[Congressional Record Volume 170, Number 113 (Tuesday, July 9, 2024)]
[Senate]
[Page S4304]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 2108. Mr. ROMNEY (for himself and Mrs. Shaheen) submitted an 
amendment intended to be proposed by him to the bill S. 4638, to 
authorize appropriations for fiscal year 2025 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 end of title IX, add the following:

  Subtitle C--Expansion of Authorities of Office of Strategic Capital

     SEC. 931. SHORT TITLE.

       This subtitle may be cited as the ``Investing in Our 
     Defense Act of 2024''.

     SEC. 932. AUTHORIZATION TO MAKE EQUITY INVESTMENTS.

       (a) In General.--Section 149 of title 10, United States 
     Code, as amended by section 913, is further amended--
       (1) by redesignating subsection (e) as subsection (f); and
       (2) by inserting after subsection (d) the following new 
     subsection (e):
       ``(e) Equity Investments.--
       ``(1) In general.--The Office may, as a minority investor, 
     support eligible investments with funds or use other 
     mechanisms for the purpose of purchasing, and may make and 
     fund commitments to purchase, invest in, make pledges in 
     respect of, or otherwise acquire, equity or quasi-equity 
     securities or shares or financial interests of any entity, 
     upon such terms and conditions as the Director may determine.
       ``(2) Limitations on equity investments.--
       ``(A) Per project limit.--The aggregate amount of support 
     provided under this subsection with respect to any eligible 
     investment shall not exceed 20 percent of the aggregate 
     amount of all equity investment made to the project at the 
     time that the Office approves support for the eligible 
     investment.
       ``(B) Total limit.--Support provided under this subsection 
     shall be limited to not more than 35 percent of the aggregate 
     exposure of the Office on the date on which the support is 
     provided.
       ``(3) Sales and liquidation of support.--The Office shall 
     seek to sell and liquidate any support for an eligible 
     investment provided under this subsection as soon as 
     commercially feasible, commensurate with other similar 
     investors in the project and taking into consideration the 
     national security interests of the United States.
       ``(4) Timetable.--The Office shall create an eligible 
     investment-specific timetable for support provided under 
     paragraph (1).
       ``(5) Budgetary treatment of equity investments.--Support 
     provided under this subsection shall constitute a credit 
     program under the Federal Credit Reform Act of 1990 (2 U.S.C. 
     621 et seq.), and the budgetary cost of equity investments 
     shall accordingly be calculated on a net-present basis.''.
       (b) Conforming Amendment.--Subsection (f)(1) of such 
     section, as redesignated by subsection (a), is further 
     amended by inserting ``, equity investment'' after ``loan 
     guarantee''.

     SEC. 933. AUTHORIZATION TO COLLECT FEES FOR PROVIDING CAPITAL 
                   INVESTMENTS.

       Section 149 of title 10, United States Code, as amended by 
     section 932, is further amended--
       (1) by redesignating subsection (f) as subsection (g); and
       (2) by inserting after subsection (e) the following new 
     subsection (f):
       ``(f) Fee Authority.--The Director may charge and collect 
     fees for providing capital assistance in amounts to be 
     determined by the Director. Such fees, once collected, may be 
     used only for the purposes and to the extent provided in 
     advance by appropriations Acts.''.

     SEC. 934. HIRING AUTHORITIES.

       Section 149 of title 10, United States Code, as amended by 
     sections 932 and 933, is further amended--
       (1) by redesignating subsection (g) as subsection (h); and
       (2) by inserting after subsection (f) the following new 
     subsection (g):
       ``(g) Officers and Employees.--
       ``(1) In general.--Except as otherwise provided in this 
     section, officers, employees, and agents of the Office shall 
     be selected and appointed by the Director, and shall be 
     vested with such powers and duties as the Director may 
     determine.
       ``(2) Administratively determined employees.--
       ``(A) Appointment; compensation; removal.--Of officers and 
     employees employed by the Office under paragraph (1), not 
     more than 50 may be appointed, compensated, or removed 
     without regard to title 5.
       ``(B) Reinstatement.--Under such regulations as the 
     Secretary of Defense may prescribe, officers and employees 
     appointed to a position under subparagraph (A) may be 
     entitled, upon removal from such position (unless the removal 
     was for cause), to reinstatement to the position occupied at 
     the time of appointment or to a position of comparable grade 
     and salary.
       ``(C) Additional positions.--Positions authorized by 
     subparagraph (A) shall be in addition to those otherwise 
     authorized by law, including positions authorized under 
     section 5108 of title 5.
       ``(D) Rates of pay for officers and employees.--The 
     Director may set and adjust rates of basic pay for officers 
     and employees appointed under subparagraph (A) without regard 
     to the provisions of chapter 51 or subchapter III of chapter 
     53 of title 5, relating to classification of positions and 
     General Schedule pay rates, respectively.''.
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