Page:United States Statutes at Large Volume 124.djvu/708

124 STAT. 682 PUBLIC LAW 111–148—MAR. 23, 2010 Co-Chairpersons shall enter into an arrangement with the National Academy of Sciences under which the Academy shall— (i) review available public and private sector research on the selection of a set of key national indica- tors; (ii) determine how best to establish a key national indicator system for the United States, by either cre- ating its own institutional capability or designating an independent private nonprofit organization as an Institute to implement a key national indicator system; (iii) if the Academy designates an independent Institute under clause (ii), provide scientific and tech- nical advice to the Institute and create an appropriate governance mechanism that balances Academy involve- ment and the independence of the Institute; and (iv) provide an annual report to the Commission addressing scientific and technical issues related to the key national indicator system and, if established, the Institute, and governance of the Institute’s budget and operations. (B) PARTICIPATION.—In executing the arrangement under subparagraph (A), the National Academy of Sciences shall convene a multi-sector, multi-disciplinary process to define major scientific and technical issues associated with developing, maintaining, and evolving a Key National Indi- cator System and, if an Institute is established, to provide it with scientific and technical advice. (C) ESTABLISHMENT OF A KEY NATIONAL INDICATOR SYSTEM.— (i) IN GENERAL.—In executing the arrangement under subparagraph (A), the National Academy of Sciences shall enable the establishment of a key national indicator system by— (I) creating its own institutional capability; or (II) partnering with an independent private nonprofit organization as an Institute to imple- ment a key national indicator system. (ii) INSTITUTE.—If the Academy designates an Institute under clause (i)(II), such Institute shall be a non-profit entity (as defined for purposes of section 501(c)(3) of the Internal Revenue Code of 1986) with an educational mission, a governance structure that emphasizes independence, and characteristics that make such entity appropriate for establishing a key national indicator system. (iii) RESPONSIBILITIES.—Either the Academy or the Institute designated under clause (i)(II) shall be responsible for the following: (I) Identifying and selecting issue areas to be represented by the key national indicators. (II) Identifying and selecting the measures used for key national indicators within the issue areas under subclause (I). Reports.