Input:
SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Television Viewer Privacy Act of
2003''.

SEC. 2. PROTECTION OF PRIVACY OF USERS OF INTERACTIVE VIDEO-RELATED
              SERVICES.

    (a) In General.--An interactive video-related service provider may
not collect, maintain, or disclose any personal viewing information
regarding a subscriber to the service that is personally identifiable,
without the prior written or electronic consent of such subscriber,
except--
            (1) to render, or conduct a legitimate business activity
        related to, the service provided to the subscriber by such
        provider, including billing for such service; or
            (2) as provided in subsection (c) or (d).
    (b) Requirements for Consent.--Consent shall not be considered to
be made by a subscriber, for purposes of this subsection, unless prior
to the writing or electronic communication granting the consent, the
subscriber is provided a separate statement that clearly and
conspicuously informs the subscriber of--
            (1) the nature of personally identifiable information
        collected or to be collected with respect to the subscriber and
        the nature and use of such information;
            (2) the nature, frequency, and purpose of any disclosure
        that may be made of such information, including an
        identification of the types of persons to whom the disclosure
        may be made;
            (3) the period during which such information will be
        maintained by the interactive video-related service provider;
            (4) the limitations provided by this section with respect
        to the collection, maintenance, and disclosure of information
        by an interactive video-related service provider and the
        methods under subsections (f) and (g) by which such limitations
        may be enforced.
If, after a statement referred to in the preceding sentence is provided
to a subscriber, there is any change with respect to any of the
information described in paragraphs (1) through (5), such statement
shall not be sufficient for purposes of this subsection.
    (c) Disclosure Pursuant to Court Order.--An interactive video-
related service provider may disclose such personally identifiable
personal viewing information, to the extent necessary to comply with a
court order authorizing such disclosure to a governmental entity, but
only if--
            (1) the subscriber is notified of such order by the person
        to whom the order is directed; and
            (2) in the proceeding relevant to such court order--
                    (A) such entity offers clear and convincing
                evidence that the subject of the information is
                reasonably suspected of engaging in criminal activity
                and that the information disclosed would be material
                evidence in the case; and
                    (B) the subject of the information is afforded the
                opportunity to appear and contest such entity's claim.
    (d) Right of Subscriber to Access Information.--If personally
identifiable viewing information regarding a subscriber to a service
provided by an interactive video-related service provider is collected,
the subscriber shall have access to such information for as long as
such information is maintained.
    (e) Destruction of Information.--An interactive video-related
service provider shall destroy any personally identifiable personal
viewing information that is collected by the service as soon as such
information is no longer necessary for the purpose for which it was
collected or maintained pursuant to subsection (a) and there are no
pending requests or orders for access to such information under
subsection (d) or pursuant to a court order.
    (f) FTC Enforcement.--
            (1) Unfair or deceptive act.--This section shall be
        enforced by the Federal Trade Commission as if the violation of
        this section were an unfair or deceptive act or practice
        proscribed under section 18(a)(1)(B) of the Federal Trade
        Commission Act (15 U.S.C. 57a(a)(1)(B)).
            (2) Actions by ftc.--The Federal Trade Commission shall
        prevent any person from violating this section in the same
        manner, by the same means, and with the same jurisdiction,
        powers, and duties as though all applicable terms and
        provisions of the Federal Trade Commission Act (15 U.S.C. 41 et
        seq.) were incorporated into and made a part of this section.
        Any entity that violates any provision of this section is
        subject to the penalties and entitled to the privileges and
        immunities provided in the Federal Trade Commission Act in the
        same manner, by the same means, and with the same jurisdiction,
        power, and duties as though all applicable terms and provisions
        of the Federal Trade Commission Act were incorporated into and
        made a part of this section.
            (3) Jurisdiction.--Notwithstanding section 5(a)(2) of the
        Federal Trade Commission Act (15 U.S.C. 45(a)(2)),
        communications common carriers shall be subject to the
        jurisdiction of the Federal Trade Commission for purposes of
        this section.
    (g) Enforcement by States.--
            (1) In general.--In any case in which the attorney general
        of a State has reason to believe that an interest of the
        residents of that State has been or is threatened or adversely
        affected by any interactive video-related service provider who
        violates this section, the State may bring a civil action in a
        United States district court--
                    (A) to enjoin further violation of this section by
                the defendant; or
                    (B) to obtain damages on behalf of residents of the
                State, as provided in paragraph (2).
            (2) Damages, fees, and costs.--In an action under paragraph
        (1)(B), the court may award--
                    (A) actual damages, but not less than liquidated
                damages computed at the rate of $100 a day for each day
                of violation or $1,000, whichever is higher;
                    (B) punitive damages; and
                    (C) reasonable attorneys' fees and other litigation
                costs reasonably incurred.
    (h) Other Remedies.--The remedies provided by this Act shall be in
addition to any other lawful remedy available to a subscriber to an
interactive video-related service.
    (i) Definitions.--For purposes of this section, the following
definitions shall apply:
            (1) Interactive video-related services provider.--
                    (A) In general.--Except as provided in subparagraph
                (B), the term ``interactive video-related services
                provider'' means any person who has access to personal
                viewing information through--
                            (i) the provision of video programming (as
                        such term is defined in section 602 of the
                        Communications Act of 1934 (47 U.S.C. 522);
                            (ii) services for recording of video
                        programming;
                            (iii) navigation devices, computer
                        software, or information;
                            (iv) converter boxes;
                            (v) interactive communications equipment;
                        or
                            (vi) other equipment that is used by
                        consumers to access multichannel video
                        programming or other services offered through a
                        service providing multichannel video
                        programming.
                    (B) Exception.--Such term shall not include any
                cable operator (as such term is defined in section 602
                of the Communications Act of 1934.
            (2) Legitimate business activity.--The term ``legitimate
        business activity'' means, with respect to an interactive
        video-related service provider, any interaction between a
        consumer and the provider that is necessary to maintain the
        providing of a good or service requested by the consumer,
        including approving, guaranteeing, processing, administering,
        completing, enforcing, providing, or marketing a product,
        service, account, benefit, transaction, or payment method that
        is requested or approved by the consumer.
            (3) Personal viewing information.--The term ``personal
        viewing information'' means, with respect to multichannel video
        programming provided to a person, information regarding the
        video programming that the person views, displays, or records.
            (4) Personally identifiable information.--The term
        ``personally identifiable information'' does not include any
        record of aggregate data that does not identify particular
        persons.
            (5) Video programming.--The term ``video programming'' has
        the meaning given such term in section 602 of the
        Communications Act of 1934.
    (j) Preemption of State Laws.--This section supercedes any statute,
regulation, or rule of a State or political subdivision of a State that
expressly regulates the collection, maintenance, or disclosure of
personal viewing information, regarding multichannel video programming,
that is personally identifiable.

Output:
Television Viewer Privacy Act of 2003 - Prohibits an interactive video-related service provider (provider) from collecting, maintaining, or disclosing any personally identifiable viewing information (information) regarding a subscriber without the prior written or electronic consent of such subscriber, except: (1) to render or conduct a legitimate business activity related to the service provided; (2) pursuant to a court order authorizing disclosure to a governmental entity; or (3) to such subscriber.

Requires, for such consent, that the subscriber be provided a separate statement that clearly and conspicuously informs the subscriber of: (1) the nature of the information collected and its intended use; (2) the nature, frequency, and purpose of any disclosure that may be made; (3) the period during which the information will be maintained by the provider; and (4) required limitations with respect to the collection, maintenance, and disclosure of such information by the provider and the methods by which such limitations may be enforced. Requires a provider to destroy any collected information as soon as it is no longer necessary.

Provides for: (1) enforcement through the Federal Trade Commission or by the States; and (2) damages, including actual and punitive damages.


Input:
SECTION 1. SHORT TITLE.

    This Act may be cited as the ``First-time Homebuyer Affordability
Act of 1999''.

SEC. 2. FINDINGS AND POLICY.

    (a) Findings.--The Congress finds that--
            (1) it is desirable to make funds available from individual
        retirement plans to encourage first time home ownership, and
            (2) the tax and penalty on the premature withdrawal of
        funds from individual retirement plans are substantial
        impediments to making such funds available for that purpose.
    (b) Policy.--It is the policy of the Congress to remove impediments
to home investment by first-time homebuyers by permitting owners of
individual retirement plans to direct the trustees of such plans to
invest plan funds as home equity or debt in the homes of such owners or
in the home of family members who are first-time homebuyers.

SEC. 3. CERTAIN RETIREMENT PLANS AUTHORIZED TO MAKE EQUITY INVESTMENTS
              IN PRINCIPAL RESIDENCES FOR FIRST-TIME HOMEBUYERS.

    (a) Exemption From Prohibited Transaction Rules.--Section 4975 of
the Internal Revenue Code of 1986 (relating to tax on prohibited
transactions) is amended by redesignating subsections (h) and (i) as
subsections (i) and (j), respectively, and by inserting after
subsection (g) the following new subsection:
    ``(h) Special Rule for Home Equity Participation Arrangements.--
            ``(1) In general.--The prohibitions provided in subsection
        (c) shall not apply to any qualified home equity participation
        arrangement to the extent that the amount paid to acquire the
        ownership interest referred to paragraph (2)(A) does not exceed
        $10,000.
            ``(2) Qualified home equity participation arrangement.--For
        purposes of this subsection--
                    ``(A) In general.--The term `qualified home equity
                participation arrangement' means an arrangement--
                            ``(i) under which the trustee of an
                        individual retirement plan, at the direction of
                        the eligible participant, shall acquire an
                        ownership interest in any dwelling unit which
                        within a reasonable period of time (determined
                        at the time the arrangement is executed) is to
                        be used as the principal residence for a first-
                        time homebuyer, and
                            ``(ii) which meets the requirements of
                        subparagraph (B).
                    ``(B) Ownership interest requirement.--An
                arrangement shall meet the requirements of this
                subparagraph if the ownership interest described in
                subparagraph (A)--
                            ``(i) is a fee interest in such property
                        (and, in the case of an arrangement which is
                        not otherwise at arm's length, the trustee's
                        fee interest would be reasonable in an arm's
                        length arrangement),
                            ``(ii) by its terms requires repayment in
                        full upon the sale or other transfer of the
                        dwelling unit, and
                            ``(iii) may not be used as security for any
                        loan secured by any interest in the dwelling
                        unit.
            ``(3) Definitions.--For purposes of this subsection--
                    ``(A) Eligible participant.--The term `eligible
                participant' means an individual on whose behalf an
                individual retirement plan is established.
                    ``(B) First-time homebuyer.--The term `first-time
                homebuyer' means an individual who--
                            ``(i) is an eligible participant or
                        qualified family member, and
                            ``(ii) had (and if married, such
                        individual's spouse had) no present ownership
                        interest in a principal residence at any time
                        during the 24-month period before the date of
                        the arrangement.
                    ``(C) Qualified family member.--The term `qualified
                family member' means a child (as defined in section
                151(c)(3)), parent, or grandparent of the eligible
                participant (or such participant's spouse). Section
                152(b)(2) shall apply in determining if an individual
                is a parent or grandparent of an eligible participant
                (or such participant's spouse).
                    ``(D) Acquisition; etc.--
                            ``(i) Acquisition.--The term `acquisition'
                        includes construction, reconstruction, and
                        improvement related to such acquisition.
                            ``(ii) Acquisition cost.--The term
                        `acquisition cost' has the meaning given such
                        term by section 143(k)(3).
                    ``(E) Principal residence.--The term `principal
                residence' has the same meaning as when used in section
                121.''.
    (b) Effective Date.--The amendment made by this section shall apply
to arrangements entered into after the date of the enactment of this
Act.

SEC. 4. LOANS USED TO ACQUIRE PRINCIPAL RESIDENCES FOR FIRST-TIME
              HOMEBUYERS.

    (a) Individual Retirement Plans.--Section 408(e) of the Internal
Revenue Code of 1986 (relating to tax treatment of accounts and
annuities) is amended by adding at the end thereof the following new
paragraph:
            ``(7) Loans used to purchase a home for first-time
        homebuyers.--
                    ``(A) In general.--Paragraph (3) shall not apply to
                any qualified home purchase loan made by an individual
                retirement plan.
                    ``(B) Qualified home purchase loan.--For purposes
                of this paragraph, the term `qualified home purchase
                loan' means a loan--
                            ``(i) made by the trustee of an individual
                        retirement plan at the direction of the
                        individual on whose behalf such plan is
                        established,
                            ``(ii) the proceeds of which are used for
                        the acquisition of a dwelling unit which within
                        a reasonable period of time (determined at the
                        time the loan is made) is to be used as the
                        principal residence for a first-time homebuyer,
                            ``(iii) which by its terms requires
                        interest on the loan to be paid not less
                        frequently than monthly,
                            ``(iv) which by its terms requires
                        repayment in full not later than the earlier
                        of--
                                    ``(I) the date which is 15 years
                                after the date of acquisition of the
                                dwelling unit, or
                                    ``(II) the date of the sale or
                                other transfer of the dwelling unit,
                            ``(v) which by its terms treats--
                                    ``(I) any amount required to be
                                paid under clause (iii) during any
                                taxable year which is not paid at the
                                time required to be paid, and
                                    ``(II) any amount remaining unpaid
                                as of the beginning of the taxable year
                                beginning after the period described in
                                clause (iv),
                        as distributed during such taxable year to the
                        individual on whose behalf such plan is
                        established and subject to section 72(t)(1),
                        and
                            ``(vi) which bears interest from the date
                        of the loan at a rate not less than 2
                        percentage points below, and not more than 2
                        percentage points above, the rate for
                        comparable United States Treasury obligations
                        on such date.
                Nothing in this paragraph shall be construed to require
                such a loan to be secured by the dwelling unit.
                    ``(C) Limitation on amount of loans.--The amount of
                borrowings to which paragraph (3) does not apply by
                reason of this paragraph shall not exceed $10,000.
                    ``(D) Denial of interest deduction.--No deduction
                shall be allowed under this chapter for interest on any
                qualified home purchase loan.
                    ``(E) Definitions.--For purposes of this
                paragraph--
                            ``(i) First-time homebuyer.--The term
                        `first-time homebuyer' has the meaning given
                        such term by section 4975(h)(3)(B).
                            ``(ii) Acquisition.--The term `acquisition'
                        has the meaning given such term by section
                        4975(h)(3)(D)(i).
                            ``(iii) Principal residence.--The term
                        `principal residence' has the same meaning as
                        when used in section 121.
                            ``(iv) Date of acquisition.--The term `date
                        of acquisition' means the date--
                                    ``(I) on which a binding contract
                                to acquire the principal residence to
                                which subparagraph (B) applies is
                                entered into, or
                                    ``(II) on which construction,
                                reconstruction, or improvement of such
                                a principal residence is commenced.''.
    (b) Prohibited Transaction.--Section 4975(d) of the Internal
Revenue Code of 1986 (relating to exemptions from tax on prohibited
transactions) is amended by striking ``or'' at the end of paragraph
(14), by striking the period at the end of paragraph (15) and inserting
``; or'', and by inserting after paragraph (15) the following new
paragraph:
            ``(16) any loan that is a qualified home purchase loan (as
        defined in section 408(e)(7)(B)).''.
    (c) Effective Date.--The amendments made by this section shall
apply to loans made after the date of the enactment of this Act.

Output: Allows the use of amounts in an individual retirement plan to make loans of up to $10,000 to purchase a home for a first-time homebuyer on behalf of an eligible participant or a family member. Prohibits a related interest deduction. Requires repayment within 15 years.


Input:
SECTION 1. DEDUCTION OF PREMIUMS FOR HIGH DEDUCTIBLE HEALTH PLANS.

    (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 224 as
section 225 and by inserting after section 223 the following new
section:

``SEC. 224. PREMIUMS FOR HIGH DEDUCTIBLE HEALTH PLANS.

    ``(a) Deduction Allowed.--In the case of an individual, there shall
be allowed as a deduction for the taxable year the aggregate amount
paid by such individual as premiums under a high deductible health plan
with respect to months during such year for which such individual is an
eligible individual with respect to such health plan.
    ``(b) Definitions.--For purposes of this section--
            ``(1) Eligible individual.--The term `eligible individual'
        has the meaning given such term by section 223(c)(1).
            ``(2) High deductible health plan.--The term `high
        deductible health plan' has the meaning given such term by
        section 223(c)(2).
    ``(c) Special Rules.--
            ``(1) Deduction limits.--
                    ``(A) Deduction allowable for only 1 plan.--For
                purposes of this section, in the case of an individual
                covered by more than 1 high deductible health plan for
                any month, the individual may only take into account
                amounts paid for such month for the plan with the
                lowest premium.
                    ``(B) Plans covering ineligible individuals.--If 2
                or more individuals are covered by a high deductible
                health plan for any month but only 1 of such
                individuals is an eligible individual for such month,
                only 50 percent of the aggregate amount paid by such
                eligible individual as premiums under the plan with
                respect to such month shall be taken into account for
                purposes of this section.
            ``(2) Group health plan coverage.--
                    ``(A) In general.--No deduction shall be allowed to
                an individual under subsection (a) for any amount paid
                for coverage under a high deductible health plan for a
                month if that individual participates in any coverage
                under a group health plan (within the meaning of
                section 5000 without regard to section 5000(d)).
                    ``(B) Exception for plans only providing
                contributions to health savings accounts.--Subparagraph
                (A) shall not apply to an individual if the
                individual's only coverage under a group health plan
                for a month consists of contributions by an employer to
                a health savings account with respect to which the
                individual is the account beneficiary.
                    ``(C) Exception for certain permitted coverage.--
                Subparagraph (A) shall not apply to an individual if
                the individual's only coverage under a group health
                plan for a month is coverage described in clause (i) or
                (ii) of section 223(c)(1)(B).
            ``(3) Medical and health savings accounts.--Subsection (a)
        shall not apply with respect to any amount which is paid or
        distributed out of an Archer MSA or a health savings account
        which is not included in gross income under section 220(f) or
        223(f), as the case may be.
            ``(4) Coordination with deduction for health insurance of
        self-employed individuals.--Any amount taken into account by
        the taxpayer in computing the deduction under section 162(l)
        shall not be taken into account under this section.
            ``(5) Coordination with medical expense deduction.--Any
        amount taken into account by the taxpayer in computing the
        deduction under this section shall not be taken into account
        under section 213.''.
    (b) Deduction Allowed Whether or Not Individual Itemizes Other
Deductions.--Subsection (a) of section 62 of such Code is amended by
inserting before the last sentence at the end the following new
paragraph:
            ``(21) Premiums for high deductible health plans.--The
        deduction allowed by section 224.''.
    (c) Coordination With Section 35 Health Insurance Costs Credit.--
Section 35(g)(2) of such Code is amended by striking ``or 213'' and
inserting ``, 213, or 224''.
    (d) Clerical Amendment.--The table of sections for part VII of
subchapter B of chapter 1 of such Code is amended by redesignating the
item relating to section 224 as an item relating to section 225 and by
inserting before such item the following new item:

``Sec. 224. Premiums for high deductible health plans.''.
    (e) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 2006.

SEC. 2. CREDIT FOR CERTAIN EMPLOYMENT TAXES PAID WITH RESPECT TO
              PREMIUMS FOR HIGH DEDUCTIBLE HEALTH PLANS AND
              CONTRIBUTIONS TO HEALTH SAVINGS ACCOUNTS.

    (a) Allowance of Credit.--Subpart C of part IV of subchapter A of
chapter 1 of the Internal Revenue Code of 1986 (relating to refundable
credits) is amended by redesignating section 36 as section 37 and by
inserting after section 35 the following new section:

``SEC. 36. EMPLOYMENT TAXES PAID WITH RESPECT TO PREMIUMS FOR HIGH
              DEDUCTIBLE HEALTH PLANS AND CONTRIBUTIONS TO HEALTH
              SAVINGS ACCOUNTS.

    ``(a) Allowance of Credit.--In the case of an individual, there
shall be allowed as a credit against the tax imposed by this subtitle
for the taxable year an amount equal to the product of--
            ``(1) the sum of the rates of tax in effect under sections
        3101(a), 3101(b), 3111(a), and 3111(b) for the calendar year in
        which the taxable year begins, multiplied by
            ``(2) the sum of--
                    ``(A) the aggregate amount paid by such individual
                as premiums under a high deductible health plan which
                is allowed as a deduction under section 224 for the
                taxable year, and
                    ``(B) the aggregate amount paid to a health savings
                account of such individual which is allowed as a
                deduction under section 223 for the taxable year.
    ``(b) Credit Limited to Certain Employment Taxes.--
            ``(1) In general.--The credit allowed under subsection (a)
        with respect to any individual for any taxable year shall not
        exceed the specified employment taxes with respect to such
        individual for such taxable year.
            ``(2) Specified employment taxes.--For purposes of this
        subsection, the term `specified employment taxes' means, with
        respect to any individual for any taxable year, the sum of--
                    ``(A) the taxes imposed under sections 3101(a),
                3101(b), 3111(a), 3111(b), 3201(a), 3211(a), and
                3221(a) (taking into account any adjustments or refunds
                under section 6413) with respect to wages and
                compensation received by such individual during the
                calendar year in which such taxable year begins, and
                    ``(B) the taxes imposed under subsections (a) and
                (b) of section 1401 with respect to the self-employment
                income of such individual for such taxable year.
    ``(c) Special Rule for Employment Compensation in Excess of Social
Security Contribution Base.--
            ``(1) In general.--If the aggregate amount of employment
        compensation received by any individual during the calendar
        year in which the taxable year begins exceeds the contribution
        and benefit base (as determined under section 230 of the Social
        Security Act), the amount of the credit determined under
        subsection (a) (determined before application of subsection
        (b)) shall be equal to the sum of--
                    ``(A) the amount determined under subsection (a) by
                only taking into account so much of the amount
                determined under subsection (a)(2) as does not exceed
                such excess and by only taking into account the rates
                of tax in effect under section 3101(b) and 3111(b), and
                    ``(B) the amount determined under subsection (a) by
                only taking into account so much of the amount
                determined under subsection (a)(2) as is not taken into
                account under subparagraph (A) and by taking into
                account each of the rates of tax referred to in
                subsection (a)(1).
            ``(2) Employment compensation.--For purposes of this
        subsection, the term `employment compensation' means, with
        respect to any individual for any taxable year, the sum of--
                    ``(A) the wages (as defined in section 3121(a)) and
                compensation (as defined in section 3231(e)) received
                by such individual during the calendar year in which
                such taxable year begins, and
                    ``(B) the self-employment income (as defined in
                section 1402(b)) of such individual for such taxable
                year.''.
    (b) Increase in Additional Tax on Distributions Not Used for
Qualified Medical Expenses.--Paragraph (4) of section 223(f) of such
Code (relating to additional tax on distributions not used for
qualified medical expenses) is amended to read as follows:
            ``(4) Additional tax on distributions not used for
        qualified medical expenses.--
                    ``(A) In general.--The tax imposed by this chapter
                on the account beneficiary for any taxable year in
                which there is a payment or distribution from a health
                savings account of such beneficiary which is includible
                in gross income under paragraph (2) shall be increased
                by 30 percent of the amount which is so includible.
                    ``(B) Exception for disability or death.--In the
                case of payments or distributions made after the
                account beneficiary becomes disabled within the meaning
                of section 72(m)(7) or dies, subparagraph (A) shall be
                applied by substituting `15 percent' for `30 percent'.
                    ``(C) Exception for distributions after medicare
                eligibility.--In the case of payments or distributions
                made after the date on which the account beneficiary
                attains the age specified in section 1811 of the Social
                Security Act, subparagraph (A) shall be applied by
                substituting `15 percent' for `30 percent'.''.
    (c) Conforming Amendments.--
            (1) Paragraph (2) of section 1324(b) of title 31, United
        States Code, is amended by inserting ``or section 36'' after
        ``section 35''.
            (2) The table of sections for subpart C of part IV of
        subchapter A of chapter 1 of the Internal Revenue Code of 1986
        is amended by striking the item relating to section 36 and by
        inserting after the item relating to section 35 the following
        new items:

        ``Sec. 36. Employment taxes paid with respect to premiums for
                            high deductible health plans and
                            contributions to health savings accounts.
        ``Sec. 37. Overpayments of tax.''.
    (d) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 2006.

Output: Amends the Internal Revenue Code to allow: (1) a tax deduction from gross income (available to taxpayers who do not itemize deductions) for insurance premiums for high deductible health plans; and (2) a tax credit for certain employment taxes related to premiums for high deductible health plans and contributions to health savings accounts.


Input:
SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Motor Vehicle Owners' Right to
Repair Act of 2005''.

SEC. 2. FINDINGS AND PURPOSES.

    (a) Findings.--Congress finds the following:
            (1) The ability to diagnose, service, and repair a motor
        vehicle in a timely, reliable, and affordable manner is
        essential to the safety and well-being of automotive consumers
        in the United States.
            (2) Consumers are entitled to choose among competing repair
        facilities for the convenient, reliable, and affordable repair
        of their motor vehicles.
            (3) Increased competition among repair facilities will
        benefit vehicle owners in the United States.
            (4) Computers of various kinds are increasingly being used
        in motor vehicle systems, such as pollution control,
        transmission, anti-lock brakes, electronic and mechanical
        systems, heating and air-conditioning, mobile electronics,
        airbags, and steering.
            (5) The diagnosis, service, and repair of these vehicle
        systems are essential to the safety and proper operation of
        modern motor vehicles.
            (6) In many instances, access codes prevent owners from
        making, or having made, the necessary diagnosis, service, and
        repair of their motor vehicles in a timely, convenient,
        reliable, and affordable manner.
            (7) Automobile manufacturers have restricted access to the
        information motor vehicle owners need in order to diagnose,
        service, and repair their vehicles, in a manner that has
        hindered open competition among repair facilities.
            (8) Consumers in the United States have benefited from the
        availability of a competitive aftermarket industry, or parts
        and accessories used in the repair, maintenance, or enhancement
        of a motor vehicle. The American economy has also benefited
        from the availability of a competitive aftermarket industry
        that provides jobs to over 5 million workers in over 495,000
        businesses, and generates $200 billion in annual sales.
            (9) Vehicle owners in the United States should have the
        right--
                    (A) to all information necessary to allow the
                diagnosis, service, and repair of their vehicles;
                    (B) to choose between original parts and
                aftermarket parts when repairing their motor vehicles;
                and
                    (C) to make, or have made, repairs necessary to
                keep their vehicles in reasonably good and serviceable
                condition during the life of the vehicle.
            (10) The restriction of vehicle repair information and
        tools limits who can repair motor vehicles and what parts may
        be used to repair those vehicles, which limits consumer choice,
        impedes competition, and increases the costs of vehicle repair
        for consumers.
    (b) Purposes.--The purposes of this Act are:
            (1) To ensure the safety of all vehicle owners by requiring
        disclosure of all information necessary for the proper
        diagnosis, service, and repair of a vehicle in a timely,
        affordable, and reliable manner.
            (2) To encourage competition in the diagnosis, service, and
        repair of motor vehicles.

SEC. 3. MANUFACTURER DISCLOSURE REQUIREMENTS.

    (a) Duty to Disclose.--The manufacturer of a motor vehicle sold or
introduced into commerce in the United States shall promptly provide to
the vehicle owner, or to a repair facility of the motor vehicle owner's
choosing, the information necessary to diagnose, service, or repair the
vehicle. The motor vehicle manufacturer shall make available all non-
emission-related service information, training information, and
diagnostic tools on a non-discriminatory basis to any repair facility
of the owner's choosing, and shall not not limit such information to
those repair facilities within the manufacturers' approved network. The
information to be made available shall include the following:
            (1) The same service and training information related to
        vehicle repair shall be made available to all independent
        repair facilities in the same manner and extent as it is made
        available to franchised dealerships, and shall include all
        information needed to activate all controls that can be
        activated by a franchised dealership.
            (2) The same diagnostic tools and capabilities related to
        vehicle repair that are made available to franchised
        dealerships shall be made available to independent repair
        facilities. These diagnostic tools and capabilities shall be
        made available for purchase by motor vehicle owners or their
        agents through reasonable business means. The service and
        training information and manufacturer diagnostic capabilities
        shall be available to independent repair facilities, and to the
        companies from which they normally purchase diagnostic tools,
        without the need for the motor vehicle owner to return to a
        franchised dealership.
    (b) Protection of Trade Secrets.--Nothing in this Act shall be
deemed to require the disclosure of trade secrets, nor the public
disclosure of any information related exclusively to the design and
manufacture of motor vehicle parts. No information necessary to repair
a vehicle shall be withheld by a manufacturer if such information is
provided (directly or indirectly) to franchised dealerships or other
repair facilities.

SEC. 4. REGULATIONS.

    (a) In General.--Not later than 1 year after the date of enactment
of this Act, the Federal Trade Commission shall prescribe regulations
setting forth an appropriate method by which manufacturers shall
provide the information required by section 3, including disclosure in
writing, via the Internet, or under such terms as the Commission
determines appropriate. The regulations shall take effect upon final
issuance of such regulations and shall apply to vehicles manufactured
after model year 1994.
    (b) Limitation.--The Federal Trade Commission may not prescribe
rules that interfere with the authority of, or conflict with rules
prescribed by, the Administrator of the Environmental Protection Agency
under section 202(m) of the Clean Air Act (42 U.S.C. 7521(m)) with
regard to motor vehicle emissions control diagnostics systems.

SEC. 5. ENFORCEMENT.

    (a) Unfair or Deceptive Act or Practice.--The failure by a
manufacturer to comply with section 3(a) or the regulations prescribed
under section 4 shall be treated as an unfair method of competition and
an unfair or deceptive act or practice in or affecting commerce (within
the meaning of section 5(a)(1) of the Federal Trade Commission Act (15
U.S.C. 45(a)(1))). A violation of this Act shall be treated as a
violation of a rule defining an unfair or deceptive act or practice
prescribed under section 18(a)(1)(B) of the Federal Trade Commission
Act (15 U.S.C. 57a(a)(1)(B)).
    (b) Actions by the Federal Trade Commission.--The Federal Trade
Commission shall enforce this Act in the same manner, by the same
means, and with the same jurisdiction, powers, and duties as though all
applicable terms and provisions of the Federal Trade Commission Act (15
U.S.C. 41 et seq.) were incorporated into and made a part of this Act.
Any entity that violates this Act shall be subject to the penalties and
entitled to the privileges and immunities provided in the Federal Trade
Commission Act in the same manner, by the same means, and with the same
jurisdiction, power, and duties as though all applicable terms and
provisions of the Federal Trade Commission Act were incorporated into
and made a part of this Act.
    (c) Effect on Other Laws.--Nothing contained in this Act shall be
construed to limit the authority of the Federal Trade Commission under
any other provisions of law.

SEC. 6. DEFINITIONS.

    In this Act:
            (1) The terms ``manufacturer'', ``motor vehicle'', and
        ``motor vehicle equipment'' have the meanings given those terms
        in section 30102(a) of title 49, United States Code.
            (2) The term ``motor vehicle owner'' or ``vehicle owner''
        means any person who owns, leases, or otherwise has the legal
        right to use and possess a motor vehicle.
            (3) The term ``repair facility'' means a facility
        maintained by a person engaged in the repair, diagnosing, or
        servicing of motor vehicles or motor vehicle engines.

Output: Motor Vehicle Owners' Right to Repair Act of 2005 - Requires a manufacturer of a motor vehicle sold or introduced into commerce in the United States to disclose to the vehicle owner or to a repair facility of the motor vehicle owner's choosing the information necessary to diagnose, service, or repair the vehicle. Sets forth protections for trade secrets. Instructs the Federal Trade Commission (FTC) to prescribe a uniform methodology for manufacturer disclosure in writing and on the Internet. Prohibits the FTC from prescribing rules that interfere with the authority of the Administrator of the Environmental Protection Agency (EPA) regarding motor vehicle emissions control diagnostics systems. States that manufacturer noncompliance with this Act constitutes an unfair method of competition and an unfair or deceptive act or practice affecting commerce within the purview of the Federal Trade Commission Act.


Input:
SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

    (a) Short Title.--This Act may be cited as the ``Generic
Pharmaceutical Access and Choice for Consumers Act of 2000''.
    (b) Table of Contents.--The table of contents of this Act is as
follows:

Sec. 1. Short title; table of contents.
Sec. 2. Findings and purposes.
           TITLE I--ENCOURAGEMENT OF THE USE OF GENERIC DRUGS

Sec. 101. Encouragement of the use of generic drugs under the Public
                            Health Service Act.
Sec. 102. Application to Federal employees health benefits program.
Sec. 103. Application to medicare program.
Sec. 104. Application to medicaid program.
Sec. 105. Application to Indian Health Service.
Sec. 106. Application to veterans programs.
Sec. 107. Application to recipients of uniformed services health care.
Sec. 108. Application to Federal prisoners.
    TITLE II--THERAPEUTIC EQUIVALENCE REQUIREMENTS FOR GENERIC DRUGS

Sec. 201. Therapeutic equivalence of generic drugs.
         TITLE III--GENERIC PHARMACEUTICALS AND MEDICARE REFORM

Sec. 301. Sense of the Senate regarding a preference for the use of
                            generic pharmaceuticals under the medicare
                            program.

SEC. 2. FINDINGS AND PURPOSES.

    (a) Findings.--Congress makes the following findings:
            (1) Generic pharmaceuticals are approved by the Food and
        Drug Administration on the basis of testing and other
        information establishing that such pharmaceuticals are
        therapeutically equivalent to brand-name pharmaceuticals,
        ensuring consumers a safe, efficacious, and cost-effective
        alternative to brand-name pharmaceuticals.
            (2) The pharmaceutical market has become increasingly
        competitive during the last decade because of the increasing
        availability and accessibility of generic pharmaceuticals.
            (3) The Congressional Budget Office estimates that--
                    (A) the substitution of generic pharmaceuticals for
                brand-name pharmaceuticals will save purchasers of
                pharmaceuticals between $8,000,000,000 and
                $10,000,000,000 each year; and
                    (B) quality generic pharmaceuticals cost between 25
                percent and 60 percent less than brand-name
                pharmaceuticals, resulting in an estimated average
                savings of $15 to $30 on each prescription filled.
            (4) Generic pharmaceuticals are widely accepted by both
        consumers and the medical profession, as the market share held
        by generic pharmaceuticals compared to brand-name
        pharmaceuticals has more than doubled during the last decade,
        from approximately 19 percent to 43 percent, according to the
        Congressional Budget Office.
    (b) Purposes.--The purposes of this Act are--
            (1) to reduce the cost of prescription drugs to the United
        States Government and to beneficiaries under Federal health
        care programs while maintaining the quality of health care by
        encouraging the use of generic drugs rather than nongeneric
        drugs under those programs whenever feasible; and
            (2) to increase the utilization of generic pharmaceuticals
        by requiring the Food and Drug Administration, where
        appropriate, to determine that a generic pharmaceutical is the
        therapeutic equivalent of its brand-name counterpart, and by
        affording national uniformity to that determination.

           TITLE I--ENCOURAGEMENT OF THE USE OF GENERIC DRUGS

SEC. 101. ENCOURAGEMENT OF THE USE OF GENERIC DRUGS UNDER THE PUBLIC
              HEALTH SERVICE ACT.

    (a) In General.--Part B of title II of the Public Health Service
Act (42 U.S.C. 238 et seq.) is amended by adding at the end the
following new section:

``SEC. 247. USE OF GENERIC DRUGS ENCOURAGED.

    ``(a) Each grant or contract entered into under this Act that
involves the provision of health care items or services to individuals
shall include provisions to ensure that, to the extent feasible, any
prescriptions provided for under such grant or contract are filled by
providing the generic form of the drug involved, unless the nongeneric
form of the drug is--
            ``(1) specifically ordered by the prescribing provider; or
            ``(2) requested by the individual for whom the drug is
        prescribed.
    ``(b) In this section:
            ``(1) The term `generic form of the drug' means a drug that
        is the subject of an application approved under section 505(j)
        of the Federal Food, Drug, and Cosmetic Act (21 U.S.C. 355(j)),
        for which the Secretary has made a determination that the drug
        is the therapeutic equivalent of a listed drug under section
        505(j)(5)(E) of that Act (21 U.S.C. 355(j)(5)(E)).
            ``(2) The term `nongeneric form of the drug' means a drug
        that is the subject of an application approved under section
        505(b) of the Federal Food, Drug, and Cosmetic Act (21 U.S.C.
        355(b)).''.
    (b) Effective Date.--The amendment made by this section shall apply
with respect to any drug furnished on or after the date of enactment of
this Act.

SEC. 102. APPLICATION TO FEDERAL EMPLOYEES HEALTH BENEFITS PROGRAM.

    (a) In General.--Section 8902 of title 5, United States Code, is
amended by adding at the end the following new subsection:
    ``(p) To the extent feasible, if a contract under this chapter
provides for the provision of, the payment for, or the reimbursement of
the cost of any prescription drug, the carrier shall provide, pay, or
reimburse the cost of the generic form of the drug (as defined in
section 247(b)(1) of the Public Health Service Act), except, if the
nongeneric form of the drug (as defined in section 247(b)(2) of such
Act) is--
            ``(1) specifically ordered by the prescribing provider; or
            ``(2) requested by the individual for whom the drug is
        prescribed.''.
    (b) Effective Date.--The amendment made by this section shall apply
to any drug furnished during contract years beginning on or after
January 1, 2001.

SEC. 103. APPLICATION TO MEDICARE PROGRAM.

    (a) In General.--Section 1861(t) of the Social Security Act (42
U.S.C. 1395x(t)) is amended by adding at the end the following new
paragraph:
    ``(3) For purposes of paragraph (1), the term `drugs' means, to the
extent feasible, the generic form of the drug (as defined in section
247(b)(1) of the Public Health Service Act), unless the nongeneric form
of such drug (as defined in section 247(b)(2) of such Act) is--
            ``(A) specifically ordered by the health care provider; or
            ``(B) requested by the individual to whom the drug is
        provided.''.
    (b) Effective Date.--
            (1) In general.--Except as provided in paragraph (2), the
        amendment made by this section shall apply with respect to any
        drug furnished on or after the date of enactment of this Act.
            (2) Medicare+choice plans.--In the case of a
        Medicare+Choice plan offered by a Medicare+Choice organization
        under part C of title XVIII of the Social Security Act (42
        U.S.C. 1395w-21 et seq.), the amendment made by this section
        shall apply to any drug furnished during contract years
        beginning on or after January 1, 2001.

SEC. 104. APPLICATION TO MEDICAID PROGRAM.

    (a) In General.--Section 1902(a) of the Social Security Act (42
U.S.C. 1396a(a)) is amended--
            (1) in paragraph (64), by striking ``and'' at the end;
            (2) in paragraph (65), by striking the period at the end
        and inserting ``; and''; and
            (3) by adding the following new paragraph:
            ``(66) provide that the State shall, in conjunction with
        the program established under section 1927(g), to the extent
        feasible, provide for the use of a generic form of a drug (as
        defined in section 247(b)(1) of the Public Health Service Act),
        unless the nongeneric form of the drug (as defined in section
        247(b)(2) of such Act is--
                    ``(A) specifically ordered by the provider; or
                    ``(B) requested by the individual to whom the drug
                is provided.''.
    (b) Effective Date.--The amendment made by this section shall apply
with respect to any drug furnished under State plans that are approved
or renewed on or after the date of enactment of this Act.

SEC. 105. APPLICATION TO INDIAN HEALTH SERVICE.

    (a) In General.--Title II of the Indian Health Care Improvement Act
(25 U.S.C. 1621 et seq.) is amended by adding at the end the following
new subsection:

``SEC. 225. USE OF GENERIC DRUGS ENCOURAGED.

    ``In providing health care items or services under this Act, the
Indian Health Service shall ensure that, to the extent feasible, any
prescriptions that are provided for under this Act are filled by
providing the generic form of the drug (as defined in section 247(b)(1)
of the Public Health Service Act) involved, unless the nongeneric form
of the drug (as defined in section 247(b)(2) of such Act) is--
            ``(1) specifically ordered by the prescribing provider; or
            ``(2) requested by the individual for whom the drug is
        prescribed.''.
    (b) Effective Date.--The amendment made by this section shall apply
with respect to any drug furnished on or after the date of enactment of
this Act.

SEC. 106. APPLICATION TO VETERANS PROGRAMS.

    (a) Use of Generic Drugs Encouraged.--Subchapter III of chapter 17
of title 38, United States Code, is amended by inserting after section
1722A the following new section:
``Sec. 1722B. Use of generic drugs encouraged
    ``When furnishing a prescription drug under this chapter, the
Secretary shall furnish a generic form of the drug (as defined in
section 247(b)(1) of the Public Health Service Act), unless the
nongeneric form of the drug (as defined in section 247(b)(2) of such
Act) is--
            ``(1) specifically ordered by the prescribing provider; or
            ``(2) requested by the individual for whom the drug is
        prescribed.''.
    (b) Clerical Amendment.--The table of sections at the beginning of
chapter 17 of such title is amended by inserting after the item
relating to section 1722A the following new item:

``1722B. Use of generic drugs encouraged.''.
    (c) Effective Date.--The amendments made by this section shall
apply with respect to any drug furnished on or after the date of
enactment of this Act.

SEC. 107. APPLICATION TO RECIPIENTS OF UNIFORMED SERVICES HEALTH CARE.

    (a) Use of Generic Drugs Encouraged.--Chapter 55 of title 10,
United States Code, is amended by adding at the end the following new
section:
``Sec. 1110. Use of generic drugs encouraged
    ``The Secretary of Defense shall ensure that, whenever feasible,
each health care provider who furnishes a drug furnishes the generic
form of the drug (as defined in section 247(b)(1) of the Public Health
Service Act), unless the nongeneric form of the drug (as defined in
section 247(b)(2) of such Act) is--
            ``(1) specifically ordered by the prescribing provider; or
            ``(2) requested by the individual for whom the drug is
        prescribed.''.
    (b) Clerical Amendment.--The table of sections at the beginning of
such chapter is amended by inserting after the item relating to section
1109 the following new item:

``1110. Use of generic drugs encouraged.''.
    (c) Effective Date.--The amendments made by this section shall
apply with respect to any drug furnished on or after the date of
enactment of this Act.

SEC. 108. APPLICATION TO FEDERAL PRISONERS.

    (a) In General.--Section 4006(b) of title 18, United States Code,
is amended by adding at the end the following new paragraph:
            ``(3) Use of generic drugs encouraged.--The Attorney
        General shall ensure that, whenever feasible, each health care
        provider who furnishes a drug to a prisoner charged with or
        convicted of an offense against the United States furnishes the
        generic form of the drug (as defined in section 247(b)(1) of
        the Public Health Service Act), unless the nongeneric form of
        the drug (as defined in section 247(b)(2) of such Act) is--
                    ``(A) specifically ordered by the prescribing
                provider; or
                    ``(B) requested by the prisoner for whom the drug
                is prescribed.''.
    (b) Effective Date.--The amendment made by this section shall apply
with respect to any drug furnished on or after the date of enactment of
this Act.

    TITLE II--THERAPEUTIC EQUIVALENCE REQUIREMENTS FOR GENERIC DRUGS

SEC. 201. THERAPEUTIC EQUIVALENCE OF GENERIC DRUGS.

    (a) In General.--Section 505(j) of the Federal Food, Drug, and
Cosmetic Act (21 U.S.C. 355(j)) is amended--
            (1) in paragraph (5), by adding at the end the following
        new subparagraph:
    ``(E)(i) For each abbreviated application filed under paragraph
(1), the Secretary shall determine whether the new drug for which the
application is filed is the therapeutic equivalent of the listed drug
referred to in paragraph (2)(A)(i) prior to the approval of the
application.
    ``(ii) For purposes of clause (i), a new drug is the therapeutic
equivalent of a listed drug if--
            ``(I) each active ingredient of the new drug and the listed
        drug is the same;
            ``(II) the new drug and the listed drug (aa) are of the
        same dosage form; (bb) have the same route of administration;
        (cc) are identical in strength or concentration; (dd) meet the
        same compendial or other applicable standards, except that the
        drugs may differ in shape, scoring, configuration, packaging,
        excipient, expiration time, or, subject to paragraph (2)(A)(v),
        labeling; and (ee) are expected to have the same clinical
        effect and safety profile when administered to patients under
        conditions specified in the labeling; and
            ``(III) the new drug does not (aa) present a known or
        potential bioequivalence problem and meets an acceptable in
        vitro standard; or (bb) if the new drug presents a known or
        potential bioequivalence problem, the drug is shown to meet an
        appropriate bioequivalence standard.
    ``(iii) With respect to a new drug for which an abbreviated
application is filed under paragraph (1), the provisions of this
subparagraph shall supersede any provisions of the law of any State
relating to the determination of the therapeutic equivalence of the
drug to a listed drug.''; and
            (2) in paragraph (7)(A), by adding at the end the
        following:
            ``(iv) The Secretary shall include in each revision of the
        list under clause (ii) on or after the date of enactment of
        this clause the official and proprietary name of each listed
        drug that is therapeutically equivalent to a new drug approved
        under this subsection during the preceding 30-day period, as
        determined under paragraph (5)(E).''.
    (b) Effective Date.--The amendments made by this section shall take
effect on the date of enactment of this Act.

         TITLE III--GENERIC PHARMACEUTICALS AND MEDICARE REFORM

SEC. 301. SENSE OF THE SENATE REGARDING A PREFERENCE FOR THE USE OF
              GENERIC PHARMACEUTICALS UNDER THE MEDICARE PROGRAM.

    It is the sense of the Senate that legislative language requiring,
to the extent feasible, a preference for the safe and cost-effective
use of generic pharmaceuticals should be considered in conjunction with
any legislation that adds a comprehensive prescription drug benefit to
the medicare program under title XVIII of the Social Security Act (42
U.S.C. 1395 et seq.).

Output:
Makes similar changes under the Federal Employee Health Benefits program, Medicare program, Medicaid program, and programs affecting Indians, veterans, the uniformed services, and prisoners.
Title II: Therapeutic Equivalence Requirements for Generic Drugs
 - Amends the Federal Food, Drug, and Cosmetic Act to require that for each abbreviated drug application file there shall be a determination as to whether the new drug for which the application is filed is the therapeutic equivalent of a listed drug prior to the approval of the application.
Title III: Generic Pharmaceuticals and Medicare Reform
 - Expresses the sense of the Senate that legislative language requiring, to the extent feasible, a preference for the safe and cost-effective use of generic pharmaceuticals should be considered in conjunction with any legislation that adds a comprehensive prescription drug benefit to the Medicare program.


Input:
SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Bank On Our Communities Act of
2009''.

SEC. 2. COMMUNITY CREDIT RENEWAL PROGRAM.

    Section 103 of the Emergency Economic Stabilization Act of 2008 (12
U.S.C. 5213) is amended--
            (1) by striking ``In exercising the authorities granted''
        and inserting the following:
    ``(a) In General.--In exercising the authorities granted'';
            (2) in paragraph (5), by inserting before the semicolon the
        following: ``, except that the needs of certain small financial
        institutions may be taken into account, as set forth in
        paragraph (6), and the viability of certain small financial
        institutions may be established, as set forth in subsection
        (b)(3)''; and
            (3) by adding at the end the following:
    ``(b) Community Credit Renewal Program.--
            ``(1) In general.--There is established within the Treasury
        the Community Credit Renewal Fund, which shall be used by the
        Secretary to provide assistance to community banking
        institutions in an amount not to exceed $15,000,000,000.
            ``(2) Transfer of funds.--Of amounts made available to
        carry out this title, the Secretary shall transfer
        $15,000,000,000 to Community Credit Renewal Fund for purposes
        of this subsection.
            ``(3) Determination of viability.--Notwithstanding any
        other provision of this title, the Secretary shall provide
        assistance under this subsection to any community banking
        institution, and a community banking institution may establish
        its long-term viability for purposes of subsection (a)(4), by
        demonstrating its receipt of capital from investors other than
        the Secretary, if--
                    ``(A) the amount of capital to be received from
                investors other than the Secretary is equal to or
                greater than the amount of capital to be received from
                the Secretary;
                    ``(B) the aggregate amount of capital to be
                received from the Secretary and from investors other
                than the Secretary is determined, on the basis of a
                forward-looking assessment by the institution by its
                management (in consultation with the appropriate
                Federal banking agency), to enable the community
                banking institution to remain well-capitalized (as
                determined by the appropriate Federal banking agency)
                even under a reasonably adverse economic scenario
                during the 2-year period following the date of receipt
                of such capital, and to increase the outstanding loans
                of the community banking institution, by December 31,
                2010, such that the total amount of commercial and
                industrial loans is at least 5 percent greater than the
                smallest amount of such loans held by the community
                banking institution, as of any quarter-end in calendar
                year 2009;
                    ``(C) not later than--
                            ``(i) 20 business days prior to the
                        proposed date of the investment by the
                        Secretary, the community banking institution
                        notifies the Secretary, or the designee
                        selected by the Secretary to receive such
                        notice, of the amount of capital that the
                        community banking institution proposes to
                        solicit from investors other than the
                        Secretary, on the condition that such capital
                        will be matched or supplemented by an
                        investment by the Secretary, and of the amount
                        of capital that the community banking
                        institution proposes be invested by the
                        Secretary; and
                            ``(ii) the close of business on the 5th
                        business day after the date of the receipt of
                        notice under clause (i) (or such longer period
                        as the Secretary may reasonably establish, up
                        to an additional 10 business days), the
                        Secretary does not notify the community banking
                        institution of the refusal of the Secretary to
                        make the matching or supplementary investment
                        and the grounds for such refusal, including the
                        determination of the Secretary, in consultation
                        with the appropriate Federal banking agency,
                        that the aggregate amount of capital to be
                        raised would not be enough to meet the
                        requirements of this subsection, provided,
                        however, that the Secretary may not refuse to
                        make a matching or supplementary investment to
                        an institution solely on the grounds that the
                        institution holds a CAMEL composite rating of 3
                        under the Uniform Financial Institutions Rating
                        System (or an equivalent rating under a
                        comparable rating system);
                    ``(D) the capital is received from investors other
                than the Secretary on the same day as the date of
                receipt of capital from the Secretary, and such date is
                prior to the earlier of--
                            ``(i) 9 months after the date of enactment
                        of this subsection; or
                            ``(ii) September 30, 2010; and
                    ``(E) the aggregate amount of funds invested by the
                Secretary under this subsection does not exceed
                $15,000,000,000.
            ``(4) Lending incentives and penalties.--
                    ``(A) Penalties.--
                            ``(i) In general.--The interest rate or
                        dividend to be paid on the Federal capital
                        provided under this subsection by a community
                        banking institution shall be increased to a
                        penalty rate established by the Secretary,
                        which shall be not less than 5 percentage
                        points higher than the initial dividend or
                        interest rate set for all community banking
                        institutions assisted under this subsection if,
                        by December 31, 2010, the community banking
                        institution has failed--
                                    ``(I) to increase its total amount
                                of commercial, industrial, and consumer
                                loans by a dollar amount that is equal
                                to the amount of capital received from
                                the Secretary; or
                                    ``(II) to increase its total amount
                                of commercial and industrial loans by a
                                dollar amount that is at least 5
                                percent greater than the smallest
                                amount of such loans held by the
                                community banking institution as of any
                                quarter end of the first three quarters
                                in calendar year 2009.
                            ``(ii) Exemption authority.--The Secretary
                        may provide for exceptions to the provisions of
                        this paragraph in the case of exigent
                        circumstances, as determined by the Secretary.
                    ``(B) Incentives for commercial and industrial
                loans.--Notwithstanding any other provision of this
                title--
                            ``(i) for each dollar that a community
                        banking institution that has received
                        assistance under this subsection does in
                        commercial and industrial loans above the
                        amounts described in subparagraph (A)(i)(II)--
                                    ``(I) the community banking
                                institution may redeem or repurchase
                                one dollar of securities or stock held
                                by the Secretary at a discount level
                                established by the Secretary, except
                                that such level shall be a minimum of
                                20 percent below par; or
                                    ``(II) the Secretary may, by rule,
                                allow for a reduction in the interest
                                or dividend paid on the securities; and
                            ``(ii) if the dollar increase in lending by
                        a community banking institution that has
                        received assistance under this subsection
                        exceeds the total Federal assistance under this
                        subsection, the Secretary may establish rules
                        for additional discounts on redemption of stock
                        or securities held by the Secretary.
            ``(5) Definitions.--As used in this subsection--
                    ``(A) the term `community banking institution'
                means a insured depository institution, or a holding
                company thereof, having total assets of less than
                $5,000,000,000; and
                    ``(B) the terms `insured depository institution'
                and `appropriate Federal banking agency' have the same
                meanings as in section 3 of the Federal Deposit
                Insurance Act (12 U.S.C. 1813).''.

Output:
Bank On Our Communities Act of 2009 - Amends the Emergency Economic Stabilization Act of 2008 (EESA) to provide that the needs and viability of insured depository institutions with total assets of less than $5 billion (small financial institutions) may be taken into account by the Secretary of the Treasury when exercising authority under EESA.

Establishes within the Treasury the Community Credit Renewal Fund to provide up to $15 billion in assistance to community banking institutions.

Prescribes the manner in which a community banking institution may establish its long-term viability by demonstrating receipt of capital from investors other than the Secretary.

Subjects a community banking institution to penalties if has failed by December 31, 2010, to: (1) increase its total amount of commercial, industrial, and consumer loans by a dollar amount equal to the amount of capital received from the Secretary; or (2) increase its total amount of commercial and industrial loans by a dollar amount at least 5 % greater than the smallest amount of such loans held by the community banking institution as of any quarter end of the first three quarters in calendar year 2009.

Prescribes lending incentives to spur commercial and industrial loans by a community banking institution.


Input:
SECTION 1. SHORT TITLE.

    This Act may be cited as the ``No Qualified Teacher Left Behind Act
of 2004''.

SEC. 2. AMENDMENTS TO ESEA RELATING TO TEACHER QUALIFICATIONS.

    (a) Highly Qualified Definition.--Paragraph (23) of section 9101 of
the Elementary and Secondary Education Act of 1965 (20 U.S.C. 7801) is
amended--
            (1) in subparagraph (B)(ii)--
                    (A) in subclause (I), by striking ``or'' at the
                end; and
                    (B) by striking subclause (II) and inserting the
                following:
                                    ``(II) successful completion, in
                                each of the academic subjects in which
                                the teacher teaches, of an academic
                                major or minor, a graduate degree,
                                State certification of sufficient
                                college-level coursework to satisfy
                                this subclause, or advanced
                                certification; or
                                    ``(III) passing a high objective
                                uniform State standard of evaluation
                                described in subparagraph (C)(ii) in
                                each of the academic subjects in which
                                the teacher teaches; and''; and
            (2) in clause (ii) of subparagraph (C)--
                    (A) in subclause (V), by striking ``but not be
                based primarily on'' and inserting ``but not be based
                solely on'';
                    (B) by redesignating subclauses (VI) and (VII) as
                subclauses (VII) and (VIII), respectively; and
                    (C) by inserting after subclause (V) the following:
                                    ``(VI) takes into consideration any
                                professional development being
                                pursued;''.
    (b) Rural School Districts.--
            (1) Extension.--Subsection (a) of section 1119 of the
        Elementary and Secondary Education Act of 1965 (20 U.S.C. 6319)
        is amended by adding at the end the following:
            ``(4) Rural school districts.--
                    ``(A) In general.--Notwithstanding the deadline
                described in paragraphs (2) and (3), a plan developed
                by a State educational agency or a local educational
                agency under this subsection shall ensure that all
                teachers who are described in such paragraphs, but are
                teaching in a rural school district, are highly
                qualified not later than the end of the 2008-2009
                school year.
                    ``(B) Definition.--For purposes of this paragraph,
                a rural school district means a local educational
                agency that--
                            ``(i) meets the eligibility criteria
                        described in section 6211(b), including by
                        obtaining a waiver under paragraph (2) of such
                        section; and
                            ``(ii) employs a percentage of teachers who
                        are not highly qualified that is higher than
                        the corresponding percentage for the State
                        involved.''.
            (2) Additional funding.--Section 6234 of the Elementary and
        Secondary Education Act of 1965 (20 U.S.C. 7355c) is amended--
                    (A) by striking ``There are'' and inserting ``(a)
                In General.--There are''; and
                    (B) by adding at the end the following:
    ``(b) Highly Qualified Teachers.--For the purpose of making grants
under subpart 2 to be used for teacher recruitment, retention, and
professional development activities described in section 6222(a) in
rural school districts (as that term is defined in section 1119(a)(4)),
there are authorized to be appropriated $50,000,000 for fiscal year
2005 and such sums as may be necessary for each of fiscal years 2006
and 2007. Such authorization of appropriations is in addition to the
authorization of appropriations in subsection (a).''.
    (c) Core Academic Subjects Only.--Paragraph (1) of section 1119(a)
(20 U.S.C. 6319(a)) is amended by inserting ``, teaching in core
academic subjects,'' after ``hired after such day''.
    (d) Proportion of Inexperienced Teachers.--Subparagraph (C) of
section 1111(b)(8) (20 U.S.C. 6311(b)(8)) is amended by striking
``inexperienced, unqualified, or out-of-field teachers'' and inserting
``unqualified or out-of-field teachers''.
    (e) Other Grantees.--Subpart 2 of part E of title IX of the
Elementary and Secondary Education Act of 1965 (20 U.S.C. 7901 et seq.)
is amended by adding at the end the following:

``SEC. 9537. HIGHLY QUALIFIED TEACHERS.

    ``No entity may receive any funds under this Act unless,
irrespective of whether the entity has applied for a grant under part A
of title I, the entity ensures that all elementary school and secondary
school teachers employed by the entity and teaching in core academic
subjects are highly qualified not later than--
            ``(1) the end of the 2005-2006 school year; or
            ``(2) in the case of a teacher in a rural school district
        (as that term is defined in section 1119(a)(4)), the end of the
        2008-2009 school year.''.

Output:
No Qualified Teacher Left Behind Act of 2004 - Amends the Elementary and Secondary Education Act of 1965 (ESEA) with respect to teacher qualifications.

Revises the definition of highly qualified teacher, in the case of middle or secondary school teachers who are new to the profession.

Includes consideration of any professional development being pursued, in determining such qualifications for elementary, middle, or secondary school teachers who are not new to the profession.

Provides for rural school districts: (1) an extension of a deadline for having highly qualified teachers; and (2) an authorization of additional appropriations for grants for teacher recruitment, retention, and professional development.

Revises requirements for qualified teachers under ESEA title I part A (I-A) programs for disadvantaged students to: (1) apply only to teachers of core subjects; and (2) eliminate reference to the proportion of inexperienced teachers.

Requires all ESEA grantees, whether under I-A or not, to meet specified qualification deadlines for all teachers of core subjects whom they employ.


Input:
SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Housing Opportunity and Mortgage
Equity Act of 2013''.

SEC. 2. AFFORDABLE REFINANCING OF MORTGAGES OWNED OR GUARANTEED BY
              FANNIE MAE AND FREDDIE MAC.

    (a) Authority.--The Federal National Mortgage Association and the
Federal Home Loan Mortgage Corporation shall each carry out a program
under this section to provide for the refinancing of qualified
mortgages on single-family housing owned by such enterprise through a
refinancing mortgage, and for the purchase of and securitization of
such refinancing mortgages, in accordance with this section and
policies and procedures that the Director of the Federal Housing
Finance Agency shall establish. Such program shall require such
refinancing of a qualified mortgage upon the request of the mortgagor
made to the applicable enterprise and a determination by the enterprise
that the mortgage is a qualified mortgage.
    (b) Qualified Mortgage.--For purposes of this section, the term
``qualified mortgage'' means a mortgage, without regard to whether the
mortgagor is current on or in default on payments due under the
mortgage, that--
            (1) is an existing first mortgage that was made for
        purchase of, or refinancing another first mortgage on, a one-
        to four-family dwelling, including a condominium or a share in
        a cooperative ownership housing association, that is occupied
        by the mortgagor as the principal residence of the mortgagor;
            (2) is owned or guaranteed by the Federal National Mortgage
        Association or the Federal Home Loan Mortgage Corporation; and
            (3) was originated on or before the date of the enactment
        of this Act.
    (c) Refinancing Mortgage.--For purposes of this section, the term
``refinancing mortgage'' means a mortgage that meets the following
requirements:
            (1) Refinancing of qualified mortgage.--The principal loan
        amount repayment of which is secured by the mortgage shall be
        used to satisfy all indebtedness under an existing qualified
        mortgage.
            (2) Single-family housing.--The property that is subject to
        the mortgage shall be the same property that is subject to the
        qualified mortgage being refinanced.
            (3) Interest rate.--The mortgage shall bear interest at a
        single rate that is fixed for the entire term of the mortgage,
        which shall be equivalent to the premium received by the
        enterprise on the qualified mortgage being refinanced plus the
        cost of selling a newly issued mortgage having comparable risk
        and term to maturity in a mortgage-backed security, as such
        rate may be increased to the extent necessary to cover, over
        the term to maturity of the mortgage, any fee paid to the
        servicer pursuant to subsection (d), the cost of any title
        insurance coverage issued in connection with the mortgage, and,
        as determined by the Director, a portion of any administrative
        costs of the program under this section as may be attributable
        to the mortgage.
            (4) Waiver of prepayment penalties.--All penalties for
        prepayment or refinancing of the qualified mortgage that is
        refinanced by the mortgage, and all fees and penalties related
        to the default or delinquency on such mortgage, shall have been
        waived or forgiven.
            (5) Term to maturity.--The mortgage shall have a term to
        maturity of not more than 40 years from the date of the
        beginning of the amortization of the mortgage.
            (6) Prohibition on borrower fees.--The servicer conducting
        the refinancing shall not charge the mortgagor any fee for the
        refinancing of the qualified mortgage through the refinancing
        mortgage.
            (7) Title insurance.--The fee for title insurance coverage
        issued in connection with the mortgage shall be reasonable in
        comparison with fees for such coverage available in the market
        for mortgages having similar terms.
    (d) Fee to Servicer.--The Director may, in the Director's sole
discretion, require each enterprise to pay to the servicer of a
qualified mortgage a fee, in such amount as the Director considers
appropriate, for each qualified mortgage of an enterprise that the
servicer refinances through a refinancing mortgage pursuant to this
section.
    (e) No Appraisal.--The enterprises may not require an appraisal of
the property subject to a refinancing mortgage to be conducted in
connection with such refinancing.
    (f) Termination.--The requirement under subsection (a) for the
enterprises to refinance qualified mortgages shall not apply to any
request for refinancing made after the expiration of the one-year
period beginning on the date of the enactment of this Act, except that
the Director may, by notice published before the expiration of such
period, extend such period for such additional time as the Director
considers appropriate.
    (g) Definitions.--For purposes of this section, the following
definitions shall apply:
            (1) Director.--The term ``Director'' means the Director of
        the Federal Housing Finance Agency.
            (2) Enterprise.--The term ``enterprise'' means the Federal
        National Mortgage Association and the Federal Home Loan
        Mortgage Corporation.
    (h) Regulations.--The Director shall issue any regulations or
guidance necessary to carry out the program under this section.

Output: Housing Opportunity and Mortgage Equity Act of 2013 - Directs the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (government-sponsored enterprises or GSEs) each to carry out a one-year program providing for the refinancing of qualified single-family housing mortgages it owns through a refinancing mortgage (and for the purchase of and securitization of such refinancing mortgages) in accordance with this Act and the policies and procedures of the Federal Housing Finance Agency (FHFA). Defines a qualified mortgage as one, regardless of whether the mortgagor is current on payments due or in default, that: (1) is an existing first mortgage for purchase of, or refinancing another first mortgage on, a one- to four-family dwelling, including a condominium or a share in a cooperative ownership housing association, that is occupied by the mortgagor as principal residence; (2) is owned or guaranteed by the particular GSE; and (3) was originated on or before enactment of this Act. Specifies the terms and conditions of a refinancing mortgage, including a 40-year term to maturity and a prohibition on borrower fees. Requires waiver or forgiveness of all fees and penalties related to any default or delinquency on the original mortgage. Authorizes the FHFA Director, in his or her sole discretion, to require each enterprise to pay a servicer an appropriate fee for each qualified mortgage of an enterprise that the servicer refinances through a refinancing mortgage. Prohibits any requirement of a property appraisal.


Input:
SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Student Loan Simplification and
Opportunity Act of 2011''.

SEC. 2. TEMPORARY STUDENT LOAN DEBT CONVERSION AUTHORITY.

    (a) Repeal.--
            (1) In general.--Section 459A of the Higher Education Act
        of 1965 (20 U.S.C. 1087i-1) is repealed.
            (2) Conforming amendments.--Part D of the Higher Education
        Act of 1965 (20 U.S.C. 1087a et seq.) is amended--
                    (A) in section 451(a) (20 U.S.C. 1087a), by
                striking ``(1) to make loans to all eligible students
                (and the eligible parents of such students) in
                attendance at participating institutions of higher
                education selected by the Secretary, to enable such
                students to pursue their courses of study at such
                institutions during the period beginning July 1, 1994;
                and (2) for purchasing loans under section 459A.'' and
                inserting ``to make loans to all eligible students (and
                the eligible parents of such students) in attendance at
                participating institutions of higher education selected
                by the Secretary, to enable such students to pursue
                their courses of study at such institutions during the
                period beginning July 1, 1994.''; and
                    (B) in section 459B(a)(2)(B) (20 U.S.C. 1087i-
                2(a)(2)(B)), by striking ``purchased by the Secretary
                pursuant to section 459A'' and inserting ``purchased by
                the Secretary pursuant to section 459A under the terms
                of that provision in effect on or before June 30, 2010,
                or converted by the Secretary pursuant to section
                459A''.
    (b) Student Loan Debt Conversion.--Part D of title IV of the Higher
Education Act of 1965 (20 U.S.C. 1087a et seq.) is amended by inserting
after section 459 the following:

``SEC. 459A. TEMPORARY AUTHORITY TO CONVERT STUDENT LOAN DEBT.

    ``(a) In General.--
            ``(1) Authority.--The Secretary shall, at the request of an
        eligible borrower (as described in subsection (b)), convert an
        eligible student loan debt (as described in subsection (c))
        into a Federal debt by paying the holder of the eligible
        student loan the outstanding balance of principal and interest
        on that loan, and the borrower shall enter into an agreement to
        repay to the Secretary the amount advanced to convert the debt
        to a Federal debt.
            ``(2) Duration of authority.--The Secretary shall convert
        eligible student loan debt under this section for those
        eligible borrowers whose applications for conversion are
        received on or after January 1, 2012 and before October 1,
        2012.
            ``(3) Designation of loan.--The repayment obligation of the
        borrower whose eligible student loan debt was repaid by the
        Secretary and converted to a Federal debt under this section
        shall be referred to as a `FFEL Debt Conversion Loan'.
    ``(b) Eligible Borrower.--A borrower is eligible for a FFEL Debt
Conversion Loan if the borrower, in addition to the loans described in
subsection (c), has an outstanding loan that was made under this part,
or an outstanding loan that was purchased by the Secretary pursuant to
section 459A under the terms of that provision in effect on or before
June 30, 2010.
    ``(c) Eligible Student Loan Debt.--A student loan of an eligible
borrower is eligible for payment by a FFEL Debt Conversion Loan if--
            ``(1) the loan was made, insured, or guaranteed under part
        B, and not previously purchased by the Secretary pursuant to
        section 459A under the terms of that provision in effect on or
        before June 30, 2010;
            ``(2) the loan is not in default; and
            ``(3) the loan is not delinquent for 270 days or more.
    ``(d) Terms and Conditions of Debt Conversion Loans.--
            ``(1) Continuation of terms.--A FFEL Debt Conversion Loan
        shall be repayable by the borrower under the same terms and
        conditions as were applicable under the promissory note signed
        by the borrower for the eligible student loan debt being repaid
        by the Secretary under this section, including such terms as
        applied when the borrower entered repayment, and the
        availability of grace periods and deferments.
            ``(2) Aggregate loan limits.--Notwithstanding any other
        provision of this title, a FFEL Debt Conversion Loan shall be
        included in the calculation of the aggregate loan limit that
        was applicable to the borrower's eligible student loan for
        which the FFEL Debt Conversion Loan was obtained.
            ``(3) Other terms.--
                    ``(A) FFEL terms.--Other borrower benefits offered
                by the originating lender or the holder of the eligible
                student loan being repaid that are not specified in
                part B or in the borrower's promissory note for that
                loan are not available with respect to a FFEL Debt
                Conversion Loan.
                    ``(B) Direct loan terms.--Except as provided in
                paragraph (5), benefits offered only for loans made
                under this part are not available with respect to a
                FFEL Debt Conversion Loan.
            ``(4) Fees.--
                    ``(A) No fees imposed by secretary.--The Secretary
                shall not charge the borrower any origination or other
                fee for the making of a FFEL Debt Conversion Loan.
                    ``(B) No fees imposed by holder of eligible student
                loan debt.--Notwithstanding any other provision of law,
                the holder of an eligible student loan shall not charge
                the Secretary or the borrower any origination or other
                fee, including any fee for providing the information
                described in subsection (e), for the conversion of the
                eligible student loan debt to a FFEL Debt Conversion
                Loan.
            ``(5) Ffel debt conversion benefits.--The Secretary may
        offer benefits to a borrower of a FFEL Debt Conversion Loan, in
        an amount that shall not exceed 2 percent of the amount
        advanced on the FFEL Debt Conversion Loan, which may include
        payments to borrowers, reductions in the outstanding principal
        and interest on the FFEL Debt Conversion Loan, or such other
        benefits as the Secretary may establish.
    ``(e) Information From Holders of Student Loan Debt Eligible for
Conversion.--A holder of an eligible student loan shall promptly
provide the Secretary with the amount outstanding and such other
information as may be needed to convert that debt under this section.
    ``(f) Notification.--Not later than December 1, 2011, the Secretary
shall notify eligible borrowers--
            ``(1) of their eligibility to convert an eligible student
        loan debt under this section; and
            ``(2) of the time frame for applying for such
        conversion.''.
    (c) Conforming Amendments.--
            (1) Cohort default rate.--Section 435(m)(2) of the Higher
        Education Act of 1965 (20 U.S.C. 1085(m)(2)) is amended by
        adding at the end the following:
                    ``(E) For purposes of this subsection, a borrower
                who obtains a FFEL Debt Conversion Loan under section
                459A shall continue to be considered as having entered
                repayment on the date the borrower entered repayment on
                the eligible student loan debt that was repaid by the
                Secretary and converted to a Federal debt under that
                section.''.
            (2) Contracts.--Section 456(b) of the Higher Education Act
        of 1965 (20 U.S.C. 1087f(b)) is amended--
                    (A) in paragraph (2), by inserting ``, converted,''
                after ``made''; and
                    (B) in paragraph (3), by inserting ``, converted,''
                after ``made''.
            (3) Federal consolidation loans.--Section 428C(a)(4)(C) of
        the Higher Education Act of 1965 (20 U.S.C. 1078-3(a)(4)(C)) is
        amended by inserting ``or converted'' after ``made''.
            (4) Income-based repayment.--Section 493C of the Higher
        Education Act of 1965 (20 U.S.C. 1098e) is amended--
                    (A) in subsection (a)(3)(A), by inserting
                ``converted,'' after ``made,'';
                    (B) in subsection (b)(1), by inserting
                ``converted,'' after ``made,''; and
                    (C) in subsection (c), by inserting ``converted,''
                after ``made,''.
    (d) Inapplicability of Title IV Negotiated Rulemaking and Master
Calendar Exception.--Sections 482(c) and 492 of the Higher Education
Act of 1965 (20 U.S.C. 1089(c), 1098a) shall not apply to the
amendments made by this section, or to any regulations promulgated
under those amendments.
    (e) Annual Cost Estimate.--Notwithstanding any other provision of
this Act or an amendment made by this Act, the Secretary of Education
shall carry out the requirement of section 459A(e)(3) of the Higher
Education Act of 1965, as in effect on the day before the date of
enactment of this Act, with respect to the annual cost estimates
required to be submitted not later than February 15, 2012.
    (f) Funds for Federal Pell Grants.--The proceeds to the Federal
Government from the temporary authority to convert student loan debt
provided by the amendments made by this Act shall be used to carry out
Federal Pell Grants under section 401 of the Higher Education Act of
1965 (20 U.S.C. 1070a).

Output:
Student Loan Simplification and Opportunity Act of 2011 - Amends title IV (Student Assistance) of the Higher Education Act of 1965 to repeal the Secretary of Education's authority, under the Direct Loan (DL) program, to purchase or enter into forward commitments to purchase: (1) Federal Family Education Loans (FFELs) from lenders, upon the determination that there is an inadequate availability of loan capital to meet the demand for such loans; and (2) rehabilitated loans that eligible lenders purchased under the FFEL default reduction program. (Currently, the Secretary's authority to purchase or enter into forward commitments to purchase such loans is set to expire in July 2010, as is the FFEL program.)

Authorizes the Secretary to offer borrowers FFEL Debt Conversion Loans, until October 2012, that cover FFELs that have not been purchased under the program this Act repeals, provided such borrowers: (1) are not in default or delinquent for 270 days or more on such loans, and (2) have an outstanding DL or an outstanding FFEL that was purchased pursuant to the program this Act repeals. (FFEL Debt Conversion Loans pay the holder of the FFEL the outstanding principal and interest on the loan, which the borrower is then obligated to repay to the Secretary under the terms of the converted FFEL.)

Authorizes the Secretary to offer benefits to borrowers of FFEL Debt Conversion Loans in an amount up to 2% of the amount advanced on the FFEL Debt Conversion Loan.

Requires federal proceeds from this Act's temporary authorization of FFEL Debt Conversion Loans to be used for the Pell grant program.