[Congressional Record Volume 168, Number 53 (Thursday, March 24, 2022)]
[Senate]
[Pages S1778-S1779]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 5011. Mr. SANDERS (for himself, Ms. Warren, and Ms. Baldwin) 
submitted an amendment intended to be

[[Page S1779]]

proposed to amendment SA 5002 proposed by Mr. Schumer to the bill H.R. 
4521, to provide for a coordinated Federal research initiative to 
ensure continued United States leadership in engineering biology; which 
was ordered to lie on the table; as follows:

        At the end of section 1002(a), add 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 (15 
     U.S.C. 4652) 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; or
       (III) abrogate existing collective bargaining agreements; 
     and

       (ii) the covered entity will 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 (15 U.S.C. 
     4652) 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.
       (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.

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