[Congressional Record Volume 167, Number 90 (Monday, May 24, 2021)]
[Senate]
[Pages S3340-S3341]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 1924. Mr. SANDERS submitted an amendment intended to be proposed 
to amendment SA 1502 proposed by Mr. Schumer to the bill S. 1260, to 
establish a new Directorate for Technology and Innovation in the 
National Science Foundation, to establish a regional technology hub 
program, to require a strategy and report on economic security, 
science, research, innovation, manufacturing, and job creation, to 
establish a critical supply chain resiliency program, and for other 
purposes; which was ordered to lie on the table; as follows:

        On page 23, between lines 7 and 8, insert the following:
       (5) Conditions of receipt.--
       (A) Required agreement.--A covered entity to which the 
     Secretary of Commerce awards Federal financial assistance 
     under section 9902 of the William M. (Mac) Thornberry 
     National Defense Authorization Act for Fiscal Year 2021 
     (Public Law 116-283) or paragraph (3) of this subsection with 
     amounts appropriated under this subsection shall enter into 
     an agreement that specifies that, during the 5-year period 
     immediately following the award of the Federal financial 
     assistance--
       (i) the covered entity will not--

       (I) repurchase an equity security that is listed on a 
     national securities exchange of the covered entity or any 
     parent company of the covered entity, except to the extent 
     required under a contractual obligation that is in effect as 
     of the date of enactment of this Act;
       (II) outsource or offshore jobs to a location outside of 
     the United States;
       (III) pay any officer or employee a salary in an amount 
     that is greater than 50 times the median salary of employees 
     during the period lasting one year after the end of the 
     calendar quarter in which the Federal financial assistance is 
     awarded;
       (IV) abrogate existing collective bargaining agreements;
       (V) consider any individual performing a service for the 
     covered entity as an independent contractor, unless--

       (aa) the individual is free from control and direction in 
     connection with the performance of the service, both under 
     the contract for the performance of service and in fact;
       (bb) the service is performed outside the usual course of 
     the business of the covered entity; and
       (cc) the individual is customarily engaged in an 
     independently established trade, occupation, profession, or 
     business of the same nature as that involved in the service 
     performed; or

       (VI) outsource labor for the covered entity to an 
     independent contractor; and

       (ii) the covered entity will--

       (I) require any contractor or subcontractor for any 
     construction project funded by the Federal financial 
     assistance to enter into a pre-hire collective bargaining 
     agreement or a project labor agreement; and
       (II) remain neutral in any union organizing effort.

       (B) Financial protection of government.--
       (i) In general.--The Secretary of Commerce may not award 
     Federal financial assistance to a covered entity under 
     section 9902 of the William M. (Mac) Thornberry National 
     Defense Authorization Act for Fiscal Year 2021 (Public Law 
     116-283) or paragraph (3) of this subsection with amounts 
     appropriated under this subsection, unless--

       (I)(aa) the covered entity has issued securities that are 
     traded on a national securities exchange; and
       (bb) the Secretary of the Treasury receives a warrant or 
     equity interest in the covered entity; or
       (II) in the case of any covered entity other than a covered 
     entity described in subclause (I), the Secretary of the 
     Treasury receives, in the discretion of the Secretary of the 
     Treasury--

       (aa) a warrant or equity interest in the covered entity; or
       (bb) a senior debt instrument issued by the covered entity.
       (ii) Terms and conditions.--The terms and conditions of any 
     warrant, equity interest, or senior debt instrument received 
     under clause (i) shall be set by the Secretary of Commerce 
     and shall meet the following requirements:

       (I) Purposes.--Such terms and conditions shall be designed 
     to provide for a reasonable participation by the Secretary of 
     Commerce, for the benefit of taxpayers, in equity 
     appreciation in the case of a warrant or other equity 
     interest, or a reasonable interest rate premium, in the case 
     of a debt instrument.
       (II) Authority to sell, exercise, or surrender.--For the 
     primary benefit of taxpayers, the Secretary of Commerce may 
     sell, exercise, or surrender a warrant or any senior debt 
     instrument received under this subparagraph. The Secretary of 
     Commerce shall not exercise voting power with respect to any 
     shares of common stock acquired under this subparagraph.

[[Page S3341]]

       (III) Sufficiency.--If the Secretary of Commerce determines 
     that a covered entity cannot feasibly issue warrants or other 
     equity interests as required by this subparagraph, the 
     Secretary of Commerce may accept a senior debt instrument in 
     an amount and on such terms as the Secretary of Commerce 
     deems appropriate.

       (C) Definitions.--In this paragraph:
       (i) Covered project labor agreement.--The term ``covered 
     project labor agreement'' means a project labor agreement 
     that--

       (I) binds all contractors and subcontractors on a 
     construction project through the inclusion of appropriate 
     specifications in all relevant solicitation provisions and 
     contract documents;
       (II) allows all contractors and subcontractors to compete 
     for contracts and subcontracts without regard to whether they 
     are otherwise a party to a collective bargaining agreement;
       (III) contains guarantees against strikes, lockouts, and 
     other similar job disruptions;
       (IV) sets forth effective, prompt, and mutually binding 
     procedures for resolving labor disputes arising during the 
     covered project labor agreement; and
       (V) provides other mechanisms for labor-management 
     cooperation on matters of mutual interest and concern, 
     including productivity, quality of work, safety, and health.

       (ii) Project labor agreement.--The term ``project labor 
     agreement'' means a pre-hire collective bargaining agreement 
     with one or more labor organizations that establishes the 
     terms and conditions of employment for a specific 
     construction project and is described in section 8(f) of the 
     National Labor Relations Act (29 U.S.C. 158(f)).
                                 ______