SPACE CORPORATION ACT

A BILL

To Amend Title 31, United State Code
To Provide for the Establishment and Regulations of a Federally Chartered Corporation
Be it enacted by the Senate and House of Representatives of the United State of America in Congress assembled,

 

SECTION 1 – SHORT TITLE

a) Short Title-- This Act may be cited as the “SPACE Corporation Act of 2021.”

 

SECTION 2 – TABLE OF CONTENTS—The Table of Contents of this Act is as follows:

SECTION 1-SHORT TITLE

SECTION 2-TABLE OF CONTENTS

SECTION 3-DECLARATION OF POLICY

TITLE I-CREATION OF THE CORPORATION

Section 101-Authorization of a SPACE Corporation

Section 102-A Federally Chartered Corporation

Section 103-Creation of the Corporation
Section 104-Process of Organization

TITLE II-DIRECTORS AND OFFICERS

Section 201-Process of Organization-Board of Directors

Section 202-Process of Organization-Executive Committee

TITLE III-FINANCING OF THE CORPORATION

Section 301-Shares of Stock

Section 302-Foreign Investment

Section 303-Authorization

TITLE IV-POWERS OF THE CORPORATION

Section 401-Financing by the Corporation

Section 402-Projects for Financing by the Corporation

TITLE V-NATIONAL DEFENSE

Section 501-War, National Emergency or National Security Threats

TITLE VI-IMPACTS OF INTERNATIONAL SPACE DEVELOPMENT

Section 601-Foreign Space Activity Reports

Section 602-Recommendations by the Corporation

TITLE VII-US CONGRESS

Section 701-Oversight and Reports to the US Congress

TITLE VIII-US GOVERNMENT

Section 801-Coordination with Federal Agencies

 

SECTION 3 – DECLARATION OF POLICY

To achieve the objectives and to carry out the purposes of this Act—

(a)  The Congress declares that it is the policy of the United States to establish, in conjunction and in cooperation with the private commercial sector, a SPACE Corporation, responsive to their shareholders and stakeholders and the American public to develop space now and into the future.

 

(b)  The Congress declares that the SPACE Corporation shall be governed by a Board of Directors representing a diverse composition of US businesses, including small and minority businesses, investment, venture capital and banking companies dedicated to space development, research and the objectives of the Corporation.

 

(c)  The Congress declares that the SPACE Corporation shall cooperate with all United States Government agencies supporting space programs, space development, and infrastructure and research including future space technologies, exploration, and other related areas.

 

(d)  The Congress declares that the SPACE Corporation shall support maximum competition for all projects in space and maintain these projects and the provisions of this Act for the public benefit, and to ensure that all comply with applicable United States laws and regulations.

 

(e)  The Congress declares that the SPACE Corporation shall work with educational institutions, including K-12, undergraduate and graduate college, community colleges, and other academic or educational organizations on future space development or programs included in this Act.

 

TITLE I – CREATION OF THE CORPORATION

Sec.101. Authorization of a SPACE Corporation

There is hereby authorized to be created a SPACE Corporation (Space Public-private Advanced Commercialization Enterprise)

 

Sec.102. A Federally Chartered Corporation
The Space Corporation is established as a corporation subject to Title 31, Chapter 91, United States Code

 

Sec.103. Creation of the Corporation

Section 9101(3) of Title 31, United States Code, is amended by inserting after subparagraph (P) the following: “(Q) the SPACE Corporation.”

 

Sec.104. Process of Organization

The President of the United States shall appoint incorporators, by and with the advice and consent of the US Senate, who, are citizens of the US and shall serve as the initial board of directors until the first annual meeting of stockholders or until their successors are elected and qualified. Such incorporators shall arrange for an initial stock offering and take whatever other actions are necessary to establish the corporation including the filing of articles of incorporation as approved by the President.

 

TITLE II – DIRECTORS AND OFFICERS

Sec.201. Process of Organization

(a)  Initial Incorporators Board of Directors --The President of the United States shall appoint thirteen (13)original incorporators, including those detailed in this subpart below, by and with the advice and consent of the Senate, who shall serve as the initial Board of Directors until the first annual meeting of stockholders and their successors are elected and qualified. Such Incorporators shall arrange for an initial stock offering and take whatever other actions are necessary to establish the Corporation, including the filing of articles of incorporation, as approved by the President. The initial incorporators shall include individuals, citizens of the US, one each from the Speaker of the House, the Minority Leader of the House, the Majority Leader of the Senate, and the Minority Leader of the Senate.

 

(b)  The Board of Directors for the Corporation shall consist of individuals who are citizens of the United States, composed of thirteen(13) members, three of whom are to be selected by the President of the United States, by and with the advice and consent to the US Senate, one member each nominated by the Speaker and Majority Leader of the US House and Majority and Minority Leader of the US Senate, and the remaining six members nominated and elected by the shareholders. The thirteen board of directors shall be nominated for terms staggered every two years, and shall represent a diverse composition of businesses with no business size or industrial sector receiving more than twenty percent(20%) representation on the Board of Directors, and shall include a space related small business representative, as defined in 13Code of Federal Regulations 121,

 

(c)  Process of Organization-Executive Committee--The Corporation shall have an executive committee, chaired by a President and Chief Executive Officer, a Chief Financial Officer, a Chief Operating Officer, a General Counsel, a Chief Risk Management Officer, Chief Logistics Officer. The initial members of the Executive Committee shall be approved by the Board of directors for a term of 6 years. All officers serving shall be citizens of the United States.

 

TITLE III – FINANCING OF THE CORPORATION

Sec.301. Shares of Stock

The corporation is authorized to issue and have outstanding, in such amounts as it shall determine, shares of stock, without par value and which shall carry voting rights and be eligible for dividends. The shares of stock initially offered shall be determined by the corporation, no less than fifty-one percent of which shall be reserved for the initial board of directors and the remaining forty-nine percent in a manner to encourage the widest distribution to the American public. No one directors shall own more than ten percent of any initial shares of voting stocks.

 

Sec.302. Foreign Investment

The Corporation must seek approval by the Committee of Foreign Investment in the US(CFIUS) in a timely manner for any investments, financing projects with any foreign entity or individuals and the Corporations is authorized through its Board of Directors to set restrictions on foreign investments, holding of shares in the corporation and related support of

programs. The Corporation is further authorized to share with US government agencies and the US Congress and or all foreign proposals or investment requests of the corporation.

 

Sec.303. Authorization

There is hereby authorized to be appropriated for the Corporation such amount by the United States Congress for an initial five-year basis to implement the provision of this Act. Following this initial five-year authorized appropriation, the corporation shall be required to be revenue neutral and provide financial reports to the Congress and the US Treasury Department in this regard.

 

TITLE IV – POWERS OF THE CORPORATION

Sec.401. Financing by the Corporation --In order to carry out the purposes of this Act, the Board shall have the following powers:

  1. To issue SPACE BONDS, for the financing of projects defined in this Act and to further space development and infrastructure programs of the corporation. These bonds will be regulated by the US Treasury Department, provide interest on bond disbursements, and issued for the purposes of the corporations and in the public interest;

  2. To make SPACE COMMERCIAL DEVELOPMENT LOANS to corporations and small businesses for projects of the corporation in this Act and that such loans will be guaranteed by the US Treasury department who shall also provide regulations and requirements for such loans.

  3. To make SPACE GRANTS to small businesses to develop or implement projects of the corporation in this Act;

  4. To make SPACE ACADEMIC RESEARCH GRANTS for projects of the corporation in this Act;

  5. To make SPACE DIRECT SPONSORSHIP AWARDS to private sector organizations and corporations to implement any of the projects included in this Act.

  6. To create a RISK MANAGENENT COMMITTEE of members of the Board and appropriate persons and assistance to review any and all financial proposals in this Section for risk assessment and to report back to the Board on these reviews for action;

  7. To cooperate with the US TREASURY DEPARTMENT and any other related federal agency and appropriate Committee of Congress, on any financial obligation to guarantee projects within this Section.

  8. To contract with PRIVATE CONCERNS and the US GOVERNMENT, including civilian and military agencies, in furtherance of the Corporation’s objectives, and to utilize a portion of the revenue from US government contracts for the purpose of funding small business projects as determined by the Board of Directors. This amount shall not be less than the required expenditure amounts for the Small Business Innovation Research Program as defined in 15 US Code 638(f)(1).

 

Sec.402. Projects for Financing by the Corporation:

To carry out the purposes of this Act, the Corporation is authorized to review projects detailed in this Subsection for financing and support, approved by the board of directors. These projects will require appropriate proposals for financing including, but not limited to, benefits accrued to the US, it’s citizens and economy, fulfillment of objectives in this Act and commercialization of space infrastructure. The projects for consideration, which can be reviewed and revised by the Board of Directors, initially include the following areas:

1. SPACE ACCESS (To, from, and through space)

i. Space transportation technologies

ii. Space Port and Transport facilities

iii. Autonomous logistics and transportation architectures

iv. Redundant, sustainable spaceports, launch facilities and operations

v. Orbital transfer systems and technologies

vi. Reliable space-to-ground transportation systems

vii. Beyond-orbit positioning and timing

viii. Civil reserve space fleet

2. SPACE SUSTAINMENT (technologies required to live, work, and survive in space/Moon/Mars/beyond)

ix. Orbital, lunar, and Martian fuel refining

x. Synthetic gravity systems for orbital facilities

xi. Space communications

xii. Space construction (habitats, stations...etc.)

xiii. Space Resources Development

xiv. Zero-G medical technologies and facilities

xv. Space-based data centers

xvi. Food production, in orbit, on the Moon, Mars, and beyond

xvii. Zero-G manufacturing

xviii. Beyond-orbit high speed communications

xix. Strategic fuel and material reserves

3. SPACE SUPPORT (Earth-based technologies, infrastructure, and intermodal connections needed to support advanced space economy)

xx. Advanced material foundries (graphene, carbon nanotubes...etc.)

xxi. Intermodal integration of spaceports with existing transportation networks

xxii. Space-based solar power

xxiii. Innovations in space-related manufacture and production including but not limited to medicines, energy, etc.

xxiv. Space commodities exchange

xxv. National space laboratory, in partnership with the Department of Energy

 

TITLE V – NATIONAL DEFENSE

Sec.501. War, National Emergency or National Security Threats

(a)  Oversight and Coordination by Congress. The US Government reserves the right in cases of war or national emergency declared by the US Congress or the President of the United States to take possession of property of the Corporation during this period and must pay reasonable and fair damages to be determined by a court of law that might result or suffer from contracts and other obligations of the Corporation for purposes and action under this Act. The Corporation will cooperate with the US Government during these emergencies.

 

(b)  Reports to Congress. The Corporation shall submit to the appropriate Committees in Congress, the Department of Defense, and any appropriate national security federal agency any and all threats to US national security in space, and to cooperate with same on actions to protect the US from threats identified.

 

TITLE VI – IMPACT OF INTERNATIONAL SPACE DEVELOPMENT

Sec.601. Foreign Space Activity Reports

The Corporation shall review and advise the Committees and leaders of the US Congress and applicable US Government agencies and the White House, and others designated to receive this information, on foreign space activities that may or may not conflict with US policy.

 

Sec.602. Recommendations by the Corporation

The Corporation shall review all requests by the US government on foreign impacts within the Geostationary Earth Orbit and on other planets and to make recommendation thereto.

 

TITLE VII – US CONGRESS

Sec. 701. Oversight and Reports to the US Congress

(a)  The President and officers of the Corporation shall make themselves available for oversight inquiries from the US Congress including, but not limited to, participation as witnesses at Congressional hearings, consultation with Committees and staffs and meetings, as appropriate.

(b)  The President of the Corporation shall transmit to the US Congress in January of each year an annual report on all aspects of their operations and budget and shall include a comprehensive description of the activities and accomplishments during the preceding year together with an evaluation and recommendations for changes to this Act, if appropriate, and anticipated activities in furtherance of the Corporation in the next calendar year.

 

TITLE VIII – US GOVERNMENT

Sec.801. Coordination with Federal Agencies

(a) The Corporation shall coordinate activities, board of director decisions, financing, and other policies under these Act with Federal agencies upon request, including, but not limited to, the National Aeronautics and Space Administration, Department of Defense, Department of Commerce, Department of Treasury, and the Department of Transportation.

 

(b) The Corporation may, upon direction of the Board of Directors, finance, and contract as partners with Federal agencies within the objectives of the Corporation and to provide services, research, and other projects as authorized by the Board of Directors.