Document By5p4LqnZe83drgVjpdQjvxo4

BOM24567 S6J S.L.C. 174 1 "(B) of any waivers provided under para- 2 graph (3) not later than 15 days after the date 3 on which such a waiver was provided. 4 "(h) VOLUNTARY INTERMODAL SEALIFT AGREE- S MENT.- 6 "(1) IN GENERAL.--The Maritime Adminis- 7 trator shall require any vessel that is constructed 8 with financial assistance under this section to enter 9 into a Voluntary Intermodal Sealift Agreement or a 10 Voluntary Tanker Agreement with the Maritime Ad- 11 ministrator. 12 "(2) CONDITION.--The owner of any vessel that 13 is constructed with financial assistance under this 14 section and that has a Voluntary Intennodal Sealift 15 Agreement or Voluntary Tanker Agreement with the 16 Maritime Administrator shall agree to provide effec- 17 tive control of such vessel to the United States dur- 18 ing- 19 "(A) a national emergency declared by 20 Presidential proclamation; or 21 "(B) a period for which the President has 22 proclaimed that the security of the national de- 23 fense makes it advisable. 24 "(3) COMPENSATION.--During a period de- 25 scribed in paragraph (1), the owner of a vessel de- OST-2025-1200 Page 00545 Sierra Club v. Dept. of Transp. - 3:25-cv-06221 SC_EVERSPLIT0012226 B0M24567 S6J S.L.C. 175 1 scribed in such paragraph shall be compensated for 2 the use of the vessel by the United States at the rate 3 the Administrator considers just compensation for 4 the use of the vessel. 5 "(i) CLARIFICATION.--The provision by the Adminis- 6 trator of Federal financial assistance for a project de- 7 scribed in this section shall not be considered to be a 8 major Federal action under the National Environmental 9 Policy Act of 1969 (42 U.S.C. 4321 et seq.) or an under- 10 taking for the purposes of division A of subtitle III of title 11 54, United States Code. 12 "(j) BUY AMERICA.--Section 54101(d)(2) shall apply 13 to any funds obligated by the Administrator under this 14 section. 15 "(k) GAO REviEw.--The Comptroller General of the 16 United States shall- 17 "(1) not later than 2 years after the date of 18 disbursement of the first financial award under this 19 section, and biennially thereafter for 10 years, con- 20 duct a review of the program under this section; and 21 "(2) submit to the appropriate committees of 22 Congress the results of each review. 23 "(1) PROHIBITION ON USE OF FUNDS.- 24 "(1) IN GENERAL.--No funds made available 25 under this section may-- OST-2025-1200 Page 00546 Sierra Club v. Dept. of Transp. - 3:25-cv-06221 SC_EVERSPLIT0012227 B0M24567 S6J S.L.C. 176 1 "(A) be used to construct, modify, or im- 2 prove a facility outside of the United States; or 3 "(B) be provided to a foreign entity of con- 4 cern or to support a foreign entity of concern. 5 "(2) STOCK BUYBACKS.--An entity receiving fi- 6 nancial assistance under this section may not engage 7 in any stock buyback for a period of 5 years after 8 receiving such assistance. 9 "(m) AUTHORIZATION OF APPROPRIATIONS.--There 10 is authorized to be appropriated to the Administrator, out 11 of the Maritime Security Trust Fund established under 12 section 9512 of the Internal Revenue Code of 1986, 13 $250,000,000 for each of fiscal years 2025 through 2034 14 to provide financial assistance to covered entities under 15 this section, to remain available until expended.". 16 (b) CLERICAL AMENDMENT.--The table of chapters 17 at the beginning of part C of subtitle V of title 46, United 18 States Code, and at the beginning of subtitle V of such 19 title, are each amended by inserting after the item relating 20 to chapter 537 the following new item: "538. Shipbuilding financial incentives 53801". 21 (c) CONFORMING AMENDMENT.--Title V of the Act 22 of June 29, 1936 (49 Stat. 1995; chapter 858) is repealed. 23 SEC. 502. ASSISTANCE FOR SMALL SHIPYARDS. 24 Section 54101 of title 46, United States Code, is 25 amended-- OST-2025-1200 Page 00547 Sierra Club v. Dept. of Transp. - 3:25-cv-06221 SC_EVERSPLIT0012228 B0M24567 S6J S.L.C. 177 1 (1) in subsection (b)(1)- 2 (A) in subparagraph (A), by striking "; 3 and" and inserting a semicolon; 4 (B) in subparagraph (B), by striking the 5 period and inserting "; and"; and 6 (C) by adding at the end the following: 7 "(C) long-term industrial base growth that 8 supports the national security and economic se- 9 curity needs of the merchant marine of the 10 United States."; and 11 (2) in subsection (i)- 12 (A) by inserting "out of the Maritime Se- 13 curity Trust Fund established under section 14 9512 of the Internal Revenue Code of 1986" 15 before "to the Administrator of the Maritime 16 Administration"; and 17 (B) by striking "for fiscal year 2021 to 18 carry out this section $20,000,000" and insert- 19 ing "$100,000,000 for each of fiscal years 2025 20 through 2034". 21 SEC. 503. FEDERAL SHIP FINANCING (TITLE XI) PROGRAM. 22 (a) ESTABLISHMENT OF REVOLVING LOAN FUND.- 23 Section 53702 of title 46, United States Code, is amended 24 by adding at the end the following: OST-2025-1200 Page 00548 Sierra Club v. Dept. of Transp. - 3:25-cv-06221 SC_EVERSPLIT0012229