[Congressional Record Volume 154, Number 104 (Monday, June 23, 2008)]
[Senate]
[Pages S5965-S5970]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                           TEXT OF AMENDMENTS

  SA 5024. Ms. COLLINS submitted an amendment intended to be proposed 
to amendment SA 4983 proposed by Mr. Reid (for Mr. Dodd (for himself 
and Mr. Shelby)) to the bill H.R. 3221, moving the United States toward 
greater energy independence and security, developing innovative new 
technologies, reducing carbon emissions, creating green jobs, 
protecting consumers, increasing clean renewable energy production, and 
modernizing our energy infrastructure, and to amend the Internal 
Revenue Code of 1986 to provide tax incentives for the production of 
renewable energy and energy conservation; which was ordered to lie on 
the table; as follows:

       At the end of the amendment, add the following:

               DIVISION __--COMMERCIAL TRUCK FUEL SAVINGS

     SEC. __01. SHORT TITLE.

       This division may be cited as the ``Commercial Truck Fuel 
     Savings Demonstration Act of 2008''.

     SEC. __02. FINDINGS.

       Congress finds that--
       (1) diesel fuel prices have increased more than 50 percent 
     during the 1-year period between May 2007 and May 2008;
       (2) laws governing Federal highway funding effectively 
     impose a limit of 80,000 pounds on the weight of vehicles 
     permitted to use highways on the Interstate System;
       (3) the administration of that provision in many States has 
     forced heavy tractor-trailer and tractor-semitrailer 
     combination vehicles traveling in those States to divert onto 
     small State and local roads on which higher vehicle weight 
     limits apply under State law;
       (4) the diversion of those vehicles onto those roads 
     increases fuel costs because of increased idling time and 
     total travel time along those roads; and
       (5) permitting heavy commercial vehicles, including tanker 
     trucks carrying hazardous material and fuel oil, to travel on 
     Interstate System highways when fuel prices are high would 
     provide significant savings in the transportation of goods 
     throughout the United States.

     SEC. __03. DEFINITIONS.

       In this division:
       (1) Commissioner.--The term ``Commissioner'' means the 
     Commissioner of Transportation of a State.
       (2) Covered interstate system highway.--
       (A) In general.--The term ``covered Interstate System 
     highway'' means a highway designated as a route on the 
     Interstate System.
       (B) Exclusion.--The term ``covered Interstate System 
     highway'' does not include any portion of a highway that, as 
     of the date of the enactment of this Act, is exempt from the 
     requirements of subsection (a) of section 127 of title 23, 
     United States Code, pursuant to a waiver under that 
     subsection.
       (3) Interstate system.--The term ``Interstate System'' has 
     the meaning given the term in section 101(a) of title 23, 
     United States Code.

     SEC. __04. WAIVER OF HIGHWAY FUNDING REDUCTION RELATING TO 
                   WEIGHT OF VEHICLES USING INTERSTATE SYSTEM 
                   HIGHWAYS.

       (a) Prohibition Relating to Certain Vehicles.--
     Notwithstanding section 127(a) of title 23, United States 
     Code, the total amount of funds apportioned to a State under 
     section 104(b)(1) of that title for any period may not be 
     reduced under section 127(a) of that title if a State permits 
     a vehicle described in subsection (b) to use a covered 
     Interstate System highway in the State in accordance with the 
     conditions described in subsection (c).
       (b) Combination Vehicles in Excess of 80,000 Pounds.--A 
     vehicle described in this subsection is a vehicle having a 
     weight in excess of 80,000 pounds that--
       (1) consists of a 3-axle tractor unit hauling a single 
     trailer or semitrailer; and
       (2) does not exceed any vehicle weight limitation that is 
     applicable under the laws of a State to the operation of the 
     vehicle on highways in the State that are not part of the 
     Interstate System, as those laws are in effect on the date of 
     enactment of this Act.
       (c) Conditions.--This section shall apply at any time at 
     which the weighted average price of retail number 2 diesel in 
     the United States is $3.50 or more per gallon.
       (d) Effective Date and Termination.--This section shall not 
     remain in effect--
       (1) after the date that is 2 years after the date of 
     enactment of this Act; or
       (2) before the end of that 2-year period, after any date on 
     which the Secretary of Transportation--
       (A) determines that--
       (i) operation of vehicles described in subsection (b) on 
     covered Interstate System highways has adversely affected 
     safety on the overall highway network; or
       (ii) a Commissioner has failed faithfully to use the 
     highway safety committee as described in section __06(2)(A) 
     or to collect the data described in section __06(3); and
       (B) publishes the determination, together with the date of 
     termination of this section, in the Federal Register.
       (e) Consultation Regarding Termination for Safety.--In 
     making a determination under subsection (d)(2)(A)(i), the 
     Secretary of Transportation shall consult with the highway 
     safety committee established by a Commissioner in accordance 
     with section __06.

     SEC. __05. GAO TRUCK SAFETY DEMONSTRATION REPORT.

       The Comptroller General of the United States shall carry 
     out a study of the effects of participation in the program 
     under section __04 on the safety of the overall highway 
     network in States participating in that program.

     SEC. __06. RESPONSIBILITIES OF STATES.

       For the purpose of section __04, a State shall be 
     considered to meet the conditions under this section if the 
     Commissioner of the State--
       (1) submits to the Secretary of Transportation a plan for 
     use in meeting the conditions described in paragraphs (2) and 
     (3);
       (2) establishes and chairs a highway safety committee 
     that--
       (A) the Commissioner uses to review the data collected 
     pursuant to paragraph (3); and
       (B) consists of representatives of--
       (i) agencies of the State that have responsibilities 
     relating to highway safety;
       (ii) municipalities of the State;
       (iii) organizations that have evaluation or promotion of 
     highway safety among the principal purposes of the 
     organizations; and
       (iv) the commercial trucking industry; and

[[Page S5966]]

       (3) collects data on the net effects that the operation of 
     vehicles described in section __04(b) on covered Interstate 
     System highways have on the safety of the overall highway 
     network, including the net effects on single-vehicle and 
     multiple-vehicle collision rates for those vehicles.
                                 ______
                                 
  SA 5025. Mrs. MURRAY submitted an amendment intended to be proposed 
to amendment SA 4983 proposed by Mr. Reid (for Mr. Dodd (for himself 
and Mr. Shelby)) to the bill H.R. 3221, moving the United States toward 
greater energy independence and security, developing innovative new 
technologies, reducing carbon emissions, creating green jobs, 
protecting consumers, increasing clean renewable energy production, and 
modernizing our energy infrastructure, and to amend the Internal 
Revenue Code of 1986 to provide tax incentives for the production of 
renewable energy and energy conservation; which was ordered to lie on 
the table as follows:

       On page 175, between lines 2 and 3, insert the following:

     SEC. 1132A. GRANTS FOR FINANCIAL LITERACY EDUCATION.

       (a) Definition of Secretary.--In this section, the term 
     ``Secretary'' means the Secretary of Education.
       (b) Grants To Promote Elementary and Secondary Financial 
     Literacy Education Assistance.--
       (1) Definitions.--In this subsection:
       (A) Eligible entity.--The term ``eligible entity'' means--
       (i) a State educational agency, as such term is defined in 
     section 9101 of the Elementary and Secondary Education Act of 
     1965 (20 U.S.C. 6301); or
       (ii) a State partnership consisting of--

       (I) a State educational agency; and
       (II) a nonprofit organization with experience and a proven 
     quality track record in financial literacy or personal 
     finance education programs.

       (B) Eligible local entity.--In this subsection, the term 
     ``eligible local entity'' means--
       (i) a local educational agency, as such term is defined in 
     section 9101 of the Elementary and Secondary Education Act of 
     1965 (20 U.S.C. 6301); or
       (ii) a local partnership consisting of--

       (I) a local educational agency; and
       (II) not less than 1 of the following:

       (aa) A nonprofit organization with experience and a proven 
     track record in quality financial literacy or personal 
     finance education programs.
       (bb) An educational service agency, as such term is defined 
     in section 9101 of the Elementary and Secondary Education Act 
     of 1965 (20 U.S.C. 6301).
       (cc) A recipient of an Excellence in Economic Education 
     grant under subpart 13 of part D of title V of the Elementary 
     and Secondary Education Act of 1965 (20 U.S.C. 7267 et seq.).
       (dd) An institution of higher education, as such term is 
     defined in section 101 of the Higher Education Act of 1965 
     (20 U.S.C. 1001).
       (ee) A community organization.
       (ff) A representative of local business.
       (2) Authorization.--The Secretary shall award grants to 
     eligible entities to enable such entities--
       (A) to award subgrants to local entities to provide 
     financial literacy education; and
       (B) to carry out activities designed to promote financial 
     literacy education.
       (3) Application.--An eligible entity that desires to 
     receive a grant under this subsection shall submit an 
     application to the Secretary at such time, in such manner, 
     and accompanied by such information as the Secretary may 
     require.
       (4) Formula.--From the total amount appropriated for this 
     subsection under subsection (d) for a fiscal year, the 
     Secretary shall allot to each State for such fiscal year an 
     amount that bears the same relation to such total amount as 
     the amount such State received under part A of title I of the 
     Elementary and Secondary Education Act of 1965 (20 U.S.C. 
     6311 et seq.) for such fiscal year bears to the total amount 
     received by all States under such part for such fiscal year.
       (5) Use of funds.--
       (A) Subgrants to eligible local entities.--
       (i) Authorization of subgrants.--An eligible entity that 
     receives a grant under this subsection shall use 75 percent 
     of such grant funds to award subgrants to eligible local 
     entities.
       (ii) Applications.--

       (I) In general.--An eligible local entity that desires to 
     receive a subgrant under this subparagraph shall submit an 
     application to the eligible entity at such time, in such 
     manner, and accompanied by such information as the eligible 
     entity may require.
       (II) Review of applications.--The eligible entity shall 
     review applications submitted under subclause (I) in the same 
     manner as applications are reviewed under section 5534(b) of 
     the Elementary and Secondary Education Act of 1965 (20 U.S.C. 
     7267c(b)).

       (iii) Use of funds.--An eligible local entity that receives 
     a subgrant under this subparagraph--

       (I) shall use the subgrant funds to--

       (aa) implement teacher training programs to embed financial 
     literacy and personal finance education into core academic 
     subjects;
       (bb) administer financial literacy assessments on not less 
     than an annual basis in, at a minimum, the grade levels 
     selected by the State pursuant to subparagraph (B)(i); and
       (cc) implement financial literacy activities and sequences 
     of study within core academic subjects; and

       (II) may use the subgrant funds to implement school-based 
     activities, including after-school activities, to enhance 
     student understanding and experiential learning with 
     consumer, economic, and personal finance concepts.

       (iv) Report.--An eligible local entity that receives a 
     subgrant under this subparagraph shall include in the annual 
     report card under section 1111(h)(2) of the Elementary and 
     Secondary Education Act of 1965 (20 U.S.C. 6311(h)(2)) the 
     same information on student achievement on the financial 
     literacy assessments, administered pursuant to subparagraph 
     (B)(ii), as required, pursuant to such section 1111(h)(2), of 
     the other State academic assessments described in section 
     1111(b)(3) of the Elementary and Secondary Education Act of 
     1965 (20 U.S.C. 6311(b)(3)).
       (B) State activities.--An eligible entity that receives a 
     grant under this subsection shall use 25 percent of such 
     grant funds to carry out the following:
       (i) The development of financial literacy standards in not 
     less than 3 grade levels, including not less than 1 grade 
     level in elementary school, not less than 1 grade level in 
     middle school, and not less than 1 grade level in high 
     school.
       (ii) The development of appropriate financial literacy 
     assessments in the grade levels determined under clause (i) 
     that are valid, reliable, and comparable across the State.
       (iii) Teacher professional development programs to embed 
     financial literacy or personal finance education into core 
     academic subjects.
       (iv) An evaluation of the impact of financial literacy or 
     personal finance education on students' understanding of 
     financial literacy concepts.
       (6) Matching funds.--An eligible entity that receives a 
     grant under this subsection shall provide, from non-Federal 
     sources, an amount equal to 25 percent of the amount of the 
     grant award to carry out activities required under this 
     section.
       (c) Grants To Promote Postsecondary Financial Literacy 
     Education Assistance.--
       (1) Authorization of grant awards.--The Secretary shall 
     award grants, on a competitive basis, to eligible entities to 
     enable such entities to provide financial literacy courses or 
     course components to students.
       (2) Definition of eligible entity.--In this subsection, the 
     term ``eligible entity'' means--
       (A) an institution of higher education, as such term is 
     defined in section 101 of the Higher Education Act of 1965 
     (20 U.S.C. 1001); or
       (B) a partnership consisting of--
       (i) an institution of higher education; and
       (ii) a nonprofit organization with experience and a proven 
     track record in quality financial literacy or personal 
     finance education programs.
       (3) Application.--An eligible entity that desires to 
     receive a grant under this subsection shall submit an 
     application to the Secretary at such time, in such manner, 
     and accompanied by such information as the Secretary may 
     require.
       (4) Use of funds.--An eligible entity that receives a grant 
     under this subsection shall use the grant funds to develop 
     and implement financial literacy education, activities, 
     student organizations, or counseling that increase student 
     knowledge in consumer, economic, and personal financial 
     concepts.
       (d) Authorization of Appropriations.--
       (1) Elementary and secondary financial literacy education 
     grants.--There is authorized to be appropriated to carry out 
     subsection (b) $75,000,000 for each of the fiscal years 2009 
     through 2014.
       (2) Postsecondary financial literacy education grants.--
     There is authorized to be appropriated to carry out 
     subsection (c) $75,000,000 for each of the fiscal years 2009 
     through 2014.
                                 ______
                                 
  SA 5026. Ms. SNOWE submitted an amendment intended to be proposed by 
her to the bill H.R. 3221, moving the United States toward greater 
energy independence and security, developing innovative new 
technologies, reducing carbon emissions, creating green jobs, 
protecting consumers, increasing clean renewable energy production, and 
modernizing our energy infrastructure, and to amend the Internal 
Revenue Code of 1986 to provide tax incentives for the production of 
renewable energy and energy conservation; which was ordered to lie on 
the table; as follows:

       At the end of the bill, add the following:

               TITLE VIII--FEDERAL BOARD OF CERTIFICATION

     SEC. 801. SHORT TITLE.

       This title may be cited as the ``Restore Confidence in 
     Mortgage Securities Act of 2008''.

     SEC. 802. PURPOSE.

       It is the purpose of this title to establish a Federal 
     Board of Certification, which shall certify that the 
     mortgages within a security instrument meet the underlying 
     standards they claim to meet with regards to mortgage 
     characteristics including but not limited to:

[[Page S5967]]

     documentation, loan to value ratios, debt service to income 
     ratios, and borrower credit standards and geographic 
     concentration. The purpose of this certification process is 
     to increase the transparency, predictability and reliability 
     of securitized mortgage products.

     SEC. 803. DEFINITIONS.

       As used in this title--
       (1) the term ``Board'' means the Federal Board of 
     Certification established under this title;
       (2) the term ``mortgage security'' means an investment 
     instrument that represents ownership of an undivided interest 
     in a group of mortgages;
       (3) the term ``insured depository institution'' has the 
     same meaning as in section 3 of the Federal Deposit Insurance 
     Act (12 U.S.C. 1803); and
       (4) the term ``Federal financial institutions regulatory 
     agency'' has the same meaning as in section 1003 of the 
     Federal Financial Institutions Examination Council Act of 
     1978 (12 U.S.C. 3302).

     SEC. 804. VOLUNTARY PARTICIPATION.

       Market participants, including firms that package mortgage 
     loans into mortgage securities, may elect to have their 
     mortgage securities evaluated by the Board.

     SEC. 805. STANDARDS.

       The Board is authorized to promulgate regulations 
     establishing enumerated security standards which the Board 
     shall use to certify mortgage securities. The Board shall 
     promulgate standards which shall certify that the mortgages 
     within a security instrument meet the underlying standards 
     they claim to meet with regards to documentation, loan to 
     value ratios, debt service to income rations and borrower 
     credit standards. The standards should protect settled 
     investor expectations, and increase the transparency, 
     predictability and reliability of securitized mortgage 
     products.

     SEC. 806. COMPOSITION.

       (a) Establishment; Composition.--There is established the 
     Federal Board of Certification, which shall consist of--
       (1) the Comptroller of the Currency;
       (2) the Secretary of Housing and Urban Development;
       (3) a Governor of the Board of Governors of the Federal 
     Reserve System designated by the Chairman of the Board;
       (4) the Undersecretary of the Treasury for Domestic 
     Finance; and
       (5) the Chairman of the Securities and Exchange Commission.
       (b) Chairperson.--The members of the Board shall select the 
     first chairperson of the Board. Thereafter the position of 
     chairperson shall rotate among the members of the Board.
       (c) Term of Office.--The term of each chairperson of the 
     Board shall be 2 years.
       (d) Designation of Officers and Employees.--The members of 
     the Board may, from time to time, designate other officers or 
     employees of their respective agencies to carry out their 
     duties on the Board.
       (e) Compensation and Expenses.--Each member of the Board 
     shall serve without additional compensation, but shall be 
     entitled to reasonable expenses incurred in carrying out 
     official duties as such a member.

     SEC. 807. EXPENSES.

       The costs and expenses of the Board, including the salaries 
     of its employees, shall be paid for by excise fees collected 
     from applicants for security certification from the Board, 
     according to fee scales set by the Board.

     SEC. 808. BOARD RESPONSIBILITIES.

       (a) Establishment of Principles and Standards.--The Board 
     shall establish, by rule, uniform principles and standards 
     and report forms for the regular examination of mortgage 
     securities.
       (b) Development of Uniform Reporting System.--The Board 
     shall develop uniform reporting systems for use by the Board 
     in ascertaining mortgage security risk. The Board shall 
     assess, and publicly publish, how it evaluates and certifies 
     the composition of mortgage securities.
       (c) Affect on Federal Regulatory Agency Research and 
     Development of New Financial Institutions Supervisory 
     Agencies.--Nothing in this title shall be construed to limit 
     or discourage Federal regulatory agency research and 
     development of new financial institutions supervisory methods 
     and tools, nor to preclude the field testing of any 
     innovation devised by any Federal regulatory agency.
       (d) Annual Report.--Not later than April 1 of each year, 
     the Board shall prepare and submit to Congress an annual 
     report covering its activities during the preceding year.
       (e) Reporting Schedule.--The Board shall determine whether 
     it wants to evaluate mortgage securities at issuance, on a 
     regular basis, or upon request.

     SEC. 809. BOARD AUTHORITY.

       (a) Authority of Chairperson.--The chairperson of the Board 
     is authorized to carry out and to delegate the authority to 
     carry out the internal administration of the Board, including 
     the appointment and supervision of employees and the 
     distribution of business among members, employees, and 
     administrative units.
       (b) Use of Personnel, Services, and Facilities of Federal 
     Financial Institutions Regulatory Agencies, and Federal 
     Reserve Banks.--In addition to any other authority conferred 
     upon it by this title, in carrying out its functions under 
     this title, the Board may utilize, with their consent and to 
     the extent practical, the personnel, services, and facilities 
     of the Federal financial institutions regulatory agencies, 
     and Federal Reserve banks, with or without reimbursement 
     therefor.
       (c) Compensation, Authority, and Duties of Officers and 
     Employees; Experts and Consultants.--The Board may--
       (1) subject to the provisions of title 5, United States 
     Code, relating to the competitive service, classification, 
     and General Schedule pay rates, appoint and fix the 
     compensation of such officers and employees as are necessary 
     to carry out the provisions of this title, and to prescribe 
     the authority and duties of such officers and employees; and
       (2) obtain the services of such experts and consultants as 
     are necessary to carry out this title.

     SEC. 810. BOARD ACCESS TO INFORMATION.

       For the purpose of carrying out this title, the Board shall 
     have access to all books, accounts, records, reports, files, 
     memorandums, papers, things, and property belonging to or in 
     use by Federal financial institutions regulatory agencies, 
     including reports of examination of financial institutions, 
     their holding companies, or mortgage lending entities from 
     whatever source, together with work papers and correspondence 
     files related to such reports, whether or not a part of the 
     report, and all without any deletions.

     SEC. 811. REGULATORY REVIEW.

       (a) In General.--Not less frequently than once every 10 
     years, the Board shall conduct a review of all regulations 
     prescribed by the Board, in order to identify outdated or 
     otherwise unnecessary regulatory requirements imposed on 
     insured depository institutions.
       (b) Process.--In conducting the review under subsection 
     (a), the Board shall--
       (1) categorize the regulations described in subsection (a) 
     by type; and
       (2) at regular intervals, provide notice and solicit public 
     comment on a particular category or categories of 
     regulations, requesting commentators to identify areas of the 
     regulations that are outdated, unnecessary, or unduly 
     burdensome.
       (c) Complete Review.--The Board shall ensure that the 
     notice and comment period described in subsection (b)(2) is 
     conducted with respect to all regulations described in 
     subsection (a), not less frequently than once every 10 years.
       (d) Regulatory Response.--The Board shall--
       (1) publish in the Federal Register a summary of the 
     comments received under this section, identifying significant 
     issues raised and providing comment on such issues; and
       (2) eliminate unnecessary regulations to the extent that 
     such action is appropriate.
       (e) Report to Congress.--Not later than 30 days after 
     carrying out subsection (d)(1) of this section, the Board 
     shall submit to the Congress a report, which shall include a 
     summary of any significant issues raised by public comments 
     received by the Board under this section and the relative 
     merits of such issues.

     SEC. 812. LIABILITY.

       Any publication, transmission, or webpage containing an 
     advertisement for or invitation to buy a mortgage security 
     shall include the following notice, in conspicuous type: 
     ``Certification by the Federal Board of Certification can in 
     no way be considered a guarantee of the mortgage security. 
     Certification is merely a judgment by the Federal Board of 
     Certification of the degree of risk offered by the security 
     in question. The Federal Board of Certification is not liable 
     for any actions taken in reliance on such judgment of 
     risk.''.
                                 ______
                                 
  SA 5027. Mr. VITTER submitted an amendment intended to proposed to 
amendment SA 4983 proposed by Mr. Reid (for Mr. Dodd (for himself and 
Mr. Shelby)) to the bill H.R. 3221, moving the United States toward 
greater energy independence and security, developing innovative new 
technologies, reducing carbon emissions, creating green jobs, 
protecting consumers, increasing clean renewable energy production, and 
modernizing our energy infrastructure, and to amend the Internal 
Revenue Code of 1986 to provide tax incentives for the production of 
renewable energy and energy conservation; which was ordered to lie on 
the table; as follows:

       On page 428, line 17, before ``The Federal'' insert ``(a) 
     In General.--''
       On page 428, after line 24, insert the following:
       (b) Excess Fees.--To the extent that any fees charged and 
     collected under subsection (a) exceed the costs of 
     maintaining and providing access to information from the 
     Nationwide Mortgage Licensing System and Registry, such 
     excess fees shall deposited in the Deficit Reduction Fund 
     established under subsection (c) to be used only to make 
     payments to reduce the deficit.
       (c) Deficit Reduction Fund.--There is established in the 
     general fund of the Treasury a fund to be known as the 
     ``Deficit Reduction Fund''.
       (d) Report.--The Comptroller General shall, on an annual 
     basis, conduct a study and submit a report to Congress on--
       (1) the actual cost of maintaining information on the 
     Nationwide Mortgage Licensing System and Registry; and
       (2) if the fees charged under subsection (a) are excessive.

[[Page S5968]]

                                 ______
                                 
  SA 5028. Mr. DURBIN submitted an amendment intended to be proposed to 
amendment SA 4983 proposed by Mr. Reid (for Mr. Dodd (for himself and 
Mr. Shelby)) to the bill H.R. 3221, moving the United States toward 
greater energy independence and security, developing innovative new 
technologies, reducing carbon emissions, creating green jobs, 
protecting consumers, increasing clean renewable energy production, and 
modernizing our energy infrastructure, and to amend the Internal 
Revenue Code of 1986 to provide tax incentives for the production of 
renewable energy and energy conservation; which was ordered to lie on 
the table; as follows:

       On page 410, strike line 22 and all that follows through 
     page 423, line 5, and insert the following:
       (7) Registered loan originator.--The term ``registered loan 
     originator'' means any individual who--
       (A) meets the definition of a--
       (i) loan originator and is an employee of--

       (I) a depository institution;
       (II) a subsidiary that is--

       (aa) owned and controlled by a depository institution; and
       (bb) regulated by a Federal banking agency; or

       (III) an institution regulated by the Farm Credit 
     Administration; or

       (ii) loan originator and is an exclusive agent who shall 
     have entered into a written agreement with only one national 
     bank or one Federal savings association, and is subject to 
     regulation and examination by the Office of the Comptroller 
     of the Currency or the Office of Thrift Supervision, as 
     applicable, pursuant to a program providing for the use of 
     such exclusive agents which has been approved by such agency, 
     respectively; and
       (B) is registered with, and maintains a unique identifier 
     through, the Nationwide Mortgage Licensing System and 
     Registry.
       (8) Residential mortgage loan.--The term ``residential 
     mortgage loan'' means any loan primarily for personal, 
     family, or household use that is secured by a mortgage, deed 
     of trust, or other equivalent consensual security interest on 
     a dwelling (as defined in section 103(v) of the Truth in 
     Lending Act) or residential real estate upon which is 
     constructed or intended to be constructed a dwelling (as so 
     defined).
       (9) Secretary.--The term ``Secretary'' means the Secretary 
     of Housing and Urban Development.
       (10) State-licensed loan originator.--The term ``State-
     licensed loan originator'' means any individual who--
       (A) is a loan originator other than a ``registered loan 
     originator''; and
       (B) is licensed by a State or by the Secretary under 
     section 1508 and is registered as a loan originator with, and 
     maintains a unique identifier through, the Nationwide 
     Mortgage Licensing System and Registry.
       (11) Unique identifier.--
       (A) In general.--The term ``unique identifier'' means a 
     number or other identifier that--
       (i) permanently identifies a loan originator;
       (ii) is assigned by protocols established by the Nationwide 
     Mortgage Licensing System and Registry and the Federal 
     banking agencies to facilitate electronic tracking of loan 
     originators and uniform identification of, and public access 
     to, the employment history of and the publicly adjudicated 
     disciplinary and enforcement actions against loan 
     originators; and
       (iii) shall not be used for purposes other than those set 
     forth under this title.
       (B) Responsibility of states.--To the greatest extent 
     possible and to accomplish the purpose of this title, States 
     shall use unique identifiers in lieu of social security 
     numbers.

     SEC. 1504. LICENSE OR REGISTRATION REQUIRED.

       (a) In General.--An individual may not engage in the 
     business of a loan originator without first--
       (1) obtaining, and maintaining annually--
       (A) a registration as a registered loan originator; or
       (B) a license and registration as a State-licensed loan 
     originator; and
       (2) obtaining a unique identifier.
       (b) Loan Processors and Underwriters.--
       (1) Supervised loan processors and underwriters.--A loan 
     processor or underwriter who does not represent to the 
     public, through advertising or other means of communicating 
     or providing information (including the use of business 
     cards, stationery, brochures, signs, rate lists, or other 
     promotional items), that such individual can or will perform 
     any of the activities of a loan originator shall not be 
     required to be a State-licensed loan originator.
       (2) Independent contractors.--An independent contractor may 
     not engage in residential mortgage loan origination 
     activities as a loan processor or underwriter unless such 
     independent contractor is a State-licensed loan originator.

     SEC. 1505. STATE LICENSE AND REGISTRATION APPLICATION AND 
                   ISSUANCE.

       (a) Background Checks.--In connection with an application 
     to any State for licensing and registration as a State-
     licensed loan originator, the applicant shall, at a minimum, 
     furnish to the Nationwide Mortgage Licensing System and 
     Registry information concerning the applicant's identity, 
     including--
       (1) fingerprints for submission to the Federal Bureau of 
     Investigation, and any governmental agency or entity 
     authorized to receive such information for a State and 
     national criminal history background check; and
       (2) personal history and experience, including 
     authorization for the System to obtain--
       (A) an independent credit report obtained from a consumer 
     reporting agency described in section 603(p) of the Fair 
     Credit Reporting Act; and
       (B) information related to any administrative, civil or 
     criminal findings by any governmental jurisdiction.
       (b) Issuance of License.--The minimum standards for 
     licensing and registration as a State-licensed loan 
     originator shall include the following:
       (1) The applicant has never had a loan originator license 
     revoked in any governmental jurisdiction.
       (2) The applicant has not been convicted of, or pled guilty 
     or nolo contendere to, a felony in a domestic, foreign, or 
     military court--
       (A) during the 7-year period preceding the date of the 
     application for licensing and registration; or
       (B) at any time preceding such date of application, if such 
     felony involved an act of fraud, dishonesty, or a breach of 
     trust, or money laundering.
       (3) The applicant has demonstrated financial 
     responsibility, character, and general fitness such as to 
     command the confidence of the community and to warrant a 
     determination that the loan originator will operate honestly, 
     fairly, and efficiently within the purposes of this title.
       (4) The applicant has completed the pre-licensing education 
     requirement described in subsection (c).
       (5) The applicant has passed a written test that meets the 
     test requirement described in subsection (d).
       (6) The applicant has met either a net worth or surety bond 
     requirement, as required by the State pursuant to section 
     1508(d)(6).
       (c) Pre-Licensing Education of Loan Originators.--
       (1) Minimum educational requirements.--In order to meet the 
     pre-licensing education requirement referred to in subsection 
     (b)(4), a person shall complete at least 20 hours of 
     education approved in accordance with paragraph (2), which 
     shall include at least--
       (A) 3 hours of Federal law and regulations;
       (B) 3 hours of ethics, which shall include instruction on 
     fraud, consumer protection, and fair lending issues; and
       (C) 2 hours of training related to lending standards for 
     the nontraditional mortgage product marketplace.
       (2) Approved educational courses.--For purposes of 
     paragraph (1), pre-licensing education courses shall be 
     reviewed, and approved by the Nationwide Mortgage Licensing 
     System and Registry.
       (3) Limitation and standards.--
       (A) Limitation.--To maintain the independence of the 
     approval process, the Nationwide Mortgage Licensing System 
     and Registry shall not directly or indirectly offer pre-
     licensure educational courses for loan originators.
       (B) Standards.--In approving courses under this section, 
     the Nationwide Mortgage Licensing System and Registry shall 
     apply reasonable standards in the review and approval of 
     courses.
       (d) Testing of Loan Originators.--
       (1) In general.--In order to meet the written test 
     requirement referred to in subsection (b)(5), an individual 
     shall pass, in accordance with the standards established 
     under this subsection, a qualified written test developed by 
     the Nationwide Mortgage Licensing System and Registry and 
     administered by an approved test provider.
       (2) Qualified test.--A written test shall not be treated as 
     a qualified written test for purposes of paragraph (1) unless 
     the test adequately measures the applicant's knowledge and 
     comprehension in appropriate subject areas, including--
       (A) ethics;
       (B) Federal law and regulation pertaining to mortgage 
     origination;
       (C) State law and regulation pertaining to mortgage 
     origination;
       (D) Federal and State law and regulation, including 
     instruction on fraud, consumer protection, the nontraditional 
     mortgage marketplace, and fair lending issues.
       (3) Minimum competence.--
       (A) Passing score.--An individual shall not be considered 
     to have passed a qualified written test unless the individual 
     achieves a test score of not less than 75 percent correct 
     answers to questions.
       (B) Initial retests.--An individual may retake a test 3 
     consecutive times with each consecutive taking occurring at 
     least 30 days after the preceding test.
       (C) Subsequent retests.--After failing 3 consecutive tests, 
     an individual shall wait at least 6 months before taking the 
     test again.
       (D) Retest after lapse of license.--A State-licensed loan 
     originator who fails to maintain a valid license for a period 
     of 5 years or longer shall retake the test, not taking into 
     account any time during which such individual is a registered 
     loan originator.
       (e) Mortgage Call Reports.--Each mortgage licensee shall 
     submit to the Nationwide Mortgage Licensing System and 
     Registry reports of condition, which shall be in such form 
     and shall contain such information as

[[Page S5969]]

     the Nationwide Mortgage Licensing System and Registry may 
     require.

     SEC. 1506. STANDARDS FOR STATE LICENSE RENEWAL.

       (a) In General.--The minimum standards for license renewal 
     for State-licensed loan originators shall include the 
     following:
       (1) The loan originator continues to meet the minimum 
     standards for license issuance.
       (2) The loan originator has satisfied the annual continuing 
     education requirements described in subsection (b).
       (b) Continuing Education for State-Licensed Loan 
     Originators.--
       (1) In general.--In order to meet the annual continuing 
     education requirements referred to in subsection (a)(2), a 
     State-licensed loan originator shall complete at least 8 
     hours of education approved in accordance with paragraph (2), 
     which shall include at least--
       (A) 3 hours of Federal law and regulations;
       (B) 2 hours of ethics, which shall include instruction on 
     fraud, consumer protection, and fair lending issues; and
       (C) 2 hours of training related to lending standards for 
     the nontraditional mortgage product marketplace.
       (2) Approved educational courses.--For purposes of 
     paragraph (1), continuing education courses shall be 
     reviewed, and approved by the Nationwide Mortgage Licensing 
     System and Registry.
       (3) Calculation of continuing education credits.--A State-
     licensed loan originator--
       (A) may only receive credit for a continuing education 
     course in the year in which the course is taken; and
       (B) may not take the same approved course in the same or 
     successive years to meet the annual requirements for 
     continuing education.
       (4) Instructor credit.--A State-licensed loan originator 
     who is approved as an instructor of an approved continuing 
     education course may receive credit for the originator's own 
     annual continuing education requirement at the rate of 2 
     hours credit for every 1 hour taught.
       (5) Limitation and standards.--
       (A) Limitation.--To maintain the independence of the 
     approval process, the Nationwide Mortgage Licensing System 
     and Registry shall not directly or indirectly offer any 
     continuing education courses for loan originators.
       (B) Standards.--In approving courses under this section, 
     the Nationwide Mortgage Licensing System and Registry shall 
     apply reasonable standards in the review and approval of 
     courses.

     SEC. 1507. SYSTEM OF REGISTRATION ADMINISTRATION BY FEDERAL 
                   AGENCIES.

       (a) Development.--
       (1) In general.--The Federal banking agencies shall 
     jointly, through the Federal Financial Institutions 
     Examination Council, and together with the Farm Credit 
     Administration, develop and maintain a system for registering 
     employees of a depository institution, employees of a 
     subsidiary that is owned and controlled by a depository 
     institution and regulated by a Federal banking agency, or 
     employees of an institution regulated by the Farm Credit 
     Administration, or exclusive agents of a national bank or 
     Federal savings association as registered loan originators 
     with the Nationwide Mortgage Licensing System and Registry. 
     The system shall be implemented before the end of the 1-year 
     period beginning on the date of enactment of this title.
       (2) Registration requirements.--In connection with the 
     registration of any loan originator under this subsection, 
     the appropriate Federal banking agency and the Farm Credit 
     Administration shall, at a minimum, furnish or cause to be 
     furnished to the Nationwide Mortgage Licensing System and 
     Registry information concerning the employees's or exclusive 
     agent's identity, including--
                                 ______
                                 
  SA 5029. Mr. NELSON of Florida (for himself and Mr. Coleman) 
submitted an amendment intended to be proposed to amendment SA 4983 
proposed by Mr. Reid (for Mr. Dodd (for himself and Mr. Shelby)) to the 
bill H.R. 3221, moving the United States toward greater energy 
independence and security, developing innovative new technologies, 
reducing carbon emissions, creating green jobs, protecting consumers, 
increasing clean renewable energy production, and modernizing our 
energy infrastructure, and to amend the Internal Revenue Code of 1986 
to provide tax incentives for the production of renewable energy and 
energy conservation; which was ordered to lie on the table; as follows:

       On page 588, between lines 14 and 15, insert the following:

     SEC. __. PENALTY-FREE WITHDRAWALS FROM RETIREMENT PLANS FOR 
                   FORECLOSURE RECOVERY RELIEF FOR INDIVIDUALS 
                   WITH MORTGAGES ON THEIR PRINCIPAL RESIDENCES.

       (a) In General.--Section 72(t) of the Internal Revenue Code 
     of 1986 shall not apply to any qualified foreclosure recovery 
     distribution.
       (b) Limitations.--
       (1) In general.--For purposes of this section, in the case 
     of an individual who is an eligible taxpayer, the aggregate 
     amount of distributions received by the individual which may 
     be treated as qualified foreclosure recovery distributions 
     for any taxable year shall not exceed the lesser of--
       (A) the individual's qualified mortgage expenditures for 
     the taxable year, or
       (B) the excess (if any) of--
       (i) $25,000, over
       (ii) the aggregate amounts treated as qualified foreclosure 
     recovery distributions received by such individual for all 
     prior taxable years.
       (2) Eligible taxpayer.--The term ``eligible taxpayer'' 
     means, with respect to any taxable year, a taxpayer--
       (A) with adjusted gross income for the taxable year not in 
     excess of $55,000 ($110,000 in the case of a joint return 
     under section 6013), and
       (B) who provides certification to the Secretary of 
     participation in the Hope for Homeowners Program established 
     under section 1402 of the Housing and Economic Recovery Act 
     of 2008 or any other government or mortgage industry-
     sponsored foreclosure prevention plan during such taxable 
     year.
       (3) Treatment of plan distributions.--
       (A) In general.--If a distribution to an individual would 
     (without regard to paragraph (1) or (2)) be a qualified 
     foreclosure recovery distribution, a plan shall not be 
     treated as violating any requirement of the Internal Revenue 
     Code of 1986 merely because the plan treats such distribution 
     as a qualified foreclosure recovery distribution, unless the 
     aggregate amount of such distributions from all plans 
     maintained by the employer (and any member of any controlled 
     group which includes the employer) to such individual exceeds 
     $25,000.
       (B) Controlled group.--For purposes of subparagraph (A), 
     the term ``controlled group'' means any group treated as a 
     single employer under subsection (b), (c), (m), or (o) of 
     section 414 of such Code.
       (c) Amount Distributed May Be Repaid.--
       (1) In general.--Any individual who receives a qualified 
     foreclosure recovery distribution may, at any time during the 
     2-year period beginning on the day after the date on which 
     such distribution was received, make one or more 
     contributions in an aggregate amount not to exceed the amount 
     of such distribution to an eligible retirement plan of which 
     such individual is a beneficiary and to which a rollover 
     contribution of such distribution could be made under section 
     402(c), 403(a)(4), 403(b)(8), 408(d)(3), or 457(e)(16) of the 
     Internal Revenue Code of 1986, as the case may be.
       (2) Treatment of repayments of distributions from eligible 
     retirement plans other than iras.--For purposes of such Code, 
     if a contribution is made pursuant to paragraph (1) with 
     respect to a qualified foreclosure recovery distribution from 
     an eligible retirement plan other than an individual 
     retirement plan, then the taxpayer shall, to the extent of 
     the amount of the contribution, be treated as having received 
     the qualified foreclosure recovery distribution in an 
     eligible rollover distribution (as defined in section 
     402(c)(4) of such Code) and as having transferred the amount 
     to the eligible retirement plan in a direct trustee to 
     trustee transfer within 60 days of the distribution.
       (3) Treatment of repayments for distributions from iras.--
     For purposes of such Code, if a contribution is made pursuant 
     to paragraph (1) with respect to a qualified foreclosure 
     recovery distribution from an individual retirement plan (as 
     defined by section 7701(a)(37) of such Code), then, to the 
     extent of the amount of the contribution, the qualified 
     foreclosure recovery distribution shall be treated as a 
     distribution described in section 408(d)(3) of such Code and 
     as having been transferred to the eligible retirement plan in 
     a direct trustee to trustee transfer within 60 days of the 
     distribution.
       (4) Application to eligible retirement plans.--
       (A) In general.--Nothing in this section shall be treated 
     as requiring an eligible retirement plan to accept any 
     contributions described in this subsection.
       (B) Qualification.--An eligible retirement plan shall not 
     be treated as violating any requirement of Federal law solely 
     by reason of the acceptance of contributions described in 
     this subparagraph.
       (d) Definitions.--For purposes of this section--
       (1) Qualified foreclosure recovery distribution.--The term 
     ``qualified foreclosure recovery distribution'' means any 
     distribution to an individual from an eligible retirement 
     plan which is made--
       (A) on or after the date of the enactment of this Act and 
     before January 1, 2010, and
       (B) during a taxable year during which the individual has 
     qualifying mortgage expenditures.
       (2) Qualifying mortgage expenditures.--
       (A) In general.--The term ``qualifying mortgage 
     expenditures'' means any of the following expenditures:
       (i) Payment of principal or interest on an applicable 
     mortgage.
       (ii) Payment of costs paid or incurred in refinancing, or 
     modifying the terms of, an applicable mortgage.
       (B) Applicable mortgage.--The term ``applicable mortgage'' 
     means a mortgage which--
       (i) was entered into after December 31, 2002, and before 
     the date of the enactment of this Act, and
       (ii) constitutes a security interest in the principal 
     residence of the mortgagor.
       (C) Joint filers.--In the case of married individuals 
     filing a joint return under section 6013 of the Internal 
     Revenue Code of

[[Page S5970]]

     1986, the qualifying mortgage expenditures of the taxpayer 
     may be allocated between the spouses in such manner as they 
     elect.
       (3) Eligible retirement plan.--The term ``eligible 
     retirement plan'' shall have the meaning given such term by 
     section 402(c)(8)(B) of such Code.
       (4) Principal residence.--The term ``principal residence'' 
     has the same meaning as when used in section 121 of such 
     Code.
       (e) Income Inclusion Spread Over 2-Year Period for 
     Qualified Foreclosure Recovery Distributions.--
       (1) In general.--In the case of any qualified foreclosure 
     recovery distribution, unless the taxpayer elects not to have 
     this subsection apply for any taxable year, any amount 
     required to be included in gross income for such taxable year 
     shall be so included ratably over the 2-taxable year period 
     beginning with such taxable year.
       (2) Special rule.--For purposes of paragraph (1), rules 
     similar to the rules of subparagraph (E) of section 
     408A(d)(3) of the Internal Revenue Code of 1986 shall apply.
       (f) Special Rules.--
       (1) Exemption of distributions from trustee to trustee 
     transfer and withholding rules.--For purposes of sections 
     401(a)(31), 402(f), and 3405 of the Internal Revenue Code of 
     1986, qualified foreclosure recovery distributions shall not 
     be treated as eligible rollover distributions.
       (2) Qualified foreclosure recovery distributions treated as 
     meeting plan distribution requirements.--For purposes of such 
     Code, a qualified foreclosure recovery distribution shall be 
     treated as meeting the requirements of sections 
     401(k)(2)(B)(i), 403(b)(7)(A)(ii), 403(b)(11), and 
     457(d)(1)(A) of such Code.
       (3) Substantially equal periodic payments.--A qualified 
     foreclosure recovery distribution--
       (A) shall be disregarded in determining whether a payment 
     is a part of a series of substantially equal periodic payment 
     under section 72(t)(2)(A)(iv) of such Code, and
       (B) shall not constitute a change in substantially equal 
     periodic payments under section 72(t)(4) of such Code.
       (g) Provisions Relating to Plan Amendments.--
       (1) In general.--If this subsection applies to any 
     amendment to any plan or annuity contract, such plan or 
     contract shall be treated as being operated in accordance 
     with the terms of the plan during the period described in 
     paragraph (2)(B)(i).
       (2) Amendments to which subsection applies.--
       (A) In general.--This subsection shall apply to any 
     amendment to any plan or annuity contract which is made--
       (i) pursuant to the provisions this section, or pursuant to 
     any regulation issued by the Secretary of the Treasury or the 
     Secretary of Labor under this section, and
       (ii) on or before the last day of the first plan year 
     beginning on or after January 1, 2010, or such later date as 
     the Secretary of the Treasury may prescribe.

     In the case of a governmental plan (as defined in section 
     414(d) of the Internal Revenue Code of 1986), clause (ii) 
     shall be applied by substituting the date which is 2 years 
     after the date otherwise applied under clause (ii).
       (B) Conditions.--This subsection shall not apply to any 
     amendment unless--
       (i) during the period--

       (I) beginning on the date the legislative or regulatory 
     amendment described in subparagraph (A)(i) takes effect (or 
     in the case of a plan or contract amendment not required by 
     such legislative or regulatory amendment, any later effective 
     date specified by the plan), and
       (II) ending on the date described in subparagraph (A)(ii) 
     (or, if earlier, the date the plan or contract amendment is 
     adopted),

     the plan or contract is operated as if such plan or contract 
     amendment were in effect; and
       (ii) such plan or contract amendment applies retroactively 
     for such period.

     SEC. __. APPLICATION OF CONTINUOUS LEVY TO PROPERTY SOLD OR 
                   LEASED TO THE FEDERAL GOVERNMENT.

       (a) In General.--Paragraph (3) of section 6331(h) is 
     amended by striking ``goods'' and inserting ``property''.
       (b) Effective Date.--The amendment made by this section 
     shall apply to levies approved after the date of the 
     enactment of this Act.

     SEC. __. INVESTMENT OF OPERATING CASH.

       Section 323 of title 31, United States Code, is amended to 
     read as follows:

     ``Sec. 323. Investment of operating cash

       ``(a) To manage United States cash, the Secretary of the 
     Treasury may invest any part of the operating cash of the 
     Treasury for not more than 90 days. The Secretary may invest 
     the operating cash of the Treasury in--
       ``(1) obligations of depositories maintaining Treasury tax 
     and loan accounts secured by pledged collateral acceptable to 
     the Secretary;
       ``(2) obligations of the United States Government; and
       ``(3) repurchase agreements with parties acceptable to the 
     Secretary.
       ``(b) Subsection (a) of this section does not require the 
     Secretary to invest a cash balance held in a particular 
     account.
       ``(c) The Secretary shall consider the prevailing market in 
     prescribing rates of interest for investments under 
     subsection (a)(1) of this section.
       ``(d)(1) The Secretary of the Treasury shall submit each 
     fiscal year to the appropriate committees a report detailing 
     the investment of operating cash under subsection (a) for the 
     preceding fiscal year. The report shall describe the 
     Secretary's consideration of risks associated with 
     investments and the actions taken to manage such risks.
       ``(2) For purposes of paragraph (1), the term `appropriate 
     committees' means the Committees on Financial Services and 
     Ways and Means of the House of Representatives and the 
     Committees on Finance and Banking, Housing, and Urban Affairs 
     of the Senate.''.

                          ____________________