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Official portrait of Rep. Frenzel, Bill [R-MN-3]

Rep. Frenzel, Bill [R-MN-3]

United States · Official source

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  • · House of Representatives · present
  • R · R · present

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Bill· HRH.R. 5975 (101st)open

Budget Process Reform Act

United States · United States Congress · 27 October 1990

Budget Process Reform Act - Title I: Statement of Congressional Purpose - Declares that the purpose of this Act is to facilitate rational, informed, and timely decisions by the Congress. Expresses the sense of the Congress that the Federal budget process should focus the attention of policymakers and the public on the aggregate impact of Federal spending on the economy, and on the tradeoffs that must be made among priorities in order to control overall levels of spending. Declares that the budget process should contain safeguards against delay and inaction, so that temporary shut-downs of the Government may be avoided. Title II: Binding Budget Law - Requires the Congress to enact a binding budget law, in the form of a joint resolution, by April 15 of the calendar year before that in which the fiscal period commences. Requires the budget law to fit on a single page, which sets forth specific budget ceilings in major functional categories. Makes it out of order in the House of Representatives or the Senate to consider any spending bill affecting spending in a major functional category unless and until a joint resolution on the budget is enacted. Amends the Congressional Budget Act of 1974 to prohibit baseline budgeting. Requires the budget to include comparisons of current fiscal year and proposed subsequent fiscal year spending. Title III: Enforcement Mechanisms - Subtitle A: Super majority Required to Break Budget Law - Requires a two-thirds majority vote in the House and the Senate to consider any spending bill prior to the enactment of the budget law. Requires the Congressional Budget Office to provide to the Congress an estimate of the costs in each major functional category of any spending bill as soon as practicable after its introduction. Limits such estimates to those bills likely to result in costs of more than $10,000,000. Requires a two-thirds affirmative vote in the House and the Senate to consider over-budget spending bills. Requires a two-thirds affirmative vote in the House and the Senate to waive any provision of this Act. Subtitle B: Limited Enhanced Rescission Authority - Amends the Impoundment Control Act of 1974 to limit the President's rescission authority to spending that is above the limits of the budget law. Subtitle C: "Blank Check" Appropriations Prohibited - Declares the intent of the Congress to end open-ended, "blank check" appropriations which typically authorize spending "such sums as may be necessary." Requires fixed-dollar appropriations for every account except social security and interest on the debt. Prohibits open-ended appropriations. Requires Executive agencies to adjust benefit levels to ensure that appropriations for entitlement programs are not exceeded. Subtitle D: "Pay As You Go" Requirement for New Spending - Prohibits the Congress from considering any legislation which exceeds the budget ceiling unless it offsets such increased spending with an equal amount of reductions. Requires a two-thirds affirmative vote in the House and the Senate to waive such prohibition. Title IV: Sustaining Mechanism - Makes appropriations to provide for an automatic continuing resolution if for any account an appropriation for a fiscal period does not become law before the beginning of such period. Restricts legislation providing funding to the Committees on Appropriations. Title V: Protection of Social Security - Provides that no reduction in benefits under title II (Old Age, Survivors and Disability Insurance) of the Social Security Act shall be made as a consequence of this Act. Title VI: Timetable - Revises the timetable for the congressional budget process. Title VII: Conforming Amendments - Makes various technical and conforming amendments, including changing references to a concurrent resolution on the budget to references to a joint resolution on the budget. Title VIII: Definitions and Rules of Interpretation - Sets forth definitions for specified terms. Title IX: Effective Date - Declares the effective date of this Act to be January 1, 1991, applicable to fiscal years beginning after September 30, 1991.

Bill· HRH.R. 5722 (101st)referred

To provide for the temporary continuance of essential government services for Americans.

United States · United States Congress · 26 September 1990

Authorizes the President, in order to protect health and safety of human life, to decrease the sequester amounts specified in the order issued August 25, 1990, under the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act). Requires an increase in the sequester amount in other accounts, programs, projects, or activities to the extent amounts were decreased in such order.

Bill· HRH.R. 5485 (101st)referred

To provide for the deductibility of certain mortgage interest and real property taxes by Federal employees receiving overseas housing allowances.

United States · United States Congress · 3 August 1990

Provides that a payment or allowance shall be treated as a military housing allowance under the Internal Revenue Code for purposes of the deductibility of mortgage interest and real property taxes, if such payment was provided: (1) to a Federal employee stationed outside the continental United States; and (2) for expenses similar to the expenses for which any military housing allowance is provided.

Bill· HRH.R. 5442 (101st)referred

Fairness and Competitive Foreign Income Tax Act of 1990

United States · United States Congress · 2 August 1990

Fairness and Competitive Foreign Income Tax Act of 1990 - Amends the Internal Revenue Code to repeal the limitation to 90 percent of tax applied to the alternative minimum tax foreign tax credit. Requires that both the assets of and the interest paid by foreign affiliates be considered in the process of allocating interest when determining the taxable foreign source income of an affiliated group for purposes of foreign tax credit limitations. Amends source rules with respect to the sales of stock of affiliates. Provides for the treatment of the sale of a foreign partnership interest under separate income limitations relating to income outside the United States and for the treatment of the sale of a partnership interest under source rules. Provides, with respect to subpart F income (types of income generally suited to tax haven activity) of a controlled foreign corporation, that all pre-1987 (post-1962) accumulated deficits shall offset similar subpart F income earned after 1986. Amends foreign tax credit provisions to provide for recapture of the amounts by which a taxpayer's gross income from U.S. sources is exceeded by the amount of the deductions properly allocated to such sources. Requires that subsequent U.S.-source income, in an amount related to the recaptured domestic loss, be treated as income from foreign sources. Eliminates the separate category treatment of section 902 corporations (corporations which own ten percent or more of voting stock of foreign corporations). Provides that dividends, interest, rents, and royalties from the sale of stock in such companies shall not be treated as income in a separate category. Revises the tax rules applicable to corporations that meet the 80 percent foreign business requirements. Makes the special rules on passive foreign investment companies inapplicable to a taxpayer with respect to a corporation if such corporation is a controlled foreign corporation and the taxpayer is a United States shareholder with respect to such corporation. Makes permanent the rules on qualified research and experimental expenditures. Prohibits the allocation or apportionment of any deduction for State or local income or franchise tax to gross income from sources outside the United States. Revises the method of determining the amount of foreign tax credit by taking into account foreign taxes attributable to earnings and profits, dividends, and certain stocks.

Bill· HRH.R. 5394 (101st)referred

To amend the Internal Revenue Code of 1986 to deny the benefits of certain exceptions to the disallowance of certain entertainment, etc., expenses with respect to facilities that discriminate on the basis of race, color, sex, or religion, and for other purposes.

United States · United States Congress · 27 July 1990

Amends the Internal Revenue Code to provide that the exceptions to the disallowance of entertainment and other related expenses for sports events and club entertainment do not apply to activities held at a facility, or to the facility, if the facility or the organization which owns or operates it has any pattern or practice of discriminating against any person on the basis of race, color, sex, or religion. Prohibits tax-exempt social clubs from discriminating on the basis of sex.

Bill· HRH.R. 5376 (101st)referred

To amend the Internal Revenue Code of 1986 to require the use of the 150 percent declining balance method of depreciation for computer equipment for certain purposes of the alternative minimum tax.

United States · United States Congress · 26 July 1990

Amends the Internal Revenue Code to require the use of the 150 percent declining balance method of depreciation for computer equipment for alternative minimum tax purposes. Allows the use of the straight-line method for the first year for which such method will yield a higher allowance.

Bill· HRH.R. 5362 (101st)referred

Employee Benefits Simplification Act

United States · United States Congress · 25 July 1990

Employee Benefits Simplification Act - Title I: Nondiscrimination Provisions - Amends the Internal Revenue Code with respect to employee benefit plans. Redefines the term "highly compensated employee" for pension, profit sharing, stock bonus plans, etc. purposes. Makes such employee one who is a five-percent owner or who has compensation from the employer in excess of $50,000. Provides a special rule where no employees are treated as highly compensated. Redefines "compensation" to mean in general the amount of wages shown on the W-2 form for the calendar year. Allows self-employed individuals to use their earned income amount. Includes the following deferrals as those which an employer may elect to take into account when determining salary reduction contributions: (1) deferred compensation plans of State and local government and tax-exempt organizations; (2) contributions to an employee trust; and (3) trusts for benefit payments funded by employer contributions. Permits an employer to elect to use base pay for all purposes, other than indentifying highly compensated employees, in lieu of W-2 compensation. Provides that the cost-of-living adjustment with respect to any calendar year is based on the increase in the applicable index as of the close of the calendar quarter ending September 30 of the calendar year. Requires the rounding of such amounts to the nearest $1,000, except that elective deferrals and elective contributions to simplified employee pensions are rounded to the nearest $100. Provides that the minimum participation rule applies only to defined benefit pension plans. Requires such plans to benefit not less than 25 employees, or the greater of 40 percent of all employees or two employees (or if there is only one employee, such employee). Sets forth alternative methods of meeting nondiscrimination requirements for cash or deferred arrangements, including specified contribution and notice requirements. Sets forth alternative methods of satisfying the nondiscrimination test for matching contributions. Revises the method of distributing excess contributions to highly compensated employees. Title II: Distribution - Allows distributions from qualified pension plans to be rolled over tax-free to an individual retirement account or another qualified plan or annuity. Eliminates five-year averaging for lump-sum distributions from qualified plans. Requires certain tax-free distributions to be made in the form of a direct trustee-to-trustee transfer to an eligible individual retirement plan. Sets forth administrative requirements in making such distributions. Requires distributions to be made from qualified plans by April 1 of the calendar year following the later of: (1) the calendar year in which the employee attains age 70; or (2) the calendar year in which the employee retires. (Present law requires such distributions no later than April 1 of the calendar year following the calendar year in which the employee attains age 70 1/2.) Title III: Miscellaneous Provision - Revises the definition of a leased employee to include one whose services are performed under the control of a service recipient, instead of one whose services are historically performed by employees. Replaces the 59 1/2- and 70 1/2-year age requirement with 59- and 70-year age requirements for specified pension plans. Eliminates the special aggregation rules that apply to plans maintained by owner-employees that do not apply to other qualified plans. Makes the 150 percent current liability limitation on the deduction allowed for employer contributions to qualified pension plans inapplicable to multiemployer plans. Repeals the present law annual valuation requirement for such plans and applies the prior law requirement that valuations be performed at least every three years. Sets forth affiliation requirements for employers jointly maintaining a voluntary employees' beneficiary association. Makes the following limitation inapplicable to plans maintained by State and local governments and certain tax-exempt organizations: (1) excess benefit limitations; (2) compensation limitation on benefits; (3) limitations on disability and survior benefits; and (4) the limitation on benefits exceeding 100 percent of the participant's average compensation. Modifies provisions relating to simplified employee pensions. Increases the number of allowable participants for salary reduction arrangements from 25 to 100. Allows participation after one year of service (currently, three years of service is required). Repeals the requirement that at least 50 percent of eligible employees participate in a salary reduction arrangement. Eliminates certain requirements regarding contributions on behalf of disabled employees. Allows rural cooperative plans which include cash or deferred arrangements to make distributions to participants after attainment of age 59. Includes reports of pension and annuity payments in information returns and payee statements. Deletes reports of designated distributions from the scope of the $25 per day penalty. Provides a $10 reporting threshold for designated distributions.

Bill· HRH.R. 5373 (101st)referred

Church Retirement Benefits Simplification Act of 1990

United States · United States Congress · 25 July 1990

Church Retirement Benefits Simplification Act of 1990 - Amends the Internal Revenue Code to recodify and revise qualifications for church retirement and pension plans. Makes employee contributions to such plans nonforfeitable. Allows ten-year vesting with a nonforfeitable right to 100 percent of accrued benefits derived from employer contributions. Allows five-to-fifteen year vesting with a nonforfeitable right to a percentage (25% to 100%) of such accrued benefits. Requires the plan to meet minimum vesting requirements. Provides that no employee shall be considered an officer, shareholder, supervisor, or highly compensated employee if such employee receives less than $50,000 per year. Excludes from such consideration employees covered by a collective bargaining agreement if retirement benefits were a subject of good faith bargaining. Recodifies the authority of a church or a convention or association of churches to be treated as an employer making contributions to retirement income accounts. Subjects church-related hospitals and universities to certain coverage and related rules in the case of a contract purchased by a church. Requires distributions from retirement income accounts provided by churches to be in accordance with distributions under cash or deferred arrangements. Provides for determining the beginning date for such distributions. Allows self-employed ministers and chaplains who work for non-church employers to participate in their church plans. Provides that certain rules aggregating employees do not apply to churches. Restores qualified voluntary employee contributions to church plans. Treats self-employed ministers as employees for purposes of certain welfare benefit plans and retirement income accounts. Allows a deduction for contributions to retirement income accounts by such ministers. Provides that a church plan maintained by more than one employer shall not be treated as a single plan. Provides that accounting methods of deferred compensation plans of State and local governments and tax-exempt organizations do not apply to a church plan. Exempts a church plan from the requirement to maintain separate accounts for medical benefits for key employees. Provides that the special rules for computing employee contributions to pension plans do not apply to certain foreign missionaries. Repeals the elective deferral catch-up limitation for church retirement income accounts. Allows church plans to annuitize benefits and increase benefit payments. Provides that rules for self-insured medical reimbursement plans are not applicable to church plans.

Bill· HRH.R. 5353 (101st)referred

Financial Crimes Prosecution and Recovery Act of 1990 as Reported By the Committee on the Judiciary of the House of Representatives

United States · United States Congress · 24 July 1990

Financial Crimes Prosecution and Recovery Act of 1990 as Reported By the Committee on the Judiciary of the House of Representatives - Title I: Enhanced Criminal Penalties - Amends Federal criminal law to establish criminal penalties (including imprisonment) for the concealment of assets from the Federal Deposit Insurance Corporation (FDIC) (acting as conservator or receiver) and the Resolution Trust Corporation (RTC) acting as conservator or receiver. Amends the Federal Deposit Insurance Act to prohibit certain felons convicted of dishonesty or breach of trust from controlling or participating in the affairs of a depository institution for a minimum ten-year period. Amends Federal criminal law to establish criminal penalties (including imprisonment) for obstructing any examination of a financial institution. Increases to 30 years (currently, 20 years) the maximum prison term for bank fraud and embezzlement. Establishes a ten-year statute of limitations for the prosecution of racketeering offenses involving financial institutions. Extends money laundering prohibitions to include funds from specified bank crimes. Directs the U.S. Sentencing Commission to promulgate guidelines for increased penalties for certain bank crime convictions in which the defendant derived more than $1,000,000 in gross receipts from the offense. Provides for restoration of forfeited property and for restitution to bank crime victims. Sets forth maximum criminal fines and minimum imprisonment terms for certain continuing financial crime enterprises (i.e., certain violations committed by at least four persons acting in concert). Title II: Protecting Assets from Wrongful Disposition - Authorizes the Attorney General to obtain a court order enjoining or restraining the alienation of disposition of property obtained as a result of a banking law violation. Amends the Federal Deposit Insurance Act to set forth attachment procedures. Amends Federal bankruptcy law to provide that the trustee shall be deemed to have assumed a debtor's commitment to a Federal depository institution regulatory agency to maintain the capital of an insured depository institution (thus precluding the trustee from rejecting such commitment as an executory contract which can be avoided as a discharge in bankruptcy). Exempts a Federal depository institution regulatory agency acting as conservator for an insured depository institution from the requirement of proving reasonable reliance upon a false writing supplied by a debtor who is an institution-affiliated party. Prohibits a discharge in bankruptcy for debts resulting from the debtor's failure to fulfill a commitment to a Federal financial institution regulatory agency to maintain the capital of an insured depository institution. Exempts a Federal depository institution regulatory agency acting as conservator for an insured depository institution from the requirement of a timely nondischargeability request (including notice and hearing) when seeking to recover a debt relating to malfeasance. Declares that for specified cases of deceitful conduct, any institution-affiliated party of an insured depository institution (or credit union) shall be deemed to have been acting in a fiduciary capacity with respect to any debt owed to a Federal banking regulatory agency (thus making such debt nondischargeable in bankruptcy). Makes it a prerequisite of a bankruptcy reorganization plan that the debtor will: (1) maintain any commitment to a Federal banking regulatory agency to maintain the capital of an insured depository institution; and (2) continue to be obligated for any debt to such agency for failure to fulfill such commitment. Makes certain debts owed by an institution-affiliated party to an insured depository institution under Federal receivership nondischargeable under a consumer debt bankruptcy plan. Amends the Federal Deposit Insurance Act to empower the FDIC (acting as conservator) to avoid fraudulent conveyances by a debtor institution-affiliated party. Prohibits an insured depository institution which does not meet minimum Federal capitalization requirements from making golden parachute payments, covered benefit payments, or certain payments in anticipation of insolvency to an institution-affiliated party without prior written Federal agency approval. Cites conditions under which insured depository institutions may make golden parachute payments and covered benefits payments with FDIC approval. Amends the Federal criminal code to revise civil and criminal forfeiture guidelines for: (1) property affecting a financial institution; and (2) fraudulent offenses involving the sale of assets held by Federal banking regulatory agencies. Amends the Federal Deposit Insurance Act to prohibit certain convicted felony debtors whose default to an insured financial institution in receivership will cause substantial loss from acquiring any asset of the institution (except with respect to repayment). Title III: Improved Procedures for Handling Banking-Related Cases - Amends Federal criminal law to authorize wiretaps for bank fraud and related offenses. Amends the Federal Deposit Insurance Act to set forth reciprocal assistance guidelines for foreign investigations by Federal banking agencies and investigations on behalf of foreign banking authorities. Amends the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) to extend to ten years (currently, five years) the statute of limitations for commencing a civil action for Federal bank law violations. Amends the Federal Deposit Insurance Act and the National Credit Union Act to grant the FDIC, the RTC, and the NCUA subpoena authority. Title IV: Structural Reforms to Improve the Federal Response to Crimes Affecting Financial Institutions - Establishes within the Office of the Deputy Attorney General in the Department of Justice a Financial Institutions Fraud Unit, headed by a Special Counsel who shall report directly to the Deputy Attorney General. Terminates such Office five years after enactment of this Act. Empowers the Special Counsel to investigate and prosecute criminal activity involving the financial services industry. Directs the Attorney General to establish: (1) financial institutions fraud task forces; and (2) a senior interagency group to assist in identifying the most significant financial institution fraud cases, to allocate investigative and prosecutorial resources, and to expedite interagency coordination and prosecution of financial institutions fraud. Amends Federal criminal law to authorize the Secret Service (under the direction of the Secretary of the Treasury) to detect and arrest persons who violate banking laws with respect to financial institutions and the Resolution Trust Corporation (RTC). Title V: Reporting Requirements - Directs the Attorney General to report quarterly to the Congress regarding financial institution crimes. Requires the Director of the Administrative Office of the United States Courts to present annual statistical tables to the Congress on the business imposed on the Federal courts by the savings and loan crisis. Title VI: National Commission on Financial Institution Reform, Recovery, and Enforcement - Establishes the National Commission on Financial Institution Reform, Recovery, and Enforcement to make investigations and recommendations regarding specified aspects of the savings and loan crisis. Requires the Commission to submit a final report to the President and the Congress within one year after enactment of this Act. Terminates the Commission 30 days after the submission of such final report. Authorizes appropriations. Title VII: Authorizations - Amends the FIRREA to authorize appropriations to the Attorney General and the Federal Court System for bank crime cases.

Bill· HRH.R. 5344 (101st)open

To provide for a lower rate of duty on East German products imported during the transition to a unified Germany.

United States · United States Congress · 23 July 1990

Declares that the rate of duty on East German products imported into the United States after July 31, 1990, and before a unified Germany is eligible for column one duty treatment under the Harmonized Tariff Schedule of the United States, shall be equal to 110 percent of the rate that would be imposed if the column one duty rate applied to such products at the time of importation.

Bill· HRH.R. 5231 (101st)referred

Title X Pregnancy Counseling Act of 1990

United States · United States Congress · 10 July 1990

Title X Pregnancy Counseling Act of 1990 - Amends the Public Health Service Act to prohibit the Secretary of Health and Human Services from making a grant for the provision of family planning methods or services unless the applicant agrees to provide complete information and counseling regarding pregnancy, and for a pregnant woman who requests information on options for an unintended pregnancy, to provide: (1) nondirective counseling on prenatal care and delivery, infant care, foster care and adoption, and termination of pregnancy; and (2) referrals for the services that are appropriate to the decision of the woman.

Bill· HRH.R. 5196 (101st)open

Caribbean Debt for Development Act of 1990

United States · United States Congress · 28 June 1990

Caribbean Debt for Development Act of 1990 - Deems to be payments made by Caribbean countries to the United States for economic assistance loans: (1) equivalent amounts of local currency deposited into a local currency account for development purposes; and (2) local currency for which the President waives the equivalent deposit requirement. Permits such waiver only if the availability of the local currencies that would otherwise be deposited would be contrary to the long-term development of the country. Requires annual congressional presentation materials to describe the debt for development agreements entered into under this Act.

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