Input:
SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Public Land Management Participation
Act of 1997''.

SEC. 2. PURPOSE.

    The purpose of this Act is to ensure that the public and the
Congress have both the right and a reasonable opportunity to
participate in decisions that affect the use and management of all
public lands owned or controlled by the Government of the United
States.

SEC. 3. CLARIFICATION OF PUBLIC AND CONGRESSIONAL ROLE IN DECLARATION
              OF NATIONAL MONUMENTS.

    The Antiquities Act (16 U.S.C. 431a) is amended by adding the
following new section:
``Sec. 431b. Public and congressional roles in national monument
              declarations
    ``(a) The Secretaries of the Interior and Agriculture shall provide
an opportunity for public involvement and by regulation shall establish
procedures, including public hearings where appropriate, to give
Federal, State, and local governments and the public, adequate notice
and opportunity to comment upon and participate in the formulation of
plans relating to the declaration of national monuments upon the lands
owned or controlled by the Government of the United States pursuant to
the authority of the Antiquities Act (16 U.S.C. 431).
    ``(b) In addition, the Secretary of the Interior and Agriculture
shall, prior to any recommendations for declaration of an area--
            ``(1) ensure compliance with all applicable federal land
        management and environmental statutes, including the National
        Environmental Policy Act (40 U.S.C. 4321-4370d);
            ``(2) cause mineral surveys to be conducted by the
        Geological Survey to determine the mineral values, if any, that
        may be present in such areas;
            ``(3) identify all existing rights held on federal lands
        contained within such areas by type and acreage; and
            ``(4) identify all State lands contained within such areas.
    ``(c) After such reviews and mineral surveys, the Secretary of the
Interior or Agriculture shall report to the President his
recommendations as to what lands owned or controlled by the Government
of the United States warrant declaration as a national monument.
    ``(d) The President shall advise the President of the Senate and
the Speaker of the House of Representatives of his recommendations with
respect to declaration as national monuments of each such area,
together with a map thereof and a definition of its boundaries. Such
advice by the President shall be given within two years of the receipt
of each report from the Secretary. After the effective date of the
Public Land Management Participation Act, a recommendation of the
President for declaration of a national monument shall become effective
only if so provided by an Act of Congress.''.

SEC. 4. CLARIFICATION OF PUBLIC AND CONGRESSIONAL ROLES IN WORLD
              HERITAGE SITE LISTING.

    Section 401 of the National Historic Preservation Act Amendments of
1980 (16 U.S.C. 470a-1) is amended--
            (1) in subsection (a) in the first sentence, by--
                    (A) inserting ``(in this section referred to as the
                Convention)'' after ``1973''; and
                    (B) inserting ``and subject to subsections (b),
                (c), (d), (e), and (f)'' before the period at the end;
            (2) in subsection (b) in the first sentence, by inserting
        ``, subject to subsection (d),'' after ``shall''; and
            (3) adding at the end the following new subsections:
    ``(d) If the area proposed for designation is not wholly contained
within an existing unit of the National Park System, the Secretary of
the Interior and Agriculture:
            ``(1) Shall provide an opportunity for public involvement
        and by regulation shall establish procedures, including public
        hearings where appropriate, to give Federal, State, and local
        governments and the public, adequate notice and opportunity to
        comment upon and participate in the formulation of plans
        relating to the designation of any lands owned by the United
        States for inclusion on the World Heritage List pursuant to the
        Convention.
            ``(2) After such review, the Secretary of the Interior or
        Agriculture shall report to the President his recommendations
        as to what lands owned by the United States warrant inclusion
        on the World Heritage List pursuant to the Convention.
            ``(3) The President shall advise the President of the
        Senate and the Speaker of the House of Representatives of his
        recommendations with respect to the designation of any lands
        owned by the United States for inclusion on the World Heritage
        List pursuant to the Convention. Such advice by the President
        shall be given within two years of the receipt of each report
        from the Secretary. After the effective date of Public Land
        Participation Management Act, a recommendation of the
        Presisident for designation of any lands owned by the United
        States for inclusion on the World Heritage List shall become
        effective only if so provided by an Act of Congress.
    ``(e) The Secretary of the Interior or Agriculture shall object to
the inclusion of any property in the United States on the list of World
Heritage in Danger established under Article 11.4 of the Convention
unless--
            ``(1) the Secretary has submitted to the Speaker of the
        House and the President of the Senate a report describing the
        necessity for including that property on the list; and
            ``(2) the Secretary is specifically authorized to assent to
        the inclusion of the property on the list, by a joint
        resolution of the Congress enacted after the date that report
        is submitted.
    ``(f) The Secretary of the Interior and Agriculture shall submit an
annual report on each World Heritage Site within the United States to
the chairman and ranking minority member of the Committee on Resources
of the House of Representatives and the Committee on Energy and Natural
Resources of the Senate, that contains the following information for
each site:
            ``(1) An accounting of all money expended to manage the
        site.
            ``(2) A summary of Federal full-time-equivalent hours
        related to management of the site.
            ``(3) A list and explanation of all nongovernmental
        organizations contributing to the management of the site.
            ``(4) A summary and account of the disposition of
        complaints received by the Secretary related to management of
        the site.''.

SEC. 5. CLARIFICATION OF PUBLIC AND CONGRESSIONAL ROLES IN THE
              DESIGNATION OF UNITED NATIONS BIOSPHERE RESERVES.

    Title IV of the National Historic Preservation Act Amendments of
1980 (16 U.S.C. 470a-1 et seq.) is amended by adding at the end the
following new section:
    ``Sec. 403. (a) No Federal official may nominate any lands in the
United States for designation as a Biosphere Reserve under the Man and
Biosphere Program of the United Nations Educational, Scientific, and
Cultural Organization.
    ``(b) Any designation of an area in the United States as a
Biosphere Reserve under the Man and Biosphere Program of the United
Nations Educational, Scientific, and Cultural Organization shall not
have, and shall not be given, any force or effect, unless the Biosphere
Reserve is specifically authorized by an Act of Congress.
    ``(c) The Secretary of the Interior and Agriculture shall provide
an opportunity for public involvement and by regulation shall establish
procedures, including public hearings where appropriate, to give
Federal, State, and local governments and the public, adequate notice
and opportunity to comment upon and participate in the formulation of
plans relating to the designation of any lands owned by the United
States as a Biosphere Reserve under the Man and Biosphere Program of
the United Nations Educational, Scientific, and Cultural Organization.
    ``(d) After such review, the Secretary of the Interior or
Agriculture shall report to the President his recommendations as to
what lands owned by the United States warrant inclusion as a Biosphere
Reserve.
    ``(e) The President shall advise the President of the Senate and
the Speaker of the House of Representatives of his recommendations with
respect to the designation of any lands owned by the United States for
inclusion as a Biosphere Reserve. Such advice by the President shall be
given within two years of the receipt of each report from the
Secretary. After the effective date of the Public Land Participation
Management Act, a recommendation of the President for declaration of a
Biosphere Reserve shall become effective only if so provided by an Act
of Congress.
    ``(f) The Secretary of State shall submit an annual report on each
Biosphere Reserve within the United States to the Chairman and Ranking
Minority member of the Committee on Resources of the House of
Representatives and the Committee on Energy and Natural Resources of
the Senate, that contains the following information for each reserve:
            ``(1) An accounting of all money expended to manage the
        reserve.
            ``(2) A summary of Federal full time equivalent hours
        related to management of the reserve.
            ``(3) A list and explanation of all nongovernmental
        organizations contributing to the management of the reserve.
            ``(4) A summary and account of the disposition of the
        complaints received by the Secretary related to management of
        the reserve.''

Output:
Public Land Management Participation Act of 1997 - Amends the Antiquities Act to require the Secretaries of the Interior and Agriculture to provide an opportunity for public involvement and establish procedures to give the public and Federal, State, and local governments adequate notice and opportunity to comment upon and participate in the formulation of plans relating to the declaration of national monuments upon federally owned or controlled lands.  Requires the Secretaries, prior to making any recommendations for declaration of an area, to:  (1) ensure compliance with all applicable Federal land management and environmental statutes; (2) cause mineral surveys to be conducted by the Geological Survey to determine the mineral values that may be present in such areas; (3) identify all existing rights held on Federal lands contained within such areas; and (4) identify all State lands contained within such areas.
Requires: (1) either Secretary, after such reviews and mineral surveys, to report his or her recommendations as to what federally owned or controlled lands warrant declaration as a national monument to the President; and (2) the President to advise the President of the Senate and the Speaker of the House of Representatives of the President's recommendations, together with maps of the monuments and definitions of their boundaries.
(Sec. 4) Amends the National Historic Preservation Act Amendments of 1980 to provide that if an area is not wholly contained within an existing National Park System unit, the Secretaries shall provide an opportunity for public involvement and establish procedures to give the public and Federal, State, and local governments adequate notice and opportunity to comment upon and participate in the formulation of plans relating to the designation of any federally owned lands for inclusion on the World Heritage List pursuant to the Convention Concerning the Protection of the World Cultural and Natural Heritage.
Requires:  (1) either Secretary, after such review, to report his or her recommendations as to what federally owned lands warrant such inclusion to the President; and (2) the President to advise the President of the Senate and the Speaker of the House of the President's recommendations with respect to the designation of any federally owned lands for such inclusion.  Requires either Secretary to object to the inclusion of any property on the list unless the Secretary:  (1) has submitted to the Speaker and the President of the Senate a report describing the necessity for including that property on the list; and (2) is specifically authorized to assent to such inclusion by a joint resolution of the Congress enacted after the date that report is submitted.  Requires the Secretaries to report annually to specified congressional committees on each World Heritage Site within the United States.
(Sec. 5)  Prohibits:  (1) Federal officials from nominating any lands in the United States for designation as a Biosphere Reserve under the Man and Biosphere Program of the United Nations Educational, Scientific, and Cultural Organization; and (2) any designation of such a Reserve from having or being given any force or effect unless specifically authorized by an Act of Congress.
Requires the Secretaries to provide an opportunity for public involvement and establish procedures to give the public and Federal, State, and local governments adequate notice and opportunity to comment upon and participate in the formulation of plans relating to such designation.
Requires:  (1)  after such review, either Secretary to report his or her recommendations as to what federally owned lands warrant such inclusion to the President; and (2) the President to advise the President of the Senate and the Speaker of the House of his recommendations with respect to the designation of any federally owned lands for inclusion as a Biosphere Reserve.  Requires the Secretary of State to report annually to specified congressional committees on each Biosphere Reserve within the United States.
Provides that any recommendation of the President for declaration of land as a national monument, inclusion of land on the World Heritage List, or inclusion of land as a Biosphere Reserve shall become effective only if so provided by an Act of Congress.


Input:
SECTION 1. SHORT TITLE.

    This Act may be cited as the ``International and Foreign Language
Studies Act of 2004''.

SEC. 2. FINDINGS.

    Congress makes the following findings:
            (1) In recent years, foreign language needs have
        significantly increased throughout the Federal Government due
        to the presence of a wider range of security threats, the
        emergence of new nation states, and the globalization of the
        United States economy.
            (2) Likewise, American businesses increasingly need
        internationally and multiculturally experienced employees to
        compete in the global economy and to manage a culturally
        diverse workforce.
            (3) Currently, the Federal Government requires 34,000
        employees with foreign language skills across more than 70
        Federal agencies.
            (4) Federal agency officials have stated that, over the
        years, translator and interpreter shortfalls have adversely
        affected agency operations and hindered United States military,
        law enforcement, intelligence, counterterrorism, and diplomatic
        efforts.
            (5) In a 2002 General Accounting Office report, the United
        States Army reported that it was experiencing serious
        shortfalls of translators and interpreters in 5 of its 6
        critical languages: Arabic, Korean, Mandarin Chinese, Persian-
        Farsi, and Russian.
            (6) The number of Foreign Language and Area Studies
        Fellowships awarded in 2003 was 30 percent less than the number
        awarded at its high point in 1967.
            (7) In the 2000-2001 school year, the number of foreign
        language degrees conferred was 1 percent of the total
        undergraduate degrees conferred, less than .05 percent of the
        total masters degrees conferred, and 1 percent of the total
        doctoral degrees conferred.
            (8) In the 2003 National Survey of Student Engagement, only
        \2/5\ of undergraduates reported taking foreign language
        coursework, while only 1 in 5 reported having studied abroad.
            (9) Only 1 percent of all United States undergraduates
        studied abroad in the 2001-2002 school year.
            (10) In 2002, 79 percent of Americans agreed that students
        should have a study-abroad experience sometime during college.
            (11) More than 40 percent of Americans said they were more
        likely to favor an increase in State funding for foreign
        language education at their local college or university after
        September 11, 2001.

SEC. 3. REFERENCES.

    Except as otherwise expressly provided, wherever in this Act an
amendment or repeal is expressed in terms of an amendment to, or repeal
of, a section or other provision, the reference shall be considered to
be made to a section or other provision of the Higher Education Act of
1965 (20 U.S.C. 1001 et seq.).

SEC. 4. GRADUATE AND UNDERGRADUATE LANGUAGE AND AREA CENTERS AND
              PROGRAMS.

    Section 602 (20 U.S.C. 1122) is amended--
            (1) in subsection (a)(2)--
                    (A) in subparagraph (G), by striking ``and'' after
                the semicolon;
                    (B) in subparagraph (H), by striking the period and
                inserting ``; and''; and
                    (C) by adding at the end the following:
                    ``(I) support for instructors of the less commonly
                taught languages.'';
            (2) in subsection (b)--
                    (A) in the subsection heading, by inserting ``and
                Undergraduate'' after ``Graduate''; and
                    (B) by striking paragraph (2) and inserting the
                following:
            ``(2) Eligible student.--A student receiving a stipend
        described in paragraph (1) shall be engaged--
                    ``(A) in an instructional program with stated
                performance goals for functional foreign language use
                or in a program developing such performance goals, in
                combination with area studies, international studies,
                or the international aspects of a professional studies
                program; and
                    ``(B)(i) in the case of an undergraduate student,
                in the intermediate or advanced study of a less
                commonly taught language; or
                    ``(ii) in the case of a graduate student, in
                graduate study work in connection with a program
                described in subparagraph (A), including
                predissertation level study, preparation for
                dissertation research, dissertation research abroad, or
                dissertation writing.''; and
             (3) by striking subsection (d) and inserting the
        following:
    ``(d) Allowances.--
            ``(1) Graduate level recipients.--A stipend awarded to a
        graduate level recipient may include allowances for dependents
        and for travel for research and study in the United States and
        abroad.
            ``(2) Undergraduate level recipients.--A stipend awarded to
        an undergraduate level recipient may include an allowance for
        educational programs in the United States or abroad that--
                    ``(A) are closely linked to the overall goals of
                the recipient's course of study; and
                    ``(B) have the purpose of promoting foreign
                language fluency and cultural knowledge.''.

SEC. 5. USE OF FUNDS IN UNDERGRADUATE INTERNATIONAL STUDIES AND FOREIGN
              LANGUAGE PROGRAMS.

    Section 604 (20 U.S.C. 1124) is amended--
            (1) in subsection (a)--
                    (A) in paragraph (2)--
                            (i) by redesignating subparagraphs (I)
                        through (M) as subparagraphs (J) through (N),
                        respectively; and
                            (ii) by inserting after subparagraph (H)
                        the following:
                    ``(I) providing subgrants to undergraduate students
                for educational programs abroad that--
                            (i) are closely linked to the overall goals
                        of the program for which the grant is awarded;
                        and
                            (ii) have the purpose of promoting foreign
                        language fluency and cultural knowledge;''; and
                    (B) by adding at the end the following:
            ``(9) Limitation on undergraduate grants.--An institution
        of higher education, a combination of such institutions, or a
        partnership awarded a grant under this section shall use not
        more than 10 percent of the grant funds for the use described
        in paragraph (2)(I).''; and
            (2) by striking subsection (c).

SEC. 6. AUTHORIZED ACTIVITIES.

    Section 605(a) (20 U.S.C. 1125(a)) is amended--
            (1) in paragraph (8), by striking ``and'' after the
        semicolon;
            (2) in paragraph (9), by striking the period and inserting
        ``; and''; and
            (3) by adding at the end the following:
            ``(10) the systematic collection, analysis, and
        dissemination of data that contribute to achieving the purposes
        of this part.''.

SEC. 7. AUTHORIZATION OF APPROPRIATIONS.

    Section 610 (20 U.S.C. 1128b) is amended by striking ``$80,000,000
for fiscal year 1999'' and inserting ``$120,000,000 for fiscal year
2005''.

Output:
International and Foreign Language Studies Act of 2004 - Amends the Higher Education Act of 1965 (HEA) to revise provisions for international and foreign language studies (part A of title VI, international education).

Includes support for instructors of less commonly taught languages among activities of national language and area centers and programs.

Makes undergraduate students eligible for fellowships for foreign language and area or international studies (in addition to graduate students under current law).

Allows a portion of funds for undergraduate international studies and foreign language programs to be used for subgrants to undergraduate students for educational programs abroad that promote foreign language literacy and cultural knowledge and are closely linked to grant program goals.

Authorizes the Secretary of Education to support data collection, analysis, and dissemination that helps achieve part A purposes.

Extends and increases the authorization of appropriations for part A.


Input:
SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Long Island Sound Protection Act''.

SEC. 2. PROHIBITION ON DUMPING OF DREDGED MATERIAL.

    Section 106 of the Marine Protection, Research, and Sanctuaries Act
of 1972 (33 U.S.C. 1416) is amended by striking subsection (f) and
inserting the following:
    ``(f) Prohibition on Dumping of Dredged Material.--
            ``(1) Definitions.--In this subsection:
                    ``(A) Covered body of water.--The term `covered
                body of water' means--
                            ``(i) Long Island Sound;
                            ``(ii) Fisher's Island Sound;
                            ``(iii) Block Island Sound;
                            ``(iv) Peconic Bay; and
                            ``(v) any harbor or tributary of a body of
                        water described in any of clauses (i) through
                        (iv).
                    ``(B) Covered project.--The term `covered project'
                means--
                            ``(i) any Federal dredging project (or any
                        project conducted for a Federal agency pursuant
                        to Federal authorization);
                            ``(ii) a dredging project carried out by a
                        non-Federal entity that results in the
                        production of more than 25,000 cubic yards of
                        dredged material; and
                            ``(iii) any of 2 or more dredging projects
                        carried out by 1 or more non-Federal entities
                        in a covered body of water, simultaneously or
                        sequentially within a 180-day period, that
                        result, in the aggregate, in the production of
                        more than 25,000 cubic yards of dredged
                        material.
                    ``(C) Plan.--The term `plan' means the dredged
                material management plan required under paragraph (5).
            ``(2) Prohibition.--No dredged material from any covered
        project shall be dumped, or transported for the purpose of
        dumping, into any covered body of water unless and until the
        dredged material is determined by the Administrator--
                    ``(A) to have, or to cause (including through
                bioaccumulation), concentrations of chemical
                constituents that are not greater than those
                concentrations present in the water column, sediments,
                and biota of areas proximate to, but unaffected by, the
                proposed disposal site; and
                    ``(B) to meet all requirements under this title
                (including the trace contaminant provision under
                section 227.6 of title 40, Code of Federal Regulations
                (or a successor regulation), and requirements under
                other regulations promulgated under section 108).
            ``(3) Designation of sites.--No dredged material shall be
        dumped, or transported for the purpose of dumping, into any
        covered body of water except--
                    ``(A) at a site designated by the Administrator in
                accordance with section 102(c); and
                    ``(B) upon a determination by the Administrator,
                following approval of the plan required under paragraph
                (5)(F), that no feasible alternative to ocean disposal,
                including sediment remediation, beneficial reuse, and
                land-based alternatives, is available prior to the time
                of designation.
            ``(4) Relationship to other law.--
                    ``(A) In general.--Except as provided in
                subparagraph (B), this title applies to each covered
                body of water.
                    ``(B) Exception.--No waiver under section 103(d)
                shall be available for the dumping of dredged material
                in any covered body of water.
            ``(5) Dredged material management plan.--
                    ``(A) In general.--Before designation of any
                dredged material disposal site in a covered body of
                water, the Secretary and the Administrator, in
                consultation with the United States Fish and Wildlife
                Service, the National Marine Fisheries Service, the
                Coast Guard, and the States of Connecticut and New
                York, shall--
                            ``(i) develop a dredged material management
                        plan for the management of all dredged sediment
                        in the covered bodies of water; and
                            ``(ii) submit the plan to Congress and the
                        Governors of the States of Connecticut and New
                        York.
                    ``(B) Objectives.--The objectives of the plan shall
                be--
                            ``(i) to identify sources, quantities, and
                        the extent of contamination of dredged material
                        that requires disposal;
                            ``(ii) to determine management actions that
                        are to be taken to reduce sediment and
                        contaminant loading of dredged areas;
                            ``(iii) to thoroughly assess alternative
                        locations, treatment technologies, and
                        beneficial uses for dredged material;
                            ``(iv) to ensure that dumping is the
                        disposal option of last resort for dredged
                        material and is used only after all other
                        options have been exhausted;
                            ``(v) to secure--
                                    ``(I) alternative methods of
                                disposal of dredged materials,
                                including decontamination technologies;
                                and
                                    ``(II) alternative uses of
                                materials, including upland disposal,
                                containment, beach nourishment, marsh
                                restoration, habitat construction, and
                                other beneficial reuses; and
                            ``(vi) to confirm the specific roles of
                        Federal, State, and local agencies with respect
                        to various aspects of dredged material
                        management.
                    ``(C) Requirements.--The plan shall include
                environmental, economic, and other analysis required to
                meet the objectives listed in subparagraph (B),
                including--
                            ``(i) an analysis of strategies to reduce
                        sediment loading of harbors and navigation
                        areas;
                            ``(ii) an analysis of sources of sediment
                        contamination, including recommendations for
                        management measures to limit or reduce those
                        contamination sources;
                            ``(iii) an analysis of options for reducing
                        dredging needs through modification of
                        navigation strategies;
                            ``(iv) an analysis of decontamination
                        technologies, including subsequent alternative
                        uses of decontaminated materials (such as
                        upland disposal, containment, beach
                        nourishment, marsh restoration, and habitat
                        construction); and
                            ``(v) a program for use of alternative
                        methods of disposal and use of dredged
                        material, including alternatives to dumping or
                        dispersal in a covered body of water.
                    ``(D) Public input.--The Secretary and the
                Administrator shall--
                            ``(i) during the development of the plan,
                        hold in the States of Connecticut and New York
                        a series of public hearings on the plan; and
                            ``(ii) append to the plan a summary of the
                        public comments received.
                    ``(E) Support.--Each of the Federal agencies
                referred to in subparagraph (A) shall provide such
                staff support and other resources as are necessary to
                carry out this paragraph.
                    ``(F) Approval by connecticut and new york.--
                            ``(i) In general.--Not later than 60 days
                        after the date of receipt of the plan, the
                        Governors of the States of Connecticut and New
                        York shall notify the Secretary and the
                        Administrator of whether the States approve or
                        disapprove the plan.
                            ``(ii) Dumping of dredged material.--No
                        dredged material from a covered project may be
                        dumped, or transported for the purpose of
                        dumping, in any covered body of water unless
                        the dredged material--
                                    ``(I) conforms to a plan that has
                                been approved by the Governors of the
                                States of Connecticut and New York; and
                                    ``(II) is to be dumped in a dredged
                                material disposal site designated by
                                the Administrator under this title.
                            ``(iii) Finality.--No dredged material
                        disposal plan shall become final until the plan
                        has been approved by the States of Connecticut
                        and New York under clause (i).
                            ``(iv) Previously designated sites.--No
                        dredged material disposal site in any covered
                        body of water that was designated before the
                        date of enactment of this clause shall be used
                        for dumping of dredged material from a covered
                        project until the plan has been approved by the
                        States of Connecticut and New York under clause
                        (i).
                    ``(G) Authorization of appropriations.--There is
                authorized to be appropriated to carry out this
                paragraph $5,000,000 for each of fiscal years 2005 and
                2006.''.

Output:
Long Island Sound Protection Act - Amends the Marine Protection, Research, and Sanctuaries Act of 1972 to revise requirements for the dumping of dredged material in Long Island Sound.

Prohibits dredged material from any Federal or non-Federal dredging project from being dumped, or transported for the purpose of being dumped, into Long Island Sound, Fisher's Island Sound, Block Island Sound, or Peconic Bay (including any harbor or tributary of such bodies of water) until the dredged material is determined by the Administrator of the Environmental Protection Agency (EPA) to: (1) have, or to cause, concentrations of chemical constituents that are not greater than those concentrations present in the water column, sediments, and biota of areas proximate to, but unaffected by, the proposed disposal site; and (2) meet certain Federal dumping requirements.

Prohibits dumping or transportation for dumping into any covered body of water, except at a site designated by the Administrator, and upon a determination that no feasible alternative to ocean disposal (including sediment remediation, beneficial reuse, and land-based alternatives) is available prior to the time of designation.

Requires the Secretary of the Army and the Administrator, before designation of a dredged material disposal site in a covered body of water, to develop a dredged material management plan and to submit it to Congress and to the Governors of the States of Connecticut and New York for their approval.


Input:
SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Lending Enhancement Through
Necessary Due Process Act''.

SEC. 2. FINDINGS.

    The Congress hereby finds the following:
            (1) Excessive and groundless litigation against innocent
        directors and officers of failed financial institutions is
        adversely affecting the national economy by creating an
        environment where bankers are reluctant to make loans.
            (2) The efforts by Federal banking regulators to impose
        liability on bank officials for good faith business decisions
        is impeding our banking system by making it difficult for
        financial institutions to attract officers and directors.
            (3) Since 1989, Federal regulators have used enhanced
        powers to pursue not only culpable individuals but also
        countless innocent people who are targeted because of their
        financial condition.
            (4) Tactics used by regulators to induce settlements
        include the threat of attachment of assets and the use of
        taxpayer-funded outside fee counsel to file lawsuits, the costs
        of which often bankrupt individuals trying to clear their
        names.
            (5) Reform of the banking laws are needed to curtail
        regulatory abuse and to ensure that directors and officers have
        due process protections and the ability to make good faith
        lending decisions.

SEC. 3. FACTORS AND STANDARDS FOR CERTAIN ENFORCEMENT PROCEEDINGS.

    Section 8(i) of the Federal Deposit Insurance Act (12 U.S.C. 1818)
is amended by adding at the end the following new paragraphs:
            ``(5) Affirmative defenses applicable with respect to
        certain administrative and judicial proceedings.--In the
        determination of whether any director, officer, or institution-
        affiliated party of an insured depository institution has
        committed any violation or breach of duty for purposes of this
        section or section 11(k), the following affirmative defenses
        shall be available to the director, officer, or institution-
        affiliated party in any civil action against the director,
        officer, or party before a Federal banking agency or a court of
        jurisdiction:
                    ``(A) Business judgment.--A director, officer, or
                institution-affiliated party of an insured depository
                institution shall not be deemed to have committed any
                violation or breach of duty in the making of any
                business judgment (without regard to whether such
                business judgment is later determined to have been in
                error), if--
                            ``(i) in a case in which the director,
                        officer, or institution-affiliated party had an
                        interest in the subject of the business
                        judgment, the director, officer, or party--
                                    ``(I) disclosed that interest at or
                                before the time the business judgment
                                was made; or
                                    ``(II) abstained from any vote
                                taken in connection with such business
                                judgment or from otherwise
                                participating in making the business
                                judgment;
                            ``(ii) at or before the time the business
                        judgment was made, the director, officer, or
                        institution-affiliated party made such inquiry
                        about the subject of the business judgment as a
                        reasonably prudent person would have made under
                        the circumstances;
                            ``(iii) after being put on reasonable
                        notice of a need to act, the director, officer,
                        or institution-affiliated party took such
                        actions as a reasonably prudent person would
                        have taken under the circumstances; and
                            ``(iv) the director, officer, or
                        institution-affiliated party acted in good
                        faith.
                    ``(B) Regulatory approval.--A director, officer, or
                institution-affiliated party of an insured depository
                institution shall not be deemed to have committed any
                violation or breach of duty if any examiner or other
                representative of an appropriate Federal banking agency
                or State bank supervisor, upon full and accurate
                disclosure of the relevant facts, approved the good
                faith practice, action, or omission which is alleged to
                be the violation or breach, whether or not such
                approval was communicated to the director, officer, or
                institution-affiliated party or any other person at
                such institution.
                    ``(C) Unforeseeable economic conditions.--A
                director, officer, or institution-affiliated party of
                an insured depository institution shall not be deemed
                to have committed any violation or breach of duty if--
                            ``(i) unforeseeable economic conditions,
                        which develop after the occurrence of the
                        practice, action, or omission which is alleged
                        to be a violation or breach, were the proximate
                        cause of any loss experienced by the
                        institution; and
                            ``(ii) the director, officer, or
                        institution-affiliated party acted in good
                        faith.
            ``(6) Minimum standard for order of production of personal
        financial information.--
                    ``(A) In general.--Except as provided in
                subparagraph (B), a Federal banking agency, including
                the Resolution Trust Corporation in such corporation's
                capacity as conservator or receiver of an insured
                depository institution, may not seek to obtain,
                directly or indirectly, and no court (with respect to
                any request from any such agency or corporation) may
                order the production of, the personal financial records
                of any person for the agency unless the head of the
                agency or corporation (or the designee of the head of
                the agency or corporation), submits a written finding
                which is disclosed to such person and certified to an
                appropriate court of jurisdiction, and the court
                through a de novo finding determines, that the agency
                has reasonable cause to believe that--
                            ``(i) the person whose records are being
                        sought has committed a violation for which a
                        civil penalty may be imposed under paragraph
                        (2) or has breached a duty owed to an insured
                        depository institution; and
                            ``(ii) the person's financial condition is
                        undergoing or is likely, within 6 months of the
                        date of the request for the production of
                        financial records, to undergo a material
                        change.
                    ``(B) Exception.--Subparagraph (A) shall not apply
                with respect to a request for the production of
                financial records by an appropriate Federal banking
                agency of any person--
                            ``(i) in connection with an investigation
                        of the person by the agency pursuant to section
                        7(j); or
                            ``(ii) after an administrative or judicial
                        determination, on a record after opportunity
                        for agency hearing, that the person has
                        committed a violation for which a civil penalty
                        may be assessed under paragraph (2).''.

SEC. 4. DUE PROCESS PROTECTIONS RELATING TO ATTACHMENT OF ASSETS.

    Section 8 of the Federal Deposit Insurance Act (12 U.S.C. 1818) is
amended--
            (1) by striking subsection (i)(4)(B) and inserting the
        following new subparagraph:
                    ``(B) Standard.--
                            ``(i) Showing.--Rule 65 of the Federal
                        Rules of Civil Procedure shall apply with
                        respect to any proceeding under subparagraph
                        (A).
                            ``(ii) State proceeding.--If, in the case
                        of any proceeding in a State court, the court
                        determines that rules of civil procedure
                        available under the laws of such State provide
                        substantially similar protections to such
                        party's right to due process as Rule 65 of the
                        Federal Rules of Civil Procedure, the relief
                        sought under subparagraph (A) may be requested
                        under the laws of such State.''; and
            (2) in subsection (b), by adding at the end the following
        new paragraph:
            ``(10) Standard for certain orders.--No authority under
        this subsection or subsection (c) to prohibit any institution-
        affiliated party from withdrawing, transferring, removing,
        dissipating, or disposing of any funds, assets, or other
        property may be exercised unless the agency meets the standards
        of Rule 65 of the Federal Rules of Civil Procedure.''.

SEC. 5. DIRECTOR AND OFFICER LIABILITY.

    Section 11(k) of the Federal Deposit Insurance Act (12 U.S.C.
1821(k)) is amended by adding at the end the following new sentence:
``Notwithstanding the preceding sentence, a civil action for monetary
damages for losses due to a disregard of a duty of care may not be
brought against any director or officer of any insured depository
institution by the Corporation in any capacity described in clause (1),
(2), or (3) of the 1st sentence of this subsection under any provision
of State law, unless the standard of disregard required to be
demonstrated under such provision of law is as great or greater than
the standard described in the 1st sentence.''.

Output:
Lending Enhancement Through Necessary Due Process Act - Amends the Federal Deposit Insurance Act to make the following affirmative defenses available to a director, officer, or institution-affiliated party of an insured depository institution facing a civil action before a Federal banking agency or a court of jurisdiction:  (1) business judgment; (2) regulatory approval; and (3) unforeseeable economic conditions.
Sets forth a minimum standard for the order of production of personal financial information by a regulatory agency or court.
Declares the Federal Rules of Civil Procedure relating to prejudgment attachment of assets applicable to Federal banking regulatory agencies.
Prohibits the Federal Deposit Insurance Corporation from bringing a civil action under State law against an officer or director of an insured depository institution for monetary damages for losses due to a disregard of a duty of care unless the State standard for such duty is as great or greater than the Federal standard.


Input:
SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Rural Health Care Protection Act of
1997''.

SEC. 2. CLASSIFICATION AS RURAL REFERRAL CENTERS.

    (a) Prohibiting Denial of Request for Reclassification on Basis of
Comparability of Wages.--
            (1) In general.--Section 1886(d)(10)(D) of the Social
        Security Act (42 U.S.C. 1395ww(d)(10)(D)) is amended--
                    (A) by redesignating clause (iii) as clause (iv);
                and
                    (B) by inserting after clause (ii) the following
                new clause:
    ``(iii) Under the guidelines published by the Secretary under
clause (i), in the case of a hospital which has ever been classified by
the Secretary as a rural referral center under paragraph (5)(C), the
Board may not reject the application of the hospital under this
paragraph on the basis of any comparison between the average hourly
wage of the hospital and the average hourly wage of hospitals in the
area in which it is located.''.
            (2) Effective date.--Notwithstanding section
        1886(d)(10)(C)(ii) of the Social Security Act, a hospital may
        submit an application to the Medicare Geographic Classification
        Review Board during the 60-day period beginning on the date of
        the enactment of this Act requesting a change in its
        classification for purposes of determining the area wage index
        applicable to the hospital under section 1886(d)(3)(D) of such
        Act for fiscal year 1998 if the hospital would be eligible for
        such a change in its classification under the standards
        described in section 1886(d)(10)(D) (as amended by paragraph
        (1)) but for its failure to meet the deadline for applications
        under section 1886(d)(10)(C)(ii).
            (3) Reference to budget neutrality provision.--For a
        requirement that the Secretary of Health and Human Services
        make a proportional adjustment in the Medicare standardized
        payment amounts for inpatient hospital services to assure that
        geographic reclassifications of hospitals resulting from this
        subsection do not result in an increase in aggregate payments
        under section 1886 of the Social Security Act, see subsection
        (d)(8)(D) of such section.
    (b) Continuing Treatment of Previously Designated Centers.--
            (1) In general.--Any hospital classified as a rural
        referral center by the Secretary of Health and Human Services
        under section 1886(d)(5)(C) of the Social Security Act for
        fiscal year 1991 shall be classified as such a rural referral
        center for fiscal year 1998 and each subsequent fiscal year.
            (2) Budget neutrality.--The provisions of section
        1886(d)(8)(D) of the Social Security Act shall apply to
        reclassifications made pursuant to paragraph (1) in the same
        manner as such provisions apply to a reclassification under
        section 1886(d)(10) of such Act.

SEC. 3. HOSPITAL GEOGRAPHIC RECLASSIFICATION PERMITTED FOR PURPOSES OF
              DISPROPORTIONATE SHARE PAYMENT ADJUSTMENTS.

    (a) In General.--Section 1886(d)(10)(C)(i) of the Social Security
Act (42 U.S.C. 1395ww(d)(10)(C)(i)) is amended--
            (1) by striking ``or'' at the end of subclause (I);
            (2) by striking the period at the end of subclause (II) and
        inserting ``, or'';
            (3) by inserting after subclause (II) the following:
            ``(III) eligibility for and amount of additional payment
        amounts under paragraph (5)(F).''; and
            (4) by adding at the end the following:
``Any application approved for purposes of subclause (I) for a fiscal
year is deemed to be approved for purposes of subclause (III) for that
fiscal year.''.
    (b) Effective Date.--Notwithstanding section 1886(d)(10)(C)(ii) of
the Social Security Act, a hospital may submit an application to the
Medicare Geographic Classification Review Board during the 60-day
period beginning on the date of the enactment of this Act requesting a
change in its classification for purposes of determining the
disproportionate share hospital payment applicable to the hospital
under section 1886(d)(5)(F) of such Act for fiscal year 1998 if the
hospital would be eligible for such a change in its classification
under the guidelines described in subsection (c) of this section but
for its failure to meet the deadline for applications under section
1886(d)(10(C)(ii).
    (c) Applicable Guidelines.--Such Board shall apply the guidelines
established for reclassification under subclause (I) of section
1886(d)(10)(C)(i) of such Act to reclassification under subclause (III)
of such section until the Secretary of Health and Human Services
promulgates separate guidelines for reclassification under such
subclause (III).
    (d) Reference to Budget Neutrality Provision.--For a requirement
that the Secretary of Health and Human Services make a proportional
adjustment in the medicare standardized payment amounts for inpatient
hospital services to assure that geographic reclassifications of
hospitals resulting from this section do not result in an increase in
aggregate payments under section 1886 of the Social Security Act, see
subsection (d)(8)(D) of such section.

SEC. 4. PERMITTING REBASING OF PAYMENT FOR SOLE COMMUNITY HOSPITALS
              USING FISCAL YEARS 1994 AND 1995 COSTS.

    Section 1886(b)(3) of the Social Security Act (42 U.S.C.
1395ww(b)(3)) is amended--
            (1) in subparagraph (C), by inserting ``subject to
        subparagraph (F),'' after ``subsection (d)(5)(D)(iii)),''; and
            (2) by adding at the end the following new subparagraph:
    ``(F) In applying subparagraph (C) with respect to discharges
occurring in fiscal year 1998 and each subsequent fiscal year, in no
case shall the target amount for a hospital for fiscal year 1998 be
less than the average of--
            ``(i) the allowable operating costs of inpatient hospital
        services recognized under this title for the hospital's 12-
        month cost reporting period (if any) beginning during fiscal
        year 1994 increased (in a compounded manner) by the applicable
        percentage increase under subparagraph (B)(iv) for each of
        fiscal years 1995, 1996, 1997, and 1998, and
            ``(ii) the allowable operating costs of inpatient hospital
        services recognized under this title for the hospital's 12-
        month cost reporting period (if any) beginning during fiscal
        year 1995 increased (in a compounded manner) by the applicable
        percentage increase under subparagraph (B)(iv) for each of
        fiscal years 1996, 1997, and 1998.''.

Output:
Rural Health Care Protection Act of 1997 - Amends title XVIII (Medicare) of the Social Security Act, with respect to a hospital which has ever been classified as a rural referral center, to prohibit denial of a request for its reclassification on the basis of any comparison between its average hourly wage and the average hourly wages of hospitals in the area in which it is located.  Declares that any hospital classified as a rural referral center by the Secretary of Health and Human Services for FY 1991 shall be so classified for FY 1998 and each subsequent fiscal year.
Permits hospital geographic reclassification for purposes of disproportionate share payment adjustments.  Permits rebasing of Medicare payment for sole community hospitals using FY 1994 and 1995 costs.


Input:
SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Balanced Trade Restoration Act of
2006''.

SEC. 2. FINDINGS.

    Congress makes the following findings:
            (1) Since the 1990s, the United States has experienced
        record trade deficits that has made the United States the
        largest debtor country in the world.
            (2) In 2005, the merchandise trade deficit of the United
        States was a record $767,000,000,000, and in 2006, the
        merchandise trade deficit of the United States is projected to
        surpass the record set in 2005.
            (3) The surging trade deficits could soon create a balance
        of payments crisis for the United States, which could wreak
        havoc with the economy of the United States.
            (4) Article XII of the General Agreement on Tariff and
        Trade (GATT 1994), annexed to the Agreement Establishing the
        World Trade Organization entered into on April 15, 1994,
        permits any member country to restrict the quantity or value of
        imports in order to safeguard the external financial position
        and the balance of payments of the member country.
            (5) In accordance with Article XII of the GATT 1994, the
        United States should take steps to restore balance to its
        merchandise trade, and safeguard its external financial
        position and its balance of payments.
            (6) The imposition of import restrictions should be phased
        in to allow the economy of the United States to absorb the
        impact of import restrictions with minimal disruption.

SEC. 3. DEFINITIONS.

    In this Act:
            (1) Balanced trade certificate; certificate.--The terms
        ``Balanced Trade Certificate'' and ``Certificate'' mean a
        certificate issued pursuant to section 4 that provides the
        holder of the certificate with a license to import into the
        United States a good with an appraised value that is equal to
        or less than the face value of the certificate.
            (2) Department.--The term ``Department'' means the
        Department of Commerce.
            (3) Oil or gas.--The term ``oil or gas'' means any good
        classifiable under--
                    (A) heading 2709 of the Harmonized Tariff Schedule
                of the United States (relating to petroleum oils and
                oils obtained from bituminous minerals, crude);
                    (B) heading 2710 of the Harmonized Tariff Schedule
                of the United States (relating to petroleum oils and
                oils obtained from bituminous minerals, other than
                crude); and
                    (C) heading 2711 of the Harmonized Tariff Schedule
                of the United States (relating to light oils and
                preparations).
            (4) Program.--The term ``Program'' means the Balanced Trade
        Certificate Program established under section 4.
            (5) Secretary.--The term ``Secretary'' means the Secretary
        of Commerce.

SEC. 4. ESTABLISHMENT OF BALANCED TRADE PROGRAM.

    (a) In General.--Not later than 180 days after the date of the
enactment of this Act, the Secretary shall, in cooperation with the
Secretary of Homeland Security, establish a Balanced Trade Certificate
Program within the International Trade Administration of the
Department. The purpose of the Program is to create gradually balance
between the dollar value of goods imported into the United States and
goods exported from the United States.
    (b) Regulatory Authority.--The Secretary, in cooperation with the
Secretary of Homeland Security, shall promulgate regulations in
accordance with section 5 that provide for--
            (1) issuing Certificates to exporters;
            (2) collecting Certificates from importers;
            (3) valuing the Certificates issued and collected; and
            (4) trading Certificates.

SEC. 5. OPERATION OF THE PROGRAM.

    (a) Exporters.--
            (1) Issuance of certificates.--The Program established
        under section 4 shall provide for the issuance of a Certificate
        to any person who exports a good from the United States with a
        face value equivalent to a multiple of the appraised value of
        the good determined pursuant to paragraph (2).
            (2) Value of balanced trade certificates.--
                    (A) Determination of value.--The Secretary shall
                establish a system for the valuation of Certificates.
                To the extent practicable, the value of a Certificate
                shall be based upon the appraised value declared on the
                shipper's export declaration (SED), in accordance with
                subparagraph (B);
                    (B) System of valuation.--The value of a
                Certificate shall be determined in accordance with the
                following table:

If a Certificate is issued:                        The face value of the Certificate is an amount equal to:
  During the first year the Program is in          140% of the appraised value of the good exported.
   operation
  During the second year the Program is in         130% of the appraised value of the good exported.
   operation
  During the third year the Program is in          120% of the appraised value of the good exported.
   operation
  During the fourth year the Program is in         110% of the appraised value of the good exported.
   operation
  After the fourth year the Program is in          100% of the appraised value of the good exported
   operation

    (b) Importers.--
            (1) Submission requirement.--Except as described in
        paragraph (5), any person who imports a good into the United
        States shall submit to the Secretary of Homeland Security, not
        later than 90 days after the date on which the good enters the
        United States, a Certificate with an aggregate face value equal
        to or greater than the appraised value of the good imported
        pursuant to paragraph (2).
            (2) Valuation of imported goods.--The Secretary shall
        establish a method for the valuation of goods imported into the
        United States. The method may include the use of the declared
        dollar value of the goods on the Entry Summary (United States
        Customs and Border Protection Form 7501).
            (3) Collection of certificates.--The Secretary shall
        establish a system for the collection of Certificates submitted
        by importers to the Secretary of Homeland Security.
            (4) Penalty for failure to supply certificates.--If a
        person imports a good into the United States and fails to
        submit a Certificate with an aggregate face value equal to, or
        greater than, the value of the good imported as required by
        paragraph (1), the Secretary of Homeland Security shall--
                    (A) suspend the person from importing any good
                until such time as a Certificate required by paragraph
                (1) is submitted; and
                    (B) impose a penalty equal to 3 times the appraised
                value of the good imported.
            (5) Exception for oil or gas.--
                    (A) Adjustment period.--During the period that
                begins on the date of the enactment of this Act and
                ends 5 years after such date, paragraph (1) shall not
                apply to a person who imports oil or gas into the
                United States.
                    (B) Gradual valuation.--At the end of the period
                described in subparagraph (A), any person who imports
                oil or gas into the United States shall submit to the
                Secretary of Homeland Security, not later than 90 days
                after the date on which the oil or gas enters the
                United States, a Certificate with an aggregate face
                value equal to, or greater than, the appraised value of
                the oil or gas imported pursuant to paragraph (2),
                adjusted in accordance with the following table:

If the oil or gas is imported:                     The aggregate face value of the Certificate required to
                                                    import the oil or gas is:
  During the sixth year the Program is in          60% of the appraised value of the oil or gas imported.
   operation
  During the seventh year the Program is in        70% of the appraised value of the oil or gas imported.
   operation
  During the eighth year the Program is in         80% of the appraised value of the oil or gas imported.
   operation
  During the ninth year the Program is in          90% of the appraised value of the oil or gas imported.
   operation
  After the ninth year the Program is in           100% of the appraised value of the oil or gas imported.
   operation

    (c) Management of Certificates.--
            (1) Certificates removed from circulation.--Upon the
        receipt of a Certificate from a person importing a good, the
        Secretary of Homeland Security, in cooperation with the
        Secretary, shall permanently remove the Certificate from
        circulation.
            (2) Transferability and limitation on validity of
        certificates.--A Certificate issued pursuant to this Act shall
        be--
                    (A) fully transferable; and
                    (B) valid for 365 days from the date the
                Certificate is issued.

Output: Balanced Trade Restoration Act of 2006 - Directs the Secretary of Commerce to establish a Balanced Trade Certificate Program within the International Trade Administration of the Department of Commerce. Provides under such Program for the issuance of certificates to measure and control U.S. imports and exports to achieve a balance in the foreign trade of the United States. Exempts importers of oil or gas during the first five years of the program.


Input:
SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Individual Investment Account Act of
1999''.

SEC. 2. ESTABLISHMENT OF INDIVIDUAL INVESTMENT ACCOUNTS.

    (a) In General.--Part VII of subchapter B of chapter 1 of the
Internal Revenue Code of 1986 (relating to additional itemized
deductions for individuals) is amended by redesignating section 222 as
section 223 and by inserting after section 221 the following new
section:

``SEC. 222. INDIVIDUAL INVESTMENT ACCOUNTS.

    ``(a) Deduction Allowed.--In the case of an individual, there shall
be allowed as a deduction an amount equal to the aggregate amount paid
in cash for the taxable year by such individual to an individual
investment account established for the benefit of such individual.
    ``(b) Definitions and Special Rules.--For purposes of this
section--
            ``(1) Individual investment account.--The term `individual
        investment account' means a trust created or organized in the
        United States for the exclusive benefit of an individual, but
        only if the written governing instrument creating the trust
        meets the following requirements:
                    ``(A) No contribution will be accepted unless it is
                in cash.
                    ``(B) The trustee is a bank (as defined in section
                408(n)) or another person who demonstrates to the
                satisfaction of the Secretary that the manner in which
                that person will administer the trust will be
                consistent with the requirements of this section.
                    ``(C) No part of the trust assets will be invested
                in any collectible (as defined in section 408(m)).
                    ``(D) The assets of the trust will not be
                commingled with other property except in a common trust
                fund or common investment fund.
            ``(2) Time when contributions deemed made.--A taxpayer
        shall be deemed to have made a contribution on the last day of
        a taxable year if the contribution is made on account of such
        taxable year and is made not later than the time prescribed by
        law for filing the return for such taxable year (not including
        extensions thereof).
    ``(c) Tax Treatment of Distributions.--
            ``(1) In general.--Except as otherwise provided in this
        subsection, any amount distributed out of an individual
        investment account shall be included in gross income by the
        distributee unless such amount is part of a qualified 1st-time
        homebuyer distribution.
            ``(2) Qualified 1st-time homebuyer distribution.--For
        purposes of this subsection--
                    ``(A) In general.--The term `qualified 1st-time
                homebuyer distribution' means any payment or
distribution received by a 1st-time homebuyer from an individual
investment account to the extent such payment or distribution is used
by the individual within 60 days to pay qualified acquisition costs
with respect to a principal residence for such individual.
                    ``(B) Dollar limitation.--The aggregate amount
                which may be treated as qualified 1st-time homebuyer
                distributions for all taxable years shall not exceed
                $15,000.
                    ``(C) Basis reduction.--The basis of any principal
                residence described in subparagraph (A) shall be
                reduced by the amount of any qualified 1st-time
                homebuyer distribution.
                    ``(D) Definitions.--For purposes of this
                paragraph--
                            ``(i) Qualified acquisition costs.--The
                        term `qualified acquisition costs' means the
                        costs of acquiring, constructing, or
                        reconstructing a residence. Such term includes
                        any usual or reasonable settlement, financing,
                        or other closing costs.
                            ``(ii) 1st-time homebuyer.--The term `1st-
                        time homebuyer' means any individual if such
                        individual had no present ownership interest in
                        a principal residence during the 3-year period
                        ending on the date of acquisition of the
                        principal residence to which this paragraph
                        applies.
                            ``(iii) Principal residence.--The term
                        `principal residence' has the same meaning as
                        when used in section 1034.
            ``(3) Transfer of account incident to divorce.--The
        transfer of an individual's interest in an individual
        investment account to his former spouse under a divorce decree
        or under a written instrument incident to a divorce shall not
        be considered a taxable transfer made by such individual
        notwithstanding any other provision of this subtitle, and such
        interest at the time of the transfer shall be treated as an
        individual investment account of such spouse and not of such
        individual. Thereafter such account shall be treated, for
        purposes of this subtitle, as maintained for the benefit of
        such spouse.
    ``(d) Tax Treatment of Accounts.--
            ``(1) Exemption from tax.--An individual investment account
        shall be exempt from taxation under this subtitle unless such
        account has ceased to be such an account by reason of paragraph
        (2). Notwithstanding the preceding sentence, any such account
        shall be subject to the taxes imposed by section 511 (relating
        to imposition of tax on unrelated business income of
        charitable, etc. organizations).
            ``(2) Loss of exemption of account where individual engages
        in prohibited transaction.--
                    ``(A) In general.--If, during any taxable year of
                the individual for whose benefit the individual
                investment account is established, that individual
                engages in any transaction prohibited by section 4975
                with respect to the account, the account shall cease to
                be an individual investment account as of the first day
                of that taxable year.
                    ``(B) Account treated as distributing all its
                assets.--In any case in which any account ceases to be
                an individual investment account by reason of
                subparagraph (A) on the first day of any taxable year,
                paragraph (1) of subsection (c) shall be applied as if
                there were a distribution on such first day in an
                amount equal to the fair market value (on such first
                day) of all assets in the account (on such first day).
            ``(3) Effect of pledging account as security.--If, during
        any taxable year, an individual for whose benefit an individual
        investment account is established uses the account or any
        portion thereof as security for a loan, the portion so used
        shall be treated as distributed to that individual.
            ``(4) Rollover contributions.--Paragraph (1) shall not
        apply to any amount paid or distributed out of an individual
        investment account to the individual for whose benefit the
        account is maintained if such amount is paid into another
        individual investment account for the benefit of such
        individual not later than the 60th day after the day on which
        he receives the payment or distribution.
    ``(e) Cost-of-Living Adjustment.--
            ``(1) In general.--In the case of any taxable year
        beginning in a calendar year after 2000, the dollar amount
        contained in subsection (c)(2)(B) shall be increased by an
        amount equal to--
                    ``(A) such dollar amount, multiplied by
                    ``(B) the cost-of-living adjustment determined
                under section 1(f)(3) for the calendar year in which
                the taxable year begins, by substituting `1999' for
                `1989' in subparagraph (B) thereof.
            ``(2) Rounding.--If any dollar amount (as increased under
        paragraph (1)) is not a multiple of $10, such dollar amount
        shall be increased to nearest multiple of $10 (or, if such
        dollar amount is a multiple of $5 and not of $10, such dollar
        amount shall be increased to next higher multiple of $10).
    ``(f) Custodial Accounts.--For purposes of this section, a
custodial account shall be treated as a trust if the assets of such
account are held by a bank (as defined in section 408(n)) or another
person who demonstrates, to the satisfaction of the Secretary, that the
manner in which he will administer the account will be consistent with
the requirements of this section, and if the custodial account would,
except for the fact that it is not a trust, constitute an individual
investment account described in subsection (b). For purposes of this
title, in the case of a custodial account treated as a trust by reason
of the preceding sentence, the custodian of such account shall be
treated as the trustee thereof.
    ``(g) Reports.--The trustee of an individual investment account
shall make such reports regarding such account to the Secretary and to
the individual for whose benefit the account is maintained with respect
to contributions, distributions, and such other matters as the
Secretary may require under regulations. The reports required by this
subsection shall be filed at such time and in such manner and furnished
to such individuals at such time and in such manner as may be required
by those regulations.''
    (b) Deduction Allowed in Arriving at Adjusted Gross Income.--
Subsection (a) of section 62 of such Code (defining adjusted gross
income) is amended by adding after paragraph (17) the following new
paragraph:
            ``(18) Individual investment account contributions.--The
        deduction allowed by section 222 (relating to individual
        investment accounts).''
    (c) Individual Investment Accounts Exempt From Estate Tax.--Part
III of subchapter A of chapter 11 of such Code is amended by
redesignating section 2046 as section 2047 and by inserting after
section 2045 the following new section:

``SEC. 2046. INDIVIDUAL INVESTMENT ACCOUNTS.

    ``Notwithstanding any other provision of law, there shall be
excluded from the value of the gross estate the value of any individual
investment account (as defined in section 222(b)). Section 1014 shall
not apply to such account.''
    (d) Nonrecognition of Gain on Sale of Principal Residence Where
Amount Equal to Otherwise Taxable Gain Deposited Into Individual
Investment Account.--Part III of subchapter B of chapter 1 of such Code
is amended by inserting after section 121 the following new section:

``SEC. 121A. EXCLUSION OF GAIN FROM SALE OF PRINCIPAL RESIDENCE IF
              REINVESTMENT IN INDIVIDUAL INVESTMENT ACCOUNT.

    ``(a) General Rule.--Gross income does not include gain from the
sale or exchange of property if, during the 5-year period ending on the
date of the sale or exchange, such property has been owned and used by
the taxpayer as his principal residence for periods aggregating 3 years
or more.
    ``(b) Limitation.--The amount of gain excluded from gross income
under subsection (a) shall not exceed the amount paid in cash (during
the 1-year period beginning on the date of the sale or exchange) to an
individual investment account (as defined in section 222(b))
established for the benefit of the taxpayer or his spouse.
    ``(c) Certain Rules On Ownership and Use To Apply.--Rules similar
to the rules of section 121(d) shall apply for purposes of determining
ownership and use under this section.''
    (e) Tax on Prohibited Transactions.--Section 4975 of such Code
(relating to prohibited transactions) is amended--
            (1) by adding at the end of subsection (c) the following
        new paragraph:
            ``(6) Special rule for individual investment accounts.--An
        individual for whose benefit an individual investment account
        is established shall be exempt from the tax imposed by this
        section with respect to any transaction concerning such account
        (which would otherwise be taxable under this section) if, with
        respect to such transaction, the account ceases to be an
        individual investment account by reason of the application of
        section 222(d)(2)(A) to such account.''; and
            (2) in subsection (e)(1), by striking ``or'' at the end of
        subparagraph (E), by redesignating subparagraph (F) as
        subparagraph (G) and by inserting after subparagraph (E) the
        following new subparagraph:
                    ``(F) an individual investment account described in
                section 222(b), or''.
    (f) Failure To Provide Reports on Individual Investment Accounts.--
Section 6693(a)(2) of such Code (relating to failure to provide reports
on individual retirement account or annuities) is amended by striking
``and'' at the end of subparagraph (C), by striking the period at the
end of subparagraph (D) and inserting ``, and'', and by adding at the
end the following new subparagraph:
                    ``(E) section 222(g) (relating to individual
                investment accounts).''
    (g) Adjustment of Basis of Residence Acquired Through Use of
Account.--Subsection (a) of section 1016 of such Code is amended by
striking ``and'' at the end of paragraph (26), by striking the period
at the end of paragraph (27) and inserting ``; and'', and by adding at
the end the following new paragraph:
            ``(28) to the extent provided in section 222(c)(2)(C), in
        the case of a residence the acquisition of which was made in
        whole or in part with funds from an individual investment
        account.''
    (h) Clerical Amendments.--
            (1) The table of sections for part III of subchapter B of
        chapter 1 of such Code is amended by inserting after the item
        relating to section 121 the following new item:

                              ``Sec. 121A. Exclusion of gain from sale
                                        of principal residence if
                                        reinvestment in individual
                                        investment account.''
            (2) The table of sections for part VII of subchapter B of
        chapter 1 of such Code is amended by striking the item relating
        to section 222 and inserting the following:

                              ``Sec. 222. Individual investment
                                        accounts.
                              ``Sec. 223. Cross reference.''
            (3) The table of sections for part III of subchapter A of
        chapter 11 of such Code is amended by striking the item
        relating to section 2046 and inserting the following new items:

                              ``Sec. 2046. Individual investment
                                        accounts.
                              ``Sec. 2047. Disclaimers.''
    (i) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 1999.

Output:
Exempts such accounts from estate tax.
Excludes from gross income gain from the sale or exchange of property if, during the five-year period ending on the date of the sale or exchange, such property has been owned and used by the taxpayer as a principal residence for periods aggregating three years or more. Limits such exclusion to the amount paid to an individual investment account during the one-year period beginning on the date of the sale or exchange.
Provides for adjusting the basis of a residence acquired through the use of an individual investment account.


Input:
entitled ``Joint Resolution to approve the
`Covenant To Establish a Commonwealth of the Northern Mariana Islands
in Political Union with the United States of America', and for other
purposes'' approved March 24, 1976 (48 U.S.C. 1801 et seq.), is
amended--
            (1) by adding at the end the following new section:

``SEC. 7. LABELING OF TEXTILE FIBER PRODUCTS.

    ``(a) In General.--No textile fiber product shall have a stamp,
tag, label, or other means of identification or substitute therefore on
or affixed to the product stating `Made in the USA' or otherwise
stating or implying that the product was made or assembled in the
United States unless--
            ``(1) each individual providing direct labor in production
        of such textile fiber product was paid a wage equal to or
        greater than the wage set by section 8; and
            ``(2) the product was manufactured in compliance with all
        Federal laws relating to labor rights and working conditions,
        including, but not limited to, the National Labor Relations
Act, the Occupational Safety and Health Act of 1970, and the Fair Labor
Standards Act of 1938.
    ``(b) A textile fiber product which does not comply with subsection
(a) shall be deemed to be misbranded for purposes of the Textile Fiber
Products Identification Act (15 U.S.C. 70 et seq.).
    ``(c) Definition.--For purposes of this section the term `direct
labor' includes any work provided to prepare, assemble, process,
package, or transport a textile fiber product, but does not include
supervisory, management, security, or administrative work.'';
            (2) by adding, after the new section added by paragraph
        (1), the following new section:

``SEC. 8. MINIMUM WAGE.

    ``The minimum wage provisions of the Fair Labor Standards Act of
1938 (29 U.S.C. 201 et seq.), shall apply to the Commonwealth of the
Northern Mariana Islands, except that--
    ``(1) through December 31, 1997, the minimum wage applicable to the
Commonwealth of the Northern Mariana Islands shall be $3.55 per hour;
    ``(2) on January 1, 1998, and on July 1 and January 1 of each year
thereafter, the minimum wage applicable to the Commonwealth of the
Northern Mariana Islands shall be $0.50 per hour more than the minimum
wage that was applicable to the Commonwealth of the Northern Mariana
Islands for the preceding six-month period until the minimum wage
applicable to the Commonwealth of the Northern Mariana Islands is equal
to the minimum wage rate set forth in section 6(a)(1) of the Fair Labor
Standards Act of 1938; and
    ``(3) after the minimum wage applicable to the Commonwealth of the
Northern Mariana Islands is equal to the minimum wage rate set forth in
section 6(a)(1) of the Fair Labor Standards Act of 1938, pursuant to
paragraph (2), the minimum wage applicable to the Commonwealth of the
Northern Mariana Islands shall increase as necessary to remain equal to
the minimum wage rate set forth in section 6(a)(1) of the Fair Labor
Standards Act of 1938.''; and
            (3) by adding, after the new sections added by paragraphs
        (1) and (2), the following new section:

``SEC. 9. APPLICABILITY OF IMMIGRATION LAWS.

    ``Section 506(a) of the foregoing Covenant shall be construed and
applied as if it included at the end the following subsection:
    ```(e)(1) For purposes of entry into the Northern Mariana Islands
by any individual (but not for purposes of entry by an individual into
the United States from the Northern Mariana Islands), the Immigration
and Nationality Act shall apply as if the Northern Mariana Islands were
a State (as defined in section 101(a)(36) of the Immigration and
Nationality Act). The Attorney General, acting through the Commissioner
of Immigration and Naturalization, shall enforce the preceding
sentence.
    ```(2) Notwithstanding paragraph (1), with respect to an individual
seeking entry into the Northern Mariana Islands for purposes of
employment in the textile, hotel, tourist, or construction industry
(including employment as a contractor), the Federal statutes and
regulations governing admission to Guam of individuals described in
section 101(a)(15)(H)(ii)(b) of the Immigration and Nationality Act
shall apply. Such statutes and regulations shall be so applied by
substituting the term ``United States citizen, national, or resident
workers'' for the term ``United States resident workers'', and by
substituting the term ``the Northern Mariana Islands'' for the term
``Guam'' each place it appears.
    ```(3) When deploying personnel to enforce the provisions of this
section, the Attorney General shall coordinate with, and act in
conjunction with, State and local law enforcement agencies to ensure
that such deployment does not degrade or compromise the law enforcement
capabilities and functions currently performed by immigration
officers.'.''.

SEC. 4. REPORT.

    (a) Report.--Not later than 1 year after the date of the enactment
of this Act, the Secretary of the Interior shall include the results of
the study required by subsection (b) in the annual report transmitted
to Congress which is entitled ``Federal-CNMI Initiative on Labor,
Immigration, and Law Enforcement''.
    (b) Study.--A study shall be conducted of the extent of human
rights violations and labor rights violations in the Commonwealth of
the Northern Mariana Islands, including the use of forced or indentured
labor, and any efforts being taken by the government of the United
States or the Commonwealth of the Northern Mariana Island to address or
prohibit such violations.
    (c) Consultation Regarding Study.--Appropriate local government
officials, law enforcement agencies, and non-governmental organizations
active in instituting and protecting human and labor rights may be
consulted when preparing and conducting the study required by
subsection (b).

SEC. 5. EFFECT ON OTHER LAW.

    The provisions of paragraph (1) of section 3 shall be in addition
to, but shall not otherwise modify, the requirements of the Textile
Fiber Products Identification Act (15 U.S.C. 70 et seq.).

SEC. 6. EFFECTIVE DATES.

    (a) Labeling of Textile Fiber Products; Immigration of Workers.--
The amendment made by paragraph (1) of section 3 and the provision of
the amendment made by paragraph (3) of section 3 which is designated as
``(e)(2)'' shall take effect on the date of the enactment of this Act.
    (b) Minimum Wage.--The amendment made by paragraph (2) of section 3
shall take effect 30 days after the date of the enactment of this Act.
    (c) Immigration.--Except as provided in subsection (a), the
amendment made by paragraph (3) of section 3 shall apply to individuals
entering the Northern Mariana Islands after the expiration of the 6-
month period beginning with the date of the enactment of this Act.

SEC. 7. AUTHORIZATION OF APPROPRIATIONS.

    There is authorized to be appropriated such sums as may be
necessary to carry out the provisions of this Act.

Output:
Insular Fair Wage and Human Rights Act of 1997 - Amends Federal law to prohibit the affixation of the "Made in the USA" label to a textile fiber product from the Northern Mariana Islands unless:  (1) each worker producing such product was paid a minimum wage equal to or greater than a specified amount; and (2) the product was manufactured in compliance with all Federal labor laws, including, but not limited to, the National Labor Relations Act, the Occupational Safety and Health Act of 1970, and the Fair Labor Standards Act of 1938.
Applies to the Northern Mariana Islands:  (1) the Immigration and Nationality Act; and (2) the minimum wage provisions of the Fair Labor Standards Act of 1938, as modified by this Act.  Requires a minimum wage through December 31, 1997, of $3.55 per hour, adjusted semiannually thereafter in $.50 increments until it equals the minimum wage required by the Fair Labor Standards Act of 1938.
Requires a study of the extent of human and labor rights violations in the Northern Mariana Islands, which shall be included in the Secretary of the Interior's annual Federal-CNMI Initiative on Labor Immigration, and Law Enforcement report to the Congress.
Authorizes appropriations.