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

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

Section 403 - Projects for Financing by the Corporation

TITLE V-NATIONAL DEFENSE CONSIDERATIONS

Section 501 - War and National Emergency
Section 502 - Oversight and Coordination by Congress of National Defense Matters

Section 503 - Reports to Congress on National Defense Matters

TITLE VI-IMPACTS OF INTERNATIONAL SPACE DEVELOPMENT

Section 601 - Foreign Space Activity Reports

Section 602 - Recommendations by the Corporation

TITLE VII-OVERSIGHT AND REPORTS TO THE US CONGRESS

Section 701 - Oversight and Reports to the US Congress

Section 702 - Oversight
Section 703 - Reports

TITLE VIII-COORDINATION WITH FEDERAL AGENCIES

Section 801 - Coordination with Federal Agencies

SECTION 3 – DECLARATION OF POLICY

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

  1. (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.

  2. (b)  TheCongressdeclaresthattheSPACECorporationshallcooperatewithallUnitedStatesGovernmentagencies supporting space programs, space development, and infrastructure and research including future space technologies, exploration, and other related areas.

  3. (c)  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.

  4. (d)  TheCongressdeclaresthattheSPACECorporationshallworkwitheducationalinstitutions,includingK-12, undergraduate and graduate college, community colleges, and other academic or educational organizations on future space development or programs included in this Act.

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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)  Process of Organization-Board of Directors --The Corporation shall have a board of directors, consisting of individuals who are citizens of the United States, composed of thirteen(13) members, five of whom are to be selected by the President of the United States, by and with the advice and consent to the US Senate, composed of one member each nominated by the Speaker of the US House of representatives and one member nominated by the Majority Leader of the US Senate, and the remaining six members nominated by the President of the United States based on their qualifications and investments in the Corporation at the time of incorporation. The thirteen board of directors shall be nominated for terms staggered every two years.

b)  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:

 

Sec. 402 — Financing by the Corporation:

  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.

 

Sec. 403 — 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)

  1. Space transportation technologies

  2. Space Port and Transport facilities

  3. Autonomous logistics and transportation architectures

  4. Redundant, sustainable spaceports, launch facilities and operations

  5. Orbital transfer systems and technologies

  6. Reliable space-to-ground transportation systems

  7. Beyond-orbit positioning and timing

  8. Civil reserve space fleet

(2) Space Sustainment (technologies required to live, work, and survive in space/Moon/Mars/beyond)

  1. Orbital, lunar, and Martian fuel refining

  2. Synthetic gravity systems for orbital facilities

  3. Space communications

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

  5. Space resources development

  6. Zero-G medical technologies and facilities

  7. Space-based data centers

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

  9. Zero-G manufacturing

  10. Beyond-orbit high speed communications

  11. Space safety services

  12. Strategic fuel and material reserves

(3) Space Support (Earth-based technologies, infrastructure, and intermodal connections needed to support advanced space economy)

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

  2. Intermodal integration of spaceports with existing transportation networks

  3. Space-based solar power

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

    energy, etc.

  5. Space commodities exchange

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

 

TITLE V-– NATIONAL DEFENSE CONSIDERATIONS

Sec. 501 — War or National Emergency

 

Sec. 502 — Oversight and Coordination by Congress of National Defense Matters
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.

 

Sec. 503 — Reports to Congress on National Defense Matters

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 be in 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--– OVERSIGHT AND REPORTS TO THE US CONGRESS

Sec. 701 — Oversight and Reports to the US Congress

 

Sec. 702 — Oversight
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.

 

Sec. 703 — Reports
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—COORDINATION WITH FEDERAL AGENCIES

Sec. 801 — Coordination with Federal Agencies
The corporation may 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.