is established as a nonprofit corporation without stock. 
The Corporation shall not be considered to be an agency 
or establishment of the United States Government. 
(b) APPLICABLE LAWS.—The Corporation shall be 
subject to the provisions of this Act and, to the extent 
consistent with this Act, to the District of Columbia Busi-
ness Corporation Act. 
(c) BOARD OF DIRECTORS.—The Corporation shall 
have a board of directors of 5 individuals who are citizens 
of the United States, of whom 1 shall be elected annually 
by the board to serve as chairman. No more than 3 mem-
bers of the board serving at any time may be affiliated 
with the same political party. The members of the board 
shall be appointed by the President of the United States, 
by and with the advice and consent of the Senate, and 
shall serve for terms of 5 years. 
SEC. 202. PURPOSES AND FUNCTIONS. 
(a) TRADING.—The Corporation— 
(1) shall receive and manage tradeable allow-
ances allocated to it under section 161(a)(2); 
(2) shall buy and sell tradeable allowances, 
whether allocated to it under that section or ob-
tained by purchase, trade, or donation from other 
entities; and 
(3) may not retire tradeable allowances unused. 
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(b) USE OF TRADEABLE ALLOWANCES AND PRO-
CEEDS.— 
(1) IN GENERAL.—The Corporation shall use 
the tradeable allowances, and proceeds derived from 
its trading activities in tradeable allowances, to re-
duce costs borne by consumers as a result of the 
greenhouse gas reduction requirements of this Act. 
The reductions— 
(A) may be obtained by buy-down, subsidy, 
negotiation of discounts, consumer rebates, or 
otherwise; 
(B) shall be, as nearly as possible, equi-
tably distributed across all regions of the 
United States; and 
(C) may include arrangements for pref-
erential treatment to consumers who can least 
afford any such increased costs. 
(2) TRANSITION ASSISTANCE TO DISLOCATED 
WORKERS
AND
COMMUNITIES.—The Corporation 
shall allocate a percentage of the proceeds derived 
from its trading activities in tradeable allowances to 
provide transition assistance to dislocated workers 
and communities. Transition assistance may take 
the form of— 
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(A) grants to employers, employer associa-
tions, and representatives of employees— 
(i) to provide training, adjustment as-
sistance, and employment services to dis-
located workers; and 
(ii) to make income-maintenance and 
needs-related payments to dislocated work-
ers; and 
(B) grants to State and local governments 
to assist communities in attracting new employ-
ers or providing essential local government serv-
ices. 
(3) PHASE-OUT OF TRANSITION ASSISTANCE.— 
The percentage allocated by the Corporation under 
paragraph (2)— 
(A) shall be 20 percent for 2012; and 
(B) shall be reduced by 2 percentage 
points each of the next 10 years thereafter. 
(4) TECHNOLOGY DEPLOYMENT PROGRAMS.— 
The Corporation shall establish and carry out a pro-
gram, through direct grants, revolving loan pro-
grams, or other financial measures, to provide sup-
port for the deployment of technology to assist in 
compliance with this Act by distributing the pro-
ceeds from no less than 10 percent of the total al-
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bajohnson on PROD1PC77 with BILLS
lowances allocated to it for each year. The support 
shall include the following: 
(A) COAL GASIFICATION COMBINED-CYCLE 
AND
GEOLOGICAL
CARBON
STORAGE
PRO-
GRAM.—The Corporation shall establish and 
carry out a program, through direct grants, to 
provide incentives for the repowering of existing 
facilities or construction of new facilities pro-
ducing electricity or other products from coal 
gasification combined-cycle plants that capture 
and geologically store at least 90 percent of the 
carbon dioxide produced at the facility in ac-
cordance with requirements established by the 
Administrator to ensure the permanence of the 
storage and that such storage will not cause or 
contribute to significant adverse effects on pub-
lic health or the environment. The Corporation 
shall ensure that no less than 20 percent of the 
funding under this program is distributed to 
rural electric cooperatives. 
(B) AGRICULTURAL PROGRAMS.—The Cor-
poration shall establish and carry out a pro-
gram, through direct grants, revolving loan pro-
grams, or other financial measures, to provide 
incentives for greenhouse gas emissions reduc-
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tions or net increases in sequestration on agri-
cultural lands. The program shall include incen-
tives for— 
(i) production of wind energy on agri-
cultural lands; 
(ii) agricultural management practices 
that achieve verified, incremental increases 
in net carbon sequestration, in accordance 
with the requirements established by the 
Administrator under section 144(c); and 
(iii) production of renewable fuels 
that, after consideration of the energy 
needed to produce such fuels, result in a 
net reduction in greenhouse gas emissions. 
(5) ADAPTATION
ASSISTANCE
FOR
FISH
AND 
WILDLIFE HABITAT.—The Corporation shall fund ef-
forts to strengthen and restore habitat that improve 
the ability of fish and wildlife to adapt successfully 
to climate change. The Corporation shall deposit the 
proceeds from no less than 10 percent of the total 
allowances allocated to it in the wildlife restoration 
fund subaccount known as the Wildlife Conservation 
and Restoration Account established under section 3 
of the Pittman-Robertson Wildlife Restoration Act 
(16 U.S.C. 669b). Amounts deposited in the sub-
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