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view of the performance of the Corporation to determine
whether the Corporation—
(1) has had an overall positive effect on the
ability of United States industry to commercialize
and adopt new technologies;
(2) has invested in projects that exhibited a
reasonable potential for success;
(3) has successfully promoted and facilitated
the transfer and commercialization of patents, li-
censes, processes, and technologies developed in Fed-
eral laboratories, arising in the course of federally
funded research at colleges and universities, other
units of government, or with private concerns, and
which are made available by private concerns; and
(4) should be terminated.
(b) REPORT.—Upon completion of the review re-
ferred to in subsection (a), the Academy shall submit a
report to the President, the Congress, and the Corpora-
tion. If the Academy determines that the Corporation
should be terminated, the report shall include a rec-
ommended termination date.
SEC. 210. AUDIT BY COMPTROLLER GENERAL.
The Comptroller General of the United States is au-
thorized to audit the financial transactions of the Corpora-
tion. For the purposes of carrying out such an audit, the
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Comptroller General shall have access to all books,
records, and property belonging to, or in the possession
of, the Corporation. In the case of a person or entity which
has entered into a financial relationship with the Corpora-
tion, the Comptroller General shall have access only to
those books, records, and property belonging to, or in the
possession of, the person or entity which pertain to the
Corporation and which are necessary to carry out the
audit. The Comptroller General shall make a report of
each such audit to the Congress and the President.
SEC. 211. REPORTS.
(a) INITIAL REPORT.—The Corporation shall, after
the completion of the 4th year after the date of enactment
of this Act, submit a report to the President and the Con-
gress concerning the activities of the Corporation in carry-
ing out the purposes of this Act. Such report shall include
a description of the activities, expenditures, and invest-
ments of the Corporation, and analysis of the rate of re-
turn of projects in which the Corporation participated, and
projections of future activities, expenditures, and invest-
ments.
(b) PREREVIEW REPORT.—The Corporation shall,
not later than 8 years after the date of enactment of this
Act, submit a report to the President and the Congress.
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Such report shall contain the type of information referred
to in subsection (a).
SEC. 212. ADMINISTRATION.
(a) HEARINGS.—The Board may hold such hearings,
sit and act at such times and places, take such testimony,
receive such evidence, and publish or otherwise distribute
so much of its proceedings and reports as it may deem
advisable.
(b) OFFICE SPACE AND EQUIPMENT.—The Board
may acquire, furnish, and equip such office space as it
determines necessary.
(c) NECESSARY EXPENSES.—The Board may incur
such necessary expenses and exercise such powers as are
consistent and reasonably required to perform its func-
tions.
(d) RECORDS.—To the extent permitted by law, all
appropriate records and papers of the Board shall be made
available for public inspection.
(e) AID FROM FEDERAL AGENCIES.—Upon the re-
quest of the Board, the head of a Federal department or
agency is authorized to—
(1) furnish to the Board such information as
the Board deems necessary for carrying out its func-
tions and as is available to the agency; and
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(2) detail for temporary duty, on a reimburs-
able basis, such personnel as the Board deems nec-
essary to carry out its functions.
SEC. 213. MISCELLANEOUS PROVISIONS.
(a) JURISDICTION.—
(1) IN GENERAL.—Whenever the Corporation is
a party to any civil action under this title, such ac-
tion shall be deemed to arise under the laws of the
United States. No attachment or execution may be
issued against the Corporation, or any property
thereof, prior to entry of final judgment.
(2) CITIZENSHIP OF CORPORATION.—The Cor-
poration shall be deemed to be a citizen only of the
District of Columbia for the purpose of determining
the original jurisdiction of the district courts of the
United States in civil actions to which the Corpora-
tion is a party.
(b) BUSINESS ACTIVITY AND QUALIFICATION.—The
Corporation shall be deemed to be qualified to do business
in each State in which it performs any activity authorized
under this title.