S.Amdt. 4722

SA 4722. Mr. SANDERS submitted an amendment intended to be proposed
to amendment SA 3867 submitted by Mr. Reed and intended to be proposed
to the bill H.R. 4350, to authorize appropriations for fiscal year 2022
for military activities of the Department of Defense, for military
construction, and for defense activities of the Department of Energy,
to prescribe military personnel strengths for such fiscal year, and for
other purposes; which was ordered to lie on the table; as follows:

At the appropriate place, insert the following:

SEC. ___. IMPROVEMENTS TO CHIPS.

Section 9902 of the William M. (Mac) Thornberry National
Defense Authorization Act for Fiscal Year 2021 (15 U.S.C.
4652) is amended--
(1) by redesignating subsection (c) as subsection (d); and

[[Page S8297]]

(2) by inserting after subsection (b) the following:
``(c) Conditions of Receipt.--
``(1) Required agreement.--A covered entity to which the
Secretary awards Federal financial assistance under this
section shall enter into an agreement that specifies that,
during the 5-year period immediately following the award of
the Federal financial assistance--
``(A) the covered entity will not--
``(i) repurchase an equity security that is listed on a
national securities exchange of the covered entity or any
parent company of the covered entity, except to the extent
required under a contractual obligation that is in effect as
of the date of enactment of this subsection;
``(ii) outsource or offshore jobs to a location outside of
the United States; or
``(iii) abrogate existing collective bargaining agreements;
and
``(B) the covered entity will remain neutral in any union
organizing effort.
``(2) Financial protection of government.--
``(A) In general.--The Secretary may not award Federal
financial assistance to a covered entity under this section,
unless--
``(i)(I) the covered entity has issued securities that are
traded on a national securities exchange; and
``(II) the Secretary of the Treasury receives a warrant or
equity interest in the covered entity; or
``(ii) in the case of any covered entity other than a
covered entity described in clause (i), the Secretary of the
Treasury receives, in the discretion of the Secretary of the
Treasury--

``(I) a warrant or equity interest in the covered entity;
or
``(II) a senior debt instrument issued by the covered
entity.

``(B) Terms and conditions.--The terms and conditions of
any warrant, equity interest, or senior debt instrument
received under subparagraph (A) shall be set by the Secretary
and shall meet the following requirements:
``(i) Purposes.--Such terms and conditions shall be
designed to provide for a reasonable participation by the
Secretary of Commerce, for the benefit of taxpayers, in
equity appreciation in the case of a warrant or other equity
interest, or a reasonable interest rate premium, in the case
of a debt instrument.
``(ii) Authority to sell, exercise, or surrender.--For the
primary benefit of taxpayers, the Secretary may sell,
exercise, or surrender a warrant or any senior debt
instrument received under this subparagraph. The Secretary
shall not exercise voting power with respect to any shares of
common stock acquired under this subparagraph.
``(iii) Sufficiency.--If the Secretary determines that a
covered entity cannot feasibly issue warrants or other equity
interests as required by this subparagraph, the Secretary may
accept a senior debt instrument in an amount and on such
terms as the Secretary determines appropriate.''.
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