Investing in Our Defense Act of 2024

Bill: 118-s-4496
Sponsor: full_name: Sen. Romney, Mitt [R-UT]
Introduced: 2024-06-11
Policy area: Armed Forces and National Security
Latest action: action_date: 2024-06-11
text: Read twice and referred to the Committee on Armed Services.

Summaries:

tv_txt: II 118th CONGRESS 2d Session S. 4496 IN THE SENATE OF THE UNITED STATES June 11, 2024 Mr. Romney (for himself and Mrs. Shaheen ) introduced the following bill; which was read twice and referred to the Committee on Armed Services A BILL To expand the authorities of the Office of Strategic Capital of the Department of Defense.

1. Short title This Act may be cited as the Investing in Our Defense Act of 2024 . 2. Authorization to make equity investments (a) In general Section 149 of title 10, United States Code, is amended— (1) by redesignating subsection (e) as subsection (f); and (2) by inserting after subsection (d) the following new subsection (e): (e) Equity investments (1) In general The Office may, as a minority investor, support eligible investments with funds or use other mechanisms for the purpose of purchasing, and may make and fund commitments to purchase, invest in, make pledges in respect of, or otherwise acquire, equity or quasi-equity securities or shares or financial interests of any entity, upon such terms and conditions as the Director may determine. (2) Limitations on equity investments (A) Per project limit The aggregate amount of support provided under this subsection with respect to any eligible investment shall not exceed 20 percent of the aggregate amount of all equity investment made to the project at the time that the Office approves support for the eligible investment. (B) Total limit Support provided under this subsection shall be limited to not more than 35 percent of the aggregate exposure of the Office on the date on which the support is provided. (3) Sales and liquidation of support The Office shall seek to sell and liquidate any support for an eligible investment provided under this subsection as soon as commercially feasible, commensurate with other similar investors in the project and taking into consideration the national security interests of the United States. (4) Timetable The Office shall create an eligible investment-specific timetable for support provided under paragraph (1). (5) Budgetary treatment of equity investments Support provided under this subsection shall constitute a credit program under the Federal Credit Reform Act of 1990 ( 2 U.S.C. 621 et seq. ), and the budgetary cost of equity investments shall accordingly be calculated on a net-present basis. . (b) Conforming amendment Subsection (f)(1) of such section, as redesignated by subsection (a), is further amended by inserting , equity investment after loan guarantee . 3. Authorization to invest in critical minerals (a) Sense of Congress It is the sense of Congress that the Office of Strategic Capital should seek to invest in critical minerals in support of the policy described in section 1414 of the National Defense Authorization Act for Fiscal Year 2024 ( Public Law 118–31 ; 137 Stat. 528; 10 U.S.C. 4811 note). (b) Investments in critical minerals Section 149(f)(3) of title 10, United States Code, as amended by section 2, is further amended by adding at the end the following new subparagraph: (FF) Critical minerals. . 4. Authorization to collect fees for providing capital investments Section 149 of title 10, United States Code, as amended by section 2, is further amended— (1) by redesignating subsection (f) as subsection (g); and (2) by inserting after subsection (e) the following new subsection (f): (f) Fee authority The Director may charge and collect fees for providing capital assistance in amounts to be determined by the Director. Such fees, once collected, may be used only for the purposes and to the extent provided in advance by appropriations Acts. . 5. Hiring authorities Section 149 of title 10, United States Code, as amended by sections 2 and 4, is further amended— (1) by redesignating subsection (g) as subsection (h); and (2) by inserting after subsection (f) the following new subsection (g): (g) Officers and employees (1) In general Except as otherwise provided in this section, officers, employees, and agents of the Office shall be selected and appointed by the Director, and shall be vested with such powers and duties as the Director may determine. (2) Administratively determined employees (A) Appointment; compensation; removal Of officers and employees employed by the Office under paragraph (1), not more than 50 may be appointed, compensated, or removed without regard to title 5. (B) Reinstatement Under such regulations as the Secretary of Defense may prescribe, officers and employees appointed to a position under subparagraph (A) may be entitled, upon removal from such position (unless the removal was for cause), to reinstatement to the position occupied at the time of appointment or to a position of comparable grade and salary. (C) Additional positions Positions authorized by subparagraph (A) shall be in addition to those otherwise authorized by law, including positions authorized under section 5108 of title 5. (D) Rates of pay for officers and employees The Director may set and adjust rates of basic pay for officers and employees appointed under subparagraph (A) without regard to the provisions of chapter 51 or subchapter III of chapter 53 of title 5, relating to classification of positions and General Schedule pay rates, respectively. .