SEC. 2. PAYMENTS TO INDIVIDUALS WHO SERVED DURING 
WORLD WAR II IN THE UNITED STATES MER-
CHANT MARINE. 
(a) ESTABLISHMENT OF COMPENSATION FUND.— 
Subchapter II of chapter 5 of title 38, United States Code, 
is amended by adding at the end the following new section: 
‘‘§ 532. Merchant Mariner Equity Compensation Fund 
‘‘(a) COMPENSATION FUND.—(1) There is in the gen-
eral fund of the Treasury a fund to be known as the ‘Mer-
chant Mariner Equity Compensation Fund’ (in this sec-
tion referred to as the ‘compensation fund’). 
‘‘(2) Subject to the availability of appropriations for 
such purpose, amounts in the fund shall be available to 
the Secretary without fiscal year limitation to make pay-
ments to eligible individuals in accordance with this sec-
tion. 
‘‘(b) ELIGIBLE INDIVIDUALS.—(1) An eligible indi-
vidual is an individual who— 
‘‘(A) before October 1, 2009, submits to the 
Secretary an application containing such information 
and assurances as the Secretary may require; 
‘‘(B) has not received benefits under the Serv-
icemen’s Readjustment Act of 1944 (Public Law 
78–346); and 
‘‘(C) has engaged in qualified service. 
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‘‘(2) For purposes of paragraph (1), a person has en-
gaged in qualified service if, between December 7, 1941, 
and December 31, 1946, the person— 
‘‘(A) was a member of the United States mer-
chant marine (including the Army Transport Service 
and the Naval Transport Service) serving as a crew-
member of a vessel that was— 
‘‘(i) operated by the War Shipping Admin-
istration or the Office of Defense Transpor-
tation (or an agent of the Administration or Of-
fice); 
‘‘(ii) operated in waters other than inland 
waters, the Great Lakes, and other lakes, bays, 
and harbors of the United States; 
‘‘(iii) under contract or charter to, or prop-
erty of, the Government of the United States; 
and 
‘‘(iv) serving the Armed Forces; and 
‘‘(B) while so serving, was licensed or otherwise 
documented for service as a crewmember of such a 
vessel by an officer or employee of the United States 
authorized to license or document the person for 
such service. 
‘‘(c) AMOUNT OF PAYMENTS.—The Secretary shall 
make a monthly payment out of the compensation fund 
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in the amount of $1,000 to an eligible individual. The Sec-
retary shall make such payments to eligible individuals in 
the order in which the Secretary receives the applications 
of the eligible individuals. 
‘‘(d) AUTHORIZATION
OF
APPROPRIATIONS.—(1) 
There are authorized to be appropriated to the compensa-
tion fund amounts as follows: 
‘‘(A) For fiscal year 2008, $120,000,000. 
‘‘(B) For fiscal year 2009, $108,000,000. 
‘‘(C) For fiscal year 2010, $97,000,000. 
‘‘(D) For fiscal year 2011, $85,000,000. 
‘‘(E) For fiscal year 2012, $75,000,000. 
‘‘(2) Funds appropriated to carry out this section 
shall remain available until expended. 
‘‘(e) REPORTS.—The Secretary shall include, in docu-
ments submitted to Congress by the Secretary in support 
of the President’s budget for each fiscal year, detailed in-
formation on the operation of the compensation fund, in-
cluding the number of applicants, the number of eligible 
individuals receiving benefits, the amounts paid out of the 
compensation fund, the administration of the compensa-
tion fund, and an estimate of the amounts necessary to 
fully fund the compensation fund for that fiscal year and 
each of the three subsequent fiscal years. 
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‘‘(f) REGULATIONS.—The Secretary shall prescribe 
regulations to carry out this section.’’. 
(b) REGULATIONS.—Not later than 180 days after 
the date of the enactment of this Act, the Secretary shall 
prescribe the regulations required under section 532(f) of 
title 38, United States Code, as added by subsection (a). 
(c) CLERICAL AMENDMENT.—The table of sections 
at the beginning of such chapter is amended by inserting 
after the item related to section 531 the following new 
item: 
‘‘532. Merchant Mariner Equity Compensation Fund.’’. 
Æ 
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