United States · United States Congress · 23 January 2013
Savings for Seniors Act of 2013 - Amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act to establish in the Federal Old-Age and Survivors Insurance Trust Fund a Social Security Surplus Protection Account to hold the Social Security surplus. Denies the availability of the balance in the Account for investment by the Managing Trustee. Establishes in the executive branch of Government a Social Security Investment Commission to study the most effective vehicles for investment of the Federal Old-Age and Survivors Insurance Trust Fund, other than investment in the form of U.S. obligations resulting in the transfer of Trust Fund assets to the general fund of the Treasury.
United States · United States Congress · 23 January 2013
Protecting Seniors' Access to Medicare Act of 2013 - Repeals sections of the Patient Protection and Affordable Care (PPACA) (and restores provisions of law amended by such sections) related to the establishment of an Independent Payment Advisory Board to develop and submit detailed proposals to reduce the per capita rate of growth in Medicare spending to the President for Congress to consider.
United States · United States Congress · 23 January 2013
Tax Code Termination Act - Terminates the Internal Revenue Code of 1986 after December 31, 2017, except for self-employment taxes, Federal Insurance Contributions Act (FICA) taxes, and railroad retirement taxes. Requires a two-thirds majority vote in Congress to change such termination date. Declares that any new federal tax system should be a simple and fair system that: (1) applies a low rate to all Americans, (2) provides tax relief for working Americans, (3) protects the rights of taxpayers and reduces tax collection abuses, (4) eliminates the bias against savings and investment, (5) promotes economic growth and job creation, and (6) does not penalize marriage or families. Requires that the new federal tax system be approved by Congress in its final form by July 4, 2017.
United States · United States Congress · 22 January 2013
Repeals the Legal Services Corporation Act (established a federally funded nonprofit corporation to provide financial support for legal assistance in noncriminal matters to persons financially unable to afford such assistance).
United States · United States Congress · 18 January 2013
Farmers Undertake Environmental Land Stewardship Act or the FUELS Act - Requires the Administrator of the Environmental Protection Agency (EPA), in implementing the Spill Prevention, Control, and Countermeasure rule with respect to any farm, to require certification of compliance with such rule by: (1) a professional engineer for a farm with an individual tank with an aboveground storage capacity greater than 10,000 gallons, an aggregate aboveground storage capacity of at least 42,000 gallons, or a history that includes a spill, as determined by the Administrator; or (2) the owner or operator of the farm (via self-certification) for a farm with an aggregate aboveground storage capacity greater than 10,000 gallons but less than 42,000 gallons and no history of spills. Directs the Administrator to exempt from all requirements of such rule any farm with an aggregate aboveground storage capacity of 10,000 gallons or less and no history of spills. Excludes from the aggregate storage capacity of a farm all containers on separate parcels that have a capacity that is less than 1,320 gallons.
United States · United States Congress · 15 January 2013
Returned Exclusively For Unpaid National Debt Act or REFUND Act - Rescinds unwanted amounts, as identified by a state from a projected allocation, from any federal funds required to be allocated by formula among all states that agree to use them for a specified purpose. Prescribes a procedure by which a state legislature may identify a projected federal allocation as unwanted funds. Requires such rescinded amounts to: (1) be deposited by the Secretary of the Treasury in the special fund account entitled "Gifts to Reduce Debt Held by the Public, Bureau of the Public Debt, Treasury"; and (2) be used to reduce the federal debt.
United States · United States Congress · 4 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 an act of rape or an act of 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 annually provide Congress: (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
Designates the facility of the United States Postal Service located at 4110 Almeda Road in Houston, Texas, as the "George Thomas 'Mickey' Leland Post Office Building."
United States · United States Congress · 3 January 2013
Repeals the Patient Protection and Affordable Care Act, effective as of its enactment. Restores provisions of law amended by such Act. Repeals the health care provisions of the Health Care and Education and Reconciliation Act of 2010, effective as of the Act's enactment. Restores provisions of law amended by the Act's health care provisions.
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
Seniors' Tax Simplification Act of 2013 - Directs the Secretary of the Treasury to make available a new federal income tax Form 1040SR (similar to Form 1040EZ) to individuals who have turned 65 as of the close of the taxable year. Allows the form to be used even if income includes: (1) social security benefits; (2) distributions from qualified retirement plans, annuities, or other such deferred payment arrangements; (3) interest and dividends; or (4) capital gains and losses.
United States · United States Congress · 3 January 2013
Fair Tax Act of 2013 - Repeals the income tax, employment tax, and estate and gift tax. Redesignates the Internal Revenue Code of 1986 as the Internal Revenue Code of 2013. Imposes a national sales tax on the use or consumption in the United States of taxable property or services. Sets the sales tax rate at 23% in 2015, with adjustments to the rate in subsequent years. Allows exemptions from the tax for property or services purchased for business, export, or investment purposes, and for state government functions. Sets forth rules relating to: (1) the collection and remittance of the sales tax, and (2) credits and refunds. Allows a monthly sales tax rebate for families based upon criteria related to family size and poverty guidelines. Grants states the primary authority for the collection of sales tax revenues and the remittance of such revenues to the Treasury. Sets forth administrative provisions relating to: (1) the filing of monthly reports and payments of tax; (2) accounting methods; (3) registration of sellers of goods and services responsible for reporting sales; (4) penalties for noncompliance; and (5) collections, appeals, and taxpayer rights. Directs the Secretary of the Treasury to allocate sales tax revenues among: (1) the general revenue, (2) the old-age and survivors insurance trust fund, (3) the disability insurance trust fund, (4) the hospital insurance trust fund, and (5) the federal supplementary medical insurance trust fund. Prohibits the funding of the Internal Revenue Service (IRS) after FY2017. Establishes in the Department of the Treasury: (1) an Excise Tax Bureau to administer excise taxes not administered by the Bureau of Alcohol, Tobacco, Firearms, and Explosives (ATF); and (2) a Sales Tax Bureau to administer the national sales tax. Terminates the sales tax imposed by this Act if the Sixteenth Amendment to the U.S. Constitution (authorizing an income tax) is not repealed within seven years after the enactment of this Act.
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 · 1 January 2013
Congressional Pay Freeze and Fiscal Responsibility Act - Amends the Continuing Appropriations Act, 2011, as amended by the Continuing Appropriations Resolution, 2013 (P.L. 112-175), to extend the freeze on adjustments to pay of federal employees and officials, including Members of Congress, through December 31, 2013. Eliminates the delayed statutory pay adjustment contained in the Resolution that was permitted to take effect with the first applicable pay period beginning after March 27, 2013.
United States · United States Congress · 13 September 2012
Defending American Taxpayers From Abusive Government Takings Act of 2012 - Amends the Federal National Mortgage Association Charter Act to prohibit the Federal National Mortgage Association (Fannie Mae) from purchasing any mortgage secured by a structure or dwelling unit located within a county that contains any structure or dwelling unit that secures or secured a residential mortgage loan that the state or any territory, including any agency or political subdivision, obtained during the preceding 120 months by eminent domain. Amends the Federal Home Loan Mortgage Corporation Act to prohibit the Federal Home Loan Mortgage Corporation (Freddie Mac) from doing the same. Amends the National Housing Act to prohibit the Secretary of Housing and Urban Development (HUD) from newly insuring any mortgage secured by a structure or dwelling unit located in such a county. Prohibits the Secretary from guaranteeing, making, or insuring a housing or small business loan for a residence located in such a county.
United States · United States Congress · 18 July 2012
Preserving Work Requirements for Welfare Programs Act of 2012 - Prohibits the Secretary of Health and Human Services (HHS) from finalizing, implementing, enforcing, or otherwise taking any action to give effect to the Information Memorandum dated July 12, 2012 (Transmittal No. TANF-ACF-IM-2012-03), or to any administrative action relating to the same subject matter or that reflects the same or similar policies. Prohibits the Secretary also from authorizing, approving, modifying, or extending any experimental, pilot, or demonstration project under the Social Security Act (SSA) that: (1) waives compliance with mandatory work requirements of SSA title IV part A (Temporary Assistance for Needy Families) (TANF), or (2) authorizes an expenditure not otherwise allowable under a state TANF program with respect to compliance with such work requirements. Rescinds and nullifies any waiver relating to the subject matter of the Information Memorandum granted before the enactment of this Act.
United States · United States Congress · 9 July 2012
Repeal of Obamacare Act - Repeals the Patient Protection and Affordable Care Act, effective as of its enactment. Restores provisions of law amended by such Act. Repeals the health care provisions of the Health Care and Education and Reconciliation Act of 2010, effective as of the Act's enactment. Restores provisions of law amended by the Act's health care provisions.
United States · United States Congress · 31 May 2012
Sequestration Transparency Act of 2012 - Requires the President on July 9, 2012, to submit to Congress a detailed report on the implementation of certain discretionary reductions (in security and nonsecurity categories) and nonexempt direct spending reductions in the sequestration ordered by the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) for FY2013 on January 2, 2013. (The Gramm-Rudman-Hollings Act was amended by the Budget Control Act of 2011 to revise the discretionary spending limits and reduce the discretionary appropriations and direct spending specified in the Gramm-Rudman-Hollings Act unless a joint committee bill achieving an amount greater than $1.2 trillion in deficit reduction would be enacted by January 15, 2012.)
United States · United States Congress · 17 May 2012
Recognizes school boards as deliberative public bodies that should be free to engage in prayer at the beginning of meetings consistent with the prayer practice upheld in Marsh v. Chambers . Expresses support for the voluntary practice of prayer at the beginning of meetings of legislative bodies and other deliberative public bodies, including school board meetings.
United States · United States Congress · 18 April 2012
Rewarding Achievement and Incentivizing Successful Employees Act or RAISE Act - Amends the National Labor Relations Act to declare that neither its prohibition against interference by an employer with employees' right to bargain collectively, nor the terms of a collective bargaining agreement entered into between employees and an employer after enactment of this Act, shall prohibit an employer from paying an employee higher wages, pay, or other compensation than the agreement provides for.
United States · United States Congress · 17 April 2012
Amends the Electronic Fund Transfer Act with respect to mandatory fee disclosures on automated teller machines (ATMs) operated by a person other than a financial institution holding a consumer's account. Repeals the requirement that such a fee disclosure appear in a prominent and conspicuous location on or at the ATM. Limits such requirement to appearance of a fee disclosure on the ATM screen.
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
Pool Safety and Accessibility for Everyone (Pool SAFE) Act - Prohibits any suit brought for violations of the revised regulations of the Americans with Disabilities Act of 1990 concerning the requirements to provide an accessible means of entry to pools for places of public accommodation and commercial facilities that occurred on or after March 15, 2012, and before the date that is one year after enactment of this Act. Bars the Attorney General (AG) from investigating or initiating a compliance review of an alleged violation occurring during such period. Requires dismissal of any suit brought against a place of public accommodation or commercial facility for such a violation brought on or after March 15, 2012, and before the date of enactment of this Act. Directs the AG to revise accessibility regulations to provide that a place of public accommodation or a commercial facility is in compliance with the requirement to have an accessible means of entry to a pool when such a place or facility uses a portable pool lift on request, even if: (1) installation of a permanent lift is readily achievable, and (2) a single portable pool lift is used for multiple pools.
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 · 28 February 2012
Pro Football Hall of Fame Commemorative Coin Act - Directs the Secretary of the Treasury to mint and issue not more than 50,000 $5-gold coins, 400,000 $1-silver coins, and 750,000 half-dollar coins emblematic of the game of professional football. Requires all sales of such coins to include specified surcharges, which shall be paid by the Secretary to the Pro Football Hall of Fame to help finance the construction of a new building and the renovation of existing Pro Football Hall of Fame facilities.
United States · United States Congress · 15 February 2012
Directs the Speaker of the House of Representatives and the President Pro Tempore of the Senate to make arrangements for the presentation of a congressional gold medal to Jack Nicklaus in recognition of his service to the nation in promoting excellence and good sportsmanship. Directs the Secretary of the Treasury to strike such gold medal and to strike and sell duplicate bronze medals at a price sufficient to cover the costs of the gold and bronze medals.
United States · United States Congress · 25 January 2012
Extends gratitude to the more than 1.5 million members of the U.S. Armed Forces, from both the regular and reserve components of the Army, Navy, Air Force, Marine Corps, Coast Guard, and Merchant Marine, who served in Operations Iraqi Freedom and New Dawn. Recognizes their success in operations against a dangerous and determined enemy. Recognizes the tremendous personal sacrifice of those who served in such Operations, many of whom were committed to multiple deployments, and the contributions of military families on the home front. Pays tribute to the 4,486 members who lost their lives in such Operations, and commits to honoring their memory for their courage and sacrifice.
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 · 13 December 2011
Small Business Access to Capital Act of 2011 - Amends the Sarbanes-Oxley Act of 2002 to revise the small issuer exemption from the requirement that each registered public accounting firm that prepares or issues the audit report for a securities issuer attest to, and report on, the issuer's management assessment of the effectiveness of its internal control structure and procedures for financial reporting. Specifies that this requirement shall not apply to an issuer that has a total public float for the relevant reporting period of less than $1 billion. Prohibits this Act from being construed to relieve or exempt an issuer from the internal control reporting and assessment requirements of the Sarbanes-Oxley Act of 2002, or from its requirement that officers of the issuer certify certain annual and quarterly reports.
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.)
United States · United States Congress · 7 December 2011
Balancing Our Obligations for the Long-Term Act of 2011 - Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to establish for FY2030-FY2050: (1) direct spending limits, and (2) total spending limits. Prescribes certain deficit control mechanisms (sequestration and reduction orders) for such period. Requires the Office of Management and Budget (OMB) and the Congressional Budget Office (CBO) to: (1) determine common scorekeeping guidelines, and (2) prepare estimates in conformance with such guidelines. Prescribes and/or revises requirements for discretionary, direct, total, and deficit sequestration preview and final reports. Eliminates Pay-As-You-Go reports. Adds the following programs and activities to the list exempted from sequestration orders: (1) obligated balances of budget authority carried over from prior fiscal years; (2) federal obligations required to be paid under the U.S. Constitution or legally contractual obligations; (3) Claims, Judgments, and Relief Acts (20-1895-0-1-808); and (4) intragovernmental transfers. Modifies and/or repeals certain mandatory general and special sequestration rules. Amends the Act to establish the baseline for the three 10-fiscal years beginning after the last such outyear based on enacted law, as an estimate of current year levels of budget authority, outlays, or receipts for: (1) discretionary spending; (2) Medicare; (3) Medicaid and other health-related spending; (4) other direct spending; (5) social security; (6) other categories, as appropriate; and (7) net interest. Amends the Congessional Budget Act of 1974 (CBA) to require the Director of the Congressional Budget Office (CBO) to make an annual projection for at least 40 years of total spending, revenue, deficits, and debt beginning with the first fiscal year after the last fiscal year covered in the most recently enacted budget resolution as a percentage of current projected gross domestic product (GDP), based on current law and current law levels as modified to maintain current policy. Requires CBO to issue an annual Spending Review Report on the solvency of the Old-Age, Survivors, and Disability Insurance (OASDI) Trust Fund and the long-range sustainability of the spending levels of Medicare, Medicaid and other health-related spending as well as other direct spending. Prescribes procedures for introduction and expedited consideration in each chamber of spending review legislation if such report indicates OASDI Trust Fund insolvency or the non-sustainability of other specified direct spending. Replaces the requirement that budget resolutions include new budget authority and outlays for each major functional category with a requirement that they include subtotals of new budget authority and outlays for nondefense discretionary spending, defense discretionary spending, Medicare, Medicaid and other health-related spending, other direct spending (excluding interest), contingencies, and net interest. Requires budget resolutions to set forth appropriate levels, as a percent of the current GDP, for total federal revenues, total outlays, debt held by the public, and the surplus or deficit in the budget for the 10th, 20th, and 30th fiscal years after the last fiscal year of the budget resolution (long-term budgeting). Requires inclusion in a budget resolution of specified long-term reconciliation directives. Requires CBO to estimate whether each measure reported from committee (except those under the Committee on Appropriations) causes a net increase in direct spending in excess of $5 billion in any of the four ensuing 10-year periods. Makes it out of order in both chambers to consider any measure that causes such a net increase in deficits. Requires CBO to prepare a specified long-term cost analysis and submit it to the requesting chairman or ranking member of the congressional budget committee or of the committee of jurisdiction for: (1) major legislation reported by any congressional committee, and (2) any bill or resolution requested by such chairman or ranking member. Requires inclusion of specified long-term budgeting in the President's budget submission. Requires the Government Accountability Office (GAO) to report, in the President's budget submission, on the federal government's financial condition, including the long-term unfunded obligations. Amends the Medicare Prescription Drug, Improvement, and Modernization Act of 2003 to revise legislative procedures for congressional consideration of the President's proposed legislation in response to a Medicare funding warning (Medicare trigger). Requires the appropriate chairman of the congressional budget committee to adjust the appropriate allocations, aggregates, and other levels to reflect the budget impact achieved by such introduced legislation for CBA purposes, the Gramm-Rudman-Hollings Act, the Rules of the House of Representatives, or the Standing Rules of the Senate.
United States · United States Congress · 7 December 2011
Review Every Dollar Act of 2011 - Makes it out of order in both chambers to consider any bill, joint resolution, or other measure that: (1) reauthorizes any federal program for more than seven fiscal years, or (2) establishes a new federal program that exceeds such period. Requires each standing congressional committee with legislative jurisdiction over any direct spending program by July 31 during the second session of each Congress to apply specified criteria to determine whether any such program should be modified, terminated, or reauthorized. Amends the Congressional Budget Act of 1974 to require each of the chairs of the congressional budget committees to maintain a deficit reduction discretionary account and a deficit reduction direct spending account. Prescribes procedures for the crediting to such accounts of the amounts of either discretionary or direct spending deficit reduction in any amendment to a bill that reduces the appropriate budget authority. Requires any measure or Act that transfers funds from the general fund of the Treasury to the Highway Trust Fund to be counted as new budget authority and outlays equal to the amount of the transfer in the fiscal year in which it occurs. Amends the Higher Education Act of 1965 to eliminate the authorization of appropriations and the appropriation of additional Pell Grant funds after FY2012 that were to be used to increase the maximum Pell Grant amount. Maintains the amount of a Pell Grant at $5,500 for academic years 2013-2014 through 2017-2018, minus the expected family contribution. Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) with respect to adjustments to discretionary spending limits for the budget year and each outyear to reflect changes in concepts. Defines changing a program from direct spending to discretionary spending or from discretionary spending to direct spending as such a change of concept, if it does not cause a net increase in new budget authority or outlays for FY2012-FY2021. Prohibits from taking effect, except according to a specified procedure, any rule made to carry out a direct spending program that would require new budget authority of at least $100 million for the fiscal year it takes effect or for any of the nine ensuing fiscal years. Limits exceptions to this prohibition to rules necessary: (1) because of an imminent threat to health or safety or other emergency, for the enforcement of criminal laws, or for national security; or (2) to implement an international trade agreement. Requires also for such an exception that the new budget authority to carry it out is provided by law. Requires the Director of the Office of Management and Budget (OMB) to: (1) review proposed rules requiring new budget authority before their effective dates, and (2) take specified administrative steps to prevent further agency action pertaining to such rulemaking.
United States · United States Congress · 7 December 2011
Budget and Accounting Transparency Act of 2011 - Amends the Federal Credit Reform Act of 1990 (FCRA) (title V of the Congressional Budget Act of 1974) to revise the budgetary treatment of federal direct loans and loan guarantees to account for them on a fair value basis (currently, a FCRA accrual basis). Requires the President's budget from FY1992 on to reflect the Treasury discounting component of direct loan and loan guarantee programs. Defines the "Treasury discounting component" as the estimated long-term cost to the federal government of a direct loan or loan guarantee (or modification) calculated on a net present value basis, excluding administrative costs and any incidental effects on governmental receipts or outlays. Revises other requirements for the President's budget, beginning with FY2015, including conditions for new direct loans or loan guarantee commitments. Requires new budget authority for such loans or loan guarantee commitments to be provided in advance in an appropriation Act. Exempts a direct loan or loan guarantee program that constitutes an entitlement (such as the guaranteed student loan program or the veteran's home loan guaranty program) as well as all existing credit programs of the Commodity Credit Corporation (CCC) from: (1) the above requirement, and (2) the prohibition against modification of an outstanding direct loan or loan guarantee in a manner that increases its costs unless budget authority for the additional cost has been provided in advance in an appropriation Act. Repeals the general authorization of appropriations to federal agencies for the cost associated with such direct loan obligations or loan guarantee commitments. Revises requirements for Treasury transactions with financing accounts (nonbudget accounts associated with each program account which holds balances, receives the cost payment from the program account, and also includes all other cash flows to and from the federal government resulting from direct loan obligations or loan guarantee commitments made on or after October 1, 1991). Limits the availability of amounts in liquidating accounts to specified payments resulting from direct loan obligations or loan guarantee commitments made before October 1, 1991. Requires each of the Directors of the Congressional Budget Office (CBO) and of the Office of Management and Budget (OMB) to study and make recommendations to the congressional budget committees on the feasibility of applying fair value concepts to budgeting for the costs of federal insurance programs. Requires the receipts and disbursements, including the administrative expenses, of the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (government-sponsored enterprises or GSEs) to be counted as new budget authority, outlays, receipts, or deficit or surplus for purposes of: (1) the President's budget, (2) the congressional budget, and (3) the Balanced Budget and Emergency Deficit Control Act of 1985 (BBEDC) (Gramm-Rudman-Hollings Act). Treats the face amount of obligations issued after the 90th day after the enactment of this Act by the GSEs outstanding at one time as issued by the federal government. (Thus subjects their debt to the public debt limit.) Repeals mandatory off-budget treatment of the receipts and disbursements of the Postal Service Fund. (Thus returns such Fund to an on-budget status.) Repeals the requirement that Competitive Products Fund receipts and disbursements be accorded the same budgetary treatment accorded to Postal Service Fund receipts and disbursements. Requires CBO and OMB to: (1) prepare jointly a study of the history of offsetting collections against expenditures and the amount of receipts collected annually, the historical application of the budgetary terms "revenue," "offsetting collections," and "offsetting receipts"; and (2) review the application of those terms and make recommendations to the congressional budget committees on whether such usage should be continued or modified. Requires a federal agency, whenever it prepares and submits written budget justification materials for any congressional committee, to post them on the same day as its submission on its public website.
United States · United States Congress · 7 December 2011
Pro-Growth Budgeting Act of 2011 - Amends the Congressional Budget Act of 1974 to require the Congressional Budget Office (CBO) to prepare for each major bill or resolution reported by any congressional committee (except the congressional appropriations committees), as a supplement to CBO cost estimates, a macroeconomic impact analysis of the costs of such legislation for: (1) the period for which the cost estimate is prepared, and (2) the 10-fiscal year period beginning with the first fiscal year after the last fiscal year for which such estimate was prepared and each of the 2 next 10-fiscal year periods. Defines "major bill or resolution" as any bill or resolution whose budgetary effects, for any fiscal year in the period for which a CBO cost estimate is prepared, is estimated to be greater than .25% of the current projected U.S. gross domestic product (GDP) for that fiscal year. Requires the analysis to describe: (1) the potential economic impact of the bill or resolution on major economic variables, including real GDP, business investment, the capital stock, employment, and labor supply; and (2) the potential fiscal effects of the measure, including any estimates of revenue increases or decreases resulting from changes in GDP.
United States · United States Congress · 7 December 2011
Baseline Reform Act of 2011 - Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to revise the formula for establishing the budget baseline. Revises the annual baseline, for any fiscal year, to mean a projection of current-year levels of new budget authority (as under current law), outlays (as under current law), or receipts (instead of revenues) and the surplus or deficit (as under current law) for the current year, the budget year, and the ensuing nine outyears based on laws enacted through the applicable date. Includes estimates for direct spending in the baseline calculation formula for the budget year and each outyear. Revises the formula for calculating the baseline for discretionary spending for the budget year and each outyear to eliminate adjustments for: (1) expiring multiyear subsidized housing contracts; (2) administrative expenses of the Federal Hospital Insurance Trust Fund, the Supplementary Medical Insurance Trust Fund, the Unemployment Trust Fund, and the Railroad Retirement account; (3) offsets to federal employees' annual pay; and (4) certain inflators used to adjust budgetary resources in the Act. Amends the Act to define: (1) Medicare as programs within budget function 570; (2) Medicaid and other health-related spending as programs within budget function 550; and (2) other direct spending as programs other than those within budget functions 550 and 570, excluding Social Security and net interest. Amends the Congressional Budget Act of 1974 to require the Director of the Congressional Budget Office (CBO), after the President's budget submission and in addition to the baseline projections, to report a supplemental projection to the congressional budget committees, assuming extension of current tax policy for the fiscal year commencing on October 1 of that year, with an alternative projection for that fiscal year, again assuming the extension of current tax policy, excluding emergency provisions, in the previous fiscal year. Requires CBO to report to such committees, on or before July 1 of each year, the Long-Term Budget Outlook for: (1) the fiscal year commencing on October 1 of that year, and (2) at least the ensuing 30 fiscal years.
United States · United States Congress · 7 December 2011
Legally Binding Budget Act of 2011 - Amends the Congressional Budget Act of 1974 (CBA) to require joint budget resolutions signed by the President instead of the concurrent resolutions now required (which do not have to be signed by the President). Revises accordingly the congressional procedures for considering joint budget resolutions. Prohibits the consideration of budget-related legislation before the joint budget resolution becomes law. Permits revisions of joint budget resolutions already enacted. Makes a conforming amendment to the Congressional Budget and Impoundment Control Act of 1974. Makes it out of order in both chambers to consider any joint budget resolution, amendment, or conference report that contains certain matter prohibited by the CBA, particularly inclusion in the surplus or deficit totals of any outlays and revenue totals of the Old Age, Survivors, and Disability Insurance (OASDI) program under title II of the Social Security Act. Deems the aggregates, allocations, and any other matters that pertain solely to Congress specified in a joint budget resolution, to operate and be enforceable in both chambers as if such resolution had been enacted notwithstanding a presidential veto of the resolution. (Thus creates an automatic standing order upon a presidential veto of a joint budget resolution.) Authorizes a joint budget resolution to set forth the public debt limit. Makes conforming amendments to: (1) the Rules of the House of Representatives, and (2) the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act).
United States · United States Congress · 7 December 2011
Government Shutdown Prevention Act of 2011 - Makes specified provisional (automatic) continuing appropriations in the event that any regular appropriation bill for a fiscal year is not enacted before the beginning of such fiscal year, or a joint resolution making continuing appropriations is not in effect. (Thus prevents a federal government shutdown.)
United States · United States Congress · 7 December 2011
Biennial Budgeting and Enhanced Oversight Act of 2011 - Amends the Congressional Budget Act of 1974 (CBA) to require: (1) biennial (instead of annual) budget resolutions, (2) biennial appropriations Acts, and (3) biennial government strategic and performance plans. Defines the budget biennium as the two consecutive fiscal years beginning on October 1 of any odd-numbered year. Makes conforming amendments to the Rules of the House of Representatives, the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act), and the CBA.
United States · United States Congress · 7 December 2011
Spending Control Act of 2011 - Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to establish for FY2013-FY2021: (1) direct spending limits, (2) total spending limits, and (3) deficit limits. Prescribes certain deficit control mechanisms (sequestration and reduction orders) for such period. Requires the Office of Management and Budget (OMB) and the Congressional Budget Office (CBO) to: (1) determine common scorekeeping guidelines, and (2) prepare estimates in conformance with such guidelines. Requires OMB and CBO each to make annual comparisons for the current and the ten ensuing fiscal years of projected total deficits and specified deficit limits. Repeals the Statutory Pay-As-You-Go Act of 2010. Prescribes and/or revises requirements for direct, total, and deficit sequestration preview and final reports. Eliminates Pay-As-You-Go reports. Adds the following programs and activities to the list exempted from sequestration orders: (1) obligated balances of budget authority carried over from prior fiscal years; (2) federal obligations required to be paid under the U.S. Constitution or legally contractual obligations; (3) Claims, Judgments, and Relief Acts (20-1895-0-1-808); and (4) intragovernmental transfers. Modifies and/or repeals certain mandatory general and special sequestration rules. Requires an appropriate adjustment for the discretionary spending limit of an outyear if an appropriation for the budget year causes a change in direct spending in that outyear. Amends the Congressional Budget Act of 1974 (CBA) to: (1) repeal the current requirement for adjusting the allocation of discretionary spending in the House of Representatives if a budget resolution is not adopted by April 15, and (2) allow the joint explanatory statement accompanying a conference report on a budget resolution to include an allocation of the level for the global war on terrorism (GWOT) for that fiscal year. Prescribes administrative and legislative procedures for emergency and GWOT adjustments. Amends the CBA to make it out of order in both chambers to consider legislation, if the provisions of such measure have the net effect of increasing direct spending for the current year, the budget year, and the four or nine fiscal years following that budget year. (Thus enforces Cut-As-You-Go.) Repeals Clause 10 of Rule XXI (Restrictions on Certain Bills) of the Rules of the House of Representatives. Amends the CBA to permit waiver or suspension in the Senate of certain prohibitions under such Act and the Gramm-Rudman-Hollings Act, or successful appeals from rulings of the Chair, only by an affirmative vote of three-fifths (60) of the Members.
United States · United States Congress · 7 December 2011
Recognizes the importance of Christmas symbols and traditions. Disapproves of attempts to ban references to Christmas. Supports the use of these symbols and traditions by those who celebrate Christmas.
United States · United States Congress · 2 December 2011
North American Energy Access Act - Prohibits construction, operation, or maintenance of the oil pipeline and related facilities described in the Final Environmental Impact Statement (EIS) for the Keystone XL Pipeline Project issued by the Department of State on August 26, 2011 (including any modified version of that pipeline and related facilities), unless it is in compliance with the terms of a permit prescribed under this Act. Instructs the Federal Energy Regulatory Commission (FERC), to issue, within 30 days after receipt of an application, a permit for such pipeline and related facilities implemented in accordance with such Final EIS. Deems a permit to have been issued if FERC has not acted upon a permit application within 30 days after receipt. Declares FERC approval a prerequisite to authorization for a permit applicant to make substantial modifications to either the pipeline route or any other term of the Final EIS. Directs FERC to: (1) enter into a memorandum of understanding with the state of Nebraska for review under the National Environmental Policy Act of 1969 of any modification to the proposed pipeline route, and (2) complete consideration and approval of such modification within 30 days after receiving the governor's approval. Deems approval to have been issued if FERC has not acted within 30 days after receiving an application for approval of a modification. Declares a permit issued under this Act to be the sole legal authority to construct, operate, and maintain the Keystone XL Pipeline Project and related facilities.
![Official portrait of Rep. Hensarling, Jeb [R-TX-5]](https://www.congress.gov/img/member/h001036_200.jpg)