SPACE CORPORATION ACT
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
(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) TheCongressdeclaresthattheSPACECorporationshallcooperatewithallUnitedStatesGovernmentagencies supporting space programs, space development, and infrastructure and research including future space technologies, exploration, and other related areas.
(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.
(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.
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:
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;
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.
To make SPACE GRANTS to small businesses to develop or implement projects of the corporation in this Act;
To make SPACE ACADEMIC RESEARCH GRANTS for projects of the corporation in this Act;
To make SPACE DIRECT SPONSORSHIP AWARDS to private sector organizations and corporations to
implement any of the projects included in this Act.
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;
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)
Space transportation technologies
Space Port and Transport facilities
Autonomous logistics and transportation architectures
Redundant, sustainable spaceports, launch facilities and operations
Orbital transfer systems and technologies
Reliable space-to-ground transportation systems
Beyond-orbit positioning and timing
Civil reserve space fleet
(2) Space Sustainment (technologies required to live, work, and survive in space/Moon/Mars/beyond)
Orbital, lunar, and Martian fuel refining
Synthetic gravity systems for orbital facilities
Space construction (habitats, stations...etc.)
Space resources development
Zero-G medical technologies and facilities
Space-based data centers
Food production, in orbit, on the Moon, Mars, and beyond
Beyond-orbit high speed communications
Space safety services
Strategic fuel and material reserves
(3) Space Support (Earth-based technologies, infrastructure, and intermodal connections needed to support advanced space economy)
Advanced material foundries (graphene, carbon nanotubes...etc.)
Intermodal integration of spaceports with existing transportation networks
Space-based solar power
Innovations in space-related manufacture and production including but not limited to medicines,
Space commodities exchange
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.