I

103D CONGRESS

1ST SESSION H. R. 3311

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

IN THE HOUSE OF REPRESENTATIVES

OCTOBER 19, 1993

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

Committees on Energy and Commerce and Education and Labor

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 1993’’.

6 SEC. 2. FINDINGS.

7 Congress finds that—

8 (1) professional boxing is beset with wide-rang9 ing problems which are beyond the scope of the cur10 rent system of State regulation;
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1 (2) the rules governing professional boxing and

2 the enforcement of such rules varies widely among

3 the States;

4 (3) boxing, unlike other professional sports,

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

6 successfully regulated, nor is there a prospect of

7 meaningful self-regulation;

8 (4) the problems currently facing professional

9 boxing are exploitation of boxers, conflicts of inter10 est, questionable judging, and corruption, including

11 the influence of organized crime; and

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

13 and welfare of boxers and undermine the sport’s

14 credibility with the public.

15 SEC. 3. PURPOSE.

16 The purpose of this Act is to establish a national or17 ganization which will work with State boxing authorities

18 to establish and enforce uniform rules and regulations for

19 professional boxing in order to protect the health and safe20 ty of boxers and to ensure fairness in the sport.

21 SEC. 4. DEFINITIONS.

22 For purposes of this Act, the following definitions

23 apply:
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1 (1) BOARD.—The term ‘‘Board’’ means the

2 Professional Boxing Advisory Board established

3 under section 7(a).

4 (2) BOXING MATCH.—The term ‘‘boxing

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

6 part thereof, which is held within the United States

7 and does not include an amateur boxing match.

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

9 means the Professional Boxing Corporation estab10 lished under section 5(a).

11 (4) EXECUTIVE DIRECTOR.—The term ‘‘Execu12 tive Director’’ means the Executive Director of the

13 Corporation.

14 (5) FUND.—The term ‘‘Fund’’ means the Pro15 fessional Boxing Corporation Trust Fund estab16 lished under section 12(a).

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

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

19 otherwise conduct a boxing match, program, or exhi20 bition.

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

22 the Secretary of the Treasury.

23 (8) STATE.—The term ‘‘State’’ means any

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

25 American Samoa, the Federated States of Microne-
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1 sia, Guam, the Republic of the Marshall Islands, the

2 Commonwealth of the Northern Mariana Islands,

3 the Commonwealth of Puerto Rico, Palau, and the

4 Virgin Islands.

5 (9) STATE BOXING AUTHORITY.—The term

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

7 authority to regulate professional boxing.

8 SEC. 5. ESTABLISHMENT OF PROFESSIONAL BOXING COR9 PORATION.

10 (a) IN GENERAL.—There is established the Profes11 sional Boxing Corporation which shall be a Government

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

13 States Code.

14 (b) PRINCIPAL OFFICE.—The Corporation estab15 lished under subsection (a) shall maintain its principal of16 fice in the District of Columbia.

17 SEC. 6. EXECUTIVE DIRECTOR OF CORPORATION.

18 (a) EXECUTIVE DIRECTOR.—The Corporation shall

19 be administered by an Executive Director who shall be ap20 pointed by the President by and with the advice and con21 sent of the Senate.

22 (b) EXECUTIVE SCHEDULE LEVEL III POSITION.—

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

24 by adding at the end the following:
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1 ‘‘Executive Director of the Professional Boxing

2 Corporation.’’.

3 SEC. 7. PROFESSIONAL BOXING ADVISORY BOARD.

4 (a) ESTABLISHMENT.—There is established an advi5 sory board to be known as the Professional Boxing Advi6 sory Board.

7 (b) DUTIES.—The Board shall—

8 (1) make recommendations to the Corporation

9 to most effectively and efficiently carry out the pro10 visions of this Act; and

11 (2) in conjunction with the Executive Director,

12 contact each State boxing authority and encourage

13 the establishment of a Congress of State Boxing Ad14 ministrators which shall—

15 (A) advise the Board and the Corporation

16 in all matters relating to the operation and ad17 ministration of professional boxing;

18 (B) meet at least annually and be com19 posed of one voting member from each State or

20 local agency responsible for regulating profes21 sional boxing in such State or locality;

22 (C) establish, from within the membership

23 of the Congress of State Boxing Administra24 tors—

25 (i) a committee to review—
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1 (I) the rules of professional box2 ing;

3 (II) the health and safety of pro4 fessional boxers;

5 (III) the licensing of professional

6 boxers, judges, and referees;

7 (IV) the registration of profes8 sional boxing promoters, match9 makers, managers, trainers, cut men,

10 physicians, and other individuals de11 termined by the Corporation to have a

12 significant role in professional boxing;

13 and

14 (V) life insurance and health in15 surance benefits for the individuals re16 ferred to in subclauses (III) and (IV);

17 and

18 (ii) any other committees considered

19 necessary by such Congress;

20 (D) approve or disapprove recommenda21 tions to the full Congress made by such com22 mittees; and

23 (E) transmit approved recommendations of

24 such Congress to the Board and the Corpora25 tion.
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1 (c) MEMBERSHIP.—The Board shall be composed of

2 5 members, to be appointed by the Executive Director, of

3 whom—

4 (1) one shall be an acting State athletic or box5 ing commissioner;

6 (2) one shall be a physician certified in neuro7 surgery;

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

9 States Amateur Boxing Association; and

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

11 and knowledge of the sport of boxing.

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

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

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

15 professional, or other background, training, experi16 ence, or activities outside the business of profes17 sional boxing and its related activities, has a broad

18 understanding of the relationship between profes19 sional boxing, both as a sport and as a business, and

20 the public interest; and

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

22 Board, be engaged as a professional boxer, boxing

23 promoter, agent, fight manager, matchmaker, ref24 eree, judge, or in any other capacity in the conduct

25 of the business of professional boxing or have any
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1 pecuniary interest in the earnings of any boxer or

2 the proceeds or outcome of any boxing match.

3 (e) TERMS.—Each member of the Board shall be ap4 pointed to a 5-year term.

5 (f) COMPENSATION.—

6 (1) IN GENERAL.—Except as provided in para7 graph (2), each member of the Board shall be com8 pensated at a rate equal to the daily equivalent of

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

10 the Executive Schedule under section 5316 of title

11 5, United States Code, for each day (including travel

12 time) during which such member is engaged in the

13 performance of the duties of the Board.

14 (2) PROHIBITION OF COMPENSATION OF FED15 ERAL EMPLOYEES.—Except as provided in para16 graph (3), members of the Board who are officers or

17 employees of the United States may not receive ad18 ditional pay, allowances, or benefits by reason of

19 their service on the Board.

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

21 Board shall receive travel expenses, including per

22 diem in lieu of subsistence, in accordance with sec23 tions 5702 and 5703 of title 5, United States Code.
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1 (g) INITIAL APPOINTMENTS.—Initial appointments

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

3 after the effective date of this Act.

4 (h) VACANCIES.—If any member of the Board is un5 able to serve a full term of office or becomes unqualified

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

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

8 manner in which the original appointment was made.

9 (i) CHAIRMAN.—The Executive Director shall ap10 point one of the members of the Board to serve as Chair11 man of the Board.

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

13 Board shall be held not later than 90 days after the effec14 tive date of this Act.

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

16 constitute a quorum.

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

18 provide all necessary staff and support services for the

19 Board.

20 SEC. 8. FUNCTIONS OF CORPORATION.

21 (a) NATIONAL COMPUTER DATA BASE.—The Cor22 poration shall establish and provide a unified national

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

24 retrieval of information relating to professional boxing,

25 which may include—
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1 (1) a list of professional boxers and business as2 sociates of such boxers;

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

4 and weight of such boxers; and

5 (3) information relating to professional boxing

6 promoters, matchmakers, managers, trainers, cut

7 men, referees, judges, physicians, and any other in8 dividual determined by the Corporation to have a

9 significant role in professional boxing.

10 (b) LICENSING OF PROFESSIONAL BOXERS, JUDGES,

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

12 either through State boxing authorities or through the

13 manner determined most appropriate by the Corporation,

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

15 judge, and referee who meets the minimum standards es16 tablished by the Corporation (including the minimum

17 standards and procedures for physical and mental exami18 nations established pursuant to subsection (e)(3)) and

19 shall issue for licensed boxers an accurate record of their

20 medical history, biographical information, and won-loss

21 boxing record.

22 (c) CERTIFICATE OF REGISTRATION FOR OTHER IN23 DIVIDUALS INVOLVED IN PROFESSIONAL BOXING.—The

24 Corporation shall issue a certificate of registration, either

25 through State boxing authorities or through the manner
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1 determined most appropriate by the Corporation, at least

2 every 3 years, to each professional boxing promoter,

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

4 any other individual determined by the Corporation to

5 have a significant role in professional boxing, who meets

6 the minimum standards established by the Corporation.

7 (d) LICENSE AND REGISTRATION FEES.—The Cor8 poration may establish and charge licensing and registra9 tion fees for the individuals described in subsections (b)

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

11 gross receipts from boxing matches. Such fees may be col12 lected through State boxing authorities or through the

13 manner determined most appropriate by the Corporation.

14 All such fees shall be deposited in the General Treasury

15 of the United States.

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

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

18 Corporation shall—

19 (1) prescribe regulations for professional boxing

20 to ensure the health and safety of participants;

21 (2) prescribe regulations requiring a copy of

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

23 Corporation not later than 30 days before such

24 match for review by the Corporation;
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1 (3) establish minimum standards and proce2 dures for physical and mental examinations to be

3 given to professional boxers;

4 (4) establish minimum standards for the avail5 ability of medical services at boxing matches;

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

7 health insurance fund for professional boxers,

8 judges, referees, boxing promoters, matchmakers,

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

10 individuals determined by the Corporation to have a

11 significant role in professional boxing;

12 (6) establish minimum standards for the manu13 facturing and use of boxing equipment;

14 (7) to the extent practicable, conduct discus15 sions and enter into agreements with foreign boxing

16 entities on methods for applying minimum health

17 and safety standards to foreign boxing matches;

18 (8) review State boxing authority regulations

19 for professional boxing and provide assistance to

20 such authorities in meeting the minimum standards

21 and requirements established by the Corporation for

22 professional boxing;

23 (9) prescribe regulations that establish univer24 sal standards for contracts between boxers and pro25 moters;
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1 (10) prescribe regulations to establish stand2 ards relating to the telecasting of boxing matches;

3 (11) prescribe regulations prohibiting conflicts

4 of interest relating to boxing matches; and

5 (12) establish a program for job training and

6 occupational therapy for former professional boxers.

7 (f) SUSPENSION AND REVOCATION OF LICENSE OR

8 REGISTRATION.—

9 (1) IN GENERAL.—The Corporation may sus10 pend or revoke any license issued under subsection

11 (b) or certificate of registration issued under sub12 section (c) if the Corporation finds—

13 (A) such suspension or revocation is in the

14 public interest; and

15 (B) there is reasonable grounds for belief

16 that standards prescribed by the Corporation

17 under this section are not being met, or that

18 bribery, collusion, intentional losing, racketeer19 ing, extortion, or the use of unlawful threats,

20 coercion, or intimidation have been used in con21 nection with such licensing or registration.

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

23 or registration under this section shall be for a pe24 riod of not less than 6 months.

25 (g) PROHIBITORY ORDERS.—
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1 (1) IN GENERAL.—Subject to paragraph (2),

2 the Corporation may, after appropriate notice and

3 opportunity for hearing, by order prohibit the hold4 ing of any proposed boxing match, and where appli5 cable, the telecasting of such match, if it finds such

6 prohibition is in the public interest and that—

7 (A) any contract, arrangement, or agree8 ment with respect to such match does not con9 form to the standards prescribed by the Cor10 poration;

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

12 match, is not licensed or registered as provided

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

14 (C) there is reasonable grounds for belief

15 that such match may be affected by bribery,

16 collusion, intentional losing, racketeering, extor17 tion, or the use of unlawful threats, coercion,

18 intimidation or violence.

19 (2) SUMMARY PROHIBITION.—

20 (A) IN GENERAL.—At or after the date on

21 which notice of any proceeding under paragraph

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

23 published, regardless of whether or not any per24 son to be affected by such proceeding has re25 ceived such notice, the Corporation may by
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1 order, without notice or hearing, summarily

2 prohibit the holding of the boxing match in

3 question pending final disposition of the pro4 ceeding by the Corporation, or for such shorter

5 period as the Corporation considers appro6 priate. The Corporation shall make such an

7 order if in its judgment such action is in the

8 public interest and necessary to carry out the

9 purposes of this Act.

10 (B) LIABILITY.—No liability shall attach

11 to any person by virtue of a summary order is12 sued under this subsection unless such person

13 has actual notice thereof.

14 (h) INVESTIGATIONS AND INJUNCTIONS.—

15 (1) INVESTIGATIONS.—

16 (A) IN GENERAL.—The Corporation may

17 investigate any facts, conditions, practices, or

18 matters which it may determine necessary or

19 proper to aid—

20 (i) in the enforcement of the provi21 sions of this Act, including investigations

22 as the Corporation considers necessary to

23 determine whether any person has violated

24 or is about to violate any provision of this

25 Act or any rule or regulation prescribed
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1 pursuant to this Act (and the Corporation

2 may require or permit any person to file

3 with it a statement in writing, under oath

4 or otherwise as the Corporation shall de5 termine, as to all the facts and cir6 cumstances concerning the matter to be in7 vestigated);

8 (ii) in the prescribing of rules and

9 regulations under this Act; and

10 (iii) in securing information to serve

11 as a basis for recommending further legis12 lation concerning the matters to which this

13 Act relates.

14 (B) PUBLICATION OF INFORMATION.—The

15 Corporation may publish information concern16 ing violations of any provision of this Act or

17 any rule or regulation prescribed pursuant to

18 this Act.

19 (C) POWERS.—

20 (i) IN GENERAL.—For the purpose of

21 any investigation conducted pursuant to

22 subparagraph (A), or any other proceeding

23 under this Act, any officer designated by

24 the Corporation is empowered to admin25 ister oaths and affirmations, subpoena wit-
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1 nesses, compel their attendance, take evi2 dence, and require the production of any

3 books, papers, correspondence, memoran4 dums, or other records which the Corpora5 tion considers relevant or material to the

6 inquiry. Such attendance of witnesses and

7 the production of any such records may be

8 required from any place in the United

9 States or any State at any designated

10 place of hearing.

11 (ii) ENFORCEMENT.—In case of con12 tumacy by, or refusal to obey a subpoena

13 issued to, any person, the Corporation may

14 file an action in any court of the United

15 States within the jurisdiction of which such

16 investigation or proceeding is carried on,

17 or where such person resides or carries on

18 business, to enforce the attendance and

19 testimony of witnesses and the production

20 of books, papers, correspondence, memo21 randums, and other records. Any person

22 who, without just cause, fails or refuses to

23 attend and testify or to answer any lawful

24 inquiry or to produce books, papers, cor25 respondence, memorandums, and other
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1 records, if in his power so to do, in obedi2 ence to the subpoena of the Corporation,

3 shall be guilty of a misdemeanor and, upon

4 conviction, shall be subject to a fine of not

5 more than $1,000 or to imprisonment for

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

7 (D) SELF-INCRIMINATION.—No person

8 shall be excused from attending and testifying

9 or from producing books, papers, contracts,

10 agreements, and other records and documents

11 before the Corporation, or in obedience to the

12 subpoena of the Corporation, or in any cause or

13 proceeding instituted by the Corporation, on the

14 ground that the testimony or evidence, docu15 mentary or otherwise, required of him may tend

16 to incriminate him or subject him to a penalty

17 or forfeiture. No individual shall be prosecuted

18 or subject to any penalty or forfeiture for or on

19 account of any transaction, matter, or thing

20 concerning which he is compelled, after having

21 claimed his privilege against self-incrimination,

22 to testify or produce evidence, documentary or

23 otherwise, except that such individual so testify24 ing shall not be exempt from prosecution and
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1 punishment for perjury committed in so testify2 ing.

3 (2) INJUNCTIONS.—

4 (A) IN GENERAL.—If the Corporation de5 termines that any person is engaged or about to

6 engage in any acts or practices which constitute

7 or shall constitute a violation of any provision

8 of this Act, or of any rule or regulation there9 under, it may bring an action in the appro10 priate district court of the United States, the

11 United States District Court for the District of

12 Columbia, or the United States courts of any

13 territory or other place subject to the jurisdic14 tion of the United States, to enjoin such acts or

15 practices, and upon a proper showing a perma16 nent or temporary injunction or restraining

17 order shall be granted without bond.

18 (B) WRITS OF MANDAMUS.—Upon applica19 tion of the Corporation the district courts of the

20 United States, the United States District Court

21 for the District of Columbia, and the United

22 States courts of any territory or other place

23 subject to the jurisdiction of the United States,

24 shall have jurisdiction to issue writs of manda25 mus commanding any person to comply with
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1 the provisions of this Act or any order of the

2 Corporation.

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

4 each hearing of the Corporation is open to the public (un5 less the Corporation determines that the circumstances

6 warrant that a hearing be closed to the public) and appro7 priate records of each such hearing are kept.

8 SEC. 9. POWERS OF CORPORATION.

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

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

11 in the United States to establish and maintain uni12 form minimum health and safety standards for pro13 fessional boxing;

14 (2) appoint and fix the compensation of such

15 officers and employees as may be necessary to carry

16 out the functions of the Corporation, and shall ap17 point such officers and employees in accordance with

18 the civil service laws and fix such compensation in

19 accordance with the provisions of title 5, United

20 States Code;

21 (3) enter into contracts for temporary and

22 intermittent services to carry out any function of the

23 Corporation;

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

25 publication consistent with corporate purposes;
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1 (5) pay the travel expenses, including per diem

2 in lieu of subsistence, in accordance with sections

3 5702 and 5703 of title 5, United States Code, of the

4 members of the Congress of State Boxing Adminis5 trators established under section 7(d)(2) while such

6 members are away from their homes or regular

7 places of business in performance of services for

8 such Congress; and

9 (6) take any necessary and proper action to ac10 complish the purposes of this Act consistent with the

11 provisions of this Act.

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

13 (1) promote boxing events or rank professional

14 boxers; or

15 (2) provide technical assistance to, or authorize

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

17 that do not comply with requirements established by

18 the Corporation.

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

20 exclusive right to use the name ‘‘Professional Boxing Cor21 poration’’ and the acronyms ‘‘P.B.C.’’ and ‘‘PBC’’, and

22 any person who, without the permission of the Corpora23 tion, uses such name or any other exclusive name, trade24 mark, emblem, symbol, or insignia of the Corporation for

25 the purpose of inducing the sale of any goods or services,
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1 or to promote any exhibition, performance, or sporting

2 event, shall be subject to suit in a civil action by the Cor3 poration for the remedies provided in the Act of July 5,

4 1946 (60 Stat. 427; 15 U.S.C. 1051 et seq., popularly

5 known as the Trademark Act of 1946).

6 SEC. 10. NONINTERFERENCE WITH STATE BOXING AU7 THORITIES.

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

9 prohibit any agency established by or pursuant to the law

10 of any State or political subdivision of any State from ex11 ercising any of its powers, duties, or functions with respect

12 to the regulation or supervision of professional boxing or

13 boxing matches to the extent not inconsistent with the pro14 visions of this Act.

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

16 shall prohibit any State boxing authority from enforcing

17 State standards or requirements which exceed the mini18 mum standards or requirements promulgated by regula19 tion of the Corporation.

20 SEC. 11. ASSISTANCE FROM FEDERAL AGENCIES.

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

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

23 law, the Corporation may secure directly from any Federal

24 agency any information, suggestions, estimates, and sta25 tistics which shall assist the Corporation in carrying out
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1 the purposes of this Act, and each such agency shall fur2 nish such information, suggestions, estimates, and statis3 tics directly to the Corporation, upon request made by the

4 Executive Director.

5 (2) Any information, including suggestions, esti6 mates, and statistics, secured by the Corporation which,

7 but for paragraph (1) of this subsection, could not be se8 cured by the Corporation by reason of section 552a of title

9 5, United States Code, or any other provision of law shall

10 be treated by the Corporation as confidential information.

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

12 or employee of the Corporation may disclose to any person

13 other than an officer or employee of the Corporation any

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

15 subsection shall be construed to authorize the Corporation

16 to withhold information from the Congress.

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

18 may be disclosed in accordance with the prior written con19 sent of the person with respect to whom such information

20 is maintained, but only to such extent, under such cir21 cumstances, and for such other purposes as may be al22 lowed under regulations which shall be prescribed by the

23 Corporation.

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

25 any information referred to in paragraph (2) is main-
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1 tained, gives his consent, such information may be dis2 closed if authorized by an appropriate order of a court

3 of competent jurisdiction granted after application show4 ing good cause therefore. In assessing good cause the

5 court shall weigh the public interest and the need for dis6 closure against any prejudice to the person together with

7 the effective administration and enforcement of the provi8 sions of this Act. Upon the granting of such order, the

9 court, in determining the extent to which any disclosure

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

11 impose appropriate safeguards against unauthorized dis12 closure.

13 (5)(A) Whoever violates any provision of this sub14 section may be assessed a civil penalty of not to exceed

15 $1,000 for each violation. Such penalty shall be assessed

16 by the court in a civil action brought by the Attorney Gen17 eral.

18 (B) The Corporation shall refer to the Attorney Gen19 eral the name of any person it has reasonable cause to

20 believe has violated any provision of this subsection.

21 (b) DETAILS.—Any employee of any Federal agency

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

23 the Executive Director, on a reimbursable or

24 nonreimbursable basis, with the consent of the appropriate

25 authority having jurisdiction over such employee. While so
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1 detailed, such employee shall continue to receive the com2 pensation provided pursuant to law for the regular em3 ployment of the employee and shall retain, without inter4 ruption, the rights and privileges of such employment.

5 SEC. 12. PROFESSIONAL BOXING CORPORATION TRUST

6 FUND.

7 (a) ESTABLISHMENT.—There is established the Pro8 fessional Boxing Corporation Trust Fund in the Treasury

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

10 transferred to the Fund under subsection (b) and any in11 terest earned on investment of amounts in the Fund under

12 subsection (e)(2).

13 (b) TRANSFER OF AMOUNTS EQUIVALENT TO CER14 TAIN FEES.—

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

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

17 received in the Treasury under section 8 after the

18 effective date of this Act.

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

20 transferred to the Fund under paragraph (1) shall

21 be transferred at least quarterly from the general

22 fund of the Treasury to the Fund on the basis of es23 timates made by the Secretary. Proper adjustment

24 shall be made in amounts subsequently transferred
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1 to the extent prior estimates were in excess of or less

2 than the amounts required to be transferred.

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

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

5 only for purposes of making expenditures to carry out the

6 purposes of this Act.

7 (d) AUTHORITY TO BORROW.—

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

9 appropriated to the Fund, as repayable advances,

10 such sums as may be necessary to carry out the pur11 poses of the Fund.

12 (2) INTEREST ON ADVANCES.—Interest on re13 payable advances made to the Fund under para14 graph (1) shall be at a rate determined by the Sec15 retary (as of the close of the calendar month preced16 ing the month in which the advance is made) to be

17 equal to the current average market yield on out18 standing marketable obligations of the United States

19 with remaining periods to maturity comparable to

20 the anticipated period during which the advance will

21 be outstanding and shall be compounded annually.

22 (3) TIME LIMIT.—No advance shall be made to

23 the Fund after the date occurring 5 years after the

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

25 Fund shall be repaid on or before such date.
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1 (4) REPAYMENT.—Advances made to the Fund

2 shall be repaid, and interest on such advances shall

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

4 the Secretary determines that moneys are available

5 for such purposes in the Fund.

6 (e) INVESTMENT OF FUND.—

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

8 such portion of the Fund that is not required to

9 meet current withdrawals, as determined by the Sec10 retary. Such investments may be made only in inter11 est-bearing obligations of the United States or in ob12 ligations guaranteed as to both principal and inter13 est by the United States. For such purpose, such ob14 ligations may be acquired—

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

16 (B) by purchase of outstanding obligations

17 at the market price.

18 The purposes for which obligations of the United

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

20 of the United States Code, are hereby extended to

21 authorize the issuance at par of special obligations

22 exclusively to the Fund. Such special obligations

23 shall bear interest at a rate equal to the average

24 rate of interest, computed as to the end of the cal25 endar month next preceding the date of such issue,
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1 borne by all marketable interest-bearing obligations

2 of the United States then forming a part of the Pub3 lic Debt; except that where such average rate is not

4 a multiple of one-eighth of 1 percent, the rate of in5 terest of such special obligations shall be the mul6 tiple of one-eighth of 1 percent next lower than such

7 average rate. Such special obligations shall be issued

8 only if the Secretary determines that the purchase of

9 other interest-bearing obligations of the United

10 States, or of obligations guaranteed as to both prin11 cipal and interest by the United States on original

12 issue or at the market price, is not in the public in13 terest.

14 (2) Any obligation acquired by the Fund (ex15 cept special obligations issued exclusively to the

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

17 at the market price, and such special obligations

18 may be redeemed at par plus accrued interest.

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

20 sale or redemption of, any obligations held in the

21 Fund shall be credited to and form a part of the

22 Fund.

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

24 authorized to obligate such sums as are available in the
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1 Fund (including any amounts not obligated in previous fis2 cal years) for—

3 (1) the functions of the Corporation under sec4 tion 8; and

5 (2) necessary administrative costs associated

6 with such functions.

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

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

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

10 on the financial condition and the results of the operations

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

12 expected condition and operations during the next fiscal

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

14 Senate document of the session of the Congress to which

15 the report is made.

16 SEC. 13. AUDIT AND REPORT.

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

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

19 completed in time for inclusion in the report required by

20 subsection (b).

21 (b) REPORT.—The Corporation shall submit to the

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

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

24 describe the activities of the Corporation for the preceding

25 year and shall also include—
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1 (1) a description of the State boxing authority

2 in each State; and

3 (2) the results of the audit conducted pursuant

4 to subsection (a).

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

6 (a) PETITION TO CONGRESS.—During the 1-year pe7 riod ending on the effective date of this Act, a majority

8 of the State boxing authorities from all States may submit

9 a petition in accordance with subsection (b) to the Com10 mittee on Governmental Affairs of the Senate and the

11 Committee on Government Operations of the House of

12 Representatives. Such committees shall take all necessary

13 actions to respond to such petition before the effective

14 date of this Act.

15 (b) CONTENTS.—The petition submitted under sub16 section (a) shall include—

17 (1) a statement with supporting evidence that

18 the provisions of this Act are unnecessary because

19 the State authorities have established an organiza20 tion to effectively carry out the purposes of this Act;

21 and

22 (2) a request for the Congress to enact legisla23 tion to delay the effective date of this Act or repeal

24 this Act.
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1 SEC. 15. EFFECTIVE DATE.

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

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

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

5 Act.

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

7 date of the enactment of this Act.

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