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1 development with respect to which no qualified bid is 2 received) without consideration, without regard to the limi3 tation in the proviso of paragraph (2) of this subsection. 4 "(e) ENVIRONMENTAL PROTECTION.-(1) The Cor5 poration shall notify the Administrator of the Environmen6 tal Protection Agency whenever it determines to construct 7 any refinery, or to engage in any activity authorized by 8 subsection 51 (c) of this Act. Such notification shall be in 9 substantially the same form as is required pursuant to sec10 tion 102 of the National Environmental Policy Act of 1969 11 (42 U.S.C. 4332). Upon receipt of such notification, the 12 Administrator may conduct a hearing in accordance with 13 section 553 of title 5, United States Code, to determine if 14 the proposed activity would result in an unreasonable adverse 15 environmental impact. If the Administrator makes a deter16 mination, including findings, and reasons therefor in writing, 17 that the proposed activity would result in an unreasonable 18 adverse environmental impact, he may disapprove, or ap19 prove subject to prescribed terms and conditions, the pro20 posed activity. The Corporation may not proceed with any. 21 such proposed activity except as approved by the Admin22 istrator unless, upon judicial review in accordance with chap23 ter 7 of title 5, United States Code, the court sets aside an 24 adverse determination of the Administrator.

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1 "(2) The Corporation shall utilize to the extent practi2 cable the highest and best commercially available methods 3 for the maintenance and protection of environmental quality. 4 As used herein, 'environmental quality' means those aspects 5 of life and those objectives which are delineated in section 6 101 (b) of the National Environmental Policy Act of 1969 7 (42 U.S.C. 4331 (b)).

8 "(3) All facilities constructed or operated by the Cor9 poration shall meet and comply with all requirements of any 10 Federal statute relating to environmental quality, or any reg11 ulation issued under such statute.

12 "(f) INVESTMENT OF FUNDS.-Uncommited funds of 13 the Corporation shall be kept in cash on hand or on deposit,

14

or invested in obligations of or guaranteed by the United 15 States, or invested in obligations, participations, or other 16 investments which are lawful investments for fiduciary,

17 trust, or public funds.

18

"(g) TAXATION.-The Corporation shall be exempt 19 from all taxation now or hereafter imposed by the Federal 20 Government. Notwithstanding such exemptions, the Corpo21 ration shall file annual informational tax returns with the 22 Federal Government based on what its tax liability would 23 have been but for this subsection. The Corporation shall not 24 be exempt from taxation by the States on their political 25 subdivisions: Provided, That the Corporation is subject to

1

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taxation on the same manner as a comparable investor-owned

2 oil or gas company.

3 "(h) FAIR COMPETITION.-The Corporation shall not 4 sell its products at prices that are below its actual costs with

5 adjustments thereto which are necessary because of its special status.

6

7 "(i) PROFITS.-Whenever the annual revenues of the > Corporation exceed the amounts necessary to satisfy its 9 obligations and expenses and to maintain the financial re10 serves for capital and other requirements necessary or appro11 priate for the prudent exercise of its powers and duties, the 12 Corporation shall pay all of such excess to the United States 13 for deposit in the Treasury as 'miscellaneous receipts'. The 14 determinations as to amounts necessary and financial reserves 15 necessary or appropriate shall be made by the Corporation 16 in accordance with customary business practice.

17

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"(j) RELATIONSHIP WITH FEDERAL AGENCIES.-The 18 Corporation is authorized to request any department, agency, or other instrumentality of the executive branch of the Fed20 eral Government, and any independent regulatory agency 21 thereof, to provide any data or other information which it 22 deems necessary to carry out its authorized activities or duties. Each such department, agency, instrumentality, and 24 independent regulatory agency is authorized and directed to

16

1 comply with any reasonable request within a reasonable time 2 and subject to reasonable terms and conditions.

3 "(k) ANNUAL REPORT.-The Corporation shall trans4 mit to the Congress and the President, not later than 90 5 days after the end of each of its fiscal years, a compre6 hensive and detailed report on all the activities of the Cor7 poration during the preceding fiscal year, including a com8 plete financial statement and the report of an audit of the 9 Corporation pursuant to the requirements of the Government 10 Corporation Control Act; a statement of objectives during 11 the preceding fiscal year and conclusions as to the effectiveness of the Corporation in achieving those objectives, in in13 creasing necessary supplies of oil or gas at reasonable prices 14 to the consumer, and in establishing and maintaining standby 15 reserves; information, including recommendations, relevant 16 to supply, price, applicable provisions of the tax laws, and 17 the extent of competition in the industry; the Corporation's 18 projections and goals for the forthcoming fiscal year; and rec19 ommendations with respect to any legislation or administra20 tive action which the Corporation deems advisable.

12

21

"(1) BUDGET AND ACCOUNTABILITY.-The receipts 22 and disbursements of the Corporation, except as otherwise 23 provided in this subsection, in the discharge of authorized 24 activities and duties shall not be included in the totals of the 25 budget of the United States, and shall be exempt from any

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1 annual expenditure and net lending (budget outlays) limi2 tations imposed on a budget of the United States Govern

3 ment. The Chairman shall transmit annually to the Congress

4

5

a budget for exploration and inventory costs and for the ex

penses of establishing and maintaining standby reserves and 6 for administrative expenses of the Corporation. Section 201 7 of the Government Corporation Control Act (31 U.S.C. 8 856) is amended by striking out 'and' at the end of clause 9 (8) and by inserting immediately before the period at the 10 end thereof the following: ', and (10) the Federal Oil and 11 Gas Corporation'.

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"(m) MISCELLANEOUS.-(1) Whenever the Corpora13 tion submits any budget estimate or request to the President or the Office of Management and Budget, it shall concur15 rently transmit a copy of that estimate or request to the 16 Congress.

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17 "(2) Whenever the Corporation submits any report, 18 legislative recommendation, proposed testimony, or comments on legislation to the President or the Office of Management and Budget, it shall concurrently transmit a copy there21 of to the Congress. No officer or agency of the United States 22 shall have any authority to require the Corporation to sub23 mit its legislative recommendations, proposed testimony, or 24 comments on legislation to any officer or agency of the 25 United States for approval, comments, or review, prior to