S.Amdt. 2108

SA 2108. Mr. ROMNEY (for himself and Mrs. Shaheen) submitted an
amendment intended to be proposed by him to the bill S. 4638, to
authorize appropriations for fiscal year 2025 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 end of title IX, add the following:

Subtitle C--Expansion of Authorities of Office of Strategic Capital

SEC. 931. SHORT TITLE.

This subtitle may be cited as the ``Investing in Our
Defense Act of 2024''.

SEC. 932. AUTHORIZATION TO MAKE EQUITY INVESTMENTS.

(a) In General.--Section 149 of title 10, United States
Code, as amended by section 913, is further amended--
(1) by redesignating subsection (e) as subsection (f); and
(2) by inserting after subsection (d) the following new
subsection (e):
``(e) Equity Investments.--
``(1) In general.--The Office may, as a minority investor,
support eligible investments with funds or use other
mechanisms for the purpose of purchasing, and may make and
fund commitments to purchase, invest in, make pledges in
respect of, or otherwise acquire, equity or quasi-equity
securities or shares or financial interests of any entity,
upon such terms and conditions as the Director may determine.
``(2) Limitations on equity investments.--
``(A) Per project limit.--The aggregate amount of support
provided under this subsection with respect to any eligible
investment shall not exceed 20 percent of the aggregate
amount of all equity investment made to the project at the
time that the Office approves support for the eligible
investment.
``(B) Total limit.--Support provided under this subsection
shall be limited to not more than 35 percent of the aggregate
exposure of the Office on the date on which the support is
provided.
``(3) Sales and liquidation of support.--The Office shall
seek to sell and liquidate any support for an eligible
investment provided under this subsection as soon as
commercially feasible, commensurate with other similar
investors in the project and taking into consideration the
national security interests of the United States.
``(4) Timetable.--The Office shall create an eligible
investment-specific timetable for support provided under
paragraph (1).
``(5) Budgetary treatment of equity investments.--Support
provided under this subsection shall constitute a credit
program under the Federal Credit Reform Act of 1990 (2 U.S.C.
621 et seq.), and the budgetary cost of equity investments
shall accordingly be calculated on a net-present basis.''.
(b) Conforming Amendment.--Subsection (f)(1) of such
section, as redesignated by subsection (a), is further
amended by inserting ``, equity investment'' after ``loan
guarantee''.

SEC. 933. AUTHORIZATION TO COLLECT FEES FOR PROVIDING CAPITAL
INVESTMENTS.

Section 149 of title 10, United States Code, as amended by
section 932, is further amended--
(1) by redesignating subsection (f) as subsection (g); and
(2) by inserting after subsection (e) the following new
subsection (f):
``(f) Fee Authority.--The Director may charge and collect
fees for providing capital assistance in amounts to be
determined by the Director. Such fees, once collected, may be
used only for the purposes and to the extent provided in
advance by appropriations Acts.''.

SEC. 934. HIRING AUTHORITIES.

Section 149 of title 10, United States Code, as amended by
sections 932 and 933, is further amended--
(1) by redesignating subsection (g) as subsection (h); and
(2) by inserting after subsection (f) the following new
subsection (g):
``(g) Officers and Employees.--
``(1) In general.--Except as otherwise provided in this
section, officers, employees, and agents of the Office shall
be selected and appointed by the Director, and shall be
vested with such powers and duties as the Director may
determine.
``(2) Administratively determined employees.--
``(A) Appointment; compensation; removal.--Of officers and
employees employed by the Office under paragraph (1), not
more than 50 may be appointed, compensated, or removed
without regard to title 5.
``(B) Reinstatement.--Under such regulations as the
Secretary of Defense may prescribe, officers and employees
appointed to a position under subparagraph (A) may be
entitled, upon removal from such position (unless the removal
was for cause), to reinstatement to the position occupied at
the time of appointment or to a position of comparable grade
and salary.
``(C) Additional positions.--Positions authorized by
subparagraph (A) shall be in addition to those otherwise
authorized by law, including positions authorized under
section 5108 of title 5.
``(D) Rates of pay for officers and employees.--The
Director may set and adjust rates of basic pay for officers
and employees appointed under subparagraph (A) without regard
to the provisions of chapter 51 or subchapter III of chapter
53 of title 5, relating to classification of positions and
General Schedule pay rates, respectively.''.
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