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Official portrait of Sen. Faircloth, Lauch [R-NC]

Sen. Faircloth, Lauch [R-NC]

United States · Official source

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Bill· SS. 2651 (105th)referred

Save the Surplus Act of 1998

United States · United States Congress · 21 October 1998

Save the Surplus Act of 1998 - Requires the President, in addition to the Federal budget prepared for FY 2000, to prepare an alternative Federal budget identifying spending reductions equal to $20.9 billion to ensure that surplus funds in FY 1999 are not spent for Government programs other than the Social Security Trust Funds.

Bill· SS. 2590 (105th)referred

Financial Services Act of 1998

United States · United States Congress · 8 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 E (sic): 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: 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. 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. 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. (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 Comptroller of the Currency and the Director of the Office of Thrift Supervision 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 institution. Subtitle C: Subsidiaries of National Banks - Amends Federal law governing national banks to set forth conditions under which subsidiaries of well-capitalized, well-managed national banks may, with the Comptroller of the Currency's approval, engage in financial activities impermissible for a national bank. Sets parameters within which a national bank subsidiary may underwrite non-credit related insurance, or engage in real estate or development activities. Requires a national bank that establishes or maintains a financial subsidiary to implement specified safeguards. Empowers the Comptroller of the Currency to enforce such safeguards. (Sec. 121) Permits a national bank to hold an interest in a company wholly-owned by insured depository institutions or their subsidiaries, and which engages in agency activities permissible for financial subsidiaries of national banks. (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. (Sec. 124) Sets forth rules governing transactions between financial subsidiaries of a bank and the bank, and between such subsidiaries and nonbank affiliates. (Sec. 125) Amends the BHCA of 1956 to mandate the prior approval of the Board of Governors of the Federal Reserve System for any action that causes any bank with consolidated assets of at least $15 billion (or any group of affiliated banks with combined assets of at least $15 billion) to cease to be controlled by any bank holding company, financial holding company, or wholesale financial holding company. Subtitle E (sic): 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 wholesale financial institutions (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. 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, and amends the Securities Exchange Act of 1934 to define a new banking product as a security that: (1) was not subject to Securities and Exchange Commission (SEC) regulation as a security before enactment of this subtitle; and (2) is not a traditional banking product. Includes as a traditional banking product any product or instrument promulgated in the Federal Register by the Board of Governors of the Federal Reserve System to be a new banking product. Prescribes procedural guidelines under which the SEC may obtain judicial review of the Board's promulgation. Requires the court to determine whether the subject product or instrument would be more appropriately regulated under either Federal banking laws or Federal securities laws. (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: 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 specify circumstances under which the Secretary of the Treasury may: (1) approve an affiliation between a depository institution and the Student Loan Marketing Association (SALLIE MAE) solely in its reorganized, privatized status as "the Holding Company", not in its status as a government sponsored enterprise (GSE); and (2) impose affiliation terms and conditions, including restrictions upon either the issuance of debt obligations by SALLIE MAE in its GSE status, or upon the use of proceeds from such obligations. (Current law prohibits affiliations between depository institutions and GSEs). Limits the value of the investment portfolio of SALLIE MAE in its GSE status in the event such affiliation should occur to the lesser of: (1) its value upon enactment of this Act; or (2) its value on the date such an affiliation is consummated. Grants the Secretary enforcement powers under the Higher Education Act of 1965. (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.

Bill· SS. 2565 (105th)referred

Antimicrobial Regulation Technical Corrections Act of 1998

United States · United States Congress · 7 October 1998

Antimicrobial Regulation Technical Corrections Act of 1998 - Amends the Federal Food, Drug, and Cosmetic Act (FDCA) to modify the definition of "pesticide chemical," including regarding ethylene oxide and propylene oxide when those substances are applied to food. Considers certain regulations issued previous to the adoption of this Act to have been issued under FDCA food additive provisions.

Bill· SS. 2544 (105th)referred

Homeownership and Community Development Act of 1998

United States · United States Congress · 2 October 1998

Homeownership and Community Development Act of 1998 - Amends the Federal Home Loan Bank Act to make community development institutions eligible nonmember borrowers from the Federal home loan bank system.

Bill· SS. 2522 (105th)referred

Western Hemisphere Drug Elimination Act

United States · United States Congress · 28 September 1998

TABLE OF CONTENTS: Title I: Enhanced Source and Transit Country Coverage Title II: Enhanced Eradication and Interdiction Strategy in Source Countries Title III: Enhanced Alternative Crop Development Support in Source Zone Title IV: Enhanced International Law Enforcement Training Title V: Enhanced Drug Transit and Source Zone Law Enforcement Operations and Equipment Title VI: Relationship to Other Laws Title VII: Criminal Background Checks on Port Employees Title VIII: Drug Currency Forfeitures Western Hemisphere Drug Elimination Act - Declares that it is U.S. policy to: (1) reduce the supply of drugs and drug use through an enhanced drug interdiction effort in the major drug transit countries and support a comprehensive supply country eradication and crop substitution program, because a commitment of increased resources in international drug interdiction efforts will create a balanced national drug control strategy among demand reduction, law enforcement, and international drug interdiction efforts; and (2) develop and establish comprehensive drug interdiction and drug eradication strategies, and dedicate the resources necessary to reduce the flow of illegal drugs into the United States by 80 percent by December 31, 2001. Title I: Enhanced Source and Transit Country Coverage - Authorizes appropriations for FY 1999 through 2001 for the Department of the Treasury for the enhancement of radar coverage in drug source and transit countries. (Sec. 101) Directs the Secretary of Defense to examine and report to specified congressional committees on the options available to the United States for improving Relocatable Over the Horizon (ROTHR) capability to provide enhanced radar coverage of narcotics source zone countries in South America and transit zones in the Eastern Pacific. (Sec. 102) Authorizes appropriations for FY 1999 through 2001 to the Secretary of Transportation for operating expenses of the Coast Guard (including acquisition, construction, and improvement of facilities and equipment) associated with expansion of drug interdiction activities around Puerto Rico, the U.S. Virgin Islands, and other transit zone areas of operation. Directs the Secretary to accept seven patrol craft for use by the Coast Guard for expanded drug interdiction activities. (Sec. 103) Authorizes appropriations for FY 1999 through 2001 for the Department of the Treasury for the enhancement of air coverage and operation for drug source and transit countries. Directs the Secretary of Defense to examine and report to specified congressional committees on the available options in the source and transit zones to replace Howard Air Force Base in Panama, specifying U.S. requirements to establish an airbase or airbases for use in support of counternarcotics operations to optimize operational effectiveness in the source and transit zones. Directs the Secretary of the Navy to transfer to the U.S. Customs Service 20 currently retired and previously identified heavyweight P- 3B aircraft for modification, half into P-3 AEW&C aircraft and half into P-3 Slick aircraft. q04q Title II: Enhanced Eradication and Interdiction Strategy in Source Countries - Authorizes appropriations for FY 1999 through 2001 for the Department of State for the enhancement of drug-related eradication efforts in Colombia. (Sec. 201) Prohibits U.S. counternarcotics assistance to the Government of Colombia if it negotiates or permits the establishment of any demilitarized zone in which the eradication of drug production by Colombian security forces (including the Colombian National Police antinarcotics unit) is prohibited. (Sec. 202) Authorizes appropriations for FY 1999 through 2001 for the Department of State for the establishment of a third drug interdiction site in Peru to support air bridge and riverine missions for enhancement of drug-related eradication efforts. Directs the Secretary of Defense to study and report to the Congress on Peruvian counternarcotics air interdiction requirements. (Sec. 203) Authorizes appropriations for FY 1999 through 2001 for the Department of State for enhancement of drug-related eradication efforts in Bolivia. (Sec. 204) Authorizes appropriations for FY 1999 through 2001 for enhanced precursor chemical control projects. (Sec. 205) Expresses the sense of the Congress that any individual serving as an assistant secretary of any Federal agency or department who has primary responsibility for international narcotics control and law enforcement (including the principal deputy of any such assistant) shall have substantial professional qualifications in the fields of management and Federal law enforcement or intelligence. Declares that the Department of Defense (DOD) shall be the principle agency responsible for implementation and processing of counternarcotics foreign military sales requests (with the Department of State having a consultative role in such requests). Expresses the sense of the Congress that the responsiveness and effectiveness of Department of State international narcotics assistance activities have been hampered due, in part, to the lack of law enforcement expertise by responsible Department of State personnel. Title III: Enhanced Alternative Crop Development Support in Source Zone - Authorizes appropriations for FY 1999 through 2001 for the U.S. Agency for International Development (AID) for certain alternative crop development programs in Colombia, Peru, and Bolivia. (Sec. 302) Authorizes appropriations for FY 1999 through 2001 to the Secretary of Agriculture to support the counternarcotics research efforts of the Department of Agriculture's Agricultural Research Service. (Sec. 303) Requires the Director of the Office of National Drug Control Policy to develop, and report to the Congress on, a ten-year master plan for the use of mycoherbicides to control narcotic crops (including coca, poppy, and cannabis) in the United States and internationally. Title IV: Enhanced International Law Enforcement Training - Authorizes appropriations for FY 1999 through 2001 for the Department of Justice for the establishment and operation of international law enforcement academies to carry out law enforcement training activities in Latin America and the Caribbean, Thailand, and South Africa. (Sec. 401) Authorizes appropriations for FY 1999 through 2001 for the Department of Transportation (DOT) and the Department of the Treasury for the joint establishment, operation, and maintenance in San Juan, Puerto Rico, of a center for training law enforcement personnel of countries located in Latin America and the Caribbean in matters relating to maritime law enforcement (including customs-related ports management matters). Authorizes appropriations for FY 1999 through 2001 for the DOT for the establishment, operation, and maintenance of maritime training vessels. (Sec. 402) Authorizes appropriations for FY 1999 through 2001 for the Department of Justice for: (1) substantial exchanges for Mexican judges, prosecutors, and police; and (2) enhanced support for the Brazilian Federal Police Training Center. Authorizes appropriations for FY 1999 through 2001 for the DOT for operation and maintenance for locating and operating Coast Guard assets so as to strengthen the capability of the Coast Guard of Panama to patrol the Atlantic and Pacific coasts for drug enforcement and interdiction activities. Makes members of the national police of Panama eligible to receive training through the International Military Education Training (IMET) program. Authorizes appropriations for FY 1999 through 2001 for the Department of Justice for support for the Venezuelan Judicial Technical Police Counterdrug Intelligence Center. Authorizes appropriations for FY 1999 through 2001 for the DOT and the Department of the Treasury for the buildup of local coast guard and port control in: (1) Guayaquil and Esmeraldas, Ecuador; (2) Haiti and the Dominican Republic; and (3) Belize, Costa Rica, El Salvador, Guatemala, Honduras, and Nicaragua (Central America). (Sec. 403) Authorizes the Administrator of the Drug Enforcement Administration (DEA) to transfer or lease a specified amount of nonlethal equipment each year to foreign law enforcement organizations for the purpose of establishing and carrying out cooperative illicit narcotics control activities. Expresses the sense of the Congress that: (1) all U.S. law enforcement personnel serving in Mexico should be accorded the same status as diplomatic and consular personnel serving at U.S. posts in Mexico; and (2) all Mexican narcotics law enforcement personnel serving in the United States should be accorded the same diplomatic and consular status as DEA personnel serving in Mexico. Title V: Enhanced Drug Transit and Source Zone Law Enforcement Operations and Equipment - Authorizes appropriations for FY 1999 through 2001 for the DEA and the U.S. Customs Service of Department of the Treasury for enhancement of counternarcotics operations in drug transit and source countries. (Sec. 501) Authorizes appropriations for FY 1999 through 2001 for the Department of State for the deployment of commercial unclassified intelligence and imaging data and a Passive Coherent Location System for counternarcotics and interdiction purposes in the Western Hemisphere. Directs the Secretary of Defense to examine and propose to specified congressional committees recommendations regarding any organizational changes to optimize counterdrug activities, including certain alternative cost-sharing arrangements. (Sec. 502) Authorizes appropriations for the development and purchase of computer software and hardware to facilitate direct communication between agencies that perform drug interdiction activities at U.S. borders, including the Customs Service, the Border Patrol, the Federal Bureau of Investigation (FBI), the DEA, and the Immigration and Naturalization Service (INS). (Sec. 503) Expresses the sense of the Congress that the Secretary of Defense should revise DOD's Global Military Force Policy in order to: (1) treat DOD international drug interdiction and counter-drug activities as a military operation other than war (thus elevating its priority to just below that for war); and (2) allocate DOD assets to drug interdiction and counter-drug activities in accordance with such priority. Title VI: Relationship to Other Laws - Declares that funds authorized to be appropriated for any Federal department or agency for FY 1999 through 2001 are in addition to funds authorized to be appropriated for that department or agency for those fiscal years by any other provision of law. Title VII: Criminal Background Checks on Port Employees - Directs the Attorney General, upon request, to grant access to identification records to any State, county, port authority, or other local jurisdiction to allow it to conduct criminal background checks on employees, or applicants for employment, at any port under its jurisdiction. Title VIII: Drug Currency Forfeitures - Drug Currency Forfeitures Act - Amends the Controlled Substances Act to cite four alternative circumstances that create a rebuttable presumption that property is subject to forfeiture if the Government offers a reasonable basis to believe that there is a substantial connection between the property and a drug trafficking offense. Requires the property at issue to be currency in excess of $10,000 that, at the time of the seizure, was being transported through an airport, on a highway, or at a port-of-entry, and meeting one of several other criteria. Subjects to such presumption, also, any property: (1) acquired during a time period when the person who acquired it was engaged in a drug trafficking offense or within a reasonable time afterwards, and there is no other likely source for such property; (2) that was, or was intended to be, transported, transmitted, or transferred to or from a major drug-transit country, illicit drug producing country, or money laundering country; or (3) involved in a transaction including any person who has been convicted in any Federal, State, or foreign jurisdiction of a drug trafficking offense or a felony involving money laundering, or is a fugitive from prosecution for such an offense. Amends the Federal criminal code to create a rebuttable presumption that property involved in drug money laundering subject to civil forfeiture is the proceeds of an offense involving the felonious manufacture, importation, or other dealing in a controlled substance, thus constituting the proceeds of specified unlawful activity if any of the circumstances set forth in this title apply.

Bill· SS. 2510 (105th)referred

Library of Congress Bicentennial Commemorative Coin Act of 1998

United States · United States Congress · 22 September 1998

Library of Congress Bicentennial Commemorative Coin Act of 1998 - Directs the Secretary of the Treasury to mint and issue five-dollar gold coins and one-dollar silver coins emblematic of the Library of Congress. Authorizes the Secretary to mint and issue $10 bimetallic coins of gold and platinum in lieu of the gold coins. Requires payment of coin sale surcharges to the Library of Congress Trust Fund Board to support Library activities.

Bill· SS. 2502 (105th)referred

Vessel Hull Design Protection Act

United States · United States Congress · 21 September 1998

Vessel Hull Design Protection Act - Amends Federal copyright law to provide for protection of an original design of a useful article which makes the article attractive or distinctive in appearance to the purchasing or using public. Defines useful article as a vessel hull, including a plug or mold, which in normal use has an intrinsic utilitarian function that is not merely to portray the appearance of the article or to convey information. Provides that the design of a vessel hull, including a plug or mold, is subject to protection under this Act. (Sec. 2) Bars protection for designs that are: (1) not original; (2) staple or commonplace; (3) dictated solely by a utilitarian function of the article that embodies it; or (4) embodied in a useful article that was made public by the designer or owner more than one year before the date of application for registration. Provides for ten-year terms of protection. Sets forth marking and design notice requirements for protected designs. Bars recovery against persons who began undertakings leading to infringement before receiving notice. Places the burden of providing notice of protection on design owners. Grants owners of protected designs exclusive rights to make, have made, import, sell, or distribute for sale or for use in trade any useful article embodying protected designs. Makes it infringement to engage in such activities with respect to infringing articles without an owner's consent. Provides that it shall not be infringement to: (1) engage in certain activities with respect to protected designs without knowledge of a design's protection; or (2) reproduce a protected design solely for purposes of teaching, analyzing, or evaluating the appearance, concepts, or techniques embodied in the design or the functions of the useful article embodying the design. Places the burden of establishing a design's originality on the party alleging rights in a design. Provides that protection shall be lost if application for design registration is not made within two years after the date on which the design is first made public. Sets forth registration application requirements. Accords protection to designs with respect to which an application was filed by a U.S. owner in a foreign country on the date as filed if the U.S. application is filed within six months after the earliest date on which such foreign application was filed. Provides for: (1) determinations of registrations and procedures for cancelling registrations in cases where a party believes he or she may be damaged by registration; and (2) ownership and transfer of property rights of protected designs. Authorizes design owners to seek judicial review of final refusals of the Register of Copyrights to register designs. Permits the use of arbitration to resolve infringement disputes. Authorizes injunctive relief to prevent infringement. Provides for recovery of damages or the infringer's profits in infringement cases. Sets a three-year statute of limitations with respect to recovery for infringement. Authorizes the court to order or cancel registrations. Prescribes penalties for the filing of infringement actions with respect to fraudulently obtained registrations or making false markings or representations. Directs the Secretary of the Treasury and the Postal Service to issue regulations for the enforcement of exclusive rights with respect to importation of protected designs. Subjects articles imported in violation of such rights to seizure and forfeiture. Terminates protection under this Act upon issuance of a design patent with respect to an original design. Grants the U.S. district courts jurisdiction over actions arising under this Act.

Bill· SS. 2490 (105th)referred

A bill to prohibit postsecondary educational institutions from requiring the purchase of goods and services from on-campus businesses, intentionally withholding course information from off-campus businesses, or preventing students from obtaining course information or materials from off-campus businesses.

United States · United States Congress · 17 September 1998

Directs the Secretary of Education to ensure that each Federal department or agency, and each State or private entity that receives Federal education funds, does not provide any financial aid to a postsecondary educational institution, or to a student attending such an institution, if the institution directly or indirectly: (1) requires the purchase of goods and services from an on-campus business; (2) permits more favorable treatment of, or more favorable promotional opportunities for, an on-campus business than for an off-campus business; (3) withholds, or unreasonably delays the provision of, any accurate or complete course-related information, including textbook requirements, from or to an off-campus business; or (4) impedes a student's access to course-related information or course materials at an off-campus business.

Law· SS. 2432 (105th)enacted

Assistive Technology Act of 1998

United States · United States Congress · 2 September 1998

TABLE OF CONTENTS: Title I: State Grant Programs Title II: National Activities Subtitle A: Rehabilitation Act of 1973 Subtitle B: Other National Activities Title III: Alternative Financing Mechanisms Title IV: Repeal and Conforming Amendments Assistive Technology Act of 1998 - Title I: State Grant Programs - Directs the Secretary of Education to provide continuity grants, for assistive technology (AT) for individuals with disabilities, to States that have received less than ten years of funding under the Technology-Related Assistance for Individuals with Disabilities Act of 1988. (Sec. 101) Sets forth the following mandatory activities for any State receiving such a continuity grant: (1) a public awareness program to provide information on availability and benefits of AT devices and services, with an electronic link to the National Public Internet Site; (2) interagency coordination to improve access to AT devices and services; (3) technical assistance and training to promote access to AT devices and services; and (4) outreach activities that support statewide and community-based organizations to assist individuals with disabilities, especially the elderly and rural populations, use AT devices and services. Sets forth the following discretionary activities that such States may undertake with such continuity grants: (1) alternative State-financed systems that increase access to, and funding for, AT; (2) demonstrations of AT devices; (3) assistance to individuals with disabilities related to securing AT devices and services; (4) a system for public access to information concerning any such discretionary activity; (5) partnerships and cooperative initiatives between public and private sectors to promote greater participation by business and industry in development, demonstration, and dissemination of AT devices and ongoing provision of information about new products to assist individuals with disabilities; and (7) advocacy services. Authorizes States to enter cooperative agreements with other States to expand their capacity to assist individuals with disabilities of all ages to learn about, acquire, use, maintain, adapt, and upgrade AT devices and services. Authorizes States to operate or participate in a computer system through which the State may communicate electronically with other States to gain timely technical assistance and avoid duplication of efforts. Authorizes a State to pay for expenses (including travel expenses) and services (including services of qualified interpreters, readers, and personal care assistants) necessary for access to the comprehensive statewide program of technology-related assistance by individuals with disabilities in financial need who are ineligible for such services through another public agency or private entity. Provides for such payments to States according to a formula based on the number of years or portions of amounts that would have been provided by extension grants under the Technology-Related Assistance for Individuals with Disabilities Act. Provides for payments to additional States under specified conditions. Limits the annual amount of any continuation grant to an outlying area. Sets forth continuation grant requirements for: (1) State designation of a lead agency; (2) State application supplements, including State goals, performance measures, involvement of individuals with disabilities and their families, and continuing obligations; and (3) options relating to funding for FY 1999 through 2004, under which a State may choose whether to receive a continuation grant or a challenge grant, but not both. (Sec. 102) Directs the Secretary to provide challenge grants to States for five years to maintain and improve consumer-responsive comprehensive statewide programs of technology-related assistance for individuals with disabilities. Sets forth the following mandatory activities for States receiving such challenge grants: (1) interagency coordination; (2) continuation and enhancement of a statewide information and referral system, including an accessible Website with links to other appropriate sites, such as the National Public Internet Site, for individuals with disabilities and service providers; (3) a public awareness program; (4) capacity building and advocacy activities, and technical assistance and training; and (5) outreach activities. Allows States to use challenge grants for additional activities authorized under the Technology-Related Assistance for Individuals with Disabilities Act, or other activities identified by the State or the Secretary, with the Secretary's approval. Limits the amount of such a grant to an outlying area. Provides for a minimum allotment to all States. Determines any additional amount of such grants to States through a formula based on relative population and population density. Sets forth challenge grant requirements for: (1) State technology plans, including designation of a lead agency, goals, performance measures, involvement of individuals with disabilities and their families, personnel training, and coordination with State councils; and (2) progress reports. (Sec. 103) Directs the Secretary to make competitive five-year supplementary millennium grants to States for State and local capacity building. Authorizes the Secretary to provide such grants to States that submit successful supplements to challenge grants, for one or more of the following State capacity-building activities: (1) obtaining compliance of all public agencies with specified AT-related requirements of the Rehabilitation Act; (2) developing, implementing, documenting, and reviewing a plan for enhancing the participation of all individuals with disabilities of the State in education, employment, transportation, communication, and general access in ways that complement and exceed what is required by the Americans with Disabilities Act of 1990 (ADA); (3) developing and implementing activities for incorporating the principles of universal design in the construction and renovation of facilities, information technology and telecommunications, and other products and services, such as transportation; (4) planning and adopting State personnel standards or professional certification procedures that apply to individuals or entities that provide AT services; (5) evaluating AT devices and AT; or (6) engaging in another activity, pursuant to a priority announced by the Secretary. Allows States to make competitive subgrants for local capacity building activities, including: (1) micro-loans and alternative financing programs; (2) equipment demonstrations; (3) long- and short-term equipment loan programs; (4) equipment recycling programs; (5) outreach and training, especially empowerment training; or (6) meeting unmet local AT-related needs. Provides for such grant payments to States and outlying areas. Requires matching funds when a grant exceeds a specified amount. Sets forth requirements for supplementary grant applications, including: (1) grant partners; (2) involvement of targeted individuals, especially individuals with disabilities who use AT, in grant development and activities; (3) data affecting selection grant focus; (4) State and other resources; (5) goals, activities, performance measures, and annual assessments; (6) limits on indirect costs; (7) joint submissions of applications with State technology plans, with distinct activities and separate budgets for challenge grants and supplementary grants; and (8) progress reports. (Sec. 104) Directs the Secretary to make a six-year grant to an entity in each State to support protection and advocacy services through systems established under the Developmental Disabilities Assistance and Bill of Rights Act to assist in acquiring, utilizing, or maintaining AT or AT services for individuals with disabilities. Requires such grants, in the case of certain States, to be made to a designated lead agency or the State Assistive Technology Office. (Sec. 105) Sets forth administrative requirements, for grant programs under this title, for: (1) review of participating entities; (2) corrective action and sanctions; and (3) annual reports of the Secretary to the President and the Congress. Declares that this title may not be construed as authorizing a Federal or a State agency to reduce medical or other assistance available, or to alter eligibility for a benefit or service, under any other Federal law. (Sec. 106) Authorizes the Secretary to fund a program to provide AT technical assistance to entities, principally those funded under any grant program under this title. Requires, in designing such program, consideration of input from the directors of comprehensive statewide programs of technology-related assistance and other appropriate individuals, especially: (1) individuals with disabilities who use AT and understand the barriers to the acquisition of AT and AT services; (2) family members, guardians, advocates, and authorized representatives of such individuals; and (3) individuals employed by protection and advocacy systems funded by grants under this title. Directs the Secretary, as part of such technical assistance program, to fund the establishment and maintenance of a National Public Internet Site to provide individuals with disabilities and the general public technical assistance and information on increased access to AT devices and services and to other disability-related resources. Requires that an entity eligible to maintain such Internet site be an institution of higher education that emphasizes research and engineering, has a multidisciplinary research center, and has demonstrated expertise in specified matters. Sets forth required features and minimum library components of such Internet site. Sets forth eligibility, application, and program requirements for entities to receive grants, contracts, or cooperative agreements under the technical assistance program. (Sec. 107) Authorizes appropriations for grants and other programs under this title. Title II: National Activities - Subtitle A: Rehabilitation Act of 1973 - Amends the Rehabilitation Act of 1973 (RA, as amended by the Workforce Investment Act of 1988) to require increased coordination on disability, AT, and universal design research among Federal departments and agencies that are members of the Interagency Committee on Disability Research and other Federal departments and agencies. Authorizes the Committee to recommend funding for research projects that are jointly undertaken or administered by at least two departments or agencies with representatives on the Committee. (Sec. 202) Directs the National Council on Disability to report to specified congressional committees on the barriers in Federal AT policy to increasing availability of and access to AT devices and services for individuals with disabilities. Requires the Council to obtain input for such report from the National Institute on Disability and Rehabilitation Research, the Association of Tech Act Projects, and targeted individuals. (Sec. 203) Directs the Architectural and Transportation Barriers Compliance Board (the Access Board) to provide training to Federal and State employees concerning their responsibilities under RA to make their electronic and information technology accessible. Subtitle B: Other National Activities - Authorizes the Secretary to: (1) enter into contracts with small businesses to assist them with design, development, and marketing of AT devices and services, giving preference to such businesses owned or operated by individuals with disabilities; and (2) make grants to small businesses to work with entities funded by the Secretary to evaluate and disseminate information on the effects of technology transfer on the lives of individuals with disabilities, and to utilize such technology transfer and market research services to bring new AT devices and services to commerce. (Sec. 212) Authorizes the Director of the National Institute on Disability and Rehabilitation Research (NIDRR) to collaborate in specified ways with the Federal Laboratory Consortium for Technology Transfer (the Consortium) to promote technology transfer that will further development of AT and products that incorporate universal design principles. Authorizes the Secretary to make grants to or contracts or cooperative agreements with commercial, nonprofit, or other organizations, including institutions of higher education, to facilitate interaction with the Consortium to promote such technology transfer related to AT and universal design. Amends the Stevenson-Wydler Technology Innovation Act of 1980 to require the Consortium to work with the NIDRR Director to compile a compendium of current and projected Federal Laboratory technologies and projects that have or will have an intended or recognized impact on the available range of AT for individuals with disabilities, including technologies and projects that incorporate universal design principles. (Sec. 213) Authorizes the Secretary to make grants to commercial or other enterprises and institutions of higher education for research and development of universal design concepts for products (including information technology) and the built environment. Requires preference to be given to enterprises and institutions owned or operated by individuals with disabilities. (Sec. 214) Authorizes the Secretary to make grants, enter into cooperative agreements, or provide financial assistance through other mechanisms, for specified AT outreach activities: (1) in rural or impoverished urban areas; and (2) for children and older individuals. (Sec. 215) Directs the Secretary to make grants, or enter into contracts, with public and private agencies and organizations, including institutions of higher education, for specified types of training of rehabilitation engineers and technicians in careers related to providing AT devices and services. (Sec. 216) Authorizes the Secretary to study and report with recommendations to specified congressional committees on the benefits of, and obstacles to implementing throughout the Federal Government, a single assistive technology taxonomy developed by the Secretary. (Sec. 217) Authorizes the President's Committee on Employment of People With Disabilities to design, develop, and implement programs to increase the voluntary participation of the private sector in making information technology accessible to individuals with disabilities, including increasing the involvement of such individuals in the design, development, and manufacturing of information technology. Includes a task force, outreach, and technical assistance among program activities. Requires the Committee to coordinate program activities with those of NIDRR and the Department of Labor. (Sec. 218) Authorizes appropriations. Title III: Alternative Financing Mechanisms - Directs the Secretary to make grants to States for the Federal share of alternative financing programs to allow individuals with disabilities and their family members, guardians, advocates, and authorized representatives to purchase AT devices and services. Requires such program to feature one or more alternative financing mechanisms, which may include: (1) a low-interest loan fund; (2) an interest buy-down program; (3) a revolving loan fund; (4) a loan guarantee or insurance program; (5) a program operated by a partnership among private entities for purchase, lease, or other acquisition of AT devices or services; or (6) another mechanism that meets the requirements of this title and is approved by the Secretary. (Sec. 301) Allows such a grant to be awarded for a one-year period. Limits each State to not more than one such grant. Limits the Federal share of program costs to not more than 50 percent. (Sec. 302) Limits the amount of such a grant to an outlying area. Sets minimum State grant allotments. Bases remaining State allotments on population and population density. (Sec. 303) Makes States eligible to compete for grants under this title if they are receiving or have received continuity grants or challenge grants under title I and comply with application requirements. Requires State assurances that the alternative financing program will: (1) continue on a permanent basis; (2) emphasize consumer choice and control; (3) have a permanent separate account; (4) only invest funds in low-risk securities in which a regulated insurance company may invest under the State law; and (5) not use more than ten percent of grant funds for indirect costs. Provides that interest and income from the program's investments shall not be taken into account in determining eligibility for any Federal program. (Sec. 304) Requires a State that receives a grant under this title to enter into a contract with a community-based organization (including a group of such organizations) that has individuals with disabilities involved in organizational decision making at all organizational levels, to administer the alternative financing program. Requires the community-based organization to contract with commercial lending institutions or organizations or State financing agencies to expand opportunities under this title and facilitate administration of the alternative financing program. (Sec. 305) Requires States that receive grants, and community-based organizations that contract with States, under this title to submit specified policies and procedures for administration of the alternative financing program, including ones to: (1) review and process in a timely manner requests for financial assistance for immediate and potential technology needs; (2) give program access to consumers regardless of type of disability, age, income level, location of residence in the State, or type of AT device or service requested; and (3) assure consumer-controlled oversight. (Sec. 306) Directs the Secretary to provide information and technical assistance (through grants, contracts, and cooperative agreements with public or private agencies and organizations, including institutions of higher education) to States to develop and implement alternative financing programs under this title. (Sec. 307) Directs the Secretary to report annually to specified congressional committees on the progress of each alternative financing program funded under this title. (Sec. 308) Authorizes appropriations. Title IV: Repeal and Conforming Amendments - Repeals the Technology-Related Assistance for Individuals With Disabilities Act of 1988.

Bill· SJRESS.J.Res. 55 (105th)referred

A joint resolution requesting the President to advance the late Rear Admiral Husband E. Kimmel on the retired list of the Navy to the highest grade held as Commander in Chief, United States Fleet, during World War II, and to advance the late Major General Walter C. Short on the retired list of the Army to the highest grade held as Commanding General, Hawaiian Department, during World War II, as was done under the Officer Personnel Act of 1947 for all other senior officers who served inpositions of command during World War II, and for other purposes.

United States · United States Congress · 1 September 1998

Requests the President to advance: (1) the late Rear Admiral Husband E. Kimmel to the grade of admiral on the retired list of the Navy; and (2) the late Major General Walter C. Short to the grade of lieutenant general on the retired list of the Army. Prohibits any change in compensation or benefits based on the military service of such officers as a result of such advancements. Expresses the sense of the Congress that such officers performed their duties competently and professionally and that losses incurred by the United States in attacks on military targets on Oahu, Hawaii, on December 7, 1941, were not a result of their dereliction of duty.

Law· SS. 2392 (105th)enacted

Year 2000 Information and Readiness Disclosure Act

United States · United States Congress · 30 July 1998

Year 2000 Information Disclosure Act - Provides that, in any covered civil action based on an allegedly false, inaccurate, or misleading statement concerning Year 2000 computer compliance information (Y2K problem), the maker of such statement shall not be liable unless the claimant establishes that the statement: (1) was material; (2) where not a republication, was made with knowledge that it was false, inaccurate, or misleading, with an intent to mislead or deceive, or with a grossly negligent failure to determine or verify its accuracy; and (3) where it was a republication of a statement regarding a third party, was made with knowledge that it was false, inaccurate, or misleading and without disclosure that it was based on information supplied by another and that the maker has not verified the statement. Provides that, in any covered action in which the adequacy of notice about Year 2000 processing is at issue and no clearly more effective method of notice is practicable, the posting of notice by the entity purporting to have provided such notice on that entity's Year 2000 Internet website shall be presumed to be an adequate mechanism for providing such notice. Provides that, in any covered action arising under any Federal or State defamation law or law relating to trade disparagement or a similar claim, to the extent such action is based on an allegedly false Year 2000 statement, the maker shall not be liable unless the claimant establishes by clear and convincing evidence that the statement was made with knowledge that it was false or with reckless disregard of its truth. Prohibits in any covered action a Year 2000 statement from being interpreted or construed as an amendment to or alteration of a written contract or warranty, whether entered into by a public or private party (with exceptions). Authorizes a Federal entity, agency, or authority to expressly designate requests for the voluntary provision of information relating to Year 2000 processing as "Special Year 2000 Data Gathering Requests," thereby protecting information received from such requests from: (1) disclosure under the Freedom of Information Act; and (2) use by any Federal entity, agency, or authority in any civil action arising under any Federal or State law (with an exception). Provides exclusions from this Act. Makes this Act applicable to any Year 2000 statement made on or after July 14, 1998, through July 14, 2001.

Bill· SS. 2386 (105th)referred

A bill to provide that a charitable contribution deduction shall be allowed for that portion of the cost breast cancer research stamp which is in excess of the cost of a regular first-class stamp.

United States · United States Congress · 30 July 1998

Provides that a charitable contribution tax deduction under the Internal Revenue Code shall be allowed to a taxpayer for that portion of the cost of the breast cancer research stamp which is in excess of the cost of a regular first-class stamp.

Bill· SS. 2384 (105th)referred

Year 2000 Enhanced Cooperation Solution

United States · United States Congress · 30 July 1998

Year 2000 Enhanced Cooperation Solution - Makes Federal antitrust laws inapplicable to conduct (or a related agreement) engaged in solely to facilitate responses designed to mitigate the impact of a computer data failure caused by the Year 2000 transition if such conduct or agreement occurs after the date of enactment of this Act and before December 31, 2001. Provides an exception with respect to conduct that results in a boycott of a person or that involves an agreement to allocate a market or to fix prices or output.

Law· SS. 2364 (105th)enacted

Economic Development Administration and Appalachian Regional Development Reform Act of 1998

United States · United States Congress · 28 July 1998

Economic Development Administration Reform Act of 1998 - Amends the Public Works and Economic Development Act of 1965 (the Act) to replace titles I through VI of such Act with the provisions of this Act. Directs the Secretary of Commerce to cooperate with States and other entities to ensure that Federal economic development programs are compatible with and further the objectives of State, regional, and local economic development plans and comprehensive economic development strategies. Authorizes the Secretary to provide appropriate technical assistance to such entities in order to alleviate economic distress, encourage partnerships for economic development strategies, and promote investment in infrastructure and technological capacity to keep pace with the changing global economy. Directs the Secretary to promulgate regulations for intergovernmental review of proposed economic development projects. Authorizes the Secretary to enter into economic development cooperation agreements with two or more adjoining States. Defines an "eligible recipient," for purposes of this Act, as: (1) an area with a per capita income of 80 percent or less of the national average or an unemployment rate at least one percent greater than the national average or one which has experienced or is about to experience actual or threatened severe unemployment or economic adjustment problems; (2) an economic development district; (3) an Indian tribe; (4) a State; (5) a political subdivision; (6) an institution of higher education; or (7) a nonprofit organization acting in cooperation with local officials. Sets forth provisions similar to existing provisions of law authorizing grants to eligible recipients for acquisition or development of public works and development facilities. Retains a limitation that prohibits more than 15 percent of the amounts made available for such assistance from being expended in any one State. Authorizes assistance for public works and economic development to be available for a project to be carried out on a military or Department of Energy installation that is closed or scheduled for closure or realignment without requiring an eligible recipient to have title to the property or a leasehold interest for any specified term. Sets forth provisions similar to those under existing law authorizing grants for economic planning. Authorizes the Secretary to make grants for related administrative expenses as well. Provides a Federal cost-share limit of 50 percent of project costs. Authorizes the Secretary to make supplementary grants for a project for which the recipient is eligible but for which the recipient cannot provide the required non-Federal share. Provides supplementary grant conditions and requirements, authorizing the Secretary to reduce or waive the required non-Federal share in certain cases. Sets forth provisions similar to those under existing law that authorize technical assistance useful in alleviating or preventing conditions of excessive unemployment or underemployment. Authorizes grants for training and research for such purposes as well. Permits the Secretary to reduce or waive the non-Federal share of a project so assisted if the project is not feasible without, and merits, such a reduction or waiver. Retains an existing provision of law regarding the prevention of unfair competition. Sets forth provisions similar to those under existing law which authorize grants for economic adjustment to alleviate long-term economic deterioration and sudden economic dislocation. Revises criteria for such assistance. Authorizes the Secretary to: (1) approve the use of grant funds for projects the scope or purpose for which has been modified after the grant has been made; and (2) use funds for projects constructed for less than the projected costs to improve such projects. Bars assistance for public works and economic development from being used for attorney's or consultants' fees incurred in connection with obtaining grants and contracts. Requires areas to have per capita incomes of 80 percent or less of the national average or unemployment rates at least one percent greater than the national average or to have experienced or be about to experience actual or threatened severe unemployment or economic adjustment problems in order to be eligible for grants for public works and economic development or economic adjustment. Requires from such applicants: (1) documentation of meeting such criteria; and (2) evidence of a comprehensive economic development strategy which identifies the economic problems to be addressed through such assistance, as well as related information. Revises conditions under which areas may be designated as economic development districts by the Secretary. Retains: (1) existing incentives for increasing grant assistance in districts where participants are actively participating in economic development activities and the project is consistent with the district's comprehensive economic development strategy; and (2) provisions authorizing assistance to parts of districts not in eligible areas. Directs the Secretary to carry out this Act through an Assistant Secretary of Commerce for Economic Development who shall serve as the Administrator of the Economic Development Administration. Directs the Secretary to maintain an information clearinghouse on all matters relating to economic development and adjustment, disaster recovery, defense conversion, and trade adjustment programs and activities of Federal and State governments and to assist applicants for such assistance. Authorizes the Secretary to furnish procurement divisions of the Federal Government with a list of business firms located in distressed areas that desire Federal contracts. Requires the Secretary to conduct reviews of university centers that receive grant assistance under this Act to assess their performance and contribution toward retention and creation of employment. Provides for penalty, administrative, and recordkeeping provisions similar to those under existing law. Authorizes appropriations for FY 1999 through 2003. Authorizes additional appropriations for defense conversion activities and disaster economic recovery activities. Repeals provisions of the Act regarding economic recovery for disaster areas, special economic development and adjustment assistance, and the job opportunities program.

Bill· SS. 2359 (105th)open

National Environmental Education Amendments Act of 1998

United States · United States Congress · 27 July 1998

National Environmental Education Amendments Act of 1998 - Amends the National Environmental Education Act to require that curricula, materials, and training programs developed with support from the Environmental Protection Agency's (EPA) Office of Environmental Education be balanced and scientifically sound. (Sec. 2) Requires that implementation of the Act be through EPA. Eliminates requirements for a Director of the Office and a minimum number of staff. Allows activities to be carried out through grants, cooperative agreements, or contracts. (Sec. 3) Reduces from 25 percent to 15 percent the percentage of funds to be obligated for environmental education grants of not more than $5,000. Prohibits the use of grants for certain lobbying activities. Requires the EPA Science Advisory Board to review and approve any guidance by the EPA Administrator before it is issued to applicants for such grants. (Sec. 4) Repeals the authority for environmental internships and fellowships. (Sec. 5) Eliminates all environmental education awards provided for under such Act, except the President's Environmental Youth Awards. (Sec. 6) Revises requirements for membership on the National Environmental Education Advisory Council. Requires that membership on the Federal Task Force on Environmental Education be open to representatives of any Federal agency actively engaged in environmental education. (Under current law, membership must include specified agency representatives.) Repeals specific requirements for contents of Advisory Council reports. (Sec. 7) Changes the name of the National Environmental Education and Training Foundation to the National Environmental Learning Foundation. Increases the size of the Foundation's Board of the Directors. Repeals the prohibition on the transmission of logos or other means of identification on materials donated to the Foundation for environmental education and training use. Allows acknowledgement of donors, but prohibits such acknowledgement from: (1) appearing in educational material to be presented to students; and (2) identifying a donor by means of a logo, letterhead, or other corporate commercial symbol, slogan, or product. (Sec. 8) Extends through FY 2004 the authorization of appropriations to the EPA for such Act. Revises funding limitations. Limits to 25 percent the amount available for administrative costs. Directs the EPA Administrator to report on expenses annually to the Congress.

Resolution· SCONRESS.Con.Res. 110 (105th)open

A concurrent resolution honoring the memory of Detective John Michael Gibson and Private First Class Jacob Joseph Chestnut of the United States Capitol Police for their selfless acts of heroism at the United States Capitol on July 24, 1998.

United States · United States Congress · 27 July 1998

Declares that the Congress honors the memory of Detective John Michael Gibson and Private First Class Jacob Joseph Chestnut of the U.S. Capitol Police for the selfless acts of heroism they displayed on July 24, 1998, in sacrificing their lives in the line of duty so that others might live. Provides that, when the Senate and the House of Representatives adjourn on this date, they shall do so out of respect for the memory of Officers Gibson and Chestnut.

Resolution· SCONRESS.Con.Res. 111 (105th)open

A concurrent resolution authorizing the use of the rotunda of the Capitol for a memorial service for Detective John Michael Gibson and Private First Class Jacob Joseph Chestnut of the United States Capitol Police, and for other purposes.

United States · United States Congress · 27 July 1998

Authorizes the use of the rotunda of the Capitol for a memorial service for Detective John Michael Gibson and Private First Class Jacob Joseph Chestnut of the U.S. Capitol Police. Directs the Architect of the Capitol to place a plaque in honor of the memory of Officers Gibson and Chestnut at an appropriate site in the U.S. Capitol, with the approval of the Speaker of the House of Representatives and the President Pro Tempore of the Senate. Directs the Sergeant at Arms of the House of Representatives to make arrangements for funeral services for Officers Gibson and Chestnut, including payments for travel expenses of immediate family members, and for expenses incurred by Members of the House of Representatives in attending such services. Directs the Chief Administrative Officer of the House of Representatives to pay survivor's gratuities to the widows of Officers Gibson and Chestnut. Expresses the sense of the Congress that there should be established under law a U.S. Capitol Police Memorial Fund for the surviving spouses and children of members of the U.S. Capitol Police who are slain in the line of duty.

Bill· SS. 2354 (105th)referred

Medicare Home Health Beneficiary Protection Act of 1998

United States · United States Congress · 24 July 1998

Medicare Home Health Beneficiary Protection Act of 1998 - Amends part D (Miscellaneous Provisions) of title XVIII (Medicare) of the Social Security Act (SSA), as amended by the Balanced Budget Act of 1997 (BBA '97), to revise reasonable cost requirements with regard to the interim system of limited payments for services provided by home health agencies. Establishes a moratorium on implementation of per beneficiary limits and a three-year freeze on cost limits. Amends BBA '97 to direct the Secretary of Health and Human Services (HHS) to: (1) establish a process for eliminating inappropriate utilization of Medicare home health services by reviewing claims in which the number of home health visits provided to a beneficiary in a year exceeds the regional average of per beneficiary annual visits; (2) if appropriate, issue a determination denying payment for such a claim, and refer the name of the claimant-provider to the HHS Inspector General for investigation; and (3) include in the annual reports to the Congress on home health cost containment any recommendations for changes to the method of payment, claims review, and scope of benefits that the Secretary determines is necessary to achieve actual outlays equal to estimated outlays under Medicare parts A (Hospital Insurance) and B (Supplementary Medical Insurance) for such services during the following fiscal year. (Sec. 4) Amends SSA title XVIII to provide for: (1) establishment of limits for calculating prospective payment rates for home health services under the payment system for such services; and (2) temporary restoration of periodic interim payment for such services.

Bill· SS. 2346 (105th)referred

Small Business and Financial Institutions Tax Relief Act of 1998

United States · United States Congress · 23 July 1998

Small Business and Financial Institutions Tax Relief Act of 1998 - Amends the Internal Revenue Code to permit S corporation eligible shareholders to include individual retirement accounts. (Sec. 3) Excludes investment securities income held by a bank from passive income limits for purposes of S status termination. (Sec. 4) Increases the number of eligible S corporation shareholders. (Sec. 5) States that stock held by a bank director as required by banking regulations (director qualifying stock) shall not be considered a disqualifying second class of S corporation stock. (Sec. 6) Directs the Secretary of the Treasury to modify a certain Regulation to permit an S corporation bank to charge certain bad debt deductions over a related bad debt reserve recapture period. (Sec. 7) Includes all banks within the three-year deduction preference rule.

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