United States · United States Congress · 3 January 2013
Jerusalem Embassy and Recognition Act of 2013 - States that it is U.S. policy: (1) to recognize Jerusalem as the undivided capital of Israel, and (2) that the U.S. Embassy in Israel should be established in Jerusalem not later than January 1, 2015. Amends the Jerusalem Embassy Act of 1995 to eliminate the President's authority to waive certain funding limitations for Department of State acquisition and maintenance of buildings abroad until the U.S. Embassy in Jerusalem has officially opened. Requires any official U.S. document which lists countries and their capital cities to identify Jerusalem as Israel's capital. Limits appropriations that may be obligated in FY2013 for Department acquisition and maintenance of buildings abroad until the U.S. Embassy in Jerusalem has officially opened. States that for each of FY2013-FY2014, of funds authorized to be appropriated for Department acquisition and maintenance of buildings abroad, necessary sums should be made available until expended only for construction and other costs associated with the establishment in Jerusalem of the U.S. Embassy in Israel.
United States · United States Congress · 3 January 2013
Reclaiming Individual Liberty Act - Amends the Internal Revenue Code to repeal provisions added by the Patient Protection and Affordable Care Act requiring individuals to purchase and maintain minimum essential health care coverage.
United States · United States Congress · 3 January 2013
Title X Abortion Provider Prohibition Act - Amends the Public Health Service Act to prohibit the Secretary of Health and Human Service (HHS) from providing any federal family planning assistance to an entity unless the entity certifies that, during the period of such assistance, the entity will not perform, and will not provide any funds to any other entity that performs, an abortion. Excludes an abortion where: (1) the pregnancy is the result of rape or incest; or (2) a physician certifies that the woman suffered from a physical disorder, injury, or illness that would place the woman in danger of death unless an abortion is performed, including a condition caused by or arising from the pregnancy. Excludes hospitals from such requirement so long as the hospital does not provide funds to any non-hospital entity that performs an abortion. Requires the Secretary to provide Congress annually: (1) information on grantees who performed abortions under the exceptions, and (2) a list of entities to which grant funds are made available.
United States · United States Congress · 3 January 2013
Amends the National Flood Insurance Act of 1968 to increase from $20.725 billion to $30.425 billion the total amount of notes and obligations (federal borrowing authority) which may be issued by the Administrator of the Federal Emergency Management Agency (FEMA), with the President's approval, for the National Flood Insurance program. Designates such increase as an emergency requirement under the the Statutory Pay-As-You-Go Act of 2010.
United States · United States Congress · 3 January 2013
Prioritize Spending Act of 2013 - Requires amounts necessary for incurred federal obligations, in the event that the public debt reaches the statutory limit, to be made available to certain obligations, in prioritized order, before all other obligations. Prioritizes such obligations in the following descending order: (1) amounts necessary to carry out the authority of the Department of the Treasury to pay with legal tender the principal and interest on public debt; (2) amounts determined by the Secretary of Defense (DOD) (and the Secretary of Homeland Security [DHS] in the case of the Coast Guard) to be necessary to continue to provide pay and allowances (without interruption) to members of the Army, Navy, Air Force, Marine Corps, and Coast Guard, including their reserve components, who perform active service; (3) amounts certified to Congress by the President as necessary to carry out vital national security priorities; (4) amounts necessary to carry out the authority of the Commissioner of Social Security to pay monthly old-age, survivors', and disability insurance benefits under title II of the Social Security Act (SSA); and (5) amounts necessary to make payments under the Medicare program under SSA title XVIII.
United States · United States Congress · 3 January 2013
Constitutional Amendment - Prohibits total outlays for a fiscal year (except those for repayment of debt principal) from exceeding total receipts for that fiscal year (except those derived from borrowing) unless Congress, by a three-fifths rollcall vote of each chamber, authorizes a specific excess of outlays over receipts. Requires a three-fifths rollcall vote of each chamber to increase the public debt limit. Directs the President to submit a balanced budget to Congress annually. Prohibits any bill to increase revenue from becoming law unless approved by a majority of each chamber by rollcall vote. Authorizes waivers of these provisions when a declaration of war is in effect or under other specified circumstances involving military conflict. Requires any such waiver to identify and be limited to the specific excess or increase for that fiscal year made necessary by the identified military conflict.
United States · United States Congress · 3 January 2013
Constitutional Amendment - Prohibits total outlays for a fiscal year (except those for repayment of debt principal) from exceeding total receipts for that fiscal year (except those derived from borrowing) unless Congress, by a three-fifths rollcall vote of each chamber, authorizes a specific excess of outlays over receipts. Limits total outlays for any fiscal year to one-fifth of the U.S. economic output, unless two-thirds of each house of Congress provides for a specific increase above this amount. Requires a three-fifths rollcall vote of each chamber to increase the limit on U.S. debt held by the public. Directs the President to submit a balanced budget to Congress annually. Prohibits any bill to increase revenue from becoming law unless approved by three-fifths of each chamber by rollcall vote. Authorizes waivers of these requirements and prohibitions when a declaration of war is in effect or under other specified circumstances involving military conflict. Requires any such waiver to identify and be limited to the specific excess or increase for that fiscal year made necessary by the identified military conflict.
United States · United States Congress · 20 December 2012
Equitable Treatment of Investors Act - Amends the Securities Investor Protection Act of 1970 to revise the definition of "net equity." Bases the determination of net equity, the positions, options, and contracts of a customer reported to the customer as held by the debtor, and any indebtedness of the customer to the debtor, upon: (1) the information contained in the last statement issued by the debtor to the customer before the filing date; and (2) any additional written confirmations of the customer's positions, options, contracts, or indebtedness received after such last statement but before the filing date. Makes an exception to this requirement when a debtor's recorders indicate a higher value. Requires determination of the customer's net equity using the debtor's books and records instead of the customer's last statement when the debtor's books and records indicate that the net value of a customer's positions, options, and contracts reported to the customer as held by the debtor, and any indebtedness of the customer to the debtor, is greater than the customer's net value as calculated on the basis specified by this Act. Prohibits reliance on the final statement of the debtor to customer, however, if the customer: (1) knew the debtor was involved in fraudulent activity with respect to any of its customers which reasonably indicated a fraud adversely affecting a substantial number of customers; or (2) as a registered broker, dealer, or investment adviser under specified securities laws, or a person required to be so registered, knew, or should have known, that the debtor was involved in a fraudulent activity and did not notify the Securities Investor Protection Corporation (SIPC), the Securities and Exchange Commission (SEC), or law enforcement personnel. Prohibits a trustee in bankruptcy in a liquidation proceeding from recovering any property transferred by the debtor to a customer before the filing date unless, at the time of such transfer, the customer meets the same criteria regarding actual or constructive knowledge of the debtor's involvement in fraudulent activity. Prescribes alternative methodologies for allocation of customer property to customers by a trustee in a liquidation proceeding. Requires public notice and comment as a prerequisite to court approval of a proposed allocation methodology. Transfers from the SIPC to the SEC authority to nominate to a court persons for appointment as trustee for the liquidation of a debtor's business and as attorney for the trustee. Prohibits a trustee from serving in multiple liquidations if the trustee is currently serving as such under this Act for the liquidation of the business of another debtor. Sets forth requirements for trustee and attorney compensation. Requires the SIPC to issue quarterly public reports on its payments to the trustee, as well as all other costs in connection with the liquidation proceeding. Prescribes the timing of: (1) SIPC advances, and (2) payments to customers.
United States · United States Congress · 19 December 2012
Averting the Fiscal Cliff Act - Title I: Job Protection and Recession Prevention Act - Subtitle A: Job Protection and Recession Prevention Act - Job Protection and Recession Prevention Act of 2012 - Makes permanent: (1) the Economic Growth and Tax Relief Reconciliation Act of 2001, and (2) provisions of the Jobs and Growth Tax Relief Reconciliation Act of 2003 that reduce tax rates on capital gain and dividend income. Extends through 2013 the estate, gift, and generation-skipping transfer provisions of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010. Amends the Internal Revenue Code to extend through 2013: (1) the increased expensing allowance for depreciable business assets, and (2) the increased alternative minimum tax (AMT) exemption amount for individual taxpayers. Subtitle B: Pathway to Job Creation Through a Simpler, Fairer Tax Code Act - Pathway to Job Creation through a Simpler, Fairer Tax Code Act of 2012 - States that the purpose of this Subtitle is to provide for the enactment of comprehensive tax reform in 2013. Defines a "tax reform bill" as a bill of the 113th Congress that is introduced in the House of Representatives by the chair of the Committee on Ways and Means not later than April 30, 2013 (or the first legislative day thereafter if the House is not in session on that day), the title of which is "a bill to provide for comprehensive tax reform." Requires the chair of the Joint Committee on Taxation to notify the House and Senate upon determining that such an introduced bill contains proposals to: (1) consolidate the 6 current individual income tax brackets into a maximum of 2 brackets (of 10% and not higher than 25%), (2) reduce the corporate income tax rate to not more than 25%, (3) repeal the alternative minimum tax (AMT), (4) broaden the tax base to maintain revenue between 18% and 19% of the economy, and (5) change from a worldwide to a territorial system of taxation. Provides for expedited consideration of such bill in the House of Representatives and the Senate. Title II: Sequestration Replacement Act - Subtitle A: Agriculture - Agricultural Reconciliation Act of 2012 - Amends the American Recovery and Reinvestment Act of 2009 to terminate the increase in the value of supplemental nutrition assistance program (SNAP, formerly the food stamp program) benefits for Puerto Rico and American Samoa on the date of enactment of the Averting the Fiscal Cliff Act. Amends the Food and Nutrition Act of 2008 to limit categorical SNAP eligibility to households receiving specified other program benefits in cash. Eliminates the requirement that a state agency using a standard utility allowance provide such allowance to a household that receives assistance under the Low Income Home Energy Assistance Act of 1981 or other energy assistance program if such household incurs out-of-pocket heating or cooling expenses exceeding such assistance. Eliminates: (1) administrative cost sharing to states for certain employment and training programs, (2) state bonus programs for effective SNAP administration, and (3) indexing for the nutrition education and obesity prevention grant program. Reduces FY2013 funding for employment and training programs. Authorizes FY2013 appropriations to carry out the Food and Nutrition Act of 2008. States that this title and the amendments made by this title shall take effect on enactment of this Act, and shall apply only with respect to certification periods that begin on or after such date. Subtitle B: Committee on Energy and Commerce - Amends the Patient Protection and Affordable Care Act (PPACA) to repeal provisions: (1) appropriating funds to the Secretary of Health and Human Services (HHS) to award grants to states for activities (including planning activities) related to establishing an American Health Benefit Exchange (a state health insurance exchange), (2) establishing and appropriating funds to the Prevention and Public Health Fund (a Fund to provide for expanded and sustained national investment in prevention and public health programs to improve health and help restrain the rate of growth in private and public sector health care costs), and (3) appropriating funds for the establishment and operation of the Consumer Operated and Oriented Plan (CO-OP) program (designed to foster the creation of qualified nonprofit health insurance issuers to offer qualified health plans in the individual and small group markets). Rescinds any unobligated balance appropriated under such provisions. Amends title XIX (Medicaid) of the Social Security Act (SSA) to: (1) extend the reduction of the threshold level of permissible state taxes on health care providers before federal funding to the state for Medicaid is reduced; (2) reduce the state disproportionate share hospital (DSH) allotment for FY2022; and (3) repeal provisions prohibiting states from reducing eligibility levels for Medicaid. Amends SSA title XXI (Children's Health Insurance Program) (CHIP) to repeal provisions prohibiting states from reducing eligibility levels for CHIP. Repeals provisions that increased Medicaid payments to territories though FY2019. Decreases the federal medical assistance percentage (FMAP) for Puerto Rico, the Virgin Islands, Guam, the Northern Mariana Islands, and American Samoa. Repeals provisions providing bonus payments to states for enrollment and retention programs for children covered under Medicaid and CHIP. Subtitle C: Financial Services -- Amends the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) to repeal Title II (Orderly Liquidation Authority), including the Orderly Liquidation Fund, and to restore any federal law amended by it as if title II of Dodd-Frank had not been enacted. HAMP Termination Act of 2012 - Amends the Emergency Economic Stabilization Act of 2008 (EESA) to terminate the authority of the Secretary of the Treasury to provide new mortgage modification assistance under the Home Affordable Modification Program (HAMP), except with respect to existing obligations on behalf of homeowners already extended an offer to participate in the program. Declares unavailable after the enactment of this Act for obligation or expenditure under HAMP any amounts made available for HAMP under EESA title I that: (1) have been allocated for use but not yet obligated, and (2) are not necessary for providing HAMP assistance on behalf of those homeowners already extended an offer to participate in HAMP. Directs the Secretary to study: (1) the extent to which HAMP is used by homeowners who are active duty members of the Armed Forces (or their spouses or parents), veterans, or Gold Star-eligible widows, parents, or next of kin of Armed Forces members who died in military operations; and (2) the impact of the program on them. Amends the Consumer Financial Protection Act of 2010 to repeal the obligation of the Board of Governors of the Federal Reserve System (Federal Reserve Board) to transfer quarterly to the Consumer Financial Protection Bureau (CFPB) the amount of funds determined by the CFPB Director to be reasonably necessary to carry out CFPB authorities. Repeals the Consumer Financial Protection Fund and the Consumer Financial Civil Penalty Fund. Repeals the exclusion of CFPB funds from construction as government funds or appropriated monies. Subjects the CFPB funds to the annual congressional authorization and appropriation process. Amends Dodd-Frank to repeal the Office of Financial Research. Subtitle D: Committee on the Judiciary - Help Efficient, Accessible, Low Cost, Timely Healthcare (HEALTH) Act of 2012 - Sets forth provisions regulating lawsuits for health care liability claims concerning the provision of health care goods or services or any medical product affecting interstate commerce. Sets a statute of limitations of three years after the date of manifestation of injury or one year after the claimant discovers the injury, with certain exceptions. Limits noneconomic damages to $250,000. Makes each party liable only for the amount of damages directly proportional to such party's percentage of responsibility. Allows the court to restrict the payment of attorney contingency fees. Limits the fees to a decreasing percentage based on the increasing value of the amount awarded. Authorizes the award of punitive damages only where: (1) it is proven by clear and convincing evidence that a person acted with malicious intent to injure the claimant or deliberately failed to avoid unnecessary injury the claimant was substantially certain to suffer, and (2) compensatory damages are awarded. Limits punitive damages to the greater of two times the amount of economic damages or $250,000. Limits the liability of manufacturers, distributors, suppliers, and providers of medical products that comply with Food and Drug Administration (FDA) standards. Provides for periodic payments of future damage awards. Subtitle E: Committee on Oversight and Government Reform - Increases federal employee contributions under the Civil Service Retirement System (CSRS) and the Federal Employees' Retirement System (FERS) by 5% of salary over 5 years, beginning in calendar year 2013. Increases retirement contributions for: (1) Members of Congress in CSRS and FERS and for congressional employees in CSRS by 8.5% (by 7.5% for congressional employees in FERS) of salary over 5 years, beginning in calendar year 2013; and (2) Members of Congress and certain federal employees who begin federal service after December 31, 2012, and who have less than 5 years of creditable service for retirement purposes (revised annuity employees). Requires any excess contributions made by an employee of the U.S. Postal Service (USPS) or the Postal Regulatory Commission (PRC) to be deposited to the credit of the Postal Service Fund, rather than the Civil Service Retirement and Disability Fund. Modifies rules for determining government contributions to CSRS and FERS made after December 31, 2012, and requires any excess contributions to FERS to be used for reducing the unfunded liability of CSRS. Eliminates the annuity supplement for FERS employees hired after December 31, 2012, except for certain law enforcement officers, firefighters, nuclear material couriers, border protection officers, and air traffic controllers. Allows federal employees (including employees of USPS and PRC) and Members of Congress in CSRS or FERS to deposit any payment they receive for accumulated and accrued annual or vacation leave into their Thrift Savings Fund accounts. Subtitle F: Committee on Ways and Means - Amends the Internal Revenue Code to: (1) repeal the limitation on the recapture of advance payment amounts of the tax credit for health insurance premium assistance that exceed the allowable amount of such credit for certain low-income taxpayers, and (2) require taxpayers who are claiming the refundable portion of the child tax credit to include their social security numbers on their tax returns. Repeals the program of block grants to states for social services under title XX (Block Grants to States for Social Services) of the Social Security Act. Subtitle G: Sequester Replacement - Sequester Replacement Act of 2012 - Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to remove veterans' medical care from the accounts subject to a sequester. Abolishes the distinction between security and nonsecurity categories of discretionary spending for new budget authority in FY2013. Combines the dollar amounts of the current categories ($686 billion for the security category and $361 billion for the nonsecurity category) into a single amount of $1.047 trillion in new budget authority. Revises sequestration requirements for FY2013 to require a $19.104 billion across-the-board decrease in the discretionary spending category as of January 2, 2013. Directs the Office of Management and Budget (OMB) to issue a supplemental sequestration report for FY2013 to eliminate any discretionary spending breach of the $1.047 trillion spending limit, as adjusted by the $19.104 billion across-the-board reduction requirement of this Act. Directs the President to order a sequestration, if any, as required by such report. Amends the Congressional Budget Act of 1974 to authorize the chair of the Committee on the Budget of the House of Representatives or the Senate to make adjustments to any legislative measure to conform to the discretionary spending limits of this Act. Nullifies any sequestration order the President may issue under the Gramm-Rudman-Hollings Act to carry out reductions to direct spending for the FY2013 defense function (050).
United States · United States Congress · 19 December 2012
Hurricane Sandy Tax Relief Act of 2012 - Amends the Internal Revenue Code to provide tax benefits for individuals and businesses affected by Hurricane Sandy, including: an exemption from the gross income limitation for deducting casualty losses attributable to Hurricane Sandy; expensing allowances for Hurricane Sandy disaster expenses, disaster assistance property, and environmental remediation expenses; treatment of losses attributable to Hurricane Sandy as net operating losses; suspension of mortgage revenue bond requirements for residences located in the Hurricane Sandy disaster area; an increased charitable tax deduction for Hurricane Sandy disaster relief contributions; a special allocation of the new markets tax credit for investments in community development entities serving the disaster area; special adjustments to the earned income tax credit and the child tax credit for individuals living in the disaster area; a work opportunity tax credit for hiring employees residing in the disaster area; authorization for issuance of Hurricane Sandy bonds to finance disaster relief projects; and an additional allocation of low-income housing credits in states affected by Hurricane Sandy.
United States · United States Congress · 28 November 2012
Expresses condolences to the victims of Hurricane Sandy. Commends the resiliency and courage of the people of New Jersey, New York, Massachusetts, Connecticut, Pennsylvania, Maryland, the District of Columbia, Rhode Island, New Hampshire, West Virginia, and Delaware. Commits to provide the necessary resources and to stand by such individuals in the relief, recovery, and rebuilding efforts.
United States · United States Congress · 16 November 2012
Expresses the sense of the House of Representatives that: (1) the President should not sign the Arms Trade Treaty and, if he transmits the Treaty with his signature to the Senate, the Senate should not ratify it; and (2) until the Treaty has been signed by the President, received the advice and consent of the Senate, and has been the subject of implementing legislation by Congress, no federal funds should be appropriated or authorized to implement Treaty, or any similar agreement, or to conduct activities relevant to the Treaty or any similar agreement.
United States · United States Congress · 15 November 2012
Supports the goals and ideals of National Adoption Day and National Adoption Month. Recognizes that every child in foster care deserves a permanent and loving family.
United States · United States Congress · 12 October 2012
Amends the Jobs Accountability Act, in title XV of division A of the American Recovery and Reinvestment Act of 2009, to revise the deadline for comments by the Congressional Budget Office (CBO) and the Government Accountability Office (GAO) on information contained in specified quarterly reports to the appropriate agency by each recipient of federal recovery funds with respect to an estimate of the number of jobs created and retained by the expenditure or obligation of such funds on a project or activity. Requires these comments on the quarterly reports in a year to be due 45 days after the report for the last quarter of the year is submitted. (Currently, such reports are due within 45 days after submission to the appropriate agency.) Terminates the requirement of the CBO and GAO comments on January 1, 2016. Amends the Emergency Economic Stabilization Act of 2008 to change from semiannual to annual the required reports to the President and Congress from the Office of Management and Budget (OMB) of specified information and estimates regarding the Troubled Asset Relief Program (TARP). Terminates these TARP reporting requirements with the annual period on the last day of which all troubled assets acquired by the Secretary of the Treasury have been sold or transferred out of the ownership or control of the federal government.
United States · United States Congress · 21 September 2012
Commemorative Coins Reform Act of 2012 - Prohibits surcharges generated by the sale of any numismatic item or commemorative coin program from being paid to a non-federal organization, except with respect to sales and production costs. Requires that surcharges be used to recover all numismatic operation and program costs allocable to the program under which a numismatic item is produced and sold. Requires the transfer of any excess surcharges to the general fund of the Treasury for deficit reduction purposes.
United States · United States Congress · 21 September 2012
Amends the Highlands Conservation Act to extend, through FY2024, funding for: (1) land conservation partnership projects in the highlands regions of Connecticut, New Jersey, New York, and Pennsylvania; and (2) Forest Service and Department of Agriculture (USDA) programs to assist such states, units of local government, and private forest and farm landowners in the conservation of land and natural resources in that region.
United States · United States Congress · 20 September 2012
Prohibits amounts from being obligated or expended for any direct U.S. assistance, loan guarantee, or debt relief to Libya, Egypt, Pakistan, or a host country of a U.S. diplomatic facility that was attacked, trespassed upon, breached, or attempted to be attacked, trespassed upon, or breached, on or after September 1, 2012. Authorizes the President to request that the prohibition be suspended with respect to a country if the President certifies to Congress that: (1) such country is cooperating with investigations into an attack, has arrested or extradited persons associated with the attack, and is improving local security; and (2) all persons associated with the attack have been identified by U.S. law enforcement and are in U.S. custody. Prohibits any request with respect to Pakistan until: (1) Dr. Shakil Afridi has been released alive from prison; (2) all charges brought against Dr. Afridi have been dropped; and (3) if necessary to ensure his freedom, Dr. Afridi has been allowed to leave Pakistan alive. Requires the President to report to Congress regarding the extent to which advanced weaponry remaining unsecured after the fall of Moammar Qaddafi was used by the individuals responsible for the September 11, 2012, attack on the U.S. consulate in Benghazi, Libya. Prohibits anything in this Act from being construed as an authorization for the use of military force.
United States · United States Congress · 2 August 2012
Designates the facility of the United States Postal Service located at 1 Walter Hammond Place in Waldwick, New Jersey, as the "Staff Sergeant Joseph D'Augustine Post Office Building."
United States · United States Congress · 2 August 2012
Terminating the Expansion of Too-Big-To-Fail Act of 2012 - Amends the Financial Stability Act of 2010, title I of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank), the Federal Deposit Insurance Act, and the Federal Reserve Act to eliminate all supervision by the Board of Governors of the Federal Reserve System (Board) of domestic and foreign nonbank financial companies, including new or heightened standards and safeguards and minimum leverage capital requirements. Eliminates the duty of the Financial Stability Oversight Council to identify systemically important financial market utilities and payment, clearing, and settlement activities. Repeals the authority of the Council, acting through the Office of Financial Research, to: (1) require the submission of periodic and other reports from any domestic or foreign nonbank financial company, or (2) request the Board to examine a U.S. nonbank financial company for the sole purpose of determining whether it should be Board-supervised. Repeals specified additional Board authority to supervise certain nonbank financial companies, including the prohibition against management interlocks between such companies and certain other financial companies. Repeals the requirement that the Board study and report to Congress on: (1) specified issues with respect to the resolution of financial companies under chapter 7 (Liquidation) or 11 (Reorganization) of the Bankruptcy Code, and (2) international coordination relating to the resolution of systemic financial companies under the U.S. Bankruptcy Code and applicable foreign law. Repeals the authority of the Council to recommend to the Board: (1) prudential standards and reporting and disclosure requirements for Board-supervised nonbank financial companies, and (2) any requirement that each nonbank financial company report periodically the company's credit exposure as well as its plan for rapid and orderly resolution in the event of material financial distress or failure. Repeals the requirement that the Council study the feasibility, benefits, costs, and structure of a contingent capital requirement for Board-supervised nonbank financial companies. Eliminates reporting requirements for such companies. Repeals the Payment, Clearing, and Settlement Supervision Act of 2010 (title VIII of Dodd-Frank).
United States · United States Congress · 25 July 2012
Preserving American Privacy Act of 2012 - Prohibits a federal agency from authorizing the domestic use of an unmanned aircraft for law enforcement purposes or for surveillance of a U.S. national or real property owned by that national, including by any state or local government, except pursuant to warrant and in the investigation of a felony. Amends the federal criminal code to prohibit a federal agency other than a federal law enforcement agency from using in the United States, or authorizing any federal officer or employee to use in the United States, an unmanned aircraft for such purposes, with the same exceptions. Prohibits the use of any information obtained in violation of such prohibition in a criminal proceeding before a federal court. Subjects the domestic use of an unmanned aircraft to the same limitations and exceptions as apply in the case of any other search. Prohibits evidence obtained by an agency using an unmanned aircraft from being introduced in an administrative hearing. Prohibits a federal agency from authorizing the domestic use of an unmanned aircraft to permit any private person to conduct surveillance on any other private person without the consent of that other person or the owner of any real property on which that other person is present.
United States · United States Congress · 19 July 2012
Fostering Innovation Act - Directs the Securities and Exchange Commission (SEC) to redefine "accelerated filer" with respect to issuers of securities required to meet accelerated deadlines for filing their Form 10-Q quarterly reports. Requires the SEC to include among accelerated filers any issuers of securities that have: (1) annual revenues in excess of $100 million, and (2) an aggregated worldwide market value of the voting and non-voting common equity held by non-affiliates of between $250 million and $700 million.
United States · United States Congress · 13 July 2012
Liquidity Enhancement for Small Public Companies Act - Amends the Securities Exchange Act of 1934 to prohibit the Securities and Exchange Commission (SEC) from proposing, adopting, maintaining, or enforcing any rule, regulation, policy, or procedure that bars a national securities exchange from implementing a program under which either the exchange, an entity that lists securities on a national securities exchange, an entity determined appropriate by the SEC, or any other entity determined appropriate by a national securities exchange provides financial incentives to market makers that adhere to standards of market quality established by the rules of the exchange. Prohibits a registered national securities association from adopting, maintaining, or proposing any rule, regulation, policy, or procedure that bars a national securities exchange from implementing a program under which the securities of an issuer determined appropriate by the SEC for listing on a national securities exchange provides financial incentives to market makers that adhere to standards of market quality established by the exchange.
United States · United States Congress · 28 June 2012
Healthcare Tax Relief and Mandate Repeal Act - Amends the Internal Revenue Code to: (1) terminate the requirement, added by the Patient Protection and Affordable Care Act (PPACA), that individuals maintain minimum essential health insurance coverage for themselves and dependents; and (2) repeal provisions added by PPACA requiring certain employers who have a workforce of 50 or more full-time employees to provide health insurance coverage for their employees.
United States · United States Congress · 18 June 2012
Prohibits the Secretary of Homeland Security (DHS) from granting deferred action or otherwise suspending the effectiveness or enforcement of the immigration laws.
United States · United States Congress · 18 May 2012
Visa Waiver for Israel Act of 2012 - Includes Israel in the visa waiver program upon the Secretary of Homeland Security's (DHS) determination that Israel: (1) has entered into an agreement with the United States to report, or make available through Interpol or other means, information about passport theft or loss; (2) has entered into an information sharing agreement with the United States regarding whether Israeli citizens and nationals traveling to the United States represent a U.S. security threat; (3) cooperates with the U.S. government on counterterrorism initiatives, information sharing, and preventing terrorist travel; (4) issues all new and reissued passports with biometric identifiers; and (5) has made every reasonable effort, without jeopardizing Israeli security, to ensure that reciprocal privileges are extended to all U.S. citizens.
United States · United States Congress · 17 May 2012
Eliminate Privacy Notice Confusion Act - Amends the Gramm-Leach-Bliley Act to exempt from its annual privacy policy notice requirement any financial institution which: (1) provides nonpublic personal information only in accordance with specified requirements, (2) does not share information with affiliates under the Fair Credit Reporting Act, and (3) has not changed its policies and practices with regard to disclosing nonpublic personal information from those disclosed in the most recent disclosure sent to consumers. Relieves a financial institution from being required to provide any disclosure if it is licensed by a state and is either subject, or becomes subject in the future, to existing regulation of consumer confidentiality that prohibits disclosure of nonpublic personal information without knowing and express consent of the consumer in the form of laws, rules, or regulation of professional conduct or ethics promulgated either by the court of highest appellate authority or by the principal legislative body or regulatory entity of any state.
United States · United States Congress · 10 May 2012
Telemedicine Safety Act - Prohibits: (1) knowingly providing a telemedicine abortion across state lines; (2) the use of any funds made available under a telemedicine law for telemedicine abortions or for assistance to facilities that offer telemedicine abortions; or (3) the use of any equipment, infrastructure, or other items purchased using funds made available under a telemedicine law for telemedicine abortions. Defines a "telemedicine abortion" as the use by a health professional of telemedicine services to provide any instrument, medicine, drug, or method to terminate the life of an unborn child or to terminate a pregnancy, without conducting an in-person medical examination of the woman during her pregnancy, with an intention other than: (1) to produce a live birth and preserve the life and health of the child after live birth; or (2) to remove an ectopic pregnancy or to remove an unborn child who died as the result of a spontaneous abortion, accidental trauma, or a criminal assault on the pregnant female or such child.
United States · United States Congress · 10 May 2012
Better Use of Refrigerator Regulations Act - Amends the Energy Policy and Conservation Act to establish a total daily energy consumption standard for medium temperature commercial refrigerators manufactured six months after this Act's enactment that: (1) have a self-contained condensing unit, sliding or hinged doors in the back intended for use by sales personnel, and other transparent material in the front for displaying merchandise; and (2) are no greater than 66 inches high and are intended to serve as a counter for transactions between sales personnel and customers.
United States · United States Congress · 29 March 2012
Consolidate Heavy-handed and Outdated Programs Act of 2012 - Consolidates the Department of Energy (DOE) and the Environmental Protection Agency (EPA) to establish the Department of Energy and the Environment (DEE), with the primary mission of ensuring U.S. security and prosperity by: (1) protecting human health; (2) safeguarding the natural environment; and (3) addressing U.S. energy, environmental, and nuclear challenges through transformative science and technology solutions. Transfers to the DEE Secretary all of the functions of the EPA Administrator and the Secretary of Energy. Establishes within the Department: (1) an Energy and Environmental Information Administration, (2) an Office of Science, (3) an Office of Intelligence and Counterintelligence, (4) an Office of Indian Energy Policy and Programs, and (5) the Federal Energy Regulatory Commission as an independent regulatory commission. Transfers to the Commission specified functions of the Federal Power Commission (FPC). Preserves the Southeastern Power Administration, the Southwestern Power Administration, and the Bonneville Power Administration as distinct organizational entities within DEE, each headed by an Administrator. Requires the Secretary to: (1) establish policy for the National Nuclear Security Administration, (2) assess annually the vulnerability of Department's facilities to terrorist attack, and (3) establish an enterprise-wide strategic sourcing program to improve efficiencies and economies in EPA's acquisition programs. Requires the President to: (1) submit a proposed National Energy Policy Plan to Congress by April 1, 2013, and biennially thereafter; and (2) issue an executive order that provides for administrative cost savings across the federal government. Repeals provisions providing for the weatherization assistance program, the Energy Efficiency and Conservation Block Grant Program, sustainable energy resources for consumers grants, the low income community energy efficiency pilot program, the Ultra-Deepwater and Unconventional Natural Gas and Other Petroleum Resources Research and Development Program, the fossil energy research and development program, state energy conservation plans, diesel emissions reduction grants, and grants to states for radon programs. Rescinds specified unobligated balances of the amounts made available for energy efficiency and renewable energy. Terminates the state water pollution control revolving funds program, grants for water pollution control programs, nonpoint source management programs, the state drinking water revolving loan funds program, public water system supervision programs, the state underground injection control program, and the diesel emissions reduction grant program. Terminates EPA's grant program for coastal recreation water quality monitoring and notification, Clean Automotive Technology program, targeted watershed grants program, performance partnership grants program, U.S. Mexico border water infrastructure program, tribal assistance grants programs, Chemical Risk Management Fibers program, Environmental Education program, and program to automatically transfer funds from its Hazardous Substance Superfund account to other federal agencies. Limits appropriations available: (1) for activities within DOE's fossil energy research and development account for FY2013, (2) to carry out the Second Line of Defense radiation detection equipment installation activities, and (3) to carry out EPA's Superfund remedial program. Prohibits funds from being made available for the construction of the Chemistry and Metallurgy Research Replacement facility in FY2013-FY2017. Prohibits the Secretary from providing in FY2013-FY2017: (1) grants to communities to develop plans and implement projects that reduce greenhouse gas emissions; (2) targeted airshed grants to California; and (3) grants for the construction of drinking water, wastewater, or storm water infrastructure or for water quality protection. Limits the amount that the Secretary may transfer to the Great Lakes Initiative.
United States · United States Congress · 29 March 2012
Recognizes Israel's independence as a significant event in providing refuge and a national homeland for the Jewish people and congratulates Israel's people as they celebrate the 64th anniversary of Israel's independence. Commends the bipartisan commitment of all U.S. administrations and congresses since 1948 to stand by Israel and work for its security and well-being. Supports Israel's right to confront and eliminate nuclear threats posed by Iran, including the use of military force if no other peaceful solution can be found within a reasonable time. Congratulates the United States and Israel for the strengthening of bilateral relations in the fields of defense, diplomacy, and homeland security.
United States · United States Congress · 26 March 2012
Sets forth the congressional budget for the federal government for FY2013, including the appropriate budgetary levels for FY2012, and FY2014-FY2022. Lists recommended budgetary levels and amounts for FY2012-FY2022with respect to: (1) federal revenues, (2) new budget authority, (3) budget outlays, (4) deficits (on-budget), (5) debt subject to limit, and (6) debt held by the public. Lists the appropriate levels of new budget authority and outlays for specified major functional categories for FY2012-FY2022. Sets forth reconciliation instructions for the House Committees on: (1) Agriculture, (2) Education and the Workforce, (3) Energy and Commerce, (4) Financial Services, (5) Natural Resources, (6) Oversight and Government Reform, and (7) Ways and Means. Requires the House Committee on the Budget to report a reconciliation bill that slows the growth in mandatory spending and achieves deficit reduction. Requires each House Committee to identify savings amounting to 1% of total mandatory spending under its jurisdiction from activities determined to be wasteful, unnecessary, or lower-priority. Establishes discretionary spending limits for FY2013-FY2022. Makes it out of order in the House to consider any legislation that causes discretionary budget authority to exceed such limits. Prohibits House legislation that would require advance appropriations, except for certain FY2013-FY2014 programs, projects, activities, or accounts. Prescribes requirements for legislation reported out of committee and designated as an emergency requirement. Requires the Joint Committee on Taxation to calculate the impact of any proposal to change federal revenues on Gross Domestic Product (GDP), total domestic employment, and other specified economic variables. Allocates $931 billion of new budget authority for FY2013 to the House Committee on Appropriations. Prohibits the chair of the House Committee on the Budget from taking into account the provisions of any piece of legislation which propose to increase revenue or offsetting collections if the net effect of the bill is to increase the level of revenue or offsetting collections beyond the level assumed in this budget resolution. Requires the chair to maintain a Budget Protection Mandatory Account and a Budget Protection Discretionary Account. Requires the Majority Leader to introduce rescission bills quarterly. Prescribes legislative procedures for their floor consideration. Expresses the sense of the House regarding: (1) baseline revenue projections, and (2) long-term budget projections. Amends Rule XXI (Restrictions on Certain Bills) of the House of Representatives to allow an amendment to an appropriations bill that amends existing law if it is a germane amendment to an authorizing provision or a line item appropriation of the bill under consideration. Establishes an earmark moratorium for FY2012-FY2013 for legislation providing or authorizing discretionary budget authority, credit or other spending authority, providing a federal tax deduction, credit, or exclusion, or modifying the Harmonized Tariff Schedule in FY2012-FY2013. Prohibits the House Committee on Rules from reporting a rule or order waiving such moratorium. Declares the policy of this resolution on: (1) health care law repeal, (2) bailouts of state and local governments, (3) means-tested welfare programs, (4) reforming the federal budget process, (5) reforming federal regulations, (6) Medicare reform, (7) deficit reduction through cancellation of unobligated balances, and (8) block granting Medicaid to the states.
United States · United States Congress · 21 March 2012
Directs the Secretary of State to: (1) designate Iran's Revolutionary Guard Corps (IRGC) as a foreign terrorist organization, and (2) report to Congress on IRGC terrorist activities.
United States · United States Congress · 8 March 2012
Sound Dollar Act of 2012 - Amends the Federal Reserve Act (FRA) to direct the Board of Governors of the Federal Reserve System (Board) and the Federal Open Market Committee (FOMC) to: (1) promote the goal of long-term price stability, and (2) establish metrics to evaluate whether long-term price stability is being achieved. Prescribes procedures for the establishment and evaluation of such metrics. Directs the Board and the FOMC to: (1) make such information available to the public on a website, and (2) report to Congress each time such metrics are set or revised. Directs the Board to include in its semiannual report to Congress: (1) the results of the evaluation process, (2) whether the goal of long-term price stability is being met, (3) the main monetary policy instruments and strategy used by the Board and the FOMC to achieve long-term price stability, and (4) an analysis of how the policies of the Board and the FOMC are affecting the foreign exchange rate value of the U.S. dollar. Directs the Board to clearly articulate its lender-of-last-resort policy. Revamps FOMC membership to consist of one representative from each of the Federal Reserve banks (in addition to members of the Board). Directs the FOMC to release meeting transcripts to the public within three years after each meeting. Redesignates the Department of the Treasury stabilization fund as the Special Drawing Rights Fund. Instructs the Secretary of the Treasury to liquidate all property in the Fund (other than Special Drawing Rights) and to use all such amounts to reduce the public debt. Limits the availability of the Fund solely to stabilize exchange rates and arrangements. Repeals the authority of the Secretary to deal in U.S. instruments of credit and securities. Permits only Special Drawing Rights to be deposited into the Fund. Requires funds that would otherwise have been deposited into the Fund to be paid, instead, to the Secretary to reduce the public debt. Amends the FRA to authorize the FOMC, in unusual and exigent circumstances, by the affirmative vote of two-thirds of its members, to grant any Federal Reserve bank emergency authority to buy and sell U.S. debt obligations and revenue bonds in anticipation of the collection of taxes or the receipt of assured revenues by any state or local governmental entity, as well as obligations of, or guaranteed by, a foreign government or agency. Amends the Consumer Financial Protection Act of 2010 to repeal: (1) funding for the Consumer Financial Protection Bureau (CFPB), and (2) the Bureau of Consumer Financial Protection Fund.
United States · United States Congress · 8 March 2012
No Tolls in North Carolina Act of 2012 - Amends the Transportation Equity Act for the 21st Century (TEA-21) to prohibit the establishment in North Carolina of any of the three toll collection facilities the Secretary of Transportation (DOT) is authorized to place on an Interstate System highway, bridge, or tunnel under the Interstate System reconstruction and rehabilitation pilot program.
United States · United States Congress · 7 March 2012
State Health Flexibility Act of 2012 - Amends the Social Security Act (SSA) to replace the Medicaid and the Children's Health Insurance Program with a program of block grants to states for health care services to indigent individuals. Requires states receiving such block grants to pay for health-care-related items and services provided to a citizen, legal resident, or an alien not lawfully admitted for permanent residence or otherwise permanently residing in the United States under color of law, if: (1) such health-care-related items and services are necessary for the treatment of an emergency medical condition; (2) the individual meets all necessary eligibility requirements for health-care-related items and services under the block grant program except for any immigration status requirement; and (3) such items and services are not related to an organ transplant procedure. Repeals the Patient Protection and Affordable Care Act, the Health Care and Educational Reconciliation Act of 2010, SSA title XIX (Medicaid), and SSA title XXI (State Children's Health Insurance Program) (CHIP).
United States · United States Congress · 1 March 2012
Affirms that it is a vital national interest of the United States to prevent Iran from acquiring a nuclear weapons capability and warns that time is limited to prevent that from happening. Urges increasing economic and diplomatic pressure on Iran to secure an agreement that includes: (1) suspension of all uranium enrichment-related and reprocessing activities, (2) complete cooperation with the International Atomic Energy Agency (IAEA) regarding Iran's nuclear activities, and (3) a permanent agreement that verifiably assures that Iran's nuclear program is entirely peaceful. Supports: (1) the universal rights and democratic aspirations of the Iranian people, and (2) U.S. policy to prevent Iran from acquiring nuclear weapons capability. Rejects any U.S. policy that would rely on efforts to contain a nuclear weapons-capable Iran. Urges the President to reaffirm the unacceptability of an Iran with nuclear-weapons capability and oppose any policy that would rely on containment as an option in response to the Iranian nuclear threat.
United States · United States Congress · 1 February 2012
Travel Transparency Act - Makes it an unfair or deceptive practice for an air carrier (including an indirect air carrier), foreign air carrier, a carrier agent, or a ticket agent to advertise or solicit air passenger transportation without disclosing the base airfare ticket costs and user taxes imposed for it. Requires the disclosure of any other government imposed taxes and fees paid on a per passenger basis to be clear and separate from the base airfare ticket cost in any such advertisement or solicitation.
United States · United States Congress · 23 January 2012
District of Columbia Pain-Capable Unborn Child Protection Act - Amends the federal criminal code to prohibit any person from performing or attempting to perform an abortion within the District of Columbia except in conformity with this Act's requirements. Requires the physician to first make a determination of the probable post-fertilization age of the unborn child, or reasonably rely upon such a determination made by another physician, by making inquiries of the pregnant woman and performing such medical examinations and tests as a reasonably prudent physician would consider necessary. Prohibits the abortion from being performed if the probable post-fertilization age of the unborn child is 20 weeks or greater. Makes an exception where necessary to save the life of a pregnant woman whose life is endangered by a physical disorder, illness, or injury, excluding psychological or emotional conditions or any claim or diagnosis that the woman will engage in conduct intended to result in her death. Permits a physician to terminate a pregnancy under such exception only in the manner which provides the best opportunity for the unborn child to survive, unless termination of the pregnancy in that manner would pose a greater risk of the death or substantial and irreversible physical impairment of a major bodily function, not including psychological or emotional conditions, of the pregnant woman than would other available methods. Prescribes penalties for violations. Bars prosecution of a woman upon whom an abortion is performed in violation of this Act, but authorizes such a woman or the father or maternal grandparent of the unborn child to obtain appropriate relief through a civil action. Provides for injunctive relief to prevent violations. Sets forth specified privacy protections in court proceedings for the woman upon whom an abortion has been performed. Requires any physician who performs an abortion within the District to report it to the Department of Health of the District of Columbia, which shall issue annual public reports.
United States · United States Congress · 23 January 2012
New Jersey Betting and Equal Treatment Act of 2012 - Amends the federal judicial code to exempt a lottery, sweepstakes, or other betting, gambling, or waging scheme operating exclusively in New Jersey, to the extent such scheme is approved by that state's legislature by statute, from the prohibition against a governmental entity, or a person acting pursuant to the law or compact of a governmental entity, sponsoring, operating, advertising, or promoting sports gambling.
United States · United States Congress · 23 January 2012
Sports Gaming Opportunity Act of 2012 - Amends the federal judicial code to exempt a lottery, sweepstakes, or other betting, gambling, or wagering scheme authorized by a state by a statute enacted on or after January 1, 2012, and in effect not later than January 1, 2016, from the prohibition against a governmental entity, or a person acting pursuant to the law or compact of a governmental entity, sponsoring, operating, advertising, or promoting sports gambling.
United States · United States Congress · 23 January 2012
Ultrasound Informed Consent Act - Amends the Public Health Service Act to require abortion providers, before a woman gives informed consent to any part of an abortion, to perform an obstetric ultrasound on the pregnant woman, provide a simultaneous explanation of what the ultrasound is depicting, display the ultrasound images so the woman may view them, and provide a complete medical description of the images, including the dimensions of the embryo or fetus, cardiac activity if present and visible, and the presence of external members and internal organs if present and viewable. Prohibits construing this Act to require a woman to view the images or penalizing the provider or the woman if she declines to look at the images. Exempts an abortion provider if the abortion is necessary to save the life of a mother whose life is endangered by a physical disorder, physical illness, or physical injury, including a life-endangering physical condition caused by or arising from the pregnancy itself. Requires the provider to include in the woman's medical file a truthful and accurate certification of the specific medical circumstances that support such determination. Authorizes the Attorney General to commence a civil action in federal court against any abortion provider who knowingly violates this Act. Prescribes penalties. Directs the Attorney General to notify the appropriate state medical licensing authority of penalties assessed. Authorizes a woman upon whom an abortion has been performed in violation of this Act to commence a civil action against the provider for actual and punitive damages.
United States · United States Congress · 10 January 2012
Disapproves of the President's appointment of four federal officers or employees during a period when no congressional recess of more than three days was authorized by concurrent resolution. Expresses the sense of the House of Representatives that those appointments were made in violation of the U.S. Constitution.
United States · United States Congress · 20 December 2011
Amends the Internal Revenue Code to make permanent and increase the alternative minimum tax (AMT) exemption amount to $100,000 for married couples filing a joint tax return and surviving spouses and to $75,000 for unmarried individuals. Adjusts such increased exemption amounts for inflation in taxable years beginning after 2012.
United States · United States Congress · 20 December 2011
Welcomes: (1) the historic meeting between Prime Minister of Turkey Recep Tayyip Erdogan and Ecumenical Patriarch Bartholomew I; and (2) the positive gestures by the government of Turkey towards the Ecumenical Patriarch, including allowing the liturgical celebration by the Ecumenical Patriarch at the historic Sumela Monastery and returning the former Greek Orphanage on Buyukada Island to the Ecumenical Patriarchate. Urges the government of Turkey to facilitate the reopening of the Ecumenical Patriarchate's Theological School of Halki and to address other longstanding concerns relating to the Ecumenical Patriarchate.
United States · United States Congress · 13 December 2011
Private Mortgage Market Investment Act - Directs the Director of the Federal Housing Finance Agency (FHFA) to prescribe classifications for mortgages having various degrees of credit risk, ranging from those with little to no credit risk to those with higher credit risk, with the goals of: (1) maximizing the pricing of credit risk, (2) allowing for the trading of securities collateralized by such classifications in a forward market, and (3) maintaining well functioning liquid markets in such collateralized securities. Requires the Director to establish standards for specified categories of underwriting criteria for each classification of mortgages depending on degree of credit risk. Requires the Director to develop, adopt, and publish standard form securitization agreements for mortgages established under this Act, according to specified criteria. Directs the Director to develop standards for: (1) servicer reporting obligations with respect to any mortgage serving as collateral for a qualified security; (2) servicing, including a servicer succession plan; (3) documentation used to verify the financial resources of a mortgagor, and to qualify the mortgagor for any mortgage that may become collateral for a qualified security; and (4) qualified sponsors. Requires there to be at all times one or more trustees for each pool of mortgages that acts as collateral for a qualified security. Imposes certain duties on each trustee for the purpose of protecting investor rights. Subjects to mandatory arbitration all disputes between an owner of a qualified security and the qualified sponsor of such security relating to representations and warranties. Requires the Director to require sponsors of qualified securities to: (1) disclose all pertinent information relating to residential mortgage loans that constitute such securities, and (2) allow for the trading of qualified securities under this Act in a forward market. Amends the Securities Exchange Act of 1934 to repeal credit risk retention requirements. Amends the Securities Act of 1933 to exempt from registration requirements any qualified security conforming to standard securitization agreements under this Act. Subjects orders of the FHFA to judicial review in the same manner, upon the same conditions, and to the same extent, as the orders of the Securities and Exchange Commission (SEC). Subjects to civil liability any person who makes or causes to be made any statement false or misleading with respect to any material fact, or who omits to state any required material fact, with respect to securities purchased or sold under this Act. Makes it unlawful for any person in offering, selling, or issuing any security pursuant to this Act to represent or imply in any manner that any FHFA action or failure to act means that the FHFA has in any way passed upon the merits of, or given approval to, any trustee, indenture, or security, or any related transaction or transactions. Makes it unlawful also to represent or imply that any such FHFA action or failure to act with regard to any statement or report filed with or examined by the FHFA has the effect of an FHFA finding that the statement or report is true or inaccurate on its face or that is is not false or misleading. Subjects violations of this Act to criminal penalties of the Trust Indenture Act of 1934. Sets forth requirements for the disclosure of loan-level information to investors, relating agencies, and regulators. Requires the SEC to revise its rules and regulations to require sponsors of asset-backed securities to file a preliminary prospectus containing all material terms of the transaction at least five days before investors make an investment decision. Directs the SEC to require: (1) the dissemination of transaction, volume, and pricing information of trades in asset-backed securities; and (2) the assignment of a unique alphanumeric code to each mortgage loan involving a residential mortgage-backed security. Grants the servicer of a securitized senior mortgage loan the right to charge the borrower an additional monthly fee if the borrower, with respect to the dwelling serving as security for the loan, enters into any credit transaction that would otherwise result in the creation of a new mortgage or other lien on the dwelling if the loan-to-value ratio of the credit transaction amount is 80% or more. Prohibits the servicer of a residential mortgage loan (or an affiliate) from owning or holding any interest in any other residential mortgage loan secured by the same dwelling or residential real property. Amends the Truth in Lending Act to: (1) revise the exception of qualified residential mortgage loans from the requirement that creditor make a reasonable and good faith determination based on verified and documented information that, at the time a loan is consummated, the consumer has a reasonable ability to repay it; and (2) direct specified agencies to prescribe rules defining the types of loans they insure, guarantee, or administer, as the case may be, that are qualified mortgages. Declares that the Federal Deposit Insurance Corporation (FDIC) safe harbor rule shall apply to any pool of mortgages that meets FHFA standards and is securitized in accordance with them.
United States · United States Congress · 8 December 2011
Reopening American Capital Markets to Emerging Growth Companies Act of 2011 - Amends the Securities Act of 1933 (SA) and the Securities Exchange Act of 1934 (SEA) to define "emerging growth company" as an issuer that had total annual gross revenues of less than $1 billion during its most recently completed fiscal year. Amends SEA and the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 to exempt emerging growth companies from the requirement for separate shareholder approval of executive compensation, including golden parachute compensation. Amends SA to state that an emerging growth company need not present more than two years of audited financial statements in order for its registration statement, with respect to an initial public offering of its common equity securities, to be effective. Amends both SA and SEA to state that, in any other registration statement to be filed with the Securities and Exchange Commission (SEC), an emerging growth company need not present financial data for any period before the earliest audited period presented in connection with its initial public offering. Authorizes the SEC to recognize, as generally accepted accounting principles, those established by a standard setting body that, in addition to other criteria, has not established any accounting principles that would require an emerging growth company to comply with any new or revised financial accounting standard as of an effective date earlier than the one applying to a company that is not an issuer. Amends the the Sarbanes-Oxley Act of 2002 to exempt a registered public accounting firm that prepares or issues a report on its audit of an emerging growth company from the requirement that it attest to, and report on, any assessment of internal controls the company's management has made. Modifies the application to emerging growth companies of any auditing or other professional standards the Public Company Accounting Oversight Board may establish that were proposed by one or more professional groups of accountants. Exempts an emerging growth company from any such rules requiring mandatory audit firm rotation or a supplement to the auditor's report in which the auditor would be required to provide additional information about the audit and the issuer's financial statements (auditor discussion and analysis). Applies this exemption also with respect to any additional rules adopted by the Board after enactment of this Act, unless the SEC decides otherwise and determines that their application to emerging growth companies is necessary or appropriate in the public interest, after considering the protection of investors and whether the action will promote efficiency, competition, and capital formation. Amends SA to deem not to constitute an offer for sale or offer to sell a security, for the purposes of prospectus and specified registration requirements, a broker's or dealer's publication or distribution of a written, electronic, or oral research report about an emerging growth company that is the subject of a proposed public offering of its common equity securities pursuant to a registration statement the issuer proposes to file, or has filed, or that is effective, even if the broker or dealer is participating or will participate in the registered offering of the issuer's securities. Prohibits the SEC and any registered national securities association from adopting or maintaining any conflict-of-interest rule or regulation in connection with an initial public offering of the common equity of an emerging growth company that restricts: (1) which associated persons (based on functional role) of a broker, dealer, or member of a national securities association may arrange for communications between a securities analyst and a potential investor; or (2) a securities analyst from participating in any communications with the management of an emerging growth company that is also attended by any other associated person of a broker, dealer, or member of a national securities association whose functional role is other than as a securities analyst. Authorizes an emerging growth company, or any person authorized to act on behalf of one, to engage in oral or written communications with potential investors that are qualified institutional buyers or institutions that are accredited investors to determine whether such investors might have an interest in a contemplated securities offering, either before or after the filing of a registration statement with the SEC. Prohibits the SEC and any registered national securities association from adopting or maintaining any rule or regulation prohibiting any broker, dealer, or member of a national securities association from publishing or distributing any research report, or making a public appearance, with respect to the securities of an emerging growth company. Amends SA to authorize an emerging growth company, before its initial public offering date, to submit to the SEC a draft registration statement for confidential nonpublic review by SEC staff before the public filing, provided that the initial confidential submission and all amendments to it are publicly filed with the SEC within 21 days before the issuer conducts a "road show." Declares that the SEC, however, shall not be compelled to disclose such information. (A "road show" is an offer that contains a presentation regarding an offering by one or more members of the issuer's management and includes discussion of the issuer, its management, and/or the securities being offered.)
![Official portrait of Rep. Garrett, Scott [R-NJ-5]](https://www.congress.gov/img/member/g000548_200.jpg)