In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.

[EX Q]: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Invest in Energy Security Act''.

SEC. 2. STRATEGIC PETROLEUM RESERVE.

    (a) Petroleum Acquisition for the Strategic Petroleum Reserve.--
Section 301(e)(1) of the Energy Policy Act of 2005 (42 U.S.C. 6240 
note) is amended to read as follows:
            ``(1) In general.--The Secretary shall, as expeditiously as 
        practical, without incurring excessive cost or appreciably 
        affecting the price of petroleum products to consumers, acquire 
        petroleum in quantities sufficient to fill the available 
        capacity of the Strategic Petroleum Reserve, subject to the 
        following limitations:
                    ``(A) Suspension of royalty-in-kind transfers to 
                the strategic petroleum reserve.--No later than 
                September 30, 2008, the Secretary shall sell 13,000,000 
                barrels of petroleum received under the royalty-in-kind 
                program. Beginning October 1, 2008, the Secretary shall 
                suspend acquisition of petroleum for the Strategic 
                Petroleum Reserve under the Royalty-In-Kind program, 
                subject to resumption as provided in subparagraph (B).
                    ``(B) Resumption of petroleum acquisition for the 
                strategic petroleum reserve.--The Secretary may resume 
                acquisition of petroleum for the Strategic Petroleum 
                Reserve 30 days after notification to Congress that--
                            ``(i)(I) the Secretary projects that the 
                        United States will fall short of its 
                        commitments under the International Energy 
                        Program within a period of 24 months from the 
                        date of the projection; or
                            ``(II) the weighted average price of 
                        petroleum for the most recent 90 day period is 
                        at least 25 percent less than the 24-month 
                        historical average price; and
                            ``(ii) that resumption of Strategic 
                        Petroleum Reserve fill will not have an 
                        appreciable effect on the price of petroleum 
                        products to consumers within the following 12-
                        month period after the resumption of 
                        acquisition.
                    ``(C) Future suspension of strategic petroleum 
                reserve petroleum acquisition.--During any period in 
                which the Secretary is acquiring petroleum for the 
                Strategic Petroleum Reserve, the Secretary shall 
                suspend acquisition activities if--
                            ``(i) the monthly weighted average price of 
                        petroleum increases by more than 20 percent 
                        over any period of 6 months or less; or
                            ``(ii) the Secretary determines that 
                        continued Strategic Petroleum Reserve fill may 
                        have an appreciable impact on prices of 
                        petroleum products in future months.''.
    (b) Revised Procedures.--No later than 60 days after the date of 
the enactment of this section, the Secretary shall publish revised 
procedures under section 301(e)(2) of the Energy Policy Act of 2005 
consistent with the provisions contained in the amendment made by 
subsection (a).

SEC. 3. ENERGY INDEPENDENCE AND SECURITY FUND.

    (a) Establishment.--There is hereby established in the Treasury of 
the United States the ``Energy Independence and Security Fund'' 
(hereinafter in this section referred to as ``the Fund'').
    (b) Administration.--The Secretary of Energy shall be responsible 
for administering the Fund for the purpose of carrying out this 
section.
    (c) Deposits.--All proceeds from sales of petroleum from the 
Strategic Petroleum Reserve, as authorized in section 301(e)(1) of the 
Energy Policy Act of 2005 (as amended by section 2 of this Act), after 
deduction of the direct administrative costs associated with such 
sales, shall be deposited in the Fund.
    (d) Distribution of Funds.--The Secretary shall make available for 
obligation, without further appropriation and without fiscal year 
limitation, the following amounts from the Fund:
            (1) Advanced research projects agency--energy.--For fiscal 
        year 2008, the Secretary shall transfer $100,000,000 to the 
        ``Energy Transformation Acceleration Fund'', as authorized in 
        section 5012(m) of the America COMPETES Act (42 U.S.C. 
        16538(m)), to remain available until expended. Of the funds 
        transferred, the Secretary shall further allocate the amounts 
        made available for obligation as follows:
                    (A) $50,000,000 shall be available for university-
                based research projects.
                    (B) $10,000,000 shall be available for program 
                direction expenses.
            (2) Rural wind energy.--For fiscal year 2008, the Secretary 
        shall transfer $15,000,000 to the account ``Energy Efficiency 
        and Renewable Energy'', to remain available until expended, for 
        necessary expenses for a program to support the development of 
        infrastructure necessary for deployment of wind energy systems 
        in rural areas, as authorized in section 931(f)(1) of the 
        Energy Policy Act of 2005 (42 U.S.C. 16231(f)(1)).
            (3) Solar energy research and development.--For fiscal year 
        2008, the Secretary shall transfer $30,000,000 to the account 
        ``Energy Efficiency and Renewable Energy'', to remain available 
        until expended, for necessary expenses for a program to 
        accelerate the research, development, demonstration, and 
        deployment of solar energy technologies, as authorized by 
        section 931(a)(2)(A) of the Energy Policy Act of 2005 (42 
        U.S.C. 16231(a)(2)(A)).
            (4) Low income weatherization.--For fiscal year 2008, the 
        Secretary shall transfer $100,000,000 to the account 
        ``Weatherization Assistance Program'', to remain available 
        until expended, for necessary expenses for a program to 
        weatherize low income housing, as authorized by section 411 of 
        the Energy Independence and Security Act of 2007 (Public Law 
        110-140).
            (5) Marine and hydrokinetic renewable electric energy.--For 
        fiscal year 2008, the Secretary shall transfer $30,000,000 to 
        the account ``Energy Efficiency and Renewable Energy'', to 
        remain available until expended, for necessary expenses for a 
        program to accelerate the research, development, demonstration, 
        and deployment of ocean and wave energy, including hydrokinetic 
        renewable energy, as authorized by section 931 of the Energy 
        Policy Act of 2005 (42 U.S.C. 16231) and section 636 of the 
        Energy Independence and Security Act of 2007 (Public Law 110-
        140).
            (6) Industrial energy efficiency research and 
        development.--For fiscal year 2008, the Secretary shall 
        transfer $110,000,000 to the account ``Energy Efficiency and 
        Renewable Energy'', to remain available until expended, for 
        necessary expenses for a program to accelerate the research, 
        development, demonstration, and deployment of new technologies 
        to improve the energy efficiency and reduce greenhouse gas 
        emissions from industrial processes, as authorized in section 
        911(a)(2)(C) of the Energy Policy Act of 2005 (42 U.S.C. 
        16191(a)(2)(C)) and in section 452 of the Energy Independence 
        and Security Act of 2007 (Public Law 110-140).
            (7) Building energy efficiency research and development.--
        For fiscal year 2008, the Secretary shall transfer $70,000,000 
        to the account ``Energy Efficiency and Renewable Energy'', to 
        remain available until expended, for necessary expenses for a 
        program to accelerate the research, development, demonstration, 
        and deployment of new technologies to improve the energy 
        efficiency and reduce greenhouse gas emissions from buildings, 
        as authorized in section 422 of the Energy Independence and 
        Security Act of 2007 (Public Law 110-140).
            (8) Energy storage for transportation and electric power 
        applications.--For fiscal year 2008, the Secretary shall 
        transfer $30,000,000 to the account ``Energy Efficiency and 
        Renewable Energy'', to remain available until expended, for 
        necessary expenses for a program to accelerate the research, 
        development, demonstration, and deployment of new materials for 
        improving the energy efficiency of transportation, electric 
        power and other technologies, as authorized by section 641 of 
        the Energy Independence and Security Act of 2007 (Public Law 
        110-140).
            (9) Geothermal energy development.--(A) For fiscal year 
        2008, the Secretary shall transfer $30,000,000 to the account 
        ``Energy Efficiency and Renewable Energy'', to remain available 
        until expended, for necessary expenses for a program for 
        geothermal research and development activities to be managed by 
        the National Renewable Energy Laboratory, as authorized by 
        section 931(a)(2)(C) of the Energy Policy Act of 2005 (42 
        U.S.C. 16231(a)(2)(C)); and
            (B) For fiscal year 2008, the Secretary shall transfer 
        $30,000,000 to the account ``Fossil Energy Research and 
        Development'', to remain available until expended, for 
        necessary expenses for a program of advanced geothermal 
        drilling and resource characterization to be managed by the 
        National Energy Technology Laboratory.
            (10) Carbon capture and storage.--For fiscal year 2008, the 
        Secretary shall transfer $385,000,000 to the account ``Fossil 
        Energy Research and Development'', to remain available until 
        expended, for necessary expenses for a program of demonstration 
        projects of carbon capture and storage, as authorized by 
        sections 702 and 703 of the Energy Independence and Security 
        Act of 2007 (Public Law 110-140). Notwithstanding any other 
        provision of law, one of the demonstration projects shall be a 
        component of the FutureGen project.
            (11) Nonconventional domestic natural gas and petroleum 
        production and environmental research.--
                    (A) For fiscal year 2008, the Secretary shall 
                transfer $50,000,000 to the ``Ultra-Deepwater and 
                Unconventional Natural Gas and Other Petroleum Research 
                Fund'', to remain available until expended, as 
                authorized by section 999H(e) of the Energy Policy Act 
                of 2005 (42 U.S.C. 16378(e)).
                    (B) For fiscal year 2008, the Secretary shall 
                transfer $15,000,000 to the account ``Fossil Energy 
                Research and Development'', to remain available until 
                expended, for necessary expenses for a program of 
                environmental research in support of small producers of 
                domestic petroleum and natural gas, for regulatory 
                analysis and for support for the stripper well 
                consortium.
            (12) Hydrogen research and development.--For fiscal year 
        2008, the Secretary shall transfer $5,000,000 to the account 
        ``Energy Efficiency and Renewable Energy'', to remain available 
        until expended, for necessary expenses for the Department's H-
        Prize Program, as authorized by section 654 of the Energy 
        Independence and Security Act of 2007 (Public Law 110-140).
    (e) Amendments.--(1) Section 999F of the Energy Policy Act of 2005 
(42 U.S.C. 16376) is amended by striking ``2014'' and inserting 
``2017''.
    (2) Section 999B(e) of that Act (42 U.S.C.16372(e)) is amended by 
striking paragraph (3) and inserting the following:
            ``(3) Publication.--The Secretary shall publish in the 
        Federal Register the annual plan, along with any written 
        comments received under paragraph (2)(A) and (B).''.
    (3) Section 999H(b) of that Act (42 U.S.C.16378(b)) is amended by 
inserting ``, and shall be exempt from subchapter II of chapter 15 of 
title 31, United States Code'' after ``available until expended''.
    (f) Transfer Procedures.--The Secretary shall make an initial 
transfer from the Fund no later than 30 days after the initial deposit 
of monies into the Fund. The Secretary shall make additional transfers 
no later than 30 days after subsequent deposits, until the full amounts 
authorized for fiscal 2008 have been transferred. To the extent that 
any transfer in fiscal 2008 is less than the authorized total, the 
transfers shall be made on a pro rata basis.
    (g) Management and Oversight.--
            (1) Additionality of fiscal year 2008 transfers.--All 
        amounts transferred under subsection (d)(1) shall be in 
        addition to, and shall not be substituted for, any funds 
        appropriated for the same or similar purposes in the 
        Consolidated Appropriations Act, 2008.
            (2) Program plans and performance measures.--The Secretary 
        shall prepare and publish in the Federal Register a plan for 
        the proposed use of all funds authorized in subsection (d). The 
        plan also shall identify how the use of these funds will be 
        additive to, and not displace annual appropriations. The plans 
        also shall identify performance measures to assess the 
        additional benefits that may be realized from the application 
        of the additional funding provided under this section. The 
        initial plan shall be published in the Federal Register within 
        90 days from enactment of this section, and shall be updated 
        annually and submitted to Congress together with the 
        President's budget.
            (3) Congressional oversight and review.--Nothing in this 
        section shall limit or restrict the review and oversight of 
        program plans by the appropriate committees of Congress. 
        Nothing in this section shall limit or restrict the authority 
        of Congress to set alternative spending limitations in annual 
        appropriations Acts.
            (4) Apportionment.--All transactions of the Fund shall be 
        exempt from apportionment under the provisions of subchapter II 
        of chapter 15 of title 31, United States Code.
            (5) Use of other transactions authority.--(A) Any 
        solicitation for research, development, or demonstration 
        project proposals to be funded under this section shall provide 
        for and encourage the use of Other Transactions Authority, 
        including Technology Investment Agreements as authorized by 
        section 646(g) of the Department of Energy Organization Act (42 
        U.S.C. 7256) and Part 603 of the Department of Energy 
        Acquisition Regulation.
            (B) Any solicitation for a commercial demonstration project 
        under this section shall require the use of Other Transactions 
        Authority, including Technology Investment Agreements, as 
        authorized by section 646(g) of the Department of Energy 
        Organization Act (42 U.S.C. 7256) and Part 603 of the 
        Department of Energy Acquisition Regulation.
[EX A]: Invest in Energy Security Act - Amends the Energy Policy Act of 2005 governing petroleum acquisition for the Strategic Petroleum Reserve (SPR) to direct the Secretary of Energy to: (1) sell specified quantities of petroleum received under the royalty-in-kind program; and (2) suspend petroleum acquisition for the SPR under such program.

Authorizes the Secretary to resume such acquisition upon notifying Congress that specified circumstances exist, and to suspend acquisition again if certain other circumstances arise.



Establishes the Energy Independence and Security Fund to receive all proceeds from sales of SPR petroleum.

Allocates amounts from such Fund for: (1) the Energy Transformation Acceleration Fund for university-based research projects and program direction expenses; (2) Energy Efficiency and Renewable Energy account for rural wind energy systems; (3) solar energy technologies; (4) weatherization assistance for low-income housing; (5) ocean and wave energy, including hydrokinetic renewable energy; (6) technologies to improve the energy efficiency and reduce greenhouse gas emissions from industrial processes and from buildings; (7) improvements to the energy efficiency of transportation and electric power; (8) geothermal research and development managed by the National Renewable Energy Laboratory; (9) advanced geothermal drilling and resource characterization managed by National Energy Technology Laboratory; (10) carbon capture and storage; (11) Ultra-Deepwater and Unconventional Natural Gas and Other Petroleum Research Fund; (12) environmental research in support of small producers of domestic petroleum and natural gas, for regulatory analysis and for support for the stripper well consortium; and (13) the H-Prize Program of the Department of Energy.

[EX Q]: SECTION 1. CONSERVATION FLEX PROGRAM OPTION.

    (a) Establishment of Program.--The Agricultural Act of 1949 is 
amended by inserting after section 115 (7 U.S.C. 1445k) the following 
new section:
``SEC. 116. CONSERVATION FLEX PROGRAM OPTION.

    ``(a) Establishment.--The Secretary shall establish a voluntary 
conservation flex program option to assist producers of agricultural 
commodities in adopting integrated, site-specific farm management plans 
through the reduction of farm program barriers to resource stewardship 
practices and systems.
    ``(b) Definitions.--For the purposes of this section:
            ``(1) The term `program' means the conservation flex 
        program option established under this section.
            ``(2) The term `plan' means a site-specific farm management 
        plan prepared by the producer and approved by the Secretary.
            ``(3) The term `alternative crops' means experimental and 
        industrial crops which conserve soil and water.
            ``(4) The term `breeding cattle' means bulls, dams, and 
        heifers held solely for the production of calves, but shall not 
        include weaned calves being grown for slaughter or dairy 
        cattle.
            ``(5) The term `legume' means any legume, including 
        alfalfa, clover, lentils, lupine, medic, peas, soybeans, and 
        vetch grown for use as a forage, green manure, or biomass 
        feedstock, but not including any pulse crop from which the 
        seeds are harvested and sold for purposes other than use as 
        seed for planting.
            ``(6) The term `resource-conserving crop' means legumes, 
        grasses, brassica cover crops and forages, alternative crops, 
        any interseeded or relay-planted combination of such crops, any 
        interseeded or relay-planted combination of such crops and 
        small grains, and such other crops as the Secretary may 
        designate.
            ``(7) The term `resource-conserving crop rotation' means a 
        crop rotation which includes at least one resource-conserving 
        crop and that reduces erosion, maintains or improves soil 
        fertility, tilth and structure, interrupts pest cycles, or 
        conserves water.
            ``(8) The term `rotational grazing' means planting forage, 
        dividing pastures into paddocks, and using grazing rotations to 
        increase forage quality and production, improve vegetative 
        cover, and reduce sediment and nutrient runoff.
            ``(9) The term `small grains' means any small grain, 
        including barley, buckwheat, oats, rye, spelt, and triticale, 
        but not including wheat, except for wheat grown for nonhuman 
        consumption.
            ``(10) The term `special conservation practices' means 
        field borders, contour grass strips, grass waterways, filter 
        strips, grass windbreaks, buffer areas, wildlife habitat 
        plantings, habitat plantings for beneficial organisms that aid 
        in the control of pests, and such other practices as the 
        Secretary may designate.
    ``(c) Eligible Producers.--To be eligible to participate in the 
program, a producer must prepare and submit to the Secretary for 
approval a site-specific farm management plan, which may at the 
producer's option be integrated with any conservation plan developed 
pursuant to section 1212 of the Food Security Act of 1985 (16 U.S.C. 
3812) and any other conservation or natural resource plan required for 
producer participation in any program within the jurisdiction of the 
Secretary.
    ``(d) Agreements.--Upon the approval of a plan submitted by a 
producer under subsection (c), the Secretary shall enter into an 
agreement with the producer that specifies the crop acreage bases being 
enrolled in the program. The agreement shall be for a period of not 
less than one year, nor more than seven years, as determined by the 
producer. The agreement may be renewed upon the mutual agreement of the 
Secretary and the producer.
    ``(e) Producer Responsibilities Under Agreement.--Under the terms 
of an agreement entered into under subsection (d), a producer shall 
agree--
            ``(1) to actively comply with the terms and conditions of 
        the applicable plan, as approved by the Secretary;
            ``(2) to devote to a resource-conserving crop--
                    ``(A) not less than 15 percent of the crop acreage 
                bases of the producer enrolled under such program; or
                    ``(B) not less than 15 percent of the producer's 
                total crop acres, if the sum of resource-conserving 
                crop acres on non-base acres and total crop acreage 
                bases on the farm does not exceed the county average 
                base-to-cropland ratio; and
            ``(3) to keep such records as the Secretary may reasonably 
        require for purposes of program evaluation.
    ``(f) Requirements of the Plan.--To be approved by the Secretary, a 
plan submitted by a producer must--
            ``(1) specify the crop acreage bases the producer chooses 
        to enroll in the program;
            ``(2) describe the resource-conserving crop rotation, 
        special conservation practices, rotational grazing, or biomass 
        production operations and practices to be implemented and 
        maintained on such acreage during the agreement period which 
        fulfill the purposes of the program;
            ``(3) contain a schedule for the implementation, 
        improvement and maintenance of the resource-conserving crop 
        rotation, special conservation practices, rotational grazing, 
        or biomass operations and practices described in the plan; and
            ``(4) contain such other terms as the Secretary may 
        require.
    ``(g) Program Administration, Certification, and Termination.--
            ``(1) Program administration, technical assistance, and 
        flexibility.--
                    ``(A) Administration.--The program shall be 
                administered by the Secretary.
                    ``(B) Technical assistance.--In administering the 
                program, the Secretary, in consultation with the local 
                conservation districts and any State or local 
                authorities deemed appropriate by the Secretary, shall 
                provide technical assistance to a producer in 
                developing and implementing a plan, evaluating the 
                effectiveness of a plan, and assessing the costs and 
                benefits of farming operations and practices. If 
                requested by a producer, the Secretary shall provide 
                technical assistance to help the producer comply with 
                Federal, State, and local requirements designed to 
                protect soil, wetlands, wildlife habitat, the quality 
                of ground water and surface water, or other natural 
                resources.
                    ``(C) Flexibility.--In administering the program, 
                the Secretary shall provide sufficient flexibility for 
                a producer to revise the producer's plan to respond to 
                changes in market conditions, weather, or technology or 
                to adjust and modify the farming operation, except that 
                such revisions must be consistent with the purposes of 
                the program and approved by the Secretary.
            ``(2) Certification.--The Secretary shall certify producer 
        compliance with the terms and conditions of the plan.
            ``(3) Termination.--The Secretary may terminate an 
        agreement entered into with a producer under this program if--
                    ``(A) the producer agrees to such termination; or
                    ``(B) the producer violates the terms and 
                conditions of such agreement.
    ``(h) Program Rules.--
            ``(1) Base and yield protection.--Notwithstanding any other 
        provision of law, the Secretary shall not reduce crop acreage 
        bases or farm program payment yields as a result of the 
        planting of a resource-conserving crop.
            ``(2) Payment acres.--Notwithstanding any other provision 
        of law, the Secretary shall not reduce any farm program loans, 
        payments, or benefits of a program participant as a result of 
        the planting of a resource-conserving crop.
            ``(3) Payment rate.--Notwithstanding any other provision of 
        law, the Secretary shall provide deficiency payments on 
        resource-conserving crop acreage eligible for payments at a 
        rate not less than the projected deficiency payment rate, as 
        determined and announced each year by the Secretary prior to 
        the period during which producers may agree to participate in 
        the program.
            ``(4) Payment acre protection.--Notwithstanding any other 
        provision of law, the Secretary shall not reduce the payment 
        acres or the established price for a program participant who 
        has entered into an agreement with the Secretary for a fixed 
        period of time.
            ``(5) Resource-conserving crops on normal flex acreage.--
        Acreage devoted to resource-conserving crops under this program 
        may, at the discretion of the producer, be designated as normal 
        flex acreage.
            ``(6) Adjustments in production adjustment requirements.--
        Notwithstanding any other provision of law, the Secretary shall 
        make fair and equitable adjustments in acreage limitation 
        requirements applicable to a producer participating in the 
        program giving due consideration to crop rotation, special 
        conservation practices, rotational grazing, biomass production, 
        and other appropriate factors resulting from the implementation 
        of a plan. If the Secretary determines that the reduction in 
        program crop production on a participating farm referred to in 
        the preceding sentence will equal or exceed any reduction in 
        crop production which, in the absence of participation in the 
        program, would occur as a result of acreage limitation 
        requirements, the Secretary shall waive such acreage limitation 
        requirements for the farm. If the resource conserving crop 
        includes a farm program feed grain crop planted on the base 
        acres of another farm program feed grain crop, the Secretary 
        shall take into account the established or county average yield 
        of the two feed grains for the purposes of making the 
        adjustment or waiver.
            ``(7) Total base acreage flexibility.--Notwithstanding any 
        other provision of law, the Secretary shall allow participants 
        in this program to plant farm program crops and oilseeds in any 
        proportion on a producer's total acreage of farm program crop 
        base and historic oilseeds acreage without affecting farm 
        program payments.
            ``(8) Crop insurance.--Notwithstanding any other provision 
        of law, acreage devoted to resource-conserving crops under this 
        program shall be eligible for crop insurance pursuant to the 
        Federal Crop Insurance Act (7 U.S.C. 1501 et seq.).
            ``(9) Haying and grazing restriction.--
                    ``(A) In general.--The Secretary shall not make any 
                farm program payments to a producer, who is otherwise 
                eligible to receive such payments, for acreage enrolled 
                in the program if the producer, during the consecutive 
                five month period in each State in which haying and 
                grazing of conserving use acres may be prohibited under 
                the provisions of this Act, grazes breeding cattle or 
                nursing calves or harvests and sells hay on payment 
                acres.
                    ``(B) Transition option.--The restriction in 
                subparagraph (A) shall not apply in the case of a 
                producer who agrees to retire all base acreage enrolled 
                in the program at the end of the agreement period.
                    ``(C) Emergency haying and grazing.--The Secretary 
                shall release acreage devoted to resource-conserving 
                crops for emergency haying and grazing as the result of 
                a natural disaster when the Secretary permits unlimited 
                haying and grazing on--
                            ``(i) reduced acreage under this Act;
                            ``(ii) acreage devoted to a conservation 
                        use under this Act;
                            ``(iii) acreage diverted from production 
                        under a land diversion program established 
                        under this Act; or
                            ``(iv) acreage enrolled in the conservation 
                        reserve program under the Food Security Act of 
                        1985 (16 U.S.C. 3801 et seq.).''.
    (b) Conforming Repeal.--Section 1451 of the Food, Agriculture, 
Conservation, and Trade Act of 1990 (7 U.S.C. 5822) is repealed.
[EX A]: Amends the Agricultural Act of 1949 to direct the Secretary of Agriculture to establish a voluntary conservation flex program which will permit producers to adopt integrated site-specific farm management plans.  Includes within such plans resource-conserving crops, crop rotation, and rotational grazing.

[EX Q]: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``1997 Franklin Delano Roosevelt 
Commemorative Coin Act''.

SEC. 2. FINDINGS.

    The Congress finds that--
            (1) the people of the United States feel a deep debt of 
        gratitude to Franklin Delano Roosevelt for his leadership in 
        America's struggle for peace, well-being, and human dignity;
            (2) Franklin Delano Roosevelt served his country as the 
        thirty-second President from 1932 until his death in 1945, and 
        is the only United States President elected to 4 terms in 
        office;
            (3) Franklin Delano Roosevelt served the State of New York 
        as Governor from 1928 through 1932;
            (4) Franklin Delano Roosevelt served his country as the 
        United States Assistant Secretary of the Navy from 1913 through 
        1920;
            (5) Franklin Delano Roosevelt piloted the American people 
        through the economic chaos of the Great Depression;
            (6) Franklin Delano Roosevelt, as our commander in chief, 
        led the American people through the turmoil of World War II;
            (7) Franklin Delano Roosevelt established Social Security, 
        thus providing all Americans with a more abundant and secure 
        life;
            (8) Franklin Delano Roosevelt was the author of ``The Four 
        Freedoms: Freedom of Speech, Freedom of Worship, Freedom from 
        Want, and Freedom from Fear'';
            (9) Franklin Delano Roosevelt was the founder of the 
        National Foundation for Infantile Paralysis, parent 
        organization of the March of Dimes;
            (10) Franklin Delano Roosevelt was the chief architect of 
        the United Nations;
            (11) after many years of planning, the Franklin Delano 
        Roosevelt Memorial will soon join the memorials of Washington, 
        Jefferson, and Lincoln as a tribute to another great American 
        leader;
            (12) the Franklin Delano Roosevelt Memorial will be a 
        series of 4 large outdoor rooms encompassing over 7 acres, and 
        will be situated between the Lincoln and Jefferson memorials in 
        Washington, D.C.; and
            (13) in 1997, the Nation will celebrate the public opening 
        of this magnificent memorial, honoring one of our greatest 
        Presidents.

SEC. 3. COIN SPECIFICATIONS.

    (a) Half Dollar Silver Coins.--The Secretary of the Treasury 
(hereafter in this Act referred to as the ``Secretary'') shall mint and 
issue not more than 500,000 half dollar coins, each of which shall--
            (1) weigh 12.50 grams;
            (2) have a diameter of 30.61 millimeters; and
            (3) contain 90 percent silver and 10 percent copper.
    (b) Legal Tender.--The coins minted under this Act shall be legal 
tender, as provided in section 5103 of title 31, United States Code.
    (c) Numismatic Items.--For purposes of section 5134 of title 31, 
United States Code, all coins minted under this Act shall be considered 
to be numismatic items.

SEC. 4. SOURCES OF BULLION.

    The Secretary shall obtain silver for minting coins under this Act 
only from stockpiles established under the Strategic and Critical 
Materials Stock Piling Act.

SEC. 5. DESIGN OF COINS.

    (a) Design Requirements.--
            (1) In general.--The obverse side of each coin minted under 
        this Act shall bear a likeness of Franklin Delano Roosevelt, 
        the thirty-second President of the United States. The reverse 
        side of each coin shall be emblematic of the Franklin Delano 
        Roosevelt Memorial in Washington, D.C.
            (2) Designation and inscriptions.--On each coin minted 
        under this Act there shall be--
                    (A) a designation of the value of the coin;
                    (B) an inscription of the year ``1997''; and
                    (C) inscriptions of the words ``Liberty'', ``In God 
                We Trust'', ``United States of America'', and ``E 
                Pluribus Unum''.
    (b) Selection.--The design for the coins minted under this Act 
shall be--
            (1) selected by the Secretary after consultation with the 
        Franklin Delano Roosevelt Memorial Commission and the 
        Commission of Fine Arts; and
            (2) reviewed by the Citizens Commemorative Coin Advisory 
        Committee.
    (c) Additions and Alterations.--No addition or alteration to the 
design selected in accordance with subsection (b) shall be made without 
the approval of the Franklin Delano Roosevelt Memorial Commission.

SEC. 6. ISSUANCE OF COINS.

    (a) Quality and Mint Facility.--The coins authorized under this Act 
may be issued in uncirculated and proof qualities and shall be struck 
at the United States Bullion Depository at West Point.
    (b) Period for Issuance.--The Secretary may issue coins minted 
under this Act only during the period beginning on January 1, 1997, and 
ending on December 31, 1997.

SEC. 7. SALE OF COINS.

    (a) Sale Price.--The coins issued under this Act shall be sold by 
the Secretary at a price equal to the sum of--
            (1) the face value of the coins;
            (2) the surcharge provided in subsection (d) with respect 
        to such coins; and
            (3) the cost of designing and issuing the coins (including 
        labor, materials, dies, use of machinery, overhead expenses, 
        marketing, and shipping).
    (b) Bulk Sales.--The Secretary shall make bulk sales of the coins 
issued under this Act at a reasonable discount.
    (c) Prepaid Orders.--
            (1) In general.--The Secretary shall accept prepaid orders 
        for the coins minted under this Act before the issuance of such 
        coins.
            (2) Discount.--Sale prices with respect to prepaid orders 
        under paragraph (1) shall be at a reasonable discount.
    (d) Surcharges.--All sales shall include a surcharge of $3 per 
coin.

SEC. 8. GENERAL WAIVER OF PROCUREMENT REGULATIONS.

    (a) In General.--Except as provided in subsection (b), no provision 
of law governing procurement or public contracts shall be applicable to 
the procurement of goods and services necessary for carrying out the 
provisions of this Act.
    (b) Equal Employment Opportunity.--Subsection (a) shall not relieve 
any person entering into a contract under the authority of this Act 
from complying with any law relating to equal employment opportunity.

SEC. 9. DISTRIBUTION OF SURCHARGES.

    (a) In General.--All surcharges received by the Secretary from the 
sale of coins issued under this Act shall be promptly paid by the 
Secretary as follows:
            (1) An amount equal to 50 percent of the total surcharges 
        shall be paid to the National Park Foundation Restricted 
        Account for the Franklin Delano Roosevelt Memorial.
            (2) An amount equal to 50 percent of the total surcharges 
        shall be paid to the National Park Service Restricted 
        Construction Account for the Franklin Delano Roosevelt 
        Memorial.
    (b) Audits.--The Comptroller General of the United States shall 
have the right to examine such books, records, documents, and other 
data of the accounts referred to in subsection (a) as may be related to 
the expenditures of amounts paid under such subsection.

SEC. 10. FINANCIAL ASSURANCES.

    (a) No Net Cost to the Government.--The Secretary shall take such 
actions as may be necessary to ensure that minting and issuing coins 
under this Act will not result in any net cost to the United States 
Government.
    (b) Payment for Coins.--A coin shall not be issued under this Act 
unless the Secretary has received--
            (1) full payment for the coin;
            (2) security satisfactory to the Secretary to indemnify the 
        United States for full payment; or
            (3) a guarantee of full payment satisfactory to the 
        Secretary from a depository institution whose deposits are 
        insured by the Federal Deposit Insurance Corporation or the 
        National Credit Union Administration Board.
[EX A]:
1997 Franklin Delano Roosevelt Commemorative Coin Act - Directs the Secretary of the Treasury to issue commemorative half-dollar silver coins whose obverse side shall bear a likeness of Franklin Delano Roosevelt, and whose reverse side shall be emblematic of the Franklin Delano Roosevelt Memorial in Washington, D.C. 
Mandates that the design for the coins shall be:  (1) selected by the Secretary after consultation with the Franklin Delano Roosevelt Memorial Commission and the Commission of Fine Arts; and (2) reviewed by the Citizens Commemorative Coin Advisory Committee. 
Declares that:  (1) the coins shall be struck at the U.S. Bullion Depository at West Point; and (2) may be issued only from January 1, 1997, to December 31, 1997. 
Requires the Secretary to distribute proceeds from surcharges in equal allocations to:  (1) the National Park Foundation Restricted Account for the Franklin Delano Roosevelt Memorial; and (2) the National Park Service Restricted Construction Account for the Franklin Delano Roosevelt Memorial.