50 U.S.C. § 4535: Reports on exercise of…

Summary

The President, or an agency head given these powers, must send a report and give a briefing to certain Congressional committees when they use these powers. Normally the report must be sent within 30 days after the action. If the action involves a business in the United Kingdom or Australia, the report must be sent at least 30 days before the action. The report must explain why the powers were needed and describe the financial terms. For UK or Australia cases, it must also say that U.S. or Canadian businesses were not available and explain why. Reports go to the Senate Committee on Banking, Housing, and Urban Affairs and the House Committee on Financial Services. If the action involves materials critical to national security (as defined in 50 U.S.C. 4552), also notify the Senate Committee on Energy and Natural Resources and the House Committee on Natural Resources.

Title 50, §4535

War and National Defense, Source: USLM XML via OLRC

(a)In general

The President, or the head of an agency to which the President has delegated authorities under this subchapter, shall submit a report and provide a briefing to the appropriate congressional committees with respect to any action taken pursuant to such authorities—

(1)except as provided by paragraph (2), not later than 30 days after taking the action; and

(2)in the case of an action that involves a business concern in the United Kingdom or Australia, not later than 30 days before taking the action.

(b)Elements

(1)In general

Each report and briefing required by subsection (a) with respect to an action described in that subsection shall include—

(A)a justification of the necessity of the use of authorities under this subchapter; and

(B)a description of the financial terms of any related financial transaction.

(2)Additional elements relating to business concerns in the United Kingdom or Australia

Each report and briefing required by subsection (a) with respect to an action described in paragraph (2) of that subsection shall include, in addition to the elements under paragraph (1)—

(A)a certification that business concerns in the United States or Canada were not available with respect to the action; and

(B)an analysis of why such business concerns were not available.

(c)Appropriate congressional committees defined

In this section, the term “appropriate congressional committees” means—

(1)the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives; and

(2)in the case of an action described in subsection (a) involving materials critical to national security (as defined in section 4552(7)(B)(ii)(II)(bb) of this title), the Committee on Energy and Natural Resources of the Senate and the Committee on Natural Resources of the House of Representatives.

Notes & Related Subsidiaries

Editorial Notes

Prior Provisions

Prior sections 305 to 310 of act Sept. 8, 1950, ch. 932, were omitted in the general amendment of title III of the Act by Pub. L. 111–67. section 305, act Sept. 8, 1950, ch. 932, title III, as added Pub. L. 96–294, title I, § 104(e),

June 30, 1980, 94 Stat. 619; amended Pub. L. 107–314, div. A, title X, § 1062(o)(3), Dec. 2, 2002, 116 Stat. 2653, related to synthetic fuel production. section 306, act Sept. 8, 1950, ch. 932, title III, as added Pub. L. 96–294, title I, § 104(e),

June 30, 1980, 94 Stat. 623; amended Pub. L. 107–314, div. A, title X, § 1062(o)(3), Dec. 2, 2002, 116 Stat. 2653, related to synthetic fuel production subsequent to determinations respecting a national energy supply shortage of defense fuels. section 307, act Sept. 8, 1950, ch. 932, title III, as added Pub. L. 96–294, title I, § 104(e),

June 30, 1980, 94 Stat. 628; amended Pub. L. 102–558, title I, § 151, Oct. 28, 1992, 106 Stat. 4218, related to synthetic fuel action. section 308, act Sept. 8, 1950, ch. 932, title III, as added Pub. L. 96–294, title I, § 104(e),

June 30, 1980, 94 Stat. 631, related to definitions of “Government synthetic fuel project”, “synthetic fuel”, “synthetic fuel project”, and “United States”. section 309, act Sept. 8, 1950, ch. 932, title III, as added Pub. L. 98–265, § 6, Apr. 17, 1984, 98 Stat. 152; amended Pub. L. 99–441, § 4, Oct. 3, 1986, 100 Stat. 1117; Pub. L. 102–558, title I, § 124, Oct. 28, 1992, 106 Stat. 4207; Pub. L. 107–47, § 4(5), Oct. 5, 2001, 115 Stat. 260, related to annual report on impact of offsets. See section 4568 of this title. section 310, act Sept. 8, 1950, ch. 932, title III, as added Pub. L. 102–558, title I, § 125, Oct. 28, 1992, 106 Stat. 4208, related to civil-military integration.

§4535 Reports on Exercise of Authorities

Summary

Title 50, §4535

Notes & Related Subsidiaries

Editorial Notes

Prior Provisions

Citations & Metadata