FINANCIAL POWERS.

SEC. 415. FINANCIAL POWERS. (a) Capitalization.—(1) Section 24304 is amended to read as follows: “§ 24304. Employee stock ownership plans “In issuing stock pursuant to applicable corporate law, Amtrak is encouraged to include employee stock ownership plans.” . (2) The item relating to section 24304 in the table of sections of chapter 243 is amended to read as follows: “24304. Employee stock ownership plans.” . (b) Redemption of Common Stock.—Amtrak shall, before October 1, 2002, redeem all common stock previously issued, for the fair market value of such stock. (c) Elimination of Liquidation Preference and Voting Rights of Preferred Stock.—(1)(A) Preferred stock of Amtrak held by the Secretary of Transportation shall confer no liquidation preference. (B) Subparagraph (A) shall take effect 90 days after the date of the enactment of this Act. (2)(A) Preferred stock of Amtrak held by the Secretary of Transportation shall confer no voting rights. (B) Subparagraph (A) shall take effect 60 days after the date of the enactment of this Act. [49 U.S.C. 24304 nt] (d) Status and Applicable Laws.—(1) Section 24301(a)(3) is amended by inserting “, and shall not be subject to title 31” after “United States Government”. (2) Section 9101(2) of title 31, United States Code, relating to Government corporations, is amended by striking subparagraph (A) and redesignating subparagraphs (B) through (L) as subparagraphs (A) through (K), respectively.