((a)) ** Acceptance authority** The President may accept from the Government of Australia contributions of money made by the Government of Australia for use by the Department of Defense in support of non-nuclear related aspects of submarine security activities between Australia, the United Kingdom, and the United States (in this section referred to as the “AUKUS partnership”).
((b)) ** Establishment of Submarine Security Activities Account**
((1)) ** In general** There is established in the Treasury of the United States a special account to be known as the ‘Submarine Security Activities Account’.
((2)) ** Credit to account** Contributions of money accepted by the President under subsection (a) shall be credited to the Submarine Security Activities Account.
((3)) ** Availability** Amounts credited to the Submarine Security Activities Account shall remain available until expended.
((c)) ** Use of funds**
((1)) ** In general** Subject to paragraphs (2) and (3) of subsection (b), the President may use funds in the Submarine Security Activities Account—
((A)) for any purpose authorized by law that the President determines would support the AUKUS submarine security activities;
((B)) to carry out a military construction project that is consistent with the purposes for which the contributions were made and is authorized by law;
((C)) to develop and increase the submarine industrial base workforce by investing in recruiting, training, and retaining key specialized labor at public and private shipyards; or
((D)) to upgrade facilities, equipment, and infrastructure needed to repair and maintain submarines at public and private shipyards.
((2)) ** No further specific authorization in law required** Funds in the Submarine Security Activities Account may be used as described in this subsection without further specific authorization in law.
((d)) ** Plan for use of funds** Not later than 30 days prior to any use of any funds in the Submarine Security Activities Account, the President shall submit to the appropriate congressional committees and leadership a plan detailing—
((1)) the amount of funds in the Submarine Security Activities Account; and
((2)) how such funds will be used, including specific amounts and purposes.
((e)) ** Transfers of funds**
((1)) ** To Department of Defense**
((A)) ** In general** In carrying out subsection (c), the President may transfer funds available in the Submarine Security Activities Account to appropriations available to the Department of Defense.
((B)) ** Authority in addition to other transfer authority** The authority provided in this paragraph is in addition to any other transfer authority otherwise provided by law and is subject to the same terms and conditions as the authority provided in section 8005 of the Department of Defense Appropriations Act, 2023 (), except for monetary limitations concerning the amount of authority available.Public Law 117–328
((C)) ** Availability** Funds transferred under the authority provided in this paragraph shall be merged with and available for the same purposes, and for the same time period, as the appropriation to which transferred.
((D)) ** Limitation on certain transactions** Contributions referred to in subsection (a) may not be obligated for a transaction authorized in subsection (c)(1)(B) until the President submits to the appropriate congressional committees and leadership notice of the transaction, including a detailed cost estimate, and a period of 21 days has elapsed after the date on which the notification is received by the appropriate congressional committees and leadership or, if earlier, a period of 14 days has elapsed after the date on which a copy of the notification is provided in an electronic medium.
((2)) ** To Department of Energy** In carrying out subsection (c), and in accordance with the Atomic Energy Act of 1954, ( et seq.), the President may transfer funds available in the Submarine Security Activities Account to appropriations or funds of the Department of Energy available to carry out activities related to AUKUS submarine security activities.42 U.S.C. 2011
((3)) ** Transfers back to Submarine Security Activities Account** Upon a determination by the President that all or part of the funds transferred from the Submarine Security Activities Account under this subsection are not necessary for the purposes for which such funds were transferred, all or such part of such funds shall be transferred back to the Submarine Security Activities Account.
((f)) ** Investment of money**
((1)) ** In general** The President may invest money in the Submarine Security Activities Account in securities of the United States or in securities guaranteed as to principal and interest by the United States.
((2)) ** Interest** Any interest or other income that accrues from investment in securities referred to in paragraph (1) shall be deposited to the credit of the Submarine Security Activities Account.
((g)) ** Relationship to other laws** The authority to accept or transfer funds under this section is in addition to any other statutory authority to accept or transfer funds.
((h)) ** Notification and report**
((1)) ** Notification** Not later than 60 days prior to the transfer of any funds from the Submarine Security Activities Account, the President shall notify the appropriate congressional committees and leadership of—
((A)) the intended use of such funds by appropriation, program, project, and activity, as defined in the Joint Explanatory Statement accompanying the Department of Defense Appropriations Act 2023 (); and
((B)) the extent to which such funds complement, supplement, or supplant other on-going or planned efforts funded by an appropriations Act with an identification of the associated funding and explanation of the combined efforts including the intended outcomes.
((2)) ** Annual report** Not later than November 30 of each year until one year after the date on which all funds transferred under this section have been fully expended, the President shall submit to the appropriate congressional committees and leadership a report that includes a detailed accounting of—
((A)) the amount of funds transferred under this subsection during the fiscal year preceding the fiscal year in which the report is submitted; and
((B)) the purposes for which such funds were used.
((i)) ** Report**
((1)) ** In general** Not later than 30 days after the date on which contributions of money accepted by the President under subsection (a) are credited to the Submarine Security Activities Account under subsection (b), the President shall submit to the appropriate congressional committees and leadership a report on—
((A)) the amount of money so transferred;
((B)) a description of the intended use of the funds; and
((C)) any other matters related to the administration of the Submarine Security Activities Account as determined necessary by the Secretary.
((2)) ** Form** The report required by this subsection shall be submitted in unclassified form but may include a classified annex.