There shall be established a federally funded research and developmentcenter to be known as the "Science and Technology Policy Institute"(hereafter in this section referred to as the "Institute").

(b) Incorporation

The Institute shall be--

(1) administered as a separate entity by an organization currentlymanaging another federally funded research and development center; or

(2) incorporated as a nonprofit membership corporation.

(c) Duties

The duties of the Institute shall include the following:

(1) The assembly of timely and authoritative information regardingsignificant developments and trends in science and technology researchand development in the United States and abroad, including informationrelating to the technologies identified in the most recent biennialreport submitted to Congress by the President pursuant to section6683(d) of this title and developing and maintaining relevantinformational and analytical tools.

(2) Analysis and interpretation of the information referred to inparagraph (1) with particular attention to the scope and content of theFederal science and technology research and development portfolio as itaffects interagency and national issues.

(3) Initiation of studies and analyses of alternatives available forensuring the long-term strength of the United States in the developmentand application of science and technology, including appropriate rolesfor the Federal Government, State governments, private industry, andinstitutions of higher education in the development and application ofscience and technology.

(4) Provision, upon the request of the Director of the Office ofScience and Technology Policy, of technical support and assistance--

(A) to the committees and panels of the President's Council ofAdvisors on Science and Technology that provide advice to the Executivebranch on science and technology policy; and

(B) to the interagency committees and panels of the FederalGovernment concerned with science and technology.

(d) Consultation on Institute activities

In carrying out the duties referred to in subsection (c) of thissection, personnel of the Institute shall--

(1) consult widely with representatives from private industry,institutions of higher education, and nonprofit institutions; and

(2) to the maximum extent practicable, incorporate information andperspectives derived from such consultations in carrying out suchduties.

(e) Annual reports

The Institute shall submit to the President an annual report on theactivities of the Institute under this section. Each report shall be inaccordance with requirements prescribed by the President.

(f) Sponsorship

(1) The Director of the National Science Foundation shall be thesponsor of the Institute.

(2) The Director of the National Science Foundation, in consultationwith the Director of Office of Science and Technology Policy, shallenter into a sponsoring agreement with respect to the Institute. TheSponsoring agreement shall require that the Institute carry out suchfunctions as the Director of Office of Science and Technology Policy mayspecify consistent with the duties referred to in subsection (c) of thissection. The sponsoring agreement shall be consistent with the generalrequirements prescribed for such a sponsoring agreement by theAdministrator for Federal Procurement Policy.