S.Amdt. 4968

1. Adds Subtitle J--Economic Diversification SEC. 591. ECONOMIC DIVERSIFICATION INITIATIVE at the end of title V

   Adds a section

   In S. 3036 · Placed on Calendar Senate

   "(17) IECC.--The term 'IECC' means the International Energy Conservation Code.".

   Inserted: Subtitle J--Economic Diversification SEC. 591. ECONOMIC DIVERSIFICATION INITIATIVE.

   Inserted: (a) Establishment of Fund.--There is established in the Treasury of the United States a fund, to be known as the "Economic Diversification Fund".

   Inserted: (b) Auctions.--

   Inserted: (1) In general.--For each of calendar years 2012 through 2050, the Administrator shall auction, in accordance with paragraph (2), 1 percent of the emission allowances established pursuant to section 201(a) for the calendar year to raise funds for deposit in the Economic Diversification Fund.

   Inserted: (2) Number; frequency.--For each calendar year during the period described in paragraph (1), the Administrator shall--

   Inserted: (A) conduct not fewer than 4 auctions; and

   Inserted: (B) schedule the auctions in a manner to ensure that--

   Inserted: (i) each auction takes place during the period beginning 330 days before, and ending 60 days before, the beginning of each calendar year; and

   Inserted: (ii) the interval between each auction is of equal duration.

   Inserted: (3) Deposit of proceeds.--The Administrator shall deposit all proceeds of auctions conducted pursuant to this subsection in the Economic Diversification Fund, immediately on receipt of the proceeds.

   Inserted: (c) Transfer.--On request of the Secretary of Energy, the Secretary of the Treasury shall transfer to the Secretary of Energy such amounts in the Economic Diversification Fund as are necessary to carry out subsection (d).

   Inserted: (d) Use of Funds.--The Secretary of Energy, acting through the Office of Fossil Energy, shall use amounts in the Economic Diversification Fund to establish a program under which the Secretary shall provide financial and technical assistance to communities to create local community reuse organizations that will, to the maximum extent practicable--

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   Inserted: (1) assist communities in transitioning from dependence on carbon extraction industries to industries that provide greater long-term economic stability;

   Inserted: (2) design and implement community plans projects to assist the transition to a low carbon economy and alleviate any impact on industries and area economies; and

   Inserted: (3) improve infrastructure, business development activities, and workforce training programs throughout affected regions.

   Inserted: Strike the table that appears on page 458, after line 5, and insert the following:

   Inserted: ------------------------------------------------------------------------Percentage for auction Calendar year for Deficit Reduction Fund 2012..................................................... 4.75 2013..................................................... 4.75 2014..................................................... 4.75 2015..................................................... 5.50 2016..................................................... 5.75 2017..................................................... 5.75 2018..................................................... 6.25 2019..................................................... 6 2020..................................................... 7 2021..................................................... 8.5 2022..................................................... 7.75 2023..................................................... 8.75 2024..................................................... 9.75 2025..................................................... 9.75 2026..................................................... 11.75 2027..................................................... 11.75 2028..................................................... 11.75 2029..................................................... 12.75 2030..................................................... 12.75 2031..................................................... 18.75 2032..................................................... 16.75 2033..................................................... 16.75 2034..................................................... 15.75 2035..................................................... 15.75 2036..................................................... 15.75 2037..................................................... 15.75 2038..................................................... 15.75 2039..................................................... 15.75 2040..................................................... 15.75 2041..................................................... 15.75 2042..................................................... 15.75 2043..................................................... 15.75 2044..................................................... 15.75 2045..................................................... 15.75 2046..................................................... 15.75 2047..................................................... 15.75 2048..................................................... 15.75 2049..................................................... 15.75 2050..................................................... 15.75.

   Original wording

   At the end of title V, add the following:

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As printed