United States · United States Congress · 6 January 1999
Amends the Internal Revenue Code to exempt an organization from income tax if it is created by a State to provide property and casualty insurance coverage for property for which such coverage is otherwise unavailable.
United States · United States Congress · 6 January 1999
Public Safety Officer Medal of Valor Act of 1999 - Authorizes the President to award, and present in the name of the Congress, a Medal of Valor to a public safety officer who is cited by the Attorney General, on the advice of the Medal of Valor Review Board (established by this Act), for extraordinary valor above and beyond the call of duty. Establishes a permanent Medal of Valor Review Board to select candidates as recipients of the Medal from among those applications received by the National Medal Office (established by this Act). Authorizes appropriations. Establishes within the Department of Justice a National Medal Office to staff the Review Board and to establish criteria and procedures for the submission of recommendations of nominees for the Medal. Repeals provisions of the Fire Prevention and Control Act of 1974 establishing the President's Award for Outstanding Public Safety Service and the Secretary of Commerce's Award for Distinguished Public Safety Service. Directs the Attorney General to: (1) consult with the Institute of Heraldry within the Department of Defense regarding the design and artistry of the Medal of Valor; and (2) consider suggestions received by the Department of Justice regarding the design of the medal, including those made by persons not employed by the Department.
United States · United States Congress · 6 January 1999
Homeowners' Insurance Availability Act of 1999 - Directs the Secretary of the Treasury to carry out a program under this Act to make reinsurance coverage available for purchase by: (1) eligible State programs; and (2) private insurers and reinsurers, State insurance and reinsurance programs, and other interested entities through auctions. Requires that such program shall be designed to improve the availability of homeowners' insurance for the purpose of facilitating the pooling, and spreading the risk, of catastrophic financial losses from natural disasters and to improve the solvency of homeowners' insurance markets. Directs the Secretary to offer reinsurance coverage through contracts with covered purchasers which shall: (1) not displace or compete with the private insurance, reinsurance, or capital markets; (2) minimize the administrative costs of the Federal Government; and (3) provide coverage based solely on insured losses within the State of the eligible State program purchasing the contract or within the region for which the auction for contract purchase is held. (Sec. 4) Sets forth: (1) qualified lines of coverage; and (2) covered perils. (Sec. 6) Describes requirements for eligible State programs, including that such programs: (1) be State-operated insurance programs (or reinsurance programs designed to improve private insurance markets) that offer coverage for homes and the contents of apartments based on a finding that such programs are necessary to provide for the continued availability of coverage for all residents; (2) are structured to be exempt from Federal taxation; (3) cover only a single peril; (4) require at least ten percent of net investment income to be used for programs to mitigate disaster losses, with an exception; and (5) meet specified coverage requirements. Establishes one-year contract terms. Sets forth considerations to be made by the Secretary in determining the cost of reinsurance coverage and requires the cost to consist of a risk-based price, risk load, and administrative costs. Grants purchasers whose coverage is exhausted before contract termination the option of making a single purchase for the remaining contract term. Makes State programs eligible to purchase contracts only if a State has in effect laws to prohibit price gouging, during the term of coverage, in disaster areas. (Sec. 7) Sets forth: (1) requirements for regional auctions for the purchase of reinsurance contracts; and (2) contract terms and conditions, including maximum one-year terms and prohibitions on price gouging. (Sec. 8) Requires eligible State programs to sustain an amount of retained losses from a single event of a covered peril of at least the greater of: (1) $2 billion; (2) the program's claims-paying capacity; and (3) an amount determined by the Secretary sufficient to cover eligible losses in the State during a 12-month period for all events having a likelihood of occurrence once every 100 years. Applies the requirements of (1) and (3) above to auctioned contracts as well. Establishes transitional requirements for the minimum level of retained losses applicable to certain existing and new State programs. Authorizes the Secretary to raise the minimum level of retained losses annually. Limits the maximum annual amount paid by the Secretary pursuant to claims under contracts to: (1) $25 billion, as adjusted for inflation; or (2) for any year during the four-year period beginning on the date contracts are first made available for purchase, an amount that the Secretary shall establish and revise, not exceeding $25 billion. Requires claimants to receive prorated portions of the amount available for claims in any year in which claims exceed such maximum amount. Limits contracts to 50 percent of the risk of insured losses in excess of retained losses for States or regions. (Sec. 9) Establishes, within the Treasury, the Disaster Reinsurance Fund. Specifies: (1) the amounts with which the Fund shall be credited; and (2) the uses of the amounts in the Fund. (Sec. 10) Directs the Secretary to establish the National Commission on Catastrophe Risks and Insurance Loss Costs. Requires the Commission to meet for the sole purpose of advising the Secretary regarding the estimated loss costs associated with the reinsurance contracts and carrying out this Act's functions. Authorizes appropriations. Provides for an offset amount to be obtained from purchasers of reinsurance coverage and deposited in the Fund. (Sec. 12) Terminates reinsurance coverage ten years after this Act's enactment. Provides a five-year extension of such deadline if the Secretary determines such coverage necessary because of insufficient growth of capacity in the private homeowners' insurance market. (Sec. 13) Requires the Secretary to report annually to the Congress on the cost and availability of homeowners' insurance for losses resulting from catastrophic natural disasters covered by the reinsurance program under this Act.
United States · United States Congress · 6 January 1999
Prohibits the Secretary of the Interior from permitting oil and gas development activities in specified parts of the Eastern Gulf of Mexico Planning Area, the Straits of Florida Planning Area, and the South Atlantic Planning Area, unless: (1) certain environmental studies and assessments have been completed; and (2) the Secretary has certified to the Congress that specified environmental information has been obtained which adequately enables the Secretary to implement Federal stewardship of the environment with a minimal level of uncertainty. Prohibits the Secretary from conducting any: (1) oil or gas development activity under the Outer Continental Shelf Lands Act in a specified part of the Eastern Gulf of Mexico Planning Area; or (2) preleasing activity or lease sale in such Planning Areas for a specified period. Mandates specified assessments and studies of the Areas addressed by this Act. Directs the Secretary to establish the Joint Federal-State Outer Continental Shelf Task Force to request additional studies and surveys as needed to minimize the uncertainty about the effects of preleasing, leasing, and exploration activities. Subjects the first exploration plan submitted after the date of enactment of this Act to the requirements of detailed environmental impact statements. Authorizes appropriations.
United States · United States Congress · 6 January 1999
TABLE OF CONTENTS: Title I: Facilitating Affiliation Among Securities Firms, Insurance companies, and Depository Institutions Subtitle A: Affiliations Subtitle B: Streamlining Supervision of Financial Holding Companies Subtitle C: Subsidiaries of National Banks Subtitle D: Wholesale Financial Holding Companies; Wholesale Financial Institutions Subtitle E: Preservation of FTC Authority Subtitle F: Applying the Principles of National Treatment and Equality of Competitive Opportunity to Foreign banks and Foreign Financial Institutions Subtitle G: Federal Home Loan Bank System Modernization Subtitle H: Direct Activities of Banks Subtitle I: Deposit Insurance Funds Subtitle J: Effective Date of Title Title II: Functional Regulation Subtitle A: Brokers and Dealers Subtitle B: Bank Investment Company Activities Subtitle C: Securities and Exchange Commission Supervision of Investment Bank Holding Companies Subtitle D: Studies Title III: Insurance Subtitle A: State Regulation of Insurance Subtitle B: Redomestication of Mutual Insurance Subtitle C: National Association of Registered Agents and Brokers Title IV: Unitary Savings and Loan Holding Companies Financial Services Act of 1999 - Title I: Facilitating Affiliation Among Securities Firms, Insurance Companies, and Depository Institutions - Subtitle A: Affiliations - Amends the Banking Act of 1933 (Glass-Steagall Act) to repeal the prohibitions: (1) against affiliation of any Federal Reserve member bank with an entity engaged principally in securities activities (securities affiliate); and (2) against simultaneous service by any officer, director, or employee of a securities firm as an officer, director, or employee of any member bank (interlocking directorates). (Sec. 102) Amends the Bank Holding Company Act of 1956 (BHCA) to exempt from its prohibition against interests in nonbanking organizations the shares of any company whose activities had been determined by the Board of Governors of the Federal Reserve System (the Board), as of the day before the date of enactment of this Act, to be so closely related to banking as to be a proper incident thereto. (Sec. 103) Creates a statutory mechanism for the establishment of financial holding companies (FHCs) whose subsidiary depository institutions are well-capitalized and well-managed and meet other specified criteria. Instructs the Board to establish and apply comparable capital standards to a foreign bank with a subsidiary bank or commercial lending company in the United States. Permits an FHC and a Board-supervised investment bank holding company (BHC) to engage in any activity and acquire the shares of any company whose activities have been determined by the Board to be either financial in nature, or incidental to financial activities. Mandates consultation and coordination, according to specified guidelines, between the Board and the Department of the Treasury regarding determination of whether an activity is financial in nature, or incidental to financial activities. Includes among such activities any investments, lending, insurance, securities transactions, certain financial operations abroad, and ownership or control of banking interests. Requires an FHC to make assurances that risk management procedures adequately protect insured depository institution subsidiaries, including reasonable measures to preserve separate corporate identity and limited liability. Mandates notification to the Board of certain large business combinations with FHCs or wholesale FHCs. Cites circumstances under which an FHC (and its foreign counterpart) may engage in nonfinancial activities. Permits FHCs which were not BHCs or foreign banks before becoming FHCs to retain limited non-financial activities and affiliations. Sets forth cross-marketing restrictions for FHC-controlled depository institutions. (Sec. 104) Preempts State anti-affiliation laws restricting transactions among insured depository institutions, wholesale financial institutions, insurance concerns, and national banks. Cites exceptions to such preemption, especially for State regulation of the business of insurance, including the retention of State capitalization requirements for an insurance entity acquired by another entity, and specified consumer protections. Declares that this Act shall not affect State antitrust and general corporate law. Retains State oversight authority over specified financial activities other than insurance. Prohibits State regulation of the insurance activities of an insured depository institution or wholesale financial institution in any way that discriminates adversely between insured depository institutions or wholesale financial institutions and other entities engaged in insurance activities. (Sec. 105) Requires that mutual bank holding companies be regulated on the same terms as bank holding companies. (Sec. 106) Amends the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994 (RNIBBEA) to apply its prohibition against deposit production offices to interstate branches acquired or established under this Act, including all branches of a bank owned by an out-of-State BHC. (Sec. 107) Amends the Federal Deposit Insurance Act (FDIA) to apply to any branch of a bank controlled by an out-of-State BHC certain requirements for branch closures by an interstate bank. (Sec. 108) Authorizes well-capitalized and well-managed limited purpose banks to engage in any banking activity. (Maintains the restriction that such banks may accept demand deposits or make commercial loans, but not both.) Prohibits such banks from permitting any overdraft (including intraday overdrafts), or incurring overdrafts in their accounts at a Federal Reserve Bank, on behalf of an affiliate, with certain exceptions. Permits such banks to: (1) issue corporate credit cards; (2) cross market affiliates; and (3) avoid divestiture by correcting violations within six months of receiving notice from the Board. (Sec. 109) Directs the Federal Trade Commission (FTC) to present interim reports to Congress regarding an ongoing multistage study of consumer privacy issues. (Sec. 110) Directs the Comptroller General to study and report to Congress on the projected impact that the enactment of this Act will have on financial institutions with total assets of $100 million or less. Subtitle B: Streamlining Supervision of Financial Holding Companies - Prohibits the Board from imposing any capital or capital adequacy criteria upon a non-depository institution FHC subsidiary that is in compliance with State or Federal capitalization rules, or is registered under the Investment Advisers Act of 1940. Prohibits the Board, in developing capital adequacy requirements, from taking into consideration any affiliated investment company which is not a bank holding company nor controlled by one holding 25 percent or more shares of the investment company worth more than $1 million. Authorizes the Board to transfer its BHC oversight authority to the appropriate Federal banking agency if a BHC is not significantly engaged in non-banking activities. Mandates Board deference to the SEC and relevant State securities and insurance authorities with respect to interpretations and enforcement of activities (functional regulation) within their respective jurisdictions. (Sec. 112) Provides that a declaration filed by a company seeking to be an FHC shall satisfy BHC registration requirements but not any requirement to file an application to acquire a bank. Revises BHCA divestiture procedures to permit a BHC to elect divestiture of either a nonbanking subsidiary or an insured depository institution. (Sec. 113) Declares ineffective and non-enforceable any Board actions requiring an insurance company BHC or a registered securities broker-dealer BHC to provide assets to a subsidiary insured depository institution if the State insurance authority, or the SEC, determines in writing that such actions would have a material adverse effect on the BHC's financial condition. Permits the Board to order divestiture of the subsidiary in lieu of other action. (Sec. 114) Authorizes the Board to restrict relationships or transactions between: (1) a BHC depository institution subsidiary and its affiliates (other than a subsidiary of the institution); and (2) a foreign bank and its U.S. affiliates. (Sec. 115) Grants the SEC exclusive authority to examine and inspect any non-BHC registered investment company. Prohibits a Federal banking agency from inspecting or examining such a non-BHC company. Permits the Federal Deposit Insurance Corporation (FDIC) to examine the affiliate of an insured depository institution in order to disclose fully the impact of their relationship upon such institution. (Sec. 116) Prohibits the Board from taking any action under the BHCA or the FDIA against a BHC-regulated subsidiary unless it is necessary to prevent or redress an unsafe or unsound practice or breach of fiduciary duty by the subsidiary that poses a material risk to the financial safety, soundness or stability of an affiliated depository institution or to the domestic or international payment systems. (Sec. 117) Declares it is the intent of Congress that the Board and State insurance regulators should: (1) coordinate their respective supervision of companies that control a depository institution and a company engaged in insurance activities; and (2) share relevant information on a confidential basis (including information regarding the financial health of the consolidated organization, and transactions and relationships between insurance companies and affiliated depository institutions). States that Federal banking agencies for depository institutions should also share information with State insurance regulators on a confidential basis regarding transactions and relationships between depository institutions and affiliated companies engaged in insurance activities. Sets forth guidelines for such information exchange and confidentiality. (Sec. 118) Declares that BHCA restrictions placed upon Board authority over bank holding companies and their nonbank subsidiaries shall also limit the authority of the FDIC with respect to such companies and their nonbank subsidiaries. (Sec. 119) Amends the FDIA to prohibit the use of the Bank Insurance Fund (BIF) and the Savings Association Insurance Fund (SAIF) to benefit any affiliates or subsidiaries of certain insured depository institutions in receivership, in default, or in danger of default, or of any insured depository institution in such circumstances that is acquiring another insured depository institutions. Subtitle C: Subsidiaries of National Banks - Amends Federal law governing national banks to prohibit a subsidiary of a national bank from engaging in any activity, or owning any shares of a company engaged in any activity, that a national bank is not permitted to engage in directly, or that is conducted under terms or conditions other than those that would govern the conduct of the activity by a national bank. Authorizes a national bank to own a subsidiary engaged in activities that are not permissible for a national bank only if a national bank is specifically authorized by the express terms of a Federal statute to own or control the subsidiary. (Sec. 121) Authorizes a national bank, with Comptroller of the Currency approval, to control a company that engages in agency activities determined to be financial in nature or incidental to such activities if: (1) the company engages in such activities solely as agent and not directly or indirectly as principal; and (2) the national bank and all its depository institution affiliates are well-capitalized and well-managed and have achieved a satisfactory or better record of meeting community credit needs under the Community Reinvestment Act of 1977 (CRA) at the institution's most recent examination. (Sec. 122) Amends Federal criminal law to proscribe misrepresentations regarding depository institution liability for obligations of affiliates. (Sec. 123) Amends the Federal Reserve Act to repeal: (1) the Board's power to restrict the percentage of individual bank capital and surplus represented by loans secured by stock or bond collateral; and (2) the Board's duty to establish such restrictions with a view to preventing the undue use of bank loans for the speculative carrying of securities. Subtitle D: Holding Companies; Wholesale Financial Institutions - Chapter 1: Wholesale Financial Holding Companies - Sets forth a statutory mechanism for regulation of wholesale financial holding companies that do not control a bank other than a wholesale financial institution (WFI) or specified, limited-purpose institutions. Requires such a company to be a registered bank holding company predominantly engaged in certain financial activities, and in control of one or more WFIs. Specifies the limits of Board examinations of such companies. Prohibits the Board, in developing capital adequacy requirements, from taking into consideration any affiliated investment company which is not a bank holding company nor controlled by one holding 25 percent or more shares of the investment company worth more than $1 million. Specifies the kinds of nonfinancial activities in which Board-supervised companies may engage. Sets forth guidelines for the treatment of certain nonfinancial investments and affiliations of foreign banks operating within the United States as Board-supervised wholesale financial holding companies. Chapter 2: Wholesale Financial Institutions - Amends the Revised Statutes to permit a national bank to operate as a noninsured national WFI subject to FRA and the regulatory authority of the Comptroller of the Currency. Amends FRA to prescribe procedural guidelines for State bank membership as a noninsured WFI in the Federal Reserve System, subject to FDIA enforcement authority and prompt corrective action requirements. Subjects such institutions to the Community Reinvestment Act of 1977. Prohibits a WFI from receiving initial deposits of $100,000 or less except on an incidental and occasional basis. Limits incidental deposits of $100,000 or less to a maximum five percent of a WFI's total deposits. Sets forth capital and managerial requirements for certain WFIs controlled by companies under the jurisdiction of either the SEC or the BHCA. Empowers the Comptroller of the Currency (in the case of a national WFI) and the Board to direct a WFI conservator or receiver to file a petition under title II of the Federal bankruptcy code. Amends FDIA to prescribe procedures whereby an insured State-chartered bank or a national bank may voluntarily terminate its status as an insured depository institution. Requires any such terminated bank to become a WFI in order to accept any deposits. Subjects a State bank that is a WFI to the Community Reinvestment Act of 1977. Amends Federal bankruptcy law to prescribe WFI liquidation guidelines. Subtitle E: Preservation of FTC Authority - Amends the BHCA to require the Board to notify the FTC of its approval of a proposed acquisition, merger, or consolidation which involves acquisition of nonbanking interests. (Sec. 142) Directs certain Federal banking agencies to make data available to the Attorney General and the FTC that they deem necessary for antitrust review under specified statutes. (Sec. 143) Excludes from FTC jurisdiction any nondepository institution subsidiary or affiliate of a bank or savings association. Amends the Clayton Act to apply its premerger notification and waiting period requirements to any portion of a merger or acquisition transaction that does require notice under BHCA but does not require approval. (Sec. 144) Instructs the Comptroller General to report annually to the Congress on market concentration in the financial services industry and its impact on consumers. Subtitle F: Applying the Principles of National Treatment and Equality of Competitive Opportunity to Foreign Banks and Foreign Financial Institutions - Amends the International Banking Act of 1978 (IBA) to terminate the grandfathered authority of a foreign bank or company under the IBA to engage in any financial activity, if it files a BHCA declaration to function as a qualified BHC (QBHC). (Consequently, foreign banks with grandfathered affiliates would be permitted to keep them on the same terms and conditions that govern domestic banking organizations.) (Sec. 152) Amends the FDIA to allow insured foreign banks and foreign WFIs to terminate deposit insurance voluntarily in the same manner and to the same extent as insured State or national banks. (Sec. 153) Amends the International Banking Act of 1978 to authorize the Board to examine any affiliate of a foreign bank conducting business in any State in which the Board deems it necessary to determine and enforce compliance with Federal banking law. Subtitle G: Federal Home Loan Bank System Modernization - Federal Home Loan Bank System Modernization Act of 1999 - Amends the Federal Home Loan Bank Act (FHLBA) to expand Federal Home Loan Bank (FHLB) membership parameters to make a Federal savings association's membership in the FHLB system voluntary instead of mandatory. Permits such an association to withdraw its membership (currently such withdrawal is prohibited). (Sec. 164) Modifies guidelines governing long-term advances to: (1) allow advances to any community financial institution for small businesses, agricultural, rural development, or low-income community development lending; (2) make the cash (as well as the deposits) of an FHLB eligible collateral for securing a bank's interest in a loan or advance; and (3) repeal the 30 percent of capital cap on the aggregate amount of outstanding advances secured by real estate related collateral. Includes within the categories of collateral eligible for bank loan secured loans for small business, agriculture, rural development, or low-income community development, or securities representing a whole interest in such secured loans, in the case of any community financial institution. Authorizes an FHLB to renew certain advances on its own determination without concurrence by the Federal Housing Finance Board (FHFB). Requires an FHLB member with an advance secured by insufficient eligible collateral to reduce its level of outstanding advances according to a schedule determined by the FHLB (currently, by the FHF Board). Authorizes such Board to: (1) review the collateral standards applicable to each Federal home loan bank for designated classes of collateral; and (2) require an increase in such standards for safety and soundness purposes. (Sec. 165) Revises eligibility criteria to permit certain community financial institutions to gain FHLB membership regardless of the percentage of total assets represented by residential mortgage loans. (Sec. 166) Amends the FHLBA to increase from two years to four years the term of an elective director of a Federal home loan bank. Repeals the mandates for: (1) a procedure for informal review of certain supervisory decisions; and (2) the Housing Opportunity Hotline program. Repeals: (1) the prohibition against an FHLB's acquisition of a bank building by purchase or over ten-year lease; (2) the requirement for FHFB approval of personnel decisions as well as the exercise of corporate powers by any FHLB; and (2) authorization for an FHLB president to be a member of the FHLB board. Grants the FHFB power to: (1) issue charges upon an FHLB or any executive officer or director for violation of law or regulation in connection with the granting of any application or other request by the bank, or any written agreement between the bank and the FHFB, and take affirmative action to correct conditions resulting from violations or practices, or to limit FHLB activities; (2) address insufficiencies in capital levels resulting from automatic membership of a Federal savings association in the local FHLB; and (3) sue and be sued. Repeals FHFB jurisdiction to approve the granting by an FHLB of a member's application to secure an advance. Expands the mandate of FHLB Affordable Housing Programs to include providing subsidies (in addition to subsidized interest rates) on advances for member lending for low- and moderate-income housing. Authorizes each FHLB board of directors to approve member requests for Affordable Housing Program subsidies. Revises guidelines governing reserves and dividends to permit dividend payments out of previously retained earnings or current net earnings (currently, only out of net earnings). Repeals the requirement for: (1) FHFB approval for such dividend payments; and (2) investment of FHLB reserves exclusively in U.S. obligations or certain other Federal Government-related securities. (Sec. 167) States that FHLB payments to the Resolution Funding Corporation to cover interest payments on obligations shall be a specified percentage of net earnings (currently an aggregate sum certain). Subtitle H: Direct Activities of Banks - Amends Federal banking law to provide that limitations placed on securities transactions by a national banking association for its own account do not apply to State, local, or municipal bond transactions by a well-capitalized national banking association. Subtitle I: Deposit Insurance Funds - Directs the Board of Directors of the Federal Deposit Insurance Corporation to study and report to Congress on specified issues regarding the BIF and the SAIF, including their safety and soundness, and the adequacy of their reserve requirements in light of mergers and consolidations within the industry. (Sec. 187) Amends the FDIA and the Deposit Insurance Funds Act of 1996 to eliminate the Special Reserve of the Savings Association Insurance Fund (SAIF), and the Deposit Insurance Fund (DIF), respectively (established to provide emergency funds if the reserve ratio of either fund remains below 50 percent of its designated ratio for one year). Subtitle J: Effective Date of Title - Sets forth the effective date of title I of this Act. Title II: Functional Regulation - Subtitle A: Brokers and Dealers - Amends the Securities Exchange Act of 1934 (Exchange Act) to include certain bank activities within the definition of "broker" and "dealer" (thus subjecting them to registration requirements and regulation under the Exchange Act). (Sec. 203) Requires a registered securities association to create a limited qualification category, without a testing requirement, for certain bank employees effecting sales as part of a non-public primary securities offering (private placement sales). (Sec. 204) Amends the FDIA to direct the appropriate Federal banking agencies to: (1) promulgate regulations and complaint procedures applicable to retail transactions, solicitations, advertising, or offers of any security by any insured depository institution or affiliate other than a registered broker or dealer; (2) jointly establish a grievance process for customer complaints against banks or bank employees arising in connection with securities sales or purchases; and (3) establish recordkeeping requirements for banks relying on exceptions and exemptions from the definitions of broker and dealer under the Exchange Act. (Sec. 206) Defines traditional banking product. Amends the Securities Exchange Act of 1934 to authorize the SEC to determine by regulation that a bank that effects transaction in, or buys or sells, a new product should be subject to certain registration requirements. Sets forth procedural guidelines for the filing of a petition for judicial review by the Board of Governors of the Federal Reserve System or any aggrieved party. (Sec. 207) Amends the Securities Exchange Act of 1934 to define: (1) derivative instrument so as to exclude a traditional banking product; (2) qualified investor; and (3) government security, so as to include a qualified Canadian government obligation. Subtitle B: Bank Investment Company Activities - Amends the Investment Company Act of 1940 to authorize the SEC to prescribe conditions under which a bank or its affiliate serving as promoter, organizer, or principal underwriter for a registered management company or a registered unit investment trust may also serve as custodian of such company or trust. Permits the SEC to bring a civil action against a custodian for a registered investment company for breach of fiduciary duty involving personal misconduct. (Sec. 212) Declares it is unlawful for an affiliate, promoter, or principal underwriter for a registered investment company to lend to it or its subsidiaries in contravention of SEC prescriptions. (Sec. 213) Modifies the definition of "interested person" to identify transactions, services, and loans taking place during the six months preceding determination of an interested person which would make a person an affiliated person of a broker or dealer. Prohibits a registered investment company from having a majority of its board of directors consisting of personnel or senior officers of the subsidiaries of any one bank, or of any single BHC, its affiliates and subsidiaries. (Sec. 214) Modifies guidelines pertaining to unlawful misrepresentation of guarantees and the deceptive use of names. (Sec. 215) Modifies the definition of "broker" to exclude any person who would be deemed a broker solely by reason of the fact that such person is an underwriter for one or more investment companies. (Sec. 216) Modifies the definition of "dealer" to exclude an insurance or an investment company. (Sec. 217) Amends the Investment Advisers Act of 1940 to modify the definition of investment adviser to remove the exclusion for banks that advise investment companies. Revises the definitions of broker and dealer. (Sec. 220) Mandates interagency sharing between the appropriate Federal banking agency and the SEC of examination results and other information pertaining to the investment advisory activities of a registered BHC and its separately identifiable departments or divisions. (Sec. 221) Amends the Securities Act of 1933 and the Securities Exchange Act of 1934 to revise the exclusion from their purview of certain bank common trust funds to specify the exclusion of any interest or participation in any common trust fund or similar fund that is excluded from the definition of "investment company" under the Investment Company Act of 1940. Amends the Investment Company Act of 1940 to revise such exclusion guidelines for certain bank common trust funds. (Sec. 222) Amends the Investment Company Act of 1940 to prescribe circumstances under which an investment adviser holding shares of an investment company in a fiduciary capacity must transfer the power to vote such shares to the beneficial owners or to another non-affiliated fiduciary. Subtitle C: SEC Supervision of Investment Bank Holding Companies - Amends the Securities Exchange Act of 1934 to permit certain investment bank holding companies that do not have a bank or savings association affiliate to elect SEC supervision. (Sec. 231) Provides for voluntary withdrawal from SEC supervision by specified investment bank holding companies. Sets forth the parameters of SEC supervision of investment bank holding companies, including authority to set capital adequacy standards. Instructs the SEC, in developing its rules, to consider use of debt and other liabilities (double leverage) by the supervised investment BHC in order to fund capital investments in affiliates. Prohibits the SEC from imposing capital adequacy requirements on regulated nonbanking entities (other than a broker or a dealer) that are in compliance with the capital requirements of another Federal regulatory body or State insurance authority. Mandates SEC deference to appropriate regulatory banking agencies and State insurance regulators with respect to the banking and insurance laws under their purviews. Grants the SEC backup inspection authority for certain wholesale financial holding companies for monitoring and compliance enforcement purposes. Subtitle D: Studies - Directs the Comptroller General to report to Congress on the efficacy, costs, and benefits of requiring a federally-insured depository institution to disclose to its retail consumers through the use of a logo or seal that its investment or insurance products are not FDIC-insured. (Sec. 242) Directs the Comptroller General to report to Congress regarding the efficacy and benefits of uniformly limiting commissions and costs incurred by customers in the acquisition of financial products. Title III: Insurance - Subtitle A: State Regulation of Insurance - Declares that the McCarran-Ferguson Act remains the law of the United States. (Sec. 302) Mandates: (1) State licensure of any entity providing insurance in a State as principal or agent; and (2) State functional regulation of insurance sales activity. (Sec. 304) Prohibits a national bank and its subsidiaries from providing insurance as principal in a State, except for certain authorized products (which may not include title insurance or taxable annuity contracts). (Sec. 305) Prohibits national banks and subsidiaries from selling or underwriting title insurance, except for certain grandfathered banks and subsidiaries already doing so. (Sec. 306) Establishes expedited dispute resolution for regulatory conflicts between State insurance regulators and Federal financial regulators. (Sec. 307) Requires each Federal banking agency to: (1) issue consumer protection regulations (including physical segregation of banking activities from insurance product activities); and (2) prohibit discrimination against victims of domestic violence. Expresses the sense of Congress that the States should adopt regulations prohibiting such discrimination regarding insurance products that are at least as strict as those under this Act. Mandates that the Federal banking agencies jointly establish a consumer complaint mechanism to address violations of this Act expeditiously. (Sec. 308) Preempts State law restricting: (1) insurance companies or insurance affiliates from becoming a financial holding company or acquiring control of a bank; and (2) the amount of an insurer's assets that can be invested in a bank (except that the insurer's State of domicile may limit such investments to five percent (or any higher threshold) of the insurer's admitted assets). Preempts State laws that restrict reorganization by an insurer from mutual form to stock form. Subtitle B: Redomestication of Mutual Insurers - Applies this title only to a mutual insurance company in a State which has not enacted a law expressly establishing reasonable terms for a mutual insurance company domiciliary to reorganize into a mutual holding company. (Sec. 312) Authorizes a mutual insurer organized under the laws of any State to transfer its domicile to another State pursuant to a reorganization in which such insurer becomes a stock insurer that is a subsidiary of a mutual holding company. Requires prospective redomesticating insurers to comply with specified reorganization requirements of the State insurance regulator of the transferee domicile. Preempts State laws restricting such redomestication. Subtitle B: National Association of Registered Agents and Brokers - Sets forth a regulatory framework for uniform multistate licensing for insurance sales practices, to take effect only if a majority of the States have not enacted uniform laws and regulations governing the licensure of insurance sales by individuals and entities within three years after enactment of this Act. (Sec. 322) Establishes the National Association of Registered Agents and Brokers (the Association) as a non-profit, non-Federal agency, to provide a mechanism for uniform licensing, appointment, continuing education, and other insurance producer sales qualification requirements which can be adopted and applied on a multistate basis, while preserving the right of States to regulate insurance producers and insurance-related consumer protection and unfair trade practices. (Sec. 324) Subjects the Association (which shall not be considered a Federal agency or instrumentality) to regulation by the National Association of Insurance Commissioners. Requires the Association to establish an office of consumer complaints. Vests management of the Association in a board of directors. Cites circumstances under which Association rules preempt State regulation of insurance producers. Requires the Association to coordinate with the National Association of Securities Dealers in order to mitigate administrative burdens that may result from dual membership. Title IV: Unitary Savings and Loan Holding Companies - Amends the Home Owners' Loan Act to prohibit new affiliations between savings and loan holding companies and certain commercial firms, except in specified circumstances. (Sec. 402) Amends specified Federal law to declare that any depository institution the charter of which is converted from that of a Federal savings association to a national bank or a State bank after enactment of this Act may retain the term "Federal" in its name so long as it remains an insured depository institution.
United States · United States Congress · 6 January 1999
Uniformed Services Former Spouses Equity Act of 1999 - Requires payment from the monthly disposable retired pay of a member to his or her former spouse in compliance with court orders (division of property) to terminate upon the remarriage of that spouse, effective as of the last day of the month in which the remarriage occurs. Provides that, in the case of a member to whom a final decree of divorce, dissolution, annulment, or legal separation is issued before the member begins to receive retired pay, the disposable retired pay of such member, for purposes of such monthly payments, shall be computed based on the pay grade and length of service of the member while married. Increases such amount concurrently with retired pay increases. Requires a member's spouse or former spouse to obtain a court order for reapportionment of a member's monthly disposable retired pay by the later of the following dates: (1) two years of the date of the final decree of divorce, dissolution, annulment, or legal separation; or (2) six months after the enactment of this Act. Prohibits the court from treating as part of a member's disposable retired pay amounts which have been waived from such pay in order to receive veterans' disability compensation.
United States · United States Congress · 6 January 1999
Arlington National Cemetery Burial Eligibility Act - Allows the remains of the following persons to be interred at Arlington National Cemetery: (1) any member of the armed forces who dies while on active duty; (2) any retired member and any person who served on active duty and at the time of death was entitled to retired pay (or would have been so entitled but for his or her age); (3) any former member who was separated for physical disability before October 1, 1949, who served on active duty, and who would have been eligible for disability retirement if such provisions had been in effect on such date; (4) any former member whose last active military service was terminated honorably and who has been awarded one of a number of specified military decorations; (5) any former prisoner of war who dies on or after November 30, 1993; (6) the President or any former President; (7) the spouse, surviving spouse, minor child, and, in the discretion of the Cemetery's Superintendent, unmarried adult child of an interred member (but only if buried in the same gravesite); (8) the spouse, minor child, and unmarried adult child (discretionary) of a member on active duty if such person dies while the member is on active duty; (9) the individual whose spouse, minor child, and unmarried adult child (discretionary) is eligible under (8), above, but only if buried in the same gravesite; (10) the parents of a minor child or unmarried adult child whose remains, based on the parent's eligibility, are already buried in the Cemetery, but only if buried in the same gravesite; (11) the surviving spouse, minor child, and unmarried adult child (discretionary) of a member who was lost, buried at sea, or officially determined to be permanently absent in a status of missing or missing in action; and (12) the surviving spouse, minor child, and unmarried adult child (discretionary) of a member buried in a cemetery under the jurisdiction of the American Battle Monuments Commission.
United States · United States Congress · 6 January 1999
LIBERTAD Enforcement Act - Amends the Cuban Liberty and Democratic Solidarity (LIBERTAD) Act of 1996 to repeal the authority of the President to suspend the effective date of provisions making persons civilly liable for trafficking in property claimed by a U.S. person that has been confiscated by the Cuban Government.
United States · United States Congress · 6 January 1999
Truth in Budgeting Act - Prohibits the receipts and disbursements of the Airport and Airway Trust Fund, the Inland Waterways Trust Fund, and the Harbor Maintenance Trust Fund from being counted as new budget authority, outlays, receipts, or deficit or surplus for purposes of the Federal budget as submitted by the President, the congressional budget, or the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act). Exempts such trust funds from any general statutory budget outlays limitation. Amends Federal transportation law to require the Secretary of Transportation to estimate annually: (1) what, but for this Act, would be at the close of the next fiscal year the amount of unfunded aviation authorizations; and (2) the net aviation receipts at the close of such year.
United States · United States Congress · 6 January 1999
Directs the Commissioner of Social Security to improve the social security card (card) for purposes of carrying out illegal alien employment provisions under the Immigration and Nationality Act. Provides that cards issued pursuant to this Act shall not be required to be carried upon one's person, and that nothing in this Act shall be construed as authorizing the establishment of a national identification card. Directs the Commissioner of Immigration and Naturalization to conduct an education campaign aimed at educating employers about card security features and how to detect fraudulently used cards. Authorizes appropriations. Amends the Federal criminal code to provide for criminal penalties for fraud and related activities concerning work authorization documents.
United States · United States Congress · 6 January 1999
United States Immigration Court Act of 1999 - Amends the Immigration and Nationality Act to establish the United States Immigration Court, which shall consist of trial and appellate divisions. Sets forth operational, administrative, and jurisdictional provisions.
United States · United States Congress · 6 January 1999
Amends the Immigration and Nationality Act, as amended by the Illegal Immigration Reform and Immigrant Responsibility Act of 1996, to direct the Attorney General to waive the requirement that an alien seeking to pursue a course of study in a public secondary school reimburse the school's local educational agency (LEA), if the LEA certifies to the Attorney General that such waiver will promote the LEA's educational interest and will not impose on it an undue financial burden.
United States · United States Congress · 6 January 1999
Credit Opportunity Amendments Act of 1999 - Amends the Community Reinvestment Act of 1977 to repeal the requirement that the appropriate Federal financial supervisory agency take an institution's record of meeting it's entire community's credit needs into its evaluation of such institution's deposit facility application. Requires each financial institution to prepare a public description of its lending and related programs designed to enhance the availability of community credit, including low- and moderate-income neighborhoods. Amends the Consumer Credit Protection Act and the Fair Housing Act to prohibit: (1) creditor discrimination on the basis of the racial or ethnic characteristics of the applicant's surrounding neighborhood; (2) the Attorney General from initiating a civil enforcement action pursuant to the Consumer Credit Protection Act except upon referral; and (3) the use of statistical data indicating a disparate impact on various classes of applicants of a creditor's credit decisions as evidence of violations of such Act(s) unless accompanied by additional evidence demonstrating actual discrimination and intent to discriminate.
United States · United States Congress · 6 January 1999
TABLE OF CONTENTS: Title I: Gang-Related Witness Intimidation and Retaliation Title II: Witness Relocation and Safety Witness Protection and Interstate Relocation Act of 1999 - Title I: Gang-Related Witness Intimidation and Retaliation - Amends the Federal criminal code to set penalties for traveling in interstate or foreign commerce with intent to engage in witness intimidation or obstruction of justice. (Sec. 102) Subjects persons who conspire to obstruct justice involving victims, witnesses, and informants to the same penalties as those prescribed for carrying out such offense. Title II: Witness Relocation and Safety - Directs the Attorney General to: (1) survey all State and selected local witness protection and relocation programs to determine and report to the Congress on the extent, nature, and training needs of such programs; and (2) make available training to assist State and local law enforcement agencies in developing and managing witness protection and relocation programs. Authorizes appropriations. (Sec. 202) Requires the Attorney General to: (1) engage in activities which promote coordination among State and local witness interstate relocation programs; and (2) establish a model Memorandum of Understanding for States and localities that engage in interstate witness relocation. Authorizes the Attorney General to expend up to ten percent of the total amount appropriated for drug control and system improvement (Byrne program) grants under the Omnibus Crime Control and Safe Streets Act of 1968 to jurisdictions that have interstate witness relocation programs and that have substantially followed the model Memorandum of Understanding. (Sec. 203) Authorizes the use of Byrne grant funds for developing and maintaining witness security and relocation programs.
United States · United States Congress · 6 January 1999
Puerto Rican Source Tax Fairness Act - Amends specified Federal law (relating to limitations on State income taxation of certain pension income) to provide that retirement income from pension plans of the government of the Commonwealth of Puerto Rico shall be exempt from nonresident taxation by the Commonwealth in the same manner as State pension plans are exempt from State income taxation.
United States · United States Congress · 6 January 1999
Retiree Visa Act of 1999 - Amends the Immigration and Nationality Act to authorize four-year nonimmigrant visas for an alien who: (1) is at least 55 years old; (2) is a citizen of Canada or a citizen of certain (visa) pilot program countries; (3) owns, or whose spouse owns, a U.S. residence; and (4) has health coverage. Prohibits such an alien from working in the United States or receiving public benefits.
United States · United States Congress · 6 January 1999
Personal Privacy Protection Act - Amends the Federal criminal code to provide that whoever, in or affecting interstate or foreign commerce and for commercial purposes, persistently follows or chases a person in a manner that causes that person to have a reasonable fear of bodily injury, in order to capture by a visual or auditory recording instrument any type of visual image, sound recording, or other physical impression of that person, shall: (1) if death or serious bodily injury results, be fined, imprisoned, or both; and (2) be liable in a civil action for appropriate relief. Provides for civil liability of anyone who, in or affecting interstate or foreign commerce and for commercial purposes, engages in a tortious invasion of the privacy of another person in order to capture by a visual or auditory recording instrument any type of visual image, sound recording, or other physical impression of that person. Specifies that: (1) it shall not be a defense to a prosecution or civil action that no image or recording was captured or sold; and (2) only a person physically present at the time of, and engaging or assisting another in engaging in, a violation is subject to criminal charge or civil liability under this Act. Makes this Act's prohibitions inapplicable to official law enforcement activities.
United States · United States Congress · 6 January 1999
Community Reinvestment Improvement Act of 1999 - Amends the Community Reinvestment Act of 1977 to set forth a modified evaluation procedure for certain mid-sized financial institutions which meet specified criteria. Requires the appropriate financial institutions supervisory agency to: (1) conduct a compliance evaluation in connection with its examination of such institutions or every two years, whichever is more frequent; and (2) provide public notice of such evaluation upon its commencement. Disqualifies from this Act's modified evaluation procedure for a ten-year period any institution that has intentionally submitted false information or willfully violated the requirements of this Act. Exempts from the evaluation requirements of this Act certain small-sized regulated financial institutions. Cites criteria under which a regulated financial institution's application for a deposit facility shall not be denied on the basis of its compliance with this Act.
United States · United States Congress · 6 January 1999
Base Closure Reuse Reform Act of 1999 - Amends the Defense Base Closure and Realignment Act of 1990 and the Defense Authorization Amendments and Base Closure and Realignment Act to make inapplicable to the sale of real property at a closed military installation provisions of the Federal Property and Administrative Services Act of 1949 which are intended to prevent excess profits arising from the receipt of surplus Federal property. Directs the Secretary of the military department concerned to permit the lessees of real and personal property located at a current or future closed military installation to make capital improvements to such property in order to facilitate its economic development. Sets forth conditions with respect to the cost and removal of such improvements upon lease expiration. Directs such Secretary to permit a lessee to sublet the property for profit during the term of an interim lease (a lease which runs before a final property disposal determination). Allows an interim lessee the first right to acquire the property at the time of its final disposal. Approves the use of a lease with respect to property at a closed military installation that is transferred to the redevelopment authority of such installation. Directs the Secretary of Defense to give to such authority the first right to acquire such property upon lease termination or expiration. Authorizes the Secretary to enter into an agreement for the provision by such authority of police, fire, airfield operation, and other community services at the military installation involved.
United States · United States Congress · 6 January 1999
State Occupancy Standards Affirmation Act of 1999 - Amends the Quality Housing and Work Responsibility Act of 1998 to provide that: (1) a State standard shall be considered reasonable for purposes of determining familial status discrimination; and (2) the Secretary of Housing and Urban Development, in the absence of a State standard, shall take no action respecting a two-person per bedroom standard established by a housing provider. Defines "occupancy standard."
United States · United States Congress · 6 January 1999
Amends the Federal Deposit Insurance Act and the Federal Credit Union Act to establish a privileged status for confidential supervisory information. Declares such information to be the property of the Federal banking agency that created or requested it. Prohibits the disclosure of such information without prior authorization of the appropriate Federal banking agency. Places certain State and foreign supervisory information which is subject to a domestic motion to compel production or disclosure within the same privileged status as information of Federal banking agencies. Precludes the use of subpoena or other process to obtain such information. Permits disclosure requests to the appropriate Federal banking agency. Grants Federal courts exclusive jurisdiction for actions to compel information disclosure. Prescribes judicial, rulemaking, and notice procedures.
United States · United States Congress · 6 January 1999
Amends Federal armed forces provisions to remove certain numerical and geographic restrictions on the participation by Medicare-eligible Department of Defense beneficiaries in the Federal Employees Health Benefits program. Provides open enrollment periods through the year 2002 (currently 2000) and revises enrollment terms.
United States · United States Congress · 6 January 1999
Treatment of Children's Deformities Act of 1998 - Amends the Public Health Service Act, the Employee Retirement Income Security Act of 1974, and the Internal Revenue Code to set standards requiring that group and individual health insurance coverage and group health plans provide coverage for treatment of a minor child's congenital or developmental deformity or disorder due to trauma, infection, tumor, or disease.
United States · United States Congress · 6 January 1999
Directs the Secretary of the military department concerned to pay monthly special compensation to severely disabled military retirees as follows: (1) $300 for those with disabilities rated as total; (2) $200 for those with disabilities rated at 90 percent; and (3) $100 for those with disabilities rated at 70 or 80 percent. Requires such retirees to have completed at least 20 years of retirement-creditable military service and to have a service-connected disability.
United States · United States Congress · 6 January 1999
Social Security Benefits Fairness Act of 1999 - Amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act to provide that a monthly OASDI benefit shall be paid for the month in which the recipient dies, subject to a reduction of 50 percent if the recipient dies during the first 15 days of such month.
United States · United States Congress · 6 January 1999
Amends Federal law to exclude the Civil Service Retirement and Disability Fund from the Federal and congressional budgets, and exempt it from any general budget limitation imposed by statute on U.S. budget outlays and from certain orders issued under the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act).
United States · United States Congress · 6 January 1999
Women's Investment and Savings Equity Act of 1999 - Amends the Internal Revenue Code to permit retirement contributions to be made for periods during which individuals were on leave for maternity or paternity leave. Permits "catchup contributions" by parents returning to work after periods of nonparticipation in a plan. Defines "catchup contributions."
United States · United States Congress · 6 January 1999
Affordable Housing Opportunity Act of 1999 - Amends the Internal Revenue Code to increase, and link to the cost-of-living adjustment, the State low-income housing credit ceiling.
United States · United States Congress · 6 January 1999
Amends the Internal Revenue Code to permit penalty-free distributions from an individual retirement account (IRA) for long- term care services and to pay certain medical expenses of certain lineal descendants and ancestors. Excludes from gross income certain distributions which are repaid. Expands penalty-free withdrawals for the unemployed for health insurance premiums. Increases deductible IRA contribution amounts, and provides for inflation indexing. Eliminates the phase-out for individuals who are not active participants in defined contribution plans, and increases applicable dollar amounts for taxpayers other than those married filing separately. Increases 401(k) plan contribution limits. Establishes an alternative method for satisfying nondiscrimination requirements. Excludes inherited IRAs and certain 401(k) plans from a decedent's gross estate. Allows a designated beneficiary of an inherited IRA to hold such IRA free of immediate distribution provisions. Allows inherited 401(k) amounts as nondeductible contributions to a beneficiary's IRA, and excludes such amounts from income if so contributed.
United States · United States Congress · 6 January 1999
Presidential Debate Reform Act - Amends the Federal Election Campaign Act of 1971 to direct the President to establish a Presidential Debate Commission (Commission) six months before each general election for the offices of President and Vice President beginning with the general election in 2000. Directs the Commission to establish: (1) one preliminary debate; (2) not more than two vice presidential debates; and (3) not fewer than two nor more than four presidential debates. Authorizes appropriations. Amends the Internal Revenue Code to reduce the amount of Federal payments for a party's nominating convention for the following general election if the party's nominee for President or Vice President does not certify to the Commission that the nominee will participate in all applicable Commission debates (other than a preliminary debate).
United States · United States Congress · 6 January 1999
Integrity in Voter Registration Act of 1999 - Amends the National Voter Registration Act of 1993 to require applicants registering to vote in Federal elections to provide their social security numbers. Authorizes a State to remove a registrant's name from the official list of eligible voters for such elections on the grounds of changed residence if the registrant has not: (1) voted in an election during the period beginning on the day after the date of the second previous general Federal election held prior to being sent a specified notice; (2) voted in any of the first two general Federal elections after being sent a notice; and (3) responded to such notices.
United States · United States Congress · 6 January 1999
Self-Employed Health Affordability Act of 1999 - Amends the Internal Revenue Code to increase the deduction allowed for the health insurance costs of self-employed individuals to 100 percent.
United States · United States Congress · 6 January 1999
Constitutional Amendment - Prohibits outlays for a fiscal year (except those for repayment of debt principal) from exceeding total receipts (except those derived from borrowing) for that fiscal year unless the Congress, by a three-fifths roll call vote of each House, authorizes a specific excess of outlays over receipts. Requires a three-fifths roll call vote of each House to increase the public debt. Directs the President to submit a balanced budget to the Congress. Requires the approval of a majority of each House by roll call vote before any bill to increase revenue may become law. Authorizes the Congress to waive these provisions when: (1) a declaration of war is in effect; or (2) the United States is engaged in a military conflict which poses a threat to national security as declared by a joint resolution adopted by a majority of each House. Makes this article effective beginning with FY 2002 or with the second fiscal year beginning after its ratification, whichever is later.
United States · United States Congress · 6 January 1999
Constitutional Amendment - Establishes a four-year term of office for Representatives, to coincide with the term of the President. Makes any person who has been elected for a full term: (1) two times to the Senate ineligible for election or appointment to the Senate; or (2) three times to the House ineligible for election or appointment to the House. Bars any person who has served as a: (1) Senator for more than three years of a term from being subsequently eligible for election to the Senate more than once; and (2) Representative for more than two years from being subsequently eligible for election to the House more than twice. Excludes election or service occurring before this article becomes operative when determining eligibility. Prohibits any Member of one House of the Congress (except in the final year of the Member's current term) from qualifying under State law as a candidate for the other House unless the Member has resigned from the House in which he or she currently serves. Applies this article to terms of office after the first day of the year immediately following the first presidential election after ratification of this article.
United States · United States Congress · 6 January 1999
Constitutional Amendment - Makes any person who has been elected for a full term: (1) two times to the Senate ineligible for election or appointment to the Senate; or (2) six times to the House ineligible for election to the House. Bars any person who has served as a: (1) Senator for more than three years of a term to which some other person was elected from being subsequently eligible for election to the Senate more than once; and (2) Representative for more than one year from being subsequently eligible for election to the House more than five times. Excludes election or service occurring before this article becomes operative when determining eligibility.
United States · United States Congress · 20 October 1998
TABLE OF CONTENTS: Title I: Facilitating Affiliation Among Securities Firms, Insurance Companies, and Depository Institutions Subtitle A: Affiliations Subtitle B: Streamlining Supervision of Financial Holding Companies Subtitle C: Subsidiaries of National Banks Subtitle D: Wholesale Financial Holding Companies; Wholesale Financial Institutions Subtitle E: Preservation of FTC Authority Subtitle F: Applying the Principles of National Treatment and Equality of Competitive Opportunity to Foreign Banks and Foreign Financial Institutions Subtitle G: Federal Home Loan Bank System Modernization Subtitle H: Direct Activities of Banks Subtitle I: Deposit Insurance Funds Subtitle J: Effective Date of Title Title II: Functional Regulation Subtitle A: Brokers and Dealers Subtitle B: Bank Investment Company Activities Subtitle C: Securities and Exchange Commission Supervision of Investment Bank Holding Companies Subtitle D: Studies Title III: Insurance Subtitle A: State Regulations of Insurance Subtitle B: Redomestication of Mutual Insurers Subtitle C: National Association of Registered Agents and Brokers Title IV: Unitary Savings and Loan Holding Companies Title V: Financial Information Privacy Title VI: Miscellaneous Financial Services Act of 1998 - Title I: Facilitating Affiliation Among Securities Firms, Insurance Companies, and Depository Institutions - Subtitle A: Affiliations - Amends the Banking Act of 1933 (Glass-Steagall Act) to repeal the prohibitions: (1) against affiliation of any Federal Reserve member bank with an entity engaged principally in securities activities (securities affiliate); and (2) against simultaneous service by any officer, director, or employee of a securities firm as an officer, director, or employee of any member bank (interlocking directorates). (Sec. 102) Amends the Bank Holding Company Act of 1956 (BHCA) to exempt from its prohibition against interests in nonbanking organizations the shares of any company whose activities had been determined by the Board of Governors of the Federal Reserve System (the Board), as of the day before the date of enactment of this Act, to be so closely related to banking as to be a proper incident thereto. (Sec. 103) Creates a statutory mechanism for the establishment of financial holding companies (FHCs) whose subsidiary depository institutions are well-capitalized and well-managed and meet other specified criteria. Instructs the Board to establish and apply comparable capital standards to a foreign bank with a subsidiary bank or commercial lending company in the United States. Cites conditions under which newly acquired depository institutions shall enjoy limited exclusions from the community needs requirements of the Community Reinvestment Act of 1977. Permits an FHC and a Board-supervised investment bank holding company (BHC) to engage in any activity and acquire the shares of any company whose activities have been determined by the Board to be either financial in nature, or incidental to financial activities. Mandates consultation and coordination, according to specified guidelines, between the Board and the Department of the Treasury regarding determination of whether an activity is financial in nature, or incidental to financial activities. Includes among such activities any investments, lending, insurance, securities transactions, certain financial operations abroad, and ownership or control of banking interests. Requires an FHC to make assurances that risk management procedures adequately protect insured depository institution subsidiaries, including reasonable measures to preserve separate corporate identity and limited liability. Mandates notification to the Board of certain large business combinations with FHCs or wholesale FHCs. Cites circumstances under which an FHC (and its foreign counterpart) may engage in nonfinancial activities. Permits FHCs which were not BHCs or foreign banks before becoming FHCs to retain limited non-financial activities and affiliations. Sets forth cross-marketing restrictions for FHC-controlled depository institutions. (Sec. 104) Preempts State anti-affiliation laws restricting transactions among insured depository institutions, wholesale financial institutions, insurance concerns, and national banks. Cites exceptions to such preemption, especially for State regulation of the business of insurance, including the retention of State capitalization requirements for an insurance entity acquired by another entity, and specified consumer protections. Declares that this Act shall not affect State antitrust and general corporate law. Retains State oversight authority over specified financial activities other than insurance. Prohibits State regulation of the insurance activities of an insured depository institution or wholesale financial institution in any way that discriminates adversely between insured depository institutions or wholesale financial institutions and other entities engaged in insurance activities. (Sec. 105) Requires that mutual bank holding companies be regulated on the same terms as bank holding companies. (Sec. 106) Amends the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994 (RNIBBEA) to apply its prohibition against deposit production offices to interstate branches acquired or established under this Act, including all branches of a bank owned by an out-of-State BHC. (Sec. 107) Amends the Federal Deposit Insurance Act (FDIA) to apply to any branch of a bank controlled by an out-of-State BHC certain requirements for branch closures by an interstate bank. (Sec. 108) Authorizes well-capitalized and well-managed limited purpose banks to engage in any banking activity. (Maintains the restriction that such banks may accept demand deposits or make commercial loans, but not both.) Prohibits such banks from permitting any overdraft (including intraday overdrafts), or incurring overdrafts in their accounts at a Federal Reserve Bank, on behalf of an affiliate, with certain exceptions. Permits such banks to: (1) issue corporate credit cards; (2) cross market affiliates; and (3) avoid divestiture by correcting violations within six months of receiving notice from the Board. (Sec. 109) Directs the Federal Trade Commission (FTC) to present interim reports to the Congress regarding an ongoing multistage study of consumer privacy issues. (Sec. 110) Directs the Comptroller General to study and report to the Congress on the projected impact that the enactment of this Act will have on financial institutions with total assets of $100 million or less. Subtitle B: Streamlining Supervision of Financial Holding Companies - Prohibits the Board from imposing any capital or capital adequacy criteria upon a non-depository institution FHC subsidiary that is in compliance with State or Federal capitalization rules, or is registered under the Investment Advisers Act of 1940. Prohibits the Board, in developing capital adequacy requirements, from taking into consideration any affiliated investment company which is not a bank holding company nor controlled by one holding 25 percent or more shares of the investment company worth more than $1 million. (Sec. 111) Authorizes the Board to transfer its BHC oversight authority to the appropriate Federal banking agency if a BHC is not significantly engaged in non-banking activities. Mandates Board deference to the SEC and relevant State securities and insurance authorities with respect to interpretations and enforcement of activities (functional regulation) within their respective jurisdictions. (Sec. 112) Provides that a declaration filed by a company seeking to be an FHC shall satisfy BHC registration requirements but not any requirement to file an application to acquire a bank. Revises BHCA divestiture procedures to permit a BHC to elect divestiture of either a nonbanking subsidiary or an insured depository institution. (Sec. 113) Declares ineffective and non-enforceable any Board actions requiring an insurance company BHC or a registered securities broker-dealer BHC to provide assets to a subsidiary insured depository institution if the State insurance authority, or the SEC, determines in writing that such actions would have a material adverse effect on the BHC's financial condition. Permits the Board to order divestiture of the subsidiary in lieu of other action. (Sec. 114) Authorizes the Board to restrict relationships or transactions between: (1) a BHC depository institution subsidiary and its affiliates (other than a subsidiary of the institution); and (2) a foreign bank and its U.S. affiliates. (Sec. 115) Grants the SEC exclusive authority to examine and inspect any non-BHC registered investment company. Prohibits a Federal banking agency from inspecting or examining such a non-BHC company. Permits the Federal Deposit Insurance Corporation (FDIC) to examine the affiliate of an insured depository institution in order to disclose fully the impact of their relationship upon such institution. (Sec. 116) Prohibits the Board from taking any action under the BHCA or the FDIA against a BHC-regulated subsidiary unless it is necessary to prevent or redress an unsafe or unsound practice or breach of fiduciary duty by the subsidiary that poses a material risk to the financial safety, soundness or stability of an affiliated depository institution or to the domestic or international payment systems. (Sec. 117) Declares it is the intent of the Congress that the Board and State insurance regulators should: (1) coordinate their respective supervision of companies that control a depository institution and a company engaged in insurance activities; and (2) share relevant information on a confidential basis (including information regarding the financial health of the consolidated organization, and transactions and relationships between insurance companies and affiliated depository institutions). States that Federal banking agencies for depository institutions should also share information with State insurance regulators on a confidential basis regarding transactions and relationships between depository institutions and affiliated companies engaged in insurance activities. Sets forth guidelines for such information exchange and confidentiality. (Sec. 118) Declares that BHCA restrictions placed upon Board authority over bank holding companies and their nonbank subsidiaries shall also limit the authority of the FDIC with respect to such companies and their nonbank subsidiaries. (Sec. 119) Amends the FDIA to prohibit the use of the Bank Insurance Fund (BIF) and the Savings Association Insurance Fund (SAIF) to benefit any affiliates or subsidiaries of certain insured depository institutions in receivership, in default, or in danger of default, or of any insured depository institution in such circumstances that is acquiring another insured depository institutions. Subtitle C: Subsidiaries of National Banks - Amends Federal law governing national banks to prohibit a subsidiary of a national bank from engaging in any activity, or owning any shares of a company engaged in any activity, that a national bank is not permitted to engage in directly, or that is conducted under terms or conditions other than those that would govern the conduct of the activity by a national bank. Authorizes a national bank to own a subsidiary engaged in activities that are not permissible for a national bank only if a national bank is specifically authorized by the express terms of a Federal statute to own or control the subsidiary. (Sec. 121) Authorizes a national bank, with Comptroller of the Currency approval, to control a company that engages in agency activities determined to be financial in nature or incidental to such activities if: (1) the company engages in such activities solely as agent and not directly or indirectly as principal; and (2) the national bank and all its depository institution affiliates are well-capitalized and well-managed and have achieved a satisfactory or better rating under the Community Reinvestment Act of 1977 (CRA) at the institution's most recent examination. (Sec. 122) Amends Federal criminal law to proscribe misrepresentations regarding depository institution liability for obligations of affiliates. (Sec. 123) Amends the Federal Reserve Act to repeal: (1) the Board's power to restrict the percentage of individual bank capital and surplus represented by loans secured by stock or bond collateral; and (2) the Board's duty to establish such restrictions with a view to preventing the undue use of bank loans for the speculative carrying of securities. Subtitle D: Holding Companies; Wholesale Financial Institutions - Chapter 1: Wholesale Financial Holding Companies - Sets forth a statutory mechanism for regulation of wholesale financial holding companies that do not control a bank other than a wholesale financial institution (WFI) or specified, limited-purpose institutions. Requires such a company to be a registered bank holding company predominantly engaged in certain financial activities, and in control of one or more WFIs. Specifies the limits of Board examinations of such companies. (Sec. 131) Prohibits the Board, in developing capital adequacy requirements, from taking into consideration any affiliated investment company which is not a bank holding company nor controlled by one holding 25 percent or more shares of the investment company worth more than $1 million. Specifies the kinds of nonfinancial activities in which Board-supervised companies may engage. Sets forth guidelines for the treatment of certain nonfinancial investments and affiliations of foreign banks operating within the United States as Board-supervised wholesale financial holding companies. Chapter 2: Wholesale Financial Institutions - Amends the Revised Statutes to permit a national bank to operate as a noninsured national WFI subject to FRA and the regulatory authority of the Comptroller of the Currency. Amends FRA to prescribe procedural guidelines for State bank membership as a noninsured WFI in the Federal Reserve System, subject to FDIA enforcement authority and prompt corrective action requirements. Subjects such institutions to the Community Reinvestment Act of 1977 only if the WFI has an affiliate that is an insured depository institution or that operates an insured branch. (Sec. 136) Prohibits a WFI from receiving initial deposits of $100,000 or less except on an incidental and occasional basis. Limits incidental deposits of $100,000 or less to a maximum five percent of a WFI's total deposits. Sets forth capital and managerial requirements for certain WFIs controlled by companies under the jurisdiction of either the SEC or the BHCA. Empowers the Comptroller of the Currency (in the case of a national WFI), and the Board to direct a WFI conservator or receiver to file a petition under title II of the Federal bankruptcy code. Amends FDIA to prescribe procedures whereby an insured State-chartered bank or a national bank may voluntarily terminate its status as an insured depository institution. Requires any such terminated bank to become a WFI in order to accept any deposits. Amends Federal bankruptcy law to prescribe WFI liquidation guidelines. Subtitle E: Preservation of FTC Authority - Amends the BHCA to require the Board to notify the FTC of its approval of a proposed acquisition, merger, or consolidation which involves acquisition of nonbanking interests. (Sec. 142) Directs certain Federal banking agencies to make data available to the Attorney General and the FTC that they deem necessary for antitrust review under specified statutes. (Sec. 143) Excludes from FTC jurisdiction any nondepository institution subsidiary or affiliate of a bank or savings association. Amends the Clayton Act to apply its premerger notification and waiting period requirements to any portion of a merger or acquisition transaction that does require notice under BHCA but does not require approval. (Sec. 144) Instructs the Comptroller General to report annually to the Congress on market concentration in the financial services industry and its impact on consumers. Subtitle F: Applying the Principles of National Treatment and Equality of Competitive Opportunity to Foreign Banks and Foreign Financial Institutions - Amends the International Banking Act of 1978 (IBA) to terminate the grandfathered authority of a foreign bank or company under the IBA to engage in any financial activity, if it files a BHCA declaration to function as a qualified BHC (QBHC). (Consequently, foreign banks with grandfathered affiliates would be permitted to keep them on the same terms and conditions that govern domestic banking organizations.) (Sec. 152) Amends the FDIA to allow insured foreign banks and foreign WFIs to terminate deposit insurance voluntarily in the same manner and to the same extent as insured State or national banks. (Sec. 153) Amends the International Banking Act of 1978 to authorize the Board to examine any affiliate of a foreign bank conducting business in any State in which the Board deems it necessary to determine and enforce compliance with Federal banking law. Subtitle G: Federal Home Loan Bank System Modernization - Federal Home Loan Bank System Modernization Act of 1998 - Amends the Federal Home Loan Bank Act (FHLBA) to expand Federal Home Loan Bank (FHLB) membership parameters to make a Federal savings association's membership in the FHLB system voluntary instead of mandatory. Permits such an association to withdraw its membership (currently such withdrawal is prohibited). (Sec. 164) Modifies guidelines governing long-term advances to: (1) allow advances to any community financial institution for small businesses, agricultural, rural development, or low-income community development lending; (2) make the cash (as well as the deposits) of an FHLB eligible collateral for securing a bank's interest in a loan or advance; and (3) repeal the 30 percent of capital cap on the aggregate amount of outstanding advances secured by real estate related collateral. Includes within the categories of collateral eligible for bank loan secured loans for small business, agriculture, rural development, or low-income community development, or securities representing a whole interest in such secured loans, in the case of any community financial institution. Authorizes an FHLB to renew certain advances on its own determination without concurrence by the Federal Housing Finance Board (FHFB). Requires an FHLB member with an advance secured by insufficient eligible collateral to reduce its level of outstanding advances according to a schedule determined by the FHLB (currently, by the FHF Board). Authorizes such Board to: (1) review the collateral standards applicable to each Federal home loan bank for designated classes of collateral; and (2) require an increase in such standards for safety and soundness purposes. (Sec. 165) Revises eligibility criteria to permit certain community financial institutions to gain FHLB membership regardless of the percentage of total assets represented by residential mortgage loans. (Sec. 166) Amends the FHLBA to increase from two years to four years the term of an elective director of a Federal home loan bank. Repeals the mandates for: (1) a procedure for informal review of certain supervisory decisions; and (2) the Housing Opportunity Hotline program. Repeals: (1) the prohibition against an FHLB's acquisition of a bank building by purchase or over ten-year lease; (2) the requirement for FHFB approval of personnel decisions as well as the exercise of corporate powers by any FHLB; and (2) authorization for an FHLB president to be a member of the FHLB board. Grants the FHFB power to: (1) issue charges upon an FHLB or any executive officer or director for violation of law or regulation in connection with the granting of any application or other request by the bank, or any written agreement between the bank and the FHFB, and take affirmative action to correct conditions resulting from violations or practices, or to limit FHLB activities; (2) address insufficiencies in capital levels resulting from automatic membership of a Federal savings association in the local FHLB; and (3) sue and be sued. Repeals FHFB jurisdiction to approve the granting by an FHLB of a member's application to secure an advance. Expands the mandate of FHLB Affordable Housing Programs to include providing subsidies (in addition to subsidized interest rates) on advances for member lending for low- and moderate-income housing. Authorizes each FHLB board of directors to approve member requests for Affordable Housing Program subsidies. Revises guidelines governing reserves and dividends to permit dividend payments out of previously retained earnings or current net earnings (currently, only out of net earnings). Repeals the requirement for: (1) FHFB approval for such dividend payments; and (2) investment of FHLB reserves exclusively in U.S. obligations or certain other Federal Government-related securities. (Sec. 167) States that FHLB payments to the Resolution Funding Corporation to cover interest payments on obligations shall be a specified percentage of net earnings (currently an aggregate sum certain). Subtitle H: Direct Activities of Banks - Amends Federal banking law to provide that limitations placed on securities transactions by a national banking association for its own account do not apply to State, local, or municipal bond transactions by a well-capitalized national banking association. Subtitle I: Deposit Insurance Funds - Directs the Board of Directors of the Federal Deposit Insurance Corporation to study and report to the Congress on specified issues regarding the BIF and the SAIF, including their safety and soundness, and the adequacy of their reserve requirements in light of mergers and consolidations within the industry. (Sec. 187) Amends the FDIA and the Deposit Insurance Funds Act of 1996 to eliminate the Special Reserve of the Savings Association Insurance Fund (SAIF), and the Deposit Insurance Fund (DIF), respectively (established to provide emergency funds if the reserve ratio of either fund remains below 50 percent of its designated ratio for one year). Subtitle J: Effective Date of Title - Sets forth the effective date of Title I of this Act. Title II: Functional Regulation - Subtitle A: Brokers and Dealers - Amends the Securities Exchange Act of 1934 (Exchange Act) to include certain bank activities within the definition of "broker" and "dealer" (thus subjecting them to registration requirements and regulation under the Exchange Act). (Sec. 203) Requires a registered securities association to create a limited qualification category, without a testing requirement, for certain bank employees effecting sales as part of a non-public primary securities offering (private placement sales). (Sec. 204) Amends the FDIA to direct the appropriate Federal banking agencies to: (1) promulgate regulations and complaint procedures applicable to retail transactions, solicitations, advertising, or offers of any security by any insured depository institution or affiliate other than a registered broker or dealer; (2) jointly establish a grievance process for customer complaints against banks or bank employees arising in connection with securities sales or purchases; and (3) establish recordkeeping requirements for banks relying on exceptions and exemptions from the definitions of broker and dealer under the Exchange Act. (Sec. 206) Defines traditional banking product. Amends the Securities Exchange Act of 1934 to authorize the SEC to determine by regulation that a bank that effects transaction in, or buys or sells, a new product should be subject to certain registration requirements. Sets forth procedural guidelines for the filing of a petition for judicial review by the Board of Governors of the Federal Reserve System or any aggrieved party. (Sec. 207) Amends the Securities Exchange Act of 1934 to define: (1) derivative instrument so as to exclude a traditional banking product; (2) qualified investor; and (3) government security, so as to include a qualified Canadian government obligation. Subtitle B: Bank Investment Company Activities - Amends the Investment Company Act of 1940 to authorize the SEC to prescribe conditions under which a bank or its affiliate serving as promoter, organizer, or principal underwriter for a registered management company or a registered unit investment trust may also serve as custodian of such company or trust. Permits the SEC to bring a civil action against a custodian for a registered investment company for breach of fiduciary duty involving personal misconduct. (Sec. 212) Declares it is unlawful for an affiliate, promoter, or principal underwriter for a registered investment company to lend to it or its subsidiaries in contravention of SEC prescriptions. (Sec. 213) Modifies the definition of "interested person" to identify transactions, services, and loans taking place during the six months preceding determination of an interested person which would make a person an affiliated person of a broker or dealer. Prohibits a registered investment company from having a majority of its board of directors consisting of personnel or senior officers of the subsidiaries of any one bank, or of any single BHC, its affiliates and subsidiaries. (Sec. 214) Modifies guidelines pertaining to unlawful misrepresentation of guarantees and the deceptive use of names. (Sec. 215) Modifies the definition of "broker" to exclude any person who would be deemed a broker solely by reason of the fact that such person is an underwriter for one or more investment companies. (Sec. 216) Modifies the definition of "dealer" to exclude an insurance or an investment company. (Sec. 217) Amends the Investment Advisers Act of 1940 to modify the definition of investment adviser to remove the exclusion for banks that advise investment companies. Revises the definitions of broker and dealer. (Sec. 220) Mandates interagency sharing between the appropriate Federal banking agency and the SEC of examination results and other information pertaining to the investment advisory activities of a registered BHC and its separately identifiable departments or divisions. (Sec. 221) Amends the Securities Act of 1933 and the Securities Exchange Act of 1934 to revise the exclusion from their purview of certain bank common trust funds to specify the exclusion of any interest or participation in any common trust fund or similar fund that is excluded from the definition of "investment company" under the Investment Company Act of 1940. Amends the Investment Company Act of 1940 to revise such exclusion guidelines for certain bank common trust funds. (Sec. 222) Amends the Investment Company Act of 1940 to prescribe circumstances under which an investment adviser holding shares of an investment company in a fiduciary capacity must transfer the power to vote such shares to the beneficial owners or to another non-affiliated fiduciary. Subtitle C: SEC Supervision of Investment Bank Holding Companies - Amends the Securities Exchange Act of 1934 to permit certain investment bank holding companies that do not have a bank or savings association affiliate to elect SEC supervision. (Sec. 231) Provides for voluntary withdrawal from SEC supervision by specified investment bank holding companies. Sets forth the parameters of SEC supervision of investment bank holding companies, including authority to set capital adequacy standards. Instructs the SEC, in developing its rules, to consider use of debt and other liabilities (double leverage) by the supervised investment BHC in order to fund capital investments in affiliates. Prohibits the SEC from imposing capital adequacy requirements on regulated nonbanking entities (other than a broker or a dealer) that are in compliance with the capital requirements of another Federal regulatory body or State insurance authority. Mandates SEC deference to appropriate regulatory banking agencies and State insurance regulators with respect to the banking and insurance laws under their purviews. Grants the SEC backup inspection authority for certain wholesale financial holding companies for monitoring and compliance enforcement purposes. Subtitle D: Studies - Directs the Comptroller General to report to the Congress on the efficacy, costs, and benefits of requiring a federally-insured depository institution to disclose to its retail consumers through the use of a logo or seal that its investment or insurance products are not FDIC-insured. (Sec. 242) Directs the Comptroller General to report to the Congress regarding the efficacy and benefits of uniformly limiting commissions and costs incurred by customers in the acquisition of financial products. Title III: Insurance - Subtitle A: State Regulation of Insurance - Declares that the McCarran-Ferguson Act remains the law of the United States. (Sec. 302) Mandates: (1) State licensure of any entity providing insurance in a State as principal or agent; and (2) State functional regulation of insurance sales activity. (Sec. 304) Prohibits a national bank and its subsidiaries from providing insurance as principal in a State, except for certain authorized products (which may not include title insurance or taxable annuity contracts). (Sec. 305) Prohibits national banks and subsidiaries from selling or underwriting title insurance, except for certain grandfathered banks and subsidiaries already doing so. (Sec. 306) Establishes expedited dispute resolution for regulatory conflicts between State insurance regulators and Federal financial regulators. (Sec. 307) Requires each Federal banking agency to: (1) issue consumer protection regulations (including physical segregation of banking activities from insurance product activities); and (2) prohibit discrimination against victims of domestic violence. Expresses the sense of the Congress that the States should adopt regulations prohibiting such discrimination regarding insurance products that are at least as strict as those under this Act. Mandates that the Federal banking agencies jointly establish a consumer complaint mechanism to address violations of this Act expeditiously. (Sec. 308) Preempts State law restricting: (1) insurance companies or insurance affiliates from becoming a financial holding company or acquiring control of a bank; and (2) the amount of an insurer's assets that can be invested in a bank (except that the insurer's State of domicile may limit such investments to five percent (or any higher threshold) of the insurer's admitted assets). Preempts State laws that restrict reorganization by an insurer from mutual form to stock form. Subtitle B: Redomestication of Mutual Insurers - Applies this title only to a mutual insurance company in a State which has not enacted a law expressly establishing reasonable terms for a mutual insurance company domiciliary to reorganize into a mutual holding company. (Sec. 312) Authorizes a mutual insurer organized under the laws of any State to transfer its domicile to another State pursuant to a reorganization in which such insurer becomes a stock insurer that is a subsidiary of a mutual holding company. Requires prospective redomesticating insurers to comply with specified reorganization requirements of the State insurance regulator of the transferee domicile. Preempts State laws restricting such redomestication. Subtitle B: National Association of Registered Agents and Brokers - Sets forth a regulatory framework for uniform multistate licensing for insurance sales practices, to take effect only if a majority of the States have not enacted uniform laws and regulations governing the licensure of insurance sales by individuals and entities within three years after enactment of this Act. (Sec. 322) Establishes the National Association of Registered Agents and Brokers (the Association) as a non-profit, non-Federal agency, to provide a mechanism for uniform licensing, appointment, continuing education, and other insurance producer sales qualification requirements which can be adopted and applied on a multistate basis, while preserving the right of States to regulate insurance producers and insurance-related consumer protection and unfair trade practices. (Sec. 324) Subjects the Association (which shall not be considered a Federal agency or instrumentality) to regulation by the National Association of Insurance Commissioners (NAIC). Requires the Association to establish an office of consumer complaints. Vests management of the Association in a board of directors. Cites circumstances under which Association rules preempt State regulation of insurance producers. Requires the Association to coordinate with the National Association of Securities Dealers in order to mitigate administrative burdens that may result from dual membership. Title IV: Unitary Savings and Loan Holding Companies - Amends the Home Owners' Loan Act to prohibit new affiliations between savings and loan holding companies and certain commercial firms, except in specified circumstances. (Sec. 402) Permits Federal savings associations to convert into national banks if the resulting bank meets all applicable financial, management, and capital requirements. (Sec. 403) Amends specified Federal law to declare that any depository institution the charter of which is converted from that of a Federal savings association to a national bank or a State bank after enactment of this Act may retain the term "Federal" in its name so long as it remains an insured depository institution. Title V: Financial Information Privacy - Financial Information Privacy Act of 1998 - Amends the Consumer Credit Protection Act to: (1) specify the types of enterprises constituting a financial institution within its purview; and (2) authorize the Federal Trade Commission (FTC) to prescribe regulations clarifying or describing the types of institutions which shall be treated as financial institutions for purposes of this Act. (Sec. 501) Declares it a violation of this Act to obtain or solicit customer information of a financial institution relating to another person under false pretenses with intent to deceive. Exempts from such proscription: (1) law enforcement agencies; (2) financial institutions engaged in testing security procedures, investigating misconduct or negligence, or recovering customer information obtained or received under false pretenses; as well as (3) customer information of financial institutions available as a public record under Federal securities laws. Grants the FTC, certain banking regulatory agencies, and the States enforcement powers under this Act. Subjects violations of this Act to Federal civil and criminal penalties. Requires each Federal banking agency to issue advisories to the depository institutions under its jurisdiction relating to the deterrence and detection of the activities proscribed by this Act. Requires the Comptroller General to report to the Congress: (1) on the efficacy and adequacy of the remedies provided in this Act addressing attempts to obtain financial information by fraudulent means or by false pretenses; and (2) any recommendations for additional action to address threats to the privacy of financial information created by such attempts. Title VI: Miscellaneous - Amends Federal criminal law to cite circumstances under which a court may direct disclosure of grand jury information concerning a banking law violation to certain personnel of a Federal or State financial institution. (Sec. 602) Expresses the sense of the Senate Committee on Banking, Housing, and Urban Affairs that: (1) the small business tax provisions of the Internal Revenue Code should be more widely available to community banks; and (2) in conjunction with any financial modernization legislation the Congress should amend the Code for certain purposes. Urges such legislation to: (1) increase the number of S corporation shareholders; (2) permit S corporation stock to be held in individual retirement accounts (IRAs); (3) clarify that interest on investments held for safety, soundness, and liquidity purposes should not be considered passive income; (4) provide that bank director stock is not treated as a disqualifying second class of stock for S corporations; and (5) improve the tax treatment of bad debt and interest deductions. (Sec. 603) Amends the Federal Deposit Insurance Act to permit a depository institution to continue any lawful investments in Government-sponsored enterprises made before April 11, 1996. (Sec. 604) Amends the BHCA of 1956 to repeal certain authority, requirements, and restrictions relating to insurance activities of savings bank subsidiaries of bank holding companies. (Sec. 605) Declares that the vice chairman of the Board of Governors of the Federal Reserve System may serve as a member of the District of Columbia Financial Responsibility and Management Assistance Authority. (Sec. 606) Amends the Riegle Community Development and Regulatory Improvement Act of 1994 to add to title I a new subtitle C, which may be cited as the Program for Investment in Microentrepreneurs Act of 1998. Directs the Administrator of the Community Development Financial Institutions Fund (Administrator) to establish a microenterprise technical assistance and capacity building program to provide Fund grants to qualified nonprofit organizations to: (1) provide training and technical assistance to disadvantaged entrepreneurs; (2) provide training and capacity building services to help microenterprise development organizations and programs develop microenterprise training and services; and (3) aid in researching and developing the best practices in the field of microenterprise and technical assistance programs for disadvantaged entrepreneurs. Sets forth an allocation formula for such assistance and for grants benefitting very low-income persons, including those residing on Indian reservations. Authorizes a qualified organization to provide subgrants to small and emerging microenterprise entities. Mandates matching funds from non-Federal sources. Authorizes appropriations.
United States · United States Congress · 20 October 1998
United States-Panama Partnership Act of 1998 - Authorizes the President, any time before December 31, 1999, to certify to the Congress that the United States and the Government of Panama have reached an agreement permitting the United States, for a period of not less than 15 years beginning on January 1, 2000, to maintain its military presence at Howard Air Force Base, Fort Kobbe, Rodman Naval Station, and Fort Sherman, under terms and conditions substantially similar to those that have applied since October 1, 1979. Authorizes specified assistance to Panama, upon such certification by the President, including: (1) assistance for the construction of a new bridge across the Panama Canal; (2) assistance to the Cooperative Association of States for Scholarships program for scholarships for deserving students from Panama to study in the United States; and (3) preferential tariff and quota treatment to certain textile and apparel and certain other articles.
United States · United States Congress · 13 October 1998
Passenger Services Enhancement Act - Amends the Consolidated Omnibus Budget Reconciliation Act of 1985 to continue, indefinitely, the use of customs user fees (to the extent funds remain available after making certain reimbursements) for salaries for up to 50 full- time equivalent inspectional positions to provide preclearance customs services. Decreases from $6.50 to $5 the customs user fee charged to each passenger that arrives aboard a commercial vessel or commercial aircraft from a place outside the U.S. customs (except $1.75 shall be charged to each passenger aboard a commercial vessel that arrives from Canada, Mexico, a U.S. territory or possession, or an adjacent island). Earmarks a specified amount of certain customs user fees to the Customs Service for automated commercial systems. Directs the Commissioner of Customs to establish an advisory committee, consisting of representatives from the airline, cruise ship, and other transportation industries, to advise the Commissioner on issues related to the performance of the inspectional services of the Customs Service. Amends the Tariff Act of 1930 to authorize the Secretary, for a specified period, to prescribe an alternative mid-point interest accounting methodology, which may be employed by the importer, based upon aggregate data in lieu of accounting for such interest from each deposit data provided.
United States · United States Congress · 8 October 1998
Expresses the sense of the Congress that: (1) only Israel can determine its security needs; (2) the final political status of the Palestinian entity can only be determined through bilateral negotiations and agreement between Israel and the Palestinian Authority; (3) the President must reaffirm that any such unilateral declaration of a Palestinian State would be a grievous violation of the Oslo Accords, would seriously impede any possibility of advancing the peace process, and would have severe negative consequences for Palestinian relations with the United States; and (4) the President should now publicly and unequivocally state that the United States will actively oppose such a unilateral declaration and will not extend recognition to any unilaterally declared Palestinian State.
United States · United States Congress · 7 October 1998
TABLE OF CONTENTS: Title I: Copyright Term Extension Title II: Music Licensing Exemption Title I: Copyright Term Extension - Sonny Bono Copyright Term Extension Act - Amends Federal copyright provisions regarding preemption of laws concerning duration of copyrights. (Sec. 102) Prohibits the annulment or limitation of rights or remedies under State laws with respect to sound recordings fixed before February 15, 1972, until February 15, 2067 (currently, 2047). Extends the duration of copyright in a work created on or after January 1, 1978, to the life of the author and 70 (currently, 50) years after the author's death. Makes the same extension with regard to joint works created on or after such date. Extends the duration of copyright in anonymous or pseudonymous works or works made for hire on or after such date to 95 (currently, 75) years from the year of the first publication, or 120 (currently, 100) years from the year of creation, whichever expires first. Makes conforming extensions with respect to provisions regarding the presumption of an author's death. Extends from December 31, 2027, to December 31, 2047, the duration of copyright in works published on or before December 31, 2002. Extends the duration of copyrights in their renewal term at the time of the effective date of this Act to 95 years from the date such copyrights were originally secured. Permits an author or owner of a termination right, subject to certain conditions, to terminate a transfer or license of a renewal (executed before January 1, 1978) of a copyright (other than a work made for hire) subsisting in its renewal term on the effective date of this Act, for which the termination right has not been exercised, and has expired, by such date. Allows termination of a transfer or license grant at any time during the five years beginning at the end of 75 years from the date the copyright was originally secured. (Sec. 103) Revises provisions regarding termination of certain transfers and licenses granted by the author or covering extended renewal terms to provide that if the author's widow, widower, children, and grandchildren are not living, the author's executor, administrator, personal representative, or trustee shall own the author's entire termination interest. (Sec. 104) Allows, during the last 20 years of any term of copyright of a published work, a library or archives to reproduce, distribute, display, or perform in facsimile or digital form a copy or phonorecord of such work for purposes of preservation, scholarship, or research after determining that none of the following conditions apply: (1) the work is subject to normal commercial exploitation; (2) a copy or phonorecord of the work can be obtained at a reasonable price; or (3) the copyright owner or its agent provides notice that either of such conditions applies. Provides that such exemption does not apply to any subsequent uses by users other than such library or archives. (Sec. 105) Expresses the sense of the Congress that owners of copyrights for audiovisual works for which the term of copyright protection is extended by the amendments made by this title, and the screenwriters, directors, and performers of those audiovisual works, should negotiate in good faith in an effort to reach a voluntary agreement or voluntary agreements regarding the establishment of a fund or other mechanism for the amount of remuneration to be divided among the parties for the exploitation of those audiovisual works. Title II: Music Licensing Exemption - Fairness in Music Licensing Act of 1998 - Revises Federal copyright law with respect to communication by an establishment of a transmission (or retransmission) embodying a performance or display of a nondramatic musical work intended to be received by the general public, originated by a radio or television broadcast station licensed as such by the Federal Communications Commission, or, if an audiovisual transmission, by a cable system or satellite carrier. Provides that such a communication shall not be a copyright infringement, depending upon criteria based upon whether: (1) the establishment is or is not a food service or drinking establishment; (2) no direct charge is made to see or hear the transmission (or retransmission) which is not further transmitted beyond the receiving establishment; and (3) such transmission (or retransmission) is licensed by the copyright owner of the work so publicly performed or displayed. Excludes as a copyright infringement the performance of a nondramatic musical work by a commercial establishment at no charge when its purpose is to promote audiovisual or other devices used in it. (Sec. 203) Provides for the determination of reasonable license rates or fees for performing rights societies subject to consent decrees providing for such determination. (Sec. 204) Entitles a plaintiff to additional damages equal to double the amount of the license fee that should have been paid during the preceding three years in any case where the court finds that the defendant proprietor of an establishment claiming his activities were exempt from copyright infringement prohibitions did not have reasonable grounds to believe so.
United States · United States Congress · 7 October 1998
Waives grounds for removal or deportation of a named individual by reason of any act of his that is a ground for removal or denial of admission and is reflected in the records of the Immigration and Naturalization Service of the Department of Justice or the Visa Office of the Department of State. Provides permanent resident status for such individual under specified conditions.
United States · United States Congress · 28 September 1998
TABLE OF CONTENTS: Title I: Amendments Relating to Courts and Sentencing Title II: Amendments Relating to White Collar and Other Nonviolent Crime Title III: Miscellaneous Amendments Title IV: Amendments Relating to Violent Crime and Terrorism Title V: Clarifying the Method of Execution of Federal Prisoners Title VI: Technical Amendments Relating to Criminal Law and Procedure Federal Criminal Law Improvements Act of 1998 - Title I: Amendments Relating to Courts and Sentencing - Amends the Federal criminal code (the code) to remove the requirement that, in an appeal by the United States to a court of appeals from a decision or order of a district court suppressing or excluding evidence or requiring the return of seized property in a criminal proceeding, the United States attorney must certify to the district court that such appeal is not taken for purpose of delay and that the evidence is a substantial proof of a fact material in the proceeding. (Sec. 102) Revises code provisions regarding contempt power, destruction of letter boxes, and breaches of official duty to permit the imposition of both a fine and imprisonment for violations. (Sec. 103) Amends the code and Rule 35 of the Federal Rules of Criminal Procedure to grant the court authority, upon motion of the Government, to impose a sentence below a level established by statute as minimum sentence to reflect a defendant's substantial assistance in an investigation of any offense. (Sec. 104) Provides that in a criminal case an appeal by the United States shall lie to a court of appeals from a decision, judgment, or order of a district court dismissing an indictment or information or granting a new trial after verdict or judgment, as to any one or more counts (as under current law) or any part thereof, with an exception. (Sec. 105) Amends the Violent Crime Control and Law Enforcement Act of 1994 to direct the United States Sentencing Commission (Sentencing Commission) to promulgate, or amend existing, guidelines to provide sentencing enhancements of not less than three offense levels for offenses that the court at sentencing (currently, the finder of fact at trial) determines beyond a reasonable doubt are hate crimes. (Sec. 106) Amends the Controlled Substances Act (CSA) to specify that its controlled substances provisions are not controlled by a Federal criminal code provision pertaining to the term of supervised release after imprisonment. (Sec. 107) Amends the code to authorize the court to impose a sentence of probation or supervised release when reducing a sentence of imprisonment in certain cases where it finds extraordinary and compelling reasons warrant a reduction or the defendant is at least age 70 and has served at least 30 years in prison. (Sec. 108) Revises code provisions regarding the transfer of offenders serving sentences of imprisonment to direct that good time and other credit be combined by the Bureau of Prisons and deducted from the sentence imposed by a foreign court. Directs the Bureau, if the term of imprisonment for foreign prisoners transferred to the United States is less than or equal to the total sentence imposed and certified by the foreign authorities on the basis of considerations other than a limitation that the combined periods of imprisonment and supervised release that result from such determination not exceed the term imposed by the foreign court on that offender, to calculate credits for satisfactory behavior as specified. Title II: Amendments Relating to White Collar and Other Nonviolent Crime - Amends the code to add attempts to various theft and embezzlement-related prohibitions. (Sec. 203) Expands a provision regarding breaking into a post office (including attempts) to include breaking into any post office box or postal stamp vending machine. (Sec. 204) Makes provisions regarding transportation, and sale or receipt, of stolen vehicles applicable to vessels. (Sec. 207) Authorizes the Attorney General to commence a civil action in Federal court to enjoin a violation or imminent violation of prohibitions against counterfeiting and forgery. Directs that a permanent or temporary injunction or restraining order be granted without bond. (Sec. 209) Amends the interstate travel fraud statute to cover travel by the perpetrator. (Sec. 211) Amends financial crimes provisions of the code to provide that the definition of "State" in the International Banking Act of 1978 shall be deemed to include a U.S. commonwealth, territory, or possession. Title III: Miscellaneous Amendments - Amends code provisions regarding tampering with a witness, victim, or informant, and regarding release or detention pending trial, to add "supervised release" to references to "probation, parole, or release" pending judicial proceedings, trial, sentencing, appeal or completion of sentence. (Sec. 303) Amends a provision regarding entry of goods by means of false statements to increase penalties and to specify that such provision shall not be construed to require proof of any mental state as to whether the defendant's willful act or omission would deprive the Government of any lawful customs duties. (Sec. 306) Eliminates the proof of value requirement for property constituting "matters occurring before the grand jury," with respect to felony theft or conversion of grand jury material. (Sec. 310) Expands jurisdiction over child buying and selling offenses to include U.S. special maritime and territorial areas. (Sec. 311) Amends the CSA to decrease the amount of flunitrazepam necessary to trigger penalties. (Sec. 312) Amends the statute prohibiting the bringing of hazardous substances aboard an aircraft to provide that knowledge of the existence of a regulation or requirement prescribed by the Secretary of Transportation is not an element of the offense. (Sec. 315) Amends the Antiterrorism Act of 1996 to: (1) set the rate of pay for Executive Director of the Commission on the Advancement of Federal Law Enforcement at up to the rate payable for Level IV of the Executive Schedule; (2) authorize any Federal employee to be detailed to the Commission without reimbursement from the Commission, but to retain the rights, status, and privileges of his or her regular employment without interruption; and (3) provide for expedited security clearances for the Commission and selected staff designated by the Chairman of the Commission. (Sec. 316) Substitutes a provision for a sentence reduction of a prisoner convicted of a nonviolent offense after successfully completing a treatment program with a requirement that the Attorney General ensure that eligible prisoners undergo a program of substance abuse treatment. Defines "eligible prisoner" as one who is within 24 months of the date of release or is otherwise designated by the Bureau of Prisons for participation in a residential substance abuse treatment program (currently, is willing to participate), and who meets other specified requirements. (Sec. 318) Restores wiretap authority for certain money laundering offenses. (Sec. 319) Amends the Federal judicial code to make Federal leave provisions applicable to employees of the Sentencing Commission. Title IV: Amendments Relating to Violent Crime and Terrorism - Revises code provisions regarding biological weapons to define "biological agent" as any microorganism (including bacteria, viruses, fungi, rickettsiae, or protozoa), or infectious substance, or any naturally occurring, bioengineered or synthesized component of any such microorganism or infectious substance that meets specified criteria. Makes similar changes with respect to the definitions of "toxin" and "vector." (Sec. 402) Includes as a "crime of violence" an offense relating to possession of explosives or firearms by convicted felons and other categories of prohibited persons. (Sec. 403) Eliminates from the carjacking statute the requirement that the perpetrator acted with intent to cause death or serious bodily harm. (Sec. 404) Provides that whoever, while serving with, employed by, or accompanying the armed forces outside the United States, engages in conduct which would constitute an offense punishable by imprisonment for more than one year if the conduct had been engaged in within the special maritime and territorial jurisdiction of the United States, shall be guilty of a like offense and subject to a like punishment. Authorizes the delivery of such individual to the appropriate authorities of a foreign country in which such person is alleged to have engaged in such conduct if: (1) such authorities request that person's delivery for trial; and (2) such delivery is authorized by a treaty or other international agreement to which the United States is a party. (Sec. 405) Amends the interstate threat statute to include threats to kill. (Sec. 406) Removes the requirement for assault with a dangerous weapon that there be intent to do bodily harm. (Sec. 407) Adds attempts to the interstate domestic violence provision. (Sec. 408) Includes travel with intent that a felony crime of violence be committed within the prohibition against the use of interstate or foreign commerce facilities in the commission of murder-for-hire. (Sec. 409) Increases from ten to 20 years the maximum penalty for voluntary manslaughter. (Sec. 410) Includes among offenses committed within Indian country a felony involving willful and malicious destruction of, or attempts to destroy, buildings or property within the special maritime and territorial jurisdiction of the United States. (Sec. 411) Revises provisions regarding: (1) drive-by shootings to redefine "major drug offense" to include a conspiracy or attempt to commit specified offenses under the CSA or the Controlled Substances Import and Export Act, and to include shooting into a group in furtherance of a major drug offense with intent to kill; and (2) threats against former Presidents to cover a former President's spouse, and the spouse or a member of the immediate family of a major candidate for President or Vice President, and certain other persons for whom the President directs that such protection be provided. Title V: Clarifying the Method of Execution of Federal Prisoners - Revises code provisions regarding implementation of a death sentence to direct that: (1) a person sentenced to death be committed to the Attorney General's custody, with implementation pursuant to regulations prescribed by the Attorney General; and (2) a United States marshal charged with supervising such implementation use the appropriate Federal facilities. Title VI: Technical Amendments Relating to Criminal Law and Procedure - Makes technical corrections to the code and the Economic Espionage Act of 1996. Removes fine limits under various provisions of the code and CSA.
United States · United States Congress · 15 September 1998
Amends Federal law to require governmental pension plans of the U.S. possessions to be treated in the same manner as State pension plans for purposes of a specified limitation on the State income taxation of pension income.
United States · United States Congress · 11 September 1998
TABLE OF CONTENTS: Title I: Targeted Substance Abuse Prevention and Treatment Programs Subtitle A: National Youth Anti-Drug Media Campaign Subtitle B: Drug-Free Workplace Act Subtitle C: Drug-Free Teen Drivers Subtitle D: Drug-Free Prisons and Jails Subtitle E: Drug-Free Schools Quality Assurance Subtitle F: Drug-Free National Clearinghouse Subtitle G: Drug-Free Parents Empowerment Title II: Private Sector Anti-Drug Partnerships Subtitle A: Antiaddiction Medications Subtitle B: Commission on Role of Medication Education in Reducing Substance Abuse Title III: Statement of National Antidrug Policy Subtitle A: Congressional Leadership in Community Coalitions Subtitle B: Rejection of Legalization of Drugs Subtitle C: Report on Streamlining Federal Prevention and Treatment Efforts Drug Demand Reduction Act - Title I: Targeted Substance Abuse Prevention and Treatment Programs - Subtitle A: National Youth Anti- Drug Media Campaign - Drug-Free Media Campaign Act of 1998 - Requires the Director of the Office of National Drug Control Policy to: (1) conduct a national media campaign for the purpose of reducing and preventing drug abuse among young people in the United States; and (2) use appropriated funds for media that focuses on, or that includes specific information on, prevention or treatment resources for consumers within specific local areas. (Sec. 103) Sets forth provisions regarding: (1) authorized and prohibited uses of funds; and (2) matching and reporting requirements. (Sec. 105) Authorizes appropriations. Subtitle B: Drug-Free Workplace Act - Drug-Free Workplace Act of 1998 - Expresses the sense of the Congress that: (1) businesses should adopt drug-free workplace programs; and (2) States should consider financial incentives, such as reductions in workers' compensation premiums, to encourage businesses to adopt drug-free workplace programs. (Sec. 114) Amends the Small Business Act to establish a drug-free workplace demonstration program, under which the Small Business Administration may make grants to eligible intermediaries for the purpose of providing financial and technical assistance to small business concerns seeking to start a drug-free workplace program. Sets forth provisions regarding eligibility for participation and program requirements. Authorizes appropriations. (Sec. 115) Amends the Act to require the services to be provided by small business development centers to include providing information and assistance to small business concerns with respect to developing drug-free workplace programs. (Sec. 116) Authorizes the Small Business Administrator to contract with and compensate Government and private agencies or persons for services related to carrying out this subtitle. Subtitle C: Drug-Free Teen Drivers - Drug-Free Teenage Drivers Act - Directs: (1) the National Highway Traffic Safety Administration to establish a demonstration program in several States to provide voluntary drug testing for all teenage applicants (or other first time driver's license applicants) for a driver's license; (2) that information respecting an applicant's choice not to take the drug test or the result of the test be made available to the applicant's automobile insurance company; and (3) the State in which the program is established, if an applicant tests positive, to refrain from issuing a license to the applicant and to require the applicant to complete a State drug treatment program and to not test positive in a drug test before reapplying for a license. (Sec. 123) Requires the Secretary of Transportation to establish an incentive grant program to assist States in improving their laws relating to controlled substances and driving. Sets forth grant requirements, including regarding the use of grant funds. (Sec. 124) Directs the Secretary to provide specified technical assistance. Subtitle D: Drug-Free Prisons and Jails - Drug-Free Prisons and Jails Act of 1998 - Requires the Director of the Bureau of Justice Assistance to establish a model substance abuse treatment program for substance-involved offenders by providing financial assistance to grant recipients and evaluating the success of programs conducted pursuant to this subtitle. Limits grant awards and administrative costs. (Sec. 134) Sets forth requirements for grant applications, review and approval of awards, permissible uses of funds, and evaluation and reporting requirements. Requires the Director to establish minimum criteria for program evaluation. (Sec. 138) Authorizes appropriations from the Violent Crime Reduction Trust Fund. Subtitle E: Drug-Free Schools Quality Assurance - Drug-Free Schools Quality Assurance Act - Amends the Elementary and Secondary Education Act of 1965 to require the Secretary of Education to develop a rating system, or allow State educational agencies, to determine if a public school has a quality drug program, which shall include a thorough needs assessment, implementation of a research-based program, and parental and community involvement in program design and review. Sets forth provisions regarding requests for a quality rating and public notification. Subtitle F: Drug-Free National Clearinghouse - Drug-Free National Clearinghouse Act of 1998 - Establishes in the Office the Drug-Free National Clearinghouse, which shall: (1) consolidate and assume the drug prevention and drug treatment information clearinghouse roles currently performed by National Drug Control Program agencies; and (2) ensure that such information is effectively disseminated. (Sec. 163) Requires that the Clearinghouse be headed by a director to be appointed by the Director of the Office. Sets forth the director's duties. (Sec. 164) Requires each National Drug Control Program agency to cooperate with the Clearinghouse director. Subtitle G: Drug-Free Parents Empowerment - Drug-Free Parents Empowerment Act - Directs the Secretary of Health and Human Services to make grants to support the efforts of parent organizations to develop and promote efforts to reduce illegal drug use among children in their communities. Sets forth requirements for parent organizations to receive grants, application procedures, and a grant amount limitation. Authorizes appropriations. Title II: Private Sector Anti-Drug Partnerships - Subtitle A: Antiaddiction Medications - Antiaddiction Medication Development Act - Requires the Commissioner of Food and Drugs and the Attorney General of the United States to provide to the Director of the National Institute on Drug Abuse (NIDA) a response to specified requests to facilitate the approval for commercial distribution of antiaddiction drugs developed by NIDA. Sets forth provisions regarding the submission of, and responses to, such requests. (Sec. 203) Amends the Federal Food, Drug, and Cosmetic Act to provide that if an application is submitted and the drug involved is approved as a qualifying antiaddiction drug, then the person who submitted the application may select one qualifying on-market drug for purposes of providing for the extension of the period of market exclusivity for such on-market drug. Subtitle B: Commission on Role of Medication Education in Reducing Substance Abuse - Directs the Secretary of Health and Human Services to establish the National Commission on the Role of Medical Education in Reducing Substance Abuse, which shall conduct a study to determine the manner in which programs of initial and continuing medical education can be modified to improve the efforts of health professionals in preventing, diagnosing, and treating substance abuse cases. Sets forth reporting requirements. Authorizes appropriations. Title III: Statement of National Antidrug Policy - Subtitle A: Congressional Leadership in Community Coalitions - Expresses the sense of the Congress that the individual Members of the House of Representatives should establish community-based anti-drug coalitions in their congressional districts or should actively support such coalitions that already exist. Subtitle B: Rejection of Legalization of Drugs - Expresses the sense of the Congress that: (1) the States and their citizens should reject drug legalization; and (2) every State should make efforts to be drug-free. Subtitle C: Report on Streamlining Federal Prevention and Treatment Efforts - Expresses the sense of the Congress that: (1) Federal Government efforts to reduce the demand for illegal drugs in the United States are frustrated by the fragmentation of those efforts across multiple departments and agencies; and (2) improvement of those efforts can best be achieved through consolidation and coordination. Requires the Director of National Drug Control Policy to prepare and submit to specified congressional committees a report evaluating options for increasing the efficacy of Federal drug prevention and treatment programs and activities. Authorizes appropriations.
United States · United States Congress · 9 September 1998
Establishes the National Commission on Terrorism to review and report to the President and Congress on counter-terrorism policies regarding the prevention and punishment of international acts of terrorism directed at the United States. Directs the Commission to: (1) review the laws, regulations, policies, directives, and practices relating to counterterrorism (laws) in the prevention and punishment of international terrorism directed towards the United States; (2) assess the extent to which such laws have been effective in preventing or punishing such terrorism; and (3) recommend changes to counterterrorism policy. Authorizes appropriations.
United States · United States Congress · 6 August 1998
Amends the Immigration and Nationality Act, as amended by the Illegal Immigration Reform and Immigrant Responsibility Act of 1996, to direct the Attorney General to waive the requirement that an alien seeking to pursue a course of study in a public secondary school reimburse the school's local educational agency (LEA), if the LEA certifies to the Attorney General that such waiver will promote the LEA's educational interest and will not impose on it an undue financial burden.
![Official portrait of Rep. McCollum, Bill [R-FL-8]](https://www.congress.gov/img/member/m000350_200.jpg)