To authorize the establishment of a National Center for Learning Science and Technology Trust Fund.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Revolutionizing Education Through 
Digital Investment Act of 2007''.

SEC. 2. NATIONAL CENTER FOR LEARNING SCIENCE AND TECHNOLOGY TRUST FUND.

    (a) Establishment.--There is established a nonprofit corporation to 
be known as the ``National Center for Learning Science and Technology'' 
(referred to in this Act as the ``Center'') which shall not be an 
agency or establishment of the United States Government. The Center 
shall be subject to the provisions of this section, and, to the extent 
consistent with this section, to the District of Columbia Nonprofit 
Corporation Act (D.C. Code, section 29-501 et seq.).
    (b) Funding.--
            (1) In general.--There is established in the Treasury a 
        separate fund to be known as the ``National Center for Learning 
        Science and Technology Trust Fund'' (referred to in this Act as 
        the ``Trust Fund''). The Trust Fund shall contain such amounts 
        as are credited to the Trust Fund under paragraph (2) and other 
        funds obtained under paragraph (3).
            (2) Authorization of appropriations.--There are authorized 
        to be appropriated to the Trust Fund such sums as may be 
        necessary for the fiscal years 2008 through 2012.
            (3) Additional funds.--The Trust Fund is authorized--
                    (A) to accept funds from any Federal agency or 
                entity;
                    (B) to accept, hold, administer, invest, and spend 
                any gift, devise, or bequest of real or personal 
                property made to the Center; and
                    (C) to enter into contracts with individuals, 
                public or private organizations, professional 
                societies, and government agencies for the purpose of 
                carrying out the functions of the Center.
    (c) Board of Directors; Functions, and Duties.--
            (1) In general.--A board of directors of the Center 
        (referred to in this Act as the ``Board'') shall be established 
        to oversee the administration of the Center. Such Board shall 
        consist of 9 members to be appointed by the Secretary of 
        Education, who--
                    (A) reflect representation from the public and 
                private sectors; and
                    (B) shall provide, as nearly as practicable, a 
                broad representation of various regions of the United 
                States, various professions and occupations, and 
                various kinds of talent and experience appropriate to 
                the functions and responsibilities of the Center.
            (2) Organization and operation.--The board shall 
        incorporate and operate the center in accordance with the laws 
        governing tax exempt organizations in the District of Columbia.
    (d) Trust Fund Uses.--
            (1) Uses of funds.--To achieve the objectives of this Act, 
        the Director of the Center, after consultation with the Board, 
        may use Trust funds--
                    (A) to support basic and applied research 
                development and demonstrations of innovative learning 
                and assessment systems as well as the components and 
                tools needed to create them;
                    (B) to support the testing and evaluation of these 
                systems; and
                    (C) to encourage the widespread adoption and use of 
                effective approaches to learning.
            (2) Contracts and grants.--
                    (A) In general.--In order to carry out the 
                activities described in paragraph (1), the Director of 
                the Center, with the agreement of a majority of the 
                members of the Board, may award contracts and grants to 
                colleges and universities, museums, libraries, public 
                broadcasting entities and similar nonprofit 
                organizations and public institutions (with or without 
                private partners).
                    (B) Public domain.--
                            (i) In general.--The research and 
                        development properties and materials associated 
                        with a project in which a majority of the 
                        funding used to carry out the project is from a 
                        grant or contract under this Act shall be 
                        freely and nonexclusively available to the 
                        general public in a timely manner.
                            (ii) Exemption.--The Director of the Center 
                        may exempt specific projects from the 
                        requirement of clause (i) if the Director of 
                        the Center and a majority of the members of the 
                        Board determine that the general public will 
                        benefit significantly due to the project not 
                        being freely and nonexclusively available to 
                        the general public in a timely manner.
                    (C) Peer review.--To the extent practicable, 
                proposals for grants or contracts shall be evaluated on 
                the basis of comparative merit by panels of experts who 
                represent diverse interests and perspectives, and who 
                are appointed by the Director of the Center from 
                recommendations from the fields served and from the 
                Board of Directors.
    (e) Accountability and Reporting.--
            (1) Report.--
                    (A) In general.--Not later than April 30 of each 
                year, the Director of the Center shall prepare a report 
                for the preceding fiscal year that contains the 
                information described in subparagraph (B).
                    (B) Contents.--A report under subparagraph (A) 
                shall include--
                            (i) a comprehensive and detailed report of 
                        the Center's operations, activities, financial 
                        condition, and accomplishments, and such 
                        recommendations as the Director of the Center 
                        determines appropriate;
                            (ii) a comprehensive and detailed inventory 
                        of funds distributed from the Trust Fund during 
                        the fiscal year for which the report is being 
                        prepared; and
                            (iii) an independent audit of the Trust 
                        Fund's finances and operations, and of the 
                        implementation of the goals established by the 
                        Board.
                    (C) Statement of the board.--Each report under 
                subparagraph (A) shall include a statement from the 
                Board containing--
                            (i) a clear description of the plans and 
                        priorities of the Board for the subsequent 5-
                        year period for expenditures from the Trust 
                        Fund; and
                            (ii) an estimate of the funds that will be 
                        available for such expenditures from the Trust 
                        Fund.
                    (D) Submission to the president and congress.--A 
                report under this subsection shall be submitted to the 
                President and the Committee on Education and Labor of 
                the House of Representatives and the Committee on 
                Health, Education, Labor, and Pensions of the Senate.
            (2) Testimony.--The Director and principal officers of the 
        Center shall testify before the appropriate committees of 
        Congress, upon request of such committees, with respect to--
                    (A) a report prepared under paragraph (1)(A); and
                    (B) any other matter that such committees may 
                determine appropriate.
    (f) Use of Funds Subject to Appropriations.--The authority to make 
grants or enter into contracts or otherwise to expend funds under this 
section is subject to such amounts as are provided in advance in 
appropriations Acts.

Summary: Revolutionizing Education Through Digital Investment Act of 2007 - Establishes a National Center for Learning Science and Technology . Establishes in the Treasury the National Center for Learning Science and Technology Trust Fund, the amounts of which may be used for: (1) supporting basic and applied research development and demonstrations of innovative learning and assessment systems and the components and tools needed to create them, (2) supporting the testing and evaluation of those systems. And (3) encouraging the widespread adoption and use of effective approaches to learning. Creates a board of directors for the Center to oversee the administration of the Center. Authorizes the Director of the Center to award contracts and grants to colleges and universities, museums, libraries, public broadcasting entities and similar nonprofits and public institutions . Requires: (1) the Director to submit, to the President and specified congressional committees, an annual report which shall include a statement from the Board of its plans and priorities for expenditures and an estimate of funds that will be available for such expenditures from the Trust Fund. And (2) the Director and the Center's principal officers to testify to appropriate congressional committees about such reports and any other appropriate matters.