In the nature of a substitute.

SA 1693. Mr. SCHUMER (for Mr. Kelly) proposed an amendment to the
bill H.R. 2882, to reauthorize the Morris K. Udall and Stewart L. Udall
Trust Fund, and for other purposes; as follows:

Strike all after the enacting clause and insert the
following:

SECTION 1. SHORT TITLE.

This Act may be cited as the ``Udall Foundation
Reauthorization Act of 2023''.

SEC. 2. INVESTMENT EARNINGS.

Section 8(b)(1) of the Morris K. Udall and Stewart L. Udall
Foundation Act (20 U.S.C. 5606(b)(1)) is amended by adding at
the end the following: ``Beginning on October 1, 2023, and
thereafter, interest earned from investments made with any
new appropriations to the Trust Fund shall only be available
subject to appropriations and is authorized to be
appropriated to carry out the provisions of this Act.''.

SEC. 3. REAUTHORIZATION OF THE UDALL FOUNDATION TRUST FUND.

Section 13 of the Morris K. Udall and Stewart L. Udall
Foundation Act (20 U.S.C. 5609) is amended--
(1) in subsection (a), by striking ``2023'' and inserting
``2029'';
(2) in subsection (b), in the matter preceding paragraph
(1), by striking ``2023'' and inserting ``2029''; and
(3) in subsection (c), by striking ``5-fiscal year period''
and all that follows through the period at the end and
inserting ``5-fiscal year period beginning with fiscal year
2025.''.

SEC. 4. AUDIT OF THE FOUNDATION.

Not later than 4 years after the date of enactment of this
section, the Inspector General of the Department of the
Interior shall complete an audit of the Morris K. Udall and
Stewart L. Udall Foundation.
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