USEC Privatization Act

Summary: USEC Privatization Act - Amends the Atomic Energy Act of 1954 to exclude from the definition of "production facility" the construction and operation of a uranium enrichment facility using Atomic Vapor Laser Isotope Separation (AVLIS) technology (thus making such a facility eligible for one-step licensing). 
(Sec. 4) States that one of this Act's purposes is to ensure that privatization of the United States Enrichment Corporation (USEC) does not result in any adverse effects on the pension benefits of employees at facilities that are operated in the performance of functions vested in USEC. 
Declares that USEC shall abide by the terms of the collective bargaining agreement in effect on the privatization date at each individual facility. 
Permits employees who transfer to USEC from other Federal employment to transfer their accrued retirement benefits to a USEC retirement system, or to retain their coverage under their existing Federal plan. 
(Sec. 5) Terminates USEC's status as the exclusive marketing agent for the United States for entering into contracts for providing enriched uranium and uranium enrichment and related services. 
Declares that the privatization of USEC shall not affect the terms, rights, or obligations of the parties to any power purchase contracts. Sets forth the effects of the transfer of uranium enrichment contracts.  Declares that the United States shall remain obligated on those contracts during their term. 
States that USEC shall establish prices for its products, materials, and services on a profitmaking basis. 
Prescribes guidelines under which the Department of Energy (DOE) shall accept responsibility for the treatment, disposal and storage of low-level radioactive waste and mixed waste. 
States that as of the privatization date all liabilities and any judgment against the Corporation attributable to the operation of the USEC from the transition date to the privatization date shall be direct liabilities of, and judgments against, the United States. 
Authorizes the Secretary of Energy (the Secretary) to transfer raw and enriched uranium to USEC before the privatization date without charge. 
(Sec. 6) Prescribes guidelines under which:  (1) USEC is authorized to establish a private corporation to implement the privatization of USEC; and (2) USEC privatization may be implemented by means of a transfer of assets and liabilities to such corporation and a merger or consolidation with it.  Prohibits the Secretary from allowing the privatization of USEC by means of a public offering unless the Secretary determines that the estimated gross proceeds from the USEC sale will be an adequate amount. 
Limits to ten percent of the total votes of all outstanding USEC voting securities the number of securities any person may acquire or hold, directly or indirectly, during the three years following any privatization by means of public offering. 
Provides that the proceeds to the U.S, Government from privatization shall be included in the budget baseline and be counted as an offset to direct spending. 
Terminates any USEC license if privatization results in its being owned, controlled or dominated by a foreign entity or otherwise inimical to the security of the United States.    Precludes USEC from implementing the privatization plan less than 60 days after the date that the Comptroller General presents an evaluation of the plan to the Congress. 
(Sec.7) Provides for periodic certification of USEC by the Nuclear Regulatory Commission upon privatization. 
(Sec. 8) Authorizes the licensing of corporation facilities using AVLIS technologies for uranium enrichment.

OF CERTAIN ISSUES.

    ``(a) Corporation Actions.--Notwithstanding any provision of any 
agreement to which the Corporation is a party, the Corporation shall 
not be considered to be in breach, default, or violation of any such 
agreement because of any provision of this chapter or any action the 
Corporation is required to take under this chapter.
    ``(b) Right To Sue Withdrawn.--The United States hereby withdraws 
any stated or implied consent for the United States, or any agent or 
officer of the United States, to be sued by any person for any legal, 
equitable, or other relief with respect to any claim arising out of, or 
resulting from, acts or omissions under this chapter.''.
    (e) Application of Privatization Proceeds.--Chapter 25 (as amended 
by subsection (d)) is amended by adding at the end the following new 
section:

``SEC. 1507. APPLICATION OF PRIVATIZATION PROCEEDS.

    ``The proceeds from the privatization shall be included in the 
budget baseline required by the Balanced Budget and Emergency Deficit 
Control Act of 1985 and shall be counted as an offset to direct 
spending for purposes of section 252 of such Act, notwithstanding 
section 257(e) of such Act.''.
    (f) Conforming Amendment.--The table of contents for chapter 25 is 
amended by inserting after the item for section 1502 the following:

``Sec. 1503. Establishment of Private Corporation.
``Sec. 1504. Ownership Limitations.
``Sec. 1505. Exemption from Liability.
``Sec. 1506. Resolution of Certain Issues.
``Sec. 1507. Application of Privatization Proceeds.''.
    (g) Section 193 (42 U.S.C. 2243) is amended by adding at the end 
the following:
    ``(f) Limitation.--If the privatization of the United States 
Enrichment Corporation results in the Corporation being--
            ``(1) owned, controlled, or dominated by a foreign 
        corporation or a foreign government, or
            ``(2) otherwise inimical to the common defense or security 
        of the United States,
any license held by the Corporation under sections 53 and 63 shall be 
terminated.''.
    (h) Period for Congressional Review.--Section 1502(d) (42 U.S.C. 
2297d-1(d)) is amended by striking ``less than 60 days after 
notification of the Congress'' and inserting ``less than 60 days after 
the date of the report to Congress by the Comptroller General under 
subsection (c)''.

SEC. 7. PERIODIC CERTIFICATION OF COMPLIANCE.

    Section 1701(c)(2) (42 U.S.C. 2297f(c)(2)) is amended by striking 
``Annual application for certificate of compliance.--The Corporation 
shall apply at least annually to the Nuclear Regulatory Commission for 
a certificate of compliance under paragraph (1).'' and inserting 
``Periodic application for certificate of compliance.--The Corporation 
shall apply to the Nuclear Regulatory Commission for a certificate of 
compliance under paragraph (1) periodically, as determined by the 
Nuclear Regulatory Commission, but not less than every 5 years.''.

SEC. 8. LICENSING OF OTHER TECHNOLOGIES.

    Subsection (a) of section 1702 (42 U.S.C. 2297f-1(a)) is amended by 
striking ``other than'' and inserting ``including''.

SEC. 9. CONFORMING AMENDMENTS.

    (a) Repeals in Atomic Energy Act of 1954 as of the Privatization 
Date.--
            (1) Repeals.--As of the privatization date (as defined in 
        section 1201(13) of the Atomic Energy Act of 1954), the 
        following sections (as in effect on such privatization date) of 
        the Atomic Energy Act of 1954 are repealed:
                    (A) Section 1202.
                    (B) Sections 1301 through 1304.
                    (C) Sections 1306 through 1316.
                    (D) Sections 1404 and 1405.
                    (E) Section 1601.
                    (F) Sections 1603 through 1607.
            (2) Conforming amendment.--The table of contents of such 
        Act is amended by repealing the items referring to sections 
        repealed by paragraph (1).
    (b) Statutory Modifications.--As of such privatization date, the 
following shall take effect:
            (1) For purposes of title I of the Atomic Energy Act of 
        1954, all references in such Act to the ``United States 
        Enrichment Corporation'' shall be deemed to be references to 
        the corporation established pursuant to section 1503 of the 
        Atomic Energy Act of 1954 (as added by section 6(a)).
            (2) Section 1018(1) of the Energy Policy Act of 1992 (42 
        U.S.C. 2296b-7(1)) is amended by striking ``the United States'' 
        and all that follows through the period and inserting ``the 
        corporation referred to in section 1201(4) of the Atomic Energy 
        Act of 1954.''.
            (3) Section 9101(3) of title 31, United States Code, is 
        amended by striking subparagraph (N), as added by section 
        902(b) of Public Law 102-486.
    (c) Revision of Section 1305.--As of such privatization date, 
section 1305 of the Atomic Energy Act of 1954 (42 U.S.C 2297b-4) is 
amended--
            (1) by repealing subsections (a), (b), (c), and (d), and
            (2) in subsection (e)--
                    (A) by striking the subsection designation and 
                heading,
                    (B) by redesignating paragraphs (1) and (2) (as 
                added by section 4(a)) as subsections (a) and (b) and 
                by moving the margins 2-ems to the left,
                    (C) by striking paragraph (3), and
                    (D) by redesignating paragraph (4) (as amended by 
                section 4(b)) as subsection (c), and by moving the 
                margins 2-ems to the left.
                                 
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