Deep Seabed Resource Development Act

Summary

Deep Seabed Resource Development Act - Title I: Short Title, Declaration of Policy and Purposes, and Definitions - Declares it the purpose of this Act to encourage the development of an international regime to govern the use of the oceans and their resources. Title II: Federal Coordination, Planning, and Regulation of Deep Seabed Resource Development - Details the responsibilities of the President and the Secretary of Commerce in the planning and coordination of Federal activities relating to deep seabed resource development. Stipulates that only those enterprises registered with the Secretary shall engage in deep seabed resource development under this Act. Title III: Deep Seabed Resource Development Enterprise - Details requirements to be met by applicants for the formation of qualified enterprises to be approved by the Secretary of Commerce. Title IV: Deep Seabed Resource Development Revenue Sharing Fund - Directs the Secretary of the Treasury to establish a Deep Seabed Resource Development Revenue Sharing Fund in the Treasury of the United States. Stipulates that the Fund shall consist of a share of the profits of registered enterprises and a sum equal to a percentage of the value of the resource upon possession by a qualified enterprise. Establishes procedures governing administration of the Fund pending development of a deep seabed resource development treaty. Title V: Miscellaneous Provisions - Directs the Secretary of Commerce to prepare a detailed programmatic environmental impact statement for the program authorized by this Act. Makes it unlawful for persons to engage in deep seabed resource development except as in accordance with the provisions of this Act. Imposes criminal and civil penalties for violation of this Act or appropriate treaties or other international agreements. Directs the President to submit a comprehensive annual report to Congress in activities under this Act. Directs each registered enterprise to submit annual reports to Congress and the President.

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Timeline

1. 29 April 1977

   Introduced

   Referred to House Committee on International Relations.

   Source: IntroReferral

2. 29 April 1977

   Introduced

   Introduced in House

   Source: IntroReferral

3. 29 April 1977

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

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Versions

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Documents

1 official file

• Introduced in House

  summary · EN · 29 April 1977

  Open at official source

Sponsors

• Rep. McCloskey, Paul N., Jr. [R-CA-12] · R · Sponsor
• · hsmm00 · Standing
• · hsii00 · Standing
• · hsfa00 · Standing

Related records

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