costs, and escalation costs for completing construc-
tion. 
‘‘(6) LITIGATION.—The term ‘litigation’ means 
adjudication in Federal, State, local or tribal courts 
and administrative proceedings or hearings at or be-
fore Federal, State, local or tribal agencies or ad-
ministrative bodies.’’. 
(b) CONTRACT AUTHORITY.—Section 638(b) of the 
Energy Policy Act of 2005 (42 U.S.C. 16014(b)) is 
amended by striking paragraph (1) and inserting the fol-
lowing: 
‘‘(1) IN GENERAL.—The Secretary may enter 
into contracts under this section with sponsors of an 
advanced nuclear facility that cover at any one time 
outstanding a total of not more than 6 reactors, 
with the 6 reactors consisting of not more than 3 
different reactor designs, in accordance with para-
graph (2). In the event that any contract entered 
into under this section terminates or expires without 
a claim being paid by the Secretary thereunder, then 
the Secretary may enter into a new contract under 
this section in replacement or substitution for such 
contract.’’. 
(c) COVERED COSTS.—Section 638(d) of the Energy 
Policy Act of 2005 (42. U.S.C. 16014(d)) is amended by 
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striking paragraphs (2) and (3) and inserting the fol-
lowing: 
‘‘(2) COVERAGE.—In the case of reactors that 
receive combined licenses and on which construction 
is commenced, the Secretary shall pay— 
‘‘(A) 100 percent of the covered costs of 
delay that occur after the initial 30-day period 
of covered delay; but 
‘‘(B) not more than $500,000,000 per con-
tract. 
‘‘(3) COVERED DEBT OBLIGATIONS.—Debt obli-
gations covered under subparagraph (A) of para-
graph (5) shall include but not be limited to debt ob-
ligations incurred to pay increased project costs.’’. 
(d) DISPUTE RESOLUTION.—Section 638 of the En-
ergy Policy Act of 2005 (42 U.S.C. 16014) is amended 
as follows: 
(1) By designating subsections (f), (g), and (h) 
as subsections (g), (h), and (i) respectively. 
(2) By inserting the following: 
‘‘(f) DISPUTE RESOLUTION.—Any controversy or 
claim arising out of or relating to any contract entered 
into under this section shall be determined by arbitration 
in Washington, DC according to the then prevailing Com-
mercial Arbitration Rules of the American Arbitration As-
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sociation. A decision by the arbitrator(s) shall be final and 
binding, and any court having jurisdiction may enter judg-
ment on it.’’. 
SEC. 103. AUTHORIZATION FOR NUCLEAR POWER 2010 PRO-
GRAM. 
Section 952(c) of the Energy Policy Act of 2005 (42 
U.S.C. 16272) is amended by striking subsections (1) and 
(2) and substituting the following: 
‘‘(1) IN GENERAL.—The Secretary shall carry 
out a Nuclear Power 2010 Program to position the 
Nation to start construction of new nuclear power 
plants by 2010 or as close to 2010 as achievable. 
‘‘(2) SCOPE OF PROGRAM.—The Nuclear Power 
2010 Program shall be cost-shared with the private 
sector and shall support the following objectives: 
‘‘(A) Demonstrating the licensing process 
for new nuclear power plants, including the Nu-
clear Regulatory Commission process for ob-
taining early site permits (EPS), combined con-
struction/operating licenses (cols), and design 
certifications. 
‘‘(B) Conducting first-of-a-kind design and 
engineering work on at least two advanced nu-
clear reactor designs sufficient to bring those 
designs to a state of design completion suffi-
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cient to allow development of firm cost esti-
mates. 
‘‘(3) AUTHORIZATION
OF
APPROPRIATIONS.— 
There are authorized to be appropriated to the Sec-
retary to carry out the Nuclear Power 2010 Pro-
gram— 
‘‘(A) $182,800,000 for fiscal year 2008; 
‘‘(B) $159,600,000 for fiscal year 2009; 
‘‘(C) $135,600,000 for fiscal year 2010; 
‘‘(D) $46,900,000 for fiscal year 2011; 
and 
‘‘(E) $2,200,000 for fiscal year 2012.’’. 
SEC. 104. DOMESTIC MANUFACTURING BASE FOR NUCLEAR 
COMPONENTS AND EQUIPMENT. 
(a) ESTABLISHMENT
OF INTERAGENCY WORKING 
GROUP.— 
(1) PURPOSES.—The purposes of this section 
are— 
(A) to increase the competitiveness of the 
United States nuclear energy products and 
services industries; 
(B) to identify the stimulus or incentives 
necessary to cause United States manufacturers 
of nuclear energy products to expand manufac-
turing capacity; 
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(C) to facilitate the export of United 
States nuclear energy products and services; 
(D) to reduce the trade deficit of the 
United States through the export of United 
States nuclear energy products and services; 
(E) to retain and create nuclear energy 
manufacturing and related service jobs in the 
United States; 
(F) to integrate the objectives in subpara-
graphs (A) through (E) in a manner consistent 
with the interests of the United States, into the 
foreign policy of the United States; and 
(G) to authorize funds for increasing 
United States capacity to manufacture nuclear 
energy products and supply nuclear energy 
services. 
(2) ESTABLISHMENT.— 
(A) There shall be established an inter-
agency working group that, in consultation with 
representative industry organizations and man-
ufacturers of nuclear energy products, shall 
make recommendations to coordinate the ac-
tions and programs of the Federal Government 
in order to promote increasing domestic manu-
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facturing capacity and export of domestic nu-
clear energy products and services. 
(B) The Interagency Working Group shall 
be composed as follows: 
(i) The Secretary of Energy, or the 
Secretary’s designee, who shall chair the 
interagency working group. The Secretary 
of Energy shall provide staff for carrying 
out the functions of the interagency work-
ing group established under this section. 
(ii) Representatives of— 
(I) the Department of Energy; 
(II) the Department of Com-
merce; 
(III) the Department of Defense; 
(IV) the Department of Treas-
ury; 
(V) the Department of State; 
(VI) the Environmental Protec-
tion Agency; 
(VII) the United States Agency 
for International Development; 
(VIII) the Export-Import Bank 
of the United States; 
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(ii) improve the efficiency, safety and/ 
or reliability of existing nuclear generating 
facilities through modifications; and 
(iii) enhance the safe treatment, han-
dling, storage and disposal of used nuclear 
fuel. 
(B) Within 6 months of enactment, the 
interagency working group shall identify mecha-
nisms (including, but not limited to, tax stim-
ulus for investment, loans and loan guarantees, 
and grants) necessary for United States compa-
nies to increase their capacity to produce or 
provide nuclear energy products and services, 
and to increase their exports of nuclear energy 
products and services. The interagency working 
group shall identify administrative or legislative 
initiatives necessary to— 
(i) encourage United States compa-
nies to increase their manufacturing capac-
ity for nuclear energy products; 
(ii) provide technical and financial as-
sistance and support to small and mid- 
sized businesses to establish quality assur-
ance programs in accordance with domestic 
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and international nuclear quality assurance 
code requirements; 
(iii) encourage, through financial in-
centives, private sector capital investment 
to expand manufacturing capacity; and 
(iv) provide technical assistance and 
financial incentives to small and mid-sized 
businesses to develop the work-force nec-
essary to increase manufacturing capacity 
and meet domestic and international nu-
clear quality assurance code requirements. 
(C) Within 9 months of enactment, the 
interagency working group shall provide a re-
port to Congress on its findings under subpara-
graphs (A) and (B), including recommendations 
for new legislative authority where necessary. 
(D) The interagency working group shall 
identify the trade barriers that exist globally to 
the export of United States nuclear products 
and services. 
(4) 
TRADE
ASSISTANCE.—The 
interagency 
working group shall encourage the member agencies 
of the interagency working group to— 
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(A) provide technical training and edu-
cation for international development personnel 
and local users in their own country; 
(B) provide financial and technical assist-
ance to nonprofit institutions that support the 
marketing and export efforts of domestic com-
panies that provide nuclear energy products and 
services; 
(C) develop nuclear energy projects in for-
eign countries; 
(D) provide technical assistance and train-
ing materials to loan officers of the World 
Bank, international lending institutions, com-
mercial and energy attaches at embassies of the 
United States and other appropriate personnel 
in order to provide information about nuclear 
energy products and services to foreign govern-
ments or other potential project sponsors; 
(E) support, through financial incentives, 
private sector efforts to commercialize and ex-
port nuclear energy products and services in ac-
cordance with the subsidy codes of the World 
Trade Organization; and 
(F) augment budgets for trade and devel-
opment 
programs 
in 
order 
to 
support 
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prefeasibility or feasibility studies for projects 
that utilize nuclear energy products and serv-
ices. 
(5) AUTHORIZATION
OF
APPROPRIATIONS.— 
There are authorized to be appropriated to the Sec-
retary for purposes of carrying out this section 
$20,000,000 for fiscal years 2009 and 2010. 
(b) CREDIT
FOR QUALIFYING NUCLEAR POWER 
MANUFACTURING.—Subpart E of part IV of subchapter 
A of chapter 1 of the Internal Revenue Code is amended 
by inserting after section 48B the following new section: 
‘‘SEC. 
48C. 
QUALIFYING 
NUCLEAR 
POWER 
MANUFAC-
TURING CREDIT. 
‘‘(a) IN GENERAL.—For purposes of section 46, the 
qualifying nuclear power manufacturing credit for any 
taxable year is an amount equal to 20 percent of the quali-
fied investment for such taxable year. 
‘‘(b) QUALIFIED INVESTMENT.— 
‘‘(1) IN GENERAL.—For purposes of subsection 
(a), the qualified investment for any taxable year is 
the basis of eligible property placed in service by the 
taxpayer during such taxable year— 
‘‘(A) which is either part of a qualifying 
nuclear power manufacturing project or is 
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qualifying nuclear power manufacturing equip-
ment, 
‘‘(B)(i) the construction, reconstruction, or 
erection of which is completed by the taxpayer, 
or 
‘‘(ii) which is acquired by the taxpayer if 
the original use of such property commences 
with the taxpayer, 
‘‘(C) with respect to which depreciation (or 
amortization in lieu of depreciation) is allow-
able, and 
‘‘(D) which is placed in service on or be-
fore December 31, 2015. 
‘‘(2) SPECIAL RULE FOR CERTAIN SUBSIDIZED 
PROPERTY.—Rules similar to section 48(a)(4) shall 
apply for purposes of this section. 
‘‘(3) CERTAIN QUALIFIED PROGRESS EXPENDI-
TURES RULES MADE APPLICABLE.—Rules similar to 
the rules of subsections (c)(4) and (d) of section 46 
(as in effect on the day before the enactment of the 
Revenue Reconciliation Act of 1990) shall apply for 
purposes of this section. 
‘‘(c) DEFINITIONS.—For purposes of this section— 
‘‘(1) QUALIFYING NUCLEAR POWER MANUFAC-
TURING
PROJECT.—The term ‘qualifying nuclear 
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power manufacturing project’ means any project 
which is designed primarily to enable the taxpayer to 
produce or test equipment necessary for the design, 
construction, or operation of a nuclear power plant. 
‘‘(2) QUALIFYING NUCLEAR POWER MANUFAC-
TURING EQUIPMENT.—The term ‘qualifying nuclear 
power manufacturing equipment’ means machine 
tools and other similar equipment, including com-
puters and other peripheral equipment, acquired or 
constructed primarily to enable the taxpayer to 
produce or test equipment necessary for the design, 
construction, or operation of a nuclear power plant. 
‘‘(3) PROJECT.—The term ‘project’ includes 
any building constructed to house qualifying nuclear 
power manufacturing equipment.’’. 
(c) CONFORMING AMENDMENTS.— 
(1) ADDITIONAL
INVESTMENT
CREDIT.—Sec-
tion 46 of such Code is amended by— 
(A) striking ‘‘and’’ at the end of paragraph 
(3); 
(B) striking the period at the end of para-
graph (4) and inserting ‘‘, and’’; and 
(C) inserting after paragraph (4) the fol-
lowing new paragraph: 
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binding contract which was in effect on the day prior 
to the date of enactment. 
SEC. 105. NUCLEAR ENERGY WORKFORCE. 
(a) AMENDMENT.—Section 1101 of the Energy Pol-
icy Act of 2005 (42 U.S.C. 16411) is amended— 
(1) by redesignating subsection (d) as sub-
section (e); and 
(2) by inserting after subsection (c) the fol-
lowing: 
‘‘(d) WORKFORCE TRAINING.— 
‘‘(1) IN GENERAL.—The Secretary of Labor, in 
cooperation with the Secretary of Energy, shall pro-
mulgate regulations to implement a program to pro-
vide workforce training to meet the high demand for 
workers skilled in the nuclear utility and nuclear en-
ergy products and services industries. 
‘‘(2) CONSULTATION.—In carrying out this sub-
section, the Secretary of Labor shall consult with 
representatives of the nuclear utility and nuclear en-
ergy products and services industries, and organized 
labor, concerning skills that are needed in those in-
dustries. 
‘‘(3) AUTHORIZATION
OF
APPROPRIATIONS.— 
There are authorized to be appropriated to the Sec-
retary of Labor, working in coordination with the 
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Secretaries of Education and Energy $20,000,000 
for each of fiscal years 2009 through 2013 for use 
in implementing a program to provide workforce 
training to meet the high demand for workers skilled 
in the nuclear utility and nuclear energy products 
and services industries.’’. 
(b) COLLABORATIVE PROGRAMS.—Federal agencies 
shall take appropriate actions to encourage private sector 
companies to collaborate with local institutions of higher 
education to develop programs to expand the United 
States nuclear workforce. 
SEC. 106. LICENSING OF NEW NUCLEAR POWER PLANTS. 
Sections 189 and 185 of the Atomic Energy Act of 
1954 are amended thus: 
(1) HEARINGS AND JUDICIAL REVIEW.—Section 
189a.(1)(A) is modified thus: ‘‘In any proceeding 
under this Act, for the granting, suspending, revok-
ing, or amending of any license or construction per-
mit, or application to transfer control, and in any 
proceeding for the issuance or modification of rules 
and regulations dealing with the activities of licens-
ees, and in any proceeding for the payment of com-
pensation, an award, or royalties under section 153, 
157, 186c., or 188, the Commission shall grant a 
hearing upon the request of any person whose inter-
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est may be affected by the proceeding, and shall 
admit any such person as a party to such pro-
ceeding. The Commission may, in the absence of a 
request therefor by any person whose interest may 
be affected, issue a construction permit, an oper-
ating license or an amendment to a construction per-
mit or an amendment to an operating license with-
out a hearing, but upon thirty days’ notice and pub-
lication once in the Federal Register of its intent to 
do so. The Commission may dispense with such thir-
ty days’ notice and publication with respect to any 
application for an amendment to a construction per-
mit or an amendment to an operating license upon 
a determination by the Commission that the amend-
ment involves no significant hazards consideration.’’. 
(2) CONSTRUCTION PERMITS AND OPERATING 
LICENSES.—Section 185b is modified thus: ‘‘After 
any public hearing held under section 189a.(1)(A), 
the Commission shall issue to the applicant a com-
bined construction and operating license if the appli-
cation contains sufficient information to support the 
issuance of a combined license and the Commission 
determines that there is reasonable assurance that 
the facility will be constructed and will operate in 
conformity with the license, the provisions of this 
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Act, and the Commission’s rules and regulations. 
The Commission shall identify within the combined 
license the inspections, tests, and analyses, including 
those applicable to emergency planning, that the li-
censee shall perform, and the acceptance criteria 
that, if met, are necessary and sufficient to provide 
reasonable assurance that the facility has been con-
structed and will be operated in conformity with the 
license, the provisions of this Act, and the Commis-
sion’s rules and regulations. Following issuance of 
the combined license, the Commission shall ensure 
that the prescribed inspections, tests, and analyses 
are performed and, prior to operation of the facility, 
shall find that the prescribed acceptance criteria are 
met. Any finding made under this subsection shall 
not require a hearing except as provided in section 
189a.(1)(B).’’. 
SEC. 107. INVESTMENT TAX CREDIT FOR INVESTMENTS IN 
NUCLEAR POWER FACILITIES. 
(a) NEW CREDIT
FOR NUCLEAR POWER FACILI-
TIES.—Section 46 of the Internal Revenue Code of 1986, 
as amended by this Act, is amended by— 
(1) striking ‘‘and’’ at the end of paragraph (4); 
(2) striking the period at the end of paragraph 
(5) and inserting ‘‘, and’’; and 
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(3) inserting after paragraph (5) the following 
new paragraph: 
‘‘(6) the nuclear power facility construction 
credit.’’. 
(b) NUCLEAR
POWER
FACILITY
CONSTRUCTION 
CREDIT.—Subpart E of part IV of subchapter A of chap-
ter 1 of such Code, as amended by this Act, is amended 
by inserting after section 48C the following new section: 
‘‘SEC. 48D. NUCLEAR POWER FACILITY CONSTRUCTION 
CREDIT. 
‘‘(a) IN GENERAL.—For purposes of section 46, the 
nuclear power facility construction credit for any taxable 
year is 10 percent of the qualified nuclear power facility 
expenditures with respect to a qualified nuclear power fa-
cility. 
‘‘(b) WHEN
EXPENDITURES
TAKEN
INTO
AC-
COUNT.— 
‘‘(1) IN GENERAL.—Qualified nuclear power fa-
cility expenditures shall be taken into account for 
the taxable year in which the qualified nuclear power 
facility is placed in service. 
‘‘(2) COORDINATION WITH SUBSECTION (c).— 
The amount which would (but for this paragraph) be 
taken into account under paragraph (1) with respect 
to any qualified nuclear power facility shall be re-
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duced (but not below zero) by any amount of quali-
fied nuclear power facility expenditures taken into 
account under subsection (c) by the taxpayer or a 
predecessor of the taxpayer (or, in the case of a sale 
and leaseback described in section 50(a)(2)(C), by 
the lessee), to the extent any amount so taken into 
account has not been required to be recaptured 
under section 50(a). 
‘‘(c) PROGRESS EXPENDITURES.— 
‘‘(1) IN GENERAL.—A taxpayer may elect to 
take into account qualified nuclear power facility ex-
penditures. 
‘‘(A) SELF-CONSTRUCTED PROPERTY.—In 
the case of a qualified nuclear power facility 
which is a self-constructed facility, in the tax-
able year for which such expenditures are prop-
erly chargeable to capital account with respect 
to such facility. 
‘‘(B) ACQUIRED FACILITY.—In the case of 
a qualified nuclear facility which is not self-con-
structed property, in the taxable year in which 
such expenditures are paid. 
‘‘(2) SPECIAL
RULES
FOR
APPLYING
PARA-
GRAPH (1).—For purposes of paragraph (1): 
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‘‘(A) COMPONENT PARTS, ETC.—Property 
which is not self-constructed property and 
which is to be a component part of, or is other-
wise to be included in, any facility to which this 
subsection applies shall be taken into account in 
accordance with paragraph (1)(B). 
‘‘(B) 
CERTAIN
BORROWING
DIS-
REGARDED.—Any amount borrowed directly or 
indirectly by the taxpayer on a nonrecourse 
basis from the person constructing the facility 
for the taxpayer shall not be treated as an 
amount expended for such facility. 
‘‘(C) LIMITATION FOR FACILITIES OR COM-
PONENTS
WHICH
ARE
NOT
SELF-CON-
STRUCTED.— 
‘‘(i) IN GENERAL.—In the case of a 
facility or a component of a facility which 
is not self-constructed, the amount taken 
into account under paragraph (1)(B) for 
any taxable year shall not exceed the 
amount which represents the portion of the 
overall cost to the taxpayer of the facility 
or component of a facility which is prop-
erly attributable to the portion of the facil-
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ity or component which is completed dur-
ing such taxable year. 
‘‘(ii) 
CARRY-OVER
OF
CERTAIN 
AMOUNTS.—In the case of a facility or 
component of a facility which is not self- 
constructed, if for the taxable year— 
‘‘(I) the amount which (but for 
clause (i)) would have been taken into 
account under paragraph (1)(B) ex-
ceeds the limitation of clause (i), then 
the amount of such excess shall be 
taken into account under paragraph 
(1)(B) for the succeeding taxable 
year; or 
‘‘(II) the limitation of clause (i) 
exceeds the amount taken into ac-
count under paragraph (1)(B), then 
the amount of such excess shall in-
crease the limitation of clause (i) for 
the succeeding taxable year. 
‘‘(D) DETERMINATION OF PERCENTAGE OF 
COMPLETION.—The determination under sub-
paragraph (C)(i) of the portion of the overall 
cost to the taxpayer of the construction which 
is properly attributable to construction com-
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pleted during any taxable year shall be made on 
the basis of engineering or architectural esti-
mates or on the basis of cost accounting 
records. Unless the taxpayer establishes other-
wise by clear and convincing evidence, the con-
struction shall be deemed to be completed not 
more rapidly than ratably over the normal con-
struction period. 
‘‘(E) NO
PROGRESS
EXPENDITURES
FOR 
CERTAIN PRIOR PERIODS.—No qualified nuclear 
facility expenditures shall be taken into account 
under this subsection for any period before the 
first day of the first taxable year to which an 
election under this subsection applies. 
‘‘(F) NO
PROGRESS
EXPENDITURES
FOR 
PROPERTY FOR YEAR IT IS PLACED IN SERVICE, 
ETC.—In the case of any qualified nuclear facil-
ity, no qualified nuclear facility expenditures 
shall be taken into account under this sub-
section for the earlier of— 
‘‘(i) the taxable year in which the fa-
cility is placed in service; or 
‘‘(ii) the first taxable year for which 
recapture 
is 
required 
under 
section 
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50(a)(2) with respect to such facility, or 
for any taxable year thereafter. 
‘‘(3) SELF-CONSTRUCTED.—For purposes of 
this subsection: 
‘‘(A) The term ‘self-constructed facility’ 
means any facility if it is reasonable to believe 
that more than half of the qualified nuclear fa-
cility expenditures for such facility will be made 
directly by the taxpayer. 
‘‘(B) A component of a facility shall be 
treated as not self-constructed if the cost of the 
component is at least 5 percent of the expected 
cost of the facility and the component is ac-
quired by the taxpayer. 
‘‘(4) ELECTION.—An election shall be made 
under this section for a qualified nuclear power facil-
ity by claiming the nuclear power facility construc-
tion credit for expenditures described in paragraph 
(1) on a tax return filed by the due date for such 
return (taking into account extensions). Such an 
election shall apply to the taxable year for which 
made and all subsequent taxable years. Such an 
election, once made, may be revoked only with the 
consent of the Secretary. 
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‘‘(d) DEFINITIONS AND SPECIAL RULES.—For pur-
poses of this section: 
‘‘(1) QUALIFIED NUCLEAR POWER FACILITY.— 
The term ‘qualified nuclear power facility’ means an 
advanced nuclear power facility, as defined in section 
45J, the construction of which was approved by the 
Nuclear Regulatory Commission on or before De-
cember 31, 2013. 
‘‘(2) QUALIFIED
NUCLEAR
POWER
FACILITY 
EXPENDITURES.— 
‘‘(A) IN
GENERAL.—The term ‘qualified 
nuclear power facility expenditures’ means any 
amount properly chargeable to capital ac-
count— 
‘‘(i) with respect to a qualified nuclear 
power facility; 
‘‘(ii) for which depreciation is allow-
able under section 168; and 
‘‘(iii) which are incurred before the 
qualified nuclear power facility is placed in 
service or in connection with the placement 
of such facility in service. 
‘‘(B) PRE-EFFECTIVE
DATE
EXPENDI-
TURES.—Qualified nuclear power facility ex-
penditures do not include any expenditures in-
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curred by the taxpayer before January 1, 2007, 
unless such expenditures constitute less than 20 
percent of the total qualified nuclear power fa-
cility expenditures (determined without regard 
to this subparagraph) for the qualified nuclear 
power facility. 
‘‘(3) DELAYS AND SUSPENSION OF CONSTRUC-
TION.— 
‘‘(A) IN GENERAL.—For purposes of ap-
plying this section and section 50, a nuclear 
power facility that is under construction shall 
cease to be treated as a facility that will be a 
qualified nuclear power facility as of the earlier 
of— 
‘‘(i) the date on which the taxpayer 
decides to terminate construction of the fa-
cility; or 
‘‘(ii) the last day of any 24-month pe-
riod in which the taxpayer has failed to 
incur qualified nuclear power facility ex-
penditures totaling at least 20 percent of 
the expected total cost of the nuclear 
power facility. 
‘‘(B) AUTHORITY
TO
WAIVE.—The Sec-
retary may waive the application of clause (ii) 
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(A) BASIC RULES.—Subparagraph (A) of 
section 50(a)(2) of such Code is amended to 
read as follows: 
‘‘(A) IN GENERAL.—If during any taxable 
year any building to which section 47(d) applied 
or any facility to which section 48D(c) applied 
ceases (by reason of sale or other disposition, 
cancellation or abandonment of contract, or 
otherwise) to be, with respect to the taxpayer, 
property which, when placed in service, will be 
a qualified rehabilitated building or a qualified 
nuclear power facility, then the tax under this 
chapter for such taxable year shall be increased 
by an amount equal to the aggregate decrease 
in the credits allowed under section 38 for all 
prior taxable years which would have resulted 
solely from reducing to zero the credit deter-
mined under this subpart with respect to such 
building or facility.’’. 
(B) AMENDMENT TO EXCESS CREDIT RE-
CAPTURE RULE.—Subparagraph (B) of section 
50(a)(2) of such Code is amended by— 
(i) inserting ‘‘or paragraph (2) of sec-
tion 48D(b)’’ after ‘‘paragraph (2) of sec-
tion 47(b)’’; 
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(ii) inserting ‘‘or section 48D(b)(1)’’ 
after ‘‘section 47(b)(1)’’; and 
(iii) 
inserting 
‘‘or 
facility’’ 
after 
‘‘building’’. 
(C) AMENDMENT
OF
SALE
AND
LEASE-
BACK
RULE.—Subparagraph (C) of section 
50(a)(2) of such Code is amended by— 
(i) inserting ‘‘or section 48D(c)’’ after 
‘‘section 47(d)’’; and 
(ii) inserting ‘‘or qualified nuclear 
power facility expenditures’’ after ‘‘quali-
fied rehabilitation expenditures’’. 
(D) OTHER AMENDMENT.—Subparagraph 
(D) of section 50(a)(2) of such Code is amend-
ed by inserting ‘‘or section 48D(c)’’ after ‘‘sec-
tion 47(d)’’. 
(d) NO BASIS ADJUSTMENT.—Section 50(c) of such 
Code is amended by inserting at the end thereof the fol-
lowing new paragraph: 
‘‘(6) NUCLEAR
POWER
FACILITY
CONSTRUC-
TION CREDIT.—Paragraphs (1) and (2) shall not 
apply to the nuclear power facility construction cred-
it.’’. 
(e) TECHNICAL AMENDMENTS.—The table of sec-
tions for subpart E of part IV of subchapter A of chapter 
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1 of such Code is amended by inserting after the item 
relating to section 48C the following new item: 
‘‘Sec. 48D. Nuclear power facility construction credit.’’. 
(f) EFFECTIVE DATE.—The amendments made by 
this section of this Act shall be effective for expenditures 
incurred and property placed in service in taxable years 
beginning after the date of enactment. 
SEC. 108. 5-YEAR ACCELERATED DEPRECIATION FOR NEW 
NUCLEAR POWER FACILITIES. 
(a) IN GENERAL.—Subparagraph (B) of section 
168(e)(3) of the Internal Revenue Code of 1986 (relating 
to 5-year property) is amended— 
(1) by striking ‘‘and’’ at the end of clause (v); 
(2) by striking the period at the end of clause 
(vi) and inserting ‘‘, and’’; and 
(3) by inserting after clause (vi) the following 
new clause: 
‘‘(vii) any qualified nuclear power fa-
cility described in paragraph (1) of section 
48D(d) (without regard to the last sen-
tence thereof) the original use of which 
commences with the taxpayer.’’. 
(b) 
CONFORMING
AMENDMENT.—Section 
168(e)(3)(E)(vii) of the Internal Revenue Code of 1986 
is amended by inserting ‘‘and not described in subpara-
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graph (B)(vii) of this paragraph’’ after ‘‘section 
1245(a)(3)’’. 
(c) EFFECTIVE DATE.—The amendments made by 
this section shall apply to property placed in service in 
taxable years beginning after the date of enactment of this 
Act. 
SEC. 109. MODIFICATION OF CREDIT FOR PRODUCTION 
FROM ADVANCED NUCLEAR POWER FACILI-
TIES. 
(a) ALLOCATION OF CREDIT TO PRIVATE PARTNERS 
OF TAX-EXEMPT ENTITIES.— 
(1) IN GENERAL.—Section 45J of the Internal 
Revenue Code of 1986 (relating to credit for produc-
tion from advanced nuclear power facilities) is 
amended— 
(A) by redesignating subsection (e) as sub-
section (f); and 
(B) by inserting after subsection (d) the 
following new subsection: 
‘‘(e) SPECIAL RULE FOR PUBLIC-PRIVATE PARTNER-
SHIPS.— 
‘‘(1) IN GENERAL.—In the case of an advanced 
nuclear power facility which is owned by a public- 
private partnership, any qualified public entity which 
is a member of such partnership may transfer such 
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entity’s allocation of the credit under subsection (a) 
to any non-public entity which is a member of such 
partnership, except that the aggregate allocations of 
such credit claimed by such non-public entity shall 
be subject to the limitations under subsections (b) 
and (c) and section 38(c). 
‘‘(2) QUALIFIED
PUBLIC
ENTITY.—For pur-
poses of this subsection, the term ‘qualified public 
entity’ means a Federal, State, or local government 
entity, or any political subdivision thereof, or a coop-
erative organization described in section 1381(a). 
‘‘(3) VERIFICATION OF TRANSFER OF ALLOCA-
TION.—A qualified public entity that makes a trans-
fer under paragraph (1), and a non-public entity 
that receives an allocation under such a transfer, 
shall provide verification of such transfer in such 
manner and at such time as the Secretary shall pre-
scribe.’’. 
(2) COORDINATION WITH GENERAL BUSINESS 
CREDIT.—Subsection (c) of section 38 of such Code 
(relating to limitation based on amount of tax) is 
amended by adding at the end the following new 
paragraph: 
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‘‘(6) SPECIAL RULE FOR CREDIT FOR PRODUC-
TION
FROM
ADVANCED
NUCLEAR
POWER
FACILI-
TIES.— 
‘‘(A) IN
GENERAL.—In the case of the 
credit for production from advanced nuclear 
power 
facilities 
determined 
under 
section 
45J(a), paragraph (1) shall not apply with re-
spect to any qualified public entity (as defined 
in section 45J(e)(2)) which transfers the enti-
ty’s allocation of such credit to a non-public 
partner as provided in section 45J(e)(1). 
‘‘(B) VERIFICATION OF TRANSFER.—Sub-
paragraph (A) shall not apply to any qualified 
public entity unless such entity provides 
verification of a transfer of credit allocation as 
required under section 45J(e)(3).’’. 
(b) EFFECTIVE DATE.—The amendments made by 
this section shall apply to taxable years beginning after 
the date of the enactment of this Act. 
SEC. 110. JOINT CONGRESSIONAL COMMITTEE ON NU-
CLEAR ENERGY. 
(a) ESTABLISHMENT.—There is hereby established a 
Joint Committee on Nuclear Energy (hereafter in this sec-
tion referred to as the ‘‘joint committee’’). 
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(b) COMPOSITION.—The joint committee shall be 
composed of 10 Members of the Senate and 10 Members 
of the House of Representatives, to be appointed by the 
majority leader of the Senate and the Speaker of the 
House of Representatives. In each instance, not more than 
12 members shall be members of the same political party. 
A vacancy in the membership of the joint committee shall 
be filled in the same manner as the original appointment. 
(c) JURISDICTION.—The joint committee shall not 
have legislative jurisdiction and shall have no authority to 
take legislative action on any bill or resolution. Its sole 
authority shall be to investigate, study, make findings, and 
develop recommendations on policies, strategies, tech-
nologies, and other innovations intended to further the de-
velopment of nuclear energy in the United States. 
(d) CHAIRMAN.—The joint committee shall select a 
chairman and a vice chairman from among its members 
at the beginning of each Congress. The vice chairman shall 
act in place of the chairman in the absence of the chair-
man. The chairmanship shall alternate between the Senate 
and the House of Representatives with each Congress, and 
the chairman shall be selected by the members from that 
House entitled to the chairmanship. The vice chairman 
shall be chosen from the House other than that of the 
chairman by the members from that House. 
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(e) POWERS.—In carrying out its duties under this 
section, the joint committee, or any duly authorized sub-
committee thereof, is authorized to— 
(1) hold such hearings, to sit and act at such 
places and times within the United States during the 
sessions, recesses, and adjourned periods of Con-
gress; 
(2) require the attendance of such witnesses 
and the production of such books, papers, and docu-
ments, administer such oaths, take such testimony, 
procure such printing and binding as it deems nec-
essary; and 
(3) make such rules respecting its organization 
and procedures as it deems necessary. 
(f) STAFF.—The joint committee may appoint and fix 
the compensation of such experts, consultants, and staff 
as it deems necessary. 
(g) FUNDING.—(1) There shall be paid out of the ap-
plicable accounts of the House of Representatives such 
sums as may be necessary for one-half of the expenses of 
the joint committee. Such payments shall be made on 
vouchers signed by the chairman or vice chairman of the 
joint committee who is a Member of the House of Rep-
resentatives, as the case may be, and approved in the man-
ner directed by the Committee on House Administration 
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of the House of Representatives. Amounts made available 
under this paragraph shall be expended in accordance with 
regulations prescribed by the Committee on House Admin-
istration of the House of Representatives. 
(2) øTo be supplied by the Senate¿. 
SEC. 111. CONFIDENCE IN AVAILABILITY OF WASTE DIS-
POSAL. 
(a) CONGRESSIONAL DETERMINATION.—The Con-
gress finds that— 
(1) there is reasonable assurance that high-level 
radioactive waste and spent nuclear fuel generated 
in reactors licensed by the Nuclear Regulatory Com-
mission in the past, currently, or in the future will 
be managed in a safe manner without significant en-
vironmental impact until capacity for ultimate dis-
posal is available; and 
(2) the Federal Government is responsible and 
has established a policy for the ultimate safe and en-
vironmentally sound disposal of such high-level ra-
dioactive waste and spent nuclear fuel. 
(b) 
REGULATORY
CONSIDERATION.—Notwith-
standing any other provision of law, for the period fol-
lowing the licensed operation of a civilian nuclear power 
reactor or any facility for the treatment or storage of 
spent nuclear fuel or high-level radioactive waste, no con-
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sideration of the public health and safety, common defense 
and security, or environmental impacts of the storage of 
high-level radioactive waste and spent nuclear fuel gen-
erated in reactors licensed by the Nuclear Regulatory 
Commission in the past, currently, or in the future, is re-
quired by the Department of Energy or the Nuclear Regu-
latory Commission in connection with the development, 
construction, and operation of, or any permit, license, li-
cense amendment, or siting approval for, a civilian nuclear 
power reactor or any facility for the treatment or storage 
of spent nuclear fuel or high-level radioactive waste. Noth-
ing in this section shall affect the Department of Energy’s 
and Nuclear Regulatory Commission’s obligation to con-
sider the public health and safety, common defense and 
security, and environmental impacts of storage during the 
period of licensed operation of a civilian nuclear power re-
actor or facility for the treatment or storage of spent nu-
clear fuel or high-level radioactive waste. 
TITLE II—NUCLEAR WASTE 
SEC. 201. SHORT TITLE. 
This title may be cited as the ‘‘United States High 
Level Nuclear Waste Management Corporation Act’’. 
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SEC. 202. UNITED STATES HIGH LEVEL NUCLEAR WASTE 
MANAGEMENT CORPORATION. 
The Nuclear Waste Policy Act of 1982 (42 U.S.C. 
10101 et seq.) is amended by adding at the end the fol-
lowing new title: 
‘‘TITLE 
VI—UNITED 
STATES 
HIGH 
LEVEL 
NUCLEAR 
WASTE 
MANAGEMENT 
COR-
PORATION 
‘‘SEC. 601. DEFINITIONS. 
‘‘For purposes of this title: 
‘‘(1) The term ‘Board’ means the Board of Di-
rectors of the Corporation under section 606. 
‘‘(2) The term ‘Corporation’ means the United 
States High Level Nuclear Waste Management Cor-
poration established under section 603. 
‘‘(3) The term ‘Department’ means the Depart-
ment of Energy. 
‘‘(4) The term ‘Secretary’ means the Secretary 
of Energy. 
‘‘SEC. 602. PURPOSES. 
‘‘The Corporation is created for the following pur-
poses: 
‘‘(1) To carry out the functions of the Secretary 
under this Act, subject to the general supervision of 
the Secretary. 
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‘‘(2) To operate as a business enterprise on a 
cost-effective and efficient basis. 
‘‘(3) To conduct research and development as 
required to meet business objectives for the purposes 
of identifying, evaluating, improving, and testing al-
ternative technologies for high level waste manage-
ment and disposal as provided in this Act. 
‘‘(4) To comply with laws, and regulations pro-
mulgated thereunder, to protect the public health, 
safety, and the environment. 
‘‘(5) To continue at all times to meet the objec-
tives of ensuring the Nation’s common defense and 
security, including abiding by United States laws 
and policies concerning special nuclear materials and 
nonproliferation of atomic weapons and other non-
peaceful uses of atomic energy. 
‘‘(6) To take all other lawful actions in further-
ance of these purposes. 
‘‘SEC. 603. ESTABLISHMENT OF THE CORPORATION. 
‘‘(a) IN GENERAL.—There is established a body cor-
porate to be known as the United States High Level Nu-
clear Waste Management Corporation. 
‘‘(b) GOVERNMENT CORPORATION.—The Corpora-
tion shall be established as a wholly owned Government 
corporation subject to chapter 91 of title 31, United States 
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Code (commonly referred to as the Government Corpora-
tion Control Act), except as otherwise provided in this 
title. 
‘‘(c) FEDERAL AGENCY.—The Corporation shall be 
an agency and instrumentality of the United States. 
‘‘SEC. 604. CORPORATE OFFICES. 
‘‘The Corporation shall maintain an office for the 
service of process and papers in the District of Columbia, 
and shall be deemed, for purposes of venue in civil actions, 
to be a resident thereof. The Corporation may establish 
offices in such other place or places as it may deem nec-
essary or appropriate in the conduct of its business. 
‘‘SEC. 605. POWERS OF THE CORPORATION. 
‘‘In order to accomplish its purposes, the Corpora-
tion— 
‘‘(1) shall, except as provided in this title or ap-
plicable Federal law, have all the powers of a private 
corporation incorporated under the District of Co-
lumbia Business Corporation Act; 
‘‘(2) shall have the priority of the United States 
with respect to the payment of debts out of bank-
rupt, insolvent, and decedents’ estates; 
‘‘(3) may obtain from the Administrator of 
General Services the services the Administrator is 
authorized to provide agencies of the United States, 
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on the same basis as those services are provided to 
other agencies of the United States; and 
‘‘(4) may conduct, or provide for conducting, 
those research and development activities related to 
radioactive waste management and disposal and re-
lated processes and activities the Corporation con-
siders necessary or advisable to maintain the Cor-
poration as a commercial enterprise operating on a 
cost-effective and efficient basis. 
‘‘SEC. 606. BOARD OF DIRECTORS. 
‘‘(a) IN GENERAL.—The powers of the Corporation 
are vested in the Board of Directors. 
‘‘(b) APPOINTMENT.—The Board of Directors shall 
consist of— 
‘‘(1) the Secretary, who shall serve an ex-officio 
member of the Board; and 
‘‘(2) 7 individuals, to be appointed by the Presi-
dent by and with the advice and consent of the Sen-
ate. 
The members of the Board shall select 1 of the members 
to act as chairman of the Board. 
‘‘(c) QUALIFICATIONS.—Members of the Board— 
‘‘(1) shall be citizens of the United States; 
‘‘(2) shall not be an employee of the Corpora-
tion or have any direct financial relationship with 
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the Corporation other than that of being a member 
of the Board; 
‘‘(3) shall make full disclosure to Congress of 
any investment or other financial interest that the 
individual holds in the energy industry; and 
‘‘(4) shall affirm support for the objectives and 
missions of the Corporation. 
‘‘(d) TERMS.— 
‘‘(1) IN GENERAL.—Except as provided in para-
graph (2), members of the Board shall serve 7-year 
terms. 
‘‘(2) INITIAL MEMBERS.—Of the members first 
appointed to the Board— 
‘‘(A) 2 shall be appointed for an initial 
term of 5 years; 
‘‘(B) 2 shall be appointed for an initial 
term of 4 years; 
‘‘(C) 2 shall be appointed for an initial 
term of 3 years; and 
‘‘(D) 1 shall be appointed for an initial 
term of 2 years. 
‘‘(3) REAPPOINTMENT.—Members of the Board 
may be reappointed by the President, by and with 
the advice and consent of the Senate. 
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‘‘(4) REMOVAL.—Any appointed member of the 
Board of Directors may be removed from office by 
the President for good cause. 
‘‘(e) VACANCIES.—Upon the occurrence of a vacancy 
on the Board, the President by and with the advice and 
consent of the Senate shall appoint an individual to fill 
such vacancy for the remainder of the applicable term. 
‘‘(f) MEETINGS
AND QUORUM.—The Board shall 
meet at any time pursuant to the call of the Chairman 
and as provided by the bylaws of the Corporation, but not 
less than quarterly. Four voting members of the Board 
shall constitute a quorum. A majority of the Board shall 
adopt and from time to time may amend bylaws for the 
operation of the Board. 
‘‘(g) POWERS.—The Board shall be responsible for 
general management of the Corporation and shall have the 
same authority, privileges, and responsibilities as the 
board of directors of a private corporation incorporated 
under the District of Columbia Business Corporation Act. 
‘‘(h) COMPENSATION.—Members of the Board shall 
serve on a part-time basis and shall receive per diem, when 
engaged in the actual performance of Corporation duties, 
plus reimbursement for travel, subsistence, and other nec-
essary expenses incurred in the performance of their du-
ties. 
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‘‘(i) CONFLICT OF INTEREST REQUIREMENTS.—No 
director, officer, or other management level employee of 
the Corporation may have a financial interest in any cus-
tomer, contractor, or competitor of the Corporation or in 
any business that may be adversely affected by the success 
of the Corporation. 
‘‘SEC. 607. EMPLOYEES OF THE CORPORATION. 
‘‘(a) CHIEF EXECUTIVE OFFICER.— 
‘‘(1) APPOINTMENT.—The Board shall appoint 
a person to serve as chief executive officer of the 
Corporation. 
‘‘(2) QUALIFICATIONS.— 
‘‘(A) IN GENERAL.—To serve as chief exec-
utive officer of the Corporation, a person— 
‘‘(i) shall have senior executive-level 
management experience in large, complex 
organizations; 
‘‘(ii) shall not be a current member of 
the Board or have served as a member of 
the Board within 2 years before being ap-
pointed chief executive officer; and 
‘‘(iii) shall comply with the conflict-of- 
interest policy adopted by the Board. 
‘‘(B) EXPERTISE.—In appointing a chief 
executive officer, the Board shall give particular 
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consideration to appointing an individual with 
expertise in the management of nuclear activi-
ties and with strong financial skills. 
‘‘(3) TENURE.—The chief executive officer shall 
serve for a term of 7 years, renewable at the pleas-
ure of the Board. The chief executive officer may be 
removed from office by the Board of Directors for 
good cause. 
‘‘(b) APPOINTMENT BY THE CHIEF EXECUTIVE OF-
FICER.—The chief executive officer shall appoint, with the 
advice and consent of the Board, and without regard to 
the provisions of civil service laws applicable to officers 
and employees of the United States, such managers, as-
sistant managers, officers, employees, attorneys, and 
agents, as are necessary for the transaction of the business 
of the Corporation. 
‘‘(c) COMPENSATION, DUTIES, AND REMOVAL.—The 
Board shall, without regard to section 5301 of title 5, 
United States Code, fix the compensation of all officers 
and employees of the Corporation, define their duties, and 
provide a system of organization to fix responsibility and 
promote efficiency. Any officer or employee of the Cor-
poration may be removed in the discretion of the Board. 
‘‘(d) APPLICABLE CRITERIA.—The Board shall en-
sure that the personnel function and organization is con-
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sistent with the principles of section 2301(b) of title 5, 
United States Code, relating to merit system principles. 
Officers and employees shall be appointed, promoted, and 
assigned on the basis of merit and fitness, and other per-
sonnel actions shall be consistent with the principles of 
fairness and due process but without regard to those pro-
visions of title 5 of the United States Code governing ap-
pointments and other personnel actions in the competitive 
service. 
‘‘(e) TREATMENT OF PERSONS EMPLOYED PRIOR TO 
TRANSITION DATE.—Compensation, benefits, and other 
terms and conditions of employment in effect immediately 
prior to the transition date, whether provided by statute 
or by rules of the Department or the executive branch, 
shall continue to apply to officers and employees who 
transfer to the Corporation from other Federal employ-
ment until changed by the Board. 
‘‘(f) PROTECTION OF EXISTING EMPLOYEES.— 
‘‘(1) IN GENERAL.—It is the purpose of this 
subsection to ensure that the establishment of the 
Corporation pursuant to this chapter shall not result 
in any adverse effects on the employment rights, 
wages, or benefits of employees at facilities that are 
operated, directly or under contract, in the perform-
ance of the functions vested in the Corporation. 
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‘‘(2) APPLICABILITY OF EXISTING COLLECTIVE 
BARGAINING AGREEMENT.—Any employer (including 
the Corporation) at a facility described in paragraph 
(1) shall abide by the terms of a collective bar-
gaining agreement in effect on April 30, 1991, at 
each individual facility until— 
‘‘(A) the earlier of the date on which a new 
bargaining agreement is signed; or 
‘‘(B) the end of the 2-year period begin-
ning on the date of the enactment of this title. 
‘‘(3) APPLICABILITY OF NLRA.—Except as spe-
cifically provided in this subsection, the Corporation 
is subject to the provisions of the National Labor 
Relations Act (29 U.S.C. 151 et seq.). 
‘‘(4) 
BENEFITS
OF
TRANSFEREES
AND 
DETAILEES.—At the request of the Board and sub-
ject to the approval of the Secretary, an employee of 
the Department may be transferred or detailed as 
provided for in section 611(f), to the Corporation 
without any loss in accrued benefits or standing 
within the Civil Service System. For those employees 
who accept transfer to the Corporation, it shall be 
their option as to whether to have any accrued re-
tirement benefits transferred to a retirement system 
established by the Corporation or to retain their cov-
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erage under either the Civil Service Retirement Sys-
tem or the Federal Employees’ Retirement System, 
as applicable, in lieu of coverage by the Corpora-
tion’s retirement system. For those employees elect-
ing to remain with one of the Federal retirement 
systems, the Corporation shall withhold pay and 
make such payments as are required under the Fed-
eral retirement system. For those Department em-
ployees detailed, the Department shall offer those 
employees a position of like grade, compensation, 
and proximity to their official duty station after 
their services are no longer required by the Corpora-
tion. 
‘‘SEC. 608. SECURITIZATION. 
‘‘(a) SECURITIZATION.— 
‘‘(1) AUTHORIZED
ACTIONS.—On such terms 
and conditions as the Corporation may prescribe, the 
Corporation may— 
‘‘(A) borrow; 
‘‘(B) give security; 
‘‘(C) pay interest or other return; and 
‘‘(D) issue notes, debentures, bonds, or 
other obligations or securities. 
‘‘(b) NO FEDERAL GUARANTEE.—The Corporation 
shall insert appropriate language in all of the obligations 
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and securities of the Corporation issued under this section 
that clearly indicates that the obligations and securities 
(together with the interest)— 
‘‘(1) are not guaranteed by the United States; 
and 
‘‘(2) do not constitute a debt or obligation of 
the United States or any agency or instrumentality 
other than the Corporation. 
‘‘(c) EXEMPT SECURITIES.—All securities issued or 
guaranteed by the Corporation shall, to the same extent 
as securities that are direct obligations of or obligations 
guaranteed as to principal or interest by the United 
States, be considered to be exempt securities within the 
meaning of the laws administered by the Securities and 
Exchange Commission. 
‘‘SEC. 609. FEDERAL OWNERSHIP OF OBLIGATIONS. 
‘‘(a) IN GENERAL.—In order to maintain sufficient 
liquidity, the Corporation may issue notes, debentures, 
bonds, or other obligations for purchase by the Secretary 
of the Treasury. 
‘‘(b) PUBLIC DEBT TRANSACTIONS.—For the pur-
pose of subsection (a)— 
‘‘(1) the Secretary of the Treasury may use as 
a public debt transaction the proceeds of the sale of 
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any securities issued under chapter 31 of title 31, 
United States Code; and 
‘‘(2) the purposes for which securities may be 
issued under that chapter are extended to include 
any purchase under this subsection. 
‘‘(c) MAXIMUM OUTSTANDING HOLDING.—The Sec-
retary of the Treasury shall not purchase any obligations 
under this section if the purchase would increase the ag-
gregate principal amount of the outstanding holdings of 
obligations under this section by the Secretary to an 
amount that is greater than $1,500,000,000. 
‘‘(d) RATE OF RETURN.—Each purchase of obliga-
tions by the Secretary of the Treasury under this section 
shall be on terms and conditions established to yield a rate 
of return determined by the Secretary to be appropriate, 
taking into account the current average rate on out-
standing marketable obligations of the United States as 
of the last day of the month preceding the purchase. 
‘‘(e) SALE OF OBLIGATIONS.—The Secretary of the 
Treasury may at any time sell, on terms and conditions 
and at prices determined by the Secretary, any of the obli-
gations acquired by the Secretary under this section. 
‘‘(f) PUBLIC DEBT TRANSACTIONS.—All redemp-
tions, purchases, and sales by the Secretary of the Treas-
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ury of obligations under this section shall be treated as 
public debt transactions of the United States. 
‘‘SEC. 610. GENERAL PROVISIONS. 
‘‘(a) IMMUNITY FROM IMPAIRMENT, LIMITATION, OR 
RESTRICTION.— 
‘‘(1) IN GENERAL.—All rights and remedies of 
the Corporation (including any rights and remedies 
of the Corporation on, under, or with respect to any 
mortgage or any obligation secured by a mortgage) 
shall be immune from impairment, limitation, or re-
striction by or under— 
‘‘(A) any law (other than a law enacted by 
Congress expressly in limitation of this para-
graph) that becomes effective after the acquisi-
tion by the Corporation of the subject or prop-
erty on, under, or with respect to which the 
right or remedy arises or exists or would so 
arise or exist in the absence of the law; or 
‘‘(B) any administrative or other action 
that becomes effective after the acquisition. 
‘‘(2) STATE LAW.—The Corporation may con-
duct the business of the Corporation without regard 
to any qualification or law of any State relating to 
incorporation. 
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‘‘(b) POWERS.—Subject to subsection (c), the Cor-
poration shall have all the powers of a private corporation 
incorporated under the District of Columbia Business Cor-
poration Act (D.C. Code, sec. 29 et seq.). 
‘‘(c) ADMINISTRATION.— 
‘‘(1) PERFORMANCE-BASED COMPENSATION.—A 
significant portion of potential compensation of all 
executive officers of the Corporation shall be based 
on the performance of the Corporation, all without 
regard to any other law except as may be provided 
by the Corporation or by a law enacted after the 
date of enactment of this title that expressly limits 
this paragraph. 
‘‘(2) USE OF OTHER AGENCIES.—With the con-
sent of a department, establishment, or instrumen-
tality (including any field office), the Corporation 
may— 
‘‘(A) use and act through any department, 
establishment, or instrumentality; and 
‘‘(B) use, and pay compensation for, infor-
mation, services, facilities, and personnel of the 
department, establishment, or instrumentality. 
‘‘(d) FINANCIAL MATTERS.— 
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‘‘(1) INVESTMENTS.—Funds of the Corporation 
may be invested in such investments as the Board 
of Directors may prescribe. 
‘‘(2) FISCAL AGENTS.— 
‘‘(A) IN GENERAL.—Any Federal Reserve 
bank or any bank as to which at the time of the 
designation of the bank by the Corporation 
there is outstanding a designation by the Sec-
retary of the Treasury as a general or other de-
pository of public money, may be designated by 
the Corporation as a depositary or custodian or 
as a fiscal or other agent of the Corporation. 
‘‘(B) DEPOSITARY OF PUBLIC MONEY.—If 
designated for that purpose by the Secretary of 
the Treasury, the Corporation— 
‘‘(i) shall be a depositary of public 
money, under such regulations as may be 
promulgated by the Secretary of the Treas-
ury; 
‘‘(ii) may also be employed as a fiscal 
or other agent of the United States; and 
‘‘(iii) shall perform all such reasonable 
duties of such depositary or agent as may 
be required. 
‘‘(e) TAXATION.— 
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‘‘(1) IN GENERAL.—Subject to paragraph (2), 
the Corporation (including the franchise, activities, 
capital, reserves, surplus, and income of the Cor-
poration) shall be exempt from all taxation imposed 
by any State or local political subdivision of a State. 
‘‘(2) REAL PROPERTY.—Any real property of 
the Corporation shall be subject to taxation by a 
State or political subdivision of a State to the same 
extent according to the value of the real property as 
other real property is taxed. 
‘‘(f) JURISDICTION.—Notwithstanding section 1349 
of title 28, United States Code, or any other provision of 
law— 
‘‘(1) the Corporation shall be considered an 
agency covered by sections 1345 and 1442 of title 
28, United States Code; 
‘‘(2) all civil actions to which the Corporation 
is a party shall be considered to arise under the laws 
of the United States, and the district courts of the 
United States shall have original jurisdiction of all 
such actions, without regard to amount or value; 
and 
‘‘(3) any civil or other action, case or con-
troversy in a court of a State, or in any court other 
than a district court of the United States, to which 
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the Corporation is a party may at any time before 
trial be removed by the Corporation, without the giv-
ing of any bond or security and by following any 
procedure for removal of causes in effect at the time 
of the removal— 
‘‘(A) to the district court of the United 
States for the district and division embracing 
the place in which the same is pending; or 
‘‘(B) if there is no such district court, to 
the district court of the United States for the 
district in which the principal office of the Cor-
poration is located. 
‘‘(g) ANNUAL REPORTS.—Not later than 1 year after 
incorporation of the Corporation and annually thereafter, 
the Corporation shall submit to the Committee on Energy 
and Natural Resources of the Senate and the Committee 
on Energy and Commerce in the House a report that in-
cludes— 
‘‘(1) a description of— 
‘‘(A) how the activities of the Corporation 
advance the purposes of this Act; 
‘‘(B) the performance of the Corporation 
on meeting the goals established by the Sec-
retary; 
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‘‘(C) the comparability of the compensation 
policies of the Corporation with the compensa-
tion policies of other similar businesses; 
‘‘(D) in the aggregate, the percentage of 
total cash compensation and payments under 
employee benefit plans (which shall be defined 
in a manner consistent with the proxy state-
ment of the Corporation for the annual meeting 
of shareholders for the preceding year) earned 
by executive officers of the Corporation during 
the preceding year that was based on the per-
formance of the Corporation; and 
‘‘(E) the comparability of the financial per-
formance of the Corporation with the perform-
ance of other similar businesses; and 
‘‘(2) the proxy statement of the Corporation for 
the annual meeting of shareholders for the preceding 
year. 
‘‘(h) AUDITS BY THE COMPTROLLER GENERAL.— 
‘‘(1) IN
GENERAL.—The programs, activities, 
receipts, expenditures, and financial transactions of 
the Corporation shall be subject to audit by the 
Comptroller General of the United States under 
such rules and regulations as may be prescribed by 
the Comptroller General. 
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‘‘(2) ACCESS.—The representatives of the Gov-
ernment Accountability Office shall— 
‘‘(A) have access to the personnel and to 
all books, accounts, documents, records (includ-
ing electronic records), reports, files, and all 
other papers, automated data, things, or prop-
erty belonging to, under the control of, or in 
use by the Corporation and necessary to facili-
tate the audit; 
‘‘(B) be afforded full facilities for verifying 
transactions with the balances or securities held 
by depositories, fiscal agents, and custodians; 
‘‘(C) be authorized to obtain and duplicate 
any such books, accounts, documents, records, 
working papers, automated data and files, or 
other information relevant to the audit without 
cost to the Comptroller General; and 
‘‘(D) have the right of access of the Comp-
troller General to such information be enforce-
able pursuant to section 716(c) of title 31, 
United States Code. 
‘‘(3) REPORT.— 
‘‘(A) IN GENERAL.—The Comptroller Gen-
eral shall submit to Congress a report on each 
audit conducted under this subsection. 
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‘‘(B) CONTENTS.—The report shall include 
a description of— 
‘‘(i) the scope of the audit; 
‘‘(ii) any surplus or deficit; 
‘‘(iii) income and expenses; 
‘‘(iv) sources and application of funds; 
‘‘(v) such comments and information 
as is necessary to inform Congress of the 
financial operations and condition of the 
Corporation; and 
‘‘(vi) any recommendations as the 
Comptroller General considers appropriate. 
‘‘(4) ASSISTANCE AND COST.— 
‘‘(A) IN
GENERAL.—For the purpose of 
conducting an audit under this subsection, the 
Comptroller General may, in the discretion of 
the Comptroller General, employ by contract, 
without regard to section 3709 of the Revised 
Statutes (41 U.S.C. 5), professional services of 
firms and organizations of certified public ac-
countants for temporary periods or for special 
purposes. 
‘‘(B) REIMBURSEMENT.—On the request 
of the Comptroller General, the Corporation 
shall reimburse the Government Accountability 
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Office for the full cost of any audit conducted 
by the Comptroller General under this sub-
section. 
‘‘(i) ANNUAL INDEPENDENT AUDIT.— 
‘‘(1) IN GENERAL.—The Corporation shall have 
an annual independent audit made of the financial 
statements of the Corporation by an independent 
public accountant in accordance with generally ac-
cepted auditing standards. 
‘‘(2) CONTENT.—In conducting an audit under 
this subsection, the independent public accountant 
shall determine and report on whether the financial 
statements of the Corporation— 
‘‘(A) are presented fairly in accordance 
with generally accepted accounting principles; 
and 
‘‘(B) to the extent determined necessary by 
the Director, comply with any disclosure re-
quirements imposed under this Act. 
‘‘SEC. 611. TRANSITION. 
‘‘(a) TRANSITION MANAGER.—Within 30 days after 
the date of the enactment of this title, the President shall 
appoint a Transition Manager, who shall serve at the 
pleasure of the President until a quorum of the Board has 
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been appointed and confirmed in accordance with section 
606. 
‘‘(b) POWERS.— 
‘‘(1) IN
GENERAL.—Until a quorum of the 
Board has qualified, the Transition Manager shall 
exercise the powers and duties of the Board and 
shall be responsible for taking all actions needed to 
effect the transfer of the Office of Civilian Radio-
active Waste Management from the Secretary to the 
Corporation on the transition date. 
‘‘(2) 
CONTINUATION
UNTIL
BOARD
HAS 
QUORUM.—In the event that a quorum of the Board 
has not qualified by the transition date, the Transi-
tion Manager shall continue to exercise the powers 
and duties of the Board until a quorum has quali-
fied. 
‘‘(c) RATIFICATION OF TRANSITION MANAGER’S AC-
TIONS.—All actions taken by the Transition Manager be-
fore the qualification of a quorum of the Board shall be 
subject to ratification by the Board. 
‘‘(d) RESPONSIBILITIES OF SECRETARY.—Before the 
transition date, the Secretary shall— 
‘‘(1) continue to be responsible for the functions 
assigned by this Act; 
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‘‘(2) provide funds, to the extent provided in 
appropriations Acts, to the Transition Manager to 
pay salaries and expenses; 
‘‘(3) delegate Department employees to assist 
the Transition Manager in meeting his responsibil-
ities under this section; and 
‘‘(4) assist and cooperate with the Transition 
Manager in preparing for the transfer of the func-
tions assigned to the Secretary by this Act to the 
Corporation on the transition date. 
‘‘(e) TRANSITION DATE.—The transition date shall 
be July 1, 2009. 
‘‘(f) DETAIL OF PERSONNEL.—For the purpose of 
continuity of operations, maintenance, and authority, the 
Department shall detail, for up to 18 months after the 
date of the enactment of this title, appropriate Depart-
ment personnel as may be required in an acting capacity, 
until such time as a Board is confirmed and top officers 
of the Corporation are hired. The Corporation shall reim-
burse the Department and its contractors for the detail 
of such personnel. 
‘‘SEC. 612. OVERSIGHT BY THE SECRETARY. 
‘‘(a) DUTIES.—The Secretary shall— 
‘‘(1) oversee the operations of the Corporation; 
and 
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‘‘(2) ensure that— 
‘‘(A) the Corporation operates in a safe 
and sound manner, including maintenance of 
adequate capital and internal controls; 
‘‘(B) the Corporation carries out the statu-
tory mission of the Corporation only through 
activities that are authorized under and con-
sistent with this Act; and 
‘‘(C) the activities of the Corporation and 
the manner in which the Corporation is oper-
ated is consistent with the public interest. 
‘‘(b) FINANCIAL REPORTS.— 
‘‘(1) IN GENERAL.—The Corporation shall sub-
mit to the Secretary annual and quarterly reports of 
the financial condition and operations of the Cor-
poration which shall be in such form, contain such 
information, and be submitted on such dates as the 
Secretary shall require. 
‘‘(2) CONTENTS OF ANNUAL REPORTS.—Each 
annual report shall include— 
‘‘(A) financial statements prepared in ac-
cordance with generally accepted accounting 
principles; 
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‘‘(B) any supplemental information or al-
ternative presentation that the Secretary may 
require; and 
‘‘(C) an assessment (as of the end of the 
most recent fiscal year of the Corporation), 
signed by the chief executive officer and chief 
accounting or financial officer of the Corpora-
tion, of— 
‘‘(i) the effectiveness of the internal 
control structure and procedures of the 
Corporation; and 
‘‘(ii) the compliance of the Corpora-
tion with designated safety and soundness 
laws. 
‘‘(3) SPECIAL
REPORTS.—The Secretary may 
require the Corporation to submit other reports on 
the condition (including financial condition), man-
agement, activities, or operations of the Corporation, 
as the Secretary considers appropriate. 
‘‘(4) ACCURACY.—Each report of financial con-
dition shall contain a declaration by the president, 
vice president, treasurer, or any other officer des-
ignated by the Board of Directors of the Corporation 
to make the declaration, that the report is true and 
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correct to the best of the knowledge and belief of the 
officer. 
‘‘(c) MANAGEMENT AND OPERATION STANDARDS.— 
The Secretary shall establish standards, by regulation or 
guideline, for the Corporation relating to— 
‘‘(1) the adequacy of internal controls and in-
formation systems; 
‘‘(2) the independence and adequacy of internal 
audit systems; 
‘‘(3) the management of market risk, including 
standards to provide for systems that measure, mon-
itor, and control market risks and, as warranted, to 
establish limitations on market risk; 
‘‘(4) risk management processes, including the 
adequacy of oversight by senior management and the 
Board of Directors and of processes and policies to 
measure, monitor, and control material risks, includ-
ing reputational risks, and for adequate, well-tested 
business resumption plans in the case of disruptive 
events; 
‘‘(5) the maintenance of adequate records, in 
accordance with consistent accounting policies and 
practices to enable the Secretary to evaluate the fi-
nancial condition of the Corporation; and 
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‘‘(6) such other operational and management 
standards as the Secretary determines to be appro-
priate. 
‘‘(d) FAILURE TO MEET STANDARDS.— 
‘‘(1) IN GENERAL.—If the Secretary determines 
that the Corporation fails to meet any standard es-
tablished under subsection (c), the Secretary may re-
quire the Corporation to submit an acceptable plan 
to the Secretary within a reasonable time that speci-
fies the actions that the Corporation will take to cor-
rect the deficiency. 
‘‘(2) REQUIRED ORDER ON FAILURE TO SUBMIT 
OR IMPLEMENT PLAN.—If the Corporation fails to 
submit an acceptable plan within the time specified 
by the Secretary or fails in any material respect to 
implement a plan accepted by the Secretary, the 
Secretary shall, by order, require the Corporation to 
correct the deficiency. 
‘‘(e) PROHIBITION AND WITHHOLDING OF EXECU-
TIVE COMPENSATION.— 
‘‘(1) IN GENERAL.—The Secretary shall pro-
hibit the Corporation from providing compensation 
to any executive officer that is not reasonable and 
comparable with compensation for employment in 
other similar businesses (including other publicly 
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held financial institutions or major financial services 
companies) involving similar duties and responsibil-
ities. 
‘‘(2) FACTORS.—In making any determination 
under paragraph (1), the Secretary may take into 
consideration any factors the Secretary considers rel-
evant, including any wrongdoing on the part of the 
executive officer. 
‘‘(3) WITHHOLDING
OF
COMPENSATION.—In 
carrying out paragraph (1), the Secretary may re-
quire the Corporation to withhold any payment, 
transfer, or disbursement of compensation to an ex-
ecutive officer, or to place such compensation in an 
escrow account, during the review of reasonableness 
and comparability of compensation. 
‘‘(4) PROHIBITION
OF
SETTING
COMPENSA-
TION.—In carrying out paragraph (1), the Secretary 
may not prescribe or set a specific level or range of 
compensation. 
‘‘SEC. 613. ISSUANCE OF COMMON STOCK TO EXPAND OP-
ERATIONS. 
‘‘(a) IN GENERAL.—Not later than 5 years after the 
date of enactment of this title, the Corporation may pre-
pare a strategic plan for issuing common stock to raise 
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the capital needed to expand the operations of the Cor-
poration in carrying out this title. 
‘‘(b) CONSIDERATION OF ALTERNATIVES FOR GOV-
ERNANCE.—The strategic plan shall include consideration 
of alternatives for restructuring the Board of Directors to 
allow for a majority of the members to be selected by vot-
ing common stockholders. 
‘‘(c) EVALUATION
AND
RECOMMENDATION.—The 
strategic plan shall— 
‘‘(1) evaluate the relative merits of the alter-
natives considered; and 
‘‘(2) include the recommendation of the Cor-
poration on a proposed alternative. 
‘‘(d) TRANSMITTAL.—On completion of the strategic 
plan, the Corporation shall submit copies of the strategic 
plan to the President and Congress, along with any rec-
ommendations for legislative changes required to imple-
ment the plan. 
‘‘(e) IMPLEMENTATION.—Subject to subsections (f) 
and (g), subsequent to submitting a strategic plan pursu-
ant to this section, the Corporation may implement the 
strategic plan. 
‘‘(f) 
REQUIREMENT
FOR
PRESIDENTIAL
AP-
PROVAL.—The Corporation may not implement the stra-
tegic plan without the approval of the President. 
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‘‘(g) NOTIFICATION OF CONGRESS.— 
‘‘(1) IN GENERAL.—The Corporation shall no-
tify Congress of any intent to implement the stra-
tegic plan if the Corporation determines, in consulta-
tion with the Secretary and other appropriate agen-
cies of the United States, that no further legislation 
is required for the implementation. 
‘‘(2) IMPLEMENTATION.—The Corporation may 
not implement the strategic plan under this sub-
section earlier than 60 days after notification of 
Congress.’’. 
SEC. 203. TERMINATION OF OFFICE OF CIVILIAN RADIO-
ACTIVE WASTE MANAGEMENT. 
Section 304 of the Nuclear Waste Policy Act of 1982 
(42 U.S.C. 10224) is repealed. 
SEC. 204. FUNDING. 
(a) CONTRACTS AND FEES.—Section 302(a) of the 
Nuclear Waste Policy Act of 1982 (42 U.S.C. 10222(a)) 
is amended— 
(1) in paragraph (2)— 
(A) by striking ‘‘(2) For’’ and inserting 
the following: 
‘‘(2) FEE FOR ELECTRICITY FROM CIVILIAN NU-
CLEAR POWER REACTORS.— 
‘‘(A) IN GENERAL.—For’’; and 
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(B) by adding at the end the following: 
‘‘(B) ADJUSTED FEE.—For electricity gen-
erated by a civilian nuclear power reactor and 
sold on or after the date that is 90 days after 
the date of enactment of this subparagraph, the 
fee under paragraph (1) shall be 1 mill per kilo-
watt-hour.’’; 
(2) in paragraph (4)— 
(A) by designating the first through fifth 
sentences as subparagraphs (A) through (E), 
respectively; 
(B) by striking subparagraph (D) (as so 
designated) and inserting the following: 
‘‘(D) In the event the Secretary determines 
that either insufficient or excess revenues are 
being collected, in order to recover the costs in-
curred by the Federal Government that are 
specified in subsection (d), and with the concur-
rence of the Federal Energy Regulatory Com-
mission, the Secretary shall propose an adjust-
ment to the fee to insure full cost recovery.’’; 
and 
(C) by striking subparagraph (E) (as so 
designated) and inserting the following: 
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‘‘(E) EFFECTIVE
DATE
OF
ADJUSTED 
FEE.—The adjusted fee proposed by the Sec-
retary shall be effective after a period of 90 
days of continuous session have elapsed fol-
lowing the receipt of such transmittal.’’; and 
(3) by adding at the end the following new 
paragraph: 
‘‘(6) The Secretary may renegotiate or amend 
contracts with individual waste owners or generators 
to reduce future fee payments or refund of fees al-
ready paid in exchange for actions by the contract 
holder that reduce the overall cost of waste manage-
ment activities financed by the Funds established in 
section 302(c). Within 180 days of the enactment of 
this paragraph, the Secretary shall promulgate by 
rule and publish a methodology for determining such 
fee reductions or refunds. Such methodology shall 
recognize the value of efficient use of repository area 
and shall reflect the cost of developing repository 
area beyond the area included in the initial license 
application for Yucca Mountain.’’. 
(b) AUTHORIZED
USES
OF
NUCLEAR
WASTE 
FUNDS.—Section 302(d) of the Nuclear Waste Policy Act 
(42 U.S.C. 10222(d)) is amended in the first sentence by 
inserting after paragraph (6) the following: 
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‘‘(7) any interest or returns paid on securities 
issued by the United States High Level Nuclear 
Waste Management Corporation under title VI.’’. 
(c) ESTABLISHMENT OF NUCLEAR WASTE FUNDS.— 
Section 302 of the Nuclear Waste Policy Act of 1982 (42 
U.S.C. 10222) is amended by striking subsection (c) and 
inserting the following: 
‘‘(c) 
ESTABLISHMENT
OF
NUCLEAR
WASTE 
FUNDS.— 
‘‘(1) NUCLEAR WASTE REVOLVING FUND.— 
‘‘(A) ESTABLISHMENT.—There is estab-
lished in the Treasury of the United States a 
separate revolving fund, to be known as the Nu-
clear Waste Revolving Fund (referred to in this 
section as the ‘Waste Fund’). 
‘‘(B) CONTENTS.—Subject to paragraph 
(2)(B)(i), the Waste Fund shall consist of— 
‘‘(i) all interest realized by the Sec-
retary under subsection (e), which have 
been and shall be deposited in the Waste 
Fund immediately on receipt; 
‘‘(ii) fees paid under subsections (a) 
and (b); 
‘‘(iii) any appropriation made to the 
Waste Fund; and 
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‘‘(iv) any unexpended balances avail-
able on January 7, 1983, for functions or 
activities necessary or incident to the dis-
posal of civilian high level radioactive 
waste or civilian used nuclear fuel, which 
shall be transferred to the Waste Fund on 
the date of enactment of this subpara-
graph. 
‘‘(2) NUCLEAR WASTE LEGACY FUND.— 
‘‘(A) ESTABLISHMENT.—There is estab-
lished in the Treasury of the United States a 
separate fund, to be known as the Nuclear 
Waste Legacy Fund (referred to in this section 
as the ‘Legacy Fund’). 
‘‘(B) CONTENTS.—The Legacy Fund shall 
consist of— 
‘‘(i) the amount of the corpus minus 
$1 billion which shall be transferred from 
the Waste Fund on the date of enactment 
of this subparagraph; and 
‘‘(ii) any appropriations made to the 
Legacy Fund.’’. 
(d) ADMINISTRATION OF FUNDS.—Section 302(e) of 
the Nuclear Waste Policy Act of 1982 (42 U.S.C. 
10222(e)) is amended— 
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(1) by redesignating paragraphs (4) through 
(6) as paragraphs (6) through (8), respectively; and 
(2) by striking ‘‘(e) ADMINISTRATION
OF 
WASTE FUND’’ and all that follows through the end 
of paragraph (3) and inserting the following: 
‘‘(e) ADMINISTRATION OF FUNDS.— 
‘‘(1) IN
GENERAL.—The Secretary of the 
Treasury shall maintain the Waste Fund and the 
Legacy Fund (referred to in this subsection as the 
‘Funds’). 
‘‘(2) ANNUAL
REPORTS.—After consultation 
with the Secretary of the Treasury, the Secretary 
shall report annually to Congress on the financial 
condition and operations of the Funds during the 
preceding fiscal year. 
‘‘(3) BUDGET.— 
‘‘(A) SUBMISSION.—The Secretary shall 
submit the budget of the Funds to the Office 
of Management and Budget triennially along 
with the budget of the Department of Energy 
submitted in accordance with chapter 11 of title 
31, United States Code. 
‘‘(B) ADMINISTRATION.—The budget of 
the Funds shall— 
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‘‘(i) contain estimates made by the 
Secretary of expenditures from the Funds, 
and other relevant financial matters, for 
the succeeding 3 fiscal years; and 
‘‘(ii) be included in the budget for the 
United States Government. 
‘‘(4) EXPENDITURES.— 
‘‘(A) WASTE FUND.— 
‘‘(i) IN
GENERAL.—Subject to sub-
section (d) and any limitations in appro-
priations Acts, the Secretary may make ex-
penditures from the Waste Fund without 
further appropriation and without fiscal 
year limitation to carry out this Act. 
‘‘(B) LEGACY FUND.—The Secretary may 
make expenditures from the Legacy Fund, sub-
ject to appropriations, to remain available until 
expended. 
‘‘(5) INVESTMENTS.—If the Secretary deter-
mines that either of the Funds contains at any time 
amounts in excess of current needs, the Secretary 
may request the Secretary of the Treasury to invest 
such amounts, or any portion of such amounts as 
the Secretary determines to be appropriate, in obli-
gations of the United States— 
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‘‘(A) having maturities determined by the 
Secretary of the Treasury to be appropriate to 
the needs of the Fund; and 
‘‘(B) bearing interest at rates determined 
to be appropriate by the Secretary of the Treas-
ury, taking into consideration the current aver-
age market yield on outstanding marketable ob-
ligations of the United States with remaining 
periods to maturity comparable to the matu-
rities of those investments, except that the in-
terest rate on the investments shall not exceed 
the average interest rate applicable to existing 
borrowing.’’. 
(e) CONFORMING AMENDMENTS.— 
(1) Section 6 of the Nuclear Waste Policy Act 
of 1982 (42 U.S.C. 10105) is repealed. 
(2) Section 302 of the Nuclear Waste Policy 
Act of 1982 (42 U.S.C. 10222) is amended by strik-
ing the section heading and inserting the following: 
‘‘NUCLEAR WASTE FUNDS’’. 
SEC. 205. NEW PLANT CONTRACTS. 
Section 302(a) of the Nuclear Waste Policy Act of 
1982 (42 U.S.C. 10222(a)) is amended by striking para-
graph (5) and inserting the following: 
‘‘(5) REQUIRED PROVISIONS.— 
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‘‘(A) IN GENERAL.—Except as provided in 
subparagraph (B), any contract entered into 
under this section shall provide that— 
‘‘(i) following issuance of a license to 
construct and operate facilities to receive 
and store spent nuclear fuel at the Yucca 
Mountain site, the Secretary shall take 
title to the high-level radioactive waste or 
spent nuclear fuel involved as expeditiously 
as practicable upon the request of the gen-
erator or owner of such waste or spent 
fuel; and 
‘‘(ii) in return for the payment of fees 
established by this section, the Secretary, 
beginning not later than January 31, 
1998, shall dispose of the high-level radio-
active waste or spent nuclear fuel involved 
as provided in this subtitle. 
‘‘(B) EXCEPTION.—Notwithstanding sub-
paragraph (A), with respect to a nuclear power 
facility for which a license application is filed 
with the Commission after January 1, 2008, 
under section 103 or 104 of the Atomic Energy 
Act of 1954 (42 U.S.C. 2133, 2134), a contract 
entered into under this section shall— 
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‘‘(i) except as provided in clause (ii) 
and any terms and conditions relating to 
spent nuclear fuel generated before the 
date of enactment of the United States 
High Level Nuclear Waste Management 
Corporation Act, be consistent with the 
terms and conditions of the contract enti-
tled ‘Contract for Disposal of Spent Nu-
clear Fuel and/or High-Level Radioactive 
Waste’ that is included in section 961.11 
of title 10 of the Code of Federal Regula-
tions (as in effect on the date of enactment 
of the Nuclear Fuel Management and Dis-
posal Act); 
‘‘(ii) provide for the taking of title to, 
and removal of, high-level waste or spent 
nuclear fuel beginning not later than 30 
years after the date on which the nuclear 
power facility begins commercial oper-
ations; and 
‘‘(iii) be entered into not later than 60 
days after the date on which the license 
application is docketed by the Commis-
sion.’’. 
Æ 
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