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SECTION 1. SHORT TITLE.

This Act may be cited as the ''Greenhouse Gas Emission Atmospheric
Removal Act'' or the ''GEAR Act''.

SEC. 2. STATEMENT OF POLICY.

It is the policy of the United States to provide incentives to
encourage the development and implementation of technology to
permanently remove greenhouse gases from the atmosphere on a
significant scale.

SEC. 3. DEFINITIONS.

In this Act:
(1) Commission.--The term ''Commission'' means the
Greenhouse Gas Emission Atmospheric Removal Commission
established by section 5(a).
(2) Greenhouse gas.--The term ''greenhouse gas'' means--
(A) carbon dioxide;
(B) methane;
(C) nitrous oxide;
(D) sulfur hexafluoride;
(E) a hydrofluorocarbon;
(F) a perfluorocarbon; and
(G) any other gas that the Commission determines is
necessary to achieve the purposes of this Act.
(3) Intellectual property.--The term ''intellectual
property'' means--
(A) an invention that is patentable under title 35,
United States Code; and
(B) any patent on an invention described in
subparagraph (A).
(4) Secretary.--The term ''Secretary'' means the Secretary
of Energy.

SEC. 4. GREENHOUSE GAS EMISSION ATMOSPHERIC REMOVAL PROGRAM.

The Secretary, acting through the Commission, shall provide to
public and private entities, on a competitive basis, financial awards
for the achievement of milestones in developing and applying technology
that could significantly slow or reverse the accumulation of greenhouse
gases in the atmosphere by permanently capturing or sequestrating those
gases without significant countervailing harmful effects.

SEC. 5. GREENHOUSE GAS EMISSION ATMOSPHERIC REMOVAL COMMISSION.

(a) Establishment.--There is established within the Department of
Energy a commission to be known as the ''Greenhouse Gas Emission
Atmospheric Removal Commission''.
(b) Membership.--
(1) Composition.--The Commission shall be composed of 11
members appointed by the President, by and with the advice and
consent of the Senate, who shall provide expertise in--
(A) climate science;
(B) physics;
(C) chemistry;
(D) biology;
(E) engineering;
(F) economics;
(G) business management; and
(H) such other disciplines as the Commission
determines to be necessary to achieve the purposes of
this Act.
(2) Term; vacancies.--
(A) Term.--A member of the Commission shall serve
for a term of 6 years.
(B) Vacancies.--A vacancy on the Commission--
(i) shall not affect the powers of the
Commission; and
(ii) shall be filled in the same manner as
the original appointment was made.
(3) Initial meeting.--Not later than 30 days after the date
on which all members of the Commission have been appointed, the
Commission shall hold the initial meeting of the Commission.
(4) Meetings.--The Commission shall meet at the call of the
Chairperson.
(5) Quorum.--A majority of the members of the Commission
shall constitute a quorum, but a lesser number of members may
hold hearings.
(6) Chairperson and vice chairperson.--The Commission shall
select a Chairperson and Vice Chairperson from among the
members of the Commission.
(7) Compensation.--A member of the Commission shall be
compensated at level III of the Executive Schedule.
(c) Duties.--The Commission shall--
(1) subject to subsection (d), develop specific
requirements for--
(A) the competition process;
(B) minimum performance standards;
(C) monitoring and verification procedures; and
(D) the scale of awards for each milestone
identified under paragraph (3);
(2) establish minimum levels for the capture or net
sequestration of greenhouse gases that are required to be
achieved by a public or private entity to qualify for a
financial award described in paragraph (3);
(3) in coordination with the Secretary, offer those
financial awards to public and private entities that
demonstrate--
(A) a design document for a successful technology;
(B) a bench scale demonstration of a technology;
(C) technology described in subparagraph (A) that--
(i) is operational at demonstration scale;
and
(ii) achieves significant greenhouse gas
reductions; and
(D) operation of technology on a commercially
viable scale that meets the minimum levels described in
paragraph (2); and
(4) submit to Congress--
(A) an annual report that describes the progress
made by the Commission and recipients of financial
awards under this section in achieving the
demonstration goals established under paragraph (3);
and
(B) not later than 1 year after the date of
enactment of this Act, a report that describes the
levels of funding that are necessary to achieve the
purposes of this Act.
(d) Public Participation.--In carrying out subsection (c)(1), the
Commission shall--
(1) provide notice of and, for a period of at least 60
days, an opportunity for public comment on, any draft or
proposed version of the requirements described in subsection
(c)(1); and
(2) take into account public comments received in
developing the final version of those requirements.
(e) Peer Review.--No financial award may be provided under this Act
until such time as the proposal for which the award is sought has been
peer reviewed in accordance with such standards for peer review as the
Commission shall establish.

SEC. 6. INTELLECTUAL PROPERTY CONSIDERATIONS.

(a) In General.--Title to any intellectual property arising from a
financial award provided under this Act shall vest in 1 or more
entities that are incorporated in the United States.
(b) Reservation of License.--The United States--
(1) may reserve a nonexclusive, nontransferable,
irrevocable, paid-up license, to have practiced for or on
behalf of the United States, in connection with any
intellectual property described in subsection (a); but
(2) shall not, in the exercise of a license reserved under
paragraph (1), publicly disclose proprietary information
relating to the license.
(c) Transfer of Title.--Title to any intellectual property
described in subsection (a) shall not be transferred or passed, except
to an entity that is incorporated in the United States, until the
expiration of the first patent obtained in connection with the
intellectual property.

SEC. 7. AUTHORIZATION OF APPROPRIATIONS.

There are authorized to be appropriated such sums as are necessary
to carry out this Act.

SEC. 8. TERMINATION OF AUTHORITY.

The Commission and all authority of the Commission provided under
this Act terminate on December 31, 2020.
Greenhouse Gas Emission Atmospheric Removal Act or the GEAR Act - Declares that it is the policy of the United States to provide incentives to encourage the development and implementation of technology to permanently remove greenhouse gases (GHGs) from the atmosphere on a significant scale.

Establishes within the Department of Energy (DOE) the Greenhouse Gas Emission Atmospheric Removal Commission.

Requires the Secretary of Energy, acting through the Commission, to provide financial awards on a competitive basis to entities for the achievement of milestones in developing and applying technology that could significantly slow or reverse the accumulation of GHGs in the atmosphere by permanently capturing or sequestrating those gases without significant countervailing harmful effects.

Requires the Commission to: (1) develop specific requirements for the competition, performance, monitoring and verification, and the scale of awards; (2) establish minimum levels for the capture or net sequestration of GHGs required to qualify for a financial award; (3) offer awards to entities that demonstrate achievement of specified technological goals; and (4) establish standards for required peer review of proposals seeking such awards.

Vests title to intellectual property arising from such awards in U.S. entities. Bars title transfer to an entity not incorporated in the United States until the first obtained patent expires. Authorizes the United States to reserve a license to have such property practiced on its behalf.