Page:United States Statutes at Large Volume 122.djvu/284

 12 2 STA T . 2 6 1 PUBLIC LA W 11 0– 1 8 1 —J A N .28, 2008 form.T o the e x te n tne c e s s a r y, the re p ort may b e accompan i e d byac l assified annex. SEC.872 .C RIT IC ALM ATERIEL REA D I N ESS S HO RT F ALLS. ( a )DESIGNAT I O NO FCR ITI C A LM ATERIEL R EA D INESS SH ORT - FALLS. — ( 1 ) DESIGNATION.—The Secretary of Defense may desi g nate any re qu irement of the A rmed F orces for equipment or supplies as a critical materiel readiness shortfall if there is a shortfall in the required equipment or supplies that materially reduces readiness of the Armed Forces and that— (A) cannot be adequately addressed by identifying acceptable substitute capabilities or cross le v eling of equip- ment that does not unacceptably reduce the readiness of other Armed Forces and ( B )thatisli k ely to persist for more than t w o years based on currently pro j ected budgets and schedules for deliveries of equipment and supplies. ( 2 ) CONSIDERATION OF B OARD FINDINGS AND RECO M MENDA- TIONS.— I n making any such designation, the Secretary shall take into consideration the findings and recommendations of the Defense Materiel Readiness Board. (b) MEAS U RES TO ADDRESS CRITICAL MATERIEL READINESS SHORTFALLS.—The Secretary of Defense shall ensure that critical materiel readiness shortfalls designated pursuant to subsection (a)(1) are transmitted to the relevant officials of the Department of Defense responsible for requirements, budgets, and acquisition, and that such officials prioriti z e and address such shortfalls in the shortest time frame practicable. (c) TRANSFER AUTHORIT Y .— (1) IN GENERAL.—The amounts of authorizations that the Secretary may transfer under the authority of section 1 0 01 of this Act is hereby increased by $ 2,000,000,000. (2) L IMITATIONS.—The additional transfer authority pro- vided by this section— (A) may be made only from authorizations to the Department of Defense for fiscal year 200 8 (B) may be exercised solely for the purpose of addressing critical materiel readiness shortfalls as des- ignated by the Secretary of Defense under subsection (a); and (C) is subject to the same terms, conditions, and proce- dures as other transfer authority under section 1001 of this Act. (d) STRATEGIC READINESS FUND.— (1) E STABLISHMENT.—There is established on the books of the Treasury a fund to be known as the Department of Defense Strategic Readiness Fund (in this subsection referred to as the ‘ ‘Fund ’ ’), which shall be administered by the Secretary of the Treasury. (2) P UR P OSES.—The Fund shall be used to address critical materiel readiness shortfalls as designated by the Secretary of Defense under subsection (a). ( 3 ) ASSETS OF FUND.—There shall be deposited into the Fund any amount appropriated to the Fund, which shall con- stitute the assets of the Fund. 10USC 11 7note.

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