This summary is based largely on the summary provided by the Congressional Budget Office, as ordered reported by the Senate Committee on Foreign Relations on January 15, 2014. This is a public domain source. S. 1901 would authorize the President to extend the current nuclear cooperation agreement with the Republic of Korea for up to two years. That agreement is scheduled to expire in March of 2014. Under the
Atomic Energy Act of 1954, such agreements are required for U.S. companies to be permitted to export commercial nuclear materials, technologies, and services to foreign nations. Extending the agreement would maintain ongoing civil nuclear cooperation with the Republic of Korea, and allow joint commercial activities to continue. The Congressional Budget Office (CBO) estimates that the issuance of export licenses and continued certification and reporting requirements under the two-year extension would cost less than $500,000 over the 2014-2019 period, subject to the availability of appropriated funds. Enacting S. 1901 would not affect direct spending or revenues; therefore, pay-as-you-go procedures do not apply. S. 1901 contains no intergovernmental or private-sector mandates as defined in the
Unfunded Mandates Reform Act and would not affect the budgets of state, local, or tribal governments. ==Procedural history==