[Congressional Record Volume 167, Number 205 (Monday, November 29, 2021)]
[Senate]
[Page S8783]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 4836. Mr. SANDERS submitted an amendment intended to be proposed 
by him to the bill H.R. 4350, to authorize appropriations for fiscal 
year 2022 for military activities of the Department of Defense, for 
military construction, and for defense activities of the Department of 
Energy, to prescribe military personnel strengths for such fiscal year, 
and for other purposes; which was ordered to lie on the table; as 
follows:

       At the appropriate place, insert the following:

     SEC. ___. IMPROVEMENTS TO CHIPS.

       Section 9902 of the William M. (Mac) Thornberry National 
     Defense Authorization Act for Fiscal Year 2021 (15 U.S.C. 
     4652) is amended--
       (1) by redesignating subsection (c) as subsection (d); and
       (2) by inserting after subsection (b) the following:
       ``(c) Conditions of Receipt.--
       ``(1) Required agreement.--A covered entity to which the 
     Secretary awards Federal financial assistance under this 
     section shall enter into an agreement that specifies that, 
     during the 5-year period immediately following the award of 
     the Federal financial assistance--
       ``(A) 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 subsection;
       ``(ii) outsource or offshore jobs to a location outside of 
     the United States; or
       ``(iii) abrogate existing collective bargaining agreements; 
     and
       ``(B) the covered entity will remain neutral in any union 
     organizing effort.
       ``(2) Financial protection of government.--
       ``(A) In general.--The Secretary may not award Federal 
     financial assistance to a covered entity under this section, 
     unless--
       ``(i)(I) the covered entity has issued securities that are 
     traded on a national securities exchange; and
       ``(II) 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 clause (i), the Secretary of the 
     Treasury receives, in the discretion of the Secretary of the 
     Treasury--

       ``(I) a warrant or equity interest in the covered entity; 
     or
       ``(II) a senior debt instrument issued by the covered 
     entity.

       ``(B) Terms and conditions.--The terms and conditions of 
     any warrant, equity interest, or senior debt instrument 
     received under subparagraph (A) shall be set by the Secretary 
     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 may sell, 
     exercise, or surrender a warrant or any senior debt 
     instrument received under this subparagraph. The Secretary 
     shall not exercise voting power with respect to any shares of 
     common stock acquired under this subparagraph.
       ``(iii) Sufficiency.--If the Secretary determines that a 
     covered entity cannot feasibly issue warrants or other equity 
     interests as required by this subparagraph, the Secretary may 
     accept a senior debt instrument in an amount and on such 
     terms as the Secretary determines appropriate.''.
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