[Congressional Record Volume 156, Number 104 (Wednesday, July 14, 2010)]
[Senate]
[Pages S5860-S5866]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                           TEXT OF AMENDMENTS

  SA 4465. Mr. SCHUMER submitted an amendment intended to be proposed 
to amendment SA 4402 proposed by Mr. Reid (for Mr. Baucus (for himself, 
Ms. Landrieu, and Mr. Reid)) to the bill H.R. 5297, to create the Small 
Business Lending Fund Program to direct the Secretary of the Treasury 
to make capital investments in eligible institutions in order to 
increase the availability of credit for small businesses, to amend the 
Internal Revenue Code of 1986 to provide tax incentives for small 
business job creation, and for other purposes; which was ordered to lie 
on the table; as follows:

       At the end of subtitle A of title II, insert the following:

                        PART V--OTHER PROVISIONS

     SEC. ___. SPECIAL INVESTMENT RULE FOR CERTAIN QUALIFIED NEW 
                   YORK LIBERTY BOND PROCEEDS.

       For purposes of section 149(g) of the Internal Revenue Code 
     of 1986, the proceeds of any qualified New York Liberty Bond 
     (as defined in section 1400L(d)(2)) issued after September 
     30, 2009, and before January 1, 2010, which are invested in 
     United States Treasury Obligations - State and Local 
     Government Series shall be treated as invested in bonds 
     described in paragraph (3)(B)(i) of such section.
                                 ______
                                 
  SA 4466. Mr. SCHUMER submitted an amendment intended to be proposed 
to amendment SA 4402 proposed by Mr. Reid (for Mr. Baucus (for himself, 
Ms. Landrieu, and Mr. Reid)) to the bill H.R. 5297, to create the Small 
Business Lending Fund Program to direct the Secretary of the Treasury 
to make capital investments in eligible institutions in order to 
increase the availability of credit for small businesses, to amend the 
Internal Revenue Code of 1986 to provide tax incentives for small 
business job creation, and for other purposes; which was ordered to lie 
on the table; as follows:

       At the end of subtitle A of title II, insert the following:

                        PART V--OTHER PROVISIONS

     SEC. ___. CHARITABLE DEDUCTION FOR COSTS ASSOCIATED WITH 
                   DONATIONS OF WILD GAME MEAT.

       (a) In General.--Subsection (e) of section 170 of the 
     Internal Revenue Code of 1986 is amended by adding at the end 
     the following new paragraph:
       ``(8) Special rule for contributions of wild game meat.--
       ``(A) In general.--In the case of a charitable contribution 
     by an individual of qualified wild game meat, the amount of 
     such contribution otherwise taken into account under this 
     section (after the application of paragraph (1)(A)) shall be 
     increased by the amount of the qualified processing fees paid 
     with respect to such contribution.
       ``(B) Qualified wild game meat.--For purposes of this 
     paragraph, the term `qualified wild game meat' means the meat 
     of any animal which is typically used for human consumption, 
     but only if--
       ``(i) such animal is killed in the wild by the individual 
     making the charitable contribution of such meat (not 
     including animals raised on a farm for the purpose of sport 
     hunting),
       ``(ii) such animal is hunted or taken in accordance with 
     all State and local laws and regulations, including season 
     and size restrictions,
       ``(iii) such meat is processed for human consumption by a 
     processor which is licensed for such purpose under the 
     appropriate Federal, State, and local laws and regulations 
     and which is in compliance with all such laws and 
     regulations, and
       ``(iv) such meat is apparently wholesome (under regulations 
     similar to the regulations under section 22(b)(2) of the Bill 
     Emerson Good Samaritan Food Donation Act).
       ``(C) Qualified processing fee.--For purposes of this 
     paragraph, the term `qualified processing fee' means any fee 
     or charge paid to a processor which fulfills the requirements 
     of subparagraph (B)(iii) for the purpose of processing wild 
     game meat, but only to the extent that such meat is donated 
     as a charitable contribution under this section.''.
       (b) Exclusion of Processor's Income From Tax Exempt 
     Organizations.--
       (1) In general.--Part III of subchapter B of chapter 1 of 
     the Internal Revenue Code of 1986 is amended by inserting 
     before section 140 the following new section:

     ``SEC. 139F. CERTAIN INCOME RECEIVED FROM CHARITABLE 
                   ORGANIZATIONS.

       ``(a) In General.--Gross income of a qualified meat 
     processor shall not include any amount paid to such processor 
     as a qualified processing fee by a charitable organization 
     for the processing of donated wild game meat.
       ``(b) Definitions.--For purposes of this section--
       ``(1) Qualified meat processor.--The term `qualified meat 
     processor' means a processor which fulfills the requirements 
     of section 170(e)(8)(B)(iii).
       ``(2) Charitable organization.--The term `charitable 
     organization' means an entity to which a charitable 
     contribution may be made under section 170(c) and the 
     charitable purpose of which is to provide free food to 
     individuals in need of food assistance.
       ``(3) Donated wild game meat.--The term `donated wild game 
     meat' means qualified wild game meat (as defined in section 
     170(e)(8)(B), without regard to clause (iii) thereof) which 
     is received as a charitable contribution (as defined in 
     section 170(c)) by a charitable organization.
       ``(4) Qualified processing fee.--The term `qualified 
     processing fee' means any fee or charge paid to a qualified 
     meat processor for the purpose of processing donated wild 
     game meat.''.
       (2) Clerical amendment.--The table of sections for part III 
     of subchapter B of chapter 1 of the Internal Revenue Code of 
     1986 is amended by inserting before the item relating to 
     section 140 the following new item:

``Sec. 139F. Certain income received from tax exempt organizations.''.

       (c) Effective Date.--The amendments made by this section 
     shall apply to donations made, and fees received, after the 
     date of the enactment of this Act.
                                 ______
                                 
  SA 4467. Mr. SCHUMER submitted an amendment intended to be proposed 
to amendment SA 4402 proposed by Mr. Reid (for Mr. Baucus (for himself, 
Ms. Landrieu, and Mr. Reid)) to the bill H.R. 5297, to create the Small 
Business Lending Fund Program to direct the Secretary of the Treasury 
to make capital investments in eligible institutions in order to 
increase the availability of credit for small businesses, to amend the 
Internal Revenue Code of 1986 to provide tax incentives for small 
business job creation, and for other purposes; which was ordered to lie 
on the table; as follows:

       At the end of subtitle A of title II, insert the following:

                        PART V--OTHER PROVISIONS

     SEC. ___. MODIFICATION OF EXCISE TAX ON INVESTMENT INCOME OF 
                   PRIVATE FOUNDATIONS.

       (a) In General.--Subsection (a) of section 4940 of the 
     Internal Revenue Code of 1986 is amended by inserting ``(1.39 
     percent in the case of taxable years beginning before January 
     1, 2015)'' after ``2 percent''.
       (b) Temporary Elimination of Reduced Tax Where Foundation 
     Meets Certain Distribution Requirements.--Subsection (e) of 
     section 4940 of such Code is amended by adding at the end the 
     following new paragraph:
       ``(7) Application.--Paragraph (1) shall not apply for any 
     taxable year beginning after December 31, 2009, and before 
     January 1, 2015.''.
       (c) Study.--Not later than December 31, 2013, the Secretary 
     of the Treasury shall conduct and submit to the Congress a 
     study which examines the effect of the change in the rate of 
     tax under section 4940 of the Internal Revenue Code of 1986 
     (as amended by this section) has on the level of grantmaking 
     by private foundations.
                                 ______
                                 
  SA 4468. Mr. BENNET (for himself and Ms. Landrieu) submitted an 
amendment intended to be proposed to amendment SA 4402 proposed by Mr. 
Reid (for Mr. Baucus (for himself, Ms. Landrieu, and Mr. Reid)) to the 
bill H.R. 5297, to create the Small Business Lending Fund Program to 
direct the Secretary of the Treasury to make capital investments in 
eligible institutions in order to increase the availability of credit 
for small businesses, to amend the Internal Revenue Code of 1986 to 
provide tax incentives for small business job creation, and for other 
purposes; which was ordered to lie on the table; as follows:

       On page 41, between lines 3 and 4, insert the following:

     SEC. 1137. TARGETED SMALL BUSINESS LENDING PILOT PROGRAM.

       (a) In General.--Section 23 of the Small Business Act (15 
     U.S.C. 650) is amended by adding at the end the following:
       ``(k) Targeted Small Business Lending Pilot Program.--
       ``(1) Purpose.--The purpose of the targeted small business 
     lending pilot program is to increase the lending activity of 
     small business lending companies to small business concerns 
     operating in low-income communities.
       ``(2) Definitions.--In this subsection:
       ``(A) Low-income community.--The term `low-income 
     community' means a low-income community within the meaning of 
     section 45D(e) of the Internal Revenue Code of 1986 (relating 
     to the new markets tax credit).
       ``(B) Targeted small business lending company.--The term 
     `targeted small business

[[Page S5861]]

     lending company' means a business concern--
       ``(i) described in section 3(r)(1), without regard to 
     whether the business concern was authorized to make loans 
     under section 7(a) before the date on which the Administrator 
     authorizes the business concern to make the loans under this 
     subsection;
       ``(ii) that has a primary mission of serving or providing 
     investment capital for low-income communities, low-income 
     persons, or businesses located in low-income communities;
       ``(iii) that maintains accountability to low-income 
     communities through participation of representatives of the 
     communities on a governing or an advisory board to the 
     business concern;
       ``(iv) that has a demonstrated ability, directly or through 
     a controlling entity, to make loans to businesses in low-
     income communities; and
       ``(v) that makes substantially all of the loans made by the 
     business concern to businesses operating in low-income 
     communities.
       ``(3) Establishment.--There is established a targeted small 
     business lending pilot program, under which the 
     Administrator--
       ``(A) shall authorize not more than 12 targeted small 
     business lending companies to make loans under section 7(a); 
     and
       ``(B) may not charge a fee relating to an authorization 
     under subparagraph (A).
       ``(4) Safety and soundness requirements.--
       ``(A) Prohibition on sale of authorization.--A targeted 
     small business lending company may not sell the authorization 
     of the targeted small business lending company to make loans 
     under section 7(a).
       ``(B) GAO review.--During the 2-year period beginning on 
     the date of enactment of this subsection, the Comptroller 
     General of the United States shall--
       ``(i) review the oversight of targeted small business 
     lending companies by the Administration; and
       ``(ii) submit periodic reports to the Committee on Small 
     Business and Entrepreneurship of the Senate and the Committee 
     on Small Business of the House of Representatives a report 
     regarding the review under clause (i).''.
       (b) Technical and Conforming Amendment.--Section 3(r)(1) of 
     the Small Business Act (15 U.S.C. 632(r)(1)) is amended by 
     inserting ``, including a targeted small business lending 
     company authorized under section 23(k)'' before the period at 
     the end.
                                 ______
                                 
  SA 4469. Mr. DeMINT submitted an amendment intended to be proposed by 
him to the bill H.R. 5297, to create the Small Business Lending Fund 
Program to direct the Secretary of the Treasury to make capital 
investments in eligible institutions in order to increase the 
availability of credit for small businesses, to amend the Internal 
Revenue Code of 1986 to provide tax incentives for small business job 
creation, and for other purposes; which was ordered to lie on the 
table; as follows:

       At the appropriate place, insert the following:

     SEC. __. TERMINATION OF CONSERVATORSHIPS AND DISSOLUTION OF 
                   CERTAIN GSES.

       (a) Short Title.--This section may be cited as the ``GSE 
     Bailout Elimination and Taxpayer Protection Act''.
       (b) Definitions.--For purposes of this section, the 
     following definitions shall apply:
       (1) Charter.--The term ``charter'' means--
       (A) with respect to the Federal National Mortgage 
     Association, the Federal National Mortgage Association 
     Charter Act (12 U.S.C. 1716 et seq.); and
       (B) with respect to the Federal Home Loan Mortgage 
     Corporation, the Federal Home Loan Mortgage Corporation Act 
     (12 U.S.C. 1451 et seq.).
       (2) Director.--The term ``Director'' means the Director of 
     the Federal Housing Finance Agency.
       (3) Enterprise.--The term ``enterprise'' means--
       (A) the Federal National Mortgage Association; and
       (B) the Federal Home Loan Mortgage Corporation.
       (4) Guarantee.--The term ``guarantee'' means, with respect 
     to an enterprise, the credit support of the enterprise that 
     is provided by the Federal Government through its charter as 
     a government-sponsored enterprise.
       (c) Termination of Current Conservatorship.--
       (1) In general.--Upon the expiration of the period referred 
     to in paragraph (2), the Director of the Federal Housing 
     Finance Agency shall determine, with respect to each 
     enterprise, if the enterprise is financially viable at that 
     time and--
       (A) if the Director determines that the enterprise is 
     financially viable, immediately take all actions necessary to 
     terminate the conservatorship for the enterprise that is in 
     effect pursuant to section 1367 of the Federal Housing 
     Enterprises Financial Safety and Soundness Act of 1992 (12 
     U.S.C. 4617); or
       (B) if the Director determines that the enterprise is not 
     financially viable, immediately appoint the Federal Housing 
     Finance Agency as receiver under section 1367 of the Federal 
     Housing Enterprises Financial Safety and Soundness Act of 
     1992, and carry out such receivership under the authority of 
     that section 1367.
       (2) Timing.--The period referred to in this paragraph is, 
     with respect to an enterprise--
       (A) except as provided in subparagraph (B), the 24-month 
     beginning upon the date of enactment of this Act; or
       (B) if the Director determines before the expiration of the 
     period referred to in subparagraph (A) that the financial 
     markets would be adversely affected without the extension of 
     such period with respect to that enterprise, and upon making 
     such determination notifies Congress in writing of such 
     determination, the 30-month period beginning upon the date of 
     enactment of this Act.
       (3) Financial viability.--The Director may not determine 
     that an enterprise is financially viable for purposes of 
     paragraph (1) if the Director determines that any of the 
     conditions for receivership set forth in paragraph (3) or (4) 
     of section 1367(a) of the Federal Housing Enterprises 
     Financial Safety and Soundness Act of 1992 (12 U.S.C. 
     4617(a)) exists at the time with respect to the enterprise.
       (d) Limitation of Enterprise Authority Upon Emergence From 
     Conservatorship.--
       (1) Revised authority.--Upon the expiration of the period 
     referred to in subsection (c)(2), if the Director makes the 
     determination under subsection (c)(1)(A), the following 
     provisions shall take effect:
       (A) Repeal of housing goals.--
       (i) Repeal.--The Federal Housing Enterprises Financial 
     Safety and Soundness Act of 1992 is amended by striking 
     sections 1331 through 1336 (12 U.S.C. 4561-4566).
       (ii) Conforming amendments.--Federal Housing Enterprises 
     Financial Safety and Soundness Act of 1992 is amended--

       (I) in section 1303(28) (12 U.S.C. 4502(28)), by striking 
     ``and, for the purposes'' and all that follows through 
     ``designated disaster areas'';
       (II) in section 1324(b)(1)(A) (12 U.S.C. 4544(b)(1)(A))--

       (aa) by striking clauses (i), (ii), and (iv);
       (bb) in clause (iii), by inserting ``and'' after the 
     semicolon at the end; and
       (cc) by redesignating clauses (iii) and (v) as clauses (i) 
     and (ii), respectively;

       (III) in section 1338(c)(10) (12 U.S.C. 4568(c)(10)), by 
     striking subparagraph (E);
       (IV) in section 1339(h) (12 U.S.C. 4569), by striking 
     paragraph (7);
       (V) in section 1341 (12 U.S.C. 4581)--

       (aa) in subsection (a)--
       (AA) in paragraph (1), by inserting ``or'' after the 
     semicolon at the end;
       (BB) in paragraph (2), by striking the semicolon at the end 
     and inserting a period; and
       (CC) by striking paragraphs (3) and (4); and
       (bb) in subsection (b)(2)--
       (AA) in subparagraph (A), by inserting ``or'' after the 
     semicolon at the end;
       (BB) by striking subparagraphs (B) and (C); and
       (CC) by redesignating subparagraph (D) as subparagraph (B);

       (VI) in section 1345(a) (12 U.S.C. 4585(a))--

       (aa) in paragraph (1), by inserting ``or'' after the 
     semicolon at the end;
       (bb) in paragraph (2), by striking the semicolon at the end 
     and inserting a period; and
       (cc) by striking paragraphs (3) and (4); and

       (VII) in section 1371(a)(2) (12 U.S.C. 4631(a)(2))--

       (aa) by striking ``with any housing goal established under 
     subpart B of part 2 of subtitle A of this title,''; and
       (bb) by striking ``section 1336 or''.
       (B) Portfolio limitations.--Subtitle B of title XIII of the 
     Housing and Community Development Act of 1992 (12 U.S.C. 4611 
     et seq.) is amended by adding at the end the following:

     ``SEC. 1369E. RESTRICTION ON MORTGAGE ASSETS OF ENTERPRISES.

       ``(a) Restriction.--No enterprise shall own, as of any 
     applicable date in this subsection or thereafter, mortgage 
     assets in excess of--
       ``(1) upon the expiration of the period referred to in 
     subsection (c)(2) of the GSE Bailout Elimination and Taxpayer 
     Protection Act or thereafter, $850,000,000,000;
       ``(2) upon the expiration of the 1-year period that begins 
     on the date described in paragraph (1) or thereafter, 
     $700,000,000,000;
       ``(3) upon the expiration of the 2-year period that begins 
     on the date described in paragraph (1) or thereafter, 
     $500,000,000,000; and
       ``(4) upon the expiration of the 3-year period that begins 
     on the date described in paragraph (1), $250,000,000,000.
       ``(b) Definition of Mortgage Assets.--For purposes of this 
     section, the term `mortgage assets' means, with respect to an 
     enterprise, assets of such enterprise consisting of 
     mortgages, mortgage loans, mortgage-related securities, 
     participation certificates, mortgage-backed commercial paper, 
     obligations of real estate mortgage investment conduits and 
     similar assets, in each case to the extent that such assets 
     would appear on the balance sheet of such enterprise in 
     accordance with generally accepted accounting principles in 
     effect in the United States as of September 7, 2008 (as set 
     forth in the opinions and pronouncements of the Accounting 
     Principles Board and the American Institute of Certified 
     Public Accountants and statements and pronouncements of the 
     Financial Accounting Standards Board from time to time; and 
     without giving any effect to any change that may be made 
     after September 7, 2008, in respect of Statement of Financial 
     Accounting Standards No. 140 or any similar accounting 
     standard).''.
       (C) Increase in minimum capital requirement.--Section 1362 
     of the Federal Housing Enterprises Financial Safety and 
     Soundness Act of 1992 (12 U.S.C. 4612), as amended by

[[Page S5862]]

     section 1111 of the Housing and Economic Recovery Act of 2008 
     (Public Law 110-289), is amended--
       (i) in subsection (a), by striking ``For purposes of this 
     subtitle, the minimum capital level for each enterprise shall 
     be'' and inserting ``The minimum capital level established 
     under subsection (g) for each enterprise may not be lower 
     than'';
       (ii) in subsection (c)--

       (I) by striking ``subsections (a) and'' and inserting 
     ``subsection'';
       (II) by striking ``regulated entities'' the first place 
     that term appears and inserting ``Federal Home Loan Banks'';
       (III) by striking ``for the enterprises,'';
       (IV) by striking ``, or for both the enterprises and the 
     banks,'';
       (V) by striking ``the level specified in subsection (a) for 
     the enterprises or''; and
       (VI) by striking ``the regulated entities operate'' and 
     inserting ``such banks operate'';

       (iii) in subsection (d)(1)--

       (I) by striking ``subsections (a) and'' and inserting 
     ``subsection''; and
       (II) by striking ``regulated entity'' each place that term 
     appears and inserting ``Federal home loan bank'';

       (iv) in subsection (e), by striking ``regulated entity'' 
     each place that term appears and inserting ``Federal home 
     loan bank'';
       (v) in subsection (f)--

       (I) by striking ``the amount of core capital maintained by 
     the enterprises,''; and
       (II) by striking ``regulated entities'' and inserting 
     ``banks''; and

       (vi) by adding at the end the following new subsection:
       ``(g) Establishment of Revised Minimum Capital Levels.--
       ``(1) In general.--The Director shall cause the enterprises 
     to achieve and maintain adequate capital by establishing 
     minimum levels of capital for such enterprises, and by using 
     such other methods as the Director deems appropriate.
       ``(2) Authority.--The Director shall have the authority to 
     establish such minimum level of capital for an enterprise in 
     excess of the level specified under subsection (a) as the 
     Director, in the discretion of the Director, deems to be 
     necessary or appropriate in light of the particular 
     circumstances of the enterprise.
       ``(h) Failure To Maintain Revised Minimum Capital Levels.--
       ``(1) Unsafe and unsound practice or condition.--Failure of 
     a enterprise to maintain capital at or above its minimum 
     level as established pursuant to subsection (g) of this 
     section may be deemed by the Director, in his discretion, to 
     constitute an unsafe and unsound practice or condition within 
     the meaning of this title.
       ``(2) Directive to achieve capital level.--
       ``(A) Authority.--In addition to, or in lieu of, any other 
     action authorized by law, including paragraph (1), the 
     Director may issue a directive to an enterprise that fails to 
     maintain capital at or above its required level as 
     established pursuant to subsection (g).
       ``(B) Plan.--Such directive may require the enterprise to 
     submit and adhere to a plan acceptable to the Director 
     describing the means and timing by which the enterprise shall 
     achieve its required capital level.
       ``(C) Enforcement.--Any directive issued pursuant to this 
     paragraph, including plans submitted pursuant thereto, shall 
     be enforceable under the provisions of subtitle C, to the 
     same extent as an effective and outstanding order issued 
     pursuant to subtitle C which has become final.
       ``(3) Adherence to plan.--
       ``(A) Consideration.--The Director may consider the 
     progress of an enterprise in adhering to any plan required 
     under this subsection whenever such enterprise seeks the 
     requisite approval of the Director for any proposal which 
     would divert earnings, diminish capital, or otherwise impede 
     the progress of the enterprise in achieving its minimum 
     capital level.
       ``(B) Denial.--The Director may deny such approval where 
     the Director determines that such proposal would adversely 
     affect the ability of the enterprise to comply with such 
     plan.''.
       (D) Repeal of increases to conforming loan limits.--
       (i) Repeal of temporary increases.--

       (I) Continuing appropriations resolution, 2010.--Section 
     167 of the Continuing Appropriations Resolution, 2010 (as 
     added by section 104 of division B of Public Law 111-88; 123 
     Stat. 2973) is hereby repealed.
       (II) American recovery and reinvestment act of 2009.--
     Section 1203 of division A of the American Recovery and 
     Reinvestment Act of 2009 (Public Law 111-5; 123 Stat. 225) is 
     hereby repealed.
       (III) Economic stimulus act of 2008.--Section 201 of the 
     Economic Stimulus Act of 2008 (Public Law 110-185; 122 Stat. 
     619) is hereby repealed.

       (ii) Repeal of general limit and permanent high-cost area 
     increase.--Section 302(b)(2) of the Federal National Mortgage 
     Association Charter Act (12 U.S.C. 1717(b)(2)) and section 
     305(a)(2) of the Federal Home Loan Mortgage Corporation Act 
     (12 U.S.C. 1454(a)(2)) are each amended to read as such 
     sections were in effect immediately before the date of 
     enactment of the Housing and Economic Recovery Act of 2008 
     (Public Law 110-289).
       (iii) Repeal of new housing price index.--Section 1322 of 
     the Federal Housing Enterprises Financial Safety and 
     Soundness Act of 1992, as added by section 1124(d) of the 
     Housing and Economic Recovery Act of 2008 (Public Law 110-
     289), is hereby repealed.
       (iv) Repeal.--Section 1124 of the Housing and Economic 
     Recovery Act of 2008 (Public Law 110-289) is hereby repealed.
       (v) Establishment of conforming loan limit.--For the year 
     in which the expiration of the period referred to in 
     subsection (c)(2) occurs, the limitations governing the 
     maximum original principal obligation of conventional 
     mortgages that may be purchased by the Federal National 
     Mortgage Association and the Federal Home Loan Mortgage 
     Corporation, referred to in section 302(b)(2) of the Federal 
     National Mortgage Association Charter Act (12 U.S.C. 
     1717(b)(2)) and section 305(a)(2) of the Federal Home Loan 
     Mortgage Corporation Act (12 U.S.C. 1454(a)(2)), 
     respectively, shall be considered to be--

       (I) $417,000 for a mortgage secured by a single-family 
     residence;
       (II) $533,850 for a mortgage secured by a 2-family 
     residence;
       (III) $645,300 for a mortgage secured by a 3-family 
     residence; and
       (IV) $801,950 for a mortgage secured by a 4-family 
     residence.

       (vi) Annual adjustments.--The limits established under 
     clause (v) shall be adjusted effective each January 1 after 
     the period referred to in clause (v), in accordance with such 
     sections 302(b)(2) and 305(a)(2).
       (vii) Prohibition of purchase of mortgages exceeding median 
     area home price.--

       (I) Fannie mae.--Section 302(b)(2) of the Federal National 
     Mortgage Association Charter Act (12 U.S.C. 1717(b)(2)) is 
     amended by adding at the end the following: ``Notwithstanding 
     any other provision of this title, the corporation may not 
     purchase any mortgage for a property having a principal 
     obligation that exceeds the median home price, for properties 
     of the same size, for the area in which such property subject 
     to the mortgage is located.''.
       (II) Freddie mac.--Section 305(a)(2) of the Federal Home 
     Loan Mortgage Corporation Act (12 U.S.C. 1454(a)(2)) is 
     amended by adding at the end the following: ``Notwithstanding 
     any other provision of this title, the Corporation may not 
     purchase any mortgage for a property having a principal 
     obligation that exceeds the median home price, for properties 
     of the same size, for the area in which such property subject 
     to the mortgage is located.''.

       (E) Requirement of minimum downpayment for mortgages 
     purchased.--
       (i) Fannie mae.--Section 302(b) of the Federal National 
     Mortgage Association Charter Act (12 U.S.C. 1717(b)) is 
     amended by adding at the end the following:
       ``(7) Notwithstanding any other provision of this Act, the 
     corporation may not newly purchase any mortgage unless the 
     mortgagor has paid, in cash or its equivalent on account of 
     the property securing repayment such mortgage, in accordance 
     with regulations issued by the Director of the Federal 
     Housing Finance Agency, not less than--
       ``(A) for any mortgage purchased during the 12-month period 
     beginning upon the expiration of the period referred to in 
     section 3(b) of the GSE Bailout Elimination and Taxpayer 
     Protection Act, 5 percent of the appraised value of the 
     property;
       ``(B) for any mortgage purchased during the 12-month period 
     beginning upon the expiration of the 12-month period referred 
     to in subparagraph (A) of this paragraph, 7.5 percent of the 
     appraised value of the property; and
       ``(C) for any mortgage purchased during the 12-month period 
     beginning upon the expiration of the 12-month period referred 
     to in subparagraph (B) of this paragraph, 10 percent of the 
     appraised value of the property.''.
       (ii) Freddie mac.--Section 305(a) of the Federal Home Loan 
     Mortgage Corporation Act (12 U.S.C. 1454(a)) is amended by 
     adding at the end the following:
       ``(6) Notwithstanding any other provision of this Act, the 
     Corporation may not newly purchase any mortgage unless the 
     mortgagor has paid, in cash or its equivalent on account of 
     the property securing repayment such mortgage, in accordance 
     with regulations issued by the Director of the Federal 
     Housing Finance Agency, not less than--
       ``(A) for any mortgage purchased during the 12-month period 
     beginning upon the expiration of the period referred to in 
     section 3(b) of the GSE Bailout Elimination and Taxpayer 
     Protection Act, 5 percent of the appraised value of the 
     property;
       ``(B) for any mortgage purchased during the 12-month period 
     beginning upon the expiration of the 12-month period referred 
     to in subparagraph (A) of this paragraph, 7.5 percent of the 
     appraised value of the property; and
       ``(C) for any mortgage purchased during the 12-month period 
     beginning upon the expiration of the 12-month period referred 
     to in subparagraph (B) of this paragraph, 10 percent of the 
     appraised value of the property.''.
       (F) Requirement to pay state and local taxes.--
       (i) Fannie mae.--Paragraph (2) of section 309(c) of the 
     Federal National Mortgage Association Charter Act (12 U.S.C. 
     1723a(c)(2)) is amended--

       (I) by striking ``shall be exempt from'' and inserting 
     ``shall be subject to''; and
       (II) by striking ``except that any'' and inserting ``and 
     any''.

       (ii) Freddie mac.--Section 303(e) of the Federal Home Loan 
     Mortgage Corporation Act (12 U.S.C. 1452(e)) is amended--

       (I) by striking ``shall be exempt from'' and inserting 
     ``shall be subject to''; and

[[Page S5863]]

       (II) by striking ``except that any'' and inserting ``and 
     any''.

       (G) Repeals relating to registration of securities.--
       (i) Fannie mae.--

       (I) Mortgage-backed securities.--Section 304(d) of the 
     Federal National Mortgage Association Charter Act (12 U.S.C. 
     1719(d)) is amended by striking the fourth sentence.
       (II) Subordinate obligations.--Section 304(e) of the 
     Federal National Mortgage Association Charter Act (12 U.S.C. 
     1719(e)) is amended by striking the fourth sentence.

       (ii) Freddie mac.--Section 306 of the Federal Home Loan 
     Mortgage Corporation Act (12 U.S.C. 1455) is amended by 
     striking subsection (g).
       (H) Recoupment of costs for federal guarantee.--
       (i) Assessments.--The Director of the Federal Housing 
     Finance Agency shall establish and collect from each 
     enterprise assessments in the amount determined under 
     subparagraph (B). In determining the method and timing for 
     making such assessments, the Director shall take into 
     consideration the determinations and conclusions of the study 
     under paragraph (2).
       (ii) Determination of costs of guarantee.--Assessments 
     under clause (i) with respect to an enterprise shall be in 
     such amount as the Director determines necessary to recoup to 
     the Federal Government the full value of the benefit the 
     enterprise receives from the guarantee provided by the 
     Federal Government for the obligations and financial 
     viability of the enterprise, based upon the dollar value of 
     such benefit in the market to such enterprise when not 
     operating under conservatorship or receivership. To determine 
     such amount, the Director shall establish a risk-based 
     pricing mechanism as the Director considers appropriate, 
     taking into consideration the determinations and conclusions 
     of the study under paragraph (2).
       (iii) Treatment of recouped amounts.--The Director shall 
     cover into the General Fund of the Treasury any amounts 
     received from assessments made under this subparagraph.
       (2) GAO study regarding recoupment of costs for federal 
     government guarantee.--
       (A) In general.--The Comptroller General of the United 
     States shall conduct a study to determine a risk-based 
     pricing mechanism to accurately determine the value of the 
     benefit that the enterprises receive from the guarantee 
     provided by the Federal Government for the obligations and 
     financial viability of the enterprises.
       (B) Study requirements.--The study required by this 
     paragraph shall--
       (i) establish a dollar value of such benefit in the market 
     to each enterprise when not operating under conservatorship 
     or receivership;
       (ii) analyze various methods of the Federal Government 
     assessing a charge for such value received (including methods 
     involving an annual fee or a fee for each mortgage purchased 
     or securitized); and
       (iii) include a recommendation of the best such method for 
     assessing such charge.
       (C) Report to congress.--Not later than 12 months after the 
     date of enactment of this Act, the Comptroller General shall 
     submit to Congress a report setting forth the determinations 
     and conclusions of the study required by this paragraph.
       (e) Required Wind Down of Operations and Dissolution of 
     Enterprise.--
       (1) Applicability.--This subsection shall apply to an 
     enterprise upon the expiration of the 3-year period beginning 
     at the end of the time period in subsection (c)(2).
       (2) Repeal of charter.--Upon the applicability of this 
     subsection to an enterprise, the charter for the enterprise 
     is repealed, and the enterprise shall have no authority to 
     conduct new business under such charter, except that the 
     provisions of such charter in effect immediately before such 
     repeal shall continue to apply with respect to the rights and 
     obligations of any holders of outstanding debt obligations 
     and mortgage-backed securities of the enterprise.
       (3) Wind down.--Upon the applicability of this subsection 
     to an enterprise, the Director and the Secretary of the 
     Treasury shall jointly take such action, and may prescribe 
     such regulations and procedures, as may be necessary to wind 
     down the operations of an enterprise as an entity chartered 
     by the United States Government over the duration of the 10-
     year period beginning upon the applicability of this 
     subsection to the enterprise (pursuant to paragraph (1)) in 
     an orderly manner, consistent with this section, and the 
     ongoing obligations of the enterprise.
       (4) Division of assets and liabilities; authority to 
     establish holding corporation and dissolution trust fund.--
     The action and procedures required under paragraph (3)--
       (A) shall include the establishment and execution of plans 
     to provide for an equitable division and distribution of 
     assets and liabilities of the enterprise, including any 
     liability of the enterprise to the United States Government 
     or a Federal reserve bank that may continue after the end of 
     the period described in paragraph (1); and
       (B) may provide for establishment of--
       (i) a holding corporation organized under the laws of any 
     State of the United States or the District of Columbia for 
     the purposes of the reorganization and restructuring of the 
     enterprise; and
       (ii) one or more trusts to which to transfer--

       (I) remaining debt obligations of the enterprise, for the 
     benefit of holders of such remaining obligations; or
       (II) remaining mortgages held for the purpose of backing 
     mortgage-backed securities, for the benefit of holders of 
     such remaining securities.

                                 ______
                                 
  SA 4470. Mr. BENNET submitted an amendment intended to be proposed by 
him to the bill H.R. 5297, to create the Small Business Lending Fund 
Program to direct the Secretary of the Treasury to make capital 
investments in eligible institutions in order to increase the 
availability of credit for small businesses, to amend the Internal 
Revenue Code of 1986 to provide tax incentives for small business job 
creation, and for other purposes; which was ordered to lie on the 
table; as follows:

       At the appropriate place, insert the following:

     SEC. ____. EXPEDITING PATENT APPLICATIONS OF SMALL ENTITIES.

       (a) Funding for Expediting Patent Applications of Small 
     Entities.--There are appropriated, out of any money in the 
     Treasury not otherwise appropriated, $10,000,000, to the 
     Department of Commerce for the appropriations account under 
     the heading ``salaries and expenses'' under the heading 
     ``United States Patent and Trademark Office'' for expediting 
     patent applications of small entities, as defined under 
     section 1.27 of the Patent Rules under the Manual of Patent 
     Examining Procedure as in effect on the date of enactment of 
     this Act.
       (b) Rescission.--Of the unobligated amounts appropriated to 
     the Department of Defense in the account ``Other Procurement, 
     Army, 2008/2010'', $10,000,000 are rescinded.
                                 ______
                                 
  SA 4471. Mr. CORNYN submitted an amendment intended to be proposed by 
him to the bill H.R. 5297, to create the Small Business Lending Fund 
Program to direct the Secretary of the Treasury to make capital 
investments in eligible institutions in order to increase the 
availability of credit for small businesses, to amend the Internal 
Revenue Code of 1986 to provide tax incentives for small business job 
creation, and for other purposes; which was ordered to lie on the 
table; as follows:

       At the appropriate place, insert the following:

     SEC. __. EXTENSION OF EXPENDITURE DEADLINE OF SOCIAL SERVICES 
                   BLOCK GRANT DISASTER FUNDING.

       Notwithstanding any other provision of law, amounts made 
     available to the Department of Health and Human Services, 
     Administration for Children and Families, under the heading 
     ``Social Services Block Grant'' under chapter 7 of division B 
     of Public Law 110-329, shall remain available for expenditure 
     through September 30, 2012.
                                 ______
                                 
  SA 4472. Mr. CARPER (for himself, Mr. Bunning, and Mr. Burr) 
submitted an amendment intended to be proposed to amendment SA 4402 
proposed by Mr. Reid (for Mr. Baucus (for himself, Ms. Landrieu, and 
Mr. Reid)) to the bill H.R. 5297, to create the Small Business Lending 
Fund Program to direct the Secretary of the Treasury to make capital 
investments in eligible institutions in order to increase the 
availability of credit for small businesses, to amend the Internal 
Revenue Code of 1986 to provide tax incentives for small business job 
creation, and for other purposes; which was ordered to lie on the 
table; as follows:

       On page 137, line 3, strike the period and insert the 
     following:
       ``, and
       ``(D) any sprinkler system classified under one or more of 
     the following:
       ``(i) National Fire Protection Association 13, Installation 
     of Sprinkler Systems.
       ``(ii) National Fire Protection Association 13 D, 
     Installation of Sprinkler Systems in One and Two Family 
     Dwellings and Manufactured Homes or International Residential 
     Code Section P2904, Dwelling Unit Fire Sprinkler Systems.
       ``(iii) National Fire Protection Association 13 R, 
     Installation of Sprinkler Systems in Residential Occupancies 
     up to and Including Four Stories in Height.''.
                                 ______
                                 
  SA 4473. Mr. CARPER (for himself, Mr. Bunning, and Mr. Burr) 
submitted an amendment intended to be proposed to amendment SA 4402 
proposed by Mr. Reid (for Mr. Baucus (for himself, Ms. Landrieu, and 
Mr. Reid)) to the bill H.R. 5297, to create the Small Business Lending 
Fund Program to direct the Secretary of the Treasury to make capital 
investments in eligible institutions in order to increase the 
availability of credit for small businesses, to amend the Internal 
Revenue Code of 1986 to provide tax incentives for small business job 
creation, and for other purposes; which was ordered to lie on the 
table; as follows:


[[Page S5864]]


       At the end of part II of subtitle A of title II, insert the 
     following:

     SEC. ___. CLASSIFICATION OF AUTOMATIC FIRE SPRINKLER SYSTEMS.

       (a) In General.--Subparagraph (E) of section 168(e)(3) of 
     the Internal Revenue Code of 1986 is amended by striking 
     ``and'' at the end of clause (viii), by striking the period 
     at the end of clause (ix) and inserting ``, and'', and by 
     adding at the end the following:
       ``(x) any automated fire sprinkler system acquired by the 
     taxpayer under a written binding contract entered into during 
     the 1-year period beginning on the date of the enactment of 
     this clause and placed in service during the 2-year period 
     beginning on such date, in a building or structure which was 
     placed in service before such date.''.
       (b) Applicable Depreciation Method.--Paragraph (3) of 
     section 168(b) of the Internal Revenue Code of 1986 is 
     amended by adding at the end the following new subparagraph:
       ``(J) Automated fire sprinkler system described in 
     subsection (e)(3)(E)(x).''.
       (c) Alternative System.--The table contained in section 
     168(g)(3)(B) of the Internal Revenue Code of 1986 is amended 
     by inserting after the item relating to subparagraph (E)(ix) 
     the following:

``(E)(x)......................................................39''.....

       (d) Definition of Automatic Fire Sprinkler System.--
     Subsection (i) of section 168 of the Internal Revenue Code of 
     1986 is amended by adding at the end the following new 
     paragraph:
       ``(20) Automated fire sprinkler system.--The term 
     `automated fire sprinkler system' means those sprinkler 
     systems classified under one or more of the following:
       ``(A) National Fire Protection Association 13, Installation 
     of Sprinkler Systems.
       ``(B) National Fire Protection Association 13 D, 
     Installation of Sprinkler Systems in One and Two Family 
     Dwellings and Manufactured Homes or International Residential 
     Code Section P2904, Dwelling Unit Fire Sprinkler Systems.
       ``(C) National Fire Protection Association 13 R, 
     Installation of Sprinkler Systems in Residential Occupancies 
     up to and Including Four Stories in Height.''.
       (e) Effective Date.--The amendments made by this section 
     shall apply to property placed in service after the date of 
     the enactment of this Act.
                                 ______
                                 
  SA 4474. Mr. AKAKA (for himself and Mr. Voinovich) submitted an 
amendment intended to be proposed by him to the bill H.R. 5297, to 
create the Small Business Lending Fund Program to direct the Secretary 
of the Treasury to make capital investments in eligible institutions in 
order to increase the availability of credit for small businesses, to 
amend the Internal Revenue Code of 1986 to provide tax incentives for 
small business job creation, and for other purposes; which was ordered 
to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. ____. PLAIN WRITING.

       (a) Short Title.--This section may be cited as the ``Plain 
     Writing Act of 2010''.
       (b) Purpose.--The purpose of this section is to improve the 
     effectiveness and accountability of Federal agencies to the 
     public by promoting clear Government communication that the 
     public can understand and use.
       (c) Definitions.--In this section:
       (1) Agency.--The term ``agency'' means an Executive agency, 
     as defined under section 105 of title 5, United States Code.
       (2) Covered document.--The term ``covered document''--
       (A) means any document that--
       (i) is relevant to obtaining any Federal Government benefit 
     or service or filing taxes;
       (ii) provides information about any Federal Government 
     benefit or service; or
       (iii) explains to the public how to comply with a 
     requirement the Federal Government administers or enforces;
       (B) includes (whether in paper or electronic form) a 
     letter, publication, form, notice, or instruction; and
       (C) does not include a regulation.
       (3) Plain writing.--The term ``plain writing'' means 
     writing that the intended audience can readily understand and 
     use because that writing is clear, concise, well-organized, 
     and follows other best practices of plain writing.
       (d) Responsibilities of Federal Agencies.--
       (1) Preparation for implementation of plain writing 
     requirements.--
       (A) In general.--Not later than 9 months after the date of 
     enactment of this Act, the head of each agency shall--
       (i) designate 1 or more senior officials within the agency 
     to oversee the agency implementation of this section;
       (ii) communicate the requirements of this section to the 
     employees of the agency;
       (iii) train employees of the agency in plain writing;
       (iv) establish a process for overseeing the ongoing 
     compliance of the agency with the requirements of this 
     section;
       (v) create and maintain a plain writing section of the 
     agency's website that is accessible from the homepage of the 
     agency's website; and
       (vi) designate 1 or more agency points-of-contact to 
     receive and respond to public input on--

       (I) agency implementation of this section; and
       (II) the agency reports required under subsection (e).

       (B) Website.--The plain writing section described under 
     subparagraph (A)(v) shall--
       (i) inform the public of agency compliance with the 
     requirements of this section; and
       (ii) provide a mechanism for the agency to receive and 
     respond to public input on--

       (I) agency implementation of this section; and
       (II) the agency reports required under subsection (e).

       (2) Requirement to use plain writing in new documents.--
     Beginning not later than 1 year after the date of enactment 
     of this Act, each agency shall use plain writing in every 
     covered document of the agency that the agency issues or 
     substantially revises.
       (3) Guidance.--
       (A) In general.--Not later than 6 months after the date of 
     enactment of this Act, the Director of the Office of 
     Management and Budget shall develop and issue guidance on 
     implementing the requirements of this section. The Director 
     may designate a lead agency, and may use interagency working 
     groups to assist in developing and issuing the guidance.
       (B) Interim guidance.--Before the issuance of guidance 
     under subparagraph (A), agencies may follow the guidance of--
       (i) the writing guidelines developed by the Plain Language 
     Action and Information Network; or
       (ii) guidance provided by the head of the agency that is 
     consistent with the guidelines referred to under clause (i).
       (e) Reports to Congress.--
       (1) Initial report.--Not later than 9 months after the date 
     of enactment of this Act, the head of each agency shall 
     publish on the plain writing section of the agency's website 
     a report that describes the agency plan for compliance with 
     the requirements of this section.
       (2) Annual compliance report.--Not later than 18 months 
     after the date of enactment of this Act, and annually 
     thereafter, the head of each agency shall publish on the 
     plain writing section of the agency's website a report on 
     agency compliance with the requirements of this section.
       (f) Judicial Review and Enforceability.--
       (1) Judicial review.--There shall be no judicial review of 
     compliance or noncompliance with any provision of this 
     section.
       (2) Enforceability.--No provision of this section shall be 
     construed to create any right or benefit, substantive or 
     procedural, enforceable by any administrative or judicial 
     action.
       (g) Budgetary Effects of PAYGO Legislation for This 
     Section.--The budgetary effects of this section, for the 
     purpose of complying with the Statutory Pay-As-You-Go Act of 
     2010, shall be determined by reference to the latest 
     statement titled ``Budgetary Effects of PAYGO Legislation'' 
     for this section, submitted for printing in the Congressional 
     Record by the Chairman of the House Budget Committee, 
     provided that such statement has been submitted prior to the 
     vote on passage.
                                 ______
                                 
  SA 4475. Mr. SESSIONS submitted an amendment intended to be proposed 
by him to the bill H.R. 5297, to create the Small Business Lending Fund 
Program to direct the Secretary of the Treasury to make capital 
investments in eligible institutions in order to increase the 
availability of credit for small businesses, to amend the Internal 
Revenue Code of 1986 to provide tax incentives for small business job 
creation, and for other purposes; which was ordered to lie on the 
table; as follows:

       At the end of the amendment, insert the following:

     SEC. ___. DISCRETIONARY SPENDING LIMITS.

       (a) Point of Order.--It shall not be in order in the House 
     of Representatives or the Senate to consider any bill, joint 
     resolution, amendment, or conference report that includes any 
     provision that would cause the discretionary spending limits 
     as set forth in this section to be exceeded.
       (b) Limits.--In this section, the term ``discretionary 
     spending limits'' has the following meaning subject to 
     adjustments in subsection (c):
       (1) For fiscal year 2011--
       (A) for the defense category (budget function 050), 
     $564,293,000,000 in budget authority; and
       (B) for the nondefense category, $540,116,000,000 in budget 
     authority.
       (2) For fiscal year 2012--
       (A) for the defense category (budget function 050), 
     $573,612,000,000 in budget authority; and
       (B) for the nondefense category, $543,790,000,000 in budget 
     authority.
       (3) For fiscal year 2013--
       (A) for the defense category (budget function 050), 
     $584,421,000,000 in budget authority; and
       (B) for the nondefense category, $551,498,000,000 in budget 
     authority.
       (4) With respect to fiscal years following 2013, the 
     President shall recommend and the Congress shall consider 
     legislation setting limits for those fiscal years.
       (c) Adjustments.--
       (1) In general.--After the reporting of a bill or joint 
     resolution relating to any matter described in paragraph (2), 
     or the offering of an amendment thereto or the submission of 
     a conference report thereon--

[[Page S5865]]

       (A) the Chairman of the Senate Committee on the Budget may 
     adjust the discretionary spending limits, the budgetary 
     aggregates in the concurrent resolution on the budget most 
     recently adopted by the Senate and the House of 
     Representatives, and allocations pursuant to section 302(a) 
     of the Congressional Budget Act of 1974, by the amount of new 
     budget authority in that measure for that purpose and the 
     outlays flowing there from; and
       (B) following any adjustment under subparagraph (A), the 
     Senate Committee on Appropriations may report appropriately 
     revised suballocations pursuant to section 302(b) of the 
     Congressional Budget Act of 1974 to carry out this 
     subsection.
       (2) Matters described.--Matters referred to in paragraph 
     (1) are as follows:
       (A) Overseas deployments and other activities.--If a bill 
     or joint resolution is reported making appropriations for 
     fiscal year 2011, 2012, or 2013, that provides funding for 
     overseas deployments and other activities, the adjustment for 
     purposes paragraph (1) shall be the amount of budget 
     authority in that measure for that purpose but not to 
     exceed--
       (i) with respect to fiscal year 2011, $50,000,000,000 in 
     new budget authority;
       (ii) with respect to fiscal year 2012, $50,000,000,000 in 
     new budget authority; and
       (iii) with respect to fiscal year 2013, $50,000,000,000 in 
     new budget authority.
       (B) Internal revenue service tax enforcement.--
       (i) In general.--If a bill or joint resolution is reported 
     making appropriations for fiscal year 2011, 2012, or 2013, 
     that includes the amount described in clause (ii)(I), plus an 
     additional amount for enhanced tax enforcement to address the 
     Federal tax gap (taxes owed but not paid) described in clause 
     (ii)(II), the adjustment for purposes of paragraph (1) shall 
     be the amount of budget authority in that measure for that 
     initiative not exceeding the amount specified in clause 
     (ii)(II) for that fiscal year.
       (ii) Amounts.--The amounts referred to in clause (i) are as 
     follows:

       (I) For fiscal year 2011, $7,171,000,000, for fiscal year 
     2012, $7,243,000,000, and for fiscal year 2013, 
     $7,315,000,000.
       (II) For fiscal year 2011, $899,000,000, for fiscal year 
     2012, and $908,000,000, for fiscal year 2013, $917,000,000.

       (C) Continuing disability reviews and ssi 
     redeterminations.--
       (i) In general.--If a bill or joint resolution is reported 
     making appropriations for fiscal year 2011, 2012, or 2013 
     that includes the amount described in clause (ii)(I), plus an 
     additional amount for Continuing Disability Reviews and 
     Supplemental Security Income Redeterminations for the Social 
     Security Administration described in clause (ii)(II), the 
     adjustment for purposes of paragraph (1) shall be the amount 
     of budget authority in that measure for that initiative not 
     exceeding the amount specified in clause (ii)(II) for that 
     fiscal year.
       (ii) Amounts.--The amounts referred to in clause (i) are as 
     follows:

       (I) For fiscal year 2011, $276,000,000, for fiscal year 
     2012, $278,000,000, and for fiscal year 2013, $281,000,000.
       (II) For fiscal year 2011, $490,000,000; for fiscal year 
     2012, and $495,000,000; for fiscal year 2013, $500,000,000.

       (iii) Asset verification.--

       (I) In general.--The additional appropriation permitted 
     under clause (ii)(II) may also provide that a portion of that 
     amount, not to exceed the amount specified in subclause (II) 
     for that fiscal year instead may be used for asset 
     verification for Supplemental Security Income recipients, but 
     only if, and to the extent that the Office of the Chief 
     Actuary estimates that the initiative would be at least as 
     cost effective as the redeterminations of eligibility 
     described in this subparagraph.
       (II) Amounts.--For fiscal year 2011, $34,340,000, for 
     fiscal year 2012, $34,683,000, and for fiscal year 2013, 
     $35,030,000.

       (D) Health care fraud and abuse.--
       (i) In general.--If a bill or joint resolution is reported 
     making appropriations for fiscal year 2011, 2012, or 2013 
     that includes the amount described in clause (ii) for the 
     Health Care Fraud and Abuse Control program at the Department 
     of Health & Human Services for that fiscal year, the 
     adjustment for purposes of paragraph (1) shall be the amount 
     of budget authority in that measure for that initiative but 
     not to exceed the amount described in clause (ii).
       (ii) Amount.--The amount referred to in clause (i) is for 
     fiscal year 2011, $314,000,000, for fiscal year 2012, 
     $317,000,000, and for fiscal year 2013, $320,000,000.
       (E) Unemployment insurance improper payment reviews.--If a 
     bill or joint resolution is reported making appropriations 
     for fiscal year 2011, 2012, or 2013 that includes 
     $10,000,000, plus an additional amount for in-person 
     reemployment and eligibility assessments and unemployment 
     improper payment reviews for the Department of Labor, the 
     adjustment for purposes paragraph (1) shall be the amount of 
     budget authority in that measure for that initiative but not 
     to exceed--
       (i) with respect to fiscal year 2011, $51,000,000 in new 
     budget authority;
       (ii) with respect to fiscal year 2012, $51,000,000 in new 
     budget authority; and
       (iii) with respect to fiscal year 2013, $52,000,000 in new 
     budget authority.
       (F) Low-income home energy assistance program (liheap).--If 
     a bill or joint resolution is reported making appropriations 
     for fiscal year 2011, 2012, or 2013 that includes 
     $3,200,000,000 in funding for the Low-Income Home Energy 
     Assistance Program and provides an additional amount up to 
     $1,900,000,000 for that program, the adjustment for purposes 
     of paragraph (1) shall be the amount of budget authority in 
     that measure for that initiative but not to exceed 
     $1,900,000,000.
       (d) Emergency Spending.--
       (1) Authority to designate.--In the Senate, with respect to 
     a provision of direct spending or receipts legislation or 
     appropriations for discretionary accounts that Congress 
     designates as an emergency requirement in such measure, the 
     amounts of new budget authority, outlays, and receipts in all 
     fiscal years resulting from that provision shall be treated 
     as an emergency requirement for the purpose of this 
     subsection.
       (2) Exemption of emergency provisions.--Any new budget 
     authority, outlays, and receipts resulting from any provision 
     designated as an emergency requirement, pursuant to this 
     subsection, in any bill, joint resolution, amendment, or 
     conference report shall not count for purposes of this 
     section, sections 302 and 311 of this Act, section 201 of S. 
     Con. Res. 21 (110th Congress) (relating to pay-as-you-go), 
     section 311 of S. Con. Res. 70 (110th Congress) (relating to 
     long-term deficits), and section 404 of S. Con. Res. 13 
     (111th Congress).
       (3) Designations.--If a provision of legislation is 
     designated as an emergency requirement under this subsection, 
     the committee report and any statement of managers 
     accompanying that legislation shall include an explanation of 
     the manner in which the provision meets the criteria in 
     paragraph (6).
       (4) Definitions.--In this subsection, the terms ``direct 
     spending'', ``receipts'', and ``appropriations for 
     discretionary accounts'' mean any provision of a bill, joint 
     resolution, amendment, motion, or conference report that 
     affects direct spending, receipts, or appropriations as those 
     terms have been defined and interpreted for purposes of the 
     Balanced Budget and Emergency Deficit Control Act of 1985.
       (5) Point of order.--
       (A) In general.--When the Senate is considering a bill, 
     resolution, amendment, motion, or conference report, if a 
     point of order is made by a Senator against an emergency 
     designation in that measure, that provision making such a 
     designation shall be stricken from the measure and may not be 
     offered as an amendment from the floor.
       (B) Supermajority waiver and appeals.--
       (i) Waiver.--Subparagraph (A) may be waived or suspended in 
     the Senate only by an affirmative vote of three-fifths of the 
     Members, duly chosen and sworn.
       (ii) Appeals.--Appeals in the Senate from the decisions of 
     the Chair relating to any provision of this paragraph shall 
     be limited to 1 hour, to be equally divided between, and 
     controlled by, the appellant and the manager of the bill or 
     joint resolution, as the case may be. An affirmative vote of 
     three-fifths of the Members of the Senate, duly chosen and 
     sworn, shall be required to sustain an appeal of the ruling 
     of the Chair on a point of order raised under this paragraph.
       (C) Definition of an emergency designation.--For purposes 
     of subparagraph (A), a provision shall be considered an 
     emergency designation if it designates any item as an 
     emergency requirement pursuant to this paragraph.
       (D) Form of the point of order.--A point of order under 
     subparagraph (A) may be raised by a Senator as provided in 
     section 313(e) of the Congressional Budget Act of 1974.
       (E) Conference reports.--When the Senate is considering a 
     conference report on, or an amendment between the Houses in 
     relation to, a bill, upon a point of order being made by any 
     Senator pursuant to this paragraph, and such point of order 
     being sustained, such material contained in such conference 
     report shall be deemed stricken, and the Senate shall proceed 
     to consider the question of whether the Senate shall recede 
     from its amendment and concur with a further amendment, or 
     concur in the House amendment with a further amendment, as 
     the case may be, which further amendment shall consist of 
     only that portion of the conference report or House 
     amendment, as the case may be, not so stricken. Any such 
     motion in the Senate shall be debatable. In any case in which 
     such point of order is sustained against a conference report 
     (or Senate amendment derived from such conference report by 
     operation of this subsection), no further amendment shall be 
     in order.
       (6) Criteria.--
       (A) In general.--For purposes of this subsection, any 
     provision is an emergency requirement if the situation 
     addressed by such provision is--
       (i) necessary, essential, or vital (not merely useful or 
     beneficial);
       (ii) sudden, quickly coming into being, and not building up 
     over time;
       (iii) an urgent, pressing, and compelling need requiring 
     immediate action;
       (iv) subject to clause (ii), unforeseen, unpredictable, and 
     unanticipated; and
       (v) not permanent, temporary in nature.
       (7) Unforeseen.--An emergency that is part of an aggregate 
     level of anticipated emergencies, particularly when normally 
     estimated in advance, is not unforeseen.
       (e) Limitations on Changes to Exemptions.--It shall not be 
     in order in the Senate or the House of Representatives to 
     consider any bill, resolution, amendment, or conference 
     report that would exempt any new

[[Page S5866]]

     budget authority, outlays, and receipts from being counted 
     for purposes of this section.
       (f) Point of Order in the Senate.--
       (1) Waiver.--The provisions of subsections (a) and (e) may 
     be waived or suspended in the Senate only--
       (A) by the affirmative vote of two-thirds of the Members, 
     duly chosen and sworn; or
       (B) in the case of the defense budget authority, if 
     Congress declares war or authorizes the use of force.
       (2) Appeal.--Appeals in the Senate from the decisions of 
     the Chair relating to any provision of this section shall be 
     limited to 1 hour, to be equally divided between, and 
     controlled by, the appellant and the manager of the measure. 
     An affirmative vote of two-thirds of the Members of the 
     Senate, duly chosen and sworn, shall be required to sustain 
     an appeal of the ruling of the Chair on a point of order 
     raised under this section.
       (3) Limitations on changes to this subsection.--It shall 
     not be in order in the Senate or the House of Representatives 
     to consider any bill, resolution, amendment, or conference 
     report that would repeal or otherwise change this subsection.
                                 ______
                                 
  SA 4476. Mrs. HUTCHISON (for herself and Mr. Bayh) submitted an 
amendment intended to be proposed by her to the bill H.R. 5297, to 
create the Small Business Lending Fund Program to direct the Secretary 
of the Treasury to make capital investments in eligible institutions in 
order to increase the availability of credit for small businesses, to 
amend the Internal Revenue Code of 1986 to provide tax incentives for 
small business job creation, and for other purposes; which was ordered 
to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. _. SHAREHOLDER REGISTRATION THRESHOLD.

       (a) Amendments to the Securities Exchange Act of 1934.--
       (1) Section 12.--Section 12(g) of the Securities Exchange 
     Act of 1934 (15 U.S.C. 781(g)) is amended--
       (A) in paragraph (1)--
       (i) by striking subparagraphs (A) and (B) and inserting the 
     following:
       ``(A) in the case of an issuer that is a bank, as such term 
     is defined in section 3(a)(6) of this title, or a bank 
     holding company, as such term is defined in section (2) of 
     the Bank Holding Company Act of 1956 (12 U.S.C. 1841), 2000 
     persons or more; and
       ``(B) in the case of an issuer that is not a bank or bank 
     holding company, 500 persons or more,''; and
       (ii) by striking ``commerce shall'' and inserting 
     ``commerce shall, not later than 120 days after the last day 
     of its first fiscal year ended after the effective date of 
     this subsection, on which the issuer has total assets 
     exceeding $10,000,000 and a class of equity security (other 
     than an exempted security) held of record by''; and
       (B) in paragraph (4), by striking ``three hundred'' and 
     inserting ``300 persons, or, in the case of a bank, as such 
     term is defined in section 3(a)(6) of this title, or a bank 
     holding company, as such term is defined in section (2) of 
     the Bank Holding Company Act of 1956 (12 U.S.C. 1841), 
     1200''.
       (2) Section 15.--Section 15(d) of the Securities Exchange 
     Act of 1934 (15 U.S.C. 78o(d)) is amended, in the third 
     sentence, by striking ``three hundred'' and inserting ``300 
     persons, or, in the case of bank, as such term is defined in 
     section 3(a)(6) of this title, or a bank holding company, as 
     such term is defined in section (2) of the Bank Holding 
     Company Act of 1956 (12 U.S.C. 1841), 1200''.
       (b) Study of Registration Thresholds.--
       (1) Study.--
       (A) Analysis required.--The Chief Economist and Director of 
     the Division of Corporation Finance of the Commission shall 
     jointly conduct a study, including a cost-benefit analysis, 
     of shareholder registration thresholds.
       (B) Costs and benefits.--The cost-benefit analysis under 
     subparagraph (A) shall take into account--
       (i) the incremental benefits to investors of the increased 
     disclosure that results from registration;
       (ii) the incremental costs to issuers associated with 
     registration and reporting requirements; and
       (iii) the incremental administrative costs to the 
     Commission associated with different thresholds.
       (C) Thresholds.--The cost-benefit analysis under 
     subparagraph (A) shall evaluate whether it is advisable to--
       (i) increase the asset threshold;
       (ii) index the asset threshold to a measure of inflation;
       (iii) increase the shareholder threshold;
       (iv) change the shareholder threshold to be based on the 
     number of beneficial owners; and
       (v) create new thresholds based on other criteria.
       (2) Report.--Not later than 2 years after the date of 
     enactment of this Act, the Chief Economist and the Director 
     of the Division of Corporation Finance of the Commission 
     shall jointly submit to the Committee on Banking, Housing, 
     and Urban Affairs of the Senate and the Committee on 
     Financial Services of the House of Representatives a report 
     that includes--
       (A) the findings of the study required under paragraph (1); 
     and
       (B) recommendations for statutory changes to improve the 
     shareholder registration thresholds.
       (c) Rulemaking.--Not later than one year after the date of 
     enactment of this Act, the Commission shall issue final 
     regulations to implement this section and the amendments made 
     by this section.

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