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Bill· SS. 2649 (105th)referred
United States · United States Congress · 21 October 1998
Directs the Secretary of the Army to acquire, demolish, and remove structures in the floodway of the Central Passaic River basin (the basin) where excessive damage has occurred in at least two floods. Requires that: (1) the floodway land in the basin be stabilized as part of the ecological restoration program under the Water Resources Development Act of 1990 (WRDA) and, where appropriate, wetlands be created; (2) after the land is vacated, it be held in perpetuity by the most appropriate Federal or State agency, as determined by the Oversight Committee (created by this Act), and be managed as open space; (3) this section be carried out in conformance with New Jersey's Blue Acres Program; and (4) crediting of land acquisition for the non-Federal cost share remain in effect in accordance with WRDA. Directs the Secretary to: (1) acquire, demolish, and remove additional structures, or floodproof structures, to the ten-year floodplain in the floodway of the basin in areas where excessive damage has occurred in at least two floods; (2) floodproof structures in the floodplain of the basin to the 50-year floodplain in areas of high risk, at a 55 percent Federal, 20 percent State, and 25 percent property owner cost share; (3) provide information on techniques to deal with flood management in the remainder of the floodplain to the 100-year protective flood elevation; (4) acquire wetlands in the floodways throughout the Great Piece Meadows of the basin, to supplement the wetlands acquisition authorized under WRDA, and upland transition areas with significant wildlife or other natural values; (5) transfer the wetlands and transition areas to the United States Fish and Wildlife Service, or an appropriate State agency, which shall manage the wetlands and transition areas in accordance with proper wetlands management principles; (6) acquire strategic land in New Jersey and New York to prevent flooding and to prevent flooding from increasing in the High Mountain area in Wayne, New Jersey, and the urban area of the Molly Ann's Brook project in North Haledon, New Jersey; (7) complete the Passaic River Restoration Project from Little Falls to Newark Bay, New Jersey; and (8) complete the streambank restoration element of the project for flood control, Passaic River Main Stem, New Jersey and New York (the Project), authorized by WRDA, known as the Joseph G. Minish Passaic River Waterfront Park and Historic Area, New Jersey (Minish Park). Requires the Administrator of the Environmental Protection Agency to assist the Passaic Valley Sewerage Commissioners in the implementation of remedial actions for the combined sewer overflows in the lower Passaic River Basin from Great Falls to Newark Bay. Establishes the Oversight Committee. Finds that the most appropriate solution to flooding in the Passaic River basin is the "preferred alternative" (a qualified acquisition and hazard mitigation plan for the Project). Directs that such alternative be implemented immediately. (Sec. 4) Authorizes appropriations to begin the Federal portion of a buyout of floodway structures authorized by WRDA. Directs that $15 million made available by New Jersey for the Blue Acres portion of the Green Acres Bond Act of 1995, approved by New Jersey voters, constitute the 25 percent non-Federal cost share. Authorizes appropriations for: (1) acquisition of freshwater wetlands, and for floodproofing of structures, in the floodplains within the Passaic River basin; (2) acquisition of land in the Highlands Province to reduce flooding in the Passaic River basin in New Jersey and New York; (3) acquisition of land and the development and redevelopment of parkland along the Passaic River from Little Falls to Newark Bay, Kearny; (4) completion of the Minish Park, at a 100 percent Federal cost share; (5) implementation, each fiscal year, of the preferred alternative and administration of the Oversight Committee; and (6) acquisition of land at High Mountain. Directs that, for the combined sewer project in the lower Passaic River basin, a project budget be established of $85 million, with a $65 million Federal share. Authorizes appropriations for the purpose of making a grant to the Passaic Valley Sewerage Commission for FY 1999 through 2001.
Bill· SS. 2655 (105th)referred
United States · United States Congress · 21 October 1998
Limits for FY 1999 and 2000 the total budget authority and the total amount of outlays for such authority, respectively, for budget function 050 (National Defense) to $270.6 billion and $265.5 billion. Requires such amounts to be expended so as to not adversely affect military readiness and the quality of life of military personnel, military retirees, and their families. Prohibits amounts expended for readiness, or for peacekeeping operations that began before September 30, 1998, from being considered emergency expenditures under the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act), with an exception for any such operation that significantly increases in force size or tempo after such date.
Resolution· SRESS.Res. 312 (105th)passed
United States · United States Congress · 21 October 1998
Amends S. Res. 209 to establish budgetary levels for FY 1999 through 2003 for Federal revenues, new budget authority, total budget outlays, and revenues and outlays of the Federal Old-Age and Survivors Insurance and Disability Insurance Trust Funds. Authorizes the chairman of the Senate Budget Committee to file one set of revisions to the levels, amounts, and allocations provided by this resolution and permits such revisions to reflect only legislation enacted in the 105th Congress and not assumed in this resolution. Directs the chairman, upon making revisions, to reduce balances of direct spending and receipts for any fiscal year to zero. Requires this resolution to: (1) take effect on the earlier of the date the Congress adjourns sine die or the 105th Congress expires; and (2) expire on the date a concurrent budget resolution for FY 1999 is agreed to. Directs the chairman, upon adoption of this resolution, to file committee spending allocations pursuant to the Congressional Budget Act of 1974.
Bill· SS. 2644 (105th)referred
United States · United States Congress · 20 October 1998
Amends the Internal Revenue Code to exclude from gross income a limited amount of qualified severance pay.
Bill· HRH.R. 4856 (105th)open
United States · United States Congress · 20 October 1998
TABLE OF CONTENTS: Title I: Miscellaneous Trade Corrections Title II: Temporary Duty Suspensions and Reductions; Other Trade Provisions Subtitle A: Temporary Duty Suspensions and Reductions Subtitle B: Other Trade Provisions Title III: Amendments to Internal Revenue Code of 1986 Miscellaneous Trade and Technical Corrections Act of 1998 - Title I: Miscellaneous Trade Corrections - Makes various specified miscellaneous technical corrections to the Trade Act of 1974 and other specified Federal law involving: (1) abolishment of the East-West Foreign Trade Board; (2) repeal of the requirement that certain small vessels departing from a foreign port, or which visited a hovering vessel, carry a certificate for the importation into the United States of alcoholic spirits; (3) repeal of the exemption of documented tugs with a Great Lakes endorsement from certain entry and clearance requirements; (4) change of general most-favored-nation (MFN) status to general or normal trade relations (NTR) status under the Harmonized Tariff Schedule of the United States; and (5) conforming amendments to obsolete references to the General Agreement on Tariffs and Trade (GATT). (Sec. 1003) Amends the Harmonized Tariff Schedule of the United States to allow certain entries of television receivers, monitors, and picture tubes, and combination TV-VCRs with a diagonal measurement of up to 34.29cm (currently, 33.02 cm), or 13.5 inches, to be classified as 13 inches for purposes of tariff treatment under the Schedule. Directs the Customs Service, upon proper request, to liquidate or reliquidate certain entries made on or after January 1, 1995, and before 15 days after enactment of this Act, as if such amendment applied to such entries. Title II: Temporary Duty Suspensions and Reductions; Other Trade Provisions - Subtitle A: Temporary Duty Suspensions and Reductions - Amends the Harmonized Tariff Schedule of the United States to provide for temporary duty suspensions for: (1) specified chemicals and dyes through December 31, 2001; (2) snowboard boots with uppers of textile materials through December 31, 2001; (3) ink-jet textile printing machinery through December 31, 2001; (4) textile printing machinery through December 31, 2001; (5) substrates of synthetic quartz or synthetic fused silica imported into the United States in bulk or in forms or packages for retail sale through December 31, 2001; (6) power weaving machines (looms), shuttle type, for weaving fabrics between 30 cm and 4.9m in width, if entered without off-loom or large loom take-ups, drop wires, heddles, reeds, harness frames or beams, through December 31, 2001; (7) skating boots for use in the manufacture of in-line roller skates through December 31, 2001; (8) dual thrust chamber rocket engines, each having a maximum static sea level thrust exceeding 3,550 kN and nozzle exit diameter exceeding 127cm, through December 31, 2001; (9) certain manufacturing equipment through December 31, 2001; (10) textured rolled glass sheets through December 31, 2001; (11) certain anti-HIV drug substances through June 30, 1999; (12) certain high-performance loudspeakers not mounted in their enclosures, through December 31, 2001; (13) parts for use in the manufacture of certain high-performance loudspeakers through December 31, 2001; (14) textile doubling or twisting machines through December 31, 1998; and (15) certain polymers through December 31, 2001. (Sec. 2129) Reduces the duty on a certain dye and on certain chemicals variously through December 31, 1998, December 31, 1999, December 31, 2000, and December 31, 2001. (Sec. 2161) Reduces the duty, for December 31, 1998, and December 31, 2001, respectively, on weaving machines (looms), shuttleless type, for weaving fabrics between 30cm and 4.9m in width, entered without off-loom or large loom takeups, drop wires, heddles, reeds, harness frames, or beams. Subtitle B: Other Trade Provisions - Amends the Harmonized Tariff Schedule of the United States to extend to certain fine jewelry certain trade benefits of insular possessions of the United States. (Sec. 2401) Mandates treatment as a product of the Virgin Islands, Guam, or American Samoa, during 1999 and 2000, of any article of jewelry assembled in such territory or possession. (Sec. 2402) Provides for the tariff treatment of certain components of scientific instruments and apparatus, as well as the application of the domestic equivalency test to such components. (Sec. 2403) Directs the U.S. Customs Service to liquidate or reliquidate (refund duty on) certain entries made at Los Angeles, California, and New Orleans, Louisiana, in accordance with the final decision of the International Trade Administration for shipments entered between October 1, 1984, and December 14, 1987 (case number A- 274-001). (Sec. 2404) Amends the Tariff Act of 1930 to provide that packaging material produced in the United States (currently, any packaging material), which is used by the manufacturer or any other person on or for articles which are exported or destroyed, shall also be eligible for a refund (drawback) of 99 percent of any duty, tax, or fee imposed on the importation of such material used to manufacture or produce the packaging material. (Sec. 2405) Directs the Secretary of the Treasury, by January 1, 2000, to provide for the inclusion of commercial importation data from foreign-trade zones in the National Customs Automation Program (an automated and electronic system for processing commercial importations). (Sec. 2406) Permits the deferral (until sale) of duty payment on any large yacht (a vessel exceeding 79 feet in length and used primarily for recreation or pleasure) that is imported for sale at a boat show, if the importer of record: (1) certifies to the Customs Service that it is imported for sale at a boat show in the United States; and (2) posts a bond in an amount equal to twice the amount of the duty ordinarily owed on such yacht. (Sec. 2407) Directs the appropriate customs officer to allow or deny within 30 days after the filing date any application for further review with respect to a protest to a decision of the Customs Service. Requires that any allowed protest be forwarded to the customs officer who will conduct the further review. (Sec. 2408) Authorizes the Customs Service, notwithstanding the fact that a valid protest was not filed, to reliquidate an entry to refund merchandise processing fees paid on goods qualifying under the North American Free Trade Agreement (NAFTA) rules of origin for which no claim for preferential tariff treatment was made at the time of importation, provided that the importer meets certain conditions. (Sec. 2409) Authorizes the entry or withdrawal from a warehouse of international travel merchandise subject to a duty. (Sec. 2410) Revises requirements with respect to the five-year review by the administering authority and the International Trade Commission of countervailing duty or antidumping duty orders, notices of injury determination, or determinations to continue an order or suspension agreement. Excludes from the computation of the five-year period preceding such a review any period during which the importation of the subject merchandise is prohibited on account of U.S. imposition of certain sanctions under the International Emergency Economic Powers Act or other Federal law against the country in which such merchandise originates, if that country is not a member of the World Trade Organization. (Sec. 2411) Applies the rates of duty effective after December 31, 1994, under the Harmonized Tariff Schedule of the United States, if lower, to certain water resistant wool trousers that were entered, or withdrawn from warehouse for consumption, after December 31, 1988, and before January 1, 1995. (Sec. 2412) Amends the Harmonized Tariff Schedule of the United States to provide duty-free treatment of previously imported goods for which a duty was paid if they are: (1) exported within three years after the date of such previous importation; (2) sold for exportation and exported to individuals for personal use; (3) reimported without having been advanced in value or improved in condition by any process of manufacture or other means while abroad; (4) reimported as personal returns from those individuals, whether or not consolidated with other personal returns prior to reimportation; and (5) reimported by or for the account of the person who exported them from the United States within one year of such exportation. (Sec. 2413) Grants duty-free treatment, through December 31, 2002, to the personal effects of, and other equipment imported and used by, participants, their families and associated members, and officials involved in the 1999 International Special Olympics, the 1999 Women's World Cup Soccer, the 2001 International Special Olympics, the 2002 Salt Lake City Winter Olympics, and the 2002 Winter Paralympic Games. Declares that such articles shall be: (1) free of applicable taxes and fees; but (2) not exempt from routine customs inspections. (Sec. 2414) Directs the U.S. Customs Service, upon request, to liquidate or reliquidate (refund duty on) certain entries (filed at the port of Los Angeles) of indirect electrostatic copiers at the rate of duty that would have been applicable to such merchandise if they had been liquidated or reliquidated at a duty rate applicable to other automated data processing (ADP) thermal transfer printer units on the date of entry. (Sec. 2415) Directs the U.S. Customs Service to provide for the liquidation or reliquidation (refund) of certain entries in accordance with the provisions of Treasury Decision 86-126(M) and Customs Ruling No. 224697, dated November 17, 1994. (Sec. 2417) Amends the Tariff Act of 1930 to authorize duty-free sales enterprises to be located, among other places, within a port of entry, or within 25 statute miles of a staffed port of entry, if reasonable assurance can be provided that the duty-free merchandise sold by the enterprise will be exported by individuals departing from the customs territory through an international airport located within the territory. (Sec. 2418) 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. (Sec. 2419) Allows a duty drawback (refund of duty) for methyl tertiary-butyl ether (MTBE), a finished petroleum derivative, provided certain requirements are met. (Sec. 2420) Revises the methodology used to calculate the drawback (refund of duties) on the export of finished petroleum derivatives that have been manufactured with (substituted for) a qualified article which is of the same kind and quality (whether imported duty-paid or domestic). Redefines the term "qualified article" to include certain manufactured articles (primary forms), including articles of the same kind and quality, or any combination thereof, that are transferred as certified in a certificate of delivery or certificate of manufacture and delivery to an exporter in a quantity not greater than the quantity of articles purchased or exchanged for use in the manufactured article. (Sec. 2421) Directs the U.S. Customs Service, upon proper request, to: (1) liquidate or reliquidate as if the special column one duty rate applicable for Canada applied to certain entries of mueslix cereal; and (2) refund to the importer any excess duties paid with respect to such entries. (Sec. 2422) Directs the Foreign Trade Zones Board to expand Foreign Trade Zone No. 143 to include areas in the vicinity of the Chico Municipal Airport in accordance with the application submitted to the Board by the Sacramento-Yolo Port District of Sacramento, California, on March 11, 1997. (Sec. 2423) Amends the Tariff Act of 1930 to exempt certain woven fabrics containing silk or silk waste from the country of origin marking requirements. (Sec. 2424) Authorizes the President to: (1) determine that title IV of the Trade Act of 1974 (denying nondiscriminatory treatment to the products of certain countries) should no longer apply to Mongolia; and (2) based upon such determination, extend nondiscriminatory treatment (normal trade relations treatment) to Mongolian products. (Sec. 2425) Authorizes the Commissioner of the Customs Service to establish a one-year pilot program to provide 24-hour cargo inspection service on a fee-for-service basis at a certain international airport. (Sec. 2426) Directs the Department of Defense to permit the dependent children of deceased U.S. Customs Aviation Group Supervisor Pedro J. Rodriquez attending the Antilles Consolidated School System at Ford Buchanan, Puerto Rico, to complete their primary and secondary education without cost to them or any parent or relative. Title III: Amendments To Internal Revenue Code of 1986 - Amends the Internal Revenue Code to revise provisions concerning a corporation, its shareholders, and the transferring of certain assets and liabilities.
Bill· HRH.R. 4870 (105th)referred
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.
Bill· HRH.R. 4865 (105th)referred
United States · United States Congress · 20 October 1998
TABLE OF CONTENTS: Title I: Checkoff for Charity Title II: Checkoff for Charity Commission Checkoff for Charity Act of 1998 - Title I: Checkoff for Charity - Amends the Internal Revenue Code to permit taxpayers to designate contributions to charities on their tax returns. Establishes the Checkoff for Charities Trust Fund. Title II: Checkoff for Charity Commission - Establishes in the Department of Commerce the Checkoff for Charity Commission which shall make arrangements for voluntary charitable, health, and welfare agencies that provide or support direct health and welfare services to individuals or their families to solicit contributions through designations made on individual tax returns. Requires annual reports from the Commission. Authorizes appropriations.
Bill· HRH.R. 4871 (105th)open
United States · United States Congress · 20 October 1998
Amends Internal Revenue Code provisions relating to rules for allocating interest to provide, in general, that interest on any qualified infrastructure indebtedness shall be allocated and apportioned solely to sources within the United States, and such indebtedness shall not be taken into account in allocating and apportioning other interest expense. Defines the term "qualified infrastructure indebtedness" to mean any indebtedness incurred to carry on the trade or business of the furnishing or sale of electric energy or natural gas in the United States, or to acquire, construct, or otherwise finance property used predominantly in such trade or business.
Bill· HRH.R. 4857 (105th)open
United States · United States Congress · 20 October 1998
TABLE OF CONTENTS: Title I: General Management Improvements Title II: Improving Federal Debt Collection Practices Title III: Sale of Nontax Debts Owed to United States Title IV: Treatment of High Value Nontax Debts Title V: Federal Payments Government Waste, Fraud, and Error Reduction Act of 1998 - Title I: General Management Improvements - Amends requirements regarding certain Federal agencies' (executive departments as well as the Environmental Protection Agency and the National Aeronautics and Space Administration) audited financial statements, including to: (1) extend the deadline for the preparation and submission of the first of such statements; and (2) provide for submission of such statements to the Congress and the Director of the Office of Management and Budget (Director). (Currently, such statements are to be submitted to the Director.) (Sec. 102) Excludes lodging provided under Federal travel and subsistence expense provisions from an exception which prohibits agency heads from requiring employees or members of the uniformed services to occupy quarters on a rental basis. Directs each head of an executive agency to require, with respect to travel by agency employees in the performance of their duties, the use by such employees of travel management centers, authorized travel agents, and electronic reservation and payment systems for the purpose of improving efficiency and economy regarding travel by agency employees. Requires the Administrator of General Services to develop a plan regarding implementation of this requirement and to report to the Congress on such plan and the means by which such agency heads plan to ensure that employees use travel management centers, travel agents, and electronic reservation and payment systems. Directs the Administrator to ensure that employees of executive agencies are not inappropriately charged State and local taxes on travel expenses. Requires the Administrator to report to the Congress on the steps taken and proposed to be taken to carry out such requirement. Title II: Improving Federal Debt Collection Practices - Makes technical amendments to financial management provisions relating to claims of the U.S. Government, including those that permit a State to collect by administrative offset certain payments under the Social Security Act, Black Lung Benefits Act, or railroad retirement laws for past due child support being enforced by a State. Sets forth provisions relating to the collection by private collection contractors through the use of garnishment of any debt owed to the United States, including to prohibit a private collection contractor, in attempting to collect through the use of garnishment any such debt, from being precluded from verifying the debtor's current employer, the location of the payroll office of the debtor's current employer, the period the debtor has been employed by the current employer, and the compensation received by the debtor from such employer. Requires collection contracts to include conditions under which contractors are: (1) subject to penalties for failures to comply with applicable law or for unreasonable or abusive collection practices; or (2) absolved from liability or contract penalties in connection with collecting a debt by actions required by such contracts. Amends provisions relating to contracts for collection services to authorize the Attorney General to make contracts retaining private counsel to furnish legal services in the case of any monetary claim, including claims for civil fines or penalties. (Under current law, such contracts are made only in the case of any claim of indebtedness owed the United States.) (Sec. 202) Bars certain delinquent Federal debtors from being eligible for the award or renewal of any: (1) Federal financial assistance in the form of a loan (other than a disaster loan), loan insurance, or guarantee; or (2) Federal permit or license. (Sec. 203) Prohibits an executive, judicial, or legislative agency head from discharging a nontax debt or terminating collection action on such a debt unless: (1) it has been referred to a private collection contractor, a debt collection center, or to the Attorney General for litigation; (2) it has been sold without recourse; (3) administrative wage garnishment has been undertaken; or (4) there is bankruptcy, death, or disability. Permits the agency head to waive the application of such requirement with respect to any nontax debt, or class of nontax debts, if the waiver is in the best interest of the United States. Title III: Sale of Nontax Debts Owed to United States - Allows an executive, judicial, or legislative agency head to sell, using competitive procedures, any nontax debt owed to the United States that is administered by the agency. Specifies that such sales shall: (1) be for cash or cash and a residuary equity, joint venture, or profit participation, if the proceeds will be greater than the proceeds from a sale solely for cash; (2) be without recourse against the United States, but may include the use of guarantees if authorized by law; and (3) transfer to the purchaser all U.S. rights to demand payment of the debt, other than with respect to a residuary equity, joint venture, or profit participation. (Sec. 302) Sets forth requirements for the sale of certain: (1) delinquent nontax loans; (2) loans; and (3) nontax debts or class of debts. Title IV: Treatment of High Value Nontax Debts - Requires each agency head that administers a program that gives rise to a delinquent high value nontax debt (a nontax debt having an outstanding value that exceeds $1 million) to submit an annual report to the Congress that lists each such debt. (Sec. 402) Requires the Inspector General of each agency to: (1) review such annual report to the Congress and make such recommendations as necessary to improve the agency's performance; (2) periodically review and report to the Congress on the agency's nontax debt collection management practices; and (3) as part of such reviews, examine agency efforts to reduce the aggregate amount of high value nontax debts that are resolved in whole or in part by compromise, default, or bankruptcy. (Sec. 403) Requires an agency head authorized to collect a delinquent high value nontax debt to promptly seek seizure and forfeiture of assets pledged to the United States in any transaction giving rise to such a debt. Directs an agency, upon determining that seizure or forfeiture is not appropriate, to include a justification for such determination in the annual report. Title V: Federal Payments - Includes within requirements of the Director's regulations regarding Federal payments that a required payment date may be waived to provide for early payment in cases where an agency will implement an electronic payment technology which improves agency cash management and business practice. Permits an executive agency head, subject to an agreement between the agency head and the applicable financial institution, to accept an electronic payment, including debit and credit cards, to satisfy a nontax debt owed to the agency.
Bill· HRH.R. 4863 (105th)referred
United States · United States Congress · 20 October 1998
Government Regulatory Improvement and Performance Act of 1998 - Declares that: (1) Federal agencies should promulgate only such regulations as are required by law, necessary to interpret the law, or necessary to protect and promote or improve the health and safety of the public, the environment, or the well-being of the American people; and (2) in deciding whether and how to regulate, agencies should assess all costs and benefits of available regulatory alternatives, including the alternative of not regulating. Sets forth principles of regulation to ensure that the agencies' regulatory programs are consistent with such philosophy, including that each agency: (1) identify the problem that it intends to address by regulation, assess its significance, and if possible conduct a risk analysis; (2) identify and assess available alternatives to direct regulation; (3) wherever feasible, seek views of appropriate State, local, and tribal officials before imposing requirements that might significantly or uniquely affect those governmental entities. (Sec. 3) Directs the Office of Management and Budget to carry out coordinated review of agency rulemaking. Designates its Office of Information and Regulatory Affairs (OIRA) as the repository of expertise concerning regulatory issues. (Sec. 4) Directs the OIRA Administrator, early in each year's planning cycle, to convene a meeting of the regulatory policy advisers to the President and agency heads to seek a common understanding of priorities and to coordinate regulatory efforts for the upcoming year. Requires each agency to prepare: (1) a unified regulatory agenda of all regulations under development or review; and (2) a regulatory plan of the most important significant regulatory actions that the agency reasonably expects to issue in that fiscal year or thereafter. Directs the Administrator to: (1) convene and chair a regulatory working group, which shall meet at least quarterly, to assist agencies in identifying and analyzing important regulatory issues; (2) meet quarterly, along with agency heads, with representatives of State, local, and tribal governments to identify exiting and proposed regulations that may uniquely or significantly affect those governmental entities; and (3) convene periodic conferences with representatives of businesses, nongovernmental organizations, and the public to discuss regulatory issues. (Sec. 5) Requires that: (1) each agency submit to OIRA a program under which the agency will periodically review its existing significant regulations; and (2) any significant regulations selected for review be included in the agency's annual plan, and the agency identify any legislative mandates that require the agency to promulgate or continue to impose unnecessary or outdated regulations. (Sec. 5) Requires each agency to: (1) submit to the OIRA a program under which the agency will periodically review its existing significant regulations for possible modification or elimination; (2) provide the public with meaningful participation in the regulatory process and a meaningful opportunity to comment on any proposed regulation, generally including a comment period of not less than 60 days; and (2) explore and, where appropriate, use consensual mechanisms for developing regulations, including negotiated rulemaking. Directs: (1) each agency head to designate a Regulatory Policy Office; (2) each agency to develop its regulatory actions in a timely fashion and adhere to specified procedures; (3) each agency to provide the OIRA with a list of its planned regulatory actions, including significant regulatory actions; and (4) the Administrator to provide meaningful guidance and oversight. (Sec. 8) Prohibits an agency from publishing a regulation until the Administrator has waived review of the action, completed such review, or the review period has passed, whichever occurs first.
Resolution· HRESH.Res. 605 (105th)passed
United States · United States Congress · 20 October 1998
Waives points of order against the consideration of the conference report on H.R. 4328 (Department of Transportation and related agencies appropriations).
Bill· HRH.R. 4852 (105th)referred
United States · United States Congress · 19 October 1998
Amends the Internal Revenue Code to revise provisions concerning a corporation, its shareholders, and the transferring of certain assets and liabilities.
Law· HJRESH.J.Res. 137 (105th)enacted
United States · United States Congress · 19 October 1998
Extends the law making continuing appropriations for FY 1999 through October 21, 1998.
Law· HJRESH.J.Res. 136 (105th)enacted
United States · United States Congress · 16 October 1998
Extends the law making continuing appropriations for FY 1999 through October 20, 1998.
Bill· SS. 2636 (105th)referred
United States · United States Congress · 15 October 1998
Clean Power Plant and Modernization Act of 1998 - Requires fossil fuel-fired generating units (units) that commence operation on or before ten years after this Act's enactment date to achieve and maintain a combustion heat rate efficiency of at least 45 percent (based on the higher heating value of the fuel). Sets such percentage at 50 percent for units commencing operation more than ten years after such date, unless granted a waiver. Authorizes units that commence operation more than ten years after this Act's enactment to apply to the Administrator of the Environmental Protection Agency for waivers of the heat rate efficiency standard. Grants such a waiver only if the unit owner or operator: (1) demonstrates that the technology to meet such standard is not commercially available; (2) demonstrates that, despite best technical efforts and willingness to make the financial commitment, the standard is not achievable; and (3) enters into an agreement with the Administrator to offset by a factor of 1.5 to 1, the emission reductions that the unit does not achieve because of the failure to achieve such standard. Requires units receiving waivers to achieve the 45 percent standard. (Sec. 5) Requires units, not later than ten years after this Act's enactment and regardless of the date of construction or commencement of operation, to operate in compliance with new source review requirements under the Clean Air Act (the Act). Establishes specified emission limitations for mercury, carbon dioxide, sulfur dioxide, and nitrogen oxides from units based on the respective efficiency standards. Requires units to obtain permits under the Act that require compliance with such standards and limitations. Directs the Administrator to promulgate fuel sampling and emission monitoring techniques for use by units in calculating mercury emission reductions. Provides for the submission of pollutant-specific reports by owners or operators. Makes facility-specific emission data available to the public. Requires the Administrator to promulgate regulations to ensure that mercury that is captured or recovered is disposed of in a manner that ensures that hazards are not transferred from one environmental medium to another and that there is no release of mercury into the environment. (Sec. 6) Amends the Internal Revenue Code to provide for accelerated depreciation and cost recovery for certain investor-owned units. (Sec. 7) Provides for annual grants for capital expenditures for new publicly owned units in compliance with this Act in amounts equal to the depreciation deduction that would be realized by similarly-situated investor-owned units over the applicable time period. (Sec. 8) Establishes the Clean Air Trust Fund in the Treasury. Appropriates carbon dioxide emission taxes (established by this Act) to the Fund. Authorizes appropriations to the Fund for additional expenditures resulting from activities under this Act. (Sec. 9) Imposes a tax of $50 per ton of carbon dioxide emitted by units with a generating capacity of five or more megawatts. Phases in such tax gradually from 2003 through 2009. (Sec. 10) Makes certain facilities that use solar power to produce electricity eligible for the renewable energy tax credit. (Sec. 11) Expresses the sense of the Congress with respect to crediting permanent reductions in carbon dioxide and nitrogen oxides emissions in future climate change implementation programs. (Sec. 12) Directs the Secretary of Energy to fund research and development programs and commercial demonstration projects and partnerships to demonstrate the commercial viability and environmental benefits of electric power generation from biomass, geothermal, solar, and wind technologies. Authorizes appropriations. (Sec. 13) Requires the Secretary to report to the Congress on the implementation of this Act and on provisions of certain energy statutes that conflict with this Act. Provides for recommendations from the Secretary, the Chairman of the Federal Energy Regulatory Commission, and the Administrator for legislative or administrative measures to harmonize and streamline such statutes. (Sec. 14) Authorizes appropriations for: (1) assistance to coal industry workers terminated from employment, and to communities adversely affected, as a result of reduced coal consumption by the electric power generation industry; and (2) development of a carbon sequestration strategy to offset growth in U.S. carbon dioxide emissions and for carrying out methods of biologically sequestering carbon dioxide.
Bill· HRH.R. 4846 (105th)referred
United States · United States Congress · 15 October 1998
Amends the Internal Revenue Code to increase, up to a maximum of $5,000 for taxable years 2002 and thereafter, the deduction allowed for interest on education loans.
Bill· SS. 2634 (105th)referred
United States · United States Congress · 14 October 1998
Requires each officer and employee of an executive agency who travels abroad to attend an international conference to submit to the Director of the Office of International Conferences of the Department of State a report on such travel. Excludes the President, the Vice President, and any employee who is carrying out an intelligence activity, performing a protective function, or engaged in a sensitive diplomatic mission. Requires the Director to submit biannual reports on such travel to the Senate Committees on Foreign Relations and Appropriations and the House Committees on International Relations and Appropriations Directs the President to submit to such committees annual reports setting forth: (1) the total Government expenditures on all official travel abroad by each executive agency during the preceding fiscal year; and (2) the total number of agency officers and employees who engaged in such travel.
Bill· SS. 2630 (105th)referred
United States · United States Congress · 14 October 1998
Amends Internal Revenue Code provisions concerning the allocation of interest to provide as a general rule that interest expense attributable to qualified infrastructure indebtedness of a taxpayer shall be allocated and apportioned solely to sources within the United States and the taxpayer's assets (whether or not held in the United States) shall be reduced by the amount of qualified infrastructure indebtedness.
Bill· SS. 2633 (105th)referred
United States · United States Congress · 14 October 1998
Amends the Internal Revenue Code to permit registered vendors to administer claims for the refund of kerosene sold for home heating use.
Bill· SS. 2629 (105th)referred
United States · United States Congress · 14 October 1998
Amends the Internal Revenue Code (IRC) to provide for an underserved community jet access credit for an eligible small carrier equal to ten percent of the qualified investment in qualified regional jet aircraft. Provides for a reduced passenger tax rate on rural domestic flights. Amends IRC provisions relating to complete liquidations of subsidiaries to provide that if a corporation receives a distribution from a regulated investment company or a real estate investment trust which is considered as being in complete liquidation of such company or trust, then, notwithstanding other specified IRC provisions, such corporation shall recognize and treat as a dividend from such company or trust an amount equal to the deduction for dividends paid allowable to such company or trust by reason of such distribution.
Bill· SS. 2635 (105th)referred
United States · United States Congress · 14 October 1998
TABLE OF CONTENTS: Title I: New Employer Pension Plans Must Be 401(k) Plans and Not 403(b) or 457 Plans Title II: Safe Annuities and Trusts Title III: Enhanced Portability of Retirement Plans Title IV: Credit for Pension Plan Startup Costs of Small Employers Title V: Miscellaneous Improvements to Pension Plans 21st Century Retirement Savings Act - Title I: New Employer Pension Plans Must Be 401(k) Plans and Not 403(b) or 457 Plans - Amends the Internal Revenue Code to require new State and local government and tax-exempt organization pension plans to be 401(k) plans. Title II: Safe Annuities and Trusts - Requires employers to establish SAFE annuities (a defined individual retirement annuity). Title III: Enhanced Portability of Retirement Plans - Permits specified rollovers. Makes other revisions concerning portability. Title IV: Credit for Pension Plan Startup Costs of Small Employers - Establishes a small employer pension plan cost startup credit. Title V: Miscellaneous Improvements to Pension Plans - Permits IRA "catch-up" contributions. Repeals the 25 percent limitation on defined contribution plans. Provides for faster vesting of employer matching contributions. Revises provisions concerning: (1) pension benefit statements; and (2) assignment and alienation. Sets penalties for pension plans failing to meet requirements.
Bill· HRH.R. 4837 (105th)referred
United States · United States Congress · 14 October 1998
TABLE OF CONTENTS: Title I: Budget With Force of Law Title II: Reserve Funds for Emergencies Title III: Enforcement of Budgetary Decisions Subtitle A: Application of Points of Order to Unreported Legislation Subtitle B: Compliance with Budget Resolution Subtitle C: Justification for Budget Act Waivers Subtitle D: CBO Scoring of Conference Reports Title IV: Accountability for Federal Spending Subtitle A: Prohibitions on Indefinite Spending Subtitle B: Enhanced Congressional Oversight Responsibilities Subtitle C: Strengthened Accountability Title V: Budgeting for Unfunded Liabilities and Other Long- Term Obligations Subtitle A: Budgetary Treatment of Federal Insurance Programs Subtitle B: Reports on Long-Term Budgetary Trends Title VI: Baselines, Byrd Rule, and Lock-Box Subtitle A: The Baseline Subtitle B: The Byrd Rule Subtitle C: Spending Accountability Lock-Box Subtitle D: Automatic Continuing Resolution Title VII: Budgeting in an Era of Surpluses Comprehensive Budget Process Reform Act of 1998 - Makes this Act effective for fiscal years beginning after September 30, 1999. Title I: Budget With Force of Law - Amends the Congressional Budget Act of 1974 (CBA) to require the Congress, by April 15 of each year, to complete action on a joint (currently, concurrent) resolution on the budget for the fiscal year beginning on October 1 of such year. Requires such resolution, in addition to items required under existing law, to set forth for the fiscal year and at least the four ensuing fiscal years: (1) subtotals of new budget authority and outlays for nondefense and defense discretionary spending, direct spending, and other subsets of such spending, if necessary; and (2) subtotals of new budget authority and outlays for emergencies for fiscal years to which the amendments made by title II of this Act apply. Revises matters which may be included in the budget resolution. Authorizes the resolution to change the statutory limit on the public debt if the amendment is submitted by the Committee on Ways and Means of the House of Representatives or the Senate Finance Committee to the appropriate Budget Committee. Revises required elements of the report accompanying the budget resolution. Includes within such report: (1) new budget authority and outlays for each major functional category based on allocations of total levels; (2) a measure, as a percentage of gross domestic product, of total outlays, total Federal revenues, the surplus or deficit, and new outlays for nondefense discretionary, defense, and direct spending; (3) a justification for allocating any new budget authority and outlays for any new program or activity to a committee for which such new authority and outlays would not be subject to discretionary appropriations; (4) a description of committee spending allocations; and (5) a justification for not subjecting any program or activity for which an allocation is made to an annual discretionary appropriation if the resolution includes any committee allocation (other than the Appropriations Committees) exceeding current law levels. Amends Federal provisions concerning elements of the President's required budget submission to the Congress. Requires such submission to include, for the affected fiscal year and at least each of the four ensuing fiscal years: (1) totals of new budget authority and outlays; (2) total Federal revenues and the amount by which the aggregate level of revenues should be increased or decreased by reported bills and resolutions; (3) the budget surplus or deficit; (4) subtotals of new budget authority and outlays for nondefense and defense discretionary spending and direct spending and other subsets of such spending, if necessary; (5) the public debt limit; and (6) subtotals of new budget authority and outlays for emergencies for fiscal years to which title II of this Act applies. Amends the CBA to provide a point of order against consideration of any budget resolution or related amendment or conference report that contains matter not specified in content requirements. (Sec. 104) Removes an exception which allows general appropriations bills in the House, after May 15, to be considered before the budget resolution has been agreed to. Applies a specified pay-as-you-go exception in the House to certain legislation that would not increase the deficit only after the date of enactment of the budget resolution (currently, April 15). Requires a three-fifths majority in the Senate to waive or suspend provisions requiring the budget resolution to be adopted before budget-related legislation is considered. Provides for expedited procedures upon presidential veto of the budget resolution. Authorizes the Budget Committees to introduce a concurrent or joint budget resolution upon such veto. Discharges such committees from further consideration of the resolution if such resolution is not reported within three days of referral. Deems any agreed-to concurrent resolution to be the budget resolution for the applicable fiscal years. (Sec. 105) Excludes outlays and revenues of the Old Age, Survivors, and Disability Insurance (OASDI) Program under the Social Security Act from surplus or deficit totals required by this Act or other specified Federal public finance provisions. Bars receipts and disbursements of the Federal Old-Age and Survivors and Disability Insurance Trust Funds from being counted as new budget authority, outlays, receipts, or deficit or surplus for purposes of the President's budget submission, the congressional budget, or the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act). Makes it out of order to consider legislation in the House that would provide for specified increases in OASDI benefits or decreases in OASDI taxes. Title II: Reserve Funds for Emergencies - Repeals provisions of the Gramm-Rudman-Hollings Act regarding: (1) discretionary spending limits and emergency appropriations; and (2) direct spending and emergency legislation. Amends rule XXI of the Rules of the House of Representatives to repeal a provision which prohibits a provision from being reported in appropriations legislation containing an emergency designation if such provision is not designated as an emergency, with specified exceptions. (Sec. 206) Amends the CBA to require adjustments to be made only to allocations with respect to emergencies in amounts not to exceed those in reserve funds established by this Act. Sets forth the amounts for discretionary budget authority, direct spending, and outlays to be contained in reserve funds for emergencies. Directs the chairman of the Budget Committee, in the case of legislation that provides budget authority for any emergency, to make an adjustment only to the applicable allocation if the chairman certifies that such outlays or budget authority and the resulting outlays are for an emergency meeting the definition under this Act. Sets forth procedures for the consideration of legislation that provides budget authority for an emergency exceeding the amount provided for in the budget resolution. (Sec. 207) Requires committees, when reporting legislation that provides budget authority for any emergency, to identify all provisions that provide such authority and the resulting outlays in the accompanying report or joint explanatory statement of managers. (Sec. 208) Includes: (1) up-to-date tabulations of amounts remaining in the reserve funds for emergencies in summary budget scorekeeping reports provided by the Budget Committees; and (2) the average annual enacted levels of discretionary and direct spending budget authority and the resulting outlays for emergencies for the five fiscal years preceding the fiscal year of the budget resolution in the report accompanying the resolution. (Sec. 210) Makes it out of order to consider an amendment to a budget resolution which changes the amount of budget authority and outlays set forth for emergency reserve funds. Permits limitations on the contents of the budget resolution and the point of order against changing the budget authority and outlays for emergency reserve funds to be waived or suspended only by a three-fifths majority in the Senate. (Sec. 211) Makes the amendments of this title effective only after the enactment of legislation changing or extending for any fiscal year any of the discretionary spending limits set forth in the Gramm-Rudman-Hollings Act. Title III: Enforcement of Budgetary Decisions - Subtitle A: Application of Points of Order to Unreported Legislation - Applies a certain point of order against the consideration of unreported legislation in the House before the adoption of the budget resolution. Subtitle B: Compliance with Budget Resolution - Amends rule XIII of the Rules of the House to require committee reports to include a budget compliance statement prepared by the chairman of the Budget Committee. Subtitle C: Justification for Budget Act Waivers - Amends rule XI of the Rules of the House to provide a point of order against consideration of any resolution from the Committee on Rules to consider any reported legislation which waives specified provisions of the CBA unless the report contains certain information on the provision proposed for waiver. Subtitle D: CBO Scoring of Conference Reports - Amends the CBA to provide for Congressional Budget Office (CBO) analysis and scoring of conference reports. Requires such analysis to include, for reported legislation and conference reports, a determination of whether the measure provides indefinite spending authority. Title IV: Accountability for Federal Spending - Subtitle A: Prohibitions on Indefinite Spending - Provides a point of order in the House and the Senate against consideration of legislation that provides direct spending for a new program unless such spending is limited to a period of ten or fewer fiscal years. Removes provisions regarding points of order and legislation providing new entitlement authority. Amends rule XXI of the Rules of the House to make it out of order to consider any legislation that authorizes the appropriation of new budget authority unless such authorization is specifically provided for ten or fewer fiscal years. Amends rule XXIII of the Rules of the House to provide that, in the Committee of the Whole, an amendment to subject a new program providing direct spending to discretionary appropriations if offered by the chairman of the Budget or Appropriations Committees may be precluded from consideration only by the specific terms of a special House order. Declares that the purpose of such amendment is to hold the discretionary spending limits and allocations made to the Appropriations Committee harmless for legislation that offsets a new discretionary program with a designated reduction in direct spending. Amends the Gramm-Rudman-Hollings Act to require, if a provision of direct spending legislation is enacted that decreases direct spending for any fiscal year and is designated as an offset and specifically identifies an authorization of discretionary appropriations for a new program, the reductions in new budget authority and outlays resulting from such provision to be designated as an offset in specified CBO pay-as-you-go estimates. Excludes such offsets from such estimates. Requires, if an authorization Act includes provisions reducing direct spending and identifies those provisions as offsets, the adjustments to be an increase in the budget authority and outlay caps in each fiscal year equal to such authority and reductions, respectively, achieved by the specified offsets. Prohibits the adjustments for the first fiscal year in which the offsetting provisions take effect from exceeding the amount of discretionary new budget authority enacted for the new program in an Act making discretionary appropriations and the resulting outlays. Provides for: (1) adjustments to discretionary spending limits, allocations, and budgetary allocations resulting from programs for which offsets were designated and resulting outlays; and (2) reductions of committee allocations of new budget authority and outlays with respect to reported legislation containing provisions that decrease direct spending and are designated as offsets. Subtitle B: Enhanced Congressional Oversight Responsibilities - Amends rule X of the Rules of the House to require House committees, in developing oversight plans, to provide a specific timetable for review of laws, programs, or agencies within their jurisdiction and require such timetable to demonstrate that such laws, programs, or agencies will be reauthorized at least once every ten years. Removes a provision of such rule pertaining to procedures for consideration of legislation providing new entitlement authority which exceeds the appropriate allocation of budget authority. Requires the House Appropriations Committee to report at least once each Congress (currently, from time to time) on recommendations for terminating or modifying provisions of law which provide permanent budget authority. (Sec. 422) Amends the CBA to require the joint explanatory statement accompanying a conference report on a joint budget resolution that includes an allocation to a committee (other than the Appropriations Committee) of levels exceeding current law levels to set forth a justification for not subjecting any program to annual discretionary appropriations. Makes conforming amendments to provisions regarding the presidential budget submission and to House rules regarding committee consideration of legislation. (Sec. 424) Requires the Budget Committees, during the 106th Congress, to report results of a study on budget reform proposals. Subtitle C: Strengthened Accountability - Requires certain reports on legislation providing new budget authority or increases or decreases in revenues or tax expenditures to include CBO projections of how such legislation will affect levels of budget authority, outlays, revenue, or tax expenditures for the affected fiscal year and the ensuing nine (currently, four) fiscal years. Provides for ten-year (currently, four) CBO cost estimates of reported legislation as well. Amends rule XIII of the Rules of the House to require committee reports to contain cost estimates for each of 11 fiscal years. (Sec. 432) Repeals rule XLIX (relating to the establishment of the statutory limit on the public debt) of the Rules of the House. Title V: Budgeting for Unfunded Liabilities and Other Long-Term Obligations - Subtitle A: Budgetary Treatment of Federal Insurance Programs - Amends the CBA to establish a new title known as the Federal Insurance Budgeting Act of 1998. Requires the President's budget, beginning with FY 2005, to be based on the risk-assumed cost of Federal insurance programs. Defines "risk-assumed cost" as the net present value of the estimated cash flows to and from the Government resulting from an insurance commitment or modification. Requires the program accounts for such programs to pay: (1) the risk-assumed cost borne by the taxpayer to the financing account; and (2) actual insurance program administrative costs. Requires the financing accounts to: (1) receive premiums and other income; (2) pay all claims for insurance and receive all recoveries; and (3) transfer to the program account at least annually amounts necessary to pay administrative costs. Provides that a negative risk-assumed cost shall be transferred from the financing to the program account and from the program account as a nonexpenditure transfer to the general fund. Requires all payments by or receipts of the financing accounts to be treated in the budget as a means of financing. Permits insurance commitments to be made for FY 2005 and thereafter only to the extent that new budget authority to cover the risk-assumed cost is provided in advance in an appropriations Act. Prohibits modification of an outstanding commitment in a manner that increases the risk-assumed cost unless budget authority for the additional cost has been provided in advance. Makes such requirements inapplicable to insurance programs that constitute entitlements. Provides for re-estimations of risk-assumed cost in each subsequent year. Requires agencies with responsibility for Federal insurance programs to develop models to estimate risk-assumed cost by year through the budget horizon and to submit such models, all relevant data, justifications for critical assumptions, and annual projected risk-assumed costs to the Office of Management and Budget (OMB) with budget requests each year starting with the request for FY 2001. Directs OMB and CBO, after a comment period for interested persons, to revise the models, data, and major assumptions they would use to estimate the risk-assumed cost of Federal insurance programs. Requires the President's budget submissions and budgets and CBO's reports on the economic and budget outlook for FY 2002 through 2004 to estimate, for display purposes only, the risk-assumed cost of existing or proposed Federal insurance programs. Requires OMB, CBO, and the General Accounting Office to report to the Budget Committees on the advisability and appropriate implementation of this section. Authorizes appropriations for FY 1999 through 2004 to OMB and each agency responsible for administering a Federal program to carry out this title. Directs the Secretary of the Treasury to borrow from, receive from, lend to, or pay the insurance financing accounts appropriate amounts. Establishes a financing account for each Federal insurance program on September 30, 2004. Appropriates to such accounts the amount of the unfunded risk-assumed cost of outstanding Federal insurance commitments as of the close of September 30, 2004. Terminates this section on the last day of FY 2006. Subtitle B: Reports on Long-Term Budgetary Trends - Requires the President's budget submission to include: (1) an analysis based upon current law and one based upon the policy assumptions underlying the submission for every fifth year of the period of the 75 fiscal years beginning with the affected fiscal year of the estimated levels of total new budget authority, outlays, estimated revenues, surpluses, and deficits and, for each major Federal entitlement program, estimated levels of total new budget authority and outlays; and (2) a specification of underlying assumptions and a sensitivity analysis of factors that have a significant effect on the projections made in each analysis and a comparison of the effects of the two analyses on the economy. Establishes a conforming requirement for CBO's annual report to the Budget Committees on fiscal policy. Title VI: Baselines, Byrd Rule, and Lock-Box - Subtitle A: The Baseline - Revises required elements of the President's budget submission to include percentage changes between the current year and the fiscal year for which the budget is submitted for: (1) estimated expenditures and appropriations which are necessary to support the Government, with an exception for detailed budget estimates; (2) laws in effect when the budget is submitted and proposals in the budget to increase revenues as well as for each of the four ensuing fiscal years; and (3) certain proposed appropriations and expenditures for legislation that would establish or expand Government activities or functions, with an exception for detailed budget estimates. Includes within the submission: (1) a comparison of levels of estimated expenditures and proposed appropriations for each function and subfunction in the current fiscal year and the fiscal year for which the budget is submitted, along with the proposed increase or decrease of spending in percentage terms for each function and subfunction; and (2) a table on sources of growth in total direct spending under current law and as proposed in the submission for the budget year and the ensuing four fiscal years. (Sec. 612) Amends the CBA to require the report accompanying the budget resolution to include a comparison of levels for the current fiscal year with proposed spending and revenue levels for subsequent fiscal years along with the proposed increase or decrease of spending in percentage terms for each function. (Sec. 613) Includes similar requirements in certain CBO reports. (Sec. 614) Requires the OMB and CBO Directors, in making budgetary projections for years for which there are no discretionary spending limits, to assume discretionary spending levels at the levels for the last fiscal year for which such levels were in effect. Subtitle B: The Byrd Rule - Removes the applicability of certain procedures with respect to extraneous matter in reconciliation legislation to conference reports. Subtitle C: Spending Accountability Lock-box - Spending Accountability Lock-box Act of 1998 - Directs the chairmen of the Budget Committees to each maintain a Spending Accountability Lock-box Ledger, to be divided into entries corresponding to the subcommittees of the Appropriations Committees. Requires each entry to consist of three components: (1) the House Lock-box Balance; (2) the Senate Lock-box Balance; and (3) the Joint House-Senate Lock-box Balance. Authorizes Members of the House or the Senate, when offering an amendment to an appropriation bill to reduce new budget authority in any account, to state the portion of such reduction to be: (1) credited to the House or Senate Lock-box Balance; (2) used to offset an increase in new budget authority in any other account; or (3) allowed to remain within the Appropriations Committees' subcommittee suballocation. Credits the amount of the reduction to either Lock-box Balance, as applicable, if the amendment is agreed to and no such statement is made. Requires the Budget Committee chairmen, upon the engrossment of any appropriation bill by the House and upon the engrossment of that bill by the Senate, to credit to the applicable entry balance of that House amounts of new budget authority and outlays equal to the net amounts of reductions in new budget authority and in outlays resulting from amendments agreed to by that House to that bill. Specifies the amounts to be credited to the Joint House-Senate Lock-box Balance. Requires a running tally to be available to Members of the House, during the consideration of any appropriations bill by the House, of the amendments adopted reflecting increases and decreases of budget authority in such bill as reported. (Sec. 633) Provides for the downward adjustment, by the amounts credited to the applicable Joint House-Senate Lock-box Balance, of: (1) allocations for the House and Senate upon the engrossment of Senate amendments to any appropriation bill; and (2) suballocations, whenever a such a downward adjustment is made to an allocation. (Sec. 634) Requires the CBO Director to include an up-to-date tabulation of the amounts contained in the Deficit Reduction Lock-box Ledger and each entry in periodic reports. Requires the downward adjustment of discretionary spending limits set forth in the Gramm-Rudman-Hollings Act by amounts set forth in the final regular appropriation bill for the fiscal year or joint resolution making continuing appropriations through the end of such fiscal year. Subtitle D: Automatic Continuing Resolution - Amends Federal law to make appropriations, if any regular appropriation bill for a fiscal year does not become law prior to the beginning of such year or a continuing appropriations resolution is not in effect, to continue any project or activity for which funds were provided in the preceding year: (1) in the corresponding regular appropriations Act for that year; or (2) in a continuing appropriations resolution for such year if the regular bill did not become law. Makes such appropriations available: (1) at a rate of operations not to exceed the rate provided for the project in the preceding fiscal year; and (2) beginning with the first day of a lapse in appropriations and ending on the earlier of the date the regular appropriation bill, or continuing resolution, becomes law or the last day of the fiscal year. Subjects such appropriations to any conditions imposed in the preceding fiscal year or pursuant to current law. Provides that nothing in this section shall be construed to affect Government obligations mandated by other law, including obligations with respect to Social Security, Medicare, and Medicaid. Title VII: Budgeting in an Era of Surpluses - Amends the Gramm-Rudman-Hollings Act to revise the purpose of pay-as-you-go provisions to declare such purpose to be to assure that direct spending or receipts legislation does not increase the deficit or exceed the on-budget surplus. Reduces the amount of any sequestration for the budget year by any OMB estimate of excess receipts over outlays. Excludes outlays and receipts of the Federal Old-Age and Survivors and Disability Insurance Trust Funds, or any off-budget entity from such estimates. Defines a net deficit, for purposes of sequestration provisions, as the amount by which decreases in revenues plus increases in outlays exceed increases in revenues plus decreases in outlays. Includes within sequestration preview reports the estimated excess of receipts over outlays, if any, with specified assumptions and without taking into account the effect of direct spending and receipts legislation enacted after this Act. Requires actual levels of enacted discretionary spending limits to be used in the final pay-as-you-go report regarding information on excess receipts.
Law· HJRESH.J.Res. 135 (105th)enacted
United States · United States Congress · 14 October 1998
Extends the law making continuing appropriations for FY 1999 through October 16, 1998.
Law· HRH.R. 4821 (105th)enacted
United States · United States Congress · 13 October 1998
Extends the visa processing period for certain diversity (immigrant) applicants whose visa processing was suspended due to the 1998 embassy bombings in Kenya and Tanzania.
Bill· HRH.R. 4820 (105th)referred
United States · United States Congress · 13 October 1998
Save the International Space Station Act of 1998 - Prohibits any funds or in-kind payments from being: (1) transferred to any entity of the Russian Government or any Russian contractor when such funds are intended to be used to perform work on the International Space Station which the Russian Government pledged, at any time, to provide at its expense; and (2) made to any entity of the Russian Government in exchange for any goods or services associated with the Space Station, except pursuant to a contract or agreement in effect as of the date of enactment of this Act. Provides for exceptions to such prohibition, based on certain determinations by the Administrator of the National Aeronautics and Space Administration (NASA) and subject to the approval of specified congressional committees. Expresses the sense of the Congress that if the Russian Government is unable to provide at its own expense any contribution, capability, or launch service to the Space Station, the Memorandum of Understanding between NASA and the Russian Space Agency, and, if necessary, the Intergovernmental Agreement among all the Space Station partners, should be renegotiated to reduce Russia's benefits commensurate with its reduced level of contribution to the Space Station. Directs the NASA Administrator to develop and deliver to the Congress, with the President's budget request for fiscal year 2000, a specified contingency plan for the removal or replacement of each Russian Government contribution or capability of the Space Station that lies in the critical path, as well as Russian space launch services. Defines the "critical path" as the sequence of events of a schedule of events under which a delay in any event causes a delay in the overall schedule. Requires the Administrator, on or before December 1, 1998, and until completion of the assembly of the Space Station, to report to the Congress every other month on whether or not the Russians have performed work expected of them and necessary to complete the Space Station. Requires the President to notify the Congress by April 1, 1999, of the decision on whether or not to proceed with permanent replacement of the Russian Service Module, other Russian contributions or capabilities in the critical path of the Space Station, or Russian launch services. (Sec. 4) Limits the total amount appropriated for: (1) costs of the Space Station through completion of assembly; and (2) space shuttle launch costs in connection with the assembly of the Space Station through completion of assembly. Makes such limitations inapplicable to specified operations, research, and crew return activities subsequent to completion of the Space Station. Provides for amounts to be increased to reflect any increase in costs attributable to specified conditions, including the lack of performance or the termination of participation of any of the international countries participating in the Space Station. Requires the Administrator to provide with each annual budget request a written notice and analysis of any changes to the amounts to specified congressional committees. Directs the Administrator: (1) as part of the overall space shuttle program budget request for each fiscal year, to identify separately the amounts of the requested funding that are to be used for completion of the assembly of the Space Station; and (2) as part of the overall Space Station budget request for each fiscal year, to identify the amount to be used for development of the Space Station. Requires the Administrator, as part of the annual budget request to the Congress, to account for the cost limitations imposed. Directs the Administrator to arrange for a verification, by the General Accounting Office, of the accounting submitted to the Congress . Directs the Inspector General of NASA to review the Administrator's notice and analysis of changes to amounts and report the results to the committees. (Sec. 5) Authorizes the Administrator, on behalf of the United States, to reciprocally waive claims with cooperating parties, under which each party to each such waiver agrees to be responsible, and agrees to ensure that its own related entities are responsible, for damage or loss to its property or to property for which it is responsible, or for losses resulting from any injury or death sustained by its own employees or agents, as a result of activities connected to the Space Station. Makes waivers inapplicable in certain cases, including those involving negligence. Requires the Administrator to establish overall safety requirements and plans and to conduct overall integrated system safety reviews for Space Station elements and payloads, and permits the Administrator to undertake all authorized steps to ensure that such elements and payloads pose no safety risks for the Space Station. (Sec. 6) Requires the Administrator to transmit to the Congress a report containing a description of all Space Station-related agreements entered into by the United States with a foreign entity after September 30, 1993, along with: (1) a complete accounting of all costs and benefit to the United States during FY 1994 through 1998 pursuant to each such agreement; and (2) an estimate of costs and benefits after fiscal year 1998 to the United States pursuant to each such agreement. Requires the Administrator to transmit to the Congress annual reports containing a description of all Space Station-related agreements entered into by the United States with a foreign entity during the preceding fiscal year, along with: (1) a complete accounting of all costs and benefits to the United States during that fiscal year pursuant to each such agreement; and (2) an estimate of such future costs and benefits. (Sec. 7) Requires the Administrator to report to specified congressional committees on: (1) agreements that have been reached with foreign entities to transfer to a foreign entity the development and manufacture of Space Station hardware baselined to be provided by the United States; and (2) the impact of those agreements on U. S. operating costs and utilization shares of the Space Station. Requires the Administrator, before entering into any such additional agreements, to report to such committees on the nature of the proposed agreement and its anticipated cost, schedule, commercial, and utilization impacts. (Sec. 8) Prohibits NASA from entering into any agreement or contract with a foreign government, for the provision by that government of goods and services, that grants the foreign government the right to recover profit in the event that the agreement or contract is terminated.
Bill· HRH.R. 4822 (105th)referred
United States · United States Congress · 13 October 1998
Mutual Fund Tax Awareness Act of 1998 - Directs the Securities and Exchange Commission to revise regulations under the Investment Company Act of 1940 to require, consistent with the protection of investors and the public interest, improved methods of disclosing in investment company prospectuses and annual reports the after-tax effects of portfolio turnover on investment company returns to investors.
Bill· HRH.R. 4825 (105th)referred
United States · United States Congress · 13 October 1998
Childhood Lead Poisoning Protection Act of 1998 - Amends title XIX (Medicaid) of the Social Security Act to provide for a reduced Federal medical assistance percentage for States that fail to meet specified minimum blood lead screening rates established by this Act, subject to waiver by the Secretary of Health and Human Services in the case of a State that has performed during a fiscal year such a significant number of lead blood level assessments that the State reasonably cannot be expected to achieve the appropriate minimum blood lead screening rate. Requires the State Medicaid plan to provide for reporting to the Secretary: (1) the number of children who are not more than two years of age and enrolled in the Medicaid program; and (2) the number and results of lead blood level assessments performed by the State, along with demographic and identifying information consistent with the recommendations of the Centers for Disease Control and Prevention (CDC) with respect to lead surveillance. Requires each contract between the State and an entity responsible for provision of medical assistance under the State plan to provide for: (1) compliance with mandatory screening requirements for lead blood level assessments commensurate with guidelines and mandates issued by the Secretary through the Administrator of the Health Care Financing Administration; as well as (2) coverage of appropriate qualified lead treatment services, as prescribed by CDC guidelines, for children with elevated levels of lead in their blood. Allows reimbursement for qualified lead treatment services for children with elevated blood lead levels. Amends the Child Nutrition Act of 1966 and the Head Start Act to mandate lead poisoning screening for an infant or child to be eligible to participate in either the special supplemental nutrition program for women, infants, and children, or early Head Start programs.
Bill· HRH.R. 4824 (105th)referred
United States · United States Congress · 13 October 1998
21st Century Retirement Act - Amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act (SSA) to add a new part B (Individual Security Accounts). Requires the Commissioner of Social Security to establish an individual security account (ISA) for each eligible individual who is employed or self-employed. Requires each employed or self-employed individual (or, if need be, the Commissioner) to designate the investment type of ISA to which the Secretary of the Treasury shall credit, for such individual, the contribution amount deducted from the individual's income. Requires investment of an ISA in a manner similar to that under the Thrift Savings Plan for Federal employees. Prescribes rules for the transfer and distribution of account funds, including providing for the off-budget treatment of ISAs. (Sec. 2) Establishes in the Treasury an Individual Security Fund composed of all established ISAs, and managed by an Individual Security Fund Board. Directs the Board to study and report to the President and the Congress on ways to increase an individual's ISA investment options, especially with respect to rollovers or distributions from such account. Amends the Internal Revenue Code to reduce Federal Insurance Contributions Act (FICA) tax rates on the income and self-employment income of every individual who is a Medicare (SSA title XVIII) part B (Supplementary Medical Insurance) eligible individual, as well as to impose an ISA contribution on such income, computed according to a specified formula, and adjusted for inflation. (Sec. 3) Amends SSA title II to: (1) establish a new minimum monthly social security benefit for certain low-income individuals who become eligible for Old-Age or Disability Insurance benefits after December 31, 2005; and (2) eliminate the limitation on the amount of outside income (earnings test) which beneficiaries who have attained retirement age may earn without incurring a reduction in benefits. (Sec. 5) Amends the Social Security Amendments of 1983, as amended by the Omnibus Budget Reconciliation Act of 1993, to provide for a phased reduction to zero, beginning after 2009, of the subtrahend in the formula for certain transfers to the Hospital Insurance Trust Fund under the Medicare program of SSA title XVIII. (Sec. 6) Amends SSA title II to provide for: (1) OASDI coverage of newly hired State and local employees; (2) a gradual increase in the number of benefit computation years and, for calendar years after 2009, the use of all computation base years in the computation of primary insurance amounts; and (3) a graduated increase in the early and delayed retirement credits. (Sec. 9) Directs the Commissioner of the Bureau of Labor Statistics (BLS) to publish annually in the Federal Register an estimate of: (1) the number of percentage points by which the annual rate of change in the Consumer Price Index (CPI) is reduced below the level it would otherwise have attained by reason of the adjustments in the determination of such index instituted by the Bureau after December 31, 1997; and (2) the upper level substitution bias retained in the CPI. Makes appropriations to BLS for: (1) research, evaluation, and implementation of a superlative index to estimate upper level substitution bias in the CPI; (2) expansion of the Consumer Expenditure Survey and the Point of Purchase Survey; and (3) implementation of revisions to the CPI with respect to programs under SSA title II. Directs BLS to establish an administrative advisory committee to advise it periodically about CPI revisions, and to conduct research and experimentation with alternative data collection and estimating approaches. Amends SSA title II to provide for use of a modified CPI in the indexing of cost-of-living benefits for a month in any year after 1999. (Sec. 10) Amends SSA title II to: (1) provide for a phased-in reduction in spousal benefits other than survivor's benefits to 33 percent of primary insurance amount; (2) make various specified adjustments to the upper 2 benefit formula factors for determining the primary insurance amount; and (3) provide for a phased-in increase in social security normal and early retirement ages, up to a normal retirement age of 70 in the year 2037 for individuals attaining early retirement age in the year 2029. Requires specified incremental increases in both normal and early retirement ages after 2029. (Sec. 13) Amends SSA title VII (Administration) to establish a new mechanism for ensuring solvency in the social security trust funds. Directs the Board of Trustees of the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund, if it determines that the balance ratio of either Trust Fund for any calendar year during the succeeding 75 years will be zero, to recommend to the Congress and the President statutory adjustments affecting Trust Fund receipts and disbursements necessary to maintain its balance ratio at not less than 20 percent, with due regard to the economic conditions which created such inadequacy in the balance ratio, and the amount of time necessary to alleviate it in a prudent manner. Requires such report to specify the extent to which benefits would have to be reduced, taxes would have to be increased, or a combination thereof, in order to obtain the desired objectives. Directs the same Board to recommend to the Congress and the President statutory adjustments to the disability insurance program to modify the changes in disability benefits made under this Act without reducing the balance ratio of the Federal Disability Insurance Trust Fund. Prescribes a procedure for presidential review, disapproval, and approval of Board recommendations.
Bill· HRH.R. 4823 (105th)referred
United States · United States Congress · 13 October 1998
TABLE OF CONTENTS: Title I: New Employer Pension Plans Must Be 401(k) Plans and Not 403(b) or 457 Plans Title II: Safe Annuities and Trusts Title III: Enhanced Portability of Retirement Plans Title IV: Credit for Pension Plan Startup Costs of Small Employers Title V: Miscellaneous Improvements to Pension Plans 21st Century Retirement Savings Act - Title I: New Employer Pension Plans Must Be 401(k) Plans and Not 403(b) or 457 Plans - Amends the Internal Revenue Code to require new State and local government and tax-exempt organization pension plans to be 401(k) plans. Title II: Safe Annuities and Trusts - Requires employers to establish SAFE annuities (a defined individual retirement annuity). Title III: Enhanced Portability of Retirement Plans - Permits specified rollovers. Makes other revisions concerning portability. Title IV: Credit for Pension Plan Startup Costs of Small Employers - Establishes a small employer pension plan cost startup credit. Title V: Miscellaneous Improvements to Pension Plans - Permits IRA "catch-up" contributions. Repeals the 25 percent limitation on defined contribution plans. Provides for faster vesting of employer matching contributions. Revises provisions concerning: (1) pension benefit statements; and (2) assignment and alienation. Sets penalties for pension plans failing to meet requirements.
Bill· SS. 2628 (105th)referred
United States · United States Congress · 12 October 1998
Amends the Internal Revenue Code to restore the business meal expense deduction to 80 percent (currently 50 percent) for individuals subject to the hours of service limitations of the Department of Transportation.
Bill· HRH.R. 4818 (105th)referred
United States · United States Congress · 12 October 1998
Asset-Building for Working Americans Act - Amends part A (Temporary Assistance for Needy Families) (TANF) of title IV of the Social Security Act (SSA), as well as SSA titles XVI (Supplemental Security Income) (SSI) and XIX (Medicaid), to require States to disregard for the following 12-month period any refunds or advance payments of the earned income tax credit (EITC) in determining eligibility for benefits under TANF, SSI, and Medicaid. Establishes up to a two percent reduction in the next fiscal year's grant to any State as a penalty for failure to disregard such payments. Amends the United States Housing Act of 1937 to require a similar disregard for EITC payments under public housing and rental assistance programs.
Bill· HRH.R. 4810 (105th)referred
United States · United States Congress · 12 October 1998
Amends the Internal Revenue Code to restore the business meal expense deduction to 80 percent (currently 50 percent) for individuals subject to the hours of service limitations of the Department of Transportation.
Bill· HRH.R. 4809 (105th)referred
United States · United States Congress · 12 October 1998
Amends the Internal Revenue Code to permit the State of Hawaii, notwithstanding any law or rule of law, to claim a refund or credit resulting from any tax overpayment on fuel purchased by the State during calendar years 1992 or 1993, if a claim is filed within 18 months of enactment.
Law· HJRESH.J.Res. 134 (105th)enacted
United States · United States Congress · 12 October 1998
Extends the law making continuing appropriations for FY 1999 through October 14, 1998.
Bill· HRH.R. 4805 (105th)open
United States · United States Congress · 11 October 1998
Requires each officer and employee of an executive agency who travels abroad to attend an international conference to submit to the Director of the Office of International Conferences of the Department of State a report on such travel. Excludes the President, the Vice President, and any employee who is carrying out an intelligence activity, performing a protective function, or engaged in a sensitive diplomatic mission. Requires the Director to submit biannual reports on such travel to the Senate Committees on Foreign Relations and Appropriations and the House Committees on International Relations and Appropriations Directs the President to submit to such committees annual reports setting forth: (1) the total Government expenditures on all official travel abroad by each executive agency during the preceding fiscal year; and (2) the total number of agency officers and employees who engaged in such travel.
Bill· SS. 2622 (105th)referred
United States · United States Congress · 10 October 1998
TABLE OF CONTENTS: Title I: Extension of Expiring Provisions Subtitle A: Tax Provisions Subtitle B: Trade Provisions Title II: Other Tax Provisions Title III: Revenue Offset Title IV: Technical Corrections Tax Extension Act of 1998 - Title I: Extension of Expiring Provisions - Subtitle A: Tax Provisions - Amends the Internal Revenue Code (IRC) to temporarily extend provisions concerning the: (1) research credit; (2) work opportunity credit; (3) welfare-to-work credit; (4) contribution of stock to private foundations; (5) subpart F exemption for active financing income; (6) credit for producing fuel from a nonconventional source; and (7) disclosure of return information on income contingent student loans. Subtitle B: Trade Provisions - Amends the Trade Act of 1974 to extend the Generalized System of Preferences through December 31, 1999. Amends the Trade Act of 1974 to authorize appropriations for trade adjustment assistance (TAA) for workers, firms, and the training of workers adversely affected by import competition under the North American Free Trade Agreement transitional adjustment assistance program. Terminates the TAA programs July 1, 1999. Title II: Other Tax Provisions - Provides, starting January 1, 2002, for the deduction of 100 percent of the health insurance costs of self-employed individuals. Amends the Agricultural Market Transition Act to disregard specified payment options provided by the Emergency Farm Financial Relief Act. Permanently extends income averaging for farmers. Allows, for taxable year 1998, nonrefundable personal credits to fully offset regular tax liability. Title III: Revenue Offset - Amends provisions concerning liquidation of corporate subsidiaries to provide that if a corporation receives a distribution from a regulated investment company or a real estate investment trust which is considered as being in complete liquidation of such company or trust, then, notwithstanding other specified IRC provisions, such corporation shall recognize and treat as a dividend from such company or trust an amount equal to the deduction for dividends paid allowable to such company or trust by reason of such distribution. Title IV: Technical Corrections - Revises provisions of the IRC, the Internal Revenue Service Restructuring and Reform Act of 1998, the Taxpayer Relief Act of 1997, the Tax Reform Act of 1984, the Transportation Equity Act for the 21st Century, and title II (Old Age, Survivors and Disability Insurance) of the Social Security Act.
Bill· SS. 2623 (105th)referred
United States · United States Congress · 10 October 1998
Government for the 21st Century Act of 1998 - Establishes the Commission on Government Restructuring and Reform (Commission) to examine and make recommendations to reform and restructure the organization and operations of the executive branch of the Federal Government to improve economy, efficiency, effectiveness, consistency, and accountability in Government programs and services. Authorizes appropriations for FY 1999 through 2001. Terminates the Commission by the end of FY 2001. (Sec. 4) Authorizes the President to submit to the Commission a report consistent with specified criteria, containing a single legislative proposal (including legislation proposed to be enacted), to implement those recommendations for which legislation is necessary or appropriate. Directs the Commission to submit a single preliminary report to the President and the Congress which includes: (1) a description of the Commission's findings and recommendations, taking into account any recommendations submitted by the President to the Commission; and (2) reasons for such recommendations. (Sec. 5) Requires any preliminary report submitted to the President and the Congress to be made immediately available to the public. Directs the Commission to announce and hold public hearings for the purpose of receiving comments on the reports. Requires the Commission, after the conclusion of the period for public hearings, to submit to the President a final report that includes: (1) a description of the Commission's findings and recommendations, including a description of changes made to the report as a result of public comment on the preliminary report; (2) reasons for such recommendations; and (3) a single legislative proposal (including legislation proposed to be enacted) to implement those recommendations for which legislation is necessary or appropriate. Requires such report to be made available to the public on the date of submission to the President. Requires the President to approve or disapprove the report. Directs the President: (1) if the report is approved, to submit the report to the Congress for legislative action; and (2) if the report is disapproved, to report the specific issues and objections, including the reasons for any changes recommended in the report, to the Commission and the Congress. Requires the Commission to consider any issues or objections raised by the President and permits modification of the report based on such issues and objections. Mandates submission of the final report (as modified, if modified) to the President and the Congress no later than 30 calendar days after receipt of the President's disapproval. (Sec. 6) Provides for congressional consideration of the reform proposals. (Sec. 7) Gives the Director of the Office of Management and Budget primary responsibility for implementation of the Commission's report and the Act enacted to implement reform proposals. Directs each affected Federal department and agency, as a part of its annual budget request, to transmit to the appropriate congressional committees its schedule for implementation of the provisions of the Act for each fiscal year. Requires, in addition, that the report contain an estimate of the total expenditures required and the cost savings to be achieved by each action, along with the Secretary's assessment of the effect of the action. Requires that the report also include a report of any activities that have been eliminated, consolidated, or transferred to other departments or agencies. Requires the Comptroller General to periodically report to the Congress and the President regarding the accomplishment, costs, timetable, and effectiveness of the implementation of any Act enacted to implement the reform proposals. (Sec. 8) Provides for any proceeds from the sale of assets of any department or agency resulting from the enactment of an Act to implement the reform proposals to be: (1) applied to reduce the Federal deficit; and (2) deposited in the Treasury and treated as general receipts.
Bill· HRH.R. 4795 (105th)open
United States · United States Congress · 10 October 1998
Amends the Internal Revenue Code to repeal certain provisions concerning the filing of consolidated returns by insurance companies.
Bill· SS. 2616 (105th)open
United States · United States Congress · 9 October 1998
Medicare Home Health Fair Payment Act of 1998 - Amends title XVIII (Medicare) of the Social Security Act, with respect to the computation formula of the interim system of limited payments for services provided by home health agencies, as amended by the Balanced Budget Act of 1997, in order to: (1) create a new formula for cost reporting periods beginning on or after October 1, 1998 with the agency-specific per beneficiary annual limitation calculated on a different basis which still makes use of the agency's census division; (2) revise the rules for new providers for cost reporting periods beginning on or after October 1, 1998; (3) provide for a five percent increase in per visit cost limits for such cost reporting periods; (4) provide for a one year delay in establishment of a prospective payment system (PPS) for home health services and in implementation of the mandatory 15 percent reduction in cost and per beneficiary limits under such interim system; and (5) adjust the home health market basket update for home health services under PPS and such interim system, reducing it by a specified percentage for any cost reporting period beginning in FY 2000 or 2001, and increasing it by another specified percentage for any cost reporting period beginning in FY 2004. Amends the Internal Revenue Code to treat: (1) a taxpayer as having omitted a correct taxpayer identification number (TIN) for purposes of mathematical error assessment if information provided by the taxpayer on the return with respect to the individual whose TIN was provided differs from the information the Secretary of the Treasury obtains from the person issuing the TIN; and (2) as a mathematical error the inclusion on a return of a TIN if it is of an individual whose age affects the amount of the tax credit involved and the computation of such credit reflects the treatment of such individual as being of an age different from the individual's age based on such TIN. Adds the vaccine against rotavirus gastroenteritis to the list of taxable vaccines for Federal sales tax purposes. Limits specified liability losses for purposes of the net operating loss deduction to those attributable to a liability under a Federal or State law requiring the reclamation of land, decommissioning of a nuclear power plant (or any unit thereof), dismantlement of an offshore drilling platform, remediation of environmental contamination, or payment of workmen's compensation. Limits the rule waiving the accrual method requirement for any portion of payment amounts which will not be collected to persons performing services in the fields of health, law, engineering, architecture, accounting, actuarial science, performing arts, or consulting. Applies to any organization a significant trade or business of which is the lending of money the requirement of filing a return relating to the cancellation of indebtedness.
Bill· SS. 2613 (105th)open
United States · United States Congress · 9 October 1998
Act of 1998 - Amends the Internal Revenue Code to revise the percentage of the health insurance costs which are deductible by self-employed individuals by linking such percentage to a specified revision of the estate tax rate.
Bill· SS. 2602 (105th)referred
United States · United States Congress · 9 October 1998
K-12 Community Participation Act of 1998 - Amends the Internal Revenue Code to allow a limited tax credit for the expenses of attending elementary and secondary schools (including home schooling) and for contributions to charitable organizations which provide scholarships for children to attend such schools.
Bill· SS. 2598 (105th)referred
United States · United States Congress · 9 October 1998
Children's Lead Prevention and Inclusive Treatment Act of 1998 (or the Children's Lead PAInT Act) - Amends title XIX (Medicaid) of the Social Security Act to provide for a reduced Federal medical assistance percentage for States that fail to meet specified minimum blood lead screening rates established by this Act, subject to waiver by the Secretary of Health and Human Services in the case of a State that has performed during a fiscal year such a significant number of lead blood level assessments that the State reasonably cannot be expected to achieve the appropriate minimum blood lead screening rate. Requires the State Medicaid plan to provide for reporting to the Secretary: (1) the number of children who are not more than two years of age and enrolled in the Medicaid program; and (2) the number and results of lead blood level assessments performed by the State, along with demographic and identifying information consistent with the recommendations of the Centers for Disease Control and Prevention (CDC) with respect to lead surveillance. Requires each contract between the State and an entity responsible for provision of medical assistance under the State plan to provide for: (1) compliance with mandatory screening requirements for lead blood level assessments commensurate with guidelines and mandates issued by the Secretary through the Administrator of the Health Care Financing Administration; as well as (2) coverage of appropriate qualified lead treatment services, as prescribed by CDC guidelines, for children with elevated levels of lead in their blood. Allows reimbursement for qualified lead treatment services for children with elevated blood lead levels. Amends the Child Nutrition Act of 1966 and the Head Start Act to mandate lead poisoning screening for an infant or child to be eligible to participate in either the special supplemental nutrition program for women, infants, and children, or early Head Start programs.
Bill· SS. 2612 (105th)referred
United States · United States Congress · 9 October 1998
Fort Campbell Tax Fairness Act of 1998 - Provides that: (1) goods and services purchased at Fort Campbell within the borders of the State of Tennessee or any political subdivision thereof shall be subject to taxation by such State or subdivision only if the purchaser is a resident of such State or subdivision; and (2) the State of Kentucky shall have no obligation or responsibility to provide unemployment compensation for Tennessee residents based on pay and compensation for personal services performed at Fort Campbell.
Bill· SS. 2596 (105th)referred
United States · United States Congress · 9 October 1998
Amends the Federal Agriculture Improvement and Reform Act of 1996 with respect to the farmland protection program to: (1) specify that the program shall be a matching grant program carried out through eligible entities such as State and local government, Indian tribes, and nonprofit conservation organizations; (2) eliminate acreage limits; and (3) increase the existing funding cap, revising it from a total program to a fiscal year cap.
Bill· SS. 2601 (105th)referred
United States · United States Congress · 9 October 1998
Directs each State to notify the Secretary of Education regarding its election to receive its portion of certain education funding according to: (1) a State block grant option, through a State allotment based on State population of individuals aged five through 17; (2) a local block grant option, with the Secretary sending the funding directly to local educational agencies (LEAs) in the State through a local allotment based on school district population of individuals aged five through 17; or (3) a Federal statute option, based on a certain State and local allotment process and formula. Applies such block grant options to all funds appropriated for the Department of Education for FY 2000 or any succeeding fiscal year to carry out programs or activities under: (1) the Goals 2000: Educate America Act (other than titles I and X); (2) the Elementary and Secondary Education Act of 1965 (other than titles VIII, IX, and XIV); (3) the School-to-Work Opportunities Act of 1994; and (4) the Carl D. Perkins Vocational and Applied Technology Education Act. Allows States and LEAs to reserve certain portions of their allotments for specified administrative and other activities.
Bill· SS. 2597 (105th)referred
United States · United States Congress · 9 October 1998
Amends the Federal Agriculture Improvement and Reform Act of 1996 with respect to the farmland protection program to: (1) specify that the program shall be a matching grant program carried out through eligible entities such as State and local government, Indian tribes, and nonprofit conservation organizations; (2) eliminate acreage limits; and (3) increase the existing funding cap, revising it from a total program to a fiscal year cap.
Bill· SS. 2615 (105th)referred
United States · United States Congress · 9 October 1998
Directs the Secretary of the Interior to report within six months to specified congressional committees: (1) detailing the progress the Department of the Interior has made in implementing provisions of the Alaska National Interest Lands Conservation Act (regarding revenue- producing visitor services and local hires) and the Indian Self-Determination and Education Assistance Act, on lands under the jurisdiction of the Department in Alaska; (2) including a detailed action plan on the future implementation of those provisions; (3) describing in detail the measures and actions that will be taken, with a description of anticipated results to be achieved during the next three fiscal years; and (4) identifying any laws, rules, regulations, and policies which act as a deterrent to hiring or contracting with Alaska Natives to perform and conduct activities and programs of agencies and bureaus under the Department's jurisdiction regarding activities on lands under its jurisdiction in Alaska. Requires the Secretary to: (1) implement pilot programs to employ residents of local communities at Bering Land Bridge National Preserve, Cape Krusenstern National Monument, Kobuk Valley National Park, and Noatak National Preserve (all National Park System units located in northwest Alaska); (2) report the results to such committees; and (3) consult with Native Corporations, nonprofit organizations, and tribal entities in the immediate vicinity of such units, and to the extent practicable, involve them in the development of interpretive materials and the pilot programs relating to such units.
Bill· SS. 2603 (105th)referred
United States · United States Congress · 9 October 1998
TABLE OF CONTENTS: Title I: Promoting Access to Health Care Services in Rural Areas Under the Medicare Program Title II: Additional Provisions to Address Shortages of Health Professionals in Rural Areas Title III: Development of Telehealth Networks Title IV: Miscellaneous Provisions Promoting Health in Rural Areas Act of 1998 - Title I: Promoting Access to Health Care Services in Rural Areas Under the Medicare Program - Amends part C (Medicare+Choice) of title XVIII (Medicare) of the Social Security Act (SSA) to make certain adjustments to the calculation of annual capitation rates used in determining payments to Medicare+Choice organizations. (Sec. 102) Amends the Indian Health Care Improvement Act to convert into a permanently authorized program the current demonstration program for direct billing of Medicare, Medicaid (SSA title XIX), and other third party payors by Indian tribes, tribal organizations, and Alaska Native health organizations. (Sec. 103) Amends Medicare to: (1) revise payment requirements for sole community hospitals with regard to the substitution of certain allowable operating costs for base cost reporting periods beginning with discharges occurring in FY 2000; (2) provide for conversion of certain recently closed hospitals to critical access hospitals; (3) make certain technical amendments with regard to adjustments for graduate medical education, both indirect and direct; (4) modify the Medicare-dependent, small rural hospital program to provide for a reduction in the discharge percentage required for any hospital to be eligible to participate in the program; (5) provide for rural representation on the Medicare Payment Advisory Commission; (6) provide for Medicare coverage of qualified mental health professional services; and (7) provide for an all-inclusive payment rate option (in addition to the current reasonable cost method) for outpatient critical access hospital services. (Sec. 109) Directs the Secretary of Health and Human Services (HHS) to establish a waiver process in which entities and individuals under Medicare that are located in an urban or large urban area for purposes of Medicare reimbursement may apply to the Secretary to be considered to be located in a rural area for such purposes if such entity or individual is located in a rural area or outside of an urbanized area. Title II: Additional Provisions to Address Shortages of Health Professionals in Rural Areas - Amends the Public Health Service Act (PHSA) to include among health professional shortage areas frontier areas with six or fewer residents per square mile. Requires the Secretary to consider any pending retirements or resignations of available physicians when determining whether to designate an area as a health professional shortage area. (Sec. 202) Amends the Internal Revenue Code (IRC) to exclude from an individual's gross income certain amounts received under the National Health Service Corps Scholarship Program under PHSA. (Sec. 203) Amends Federal civil service law to provide for the designation of underserved areas under health care contracts administered by the Office of Personnel Management. (Sec. 204) Amends the Balanced Budget Act of 1997 (BBA '97) to extend Medicare reimbursement for telehealth services to all Medicare items and services in all rural areas, including services by physical, occupational, and speech therapists. Requires the entire payment for telehealth services to go to the consulting physician instead of being split with the referring physician. Adds additional congressional reporting requirements pertaining to such program. (Sec. 205) Expresses the sense of the Congress that States should establish a system that facilitates the provision of telehealth services across State lines. (Sec. 206) Redesignates the Joint Working Group on Telemedicine as the Joint Working Group on Telehealth, with the chairperson being designated by the Office for the Advancement on Telehealth. Directs the Joint Working Group to ensure that individuals representing the interests of rural areas are members of the Group. Establishes the mission of the Joint Working Group, among other things, as identifying, monitoring, and coordinating Federal telehealth projects and programs. Authorizes appropriations. Title III: Development of Telehealth Networks - Directs the Secretary to provide specified financial assistance for the purpose of expanding access to health care services for individuals in rural and frontier areas through the use of telehealth. Authorizes appropriations. Title IV: Miscellaneous Provisions - Amends IRC with regard to the non-deductible interest expense of financial institutions allocable to tax-exempt income, and the limited exception from such non-deductibility for interest expense on certain tax-exempt small issuer obligations. Allows a small issuer, the proceeds of whose obligations are to be used to make or finance eligible loans for health care or educational purposes, to elect to apply specified current limitations on the amount of obligations by treating each borrower as the issuer of a separate issue. (Sec. 402) Requires the heads of the National Health Service Corps, the Centers for Disease Control and Prevention, the Agency for Health Care Policy and Research, and the Bureau of the Census to negotiate and enter into interagency agreements with HHS agencies and offices under which they will be provided access to data sets for the intramural and extramural research they conduct or support.
Bill· HRH.R. 4780 (105th)open
United States · United States Congress · 9 October 1998
K-12 Community Participation Act of 1998 - Amends the Internal Revenue Code to allow a limited tax credit for the expenses of attending elementary and secondary schools (including home schooling) and for contributions to charitable organizations which provide scholarships for children to attend such schools.
Bill· HRH.R. 4779 (105th)open
United States · United States Congress · 9 October 1998
Directs each State to notify the Secretary of Education regarding its election to receive its portion of certain education funding according to: (1) a State block grant option, through a State allotment based on State population of individuals aged five through 17; (2) a local block grant option, with the Secretary sending the funding directly to local educational agencies (LEAs) in the State through a local allotment based on school district population of individuals aged five through 17; or (3) a Federal statute option, based on a certain State and local allotment process and formula. Applies such block grant options to all funds appropriated for the Department of Education for FY 2000 or any succeeding fiscal year to carry out programs or activities under: (1) the Goals 2000: Educate America Act (other than titles I and X); (2) the Elementary and Secondary Education Act of 1965 (other than titles VIII, IX, and XIV); (3) the School-to-Work Opportunities Act of 1994; and (4) the Carl D. Perkins Vocational and Applied Technology Education Act. Allows States and LEAs to reserve certain portions of their allotments for specified administrative and other activities.