'(a) Procedures to Review Universal Service Requirements:
'(1) Federal-state joint board on universal service: Within one month after the date of enactment of the Telecommunications Act of 1996, the Commission shall institute and refer to a Federal-State Joint Board under section 410(c) a proceeding to recommend changes to any of its regulations in order to implement sections 214(e) and this section, including the definition of the services that are supported by Federal universal service support mechanisms and a specific timetable for completion of such recommendations. In addition to the members of the Joint Board required under section 410(c), one member of such Joint Board shall be a State-appointed utility consumer advocate nominated by a national organization of State utility consumer advocates. The Joint Board shall, after notice and opportunity for public comment, make its recommendations to the Commission 9 months after the date of enactment of the Telecommunications Act of 1996.
'(2) Commission action: The Commission shall initiate a single proceeding to implement the recommendations from the Joint Board required by paragraph (1) and shall complete such proceeding within 15 months after the date of enactment of the Telecommunications Act of 1996.
The rules established by such proceeding shall include a definition of the services that are supported by Federal universal service support mechanisms and a specific timetable for implementation. Thereafter, the Commission shall complete any proceeding to implement subsequent recommendations from any Joint Board on universal service within one year after receiving such recommendations.
'(b) Universal Service Principles: The Joint Board and the Commission shall base policies for the preservation and advancement of universal service on the following principles:
'(1) Quality and rates: Quality services should be available at just, reasonable, and affordable rates.
'(2) Access to advanced services: Access to advanced telecommunications and information services should be provided in all regions of the Nation.
'(3) Access in rural and high cost areas: Consumers in all regions of the Nation, including low-income consumers and those in rural, insular, and high cost areas, should have access to telecommunications and information services, including interexchange services and advanced telecommunications and information services, that are reasonably comparable to those services provided in urban areas and that are available at rates that are reasonably comparable to rates charged for similar services in urban areas.
'(4) Equitable and nondiscriminatory contributions: All providers of telecommunications services should make an equitable and nondiscriminatory contribution to the preservation and advancement of universal service.
'(5) Specific and predictable support mechanisms: There should be specific, predictable and sufficient Federal and State mechanisms to preserve and advance universal service.
'(6) Access to advanced telecommunications services for schools, health care, and libraries: Elementary and secondary schools and classrooms, health care providers, and libraries should have access to advanced telecommunications services as described in subsection (h).
'(7) Additional principles: Such other principles as the Joint Board and the Commission determine are necessary and appropriate for the protection of the public interest, convenience, and necessity and are consistent with this Act.
'(c) Definition:
'(1) In general: Universal service is an evolving level of telecommunications services that the Commission shall establish periodically under this section, taking into account advances in telecommunications and information technologies and services. The Joint Board in recommending, and the Commission in establishing, the definition of the services that are supported by Federal universal service support mechanisms shall consider the extent to which such telecommunications services--
'(A) are essential to education, public health, or public safety;
'(B) have, through the operation of market choices by customers, been subscribed to by a substantial majority of residential customers;
'(C) are being deployed in public telecommunications networks by telecommunications carriers; and
'(D) are consistent with the public interest, convenience, and necessity.
'(2) Alterations and modifications: The Joint Board may, from time to time, recommend to the Commission modifications in the definition of the services that are supported by Federal universal service support mechanisms.
'(3) Special services: In addition to the services included in the definition of universal service under paragraph (1), the Commission may designate additional services for such support mechanisms for schools, libraries, and health care providers for the purposes of subsection (h).
'(d) Telecommunications Carrier Contribution: Every telecommunications carrier that provides interstate telecommunications services shall contribute, on an equitable and nondiscriminatory basis, to the specific, predictable, and sufficient mechanisms established by the Commission to preserve and advance universal service. The Commission may exempt a carrier or class of carriers from this requirement if the carrier's telecommunications activities are limited to such an extent that the level of such carrier's contribution to the preservation and advancement of universal service would be de minimis. Any other provider of interstate telecommunications may be required to contribute to the preservation and advancement of universal service if the public interest so requires.
'(e) Universal Service Support: After the date on which Commission regulations implementing this section take effect, only an eligible telecommunications carrier designated under section 214(e) shall be eligible to receive specific Federal universal service support. A carrier that receives such support shall use that support only for the provision, maintenance, and upgrading of facilities and services for which the support is intended. Any such support should be explicit and sufficient to achieve the purposes of this section.
'(f) State Authority: A State may adopt regulations not inconsistent with the Commission's rules to preserve and advance universal service. Every telecommunications carrier that provides intrastate telecommunications services shall contribute, on an equitable and nondiscriminatory basis, in a manner determined by the State to the preservation and advancement of universal service in that State. A State may adopt regulations to provide for additional definitions and standards to preserve and advance universal service within that State only to the extent that such regulations adopt additional specific, predictable, and sufficient mechanisms to support such definitions or standards that do not rely on or burden Federal universal service support mechanisms.
'(g) Interexchange and Interstate Services: Within 6 months after the date of
enactment of the Telecommunications Act of 1996, the Commission shall adopt rules to require that the
rates charged by providers of interexchange telecommunications services to subscribers in rural and high
cost areas shall be no higher than the rates charged by each such provider to its subscribers in urban areas.
Such rules shall also require that a provider of interstate interexchange telecommunications services shall
provide such services to its subscribers in each State at rates no higher than the rates charged to its
subscribers in any other State.
'(h) Telecommunications Services for Certain Providers:
'(1) In general:
'(A) Health care providers for rural areas: A telecommunications carrier shall, upon receiving a bona fide request, provide telecommunications services which are necessary for the provision of health care services in a State, including instruction relating to such services, to any public or nonprofit health care provider that serves persons who reside in rural areas in that State at rates that are reasonably comparable to rates charged for similar services in urban areas in that State. A telecommunications carrier providing service under this paragraph shall be entitled to have an amount equal to the difference, if any, between the rates for services provided to health care providers for rural areas in a State and the rates for similar services provided to other customers in comparable rural areas in that State treated as a service obligation as a part of its obligation to participate in the mechanisms to preserve and advance universal service.
'(B) Educational providers and libraries: All telecommunications carriers serving a geographic area shall, upon a bona fide request for any of its services that are within the definition of universal service under subsection (c)(3), provide such services to elementary schools, secondary schools, and libraries for educational purposes at rates less than the amounts charged for similar services to other parties. The discount shall be an amount that the Commission, with respect to interstate services, and the States, with respect to intrastate services, determine is appropriate and necessary to ensure affordable access to and use of such services by such entities. A telecommunications carrier providing service under this paragraph shall--
'(i) have an amount equal to the amount of the discount treated as an offset to its obligation to contribute to the mechanisms to preserve and advance universal service, or
'(ii) notwithstanding the provisions of subsection (e) of this section, receive reimbursement utilizing the support mechanisms to preserve and advance universal service.
'(2) Advanced services: The Commission shall establish competitively neutral rules--
'(A) to enhance, to the extent technically feasible and economically reasonable, access to advanced telecommunications and information services for all public and nonprofit elementary and secondary school classrooms, health care providers, and libraries; and
'(B) to define the circumstances under which a telecommunications carrier may be required to connect its network to such public institutional telecommunications users.
'(3) Terms and conditions: Telecommunications services and network capacity provided to a public institutional telecommunications user under this subsection may not be sold, resold, or otherwise transferred by such user in consideration for money or any other thing of value.
'(4) Eligibility of users: No entity listed in this subsection shall be entitled to preferential rates or treatment as required by this subsection, if such entity operates as a for-profit business, is a school described in paragraph (5)(A) with an endowment of more than $50,000,000, or is a library not eligible for participation in State-based plans for funds under title III of the Library Services and Construction Act (20 U.S.C. 335c et seq.).
'(5) Definitions: For purposes of this subsection:
'(A) Elementary and secondary schools: The term 'elementary and secondary schools' means elementary schools and secondary schools, as defined in paragraphs (14) and (25), respectively, of section 14101 of the Elementary and Secondary Education Act of 1965 (20 U.S.C. 8801).
'(B) Health care provider: The term 'health care provider' means--
'(i) post-secondary educational institutions offering health care instruction, teaching hospitals, and medical schools;
'(ii) community health centers or health centers providing health care to migrants;
'(iii) local health departments or agencies;
'(iv) community mental health centers;
'(v) not-for-profit hospitals;
'(vi) rural health clinics; and
'(vii) consortia of health care providers consisting of one or more entities described in clauses (i) through (vi).
'(C) Public institutional telecommunications user: The term 'public institutional telecommunications user' means an elementary or secondary school, a library, or a health care provider as those terms are defined in this paragraph.
'(i) Consumer Protection: The Commission and the States should ensure that universal service is available at rates that are just, reasonable, and affordable.
'(j) Lifeline Assistance: Nothing in this section shall affect the collection, distribution, or administration of the Lifeline Assistance Program provided for by the Commission under regulations set forth in section 69.117 of title 47, Code of Federal Regulations, and other related sections of such title.
'(k) Subsidy of Competitive Services Prohibited: A telecommunications carrier may not use services that are not competitive to subsidize services that are subject to competition. The Commission, with respect to interstate services, and the States, with respect to intrastate services, shall establish any necessary cost allocation rules, accounting safeguards, and guidelines to ensure that services included in the definition of universal service bear no more than a reasonable share of the joint and common costs of facilities used to provide those services.
'SEC. 255. ACCESS BY PERSONS WITH DISABILITIES.
'(a) Definitions: As used in this section--
'(1) Disability: The term 'disability' has the meaning given to it by section 3(2)(A) of the Americans with Disabilities Act of 1990 (42 U.S.C. 12102(2)(A)).
'(2) Readily achievable: The term 'readily achievable' has the meaning given to it by section 301(9) of that Act (42 U.S.C. 12181(9)).
'(b) Manufacturing: A manufacturer of telecommunications equipment or customer premises equipment shall ensure that the equipment is designed, developed, and fabricated to be accessible to and usable by individuals with disabilities, if readily achievable.
'(c) Telecommunications Services: A provider of telecommunications service shall ensure that the service is accessible to and usable by individuals with disabilities, if readily achievable.
'(d) Compatibility: Whenever the requirements of subsections (b) and (c) are not readily achievable, such a manufacturer or provider shall ensure that the equipment or service is compatible with existing peripheral devices or specialized customer premises equipment commonly used by individuals with disabilities to achieve access, if readily achievable.
'(e) Guidelines: Within 18 months after the date of enactment of the Telecommunications Act of 1996, the Architectural and Transportation Barriers Compliance Board shall develop guidelines for accessibility of telecommunications equipment and customer premises equipment in conjunction with the Commission. The Board shall review and update the guidelines periodically.
'(f) No Additional Private Rights Authorized: Nothing in this section shall be construed to authorize any private right of action to enforce any requirement of this section or any regulation thereunder. The Commission shall have exclusive jurisdiction with respect to any complaint under this section.
SEC. 706. ADVANCED TELECOMMUNICATIONS INCENTIVES.
(a) In General: The Commission and each State commission with regulatory jurisdiction over telecommunications services shall encourage the deployment on a reasonable and timely basis of advanced telecommunications capability to all Americans (including, in particular, elementary and secondary schools and classrooms) by utilizing, in a manner consistent with the public interest, convenience, and necessity, price cap regulation, regulatory forbearance, measures that promote competition in the local telecommunications market, or other regulating methods that remove barriers to infrastructure investment.
(b) Inquiry: The Commission shall, within 30 months after the date of enactment of this Act, and regularly thereafter, initiate a notice of inquiry concerning the availability of advanced telecommunications capability to all Americans (including, in particular, elementary and secondary schools and classrooms) and shall complete the inquiry within 180 days after its initiation. In the inquiry, the Commission shall determine whether advanced telecommunications capability is being deployed to all Americans in a reasonable and timely fashion. If the Commission's determination is negative, it shall take immediate action to accelerate deployment of such capability by removing barriers to infrastructure investment and by promoting competition in the telecommunications market.
(c) Definitions: For purposes of this subsection:
(1) Advanced telecommunications capability: The term 'advanced telecommunications capability' is defined, without regard to any transmission media or technology, as high-speed, switched, broadband telecommunications capability that enables users to originate and receive high-quality voice, data, graphics, and video telecommunications using any technology.
(2) Elementary and secondary schools: The term 'elementary and secondary schools' means elementary and secondary schools, as defined in paragraphs (14) and (25), respectively, of section 14101 of the Elementary and Secondary Education Act of 1965 (20 U.S.C. 8801).
SEC. 707. TELECOMMUNICATIONS DEVELOPMENT FUND.
(a) Deposit and Use of Auction Escrow Accounts: Section 309(j)(8) (47 U.S.C. 309(j)(8)) is amended by adding at the end the following new subparagraph:
'(C) Deposit and use of auction escrow accounts: Any deposits the Commission may require for the qualification of any person to bid in a system of competitive bidding pursuant to this subsection shall be deposited in an interest bearing account at a financial institution designated for purposes of this subsection by the Commission (after consultation with the Secretary of the Treasury). Within 45 days following the conclusion of the competitive bidding--
'(i) the deposits of successful bidders shall be paid to the Treasury;
'(ii) the deposits of unsuccessful bidders shall be returned to such bidders; and
'(iii) the interest accrued to the account shall be transferred to the Telecommunications Development Fund established pursuant to section 714 of this Act.'.
(b) Establishment and Operation of Fund: Title VII is amended by inserting after section 713 (as added by section 305) the following new section:
'SEC. 714. TELECOMMUNICATIONS DEVELOPMENT FUND.
'(a) Purpose of Section: It is the purpose of this section--
'(1) to promote access to capital for small businesses in order to enhance competition in the telecommunications industry;
'(2) to stimulate new technology development, and promote employment and training; and
'(3) to support universal service and promote delivery of telecommunications services to underserved rural and urban areas.
'(b) Establishment of Fund: There is hereby established a body corporate to be known as the Telecommunications Development Fund, which shall have succession until dissolved.
The Fund shall maintain its principal office in the District of Columbia and shall be deemed, for purposes of venue and jurisdiction in civil actions, to be a resident and citizen thereof.
'(c) Board of Directors:
'(1) Composition of board; chairman: The Fund shall have a Board of Directors which shall consist of 7 persons appointed by the Chairman of the Commission. Four of such directors shall be representative of the private sector and three of such directors shall be representative of the Commission, the Small Business Administration, and the Department of the Treasury, respectively. The Chairman of the Commission shall appoint one of the representatives of the private sector to serve as chairman of the Fund within 30 days after the date of enactment of this section, in order to facilitate rapid creation and implementation of the Fund. The directors shall include members with experience in a number of the following areas: finance, investment banking, government banking, communications law and administrative practice, and public policy.
'(2) Terms of appointed and elected members: The directors shall be eligible to serve for terms of 5 years, except of the initial members, as designated at the time of their appointment--
'(A) 1 shall be eligible to service for a term of 1 year;
'(B) 1 shall be eligible to service for a term of 2 years;
'(C) 1 shall be eligible to service for a term of 3 years;
'(D) 2 shall be eligible to service for a term of 4 years; and
'(E) 2 shall be eligible to service for a term of 5 years (1 of whom shall be the Chairman).
Directors may continue to serve until their successors have been appointed and have qualified.
'(3) Meetings and functions of the board: The Board of Directors shall meet at the call of its Chairman, but at least quarterly. The Board shall determine the general policies which shall govern the operations of the Fund. The Chairman of the Board shall, with the approval of the Board, select, appoint, and compensate qualified persons to fill the offices as may be provided for in the bylaws, with such functions, powers, and duties as may be prescribed by the bylaws or by the Board of Directors, and such persons shall be the officers of the Fund and shall discharge all such functions, powers, and duties.
'(d) Accounts of the Fund: The Fund shall maintain its accounts at a financial institution designated for purposes of this section by the Chairman of the Board (after consultation with the Commission and the Secretary of the Treasury). The accounts of the Fund shall consist of--
'(1) interest transferred pursuant to section 309(j)(8)(C) of this Act;
'(2) such sums as may be appropriated to the Commission for advances to the Fund;
'(3) any contributions or donations to the Fund that are accepted by the Fund; and
'(4) any repayment of, or other payment made with respect to, loans, equity, or other extensions of credit made from the Fund.
'(e) Use of the Fund: All moneys deposited into the accounts of the Fund shall be used solely for--
'(1) the making of loans, investments, or other extensions of credits to eligible small businesses in accordance with subsection (f);
'(2) the provision of financial advice to eligible small businesses;
'(3) expenses for the administration and management of the Fund (including salaries, expenses, and the rental or purchase of office space for the fund);
'(4) preparation of research, studies, or financial analyses; and
'(5) other services consistent with the purposes of this section.
'(f) Lending and Credit Operations: Loans or other extensions of credit from the Fund shall be made available in accordance with the requirements of the Federal Credit Reform Act of 1990 (2 U.S.C. 661 et seq.) and any other applicable law to an eligible small business on the basis of--
'(1) the analysis of the business plan of the eligible small business;
'(2) the reasonable availability of collateral to secure the loan or credit extension;
'(3) the extent to which the loan or credit extension promotes the purposes of this section; and
'(4) other lending policies as defined by the Board.
'(g) Return of Advances: Any advances appropriated pursuant to subsection (d)(2) shall be disbursed upon such terms and conditions (including conditions relating to the time or times of repayment) as are specified in any appropriations Act providing such advances.
'(h) General Corporate Powers: The Fund shall have power--
'(1) to sue and be sued, complain and defend, in its corporate name and through its own counsel;
'(2) to adopt, alter, and use the corporate seal, which shall be judicially noticed;
'(3) to adopt, amend, and repeal by its Board of Directors, bylaws, rules, and regulations as may be necessary for the conduct of its business;
'(4) to conduct its business, carry on its operations, and have officers and exercise the power granted by this section in any State without regard to any qualification or similar statute in any State;
'(5) to lease, purchase, or otherwise acquire, own, hold, improve, use, or otherwise deal in and with any property, real, personal, or mixed, or any interest therein, wherever situated, for the purposes of the Fund;
'(6) to accept gifts or donations of services, or of property, real, personal, or mixed, tangible or intangible, in aid of any of the purposes of the Fund;
'(7) to sell, convey, mortgage, pledge, lease, exchange, and otherwise dispose of its property and assets;
'(8) to appoint such officers, attorneys, employees, and agents as may be required, to determine their qualifications, to define their duties, to fix their salaries, require bonds for them, and fix the penalty thereof; and
'(9) to enter into contracts, to execute instruments, to incur liabilities, to make loans and equity investment, and to do all things as are necessary or incidental to the proper management of its affairs and the proper conduct of its business.
'(i) Accounting, Auditing, and Reporting: The accounts of the Fund shall be audited annually. Such audits shall be conducted in accordance with generally accepted auditing standards by independent certified public accountants. A report of each such audit shall be furnished to the Secretary of the Treasury and the Commission. The representatives of the Secretary and the Commission shall have access to all books, accounts, financial records, reports, files, and all other papers, things, or property belonging to or in use by the Fund and necessary to facilitate the audit.
'(j) Report on Audits by Treasury: A report of each such audit for a fiscal year shall be made by the Secretary of the Treasury to the President and to the Congress not later than 6 months following the close of such fiscal year. The report shall set forth the scope of the audit and shall include a statement of assets and liabilities, capital and surplus or deficit; a statement of surplus or deficit analysis; a statement of income and expense; a statement of sources and application of funds; and such comments and information as may be deemed necessary to keep the President and the Congress informed of the operations and financial condition of the Fund, together with such recommendations with respect thereto as the Secretary may deem advisable.
'(k) Definitions: As used in this section:
'(1) Eligible small business: The term 'eligible small business' means business enterprises engaged in the telecommunications industry that have $50,000,000 or less in annual revenues, on average over the past 3 years prior to submitting the application under this section.
'(2) Fund: The term 'Fund' means the Telecommunications Development Fund established pursuant to this section.
'(3) Telecommunications industry: The term 'telecommunications industry' means communications businesses using regulated or unregulated facilities or services and includes broadcasting, telecommunications, cable, computer, data transmission, software, programming, advanced messaging, and electronics businesses.'.
SEC. 708. NATIONAL EDUCATION TECHNOLOGY FUNDING CORPORATION.
(a) Findings; Purpose:
(1) Findings.--The Congress finds as follows:
(A) Corporation.--There has been established in the District of Columbia a private, nonprofit corporation known as the National Education Technology Funding Corporation which is not an agency or independent establishment of the Federal Government.
(B) Board of directors.--The Corporation is governed by a Board of Directors, as prescribed in the Corporation's articles of incorporation, consisting of 15 members, of which--
(i) five members are representative of public agencies representative of schools and public libraries;
(ii) five members are representative of State government, including persons knowledgeable about State finance, technology and education; and
(iii) five members are representative of the private sector, with expertise in network technology, finance and management.
(C) Corporate purposes.--The purposes of the Corporation, as set forth in its articles of incorporation, are--
(i) to leverage resources and stimulate private investment in education technology infrastructure;
(ii) to designate State education technology agencies to receive loans, grants or other forms of assistance from the Corporation;
(iii) to establish criteria for encouraging States to--
(I) create, maintain, utilize and upgrade interactive high capacity networks capable of providing audio, visual and data communications for elementary schools, secondary schools and public libraries;
(II) distribute resources to assure equitable aid to all elementary schools and secondary schools in the State and achieve universal access to network technology; and
(III) upgrade the delivery and development of learning through innovative technology-based instructional tools and applications;
(iv) to provide loans, grants and other forms of assistance to State education technology agencies, with due regard for providing a fair balance among types of school districts and public libraries assisted and the disparate needs of such districts and libraries;
(v) to leverage resources to provide maximum aid to elementary schools, secondary schools and public libraries; and
(vi) to encourage the development of education telecommunications and information technologies through public-private ventures, by serving as a clearinghouse for information on new education technologies, and by providing technical assistance, including assistance to States, if needed, to establish State education technology agencies.
(2) Purpose.--The purpose of this section is to recognize the Corporation as a nonprofit corporation operating under the laws of the District of Columbia, and to provide authority for Federal departments and agencies to provide assistance to the Corporation.
(b) Definitions: For the purpose of this section--
(1) the term 'Corporation' means the National Education Technology Funding Corporation described in subsection (a)(1)(A);
(2) the terms 'elementary school' and 'secondary school' have the same meanings given such terms in section 14101 of the Elementary and Secondary Education Act of 1965; and
(3) the term 'public library' has the same meaning given such term in section 3 of the Library Services and Construction Act.
(c) Assistance for Education Technology Purposes:
(1) Receipt by corporation.--Notwithstanding any other provision of law, in order to carry out the corporate purposes described in subsection (a)(1)(C), the Corporation shall be eligible to receive discretionary grants, contracts, gifts, contributions, or technical assistance from any Federal department or agency, to the extent otherwise permitted by law.
(2) Agreement.--In order to receive any assistance described in paragraph (1) the Corporation shall enter into an agreement with the Federal department or agency providing such assistance, under which the Corporation agrees--
(A) to use such assistance to provide funding and technical assistance only for activities which the Board of Directors of the Corporation determines are consistent with the corporate purposes described in subsection (a)(1)(C);
(B) to review the activities of State education technology agencies and other entities receiving assistance from the Corporation to assure that the corporate purposes described in subsection (a)(1)(C) are carried out;
(C) that no part of the assets of the Corporation shall accrue to the benefit of any member of the Board of Directors of the Corporation, any officer or employee of the Corporation, or any other individual, except as salary or reasonable compensation for services;
(D) that the Board of Directors of the Corporation will adopt policies and procedures to prevent conflicts of interest;
(E) to maintain a Board of Directors of the Corporation consistent with subsection (a)(1)(B);
(F) that the Corporation, and any entity receiving the assistance from the Corporation, are subject to the appropriate oversight procedures of the Congress; and
(G) to comply with--
(i) the audit requirements described in subsection (d); and
(ii) the reporting and testimony requirements described in subsection (e).
(3) Construction.--Nothing in this section shall be construed to establish the Corporation as an agency or independent establishment of the Federal Government, or to establish the members of the Board of Directors of the Corporation, or the officers and employees of the Corporation, as officers or employees of the Federal Government.
(d) Audits:
(1) Audits by independent certified public accountants:
(A) In general.--The Corporation's financial statements shall be audited annually in accordance with generally accepted auditing standards by independent certified public accountants who are certified by a regulatory authority of a State or other political subdivision of the United States. The audits shall be conducted at the place or places where the accounts of the Corporation are normally kept. All books, accounts, financial records, reports, files, and all other papers, things, or property belonging to or in use by the Corporation and necessary to facilitate the audit shall be made available to the person or persons conducting the audits, and full facilities for verifying transactions with the balances or securities held by depositories, fiscal agents, and custodians shall be afforded to such person or persons.
(B) Reporting requirements: The report of each annual audit described in subparagraph (A) shall be included in the annual report required by subsection (e)(1).
(2) Recordkeeping requirements; audit and examination of books:
(A) Recordkeeping requirements: The Corporation shall ensure that each recipient of assistance from the Corporation keeps--
(i) separate accounts with respect to such assistance;
(ii) such records as may be reasonably necessary to fully disclose--
(I) the amount and the disposition by such recipient of the proceeds of such assistance;
(II) the total cost of the project or undertaking in connection with which such assistance is given or used; and
(III) the amount and nature of that portion of the cost of the project or undertaking supplied by other sources; and
(iii) such other records as will facilitate an effective audit.
(B) Audit and examination of books.--The Corporation shall ensure that the Corporation, or any of the Corporation's duly authorized representatives, shall have access for the purpose of audit and examination to any books, documents, papers, and records of any recipient of assistance from the Corporation that are pertinent to such assistance. Representatives of the Comptroller General shall also have such access for such purpose.
(e) Annual Report; Testimony to the Congress:
(1) Annual report.--Not later than April 30 of each year, the Corporation shall publish an annual report for the preceding fiscal year and submit that report to the President and the Congress. The report shall include a comprehensive and detailed evaluation of the Corporation's operations, activities, financial condition, and accomplishments under this section and may include such recommendations as the Corporation deems appropriate.
(2) Testimony before congress.--The members of the Board of Directors, and officers, of the Corporation shall be available to testify before appropriate committees of the Congress with respect to the report described in paragraph (1), the report of any audit made by the Comptroller General pursuant to this section, or any other matter which any such committee may determine appropriate.