Page:United States Statutes at Large Volume 117.djvu/1822

 PUBLIC LAW 108–136—NOV. 24, 2003

117 STAT. 1803

‘‘(K) A risk factor for concentration risk reflecting the risk presented by an unduly large percentage of loans outstanding by any 1 borrower or group of affiliated borrowers.’’. (c) REPORT.—The Secretary shall report to the Committee on Armed Services and the Committee on Commerce, Science, and Transportation of the Senate and the Committee on Armed Services of the House of Representatives on the results of the development of an organizational framework under subsection (a) by January 2, 2004.

Subtitle C—Maritime Security Fleet SEC. 3531. ESTABLISHMENT OF MARITIME SECURITY FLEET.

(a) IN GENERAL.—Title 46, United States Code, is amended by inserting before subtitle VI the following new subtitle: ‘‘Subtitle V—Merchant Marine ‘‘Chap. Sec. ‘‘531. Maritime Security Fleet ........................................................................ 53101 ‘‘CHAPTER 531—MARITIME SECURITY FLEET ‘‘Sec. ‘‘53101. ‘‘53102. ‘‘53103. ‘‘53104. ‘‘53105. ‘‘53106. ‘‘53107. ‘‘53108. ‘‘53109. ‘‘53110. ‘‘53111.

Definitions. Establishment of Maritime Security Fleet. Award of operating agreements. Effectiveness of operating agreements. Obligations and rights under operating agreements. Payments. National security requirements. Regulatory relief. Special rule regarding age of participating fleet vessel. Regulations. Authorization of appropriations.

‘‘§ 53101. Definitions ‘‘In this chapter: ‘‘(1) BULK CARGO.—The term ‘bulk cargo’ means cargo that is loaded and carried in bulk without mark or count. ‘‘(2) CONTRACTOR.—The term ‘contractor’ means an owner or operator of a vessel that enters into an operating agreement for the vessel with the Secretary under section 53103. ‘‘(3) FLEET.—The term ‘Fleet’ means the Maritime Security Fleet established under section 53102(a). ‘‘(4) FOREIGN COMMERCE.—The term ‘foreign commerce’— ‘‘(A) subject to subparagraph (B), means— ‘‘(i) commerce or trade between the United States, its territories or possessions, or the District of Columbia, and a foreign country; and ‘‘(ii) commerce or trade between foreign countries; and ‘‘(B) includes, in the case of liquid and dry bulk cargo carrying services, trading between foreign ports in accordance with normal commercial bulk shipping practices in such manner as will permit United States-documented vessels freely to compete with foreign-flag bulk carrying vessels in their operation or in competing for charters, subject to rules and regulations promulgated by the Secretary of

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