SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Federal Power Marketing 
Administrations Privatization Act of 1994''.

SEC. 2. PRIVATIZATION OF FEDERAL POWER MARKETING ADMINISTRATIONS.

    (a) Sense of Congress.--It is the sense of Congress that--
            (1) the power generation and transmission facilities of the 
        Federal Power Marketing Administrations should be privatized; 
        and
            (2) the transfer of all property of the Federal Power 
        Marketing Administrations remaining after such privatization 
        should be made to other Federal, State, and local agencies in 
        an orderly and expeditious manner.
    (b) Purposes.--The purposes of this section are--
            (1) to achieve the intention of Congress set forth in 
        subsection (a) by requiring the President to develop a plan--
                    (A) for the sale of the power generating and 
                transmission facilities and equipment of the Federal 
                Power Marketing Administrations to the private sector 
                in groupings that will introduce competition into the 
                generation and sale of electric power;
                    (B) for the transfer to other governmental entities 
                of all property of the Federal Power Marketing 
                Administrations remaining after the sales and transfers 
                described in subparagraph (A); and
                    (C) for the orderly termination of the Federal 
                Power Marketing Administrations after the completion of 
                such sales and transfers; and
            (2) to provide a method for reducing the national debt 
        through the use of the income derived from such sales and 
        transfers.
    (c) Privatization Plan.--
            (1) In general.--Not later than September 30, 1994, the 
        President shall develop and transmit to Congress a plan for 
        transferring, by sale or otherwise, all real property, 
        facilities, and equipment of the Federal Power Marketing 
        Administrations to appropriate public and private entities.
            (2) Contents.--The plan to be developed under paragraph (1) 
        shall include, at a minimum, recommendations (including 
        legislative recommendations) of the President concerning each 
        of the following:
                    (A) Transfer of power facilities and equipment.--
                Transfer by sale of the power generation and 
                transmission facilities and equipment of the Federal 
                Power Marketing Administrations, including real 
                property used in connection with such facilities and 
                equipment, for the purpose of maximizing proceeds from 
                such sales. Such transfers may provide for the sale of 
                generating equipment and facilities to persons other 
                than the persons to whom transmission facilities are 
                sold. Such transfers shall be subject to the following 
                conditions: Former customers of power from the Federal 
                Power Marketing Administrations shall continue to be 
                served and reliability of service shall be ensured by 
                establishing control areas in cooperation with 
                surrounding control areas. Such transfers may provide, 
                to the extent practicable, for the grouping of 
                facilities utilizing different sources of power 
                (including coal-fired, nuclear, and hydroelectric 
                generating facilities) and provide for access to the 
                transmission grids of the Federal Power Marketing 
                Administrations by such groupings to ensure 
                availability of power from different sources and to 
                enhance competition. All outstanding loans associated 
                with such facilities and equipment shall be assumed by 
                the purchasers.
                    (B) Transfer of jurisdictional authority over real 
                property.--Transfer to appropriate governmental 
                departments and agencies, including the National Park 
                Service, of jurisdictional authority over real property 
                which is controlled by the Federal Power Marketing 
                Administrations and which is not transferred under 
                subparagraph (A).
                    (C) Transfer of certain functions.--Transfer to 
                appropriate Federal departments and agencies of 
                functions of the Federal Power Marketing 
                Administrations which are not related to power 
                generation and sale.
                    (D) Termination of federal power marketing 
                administrations.--Termination of the Federal Power 
                Marketing Administrations after the transfers under 
                subparagraphs (A), (B), and (C) have been made.
            (3) Additional requirements.--The plan developed under 
        paragraph (1) shall include--
                    (A) a step-by-step procedure to carry out the sales 
                and transfers described in paragraph (2);
                    (B) a timetable for implementation of each step of 
                the plan;
                    (C) an estimate of the amount of anticipated net 
                proceeds from the sale of assets of the Federal Power 
                Marketing Administrations; and
                    (D) an estimate of the cost of implementing the 
                plan.
Federal Power Marketing Administrations Privatization Act of 1994 - Expresses the sense of the Congress that:  (1) the power generation and transmission facilities of the Federal Power Marketing Administrations should be privatized; and (2) all property remaining after such privatization should be transferred to other governmental agencies. 
Directs the President to transmit to the Congress a plan for transferring all real property, facilities, and equipment of the Federal Power Marketing Administrations to public and private entities.
Federal Power Marketing Administrations Privatization Act of 1994