Stewardship Endowment Fund Act of 1993

Summary: Stewardship Endowment Fund Act of 1993 - Amends the Energy Policy Act of 1992 to establish in the Treasury a Stewardship Endowment Fund to facilitate the restoration of natural resources in Alaska injured as a result of the EXXON VALDEZ oil spill.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Stewardship Endowment Fund Act of 
1993''.

SEC. 2. FINDINGS, PURPOSE, AND INTENT OF CONGRESS.

    (a) Findings.--Congress finds that--
            (1) for national security purposes, the United States 
        requires steady and secure sources of oil as well as other 
        sources of energy;
            (2) while protecting the oil-producing capabilities of the 
        United States is important, it is also important to protect the 
        environment from which the oil is drawn;
            (3) following the discharge of oil from the T/V EXXON 
        VALDEZ on March 23 and 24, 1989, when the vessel went aground 
        on Bligh Reef in Prince William Sound, Alaska, a settlement was 
        reached;
            (4) under the terms of the Agreement and Consent Decree (as 
        described in section 207 of Public Law 102-229) that the 
        Federal Government and the State of Alaska entered into with 
        the Exxon Corporation, Exxon will pay a total sum of 
        $900,000,000 over a period of 10 years for damages and 
        environmental restoration to the Federal Government and the 
        State of Alaska (referred to in this section as ``settlement 
        funds'');
            (5) the placement of a portion of the settlement funds in a 
        Stewardship Endowment Fund would create a stream of income over 
        and above the initial settlement funds that could be used to 
        meet the needs of environmental restoration over a period that 
        extends beyond the 10-year period specified in paragraph (4);
            (6)(A) catastrophic failures with respect to salmon 
        fisheries in Prince William Sound, and other biological events, 
        indicate an urgent need to carry out long-term 
        multidisciplinary research efforts to enable the full 
        implementation of an effective restoration and enhancement 
        program; and
            (B) the research should fully examine all possible causes 
        of, and solutions to, the problems described in subparagraph 
        (A);
            (7) similar failures with respect to other salmon fisheries 
        and changes in the populations and ratios of other species 
        further indicate that a broad approach to scientific 
        investigation may be necessary to determine whether events in 
        Prince William Sound concerning salmon fisheries may be caused 
        by, or affected by, events in other geographic areas;
            (8) a stable source of research funding is needed in order 
        to provide for long-term research necessary for the successful 
        restoration and enhancement of Prince William Sound; and
            (9) the Endowment Fund referred to in paragraph (5) would 
        facilitate the administration of the settlement funds by the 
        Trustees designated by the President and the Governor of the 
        State of Alaska to act, for the purposes of the Comprehensive 
        Environmental Response, Compensation, and Liability Act of 1980 
        (42 U.S.C. 9601 et seq.) and the Federal Water Pollution 
        Control Act (33 U.S.C. 1251 et seq.), as trustees of natural 
        resources injured, lost, or destroyed as a result of the 
        discharge of oil from the T/V EXXON VALDEZ;
    (b) Purpose.--It is the purpose of this Act to establish in the 
Treasury of the United States a Stewardship Endowment Fund in order to 
create a stream of income that will carry out the purposes specified in 
the Memorandum of Agreement and Consent Decree that the United States 
and the State of Alaska entered into on August 28, 1991, for a period 
that extends beyond the payment period referred to in subsection 
(a)(4).
    (c) Intent of Congress.--It is the intent of Congress that the 
conservative use of settlement funds and earnings from the settlement 
funds should be encouraged in order to provide for the maintenance of 
restoration and enhancement activities for Prince William Sound 
(including providing for long-term scientific studies and ecosystem 
research necessary to support restoration and enhancement activities).

SEC. 3. STEWARDSHIP ENDOWMENT FUND.

    Title XXX of the Energy Policy Act of 1992 (Public Law 102-486) is 
amended by adding at the end the following new section:

``SEC. 3022. STEWARDSHIP ENDOWMENT FUND.

    ``(a) Definitions.--As used in this section:
            ``(1) Agreement and consent decree.--The term `Agreement 
        and Consent Decree' means the Agreement and Consent Decree 
        described in section 207 of Public Law 102-229 (105 Stat. 1715) 
        and approved by the United States District Court for the 
        District of Alaska on October 8, 1991.
            ``(2) Endowment fund.--The term `Endowment Fund' means the 
        Stewardship Endowment Fund established pursuant to subsection 
        (b).
            ``(3) Natural resources.--The term `natural resources' has 
        the meaning given the term in the Agreement and Consent Decree.
            ``(4) Oil spill.--The term `Oil Spill' means the grounding 
        of the T/V EXXON VALDEZ on Bligh Reef in Prince William Sound, 
        Alaska, on March 23 and 24, 1989, and the resulting oil spill.
            ``(5) Restoration.--
                    ``(A) In general.--The term `restoration' means any 
                action, in addition to response and cleanup activities 
                required or authorized by State or Federal law, that 
                endeavors to--
                            ``(i) restore--
                                    ``(I) a natural resource injured, 
                                lost, or destroyed as a result of the 
                                Oil Spill to the pre-spill condition; 
                                and
                                    ``(II) the services provided by the 
                                resource; or
                            ``(ii) replace or substitute for the 
                        injured, lost, or destroyed resources and 
                        affected services.
                    ``(B) Phases of injury included.--The term includes 
                all phases of injury assessment, restoration, 
                replacement, and enhancement of natural resources, and 
                the acquisition of equivalent resources and services.
            ``(6) Secretary.--The term `Secretary' means the Secretary 
        of the Treasury.
            ``(7) Settlement funds.--The term `settlement funds' means 
        the settlement funds established pursuant to the Agreement and 
        Consent Decree.
            ``(8) Trustees.--The term `Trustees' means the officials 
        designated by the President and the Governor of the State of 
        Alaska to act, for the purposes of the Comprehensive 
        Environmental Response, Compensation, and Liability Act of 1980 
        (42 U.S.C. 9601 et seq.) and the Federal Water Pollution 
        Control Act (33 U.S.C. 1251 et seq.), as trustees of natural 
        resources injured, lost, or destroyed as a result of the Oil 
        Spill.
    ``(b) Stewardship Endowment Fund.--
            ``(1) In general.--Notwithstanding any other provision of 
        law, there is established in the Treasury of the United States 
        a Stewardship Endowment Fund to facilitate the restoration of 
        natural resources in Alaska injured as a result of the Oil 
        Spill. The Fund shall consist of such sums as are deposited in 
        the Fund pursuant to paragraph (2) and any interest earned on 
        investments of the Fund pursuant to paragraph (3).
            ``(2) Deposits.--The Trustees may transfer from the 
        settlement funds to the Secretary, for deposit in the Endowment 
        Fund, a portion of the settlement funds.
            ``(3) Investments.--The Secretary, with the unanimous 
        consent of the Trustees, shall invest the corpus and income of 
        the Endowment Fund in federally insured bank savings accounts 
        or comparable interest-bearing accounts, certificates of 
        deposit, money market funds, mutual funds, obligations of the 
        United States, or other instruments and securities (as 
        determined by the Secretary, with the unanimous consent of the 
        Trustees). The Secretary, with the concurrence of the Trustees, 
        shall, to the maximum extent practicable, ensure that the 
        investments made pursuant to this paragraph generate a 
        sufficient amount of income to carry out the purposes referred 
        to in subsection (c)(2)(B).
    ``(c) Withdrawals and Expenditures.--
            ``(1) Corpus prohibition.--A withdrawal or expenditure may 
        be made from the corpus of the Endowment Fund with the 
        unanimous consent of the Trustees.
            ``(2) Permissive withdrawals.--
                    ``(A) In general.--On request of the Trustees, the 
                Secretary shall transfer, at least annually, all or a 
                portion of, the income of the Endowment Fund to the 
                Trustees for expenditure by the Trustees in a manner 
                consistent with subparagraph (B).
                    ``(B) Use of transferred funds.--Funds may be 
                transferred to the Trustees, and expended by the 
                Trustees, only for restoration.''.

SEC. 4. CONFORMING AMENDMENT.

    The table of contents in section 1(b) of the Energy Policy Act of 
1992 (106 Stat. 2776 et seq.) is amended by adding after the item 
relating to section 3021 the following new item:

``Sec. 3022. Stewardship Endowment Fund.''.