STUDY OF NATIONAL GUARD CHALLENGE PROGRAM.

SEC. 587. STUDY OF NATIONAL GUARD CHALLENGE PROGRAM.(a) Study Required.—The Secretary of Defense shall conduct a study to evaluate—(1) the adequacy and impact of the matching funds requirement in effect under section 509(d) of title 32, United States Code, for States to participate in the National Guard Challenge Program; and(2) the value of the National Guard Challenge Program to the Department of Defense.(b) Consideration of Matching Fund Alternatives.—As part of the study, the Secretary shall identify potential alternatives to the matching funds structure provided for the National Guard Challenge Program under section 509(d) of title 32, United States Code, such as a range of Federal-State matching ratios, that would provide flexibility in the management of the program to better respond to temporary fiscal conditions.(c) Submission of Study.—Not later than March 1, 2004, the Secretary shall submit to Congress a report containing the results of the study and such recommendations as the Secretary considers appropriate in response to the study.