S.Amdt. 5011

SA 5011. Mr. SANDERS (for himself, Ms. Warren, and Ms. Baldwin)
submitted an amendment intended to be

[[Page S1779]]

proposed to amendment SA 5002 proposed by Mr. Schumer to the bill H.R.
4521, to provide for a coordinated Federal research initiative to
ensure continued United States leadership in engineering biology; which
was ordered to lie on the table; as follows:

At the end of section 1002(a), add the following:
(5) Conditions of receipt.--
(A) Required agreement.--A covered entity to which the
Secretary of Commerce awards Federal financial assistance
under section 9902 of the William M. (Mac) Thornberry
National Defense Authorization Act for Fiscal Year 2021 (15
U.S.C. 4652) or paragraph (3) of this subsection with amounts
appropriated under this subsection shall enter into an
agreement that specifies that, during the 5-year period
immediately following the award of the Federal financial
assistance--
(i) 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 Act;
(II) outsource or offshore jobs to a location outside of
the United States; or
(III) abrogate existing collective bargaining agreements;
and

(ii) the covered entity will remain neutral in any union
organizing effort.
(B) Financial protection of government.--
(i) In general.--The Secretary of Commerce may not award
Federal financial assistance to a covered entity under
section 9902 of the William M. (Mac) Thornberry National
Defense Authorization Act for Fiscal Year 2021 (15 U.S.C.
4652) or paragraph (3) of this subsection with amounts
appropriated under this subsection, unless--

(I)(aa) the covered entity has issued securities that are
traded on a national securities exchange; and
(bb) 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 subclause (I), the Secretary of the
Treasury receives, in the discretion of the Secretary of the
Treasury--

(aa) a warrant or equity interest in the covered entity; or
(bb) a senior debt instrument issued by the covered entity.
(ii) Terms and conditions.--The terms and conditions of any
warrant, equity interest, or senior debt instrument received
under clause (i) shall be set by the Secretary of Commerce
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 of Commerce may
sell, exercise, or surrender a warrant or any senior debt
instrument received under this subparagraph. The Secretary of
Commerce shall not exercise voting power with respect to any
shares of common stock acquired under this subparagraph.
(III) Sufficiency.--If the Secretary of Commerce determines
that a covered entity cannot feasibly issue warrants or other
equity interests as required by this subparagraph, the
Secretary of Commerce may accept a senior debt instrument in
an amount and on such terms as the Secretary of Commerce
deems appropriate.

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