SECTION 1. LIQUIDATION OR RELIQUIDATION OF CERTAIN ENTRIES OF TOP-OF- THE-STOVE STAINLESS STEEL COOKING WARE FROM THE REPUBLIC OF KOREA ENTERED BETWEEN JANUARY 1, 1999 AND JANUARY 22, 2003. (a) In General.--Notwithstanding section 514 of the Tariff Act of 1930 (19 U.S.C. 1514) or any other provision of law and subject to the provisions of subsection (b), the U.S. Customs and Border Protection shall, not later than 90 days after the receipt of the request described in subsection (b), liquidate or reliquidate each entry described in subsection (d) at the new rate of duty described in that subsection, to the extent the former rate of duty described in that subsection was applied to such merchandise on the date of entry. (b) Requests.--Liquidation or reliquidation may be made under subsection (a) with respect to an entry described in subsection (d) only if a request therefore is filed with the U.S. Customs and Border Protection not later than 90 days after the date of the enactment of this Act. (c) Payment of Amounts Owed.--Any amounts owed by the United States pursuant to the liquidation or reliquidation of any entry under subsection (a) shall be paid not later than 90 days after the date of such liquidation or reliquidation. (d) Entries Described.--The entries referred to in subsection (a) are as follows: (1) Entry year 1999.--The following entries shall, to the extent an antidumping rate of duty of 8.10 percent or 7.39 percent was formerly applied, be reliquidated at an antidumping rate of duty of 1.67 percent: Entry number........................... Entry date 336 2596739-5........................ 2/4/1999 336 2596857-5........................ 2/9/1999 336 2596897-1........................ 2/9/1999 336 2596977-1........................ 2/11/1999 336 2597059-7........................ 2/11/1999 336 2597136-3........................ 2/17/1999 336 2597190-0........................ 2/17/1999 336 2597293-2........................ 3/1/1999 336 2597320-3........................ 3/1/1999 336 2597368-2........................ 3/9/1999 336 2597491-2........................ 3/18/1999 336 2597536-4........................ 3/18/1999 336 2597601-6........................ 3/18/1999 336 2597793-1........................ 3/19/1999 336 2597808-7........................ 3/25/1999 336 2597636-2........................ 3/25/1999 336 2597671-9........................ 3/31/1999 336 2597901-0........................ 3/31/1999 336 2597966-3........................ 4/7/1999 336 2598053-9........................ 4/7/1999 336 2598123-0........................ 4/14/1999 336 2598124-8........................ 4/23/1999 336 2598238-6........................ 4/23/1999 336 2598511-6........................ 5/3/1999 336 2598510-8........................ 5/4/1999 336 2598268-3........................ 5/11/1999 336 2598269-1........................ 5/11/1999 336 2598600-7........................ 5/12/1999 336 2598601-5........................ 5/12/1999 336 2598739-3........................ 5/18/1999 336 2598740-1........................ 5/18/1999 336 2598755-9........................ 5/25/1999 336 2598756-7........................ 5/25/1999 336 2598969-6........................ 6/4/1999 336 2598970-4........................ 6/4/1999 336 2599136-1........................ 6/4/1999 336 2599137-9........................ 6/4/1999 336 2599179-1........................ 6/11/1999 336 2599725-1........................ 6/21/1999 336 2599726-9........................ 6/21/1999 336 2599484-5........................ 6/30/1999 336 2599485-2........................ 6/30/1999 336 2599651-9........................ 7/6/1999 336 2599652-7........................ 7/6/1999 336 2599787-1........................ 7/14/1999 336 2599788-9........................ 7/14/1999 336 2599916-6........................ 7/19/1999 336 2600049-3........................ 7/30/1999 336 2600050-1........................ 7/30/1999 336 2600201-0........................ 8/5/1999 336 2600202-8........................ 8/5/1999 336 2600361-2........................ 8/12/1999 336 2600362-0........................ 8/12/1999 336 2600484-2........................ 8/18/1999 336 2600525-2........................ 8/18/1999 336 2600663-1........................ 8/31/1999 336 2600664-9........................ 8/31/1999 336 2600787-8........................ 9/3/1999 336 2600788-6........................ 9/3/1999 336 2600996-5........................ 9/23/1999 336 2600997-3........................ 9/23/1999 336 2601187-0........................ 9/29/1999 336 2601188-8........................ 9/29/1999 336 2601189-6........................ 10/1/1999 336 2601190-4........................ 10/1/1999 336 2601431-2........................ 10/5/1999 336 2601432-0........................ 10/5/1999 336 2601519-4........................ 10/8/1999 336 2601520-2........................ 10/8/1999 336 2601529-3........................ 10/12/1999 336 2601530-1........................ 10/12/1999 336 2601655-6........................ 10/19/1999 336 2601656-4........................ 10/19/1999 336 2601797-6........................ 10/22/1999 336 2601798-4........................ 10/22/1999 336 2601800-8........................ 11/3/1999 336 2601799-2........................ 11/4/1999 336 2601950-1........................ 11/10/1999 336 2601951-9........................ 11/10/1999 336 2602201-8........................ 11/16/1999 336 2602202-6........................ 11/16/1999 336 2602319-8........................ 11/22/1999 336 2602320-6........................ 11/22/1999 336 2602404-8........................ 12/1/1999 336 2602405-5........................ 12/1/1999 336 2602633-2........................ 12/6/1999 336 2602632-4........................ 12/8/1999 336 2602772-8........................ 12/15/1999 336 2602773-6........................ 12/15/1999 336 2602845-2........................ 12/22/1999 336 2602846-0........................ 12/22/1999 336 2602979-9........................ 12/29/1999 336 2602980-7........................ 12/29/1999 (2) Entry year 2000.--The following entries shall, to the extent an antidumping rate of 7.39 percent was formerly applied, be reliquidated at an antidumping rate of duty of 1.26 percent: Entry number Entry date 336 2603169-6........................ 1/3/2000 336 2607879-6........................ 1/15/2000 739 6029431-9........................ 1/31/2000 739 6029704-9........................ 2/8/2000 739 6029699-1........................ 2/10/2000 739 6029930-0........................ 2/16/2000 008 0635322-3........................ 2/21/2000 739 6030272-4........................ 2/24/2000 336 2604255-2........................ 3/3/2000 739 6030562-8........................ 3/7/2000 739 6030738-4........................ 3/8/2000 336 2604432-7........................ 3/10/2000 739 6031041-2........................ 3/15/2000 739 6031221-0........................ 3/21/2000 739 6031220-2........................ 3/21/2000 739 6031198-0........................ 3/22/2000 336 2604516-7........................ 3/27/2000 008 0635935-2........................ 3/28/2000 739 6031554-4........................ 3/29/2000 739 6031329-1........................ 3/30/2000 739 6031484-4........................ 4/3/2000 336 2604723-9........................ 4/6/2000 336 2604895-5........................ 4/11/2000 336 2605088-6........................ 4/14/2000 739 6032412-4........................ 4/23/2000 008 0636281-0........................ 4/23/2000 739 6031967-8........................ 4/24/2000 739 6032414-0........................ 4/24/2000 739 6032703-6........................ 5/2/2000 739 6032745-7........................ 5/2/2000 336 2605234-6........................ 5/5/2000 739 6032999-0........................ 5/9/2000 739 6033467-7........................ 5/23/2000 739 6033484-2........................ 5/23/2000 336 2605320-3........................ 6/15/2000 336 2605636-2........................ 6/16/2000 739 6034538-4........................ 6/16/2000 336 2605656-0........................ 6/19/2000 336 2605691-7........................ 6/20/2000 336 2606008-3........................ 7/6/2000 336 2606173-5........................ 7/10/2000 739 6035525-0........................ 7/13/2000 739 6035507-8........................ 7/13/2000 336 2606449-9........................ 7/19/2000 739 6035801-5........................ 7/20/2000 739 6035707-4........................ 7/20/2000 336 2606538-9........................ 7/26/2000 336 2606646-0........................ 8/3/2000 739 6036406-2........................ 8/3/2000 739 6036408-8........................ 8/3/2000 739 6036384-1........................ 8/4/2000 336 2606921-7........................ 8/9/2000 336 2607439-9........................ 8/17/2000 336 2607447-2........................ 8/18/2000 336 2607838-2........................ 8/22/2000 739 6037536-5........................ 9/12/2000 739 6038089-4........................ 9/19/2000 739 6038497-9........................ 10/2/2000 739 6038899-6........................ 10/11/2000 739 6039461-4........................ 10/25/2000 739 6039311-1........................ 10/30/2000 336 2608716-9........................ 11/3/2000 336 2608719-3........................ 11/3/2000 739 6039841-7........................ 11/7/2000 739 6039718-7........................ 11/7/2000 336 2609709-3........................ 11/8/2000 336 2608722-7........................ 11/8/2000 336 9412013-2........................ 11/10/2000 336 2609529-5........................ 11/16/2000 739 6040100-5........................ 11/16/2000 336 9412016-5........................ 11/17/2000 336 9412019-9........................ 11/21/2000 739 6040227-6........................ 11/25/2000 739 6039607-2........................ 11/28/2000 336 9412334-2........................ 11/30/2000 336 9412337-5........................ 11/30/2000 739 6040875-2........................ 12/9/2000 739 6040981-8........................ 12/12/2000 336 9412631-1........................ 12/13/2000 739 6041062-6........................ 12/17/2000 336 9412634-5........................ 12/19/2000 739 6041145-9........................ 12/20/2000 336 9412637-8........................ 12/21/2000 336 9412899-4........................ 12/26/2000 336 9412965-3........................ 12/28/2000 739 6041516-1........................ 12/30/2000 (3) Entry year 2001.--The following entries shall, to the extent an antidumping rate of duty of 7.39 percent or 1.67 percent was formerly applied, be reliquidated at an antidumping rate of duty of 0.90 percent: Entry number........................... Entry date 739 6041721-7........................ 1/3/2001 336 9412562-8........................ 1/5/2001 336 9413082-6........................ 1/5/2001 008 0641141-9........................ 1/5/2001 008 0641202-9........................ 1/11/2001 336 9413358-0........................ 1/12/2001 336 2608124-6........................ 1/15/2001 336 9413361-4........................ 1/15/2001 336 9412279-9........................ 1/16/2001 739 6042228-2........................ 1/18/2001 739 6042223-3........................ 1/18/2001 336 9413426-5........................ 1/19/2001 336 9413444-8........................ 1/19/2001 739 6042405-6........................ 1/23/2001 336 9413518-9........................ 1/25/2001 739 6042480-9........................ 1/26/2001 336 9413814-2........................ 2/5/2001 739 6042833-9........................ 2/5/2001 739 6042954-3........................ 2/7/2001 336 9413894-4........................ 2/8/2001 739 6042931-1........................ 2/10/2001 336 9414162-5........................ 2/23/2001 739 6043410-5........................ 2/24/2001 336 9414223-5........................ 3/7/2001 739 6043950-0........................ 3/7/2001 336 9414325-8........................ 3/20/2001 336 9414331-6........................ 3/28/2001 336 9414333-2........................ 3/29/2001 336 9415452-9........................ 4/2/2001 336 9415449-5........................ 4/4/2001 336 9415454-5........................ 4/25/2001 336 9415456-0........................ 4/25/2001 739 6047935-7........................ 6/12/2001 739 6047856-5........................ 6/14/2001 739 6047934-0........................ 6/14/2001 739 6048091-8........................ 6/21/2001 336 9567582-9........................ 6/25/2001 336 9415457-8........................ 7/6/2001 739 6048879-6........................ 7/9/2001 739 6048948-9........................ 7/10/2001 336 9568422-7........................ 7/13/2001 739 6049096-6........................ 7/16/2001 336 9568425-0........................ 7/19/2001 739 6049296-2........................ 7/20/2001 739 6049301-0........................ 7/20/2001 739 6049300-2........................ 7/20/2001 739 6049299-6........................ 7/21/2001 739 6049553-6........................ 7/25/2001 336 9568427-6........................ 8/1/2001 739 6049985-0........................ 8/8/2001 739 6050161-4........................ 8/14/2001 739 6050233-1........................ 8/14/2001 336 9568429-2........................ 8/16/2001 336 9568431-8........................ 8/27/2001 739 6050759-5........................ 8/29/2001 739 6050761-1........................ 8/29/2001 739 6050762-9........................ 8/29/2001 739 6050789-2........................ 8/29/2001 336 9568435-9........................ 9/5/2001 220 1012341-6........................ 9/19/2001 220 1012344-0........................ 9/19/2001 220 1012345-7........................ 9/19/2001 336 9568433-4........................ 9/20/2001 336 9568437-5........................ 9/21/2001 336 9568439-1........................ 9/21/2001 739 6051534-1........................ 9/21/2001 739 6051498-9........................ 9/24/2001 336 9568441-7........................ 10/1/2001 336 9568443-3........................ 10/2/2001 739 6052003-6........................ 10/5/2001 336 9568445-8........................ 10/8/2001 336 9568449-0........................ 10/11/2001 739 6052333-7........................ 10/11/2001 336 9568447-4........................ 10/17/2001 739 6052539-9........................ 10/17/2001 739 6052581-1........................ 10/18/2001 739 6052580-3........................ 10/19/2001 739 6052582-9........................ 10/19/2001 739 6052588-6........................ 10/20/2001 336 9568451-6........................ 11/5/2001 739 6053140-5........................ 11/7/2001 336 9568453-2........................ 11/12/2001 739 6053218-9........................ 11/12/2001 739 6053346-8........................ 11/12/2001 739 6053347-6........................ 11/12/2001 336 9568455-7........................ 11/14/2001 739 6053420-1........................ 11/14/2001 336 9568457-3........................ 11/23/2001 336 9568459-9........................ 11/30/2001 336 9568464-9........................ 12/5/2001 739 6054285-7........................ 12/7/2001 739 6054242-8........................ 12/11/2001 739 6054279-0........................ 12/11/2001 739 6054290-7........................ 12/11/2001 336 9573250-5........................ 12/17/2001 739 6054492-9........................ 12/18/2001 739 6054501-7........................ 12/18/2001 336 9573252-1........................ 12/26/2001 (4) Entry year 2002.--The following entries shall, to the extent an antidumping rate of duty of 1.67 percent or 1.26 percent was formerly applied, be reliquidated at an antidumping rate of duty of 0.90 percent: Entry number........................... Entry date 739 6055104-9........................ 1/2/2002 336 9573254-7........................ 1/3/2002 336 2605850-9........................ 1/7/2002 336 9903585-5........................ 1/9/2002 336 9573496-4........................ 1/11/2002 739 6055356-5........................ 1/11/2002 739 6055488-6........................ 1/14/2002 336 9903640-8........................ 1/15/2002 739 6055586-7........................ 1/15/2002 336 9903642-4........................ 1/18/2002 336 9573258-8........................ 1/18/2002 739 6055963-8........................ 1/25/2002 739 6055954-7........................ 1/29/2002 739 6056226-9........................ 2/6/2002 739 6056338-2........................ 2/6/2002 739 6056433-1........................ 2/12/2002 739 6056623-7........................ 2/19/2002 739 6056968-6........................ 2/28/2002 739 6056967-8........................ 3/2/2002 739 6057410-8........................ 3/12/2002 739 6057409-0........................ 3/15/2002 739 6057973-5........................ 3/29/2002 739 6058682-1........................ 4/18/2002 739 6058950-2........................ 4/27/2002 739 6058971-8........................ 4/27/2002 JG6 8804702-0........................ 5/9/2002 739 6059602-8........................ 5/15/2002 739 6059573-1........................ 5/15/2002 739 6059603-6........................ 5/15/2002 JG6 8804788-9........................ 5/16/2002 JG6 8804733-5........................ 5/16/2002 739 6059792-7........................ 5/22/2002 JG6 8804897-8........................ 5/25/2002 JG6 8805011-5........................ 5/30/2002 JG6 8804965-3........................ 6/3/2002 JG6 8804917-4........................ 6/3/2002 739 6060475-6........................ 6/10/2002 739 6060821-1........................ 6/14/2002 739 6060772-6........................ 6/18/2002 739 6061068-8........................ 6/22/2002 739 6061103-3........................ 6/23/2002 739 6061069-6........................ 6/23/2002 739 6061895-4........................ 7/10/2002 739 6061776-6........................ 7/12/2002 739 6062689-0........................ 7/28/2002 739 6063735-0........................ 8/20/2002 739 6063709-5........................ 8/20/2002 739 6063710-3........................ 8/20/2002 739 6064286-3........................ 9/3/2002 739 6065264-9........................ 9/22/2002 739 6065240-9........................ 9/22/2002 739 6065872-9........................ 10/6/2002 (5) Entry year 2003.--The following entries shall, to the extent an antidumping rate of duty of 1.26 percent was formerly applied, be reliquidated at an antidumping rate of duty of 0.90 percent: Entry number........................... Entry date 739 6069860-0........................ 1/5/2003 739 6070029-9........................ 1/12/2003 739 6070500-9........................ 1/22/2003 739 6070760-9........................ 1/26/2003 739 6070759-1........................ 1/26/2003 739 6070914-2........................ 1/29/2003

Summary: Directs U.S. Customs and Border Protection to liquidate or reliquidate certain entries of top-of-the-stove stainless steel cooking ware from the Republic of Korea.


SECTION 1. SHORT TITLE. This Act may be cited as the ``Foreign Investment Transparency and Security Act of 2006''. SEC. 2. LIMITS ON FOREIGN CONTROL OF INVESTMENTS IN CERTAIN UNITED STATES CRITICAL INFRASTRUCTURE. (a) In General.--Title II of the Homeland Security Act of 2002 (6 U.S.C. 201 et seq.) is amended by adding at the end the following: ``Subtitle E--Limits on Foreign Control of Investments in Certain United States Critical Infrastructure ``SEC. 241. DEFINITIONS. ``As used in this subtitle-- ``(1) the term `foreign government controlled entity' means any entity in which a foreign government owns a majority interest, or otherwise controls or manages the entity; and ``(2) the term `general business corporation' means any entity that qualifies for treatment for Federal taxation purposes under subchapter C or subchapter S of the Internal Revenue Code of 1986, established or organized under the laws of any State. ``SEC. 242. LIMITATION ON FOREIGN INVESTMENTS. ``(a) In General.--A foreign government controlled entity may acquire, own, or otherwise control or manage any critical infrastructure of the United States only through the establishment or operation of a foreign owned general business corporation that meets the requirements of subsection (b). ``(b) Requirements.--For purposes of this section, a general business corporation shall-- ``(1) have a board of directors, the majority of which is comprised of United States citizens; ``(2) have a chief security officer who is a United States citizen, responsible for safety and security issues related to the critical infrastructure; and ``(3) maintain all records related to operations, personnel, and security of the United States general business corporation in the United States. ``(c) Rule of Construction.--Nothing in this subtitle may be construed to restrict or otherwise alter the authority of the President or the Committee on Foreign Investment in the United States (or any successor thereto) as the designee of the President, under section 721 of the Defense Production Act of 1950. ``SEC. 243. REGULATIONS REQUIRED. ``Not later than 6 months after the date of enactment of this subtitle, the Secretary, in coordination with the Secretary of the Treasury, shall promulgate final regulations to carry out this subtitle. ``SEC. 244. EFFECTIVE DATE. ``(a) In General.--Section 242 shall apply beginning on the date that is 6 months after the date of enactment of this subtitle. ``(b) Existing Entities.--A foreign government controlled entity that owns or otherwise controls or manages any critical infrastructure of the United States on the effective date of this subtitle shall comply with the requirements of this subtitle not later than 180 days after that effective date.''. (b) Conforming Amendment.--The table of contents under section 1(b) of the Homeland Security Act of 2002 (6 U.S.C. 101) is amended by inserting after the item relating to section 237 the following: ``Subtitle E--Limits on Foreign Control of Investments in Certain United States Critical Infrastructure ``Sec. 241. Definitions. ``Sec. 242. Limitation on foreign investments. ``Sec. 243. Regulations required. ``Sec. 244. Effective date.''. SEC. 3. MARITIME SECURITY. (a) Findings.--Congress finds that-- (1) existing scanning processes for maritime containers are insufficient; (2) it should be the goal of the United States to scan 100 percent of inbound maritime containers; and (3) the maritime container inspection system employed in Hong Kong shows promise in enhancing the maritime security capabilities of the United States. (b) Amendments to Homeland Security Act.-- (1) In general.--Subtitle A of title IV of the Homeland Security Act (6 U.S.C. 201 et seq.) is amended by adding at the end the following: ``SEC. 404. REPORT ON SCANNING OF MARITIME CONTAINERS. ``(a) Report to Congress.--Not later than 90 days after the date of enactment of this section, the Secretary shall submit a report to Congress detailing the processes and policies for implementation of a scanning system for 100 percent of the inbound maritime containers described in subsection (a). ``(b) Definition of Container.--The term `container' has the meaning given the term in the International Convention for Safe Containers, with annexes, done at Geneva December 2, 1972 (29 UST 3707).''. (2) Conforming amendment.--The table of contents under section 1(b) of the Homeland Security Act of 2002 (6 U.S.C. 101) is amended by inserting after the item relating to section 403 the following: ``Sec. 404. Report on scanning of maritime containers.''.

Summary: Foreign Investment Transparency and Security Act of 2006 - Amends the Homeland Security Act of 2002 to provide that a foreign government controlled entity may acquire, own, or otherwise control or manage any critical infrastructure of the United States only through the establishment or operation of a foreign owned general business corporation that meets specified requirements. Requires a majority of the board of directors of such a corporation and its chief security officer to be U.S. citizens. Directs the Secretary of Homeland Security to report to Congress on the processes and policies for implementation of a scanning system for 100% of all inbound maritime containers.


SECTION 1. SHORT TITLE. This Act may be cited as the ``Authorizing the Regulation of Swaps Act''. SEC. 2. REPEAL OF PROHIBITION ON CERTAIN REGULATION OF SWAP AGREEMENTS. The following provisions of law are repealed: (1) Sections 206A, 206B, and 206C of the Gramm-Leach-Bliley Act (15 U.S.C. 78c note). (2) Section 2A of the Securities Act of 1933 (15 U.S.C. 77b-1). (3) Section 17(d) of the Securities Act of 1933 (15 U.S.C. 77q(d)). (4) Section 3A of the Securities Exchange Act of 1934 (15 U.S.C. 78c-1). (5) Section 9(i) of the Securities Exchange Act of 1934 (15 U.S.C. 78i(i)). (6) Section 15(i) of the Securities Exchange Act of 1934 (15 U.S.C. 78o(i)), as added by section 303(f) of the Commodity Futures Modernization Act of 2000 (Public Law 106-554; 114 Stat. 2763A-455). (7) Section 16(g) of the Securities Exchange Act of 1934 (15 U.S.C. 78p(g)). (8) Section 20(f) of the Securities Exchange Act of 1934 (15 U.S.C. 78t(f)). (9) Section 21A(g) of the Securities Exchange Act of 1934 (15 U.S.C. 78u-1(g)). (10) Sections 301(b) and 304 of the Commodity Futures Modernization Act of 2000 (Public Law 106-554; 114 Stat. 2763A- 451, 2763A-457). (11) Sections 403, 404, and 407 of the Legal Certainty for Bank Products Act of 2000 (7 U.S.C. 27a, 27b, 27e). (12) Subsection (d), subsection (g), and paragraphs (1) and (2) of subsection (h) of section 2 of the Commodity Exchange Act (7 U.S.C. 2). (13) Section 5d of the Commodity Exchange Act (7 U.S.C. 7a- 3). SEC. 3. AUTHORIZATION OF REGULATION AND OVERSIGHT REGARDING SWAP AGREEMENTS. (a) Authorization of Regulation and Oversight.--Notwithstanding any other provision of law, and subject to subsections (b) through (d), each Federal financial regulator may-- (1) exercise oversight over-- (A) any swap agreement that is entered into, purchased, or sold (or as to which the transaction, purchase, or sale is effected) by any financial institution, entity, or person (for its own account or for the account of others) that is subject to the jurisdiction of the Federal financial regulator; and (B) any swap agreement that is subject to the jurisdiction of the Federal financial regulator; and (2) promulgate, interpret, and enforce regulations, issue orders of general applicability, and impose disclosure, reporting, or recordkeeping requirements, procedures, or standards, relating to any swap agreement-- (A) that is entered into, purchased, or sold (or as to which the transaction, purchase, or sale is effected) by any financial institution, entity, or person (for its own account or for the account of others) that is subject to the jurisdiction of the Federal financial regulator; and (B) that is subject to the jurisdiction of the Federal financial regulator. (b) Exchanges and Trading Facilities.--In carrying out subsection (a)-- (1) the Securities and Exchange Commission (and not any other Federal financial regulator) shall exercise oversight and carry out regulatory or oversight activity over-- (A) any exchange or clearing agency (as those terms are defined in section 3(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)); and (B) any swap agreement traded on or cleared through such exchange or clearing agency; and (2) the Commodity Futures Trading Commission (and not any other Federal financial regulator) shall exercise oversight and carry out regulatory or oversight activity over-- (A) any trading facility or registered entity (as those terms are defined in section 1a of the Commodity Exchange Act (7 U.S.C. 1a)); and (B) any swap agreement executed on, traded on, or cleared through such trading facility or registered entity. (c) Rules of Construction.--Nothing in this Act may be construed as-- (1) limiting or reducing the authority of a Federal financial regulator in effect on the date of enactment of this Act with respect to swap agreements; (2) affecting the authority of the Commodity Futures Trading Commission under section 2(h)(3) or 4(c) of the Commodity Exchange Act (7 U.S.C. 2(h)(3), 6(c)), or affecting any exemption granted under that section 4(c); or (3) requiring any swap agreement to be-- (A) conducted on or subject to the rules of a board of trade which has been designated or registered by the Commodity Futures Trading Commission as a contract market or derivatives transaction execution facility; or (B) traded through an exchange or broker or dealer registered or required to be registered under the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.). (d) Consistent Treatment of Swap Agreements.--Prior to taking action under subsection (a)(2), each Federal financial regulator shall consult, work, and cooperate with other Federal financial regulators to promote consistency in the treatment of swap agreements. SEC. 4. DEFINITIONS. For the purposes of this Act, the following definitions shall apply: (1) Federal financial regulator.-- (A) In general.--The term ``Federal financial regulator'' means-- (i) the Commodity Futures Trading Commission; (ii) the Federal Deposit Insurance Corporation; (iii) the Board of Governors of the Federal Reserve System; (iv) the National Credit Union Administration; (v) the Office of the Comptroller of the Currency; (vi) the Office of Thrift Supervision; (vii) the Securities and Exchange Commission; and (viii) any other Federal agency that is authorized under any provision of Federal law to regulate any financial institution or type or class of financial instrument or offering thereof. (2) Purchase; sale.--The terms ``purchase'' and ``sale'', when used with respect to a swap agreement, means the execution, termination (prior to its scheduled maturity date), assignment, exchange, or similar transfer or conveyance of, or extinguishing of rights or obligations under a swap agreement, as the context may require. (3) Swap agreement.-- (A) In general.--The term ``swap agreement'' means any agreement, contract, or transaction between eligible contract participants (as defined in section 1a(12) of the Commodity Exchange Act (7 U.S.C. 1a(12))), the material terms of which (other than price and quantity) are subject to individual negotiation and that-- (i) is a put, call, cap, floor, collar, or similar option of any kind for the purchase or sale of, or based on the value of, 1 or more interest or other rates, currencies, commodities, indices, quantitative measures, or other financial or economic interests or property of any kind; (ii) provides for any purchase, sale, payment, or delivery (other than a dividend on an equity security) that is dependent on the occurrence, nonoccurrence, or the extent of the occurrence of any event or contingency associated with a potential financial, economic, or commercial consequence; (iii) provides on an executory basis for the exchange, on a fixed or contingent basis, of 1 or more payments based on the value or level of 1 or more interest or other rates, currencies, commodities, securities, instrument of indebtedness, indices, quantitative measures, or other financial or economic interests or property of any kind, or any interest therein or based on the value thereof, and that transfers, as between the parties to the transactions, in whole or in part, the financial risk associated with a future change in any such value or level without also conveying a current or future direct or indirect ownership interest in an asset (including any enterprise or investment pool) or liability that incorporates the financial risk so transferred, including any such agreement, contract, or transaction commonly known as an ``interest rate swap'', including a rate floor, rate cap, rate collar, cross- currency rate swap, basis swap, currency swap, equity index swap, equity swap, debt index swap, debt swap, credit spread, credit default swap, credit swap, weather swap, or commodity swap; (iv) provides for the purchase or sale, on a fixed or contingent basis, of any commodity, currency, instrument, interest, right, service, good, articles, or property of any kind; or (v) is any combination or permutation of, or option on, any agreement, contract, or transaction described in any of clauses (i) through (iv). (B) Exclusions.--The term ``swap agreement'' does not include-- (i) any put, call, straddle, option, or privilege on any security, certificate of deposit, or group or index of securities, including any interest therein or based on the value thereof; (ii) any put, call, straddle, option, or privilege entered into on a national securities exchange registered pursuant to section 6(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78f(a)) relating to foreign currency; (iii) any agreement, contract, or transaction providing for the purchase or sale of 1 or more securities on a fixed basis; (iv) any agreement, contract, or transaction providing for the purchase or sale of 1 or more securities on a contingent basis, unless the agreement, contract, or transaction predicates the purchase or sale on the occurrence of a bona fide contingency that might reasonably be expected to affect or be affected by the creditworthiness of a party other than a party to the agreement, contract, or transaction; (v) any note, bond, or evidence of indebtedness that is a security; or (vi) any agreement, contract, or transaction that is-- (I) based on a security; and (II) entered into directly or through an underwriter (as defined in section 2(a) of the Securities Act of 1933 (15 U.S.C. 77b(a))) by the issuer of the security for the purpose of raising capital, unless such agreement, contract, or transaction is entered into to manage a risk associated with capital raising. (C) Inclusion.--The term ``swap agreement'' includes a master agreement that provides for an agreement, contract, or transaction that is a swap agreement pursuant to subparagraphs (A) and (B), together with all supplements to any such master agreement, without regard to whether the master agreement contains an agreement, contract, or transaction that is not a swap agreement pursuant to subparagraphs (A) and (B), except that the master agreement shall be considered to be a swap agreement only with respect to each agreement, contract, or transaction under the master agreement that is a swap agreement pursuant to subparagraphs (A) and (B). (D) Meaning of security.--For purposes of this paragraph, the term ``security'' has the same meaning as in section 2(a)(1) of the Securities Act of 1933 (15 U.S.C. 77b(a)(1)) or section 3(a)(10) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(10)). SEC. 5. CONFORMING AMENDMENTS. (a) Securities Act of 1933.--Section 17(a) of the Securities Act of 1933 (15 U.S.C. 77q(a)) is amended by striking ``security-based swap agreement (as defined in section 206B of the Gramm-Leach-Bliley Act)'' and inserting ``swap agreement''. (b) Securities Exchange Act of 1934.--The Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) is amended-- (1) by striking ``security-based swap agreement (as defined in section 206B of the Gramm-Leach-Bliley Act)'' each place that term appears and inserting ``swap agreement''; (2) by striking ``security-based swap agreements (as defined in section 206B of the Gramm-Leach-Bliley Act)'' each place that term appears and inserting ``swap agreements''; (3) in each of sections 9 and 16 (15 U.S.C. 78i, 78p)-- (A) by striking ``security-based swap agreement'' each place that term appears and inserting ``swap agreement''; and (B) by striking ``security-based swap agreements'' each place that term appears and inserting ``swap agreements''; (4) in section 10(b) (15 U.S.C. 78j(b)), by striking ``securities-based swap agreement (as defined in section 206B of the Gramm-Leach-Bliley Act)'' and inserting ``swap agreement''; (5) in section 16(a)(2)(C) (15 U.S.C. 78p(a)(2)(C)), by striking ``security-based swap agreement (as defined in section 206(b) of the Gramm-Leach-Bliley Act (15 U.S.C. 78c note))'' and inserting ``swap agreement''; and (6) in section 3(a)(55)(A) (15 U.S.C. 78c(a)(55)(A)), by striking ``2(c), 2(d), 2(f), or 2(g)'' and inserting ``2(c) or 2(f)''. (c) Commodity Exchange Act.-- (1) Section 1a of the Commodity Exchange Act (7 U.S.C. 1a) is amended-- (A) in paragraph (12)(A)(x), by striking ``or an exempt board of trade''; and (B) in paragraph (31), in the second sentence, by striking ``2(c), 2(d), 2(f), or 2(g) of this Act'' and inserting ``2(c) or 2(f)''. (2) Section 2 of the Commodity Exchange Act (7 U.S.C. 2) is amended-- (A) in subsection (c)(1), by striking ``5d,''; (B) in subsection (e)-- (i) in paragraph (1), by striking ``2(d)(2), 2(g), or''; and (ii) in paragraph (2), by striking ``, or operating as an exempt board of trade''; (C) in subsection (h)(4)(A), by striking ``5d,''; and (D) in subsection (i)-- (i) in paragraph (1)(A), by striking ``2(d), 2(e), 2(f), or 2(g)'' and inserting ``2(e), or 2(f)''; and (ii) in paragraph (2), by striking ``Act), 5b of this Act, or 5d of this Act'' and inserting ``Act) or 5b of this Act''. (3) Section 5a(g)(1) of the Commodity Exchange Act (7 U.S.C. 7a(g)(1)) is amended by striking ``2(c), 2(d), or 2(g)'' and inserting ``2(c)''. (4) Section 5b of the Commodity Exchange Act (7 U.S.C. 7a- 1) is amended-- (A) in subsection (a)(1), by striking ``2(d), 2(f), or 2(g)'' and inserting ``or 2(f)''; and (B) in subsection (b), by striking ``2(c), 2(d), 2(f), or 2(g)'' and inserting ``2(c) or 2(f)''. (5) Section 12(e) of the Commodity Exchange Act (7 U.S.C. 16(e)) is amended-- (A) in paragraph (1)(B)(i), by striking ``or exempt board of trade''; and (B) in paragraph (2)(B), by striking ``2(c), 2(d), 2(f), or 2(g)'' and inserting ``2(c) or 2(f)''. (d) Federal Deposit Insurance Corporation Improvement Act.--Section 408(2)(C) of the Federal Deposit Insurance Corporation Improvement Act of 1991 (12 U.S.C. 4421(2)(C)) is amended by striking ``2(c), 2(d), 2(f), or 2(g)'' and inserting ``2(c) or 2(f)''.

Summary: Authorizing the Regulation of Swaps Act - Amends the Gramm-Leach-Bliley Act, the Securities Act of 1933, the Securities Exchange Act of 1934, the Commodity Futures Modernization Act of 2000, the Legal Certainty for Bank Products Act of 2000, and the Commodity Exchange Act to repeal prohibitions against regulation of credit default swaps and other swap agreements, whether traded on an exchange or over-the-counter, including commodity, equity, foreign currency, and interest rate swaps. Authorizes the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), and specified other federal financial regulators to: (1) exercise oversight over any swap agreement entered into, purchased, or sold by any financial institution, entity, or person (for its own account or for the account of others), and any swap agreement, that is subject to the regulator's jurisdiction; and (2) promulgate, interpret, and enforce regulations, issue orders of general applicability, and impose disclosure, reporting, or recordkeeping requirements relating to any such swap agreement. Grants the SEC sole oversight authority over: (1) any exchange or clearing agency; and (2) any swap agreement traded on or cleared through such exchange or clearing agency. Grants the CFTC sole oversight authority over: (1) any trading facility or registered entity; and (2) any swap agreement executed on, traded on, or cleared through such trading facility or registered entity.


SECTION 1. SHORT TITLE. This Act may be cited as the ``Student Right to Know Before You Go Act of 2015''. SEC. 2. AMENDMENT TO PROGRAM PARTICIPATION AGREEMENTS. Section 487(a)(17) of the Higher Education Act of 1965 (20 U.S.C. 1094(a)(17)) is amended by inserting ``and including the requirements of section 493E'' after ``as designated by the Secretary''. SEC. 3. INSTITUTIONAL AND FINANCIAL ASSISTANCE INFORMATION FOR STUDENTS. Section 485 of the Higher Education Act of 1965 (20 U.S.C. 1092) is amended by adding at the end the following: ``(n) Alignment With Institutional Reporting Requirements Related to IPEDS.-- ``(1) In general.--Not later than 6 months after the date of enactment of the Student Right to Know Before You Go Act of 2015, the Secretary shall issue guidance outlining which data metrics required to be submitted by institutions of higher education under section 493E are duplicative of institutional reporting requirements under this section and other provisions of this Act. ``(2) Link to institutional reporting website.--Not later than 5 years after the date of enactment of the Student Right to Know Before You Go Act of 2015, an institution of higher education participating in any program under this title shall-- ``(A) not be required to make available such duplicative requirements, as determined under paragraph (1), under this section and other provisions of this Act; and ``(B) provide a prominently displayed link on the institution's website to the website described in section 493E(e)(2).''. SEC. 4. INSTITUTIONAL REPORTING REQUIREMENTS. (a) Amendment to Database of Student Information Prohibited.-- Section 134(b) of the Higher Education Act of 1965 (20 U.S.C. 1015c(b)) is amended-- (1) in paragraph (1), by striking ``and'' after the semicolon; (2) in paragraph (2), by striking the period at the end and inserting ``; and''; and (3) by adding at the end the following: ``(3) is necessary to carry out section 493E.''. (b) Reporting Requirements.--Part G of title IV of the Higher Education Act of 1965 (20 U.S.C. 1088 et seq.) is amended by adding at the end the following: ``SEC. 493E. INSTITUTIONAL REPORTING REQUIREMENTS. ``(a) In General.-- ``(1) Submission of data.--Each institution of higher education participating in a program under this title shall submit to the Secretary data sufficient, as determined by the Secretary, to complete all student components of reporting required for the Integrated Postsecondary Education Data System (referred to in this section as `IPEDS'). ``(2) Guidance.--Not later than 1 year after the date of enactment of the Student Right to Know Before You Go Act of 2015, the Secretary shall submit to institutions of higher education guidance related to the submission of data under this subsection. ``(3) Review.--The Secretary shall review, every 5 years, the determination of the categories of data that shall be submitted pursuant to paragraph (1). ``(b) Establishment of Additional Student Classifications.-- ``(1) In general.--Not later than 1 year after the date of enactment of the Student Right to Know Before You Go Act of 2015, the Secretary shall-- ``(A) establish common definitions for institutions to follow in submitting the data required under this section; and ``(B) determine collection and submission requirements. ``(2) Student-level components of ipeds.--The Secretary shall require institutions of higher education participating in a program under this title to submit student-level components of IPEDS to enable coding and reporting on-- ``(A) students who participate in remedial education at, or through, the institution; ``(B) whether, and at what level, the student is seeking a degree; and ``(C) whether the student is seeking a certificate. ``(c) Establishment of New Outcome Metrics.-- ``(1) In general.--Data submitted to the Secretary under subsections (a) and (b) shall be used to calculate all student- level components of IPEDS. ``(2) Additional measures to be calculated.--In addition to the student-level component outcome measures required to be calculated by the Secretary on the day before the date of enactment of the Student Right to Know Before You Go Act of 2015, the Secretary shall, beginning not later than 2 years after the date of enactment of the Student Right to Know Before You Go Act of 2015, also calculate, at the institutional and program-specific levels, the following: ``(A) The percentage of students who receive-- ``(i) Federal grants; ``(ii) Federal loans; ``(iii) State grants; ``(iv) State loans; ``(v) institutional grants; or ``(vi) institutional loans. ``(B) The average amount of total Federal loan debt upon student graduation assumed by students while enrolled at the institution. ``(C) The average amount of total Federal loan debt of students who do not complete a program of study 2 years after the students' last known enrollment in any institution of higher education. ``(D) Student transfer rates by sector of transfer, which shall be defined as the percentage of students who leave an institution and successfully enroll in and complete a program of study at another institution, including whether the receiving institution is a public 4-year institution, public 2-year institution, public less-than-2-year institution, private nonprofit 4-year institution, private nonprofit 2-year institution, private nonprofit less-than-2-year institution, private for-profit 4-year institution, private for-profit 2- year institution, or private for-profit less-than-2- year institution. ``(E) Rates of continuation to higher levels of education. ``(F) The percentage of students who receive the degree level they initially sought. ``(G) The outcome measures described in subparagraphs (A) through (F), in addition to all student-level components of IPEDS required to be reported on the day before the date of enactment of the Student Right to Know Before You Go Act of 2015, disaggregated on the basis of the following student types: ``(i) Students who received a Federal Pell Grant. ``(ii) Students who received a loan under part B or part D, but not a Federal Pell Grant. ``(iii) Students who received neither a Federal Pell Grant, nor a loan under part B or part D. ``(iv) Students who are identified as veterans or members of the Armed Forces who received assistance under the Post-9/11 Veterans Educational Assistance Program under chapter 33 of title 38, United States Code, or tuition assistance under the laws administered by the Secretary of Defense. The Secretary of Veterans Affairs and Secretary of the Department of Defense shall coordinate with the Secretary to make available data sufficient to enable such reporting under this clause. ``(v) Enrollment status, including the following: ``(I) First-time, full-time students. ``(II) First-time, part-time students. ``(III) Non-first-time, full-time students. ``(IV) Non-first-time, part-time students. ``(vi) Enrollment intensity while enrolled at the institution, including the following: ``(I) Full-time only. ``(II) Part-time only. ``(III) Mixed enrollment, both full- and part-time. ``(H) Earning metrics, generated through a system established by the Secretary in cooperation with the Commissioner of Social Security and using the student components of IPEDS, that shall include-- ``(i) median annual earnings and employment metrics, disaggregated by-- ``(I) educational program based on CIP code; ``(II) credential received; ``(III) educational institution; and ``(IV) State of employment; and ``(ii) the disaggregated median annual earnings for each of the categories described in subclauses (I) through (IV) of clause (i), further disaggregated for each of the following time periods: ``(I) 2 years after educational program completion. ``(II) 6 years after educational program completion. ``(III) 15 years after educational program completion. ``(I) Other information determined necessary by the Secretary. ``(3) Consultation.--In carrying out this section, the Secretary shall consult extensively with State offices with existing, as of the date of the consultation, student-level data collections from public and private institutions, particularly in the formulation of the calculation and reporting standards outlined in this subsection and subsections (a) and (b), and the public access to data under subsection (e)(2). ``(4) Guidelines.--The Secretary shall issue guidelines to institutions of higher education regarding the amendments needed to the annual privacy notices required under section 444(c)(3) of the General Education Provisions Act (commonly referred to as the `Family Educational Rights and Privacy Act of 1974') of the institutions in order to reference the data collection required under this section. ``(d) Unauthorized Uses.-- ``(1) In general.--Any personally identifiable information collected for the data system under this section shall not be used for any use that is not either specifically authorized by this section or permitted as a disclosure under this section. ``(2) No federal action.--No action of Federal authority may be taken against an individual based on data collected for the data system developed under this section. No Federal agency, officer, or employee and no recipient of a Federal grant, contract, or cooperative agreement may, for any reason, require the Secretary or any employee of the Secretary to disclose personally identifiable information that has been collected or retained under this section. ``(3) Immunity.--Personally identifiable information collected or retained under this section shall be immune from legal process and shall not, without the consent of the individual concerned, be admitted as evidence or used for any purpose in any action, suit, or other judicial or administrative proceeding. ``(4) No institution action.--An institution of higher education may not use the data system developed under this section, or data accessed through such system, to take any action against an individual. ``(5) Application.--This subsection shall not apply to requests for personally identifiable information submitted by or on behalf of the individual identified in the information. Any such individual has the right to request and receive from the Secretary the data containing personally identifiable information collected on the individual's behalf, upon demonstrating the individual's identity to the satisfaction of the Secretary. ``(e) Permissible Disclosures.-- ``(1) Disclosure limitation.--In carrying out the public reporting and disclosure requirements of this Act, the Secretary shall use appropriate statistical disclosure limitation techniques necessary such that the data released to the public cannot include personally identifiable information or be used to identify specific individuals. ``(2) Public availability.-- ``(A) In general.--The Secretary shall post the aggregate data collected under this section on a website of the Department in a timely and user-friendly manner. ``(B) Additional research availability.--The Secretary may make available the non-personally identifiable data set used to prepare the data for the website in accordance with subparagraph (A) to researchers performing studies or evaluations approved by the Secretary or the Director of the Institute of Education Sciences. ``(C) Enabling administrative improvement by institutions of higher education.--The Secretary shall create a process through which institutions of higher education participating in programs under this title and States may request and receive from the Department aggregate student outcome data for the purposes of institutional improvement and program evaluation. The Secretary shall promulgate regulations to ensure fair and equitable access to such data. ``(3) No sale of data.--The Secretary shall not sell any data collected under this section, including the public use data set available under paragraph (2)(B), to any third party. ``(f) Ensuring Comparability of Data Metric.--For a period of 5 years following the date of enactment of the Student Right to Know Before You Go Act of 2015, the Secretary shall be responsible for publishing all student-level components of IPEDS as such components would have been produced on the day before the date of enactment of the Student Right to Know Before You Go Act of 2015. ``(g) Felony for Willful Disclosure.-- ``(1) In general.--It shall be unlawful for any person who obtains or has access to personally identifiable information in connection with the data system described in this section to willfully disclose such personally identifiable information, in any manner, to any person that is not entitled to receive the information. ``(2) Penalty.--Any person who violates paragraph (1) shall be found guilty of a felony and imprisoned for not more than 5 years, or fined as specified in section 3571 of title 18, United States Code, or both. ``(h) Protection of Data.--The Secretary shall promulgate and periodically review guidance and regulations relating to security, which shall govern the access, use, and disclosure of data collected in connection with the activities authorized in this Act. The regulations developed and reviewed shall be consistent with the need to protect data from unauthorized access, use, and disclosure, and shall include-- ``(1) an audit capability; ``(2) access controls; and ``(3) requirements to ensure sufficient data security, quality, validity, and reliability. ``(i) Definition of Personally Identifiable Information.--In this section, the term `personally identifiable information' includes-- ``(1) a student's name; ``(2) the name of a student's parent or other family members; ``(3) the address of a student or student's family; ``(4) a personal identifier, such as a student's social security number, student number, or biometric record; ``(5) other indirect identifiers, such as a student's date of birth, place of birth, and mother's maiden name; ``(6) other information that, alone or in combination, is linked or linkable to a specific student that would allow a reasonable person in the school community, who does not have personal knowledge of the relevant circumstances, to identify the student with reasonable certainty; or ``(7) information requested by a person who the educational agency or institution reasonably believes knows the identity of the student to whom the education record relates. ``(j) Authorization of Appropriations.--There are authorized to be appropriated to carry out this section such sums as may be necessary for each of fiscal years 2016 through 2024.''.

Summary: Student Right to Know Before You Go Act of 2015 This bill amends the Higher Education Act of 1965 to modify reporting requirements for institutions of higher education (IHEs) that participate in title IV federal financial aid programs. Currently, to retain title IV eligibility, IHEs must report data to the Department of Education (ED) through the Integrated Postsecondary Education Data System (IPEDS). This bill requires IHEs to submit additional student enrollment data to ED to enable coding and reporting on students' level of academic preparation. It also requires ED to calculate additional outcome measures by institution and program, including: the percentage of students who receive federal, state, or institutional grants or loans; the average amount of federal loan debt upon graduation; the average amount of total federal loan debt of students who do not complete a program of study; student transfer rates; rates of continuation to higher levels of education; and the percentage of students who receive the degree they initially sought. ED must report additional outcome measures established by this Act, as well as all existing student data in IPEDS, based on these student types: receipt or non-receipt of federal Pell Grants, receipt or non-receipt of Stafford Loans,  participation in the Post-9/11 Veterans Educational Assistance Program, enrollment status, and enrollment intensity. ED must also, in cooperation with the Social Security Administration, make publicly available data on employment metrics and median annual earnings 2 years, 6 years, and 15 years after program completion. ED must report the data by: education program, credential received, institution, and state of employment.


SECTION 1. SHORT TITLE. This Act may be cited as the ``Supporting America's Young Entrepreneurs Act of 2016''. SEC. 2. SMALL BUSINESS START-UP EMPLOYEE LOAN DEFERMENT AND CANCELLATION. (a) Deferment.--Section 455(f) of the Higher Education Act of 1965 (20 U.S.C. 1087e(f)) is amended-- (1) in paragraph (1), by striking ``A borrower of a loan'' and inserting ``Except as provided in paragraph (5), a borrower of a loan''; and (2) by adding at the end the following: ``(5) No interest deferment eligibility for founders of small business start-ups.--A borrower of a loan made under this part shall be eligible for a deferment, during which periodic installments of principal and interest need not be paid, during any period not in excess of 3 years during which the borrower is employed as a founder of a small business start-up (as defined in subsection (r)(3)).''. (b) Loan Cancellation.--Section 455 of the Higher Education Act of 1965 (20 U.S.C. 1087e) is amended by adding at the end the following: ``(r) Loan Cancellation for Certain Small Business Start-Up Employees.-- ``(1) Founder of a small business start-up in a distressed area.-- ``(A) In general.--The Secretary shall cancel $20,000 of the balance of interest and principal due, in accordance with subparagraph (B), on any eligible Federal Direct Loan not in default for a borrower who-- ``(i) has made 24 monthly payments on the eligible Federal Direct Loan after the date of the enactment of this subsection pursuant to any one or a combination of payments under a repayment plan under subsection (d)(1) or (g); ``(ii) has been employed as a founder of a small business start-up in a distressed area during the period in which the borrower makes each of the 24 payments; ``(iii) is employed as a founder of a small business start-up in a distressed area at the time of such cancellation; and ``(iv) is approved for loan cancellation by the young entrepreneurs business center under section 47 of the Small Business Act (16 U.S.C. 631 et seq.). ``(B) Loan cancellation amount.-- ``(i) In general.--After the conclusion of the employment period described in subparagraph (A), the Secretary shall cancel the obligation to repay $20,000 of the balance of interest and principal due as of the time of such cancellation, on the eligible Federal Direct Loans made to the borrower under this part. ``(ii) Limitation.--A borrower may not receive an aggregate amount of more than $20,000 under this subparagraph. ``(C) Ineligibility for double benefits.--No borrower may, for the same service, receive a reduction of loan obligations under both this paragraph and-- ``(i) paragraph (2); ``(ii) subsection (m); or ``(iii) section 428J, 428K, 428L, or 460. ``(2) Employee of a small business start-up.-- ``(A) In general.--The Secretary shall cancel $3,000 of the balance of interest and principal due, in accordance with subparagraph (B), on any eligible Federal Direct Loan not in default for a borrower who-- ``(i) has made 12 monthly payments on the eligible Federal Direct Loan after the date of the enactment of this subsection pursuant to any one or a combination of payments under a repayment plan under subsection (d)(1) or (g); ``(ii) has been employed in a small business start-up job during the period in which the borrower makes each of the 12 payments; and ``(iii) is employed in a small business start-up job at the time of such cancellation. ``(B) Loan cancellation amount.-- ``(i) In general.--After the conclusion of the employment period described in subparagraph (A), the Secretary shall cancel the obligation to repay $3,000 of the balance of interest and principal due as of the time of such cancellation, on the eligible Federal Direct Loans made to the borrower under this part. ``(ii) Limitation.--A borrower may not receive an aggregate amount of more than $15,000 under this subparagraph. ``(C) Ineligibility for double benefits.--No borrower may, for the same service, receive a reduction of loan obligations under both this paragraph and-- ``(i) paragraph (1); ``(ii) subsection (m); or ``(iii) section 428J, 428K, 428L, or 460. ``(3) Definitions.--In this subsection: ``(A) Distressed area.--The term `distressed area' means an area identified under section 47 of the Small Business Act (16 U.S.C. 631 et seq.). ``(B) Eligible federal direct loan.--The term `eligible Federal Direct Loan' means a Federal Direct Stafford Loan, Federal Direct PLUS Loan, or Federal Direct Unsubsidized Stafford Loan, or a Federal Direct Consolidation Loan. ``(C) Founder.--The term `founder' shall have the meaning given such term by the Administrator of the Small Business Administration under this paragraph. ``(D) Small business start-up.--The term `small business start-up' means a business that is certified by the young entrepreneurs business center under section 47 of the Small Business Act (16 U.S.C. 631 et seq.). ``(E) Small business start-up job.--The term `small business start-up job' means a full-time job as an employee of a small business start-up.''. SEC. 3. LOAN REFINANCING. (a) In General.--Part D of title IV of the Higher Education Act of 1965 is amended by adding at the end the following: ``SEC. 460. FEDERAL DIRECT REFINANCED PRIVATE LOAN PROGRAM. ``(a) Definitions.--In this section: ``(1) Eligible private education loan.--The term `eligible private education loan' means a private education loan, as defined in section 140(a) of the Truth in Lending Act (15 U.S.C. 1650(a)), that was for the borrower's own postsecondary educational expenses for an eligible program at an institution of higher education participating in the loan program under this part, as of the date that the loan was disbursed. ``(2) Federal direct refinanced private loan.--The term `Federal Direct Refinanced Private Loan' means a loan issued under subsection (b)(1). ``(3) Private educational lender.--The term `private educational lender' has the meaning given the term in section 140(a) of the Truth in Lending Act (15 U.S.C. 1650(a)). ``(4) Qualified borrower.--The term `qualified borrower' means an individual who-- ``(A) has an eligible private education loan; ``(B) has been current on payments on the eligible private education loan for the 6 months prior to the date of the qualified borrower's application for refinancing under this section, and is in good standing on the loan at the time of such application; ``(C) is not in default on the eligible private education loan or on any loan made, insured, or guaranteed under this part or part B or E; and ``(D) meets the eligibility requirements described in subsection (b)(2). ``(b) Program Authorized.-- ``(1) In general.--The Secretary, in consultation with the Secretary of the Treasury, shall carry out a program under which the Secretary, upon application by a qualified borrower who has an eligible private education loan, shall issue such borrower a loan under this part in accordance with the following: ``(A) The loan issued under this program shall be in an amount equal to the sum of the unpaid principal, accrued unpaid interest, and late charges of the private education loan. ``(B) The Secretary shall pay the proceeds of the loan issued under this program to the private educational lender of the private education loan, in order to discharge the qualified borrower from any remaining obligation to the private educational lender with respect to the original private education loan. ``(C) The Secretary shall require that the qualified borrower undergo loan counseling that provides all of the information and counseling required under clauses (i) through (viii) of section 485(b)(1)(A) before the loan is refinanced in accordance with this section, and before the proceeds of such loan are paid to the private educational lender. ``(D) The Secretary shall issue the loan as a Federal Direct Refinanced Private Loan, which shall have the same terms, conditions, and benefits as a Federal Direct Subsidized Loan, except as otherwise provided in this section. ``(2) Borrower eligibility.--Not later than 180 days after the date of the enactment of this section, the Secretary, in consultation with the Secretary of the Treasury and the Director of the Bureau of Consumer Financial Protection, shall establish eligibility requirements-- ``(A) to ensure eligibility only for qualified borrowers in good standing; ``(B) to minimize inequities between Federal Direct Refinanced Private Loans and other Federal student loans; ``(C) to preclude windfall profits for private educational lenders; and ``(D) to ensure full access to the program authorized in this subsection for borrowers with private loans who otherwise meet the criteria established in accordance with subparagraphs (A) and (B). ``(c) Interest Rate.-- ``(1) In general.--The interest rate for a Federal Direct Refinanced Private Loan is, in the case a private education loan originally issued for undergraduate, graduate, or professional degree postsecondary educational expenses, a rate equal to the rate for Federal Direct Subsidized Stafford Loans issued to undergraduate students for the 12-month period beginning on July 1, 2016, and ending on June 30, 2017. ``(2) Fixed rate.--The applicable rate of interest determined under this subsection for a Federal Direct Refinanced Private Loan shall be fixed for the period of the loan. ``(d) Treatment of Loans.--Nothing in this section shall affect the ability of a borrower to qualify for loan repayment under a repayment plan under subsection (d)(1) or (g) of section 455.''. (b) Notice of Potential Eligibility.--Section 128(e) of the Truth in Lending Act (15 U.S.C. 1638(e)) is amended by adding at the end the following new paragraph: ``(12) Notice required along with billing statements.-- Along with each billing statement sent to the borrower, the private educational lender shall include a statement informing the borrower that the borrower may be eligible for the Federal Direct Refinanced Private Loan program established under section 460 of the Higher Education Act of 1965.''. SEC. 4. YOUNG ENTREPRENEURS BUSINESS CENTER. The Small Business Act (15 U.S.C. 631 et seq.) is amended-- (1) by redesignating section 47 as section 48; and (2) by inserting after section 46 the following: ``SEC. 47. YOUNG ENTREPRENEURS BUSINESS CENTER. ``(a) Establishment.--There is established within the Administration a young entrepreneurs business center that shall, for purposes of loan cancellation for start-up employees established under subsection (r) of section 455 of the Higher Education Act of 1965 (20 U.S.C. 1087e)-- ``(1) certify small business start-ups under subsection (b); ``(2) identify distressed areas under subsection (c); and ``(3) approve loan cancellation for founders of small business start-ups in distressed areas under subsection (d). ``(b) Certification.-- ``(1) Application.--To be certified by the young entrepreneurs business center, a small business start-up shall submit an application to the Administrator that includes-- ``(A) a 5-year business plan for such small business start-up; and ``(B) the number of employees the small business start-up intends to employ on a yearly basis. ``(2) Requirements.--The young entrepreneurs business center may not certify a small business start-up unless such small business start-up, on the date the application is submitted under paragraph (1)-- ``(A) has a founder who is a recent graduate of a 4-year institution of higher education; ``(B) is a start-up for which at least 50 percent of the employees of the start-up are recent graduates of such an institution. ``(c) Distressed Area.-- ``(1) In general.--Not less than once every 3 years after the date of the enactment of this section, the young entrepreneurs business center shall identify and make publically available on the website of the Administration a list of distressed areas. ``(2) Requirements.--A distressed area identified under paragraph (1) shall be a county or equivalent division of local government of a State in which the small business concern is located that-- ``(A) has, for the most recent 24-month period for which statistics are available-- ``(i) a per capita income of 80 percent or less of the national average; or ``(ii) an unemployment rate that is 1 percent greater than the national average; and ``(B) the young entrepreneurs business center determines would economically benefit from having small business start-ups established in such area. ``(d) Loan Cancellation for Founders of a Small Business Start-Up in a Distressed Area.--For purposes of loan cancellation under subsection (r)(1) of section 455 of the Higher Education Act of 1965 (20 U.S.C. 1087e) the young entrepreneurs business center shall approve a founder of a small business start-up in a distressed area if such founder-- ``(1) established a small business start-up that-- ``(A) on the date such small business start-up was established, was located in a distressed area identified by the young entrepreneurs business center under subsection (c) not more than 3 years before such date of establishment; ``(B) was certified under subsection (b); and ``(C) on the date of approval under this subsection, has been operating continuously for not less than 5 years; and ``(2) was employed as a founder of a small business start- up in a distressed area during the period in which such founder made the 24 payments described in subsection (r)(1)(A) of such section 455. ``(e) Definitions.--In this section: ``(1) Institution of higher education.--The term `institution of higher education' has the meaning given such term in section 102 of the Higher Education Act (20 U.S.C. 1002). ``(2) Small business start-up.--The term `small business start-up' means a small business concern that-- ``(A) is not yet in existence; or ``(B) has been in existence for not more than 3 years.''. SEC. 5. TREATMENT OF LOAN CANCELLATION. (a) In General.--Section 108(f) of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph: ``(5) Cancellation of certain federal student loans.--In the case of an individual, gross income shall not include the discharge (in whole or in part) of any student loan pursuant to the cancellation (in whole or in part) of such loan by the Secretary of Education under subsection (r) of section 455 of the Higher Education Act of 1965 (20 U.S.C. 1087e).''. (b) Effective Date.--The amendment made by this section shall apply to discharges of indebtedness occurring after the date of the enactment of this Act.

Summary: Supporting America's Young Entrepreneurs Act of 2016 This bill amends title IV (Student Assistance) of the Higher Education Act of 1965 to make eligible for deferment and cancellation under the Federal Direct Loan program a borrower who is an employee or founder of a small business start-up in a distressed area. It also amends the Internal Revenue Code to exclude from an individual's gross income the amount of such canceled student loan debt. The bill establishes a Federal Direct Refinanced Private Loan program to refinance private education loans. Finally, it establishes a young entrepreneurs business center within the Small Business Administration to certify small business start-ups, identify distressed areas, and approve loan cancelation for founders of small business start-ups.


SECTION 1. SHORT TITLE. This Act may be cited as the ``Catching Operational Vulnerabilities by Ensuring Random Testing Act of 2008'' or the ``COVERT Act of 2008''. SEC. 2. PROHIBITION OF ADVANCE NOTICE OF COVERT TESTING TO SECURITY SCREENERS. Section 111 of the Aviation and Transportation Security Act (Public Law 107-71; 49 U.S.C. 44935 note) is amended-- (1) by striking the section enumerator and heading and inserting the following: ``SEC. 111. TRAINING, EMPLOYMENT, AND TESTING OF SECURITY SCREENING PERSONNEL.''; AND (2) by adding at the end the following: ``(e) Prohibition of Advance Notice to Security Screeners of Covert Testing and Evaluation.-- ``(1) In general.--The Secretary of Homeland Security shall ensure that information concerning a covert test of a transportation security system to be conducted by a covert testing office, the Inspector General of the Department of Homeland Security, or the Government Accountability Office is not provided to any individual prior to the completion of the test. ``(2) Exceptions.--Notwithstanding paragraph (1)-- ``(A) an individual may provide information concerning a covert test of a transportation security system to employees, officers, and contractors of the Federal Government (including military personnel); employees and officers of State and local governments; and law enforcement officials, who are authorized to receive or directed to be provided such information by the Assistant Secretary of Homeland Security (Transportation Security Administration), the Inspector General of the Department of Homeland Security, or the Comptroller General of the United States, as the case may be; and ``(B) for the purpose of ensuring the security of any individual in the vicinity of a site where a covert test of a transportation security system is being conducted, an individual conducting the test may disclose his or her status as an individual conducting the test to any appropriate individual if a security screener or other individual who is not a covered employee identifies the individual conducting the test as a potential threat. ``(3) Special rules for the transportation security administration.-- ``(A) Monitoring and security of testing personnel.--The head of each covert testing office shall ensure that a person or group of persons conducting a covert test of a transportation security system for the covert testing office is accompanied at the site of the test by a cover team comprised of one or more employees of the covert testing office for the purpose of monitoring the test and confirming the identity of personnel involved in the test under subparagraph (B). ``(B) Responsibility of cover team.--Under this paragraph, a cover team for a covert test of a transportation security system shall-- ``(i) monitor the test; and ``(ii) for the purpose of ensuring the security of any individual in the vicinity of a site where the test is being conducted, confirm, notwithstanding paragraph (1), the identity of any individual conducting the test to any appropriate individual if a security screener or other individual who is not a covered employee identifies the individual conducting the test as a potential threat. ``(C) Aviation screening.--Notwithstanding subparagraph (A), the Transportation Security Administration is not required to have a cover team present during a test of the screening of persons, carry-on items, or checked baggage at an aviation security checkpoint at or serving an airport if the test-- ``(i) is approved by the Federal Security Director for such airport; and ``(ii) is carried out under an aviation screening assessment program of the Department of Homeland Security. ``(D) Use of other personnel.--The Transportation Security Administration may use employees, officers, and contractors of the Federal Government (including military personnel) and employees and officers of State and local governments to conduct covert tests. ``(4) Impact study and report on covert testing procedures.-- ``(A) Impact study.--The Secretary of Homeland Security shall conduct a study of the impact of the implementation of this subsection on the Department of Homeland Security's efforts to improve transportation security. ``(B) Requirements.--The study under subparagraph (A) shall include an assessment of-- ``(i) the impact of the implementation of this subsection on personnel of the Department of Homeland Security; ``(ii) the impact of such implementation on information sharing within the Department; ``(iii) best practices for integrating the topic of covert testing into existing training and testing programs for personnel of the Department; and ``(iv) the effectiveness of covert testing as a method to improve security. ``(C) Report.--Not later than 270 days after the date of the enactment of this subsection, the Secretary shall submit to the Committee on Homeland Security of the House of Representatives and the Committee on Homeland Security and Governmental Affairs of the Senate a report that contains-- ``(i) the results of the study under subparagraph (A); ``(ii) recommendations for changes to the training of personnel of the Department that are necessary to ensure compliance with the requirements of this subsection; and ``(iii) recommendations to improve the effectiveness of the implementation of this subsection. ``(5) Definitions.--For purposes of this subsection, the following definitions apply: ``(A) Appropriate individual.--The term `appropriate individual', as used with respect to a covert test of a transportation security system, means any individual that-- ``(i) the individual conducting the test determines needs to know his or her status as an individual conducting a test under paragraph (2)(B); or ``(ii) the cover team monitoring the test under paragraph (3)(B)(i) determines needs to know the identity of an individual conducting the test. ``(B) Covered employee.--The term `covered employee' means any individual who receives notice of a covert test before the completion of a test under paragraph (2)(A). ``(C) Covert test.-- ``(i) In general.--The term `covert test' means an exercise or activity conducted by a covert testing office, the Inspector General of the Department of Homeland Security, or the Government Accountability Office to intentionally test, compromise, or circumvent transportation security systems to identify vulnerabilities in such systems. ``(ii) Limitation.--Notwithstanding clause (i), the term `covert test' does not mean an exercise or activity by an employee or contractor of the Transportation Security Administration to test or assess compliance with regulations under title 49 of the Code of Federal Regulations. ``(D) Covert testing office.--The term `covert testing office' means any office of the Transportation Security Administration designated by the Assistant Secretary of Homeland Security (Transportation Security Administration) to conduct covert tests of transportation security systems. ``(E) Employee of a covert testing office.--The term `employee of a covert testing office' means an individual who is an employee of a covert testing office or a contractor or an employee of a contractor of a covert testing office.''. Passed the House of Representatives June 18, 2008. Attest: LORRAINE C. MILLER, Clerk.

Summary: Catching Operational Vulnerabilities by Ensuring Random Testing Act of 2008, or the COVERT Act of 2008 - Amends the Aviation and Transportation Security Act to require the Secretary of Homeland Security to make sure that advance notice of a covert test of a transportation security system is not provided to any individual (including any security screener) before completion of the test, except: (1) that such information may be provided to certain federal, state, and local government employees, officers, and contractors (including military personnel); and (2) an individual conducting such a test may disclose his or her status if a security screener or other non-covered employee identifies such tester as a potential threat. Requires the head of each covert testing office to make sure that a covert testing person or group is accompanied by a cover team to monitor the test and confirm the identity of personnel involved. States, however, that a cover team is not required to be present during a test of the screening of persons or baggage at an aviation security checkpoint if the test: (1) is approved by the Federal Security Director for the airport; and (2) is administered under an aviation screening assessment program of the Department of Homeland Security. Directs the Secretary of Homeland Security to study and report to Congress on the impact of implementing covert testing procedures under this Act on the Department's efforts to improve transportation security.


SECTION 1. SHORT TITLE. This Act may be cited as the ``Care Coordination for Older Americans Act of 2012''. SEC. 2. DECLARATION OF OBJECTIVES. Section 101(4) of the Older Americans Act of 1965 (42 U.S.C. 3001(4)) is amended by inserting ``care coordination and'' after ``including''. SEC. 3. DEFINITIONS. Section 102 of the Older Americans Act of 1965 (42 U.S.C. 3002) is amended by adding at the end the following: ``(55)(A) The term `care coordination' means a person- and family-centered, assessment-based, and interdisciplinary approach to meet the needs and preferences of an older individual and a family caregiver while enhancing the capabilities of the older individual (including the ability to self-direct services). ``(B) The term `care coordination' means coordination that-- ``(i) integrates health care, long-term services and supports, housing, and social support services in a high-quality and cost-effective manner in which an individual's needs, preferences, and capabilities are assessed, along with the needs and preferences of a family caregiver; ``(ii) includes, as a core element, the active involvement of the older individual, the family, or a representative appointed by the older individual or legally acting on the individual's behalf, community- based service professionals, and health care professionals providing care to the older individual, in the design and implementation of an individualized, individual-centered service and support plan, through which the services and supports will be provided in a manner free from conflicts of interest; ``(iii) integrates services and interventions that are implemented, monitored, and evaluated for effectiveness using an evidence-based process, which typically involves a designated lead care coordinator and involves feedback from the older individual; ``(iv) includes activities that aim simultaneously at meeting individual and family needs and preferences, building on individual capabilities, and improving outcomes and systems of care; ``(v) includes provision of some or all of the services and activities described in clauses (i) through (iv) by trained professionals employed by or under a contract with-- ``(I) area agencies on aging; ``(II) Aging and Disability Resource Centers; or ``(III) other service providers, including in-home service providers; and ``(vi) is not furnished to directly diagnose, treat, or cure a medical disease or condition.''. SEC. 4. FUNCTIONS OF THE ASSISTANT SECRETARY. Section 202(a) of the Older Americans Act of 1965 (42 U.S.C. 3012(a)) is amended-- (1) in paragraph (27), by striking ``and'' at the end; (2) in paragraph (28), by striking the period and inserting ``; and''; and (3) by adding at the end the following: ``(29)(A) encourage, provide technical assistance to, and share best practices with, States, area agencies on aging, Aging and Disability Resource Centers, and service providers to carry out outreach and coordinate activities with health care entities in order to assure better care coordination for individuals with multiple chronic illnesses; and ``(B) coordinate activities with other Federal agencies that are working to improve care coordination and developing new models and best practices.''. SEC. 5. ORGANIZATION. Section 305(a) of the Older Americans Act of 1965 (42 U.S.C. 3025(g)) is amended-- (1) in paragraph (2), by striking ``and'' at the end; (2) in paragraph (3), by striking the period and inserting ``; and''; and (3) by adding at the end the following: ``(4) the State agency shall promote the development and implementation of a State system to address the care coordination needs of older individuals with multiple chronic illnesses, and shall work with acute care providers, area agencies on aging, service providers, and Federal agencies to ensure that the system uses best practices and is evaluated on its provision of care coordination.''. SEC. 6. AREA PLANS. Section 306(a) of the Older Americans Act of 1965 (42 U.S.C. 3026(a)) is amended-- (1) in paragraph (4)(B)(i)(VII) by inserting ``with multiple chronic illnesses or'' after ``older individuals''; (2) in paragraph (6)(D), by inserting ``(including acute care providers)'' after ``service providers''; (3) in paragraph (16), by striking ``and'' at the end; (4) in paragraph (17) by striking the period and inserting ``; and''; and (5) by adding at the end the following: ``(18) provide assurances that the area agency on aging will-- ``(A) identify existing (as of the date of submission of the plan) care coordination programs and systems; ``(B) identify unmet community need for care coordination; ``(C) facilitate the development and implementation of an area-wide system to address the care coordination needs of older individuals with multiple chronic illnesses; and ``(D) work with acute care providers, service providers, and Federal and State agencies to ensure that the system uses best practices in its provision of care coordination.''. SEC. 7. STATE PLANS. Section 307(a) of the Older Americans Act of 1965 (42 U.S.C. 3027(a)) is amended-- (1) in paragraph (2)(A), by inserting ``care coordination,'' after ``information and assistance,''; (2) in paragraph (17), by striking ``and develop collaborative programs, where appropriate,'' and inserting ``, ensure care coordination, and (where appropriate) develop collaborative programs,''; (3) in paragraph (18), in the matter preceding subparagraph (A), by inserting ``and ensure care coordination that integrates long-term care services and other care services,'' before ``for older''; (4) in paragraph (23), by striking ``with other State services'' and inserting ``with other Federal and State health care programs and services''; and (5) by adding at the end the following: ``(31) The plan shall provide assurances that the area agencies on aging in the State will facilitate the area-wide development and implementation of an area-wide system to address the care coordination needs of older individuals with multiple chronic illnesses, and work with acute care providers, service providers, and other Federal and State agencies to ensure that the system uses best practices and is evaluated on its provision of care coordination.''.

Summary: Care Coordination for Older Americans Act of 2012 - Amends the Older Americans Act of 1965 to make it a duty and function of the Administration on Aging (AOA) in the Department of Health and Human Services (HHS) to provide technical assistance to, and share best practices with, states, area agencies on aging, Aging and Disability Resource Centers, and service providers to carry out outreach and coordinate activities with health care entities in order to assure better care coordination for individuals with multiple chronic illnesses. Requires AOA also to coordinate activities with other federal agencies working to improve care coordination and developing new models and best practices. Requires the designated state agency to promote the development and implementation of a state system to: (1) address the care coordination needs of older individuals with multiple chronic illnesses; and (2) work with acute care providers, area agencies on aging, service providers, and federal agencies to ensure that the system uses best practices. Requires area and state plans to provide assurances that the area agencies on aging will facilitate the area-wide development and implementation of an area-wide system to address the care coordination needs of older individuals with multiple chronic illnesses.


SECTION 1. SHORT TITLE. This Act may be cited as the ``Bond Financing Renewal Act of 2003''. SEC. 2. MODIFICATIONS TO SMALL ISSUE BOND PROVISIONS. (a) Increase in Amount of Qualified Small Issue Bonds Permitted for Facilities To Be Used by Related Principal Users.-- (1) In general.--Clause (i) of section 144(a)(4)(A) of the Internal Revenue Code of 1986 (relating to $10,000,000 limit in certain cases) is amended by striking ``$10,000,000'' and inserting ``$20,000,000''. (2) Cost-of-living adjustment.--Section 144(a)(4) of such Code is amended by adding at the end the following: ``(G) Cost-of-living adjustment.--In the case of a taxable year beginning in a calendar year after 2003, the $20,000,000 amount under subparagraph (A) shall be increased by an amount equal to-- ``(i) such dollar amount, multiplied by ``(ii) the cost-of-living adjustment under section 1(f)(3) for the calendar year in which the taxable year begins, determined by substituting `calendar year 2002' for `calendar year 1992' in subparagraph (B) thereof.''. (3) Clerical amendment.--The heading of paragraph (4) of section 144(a) of such Code is amended by striking ``$10,000,000'' and inserting ``$20,000,000''. (4) Effective date.--The amendments made by this subsection shall apply to-- (A) obligations issued after the date of the enactment of this Act, and (B) capital expenditures made after such date with respect to obligations issued on or before such date. (b) Definition of Manufacturing Facility.-- (1) In general.--Section 144(a)(12)(C) of such Code (defining manufacturing facility) is amended to read as follows: ``(C) Manufacturing facility.--For the purposes of this paragraph, the term `manufacturing facility' means any facility-- ``(i) which is used in the manufacture of tangible personal property (including the processing resulting in a change in the condition of such property), ``(ii) which is used in the manufacture, development, or production of specifically developed software products or processes if-- ``(I) it takes more than 6 months to develop or produce such products, ``(II) the development or production could not with due diligence be reasonably expected to occur in less than 6 months, and ``(III) the software product or process comprises programs, routines, and attendant documentation developed and maintained for use in computer and telecommunications technology, or ``(iii) which is used in the manufacture, development, or production of specially developed biobased or bioenergy products or processes if-- ``(I) it takes more than 6 months to develop or produce, ``(II) the development or production could not with due diligence be reasonably expected to occur in less than 6 months, and ``(III) the biobased or bioenergy product or process comprises products, processes, programs, routines, and attendant documentation developed and maintained or the utilization of biological materials in commercial or industrial products, or renewable domestic agricultural or forestry materials in commercial or industrial products, or for the utilization of biomass materials. ``(D) Related facility.--For purposes of subparagraph (C), the term `manufacturing facility' includes facilities that are directly and functionally related to a manufacturing facility (determined without regard to this sentence) if-- ``(i) such facilities, including an office facility and a research and development facility, are located on the same site as the manufacturing facility, and ``(ii) not more than 40 percent of the net proceeds of the issue are used to provide such facilities, but shall not include a facility solely for research and development activities.''. (2) Effective date.--The amendment made by this subsection shall apply to obligations issued after the date of the enactment of this Act. SEC. 3. ACQUISITION INTEREST EXPENSES OF FINANCIAL INSTITUTIONS FOR SMALL ISSUE BONDS MADE DEDUCTIBLE. (a) In General.--Clause (ii) of section 265(b)(3)(B) of the Internal Revenue Code of 1986 (relating to certain bonds not treated as private activity bonds) is amended by striking ``or'' at the end of subclause (I), by striking the period at the end of subclause (II) and inserting ``, or'', and by inserting after subclause (II) the following new subclause: ``(III) any obligation which is a qualified small issue bond described in section 144(a)(12)(B) if such obligation is part of an issue the aggregate authorized face amount of which is less than $2,000,000.''. (b) Effective Date.--The amendment made by this section shall apply to obligations issued after the date of the enactment of this Act.

Summary: Bond Financing Renewal Act of 2003 - Amends the Internal Revenue Code regarding qualified small issue bonds to: (1) increase the cap and capital expenditure amounts from $10 million to $20 million, with an inflation adjustment beginning in 2004; and (2) expand the definition of "manufacturing facility" to include certain biotech and software production.


SECTION 1. SHORT TITLE. This Act may be cited as the ``Freedom and Human Rights for the Enclaved People of Cyprus Act''. SEC. 2. FINDINGS. The Congress finds the following: (1) The respect for fundamental freedom and human rights, especially in those countries that are allies of the United States, is a cornerstone of United States foreign policy. (2) Among the purposes of United States foreign assistance is to promote human rights. (3) United States foreign assistance should be utilized to end the imposition of restrictions on the freedoms and human rights of the enclaved people of Cyprus. (4) Among the restrictions of freedom and human rights to which the enclaved people of Cyprus are subjected are the following: (A) Restrictions on the freedom to worship, including restrictions on times and places for such worship. (B) Restrictions on communication with individuals living outside the area of the enclaved, including a requirement that an individual from among those in control be present during any such communication. (C) Prohibition on the possession of telephones in homes. (D) A requirement that an enclaved individual receive permission from an individual from among those in control before leaving the enclaved area. (E) Censorship of mail sent to and from the enclaved area. (F) A requirement that enclaved males aged 18 to 50 report once a week to those in control. (G) Restrictions on the provision of educational services, including-- (i) lack of replacement elementary school teachers and lack of educational facilities beyond elementary school; (ii) a requirement that an enclaved individual who chooses to leave home for education beyond elementary school may return home not more than three times a year; and (iii) a requirement that enclaved males 16 years of age or older and enclaved females 18 years of age or older who choose to leave home for education beyond elementary school may not return home at all. (H) Violation of property rights, including confiscation of property without compensation. (I) Lack of compensation for work performed. (J) Harassment, beating, rape, and murder without adequate protection or investigation. SEC. 3. UNITED STATES EFFORTS TO ALLEVIATE AND ELIMINATE THE RESTRICTIONS ON THE ENCLAVED PEOPLE IN CYPRUS. (a) In General.--The President shall take steps-- (1) to inform the United Nations, foreign governments, and the appropriate departments and agencies of the United States Government of the restrictions on the enclaved people of Cyprus, (2) to enlist the United Nations and foreign governments in efforts to end restrictions on the freedom and human rights of the enclaved people of Cyprus, and (3) to establish United States Government programs of assistance to the enclaved people of Cyprus, consistent with subsection (b), and to undertake efforts for the alleviation and elimination of restrictions on the enclaved. (b) Establishment of Assistance Programs.-- (1) In general.--The President-- (A) shall, to the extent practicable, use funds allocated for a fiscal year to the government or ethnic community participating directly or indirectly in imposition of restrictions on the freedom and human rights of the enclaved people of Cyprus to assist such people, or (B) in the absence of such funds, shall establish a foreign assistance program for the enclaved people of Cyprus. (2) Use of funds.--Assistance for the enclaved people of Cyprus under paragraph (1) shall include-- (A) programs to eliminate specific aspects of the restrictions of freedom and human rights on the enclaved people of Cyprus; and (B) programs to return ancestral homes and lands to the enclaved people, including United States citizens, who have been forcibly expelled, or those individuals who have fled the enclaved areas or other areas of Cyprus in fear of severe restrictions of freedom, human rights abuses, or violation of property rights. (c) Notification of Opposition to Restrictions of Freedom and Human Rights Abuses.--The President-- (1) shall notify in writing each fiscal year the head of government of any foreign country that is participating, directly or indirectly, in the restrictions on freedom and human rights of the enclaved people of Cyprus of the opposition by the United States to that government's participation in such restrictions; and (2) shall urge the head of such government to cease participation in such restrictions and to work to eliminate such restrictions. (d) Monitoring and Reporting Requirements.--The Secretary of State shall include a report on the enclaved people of Cyprus as part of the annual Department of State's Country Reports on Human Rights Practices. SEC. 4. UNITED NATIONS EFFORTS TO RESOLVE THE RESTRICTIONS ON THE ENCLAVED PEOPLE IN CYPRUS. The President shall direct the United States representative to the United Nations-- (1) to urge the United Nations High Commissioner for Refugees to address and solve the plight of those enclaved on Cyprus; and (2) to call upon the United Nations Human Rights Commissioner to investigate the plight of the enclaved on Cyprus and to implement appropriate and effective corrective action.

Summary: Freedom and Human Rights for the Enclaved People of Cyprus Act - Directs the President to establish U.S. efforts to: (1) inform the United Nations, foreign governments, and appropriate Federal departments and agencies of the freedom and human rights restrictions on the enclaved people of Cyprus; (2) enlist the United Nations and foreign governments in efforts to end such restrictions; (3) establish U.S. Government programs of assistance to the people of Cyprus and efforts for the elimination of the restrictions; and (4) use funds allocated to the government or ethnic community participating in the imposition of such restrictions on the promotion of freedom and human rights for the people of Cyprus, or in the absence of such funds, establish a foreign assistance program for them. Requires the President to direct the U.S. representative to the United Nations to: (1) urge the U.N. High Commissioner for Refugees to address and solve the plight of those enclaved on Cyprus; and (2) call upon the U.N. Human Rights Commissioner to investigate their plight and implement appropriate corrective action.