Civilian Technology Corporation Act of 1993

Summary: Civilian Technology Corporation Act of 1993 - Establishes the Civilian Technology Corporation to finance precommercial research and development technologies that are significant to the U.S.  technology base. 
Establishes in the Treasury the Civilian Technology Development Fund. 
Directs the President, the Senate, and the House of Representatives to jointly appoint a Corporation review panel which shall report to the President, the Congress, and the Corporation upon completion of its review.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Civilian Technology Corporation Act 
of 1993''.

SEC. 2. ESTABLISHMENT OF CORPORATION.

    (a) In General.--There shall be established a Civilian Technology 
Corporation. The Corporation shall be operated for the purpose of 
providing financial support for precommercial research and development 
into technologies that are significant to the technology base of the 
United States.
    (b) Corporation not an Establishment of the United States.--The 
Corporation shall not be an agency or establishment of the United 
States.
    (c) Privacy Act.--Notwithstanding subsection (b), the Corporation 
shall be treated as an agency for the purposes of section 552a of title 
5, United States Code.

SEC. 3. INCORPORATION.

    The board of directors of the Corporation first appointed shall be 
the incorporators and shall take all necessary actions to establish the 
Corporation, including the filing of articles of incorporation.

SEC. 4. DIRECTORS, OFFICERS, AND EMPLOYEES.

    (a) Board of Directors.--
            (1) Appointment and number.--The Corporation shall have a 
        Board consisting of 9 individuals appointed by the President 
        with the advice and consent of the Senate.
            (2) Qualifications.--The directors of the Corporation shall 
        have the following qualifications:
                    (A) Not more than 5 directors shall be members of 
                the same political party.
                    (B) The directors shall have technical, business, 
                or scientific expertise in civil research and 
                development or expertise in the area of economics.
                    (C) Each director shall be a United States Citizen.
            (3) No conflict of interest.--A director may not 
        participate in the deliberations on, or vote on, a matter 
        regarding an application, claim, or other matter pending before 
        the Corporation, if, to his knowledge, he, his spouse, minor 
        child, parent, sibling, partner, or organization, other than 
        the Corporation, in which he is serving as an officer, 
        director, trustee, partner, or employee, or any person with 
        whom he is negotiating or has any arrangement concerning 
        prospective employment, has a financial interest in the matter. 
        A director who violates this paragraph shall be subject to 
        removal from the Board, but such a violation shall not impair, 
        nullify, or otherwise affect the validity of any otherwise 
        lawful action by the Corporation in which such director 
        participated.
            (4) Compensation.--The compensation of the Board shall be 
        determined by the President with the advice and consent of the 
        Senate.
            (5) Terms and vacancies.--Members of the Board shall serve 
        terms of 5 years, and may serve a maximum of two terms. Any 
        vacancy in the membership of the Board shall be filled in the 
        manner set forth in paragraph (1).
            (6) No federal employees.--An individual who is a member of 
        the Congress, or an officer or employee of the United States, 
        may not serve on the Board.
            (7) Chairperson and vice-chairperson.--The Chairperson and 
        Vice-Chairperson of the Board shall be selected by the 
        President. The position of Chairperson shall be a full-time 
        position and the individual who serves as Chairperson may not 
        serve in any other salaried position.
            (8) Bylaws.--The Board is empowered to adopt and amend 
        bylaws governing the operation of the Corporation. Such bylaws 
        shall not be inconsistent with the provisions of this Act or 
        the articles of incorporation of the Corporation.
    (b) Officers and Employees.--
            (1) Appointment.--The Board shall appoint a chief executive 
        officer, who shall have the authority to appoint such other 
        officers and employees as he deems necessary to carry out the 
        provisions of this Act and the functions of the Corporation.
            (2) Qualifications.--Officers and employees of the 
        Corporation shall have technical, business, or administrative 
        expertise in civil research and development or expertise in the 
        area of economics.
            (3) No conflict of interest.--An officer or employee may 
        not participate in a matter regarding an application, claim, or 
        other matter pending before the Corporation, if, to his 
        knowledge, he, his spouse, minor child, partner, or 
        organization, other than the Corporation, in which he is 
        serving as an officer, director, trustee, partner, or employee, 
        or any person with whom he is negotiating or has any 
        arrangement concerning prospective employment, has a financial 
        interest in the matter. An officer or employee who violates 
        this paragraph shall be subject to termination, but such a 
        violation shall not impair, nullify, or otherwise affect the 
        validity of any otherwise lawful action by the Corporation in 
        which such officer or employee participated.
            (4) Compensation.--The rates of compensation for all 
        officers and employees shall be fixed by the chief executive 
        officer.
            (5) Tenure.--Officers and employees shall serve at the 
        pleasure of the Board.

SEC. 5. GENERAL POWERS.

    The Corporation shall have the power to do the following:
            (1) Have succession in the name of the Corporation.
            (2) Adopt, alter, and use a corporate seal.
            (3) Sue and be sued in the name of the Corporation.
            (4) Make and carry out contracts.
            (5) Exercise such other incidental powers not inconsistent 
        with this Act that are necessary or appropriate to carry out 
        the purposes and functions of the Corporation, including the 
        usual powers conferred upon a corporation by the District of 
        Columbia Business Corporation Act.

SEC. 6. CIVILIAN TECHNOLOGY DEVELOPMENT FUND.

    (a) Establishment of Fund.--There is established in the Treasury of 
the United States the Civilian Technology Development Fund. The Fund 
shall be administered by the Corporation in order to carry out the 
purposes of this Act. The Fund shall consist of the amounts 
appropriated under subsection (b).
    (b) Authorization of Appropriation.--There is authorized to be 
appropriated $5,000,000,000 to be deposited into the Fund and to remain 
available until expended.
    (c) Expenditures From the Fund.--
            (1) In general.--Amounts in the Fund shall be made 
        available without fiscal year limitation to the Corporation for 
        the purposes of providing financial support, through direct 
        investment, loans, licenses, equity positions, and joint 
        venture partnerships, to United States based consortia, private 
        United States businesses with promising research agendas, and 
        educational institutions participating in joint research 
        projects with private United States businesses, for 
        precommercial research and development in technologies that are 
        significant to the technology base of the United States. In 
        providing such financial support, the Corporation shall--
                    (A) invest in areas where the social rate of return 
                is expected to be high but where individual firms or 
                consortia are unlikely to invest because the economic 
                rate of return is expected to be low;
                    (B) invest in precommercial areas where the social 
                rate of return on investments is expected to be higher 
                than the expected rate of return in the private sector, 
                including research and development projects that appear 
                to have the potential to enhance productivity and long-
                term economic growth;
                    (C) invest exclusively in projects that were 
                initiated by industry and that include industry 
                participation; and
                    (D) except as provided in paragraph (2)(B), invest 
                in a project only if the Corporation shall be obligated 
                to contribute not more than 50 percent of the cost of 
                such project.
            (2) Board approval.--
                    (A) In general.--No expenditures shall be made 
                under this subsection unless approved by a majority 
                vote of the Board following a consideration of the 
                factors referred to in paragraph (1).
                    (B) Increased contribution.--Notwithstanding 
                paragraph (1)(D), the Corporation may contribute more 
                than 50 percent of the cost of a project if the Board 
                approves such a contribution by a two-thirds vote.
    (d) Investment of Excess Funds.--If the Corporation determines that 
the amount of money in the Fund exceeds the current requirements of the 
Corporation, the Corporation may direct the Secretary of the Treasury 
to invest such amounts as the Corporation deems advisable, for such 
period as the Corporation directs, in obligations of the United States, 
in obligations guaranteed by the United States Government, or in such 
other obligations or securities of the United States as the Secretary 
of the Treasury deems appropriate.

SEC. 7. CONSULTATION WITH FEDERAL AGENCIES AND DEPARTMENTS, AND WITH 
              PRIVATE PARTIES.

    (a) Consultation With Federal Agencies.--In carrying out this Act, 
the Board and the Corporation shall consult frequently with the 
following Federal agencies and departments: the Office of Management 
and Budget, the Department of Energy, the Department of Defense, the 
National Science Foundation, and the Office of Science and Technology 
Policy.
    (b) Consultation With Private Parties.--In carrying out this Act, 
the Board and the Corporation shall solicit comments from private 
parties, including representatives of both industry and labor 
organizations.

SEC. 8. REVIEW OF CORPORATION BY BLUE RIBBON PANEL.

    (a) Appointment of Panel.--Not later than 90 days after the 
President and the Congress have received the report under section 
10(b), the President, the Senate, and the House of Representatives 
shall jointly appoint a panel to carry out the review referred to in 
subsection (b). The President shall appoint 3 members of the panel, the 
Senate shall appoint 3 members of the panel, and the House of 
Representatives shall appoint 3 members of the panel.
    (b) Review by Panel.--Not later than 9 years after the date of 
enactment of this Act, the panel shall conduct a review of the 
performance of the Corporation to determine whether the Corporation--
            (1) has had an overall positive effect on the ability of 
        the ability of United States industry to commercialize and 
        adopt new technologies;
            (2) has invested in projects that exhibited a high 
        potential social rate of return if successful;
            (3) has elicited strong, continuing support in the private 
        sector, particularly as reflected in the willingness of firms 
        to fund cooperative research and development projects carried 
        out under the sponsorship of the Corporation; and
            (4) should be terminated.
    (c) Report.--Upon completion of the review referred to in 
subsection (b), the panel shall submit a report to the President, the 
Congress, and the Corporation. If the panel determines that the 
Corporation should be terminated, the report shall include a 
recommended termination date.

SEC. 9. AUDIT BY COMPTROLLER GENERAL.

    The Comptroller General of the United States is authorized to audit 
the financial transactions of the Corporation, including the operations 
of the Fund. For the purposes of carrying out such an audit, the 
Comptroller General shall have access to all books, records, and 
property belonging to, or in the possession of, the Corporation or a 
person or entity which has entered into a financial relationship with 
the Corporation, which pertain to the Corporation and which are 
necessary to carry out the audit. The Comptroller General shall make a 
report of each such audit to the Congress and the President.

SEC. 10. REPORTS.

    (a) Initial Report.--The Corporation shall, after the completion of 
the 4th year after the date of enactment of this Act, submit a report 
to the President and the Congress concerning the activities of the 
Corporation in carrying out the purposes of this Act. Such report shall 
include a description of the activities, expenditures, and investments 
of the Corporation, an analysis of the social rate of return of 
projects in which the Corporation participated, and projections of 
future activities, expenditures, and investments.
    (b) Prereview Report.--The Corporation shall, not later than 8 
years after the date of enactment of this Act, submit a report to the 
President and the Congress. Such report shall contain the type of 
information referred to in subsection (a).

SEC. 11. ADMINISTRATION.

    (a) Hearings.--The Board may hold such hearings, sit and act at 
such times and places, take such testimony, receive such evidence, and 
publish or otherwise distribute so much of its proceedings and reports 
as it may deem advisable.
    (b) Office Space and Equipment.--The Board may acquire, furnish, 
and equip such office space as it determines necessary.
    (c) Mails.--The Board is authorized to use the United States mails 
in the same manner and upon the same conditions as Federal departments 
and agencies.
    (d) Necessary Expenses.--The Board may incur such necessary 
expenses and exercise such powers as are consistent and reasonably 
required to perform its functions.
    (e) Records.--To the extent permitted by law, all appropriate 
records and papers of the Board shall be made available for public 
inspection.
    (f) Aid From Federal Agencies.--Upon the request of the Board, the 
head of a Federal department or agency is authorized to--
            (1) furnish to the Board such information as the Board 
        deems necessary for carrying out its functions and as is 
        available to the agency; and
            (2) detail for temporary duty, on a reimbursable basis, 
        such personnel as the Board deems necessary to carry out its 
        functions.
    (g) Meetings.--
            (1) Number.--The Board shall meet quarterly each year, and 
        may meet additional times at the call of the Chairperson.
            (2) Quorum.--A majority of the members of the Board shall 
        constitute a quorum.
            (3) Open to public.--All meetings of the Board held to 
        conduct official business of the Corporation shall be open to 
        the public following reasonable public notice, except that the 
        Board may close a meeting to the public if the Board determines 
        by a majority vote, at a meeting open to the public, that it is 
        necessary to close such meeting.

SEC. 12. MISCELLANEOUS PROVISIONS.

    (a) Jurisdiction.--
            (1) In general.--Whenever the Corporation is a party to any 
        civil action under this Act, such action shall be deemed to 
        arise under the laws of the United States. No attachment or 
        execution may be issued against the Corporation, or any 
        property thereof, prior to entry of final judgment.
            (2) Citizenship of corporation.--The Corporation shall be 
        deemed to be a citizen only of the District of Columbia for the 
        purpose of determining the original jurisdiction of the 
        district courts of the United States in civil actions to which 
        the Corporation is a party.
    (b) District of Columbia Laws Relating to Leases and Contracts.--
Leases and contracts entered into by the Corporation, regardless of the 
place where such leases or contracts may be executed, shall be governed 
by the laws of the District of Columbia.
    (c) Business Activity and Qualification; District of Columbia as 
Principal Office and Place of Business for Process.--The Corporation 
shall be deemed to be qualified to do business in each State in which 
it performs any activity authorized under this Act. The Corporation 
shall accept service of process addressed by certified mail to the 
secretary of the Corporation at its principal office and place of 
business in Washington, District of Columbia.

SEC. 13. DEFINITIONS.

    For purposes of this Act:
            (1) The term ``Board'' means the board of directors of the 
        Civilian Technology Corporation.
            (2) The term ``Corporation'' means the Civilian Technology 
        Corporation established under sections 2 and 3.
            (3) The term ``Fund'' means the Civilian Technology 
        Development Fund established by section 6.
            (4) The term ``panel'' means the panel established by 
        section 8.