I

104TH CONGRESS

1ST SESSION H. R. 1845

To establish the Professional Boxing Corporation, and for other purposes.

IN THE HOUSE OF REPRESENTATIVES

JUNE 14, 1995

Mr. OWENS introduced the following bill; which was referred to the Committee

on Economic and Educational Opportunities, and in addition to the Committee on Commerce, for a period to be subsequently determined by the

Speaker, in each case for consideration of such provisions as fall within

the jurisdiction of the committee concerned

A BILL

To establish the Professional Boxing Corporation, and for

other purposes.

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled,

3 SECTION 1. SHORT TITLE.

4 This Act may be cited as the ‘‘Boxing Safety, Retire5 ment, and Retraining Act of 1995’’.

6 SEC. 2. FINDINGS.

7 Congress finds that—
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1 (1) professional boxing is beset with wide-rang2 ing problems which are beyond the scope of the cur3 rent system of State regulation;

4 (2) the rules governing professional boxing and

5 the enforcement of such rules varies widely among

6 the States;

7 (3) boxing, unlike other professional sports,

8 does not have an entity by which the sport can be

9 successfully regulated, nor is there a prospect of

10 meaningful self-regulation;

11 (4) the problems currently facing professional

12 boxing are exploitation of boxers, conflicts of inter13 est, questionable judging, and corruption, including

14 the influence of organized crime; and

15 (5) such problems endanger the health, safety,

16 and welfare of boxers and undermine the sport’s

17 credibility with the public.

18 SEC. 3. PURPOSE.

19 The purpose of this Act is to establish a national or20 ganization which will work with State boxing authorities

21 to establish and enforce uniform rules and regulations for

22 professional boxing in order to protect the health and safe23 ty of boxers and to ensure fairness in the sport.
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1 SEC. 4. DEFINITIONS.

2 For purposes of this Act, the following definitions

3 apply:

4 (1) BOARD.—The term ‘‘Board’’ means the

5 Professional Boxing Advisory Board established

6 under section 7(a).

7 (2) BOXING MATCH.—The term ‘‘boxing

8 match’’ means a professional boxing match, or any

9 part thereof, which is held within the United States

10 and does not include an amateur boxing match.

11 (3) CORPORATION.—The term ‘‘Corporation’’

12 means the Professional Boxing Corporation estab13 lished under section 5(a).

14 (4) EXECUTIVE DIRECTOR.—The term ‘‘Execu15 tive Director’’ means the Executive Director of the

16 Corporation.

17 (5) FUND.—The term ‘‘Fund’’ means the Pro18 fessional Boxing Corporation Trust Fund estab19 lished under section 12(a).

20 (6) PROMOTER.—The term ‘‘promoter’’ means

21 any person licensed under this Act to hold, give, or

22 otherwise conduct a boxing match, program, or exhi23 bition.

24 (7) SECRETARY.—The term ‘‘Secretary’’ means

25 the Secretary of the Treasury.
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1 (8) STATE.—The term ‘‘State’’ means any

2 State of the United States, the District of Columbia,

3 American Samoa, the Federated States of Microne4 sia, Guam, the Republic of the Marshall Islands, the

5 Commonwealth of the Northern Mariana Islands,

6 the Commonwealth of Puerto Rico, Palau, and the

7 Virgin Islands.

8 (9) STATE BOXING AUTHORITY.—The term

9 ‘‘State boxing authority’’ means a State agency with

10 authority to regulate professional boxing.

11 SEC. 5. ESTABLISHMENT OF PROFESSIONAL BOXING COR12 PORATION.

13 (a) IN GENERAL.—There is established the Profes14 sional Boxing Corporation which shall be a Government

15 corporation as defined under section 103 of title 5, United

16 States Code.

17 (b) PRINCIPAL OFFICE.—The Corporation estab18 lished under subsection (a) shall maintain its principal of19 fice in the District of Columbia.

20 SEC. 6. EXECUTIVE DIRECTOR OF CORPORATION.

21 (a) EXECUTIVE DIRECTOR.—The Corporation shall

22 be administered by an Executive Director who shall be ap23 pointed by the President by and with the advice and con24 sent of the Senate.
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1 (b) EXECUTIVE SCHEDULE LEVEL III POSITION.—

2 Section 5314 of title 5, United States Code, is amended

3 by adding at the end the following:

4 ‘‘Executive Director of the Professional Boxing

5 Corporation.’’.

6 SEC. 7. PROFESSIONAL BOXING ADVISORY BOARD.

7 (a) ESTABLISHMENT.—There is established an advi8 sory board to be known as the Professional Boxing Advi9 sory Board.

10 (b) DUTIES.—The Board shall—

11 (1) make recommendations to the Corporation

12 to most effectively and efficiently carry out the pro13 visions of this Act; and

14 (2) in conjunction with the Executive Director,

15 contact each State boxing authority and encourage

16 the establishment of a Congress of State Boxing Ad17 ministrators which shall—

18 (A) advise the Board and the Corporation

19 in all matters relating to the operation and ad20 ministration of professional boxing;

21 (B) meet at least annually and be com22 posed of one voting member from each State or

23 local agency responsible for regulating profes24 sional boxing in such State or locality;
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1 (C) establish, from within the membership

2 of the Congress of State Boxing Administra3 tors—

4 (i) a committee to review—

5 (I) the rules of professional box6 ing;

7 (II) the health and safety of pro8 fessional boxers;

9 (III) the licensing of professional

10 boxers, judges, and referees;

11 (IV) the registration of profes12 sional boxing promoters, match13 makers, managers, trainers, cut men,

14 physicians, and other individuals de15 termined by the Corporation to have a

16 significant role in professional boxing;

17 and

18 (V) life insurance and health in19 surance benefits for the individuals re20 ferred to in subclauses (III) and (IV);

21 and

22 (ii) any other committees considered

23 necessary by such Congress;
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1 (D) approve or disapprove recommenda2 tions to the full Congress made by such com3 mittees; and

4 (E) transmit approved recommendations of

5 such Congress to the Board and the Corpora6 tion.

7 (c) MEMBERSHIP.—The Board shall be composed of

8 5 members, to be appointed by the Executive Director, of

9 whom—

10 (1) one shall be an acting State athletic or box11 ing commissioner;

12 (2) one shall be a physician certified in neuro13 surgery;

14 (3) one shall be a representative of the United

15 States Amateur Boxing Association; and

16 (4) two shall be individuals with an interest in

17 and knowledge of the sport of boxing.

18 (d) QUALIFICATIONS.—Each member of the Board—

19 (1) shall be a citizen of the United States;

20 (2) shall be an individual who, from business,

21 professional, or other background, training, experi22 ence, or activities outside the business of profes23 sional boxing and its related activities, has a broad

24 understanding of the relationship between profes-
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1 sional boxing, both as a sport and as a business, and

2 the public interest; and

3 (3) shall not, during service as a member of the

4 Board, be engaged as a professional boxer, boxing

5 promoter, agent, fight manager, matchmaker, ref6 eree, judge, or in any other capacity in the conduct

7 of the business of professional boxing or have any

8 pecuniary interest in the earnings of any boxer or

9 the proceeds or outcome of any boxing match.

10 (e) TERMS.—Each member of the Board shall be ap11 pointed to a 5-year term.

12 (f) COMPENSATION.—

13 (1) IN GENERAL.—Except as provided in para14 graph (2), each member of the Board shall be com15 pensated at a rate equal to the daily equivalent of

16 the annual rate of basic pay payable for level V of

17 the Executive Schedule under section 5316 of title

18 5, United States Code, for each day (including travel

19 time) during which such member is engaged in the

20 performance of the duties of the Board.

21 (2) PROHIBITION OF COMPENSATION OF FED22 ERAL EMPLOYEES.—Except as provided in para23 graph (3), members of the Board who are officers or

24 employees of the United States may not receive ad-
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1 ditional pay, allowances, or benefits by reason of

2 their service on the Board.

3 (3) TRAVEL EXPENSES.—Each member of the

4 Board shall receive travel expenses, including per

5 diem in lieu of subsistence, in accordance with sec6 tions 5702 and 5703 of title 5, United States Code.

7 (g) INITIAL APPOINTMENTS.—Initial appointments

8 under subsection (c) shall be made not later than 60 days

9 after the effective date of this Act.

10 (h) VACANCIES.—If any member of the Board is un11 able to serve a full term of office or becomes unqualified

12 to serve in such position, a new member shall be appointed

13 to serve the remainder of such term of office in the same

14 manner in which the original appointment was made.

15 (i) CHAIRMAN.—The Executive Director shall ap16 point one of the members of the Board to serve as Chair17 man of the Board.

18 (j) INITIAL MEETING.—The initial meeting of the

19 Board shall be held not later than 90 days after the effec20 tive date of this Act.

21 (k) QUORUM.—Three members of the Board shall

22 constitute a quorum.

23 (l) STAFF AND SERVICES.—The Corporation shall

24 provide all necessary staff and support services for the

25 Board.
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1 SEC. 8. FUNCTIONS OF CORPORATION.

2 (a) NATIONAL COMPUTER DATA BASE.—The Cor3 poration shall establish and provide a unified national

4 computer data base source for the collection, storage, and

5 retrieval of information relating to professional boxing,

6 which may include—

7 (1) a list of professional boxers and business as8 sociates of such boxers;

9 (2) the medical records, won-loss records, size,

10 and weight of such boxers; and

11 (3) information relating to professional boxing

12 promoters, matchmakers, managers, trainers, cut

13 men, referees, judges, physicians, and any other in14 dividual determined by the Corporation to have a

15 significant role in professional boxing.

16 (b) LICENSING OF PROFESSIONAL BOXERS, JUDGES,

17 AND REFEREES.—The Corporation shall issue a license,

18 either through State boxing authorities or through the

19 manner determined most appropriate by the Corporation,

20 on an annual renewable basis, to each professional boxer,

21 judge, and referee who meets the minimum standards es22 tablished by the Corporation (including the minimum

23 standards and procedures for physical and mental exami24 nations established pursuant to subsection (e)(3)) and

25 shall issue for licensed boxers an accurate record of their
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1 medical history, biographical information, and won-loss

2 boxing record.

3 (c) CERTIFICATE OF REGISTRATION FOR OTHER IN4 DIVIDUALS INVOLVED IN PROFESSIONAL BOXING.—The

5 Corporation shall issue a certificate of registration, either

6 through State boxing authorities or through the manner

7 determined most appropriate by the Corporation, at least

8 every 3 years, to each professional boxing promoter,

9 matchmaker, manager, trainer, cut man, physician, and

10 any other individual determined by the Corporation to

11 have a significant role in professional boxing, who meets

12 the minimum standards established by the Corporation.

13 (d) LICENSE AND REGISTRATION FEES.—The Cor14 poration may establish and charge licensing and registra15 tion fees for the individuals described in subsections (b)

16 and (c). Fees paid by promoters may be derived from

17 gross receipts from boxing matches. Such fees may be col18 lected through State boxing authorities or through the

19 manner determined most appropriate by the Corporation.

20 All such fees shall be deposited in the General Treasury

21 of the United States.

22 (e) ADDITIONAL FUNCTIONS.—In addition to the

23 functions described under subsections (a) through (d), the

24 Corporation shall—
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1 (1) prescribe regulations for professional boxing

2 to ensure the health and safety of participants;

3 (2) prescribe regulations requiring a copy of

4 any contract for a boxing match to be filed with the

5 Corporation not later than 30 days before such

6 match for review by the Corporation;

7 (3) establish minimum standards and proce8 dures for physical and mental examinations to be

9 given to professional boxers;

10 (4) establish minimum standards for the avail11 ability of medical services at boxing matches;

12 (5) establish a life, pension, accident, and

13 health insurance fund for professional boxers,

14 judges, referees, boxing promoters, matchmakers,

15 managers, trainers, cut men, physicians, and other

16 individuals determined by the Corporation to have a

17 significant role in professional boxing;

18 (6) establish minimum standards for the manu19 facturing and use of boxing equipment;

20 (7) to the extent practicable, conduct discus21 sions and enter into agreements with foreign boxing

22 entities on methods for applying minimum health

23 and safety standards to foreign boxing matches;

24 (8) review State boxing authority regulations

25 for professional boxing and provide assistance to
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1 such authorities in meeting the minimum standards

2 and requirements established by the Corporation for

3 professional boxing;

4 (9) prescribe regulations that establish univer5 sal standards for contracts between boxers and pro6 moters;

7 (10) prescribe regulations to establish stand8 ards relating to the telecasting of boxing matches;

9 (11) prescribe regulations prohibiting conflicts

10 of interest relating to boxing matches; and

11 (12) establish a program for job training and

12 occupational therapy for former professional boxers.

13 (f) SUSPENSION AND REVOCATION OF LICENSE OR

14 REGISTRATION.—

15 (1) IN GENERAL.—The Corporation may sus16 pend or revoke any license issued under subsection

17 (b) or certificate of registration issued under sub18 section (c) if the Corporation finds—

19 (A) such suspension or revocation is in the

20 public interest; and

21 (B) there is reasonable grounds for belief

22 that standards prescribed by the Corporation

23 under this section are not being met, or that

24 bribery, collusion, intentional losing, racketeer25 ing, extortion, or the use of unlawful threats,
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1 coercion, or intimidation have been used in con2 nection with such licensing or registration.

3 (2) TIME PERIOD.—Any suspension of a license

4 or registration under this section shall be for a pe5 riod of not less than 6 months.

6 (g) PROHIBITORY ORDERS.—

7 (1) IN GENERAL.—Subject to paragraph (2),

8 the Corporation may, after appropriate notice and

9 opportunity for hearing, by order prohibit the hold10 ing of any proposed boxing match, and where appli11 cable, the telecasting of such match, if it finds such

12 prohibition is in the public interest and that—

13 (A) any contract, arrangement, or agree14 ment with respect to such match does not con15 form to the standards prescribed by the Cor16 poration;

17 (B) such match, or any participant in such

18 match, is not licensed or registered as provided

19 under subsections (b) and (c); or

20 (C) there is reasonable grounds for belief

21 that such match may be affected by bribery,

22 collusion, intentional losing, racketeering, extor23 tion, or the use of unlawful threats, coercion,

24 intimidation or violence.

25 (2) SUMMARY PROHIBITION.—
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1 (A) IN GENERAL.—At or after the date on

2 which notice of any proceeding under paragraph

3 (1) is sent or ordered by the Corporation to be

4 published, regardless of whether or not any per5 son to be affected by such proceeding has re6 ceived such notice, the Corporation may by

7 order, without notice or hearing, summarily

8 prohibit the holding of the boxing match in

9 question pending final disposition of the pro10 ceeding by the Corporation, or for such shorter

11 period as the Corporation considers appro12 priate. The Corporation shall make such an

13 order if in its judgment such action is in the

14 public interest and necessary to carry out the

15 purposes of this Act.

16 (B) LIABILITY.—No liability shall attach

17 to any person by virtue of a summary order is18 sued under this subsection unless such person

19 has actual notice thereof.

20 (h) INVESTIGATIONS AND INJUNCTIONS.—

21 (1) INVESTIGATIONS.—

22 (A) IN GENERAL.—The Corporation may

23 investigate any facts, conditions, practices, or

24 matters which it may determine necessary or

25 proper to aid—
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1 (i) in the enforcement of the provi2 sions of this Act, including investigations

3 as the Corporation considers necessary to

4 determine whether any person has violated

5 or is about to violate any provision of this

6 Act or any rule or regulation prescribed

7 pursuant to this Act (and the Corporation

8 may require or permit any person to file

9 with it a statement in writing, under oath

10 or otherwise as the Corporation shall de11 termine, as to all the facts and cir12 cumstances concerning the matter to be in13 vestigated);

14 (ii) in the prescribing of rules and

15 regulations under this Act; and

16 (iii) in securing information to serve

17 as a basis for recommending further legis18 lation concerning the matters to which this

19 Act relates.

20 (B) PUBLICATION OF INFORMATION.—The

21 Corporation may publish information concern22 ing violations of any provision of this Act or

23 any rule or regulation prescribed pursuant to

24 this Act.

25 (C) POWERS.—
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1 (i) IN GENERAL.—For the purpose of

2 any investigation conducted pursuant to

3 subparagraph (A), or any other proceeding

4 under this Act, any officer designated by

5 the Corporation is empowered to admin6 ister oaths and affirmations, subpoena wit7 nesses, compel their attendance, take evi8 dence, and require the production of any

9 books, papers, correspondence, memoran10 dums, or other records which the Corpora11 tion considers relevant or material to the

12 inquiry. Such attendance of witnesses and

13 the production of any such records may be

14 required from any place in the United

15 States or any State at any designated

16 place of hearing.

17 (ii) ENFORCEMENT.—In case of con18 tumacy by, or refusal to obey a subpoena

19 issued to, any person, the Corporation may

20 file an action in any court of the United

21 States within the jurisdiction of which such

22 investigation or proceeding is carried on,

23 or where such person resides or carries on

24 business, to enforce the attendance and

25 testimony of witnesses and the production
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1 of books, papers, correspondence, memo2 randums, and other records. Any person

3 who, without just cause, fails or refuses to

4 attend and testify or to answer any lawful

5 inquiry or to produce books, papers, cor6 respondence, memorandums, and other

7 records, if in his power so to do, in obedi8 ence to the subpoena of the Corporation,

9 shall be guilty of a misdemeanor and, upon

10 conviction, shall be subject to a fine of not

11 more than $1,000 or to imprisonment for

12 a term of not more than 1 year, or both.

13 (D) SELF-INCRIMINATION.—No person

14 shall be excused from attending and testifying

15 or from producing books, papers, contracts,

16 agreements, and other records and documents

17 before the Corporation, or in obedience to the

18 subpoena of the Corporation, or in any cause or

19 proceeding instituted by the Corporation, on the

20 ground that the testimony or evidence, docu21 mentary or otherwise, required of him may tend

22 to incriminate him or subject him to a penalty

23 or forfeiture. No individual shall be prosecuted

24 or subject to any penalty or forfeiture for or on

25 account of any transaction, matter, or thing
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1 concerning which he is compelled, after having

2 claimed his privilege against self-incrimination,

3 to testify or produce evidence, documentary or

4 otherwise, except that such individual so testify5 ing shall not be exempt from prosecution and

6 punishment for perjury committed in so testify7 ing.

8 (2) INJUNCTIONS.—

9 (A) IN GENERAL.—If the Corporation de10 termines that any person is engaged or about to

11 engage in any acts or practices which constitute

12 or shall constitute a violation of any provision

13 of this Act, or of any rule or regulation there14 under, it may bring an action in the appro15 priate district court of the United States, the

16 United States District Court for the District of

17 Columbia, or the United States courts of any

18 territory or other place subject to the jurisdic19 tion of the United States, to enjoin such acts or

20 practices, and upon a proper showing a perma21 nent or temporary injunction or restraining

22 order shall be granted without bond.

23 (B) WRITS OF MANDAMUS.—Upon applica24 tion of the Corporation the district courts of the

25 United States, the United States District Court
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1 for the District of Columbia, and the United

2 States courts of any territory or other place

3 subject to the jurisdiction of the United States,

4 shall have jurisdiction to issue writs of manda5 mus commanding any person to comply with

6 the provisions of this Act or any order of the

7 Corporation.

8 (i) HEARINGS.—The Corporation shall ensure that

9 each hearing of the Corporation is open to the public (un10 less the Corporation determines that the circumstances

11 warrant that a hearing be closed to the public) and appro12 priate records of each such hearing are kept.

13 SEC. 9. POWERS OF CORPORATION.

14 (a) IN GENERAL.—The Corporation may—

15 (1) serve as the coordinating body for all efforts

16 in the United States to establish and maintain uni17 form minimum health and safety standards for pro18 fessional boxing;

19 (2) appoint and fix the compensation of such

20 officers and employees as may be necessary to carry

21 out the functions of the Corporation, and shall ap22 point such officers and employees in accordance with

23 the civil service laws and fix such compensation in

24 accordance with the provisions of title 5, United

25 States Code;
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1 (3) enter into contracts for temporary and

2 intermittent services to carry out any function of the

3 Corporation;

4 (4) publish a newspaper, magazine, or other

5 publication consistent with corporate purposes;

6 (5) pay the travel expenses, including per diem

7 in lieu of subsistence, in accordance with sections

8 5702 and 5703 of title 5, United States Code, of the

9 members of the Congress of State Boxing Adminis10 trators established under section 7(d)(2) while such

11 members are away from their homes or regular

12 places of business in performance of services for

13 such Congress; and

14 (6) take any necessary and proper action to ac15 complish the purposes of this Act consistent with the

16 provisions of this Act.

17 (b) PROHIBITIONS.—The Corporation may not—

18 (1) promote boxing events or rank professional

19 boxers; or

20 (2) provide technical assistance to, or authorize

21 the use of the name of the Corporation by, States

22 that do not comply with requirements established by

23 the Corporation.

24 (c) USE OF NAME.—The Corporation shall have the

25 exclusive right to use the name ‘‘Professional Boxing Cor-
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1 poration’’ and the acronyms ‘‘P.B.C.’’ and ‘‘PBC’’, and

2 any person who, without the permission of the Corpora3 tion, uses such name or any other exclusive name, trade4 mark, emblem, symbol, or insignia of the Corporation for

5 the purpose of inducing the sale of any goods or services,

6 or to promote any exhibition, performance, or sporting

7 event, shall be subject to suit in a civil action by the Cor8 poration for the remedies provided in the Act of July 5,

9 1946 (60 Stat. 427; 15 U.S.C. 1051 et seq., popularly

10 known as the Trademark Act of 1946).

11 SEC. 10. NONINTERFERENCE WITH STATE BOXING AU12 THORITIES.

13 (a) NONINTERFERENCE.—Nothing in this Act shall

14 prohibit any agency established by or pursuant to the law

15 of any State or political subdivision of any State from ex16 ercising any of its powers, duties, or functions with respect

17 to the regulation or supervision of professional boxing or

18 boxing matches to the extent not inconsistent with the pro19 visions of this Act.

20 (b) MINIMUM STANDARDS.—Nothing in this Act

21 shall prohibit any State boxing authority from enforcing

22 State standards or requirements which exceed the mini23 mum standards or requirements promulgated by regula24 tion of the Corporation.
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1 SEC. 11. ASSISTANCE FROM FEDERAL AGENCIES.

2 (a) IN GENERAL.—(1) Notwithstanding section 552a

3 of title 5, United States Code, or any other provision of

4 law, the Corporation may secure directly from any Federal

5 agency any information, suggestions, estimates, and sta6 tistics which shall assist the Corporation in carrying out

7 the purposes of this Act, and each such agency shall fur8 nish such information, suggestions, estimates, and statis9 tics directly to the Corporation, upon request made by the

10 Executive Director.

11 (2) Any information, including suggestions, esti12 mates, and statistics, secured by the Corporation which,

13 but for paragraph (1) of this subsection, could not be se14 cured by the Corporation by reason of section 552a of title

15 5, United States Code, or any other provision of law shall

16 be treated by the Corporation as confidential information.

17 (3) Except as provided in paragraph (4), no officer

18 or employee of the Corporation may disclose to any person

19 other than an officer or employee of the Corporation any

20 information referred to in paragraph (2). Nothing in this

21 subsection shall be construed to authorize the Corporation

22 to withhold information from the Congress.

23 (4)(A) Any information referred to in paragraph (2)

24 may be disclosed in accordance with the prior written con25 sent of the person with respect to whom such information

26 is maintained, but only to such extent, under such cir-
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1 cumstances, and for such other purposes as may be al2 lowed under regulations which shall be prescribed by the

3 Corporation.

4 (B) Whether or not the person, with respect to whom

5 any information referred to in paragraph (2) is main6 tained, gives his consent, such information may be dis7 closed if authorized by an appropriate order of a court

8 of competent jurisdiction granted after application show9 ing good cause therefore. In assessing good cause the

10 court shall weigh the public interest and the need for dis11 closure against any prejudice to the person together with

12 the effective administration and enforcement of the provi13 sions of this Act. Upon the granting of such order, the

14 court, in determining the extent to which any disclosure

15 of all or any part of any information is necessary, shall

16 impose appropriate safeguards against unauthorized dis17 closure.

18 (5)(A) Whoever violates any provision of this sub19 section may be assessed a civil penalty of not to exceed

20 $1,000 for each violation. Such penalty shall be assessed

21 by the court in a civil action brought by the Attorney Gen22 eral.

23 (B) The Corporation shall refer to the Attorney Gen24 eral the name of any person it has reasonable cause to

25 believe has violated any provision of this subsection.
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1 (b) DETAILS.—Any employee of any Federal agency

2 may be detailed to the Corporation, upon the request of

3 the Executive Director, on a reimbursable or

4 nonreimbursable basis, with the consent of the appropriate

5 authority having jurisdiction over such employee. While so

6 detailed, such employee shall continue to receive the com7 pensation provided pursuant to law for the regular em8 ployment of the employee and shall retain, without inter9 ruption, the rights and privileges of such employment.

10 SEC. 12. PROFESSIONAL BOXING CORPORATION TRUST

11 FUND.

12 (a) ESTABLISHMENT.—There is established the Pro13 fessional Boxing Corporation Trust Fund in the Treasury

14 of the United States, consisting of such amounts as are

15 transferred to the Fund under subsection (b) and any in16 terest earned on investment of amounts in the Fund under

17 subsection (e)(2).

18 (b) TRANSFER OF AMOUNTS EQUIVALENT TO CER19 TAIN FEES.—

20 (1) IN GENERAL.—The Secretary shall transfer

21 to the Fund an amount equal to the sum of the fees

22 received in the Treasury under section 8 after the

23 effective date of this Act.

24 (2) TIME LIMIT.—The amounts required to be

25 transferred to the Fund under paragraph (1) shall
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1 be transferred at least quarterly from the general

2 fund of the Treasury to the Fund on the basis of

3 estimates made by the Secretary. Proper adjustment

4 shall be made in amounts subsequently transferred

5 to the extent prior estimates were in excess of or

6 less than the amounts required to be transferred.

7 (c) EXPENDITURE FROM FUND.—Amounts in the

8 Fund shall be available, as provided in appropriation Acts,

9 only for purposes of making expenditures to carry out the

10 purposes of this Act.

11 (d) AUTHORITY TO BORROW.—

12 (1) IN GENERAL.—There are authorized to be

13 appropriated to the Fund, as repayable advances,

14 such sums as may be necessary to carry out the pur15 poses of the Fund.

16 (2) INTEREST ON ADVANCES.—Interest on re17 payable advances made to the Fund under para18 graph (1) shall be at a rate determined by the Sec19 retary (as of the close of the calendar month preced20 ing the month in which the advance is made) to be

21 equal to the current average market yield on out22 standing marketable obligations of the United States

23 with remaining periods to maturity comparable to

24 the anticipated period during which the advance will

25 be outstanding and shall be compounded annually.
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1 (3) TIME LIMIT.—No advance shall be made to

2 the Fund after the date occurring 5 years after the

3 effective date of this Act, and all advances to such

4 Fund shall be repaid on or before such date.

5 (4) REPAYMENT.—Advances made to the Fund

6 shall be repaid, and interest on such advances shall

7 be paid, to the general fund of the Treasury when

8 the Secretary determines that moneys are available

9 for such purposes in the Fund.

10 (e) INVESTMENT OF FUND.—

11 (1) IN GENERAL.—The Secretary shall invest

12 such portion of the Fund that is not required to

13 meet current withdrawals, as determined by the Sec14 retary. Such investments may be made only in inter15 est-bearing obligations of the United States or in ob16 ligations guaranteed as to both principal and inter17 est by the United States. For such purpose, such ob18 ligations may be acquired—

19 (A) on original issue at the issue price; or

20 (B) by purchase of outstanding obligations

21 at the market price.

22 The purposes for which obligations of the United

23 States may be issued under chapter 31 of title 31,

24 of the United States Code, are hereby extended to

25 authorize the issuance at par of special obligations
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1 exclusively to the Fund. Such special obligations

2 shall bear interest at a rate equal to the average

3 rate of interest, computed as to the end of the cal4 endar month next preceding the date of such issue,

5 borne by all marketable interest-bearing obligations

6 of the United States then forming a part of the Pub7 lic Debt; except that where such average rate is not

8 a multiple of one-eighth of 1 percent, the rate of in9 terest of such special obligations shall be the mul10 tiple of one-eighth of 1 percent next lower than such

11 average rate. Such special obligations shall be issued

12 only if the Secretary determines that the purchase of

13 other interest-bearing obligations of the United

14 States, or of obligations guaranteed as to both prin15 cipal and interest by the United States on original

16 issue or at the market price, is not in the public in17 terest.

18 (2) Any obligation acquired by the Fund (ex19 cept special obligations issued exclusively to the

20 Fund) may be sold by the Secretary of the Treasury

21 at the market price, and such special obligations

22 may be redeemed at par plus accrued interest.

23 (3) The interest on, and the proceeds from the

24 sale or redemption of, any obligations held in the
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1 Fund shall be credited to and form a part of the

2 Fund.

3 (f) OBLIGATIONS FROM FUND.—The Corporation is

4 authorized to obligate such sums as are available in the

5 Fund (including any amounts not obligated in previous fis6 cal years) for—

7 (1) the functions of the Corporation under sec8 tion 8; and

9 (2) necessary administrative costs associated

10 with such functions.

11 (g) REPORT TO CONGRESS.—It shall be the duty of

12 the Secretary to hold the Fund, and (after consultation

13 with the Corporation) to report to the Congress each year

14 on the financial condition and the results of the operations

15 of the Fund during the preceding fiscal year and on its

16 expected condition and operations during the next fiscal

17 year. Such report shall be printed as both a House and

18 Senate document of the session of the Congress to which

19 the report is made.

20 SEC. 13. AUDIT AND REPORT.

21 (a) AUDIT.—The Comptroller General shall conduct

22 an annual audit of the finances of the Corporation, to be

23 completed in time for inclusion in the report required by

24 subsection (b).
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1 (b) REPORT.—The Corporation shall submit to the

2 Congress a report not later than 1 year after the effective

3 date of this Act and annually thereafter. Such report shall

4 describe the activities of the Corporation for the preceding

5 year and shall also include—

6 (1) a description of the State boxing authority

7 in each State; and

8 (2) the results of the audit conducted pursuant

9 to subsection (a).

10 SEC. 14. PETITION TO REPEAL BEFORE EFFECTIVE DATE.

11 (a) PETITION TO CONGRESS.—During the 1-year pe12 riod ending on the effective date of this Act, a majority

13 of the State boxing authorities from all States may submit

14 a petition in accordance with subsection (b) to the Com15 mittee on Governmental Affairs of the Senate and the

16 Committee on Government Operations of the House of

17 Representatives. Such committees shall take all necessary

18 actions to respond to such petition before the effective

19 date of this Act.

20 (b) CONTENTS.—The petition submitted under sub21 section (a) shall include—

22 (1) a statement with supporting evidence that

23 the provisions of this Act are unnecessary because

24 the State authorities have established an organiza-
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1 tion to effectively carry out the purposes of this Act;

2 and

3 (2) a request for the Congress to enact legisla4 tion to delay the effective date of this Act or repeal

5 this Act.

6 SEC. 15. EFFECTIVE DATE.

7 (a) IN GENERAL.—Except as provided in subsection

8 (b), this Act and the amendments made by this Act shall

9 take effect 1 year after the date of the enactment of this

10 Act.

11 (b) SECTION 14.—Section 14 shall take effect on the

12 date of the enactment of this Act.

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