[Congressional Record Volume 140, Number 25 (Wednesday, March 9, 1994)]
[Senate]
[Page S]
From the Congressional Record Online through the Government Printing Office [www.gpo.gov]


[Congressional Record: March 9, 1994]
From the Congressional Record Online via GPO Access [wais.access.gpo.gov]

 
                          AMENDMENTS SUBMITTED

                                 ______


                      NATIONAL COMPETITIVENESS ACT

                                 ______


                COCHRAN (AND OTHERS) AMENDMENT NO. 1480

  Mr. COCHRAN (for himself, Mrs. Hutchison, Mrs. Kassebaum, Mr. 
Pressler, Mr. Burns, Mr. Domenici, and Mr. Kempthorne) proposed an 
amendment to the bill (S. 4) to promote the industrial competitiveness 
and economic growth of the United States by strengthening and expanding 
the civilian technology programs of the Department of Commerce, 
amending the Stevenson-Wydler Technology Innovation Act of 1980 to 
enhance the development and nationwide deployment of manufacturing 
technologies, and authorizing appropriations for the Technology 
Administration of the Department of Commerce, including the National 
Institute of Standards and Technology, and for other purposes; as 
follows:

       At the appropriate place, insert the following new section:

     SEC.   . COMPLIANCE DATES FOR PESTICIDE SAFETY REQUIREMENTS.

       (a) Worker Protection Standards.--
       (1) In general.--The compliance date for the worker 
     protection standard set forth in part 170 of subchapter E of 
     chapter I of title 40, Code of Federal Regulations, shall be 
     October 23, 1995.
       (2) Pesticide safety training.--Not later than April 23, 
     1995, the Administrator of the Environmental Protection 
     Agency (referred to in this section as the ``Administrator'') 
     shall--
       (A) develop and distribute pesticide safety training 
     materials that convey, at a minimum, the information referred 
     to in section 170.230(c)(4) of such title; and
       (B) assist the appropriate Federal, State, and tribal 
     agencies in implementing pesticide safety training programs 
     required under section 170 of such title.
       (b) Labeling Requirements.--
       (1) Enforcement.--
       (A) In general.--During the period ending on October 23, 
     1995, the labeling requirements for pesticides and devices 
     set forth in subpart K of part 156 of subchapter E of chapter 
     I of title 40, Code of Federal Regulations, may be enforced 
     only--
       (i) in a State that has established a worker protection 
     program with respect to pesticides and devices as of the date 
     of enactment of this Act; and
       (ii) for the purposes of enforcing a State program referred 
     to in clause (i).
       (B) Equivalency.--During the period ending on October 23, 
     1995, each worker protection program referred to in 
     subparagraph (A)(i) shall be considered to meet the 
     requirements of the worker protection standard set forth in 
     part 170 of such subchapter. After such date, the 
     Administrator shall reassess whether the program meets the 
     standard.
       (2) Notification of purchases.--Beginning on April 22, 
     1994, each registrant of pesticides shall provide information 
     for point-of-sale notification to inform purchasers of 
     pesticides that the applicable compliance date for the 
     labeling requirements referred to in paragraph (1)(A) is 
     October 23, 1995.
                                 ______


                      COVERDELL AMENDMENT NO. 1481

  Mr. COVERDELL proposed an amendment to the bill S. 4, supra; as 
follows:

       At the end of the committee substitute, add the following 
     new title:

             TITLE VII--PRIVATE CARRIAGE OF URGENT LETTERS

     SEC. 701. PRIVATE CARRIAGE OF URGENT LETTERS.

       (a) Postal Service Administration.--(1) Section 601(a) of 
     title 39, United States Code, is amended by striking out ``A 
     letter'' and inserting in lieu thereof ``Subject to the 
     provisions of section 607, a letter''.
       (2)(A) Chapter 6 of title 39, United States Code, is 
     amended by adding after section 606 the following new 
     section:

     ``Sec. 607. Administration relating to urgent letters

       ``In the administration of the provisions of this chapter, 
     chapter 4 of this title, and sections 1693 through 1699 of 
     title 18, the Postal Service or the Attorney General of the 
     United States may not--
       (1) fine or otherwise penalize any person who--
       ``(A) is not an entity of the United States Government; and
       ``(B) uses a private express for the private carriage of 
     any letter which such person determines is urgent; or
       ``(2)(A) create a presumption of a violation by a private 
     shipper or carrier with paragraph (1)(B) or any regulation 
     promulgated thereunder relating to the private carriage of an 
     urgent letter as determined under such paragraph; or
       ``(B) establish or shift a burden of establishing the fact 
     of compliance by a private shipper or carrier with paragraph 
     (1)(B) or any regulation promulgated thereunder relating to 
     the private carriage of an urgent letter as determined under 
     such paragraph.''.
       (B) The table of sections for chapter 6 of title 39, United 
     States Code, is amended by adding after the item relating to 
     section 606 the following:

``607. Administration relating to urgent letters.''.

       (b) Private Express Provisions.--(1) Chapter 83 of title 
     18, United States Code, is amended by inserting after section 
     1699 of the following new section:

     ``Sec. 1699A. Application of postal service provisions

       ``The provisions of sections 1693 through 1699 of this 
     title shall be subject to the provisions of section 607 of 
     title 39.''.
       (2) The table of sections for chapter 83 of title 18, 
     United States Code, is amended by inserting after the item 
     relating to section 1699 the following:

``1699A. Application of Postal Service provisions.''.
                                 ______


                      DANFORTH AMENDMENT NO. 1482

  Mr. DANFORTH proposed an amendment to the bill S. 4, supra; as 
follows:

       At the appropriate place, insert the following: 
     Notwithstanding any other provision in this Act, the amounts 
     authorized to be appropriated by this Act shall not be 
     appropriated, but rather the Committee on Finance of the 
     Senate is directed to consider using the equivalent amount to 
     make permanent the research and development tax credit.
                                 ______


               COVERDELL (AND OTHERS) AMENDMENT NO. 1483

  Mr. COVERDELL (for himself, Mr. Murkowski, and Mr. Pryor) proposed an 
amendment to the bill S. 4, supra; as follows:

       On page 216, add after line 12 the following new title:

             TITLE VII--PRIVATE CARRIAGE OF URGENT LETTERS

     SEC. 701. PRIVATE CARRIAGE OF URGENT LETTERS.

       It is the sense of the Congress that the United States 
     Postal Service, in the administration of chapter 6 of title 
     39, United States Code, shall suspend its audits by the 
     Postal Inspection Service of private businesses or 
     individuals who use private express for the private carriage 
     of any letter which such business or individual determines is 
     urgent, until the Congress receives and considers a report by 
     the General Accounting Office regarding the potential 
     financial impact on the Postal Service of permanently 
     suspending enforcement of chapter 6, of title 39, United 
     States Code.
                                 ______


                      McCONNELL AMENDMENT NO. 1484

  (Ordered to lie on the table.)
  Mr. McCONNELL submitted an amendment intended to be proposed by him 
to the bill S. 4, supra;


                      notice to suspend rule xxvi

  Mr. McCONNELL submitted the following notice in writing:

       Mr. President, it is my intention to move to amend the 
     Standing Rules of the Senate. An amendment to be proposed by 
     myself would amend Rule XXVI of the Standing Rules of the 
     Senate by adding the following:


                      mcconnell amendment no. 1484

       At the end of the bill, add the following new section:

     SEC.  . LITIGATION IMPACT STATEMENT.

       Paragraph 11 of rule XXVI of the Standing Rules of the 
     Senate is amended by--
       (1) in subparagraph (c), by striking ``paragraphs (a) and 
     (b)'' and inserting ``paragraphs (a), (b), and (c)'';
       (2) by redesignating subparagraph (c) as subparagraph (d); 
     and
       (3) by adding after subparagraph (b) the following:
       ``(c) Each such report (except those by the Committee on 
     Appropriations) shall also contain a litigation impact 
     statement prepared by the Department of Justice which shall 
     include--
       ``(1) an estimate of any increase in litigation which would 
     result from the enactment of the bill or joint resolution;
       ``(2) an estimate of any increase in private liability 
     which would result from the enactment of the bill or joint 
     resolution; and
       ``(3) an estimate of any increase in liability insurance 
     costs which would result from the enactment of the bill or 
     joint resolution.''.
                                 ______


                NICKLES (AND OTHERS) AMENDMENT NO. 1485

  Mr. NICKLES (for himself, Mr. Reid, Mr. Murkowski, Mr. McCain, Mr. 
Burns, Mr. Helms, Mr. Bennett, Mr. Danforth, Mr. Domenici, Mr. 
Grassley, Mr. Boren, Mr. Coats, Mr. Gramm, and Mrs. Hutchison) proposed 
an amendment to the bill S. 4, supra; as follows:

       At the end of the substitute, add the following:

     SEC.  . ECONOMIC AND EMPLOYMENT IMPACT ACT.

       (a) Short Title.--This section may be cited as the 
     ``Economic and Employment Impact Act''.
       (b) Findings and Purposes.--
       (1) Findings.--The Congress finds that--
       (A) compliance with Federal regulations is estimated to 
     cost the private sector and State and local governments as 
     much as $850,000,000,000 a year;
       (B) excessive Federal regulation and mandates increase the 
     cost of doing business and thus hinder economic growth and 
     employment opportunities;
       (C) State and local governments are forced to absorb the 
     cost of unfunded Federal mandates; and
       (D) in addition to budget and deficit estimates, Congress 
     and the executive branch decision makers need to be aware of 
     regulatory cost impacts of proposed Federal actions on the 
     private sector and State, local, and tribal governments.
       (2) Purposes.--The purposes of this section are--
       (A) to ensure that the people of United States are fully 
     apprised of the impact of Federal legislative and regulatory 
     activity on economic growth and employment;
       (B) to require both the Congress and the executive branch 
     to acknowledge and to take responsibility for the fiscal and 
     economic effects of legislative and regulatory actions and 
     activities;
       (C) to provide a means to ensure that congressional and 
     executive branch action are focused on enhancing economic 
     growth and providing increased job opportunities for the 
     people of United States; and
       (D) to protect against congressional or executive branch 
     actions which hinder economic growth or eliminate jobs for 
     the people of United States.
       (c) Economic and Employment Impact Statements for 
     Legislation.--
       (1) Preparation.--The Director of the Congressional Budget 
     Office (referred to as the ``Director'') shall prepare an 
     economic and employment impact statement, as described in 
     paragraph (2), to accompany each bill or joint resolution 
     reported by any committee (except the Committee on 
     Appropriations) of the House of Representatives or the Senate 
     or considered on the floor of either House.
       (2) Contents.--The economic and employment impact statement 
     required by paragraph (1) shall include the following:
       (A) An estimate of the numbers of individuals and 
     businesses who would be regulated by the bill or joint 
     resolution and a determination of the groups and classes of 
     such indivudals and businesses;
       (B) A determination of the economic impact of such 
     regulation on individuals, consumers, and businesses 
     affected.
       (C)(i) An estimate of the costs which would be incurred by 
     the private sector in carrying out or complying with such 
     bill or joint resolution in the fiscal year in which it is to 
     become effective, and in each of the 4 fiscal years following 
     such fiscal year, together with the basis for each such 
     estimate.
       (ii) Estimates required by this subparagraph shall include 
     specific data on costs imposed on groups and classes of 
     individuals and businesses, including small business and 
     consumers, and employment impacts on those individuals and 
     businesses.
       (D) An estimate of the costs that would be incurred by 
     State and local governments, which shall include--
       (i) the estimates required by section 403 of the 
     Congressional Budget Act of 1974; and
       (ii) an evaluation of the extent of the costs of the 
     Federal mandates arising from such bill or joint resolution 
     in comparison with funding assistance provided by the Federal 
     Government to address the costs of complying with such 
     mandates.
       (3) Report not available.--If compliance with the 
     requirements of paragraph (1) is impracticable, the Director 
     shall submit a statement setting forth the reasons for 
     noncompliance.
       (4) Statement to accompany committee reports.--The economic 
     and employment impact statement required by this subsection 
     shall accompany each bill or joint resolution reported or 
     otherwise considered on the floor of either House. Such 
     statement shall be printed in the committee report upon 
     timely submission to the committee. If not timely filed or 
     otherwise unavailable for publication in the committee 
     report, the economic and regulatory statement shall be 
     published in the Congressional Record not less than 2 
     calendar days prior to any floor consideration of a bill or 
     joint resolution subject to the provisions of this subsection 
     by either House.
       (5) Committee statements optional.--Nothing in this 
     subsection shall be construed to modify or otherwise affect 
     the requirements of paragraph 11(b) of rule XXVI of the 
     Standing Rules of the Senate, regarding preparation of an 
     evaluation of regulatory impact.
       (d) Economic and Employment Impact Statement for Executive 
     Branch Regulations.--
       (1) Preparation.--Each Federal department or executive 
     branch agency shall prepare an economic and employment impact 
     statement, as described in paragraph (2), to accompany 
     regulatory actions.
       (2) Contents.--The economic and employment impact statement 
     required by paragraph (1) shall include the following:
       (A) An estimate of the numbers of individuals and 
     businesses who would be regulated by the regulatory action 
     and a determination of the groups and classes of such 
     individuals and businesses.
       (B) A determination of the economic impact of such 
     regulation on individuals, consumers, and businesses 
     affected.
       (C)(i) An estimate of the cost which would be incurred by 
     the private sector in carrying out or complying with such 
     regulatory action in the fiscal year in which it is to become 
     effective and in each of the 4 fiscal years following such 
     fiscal year, together with the basis for each such estimate;
       (ii) The estimate required by this subparagraph shall 
     include specific data on costs on groups and classes of 
     individuals and businesses, including small business and 
     consumers, and employment impacts on those individuals and 
     businesses.
       (D) An estimate of the costs that would be incurred by 
     State and local governments, which shall include--
       (i) an estimate of cost which would be incurred by State 
     and local governments in carrying out or complying with the 
     regulatory action in the fiscal year in which it is to become 
     effective and in each of the 4 fiscal years following such 
     fiscal year; together with the basis for such estimate;
       (ii) a comparison of the estimates of costs described in 
     clause (i), with any available estimates of costs made by any 
     Federal or State agency;
       (iii) if the agency determines that the regulatory action 
     is likely to result in annual cost to State and local 
     governments of $200,000,000 or more, or is likely to have 
     exceptional fiscal consequences for a geographic region or a 
     particular level of government, a statement by the agency 
     detailing such results or consequences; and
       (iv) an evaluation of the extent of the costs of the 
     Federal mandates arising from the regulatory action in 
     comparison with funding assistance provided by the Federal 
     Government to address the costs of complying with such 
     mandates.
       (4) Report not available.--If compliance with the 
     requirements of paragraph (1) is impracticable, the agency or 
     department shall submit a statement setting forth the reasons 
     for noncompliance.
       (5) Statement to accompany federal regulatory actions.--The 
     economic and employment impact statement with respect to a 
     regulatory action required by this subsection shall be 
     published in the Federal Register together with the 
     publication of such regulatory action. If the regulatory 
     action is not published in the Federal Register, the economic 
     and employment impact statement shall be made available to 
     the public in a timely manner.
       (6) Definition of ``regulatory action''.--For purposes of 
     this subsection, the term ``regulatory action'' means any 
     substantive action by a Federal agency (required to be or 
     customarily published in the Federal Register) that 
     promulgates or is expected to lead to the promulgation of a 
     final rule or regulation, including notices of inquiry, 
     advance notices of proposed rulemaking, notices of proposed 
     rulemaking, interim final rules, and final rules and 
     regulations.
       (e) Provision for National Security Emergency Waiver.--
       (1) Congressional economic impact statement.--The Congress 
     may waive the requirements of subsection (c) at any time in 
     which a declaration of war is in effect, or in response to a 
     national security emergency at the request of the President.
       (2) Executive regulations economic impact statements.--The 
     President may waive the requirements of subsection (d) at any 
     time in which a declaration of war is in effect, or in 
     response to a national security emergency as determined by 
     the President in consultation with Congress.
       (f) Effective Date.--This section shall take effect 30 days 
     after the date enactment of this Act.
                                 ______


                SIMPSON (AND OTHERS) AMENDMENT NO. 1486

  Mr. SIMPSON (for himself and Mr. Nickles, Mr. Dole, Mr. Cochran, Mr. 
Gramm, Mr. Thurmond, Mr. Durenberger, Mr. Kempthorne, Mr. Wallop, Mr. 
Coverdell, Mr. Murkowski, Mr. Mack, Mr. Pressler, Mr. Lott, Mr. Smith, 
Mrs. Hutchison, Mr. Helms, Mr. Craig, Mr. Coats, Mr. Gorton, and Mr. 
Warner) proposed an amendment to the bill S. 4, supra; as follows:

       Strike out the Committee substitute amendment and insert in 
     lieu thereof the following:

     SECTION 1. SHORT TITLE.

       This Act may be cited as the ``Federal Regulatory Reform 
     Act of 1994''.
                   TITLE I--REGULATORY PROCESS REFORM
               Subtitle A--Economic and Employment Impact

     SEC. 101. ECONOMIC AND EMPLOYMENT IMPACT ACT.

       (a) Short Title.--This subtitle may be cited as the 
     ``Economic and Employment Impact Act''.
       (b) Findings and Purposes.--
       (1) Findings.--The Congress finds that--
       (A) compliance with Federal regulations is estimated to 
     cost the private sector and State and local governments as 
     much as $850,000,000,000 a year;
       (B) excessive Federal regulation and mandates increase the 
     cost of doing business and thus hinder economic growth and 
     employment opportunities;
       (C) State and local governments are forced to absorb the 
     cost of unfunded Federal mandates; and
       (D) in addition to budget and deficit estimates, Congress 
     and the executive branch decision makers need to be aware of 
     regulatory cost impacts of proposed Federal actions on the 
     private sector and State, local, and tribal governments.
       (2) Purposes.--The purposes of this section are--
       (A) to ensure that the people of United States are fully 
     apprised of the impact of Federal legislative and regulatory 
     activity on economic growth and employment;
       (B) to require both the Congress and the executive branch 
     to acknowledge and to take responsibility for the fiscal and 
     economic effects of legislative and regulatory actions and 
     activities;
       (C) to provide a means to ensure that congressional and 
     executive branch action are focused on enhancing economic 
     growth and providing increased job opportunities for the 
     people of the United States; and
       (D) to protect against congressional or executive branch 
     actions which hinder economic growth or eliminate jobs for 
     the people of the United States.
       (c) Economic and Employment Impact Statements for 
     Legislation.--
       (1) Preparation.--The Director of the Congressional Budget 
     Office (referred to as the ``Director'') shall prepare an 
     economic and employment impact statement, as described in 
     paragraph (2), to accompany each bill or joint resolution 
     reported by any committee (except the Committee on 
     Appropriations) of the House of Representatives or the Senate 
     or considered on the floor of either House.
       (2) Contents.--The economic and employment impact statement 
     required by paragraph (1) shall include the following:
       (A) An estimate of the numbers of individuals and 
     businesses who would be regulated by the bill or joint 
     resolution and a determination of the groups and classes of 
     such individuals and businesses;
       (B) A determination of the economic impact of such 
     regulation on individuals, consumers, and businesses 
     affected.
       (C)(i) An estimate of the costs which would be incurred by 
     the private sector in carrying out or complying with such 
     bill or joint resolution in the fiscal year in which it is to 
     become effective, and in each of the 4 fiscal years following 
     such fiscal year, together with the basis for each such 
     estimate.
       (ii) Estimates required by this subparagraph shall include 
     specific data on costs imposed on groups and classes of 
     individuals and businesses, including small business and 
     consumers, and employment impacts on those individuals and 
     businesses.
       (D) An estimate of the costs that would be incurred by 
     State and local governments, which shall include--
       (i) the estimates required by section 403 of the 
     Congressional Budget Act of 1974; and
       (ii) an evaluation of the extent of the costs of the 
     Federal mandates arising from such bill or joint resolution 
     in comparison with funding assistance provided by the Federal 
     Government to address the costs of complying with such 
     mandates.
       (3) Report not available.--If compliance with the 
     requirements of paragraph (1) is impracticable, the Director 
     shall submit a statement setting forth the reasons for 
     noncompliance.
       (4) Statement to accompany committee reports.--The economic 
     and employment impact statement required by this subsection 
     shall accompany each bill or joint resolution reported or 
     otherwise considered on the floor of either House. Such 
     statement shall be printed in the committee report upon 
     timely submission to the committee. If not timely filed or 
     otherwise unavailable for publication in the committee 
     report, the economic and regulatory statement shall be 
     published in the Congressional Record not less than 2 
     calendar days prior to any floor consideration of a bill or 
     joint resolution subject to the provisions of this subsection 
     by either House.
       (5) Committee statements optional.--Nothing in this 
     subsection shall be construed to modify or otherwise affect 
     the requirements of paragraph 11(b) of rule XXVI of the 
     Standing Rules of the Senate, regarding preparation of an 
     evaluation of regulatory impact.
       (d) Economic and Employment Impact Statement for Executive 
     Branch Regulations.--
       (1) Preparation.--Each Federal department or executive 
     branch agency shall prepare an economic and employment impact 
     statement, as described in paragraph (2), to accompany 
     regulatory actions.
       (2) Contents.--The economic and employment impact statement 
     required by paragraph (1) shall include the following:
       (A) An estimate of the numbers of individuals and 
     businesses who would be regulated by the regulatory action 
     and a determination of the groups and classes of such 
     individuals and businesses.
       (B) A determination of the economic impact of such 
     regulation on individuals, consumers, and businesses 
     affected.
       (C)(i) An estimate of the costs which would be incurred by 
     the private sector in carrying out or complying with such 
     regulatory action in the fiscal year in which it is to become 
     effective and in each of the 4 fiscal years following such 
     fiscal year, together with the basis for each such estimate;
       (ii) The estimate required by this subparagraph shall 
     include specific data on costs on groups and classes of 
     individuals and businesses, including small business and 
     consumers, and employment impacts on those individuals and 
     businesses.
       (D) An estimate of the costs that would be incurred by 
     State and local governments, which shall include--
       (i) an estimate of cost which would be incurred by State 
     and local governments in carrying out or complying with the 
     regulatory action in the fiscal year in which it is to become 
     effective and in each of the 4 fiscal years following such 
     fiscal year, together with the basis for such estimate;
       (ii) a comparison of the estimates of costs described in 
     clause (i), with any available estimates of costs made by any 
     Federal or State agency;
       (iii) if the agency determines that the regulatory action 
     is likely to result in annual cost to State and local 
     governments of $200,000,000 or more, or is likely to have 
     exceptional fiscal consequences for a geographic region or a 
     particular level of government, a statement by the agency 
     detailing such results or consequences; and
       (iv) an evaluation of the extent of the costs of the 
     Federal mandates arising from the regulatory action in 
     comparison with funding assistance provided by the Federal 
     Government to address the costs of complying with such 
     mandates.
       (4) Report not available.--If compliance with the 
     requirements of paragraph (1) is impracticable, the 
     Department or agency shall submit a statement setting forth 
     the reasons for noncompliance.
       (5) Statement to accompany federal regulatory actions.--The 
     economic and employment impact statement with respect to a 
     regulatory action required by this subsection shall be 
     published in the Federal Register together with the 
     publication of such regulatory action. If the regulatory 
     action is not published in the Federal Register, the economic 
     and employment impact statement shall be made available to 
     the public in a timely manner.
       (6) Definition of ``regulatory action''.--For purposes of 
     this subsection, the term ``regulatory action'' means any 
     substantive action by a Federal agency (required to be or 
     customarily published in the Federal Register) that 
     promulgates or is expected to lead to the promulgation of a 
     final rule or regulation, including notices of inquiry, 
     advance notices of proposed rulemaking, notices of proposed 
     rulemaking, interim final rules, and final rules and 
     regulations.
       (e) Provision for National Security Emergency Waiver.--
       (1) Congressional economic impact statements.--The Congress 
     may waive the requirements of subsection (c) at any time in 
     which a declaration of war is in effect, or in response to a 
     national security emergency at the request of the President.
       (2) Executive regulations economic impact statements.--The 
     President may waive the requirements of subsection (d) at any 
     time in which a declaration of war is in effect, or in 
     response to a national security emergency as determined by 
     the President in consultation with Congress.
       (f) Effective Date.--This section shall take effect 30 days 
     after the date enactment of this Act.
        Subtitle B--Cost Benefit Analysis of Regulatory Actions

     SEC. 111. RISK AND COST BENEFIT ANALYSIS OF REGULATORY 
                   ACTIONS.

       (a) Definition.--For purposes of this section, the term 
     ``regulatory action'' means a substantive action by a Federal 
     agency (required to be or customarily published in the 
     Federal Register) that promulgates or is expected to lead to 
     the promulgation of a final rule or regulation, including--
       (1) a notice of proposed rulemaking; and
       (2) an interim final rule.
       (b) Comprehensive Analysis of Specific Economic Costs and 
     Benefits.--Notwithstanding any other provision of law, for 
     each regulatory action, the head of a Federal agency 
     proposing a regulatory action shall--
       (1) publish in the Federal Register a comprehensive 
     analysis of the specific costs and benefits or detailed 
     summary of such an analysis resulting from implementation of 
     the final rule or regulation contemplated by the regulatory 
     action; and
       (2) certify that the regulation will produce benefits that 
     will justify the cost to the Government and to the public of 
     implementation of, and compliance with, the regulatory 
     action.
       (c) Costs.--The head of an agency proposing a regulatory 
     action shall include in the analysis as specific costs, when 
     applicable--
       (1) the total number of direct and indirect jobs to be 
     lost;
       (2) the costs incurred by Federal, State, and local 
     governments, and other public and private entities; and
       (3) any human health or environmental risks created as a 
     result of implementation of, and compliance with, the 
     proposed regulation or the proposed regulatory change.
       (d) Benefits.--The head of an agency proposing a regulatory 
     action shall include in the analysis as specific benefits, 
     when applicable--
       (1) the total number of direct and indirect jobs to be 
     gained;
       (2) the savings realized by Federal, State, and local 
     governments, and other public and private entities; and
       (3) the human health or environmental risk to be reduced by 
     the proposed regulation or proposed regulatory change.
       (e) No Cost/Benefit Certification.--If the head of the 
     agency proposing a regulatory action is unable to make the 
     certification under subsection (b)(2), the head of the agency 
     shall include in the statement published in the Federal 
     Register the reasons why such certification cannot be made. 
     The head of the agency shall submit a copy of the statement 
     to the Congress.
                  Subtitle C--Private Property Rights

     SEC. 121. SHORT TITLE.

       This subtitle may be cited as the ``Private Property Rights 
     Act of 1994''.

     SEC. 122. DEFINITIONS.

       As used in this subtitle:
       (1) The term ``agency'' means all executive branch 
     agencies, including any military department of the United 
     States Government, any United States Government corporation, 
     United States Government controlled corporation, or other 
     establishment in the Executive Branch of the United States 
     Government.
       (2) The term ``taking of private property'' means an 
     activity wherein private property is taken such that 
     compensation to the owner of that property is required by the 
     Fifth Amendment to the Constitution of the United States.

     SEC. 123. PROTECTION OF PRIVATE PROPERTY.

       No regulations promulgated after the date of enactment of 
     this Act by any agency shall become effective until the 
     issuing agency is certified by the Attorney General to be in 
     compliance with Executive Order 12630, as in effect in 1991, 
     the language of which is hereby incorporated by reference and 
     enacted into public law, to assess the potential for the 
     taking of private property in the course of Federal 
     regulatory activity, with the goal of minimizing such where 
     possible.

     SEC. 124. JUDICIAL REVIEW.

       (a) In General.--Judicial review of actions taken pursuant 
     to this Act shall be limited to whether the Attorney General 
     has certified the issuing agency as in compliance with 
     Executive Order 12630 or similar procedures, such review to 
     be permitted in the same forum and at the same time as the 
     issued regulations are otherwise subject to judicial review. 
     Only persons adversely affected or grieved by agency action 
     shall have standing to challenge that action as contrary to 
     this Act. In no event shall such review include any issue for 
     which the United States Claims Court has jurisdiction.
       (b) Application.--Nothing in this section shall affect any 
     otherwise available judicial review of agency action.
              Subtitle D--Regulatory Flexibility Analysis

     SEC. 131. DEFINITIONS.

       Section 601 of title 5, United States Code, is amended--
       (1) in paragraph (2), by inserting ``any rule of the 
     Internal Revenue Service,'' before ``or any other law, 
     including'';
       (2) in paragraph (5), by striking out ``and'' at the end 
     thereof;
       (3) in paragraph (6), by striking out the period and 
     inserting in lieu thereof a semicolon and ``and''; and
       (4) by adding at the end thereof the following new 
     paragraph:
       ``(7) the term `impact' means effects of a proposed or 
     final rule which an agency can anticipate at the time of 
     publication, and includes those effects which are directly 
     and indirectly imposed by the proposed or final rule and are 
     beneficial and negative.''.

     SEC. 132. INITIAL REGULATORY FLEXIBILITY ANALYSIS.

       Section 603 of title 5, United States Code, is amended--
       (1) in subsection (a)--
       (A) in the first sentence by inserting ``as defined under 
     section 601(2)'' after ``any proposed rule''; and
       (B) in the second sentence by striking out ``the impact'' 
     and inserting in lieu thereof ``both the direct and indirect 
     impacts'';
       (2) in subsection (b)(3), by striking out ``apply'' and 
     inserting in lieu thereof ``directly apply and an estimate of 
     the number of small entities to which the rule will 
     indirectly apply''; and
       (3) in subsection (c), in the first sentence by inserting 
     before the period ``either directly or indirectly effected''.

     SEC. 133. FINAL REGULATORY FLEXIBILITY ANALYSIS.

       Section 604(a) of title 5, United States Code, is amended 
     in the first sentence by striking out ``under section 553 of 
     this title, after being required by that section or any other 
     law to publish a general notice of proposed rulemaking'' and 
     inserting in lieu thereof ``as defined under section 
     610(2)''.

     SEC. 134. JUDICIAL REVIEW.

       Section 611 of title 5, United States Code, is amended--
       (1) by striking out subsection (b); and
       (2) by redesignating subsection (c) as subsection (b).
                 TITLE II--REGULATORY REPEAL AND REFORM
                   Subtitle A--Davis-Bacon Act Reform

     SEC. 201. INCREASE IN THE FEDERAL CONSTRUCTION CONTRACT 
                   AMOUNT REQUIREMENT UNDER THE DAVIS-BACON ACT; 
                   TECHNICAL AND CONFORMING AMENDMENTS.

       (a) Increase in Threshold Amount.--Section 1(a) of the Act 
     of March 3, 1931 (commonly known as the ``Davis-Bacon Act'') 
     (40 U.S.C. 276a), is amended by striking ``for every 
     contract'' and all that follows through ``the geographical 
     limits of the States of the Union or the District of 
     Columbia,'' and inserting the following: ``for every 
     contract--
       ``(1) in excess of $100,000, to which the United States or 
     the District of Columbia is a party, for construction, 
     alteration, or repair, including painting and decorating, of 
     public buildings or public works of the United States or the 
     District of Columbia within the geographical limits of the 48 
     contiguous States of the United States, or the District of 
     Columbia; or
       ``(2) in excess of $2,000, to which the United States or 
     the District of Columbia is a party, for construction, 
     alteration, or repair, including painting and decorating, of 
     public buildings or public works of the United States or the 
     District of Columbia within the geographical limits of a 
     State of the United States that is not contiguous to any 
     other State of the United States,''.
       (b) Prohibition of Contract-Splitting.--Section 1 of the 
     Act of March 3, 1931 (40 U.S.C. 276a), is further amended by 
     adding at the end the following new subsections:
       ``(c) Except as provided in subsection (f), any person 
     entering into a contract under which wages are to be 
     determined in accordance with this Act shall not divide any 
     project to which such contract applies, into two or more 
     contracts of $100,000 or less if the project would not have 
     been so divided but for the purpose of avoiding application 
     of this Act.
       ``(d) If the Secretary of Labor determines that a division 
     of contracts in violation of subsection (c) has occurred, the 
     Secretary may--
       ``(1) require that the contracts, grants, or other 
     instruments providing Federal financing or assistance be 
     amended so as to incorporate retroactively all the provisions 
     that would have been required under this Act or other 
     applicable prevailing wage statute; and
       ``(2) require the contracting or assisting agency, the 
     recipient of Federal financing or assistance, or any other 
     entity that awarded the contract or instrument providing 
     Federal financing or assistance in violation of this section, 
     to compensate the contractor, the grantee, or other recipient 
     of Federal assistance, as appropriate, for payment to each 
     affected laborer and mechanic, of an amount equal to the 
     difference between the rate received and the applicable 
     prevailing wage rate, with interest on wages due at the rate 
     specified in section 6621(c) of the Internal Revenue Code of 
     1986, from the date the work was performed by such laborers 
     and mechanics.
       ``(e) The Secretary shall make a determination that a 
     violation of subsection (c) has occurred only where the 
     Secretary has notified the agency or entity in question not 
     later than 180 days after completion of construction on the 
     project that an investigation will be conducted concerning an 
     alleged violation of this subsection.
       ``(f) The provision of subsection (c) shall not apply to a 
     contract described in paragraph (2) of subsection (a).''.
       (c) Technical Amendment Applying Reform to Related Acts.--
     The Act of March 3, 1931 (40 U.S.C. 276a-276a-5) is further 
     amended by adding at the end the following new section:
       ``Sec. 8. (a) Except as provided in subsection (b), no 
     provision of any law requiring the payment of prevailing wage 
     rates as determined by the Secretary in accordance with this 
     Act shall apply to contracts for construction, alteration, or 
     repair valued at $100,000 or less, or in the case of rent 
     supplement assistance or other assistance for which the 
     instrument of Federal financing or assistance does not have 
     an aggregate dollar amount, where the assisted project is in 
     the amount of $100,000 or less.
       ``(b) The provision of subsection (a) shall not apply to a 
     contract described in section 1(a)(2).''.
       (d) Conforming Amendment to the Copeland Act.--The Act of 
     June 13, 1934, (commonly known as the Copeland Act) (40 
     U.S.C. 276c), is amended by adding at the end thereof the 
     following: ``Except for a contract described in section 
     1(a)(2) of the Act of March 3, 1931 (40 U.S.C. 276a(a)(2)), 
     this section shall not apply to any contract or project that 
     is exempted by its size from the application of such Act.''.

     SEC. 202. AMENDMENT TO THE COPELAND ACT TO ELIMINATE 
                   UNNECESSARY AND BURDENSOME REPORTS AND TO 
                   PROVIDE FOR MORE EFFECTIVE AND EFFICIENT 
                   VERIFICATION OF COMPLIANCE WITH THE DAVIS-BACON 
                   ACT.

       Section 2 of the Act of June 13, 1934 (commonly known as 
     the Copeland Act) (40 U.S.C. 276c), is amended by striking in 
     the first sentence ``weekly'' and all that follows through 
     ``week'' and inserting ``at least once per month a statement 
     of compliance with the labor standards provisions of 
     applicable law that certifies the payroll with respect to 
     wages paid employees during the preceding period for which 
     such statement is furnished and that covers each week any 
     contract work is performed''.
  Subtitle B--Increase of Service Contract Act of 1965 Contract Amount

     SEC. 211. INCREASE IN THE FEDERAL CONSTRUCTION CONTRACT 
                   AMOUNT REQUIREMENT UNDER THE SERVICE CONTRACT 
                   ACT OF 1965.

       The matter preceding paragraph (1) of section 2(a) of the 
     Service Contract Act of 1965 (41 U.S.C. 351(a)), is amended 
     to read as follows:
       ``(a) Except as provided in section 7, every contract (and 
     any bid specification therefor) entered into by the United 
     States or the District of Columbia, whether negotiated or 
     advertised, in excess of $100,000 in the case of a contract 
     the principal purpose of which is to furnish services within 
     the geographical limits of the 48 contiguous States of the 
     United States, or the District of Columbia through the use of 
     service employees, or $2,500 in the case of a contract the 
     principal purpose of which is to furnish services in a State 
     of the United States that is not contiguous to any other 
     State of the United States through the use of service 
     employees, shall contain the following:''.
 Subtitle C--Export of Certain Devices Regulated by the Food and Drug 
                             Administration

     SEC. 215. EXPORT OF DEVICES.

       Section 801(e)(2) of the Federal Food, Drug, and Cosmetic 
     Act (21 U.S.C. 381(e)(2)) is amended by striking subparagraph 
     (C) and the matter following subparagraph (C) and inserting 
     the following:
       ``(C) which is a banned device under section 516,

     except as provided in paragraph (3).
       ``(3) Paragraph (1) shall apply to a device described in 
     paragraph (2) if the Secretary has determined such device 
     is--
       ``(A) the subject of an application under active review 
     under section 515,
       ``(B) to be exported to one or more of the countries listed 
     under section 802(b)(4)(A),
       ``(C) to be labeled for export only to a country listed 
     under section 802(b)(4)(A), and
       ``(D) the subject of a certification by the manufacturer of 
     the device that certain steps will be taken to reduce the 
     likelihood of transshipment of the device to countries not 
     listed under section 802(b)(4)(A).''.
             Subtitle D--Safety Exemptions for Heroic Acts

     SEC. 231. SHORT TITLE.

       This Act may be cited as the ``Heroic Efforts to Rescue 
     Others Act'' (HERO Act).

     SEC. 232. FINDINGS.

       Congress finds that--
       (1) existing Occupational Safety and Health Administration 
     regulations require the issuance of a citation to an employer 
     in a circumstance in which an employee of such employer has 
     voluntarily acted in a heroic manner to rescue individuals 
     from imminent harm during work hours;
       (2) application of such regulations to employers in such 
     circumstance causes hardships to those employers who are 
     responsible for employees who perform heroic acts to save 
     individuals from imminent harm;
       (3) strict application of such regulations in such 
     circumstance penalizes employers as a result of the time lost 
     and legal fees incurred to defend against such citations; and
       (4) in order to save employers the cost of unnecessary 
     enforcement an exemption from the issuance of a citation to 
     an employer under certain situations related to such 
     circumstance is appropriate.

     SEC. 233. CITATIONS.

       Section 9 of the Occupational Safety and Health Act (29 
     U.S.C. 658) is amended by adding at the end the following new 
     subsection:
       ``(d)(1) No citation may be issued under this section with 
     respect to a rescue by an employer's employee of an 
     individual in imminent harm unless--
       ``(A)(i) such employee is designated by the employee's 
     employer for service on a rescue team; and
       ``(ii) the employer fails to provide protection of the 
     safety and health of such employee, including failing to 
     provide rescue equipment or providing inadequate personal 
     protective equipment;
       ``(B)(i) such employee is directed by the employee's 
     employer to perform rescue activities in the course of 
     carrying out the employee's job duties; and
       ``(ii) the employer fails to provide protection of the 
     safety and health of such employee, including failing to 
     provide rescue equipment or providing inadequate personal 
     protective equipment; or
       ``(C)(i) such employee--
       ``(I) is employed in a workplace that requires such 
     employee to carry out duties that are directly related to a 
     workplace operation where the likelihood of life-threatening 
     accidents is foreseeable, such as a workplace operation where 
     employees are located in confined spaces or trenches, handle 
     hazardous waste, respond to emergency situations, or perform 
     excavations or construction over water;
       ``(II) has no occupational responsibility to rescue such an 
     individual; and
       ``(III) voluntarily elects to rescue such an individual; 
     and
       ``(ii) the employer fails to provide training to such 
     employee prior to the assignment of such employee to such 
     workplace operation on the recognition of the hazards 
     inherent in a rescue effort and the risks to a potential 
     rescuer who is not trained in rescue operations.
       ``(2) For purposes of this subsection, the term `imminent 
     harm' means the existence of any condition or practice that 
     could reasonably be expected to cause death or serious 
     physical harm before such condition or practice can be 
     abated.''.
           Subtitle E--Rural Community Bank Paperwork Relief

     SEC. 241. SHORT TITLE.

       This subtitle may be cited as the ``Rural Community Bank 
     Paperwork Relief Act of 1994''.

     SEC. 242. SELF-CERTIFICATION.

       The Community Reinvestment Act of 1977 (12 U.S.C. 2901 et 
     seq.) is amended by adding at the end the following new 
     section:

     ``SEC. 809. SELF-CERTIFICATION FOR INSTITUTIONS IN RURAL 
                   TOWNS.

       ``A regulated financial institution shall be exempt from 
     the evaluation and examination requirements of this title if 
     such institution--
       ``(1) is located in a town, political subdivision, or other 
     unit of general local government that--
       ``(A) has a population of not more than 20,000 residents, 
     according to the most recent available census data; and
       ``(B) is not located in a metropolitan statistical area of 
     the United States Department of Commerce, Bureau of the 
     Census;
       ``(2) has a net loans and leases to deposits ratio of not 
     less than 70 percent of the average institutional ratio of 
     financial institutions of similar size in the same State, as 
     defined by the appropriate Federal financial supervisory 
     agency; and
       ``(3) certifies that it is effectively meeting the credit 
     needs of its entire community, including low- and moderate-
     income neighborhoods, as determined in regulations published 
     by each appropriate Federal financial supervisory agency.''.

     SEC. 243. INCREASED INCENTIVES TO LENDING TO LOW- AND 
                   MODERATE-INCOME COMMUNITIES.

       Section 804 of the Community Reinvestment Act of 1977 (12 
     U.S.C. 2903) is amended by adding at the end the following 
     new subsection:
       ``(c) Certain Rural Institutions.--In evaluating a 
     regulated financial institution, the appropriate Federal 
     financial supervisory agency shall give appropriate 
     consideration and weight to the institution's investments in 
     and loans to joint ventures or other entities or projects 
     that provide benefits to distressed communities located 
     within or outside of the service area of the institution (as 
     such terms are defined by the appropriate Federal financial 
     supervisory agency) if such institution--
       ``(1) is located in a town, political subdivision, or other 
     unit of general local government that is not located in a 
     metropolitan statistical area of the United States Department 
     of Commerce, Bureau of the Census; and
       ``(2) does not meet the requirements of section 809.''.
   Subtitle F--Reducing the Burden of Federal Paperwork on the Public

     SEC. 251. SHORT TITLE.

       This subtitle may be cited as the ``Paperwork Reduction Act 
     of 1994''.

               CHAPTER 1--AUTHORIZATION OF APPROPRIATIONS

     SEC. 252. AUTHORIZATION OF APPROPRIATIONS.

       Section 3520(a) of title 44, United States Code, is amended 
     by striking out ``$5,500,000 for each of the fiscal years 
     1987, 1988, and 1989.'' and inserting in lieu thereof 
     ``$7,000,000 for fiscal year 1994, $7,500,000 for fiscal year 
     1995, $8,000,000 for fiscal year 1996, $8,500,000 for fiscal 
     year 1997, and $9,000,000 for fiscal year 1998.''.

   CHAPTER 2--REDUCING THE BURDEN OF FEDERAL PAPERWORK ON THE PUBLIC

     SEC. 255. REEMPHASIZING THE NEED TO REDUCE THE BURDEN OF 
                   FEDERAL PAPERWORK ON THE PUBLIC.

       Section 3501 of title 44, United States Code, is amended to 
     read as follows:

     ``Sec.  3501. Purposes

       ``The purposes of this chapter are to--
       ``(1) minimize the Federal paperwork burden for 
     individuals, small businesses, educational and nonprofit 
     institutions, Federal contractors, State and local 
     governments, and other persons;
       ``(2) minimize the cost to the Federal Government of 
     collecting, maintaining, using, retaining, sharing, and 
     disseminating information;
       ``(3) maximize the usefulness of information collected, 
     maintained, used, retained and shared by the Federal 
     Government;
       ``(4) coordinate, integrate and, to the extent practicable 
     and appropriate, make uniform Federal information policies 
     and practices;
       ``(5) ensure that government information resources 
     management is conducted in an efficient and cost effective 
     manner to--
       ``(A) improve the quality of decisionmaking and program 
     management and administration;
       ``(B) improve the quality and timeliness of services 
     delivered to the public;
       ``(C) increase productivity;
       ``(D) reduce waste and fraud;
       ``(E) facilitate the sharing of information;
       ``(F) ensure the integrity, quality and utility of the 
     Federal statistical system; and
       ``(G) reduce burden upon the public;
       ``(6) ensure that the collection, maintenance, use, 
     retention, sharing, and disseminating of information by or 
     for the Federal Government is consistent with applicable 
     laws;
       ``(7) establish the responsibility and public 
     accountability of Federal agencies for implementing the 
     information collection review process, information resources 
     management, and related policies and guidance established 
     pursuant to this chapter;
       ``(8) ensure that automatic data processing, 
     telecommunications and other information technologies are 
     acquired and used by the Federal Government in an effective 
     and efficient manner that--
       ``(A) improves service delivery and program management;
       ``(B) increases productivity;
       ``(C) improves the quality of decisionmaking;
       ``(D) reduces waste and fraud;
       ``(E) maximizes the return on investment from the 
     application of Government information and information 
     technology resources over their life cycle; and
       ``(F) wherever practicable and appropriate, reduces the 
     information processing burden for the Federal Government and 
     for persons who provide information, keep records and 
     otherwise disclose information to and for the Federal 
     Government; and
       ``(9) strengthen the partnership between the Federal 
     Government with State and local governments by minimizing the 
     burden and maximizing the utility of information collected 
     and shared.''.

     SEC. 256. COVERAGE OF ALL FEDERALLY SPONSORED PAPERWORK 
                   BURDENS.

       Section 3502 of title 44, United States Code, is amended--
       (1) by amending paragraph (3) to read as follows:
       ``(3) the term `burden' means the time, effort, financial 
     resources, and opportunity costs imposed on persons to 
     generate, capture, assemble, process, maintain, and report 
     information to or for a Federal agency, including--
       ``(A) the resources expended for obtaining, reviewing and 
     understanding applicable instructions and requirements;
       ``(B) developing a way to comply with the applicable 
     instructions and requirements;
       ``(C) adjusting the existing ways to comply with any 
     previously applicable instructions and requirements;
       ``(D) searching existing data sources;
       ``(E) obtaining, compiling and maintaining the necessary 
     data;
       ``(F) implementing recordkeeping requirements;
       ``(G) completing and reviewing the collection of 
     information;
       ``(H) retaining, sharing, notifying, reporting, 
     transmitting, labeling, or otherwise disclosing to third 
     parties or the public the information involved; and
       ``(I) carrying out any other information transaction which 
     occurs as a result of the collection of information;'';
       (2) in paragraph (4) by striking out ``of facts or opinions 
     by'' and inserting in lieu thereof ``(through maintenance, 
     retention, notifying, reporting, labeling or disclosure to 
     third parties or the public) of facts or opinions by or 
     for''; and
       (3) in paragraph (17) by inserting ``, including the 
     retention, reporting, notifying, or disclosure to third 
     parties or the public of such records'' before the period.

     SEC. 257. PAPERWORK REDUCTION GOALS.

       Section 3505 of title 44, United States Code, is amended to 
     read as follows:

     ``Sec.  3505. Assignment of tasks and deadlines

       ``In carrying out the functions under this chapter, the 
     Director shall--
       ``(1) set a Governmentwide goal, consistent with improving 
     agency management of the process for the review of each 
     collection of information established under section 3506(e), 
     to reduce by September 30, 1994, the burden of Federal 
     collections of information existing on September 30, 1993, by 
     at least 5 percent;
       ``(2) for the fiscal year beginning on October 1, 1994, and 
     the following 3 fiscal years, set a Governmentwide goal, 
     consistent with improving agency management of the process 
     for the review of each collection of information established 
     under section 3506(e), to reduce the burden of Federal 
     collections of information existing at the end of the 
     immediately preceding fiscal year by at least 5 percent;
       ``(3) in establishing the Governmentwide goal pursuant to 
     paragraph (2), establish a goal for each agency that--
       ``(A) represents the maximum practicable opportunity to 
     reduce the paperwork burden imposed upon the public by such 
     agency's collections of information, after considering the 
     recommendations of the senior agency official designated 
     under section 3506(b)(1); and
       ``(B) permits the attainment of the Governmentwide goal 
     when such agency's goal is aggregated with the individual 
     goals of all other agencies included in the Governmentwide 
     goal; and
       ``(4) in each report issued under section 3514, beginning 
     with the report relating to fiscal year 1994, identify any 
     agency initiatives to reduce the burden of the Federal 
     collections of information associated with--
       ``(A) businesses, especially small businesses and those 
     engaged in international competition;
       ``(B) State and local governments; and
       ``(C) educational institutions.''.

 CHAPTER 3--ENHANCING FEDERAL AGENCY RESPONSIBILITY AND ACCOUNTABILITY 
              FOR REDUCING THE BURDEN OF FEDERAL PAPERWORK

     SEC. 261. DESIGNATING AN AGENCY OFFICIAL RESPONSIBLE AND 
                   PUBLICLY ACCOUNTABLE FOR REDUCING THE BURDEN OF 
                   FEDERAL PAPERWORK.

       Section 3506 of title 44, United States Code, is amended--
       (1) in subsection (a)--
       (A) by striking ``Each agency'' and inserting in lieu 
     thereof ``The head of each agency''; and
       (B) by inserting ``resources'' after ``its information'';
       (2) in subsection (b)--
       (A) by inserting ``(1)'' before ``The head of each 
     agency''; and
       (B) by adding at the end thereof the following new 
     paragraphs:
       ``(2) The senior official designated under paragraph (1) 
     shall be the head of an office, established by the head of 
     the agency, responsible for assuring agency compliance with 
     and prompt, efficient, and effective implementation of the 
     information collection review process, information resources 
     management, and related policies and guidance established 
     pursuant to this chapter.
       ``(3) Staff to such office shall be well qualified through 
     experience or training to carry out the information 
     collection review process, information resources management, 
     and related policies and guidance established under this 
     chapter.''; and
       (3) in subsection (c)--
       (A) by striking out ``and'' after the semicolon at the end 
     of paragraph (7);
       (B) by striking out the period at the end of paragraph (8) 
     and inserting in lieu thereof a semicolon; and
       (C) by adding at the end thereof the following new 
     paragraphs:
       ``(9) prepare estimates of burden that will result from 
     proposed collections of information;
       ``(10) develop and maintain a strategic Information 
     Resources Management Plan, in accordance with guidance from 
     the Director, for the application of information resources to 
     support the agency's specified mission goals as articulated 
     through its strategic mission planning process;
       ``(11) establish oversight procedures, in accordance with 
     guidance provided by the Director, to improve the life cycle 
     management of the agency's major information systems; and
       ``(12) assess the agency's efforts to have program offices 
     manage Government information resources by using performance 
     measures that examine such factors as quality and timeliness 
     of service delivery to the public, productivity of program 
     administration, ability to prevent or reduce fraud, and the 
     burden of Government's information collection practices on 
     the public.''.

     SEC. 262. AGENCY RESPONSIBILITIES FOR CONTROLLING AND 
                   REDUCING THE BURDEN OF FEDERAL PAPERWORK.

       Section 3506 of title 44, United States Code (as amended by 
     section 301 of this Act) is further amended by adding at the 
     end thereof the following new subsections:
       ``(e) The head of each agency, acting through the senior 
     official designated under subsection (b)(1), shall establish 
     an efficient, and effective process for the prompt review of 
     each information collection request before it is submitted to 
     the Director for review and approval under this chapter. At a 
     minimum, this review process shall--
       ``(1) be sufficiently independent of program 
     responsibilities to evaluate whether each information 
     collection request should be carried out;
       ``(2) be provided sufficient personnel and other resources 
     to carry out such review responsibility effectively; and
       ``(3) have authority (independent of agency program 
     officers) to approve, disapprove, and make needed 
     improvements in any agency collection of information.
       ``(f) Under the process established under subsection (e), 
     the senior official designated under subsection (b)(1) shall 
     certify (and provide a record supporting such certification, 
     including any pertinent public comments received by the 
     agency) to the Director that--
       ``(1) the collection of information and any applicable 
     instructions and requirements--
       ``(A) are necessary for the proper performance of the 
     agency's functions and are the least burdensome necessary;
       ``(B) are not unnecessarily duplicative of information 
     otherwise reasonably accessible to the agency;
       ``(C) have practical utility;
       ``(D) are written using plain, coherent and unambiguous 
     terminology;
       ``(E) are to be implemented in ways consistent and 
     compatible, to the maximum extent practicable, with the 
     existing reporting and recordkeeping practices of those who 
     are to respond;
       ``(F) are understandable to those who are to respond;
       ``(G) display on the information collection request, to the 
     extent practicable, the agency estimate of the burden for 
     each response, calculated in accordance with the procedures 
     established by the Director under section 3504(c)(5);
       ``(H) use information technology to reduce burden and 
     improve agency responsiveness to the public;
       ``(I) use effective and efficient statistical survey 
     methodology appropriate to the need for which the information 
     is to be collected; and
       ``(J) explain the need and ultimate use of the information 
     to be collected, and the importance of an accurate and timely 
     response; and
       ``(2) the agency has taken necessary steps to--
       ``(A) except as provided in section 3507 (g) and (k), give 
     60-day notice to, and consult with members of the public and 
     interested agencies, in order to--
       ``(i) enhance the clarity of the proposed collection of 
     information;
       ``(ii) solicit comment on the agency estimate of the burden 
     for each response for such collection of information; and
       ``(iii) minimize the burden of such collection of 
     information on those who are to respond, including the 
     appropriate use of automated collection technics or other 
     forms of information technology;
       ``(B) evaluate the proposed collection of information and 
     any applicable instructions and requirements, by developing 
     and conducting--
       ``(i) an assessment of need;
       ``(ii) a functional description of the information to be 
     collected;
       ``(iii) a plan for the practical collection of information;
       ``(iv) a specific, objectively supported estimation of 
     burden, including each transaction involved; and
       ``(v) a test of the collection of information through a 
     pilot or prototype program, if appropriate;
       ``(C) plan and allocate resources for the efficient and 
     effective management and use of the information to be 
     solicited; and
       ``(D) reduce burdens on businesses (especially small 
     businesses and those engaged in international competition), 
     State and local governments, and educational institutions, 
     through consideration of such alternatives as--
       ``(i) establishing differing compliance or reporting 
     requirements or timetables in recognition of the resources 
     available to those who are to respond;
       ``(ii) the clarification, consolidation, or simplification 
     of compliance and reporting requirements; and
       ``(iii) an exemption from coverage of the collection of 
     information, or any part thereof.''.

 CHAPTER 4--ENHANCING GOVERNMENT RESPONSIBILITY AND ACCOUNTABILITY FOR 
                REDUCING THE BURDEN OF FEDERAL PAPERWORK

     SEC. 271. REEMPHASIZING THE RESPONSIBILITY OF THE DIRECTOR TO 
                   CONTROL THE BURDEN OF FEDERAL PAPERWORK.

       Section 3504(c) of title 44, United States Code, is 
     amended--
       (1) in paragraph (3) by redesignating subparagraphs (B) and 
     (C) as subparagraphs (C) and (D), respectively, and inserting 
     after subparagraph (A) the following new subparagraph:
       ``(B) display, to the extent practicable, an estimate of 
     the burden for each response;'';
       (2) by amending paragraphs (5) and (6) to read as follows:
       ``(5) establishing procedures under which an agency is to 
     estimate the burden under this chapter to comply with the 
     proposed collection of information;
       ``(6) coordinating with the Office of Federal Procurement 
     Policy to eliminate paperwork burdens associated with 
     procurement and acquisition;'';
       (3) by striking out the period at the end of paragraph (7) 
     and inserting in lieu thereof a semicolon; and
       (4) by adding at the end thereof the following new 
     paragraphs:
       ``(8) minimizing the Federal paperwork burden imposed 
     through Federal collection of information, with particular 
     emphasis on those individuals or entities most adversely 
     affected, including--
       ``(A) businesses, especially small businesses and those 
     engaged in international competition;
       ``(B) State and local governments; and
       ``(C) educational institutions; and
       ``(9) initiating and conducting, with selected agencies and 
     non-Federal entities on a voluntary basis, pilot projects to 
     test or demonstrate the feasibility and benefit of changes or 
     innovations in Federal policies, rules, regulations, and 
     agency procedures to improve information management practices 
     and related management activities (including authority for 
     the Director to waive the application of designated agency 
     regulations or administrative directives after giving timely 
     notice to the public and Congress regarding the need for such 
     waiver).''.

     SEC. 272. ENHANCING AGENCY RESPONSIBILITY TO OBTAIN PUBLIC 
                   REVIEW OF PROPOSED PAPERWORK BURDENS.

       Section 3507(a) of title 44, United States Code, is 
     amended--
       (1) in paragraph (2)(B) by inserting ``a summary of the 
     request,'' after ``title for the information collection 
     request,'';
       (2) by striking out ``and'' at the end of paragraph (2); 
     and
       (3) by redesignating paragraph (3) as paragraph (4) and 
     inserting after paragraph (2) the following:
       ``(3) the agency provides at least 30 days for public 
     comment to the agency and the Office of Management and Budget 
     after publication of the notice in the Federal Register, 
     except as provided under section 3507 (g) and (k), and the 
     agency head and the Director consider comments received 
     regarding the proposed collection of information; and''.

     SEC. 273. EXPEDITING REVIEW AT THE OFFICE OF MANAGEMENT AND 
                   BUDGET.

       Section 3507(b) of title 44, United States Code, is 
     amended--
       (1) by striking out the first sentence and inserting in 
     lieu thereof ``The Director shall within 30 days after 
     publication of the notice under subsection (a)(3) that is 
     applicable to a proposed information collection request not 
     contained in a proposed rule, notify the agency involved of 
     the decision to approve or disapprove the proposed 
     information collection request and shall make such decisions 
     publicly available. Any decision to disapprove an information 
     collection request shall include an explanation of the 
     reasons for such decision.'';
       (2) by striking out ``sixty'' each place it appears and 
     inserting ``30'' in each such place;
       (3) by striking out ``thirty'' and inserting in lieu 
     thereof ``30''; and
       (4) by striking out ``one'' and inserting in lieu thereof 
     ``1''.

     SEC. 274. IMPROVING PUBLIC AND AGENCY SCRUTINY OF PAPERWORK 
                   BURDENS PROPOSED FOR RENEWAL.

       (a) Approval of Information Collection Request.--Section 
     3507(d) of title 44, United States Code, is amended--
       (1) by inserting ``(1)'' after ``(d)''; and
       (2) by adding at the end thereof the following:
       ``(2)(A) If the head of the agency, or the senior official 
     designated under section 3506(b)(1), decides to seek 
     extension of the Director's approval granted for a currently 
     approved information collection request, the agency shall, 
     through the notice prescribed in subsection (a)(2)(B) and 
     such other practicable steps as may be reasonable, seek 
     comment from the agencies, and the public on the continued 
     need for, and burden imposed by, the collection of 
     information.
       ``(B) The agency, after having made a reasonable effort to 
     seek comment under subparagraph (A), but no later than 60 
     days before the expiration date of the control number 
     assigned by the Director for the currently approved 
     information collection request, shall--
       ``(i) evaluate the public comments received;
       ``(ii) conduct the review established under section 
     3506(e); and
       ``(iii) provide to the Director the certification required 
     by section 3506(f), including the text of the certification 
     and any additional relevant information regarding how the 
     information collection request comports with the principles 
     and requirements of this chapter.
       ``(C) Upon receipt of such certification, and prior to the 
     expiration of the control number for that information 
     collection request, the Director shall--
       ``(i) ensure that the agency has taken the actions 
     specified under section 3506(f)(2);
       ``(ii) evaluate the public comments received by the agency 
     or by the Director;
       ``(iii) determine whether the agency certification complies 
     with the standards under section 3506(f)(1); and
       ``(iv) approve or disapprove the information collection 
     request under this chapter.
       ``(3) If a certification is not provided to the Director 
     prior to the beginning of the 60-day period before the 
     expiration of the control number as provided under paragraph 
     (2)(B), the agency shall submit the information collection 
     request for review and approval or disapproval under this 
     chapter.
       ``(4) An agency may not make a substantive or material 
     modification to an information collection request after it 
     has been approved by the Director, unless the modification 
     has been submitted to the Director for review and approval or 
     disapproval under this chapter.''.
       (b) Approval of Information Collection Requirements.--
     Section 3507 of title 44, United States Code, is further 
     amended by adding at the end thereof the following new 
     subsections:
       ``(i)(1) As soon as practicable, but no later than 
     publication of a notice of proposed rulemaking in the Federal 
     Register, each agency shall forward to the Director a copy of 
     any proposed rule which contains a collection of information 
     requirement and upon request, information necessary to make 
     the determination required under this chapter.
       ``(2) Within 60 days after the notice of proposed 
     rulemaking is published in the Federal Register, the Director 
     may file public comments under the standards set forth in 
     section 3508 on the collection of information requirement 
     contained in the proposed rule.
       ``(3) When a final rule is published in the Federal 
     Register, the agency shall explain how any collection of 
     information requirement contained in the final rule responds 
     to the comments, if any, filed by the Director or the public, 
     or explain the reasons such comments were rejected.
       ``(4) The Director has no authority to disapprove any 
     collection of information requirement specifically contained 
     in an agency rule, if the Director has received notice and 
     failed to comment on the rule within 60 days after the notice 
     of proposed rulemaking.
       ``(5) No provision in this section shall be construed to 
     prevent the Director, at the discretion of such officer, 
     from--
       ``(A) disapproving any information collection request which 
     was not specifically required by an agency rule;
       ``(B) disapproving any collection of information 
     requirement contained in an agency rule, if the agency failed 
     to comply with the requirements of paragraph (1) of this 
     subsection;
       ``(C) disapproving any collection of information 
     requirement contained in a final agency rule, if the Director 
     finds within 60 days after the publication of the final rule 
     that such a collection of information requirement cannot be 
     approved under the standards set forth in section 3508, after 
     reviewing the agency's response to the comments of the 
     Director filed under paragraph (2) of this subsection; or
       ``(D) disapproving any collection of information 
     requirement, if the Director determines that the agency has 
     substantially modified, in the final rule, the collection of 
     information requirement contained in the proposed rule and 
     the agency has not given the Director the information 
     required under paragraph (1) with respect to the modified 
     collection of information requirement, at least 60 days 
     before the issuance of the final rule.
       ``(6) The Director shall make publicly available any 
     decision to disapprove a collection of information 
     requirement contained in an agency rule, together with the 
     reasons for such decision.
       ``(7) The authority of the Director under this subsection 
     is subject to subsection (c).
       ``(8) This subsection shall apply only when an agency 
     publishes a notice of proposed rulemaking and requests public 
     comments.
       ``(9) The decision of the Director to approve or not to act 
     upon a collection of information requirement contained in an 
     agency rule shall not be subject to judicial review.
       ``(j)(1) If the head of the agency, or the senior official 
     designated under section 3506(b)(1), decides to seek 
     extension of the Director's approval granted for a currently 
     approved collection of information requirement, the agency 
     shall, through the notice prescribed in subsection (a)(2)(B) 
     and such other practicable steps as may be reasonable, seek 
     comment from the agencies, and the public on the continued 
     need for, and burden imposed by, the collection of 
     information requirement.
       ``(2) The agency, after having made a reasonable effort to 
     seek comment under paragraph (1), but no later than 60 days 
     before the expiration date of the control number assigned by 
     the Director for the currently approved collection of 
     information requirement, shall--
       ``(A) evaluate the public comments received;
       ``(B) conduct the review established under section 3506(e); 
     and
       ``(C) provide to the Director the certification required by 
     section 3506(f), including the text of the certification and 
     any additional relevant information regarding how the 
     collection of information requirement comports with the 
     principles and requirements of this chapter.
       ``(3) Upon receipt of such certification, and prior to the 
     expiration date of the control number for that collection of 
     information requirement, the Director shall--
       ``(A) ensure that the agency has taken the actions 
     specified in section 3506(f)(2);
       ``(B) evaluate the public comments received by the agency 
     or by the Director;
       ``(C) determine whether the agency certification complies 
     with the standards under section 3506(f)(1); and
       ``(D) approve or disapprove the collection of information 
     requirement under this chapter.
       ``(4) If under the provisions of paragraph (3), the 
     Director disapproves a collection of information requirement, 
     or recommends or instructs the agency to make a substantive 
     or material change to a collection of information 
     requirement, the Director shall--
       ``(A) publish an explanation thereof in the Federal 
     Register; and
       ``(B) instruct the agency to undertake a rulemaking within 
     a reasonable time limited to consideration of changes to the 
     collection of information requirement and thereafter to 
     submit the collection of information requirement for approval 
     or disapproval under this chapter.
       ``(5) Nothing in this subsection affects the review process 
     for a collection of information requirement contained in a 
     proposed rule, including a proposed change to an existing 
     collection of information requirement, under subsection (i) 
     with respect to such collection of information requirement.
       ``(6) The Director may not approve a collection of 
     information requirement for a period in excess of 3 years.''.

     SEC. 275. PROTECTION FOR WHISTLEBLOWERS OF UNAUTHORIZED 
                   PAPERWORK BURDEN.

       Section 3507(h) of title 44, United States Code, is amended 
     in the second sentence by inserting before the period ``, and 
     any communication relating to a collection of information, 
     the disclosure of which could lead to retaliation or 
     discrimination against the communicator''.

     SEC. 276. ENHANCING PUBLIC PARTICIPATION.

       Section 3517 of title 44, United States Code, is amended--
       (1) by inserting ``(a)'' before ``In development''; and
       (2) by adding at the end thereof:
       ``(b)(1) Under procedures established by the Director, a 
     person may request the Director to review any collection of 
     information conducted by or for an agency to determine, if--
       ``(A) the collection of information is subject to the 
     requirements of this chapter;
       ``(B) the collection of information has been approved in 
     conformity with this chapter; and
       ``(C) the person that is to respond to the collection of 
     information is entitled to the public protections afforded by 
     this chapter.
       ``(2) Any review requested under paragraph (1), unless the 
     request is determined frivolous or does not on its face state 
     a valid basis for such review, shall--
       ``(A) be completed by the Director within 60 days after 
     receiving the request, unless such period is extended by the 
     Director to a specified date and the person making the 
     request is given notice of such extension;
       ``(B)(i) be coordinated with the agency responsible for the 
     collection of information to which the request relates; and
       ``(ii) be coordinated with the Administrator for Federal 
     Procurement Policy, if the request relates to a collection of 
     information applicable to an actual or prospective Federal 
     contractor or subcontractor at any tier; and
       ``(C) result in a written determination by the Director, 
     that shall be--
       ``(i) furnished to the person making the request; and
       ``(ii) made available to the public upon request (and 
     listed and summarized in the annual report required under 
     section 3514), unless confidentiality is requested by the 
     person making the request.''.

     SEC. 277. EXPEDITING REVIEW OF AN AGENCY INFORMATION 
                   COLLECTION REQUEST WITH A REDUCED BURDEN.

       Section 3507 of title 44, United States Code (as amended by 
     section 404(b) of this Act) is further amended by adding at 
     the end thereof the following new subsection:
       ``(k) Upon request by the head of an agency, the Director 
     shall approve a proposed change to an existing information 
     collection request (unless such proposed change is subject to 
     subsection (i)) within 30 days after the Director receives 
     the proposed change. The information collection request shall 
     thereafter remain in effect at least for the remainder of the 
     period for which it was previously approved by the Director, 
     if--
       ``(1) the information collection request has a current 
     control number; and
       ``(2) the Director determines that the revision--
       ``(A) reduces the burden resulting from the information 
     collection request; and
       ``(B) does not substantially change the information 
     collection request.''.

      CHAPTER 5--ENHANCING AGENCY RESPONSIBILITY FOR SHARING AND 
                    DISSEMINATING PUBLIC INFORMATION

     SEC. 281. PRESCRIBING GOVERNMENTWIDE STANDARDS FOR SHARING 
                   AND DISSEMINATING PUBLIC INFORMATION.

       Section 3504(h) of title 44, United States Code, is amended 
     to read as follows:
       ``(h) The functions of the Director related to agency 
     dissemination and sharing of public information shall 
     include--
       ``(1) developing policies and practices for agency 
     dissemination and sharing of public information consistent 
     with the agency responsibilities under section 3506(g); and
       ``(2) developing policy guidelines that instruct Federal 
     agencies on ways to fulfill agency responsibilities to 
     disseminate and share information that, to the extent 
     appropriate and practicable--
       ``(A) make information dissemination products available on 
     timely, equitable and cost effective terms;
       ``(B) encourage a diversity of public and private 
     information dissemination products;
       ``(C) avoid establishing, or permitting others to 
     establish, exclusive, restricted, or other distribution 
     arrangements that interfere with the availability of 
     information dissemination products on a timely and equitable 
     basis; and
       ``(D) avoid establishing restrictions or regulations, 
     including the charging of fees or royalties, on the reuse, 
     resale, or redissemination of Federal information 
     dissemination products by the public; and
       ``(E) set user charges for information dissemination 
     products at a level sufficient to recover the cost of 
     dissemination, except--
       ``(i) where otherwise required by statute;
       ``(ii) where the information is collected, processed, and 
     disseminated for the benefit of a specific identifiable group 
     beyond the benefit to the general public; or
       ``(iii) where user charges are established at less than 
     cost of dissemination because of a determination that higher 
     charges would interfere with the proper performance of the 
     agency's functions.''.

     SEC. 282. AGENCY RESPONSIBILITIES FOR SHARING AND 
                   DISSEMINATING PUBLIC INFORMATION.

       Section 3506 of title 44, United States Code (as amended by 
     sections 261 and 262 of this Act) is further amended by 
     adding at the end thereof the following new subsection:
       ``(g) The head of each agency shall, to the extent 
     appropriate and practicable, and in conformance with the 
     policy guidelines established under section 3504(h), 
     establish and maintain a management system for the 
     dissemination and sharing of information that--
       ``(1) ensures that the public has timely, equitable and 
     cost effective access to the agency's information 
     dissemination products;
       ``(2) disseminates and shares information in a manner that 
     achieves the best balance between maximizing the usefulness 
     of the information and minimizing the cost to the Government 
     and the public;
       ``(3) takes advantage of all appropriate channels, Federal 
     and non-Federal, including State and local governments, 
     libraries and private sector entities, in discharging agency 
     responsibilities for the dissemination and sharing of 
     information;
       ``(4) considers whether an information dissemination 
     product available from other Federal or non-Federal sources 
     is equivalent to an agency information dissemination product 
     and reasonably achieves the objectives of the agency;
       ``(5) establishes and maintains inventories of all agency 
     information dissemination products in conformance with the 
     requirements of section 3511;
       ``(6) establishes and maintains communications with members 
     of the public and with State and local governments so that 
     the agency shares information and otherwise creates 
     information dissemination products that meet their respective 
     needs; and
       ``(7) provides adequate notice when initiating, 
     substantially modifying, or terminating significant 
     information dissemination products.''.

     SEC. 283. AGENCY INFORMATION INVENTORY/LOCATOR SYSTEM.

       (a) In General.--Section 3511 of title 44, United States 
     Code, is amended to read as follows:

     ``Sec. 3511. Inventory systems of information dissemination 
       products

       ``(a) Each agency having significant information 
     dissemination products shall establish and maintain a 
     comprehensive inventory of such products, which shall 
     include, at a minimum, the title of each such product, an 
     abstract of the contents of each product, the media in which 
     each product is available, and the cost, if any, of each 
     product, subject to any requirements promulgated pursuant to 
     subsection (c).
       ``(b) The inventory created pursuant to subsection (a) 
     shall be made available for public access by electronic 
     means, and in such other media as are appropriate and 
     practicable, at no charge to the public.
       ``(c) The Director, in consultation with the Secretary of 
     Commerce, the Archivist of the United States, the Public 
     Printer, and the Librarian of Congress, may establish a 
     mechanism for developing technical standards and other 
     minimum requirements for the agency inventory systems created 
     under subsection (a).''.
       (b) Technical and Conforming Amendment.--The table of 
     sections for chapter 35 of title 44, United States Code, is 
     amended by amending the item relating to section 3511 to read 
     as follows:

``3511. Inventory systems of information dissemination products.''.

 CHAPTER 6--ADDITIONAL GOVERNMENT INFORMATION MANAGEMENT RESPONSIBILITY

     SEC. 291. STRENGTHENING THE STATISTICAL POLICY AND 
                   COORDINATION FUNCTIONS OF THE DIRECTOR.

       Section 3504(d) of title 44, United States Code, is amended 
     to read as follows:
       ``(d)(1) The statistical policy and coordination functions 
     of the Director shall include--
       ``(A) coordinating and providing leadership for development 
     of the Federal statistical system;
       ``(B) developing and periodically reviewing and, as 
     necessary, revising long-range plans for the improved 
     coordination and performance of the statistical activities 
     and programs of the Federal Government;
       ``(C) ensuring the integrity, objectivity, impartiality and 
     confidentiality of the Federal statistical system;
       ``(D) reviewing budget proposals of agencies to ensure that 
     the proposals are consistent with such long range plans and 
     developing a summary and analysis of the budget submitted by 
     the President to the Congress for each fiscal year of the 
     allocation for all statistical activities;
       ``(E) coordinating, through the review of budget proposals 
     and as otherwise provided under this chapter, the functions 
     of the Federal Government with respect to gathering, 
     interpreting and sharing statistics and statistical 
     information;
       ``(F) developing and implementing Governmentwide policies, 
     principles, standards and guidelines concerning statistical 
     collection procedures and methods, statistical data 
     classification, statistical information presentation and 
     sharing, and such statistical data sources as may be required 
     for the administration of Federal programs;
       ``(G) evaluating statistical program performance and agency 
     compliance with Governmentwide policies, principles, 
     standards and guidelines;
       ``(H) promoting the timely release by agencies of 
     statistical data to the public;
       ``(I) coordinating the participation of the United States 
     in international statistical activities;
       ``(J) preparing an annual report to submit to the Congress 
     on the statistical policy and coordination function;
       ``(K) integrating the functions described under this 
     paragraph with the other information resources management 
     functions specified under this chapter; and
       ``(L) appointing a chief statistician who is a trained and 
     experienced professional to carry out the functions described 
     under this paragraph.
       ``(2) The Director shall establish an interagency working 
     group on statistical policy, consisting of the heads of the 
     agencies with major statistical programs, headed by the chief 
     statistician to coordinate agency activities in carrying out 
     the functions under paragraph (1).
       ``(3) The Director shall provide opportunities for long 
     term training in the statistical policy functions of the 
     chief statistician to employees of the Federal Government. 
     Each trainee shall be selected at the discretion of the 
     Director based on agency requests and shall serve for at 
     least 6 months and no more than 1 year. All costs of the 
     training are to be paid by the agency requesting training.''.

     SEC. 292. USE OF ELECTRONIC INFORMATION COLLECTION AND 
                   DISSEMINATION TECHNIQUES TO REDUCE BURDEN.

       Section 3504(g)(1) of title 44, United States Code, is 
     amended--
       (1) by inserting ``development and'' after ``overseeing 
     the''; and
       (2) by inserting ``(including standards that improve the 
     ability of agencies to use technology to reduce burden)'' 
     after ``establishment of standards''.

     SEC. 293. AGENCY IMPLEMENTATION.

       Section 3514(a) of title 44, United States Code, is 
     amended--
       (1) in paragraph (9)(C) by striking out ``and'' at the end 
     thereof;
       (2) in paragraph (10)(C) by striking out the period and 
     inserting in lieu thereof a semicolon; and
       (3) by adding at the end thereof the following new 
     paragraphs:
       ``(11) a listing of any increase in the burden imposed on 
     the public during the year covered by the report resulting 
     from a collection of information conducted or sponsored by or 
     for an agency, which was imposed by such agency--
       ``(A) as specifically mandated by the provision of a 
     statute; or
       ``(B) as necessary to implement a statutory requirement, 
     which requirement shall be identified with particularity; and
       ``(12) a description of each such agency's efforts in 
     implementing, and plans to implement, the applicable 
     policies, standards and guidelines with respect to the 
     functions under this chapter; and
       ``(13) a strategic information resources management plan 
     for the Federal Government, developed in consultation with 
     the Administrator of General Services, the Secretary of 
     Commerce, and the Archivist of the United States, that 
     includes an analysis of cross-cutting issues of 
     Governmentwide importance.''.

     SEC. 294. AUTOMATIC DATA PROCESSING EQUIPMENT PLAN.

       Section 3504(g) of title 44, United States Code, is 
     amended--
       (1) by redesignating paragraphs (3), (4), and (5) as 
     paragraphs (4), (5), and (6), respectively; and
       (2) by inserting after paragraph (2) the following new 
     paragraph:
       ``(3) developing and annually revising, in consultation 
     with the Administrator of General Services, a 5-year plan for 
     meeting the automatic data processing equipment (including 
     telecommunications) and other information technology needs of 
     the Federal Government in accordance with the requirements of 
     sections 110 and 111 of the Federal Property and 
     Administrative Services Act of 1949 (40 U.S.C. 757 and 759) 
     and the purposes of this chapter;''.

     SEC. 295. TECHNICAL AND CONFORMING AMENDMENTS.

       (a) Definitions.--Section 3502(10) of title 44, United 
     States Code, is amended by striking out ``the Federal Housing 
     Finance Board'' and inserting in lieu thereof ``Federal 
     Housing Finance Board''.
       (b) Review Periods.--Section 3507(g)(1) of title 44, United 
     States Code, is amended to read as follows: ``(1) is needed 
     prior to the expiration of the time periods for public notice 
     and review by the Director pursuant to the requirements of 
     this chapter,''.
       (c) Director Review.--Section 3513(a) of title 44, United 
     States Code, is amended in the first sentence by inserting 
     ``resources'' after ``information''.
       (d) Responsiveness.--Section 3514(a) of title 44, United 
     States Code, is amended--
       (1) in paragraph (9)(A) by inserting ``and'' at the end 
     thereof;
       (2) in paragraph (9)(B) by striking out the semicolon and 
     inserting a period; and
       (3) by striking out paragraph (9)(C).

                       CHAPTER 7--EFFECTIVE DATES

     SEC. 296. EFFECTIVE DATES.

       (a) In General.--Except as provided in subsection (b), the 
     provisions of this title shall become effective 120 days 
     after the date of the enactment of this Act.
       (b) In Particular.--Section 252 shall become effective upon 
     the date of the enactment of this Act.
TITLE III--FINANCIAL INSTITUTIONS REGULATORY RELIEF REDUCING THE BURDEN 
            OF CERTAIN REGULATIONS ON FINANCIAL INSTITUTIONS
          Subtitle A--Regulatory Impact on Credit Availability

                     CHAPTER 1--GENERAL PROVISIONS

     SEC. 301. REGULATION OF REAL ESTATE LENDING.

       Subsection (o) of section 18 of the Federal Deposit 
     Insurance Act (12 U.S.C. 1828(o)) (as added by section 304 of 
     the Federal Deposit Insurance Corporation Improvement Act of 
     1991) is amended--
       (a) by redesignating paragraph (4) as paragraph (5); and
       (b) by inserting new paragraph (4) as follows:
       ``(4) Consideration of particular impact.--In prescribing 
     standards under paragraph (1), the appropriate Federal 
     banking agencies shall, consistent with safety and 
     soundness,--
       ``(A) consider the impact that such standards have on the 
     availability of credit for small business, residential, and 
     agricultural purposes, and on low- and moderate-income 
     communities; and
       ``(B) minimize the negative impact that these standards 
     have on the availability of credit for such purposes and in 
     such areas''.

     SEC. 302. REAL ESTATE APPRAISAL AMENDMENT.

       Section 1122 of the Financial Institutions Reform, 
     Recovery, and Enforcement Act of 1989 (12 U.S.C. 3351) is 
     amended--
       (a) by redesignating subsections (b), (c), (d) and (e) as 
     subsections (c), (d), (e) and (f) respectively;
       (b) by adding the following new subsection (b):
       ``(b) Reciprocity.--The Appraisal Subcommittee shall 
     encourage the States to develop reciprocity agreements among 
     themselves so as to readily authorize appraisers licensed or 
     certified in one State and in good standing with their State 
     appraiser certifying or licensing agency to perform 
     appraisals in another State or States as though they were 
     licensed or certified in that State or States.''; and
       (c) by adding at the end of subsection (a)(3) the following 
     new sentence: ``A State appraiser certifying or licensing 
     agency shall not impose excessive fees of burdensome 
     requirements for temporary practice under this subsection, as 
     determined by the Appraisal Subcommittee.''.

     SEC. 303. PUBLIC DEPOSITS.

       Section 13(e) of the Federal Deposit Insurance Act (12 
     U.S.C. 1823(e)) is amended--
       (a) by inserting ``(1) In General.--'' before ``No 
     agreement which tends'';
       (b) by redesignating paragraphs (1), (2), (3) and (4) as 
     subparagraphs (A), (B), (C) and (D) respectively; and
       (c) by inserting the following new paragraph (2):
       ``(2) Exception.--This subsection shall not apply to any 
     agreement permitting or affecting the deposit custody or 
     collateralization of funds of any public entity.''.

     CHAPTER 2--IMPACT OF ACCOUNTING AND CAPITAL ISSUES ON CREDIT 
                              AVAILABILITY

     SEC. 311. AUDIT COSTS.

       (a) In General.--Section 36 of the Federal Deposit 
     Insurance Act (12 U.S.C. 1831m) (as added by section 112 of 
     the Federal Deposit Insurance Corporation Improvement Act of 
     1991) is amended--
       (1) Auditor attestations.--
       (A) in subsection (a)(2)(A)(ii), by striking ``subsections 
     (c) and (d)'' and inserting ``subsection (c)'';
       (B) by striking subsection (c);
       (C) in subsection (d), by deleting ``(d)'' and inserting 
     ``(c)''; and
       (D) by striking subsection (e);
       (2) Duplicative reporting.--in subsection (i), by striking 
     ``if--(1) services and functions'' and all that follows 
     through ``or the appropriate Federal banking agency.'' and 
     inserting ``if services and functions comparable to those 
     required under this section are provided at the holding 
     company level.'';
       (3) Independent audit committees.--
       (A) in subsection (g)(1)(A), by striking ``entirely'' and 
     inserting ``the majority of which is'';
       (B) in subsection (g)(1)(C),
       (i) by inserting ``and'' after the semicolon in clause (i), 
     and by striking ``; and'' in clause (ii) and inserting ``.''; 
     and
       (ii) by striking clause (iii);
       (C) in subsection (g)(1), by inserting the following new 
     subparagraph:
       ``(D) Exemptive authority.--each appropriate Federal 
     banking agency shall, by regulation, exempt from the 
     requirements of this subsection all insured depository 
     institutions which face hardships in retaining competent 
     directors on their internal audit committees as a result of 
     this subsection. In determining what types of institutions 
     will be exempted, the agency shall consider such factors as 
     the size of the institution and the availability of competent 
     outside directors in the community.''; and
       (4) Public availability.--in subsection (a)(3), by 
     inserting at the end the following new sentence--
     ``Notwithstanding the previous sentence, the Corporation and 
     the appropriate Federal banking agencies may designate 
     certain information as privileged and confidential and not 
     available to the public.''.
       (5) Quarterly reports.--in subsection (g)(2), by inserting 
     the following new subparagraph (D)--
       ``(D) Notice to institution.--Upon determining that an 
     institution's quarterly reports shall be subject to the 
     requirements of subparagraph (A), the Corporation shall 
     promptly provide the institution with written notice of such 
     determination.''.
       (6) by redesignating subsections (f) through (j) as 
     subsections (d) through (h), respectively.
       (b) Effective Date.--Section 112(b) of the Federal Deposit 
     Insurance Corporation Improvement Act of 1991 is amended by 
     striking ``December 31, 1992'' and inserting ``December 31, 
     1993''.

     SEC. 312. RECOURSE AGREEMENTS.

       Section 37(b) of the Federal Deposit Insurance Act (12 
     U.S.C. 1831n(b)) (as added by section 121 of the Federal 
     Deposit Insurance Corporation Improvement Act of 1991) is 
     amended by adding at the end the following new paragraph (3):
       ``(3) Recourse agreements.--Each appropriate Federal 
     banking agency shall require insured depository institutions 
     to use accounting principles consistent with generally 
     accepted accounting principles in determining, for purposes 
     of compliance with statutory or regulatory requirements, the 
     capital required to be held against loans sold with 
     recourse.''.

     SEC. 313. MARKET VALUE ACCOUNTING.

       Section 37(a)(3) of the Federal Deposit Insurance Act (12 
     U.S.C. 1831n(a)(3) (as added by section 121 of the Federal 
     Deposit Insurance Corporation Improvement Act of 1991) is 
     amended by striking subparagraph (D).

     SEC. 314. REPORT ON CAPITAL STANDARDS AND THEIR IMPACT ON THE 
                   ECONOMY.

       (a) Study.--No later than 90 days after enactment of this 
     Act, the Department of the Treasury, after consultation with 
     the Federal banking agencies, shall report to the House and 
     Senate Banking Committees on the effect that the 
     implementation of risk based capital standards, including the 
     Basle international capital standards, is having on--
       (1) the safety and soundness of insured depository 
     institutions; and
       (2) the availability of credit, particularly to consumers 
     and small businesses.
       The report shall contain any recommendations with respect 
     to capital standards that the Department of the Treasury may 
     wish to provide.
       (b) Definition.--For purposes of this section, the terms 
     ``Federal banking agency'' and ``insured depository 
     institution'' have the same meanings as in section 3 of the 
     Federal Deposit Insurance Act.

     SEC. 315. MINIMIZE POTENTIAL IMPACT OF CAPITAL STANDARDS ON 
                   CREDIT AVAILABILITY.

       Section 305 of the Federal Deposit Insurance Corporation 
     Improvement Act of 1991 (12 U.S.C. 1828 note) is amended--
       (a) in subsection (b)(1)(A)--
       (1) by striking clauses (ii) and (iii);
       (2) by striking ``(A) take adequate account of--(i) 
     interest-rate risk'' and inserting ``(A) take adequate 
     account of interest-rate risk; and''.
       (b) by striking paragraph (3) in subsection (b) and 
     inserting the following new paragraph (3):
       ``(3) Timing for prescribing revised standards.--
       ``(A) Interest rate risk.--No appropriate Federal banking 
     agency shall prescribe final regulations in the Federal 
     Register to implement subparagraph (A) of paragraph (1) of 
     this subsection prior to--
       ``(i) the implementation of similar standards at an 
     international level; and
       ``(ii) the establishment of reasonable transition rules, 
     subsequent to the occurrence specified in clause (i), to 
     facilitate compliance with those regulations.
       ``(B) Multifamily mortgages.--Each appropriate Federal 
     banking agency shall--
       ``(i) publish final regulations in the Federal Register to 
     implement paragraph (1)(B) not later than 18 months after 
     date of enactment of this Act; and
       ``(ii) establish reasonable transition rules to facilitate 
     compliance with those regulations.''.

                CHAPTER 3--DISINCENTIVES TO RISK-TAKING

     SEC. 321. DUE PROCESS PROTECTIONS.

       (a) Attachment of Assets.--
       (1) Insured depository institutions.--
       (A) Section 11(d)(19) of the Federal Deposit Insurance Act 
     (12 U.S.C. 1821(d)(19)) is amended--
       (i) in subparagraph (A), by striking ``without regard'' and 
     all that follows through ``immediate'';
       (ii) in subparagraph (B), by striking ``(as modified with 
     respect to such proceeding by subparagraph (A))''.
       (B) Section 8(b) of the Federal Deposit Insurance Act (12 
     U.S.C. 1818(b)) is amended by redesignating subsection 
     (b)(6)(F) as subsection (b)(6)(G), and inserting after 
     subsection (b)(6)(E) the following:
       ``(F) prohibit such person from withdrawing, transferring, 
     removing, dissipating, or disposing of any funds, assets or 
     other property where injury, loss, or damage to such property 
     is irreparable and immediate; and''.
       (C) Section 8(i) of the Federal Deposit Insurance Act (12 
     U.S.C. 1818(i)) is amended by striking paragraph (4)(B) and 
     inserting the following:
       ``(B) Standard.--Rule 65 of the Federal Rules of Civil 
     Procedure shall apply with respect to any proceeding under 
     this paragraph.''.
       (2) Credit Unions.--
       (A) Section 207(b)(2)(H) of the Federal Credit Union Act 
     (12 U.S.C. 1787(b)(2)(H)) is amended--
       (i) in clause (i), by striking ``without regard'' and all 
     that follows through ``immediate''; and
       (ii) in clause (ii), by striking ``(as modified with 
     respect to such proceeding by clause (i))''.
       (B) Section 206(e)(3) of the Federal Credit Union Act (12 
     U.S.C. 1786(e)(3)) is amended by redesignating subsection 
     (e)(3)(F) as subsection (e)(3)(G), and inserting after 
     subsection (e)(3)(E) the following:
       ``(F) prohibit such person from withdrawing, transferring, 
     removing, dissipating, or disposing of any funds, assets or 
     other property where injury, loss, or damage to such property 
     is irreparable and immediate; and''.
       (b) Strict Liability.--Section 18(j)(4)(A) of the Federal 
     Deposit Insurance Act (12 U.S.C. 1828(j)(4)(A)) is amended by 
     inserting ``negligently'' after ``who,'' each time it 
     appears.

     SEC. 322. CULPABILITY STANDARDS IN PENALTY PROVISIONS.

       (a) General Provisions.--
       (1) Insured depository institutions.--Section 8(i)(2) of 
     the Federal Deposit Insurance Act (12 U.S.C. 1818(i)(2)) is 
     amended--
       (A) in subparagraph (A)(i), by inserting ``negligently'' 
     after ``(i)''; and
       (B) in subparagraph (B)(i)(I), by inserting ``recklessly'' 
     after ``(i)(I)''.
       (2) Credit unions.--Section 206(k)(2) of the Federal Credit 
     Union Act (12 U.S.C. 1786(k)(2)) is amended--
       (A) in subparagraph (A)(i), by inserting ``negligently'' 
     after ``(i)''; and
       (B) in subparagraph (B)(i)(I), by inserting ``recklessly'' 
     after ``(i)(I)''.
       (b) Nonmember Insured Banks and Savings Associations.--
     Section 18(j)(4) of the Federal Deposit Insurance Act (12 
     U.S.C. 1828(j)(4)) (as amended by section 321(b) of this Act) 
     is amended in subparagraph (B), by inserting ``recklessly'' 
     after ``(i)(I)''.
       (c) Change in Control of Depository Institutions.--Section 
     7(j)(16) of the Federal Deposit Insurance Act (12 U.S.C. 
     1817(j)(16)) is amended--
       (1) in subparagraph (A), by inserting ``negligently'' after 
     ``Any person who''; and
       (2) in subparagraph (B), by inserting ``recklessly'' after 
     ``(i)(I)''.
       (d) National Banks.--Section 5239(b) of the Revised 
     Statutes (12 U.S.C. 93(b)) is amended--
       (1) in paragraph (1), by inserting ``negligently'' after 
     ``who,''; and
       (2) in paragraph (2)(A)(i), by inserting ``recklessly'' 
     after ``(A)(i)''.
       (e) Member Banks.--Section 29(a) of the Federal Reserve Act 
     (12 U.S.C. 504(a)) is amended--
       (1) in subsection (a), by inserting ``negligently'' after 
     ``who,''; and
       (2) in subsection (b)(1)(A), by inserting ``recklessly'' 
     after ``(1)(A)''.
       (f) Member Banks.--Section 19(l) of the Federal Reserve Act 
     (12 U.S.C. 505(l) is amended--
       (1) in paragraph (1), by inserting ``negligently'' after 
     ``who,''; and
       (2) in paragraph (2)(A)(1), by inserting ``recklessly'' 
     after ``(A)(1)''.
       (g) Banks.--Section 106(b)(2)(F) of the Bank Holding 
     Company Act Amendments of 1970 (12 U.S.C. 1972(2)(F)) is 
     amended--
       (1) in clause (i), by inserting ``negligently'' after 
     ``who,''; and
       (2) in clause (ii)(I)(aa), by inserting ``recklessly'' 
     after ``(I)(aa)''.

     SEC. 323. DIRECTOR AND OFFICER LIABILITY ACTIONS.

       Section 11(k) of the Federal Deposit Insurance Act (12 
     U.S.C. 1821(k)) is amended by deleting the last sentence.

        CHAPTER 4--MISCELLANEOUS CREDIT AVAILABILITY PROVISIONS

     SEC. 331. REGULATORY APPEALS PROCESS.

       (a) In General.--Not later than 180 days after the date of 
     enactment of this Act, each appropriate Federal banking 
     agency and the National Credit Union Administration shall 
     establish an independent appellate process within its agency 
     responsible for reviewing material supervisory determinations 
     made at insured depository institutions or credit unions that 
     it supervises.
       (b) Review Process.--In establishing this independent 
     appellate process, each agency shall ensure--
       (1) that any appeal of a supervisory determination from any 
     insured depository institution or credit union, or any 
     officer, director, employee or other representative of any 
     insured depository institution or credit union, be heard and 
     decided expeditiously;
       (2) that appropriate safeguards exist for protecting the 
     appellant from retaliation by agency examiners; and
       (3) that the ruling agency officer have the authority, 
     where appropriate and as justice so requires, to stay the 
     supervisory determination pending completion of the appellate 
     process.
       (c) Comment Period.--Each agency shall provide public 
     notice and opportunity for comment on proposed guidelines for 
     an appellate process not later than 90 days after enactment 
     of this Act.
       (d) Definitions.--For purposes of this section--
       (1) the term ``agency'' shall refer to the appropriate 
     Federal banking agency and the National Credit Union 
     Administration;
       (2) the terms ``insured depository institution'' and 
     appropriate Federal banking agency'' have the same meanings 
     as in section 3 of the Federal Deposit Insurance Act; and
       (3) the term ``material supervisory determination'' 
     includes determinations relating to exam ratings, the 
     adequacy of loan loss reserve provisions, and loan 
     classifications on loans significant to the institution.

     SEC. 332. AGGREGATE LIMITS ON INSIDER LENDING.

       Section 22(h)(5) of the Federal Reserve Act (12 U.S.C. 
     375b(5)) (as amended by section 306 of the Federal Deposit 
     Insurance Corporation Improvement Act of 1991) is amended--
       (a) by redesignating subparagraph (C) as subparagraph (D);
       (b) by inserting the following new subparagraph (C):
       ``(C) Small bank exception.--Notwithstanding subparagraph 
     (A), member banks with less than $100,000,000 in deposits may 
     make such extensions of credit in the aggregate to persons 
     specified in subparagraph (A) in an amount not to exceed 2 
     times the bank's unimpaired capital and unimpaired 
     surplus.''; and
       (c) in subparagraph (D), as redesignated, by striking 
     ``less than $100,000,000'' and inserting ``between 
     $100,000,000 and $250,000,000''.

     SEC. 333. STERILE RESERVES STUDIES.

       (a) Federal Reserve Study.--No later than 90 days after 
     enactment of this Act, the Board of Governors of the Federal 
     Reserve System, in consultation with the Federal Deposit 
     Insurance Corporation, shall study and report to Congress 
     on--
       (1) the necessity, for monetary policy purposes, of 
     continuing to require insured depository institutions to 
     maintain sterile reserves;
       (2) the appropriateness of paying insured depository 
     institutions with a market rate of interest on sterile 
     reserves, or in the alternative, providing payment of this 
     interest into the appropriate deposit insurance fund;
       (3) the monetary impact that the failure to pay interest on 
     sterile reserves has had on insured depository institutions, 
     including an estimate of the total dollar amount of interest 
     and potential income lost by insured depository institutions; 
     and
       (4) the impact that failure to pay interest on sterile 
     reserves has had on the ability of the banking industry to 
     compete with nonbanking providers of financial services and 
     with foreign banks.
       (b) Budgetary Impact Study.--No later than 90 days after 
     enactment of this Act, the Office of Management and Budget 
     and the Congressional Budget Office, in consultation with the 
     Senate and House Committees on the Budget, shall jointly 
     study and report to Congress on the budgetary impact of--
       (1) paying insured depository institutions a market rate of 
     interest on sterile reserves; and
       (2) paying such interest into the respective deposit 
     insurance funds.
       (c) Definition.--For purposes of this section, the term 
     ``insured depository institution'' has the same meaning as in 
     section 3 of the Federal Deposit Insurance Act.

     SEC. 334. CREDIT CARD ACCOUNTS RECEIVABLE SALES.

       Section 11(e) of the Federal Deposit Insurance Act (12 
     U.S.C. 1821(e)) is amended by adding at the end the following 
     new paragraphs:
       ``(14) Selling credit card accounts receivable.--
       ``(A) Notification required.--An undercapitalized insured 
     depository institution (as defined in section 38) shall 
     notify the Corporation in writing before entering into an 
     agreement to sell credit card accounts receivable.
       ``(B) Waiver by corporation.--The Corporation may at any 
     time, in its sole discretion and upon such terms as it may 
     prescribe, waive its right to repudiate an agreement to sell 
     credit card accounts receivable if the Corporation--
       ``(i) determines that the waiver is in the best interests 
     of the deposit insurance fund; and
       ``(ii) provides a written waiver to the selling 
     institution.
       ``(C) Effect of waiver on successors.--
       ``(i) In general.--If, under subparagraph (B), the 
     Corporation has waived its right to repudiate an agreement to 
     sell credit card accounts receivable--

       ``(I) any provision of the agreement that restricts 
     solicitation of a credit card customer of the selling 
     institution, or the use of a credit card customer list of the 
     institution, shall bind any receiver or conservator of the 
     institution; and
       ``(II) the Corporation shall require any acquirer of the 
     selling institution, or of substantially all of the selling 
     institution's assets or liabilities, to agree to be bound by 
     a provision described in subclause (I) as if the acquirer 
     were the selling institution.

       ``(ii) Exception.--Clause (i)(II) does not--

       ``(I) restrict the acquirer's authority to offer any 
     product or service to any person identified without using a 
     list of the selling institution's customers in violation of 
     the agreement;
       ``(II) require the acquirer to restrict any preexisting 
     relationship between the acquirer and a customer; or
       ``(III) apply to any transaction in which the acquirer 
     acquires only insured deposits.

       ``(D) Waiver not actionable.--The Corporation shall not, in 
     any capacity, be liable to any person for damages resulting 
     from waiving or failing to waive the Corporation's right 
     under this section to repudiate any contract or lease, 
     including an agreement to sell credit card accounts 
     receivable. No court shall issue any order affecting any such 
     waiver or failure to waive.
       ``(E) Other authority not affected.--This paragraph does 
     not limit any other authority of the Corporation to waive the 
     Corporation's right to repudiate an agreement or lease under 
     this section.
       ``(15) Certain credit card customer lists protected.--
       ``(A) In general.--If any insured depository institution 
     sells credit card accounts receivable under an agreement 
     negotiated at arm's length that provides for the sale of the 
     institution's credit card customer list, the Corporation 
     shall prohibit any party to a transaction with respect to the 
     institution under this section or section 13 from using the 
     list except as permitted under the agreement.
       ``(B) Fraudulent transactions excluded.--Subparagraph (A) 
     does not limit the Corporation's authority to repudiate any 
     agreement entered into with the intent to hinder, delay, or 
     defraud the institution, the institution's creditors, or the 
     Corporation.''.

     SEC. 335. CHANGES TO THE FEDERAL HOME LOAN BANK ACT TO 
                   PROMOTE CREDIT AVAILABILITY.

       (a) Section 10(a) of the Federal Home Loan Bank Act (12 
     U.S.C. 1430(a)) is amended--
       (1) by redesignating subparagraphs (4) and (5) as 
     subparagraphs (5) and (6), respectively;
       (2) in newly redesignated subparagraph (5) (as redesignated 
     by subsection (a)(1) of this section), by inserting 
     ``nonresidential'' after the first ``Other'';
       (3) by inserting new subparagraph (4) as follows:
       ``(4) Other residential real estate-related collateral 
     acceptable to the Bank.''; and
       (4) in newly redesignated subparagraph (6) (as redesignated 
     by subsection (a)(1) of this section), by striking ``(4)'' 
     and inserting ``(5)''.
       (b) Section 11(h) of the Federal Home Loan Bank Act (12 
     U.S.C. 1431(h)) is amended by inserting after ``Federal Home 
     Loan Bank System,'' the following clause: ``the purchase of 
     participating interests in residential construction loans 
     that are originated by member institutions and that comply 
     with uniform Federal regulations on real estate lending 
     standards under subsection (o) of section 1828 of title 12 of 
     the United States Code, the authority to enhance the credit 
     quality of any such participation interests in residential 
     construction loans that the Banks resell,''.
                 Subtitle B--Regulatory Micromanagement

     SEC. 341. REGULATORY STANDARDS.

       Section 39 of the Federal Deposit Insurance Act (12 U.S.C. 
     1831s) (as added by section 132 of the Federal Deposit 
     Insurance Corporation Improvement Act of 1991) is hereby 
     repealed.

     SEC. 342. PAPERWORK REDUCTION REVIEW.

       Not later than 180 days after the date of enactment of this 
     Act, each appropriate Federal banking agency, in consultation 
     with insured depository institutions and other interested 
     parties, shall--
       (a) review the extent to which current regulations require 
     insured depository institutions to produce unnecessary 
     internal written policies; and
       (b) eliminate such requirements, where appropriate.
       For purposes of this section, the terms ``insured 
     depository institution'' and ``appropriate Federal banking 
     agency'' have the same meanings as in section 3 of the 
     Federal Deposit Insurance Act.

     SEC. 343. RULES ON DEPOSIT TAKING.

       Section 29(g)(3) of the Federal Deposit Insurance Act (12 
     U.S.C. 1831f(g)(3)) is amended--
       (1) by inserting ``undercapitalized'' after ``includes 
     any''; and
       (2) by inserting ``undercapitalized'' after ``employee of 
     any''.

     SEC. 344. ADEQUATE TRANSITION PERIOD FOR NEW REGULATIONS.

       (a) Adequate Transition Period for New Regulations.--No new 
     regulation issued by a Federal banking agency which imposes 
     additional reporting, disclosure or other requirements on 
     insured depository institutions shall be effective prior to 
     180 days from the date that that regulation becomes final 
     unless--
       (1) the agency makes a finding that an emergency exists 
     which requires sooner action; or
       (2) explicitly directed by Congress.
       (b) Definition.--For purposes of this section, the terms 
     ``Federal banking agency'' and ``insured depository 
     institution'' have the same meanings as in section 3 of the 
     Federal Deposit Insurance Act.
         Subtitle C--Unnecessary Cost, Paperwork and Regulation

                     CHAPTER 1--GENERAL PROVISIONS

     SEC. 351. ANNUAL EXAMINATIONS.

       (a) In General.--Section 10 of the Federal Deposit 
     Insurance Act (12 U.S.C. 1820) (as amended by section 111 of 
     the Federal Deposit Insurance Corporation Improvement Act of 
     1991) is amended--
       (1) Small institution treatment.--In subsection (d), delete 
     paragraph (4) and insert the following new paragraph:
       ``(4) 2-year rule for certain small institutions.--
     Paragraphs (1), (2), and (3) shall apply with `24-month' 
     substituted for `12-month' if--
       ``(A) the insured depository institution has total assets 
     of less than $250,000,000;
       ``(B) the institution is well capitalized, as defined in 
     section 38;
       ``(C) when the institution was most recently examined, it 
     was found to be well managed, had solid earnings, had been 
     profitable for the previous 2 years, and its composite 
     condition was found to be good;
       ``(D) the insured depository institution is not currently 
     subject to a formal enforcement order by the appropriate 
     Federal banking agency; and
       ``(E) no person acquired control of the institution during 
     the 12-month period in which a full-scope, on-site 
     examination would be required but for this paragraph.
       ``The dollar amount in the preceding sentence shall be 
     adjusted annually after December 31, 1992, by the annual 
     percentage increase in the Consumer Price Index for Urban 
     Wage Earners and Clerical Workers published by the Bureau of 
     Labor Statistics.''.
       (2) State examinations.--In subsection (d), delete 
     paragraph (3) and insert the following new paragraph:
       ``(3) State examinations acceptable.--The examination 
     requirement established under paragraph (1) may be satisfied 
     by an examination of the insured depository institution 
     conducted by the state during the 12-month period if the 
     appropriate Federal banking agency determines that the state 
     examination carries out the purposes of this subsection.''.
       (3) Certain depository institutions within holding 
     companies.--At the end of subsection (d), add the following 
     new paragraph:
       ``(7) Certain institutions within depository institution 
     holding companies.--The appropriate Federal banking agency 
     may exempt any insured depository institution owned or 
     controlled by a depository institution holding company from 
     the requirements of this subsection where--
       ``(A) the agency is satisfied that adequate internal 
     controls and examination procedures exist within the holding 
     company structure; or
       ``(B) the insured depository institutions owned or 
     controlled by the depository institution holding company 
     which hold a substantial majority of the total assets of all 
     insured depository institution assets owned or controlled by 
     the depository institution holding company have been examined 
     pursuant to the requirements of this subsection.''.

     SEC. 352. COORDINATED EXAMINATIONS.

       (a) Coordinated State and Federal Examinations.--Section 
     10(d) of the Federal Deposit Insurance Act (12 U.S.C. 
     1820(d)) (as amended by section 351 of this Act) is amended 
     by inserting after paragraph (7) the following new paragraph:
       ``(8) Coordinated examinations.--Each appropriate Federal 
     banking agency shall, to the extent practicable--
       ``(A) coordinate all examinations to be conducted by that 
     agency at an insured depository institution; and
       ``(B) work with other appropriate Federal banking agencies 
     and appropriate State bank supervisors to coordinate 
     examinations to be conducted at an insured depository 
     institution.

     so as to minimize the disruptive effects of such examinations 
     on institution operations.''.
       (b) Technical and Conforming Amendment.--Section 3(r) of 
     the Federal Deposit Insurance Act (12 U.S.C. 1813 (r)) is 
     amended to read as follows:
       ``(r) Appropriate State Bank Supervisor.--The term 
     `appropriate State bank supervisor' means any officer, 
     agency, or other entity of any State which has primary 
     regulatory authority over State banks or State savings 
     associations in such State.''.

     SEC. 353. DIFFERENCES IN ACCOUNTING PRINCIPLES.

       Section 37(a)(2) of the Federal Deposit Insurance Act (12 
     U.S.C. 1831n(a)(2)) (as added by section 121 of the Federal 
     Deposit Insurance Corporation Improvement Act of 1991) is 
     amended by adding the following new subparagraph (C)--
       ``(C) Minimize Differences.--Notwithstanding subparagraph 
     (B), each appropriate Federal banking agency and the 
     Corporation shall require insured depository institutions to 
     use accounting principles consistent with generally accepted 
     accounting principles to the extent practicable so as to 
     minimize differences between statements and reports, and 
     thereby reduce the compliance burdens and costs on insured 
     depository institutions.''.

     SEC. 354. REDUCTION OF CALL REPORT BURDENS.

       (a) Regulatory Review of Call Report Burdens.--
       (1) In general.--Within 60 days after the date of enactment 
     of this Act, each appropriate Federal banking agency shall 
     review the regulatory burden and costs incurred by insured 
     depository institutions during their preparation of reports 
     of condition.
       (2) Factors to be considered.--In conducting its review, 
     each agency shall consider all relevant factors that it deems 
     necessary to correctly determine the extent of the burden and 
     costs, including--
       (A) the actual dollar cost to financial institutions in 
     preparing such reports;
       (B) the time and resources expended to meet regulatory 
     directives;
       (C) the frequency in which the agency has modified the 
     type(s) of information required to be reported in such 
     reports and the costs and burdens associated with complying 
     with such modifications; and
       (D) the extent to which such costs and burdens, viewed 
     within the overall context of the total regulatory burden and 
     cost incurred by insured depository institutions in their 
     day-to-day operations, impact upon the availability of 
     credit.
       (3) Corrective measures.--After conducting its review, each 
     appropriate Federal banking agency shall revise its call 
     report requirements to remove any unnecessary burdens and 
     costs. Prior to any subsequent modification in call report 
     requirements, each agency shall consider the extent to which 
     such modifications impose unnecessary regulatory burdens and 
     costs upon insured depository institutions.
       (4) Definitions.--For purposes of this section, the terms 
     ``insured depository institution'' and ``appropriate Federal 
     banking agency'' have the same meanings as in section 3 of 
     the Federal Deposit Insurance Act.
       (b) Repeal of Publication Requirements.--
       (1) The fifth sentence of section 5211(a) of the Revised 
     Statutes (12 U.S.C. 161(a)) is amended by striking ``; and 
     the statement of resources and liabilities in the same form 
     in which it is made to the comptroller shall be published in 
     a newspaper'' and all that follows through the period and 
     inserting a period.
       (2) Section 5211(c) of the Revised Statutes (12 U.S.C. 
     161(c) is amended by striking the fourth sentence.
       (3) Section 7(a)(1) of the Federal Deposit Insurance Act is 
     amended by striking the fourth sentence.
       (4) The last sentence of the sixth undesignated paragraph 
     of section 9 of the Federal Reserve Act (12 U.S.C. 324) is 
     amended by striking ``and shall be published'' and all that 
     follows through the end of the sentence and inserting a 
     period.
       (c) Amendment Relating to National Banks.--Section 5211(a) 
     of the Revised Statutes (12 U.S.C. 161(a)) is amended by 
     adding at the end the following sentence: ``Any change in the 
     form of report of condition made under this subsection shall 
     be effective only once in a particular calendar year, and 
     only after at least 6 months from the date that notice of the 
     change is published in the Federal Register, except that such 
     change may be effective on a subsequent date or after less 
     notice if the Comptroller makes a specific finding that an 
     additional change in the form or a shorter advance-notice 
     period is necessary because of an emergency or change in 
     Federal law.''.
       (d) Amendment Relating to State Non-Member Insured Banks.--
     Section 7(a) of the Federal Deposit Insurance Act (12 U.S.C. 
     1817(a)) is amended by adding at the end the following new 
     paragraph:
       ``(10) Transition period for changes in report 
     requirements.--Any change in the form of reports of condition 
     made under this subsection shall be effective only once in a 
     particular calendar year, and only after at least 6 months 
     from the date that notice of the change is published in the 
     Federal Register, except that such a change may be effective 
     on a subsequent date or after less notice if the Board of 
     Directors makes a specific finding that an additional change 
     in the form or a shorter advance-notice period is necessary 
     because of an emergency or change in Federal law.''.
       (e) Amendment Relating to State Member Banks.--The sixth 
     undesignated paragraph of section 9 of the Federal Reserve 
     Act (12 U.S.C. 324) is amended by adding at the end the 
     following sentence: ``Any change in the form of report of 
     condition made under this subsection shall be effective only 
     once in a particular calendar year, and only after at least 6 
     months from the date that notice of the change is published 
     in the Federal Register, except that such a change may be 
     effective on a subsequent date or after less notice if the 
     Board of Governors of the Federal Reserve System makes a 
     specific finding that an additional change in the form or a 
     shorter advance-notice period is necessary because of an 
     emergency or change in Federal law.''.
       (f) Amendment Relating to Savings Association.--Section 
     5(v) of the Home Owners' Loan Act (12 U.S.C. 1464(v)) is 
     amended by adding at the end the following new paragraph:
       ``(9) Transition period for changes in report 
     requirements.--Any change in the form of reports of condition 
     made under this subsection shall be effective only once in a 
     particular calendar year, and only after at least 6 months 
     from the date that notice of the change is published in the 
     Federal Register, except that such a change may be effective 
     on a subsequent date or after less notice if the Director 
     makes a specific finding that an additional change in the 
     form or a shorter advance-notice period is necessary because 
     of an emergency or change in Federal law.''.
       (g) Amendment Relating to Credit Unions.--Section 202(a)(1) 
     of the Federal Credit Union Act (12 U.S.C. 1782(a)(1)) is 
     amended by adding at the end the following sentence: ``Any 
     change in the form of reports of condition made under this 
     subsection shall be effective only once in a particular 
     calendar year, and only after at least 6 months from the date 
     that notice of the change is published in the Federal 
     Register, except that such a change may be effective on a 
     subsequent date or after less notice if the Board makes a 
     specific finding that an additional change in the form or a 
     shorter advance-notice period is necessary because of an 
     emergency or change in Federal law.''.

     SEC. 355. REGULATORY REVIEW OF CAPITAL COMPLIANCE BURDEN.

       Not later than 180 days after the date of enactment of this 
     Act, the Federal Financial Institutions Examination Council, 
     in consultation with insured depository institutions and 
     other interested parties, shall--
       (a) review the extent to which current compliance 
     requirements associated with risk-based capital rules have an 
     unnecessarily costly and burdensome effect on community 
     banks; and
       (b) where appropriate, reduce such costs and burdens.
       For purposes of this section, the term ``insured depository 
     institution'' has the same meaning as in section 3 of the 
     Federal Deposit Insurance Act.

     SEC. 356. BRANCH CLOSURES.

       Section 39 of the Federal Deposit Insurance Act (12 U.S.C. 
     1831p) (as added by section 228 of the Federal Deposit 
     Insurance Corporation Improvement Act of 1991) is amended by 
     adding at the end the following new subsections:
       ``(d) Definitions.--For purposes of this section, the term 
     ``branch'' shall not include:
       ``(1) automated teller machines;
       ``(2) a branch acquired through merger, consolidation, 
     purchase, assumption or other method that is located in a 
     local market area currently served by another branch of the 
     acquiring institution;
       ``(3) a branch that is closed and reopened in another 
     location within the same local market area which would 
     continue to provide banking services to substantially all of 
     the customers currently served by the branch that is closed;
       ``(4) a branch that is closed in connection with--
       ``(A) an emergency acquisition under--
       ``(i) section 11(n); or
       ``(ii) subsections (f) or (k) of section 13;
       ``(B) any assistance provided by the Corporation under 
     section 13(c); and
       ``(5) any other branch closure whose exemption from the 
     notice requirements of this section would not produce a 
     result inconsistent with the purposes of this section. The 
     appropriate Federal banking agency shall, by regulation, 
     determine the circumstances under which such exemptions will 
     be granted.
       ``(e) Effective Date.--The amendments made by this section 
     shall become effective on the date of enactment of the 
     Federal Deposit Insurance Corporation Improvement Act of 
     1991.''.

     SEC. 357. BANK SECRECY ACT AMENDMENTS.

       (a) Staff Commentaries.--Title 31 of the United States Code 
     is amended to add the following new section 5327:

     ``SEC. 5327. STAFF COMMENTARIES.

       ``The Secretary of the Treasury shall review all 
     regulations promulgated under this title on an annual basis 
     and seek comment from the public pursuant to this review. The 
     Secretary shall publish all written rulings interpreting this 
     title, as well as a staff commentary to the regulations 
     issued under this title. This commentary shall be issued on 
     an annual basis.''.
       (b) Log Requirements.--Section 5325(a)(1) of title 31 of 
     the United States Code is amended--
       (1) by striking subparagraphs (A) and (B); and
       (2) by inserting the following new paragraph (1):
       ``(1) the individual has a transaction account with such 
     financial institution and the financial institution verifies 
     that fact through a signature card or other information 
     maintained by such institution in connection with the account 
     of such individual.''.
       (c) Exemption Process.--Section 5318(a)(5) of title 31 of 
     the United States Code is amended--
       (1) by inserting ``or exception'' after ``an appropriate 
     exemption''; and
       (2) by inserting ``only after receiving comments from the 
     entities covered by this chapter. The Secretary must take 
     into account the effect that changes to the exemption or 
     exception process will have on the cost and efficiency of the 
     reporting process.'' after the words ``under this 
     subchapter''.
       (d) Customer Filings.--Section 5313(a) of title 31 of the 
     United States Code is amended by striking ``, the institution 
     and any other participant in the transaction the Secretary 
     may prescribe shall file a report'' and inserting ``the 
     person who participates in the transaction shall file a 
     report''.
       (e) Inflation Adjustments on CTR Amounts.--Section 5313(a) 
     of title 31 of the United States Code is amended by inserting 
     after the second sentence the following new sentence: ``The 
     Secretary must review the reporting requirements mentioned 
     above by September 1 of each calendar year to determine if 
     the reporting amount prescribed by the Secretary should be 
     adjusted to account for inflation, cost effectiveness of the 
     requirement or the usefulness for law enforcement purposes. 
     The Secretary must submit a written report to the Congress 
     each year disclosing how the reporting threshold decision was 
     reached. The report must include an analysis of how the 
     change will affect domestic financial institutions.''.

     SEC. 358. CLARIFYING AMENDMENTS.

       (a) Data Collections.--Section 7(a)(8) of the Federal 
     Deposit Insurance Act (12 U.S.C. 1817(a)(8)) (as amended by 
     section 141(c) of the Federal Deposit Insurance Corporation 
     Improvement Act of 1991) is amended to add at the end the 
     following new sentence: ``In prescribing reporting and other 
     requirements pursuant to this paragraph, the Corporation 
     shall minimize the regulatory burden imposed upon insured 
     depository institutions.'';

     SEC. 359. LIMITING POTENTIAL LIABILITY ON FOREIGN ACCOUNTS.

       (a) Amendment to the Federal Reserve Act.--Section 25 of 
     the Federal Reserve Act (12 U.S.C. 601 et seq.) is amended by 
     adding at the end the following:
       ``11. Limitations on Liability.--
       ``A member bank shall not be required to repay any deposit 
     made at a foreign branch of the bank if the branch cannot 
     repay the deposit due to--
       ``(i) an act of war, insurrection or civil strife, or
       ``(ii) an action by a foreign government or instrumentality 
     (whether de jure or de facto) in the country in which the 
     branch is located,

     unless the member bank has expressly agreed in writing to 
     repay the deposit under those circumstances. The Board is 
     authorized to prescribe such regulations as it deems 
     necessary to implement this paragraph.''.
       (b) Amendments to the Federal Deposit Insurance Act.--
       (1) Section 18 of the Federal Deposit Insurance Act (12 
     U.S.C. 1828) is amended by adding at the end the following:
       ``(  ) Sovereign risk.--Section 25(11) of the Federal 
     Reserve Act shall apply to every nonmember insured bank in 
     the same manner and to the same extent as if the nonmember 
     insured bank were a member bank.''.
       ``(2) Conforming amendment.--Subparagraph (A) of section 
     3(1)(5) of the Federal Deposit Insurance Act (12 U.S.C. 
     1813(1)(5)) is amended to read as follows:
       ``(A) any obligation of a depository institution which is 
     carried on the books and records of an office of such bank or 
     savings association located outside of any State unless--
       ``(i) such obligation would be a deposit if it were carried 
     on the books and records of the depository institution, and 
     payable at, an office located in any State; and
       ``(ii) the contract evidencing the obligation provides by 
     express terms, and not by implication, for payment at an 
     office of the depository institution located in any State; 
     and''.
       (c) Existing Claims Not Affected--The amendments made by 
     this section shall not be construed to affect any claim 
     arising from events (described in section 25(11) of the 
     Federal Reserve Act, as added by subsection (a)) that 
     occurred before the date of enactment of this section.

     SEC. 360. REPEAL OUT-DATED STATUTORY PROVISION.

       Section 5204 of the Revised Statutes (12 U.S.C. 56) is 
     amended--
       (1) in the second sentence, by striking ``deducting 
     therefrom its losses and bad debts'' and inserting ``subject 
     to other provisions of law''; and
       (2) by striking the third sentence.

     SEC. 361. FLEXIBILITY IN CHOOSING BOARDS OF DIRECTORS.

       Section 72 of title 12, United States Code is amended: In 
     the first sentence delete ``two-thirds'' and replace it with 
     ``one-half''; In the first sentence after the phrase, 
     ``affiliate of a foreign bank'' insert, ``whether or not the 
     association is owned or controlled by such foreign bank''.

                CHAPTER 2--HOLDING COMPANY EFFICIENCIES

     SEC. 365. EXPEDITED PROCEDURES FOR FORMING A BANK HOLDING 
                   COMPANY.

       Section 3(a) of the Bank Holding Company Act of 1956 (12 
     U.S.C. 1842(a)) is amended--
       (1) by striking out ``or (B)'' and inserting in lieu 
     thereof ``(B),''; and
       (2) by inserting before the period at the end of the second 
     sentence the following: ``, or (C) with 30 days prior 
     notification to the Board, the acquisition by a company of 
     control of a bank in a reorganization in which a person or 
     group of persons exchange their shares of the bank for shares 
     of a newly formed bank holding company and receive, after the 
     reorganization, substantially the same proportional share 
     interest in the holding company as they held in the bank 
     except for changes in shareholders' interests resulting from 
     the exercise of dissenting shareholders' rights under State 
     or Federal law if, immediately following the acquisition, the 
     bank holding company meets the capital and other financial 
     standards prescribed by the Board by regulation for such a 
     bank holding company and the holding company does not engage 
     in any activities other than those of banking or managing and 
     controlling banks. In promulgating regulations pursuant to 
     this subsection, the Board shall not require more capital for 
     the subsidiary bank immediately following the reorganization 
     than is required for a similarly sized bank that is not a 
     subsidiary of a bank holding company.''.

     SEC. 366. EXEMPTION OF CERTAIN HOLDING COMPANY FORMATIONS 
                   FROM REGISTRATION UNDER THE SECURITIES ACT OF 
                   1933.

       Section 4 of the Securities Act of 1933 (15 U.S.C. 77d) is 
     amended by adding at the end thereof the following new 
     paragraph:
       ``(7) transactions involving offers or sales of equity 
     securities, in connection with the acquisition of a bank by a 
     company under section 3(a) of the Bank Holding Company Act of 
     1956 (12 U.S.C. 1842(A)), if the acquisition occurs solely as 
     part of a reorganization in which a person or group of 
     persons exchange their shares of a bank for shares of a newly 
     formed bank holding company and receive, after that 
     reorganization, substantially the same proportional share 
     interests in the bank holding company as they held in the 
     bank, except for changes in shareholders' interests resulting 
     from the exercise of dissenting shareholders' rights under 
     State or Federal law.''.

     SEC. 367. EXPEDITED PROCEDURES FOR BANK HOLDING COMPANIES TO 
                   SEEK APPROVAL TO ENGAGE IN NONBANKING 
                   ACTIVITIES.

       Paragraph (8) of section 4(c) of the Bank Holding Company 
     Act of 1956 (12 U.S.C. 1843(c)) is amended--
       (1) by redesignating clauses (i) and (ii) of subparagraphs 
     (C), (D), and (E) as subclauses (I) and (II), respectively;
       (2) by redesignating subparagraphs (A) through (G), and any 
     cross references thereto as clauses (i) through (vii), 
     respectively; and
       (3) by striking out all that precedes ``purposes of this 
     subsection it is not'' and inserting in lieu thereof the 
     following:
       ``(8)(A) Activities closely related to banking.--In 
     accordance with the limitations and requirements contained in 
     subparagraphs (B) and (C) of this paragraph, shares of any 
     company whose activities the Board has determined (by order 
     or regulation) to be so closely related to banking or 
     managing or controlling banks as to be a proper incident 
     thereto.
       ``(B) Notice requirements.--
       ``(i) No bank holding company shall engage in any activity 
     or acquire the shares of a company pursuant to this 
     paragraph, either de novo or by an acquisition in whole or in 
     part of a going concern, unless the Board has been given 60 
     days prior written notice of that proposal and, within that 
     period, the Board has not issued an order--
       ``(I) disapproving the proposal, or
       ``(II) extending the time period in accordance with clause 
     (iii) below.
       ``(ii)(I) An acquisition may be made prior to the 
     expiration of the disapproval period if the Board issues a 
     written statement of its intent not to disapprove the 
     proposal.
       ``(II) The Board shall publish in the Federal Register 
     notice of receipt of a notice under this paragraph involving 
     insurance and provide a reasonable period for public comment. 
     The Board shall issue an order involving any such notice.
       ``(III) No notice under this paragraph is required for a 
     bank holding company to establish de novo an office to engage 
     in any activity previously authorized for that bank holding 
     company under this paragraph or to change location of an 
     office engaged in that activity.
       ``(iii) The notice submitted to the Board shall contain 
     such information as the Board shall prescribe by regulation 
     or by specific request in connection with a particular 
     notice, except that the Board may require only such 
     information as may be relevant to the nature and scope of the 
     proposed activity and to the Board's evaluation of the notice 
     under the criteria specified in clause (iv). If the Board 
     requires additional relevant information beyond that provided 
     in the notice, the Board may by order extend the time period 
     provided in clause (i) of this subparagraph until it has 
     received that information, and the activity that is the 
     subject of the notice may be commenced within 60 days of the 
     date of that receipt unless the Board issues a disapproval 
     order as provided in clause (i). Such an extension order is 
     reviewable under section 9 of this Act.
       ``(iv) In determining whether to disapprove a notice under 
     this paragraph, the Board shall consider whether the 
     performance of the activity described in the notice by a bank 
     holding company or subsidiary thereof can reasonably be 
     expected to produce benefits to the public, such as greater 
     convenience, increased competition, or gains in efficiency, 
     that outweigh possible adverse effects, such as undue 
     concentration of resources, decreased or unfair competition, 
     conflicts of interests, or unsound banking practices. In 
     orders and regulations under this paragraph, the Board may 
     differentiate between activities commenced de novo and 
     activities commenced by the acquisition, in whole or in part, 
     of a going concern.
       ``(c) The Board shall by order set forth the reasons for 
     any disapproval or determination not to disapprove a notice 
     under this paragraph.
       ``(C) Insurance activities not closely related to 
     banking.--For''.

     SEC. 368. REDUCTION OF POST-APPROVAL WAITING PERIOD FOR BANK 
                   HOLDING COMPANY ACQUISITIONS.

       Section 11(b)(1) of the Bank Holding Company Act of 1956 
     (12 U.S.C. 1849(b)(1)) is amended by adding before the period 
     at the end of the fourth sentence thereof the following: ``or 
     if no adverse comment has been received regarding section 
     4(c)(8)(C) or section 4(j) of this Act, such shorter period 
     of time as may be prescribed by the Board with the 
     concurrence of the Attorney General, but in no event less 
     than 5 days.''.

     SEC. 369. REDUCTION OF POST-APPROVAL WAITING PERIOD FOR BANK 
                   MERGERS.

       Section 18(c)(6) of the Federal Deposit Insurance Act (12 
     U.S.C. 1828(c)(6)) is amended by inserting before the period 
     at the end of the last sentence thereof the following: ``or 
     such shorter period of time as may be prescribed by the 
     agency with the concurrence of the Attorney General, but in 
     no event less than 5 days.''.
  Subtitle D--Consumer Inconvenience, Paperwork, and Cost; Other Non-
                          Supervisory Reforms

     CHAPTER 1--CONSUMER BENEFITS AND LENDING PROCESS IMPROVEMENTS

     SEC. 371. STREAMLINED LENDING PROCESS FOR CONSUMER BENEFIT.

       (a) Federal Reserve Study.--Within twelve months of 
     enactment of this Act, the Board of Governors of the Federal 
     Reserve System, in consultation with the Department of 
     Housing and Urban Development, shall conduct a study and 
     report to Congress on ways to streamline the credit-granting 
     process.
       (b) Focus.--In carrying out subsection (a), the Board 
     shall--
       (1) identify ways to streamline the home mortgage, small 
     business and consumer lending processes so as to--
       (A) reduce consumer inconvenience, cost and time delays; 
     and
       (B) minimize cost and burdens on insured depository 
     institutions and credit unions;
       (2) take such regulatory action, as appropriate, to meet 
     the objectives of paragraph (1); and
       (3) provide Congress with legislative recommendations on 
     changes necessary to carry out the purposes of this section.
       (c) Comment.--In carrying out the objectives of this 
     section, the Board shall solicit comments from other Federal 
     banking agencies, consumer groups, insured depository 
     institutions, credit unions, and other interested parties.
       (d) Definition.--For purposes of this section, the term 
     ``insured depository institution'' has the same meaning as in 
     section 3 of the Federal Deposit Insurance Act.

     SEC. 372. EXEMPTION FOR CERTAIN BORROWERS.

       Section 104 of the Truth in Lending Act (15 U.S.C. 1603) is 
     amended by adding at the end the following:
       ``(7) Credit transactions involving consumers who earn more 
     than $200,000 annually or have net assets in excess of 
     $1,000,000 at the time of such transaction.''.

     SEC. 373. MODIFICATION OF WAIVER OF RIGHT OF RESCISSION.

       Section 125(d) of the Truth in Lending Act (15 U.S.C. 
     1635(d)) is amended by striking ``, if it finds that such 
     action is necessary in order to permit homeowners to meet 
     bona fide personal financial emergencies,''.

     SEC. 374. ALTERNATIVE DISCLOSURES FOR ADJUSTABLE RATE 
                   MORTGAGES.

       (a) Section 127A(a)(2)(G) of the Truth in Lending Act (15 
     U.S.C. 1637a(a)(2)(G)) is amended by inserting before the 
     semicolon ``, or a statement that the monthly payment may 
     increase or decrease significantly due to increases in the 
     annual percentage rate''.
       (b) In Section 128(a) of the Truth in Lending Act (15 
     U.S.C. 1638(a), insert at the end the following new paragraph 
     (14):
       ``(14) In any variable rate residential mortgage 
     transaction, at the creditors' option, a statement that the 
     monthly payment may increase or decrease substantially, or an 
     historical example illustrating the effects of interest rate 
     changes implemented according to the loan program.''.

     SEC. 375. EXEMPTION FOR BUSINESS ACCOUNTS.

       Section 274 of the Truth in Savings Act (15 U.S.C. 4313) is 
     amended by striking subsection (1) and inserting the 
     following in its place:
       ``(1) The term `account' means any account intended for use 
     by and generally used by consumers primarily for personal, 
     family, or household purposes by a depository institution 
     into which a customer deposits funds, including demand 
     accounts, time accounts, negotiable order of withdrawal 
     accounts, and share draft accounts.''.

     SEC. 376. ELIMINATION OF DUPLICATE DISCLOSURES FOR HOME 
                   EQUITY LOANS.

       Section 4 of the Real Estate Settlement Procedures Act (12 
     U.S.C. 2603) is amended by inserting in subsection (a) after 
     the first sentence: ``except that for federally related 
     mortgage loans secured by a subordinate lien on residential 
     property subject to section 127A(a) of the Truth in Lending 
     Act (15 U.S.C. 1637a(a)), the disclosures of section 127A(a) 
     of the Truth in Lending Act (15 U.S.C. 1637a(a)) may be used 
     in place of the standard real estate settlement form.''.

                CHAPTER 2--OTHER NON-SUPERVISORY REFORMS

  Subchapter I--Expedited Funds Availability and Electronic Transfers

     SEC. 381. AVAILABILITY SCHEDULES.

       (a) Treasury Checks.--Section 603(a)(2)(A) of the Expedited 
     Funds Availability Act (12 U.S.C. 4002(a)(2)(A)) is amended--
       (1) by redesignating clauses (i) and (ii) as clauses (ii) 
     and (iii), respectively; and
       (2) by inserting before clause (ii), as redesignated, the 
     following:
       ``(i) is deposited in a receiving depository institution 
     which is staffed by individuals employed by such 
     institutions;''
       (b) On-Us Items.--Section 603(a)(2)(E) of the Expedited 
     Availability Act (12 U.S.C. 4002(a)(2)(E)) is amended by 
     inserting ``is staffed by individuals employed by such 
     institutions'' after ``branch of a depository institution''.
       (c) Local Checks.--Section 603(b)(1) of the Expedited Funds 
     Availability Act (12 U.S.C. 4002(b)(1)) is amended by 
     striking ``1 business day'' and inserting ``2 business 
     days''.

     SEC. 382. DEFINITION OF A NEW ACCOUNT.

       Section 604(a) of Expedited Funds Availability Act (12 
     U.S.C. 4003(a)) is amended by striking ``30-day period'' and 
     inserting ``90-day period''.

     SEC. 383. JURISDICTION.

       Section 611(f) of the Expedited Funds Availability Act (12 
     U.S.C. 4010(f)) is amended in the first sentence by inserting 
     ``or other entities participating in the payments system, 
     including States and political subdivisions thereof on which 
     checks are drawn.'' after ``depository institutions''.

     SEC. 384. UNAUTHORIZED ELECTRONIC FUND TRANSFERS.

       Section 909(a)(1) of Electronic Fund Transfer Act (15 
     U.S.C. 1693g(a)(1)) is amended by inserting ``(or in cases 
     where the cardholder has substantially contributed to the 
     unauthorized use, including writing on or keeping with the 
     card or other means of access a personal identification or 
     other security code, $500)'' after ``$50''.

         Subchapter II--Amendments to the Truth in Lending Act

     SEC. 385. LIABILITY FOR UNAUTHORIZED USE OF CREDIT CARDS.

       Section 133(a) of the Truth in Lending Act (15 U.S.C. 
     1643(a)) is amended--
       (1) by redesignating paragraph (2) as paragraph (3); and
       (2) by inserting after paragraph (1) the following:
       ``(2)(A) Notwithstanding paragraph (1), a cardholder shall 
     be liable for the unauthorized use of a credit card if--
       ``(i) the liability is in excess of $50; and
       (ii) the cardholder fails to notify the card issuer of any 
     unauthorized transaction which appears on the statement of 
     the cardholder's account in connection with an extension of 
     consumer credit within 60 days of the receipt of such 
     statement.
       ``(B) The liability described in subparagraph (A) shall not 
     apply if the cardholder demonstrates that the failure to 
     timely notify the card issuer of the unauthorized use was due 
     to extenuating circumstances such as extended travel or 
     hospitalization, and notice was provided at the earliest 
     possible time thereafter.
       ``(C) the liability described in subparagraph (A) shall 
     only apply where the card issuer has provided prior notice to 
     the cardholder of such liability.''.

                Subchapter III--Homeownership Amendments

     SEC. 386. HOME MORTGAGE DISCLOSURE ACT EXEMPTION.

       The Home Mortgage Disclosure Act of 1975 (12 U.S.C. 2801 et 
     seq.) is amended in section 309 (12 U.S.C. 2808) by inserting 
     at the end the following new sentence: ``The amount of total 
     assets in the preceding sentence shall be adjusted yearly on 
     January 1 by the annual percentage change in the Consumer 
     Price Index reported for the previous June 1.''.

     SEC. 387. HOMEOWNERSHIP DEBT COUNSELING NOTIFICATION.

       Section 106(c)(5) of the Housing and Urban Development Act 
     of 1968 (12 U.S.C. 1701x(c)(5)) is amended:
       (a) by inserting at the end the following new subparagraph 
     (F):
       ``(F) Affect on foreclosure proceedings.--Failure of a 
     creditor to comply with the requirements of this subsection 
     shall in no way affect foreclosure proceedings under State 
     law.''; and
       (b) in subparagraph (B)--
       (1) by inserting ``(i)'' before ``The notification 
     required'' and by renumbering clauses (i) and (ii) as 
     subclauses (I) and (II), respectively;
       (2) by inserting the following new clause (ii)--
       ``(ii) Creditors shall not be required to provide the 
     notification required under subparagraph (A) more than once 
     annually.''.

     SEC. 388. ELIMINATION OF DUPLICATIVE DATA COLLECTION.

       Effective six months after the date of enactment of this 
     Act, no Federal banking agency shall require any institution 
     for which it is the appropriate Federal banking agency (as 
     defined in section 3(q) of the Federal Deposit Insurance Act) 
     to prepare, file, or maintain any form for the purpose of 
     collection, analysis, or maintenance of appropriate data to 
     further the purposes of, or to fulfill the requirements of, 
     the Fair Housing Act, other than a form for data collection, 
     analysis, or maintenance required under the Home Mortgage 
     Disclosure Act of 1975.

         Subchapter IV--Amendments to the Truth in Savings Act

     SEC. 389. CIVIL LIABILITY.

       Section 271 of the Truth in Savings Act (15 U.S.C. 4310) is 
     amended--
       (1) by inserting the following new subsection (c):
       ``(c) Limits to Civil Liability.--In connection with the 
     disclosures referred to in section 268, a depository 
     institution shall have liability under paragraph (a)(2) of 
     this section only for failing to comply with subsections (2) 
     and (4) of section 268. A depository institution has no 
     liability under this section for any failure to comply with 
     section 263.''; and
       (2) by redesignating subsections (c), (d), (e), (f), (g), 
     (h) and (i) as subsections (d), (e), (f), (g), (h), (i) and 
     (j), respectively.

 Subchapter V--Amendments to the Real Estate Settlements Procedures Act

     SEC. 391. CLARIFY DISCLOSURE REQUIREMENTS.

       Section 6 of the Real Estate Settlement Procedures Act of 
     1974 (12 U.S.C. 2605) is amended--
       (a) in subsection (a)(1)(B)--
       (1) by inserting ``at the choice of the person making a 
     federally related mortgage loan--(i)'' after ``(B)'';
       (2) by redesignating clauses (i) and (ii) as subclauses (I) 
     and (II), respectively, and by striking ``and'' at the end of 
     newly redesignated subclause (II) and inserting ``or''; and
       (3) by inserting the following new clause (ii):
       ``(ii) a statement that the person making the loan has 
     previously assigned, sold, or transferred the servicing of 
     federally related mortgage loans; and''.
       (b) in subsection (a)(2), by inserting at the end the 
     following new sentence: ``Notwithstanding the previous 
     sentences of this paragraph, the Secretary shall also permit 
     any person originating the loan, at the choice of such 
     person, to provide instead of the percentage estimates 
     required to be disclosed under this paragraph a statement 
     that the servicing may be assigned, sold or transferred 
     during the 12-month period beginning upon origination.''.

     SEC. 392. EXEMPTION OF BUSINESS LOANS.

       The Real Estate Settlement Procedures Act of 1974 (12 
     U.S.C. 2601) is amended--
       (1) by redesignating sections 4 (as amended by section 376 
     of this Act) through 19 as sections 5 through 20, 
     respectively; and
       (2) by inserting the following new section 4:
       ``Sec. 4. Exempted Transactions.--This title does not apply 
     to the following:
       ``(1) Credit transactions involving extensions of credit 
     primarily for business, commercial, or agricultural purposes, 
     or to government or governmental agencies or 
     instrumentalities, or to organizations; or
       ``(2) Credit transactions to finance or refinance 
     agricultural property (such as farms, ranches, aquaculture, 
     or vineyards) constituting 25 or more acres regardless of 
     whether the loan in part involves a lien including 
     residential property.''.
                    Subtitle E--Community Investment

     SEC. 395. COMMUNITY REINVESTMENT ACT AMENDMENTS.

       (a) Compliance Burdens.--Section 804 of the Community 
     Reinvestment Act of 1977 (12 U.S.C. 2903) is amended--
       (1) in paragraph (1), by striking ``; and'' and inserting 
     ``;'';
       (2) in paragraph (2), by striking ``.'' and inserting ``; 
     and''; and
       (3) by adding at the end the following new paragraph (3):
       ``(3) minimize the regulatory paperwork burdens and costs 
     associated with compliance with this Act, giving appropriate 
     consideration and recognition to such factors as the nature 
     and scope of the institution's business, its location and 
     area of service, and such other factors as may be 
     appropriate.''.
       (b) Safe Harbor.--The Community Reinvestment Act of 1977 
     (12 U.S.C. 2901 et seq.), as amended by section 242 of this 
     Act, is further amended by adding the following new section:
       ``Sec. 810. Safe Harbor.--Notwithstanding section 804(2), 
     an application for a deposit facility by--
       ``(a) a regulated financial institution shall not be denied 
     on the basis of such institution's compliance with this Act 
     is such institution received a rating in its last evaluation 
     under section 804 of `Outstanding' in its record of meeting 
     community credit needs, as provided in section 807(b); or
       ``(b) a depository institution holding company, as defined 
     in section 3(w) of the Federal Deposit Insurance Act (12 
     U.S.C. 1813(w)), shall not be denied if--
       ``(1) regulated financial institution subsidiaries 
     representing, in the aggregate, two-thirds of the holding 
     company's regulated financial institution assets received a 
     rating in their last evaluation under section 804 of 
     `Outstanding'; and
       ``(2) the remaining regulated financial institution 
     subsidiaries received a rating in their last evaluation under 
     section 804 of at least `Satisfactory'.''.
       (c) Special Purpose Banks.--The Community Reinvestment Act 
     of 1977 (12 U.S.C. 2901 et seq.) is hereby amended--
       (1) in section 803 (12 U.S.C. 2902), by inserting the 
     following new paragraph (5):
       ``(5) the term ``special purpose banks'' means a bank that 
     does not generally accept retail deposits, such as credit 
     card banks and trust banks.''; and
       (2) in section 804 (12 U.S.C. 2903) (as amended by this 
     section)--
       (A) by inserting ``(a)'' before ``In connection with'';
       (B) by inserting at the end the following new subsection 
     (b):
       ``(b) In conducting assessments pursuant to subsection (a) 
     at special purpose banks, each appropriate Federal financial 
     supervisory agency shall take into consideration the nature 
     of business such banks are involved in and develop standards 
     under which such banks may be deemed to have complied with 
     the requirements of this Act which are consistent with the 
     specific nature of such businesses.''.
       (d) State Exams.--The Community Reinvestment Act of 1977 
     (12 U.S.C. 2901 et seq.) is hereby amended by adding after 
     section 809 (as added by this section) the following new 
     section:
       ``Sec. 811. State Exams.--The appropriated Federal 
     financial supervisory agency may accept examinations 
     conducted by state supervisory agencies pursuant to 
     comparable state community reinvestment laws in order to 
     satisfy the requirements of this Act.''.

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