[Congressional Record Volume 157, Number 82 (Wednesday, June 8, 2011)]
[Senate]
[Pages S3621-S3628]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                           TEXT OF AMENDMENTS

  SA 416. Mr. VITTER submitted an amendment intended to be proposed by 
him to the bill S. 782, to amend the Public Works and Economic 
Development Act of 1965 to reauthorize that Act, and for other 
purposes; which was ordered to lie on the table; as follows:

       At the end, add the following:

     SEC. 22. STABILITY OVERSIGHT COUNCIL AUTHORITY.

       (a) Repeal of Enhanced Supervision Authority.--The 
     Financial Stability Act of 2010 (15 U.S.C. 5311 et seq.) is 
     amended by striking sections 113 (12 U.S.C. 5323), 114 (12 
     U.S.C. 5324), 115 (12 U.S.C. 5325), and 165 (12 U.S.C. 5365).
       (b) Conforming Amendments to the Dodd-Frank Wall Street 
     Reform and Consumer Protection Act.--The Dodd-Frank Wall 
     Street Reform and Consumer Protection Act (Public Law 111-
     203) is amended--
       (1) in section 2 (12 U.S.C. 5301), by striking paragraph 
     (13);
       (2) in section 102 (12 U.S.C. 5311)
       (A) in subsection (a)(4), by striking subparagraph (D); and
       (B) in subsection (c), by striking ``(other than section 
     113(b))'';
       (3) in section 112(a)(2) (12 U.S.C. 5322(a)(2))--
       (A) in subparagraph (H), by striking ``, or because of 
     their activities pursuant to section 113''; and
       (B) in subparagraph (N)(iv), by striking ``section 113 
     or'';
       (4) in section 117 (12 U.S.C. 5327)--
       (A) in subsection (b), by striking ``, as if the Council 
     had made a determination under section 113 with respect to 
     that entity''; and
       (B) in subsection (c), by striking ``whether the company 
     meets the standards under section 113(a) or 113(b), as 
     applicable, and'';
       (5) in section 120(a) (12 U.S.C. 5330(a)), by striking ``, 
     including standards enumerated in section 115,'';
       (6) in section 121--
       (A) by striking subsection (c); and
       (B) by redesignating subsection (d) as subsection (c);
       (7) in section 155(d) (12 U.S.C. 5345(d)), by striking 
     ``based on the considerations for establishing the prudential 
     standards under section 115,'';
       (8) in section 166 (12 U.S.C. 5366), by striking ``or a 
     bank holding company described in section 165(a)'' each place 
     that term appears;
       (9) in section 170 (12 U.S.C. 5370)--
       (A) by striking subsection (b); and
       (B) by redesignating subsections (c) through (e) as 
     subsections (b) through (d), respectively;
       (10) in section 211(f) (12 U.S.C. 5391(f)), by striking `` 
     or the Board of Governors under section 165''; and
       (11) in section 716(i) (15 U.S.C. 8305(i)), by striking 
     ``as regulated under section 113'' each place that term 
     appears.
       (c) Conforming Amendments to the Federal Reserve Act.--
     Section 11(s)(2)(B) of the Federal Reserve Act (12 U.S.C. 
     248(s)(2)(B)), as added by section 318 of the Dodd-Frank Wall 
     Street Reform and Consumer Protection Act, is amended by 
     striking ``; and'' and all that follows through the end of 
     subparagraph (C) and inserting a period.
       (d) Conforming Amendments to the Federal Deposit Insurance 
     Act.--Section 10(b)(3) of the Federal Deposit Insurance Act 
     (12 U.S.C. 1820(b)(3)) is amended--
       (1) by striking ``or a bank holding company described in 
     section 165(a) of the Financial Stability Act of 2010'' each 
     place that term appears; and
       (2) by striking ``in accordance with section 165(d) of that 
     Act''.

     SEC. 23. REESTABLISHING THE FEDERAL RESERVE LENDER OF LAST 
                   RESORT FUNCTION.

       (a) Rulemaking Required.--Notwithstanding any other 
     provision of law, the Board of Governors of the Federal 
     Reserve System (in this Act referred to as the ``Board''), in 
     consultation with the Secretary of the Treasury (in this Act 
     referred to as the ``Secretary''), shall, not later than 12 
     months after the date of enactment of this Act, issue rules 
     that shall govern the creation of any emergency stabilization 
     actions by the Board.
       (b) Requirements.--At a minimum, rules required under this 
     Act shall, with respect to emergency stabilization actions 
     described in subsection (a), including with respect to debt 
     guarantee actions by and lender of last resort functions of 
     the Board, and any action of the Board under section 13(3) of 
     the Federal Reserve Act (other than discount window 
     lending)--
       (1) prescribe under what circumstances the program may and 
     may not be used in the future;
       (2) prescribe how the program shall ensure that it will 
     only be used by solvent companies and will not be used to 
     prevent failure of otherwise failing firms;
       (3) prohibit the use of equity as collateral, and determine 
     what type of collateral the Board will accept against 
     emergency lending to ensure that all lending is done against 
     collateral adequate to prevent the Federal Reserve System 
     from incurring losses on the loan;
       (4) establish how the Board of Governors and the Secretary 
     shall ensure that the program does not allocate credit 
     involving significant amounts of funding to specific segments 
     of the financial system through decisions based on criteria 
     other than the values of collateral posted or artificially 
     prop up certain segments of the economy;
       (5) establish procedures by which the Board would 
     promulgate initial rules, and modify and amend such rules, to 
     ensure a proper notice and comment period, including publicly 
     documenting the need for the rule change; and
       (6) include any other factors that the Board, in 
     consultation with the Secretary, deems appropriate.

     SEC. 24. DISCLOSURES OF USE OF EMERGENCY LENDING AUTHORITY.

       The Board shall promptly, not later than 1 year after the 
     date of any determination by the Board on whether to exercise 
     its emergency lending authority, including with respect to 
     debt guarantee actions by and lender of last resort functions 
     of the Board, and any action of the Board under section 13(3) 
     of

[[Page S3622]]

     the Federal Reserve Act (other than discount window lending), 
     make available to the public on its website, information on 
     each such exercise of the emergency lending authority of the 
     Board, including--
       (1) all terms of the loan;
       (2) collateral pledged;
       (3) the method of valuation of collateral;
       (4) repayment information;
       (5) such other information as is relevant to the program;
       (6) the identity of all of the companies that were granted 
     a loan; and
       (7) the identity of all companies that were denied a loan 
     and the reasons for such denial.
                                 ______
                                 
  SA 417. Mr. PORTMAN submitted an amendment intended to be proposed by 
him to the bill S. 782, to amend the Public Works and Economic 
Development Act of 1965 to reauthorize that Act, and for other 
purposes; which was ordered to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. ___. INCLUSION OF APPLICATION TO INDEPENDENT REGULATORY 
                   AGENCIES.

       (a) In General.--Section 421(1) of the Congressional Budget 
     and Impoundment Control Act of 1974 (2 U.S.C. 658(1)) is 
     amended by striking ``, but does not include independent 
     regulatory agencies''.
       (b) Exemption for Monetary Policy.--The Unfunded Mandates 
     Reform Act of 1995 (2 U.S.C. 1501 et seq.) is amended by 
     inserting after section 5 the following:

     ``SEC. 6. EXEMPTION FOR MONETARY POLICY.

       ``Nothing in title II, III, or IV shall apply to rules that 
     concern monetary policy proposed or implemented by the Board 
     of Governors of the Federal Reserve System or the Federal 
     Open Market Committee.''.
                                 ______
                                 
  SA 418. Mr. PORTMAN submitted an amendment intended to be proposed by 
him to the bill S. 782, to amend the Public Works and Economic 
Development Act of 1965 to reauthorize that Act, and for other 
purposes; which was ordered to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. ___. UNFUNDED MANDATES REFORM.

       (a) Regulatory Impact Analyses for Certain Rules.--
       (1) Regulatory impact analyses for certain rules.--Section 
     202 of the Unfunded Mandates Reform Act of 1995 (2 U.S.C. 
     1532) is amended--
       (A) by striking the section heading and inserting the 
     following:

     ``SEC. 202. REGULATORY IMPACT ANALYSES FOR CERTAIN RULES.'';

       (B) by redesignating subsections (b) and (c) as subsections 
     (d) and (e), respectively;
       (C) by striking subsection (a) and inserting the following:
       ``(a) Definition.--In this section, the term `cost' means 
     the cost of compliance and any reasonably foreseeable 
     indirect costs, including revenues lost as a result of an 
     agency rule subject to this section.
       ``(b) In General.--Before promulgating any proposed or 
     final rule that may have an annual effect on the economy of 
     $100,000,000 or more (adjusted for inflation), or that may 
     result in the expenditure by State, local, and tribal 
     governments, in the aggregate, of $100,000,000 or more 
     (adjusted for inflation) in any 1 year, each agency shall 
     prepare and publish in the Federal Register an initial and 
     final regulatory impact analysis. The initial regulatory 
     impact analysis shall accompany the agency's notice of 
     proposed rulemaking and shall be open to public comment. The 
     final regulatory impact analysis shall accompany the final 
     rule.
       ``(c) Content.--The initial and final regulatory impact 
     analysis under subsection (b) shall include--
       ``(1)(A) an analysis of the anticipated benefits and costs 
     of the rule, which shall be quantified to the extent 
     feasible;
       ``(B) an analysis of the benefits and costs of a reasonable 
     number of regulatory alternatives within the range of the 
     agency's discretion under the statute authorizing the rule, 
     including alternatives that--
       ``(i) require no action by the Federal Government; and
       ``(ii) use incentives and market-based means to encourage 
     the desired behavior, provide information upon which choices 
     can be made by the public, or employ other flexible 
     regulatory options that permit the greatest flexibility in 
     achieving the objectives of the statutory provision 
     authorizing the rule; and
       ``(C) an explanation that the rule meets the requirements 
     of section 205;
       ``(2) an assessment of the extent to which--
       ``(A) the costs to State, local and tribal governments may 
     be paid with Federal financial assistance (or otherwise paid 
     for by the Federal Government); and
       ``(B) there are available Federal resources to carry out 
     the rule;
       ``(3) estimates of--
       ``(A) any disproportionate budgetary effects of the rule 
     upon any particular regions of the Nation or particular 
     State, local, or tribal governments, urban or rural or other 
     types of communities, or particular segments of the private 
     sector; and
       ``(B) the effect of the rule on job creation or job loss, 
     which shall be quantified to the extent feasible; and
       ``(4)(A) a description of the extent of the agency's prior 
     consultation with elected representatives (under section 204) 
     of the affected State, local, and tribal governments;
       ``(B) a summary of the comments and concerns that were 
     presented by State, local, or tribal governments either 
     orally or in writing to the agency; and
       ``(C) a summary of the agency's evaluation of those 
     comments and concerns.'';
       (D) in subsection (d) (as redesignated by paragraph (2) of 
     this subsection), by striking ``subsection (a)'' and 
     inserting ``subsection (b)''; and
       (E) in subsection (e) (as redesignated by paragraph (2) of 
     this subsection), by striking ``subsection (a)'' each place 
     that term appears and inserting ``subsection (b)''.
       (2) Technical and conforming amendment.--The table of 
     sections for the Unfunded Mandates Reform Act of 1995 is 
     amended by striking the item relating to section 202 and 
     inserting the following:

``Sec. 202. Regulatory impact analyses for certain rules.''.

       (b) Least Burdensome Option or Explanation Required.--
     Section 205 of the Unfunded Mandates Reform Act of 1995 (2 
     U.S.C. 1535) is amended by striking section 205 and inserting 
     the following:

     ``SEC. 205. LEAST BURDENSOME OPTION OR EXPLANATION REQUIRED.

       ``Before promulgating any proposed or final rule for which 
     a regulatory impact analysis is required under section 202, 
     the agency shall--
       ``(1) identify and consider a reasonable number of 
     regulatory alternatives within the range of the agency's 
     discretion under the statute authorizing the rule, including 
     alternatives required under section 202(b)(1)(B); and
       ``(2) from the alternatives described under paragraph (1), 
     select the least costly or least burdensome alternative that 
     achieves the objectives of the statute.''.
                                 ______
                                 
  SA 419. Mr. LEAHY submitted an amendment intended to be proposed by 
him to the bill S. 782, to amend the Public Works and Economic 
Development Act of 1965 to reauthorize that Act, and for other 
purposes; which was ordered to lie on the table; as follows:

       On page 29, after line 20, add the following:

     SEC. 22. PERMANENT REAUTHORIZATION OF EB-5 REGIONAL CENTER 
                   PROGRAM.

       Section 610 of the Departments of Commerce, Justice, and 
     State, the Judiciary, and Related Agencies Appropriations 
     Act, 1993 (8 U.S.C. 1153 note) is amended--
       (1) by striking ``pilot'' each place such term appears; and
       (2) in subsection (b), by striking ``until September 30, 
     2012''.
                                 ______
                                 
  SA 420. Mr. CARDIN (for himself and Mr. Casey) submitted an amendment 
intended to be proposed by him to the bill S. 782, to amend the Public 
Works and Economic Development Act of 1965 to reauthorize that Act, and 
for other purposes; which was ordered to lie on the table; as follows:

       At the end, add the following:

     SEC. __. MATCHING FUNDS FOR APPALACHIAN DEVELOPMENT HIGHWAY 
                   PROJECTS.

       Section 120(j)(1)(A) of title 23, United States Code, is 
     amended by striking ``and the Appalachian development highway 
     system program under section 14501 of title 40''.
                                 ______
                                 
  SA 421. Mr. DeMINT submitted an amendment intended to be proposed by 
him to the bill S. 782, to amend the Public Works and Economic 
Development Act of 1965 to reauthorize that Act, and for other 
purposes; which was ordered to lie on the table; as follows:

       On page 29, after line 20, add the following:

     SEC. 22. BORDER FENCE COMPLETION.

       (a) Minimum Requirements.--Section 102(b)(1) of the Illegal 
     Immigration Reform and Immigrant Responsibility Act of 1996 
     (8 U.S.C. 1103 note) is amended--
       (1) in subparagraph (A), by adding at the end the 
     following: ``Fencing that does not effectively restrain 
     pedestrian traffic (such as vehicle barriers and virtual 
     fencing) may not be used to meet the 700-mile fence 
     requirement under this subparagraph.'';
       (2) in subparagraph (B)--
       (A) in clause (i), by striking ``and'' at the end;
       (B) in clause (ii), by striking the period at the end and 
     inserting ``; and''; and
       (C) by adding at the end the following:
       ``(iii) not later than 1 year after the date of the 
     enactment of the Economic Development Revitalization Act of 
     2011, complete the construction of all the reinforced fencing 
     and the installation of the related equipment described in 
     subparagraph (A).''; and
       (3) in subparagraph (C), by adding at the end the 
     following:
       ``(iii) Funding not contingent on consultation.--Amounts 
     appropriated to carry out this paragraph may not be impounded 
     or otherwise withheld for failure to fully comply with the 
     consultation requirement under clause (i).''.
       (b) Report.--Not later than 6 months after the date of the 
     enactment of this Act, the Secretary of Homeland Security 
     shall submit a report to Congress that describes--
       (1) the progress made in completing the reinforced fencing 
     required under section

[[Page S3623]]

     102(b)(1) of the Illegal Immigration Reform and Immigrant 
     Responsibility Act of 1996 (8 U.S.C. 1103 note), as amended 
     by subsection (a); and
       (2) the plans for completing such fencing not later than 1 
     year after the date of the enactment of this Act.
                                 ______
                                 
  SA 422. Mr. PAUL submitted an amendment intended to be proposed by 
him to the bill S. 782, to amend the Public Works and Economic 
Development Act of 1965 to reauthorize that Act, and for other 
purposes; which was ordered to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. ___. REGULATIONS FROM THE EXECUTIVE IN NEED OF SCRUTINY.

       (a) Short Title.--This section may be cited as the 
     ``Regulations From the Executive in Need of Scrutiny Act of 
     2011'' or the ``REINS Act''.
       (b) Findings and Purpose.--
       (1) Findings.--Congress finds the following:
       (A) Section 1 of article I of the United States 
     Constitution grants all legislative powers to Congress.
       (B) Over time, Congress has excessively delegated its 
     constitutional charge while failing to conduct appropriate 
     oversight and retain accountability for the content of the 
     laws it passes.
       (C) By requiring a vote in Congress, this Act will result 
     in more carefully drafted and detailed legislation, an 
     improved regulatory process, and a legislative branch that is 
     truly accountable to the people of the United States for the 
     laws imposed upon them.
       (2) Purpose.--The purpose of this Act is to increase 
     accountability for and transparency in the Federal regulatory 
     process.
       (c) Congressional Review of Agency Rulemaking.--Chapter 8 
     of title 5, United States Code, is amended to read as 
     follows:

         ``CHAPTER 8--CONGRESSIONAL REVIEW OF AGENCY RULEMAKING

``Sec.
``801. Congressional review.
``802. Congressional approval procedure for major rules.
``803. Congressional disapproval procedure for nonmajor rules.
``804. Definitions.
``805. Judicial review.
``806. Exemption for monetary policy.
``807. Effective date of certain rules.

     ``Sec. 801. Congressional review

       ``(a)(1)(A) Before a rule may take effect, the Federal 
     agency promulgating such rule shall submit to each House of 
     the Congress and to the Comptroller General a report 
     containing--
       ``(i) a copy of the rule;
       ``(ii) a concise general statement relating to the rule;
       ``(iii) a classification of the rule as a major or nonmajor 
     rule, including an explanation of the classification 
     specifically addressing each criteria for a major rule 
     contained within sections 804(2)(A), 804(2)(B), and 
     804(2)(C);
       ``(iv) a list of any other related regulatory actions 
     intended to implement the same statutory provision or 
     regulatory objective as well as the individual and aggregate 
     economic effects of those actions; and
       ``(v) the proposed effective date of the rule.
       ``(B) On the date of the submission of the report under 
     subparagraph (A), the Federal agency promulgating the rule 
     shall submit to the Comptroller General and make available to 
     each House of Congress--
       ``(i) a complete copy of the cost-benefit analysis of the 
     rule, if any;
       ``(ii) the agency's actions under title 5 of the United 
     States Code, sections 603, 604, 605, 607, and 609;
       ``(iii) the agency's actions under sections 202, 203, 204, 
     and 205 of the Unfunded Mandates Reform Act of 1995 (2 U.S.C. 
     1532, 1533, 1534, and 1535); and
       ``(iv) any other relevant information or requirements under 
     any other Act and any relevant Executive orders.
       ``(C) Upon receipt of a report submitted under subparagraph 
     (A), each House shall provide copies of the report to the 
     chairman and ranking member of each standing committee with 
     jurisdiction under the rules of the House of Representatives 
     or the Senate to report a bill to amend the provision of law 
     under which the rule is issued.
       ``(2)(A) The Comptroller General shall provide a report on 
     each major rule to the committees of jurisdiction by the end 
     of 15 calendar days after the submission or publication date 
     as provided in section 802(b)(2). The report of the 
     Comptroller General shall include an assessment of the 
     agency's compliance with procedural steps required by 
     paragraph (1)(B).
       ``(B) Federal agencies shall cooperate with the Comptroller 
     General by providing information relevant to the Comptroller 
     General's report under subparagraph (A).
       ``(3) A major rule relating to a report submitted under 
     paragraph (1) shall take effect upon enactment of a joint 
     resolution of approval described in section 802 or as 
     provided for in the rule following enactment of a joint 
     resolution of approval described in section 802, whichever is 
     later.
       ``(4) A nonmajor rule shall take effect as provided by 
     section 803 after submission to Congress under paragraph (1).
       ``(5) If a joint resolution of approval relating to a major 
     rule is not enacted within the period provided in subsection 
     (b)(2), then a joint resolution of approval relating to the 
     same rule may not be considered under this chapter in the 
     same Congress by either the House of Representatives or the 
     Senate.
       ``(b)(1) A major rule shall not take effect unless the 
     Congress enacts a joint resolution of approval described 
     under section 802.
       ``(2) If a joint resolution described in subsection (a) is 
     not enacted into law by the end of 70 session days or 
     legislative days, as applicable, beginning on the date on 
     which the report referred to in section 801(a)(1)(A) is 
     received by Congress (excluding days either House of Congress 
     is adjourned for more than 3 days during a session of 
     Congress), then the rule described in that resolution shall 
     be deemed not to be approved and such rule shall not take 
     effect.
       ``(c)(1) Notwithstanding any other provision of this 
     section (except subject to paragraph (3)), a major rule may 
     take effect for one 90-calendar-day period if the President 
     makes a determination under paragraph (2) and submits written 
     notice of such determination to the Congress.
       ``(2) Paragraph (1) applies to a determination made by the 
     President by Executive order that the major rule should take 
     effect because such rule is--
       ``(A) necessary because of an imminent threat to health or 
     safety or other emergency;
       ``(B) necessary for the enforcement of criminal laws;
       ``(C) necessary for national security; or
       ``(D) issued pursuant to any statute implementing an 
     international trade agreement.
       ``(3) An exercise by the President of the authority under 
     this subsection shall have no effect on the procedures under 
     section 802.
       ``(d)(1) In addition to the opportunity for review 
     otherwise provided under this chapter, in the case of any 
     rule for which a report was submitted in accordance with 
     subsection (a)(1)(A) during the period beginning on the date 
     occurring--
       ``(A) in the case of the Senate, 60 session days, or
       ``(B) in the case of the House of Representatives, 60 
     legislative days,
     before the date the Congress is scheduled to adjourn a 
     session of Congress through the date on which the same or 
     succeeding Congress first convenes its next session, sections 
     802 and 803 shall apply to such rule in the succeeding 
     session of Congress.
       ``(2)(A) In applying sections 802 and 803 for purposes of 
     such additional review, a rule described under paragraph (1) 
     shall be treated as though--
       ``(i) such rule were published in the Federal Register on--
       ``(I) in the case of the Senate, the 15th session day, or
       ``(II) in the case of the House of Representatives, the 
     15th legislative day,
     after the succeeding session of Congress first convenes; and
       ``(ii) a report on such rule were submitted to Congress 
     under subsection (a)(1) on such date.
       ``(B) Nothing in this paragraph shall be construed to 
     affect the requirement under subsection (a)(1) that a report 
     shall be submitted to Congress before a rule can take effect.
       ``(3) A rule described under paragraph (1) shall take 
     effect as otherwise provided by law (including other 
     subsections of this section).

     ``Sec. 802. Congressional approval procedure for major rules

       ``(a) For purposes of this section, the term `joint 
     resolution' means only a joint resolution introduced on or 
     after the date on which the report referred to in section 
     801(a)(1)(A) is received by Congress (excluding days either 
     House of Congress is adjourned for more than 3 days during a 
     session of Congress), the matter after the resolving clause 
     of which is as follows: `That Congress approves the rule 
     submitted by the _ _ relating to _ _.' (The blank spaces 
     being appropriately filled in).
       ``(1) In the House, the majority leader of the House of 
     Representatives (or his designee) and the minority leader of 
     the House of Representatives (or his designee) shall 
     introduce such joint resolution described in subsection (a) 
     (by request), within 3 legislative days after Congress 
     receives the report referred to in section 801(a)(1)(A).
       ``(2) In the Senate, the majority leader of the Senate (or 
     his designee) and the minority leader of the Senate (or his 
     designee) shall introduce such joint resolution described in 
     subsection (a) (by request), within 3 session days after 
     Congress receives the report referred to in section 
     801(a)(1)(A).
       ``(b)(1) A joint resolution described in subsection (a) 
     shall be referred to the committees in each House of Congress 
     with jurisdiction under the rules of the House of 
     Representatives or the Senate to report a bill to amend the 
     provision of law under which the rule is issued.
       ``(2) For purposes of this section, the term `submission 
     date' means the date on which the Congress receives the 
     report submitted under section 801(a)(1).
       ``(c) In the Senate, if the committee or committees to 
     which a joint resolution described in subsection (a) has been 
     referred have not reported it at the end of 15 session days 
     after its introduction, such committee or committees shall be 
     automatically discharged from further consideration of the 
     resolution and it shall be placed on the calendar. A vote on 
     final passage of the resolution shall be taken on or before 
     the close of the 15th session day after the resolution is 
     reported by the committee or committees to which it was 
     referred, or after such committee or committees have been 
     discharged from further consideration of the resolution.
       ``(d)(1) In the Senate, when the committee or committees to 
     which a joint resolution is

[[Page S3624]]

     referred have reported, or when a committee or committees are 
     discharged (under subsection (c)) from further consideration 
     of a joint resolution described in subsection (a), it is at 
     any time thereafter in order (even though a previous motion 
     to the same effect has been disagreed to) for a motion to 
     proceed to the consideration of the joint resolution, and all 
     points of order against the joint resolution (and against 
     consideration of the joint resolution) are waived. The motion 
     is not subject to amendment, or to a motion to postpone, or 
     to a motion to proceed to the consideration of other 
     business. A motion to reconsider the vote by which the motion 
     is agreed to or disagreed to shall not be in order. If a 
     motion to proceed to the consideration of the joint 
     resolution is agreed to, the joint resolution shall remain 
     the unfinished business of the Senate until disposed of.
       ``(2) In the Senate, debate on the joint resolution, and on 
     all debatable motions and appeals in connection therewith, 
     shall be limited to not more than 2 hours, which shall be 
     divided equally between those favoring and those opposing the 
     joint resolution. A motion to further limit debate is in 
     order and not debatable. An amendment to, or a motion to 
     postpone, or a motion to proceed to the consideration of 
     other business, or a motion to recommit the joint resolution 
     is not in order.
       ``(3) In the Senate, immediately following the conclusion 
     of the debate on a joint resolution described in subsection 
     (a), and a single quorum call at the conclusion of the debate 
     if requested in accordance with the rules of the Senate, the 
     vote on final passage of the joint resolution shall occur.
       ``(4) Appeals from the decisions of the Chair relating to 
     the application of the rules of the Senate to the procedure 
     relating to a joint resolution described in subsection (a) 
     shall be decided without debate.
       ``(e)(1) In the House of Representatives, if the committee 
     or committees to which a joint resolution described in 
     subsection (a) has been referred have not reported it at the 
     end of 15 legislative days after its introduction, such 
     committee or committees shall be automatically discharged 
     from further consideration of the resolution and it shall be 
     placed on the appropriate calendar. A vote on final passage 
     of the resolution shall be taken on or before the close of 
     the 15th legislative day after the resolution is reported by 
     the committee or committees to which it was referred, or 
     after such committee or committees have been discharged from 
     further consideration of the resolution.
       ``(2)(A) A motion in the House of Representatives to 
     proceed to the consideration of a resolution shall be 
     privileged and not debatable. An amendment to the motion 
     shall not be in order, nor shall it be in order to move to 
     reconsider the vote by which the motion is agreed to or 
     disagreed to.
       ``(B) Debate in the House of Representatives on a 
     resolution shall be limited to not more than two hours, which 
     shall be divided equally between those favoring and those 
     opposing the resolution. A motion to further limit debate 
     shall not be debatable. No amendment to, or motion to 
     recommit, the resolution shall be in order. It shall not be 
     in order to reconsider the vote by which a resolution is 
     agreed to or disagreed to.
       ``(C) Motions to postpone, made in the House of 
     Representatives with respect to the consideration of a 
     resolution, and motions to proceed to the consideration of 
     other business, shall be decided without debate.
       ``(D) All appeals from the decisions of the Chair relating 
     to the application of the Rules of the House of 
     Representatives to the procedure relating to a resolution 
     shall be decided without debate.
       ``(f) If, before the passage by one House of a joint 
     resolution of that House described in subsection (a), that 
     House receives from the other House a joint resolution 
     described in subsection (a), then the following procedures 
     shall apply with respect to a joint resolution described in 
     subsection (a) of the House receiving the joint resolution--
       ``(1) the procedure in that House shall be the same as if 
     no joint resolution had been received from the other House; 
     but
       ``(2) the vote on final passage shall be on the joint 
     resolution of the other House.
       ``(g) The enactment of a resolution of approval does not 
     serve as a grant or modification of statutory authority by 
     Congress for the promulgation of a rule, does not extinguish 
     or affect any claim, whether substantive or procedural, 
     against any alleged defect in a rule, and shall not form part 
     of the record before the court in any judicial proceeding 
     concerning a rule.
       ``(h) This section and section 803 are enacted by 
     Congress--
       ``(1) as an exercise of the rulemaking power of the Senate 
     and House of Representatives, respectively, and as such it is 
     deemed a part of the rules of each House, respectively, but 
     applicable only with respect to the procedure to be followed 
     in that House in the case of a joint resolution described in 
     subsection (a), and it supersedes other rules only to the 
     extent that it is inconsistent with such rules; and
       ``(2) with full recognition of the constitutional right of 
     either House to change the rules (so far as relating to the 
     procedure of that House) at any time, in the same manner, and 
     to the same extent as in the case of any other rule of that 
     House.

     ``Sec. 803. Congressional disapproval procedure for nonmajor 
       rules

       ``(a) For purposes of this section, the term `joint 
     resolution' means only a joint resolution introduced in the 
     period beginning on the date on which the report referred to 
     in section 801(a)(1)(A) is received by Congress and ending 60 
     days thereafter (excluding days either House of Congress is 
     adjourned for more than 3 days during a session of Congress), 
     the matter after the resolving clause of which is as follows: 
     `That Congress disapproves the nonmajor rule submitted by the 
     _ _ relating to _ _, and such rule shall have no force or 
     effect.' (The blank spaces being appropriately filled in).
       ``(b)(1) A joint resolution described in subsection (a) 
     shall be referred to the committees in each House of Congress 
     with jurisdiction.
       ``(2) For purposes of this section, the term `submission or 
     publication date' means the later of the date on which--
       ``(A) the Congress receives the report submitted under 
     section 801(a)(1); or
       ``(B) the nonmajor rule is published in the Federal 
     Register, if so published.
       ``(c) In the Senate, if the committee to which is referred 
     a joint resolution described in subsection (a) has not 
     reported such joint resolution (or an identical joint 
     resolution) at the end of 15 session days after the date of 
     introduction of the joint resolution, such committee may be 
     discharged from further consideration of such joint 
     resolution upon a petition supported in writing by 30 Members 
     of the Senate, and such joint resolution shall be placed on 
     the calendar.
       ``(d)(1) In the Senate, when the committee to which a joint 
     resolution is referred has reported, or when a committee is 
     discharged (under subsection (c)) from further consideration 
     of a joint resolution described in subsection (a), it is at 
     any time thereafter in order (even though a previous motion 
     to the same effect has been disagreed to) for a motion to 
     proceed to the consideration of the joint resolution, and all 
     points of order against the joint resolution (and against 
     consideration of the joint resolution) are waived. The motion 
     is not subject to amendment, or to a motion to postpone, or 
     to a motion to proceed to the consideration of other 
     business. A motion to reconsider the vote by which the motion 
     is agreed to or disagreed to shall not be in order. If a 
     motion to proceed to the consideration of the joint 
     resolution is agreed to, the joint resolution shall remain 
     the unfinished business of the Senate until disposed of.
       ``(2) In the Senate, debate on the joint resolution, and on 
     all debatable motions and appeals in connection therewith, 
     shall be limited to not more than 10 hours, which shall be 
     divided equally between those favoring and those opposing the 
     joint resolution. A motion to further limit debate is in 
     order and not debatable. An amendment to, or a motion to 
     postpone, or a motion to proceed to the consideration of 
     other business, or a motion to recommit the joint resolution 
     is not in order.
       ``(3) In the Senate, immediately following the conclusion 
     of the debate on a joint resolution described in subsection 
     (a), and a single quorum call at the conclusion of the debate 
     if requested in accordance with the rules of the Senate, the 
     vote on final passage of the joint resolution shall occur.
       ``(4) Appeals from the decisions of the Chair relating to 
     the application of the rules of the Senate to the procedure 
     relating to a joint resolution described in subsection (a) 
     shall be decided without debate.
       ``(e) In the Senate the procedure specified in subsection 
     (c) or (d) shall not apply to the consideration of a joint 
     resolution respecting a nonmajor rule--
       ``(1) after the expiration of the 60 session days beginning 
     with the applicable submission or publication date, or
       ``(2) if the report under section 801(a)(1)(A) was 
     submitted during the period referred to in section 801(d)(1), 
     after the expiration of the 60 session days beginning on the 
     15th session day after the succeeding session of Congress 
     first convenes.
       ``(f) If, before the passage by one House of a joint 
     resolution of that House described in subsection (a), that 
     House receives from the other House a joint resolution 
     described in subsection (a), then the following procedures 
     shall apply:
       ``(1) The joint resolution of the other House shall not be 
     referred to a committee.
       ``(2) With respect to a joint resolution described in 
     subsection (a) of the House receiving the joint resolution--
       ``(A) the procedure in that House shall be the same as if 
     no joint resolution had been received from the other House; 
     but
       ``(B) the vote on final passage shall be on the joint 
     resolution of the other House.

     ``Sec. 804. Definitions

       ``For purposes of this chapter--
       ``(1) the term `Federal agency' means any agency as that 
     term is defined in section 551(1);
       ``(2) the term `major rule' means any rule, including an 
     interim final rule, that the Administrator of the Office of 
     Information and Regulatory Affairs of the Office of 
     Management and Budget finds has resulted in or is likely to 
     result in--
       ``(A) an annual effect on the economy of $100,000,000 or 
     more;
       ``(B) a major increase in costs or prices for consumers, 
     individual industries, Federal, State, or local government 
     agencies, or geographic regions; or
       ``(C) significant adverse effects on competition, 
     employment, investment, productivity, innovation, or on the 
     ability of United States-based enterprises to compete with 
     foreign-based enterprises in domestic and export markets;

[[Page S3625]]

       ``(3) the term `nonmajor rule' means any rule that is not a 
     major rule; and
       ``(4) the term `rule' has the meaning given such term in 
     section 551, except that such term does not include--
       ``(A) any rule of particular applicability, including a 
     rule that approves or prescribes for the future rates, wages, 
     prices, services, or allowances therefore, corporate or 
     financial structures, reorganizations, mergers, or 
     acquisitions thereof, or accounting practices or disclosures 
     bearing on any of the foregoing;
       ``(B) any rule relating to agency management or personnel; 
     or
       ``(C) any rule of agency organization, procedure, or 
     practice that does not substantially affect the rights or 
     obligations of non-agency parties.

     ``Sec. 805. Judicial review

       ``(a) No determination, finding, action, or omission under 
     this chapter shall be subject to judicial review.
       ``(b) Notwithstanding subsection (a), a court may determine 
     whether a Federal agency has completed the necessary 
     requirements under this chapter for a rule to take effect.

     ``Sec. 806. Exemption for monetary policy

       ``Nothing in this chapter shall apply to rules that concern 
     monetary policy proposed or implemented by the Board of 
     Governors of the Federal Reserve System or the Federal Open 
     Market Committee.

     ``Sec. 807. Effective date of certain rules

       ``Notwithstanding section 801--
       ``(1) any rule that establishes, modifies, opens, closes, 
     or conducts a regulatory program for a commercial, 
     recreational, or subsistence activity related to hunting, 
     fishing, or camping; or
       ``(2) any rule other than a major rule which an agency for 
     good cause finds (and incorporates the finding and a brief 
     statement of reasons therefore in the rule issued) that 
     notice and public procedure thereon are impracticable, 
     unnecessary, or contrary to the public interest,

     shall take effect at such time as the Federal agency 
     promulgating the rule determines.''.
                                 ______
                                 
  SA 423. Mrs. HUTCHISON (for herself, Mr. Barrasso, Mr. Burr, Mr. 
Inhofe, Mr. Portman, Mr. Risch, Mr. Hatch, Mr. Alexander, Mr. Kyl, and 
Mr. Moran) submitted an amendment intended to be proposed by her to the 
bill S. 782, to amend the Public Works and Economic Development Act of 
1965 to reauthorize that Act, and for other purposes; which was ordered 
to lie on the table; as follows:

       On page _, between lines _ and _, insert the following:

     SEC. __. EFFECTIVE DATE OF PPACA.

       (a) In General.--Notwithstanding any other provision of 
     law, the provisions of the Patient Protection and Affordable 
     Care Act (Public Law 111-148) and the Health Care and 
     Education Reconciliation Act of 2010 (Public Law 111-152), 
     including the amendments made by such Acts, that are not in 
     effect on the date of enactment of this Act shall not be in 
     effect until the date on which final judgment is entered in 
     all cases challenging the constitutionality of the 
     requirement to maintain minimum essential coverage under 
     section 5000A of the Internal Revenue Code of 1986 that are 
     pending before a Federal court on the date of enactment of 
     this Act.
       (b) Promulgation of Regulations.--Notwithstanding any other 
     provision of law, the Federal Government shall not promulgate 
     regulations under the Patient Protection and Affordable Care 
     Act (Public Law 111-148) or the Health Care and Education 
     Reconciliation Act of 2010 (Public Law 111-152), including 
     the amendments made by such Acts, or otherwise prepare to 
     implement such Acts (or amendments made by such Acts), until 
     the date on which final judgment is entered in all cases 
     challenging the constitutionality of the requirement to 
     maintain minimum essential coverage under section 5000A of 
     the Internal Revenue Code of 1986 that are pending before a 
     Federal court on the date of enactment of this Act.
                                 ______
                                 
  SA 424. Mr. JOHANNS submitted an amendment intended to be proposed by 
him to the bill S. 782, to amend the Public Works and Economic 
Development Act of 1965 to reauthorize that Act, and for other 
purposes; which was ordered to lie on the table; as follows:

       On page 29, after line 20, add the following:

     SEC. [2_]. MARGIN RULES; SECURITIES LAWS AMENDMENTS.

       (a) Margin Rules.--
       (1) Capital and margin requirements.--Section 4s(e) of the 
     Commodity Exchange Act (7 U.S.C. 6s(e)) is amended by adding 
     at the end the following:
       ``(4) Applicability with respect to counterparties.--The 
     margin requirements of this subsection shall not apply to 
     swaps in which 1 of the counterparties is not--
       ``(A) a swap dealer or major swap participant;
       ``(B) an investment fund that--
       ``(i) has issued securities (other than debt securities) to 
     more than 5 unaffiliated persons;
       ``(ii) would be an investment company (as defined in 
     section 3 of the Investment Company Act of 1940 (15 U.S.C. 
     80a-3)) but for paragraph (1) or (7) of subsection (c) of 
     that section; and
       ``(iii) is not primarily invested in physical assets 
     (including commercial real estate) directly or through an 
     interest in an affiliate that owns the physical assets;
       ``(C) a regulated entity, as defined in section 1303 of the 
     Federal Housing Enterprises Financial Safety and Soundness 
     Act of 1992 (12 U.S.C. 4502); or
       ``(D) a commodity pool.
       ``(5) Margin transition rules.--Swaps entered into before 
     the date on which final rules are required to be promulgated 
     under section 712(e) of the Dodd-Frank Wall Street Reform and 
     Consumer Protection Act (15 U.S.C. 8302(e)) shall be exempt 
     from the margin requirements under this subsection.''.
       (2) Major swap participant.--Section 1a(33)(A) of the 
     Commodity Exchange Act (7 U.S.C. 1a(33)(A)) is amended by 
     striking clause (ii) and inserting the following:
       ``(ii) whose outstanding swaps create substantial net 
     counterparty exposure that could have serious adverse effects 
     on the financial stability of the United States banking 
     system or financial markets; or''.
       (b) Securities Laws Amendments.--
       (1) Margin requirements.--Section 15F(e) of the Securities 
     Exchange Act of 1934 (15 U.S.C. 780-10(e)), as added by 
     section 764 of the Dodd-Frank Wall Street Reform and Consumer 
     Protection Act, is amended by adding at the end the 
     following:
       ``(4) Applicability with respect to counterparties.--The 
     margin requirements of this subsection shall not apply to 
     security-based swaps in which 1 of the counterparties is 
     not--
       ``(A) a security-based swap dealer or major security-based 
     swap participant;
       ``(B) an investment fund that would be an investment 
     company (as defined in section 3 of the Investment Company 
     Act of 1940 (15 U.S.C. 80a-3)), but for paragraph (1) or (7) 
     of section 3(c) of that Act (15 U.S.C. 80a-3(c)), that is not 
     primarily invested in physical assets (including commercial 
     real estate) directly or through interest in its affiliates 
     that own such assets;
       ``(C) a regulated entity, as defined in section 1303 of the 
     Federal Housing Enterprises Financial Safety and Soundness 
     Act of 1992 (12 U.S.C. 4502); or
       ``(D) a commodity pool.
       ``(5) Margin transition rules.--Security-based swaps 
     entered into before the date on which final rules are 
     required to be published under section 712(a)(5) of the Wall 
     Street Transparency and Accountability Act of 2010 (15 U.S.C. 
     8302(a)(5)) are exempt from the margin requirements of this 
     subsection.''.
       (2) Definitions.--Section 3(a)(67)(A)(ii)(II) of the 
     Securities Exchange Act of 1934 (15 U.S.C. 
     78c(a)(67)(A)(ii)(II)), as amended to read as follows:

       ``(II) whose outstanding security-based swaps create 
     substantial net counterparty exposure that could have serious 
     adverse effects on the financial stability of the United 
     States banking system or financial markets;''.

       (c) Effective Date.--The amendments made by this section 
     shall have the same effective date as provided in section 774 
     of the Wall Street Transparency and Accountability Act of 
     2010 (15 U.S.C. 77b note).
                                 ______
                                 
  SA 425. Mr. RUBIO submitted an amendment intended to be proposed by 
him to the bill S. 782, to amend the Public Works and Economic 
Development Act of 1965 to reauthorize that Act, and for other 
purposes; which was ordered to lie on the table; as follows:

       At the end of the bill, insert the following:

     SEC. ___. DECREASE SPENDING NOW ACT.

       (a) Short Title.--This section may be cited as the 
     ``Decrease Spending Now Act''.
       (b) Rescission of Unobligated Discretionary 
     Appropriations.--
       (1) In general.--Of the unobligated balances of 
     discretionary appropriations on the date of enactment of this 
     Act, $45,000,000,000 is rescinded.
       (2) Implementation.--
       (A) In general.--The Director of the Office of Management 
     and Budget shall determine which appropriation accounts the 
     rescission under paragraph (1) shall apply to and the amount 
     that each such account shall be reduced by pursuant to such 
     rescission.
       (B) Report.--Not later than 60 days after the date of the 
     enactment of this Act, the Director of the Office of 
     Management and Budget shall submit a report to the Secretary 
     of the Treasury and Congress listing the accounts reduced by 
     the rescission in paragraph (1) and the amounts rescinded 
     from each such account.
       (3) Exceptions.--The rescission under paragraph (1) shall 
     not apply to the Department of Defense, the Department of 
     Veterans Affairs, or the Social Security Administration.
                                 ______
                                 
  SA 426. Mr. RUBIO submitted an amendment intended to be proposed by 
him to the bill S. 782, to amend the Public Works and Economic 
Development Act of 1965 to reauthorize that Act, and for other 
purposes; which was ordered to lie on the table; as follows:

       On page 29, after line 20, add the following:

     SEC. 22. RESCISSION OF UNOBLIGATED DISCRETIONARY 
                   APPROPRIATIONS.

       (a) In General.--Of the unobligated balances of 
     discretionary appropriations on the date of enactment of this 
     Act, $3,000,000,000 is rescinded.

[[Page S3626]]

       (b) Implementation.--
       (1) In general.--The Director of the Office of Management 
     and Budget shall determine which appropriation accounts the 
     rescission under subsection (a) shall apply to and the amount 
     that each such account shall be reduced by pursuant to such 
     rescission.
       (2) Report.--Not later than 60 days after the date of the 
     enactment of this Act, the Director of the Office of 
     Management and Budget shall submit a report to the Secretary 
     of the Treasury and Congress listing the accounts reduced by 
     the rescission in subsection (a) and the amounts rescinded 
     from each such account.
       (c) Exceptions.--The rescission under subsection (a) shall 
     not apply to the Department of Defense, the Department of 
     Veterans Affairs, or the Social Security Administration.
                                 ______
                                 
  SA 427. Mr. MERKLEY submitted an amendment intended to be proposed by 
him to the bill S. 782, to amend the Public Works and Economic 
Development Act of 1965 to reauthorize that Act, and for other 
purposes; which was ordered to lie on the table; as follows:

       At the end, add the following:

     SEC. __. IDENTIFICATION OF QUALIFIED CENSUS TRACTS BY THE 
                   SECRETARY OF HOUSING AND URBAN DEVELOPMENT.

       (a) Designation of Qualified Census Tracts.--Not later than 
     2 weeks after the date on which the Secretary of Housing and 
     Urban Development receives from the Census Bureau the data 
     obtained from each decennial census relating to census 
     tracts, the Secretary of Housing and Urban Development shall 
     identify census tracts that meet the requirements of section 
     42(d)(5)(B)(ii) of the Internal Revenue Code of 1986 
     (determined without regard to Secretarial designation) and 
     shall deem such census tracts to be qualified census tracts 
     (as defined in such section) solely for purposes of 
     determining which areas qualify as HUBZones under section 
     3(p)(1)(A) of the Small Business Act (15 U.S.C. 
     632(p)(1)(A)).
       (b) Effective Date.--The Administrator of the Small 
     Business Administration shall designate a date that is not 
     later than 3 months after the date on which the Secretary of 
     Housing and Urban Development identifies qualified census 
     tracts under subsection (a) as the effective date for areas 
     that qualify as HUBZones under section 3(p)(1)(A) of the 
     Small Business Act (15 U.S.C. 632(p)(1)(A)).
       (c) Rule of Construction.--Nothing in this section may be 
     construed to affect--
       (1) the date on which a census tract is designated as a 
     qualified census tract for purposes of section 42 of the 
     Internal Revenue Code of 1986; or
       (2) the method used by the Secretary of Housing and Urban 
     Development to designate census tracts as qualified census 
     tracts in a year in which the Secretary of Housing and Urban 
     Development receives no data from the Census Bureau relating 
     to census tract boundaries.
                                 ______
                                 
  SA 428. Mr. MERKLEY (for himself and Ms. Snowe) proposed an amendment 
to the bill S. 782, to amend the Public Works and Economic Development 
Act of 1965 to reauthorize that Act, and for other purposes; which was 
ordered to lie on the table; as follows:

       At the end, add the following:

              TITLE ___--REGULATION OF MORTGAGE SERVICING

     SEC. ___1. SHORT TITLE.

       This title may be cited as the ``Regulation of Mortgage 
     Servicing Act of 2011''.

     SEC. ___2. DEFINITIONS.

       In this title, the following definitions shall apply:
       (1) Alternative to foreclosure.--The term ``alternative to 
     foreclosure''--
       (A) means a course of action with respect to a mortgage 
     offered by a servicer to a borrower as an alternative to a 
     covered foreclosure action; and
       (B) includes a short sale and a deed in lieu of 
     foreclosure.
       (2) Borrower.--The term ``borrower'' means a mortgagor 
     under a mortgage who is in default or at risk of imminent 
     default, as determined by the Director, by rule.
       (3) Covered foreclosure action.--The term ``covered 
     foreclosure action'' means a judicial or nonjudicial 
     foreclosure.
       (4) Director.--The term ``Director'' means the Director of 
     the Bureau of Consumer Financial Protection.
       (5) Independent reviewer.--The term ``independent 
     reviewer''--
       (A) means an entity that has the expertise and capacity to 
     determine whether a borrower is eligible to participate in a 
     loan modification program; and
       (B) includes--
       (i) an entity that is not a servicer; and
       (ii) a division within a servicer that is independent of, 
     and not under the same immediate supervision as, any division 
     that makes determinations with respect to applications for 
     loan modifications or alternatives to foreclosure.
       (6) Loan modification program.--The term ``loan 
     modification program''--
       (A) means a program or procedure designed to change the 
     terms of a mortgage in the case of the default, delinquency, 
     or imminent default or delinquency of a mortgagor; and
       (B) includes--
       (i) a loan modification program established by the Federal 
     Government, including the Home Affordable Modification 
     Program of the Department of the Treasury; and
       (ii) a loan modification program established by a servicer.
       (7) Mortgage.--The term ``mortgage'' means a federally 
     related mortgage loan, as defined in section 3 of the Real 
     Estate Settlement Procedures Act of 1974 (12 U.S.C. 2602), 
     that is secured by a first or subordinate lien on residential 
     real property.
       (8) Servicer.--The term ``servicer''--
       (A) has the same meaning as in section 6(i) of the Real 
     Estate Settlement Procedures Act of 1974 (12 U.S.C. 2605(i)); 
     and
       (B) includes a person responsible for servicing a pool of 
     mortgages.

     SEC. ___3. SINGLE POINT OF CONTACT.

       (a) Case Manager Required.--A servicer shall assign 1 case 
     manager to each borrower that seeks a loan modification or an 
     alternative to foreclosure.
       (b) Duties of Case Manager.--The case manager assigned 
     under subsection (a) shall be an individual who--
       (1) manages the communications between the servicer and the 
     borrower;
       (2) has the authority to make decisions about the 
     eligibility of the borrower for a loan modification or an 
     alternative to foreclosure;
       (3) is available to communicate with the borrower by 
     telephone and email during business hours; and
       (4) remains assigned to the borrower until the earliest 
     of--
       (A) the date on which the borrower accepts a loan 
     modification or an alternative to foreclosure;
       (B) the date on which the servicer forecloses on the 
     mortgage of the borrower; and
       (C) the date on which a release of the mortgage of the 
     borrower is recorded in the appropriate land records office, 
     as determined by the Director, by rule.
       (c) Assistance for Case Managers.--A servicer may assign an 
     employee to assist a case manager assigned under subsection 
     (a), if the case manager remains available to communicate 
     with the borrower by telephone and email.

     SEC. ___4. DETERMINATION OF ELIGIBILITY FOR LOAN MODIFICATION 
                   PROGRAM OR ALTERNATIVE TO FORECLOSURE REQUIRED 
                   BEFORE FORECLOSURE.

       (a) Initiation of Covered Foreclosure Actions.--A servicer 
     may not initiate a covered foreclosure action against a 
     borrower unless the servicer has--
       (1) completed a full review of the file of the borrower to 
     determine whether the borrower is eligible for a loan 
     modification or an alternative to foreclosure;
       (2) made a reasonable effort to obtain the information 
     necessary to determine whether the borrower is eligible for a 
     loan modification or an alternative to foreclosure, as 
     described in subsection (c); and
       (3) offered the borrower a loan modification or an 
     alternative to foreclosure, if the borrower is eligible for 
     the loan modification or alternative to foreclosure.
       (b) Suspension of Covered Foreclosure Actions.--
       (1) In general.--A servicer shall suspend a covered 
     foreclosure action that was initiated before the date of 
     enactment of this title until the servicer--
       (A) completes a full review of the file of the borrower to 
     determine whether the borrower is eligible for a loan 
     modification or an alternative to foreclosure;
       (B) notifies the borrower of the determination under 
     subparagraph (A); and
       (C) offers the borrower a loan modification or an 
     alternative to foreclosure, if the borrower is eligible for a 
     loan modification or an alternative to foreclosure.
       (2) Suspension.--During the period of the suspension under 
     paragraph (1), a servicer may not--
       (A) send a notice of foreclosure to a borrower;
       (B) conduct or schedule a sale of the real property 
     securing the mortgage of the borrower; or
       (C) cause final judgment to be entered against the 
     borrower.
       (3) Reasonable efforts.--A servicer is not required to 
     suspend a covered foreclosure action under paragraph (1) if 
     the servicer--
       (A) makes a reasonable effort to obtain information 
     necessary to determine whether the borrower is eligible for a 
     loan modification or an alternative to foreclosure, as 
     described in subsection (c); and
       (B) has not received information necessary to determine 
     whether the borrower is eligible for a loan modification or 
     an alternative to foreclosure before the end of the 
     applicable period under subsection (c).
       (4) Rule of construction.--Nothing in this section may be 
     construed to require a servicer to delay a foreclosure that 
     results from--
       (A) a borrower abandoning the residential real property 
     securing a mortgage; or
       (B) the failure of the borrower to qualify for or meet the 
     requirements of a loan modification program.
       (c) Reasonable Effort To Obtain Necessary Information.--A 
     servicer shall be deemed to have made a reasonable effort to 
     obtain information necessary to determine whether the 
     borrower is eligible for a loan modification or an 
     alternative to foreclosure if--
       (1) during the 30-day period beginning on the date of 
     delinquency of the borrower, the servicer attempts to 
     establish contact with the borrower by--

[[Page S3627]]

       (A) making not fewer than 4 telephone calls to the 
     telephone number on record for the borrower, at different 
     times of the day; and
       (B) sending not fewer than 2 written notices to the 
     borrower at the address on record for the borrower, at least 
     1 of which shall be delivered by certified mail, requesting 
     that the borrower contact the servicer;
       (2) in the case that the borrower responds in writing or by 
     telephone to an attempt to establish contact under paragraph 
     (1), the servicer--
       (A) notifies the borrower, in writing, that the servicer 
     lacks information necessary to determine whether the borrower 
     is eligible for a loan modification or an alternative to 
     foreclosure; and
       (B) sends the borrower a written request that the borrower 
     transmit to the servicer all information necessary to 
     determine whether the borrower is eligible for a loan 
     modification or an alternative to foreclosure, not later than 
     30 days after the date on which the servicer sends the 
     request;
       (3) in the case that the servicer receives from the 
     borrower some, but not all, of the information requested 
     under paragraph (2)(B) on or before the date that is 30 days 
     after the date on which the servicer sends the notice under 
     paragraph (2), the servicer sends the borrower a written 
     request that the borrower transmit to the servicer all 
     information necessary to determine whether the borrower is 
     eligible for a loan modification or an alternative to 
     foreclosure, not later than 15 days after the date on which 
     the servicer sends the request; and
       (4) in the case that the servicer does not receive from the 
     borrower all information requested under paragraph (3) on or 
     before the date that is 15 days after the date on which the 
     servicer sends the request under paragraph (3), the servicer 
     notifies the borrower that the servicer intends to initiate 
     or continue a covered foreclosure action.

     SEC. ___5. THIRD PARTY REVIEW.

       Before a servicer notifies a borrower that the borrower is 
     not eligible for a loan modification or an alternative to 
     foreclosure, the servicer shall obtain the services of an 
     independent reviewer to--
       (1) review the file of the borrower; and
       (2) determine whether the borrower is eligible for a loan 
     modification or an alternative to foreclosure.

     SEC. ___6. BAR TO FORECLOSURE ACTIONS.

       (a) In General.--Subject to subsection (b), a violation of 
     this title shall be a bar to a covered foreclosure action.
       (b) Effect of Subsequent Compliance.--If a servicer is in 
     compliance with this title, the servicer may bring or proceed 
     with a covered foreclosure action, without regard to a prior 
     violation of this title by the servicer.

     SEC. ___7. REGULATIONS.

       Not later than 90 days after the date of enactment of this 
     Act, the Director, in consultation with the Secretary of 
     Housing and Urban Development and the Secretary of the 
     Treasury, shall issue regulations to carry out this title.

     SEC. ___8. REPORT.

       Not later than 1 year after the date of enactment of this 
     Act, the Director shall submit to Congress a report that 
     contains--
       (1) an evaluation of the effect of this title on--
       (A) State law; and
       (B) communication between servicers and borrowers; and
       (2) a description of any problems concerning the 
     implementation of this title.
                                 ______
                                 
  SA 429. Mr. INHOFE submitted an amendment intended to be proposed by 
him to the bill S. 782, to amend the Public Works and Economic 
Development Act of 1965 to reauthorize that Act, and for other 
purposes; which was ordered to lie on the table; as follows:

       On page 29, after line 20, add the following:

     SEC. [2_]. EXEMPTION OF LESSER PRAIRIE CHICKEN FROM 
                   ENDANGERED SPECIES ACT OF 1973.

       Section 4 of the Endangered Species Act of 1973 (16 U.S.C. 
     1533) is amended by adding at the end the following:
       ``(j) Exemption of Lesser Prairie Chicken.--This Act shall 
     not apply to the lesser prairie chicken.''.
                                 ______
                                 
  SA 430. Mr. INHOFE submitted an amendment intended to be proposed by 
him to the bill S. 782, to amend the Public Works and Economic 
Development Act of 1965 to reauthorize that Act, and for other 
purposes; which was ordered to lie on the table; as follows:

       On page 27, line 6, strike ``$500,000,000'' and insert 
     ``$300,000,000''.
                                 ______
                                 
  SA 431. Mr. MORAN submitted an amendment intended to be proposed by 
him to the bill S. 782, to amend the Public Works and Economic 
Development Act of 1965 to reauthorize that Act, and for other 
purposes; which was ordered to lie on the table; as follows:

       At the end, add the following:

     SEC. __. PRESCRIBED FIRES IN FLINT HILLS REGION.

       (a) Findings.--Congress finds that--
       (1) the Flint Hills Region of Kansas and Oklahoma contains 
     the world's largest share of the remaining tallgrass prairie, 
     and is the only place in which that habitat occurs in 
     landscape proportions;
       (2) only 4 percent of the presettlement tallgrass prairie 
     in North America survives to this day, and 80 percent of that 
     prairie is located in Kansas;
       (3) the Flint Hills Region is also home to certain 
     declining avian species, such as the greater prairie chicken 
     and Henslow's sparrow, that cannot continue to exist without 
     large expanses of native tallgrass prairie in an original 
     state;
       (4) the Flint Hills Region is a significant corridor for 
     migrating shorebirds, such as the American golden plover, the 
     buff-breasted sand-piper, and the upland sandpiper;
       (5) beginning in the mid-19th century, cattlemen understood 
     that the richness of the Flint Hills grasses depended on a 
     good spring burn--something they learned from the Native 
     Americans;
       (6) fire still thrives in the Flint Hills because the 
     ranchers, and others using the land, understand that the 
     natural ecosystem depends on fire;
       (7) ranchers, landowners, and conservation groups use 
     prescribed burns to mimic the seasonal fires that have shaped 
     the tallgrass prairie for thousands of years;
       (8) areas not burned for several years develop mature 
     grasses and thicker, thatch-like vegetation, a habitat that 
     is preferred by invasive species;
       (9) the Flint Hills Region is a place in the United States 
     that is an example of the prevailing agricultural system 
     working essentially in tandem with an ancestral native 
     ecosystem, preserving most of the complexity and the dynamic 
     processes that helped shape the area; and
       (10) due to the uniqueness of the Flint Hills tallgrass 
     prairie and the historic manner in which the tallgrass 
     prairie has been managed by fire--
       (A) prescribed burn practices used as of the date of 
     enactment of this Act to manage the Flint Hills tallgrass 
     prairie should be allowed to continue; and
       (B) ambient air data resulting from fires used for that 
     management should be not be included in determinations of 
     compliance with the Clean Air Act (42 U.S.C. 7401 et seq.).
       (b) Prescribed Fires.--The Clean Air Act is amended by 
     inserting after section 329 (42 U.S.C. 7628) the following:

     ``SEC. 330. PRESCRIBED FIRES IN FLINT HILLS REGION.

       ``(a) Definitions.--In this section:
       ``(1) Flint hills region.--
       ``(A) In general.--The term `Flint Hills Region' means the 
     band of hills located in eastern Kansas and north-central 
     Oklahoma.
       ``(B) Inclusions.--The term `Flint Hills Region' includes--
       ``(i) Butler, Chase, Chautauqua, Clay, Cowley, Dickinson, 
     Elk, Geary, Greenwood, Harvey, Jackson, Lyon, Marion, 
     Marshall, Morris, Ottawa, Pottawatomie, Riley, Saline, 
     Shawnee, Wabaunsee, Washington, and Woodson Counties in the 
     State of Kansas; and
       ``(ii) Osage, Tulsa, and Washington counties in the State 
     of Oklahoma.
       ``(2) Prescribed fire.--The term `prescribed fire' means a 
     fire that is set or managed by a person with the goal of 
     enhancing a fire-dependent ecosystem or enhancing the 
     productivity of agricultural grazing land, irrespective of 
     the frequency with which the burn occurs.
       ``(b) Exclusion of Data.--In determining whether, with 
     respect to a specific air pollutant, an exceedance or 
     violation of a national ambient air quality standard has 
     occurred, or for any other purpose under this Act, a State 
     and the Administrator shall exclude data from a particular 
     air quality monitoring location if emissions from 1 or more 
     prescribed fires in the Flint Hills Region cause a 
     concentration of the air pollutant at the location to be in 
     excess of the standard.
       ``(c) Specific Limitations.--If emission data is excluded 
     under subsection (b) from a particular air quality monitoring 
     station because of emissions from 1 or more prescribed fires 
     in the Flint Hills Region--
       ``(1) the Administrator shall not, as a result of the 
     emissions, find under section 113 that a State has failed to 
     enforce, or that a person has violated, a State 
     implementation plan (for national primary or secondary 
     ambient air quality standards) under section 110; and
       ``(2) a State shall not, as a result of the emissions, find 
     that a person has violated, or bring an enforcement action 
     for violation of, a State implementation plan (for national 
     primary or secondary ambient air quality standards) under 
     section 110.
       ``(d) Prohibition Against Smoke Management Plans.--The 
     Administrator shall not require, and a State shall not adopt, 
     a smoke management plan under this Act in connection with any 
     prescribed fire in the Flint Hills Region.
       ``(e) Not a Stationary Source.--No building, structure, 
     facility, or installation may be treated as a stationary 
     source under this Act as a result of 1 or more prescribed 
     fires in the Flint Hills Region.
       ``(f) No Title V Permit Required.--No person shall be 
     required to obtain or modify a permit under title V in 
     connection with a prescribed fire in the Flint Hills 
     Region.''.
                                 ______
                                 
  SA 432. Mr. CASEY submitted an amendment intended to be proposed by 
him to the bill S. 782, to amend the Public Works and Economic 
Development Act of 1965 to reauthorize that Act, and for other 
purposes; which was ordered to lie on the table; as follows:


[[Page S3628]]


       On page 29, after line 20, add the following:

     SEC. 22. MINORITY BUSINESS DEVELOPMENT PROGRAM.

       (a) Definitions.--In this section:
       (1) Historically disadvantaged individual.--The term 
     ``historically disadvantaged individual'' means any 
     individual who is a member of a group that is designated as 
     eligible to receive assistance under section 1400.1 of title 
     15, Code of Federal Regulations, as in effect on January 1, 
     2009.
       (2) Principal.--The term ``principal'' means any person 
     that the National Director determines exercises significant 
     control over the regular operations of a business entity.
       (3) Program.--The term ``Program'' means the Minority 
     Business Development Program established under subsection 
     (b).
       (b) Program Required.--The National Director of the 
     Minority Business Development Agency shall establish the 
     Minority Business Development Program to provide contract 
     procurement assistance to qualified minority businesses.
       (c) Qualified Minority Business.--
       (1) Certification.--For purposes of the Program, the 
     National Director may certify as a qualified minority 
     business any entity that satisfies each of the following:
       (A) Not less than 51 percent of the entity is directly and 
     unconditionally owned or controlled by historically 
     disadvantaged individuals.
       (B) Each officer or other individual who exercises control 
     over the regular operations of the entity is a historically 
     disadvantaged individual.
       (C) The net worth of each principal of the entity is not 
     greater than $2,000,000. (The equity of a disadvantaged owner 
     in a primary personal residence shall be considered in this 
     calculation.)
       (D) The principal place of business of the entity is in the 
     United States.
       (E) Each principal of the entity maintains good character 
     in the determination of the National Director.
       (F) The entity engages in competitive and bona fide 
     commercial business operations in not less than one sector of 
     industry that has a North American Industry Classification 
     System code.
       (G) The entity submits reports to the National Director at 
     such time, in such form, and containing such information as 
     the National Director may require.
       (H) Such other requirements as the National Director 
     considers appropriate for purposes of the Program.
       (2) Term of certification.--A certification under this 
     subsection shall be for a term of 5 years and may not be 
     renewed.
       (d) Set-aside Contracting Opportunities.--
       (1) In general.--The National Director may enter into 
     agreements with the United States Government and any 
     department, agency, or officer thereof having procurement 
     powers for purposes of providing for the fulfillment of 
     procurement contracts and providing opportunities for 
     qualified minority businesses with regard to such contracts.
       (2) Qualifications on participation.--The National Director 
     shall by rule establish requirements for participation under 
     this subsection by a qualified minority business in a 
     contract.
       (3) Annual limit on number of contracts per qualified 
     minority business.--A qualified minority business may not 
     participate under this section in contracts in an amount that 
     exceeds $10,000,000 for goods and services each fiscal year.
       (4) Limits on contract amounts.--
       (A) Goods and services.--Except as provided in subparagraph 
     (B), a contract for goods and services under this subsection 
     may not exceed $6,000,000.
       (B) Manufacturing and construction.--A contract for 
     manufacturing and construction services under this subsection 
     may not exceed $10,000,000.
       (e) Termination From the Program.--The National Director 
     may terminate a qualified minority business from the Program 
     for any violation of a requirement of subsections (c) and (d) 
     by that qualified minority business, including the following:
       (1) Conduct by a principal of the qualified minority 
     business that indicates a lack of business integrity.
       (2) Willful failure to comply with applicable labor 
     standards and obligations.
       (3) Consistent failure to tender adequate performance with 
     regard to contracts under the Program.
       (4) Failure to obtain and maintain relevant certifications.
       (5) Failure to pay outstanding obligations owed to the 
     Federal Government.
                                 ______
                                 
  SA 433. Ms. LANDRIEU submitted an amendment intended to be proposed 
by her to the bill S. 782, to amend the Public Works and Economic 
Development Act of 1965 to reauthorize that Act, and for other 
purposes; which was ordered to lie on the table; as follows:

       At the end, add the following:

     SEC. __. REPORT ON INVESTMENTS.

       Not later than 180 days after the date of enactment of this 
     Act, the Economic Development Administration shall submit to 
     Congress a report that--
       (1) describes the programs and investments carried out 
     under the authority of the Economic Development 
     Administration in areas that have been impacted by 3 or more 
     natural or manmade disasters since January 1, 2005, 
     including--
       (A) the quantity of jobs created by the programs;
       (B) the quantity of small businesses assisted by the 
     programs; and
       (C) any additional information the Economic Development 
     Administration determines to be necessary; and
       (2) includes any recommendations of the Economic 
     Development Administration on additional methods to assist 
     economic recovery in the areas described in paragraph (1).

                          ____________________