national corporation and may 
     forgo an initial public offering and public securities 
     listing and still achieve the purposes of this section if--
       ``(i) the successor entity certifies to the Commission 
     that--
       ``(I) the successor entity has achieved substantial 
     dilution of the aggregate amount of signatory or former 
     signatory financial interest in such entity;
       ``(II) any signatories and former signatories that retain a 
     financial interest in such successor entity do not possess, 
     together or individually, effective control of such successor 
     entity; and
       ``(III) no intergovernmental organization has any ownership 
     interest in a successor entity of INTELSAT or more than a 
     minimal ownership interest in a successor entity of Inmarsat;
       ``(ii) the successor entity provides such financial and 
     other information to the Commission as the Commission may 
     require to verify such certification; and
       ``(iii) the Commission determines, after notice and 
     comment, that the successor entity is in compliance with such 
     certification.
       ``(G) For purposes of subparagraph (F), the term 
     `substantial dilution' means that a majority of the financial 
     interests in the successor entity is no longer held or 
     controlled, directly or indirectly, by signatories or former 
     signatories.''.




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