I
103D CONGRESS
1ST SESSION
H. R. 2607
To establish the Professional Boxing Corporation, and for other purposes.
IN THE HOUSE OF REPRESENTATIVES
JULY 1, 1993
Mr. RICHARDSON (for himself, Mr. SERRANO, Mr. PAYNE of New Jersey, Mr.
MORAN, Mr. CASTLE, Mr. TOWNS, and Mr. KING) introduced the follow-
ing 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.
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ‘‘Professional Boxing
Corporation Act of 1993’’.
SEC. 2. FINDINGS.
The Congress finds that—
(1) professional boxing is beset with wide-rang-
ing problems which are beyond the scope of the cur-
rent system of State regulation to protect against;
(2) the rules governing professional boxing and
the enforcement of such rules varies widely among
States;
(3) boxing, unlike other professional sports,
does not have an entity by which the sport can be
successfully regulated, nor is there a prospect of
meaningful self-regulation;
(4) the problems currently facing professional
boxing can be characterized as exploitation of box-
ers, conflicts of interest, questionable judging, and
corruption, including organized crime influence; and
(5) such problems endanger the health, safety
and welfare of boxers and undermine the sport’s
credibility with the public.
SEC. 3. PURPOSE.
The purpose of this Act is to establish a national or-
ganization which shall work with State boxing authorities
to establish and enforce uniform rules and regulations for
professional boxing in order to protect the health and safe-
ty of boxers and to ensure fairness in the sport.
SEC. 4. DEFINITIONS.
For purposes of this Act the term—
(1) ‘‘Board’’ means the Professional Boxing
Advisory Board established under section 7;
(2) ‘‘boxing match’’ means a professional box-
ing match, or any part thereof, which is held within
the United States and does not include an amateur
boxing match;
(3) ‘‘Corporation’’ means the Professional Box-
ing Corporation established under section 5;
(4) ‘‘Executive Director’’ means the Executive
Director of the Corporation;
(5) ‘‘Fund’’ means the Professional Boxing
Corporation Trust Fund established under section
13;
(6) ‘‘promoter’’ means any person or business
organization licensed under this Act to hold, give, or
otherwise conduct any boxing match, program, or
exhibition;
(7) ‘‘sanctioning organization’’ means any en-
tity that authorizes or sanctions a championship
boxing match;
(8) ‘‘Secretary’’ means the Secretary of the
Treasury;
(9) ‘‘State’’ means any State of the United
States and the District of Columbia, the Common-
wealth of Puerto Rico, Guam, the Virgin Islands, the
Commonwealth of the Northern Mariana Islands,
American Samoa, and any other territory or posses-
sion of the United States; and
(10) ‘‘State boxing authority’’ means a State
agency with authority to regulate professional box-
ing.
SEC. 5. ESTABLISHMENT OF PROFESSIONAL BOXING COR-
PORATION.
There is established the Professional Boxing Cor-
poration which shall be a Government corporation as de-
fined under section 103 of title 5, United States Code.
The Corporation shall maintain its principal office in
Washington, District of Columbia.
SEC. 6. EXECUTIVE DIRECTOR OF THE CORPORATION.
(a) EXECUTIVE DIRECTOR.—The Corporation shall
be administered by an Executive Director who shall be ap-
pointed by the President by and with the advice and con-
sent of the Senate.
(b) EXECUTIVE SCHEDULE LEVEL III POSITION.—
Section 5314 of title 5, United States Code, is amended
by adding at the end thereof the following:
‘‘Executive Director of the Professional Boxing
Corporation.’’.
SEC. 7. PROFESSIONAL BOXING ADVISORY BOARD.
(a) ESTABLISHMENT.—There is established a Profes-
sional Boxing Advisory Board. The members of the Board
(c) CHAIRMAN.—The Executive Director shall ap-
point one of the members to serve as Chairman of the
Board.
(d) PURPOSE
AND FUNCTION.—The Board shall
make recommendations to the Corporation to most effec-
tively and efficiently carry out the provisions of this Act.
(e) UNANIMOUS VOTE OF DISAPPROVAL.—(1) If the
Board by unanimous vote adopts a resolution of dis-
approval of any action or pending action of the Executive
Director, the Executive Director shall—
(A) stay such action for a period of 30 days be-
ginning on the date of the adoption of such resolu-
tion; or
(B) in the case of a pending action, refrain
from taking such action for a period of 30 days be-
ginning on the date of the adoption of such resolu-
tion.
(2) If the Executive Director determines to take or
resume such action after the adoption of a resolution of
disapproval, the Executive Director shall report to the
Board before the end of the 30-day period referred to
under paragraph (1) on—
(A) such determination; and
(B) the reasons for making such determination.
(3) Notwithstanding the provisions of paragraph (1),
the Executive Director may take the action disapproved
by resolution during the 30-day period referred to under
paragraph (1) if the Board by unanimous vote rescinds
such resolution of disapproval during such 30-day period.
(f) INITIAL APPOINTMENTS.—Initial appointments
under subsection (a) shall be made within 60 days after
the effective date of this Act.
(g) TERMS.—Members of the Board shall be ap-
pointed to 5-year terms.
(h) COMPENSATION OF MEMBERS.—Each member of
the Board who is not an officer or employee of the Federal
Government shall be compensated at a rate equal to the
daily equivalent of the annual rate of basic pay prescribed
for level V of the Executive Schedule under section 5316
of title 5, United States Code, for each day (including
travel time) during which such member is engaged in the
performance of the duties of the Board. All members of
the Board who are officers or employees of the United
States shall serve without compensation in addition to that
received for their services as officers or employees of the
United States.
(i) TRAVEL EXPENSES.—The members of the Board
shall be allowed travel expenses, including per diem in lieu
of subsistence, at rates authorized for employees of agen-
cies under subchapter I of chapter 57 of title 5, United
States Code, while away from their homes or regular
places of business in the performance of services for the
Board.
(j) STAFF AND SERVICES.—The Corporation shall
provide all necessary staff and support services for the
Board.
(k) SUCCESSORS.—If any member of the Board is un-
able to serve a full term of office or becomes unqualified
to serve in such position, a new member shall be appointed
to serve the remainder of such term of office in the same
manner in which the original appointment was made.
(l) QUORUM.—Four members of the Board shall con-
stitute a quorum.
(m) INITIAL MEETING.—The initial meeting of the
Board shall be held within 90 days after the effective date
of this Act.
SEC. 8. FUNCTIONS OF THE CORPORATION.
(a) PROTECTION OF GENERAL INTERESTS OF BOX-
ERS.—The primary function of the Corporation shall be
to protect the health, safety, and general interests of box-
ers consistent with the provisions of this Act.
(b) ESTABLISHMENT OF NATIONAL REGISTRY AND
LICENSING.—(1) The Corporation shall provide a unified
national computer source for the collection, storage, and
retrieval of information, which may include—
(A) a list of professional boxers;
(B) the medical records, won-loss records, size,
weight, and business associates of such boxers; and
(C) information pertinent to the sport of boxing
on boxing promoters, boxing matchmakers, boxing
managers, trainers, cut men, referees, boxing judges,
physicians, and any other personnel determined by
the Corporation to have a professional role in box-
ing.
(2)(A) The Corporation shall issue a license, either
through State boxing authorities or through the manner
determined most appropriate by the Corporation, on an
annual renewable basis, to each boxer, boxing judge, ref-
eree, or other person serving in a professional role in a
boxing match as determined by the Corporation who meets
Corporation minimum standards, and shall issue for li-
censed boxers an accurate record of their medical history,
biographical information, and won-loss boxing record.
(B) During the 2-year period beginning on the effec-
tive date of this Act, each boxer, boxing judge, referee,
or other person serving in a professional role in a boxing
match who is subject to licensing under subparagraph (A)
and holds a valid license issued by a State before the effec-
tive date of this Act shall be deemed to meet Corporation
minimum standards for purposes of subparagraph (A).
(3) The Corporation may require and issue a special
event license to each boxer, boxing promoter, sanctioning
organization, boxing manager or other person regulated
under this Act who participates in a major boxing match.
The Corporation shall promulgate regulations defining a
major boxing match for purposes of this paragraph.
(4) The Corporation shall issue a certificate of reg-
istration, either through State boxing authorities or
through the manner determined most appropriate by the
Corporation, at least every 3 years, to each boxing pro-
moter, boxing matchmaker, sanctioning organization, box-
ing manager, trainer, physician, cut man, and other per-
son determined by the Corporation to have a professional
role in boxing, who meets Corporation minimum
standards.
(c) LICENSE AND REGISTRATION FEES.—
(1) The Corporation may set and charge licens-
ing and registration fees for all persons regulated
under this Act. Fees paid by promoters may be de-
rived from gross receipts from boxing matches. Such
fees may be collected through State boxing authori-
ties or through the manner determined most appro-
priate by the Corporation. All such fees shall be de-
posited in the General Treasury of the United
States.
(2) The Corporation may set, charge, and ad-
just varying fees under paragraph (1) based on clas-
sifications of persons, functions, and events regu-
lated under this Act.
(3) In setting and charging fees under para-
graph (1), the Corporation shall ensure that to the
greatest extent practicable—
(A) club boxing shall not be adversely ef-
fected; and
(B)(i) sanctioning organizations and pro-
moters shall pay the largest portion of all such
fees collected under such paragraph; and
(ii) boxers shall pay as small a portion of
all such fees as is possible.
(d) ADDITIONAL FUNCTIONS.—In addition to the
functions described under subsections (a), (b), and (c), the
Corporation shall—
(1) prescribe regulations requiring a copy of
any contract for a boxing match to be filed with the
Corporation or with a State boxing authority at a
time before such match and in a manner determined
appropriate by the Corporation;
such authorities in meeting the Corporation mini-
mum standards and requirements;
(9) prescribe regulations for establishing stand-
ards for the making of contracts, agreements, ar-
rangements, and understandings relating to profes-
sional boxing;
(10) review the role of sanctioning organiza-
tions in professional boxing and prescribe regula-
tions relating to sanctioning organizations consistent
with this Act; and
(11) prescribe regulations prohibiting conflicts
of interest relating to boxing matches.
(e) CONSULTATION WITH STATE BOXING AUTHORI-
TIES.—The Corporation shall consult with State boxing
authorities—
(1) before prescribing any regulation or estab-
lishing any standard under the provisions of this
section; and
(2) no less than once each year regarding mat-
ters relating to professional boxing.
(f) SUSPENSION AND REVOCATION OF LICENSE OR
REGISTRATION.—(1) The Corporation may, after appro-
priate notice and opportunity for a hearing, suspend or
revoke any license or registration made under this Act if
the Corporation finds—
(A) such suspension or revocation is in the pub-
lic interest, including the protection of health and
safety; or
(B) there is reasonable grounds for belief that
standards prescribed by the Corporation under this
section are not being met, or that bribery, collusion,
intentional losing, racketeering, extortion, or the use
of unlawful threats, coercion, or intimidation have
been used in connection with such licensing or reg-
istration.
(2) Any suspension of a license or registration under
this section shall be for a period of not less than 6 months
unless—
(A) such suspension results from a person’s
medical condition; and
(B) such person is medically certified to partici-
pate in a boxing match before the end of such 6-
month period.
(g) PROHIBITORY ORDERS.—(1) The Corporation
may, after appropriate notice and opportunity for hearing,
by order prohibit the holding of any proposed boxing
match if it finds such prohibition is in the public interest
and that—
(A) any contract, arrangement, or agreement
with respect to such match does not comply with the
regulations of the Corporation;
(B) such match, or any participant in such
match, is not licensed or registered as provided
under this Act;
(C) there is reasonable grounds for belief that
such match may be affected by bribery, collusion, in-
tentional losing, racketeering, extortion, or the use
of unlawful threats, coercion, intimidation or vio-
lence; or
(D) the health and safety of any participant is
placed at undue risk by such proposed match.
(2)(A) At or after the time that notice of any pro-
ceeding under paragraph (1) is sent or ordered by the Cor-
poration to be published, regardless of whether or not any
person to be affected by such proceeding has received such
notice, the Corporation may by order without notice or
hearing summarily prohibit the holding of the boxing
match in question pending final disposition of the proceed-
ing by the Corporation, or for such shorter period as the
Corporation considers appropriate. The Corporation shall
issue such an order without notice or hearing if in its judg-
ment such action is in the public interest (including the
protection of the health and safety of a boxer) and nec-
essary to carry out the purposes of this Act.
(B) No liability shall attach to any person by virtue
of a summary order issued under this subsection unless
such person has actual notice thereof.
(h) INVESTIGATIONS AND INJUNCTIONS.—(1) The
Corporation may, in its discretion, make such investiga-
tions as it considers necessary to determine whether any
person has violated or is about to violate any provision
of this Act or any rule or regulation thereunder, and may
require or permit any person to file with it a statement
in writing, under oath or otherwise as the Corporation
shall determine, as to all the facts and circumstances con-
cerning the matter to be investigated. The Corporation
may, in its discretion, publish information concerning any
such violations, and investigate any facts, conditions, prac-
tices, or matters which it may determine necessary or
proper to aid in the enforcement of the provisions of this
Act, in the prescribing of rules and regulations under this
Act, or in securing information to serve as a basis for rec-
ommending further legislation concerning the matters to
which this Act relates.
(2) For the purpose of any such investigation, or any
other proceeding under this Act, any officer designated by
the Corporation is empowered to administer oaths and af-
firmations, subpoena witnesses, compel their attendance,
take evidence, and require the production of any books,
papers, correspondence, memorandums, or other records
which the Corporation considers relevant or material to
the inquiry. Such attendance of witnesses and the produc-
tion of any such records may be required from any place
in the United States or any State at any designated place
of hearing.
(3) In case of contumacy by, or refusal to obey a sub-
poena issued to, any person, the Corporation may file an
action in any court of the United States within the juris-
diction of which such investigation or proceeding is carried
on, or where such person resides or carries on business,
to enforce the attendance and testimony of witnesses and
the production of books, papers, correspondence, memo-
randums, and other records. Such court may issue an
order requiring such person to appear before the Corpora-
tion to produce records, if so ordered, or to give testimony
concerning the matter under investigation or in question.
Any failure to obey such order of the court may be pun-
ished by such court as a contempt thereof. All process in
any such case may be served in the judicial district in
which such person is an inhabitant or in which such per-
son may be found. Any person who, without just cause,
fails or refuses to attend and testify or to answer any law-
ful inquiry or to produce books, papers, correspondence,
memorandums, and other records, if in the power of such
person so to do, in obedience to the subpoena of the Cor-
poration, shall be guilty of a misdemeanor and, upon con-
viction, shall be subject to a fine of not more than $1,000
or to imprisonment for a term of not more than 1 year,
or both.
(4) No person shall be excused from attending and
testifying or from producing books, papers, contracts,
agreements, and other records and documents before the
Corporation, or in obedience to the subpoena of the Cor-
poration, or in any cause or proceeding instituted by the
Corporation, on the ground that the testimony or evidence,
documentary or otherwise, required of such person may
tend to incriminate such person or subject such person
to a penalty or forfeiture. No individual shall be pros-
ecuted or subject to any penalty or forfeiture for or on
account of any transaction, matter, or thing concerning
which such individual is compelled, after having claimed
a privilege against self-incrimination, to testify or produce
evidence, documentary or otherwise, except that such indi-
vidual so testifying shall not be exempt from prosecution
and punishment for perjury committed in so testifying.
(5) If the Corporation determines that any person is
engaged or about to engage in any acts or practices which
constitute or shall constitute a violation of any provision
of this Act, or of any rule or regulation thereunder, it may
bring an action in the appropriate district court of the
United States, the United States District Court for the
District of Columbia, or the United States courts of any
territory or other place subject to the jurisdiction of the
United States, to enjoin such acts or practices, and upon
a proper showing a permanent or temporary injunction or
restraining order shall be granted without bond.
(6) Upon application of the Corporation the district
courts of the United States, the United States District
Court for the District of Columbia, and the United States
courts of any territory or other place subject to the juris-
diction of the United States, shall have jurisdiction to
issue writs of mandamus commanding any person to com-
ply with the provisions of this Act or any order of the
Corporation.
(i) INTERVENTION IN CIVIL ACTIONS.—The Corpora-
tion shall be permitted an intervention of right as provided
under rule 24(a) of the Federal Rules of Civil Procedure
in any civil action filed in a United States district court
on behalf of the public interest in any case relating to pro-
fessional boxing. The Corporation may file a brief in any
action filed in a court of the United States on behalf of
the public interest in any case relating to professional
boxing.
(j) HEARINGS BY CORPORATION.—Hearings may be
public and may be held before any officer of the Corpora-
tion and appropriate records thereof shall be kept.
SEC. 9. SUBMISSION AND APPROVAL OF STATE BOXING
PLAN TO CORPORATION.
(a) IN GENERAL.—Beginning on the date occurring
18 months after the date of the enactment of this Act,
a State regulating professional boxing shall submit to the
Corporation a State boxing plan that meets the require-
ments of subsection (b).
(b) STATE BOXING PLAN REQUIREMENTS.—A State
boxing plan meets the requirements of this subsection if
such plan—
(1) establishes or maintains a State agency for
the purpose of regulating professional boxing in such
State in compliance with the minimum standards es-
tablished by the Corporation; and
(2) establishes a registration procedure consist-
ent with the provisions of section 8 by which such
State agency requires that—
(A) each individual and organization in-
volved in professional boxing in such State be
registered with such State agency in accordance
with the minimum Federal boxing standards;
and
(B) each individual and organization re-
ferred to in subparagraph (A) pay a registra-
tion fee to the Corporation in an amount deter-
mined by the Corporation pursuant to section
8(b) for the purpose of funding the Corpora-
tion.
(c) APPROVAL AND DISAPPROVAL OF STATE BOXING
PLAN.—No later than 60 days after the date on which
a State submits a State boxing plan pursuant to sub-
section (a), the Corporation shall—
(1) approve such plan if the plan meets the re-
quirements of subsection (b); or
(2) disapprove the plan and notify the State of
the reasons therefore.
(d) WITHDRAWAL OF APPROVAL.—The Corporation
shall withdraw its approval of any State boxing plan if
the Corporation determines that such plan, or the admin-
istration of such plan, no longer meets the requirements
of subsection (b).
(e) PROHIBITION OF CERTAIN PROFESSIONAL BOX-
ING MATCHES.—Beginning 3 years after the date of the
enactment of this Act, no boxing match shall be held in
a State—
(1) which does not have in effect a State boxing
plan approved by the Corporation under subsection
(c);
(2) which has in effect a State boxing plan ap-
proved by the Corporation under subsection (c), if
the Corporation determines that there exist reason-
able grounds for belief that the minimum boxing
standards established under section 8 are not being
met in connection with such match; or
(3) which has a State boxing plan approval
withdrawn under subsection (d).
SEC. 10. POWERS OF THE CORPORATION.
(a) IN GENERAL.—The Corporation may—
(1) serve as the coordinating body for all efforts
in the United States to establish and maintain uni-
form minimum health and safety standards for pro-
fessional boxing;
(2) appoint and fix the compensation of such
officers and employees as may be necessary to carry
out the functions of the Corporation, and shall ap-
point such officers and employees in accordance with
the civil service laws and fix such compensation in
accordance with the provisions of title 5, United
States Code;
(3) enter into contracts for temporary and
intermittent services to carry out any function of the
Corporation;
(4) publish a newspaper, magazine, or other
publication consistent with corporate purposes; and
(5) take any necessary and proper action to ac-
complish the purposes of this Act consistent with the
provisions of this Act.
(b) PROHIBITIONS.—The Corporation may not—
(1) promote boxing events or rank professional
boxers; or
(2) provide technical assistance to, or authorize
the use of the name of the Corporation by, States
which do not comply with requirements of the Cor-
poration.
(c) USE OF NAME.—The Corporation shall have the
exclusive right to use the name ‘‘Professional Boxing Cor-
poration’’ and the acronyms ‘‘P.B.C.’’ and ‘‘PBC’’, and
any person who, without the permission of the Corpora-
tion, uses such name or any other exclusive name, trade-
mark, emblem, symbol, or insignia of the Corporation for
the purpose of inducing the sale of any goods or services,
or to promote any exhibition, performance, or sporting
event, shall be subject to suit in a civil action by the Cor-
poration for the remedies provided in the Act of July 5,
1946 (60 Stat. 427; 15 U.S.C. 1051 et seq., popularly
known as the Trademark Act of 1946).
SEC. 11. NONINTERFERENCE WITH STATE BOXING AU-
THORITIES.
(a) NONINTERFERENCE.—Nothing in this Act shall
prohibit any agency established by or pursuant to the law
of any State or political subdivision of any State from ex-
ercising any of its powers, duties, or functions with respect
to the regulation or supervision of professional boxing or
boxing matches to the extent not inconsistent with the pro-
visions of this Act.
(b) MINIMUM STANDARDS.—Nothing in this Act
shall prohibit any State boxing authority from enforcing
State standards or requirements which exceed the mini-
mum standards or requirements promulgated by regula-
tion of the Corporation.
SEC. 12. ASSISTANCE FROM OTHER AGENCIES.
(a) IN GENERAL.—(1) Notwithstanding section 552a
of title 5, United States Code, or any other provision of
law, the Corporation may secure directly from any execu-
tive department, agency, bureau, board, commission, of-
fice, independent establishment, or instrumentality any in-
formation, suggestions, estimates, and statistics which
shall assist the Corporation in carrying out the purposes
of this Act, and each such department, agency, bureau,
board, commission, office, independent establishment, or
instrumentality shall furnish such information, sugges-
tions, estimates, and statistics directly to the Corporation,
upon request made by the Executive Director.
(2) Any information, including suggestions, esti-
mates, and statistics, secured by the Corporation which,
but for paragraph (1) of this subsection, could not be se-
cured by the Corporation by reason of section 552a of title
5, United States Code, or any other provision of law shall
be treated by the Corporation as confidential information.
(3) Except as provided in paragraph (4) of this sub-
section, no officer or employee of the Corporation may dis-
close to any person other than an officer or employee of
the Corporation any information referred to in paragraph
(2) of this subsection. Nothing in this subsection shall be
construed to authorize the Corporation to withhold infor-
mation from the Congress.
(4)(A) Any information referred to in paragraph (2)
of this subsection may be disclosed in accordance with the
prior written consent of the person with respect to whom
such information is maintained, but only to such extent,
under such circumstances, and for such other purposes as
may be allowed under regulations which shall be pre-
scribed by the Corporation.
(B) Whether or not the person, with respect to whom
any information referred to in paragraph (2) of this sub-
section is maintained, gives consent, such information may
be disclosed if authorized by an appropriate order of a
court of competent jurisdiction granted after application
showing good cause therefore. In assessing good cause the
court shall weigh the public interest and the need for dis-
closure against any prejudice to the person together with
the effective administration and enforcement of the provi-
sions of this Act. Upon the granting of such order, the
court, in determining the extent to which any disclosure
of all or any part of any information is necessary, shall
impose appropriate safeguards against unauthorized dis-
closure.
(5)(A) Whoever violates any provision of this sub-
section may be assessed a civil penalty of not to exceed
$1,000 for each violation. Such penalty shall be assessed
by the court in a civil action brought by the Attorney Gen-
eral of the United States.
(B) The Corporation shall refer to the Attorney Gen-
eral the name of any person it has reasonable cause to
believe has violated any provision of this subsection.
(b) DETAILS.—Any employee of any executive de-
partment, agency, bureau, board, commission, office, inde-
pendent establishment, or instrumentality may be detailed
to the Corporation, upon the request of the Executive Di-
rector, on a reimbursable or nonreimbursable basis, with
the consent of the appropriate authority having jurisdic-
tion over such employee. While so detailed, such employee
shall continue to receive the compensation provided pursu-
ant to law for the regular employment of such employee
and shall retain, without interruption, the rights and privi-
leges of such employment.
SEC. 13. PROFESSIONAL BOXING CORPORATION TRUST
FUND.
(a) ESTABLISHMENT.—There is established the Pro-
fessional Boxing Corporation Trust Fund in the Treasury
of the United States, consisting of such amounts as are
transferred to the Fund under subsection (b) of this sec-
tion and any interest earned on investment of amounts
in the Fund under subsection (e)(2) of this section.
(b) TRANSFER OF AMOUNTS EQUIVALENT TO CER-
TAIN FEES.—(1) The Secretary shall transfer to the Fund
an amount equal to the sum of the fees received in the
Treasury under section 8 after the effective date of this
Act.
(2) The amounts required to be transferred to the
Fund under paragraph (1) shall be transferred at least
quarterly from the general fund of the Treasury to the
Fund on the basis of estimates made by the Secretary.
Proper adjustment shall be made in amounts subsequently
transferred to the extent prior estimates were in excess
of or less than the amounts required to be transferred.
(c) EXPENDITURE FROM FUND.—Amounts in the
Fund shall be available, as provided in appropriation Acts,
only for purposes of making expenditures to carry out the
purposes of this Act.
(d) AUTHORITY TO BORROW.—(1) There are author-
ized to be appropriated to the Fund, as repayable ad-
vances, such sums as may be necessary to carry out the
purposes of the Fund.
(2)(A) Advances made to the Fund shall be repaid,
and interest on such advances shall be paid, to the general
fund of the Treasury when the Secretary determines that
moneys are available for such purposes in the Fund.
(B) No advance shall be made to the Fund after the
date occurring 5 years after the effective date of this Act,
and all advances to such Fund shall be repaid on or before
such date.
(C) Interest on advances made to the Fund shall be
at a rate determined by the Secretary (as of the close of
the calendar month preceding the month in which the ad-
vance is made) to be equal to the current average market
yield on outstanding marketable obligations of the United
States with remaining periods to maturity comparable to
the anticipated period during which the advance will be
outstanding and shall be compounded annually.
(e) INVESTMENT OF FUND.—(1) It shall be the duty
of the Secretary to invest such portion of the Fund as
is not, in the Secretary’s judgment, required to meet cur-
rent withdrawals. Such investments may be made only in
interest-bearing obligations of the United States or in obli-
gations guaranteed as to both principal and interest by
the United States. For such purpose, such obligations may
be acquired—
(A) on original issue at the issue price, or
(B) by purchase of outstanding obligations at
the market price.
The purposes for which obligations of the United States
may be issued under chapter 31 of title 31, of the United
States Code, are hereby extended to authorize the issuance
at par of special obligations exclusively to the Fund. Such
special obligations shall bear interest at a rate equal to
the average rate of interest, computed as to the end of
the calendar month next preceding the date of such issue,
borne by all marketable interest-bearing obligations of the
United States then forming a part of the Public Debt; ex-
cept that where such average rate is not a multiple of one-
eighth of 1 percent, the rate of interest of such special
obligations shall be the multiple of one-eighth of 1 percent
next lower than such average rate. Such special obligations
shall be issued only if the Secretary determines that the
purchase of other interest-bearing obligations of the
United States, or of obligations guaranteed as to both
principal and interest by the United States on original
issue or at the market price, is not in the public interest.
(2) Any obligation acquired by the Fund (except spe-
cial obligations issued exclusively to the Fund) may be sold
by the Secretary of the Treasury at the market price, and
such special obligations may be redeemed at par plus ac-
crued interest.
(3) The interest on, and the proceeds from the sale
or redemption of, any obligations held in the Fund shall
be credited to and form a part of the Fund.
(f) OBLIGATIONS FROM FUND.—The Corporation is
authorized to obligate such sums as are available in the
Fund (including any amounts not obligated in previous fis-
cal years) for—
(1) the functions of the Corporation under sec-
tion 8; and
(2) properly allocable administrative costs of
the Federal Government for the activities related to
such functions.
(g) REPORT TO CONGRESS.—It shall be the duty of
the Secretary to hold the Fund, and (after consultation
with the Corporation) to report to the Congress each year
on the financial condition and the results of the operations
of the Fund during the preceding fiscal year and on its
expected condition and operations during the next fiscal
year. Such report shall be printed as both a House and
Senate document of the session of the Congress to which
the report is made.
SEC. 14. AUDIT AND REPORT.
(a) AUDIT.—The Comptroller General shall conduct
an annual audit of the finances of the Corporation, to be
completed in time for inclusion in the report required by
subsection (b).
(b) REPORT.—The Corporation shall submit a report
to the Congress within 1 year after the effective date of
this Act and annually thereafter. Such report shall detail
the activities of the Corporation for the preceding year and
shall include—
(1) a description of the State boxing authority
in each State; and
(2) the results of the audit required under sub-
section (a).
(c) PUBLIC REPORT.—The Corporation shall annu-
ally issue a report made available to the public on the
progress made at Federal and State levels in the reform
of professional boxing and commenting on issues of con-
tinuing concern to the Corporation.
SEC. 15. PETITION TO REPEAL BEFORE EFFECTIVE DATE.
(a) PETITION TO CONGRESS.—During the 1-year pe-
riod preceding the effective date of this Act, a majority
of the State boxing authorities from all States may submit
a petition as described under subsection (b) to the Senate
Governmental Affairs Committee and the House of Rep-
resentatives Government Operations Committee. Such
committees shall take all necessary actions to respond to
such petition before the effective date of this Act.
(b) CONTENTS.—The petition submitted under sub-
section (a) shall include—
(1) a statement with supporting evidence that
the provisions of this Act are unnecessary because
the State authorities have established an organiza-
tion to effectively carry out the purposes of this Act;
and
(2) a request for the Congress to enact legisla-
tion to delay the effective date of this Act or repeal
this Act.
SEC. 16. INFORMAL RULEMAKING.
To the greatest extent practicable, the Corporation
shall conduct all rulemaking under the provisions of sec-
tion 553 of title 5, United States Code.
SEC. 17. TERMINATION OF CORPORATION.
The Corporation shall terminate effective on the date
occurring 7 years after the date of the enactment of this
Act.
SEC. 18. EFFECTIVE DATE.
The provisions of this Act and the amendments made
by this Act (except for section 15 which shall take effect
on the date of enactment) shall be effective on and after
1 year after the date of the enactment of this Act.
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