SEC. 2. CORPORATE INDEPENDENCE COMMISSION.
(a) ESTABLISHMENT.—There is established an inde-
pendent commission to be known as the ‘‘Corporate Inde-
pendence Commission’’ to study reductions in corporate
subsidies to reduce the Federal budget deficit.
(b) DUTIES.—The Commission shall carry out the
duties specified for it in this Act.
(c) APPOINTMENT.—
(1) NUMBER OF MEMBERS.—The Commission
shall be composed of eight members appointed by
the President.
(2) TIME OF APPOINTMENTS.—The President
shall appoint the members of the Commission not
later than 6 months after the date of the enactment
of this Act.
(3) CONSULTATION.—In selecting individuals
for appointments to the Commission, the President
shall consult with—
(A) the Speaker of the House of Rep-
resentatives concerning the appointment of two
members;
(B) the majority leader of the Senate con-
cerning the appointment of two members;
(C) the minority leader of the House of
Representatives concerning the appointment of
one member; and
(D) the minority leader of the Senate con-
cerning the appointment of one member.
(4) CHAIRMAN.—At the time the President ap-
points members to the Commission, the President
shall designate one such individual who shall serve
as Chairman of the Commission.
(d) TERMS.—Each member of the Commission shall
be appointed to serve for the life of the Commission.
(e) MEETINGS.—Each meeting of the Commission,
other than meetings in which classified information is to
be discussed, shall be open to the public.
(f) VACANCIES.—A vacancy in the Commission shall
be filled in the same manner as the original appointment.
(g) PAY AND TRAVEL EXPENSES.—
(1) PAY.—
(A) IN GENERAL.—Each member of the
Commission, other than the Chairman, shall be
paid at a rate not to exceed the daily equivalent
of the minimum annual rate of basic pay pay-
able for level IV of the Executive Schedule
under section 5315 of title 5, United States
Code, for each day (including travel time) dur-
ing which the member is engaged in the actual
performance of duties vested in the Commis-
sion.
(B) CHAIRMAN.—The Chairman shall be
paid for each day referred to in subparagraph
(A) at a rate not to exceed the daily equivalent
of the minimum annual rate of basic pay pay-
able for level III of the Executive Schedule
under section 5314 of title 5, United States
Code.
(2) TRAVEL EXPENSES.—Members of the Com-
mission shall receive travel expenses, including per
diem in lieu of subsistence, in accordance with sec-
tions 5702 and 5703 of title 5, United States Code.
(3) PROHIBITION OF COMPENSATION OF FED-
ERAL
EMPLOYEES.—Members of the Commission
who are full-time officers or employees of the United
States, or Members of Congress, may not receive ad-
ditional pay, allowances, or benefits by reason of
their service on the Commission.
(h) DIRECTOR OF STAFF.—
(1) IN GENERAL.—The Commission shall ap-
point a Director.
(2) PAY.—The Director shall be paid at a rate
not to exceed the rate of basic pay payable for level
IV of the Executive Schedule under section 5315 of
title 5, United States Code.
(i) STAFF.—
(1) IN GENERAL.—Subject to paragraphs (2)
and (3), the Director, with the approval of the Com-
mission, may appoint and fix the pay of additional
personnel.
(2) APPOINTMENT
AND
PAY.—The Director
may make such appointments without regard to the
provisions of title 5, United States Code, governing
appointments in the competitive service, and any
personnel so appointed may be paid without regard
to the provisions of chapter 51 and subchapter III
of chapter 53 of that title (relating to classification
and General Schedule pay rates), except that an in-
dividual so appointed may not receive pay in excess
of the annual rate of basic pay payable for level IV
of the Executive Schedule under section 5315 of title
5, United States Code.
(3) DETAILING FROM FEDERAL DEPARTMENTS
AND AGENCIES.—Upon request of the Director, the
head of any Federal department or agency may de-
tail any of the personnel of that department or agen-
cy to the Commission to assist the Commission in
carrying out its duties under this Act.
(4) ASSISTANCE
FROM
COMPTROLLER
GEN-
ERAL.—The Comptroller General of the United
States shall provide assistance, including the detail-
ing of employees, to the Commission in accordance
with an agreement entered into between the Comp-
troller General and the Commission.
(j) OTHER AUTHORITY.—
(1) EXPERTS AND CONSULTANTS.—The Com-
mission may procure by contract, to the extent funds
are available, the temporary or intermittent services
of experts or consultants pursuant to section 3109
of title 5, United States Code.
(2) LEASING AND PERSONAL PROPERTY.—The
Commission may lease space and acquire personal
property to the extent funds are available. To the
extent practicable, the Commission shall use suitable
real property available under the most recent inven-
tory of real property assets published by the Resolu-
tion Trust Corporation under section 21A(b)(11)(F)
of the Federal Home Loan Bank Act (12 U.S.C.
1441a(b)(11)(F)).
(k) FUNDING.—There are authorized to be appro-
priated to the Commission such funds as are necessary
to carry out its duties under this Act. Such funds shall
remain available until expended.
(l) TERMINATION.—The Commission shall terminate
not later than September 30, 2003.
SEC. 3. PROCEDURE FOR MAKING RECOMMENDATIONS
FOR CORPORATE SUBSIDY REDUCTIONS.
(a) CRITERIA.—
(1) IN
GENERAL.—Not later than 8 months
after the date of the enactment of this Act, the
Chairman of the Commission shall publish in the
Federal Register and transmit to the Congress a
preliminary draft of the criteria which the Chairman
proposes should be used in making recommendations
for reductions in corporate subsidies under this Act.
Before the publication required by this paragraph,
the Chairman shall provide an opportunity for public
comment on the proposed criteria for a period of at
least 30 days and shall hold a public hearing on the
proposed criteria. The Chairman shall provide the
public with appropriate notice of such opportunity to
comment and of such hearing.
(2) FACTORS CONSIDERED.— In developing the
criteria, the Chairman shall consider—
(A) the income categories of individuals af-
fected by any reduction in corporate subsidies,
(B) the number of individuals affected by
any such reduction,
(C) the impact of any such reduction on
various geographic regions,
(D) the number, type, and size of busi-
nesses affected by any such reduction, and
(E) the impact of any such reduction on
job loss.
(3) PUBLICATION
AND
TRANSMISSION.—Not
later than 10 months after the date of the enact-
ment of this Act, the Chairman shall publish in the
Federal Register and transmit to the Congress the
final criteria to be used in making recommendations
for reductions in corporate subsidies under this Act.
(4) 
AVAILABILITY
OF
INFORMATION.—The
Chairman shall make available to the Commission
and to the Comptroller General of the United States
all information used by the Chairman in formulating
the criteria.
(b) REVIEW AND RECOMMENDATIONS BY THE COM-
MISSION.—
(1) IN
GENERAL.—Once during the term of
every Congress, for the life of the Commission, the
Commission shall identify and review corporate sub-
sidies and shall publish in the Federal Register and
transmit to the President and the Congress a report
containing a list of corporate subsidy reductions that
the Commission recommends on the basis of—
(A) the final criteria referred to in sub-
section (a), and
(B) a weighing of the cost of each subsidy
recommended to be reduced or eliminated
against the value of the subsidy in creating
jobs.
(2) DATE
OF
SUBMISSION.—The Commission
shall submit the first report required by paragraph
(1) not later than 7 months after the date of the
publication required by subsection (a)(3).
(3) RECOMMENDATIONS.—In each report re-
quired by paragraph (1), the Commission shall rec-
ommend corporate subsidy reductions sufficient to
raise the appropriate amount of revenue in each of
the first 2 fiscal years (or 1 fiscal year, in the case
of the 4th such report) beginning in calendar years
beginning after the date of the transmission of such
report under paragraph (1), as determined under
the following table:
If the calendar year is:
The appropriate amount is:
The 1st beginning after the 1st report .................................
$3,000,000,000
The 2d beginning after the 1st report ..................................
$3,000,000,000
The 1st beginning after the 2d report ..................................
$5,000,000,000
The 2d beginning after the 2d report ...................................
$5,000,000,000
The 1st beginning after the 3d report ..................................
$7,000,000,000
The 2d beginning after the 3d report ................................... $12,000,000,000
The 1st beginning after the 4th report ................................ $15,000,000,000.
(4) PUBLIC
HEARINGS.—Before the trans-
mission of any report under paragraph (1), the
Commission shall conduct public hearings on the
recommendations contained in such report.
(5) ADDITIONAL CONTENTS OF REPORT.—The
Commission shall include, with each list of rec-
ommendations published and transmitted under
paragraph (1)—
(A) a summary of the selection process
that resulted in the recommendations,
(B) with respect to each subsidy which the
Commission recommends to be reduced or
eliminated, an analysis of the costs (including
costs resulting from job loss) and savings that
would result from such elimination or reduction,
and
(C) legislative language which if enacted
would have the effect of carrying out all of the
corporate subsidy reductions which are rec-
ommended by the Commission on such list.
(6) RECOMMENDATIONS
FOR
ALTERNATIVE
METHODS OF FUNDING.—The Commission may in-
clude, with such list, recommendations for alter-
native methods for funding some or all of the cor-
porate subsidies contained on such list. The rec-
ommended alternative methods for funding may in-
clude, but need not be limited to, the imposition of
user fees.
(7) AVAILABILITY
OF
INFORMATION.—After
transmitting a report under paragraph (1), the Com-
mission shall make available to the Congress and the
Comptroller General of the United States all infor-
mation used by the Commission in making the rec-
ommendations contained in such report.
(c) ASSISTANCE FROM COMPTROLLER GENERAL.—
The Comptroller General of the United States shall—
(1) assist the Commission, to the extent re-
quested by the Commission, in the Commission’s re-
view and analysis of the criteria transmitted by the
Chairman under subsection (a); and
(2) not later than 45 days after each trans-
mission required by subsection (b)(1), transmit to
the Congress, to the President, and to the Commis-
sion a report containing a detailed analysis of the
Commission’s recommendations and selection proc-
ess.
(d) REVIEW BY THE PRESIDENT.—
(1) NOTICE OF APPROVAL, DISAPPROVAL, OR
PARTIAL APPROVAL.—Not later than 90 days after
each transmission under subsection (c)(2), the Presi-
dent shall transmit to the Commission and to the
Congress either a notice of the President’s approval
of all of the recommendations contained in the Com-
mission’s report or a notice of the President’s dis-
approval or partial approval of such recommenda-
tions.
(2) TRANSMISSION IF APPROVAL.—If the Presi-
dent approves all of the recommendations of the
Commission, the President shall transmit to the
Congress a copy of such recommendations, a certifi-
cation of such approval, and a copy of the legislative
language submitted by the Commission under sub-
section (b)(5).
(3) TRANSMISSION AND REVISED LIST IF DIS-
APPROVAL.—If the President disapproves the rec-
ommendations of the Commission, in whole or in
part, the President shall transmit to the Commission
and the Congress the reasons for such disapproval.
The Commission shall then transmit to the Presi-
dent, not later than 30 days after the transmission
of such reasons, a revised list of recommendations
for corporate subsidy reductions and revised legisla-
tive language which if enacted would have the effect
of carrying out all corporate subsidy reductions
which are recommended by the Commission on such
revised list.
(4) 
TRANSMISSION
AFTER
REVISED
REC-
OMMENDATIONS.—Not later than 30 days after the
Commission transmits a revised list of recommenda-
tions and revised language under paragraph (3), the
President shall transmit to the Congress—
(A) a copy of such revised list of rec-
ommendations and such revised language,
(B) a report containing the President’s ap-
proval, partial approval, or disapproval of the
recommendations on the revised list, and
(C) if the President approves all of the rec-
ommendations on the revised list, a certification
of such approval.
SEC. 4. INTRODUCTION OF DRAFT LEGISLATION FOR COR-
PORATE SUBSIDY REDUCTION.
The legislative language transmitted to the Congress
under section 3(d) shall be introduced as a bill by the ma-
jority leader of the House of Representatives and the ma-
jority leader of the Senate.
SEC. 5. JOINT COMMITTEE ON CORPORATE SUBSIDY RE-
DUCTION.
(a) ESTABLISHMENT.—There is established a Joint
Committee on Corporate Subsidy Reduction.
(b) MEMBERSHIP.—
(1) IN GENERAL.—The Joint Committee shall
consist of 22 members as follows:
(A) 11 members of the House of Rep-
resentatives, to be appointed by the majority
leader of the House of Representatives, 6 from
the majority and 5 from the minority party.
(B) 11 members of the Senate, to be ap-
pointed by the majority leader of the Senate, 6
from the majority and 5 from the minority
party.
(2) MANNER OF APPOINTMENTS.—In making
appointments under paragraph (1), the majority
leader of the House of Representatives and the ma-
jority leader of the Senate shall give due consider-
ation to providing appropriate representation on the
Joint Committee to committees of the House and
Senate, respectively, which have jurisdiction over
matters relating to corporate subsidies.
(3) TIME
OF
APPOINTMENTS.—The appoint-
ments referred to in paragraph (1) shall be made
not later than 30 days after the first transmission
of recommendations under section 3(b)(1).
(b) VACANCIES.—Vacancies in the membership of the
Joint Committee shall not affect the power of the remain-
ing members to execute the functions of the Joint Com-
mittee and shall be filled in the same manner as in the
case of the original appointment.
(c) CHAIRMAN
AND VICE CHAIRMAN.—The Joint
Committee shall elect a chairman and vice chairman from
among its members at the beginning of each Congress in
which the Joint Committee exists. The vice chairman shall
be chosen from among the members of that House of Con-
gress other than the House of Congress of which the chair-
man is a member. The vice chairman shall act in the place
and stead of the chairman in the absence of the chairman.
(d) STAFF.—The Joint Committee is authorized to
appoint and fix the compensation of such professional and
clerical staff and such experts as it deems appropriate.
(e) LEGISLATIVE JURISDICTION AND POWERS.—
(1) LEGISLATIVE
JURISDICTION.—Bills intro-
duced under section 4 and other bills and resolutions
which if enacted would accomplish the government-
wide reduction or elimination of corporate subsidies
shall be referred to the Joint Committee. The mem-
bers of the Joint Committee who are Members of the
Senate shall from time to time report to the Senate,
and the members of the Joint Committee who are
Members of the House of Representatives shall from
time to time report to the House of Representatives,
by bill or otherwise, their recommendations with re-
spect to matters within the jurisdiction of their re-
spective Houses which are referred to the Joint
Committee.
(2) POWERS.—The Joint Committee, or any
duly authorized subcommittee thereof, is authorized
to sit and act at such places and times and to hold
such hearings as it deems appropriate. The Joint
Committee, or any duly authorized subcommittee
thereof, is authorized to require by subpoena (to be
issued under the signature of the chairman or vice
chairman) or otherwise the attendance of such wit-
nesses and the production of such books, papers,
and documents, to administer such oaths and affir-
mations, to take such testimony, to procure such
printing and binding, and to make such expenditures
as it deems advisable.
(f) HOUSE OF REPRESENTATIVES EXPENSES.—Not-
withstanding any law, rule, or other authority, there shall
be paid out of the applicable accounts of the House of
Representatives such sums as may be necessary for one-
half of the expenses of the Joint Committee. Such pay-
ments shall be made on vouchers signed by the House of
Representatives chairman or vice chairman of the Joint
Committee and approved in the manner directed by the
Committee on House Oversight of the House of Rep-
resentatives. Amounts made available under this para-
graph shall be expended in accordance with regulations
prescribed by the Committee on House Oversight of the
House of Representatives.
SEC. 6. CONGRESSIONAL CONSIDERATION OF COMMISSION
REPORT.
(a) DISCHARGE OF CORPORATE SUBSIDY REDUC-
TION LEGISLATION.—If the Joint Committee has not re-
ported a bill introduced under section 4 by the end of the
20-day period beginning on the date of such introduction,
the Joint Committee shall be, at the end of such period,
discharged from further consideration of such bill, and
such bill shall be placed on the appropriate calendar of
the House involved.
(b) CONSIDERATION.—
(1) IN GENERAL.—On or after the third day
after the date on which the Joint Committee has re-
ported, or has been discharged (under subsection
(a)) from further consideration of, a bill introduced
under section 4, it is in order (even though a pre-
vious motion to the same effect has been disagreed
to) for any Member of the respective House to move
to proceed to the consideration of such bill (but only
on the day after the calendar day on which such
Member announces to the House concerned the
Member’s intention to do so). All points of order
against the bill (and against consideration of the
bill) are waived. The motion is highly privileged in
the House of Representatives and is privileged in the
Senate and is not debatable. The motion is not sub-
ject to amendment, or to a motion to postpone, or
to a motion to proceed to the consideration of other
business. A motion to reconsider the vote by which
the motion is agreed to or disagreed to shall not be
in order. If a motion to proceed to the consideration
of the bill is agreed to, the respective House shall
immediately proceed to consideration of the bill with-
out intervening motion, order, or other business, and
the bill shall remain the unfinished business of the
respective House until disposed of.
(2) DEBATE, ETC.—Debate on the subsidy re-
duction bill, and on all debatable motions and ap-
peals in connection therewith, shall be limited to not
more than 2 hours, which shall be divided equally
between those favoring and those opposing the bill.
An amendment to the bill is not in order. A motion
further to limit debate is in order and not debatable.
A motion to postpone, or a motion to proceed to the
consideration of other business, or a motion to re-
commit the bill is not in order. A motion to recon-
sider the vote by which the bill is agreed to or dis-
agreed to is not in order.
(3) VOTE.—Immediately following the conclu-
sion of the debate on the subsidy reduction bill and
a single quorum call at the conclusion of the debate
(if requested in accordance with the rules of the ap-
propriate House), the vote on final passage of the
bill shall occur.
(4) APPEALS.—Appeals from the decisions of
the Chair relating to the application of the rules of
the Senate or the House of Representatives, as the
case may be, to the procedure relating to the subsidy
reduction bill shall be decided without debate.
SEC. 7. AUTHORITY OF COMMISSION TO IMPLEMENT REC-
OMMENDATIONS UNLESS CONGRESS ACTS.
Notwithstanding any other provision of law, upon the
expiration of the 45-day period beginning on the later of
the date of the introduction of a bill under section 4 in
the House and the date of such introduction in the Senate,
the Commission shall have the authority to reduce or
eliminate any corporate subsidy identified under section
3(b) to the extent specified in the recommendations trans-
mitted under section 3(d), unless—
(1) a Joint Resolution disapproving of all of
such recommendations becomes law before the expi-
ration of such period, or
(2) a bill introduced under section 4, a bill
which the Joint Committee reports under section
6(a), or a bill with respect to which the Joint Com-
mittee has been discharged under such section from
further consideration, becomes law before the expira-
tion of such period.
SEC. 8. RULES OF THE SENATE AND HOUSE.
Sections 5 and 6 are enacted by the Congress—
(1) as an exercise of the rulemaking power of
the Senate and House of Representatives, respec-
tively, and as such sections 5 and 6 are deemed a
part of the rules of each House, respectively, but ap-
plicable only with respect to the procedure to be fol-
lowed in that House in the case of the subsidy re-
duction bill, and such sections supersede other rules
only to the extent that such sections are inconsistent
with such rules; and
(2) with full recognition of the constitutional
right of either House to change the rules (so far as
relating to the procedure of that House) at any time,
in the same manner, and to the same extent as in
the case of any other rule of that House.
SEC. 9. DEFINITIONS.
For purposes of this Act:
(1) CHAIRMAN.—The term ‘‘Chairman’’ means
the Chairman of the Corporate Independence Com-
mission.
(2) COMMISSION.—The term ‘‘Commission’’
means the Corporate Independence Commission.
(3) CORPORATE
SUBSIDY.—The term ‘‘cor-
porate subsidy’’—
(A) includes spending subsidies (including
those for inland waterway operators), tax sub-
sidies, free or below-market-rate services, and
trade protections, which are provided by the
Federal government to or with respect to any
corporation, and
(B) does not include any subsidy, service,
or protection provided directly or indirectly by
the Federal government to any Federal entity,
Federal agency, government-sponsored enter-
prise, or Government corporation (as defined in
section 9101 of title 31, United States Code).
(4) GOVERNMENT-SPONSORED
ENTERPRISE.—
The term ‘‘government-sponsored enterprise’’ means
the Federal National Mortgage Association, the Fed-
eral Home Loan Mortgage Corporation, the Federal
Home Loan Bank System, the Farm Credit Banks,
the Banks for Cooperatives, the Federal Agricultural
Mortgage Corporation, the Student Loan Marketing
Association, the College Construction Loan Insur-
ance Association, and any of their affiliated or mem-
ber institutions.
(5) JOINT COMMITTEE.—The term ‘‘Joint Com-
mittee’’ means the Joint Committee on Corporate
Subsidy Reduction.
(6) SUBSIDY
REDUCTION
BILL.—The term
‘‘subsidy reduction bill’’ means a bill introduced
under section 4 which the Joint Committee has re-
ported or with respect to which the Joint Committee
has been discharged under section 6(a) from further
consideration.
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