[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 4496 Introduced in Senate (IS)]
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118th CONGRESS
2d Session
S. 4496
To expand the authorities of the Office of Strategic Capital of the
Department of Defense.
_______________________________________________________________________
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.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Investing in Our Defense Act of
2024''.
SEC. 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''.
SEC. 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.''.
SEC. 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.''.
SEC. 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.''.
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