[Congressional Record Volume 158, Number 104 (Thursday, July 12, 2012)]
[Senate]
[Pages S4960-S4980]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                           TEXT OF AMENDMENTS

  SA 2532. Mr. VITTER submitted an amendment intended to be proposed by 
him to the bill S. 2237, to provide a temporary income tax credit for 
increased payroll and extend bonus depreciation for an additional year, 
and for other purposes; which was ordered to lie on the table; as 
follows:

       At the appropriate place, insert the following:

     SEC. __. SUSPENSION OF FINES FOR FIRST-TIME PAPERWORK 
                   VIOLATIONS BY SMALL BUSINESS CONCERNS.

       Section 3506 of title 44, United States Code (commonly 
     referred to as the ``Paperwork Reduction Act''), is amended 
     by adding at the end the following:
       ``(j) Small Businesses.--
       ``(1) Small business concern.--In this subsection, the term 
     `small business concern' has the same meaning given as in 
     section 3 of the Small Business Act (15 U.S.C. 632).
       ``(2) In general.--In the case of a first-time violation by 
     a small business concern of a requirement regarding the 
     collection of information by an agency, the head of the 
     agency shall not impose a civil fine on the small business 
     concern unless the head of the agency determines that--
       ``(A) the violation has the potential to cause serious harm 
     to the public interest;
       ``(B) failure to impose a civil fine would impede or 
     interfere with the detection of criminal activity;
       ``(C) the violation is a violation of an internal revenue 
     law or a law concerning the assessment or collection of any 
     tax, debt, revenue, or receipt;
       ``(D) the violation was not corrected on or before the date 
     that is 6 months after the date on which the small business 
     concern receives notification of the violation in writing 
     from the agency; or
       ``(E) except as provided in paragraph (3), the violation 
     presents a danger to the public health or safety.
       ``(3) Danger to public health or safety.--
       ``(A) In general.--In any case in which the head of an 
     agency determines under paragraph (2)(E) that a violation 
     presents a danger to the public health or safety, the head of 
     the agency may, notwithstanding paragraph (2)(E), determine 
     not to impose a civil fine on the small business concern if 
     the violation is corrected not later than 24 hours after 
     receipt by the owner of the small business concern of 
     notification of the violation in writing.
       ``(B) Considerations.--In determining whether to allow a 
     small business concern 24 hours to correct a violation under 
     subparagraph (A), the head of an agency shall take into 
     account all of the facts and circumstances regarding the 
     violation, including--
       ``(i) the nature and seriousness of the violation, 
     including whether the violation is

[[Page S4961]]

     technical or inadvertent or involves willful or criminal 
     conduct;
       ``(ii) whether the small business concern has made a good 
     faith effort to comply with applicable laws and to remedy the 
     violation within the shortest practicable period of time; and
       ``(iii) whether the small business concern has obtained a 
     significant economic benefit from the violation.
       ``(C) Notice to congress.--In any case in which the head of 
     an agency imposes a civil fine on a small business concern 
     for a violation that presents a danger to the public health 
     or safety and does not allow the small business concern 24 
     hours to correct the violation under subparagraph (A), the 
     head of the agency shall notify Congress regarding the 
     determination not later than 60 days after the date on which 
     the civil fine is imposed by the agency.
       ``(4) Limited to first-time violations.--
       ``(A) In general.--This subsection shall not apply to any 
     violation by a small business concern of a requirement 
     regarding collection of information by an agency if the small 
     business concern previously violated any requirement 
     regarding collection of information by the agency.
       ``(B) Other agencies.--For purposes of making a 
     determination under subparagraph (A), the head of an agency 
     shall not take into account any violation of a requirement 
     regarding collection of information by another agency.''.
                                 ______
                                 
  SA 2533. Mr. BARRASSO (for himself, Mr. Hatch, and Ms. Snowe) 
submitted an amendment intended to be proposed by him to the bill S. 
2237, to provide a temporary income tax credit for increased payroll 
and extend bonus depreciation for an additional year, and for other 
purposes; which was ordered to lie on the table; as follows:

       At the end, add the following:

     SEC. __. PROTECTING PATIENTS FROM HIGHER PREMIUMS.

       Section 9010 of the Patient Protection and Affordable Care 
     Act (Public Law 111-148), as amended by section 10905 of such 
     Act and by section 1406 of the Health Care and Education 
     Reconciliation Act of 2010 (Public Law 111-152), is repealed.
                                 ______
                                 
  SA 2534. Mr. COBURN submitted an amendment intended to be proposed by 
him to the bill S. 2237, to provide a temporary income tax credit for 
increased payroll and extend bonus depreciation for an additional year, 
and for other purposes; which was ordered to lie on the table; as 
follows:

       At the appropriate place, insert the following:

     SEC. _. NO MORTGAGE INTEREST DEDUCTION FOR MILLIONAIRES AND 
                   BILLIONAIRES.

       (a) In General.--Section 163(h)(4) of the Internal Revenue 
     Code of 1986 is amended by adding at the end the following 
     new subparagraph:
       ``(G) No deduction for millionaires and billionaires.--
       ``(i) In general.--Except as provided in clause (ii), no 
     deduction shall be allowed by reason of paragraph (2)(D) for 
     any taxable year with respect to any taxpayer with an 
     adjusted gross income equal to or greater than $1,000,000 for 
     such taxable year.
       ``(ii) Termination.--Clause (i) shall not apply to any 
     taxable year beginning after the date on which the aggregate 
     savings from the elimination of the deductions and credits 
     for millionaires attributable to the enactment of sections 4 
     through 11 of the Small Business Jobs and Tax Relief Act 
     matches dollar for dollar the decrease in revenue 
     attributable to the enactment of sections 2 and 3 of such 
     Act.''.
       (b) Effective Date.--The amendment made by this section 
     shall apply to taxable years beginning after December 31, 
     2011.

     SEC. _. NO RENTAL EXPENSE DEDUCTION FOR MILLIONAIRES AND 
                   BILLIONAIRES.

       (a) In General.--Section 212 of the Internal Revenue Code 
     of 1986 is amended by adding at the end the following new 
     flush sentence:

     ``Paragraph (2) shall not apply for any taxable year with 
     respect to any taxpayer with an adjusted gross income equal 
     to or greater than $1,000,000 for such taxable year. The 
     preceding sentence shall not apply to any taxable year 
     beginning after the date on which the aggregate savings from 
     the elimination of the deductions and credits for 
     millionaires attributable to the enactment of sections 4 
     through 11 of the Small Business Jobs and Tax Relief Act 
     matches dollar for dollar the decrease in revenue 
     attributable to the enactment of sections 2 and 3 of such 
     Act.''.
       (b) Effective Date.--The amendment made by this section 
     shall apply to taxable years beginning after December 31, 
     2011.

     SEC. _. NO GAMBLING LOSS DEDUCTION FOR MILLIONAIRES AND 
                   BILLIONAIRES.

       (a) In General.--Section 165(d) of the Internal Revenue 
     Code of 1986 is amended by adding at the end the following: 
     ``In the case of a taxpayer with an adjusted gross income 
     equal to or greater than $1,000,000 for the taxable year, the 
     preceding sentence shall not apply for any taxable year 
     beginning before the date on which the aggregate savings from 
     the elimination of the deductions and credits for 
     millionaires attributable to the enactment of sections 4 
     through 11 of the Small Business Jobs and Tax Relief Act 
     matches dollar for dollar the decrease in revenue 
     attributable to the enactment of sections 2 and 3 of such 
     Act.''.
       (b) Effective Date.--The amendment made by this section 
     shall apply to taxable years beginning after December 31, 
     2011.

     SEC. _. NO DISCHARGE OF INDEBTEDNESS DEDUCTION FOR 
                   MILLIONAIRES AND BILLIONAIRES.

       (a) In General.--Section 108 of the Internal Revenue Code 
     of 1986 is amended by adding at the end the following new 
     subsection:
       ``(j) No Deduction for Millionaires and Billionaires.--
       ``(1) In general.--Except as provided in paragraph (2), no 
     exclusion shall be allowed by reason of this section for any 
     taxable year with respect to any taxpayer with an adjusted 
     gross income equal to or greater than $1,000,000 for such 
     taxable year.
       ``(2) Termination.--Paragraph (1) shall not apply to any 
     taxable year beginning after the date on which the aggregate 
     savings from the elimination of the deductions and credits 
     for millionaires attributable to the enactment of sections 4 
     through 11 of the Small Business Jobs and Tax Relief Act 
     matches dollar for dollar the decrease in revenue 
     attributable to the enactment of sections 2 and 3 of such 
     Act.''.
       (b) Effective Date.--The amendment made by this section 
     shall apply to taxable years beginning after December 31, 
     2011.

     SEC. _. NO ELECTRIC PLUG-IN VEHICLE TAX CREDIT FOR 
                   MILLIONAIRES AND BILLIONAIRES.

       (a) In General.--Section 30D(f) of the Internal Revenue 
     Code of 1986 is amended by adding at the end the following 
     new paragraph:
       ``(8) No credit for millionaires and billionaires.--
       ``(A) In general.--Except as provided in subparagraph (B), 
     no credit described in subsection (c)(2) shall be allowed 
     under this section for any taxable year with respect to any 
     taxpayer with an adjusted gross income equal to or greater 
     than $1,000,000 for such taxable year.
       ``(B) Termination.--Subparagraph (A) shall not apply to any 
     taxable year beginning after the date on which the aggregate 
     savings from the elimination of the deductions and credits 
     for millionaires attributable to the enactment of sections 4 
     through 11 of the Small Business Jobs and Tax Relief Act 
     matches dollar for dollar the decrease in revenue 
     attributable to the enactment of sections 2 and 3 of such 
     Act.''.
       (b) Effective Date.--The amendment made by this section 
     shall apply to taxable years beginning after December 31, 
     2011.

     SEC. _. NO HOUSEHOLD AND DEPENDENT CARE CREDIT FOR 
                   MILLIONAIRES AND BILLIONAIRES.

       (a) In General.--Section 21 of the Internal Revenue Code of 
     1986 is amended by redesignating subsection (f) as subsection 
     (g) and by inserting after subsection (e) the following new 
     subsection:
       ``(f) No Credit for Millionaires and Billionaires.--
       ``(1) In general.--Except as provided in paragraph (2), no 
     credit shall be allowed under this section for any taxable 
     year with respect to any taxpayer with an adjusted gross 
     income equal to or greater than $1,000,000 for such taxable 
     year.
       ``(2) Termination.--Paragraph (1) shall not apply to any 
     taxable year beginning after the date on which the aggregate 
     savings from the elimination of the deductions and credits 
     for millionaires attributable to the enactment of sections 4 
     through 11 of the Small Business Jobs and Tax Relief Act 
     matches dollar for dollar the decrease in revenue 
     attributable to the enactment of sections 2 and 3 of such 
     Act.''.
       (b) Effective Date.--The amendment made by this section 
     shall apply to taxable years beginning after December 31, 
     2011.

     SEC. _. NO RESIDENTIAL ENERGY EFFICIENT PROPERTY CREDIT FOR 
                   MILLIONAIRES AND BILLIONAIRES.

       (a) In General.--Section 25D(e) of the Internal Revenue 
     Code of 1986 is amended by adding at the end the following 
     new paragraph:
       ``(9) No credit for millionaires and billionaires.--
       ``(A) In general.--Except as provided in subparagraph (B), 
     no credit shall be allowed under this section for any taxable 
     year with respect to any taxpayer with an adjusted gross 
     income equal to or greater than $1,000,000 for such taxable 
     year.
       ``(B) Termination.--Subparagraph (A) shall not apply to any 
     taxable year beginning after the date on which the aggregate 
     savings from the elimination of the deductions and credits 
     for millionaires attributable to the enactment of sections 4 
     through 11 of the Small Business Jobs and Tax Relief Act 
     matches dollar for dollar the decrease in revenue 
     attributable to the enactment of sections 2 and 3 of such 
     Act.''.
       (b) Effective Date.--The amendment made by this section 
     shall apply to taxable years beginning after December 31, 
     2011.
                                 ______
                                 
  SA 2535. Mr. COBURN submitted an amendment intended to be proposed by 
him to the bill S. 2237, to provide a temporary income tax credit for 
increased payroll and extend bonus depreciation for an additional year, 
and for other purposes; which was ordered to lie on the table; as 
follows:

       At the appropriate place, insert the following:

[[Page S4962]]

     SEC. __. REQUIRING HIGHER INCOME INDIVIDUALS TO PAY MORE FOR 
                   THEIR SHARE OF MEDICARE PART B.

       (a) In General.--Section 1839 of the Social Security Act 
     (42 U.S.C. 1395r) is amended by adding at the end the 
     following new subsection:
       ``(j) Payment of Unsubsidized Part B Premium Amount by 
     Higher Income Individuals.--
       ``(1) In general.--In the case of an individual whose 
     modified adjusted gross income exceeds the applicable amount 
     described in paragraph (2), the monthly premium determined 
     under subsection (a) for a month after December 2012 shall be 
     equal to the unsubsidized part B premium amount, adjusted as 
     required in accordance with subsections (b), (c), and (f), 
     and to reflect any credit under section 
     1854(b)(1)(C)(ii)(III).
       ``(2) Applicable amount described.--
       ``(A) In general.--For purposes of paragraph (1), subject 
     to subparagraph (C), the applicable amount described in this 
     paragraph is $150,000.
       ``(B) Joint returns.--In the case of a joint return, 
     subparagraph (A) shall be applied by substituting a dollar 
     amount which is twice the dollar amount otherwise applicable 
     under such subparagraph for the calendar year.
       ``(C) Inflation adjustment.--In the case of any calendar 
     year beginning after 2013, each dollar amount in this 
     paragraph shall be increased as described in subsection 
     (i)(5).
       ``(3) Definitions.--In this subsection:
       ``(A) Modified adjusted gross income.--The term `modified 
     adjusted gross income' has the meaning given such term in 
     subparagraph (A) of subsection (i)(4), determined for the 
     taxable year applicable under subparagraphs (B) and (C) of 
     such section.
       ``(B) Unsubsidized part b premium amount.--The term 
     `unsubsidized part B premium amount' means 200 percent of the 
     monthly actuarial rate for enrollees age 65 and over (as 
     determined under subsection (a)(1) for the year).''.
       (b) Conforming Amendments.--(1) Section 1839(b) of the 
     Social Security Act (42 U.S.C. 1395r(b)) is amended by 
     inserting ``, subject to subsection (j),'' before ``(without 
     regard'' in the first sentence.
       (2) The table in section 1839(i)(3)(C) of the Social 
     Security Act (42 U.S.C. 1395r(i)(3)(C)) is amended--
       (A) in the second line--
       (i) by striking ``but not more than $150,000'' and 
     inserting ``but not more than the applicable amount described 
     in subsection (j)(2)''; and
       (ii) by adding a period at the end; and
       (B) by striking the third and fourth lines.
       (3) Section 1844 of the Social Security Act (42 U.S.C. 
     1395w) is amended, in each of subsections (a)(1)(C) and (c), 
     by striking ``section 1839(i)'' and inserting ``subsections 
     (i) and (j) of section 1839''.
       (c) Effective Date.--The amendments made by this section 
     shall apply to months after December 2012.

     SEC. __. REQUIRING HIGHER INCOME INDIVIDUALS TO PAY MORE FOR 
                   THEIR SHARE OF MEDICARE PART D.

       (a) In General.--Section 1860D-13(a) of the Social Security 
     Act (42 U.S.C. 1395w-113(a)) is amended by adding at the end 
     the following new paragraph:
       ``(8) Payment of unsubsidized part d premium amount by 
     higher income individuals.--
       ``(A) In general.--In the case of an individual whose 
     modified adjusted gross income exceeds the applicable amount 
     described in section 1839(j)(2) (including application of 
     subparagraph (C) of such section) for the calendar year, the 
     monthly amount of the beneficiary premium applicable under 
     this section for a month after December 2012 shall be equal 
     to the unsubsidized part D premium amount.
       ``(B) Definitions.--In this paragraph:
       ``(i) Modified adjusted gross income.--The term `modified 
     adjusted gross income' has the meaning given such term in 
     subparagraph (A) of subsection (i)(4), determined for the 
     taxable year applicable under subparagraphs (B) and (C) of 
     such section.
       ``(ii) Unsubsidized part d premium amount.--The term 
     `unsubsidized part D premium amount' means the national 
     average monthly bid amount (computed under paragraph (4)) for 
     the month.''.
       (b) Conforming Amendments.--Section 1860D-13(a)(1) of the 
     Social Security Act (42 U.S.C. 1395w-113(a)(1)) is amended--
       (1) in subparagraph (A), by striking ``The monthly'' and 
     inserting ``Except as provided in paragraph (8), the 
     monthly''; and
       (2) in subparagraph (G), by inserting ``and paragraph (8)'' 
     after ``and (F)''.
       (c) Effective Date.--The amendments made by this section 
     shall apply to months after December 2012.
                                 ______
                                 
  SA 2536. Mr. COBURN submitted an amendment intended to be proposed by 
him to the bill S. 2237, to provide a temporary income tax credit for 
increased payroll and extend bonus depreciation for an additional year, 
and for other purposes; which was ordered to lie on the table; as 
follows:

       At the appropriate place, add the following:

     SEC. __. PROHIBITION ON FEDERAL FINANCIAL ASSISTANCE BY 
                   PERSONS HAVING SERIOUSLY DELINQUENT TAX DEBTS.

       (a) Definition of Seriously Delinquent Tax Debt.--In this 
     section:
       (1) In general.--The term ``seriously delinquent tax debt'' 
     means an outstanding debt under the Internal Revenue Code of 
     1986 for which a notice of lien has been filed in public 
     records pursuant to section 6323 of that Code.
       (2) Exclusions.--The term ``seriously delinquent tax debt'' 
     does not include--
       (A) a debt that is being paid in a timely manner pursuant 
     to an agreement under section 6159 or 7122 of Internal 
     Revenue Code of 1986; and
       (B) a debt with respect to which a collection due process 
     hearing under section 6330 of that Code, or relief under 
     subsection (a), (b), or (f) of section 6015 of that Code, is 
     requested or pending.
       (b) Prohibition.--
       (1) Grants, contracts, loans, and other subsidies.--An 
     individual or entity who has a seriously delinquent tax debt 
     shall be ineligible to receive financial assistance 
     (including any payment, loan, grant, contract, or subsidy) 
     from the Federal government during the pendency of such 
     seriously delinquent tax debt.
       (2) Tax credits.--Part IV of subchapter A of chapter 1 of 
     the Internal Revenue Code of 1986 is amended by adding at the 
     end the following new subpart:

         ``Subpart K--Certain Taxpayers Ineligible for Credits

``Sec. 59AA. Certain taxpayers ineligible for credits.

     ``SEC. 59AA. CERTAIN TAXPAYERS INELIGIBLE FOR CREDITS.

       ``Notwithstanding any other provision of this part, no 
     credit shall be allowed to a taxpayer under this part for any 
     taxable year if such taxpayer has seriously delinquent tax 
     debt on the last day of such taxable year.''.
       (c) Regulations.--The Secretary of Treasury shall issue 
     such regulations as the Secretary considers necessary to 
     carry out this section.
                                 ______
                                 
  SA 2537. Mr. COBURN (for himself and Mr. Burr) submitted an amendment 
intended to be proposed by him to the bill S. 2237, to provide a 
temporary income tax credit for increased payroll and extend bonus 
depreciation for an additional year, and for other purposes; which was 
ordered to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. __. REPEAL OF HEALTH INSURANCE TAX.

       Section 9010 of the Patient Protection and Affordable Care 
     Act (Public Law 111-148), as amended by section 10905 of such 
     Act and by section 1406 of the Health Care and Education 
     Reconciliation Act of 2010 (Public Law 111-152), is repealed.
                                 ______
                                 
  SA 2538. Mr. KYL (for himself and Mr. Thune) submitted an amendment 
intended to be proposed by him to the bill S. 2237, to provide a 
temporary income tax credit for increased payroll and extend bonus 
depreciation for an additional year, and for other purposes; which was 
ordered to lie on the table; as follows:

       At the end, add the following:

     SEC. __. 1-YEAR EXTENSION OF 2012 ESTATE AND GIFT TAX RULES.

       (a) In General.--Paragraph (2) of section 901(a) of the 
     Economic Growth and Tax Relief Reconciliation Act of 2001 is 
     amended by striking ``December 31, 2012'' and inserting 
     ``December 31, 2013''.
       (b) Conforming Amendment.--Section 304 of the Tax Relief, 
     Unemployment Insurance Reauthorization, and Job Creation Act 
     of 2010 is amended by inserting ``in the same manner and to 
     the same extent such section applies to the amendments made 
     by title V of such Act'' after ``title''.
                                 ______
                                 
  SA 2539. Mr. KYL (for himself and Mr. Thune) submitted an amendment 
intended to be proposed by him to the bill S. 2237, to provide a 
temporary income tax credit for increased payroll and extend bonus 
depreciation for an additional year, and for other purposes; which was 
ordered to lie on the table; as follows:

       At the end, add the following:

     SEC. __. PERMANENT EXTENSION OF 2012 ESTATE AND GIFT TAX 
                   RULES.

       Section 901 of the Economic Growth and Tax Relief 
     Reconciliation Act of 2001 shall not apply to--
        (a) title V of such Act (relating to estate, gift, and 
     generation-skipping transfer tax provisions), or
       (b) title III of the Tax Relief, Unemployment Insurance 
     Reauthorization, and Job Creation Act of 2010.
                                 ______
                                 
  SA 2540. Mr. KYL submitted an amendment intended to be proposed by 
him to the bill S. 2237, to provide a temporary income tax credit for 
increased payroll and extend bonus depreciation for an additional year, 
and for other purposes; which was ordered to lie on the table; as 
follows:

       At the end, add the following:

     SEC. __. MODIFICATIONS TO IMPLEMENTATION OF INCREASES IN TAX 
                   RATES ON INVESTMENT INCOME.

       (a) Rates on Capital Gains and Dividends.--Section 303 of 
     the Jobs and Growth Tax Relief Reconciliation Act of 2003 is 
     amended--

[[Page S4963]]

       (1) by striking ``All'' and inserting the following:
       ``(a) In General.--All'',
       (2) by striking ``to taxable years beginning after December 
     31, 2012'' and inserting ``to the first termination taxable 
     year and to all taxable years after such first termination 
     taxable year'', and
       (3) by adding at the end the following new subsection:
       ``(b) Termination Taxable Year.--For purposes of this 
     section--
       ``(1) In general.--The term `termination taxable year' 
     means, with respect to any taxpayer, the later of--
       ``(A) the first taxable year beginning after December 31, 
     2012, or
       ``(B) the first taxable year ending after the date on which 
     both the integrated capital gains rate and the integrated 
     dividend rate do not exceed the average integrated OECD rate.
       ``(2) Integrated capital gains rate.--The term `integrated 
     capital gains rate' means the sum of--
       ``(A) the highest rate of tax imposed on corporations under 
     section 11 of the Internal Revenue Code of 1986,
       ``(B) the average of the highest rate of tax imposed on 
     corporations under the laws of the States,
       ``(C) the highest rate of tax imposed on capital gains 
     under section 1 of such Code, and
       ``(D) the rate of tax imposed under section 1411 of such 
     Code.
       ``(3) Integrated dividends rate.--The term `integrated 
     dividends rate' means the sum of--
       ``(A) the highest rate of tax imposed on corporations under 
     section 11 of the Internal Revenue Code of 1986,
       ``(B) the average of the highest rate of tax imposed on 
     corporations under the laws of the States,
       ``(C) the highest rate of tax imposed on dividends under 
     section 1 of such Code, and
       ``(D) the rate of tax imposed under section 1411 of such 
     Code.
       ``(4) Average integrated oecd rate.--The term `average 
     integrated OECD rate' means the average of the highest rates 
     of tax imposed on corporations (including taxes imposed by 
     regional, local, or sub-central authorities) by countries 
     with membership in the Organisation of Economic Co-operation 
     and Development.''.
       (b) Additional Tax on Unearned Income.--Section 1411(e) of 
     the Internal Revenue Code of 1986 is amended by striking 
     ``or'' at the end of paragraph (1), by striking the period at 
     the end of paragraph (2) and inserting ``, or'', and by 
     adding at the end the following new paragraph:
       ``(3) to any other taxpayer for any taxable year ending 
     before the date on which both the integrated capital gains 
     rate and the integrated dividend tax rate do not exceed the 
     average integrated OECD rate (as such terms are defined under 
     section 303(b) of the Jobs and Growth Tax Relief 
     Reconciliation Act of 2003).''.
                                 ______
                                 
  SA 2541. Mr. PAUL submitted an amendment intended to be proposed by 
him to the bill S. 2237, to provide a temporary income tax credit for 
increased payroll and extend bonus depreciation for an additional year, 
and for other purposes; which was ordered to lie on the table; as 
follows:

       At the end, add the following:

     SEC. ___. PERMANENT REPATRIATION OF FOREIGN EARNINGS TO THE 
                   UNITED STATES.

       (a) Repatriation Subject to 5 Percent Tax Rate.--Subsection 
     (a)(1) of section 965 of the Internal Revenue Code of 1986 is 
     amended by striking ``85 percent'' and inserting ``85.7 
     percent''.
       (b) Permanent Extension to Elect Repatriation.--Subsection 
     (f) of section 965 of the Internal Revenue Code of 1986 is 
     amended to read as follows:
       ``(f) Election.--The taxpayer may elect to apply this 
     section to any taxable year only if made on or before the due 
     date (including extensions) for filing the return of tax for 
     such taxable year.''.
       (c) Repatriation Includes Current and Accumulated Foreign 
     Earnings.--
       (1) In general.--Paragraph (1) of section 965(b) of the 
     Internal Revenue Code of 1986 is amended to read as follows:
       ``(1) In general.--The amount of dividends taken into 
     account under subsection (a) shall not exceed the sum of the 
     current and accumulated earnings and profits described in 
     section 959(c)(3) for the year a deduction is claimed under 
     subsection (a), without diminution by reason of any 
     distributions made during the election year, for all 
     controlled foreign corporations of the United States 
     shareholder.''.
       (2) Conforming amendments.--
       (A) Section 965(b) of such Code is amended by striking 
     paragraphs (2) and (4) and by redesignating paragraph (3) as 
     paragraph (2).
       (B) Section 965(c) of such Code is amended by striking 
     paragraphs (1) and (2) and by redesignating paragraphs (3), 
     (4), and (5) as paragraphs (1), (2), and (3), respectively.
       (C) Paragraph (3) of section 965(c) of such Code, as 
     redesignated by subparagraph (B), is amended to read as 
     follows:
       ``(3) Controlled groups.--All United States shareholders 
     which are members of an affiliated group filing a 
     consolidated return under section 1501 shall be treated as 
     one United States shareholder.''.
       (d) Clerical Amendments.--
       (1) The heading for section 965 of the Internal Revenue 
     Code of 1986 is amended by striking ``TEMPORARY''.
       (2) The table of sections for subpart F of part III of 
     subchapter N of chapter 1 of such Code is amended by striking 
     ``Temporary dividends'' and inserting ``Dividends''.
       (e) Effective Date.--The amendments made by this section 
     shall apply to taxable years ending after the date of the 
     enactment of this Act.
       (f) Emergency Relief.--Section 125 of title 23, United 
     States Code, as in effect on October 1, 2012, is amended by 
     adding at the end the following:
       ``(h) Emergency Transportation Safety Fund.--
       ``(1) In general.--There is established in the Treasury of 
     the United States a fund to be known as the `Emergency 
     Transportation Safety Fund' (referred to in this section as 
     the `Fund'), to be administered by the Secretary and to 
     remain available without fiscal year limitation, for use in 
     accordance with paragraph (3).
       ``(2) Transfers to fund.--The Fund shall consist of amounts 
     equal to 50 percent of the total revenues received in the 
     Treasury resulting from the amendments made to section 965 of 
     the Internal Revenue Code of 1986 by the Small Business Jobs 
     and Tax Relief Act.
       ``(3) Use of fund.--
       ``(A) In general.--Subject to subparagraph (E), the 
     Secretary, in consultation with a representative sample of 
     State and local government transportation officials, shall 
     create a prioritized list of emergency transportation 
     projects, which the Secretary shall use to provide funding to 
     States to carry out those projects using amounts from the 
     Fund.
       ``(B) Criteria.--In creating the list under subparagraph 
     (A), the Secretary, in addition to any other criteria 
     established by the Secretary, shall rank priorities in 
     descending order, beginning with--
       ``(i) whether the project is part of the interstate highway 
     system;
       ``(ii) whether the project is a road or bridge that is 
     closed for safety reasons;
       ``(iii) the impact of the project on interstate commerce;
       ``(iv) the volume of traffic affected by the project; and
       ``(v) the overall value of the project or entity.
       ``(C) Report.--Not later than 120 days after October 1, 
     2012, the Secretary shall submit to Congress a report that 
     includes--
       ``(i) a prioritized list of emergency transportation 
     projects to be funded through the Fund; and
       ``(ii) a description of the criteria used to establish the 
     list under this subsection.
       ``(D) Quarterly updates.--Not less frequently than 4 times 
     per year, the Secretary shall--
       ``(i) update the report submitted under subparagraph (C);
       ``(ii) send a copy of the updated report to Congress; and
       ``(iii) make a copy of the updated report available to the 
     public on the website of the Department of Transportation.
       ``(E) Use of amounts.--At the end of each fiscal year, the 
     Secretary shall make available all unobligated amounts 
     remaining in the Fund in excess of $500,000,000 to carry out 
     the national highway performance program under section 119.
       ``(4) Annual reports on fund.--
       ``(A) In general.--Not later than 60 days after the end of 
     each fiscal year beginning with fiscal year 2013, the 
     Secretary shall submit to Congress a report on the operation 
     of the Fund during the fiscal year.
       ``(B) Contents.--Each report shall include, for the fiscal 
     year covered by the report, the following:
       ``(i) A statement of the amounts deposited into the Fund.
       ``(ii) A description of the expenditures made from the Fund 
     for the fiscal year, including the purpose of the 
     expenditures.
       ``(iii) Recommendations for additional authorities to 
     fulfill the purpose of the Fund.
       ``(iv) A statement of the balance remaining in the Fund at 
     the end of the fiscal year.''.
                                 ______
                                 
  SA 2542. Mr. SANDERS submitted an amendment intended to be proposed 
to amendment SA 2521 proposed by Mr. Reid (for Ms. Landrieu) to the 
bill S. 2237, to provide a temporary income tax credit for increased 
payroll and extend bonus depreciation for an additional year, and for 
other purposes; which was ordered to lie on the table; as follows:

       At the end, add the following:

                TITLE VII--FEDERAL RESERVE INDEPENDENCE

     SEC. 701. SHORT TITLE.

       This title may be cited as the ``Federal Reserve 
     Independence Act''.

     SEC. 702. FINDINGS.

       Congress finds the following:
       (1) In October 2011, the Government Accountability Office 
     found the following:
       (A) Allowing members of the banking industry to both elect 
     and serve on the boards of directors of Federal reserve banks 
     poses reputational risks to the Federal Reserve System.
       (B) Eighteen former and current members of the boards of 
     directors of Federal reserve banks were affiliated with banks 
     and companies that received emergency loans from the Federal 
     Reserve System during the financial crisis.

[[Page S4964]]

       (C) Many of the members of the boards of directors of 
     Federal reserve banks own stock or work directly for banks 
     that are supervised and regulated by the Federal Reserve 
     System. These board members oversee the operations of the 
     Federal reserve banks, including salary and personnel 
     decisions.
       (D) Under current regulations, members of a board of 
     directors of a Federal reserve bank who are employed by the 
     banking industry or own stock in financial institutions can 
     participate in decisions involving how much interest to 
     charge to financial institutions receiving loans from the 
     Federal Reserve System, and the approval or disapproval of 
     Federal Reserve credit to healthy banks and banks in 
     ``hazardous'' condition.
       (E) Twenty-one members of the boards of directors of 
     Federal reserve banks were involved in making personnel 
     decisions in the division of supervision and regulation under 
     the Federal Reserve System.
       (F) The Federal Reserve System does not publicly disclose 
     when it grants a waiver to its conflict of interest 
     regulations.
       (2) Allowing currently employed banking industry executives 
     to serve as directors on the boards of directors of Federal 
     reserve banks is a clear conflict of interest that must be 
     eliminated.
       (3) No one who works for or invests in a firm receiving 
     direct financial assistance from the Federal Reserve System 
     should be allowed to sit on any board of directors of a 
     Federal reserve bank or be employed by the Federal Reserve 
     System.

     SEC. 703. END CONFLICTS OF INTEREST.

       (a) Class A Members.--The tenth undesignated paragraph of 
     section 4 of the Federal Reserve Act (12 U.S.C. 302) 
     (relating to Class A) is amended by striking ``chosen by and 
     be representative of the stockholding banks'' and inserting 
     ``designated by the Board of Governors of the Federal Reserve 
     System, from among persons who are not employed in any 
     capacity by a stockholding bank''.
       (b) Class B.--The eleventh undesignated paragraph of 
     section 4 of the Federal Reserve Act (12 U.S.C. 302) 
     (relating to Class B) is amended by striking ``be elected'' 
     and inserting ``be designated by the Board of Governors of 
     the Federal Reserve System''.
       (c) Limitations on Boards of Directors.--The fourteenth and 
     fifteenth undesignated paragraphs of section 4 of the Federal 
     Reserve Act (12 U.S.C. 303) (relating to Class B and Class C, 
     respectively) are amended to read as follows:
       ``No employee of a bank holding company or other entity 
     regulated by the Board of Governors of the Federal Reserve 
     System may serve on the board of directors of any Federal 
     reserve bank.
       ``No employee of the Federal Reserve System or board member 
     of a Federal reserve bank may own any stock or invest in any 
     company that is regulated by the Board of Governors of the 
     Federal Reserve System, without exception.''.

     SEC. 704. REPORTS TO CONGRESS.

       The Comptroller General of the United States shall report 
     annually to Congress beginning 1 year after the date of 
     enactment of this Act to make sure that the provisions in 
     this title are followed.
                                 ______
                                 
  SA 2543. Mr. SANDERS submitted an amendment intended to be proposed 
to amendment SA 2521 proposed by Mr. Reid (for Ms. Landrieu) to the 
bill S. 2237, to provide a temporary income tax credit for increased 
payroll and extend bonus depreciation for an additional year, and for 
other purposes; which was ordered to lie on the table; as follows:

       At the end, add the following:

                 TITLE __--FEDERAL RESERVE INDEPENDENCE

     SEC. _01. SHORT TITLE.

       This title may be cited as the ``Federal Reserve 
     Independence Act''.

     SEC. _02. FINDINGS.

       Congress finds the following:
       (1) In October 2011, the Government Accountability Office 
     found the following:
       (A) Allowing members of the banking industry to both elect 
     and serve on the boards of directors of Federal reserve banks 
     poses reputational risks to the Federal Reserve System.
       (B) Eighteen former and current members of the boards of 
     directors of Federal reserve banks were affiliated with banks 
     and companies that received emergency loans from the Federal 
     Reserve System during the financial crisis.
       (C) Many of the members of the boards of directors of 
     Federal reserve banks own stock or work directly for banks 
     that are supervised and regulated by the Federal Reserve 
     System. These board members oversee the operations of the 
     Federal reserve banks, including salary and personnel 
     decisions.
       (D) Under current regulations, members of a board of 
     directors of a Federal reserve bank who are employed by the 
     banking industry or own stock in financial institutions can 
     participate in decisions involving how much interest to 
     charge to financial institutions receiving loans from the 
     Federal Reserve System, and the approval or disapproval of 
     Federal Reserve credit to healthy banks and banks in 
     ``hazardous'' condition.
       (E) Twenty-one members of the boards of directors of 
     Federal reserve banks were involved in making personnel 
     decisions in the division of supervision and regulation under 
     the Federal Reserve System.
       (F) The Federal Reserve System does not publicly disclose 
     when it grants a waiver to its conflict of interest 
     regulations.
       (2) Allowing currently employed banking industry executives 
     to serve as directors on the boards of directors of Federal 
     reserve banks is a clear conflict of interest that must be 
     eliminated.
       (3) No one who works for or invests in a firm receiving 
     direct financial assistance from the Federal Reserve System 
     should be allowed to sit on any board of directors of a 
     Federal reserve bank or be employed by the Federal Reserve 
     System.

     SEC. _03. END CONFLICTS OF INTEREST.

       (a) Class A Members.--The tenth undesignated paragraph of 
     section 4 of the Federal Reserve Act (12 U.S.C. 302) 
     (relating to Class A) is amended by striking ``chosen by and 
     be representative of the stockholding banks'' and inserting 
     ``designated by the Board of Governors of the Federal Reserve 
     System, from among persons who are not employed in any 
     capacity by a stockholding bank''.
       (b) Class B.--The eleventh undesignated paragraph of 
     section 4 of the Federal Reserve Act (12 U.S.C. 302) 
     (relating to Class B) is amended by striking ``be elected'' 
     and inserting ``be designated by the Board of Governors of 
     the Federal Reserve System''.
       (c) Limitations on Boards of Directors.--The fourteenth and 
     fifteenth undesignated paragraphs of section 4 of the Federal 
     Reserve Act (12 U.S.C. 303) (relating to Class B and Class C, 
     respectively) are amended to read as follows:
       ``No employee of a bank holding company or other entity 
     regulated by the Board of Governors of the Federal Reserve 
     System may serve on the board of directors of any Federal 
     reserve bank.
       ``No employee of the Federal Reserve System or board member 
     of a Federal reserve bank may own any stock or invest in any 
     company that is regulated by the Board of Governors of the 
     Federal Reserve System, without exception.''.

     SEC. _04. REPORTS TO CONGRESS.

       The Comptroller General of the United States shall report 
     annually to Congress beginning 1 year after the date of 
     enactment of this Act to make sure that the provisions in 
     this title are followed.
                                 ______
                                 
  SA 2544. Mr. WYDEN submitted an amendment intended to be proposed by 
him to the bill S. 2237, to provide a temporary income tax credit for 
increased payroll and extend bonus depreciation for an additional year, 
and for other purposes; which was ordered to lie on the table; as 
follows:

       At the end of division B, add the following:

                    TITLE VII--WIRELESS TAX FAIRNESS

     SECTION 701. SHORT TITLE.

       This title may be cited as the ``Wireless Tax Fairness Act 
     of 2012''.

     SEC. 702. FINDINGS.

       Congress finds the following:
       (1) It is appropriate to exercise congressional enforcement 
     authority under section 5 of the 14th amendment to the 
     Constitution of the United States and Congress' plenary power 
     under article I, section 8, clause 3 of the Constitution of 
     the United States (commonly known as the ``commerce clause'') 
     in order to ensure that States and political subdivisions 
     thereof do not discriminate against providers and consumers 
     of mobile services by imposing new selective and excessive 
     taxes and other burdens on such providers and consumers.
       (2) In light of the history and pattern of discriminatory 
     taxation faced by providers and consumers of mobile services, 
     the prohibitions against and remedies to correct 
     discriminatory State and local taxation in section 306 of the 
     Railroad Revitalization and Regulatory Reform Act of 1976 (49 
     U.S.C. 11501) provide an appropriate analogy for 
     congressional action, and similar Federal legislative 
     measures are warranted that will prohibit imposing new 
     discriminatory taxes on providers and consumers of mobile 
     services and that will assure an effective, uniform remedy.

     SEC. 703. MORATORIUM.

       (a) In General.--No State or local jurisdiction shall 
     impose a new discriminatory tax on or with respect to mobile 
     services, mobile service providers, or mobile service 
     property, during the 5-year period beginning on the date of 
     enactment of this Act.
       (b) Definitions.--In this title:
       (1) Mobile service.--The term ``mobile service'' means 
     commercial mobile radio service, as such term is defined in 
     section 20.3 of title 47, Code of Federal Regulations, as in 
     effect on the date of enactment of this Act, or any other 
     service that is primarily intended for receipt on, 
     transmission from, or use with a mobile telephone or other 
     mobile device, including but not limited to the receipt of a 
     digital good.
       (2) Mobile service property.--The term ``mobile service 
     property'' means all property used by a mobile service 
     provider in connection with its business of providing mobile 
     services, whether real, personal, tangible, or intangible 
     (including goodwill, licenses, customer lists, and other 
     similar intangible property associated with such business).
       (3) Mobile service provider.--The term ``mobile service 
     provider'' means any entity that sells or provides mobile 
     services, but only to the extent that such entity sells or 
     provides mobile services.

[[Page S4965]]

       (4) New discriminatory tax.--The term ``new discriminatory 
     tax'' means a tax imposed by a State or local jurisdiction 
     that is imposed on or with respect to, or is measured by, the 
     charges, receipts, or revenues from or value of--
       (A) a mobile service and is not generally imposed, or is 
     generally imposed at a lower rate, on or with respect to, or 
     measured by, the charges, receipts, or revenues from other 
     services or transactions involving tangible personal 
     property;
       (B) a mobile service provider and is not generally imposed, 
     or is generally imposed at a lower rate, on other persons 
     that are engaged in businesses other than the provision of 
     mobile services; or
       (C) a mobile service property and is not generally imposed, 
     or is generally imposed at a lower rate, on or with respect 
     to, or measured by the value of, other property that is 
     devoted to a commercial or industrial use and subject to a 
     property tax levy, except public utility property owned by a 
     public utility subject to rate of return regulation by a 
     State or Federal regulatory authority;

     unless such tax was imposed and actually enforced on mobile 
     services, mobile service providers, or mobile service 
     property prior to the date of enactment of this Act.
       (5) State or local jurisdiction.--The term ``State or local 
     jurisdiction'' means any of the several States, the District 
     of Columbia, any territory or possession of the United 
     States, a political subdivision of any State, territory, or 
     possession, or any governmental entity or person acting on 
     behalf of such State, territory, possession, or subdivision 
     that has the authority to assess, impose, levy, or collect 
     taxes or fees.
       (6) Tax.--
       (A) In general.--The term ``tax'' means a charge imposed by 
     a governmental entity for the purpose of generating revenues 
     for governmental purposes, and excludes a fee imposed on a 
     particular entity or class of entities for a specific 
     privilege, service, or benefit conferred exclusively on such 
     entity or class of entities.
       (B) Exclusion.--The term ``tax'' does not include any fee 
     or charge--
       (i) used to preserve and advance Federal universal service 
     or similar State programs authorized by section 254 of the 
     Communications Act of 1934 (47 U.S.C. 254);
       (ii) specifically dedicated by a State or local 
     jurisdiction for the support of E-911 communications systems; 
     or
       (iii) used to preserve and advance Federal 
     telecommunications relay services or State programs 
     implementing this Federal mandate pursuant to title IV of the 
     Americans with Disabilities Act of 1990 (Public Law 101-336; 
     104 Stat. 327) and codified in section 225 of the 
     Communications Act of 1934 (47 U.S.C. 225).
       (c) Rules of Construction.--
       (1) Determination.--For purposes of subsection (b)(4), all 
     taxes, tax rates, exemptions, deductions, credits, 
     incentives, exclusions, and other similar factors shall be 
     taken into account in determining whether a tax is a new 
     discriminatory tax.
       (2) Application of principles.--Except as otherwise 
     provided in this title, in determining whether a tax on 
     mobile service property is a new discriminatory tax for 
     purposes of subsection (b)(4)(A)(iii), principles similar to 
     those set forth in section 306 of the Railroad Revitalization 
     and Regulatory Reform Act of 1976 (49 U.S.C. 11501) shall 
     apply.
       (3) Exclusions.--Notwithstanding any other provision of 
     this title--
       (A) the term ``generally imposed'' as used in subsection 
     (b)(4) shall not apply to any tax imposed only on--
       (i) specific services;
       (ii) specific industries or business segments; or
       (iii) specific types of property; and
       (B) the term ``new discriminatory tax'' shall not include a 
     new tax or the modification of an existing tax that--
       (i) replaces one or more taxes that had been imposed on 
     mobile services, mobile service providers, or mobile service 
     property; and
       (ii) is designed so that, based on information available at 
     the time of the enactment of such new tax or such 
     modification, the amount of tax revenues generated thereby 
     with respect to such mobile services, mobile service 
     providers, or mobile service property is reasonably expected 
     to not exceed the amount of tax revenues that would have been 
     generated by the respective replaced tax or taxes with 
     respect to such mobile services, mobile service providers, or 
     mobile service property.

     SEC. 704. ENFORCEMENT.

       Notwithstanding any provision of section 1341 of title 28, 
     United States Code, or the constitution or laws of any State, 
     the district courts of the United States shall have 
     jurisdiction, without regard to amount in controversy or 
     citizenship of the parties, to grant such mandatory or 
     prohibitive injunctive relief, interim equitable relief, and 
     declaratory judgments as may be necessary to prevent, 
     restrain, or terminate any acts in violation of this title.
       (1) Jurisdiction.--Such jurisdiction shall not be exclusive 
     of the jurisdiction which any Federal or State court may have 
     in the absence of this section.
       (2) Burden of proof.--The burden of proof in any proceeding 
     brought under this title shall be upon the party seeking 
     relief and shall be by a preponderance of the evidence on all 
     issues of fact.
       (3) Relief.--In granting relief against a tax which is 
     discriminatory or excessive under this title with respect to 
     tax rate or amount only, the court shall prevent, restrain, 
     or terminate the imposition, levy, or collection of not more 
     than the discriminatory or excessive portion of the tax as 
     determined by the court.
                                 ______
                                 
  SA 2545. Mr. MANCHIN (for himself and Mr. Begich) submitted an 
amendment intended to be proposed by him to the bill S. 2237, to 
provide a temporary income tax credit for increased payroll and extend 
hours depreciation for an additional year, and for other purposes; 
which was ordered to lie on table; as follows:

       At the end, add the following:

            TITLE __--COMMUNITY INVESTMENT AND JOB CREATION

     SEC. _01 SHORT TITLE.

       This title may be cited as the ``Community Investment and 
     Job Creation Act of 2012''.

     SEC. _02. SHORT FORM REPORTS OF CONDITION FOR CERTAIN 
                   COMMUNITY BANKS.

       (a) In General.--Section 7(a) of the Federal Deposit 
     Insurance Act (12 U.S.C. 1817(a)) is amended by adding at the 
     end the following:
       ``(12) Short form reports of condition for community 
     banks.--
       ``(A) In general.--With respect to reports of condition 
     required under paragraph (3) for each calendar quarter, an 
     insured depository institution described in subparagraphs 
     (A), (B), (C), and (D) of section 10(d)(4) may submit a short 
     form of any such report of condition in 2 nonsequential 
     quarters of any calendar year.
       ``(B) Asset adjustments.--For purposes of this paragraph--
       ``(i) section 10(d)(4)(A) shall be applied by substituting 
     `$10,000,000,000' for `$500,000,000'; and
       ``(ii) section 10(d)(4)(C) shall be applied by substituting 
     `$1,000,000,000' for `$100,000,000'.
       ``(C) Short form defined.--In this paragraph, the term 
     `short form' means a report of condition required under 
     paragraph (3) that is in a format established by the 
     appropriate Federal banking agency, after notice and 
     opportunity for comment, that--
       ``(i) is significantly and materially less burdensome for 
     the insured depository institution to prepare than the format 
     of the report of condition otherwise required under paragraph 
     (3); and
       ``(ii) provides sufficient material information for the 
     appropriate Federal banking agency to assure the maintenance 
     of the safe and sound condition of the depository institution 
     and safe and sound practices.''.
       (b) Regulations.--Any regulation required to carry out 
     section 7(a)(12) of the Federal Deposit Insurance Act, as 
     added by subsection (a) of this section, shall be published 
     in final form not later than 6 months after the date of 
     enactment of this Act.

     SEC. _03. EXCEPTION TO ANNUAL PRIVACY NOTICE REQUIREMENT 
                   UNDER THE GRAMM-LEACH-BLILEY ACT.

       Section 503 of the Gramm-Leach-Bliley Act (15 U.S.C. 6803) 
     is amended by adding at the end the following:
       ``(f) Exception to Annual Notice Requirement.--A financial 
     institution shall not be required to provide an annual 
     disclosure under this section until such time as the 
     financial institution--
       ``(1) fails to provide nonpublic personal information in 
     accordance with the provisions of subsection (b)(2) or (e) of 
     section 502 or regulations prescribed under section 504(b);
       ``(2) shares information with affiliates described in 
     section 603(d)(2)(A) of the Fair Credit Reporting Act; or
       ``(3) changes its policies and practices with regard to 
     disclosing nonpublic personal information from the policies 
     and practices that were disclosed in the most recent 
     disclosure sent to consumers in accordance with this section.
       ``(g) Exception to Notice Requirement.--A financial 
     institution shall not be required to provide any disclosure 
     under this section if--
       ``(1) the financial institution is licensed by a State and 
     is subject to existing regulation of consumer confidentiality 
     that prohibits disclosure of nonpublic personal information 
     without knowing and expressed consent of the consumer in the 
     form of laws, rules, or regulation of professional conduct or 
     ethics promulgated either by the court of highest appellate 
     authority or by the principal legislative body or regulatory 
     agency or body of any State, the District of Columbia, or any 
     territory of the United States; or
       ``(2) the financial institution is licensed by a State and 
     becomes subject to future regulation of consumer 
     confidentiality that prohibits disclosure of nonpublic 
     personal information without knowing and expressed consent of 
     the consumer in the form of laws, rules, or regulation of 
     professional conduct or ethics promulgated either by the 
     court of highest appellate authority or by the principal 
     legislative body or regulatory agency or body of any State, 
     the District of Columbia, or any territory of the United 
     States.''.

     SEC. _04. AGRICULTURE LOAN GUARANTEES.

       (a) Fees.--Section 310B(g)(5) of the Consolidated Farm and 
     Rural Development Act (7 U.S.C. 1932(g)(5)) is amended by 
     inserting before the period the following: ``, except that 
     for a loan in an amount of less than $5,000,000, the 
     Secretary may assess a 1-time fee of 1 percent or less of the 
     guaranteed principal portion of the loan''.

[[Page S4966]]

       (b) Guarantee Amounts.--Section 364 of the Consolidated 
     Farm and Rural Development Act (7 U.S.C. 2006f) is amended--
       (1) in subsection (a)--
       (A) in paragraph (3)--
       (i) by striking ``may'' and inserting ``shall''; and
       (ii) by striking ``standards that are not less stringent 
     than''; and
       (B) in paragraph (4), by inserting before the period the 
     following: ``, except that the Secretary may guarantee not 
     more than 90 percent of a loan made by a certified lender if 
     such loan is in an amount of less than $5,000,000''; and
       (2) in subsection (b)--
       (A) in paragraph (1)--
       (i) in subparagraph (B), by striking ``and'' at the end;
       (ii) in subparagraph (C), by striking the period at the end 
     and inserting ``; and''; and
       (iii) by adding at the end the following:
       ``(D) in the absence of a demand for or experience with 
     guaranteed loans made under a rural development program, 
     proven experience in making small business loans.''; and
       (B) in paragraph (5)(A), by inserting before the semicolon 
     the following: ``, except that the Secretary may guarantee 
     not more than 90 percent of a loan made by a certified lender 
     if such loan is in an amount of less than $5,000,000''.

     SEC. _05. QUALIFYING INVESTMENTS IN SMALL BANK ISSUERS.

       (a) Generally.--The principles of Internal Revenue Service 
     Notice 2010-2 shall apply to any qualifying investment by any 
     person in a small bank issuer in the same manner as if such 
     investment had been made by the Department of the Treasury 
     pursuant to any of the Programs (as defined in Notice 2010-
     2).
       (b) Definitions.--For purposes of this section--
       (1) the term ``qualifying investment'' means any investment 
     in the equity of a small bank issuer that otherwise would 
     have constituted an ownership change under section 382(g) of 
     the Internal Revenue Code of 1986 (relating to limitations on 
     net operating loss carry forward and certain built-in losses 
     following an ownership change); and
       (2) the term ``small bank issuer'' means any insured 
     depository institution, as defined in section 3(c)(2) of the 
     Federal Deposit Insurance Act (12 U.S.C. 1813(c)(2)), which--
       (A) was required under a prompt corrective action order 
     issued pursuant to section 38 of the Federal Deposit 
     Insurance Act (12 U.S.C. 1831o), or a formal or informal 
     enforcement order, to raise capital as a result of an 
     examination that took place during calendar years 2008 
     through 2012 by the Board of Governors of the Federal Reserve 
     System, the Office of the Comptroller of the Currency, the 
     Office of Thrift Supervision, or the Federal Deposit 
     Insurance Corporation; and
       (B) at the time of the order referred to in subparagraph 
     (A), had total consolidated assets of $10,000,000,000 or 
     less.

     SEC. _06. CAPITAL FORMATION FOR COMMUNITY BANKS.

       Section 413(a) of the Dodd-Frank Wall Street Reform and 
     Consumer Protection Act (15 U.S.C. 77b note) is amended--
       (1) by striking ``(a) In General.--The'' and inserting the 
     following:
       ``(a) Adjustments.--
       ``(1) In general.--The''; and
       (2) by adding at the end the following:
       ``(2) Exception for community bank purchases.--The 
     Commission shall adjust its net worth standard for an 
     accredited investor, as set forth in the rules of the 
     Commission under the Securities Act of 1933, by allowing for 
     the inclusion of the value of the primary residence of the 
     natural person, but only if the natural person is purchasing 
     securities from a community bank.
       ``(3) Definition.--As used in paragraph (2), the term 
     `community bank' means a depository institution having assets 
     of less than $10,000,000,000.''.
                                 ______
                                 
  SA 2546. Mrs. SHAHEEN (for herself and Mr. Portman) submitted an 
amendment intended to be proposed by her to the bill S. 2237, to 
provide a temporary income tax credit for increased payroll and extend 
bonus depreciation for an additional year, and for other purposes; 
which was ordered to lie on the table; as follows:

       At the end of the bill, add the following:

       DIVISION B--ENERGY SAVINGS AND INDUSTRIAL COMPETITIVENESS

     SEC. 2001. SHORT TITLE.

       This division may be cited as the ``Energy Savings and 
     Industrial Competitiveness Act of 2012''.

                           TITLE I--BUILDINGS

                   Subtitle A--Building Energy Codes

     SEC. 2101. GREATER ENERGY EFFICIENCY IN BUILDING CODES.

       (a) Definitions.--Section 303 of the Energy Conservation 
     and Production Act (42 U.S.C. 6832) is amended--
       (1) by striking paragraph (14) and inserting the following:
       ``(14) Model building energy code.--The term `model 
     building energy code' means a voluntary building energy code 
     and standards developed and updated through a consensus 
     process among interested persons, such as the IECC or the 
     code used by--
       ``(A) the Council of American Building Officials;
       ``(B) the American Society of Heating, Refrigerating, and 
     Air-Conditioning Engineers; or
       ``(C) other appropriate organizations.''; and
       (2) by adding at the end the following:
       ``(17) IECC.--The term `IECC' means the International 
     Energy Conservation Code.
       ``(18) Indian tribe.--The term `Indian tribe' has the 
     meaning given the term in section 4 of the Native American 
     Housing Assistance and Self-Determination Act of 1996 (25 
     U.S.C. 4103).''.
       (b) State Building Energy Efficiency Codes.--Section 304 of 
     the Energy Conservation and Production Act (42 U.S.C. 6833) 
     is amended to read as follows:

     ``SEC. 304. UPDATING STATE BUILDING ENERGY EFFICIENCY CODES.

       ``(a) In General.--The Secretary shall--
       ``(1) encourage and support the adoption of building energy 
     codes by States, Indian tribes, and, as appropriate, by local 
     governments that meet or exceed the model building energy 
     codes, or achieve equivalent or greater energy savings; and
       ``(2) support full compliance with the State and local 
     codes.
       ``(b) State and Indian Tribe Certification of Building 
     Energy Code Updates.--
       ``(1) Review and updating of codes by each state and indian 
     tribe.--
       ``(A) In general.--Not later than 2 years after the date on 
     which a model building energy code is updated, each State or 
     Indian tribe shall certify whether or not the State or Indian 
     tribe, respectively, has reviewed and updated the energy 
     provisions of the building code of the State or Indian tribe, 
     respectively.
       ``(B) Demonstration.--The certification shall include a 
     demonstration of whether or not the energy savings for the 
     code provisions that are in effect throughout the State or 
     Indian tribal territory meet or exceed--
       ``(i) the energy savings of the updated model building 
     energy code; or
       ``(ii) the targets established under section 307(b)(2).
       ``(C) No model building energy code update.--If a model 
     building energy code is not updated by a target date 
     established under section 307(b)(2)(D), each State or Indian 
     tribe shall, not later than 2 years after the specified date, 
     certify whether or not the State or Indian tribe, 
     respectively, has reviewed and updated the energy provisions 
     of the building code of the State or Indian tribe, 
     respectively, to meet or exceed the target in section 
     307(b)(2).
       ``(2) Validation by secretary.--Not later than 90 days 
     after a State or Indian tribe certification under paragraph 
     (1), the Secretary shall--
       ``(A) determine whether the code provisions of the State or 
     Indian tribe, respectively, meet the criteria specified in 
     paragraph (1); and
       ``(B) if the determination is positive, validate the 
     certification.
       ``(c) Improvements in Compliance With Building Energy 
     Codes.--
       ``(1) Requirement.--
       ``(A) In general.--Not later than 3 years after the date of 
     a certification under subsection (b), each State and Indian 
     tribe shall certify whether or not the State and Indian 
     tribe, respectively, has--
       ``(i) achieved full compliance under paragraph (3) with the 
     applicable certified State and Indian tribe building energy 
     code or with the associated model building energy code; or
       ``(ii) made significant progress under paragraph (4) toward 
     achieving compliance with the applicable certified State and 
     Indian tribe building energy code or with the associated 
     model building energy code.
       ``(B) Repeat certifications.--If the State or Indian tribe 
     certifies progress toward achieving compliance, the State or 
     Indian tribe shall repeat the certification until the State 
     or Indian tribe certifies that the State or Indian tribe has 
     achieved full compliance, respectively.
       ``(2) Measurement of compliance.--A certification under 
     paragraph (1) shall include documentation of the rate of 
     compliance based on--
       ``(A) independent inspections of a random sample of the 
     buildings covered by the code in the preceding year; or
       ``(B) an alternative method that yields an accurate measure 
     of compliance.
       ``(3) Achievement of compliance.--A State or Indian tribe 
     shall be considered to achieve full compliance under 
     paragraph (1) if--
       ``(A) at least 90 percent of building space covered by the 
     code in the preceding year substantially meets all the 
     requirements of the applicable code specified in paragraph 
     (1), or achieves equivalent or greater energy savings level; 
     or
       ``(B) the estimated excess energy use of buildings that did 
     not meet the applicable code specified in paragraph (1) in 
     the preceding year, compared to a baseline of comparable 
     buildings that meet this code, is not more than 5 percent of 
     the estimated energy use of all buildings covered by this 
     code during the preceding year.
       ``(4) Significant progress toward achievement of 
     compliance.--A State or Indian tribe shall be considered to 
     have made significant progress toward achieving compliance 
     for purposes of paragraph (1) if the State or Indian tribe--
       ``(A) has developed and is implementing a plan for 
     achieving compliance during the 8-year-period beginning on 
     the date of enactment of this paragraph, including annual 
     targets for compliance and active training and enforcement 
     programs; and
       ``(B) has met the most recent target under subparagraph 
     (A).
       ``(5) Validation by secretary.--Not later than 90 days 
     after a State or Indian tribe

[[Page S4967]]

     certification under paragraph (1), the Secretary shall--
       ``(A) determine whether the State or Indian tribe has 
     demonstrated meeting the criteria of this subsection, 
     including accurate measurement of compliance; and
       ``(B) if the determination is positive, validate the 
     certification.
       ``(d) States or Indian Tribes That Do Not Achieve 
     Compliance.--
       ``(1) Reporting.--A State or Indian tribe that has not made 
     a certification required under subsection (b) or (c) by the 
     applicable deadline shall submit to the Secretary a report 
     on--
       ``(A) the status of the State or Indian tribe with respect 
     to meeting the requirements and submitting the certification; 
     and
       ``(B) a plan for meeting the requirements and submitting 
     the certification.
       ``(2) Federal support.--For any State or Indian tribe for 
     which the Secretary has not validated a certification by a 
     deadline under subsection (b) or (c), the lack of the 
     certification may be a consideration for Federal support 
     authorized under this section for code adoption and 
     compliance activities.
       ``(3) Local government.--In any State or Indian tribe for 
     which the Secretary has not validated a certification under 
     subsection (b) or (c), a local government may be eligible for 
     Federal support by meeting the certification requirements of 
     subsections (b) and (c).
       ``(4) Annual reports by secretary.--
       ``(A) In general.--The Secretary shall annually submit to 
     Congress, and publish in the Federal Register, a report on--
       ``(i) the status of model building energy codes;
       ``(ii) the status of code adoption and compliance in the 
     States and Indian tribes;
       ``(iii) implementation of this section; and
       ``(iv) improvements in energy savings over time as result 
     of the targets established under section 307(b)(2).
       ``(B) Impacts.--The report shall include estimates of 
     impacts of past action under this section, and potential 
     impacts of further action, on--
       ``(i) upfront financial and construction costs, cost 
     benefits and returns (using investment analysis), and 
     lifetime energy use for buildings;
       ``(ii) resulting energy costs to individuals and 
     businesses; and
       ``(iii) resulting overall annual building ownership and 
     operating costs.
       ``(e) Technical Assistance to States and Indian Tribes.--
     The Secretary shall provide technical assistance to States 
     and Indian tribes to implement the goals and requirements of 
     this section, including procedures and technical analysis for 
     States and Indian tribes--
       ``(1) to improve and implement State residential and 
     commercial building energy codes;
       ``(2) to demonstrate that the code provisions of the States 
     and Indian tribes achieve equivalent or greater energy 
     savings than the model building energy codes and targets;
       ``(3) to document the rate of compliance with a building 
     energy code; and
       ``(4) to otherwise promote the design and construction of 
     energy efficient buildings.
       ``(f) Availability of Incentive Funding.--
       ``(1) In general.--The Secretary shall provide incentive 
     funding to States and Indian tribes--
       ``(A) to implement the requirements of this section;
       ``(B) to improve and implement residential and commercial 
     building energy codes, including increasing and verifying 
     compliance with the codes and training of State, tribal, and 
     local building code officials to implement and enforce the 
     codes; and
       ``(C) to promote building energy efficiency through the use 
     of the codes.
       ``(2) Additional funding.--Additional funding shall be 
     provided under this subsection for implementation of a plan 
     to achieve and document full compliance with residential and 
     commercial building energy codes under subsection (c)--
       ``(A) to a State or Indian tribe for which the Secretary 
     has validated a certification under subsection (b) or (c); 
     and
       ``(B) in a State or Indian tribe that is not eligible under 
     subparagraph (A), to a local government that is eligible 
     under this section.
       ``(3) Training.--Of the amounts made available under this 
     subsection, the State may use amounts required, but not to 
     exceed $750,000 for a State, to train State and local 
     building code officials to implement and enforce codes 
     described in paragraph (2).
       ``(4) Local governments.--States may share grants under 
     this subsection with local governments that implement and 
     enforce the codes.
       ``(g) Stretch Codes and Advanced Standards.--
       ``(1) In general.--The Secretary shall provide technical 
     and financial support for the development of stretch codes 
     and advanced standards for residential and commercial 
     buildings for use as--
       ``(A) an option for adoption as a building energy code by 
     local, tribal, or State governments; and
       ``(B) guidelines for energy-efficient building design.
       ``(2) Targets.--The stretch codes and advanced standards 
     shall be designed--
       ``(A) to achieve substantial energy savings compared to the 
     model building energy codes; and
       ``(B) to meet targets under section 307(b), if available, 
     at least 3 to 6 years in advance of the target years.
       ``(h) Studies.--The Secretary, in consultation with 
     building science experts from the National Laboratories and 
     institutions of higher education, designers and builders of 
     energy-efficient residential and commercial buildings, code 
     officials, and other stakeholders, shall undertake a study of 
     the feasibility, impact, economics, and merit of--
       ``(1) code improvements that would require that buildings 
     be designed, sited, and constructed in a manner that makes 
     the buildings more adaptable in the future to become zero-
     net-energy after initial construction, as advances are 
     achieved in energy-saving technologies;
       ``(2) code procedures to incorporate measured lifetimes, 
     not just first-year energy use, in trade-offs and performance 
     calculations; and
       ``(3) legislative options for increasing energy savings 
     from building energy codes, including additional incentives 
     for effective State and local action, and verification of 
     compliance with and enforcement of a code other than by a 
     State or local government.
       ``(i) Effect on Other Laws.--Nothing in this section or 
     section 307 supersedes or modifies the application of 
     sections 321 through 346 of the Energy Policy and 
     Conservation Act (42 U.S.C. 6291 et seq.).
       ``(j) Authorization of Appropriations.--There are 
     authorized to be appropriated to carry out this section and 
     section 307 $200,000,000, to remain available until 
     expended.''.
       (c) Federal Building Energy Efficiency Standards.--Section 
     305 of the Energy Conservation and Production Act (42 U.S.C. 
     6834) is amended by striking ``voluntary building energy 
     code'' each place it appears in subsections (a)(2)(B) and (b) 
     and inserting ``model building energy code''.
       (d) Model Building Energy Codes.--Section 307 of the Energy 
     Conservation and Production Act (42 U.S.C. 6836) is amended 
     to read as follows:

     ``SEC. 307. SUPPORT FOR MODEL BUILDING ENERGY CODES.

       ``(a) In General.--The Secretary shall support the updating 
     of model building energy codes.
       ``(b) Targets.--
       ``(1) In general.--The Secretary shall support the updating 
     of the model building energy codes to enable the achievement 
     of aggregate energy savings targets established under 
     paragraph (2).
       ``(2) Targets.--
       ``(A) In general.--The Secretary shall work with State, 
     Indian tribes, local governments, nationally recognized code 
     and standards developers, and other interested parties to 
     support the updating of model building energy codes by 
     establishing 1 or more aggregate energy savings targets to 
     achieve the purposes of this section.
       ``(B) Separate targets.--The Secretary may establish 
     separate targets for commercial and residential buildings.
       ``(C) Baselines.--The baseline for updating model building 
     energy codes shall be the 2009 IECC for residential buildings 
     and ASHRAE Standard 90.1-2010 for commercial buildings.
       ``(D) Specific years.--
       ``(i) In general.--Targets for specific years shall be 
     established and revised by the Secretary through rulemaking 
     and coordinated with nationally recognized code and standards 
     developers at a level that--

       ``(I) is at the maximum level of energy efficiency that is 
     technologically feasible and life-cycle cost effective, while 
     accounting for the economic considerations under paragraph 
     (4);
       ``(II) is higher than the preceding target; and
       ``(III) promotes the achievement of commercial and 
     residential high-performance buildings through high 
     performance energy efficiency (within the meaning of section 
     401 of the Energy Independence and Security Act of 2007 (42 
     U.S.C. 17061)).

       ``(ii) Initial targets.--Not later than 1 year after the 
     date of enactment of this clause, the Secretary shall 
     establish initial targets under this subparagraph.
       ``(iii) Different target years.--Subject to clause (i), 
     prior to the applicable year, the Secretary may set a later 
     target year for any of the model building energy codes 
     described in subparagraph (A) if the Secretary determines 
     that a target cannot be met.
       ``(iv) Small business.--When establishing targets under 
     this paragraph through rulemaking, the Secretary shall ensure 
     compliance with the Small Business Regulatory Enforcement 
     Fairness Act of 1996 (5 U.S.C. 601 note; Public Law 104-121).
       ``(3) Appliance standards and other factors affecting 
     building energy use.--In establishing building code targets 
     under paragraph (2), the Secretary shall develop and adjust 
     the targets in recognition of potential savings and costs 
     relating to--
       ``(A) efficiency gains made in appliances, lighting, 
     windows, insulation, and building envelope sealing;
       ``(B) advancement of distributed generation and on-site 
     renewable power generation technologies;
       ``(C) equipment improvements for heating, cooling, and 
     ventilation systems;
       ``(D) building management systems and SmartGrid 
     technologies to reduce energy use; and
       ``(E) other technologies, practices, and building systems 
     that the Secretary considers appropriate regarding building 
     plug load and other energy uses.
       ``(4) Economic considerations.--In establishing and 
     revising building code targets

[[Page S4968]]

     under paragraph (2), the Secretary shall consider the 
     economic feasibility of achieving the proposed targets 
     established under this section and the potential costs and 
     savings for consumers and building owners, including a return 
     on investment analysis.
       ``(c) Technical Assistance to Model Building Energy Code-
     setting and Standard Development Organizations.--
       ``(1) In general.--The Secretary shall, on a timely basis, 
     provide technical assistance to model building energy code-
     setting and standard development organizations consistent 
     with the goals of this section.
       ``(2) Assistance.--The assistance shall include, as 
     requested by the organizations, technical assistance in--
       ``(A) evaluating code or standards proposals or revisions;
       ``(B) building energy analysis and design tools;
       ``(C) building demonstrations;
       ``(D) developing definitions of energy use intensity and 
     building types for use in model building energy codes to 
     evaluate the efficiency impacts of the model building energy 
     codes;
       ``(E) performance-based standards;
       ``(F) evaluating economic considerations under subsection 
     (b)(4); and
       ``(G) developing model building energy codes by Indian 
     tribes in accordance with tribal law.
       ``(3) Amendment proposals.--The Secretary may submit timely 
     model building energy code amendment proposals to the model 
     building energy code-setting and standard development 
     organizations, with supporting evidence, sufficient to enable 
     the model building energy codes to meet the targets 
     established under subsection (b)(2).
       ``(4) Analysis methodology.--The Secretary shall make 
     publicly available the entire calculation methodology 
     (including input assumptions and data) used by the Secretary 
     to estimate the energy savings of code or standard proposals 
     and revisions.
       ``(d) Determination.--
       ``(1) Revision of model building energy codes.--If the 
     provisions of the IECC or ASHRAE Standard 90.1 regarding 
     building energy use are revised, the Secretary shall make a 
     preliminary determination not later than 90 days after the 
     date of the revision, and a final determination not later 
     than 15 months after the date of the revision, on whether or 
     not the revision will--
       ``(A) improve energy efficiency in buildings compared to 
     the existing model building energy code; and
       ``(B) meet the applicable targets under subsection (b)(2).
       ``(2) Codes or standards not meeting targets.--
       ``(A) In general.--If the Secretary makes a preliminary 
     determination under paragraph (1)(B) that a code or standard 
     does not meet the targets established under subsection 
     (b)(2), the Secretary may at the same time provide the model 
     building energy code or standard developer with proposed 
     changes that would result in a model building energy code 
     that meets the targets and with supporting evidence, taking 
     into consideration--
       ``(i) whether the modified code is technically feasible and 
     life-cycle cost effective;
       ``(ii) available appliances, technologies, materials, and 
     construction practices; and
       ``(iii) the economic considerations under subsection 
     (b)(4).
       ``(B) Incorporation of changes.--
       ``(i) In general.--On receipt of the proposed changes, the 
     model building energy code or standard developer shall have 
     an additional 270 days to accept or reject the proposed 
     changes of the Secretary to the model building energy code or 
     standard for the Secretary to make a final determination.
       ``(ii) Final determination.--A final determination under 
     paragraph (1) shall be on the modified model building energy 
     code or standard.
       ``(e) Administration.--In carrying out this section, the 
     Secretary shall--
       ``(1) publish notice of targets and supporting analysis and 
     determinations under this section in the Federal Register to 
     provide an explanation of and the basis for such actions, 
     including any supporting modeling, data, assumptions, 
     protocols, and cost-benefit analysis, including return on 
     investment; and
       ``(2) provide an opportunity for public comment on targets 
     and supporting analysis and determinations under this 
     section.
       ``(f) Voluntary Codes and Standards.--Nothwithstanding any 
     other provision of this section, any model building code or 
     standard established under this section shall not be binding 
     on a State, local government, or Indian tribe as a matter of 
     Federal law.''.

           Subtitle B--Worker Training and Capacity Building

     SEC. 2111. BUILDING TRAINING AND ASSESSMENT CENTERS.

       (a) In General.--The Secretary of Energy shall provide 
     grants to institutions of higher education (as defined in 
     section 101 of the Higher Education Act of 1965 (20 U.S.C. 
     1001)) and Tribal Colleges or Universities (as defined in 
     section 316(b) of that Act (20 U.S.C. 1059c(b)) to establish 
     building training and assessment centers--
       (1) to identify opportunities for optimizing energy 
     efficiency and environmental performance in buildings;
       (2) to promote the application of emerging concepts and 
     technologies in commercial and institutional buildings;
       (3) to train engineers, architects, building scientists, 
     building energy permitting and enforcement officials, and 
     building technicians in energy-efficient design and 
     operation;
       (4) to assist institutions of higher education and Tribal 
     Colleges or Universities in training building technicians;
       (5) to promote research and development for the use of 
     alternative energy sources and distributed generation to 
     supply heat and power for buildings, particularly energy-
     intensive buildings; and
       (6) to coordinate with and assist State-accredited 
     technical training centers, community colleges, Tribal 
     Colleges or Universities, and local offices of the National 
     Institute of Food and Agriculture and ensure appropriate 
     services are provided under this section to each region of 
     the United States.
       (b) Coordination and Nonduplication.--
       (1) In general.--The Secretary shall coordinate the program 
     with the Industrial Assessment Centers program and with other 
     Federal programs to avoid duplication of effort.
       (2) Collocation.--To the maximum extent practicable, 
     building, training, and assessment centers established under 
     this section shall be collocated with Industrial Assessment 
     Centers.

                 TITLE II--BUILDING EFFICIENCY FINANCE

     SEC. 2201. LOAN PROGRAM FOR ENERGY EFFICIENCY UPGRADES TO 
                   EXISTING BUILDINGS.

       Title XVII of the Energy Policy Act of 2005 (42 U.S.C. 
     16511 et seq.) is amended by adding at the end the following:

     ``SEC. 1706. BUILDING RETROFIT FINANCING PROGRAM.

       ``(a) Definitions.--In this section:
       ``(1) Credit support.--The term `credit support' means a 
     guarantee or commitment to issue a guarantee or other forms 
     of credit enhancement to ameliorate risks for efficiency 
     obligations.
       ``(2) Efficiency obligation.--The term `efficiency 
     obligation' means a debt or repayment obligation incurred in 
     connection with financing a project, or a portfolio of such 
     debt or payment obligations.
       ``(3) Project.--The term `project' means the installation 
     and implementation of efficiency, advanced metering, 
     distributed generation, or renewable energy technologies and 
     measures in a building (or in multiple buildings on a given 
     property) that are expected to increase the energy efficiency 
     of the building (including fixtures) in accordance with 
     criteria established by the Secretary.
       ``(b) Eligible Projects.--
       ``(1) In general.--Notwithstanding sections 1703 and 1705, 
     the Secretary may provide credit support under this section, 
     in accordance with section 1702.
       ``(2) Inclusions.--Buildings eligible for credit support 
     under this section include commercial, multifamily 
     residential, industrial, municipal, government, institution 
     of higher education, school, and hospital facilities that 
     satisfy criteria established by the Secretary.
       ``(c) Guidelines.--
       ``(1) In general.--Not later than 180 days after the date 
     of enactment of this section, the Secretary shall--
       ``(A) establish guidelines for credit support provided 
     under this section; and
       ``(B) publish the guidelines in the Federal Register; and
       ``(C) provide for an opportunity for public comment on the 
     guidelines.
       ``(2) Requirements.--The guidelines established by the 
     Secretary under this subsection shall include--
       ``(A) standards for assessing the energy savings that could 
     reasonably be expected to result from a project;
       ``(B) examples of financing mechanisms (and portfolios of 
     such financing mechanisms) that qualify as efficiency 
     obligations;
       ``(C) the threshold levels of energy savings that a 
     project, at the time of issuance of credit support, shall be 
     reasonably expected to achieve to be eligible for credit 
     support;
       ``(D) the eligibility criteria the Secretary determines to 
     be necessary for making credit support available under this 
     section; and
       ``(E) notwithstanding subsections (d)(3) and (g)(2)(B) of 
     section 1702, any lien priority requirements that the 
     Secretary determines to be necessary, in consultation with 
     the Director of the Office of Management and Budget, which 
     may include--
       ``(i) requirements to preserve priority lien status of 
     secured lenders and creditors in buildings eligible for 
     credit support;
       ``(ii) remedies available to the Secretary under chapter 
     176 of title 28, United States Code, in the event of default 
     on the efficiency obligation by the borrower; and
       ``(iii) measures to limit the exposure of the Secretary to 
     financial risk in the event of default, such as--

       ``(I) the collection of a credit subsidy fee from the 
     borrower as a loan loss reserve, taking into account the 
     limitation on credit support under subsection (d);
       ``(II) minimum debt-to-income levels of the borrower;
       ``(III) minimum levels of value relative to outstanding 
     mortgage or other debt on a building eligible for credit 
     support;
       ``(IV) allowable thresholds for the percent of the 
     efficiency obligation relative to the amount of any mortgage 
     or other debt on an eligible building;
       ``(V) analysis of historic and anticipated occupancy levels 
     and rental income of an eligible building;

[[Page S4969]]

       ``(VI) requirements of third-party contractors to guarantee 
     energy savings that will result from a retrofit project, and 
     whether financing on the efficiency obligation will amortize 
     from the energy savings;
       ``(VII) requirements that the retrofit project incorporate 
     protocols to measure and verify energy savings; and
       ``(VIII) recovery of payments equally by the Secretary and 
     the retrofit.

       ``(3) Efficiency obligations.--The financing mechanisms 
     qualified by the Secretary under paragraph (2)(B) may 
     include--
       ``(A) loans, including loans made by the Federal Financing 
     Bank;
       ``(B) power purchase agreements, including energy 
     efficiency power purchase agreements;
       ``(C) energy services agreements, including energy 
     performance contracts;
       ``(D) property assessed clean energy bonds and other tax 
     assessment-based financing mechanisms;
       ``(E) aggregate on-meter agreements that finance retrofit 
     projects; and
       ``(F) any other efficiency obligations the Secretary 
     determines to be appropriate.
       ``(4) Priorities.--In carrying out this section, the 
     Secretary shall prioritize--
       ``(A) the maximization of energy savings with the available 
     credit support funding;
       ``(B) the establishment of a clear application and approval 
     process that allows private building owners, lenders, and 
     investors to reasonably expect to receive credit support for 
     projects that conform to guidelines;
       ``(C) the distribution of projects receiving credit support 
     under this section across States or geographical regions of 
     the United States; and
       ``(D) projects designed to achieve whole-building 
     retrofits.
       ``(d) Limitation.--Notwithstanding section 1702(c), the 
     Secretary shall not issue credit support under this section 
     in an amount that exceeds--
       ``(1) 90 percent of the principal amount of the efficiency 
     obligation that is the subject of the credit support; or
       ``(2) $10,000,000 for any single project.
       ``(e) Aggregation of Projects.--To the extent provided in 
     the guidelines developed in accordance with subsection (c), 
     the Secretary may issue credit support on a portfolio, or 
     pool of projects, that are not required to be geographically 
     contiguous, if each efficiency obligation in the pool 
     fulfills the requirements described in this section.
       ``(f) Application.--
       ``(1) In general.--To be eligible to receive credit support 
     under this section, the applicant shall submit to the 
     Secretary an application at such time, in such manner, and 
     containing such information as the Secretary determines to be 
     necessary.
       ``(2) Contents.--An application submitted under this 
     section shall include assurances by the applicant that--
       ``(A) each contractor carrying out the project meets 
     minimum experience level criteria, including local retrofit 
     experience, as determined by the Secretary;
       ``(B) the project is reasonably expected to achieve energy 
     savings, as set forth in the application using any 
     methodology that meets the standards described in the program 
     guidelines;
       ``(C) the project meets any technical criteria described in 
     the program guidelines;
       ``(D) the recipient of the credit support and the parties 
     to the efficiency obligation will provide the Secretary 
     with--
       ``(i) any information the Secretary requests to assess the 
     energy savings that result from the project, including 
     historical energy usage data, a simulation-based benchmark, 
     and detailed descriptions of the building work, as described 
     in the program guidelines; and
       ``(ii) permission to access information relating to 
     building operations and usage for the period described in the 
     program guidelines; and
       ``(E) any other assurances that the Secretary determines to 
     be necessary.
       ``(3) Determination.--Not later than 90 days after 
     receiving an application, the Secretary shall make a final 
     determination on the application, which may include requests 
     for additional information.
       ``(g) Fees.--
       ``(1) In general.--In addition to the fees required by 
     section 1702(h)(1), the Secretary may charge reasonable fees 
     for credit support provided under this section.
       ``(2) Availability.--Fees collected under this section 
     shall be subject to section 1702(h)(2).
       ``(h) Underwriting.--The Secretary may delegate the 
     underwriting activities under this section to 1 or more 
     entities that the Secretary determines to be qualified.
       ``(i) Report.--Not later than 1 year after commencement of 
     the program, the Secretary shall submit to the appropriate 
     committees of Congress a report that describes in reasonable 
     detail--
       ``(1) the manner in which this section is being carried 
     out;
       ``(2) the number and type of projects supported;
       ``(3) the types of funding mechanisms used to provide 
     credit support to projects;
       ``(4) the energy savings expected to result from projects 
     supported by this section;
       ``(5) any tracking efforts the Secretary is using to 
     calculate the actual energy savings produced by the projects; 
     and
       ``(6) any plans to improve the tracking efforts described 
     in paragraph (5).
       ``(j) Funding.--
       ``(1) Authorization of appropriations.--There is authorized 
     to be appropriated to the Secretary to carry out this section 
     $400,000,000 for the period of fiscal years 2012 through 
     2021, to remain available until expended.
       ``(2) Administrative costs.--Not more than 1 percent of any 
     amounts made available to the Secretary under paragraph (1) 
     may be used by the Secretary for administrative costs 
     incurred in carrying out this section.''.

          TITLE III--INDUSTRIAL EFFICIENCY AND COMPETITIVENESS

              Subtitle A--Manufacturing Energy Efficiency

     SEC. 2301. STATE PARTNERSHIP INDUSTRIAL ENERGY EFFICIENCY 
                   REVOLVING LOAN PROGRAM.

       Section 399A of the Energy Policy and Conservation Act (42 
     U.S.C. 6371h-1) is amended--
       (1) in the section heading, by inserting ``and industry'' 
     before the period at the end;
       (2) by redesignating subsections (h) and (i) as subsections 
     (i) and (j), respectively; and
       (3) by inserting after subsection (g) the following:
       ``(h) State Partnership Industrial Energy Efficiency 
     Revolving Loan Program.--
       ``(1) In general.--The Secretary shall carry out a program 
     under which the Secretary shall provide grants to eligible 
     lenders to pay the Federal share of creating a revolving loan 
     program under which loans are provided to commercial and 
     industrial manufacturers to implement commercially available 
     technologies or processes that significantly--
       ``(A) reduce systems energy intensity, including the use of 
     energy-intensive feedstocks; and
       ``(B) improve the industrial competitiveness of the United 
     States.
       ``(2) Eligible lenders.--To be eligible to receive cost-
     matched Federal funds under this subsection, a lender shall--
       ``(A) be a community and economic development lender that 
     the Secretary certifies meets the requirements of this 
     subsection;
       ``(B) lead a partnership that includes participation by, at 
     a minimum--
       ``(i) a State government agency; and
       ``(ii) a private financial institution or other provider of 
     loan capital;
       ``(C) submit an application to the Secretary, and receive 
     the approval of the Secretary, for cost-matched Federal funds 
     to carry out a loan program described in paragraph (1); and
       ``(D) ensure that non-Federal funds are provided to match, 
     on at least a dollar-for-dollar basis, the amount of Federal 
     funds that are provided to carry out a revolving loan program 
     described in paragraph (1).
       ``(3) Award.--The amount of cost-matched Federal funds 
     provided to an eligible lender shall not exceed $100,000,000 
     for any fiscal year.
       ``(4) Recapture of awards.--
       ``(A) In general.--An eligible lender that receives an 
     award under paragraph (1) shall be required to repay to the 
     Secretary an amount of cost-match Federal funds, as 
     determined by the Secretary under subparagraph (B), if the 
     eligible lender is unable or unwilling to operate a program 
     described in this subsection for a period of not less than 10 
     years beginning on the date on which the eligible lender 
     first receives funds made available through the award.
       ``(B) Determination by secretary.--The Secretary shall 
     determine the amount of cost-match Federal funds that an 
     eligible lender shall be required to repay to the Secretary 
     under subparagraph (A) based on the consideration by the 
     Secretary of--
       ``(i) the amount of non-Federal funds matched by the 
     eligible lender;
       ``(ii) the amount of loan losses incurred by the revolving 
     loan program described in paragraph (1); and
       ``(iii) any other appropriate factor, as determined by the 
     Secretary.
       ``(C) Use of recaptured cost-match federal funds.--The 
     Secretary may distribute to eligible lenders under this 
     subsection each amount received by the Secretary under this 
     paragraph.
       ``(5) Eligible projects.--A program for which cost-matched 
     Federal funds are provided under this subsection shall be 
     designed to accelerate the implementation of industrial and 
     commercial applications of technologies or processes 
     (including distributed generation, applications or 
     technologies that use sensors, meters, software, and 
     information networks, controls, and drives or that have been 
     installed pursuant to an energy savings performance contract, 
     project, or strategy) that--
       ``(A) improve energy efficiency, including improvements in 
     efficiency and use of water, power factor, or load 
     management;
       ``(B) enhance the industrial competitiveness of the United 
     States; and
       ``(C) achieve such other goals as the Secretary determines 
     to be appropriate.
       ``(6) Evaluation.--The Secretary shall evaluate 
     applications for cost-matched Federal funds under this 
     subsection on the basis of--
       ``(A) the description of the program to be carried out with 
     the cost-matched Federal funds;
       ``(B) the commitment to provide non-Federal funds in 
     accordance with paragraph (2)(D);
       ``(C) program sustainability over a 10-year period;
       ``(D) the capability of the applicant;

[[Page S4970]]

       ``(E) the quantity of energy savings or energy feedstock 
     minimization;
       ``(F) the advancement of the goal under this Act of 25-
     percent energy avoidance;
       ``(G) the ability to fund energy efficient projects not 
     later than 120 days after the date of the grant award; and
       ``(H) such other factors as the Secretary determines 
     appropriate.
       ``(7) Authorization of appropriations.--There are 
     authorized to be appropriated to carry out this subsection, 
     $400,000,000 for the period of fiscal years 2012 through 
     2021.''.

     SEC. 2302. COORDINATION OF RESEARCH AND DEVELOPMENT OF ENERGY 
                   EFFICIENT TECHNOLOGIES FOR INDUSTRY.

       (a) In General.--As part of the research and development 
     activities of the Industrial Technologies Program of the 
     Department of Energy, the Secretary shall establish, as 
     appropriate, collaborative research and development 
     partnerships with other programs within the Office of Energy 
     Efficiency and Renewable Energy (including the Building 
     Technologies Program), the Office of Electricity Delivery and 
     Energy Reliability, and the Office of Science that--
       (1) leverage the research and development expertise of 
     those programs to promote early stage energy efficiency 
     technology development;
       (2) support the use of innovative manufacturing processes 
     and applied research for development, demonstration, and 
     commercialization of new technologies and processes to 
     improve efficiency (including improvements in efficient use 
     of water), reduce emissions, reduce industrial waste, and 
     improve industrial cost-competitiveness; and
       (3) apply the knowledge and expertise of the Industrial 
     Technologies Program to help achieve the program goals of the 
     other programs.
       (b) Reports.--Not later than 2 years after the date of 
     enactment of this Act and biennially thereafter, the 
     Secretary shall submit to Congress a report that describes 
     actions taken to carry out subsection (a) and the results of 
     those actions.

     SEC. 2303. REDUCING BARRIERS TO THE DEPLOYMENT OF INDUSTRIAL 
                   ENERGY EFFICIENCY.

       (a) Definitions.--In this section:
       (1) Industrial energy efficiency.--The term ``industrial 
     energy efficiency'' means the energy efficiency derived from 
     commercial technologies and measures to improve energy 
     efficiency or to generate or transmit electric power and 
     heat, including electric motor efficiency improvements, 
     demand response, direct or indirect combined heat and power, 
     and waste heat recovery.
       (2) Industrial sector.--The term ``industrial sector'' 
     means any subsector of the manufacturing sector (as defined 
     in North American Industry Classification System codes 31-33 
     (as in effect on the date of enactment of this Act)) 
     establishments of which have, or could have, thermal host 
     facilities with electricity requirements met in whole, or in 
     part, by onsite electricity generation, including direct and 
     indirect combined heat and power or waste recovery.
       (3) Secretary.--The term ``Secretary'' means the Secretary 
     of Energy.
       (b) Report on the Deployment of Industrial Energy 
     Efficiency.--
       (1) In general.--Not later than 1 year after the date of 
     enactment of this Act, the Secretary shall submit to the 
     Committee on Energy and Commerce of the House of 
     Representatives and the Committee on Energy and Natural 
     Resources of the Senate a report describing--
       (A) the results of the study conducted under paragraph (2); 
     and
       (B) recommendations and guidance developed under paragraph 
     (3).
       (2) Study.--The Secretary, in coordination with the 
     industrial sector, shall conduct a study of the following:
       (A) The legal, regulatory, and economic barriers to the 
     deployment of industrial energy efficiency in all electricity 
     markets (including organized wholesale electricity markets, 
     and regulated electricity markets), including, as applicable, 
     the following:
       (i) Transmission and distribution interconnection 
     requirements.
       (ii) Standby, back-up, and maintenance fees (including 
     demand ratchets).
       (iii) Exit fees.
       (iv) Life of contract demand ratchets.
       (v) Net metering.
       (vi) Calculation of avoided cost rates.
       (vii) Power purchase agreements.
       (viii) Energy market structures.
       (ix) Capacity market structures.
       (x) Other barriers as may be identified by the Secretary, 
     in coordination with the industrial sector.
       (B) Examples of --
       (i) successful State and Federal policies that resulted in 
     greater use of industrial energy efficiency;
       (ii) successful private initiatives that resulted in 
     greater use of industrial energy efficiency; and
       (iii) cost-effective policies used by foreign countries to 
     foster industrial energy efficiency.
       (C) The estimated economic benefits to the national economy 
     of providing the industrial sector with Federal energy 
     efficiency matching grants of $5,000,000,000 for 5- and 10-
     year periods, including benefits relating to--
       (i) estimated energy and emission reductions;
       (ii) direct and indirect jobs saved or created;
       (iii) direct and indirect capital investment;
       (iv) the gross domestic product; and
       (v) trade balance impacts.
       (D) The estimated energy savings available from increased 
     use of recycled material in energy-intensive manufacturing 
     processes.
       (3) Recommendations and guidance.--The Secretary, in 
     coordination with the industrial sector, shall develop policy 
     recommendations regarding the deployment of industrial energy 
     efficiency, including proposed regulatory guidance to States 
     and relevant Federal agencies to address barriers to 
     deployment.

     SEC. 2304. FUTURE OF INDUSTRY PROGRAM.

       (a) In General.--Section 452 of the Energy Independence and 
     Security Act of 2007 (42 U.S.C. 17111) is amended by striking 
     the section heading and inserting the following: ``future of 
     industry program''.
       (b) Definition of Energy Service Provider.--Section 452(a) 
     of the Energy Independence and Security Act of 2007 (42 
     U.S.C. 17111(a)) is amended--
       (1) by redesignating paragraphs (3) through (5) as 
     paragraphs (4) through (6), respectively; and
       (2) by inserting after paragraph (3):
       ``(5) Energy service provider.--The term `energy service 
     provider' means any private company or similar entity 
     providing technology or services to improve energy efficiency 
     in an energy-intensive industry.''.
       (c) Industrial Research and Assessment Centers.--
       (1) In general.--Section 452(e) of the Energy Independence 
     and Security Act of 2007 (42 U.S.C. 17111(e)) is amended--
       (A) by redesignating paragraphs (1) through (5) as 
     subparagraphs (A) through (E), respectively, and indenting 
     appropriately;
       (B) by striking ``The Secretary'' and inserting the 
     following:
       ``(1) In general.--The Secretary'';
       (C) in subparagraph (A) (as redesignated by subparagraph 
     (A)), by inserting before the semicolon at the end the 
     following: ``, including assessments of sustainable 
     manufacturing goals and the implementation of information 
     technology advancements for supply chain analysis, logistics, 
     system monitoring, industrial and manufacturing processes, 
     and other purposes''; and
       (D) by adding at the end the following:
       ``(2) Centers of excellence.--
       ``(A) In general.--The Secretary shall establish a Center 
     of Excellence at up to 10 of the highest performing 
     industrial research and assessment centers, as determined by 
     the Secretary.
       ``(B) Duties.--A Center of Excellence shall coordinate with 
     and advise the industrial research and assessment centers 
     located in the region of the Center of Excellence.
       ``(C) Funding.--Subject to the availability of 
     appropriations, of the funds made available under subsection 
     (f), the Secretary shall use to support each Center of 
     Excellence not less than $500,000 for fiscal year 2012 and 
     each fiscal year thereafter, as determined by the Secretary.
       ``(3) Expansion of centers.--The Secretary shall provide 
     funding to establish additional industrial research and 
     assessment centers at institutions of higher education that 
     do not have industrial research and assessment centers 
     established under paragraph (1), taking into account the size 
     of, and potential energy efficiency savings for, the 
     manufacturing base within the region of the proposed center.
       ``(4) Coordination.--
       ``(A) In general.--To increase the value and capabilities 
     of the industrial research and assessment centers, the 
     centers shall--
       ``(i) coordinate with Manufacturing Extension Partnership 
     Centers of the National Institute of Standards and 
     Technology;
       ``(ii) coordinate with the Building Technologies Program of 
     the Department of Energy to provide building assessment 
     services to manufacturers;
       ``(iii) increase partnerships with the National 
     Laboratories of the Department of Energy to leverage the 
     expertise and technologies of the National Laboratories for 
     national industrial and manufacturing needs;
       ``(iv) increase partnerships with energy service providers 
     and technology providers to leverage private sector expertise 
     and accelerate deployment of new and existing technologies 
     and processes for energy efficiency, power factor, and load 
     management;
       ``(v) identify opportunities for reducing greenhouse gas 
     emissions; and
       ``(vi) promote sustainable manufacturing practices for 
     small- and medium-sized manufacturers.
       ``(5) Outreach.--The Secretary shall provide funding for--
       ``(A) outreach activities by the industrial research and 
     assessment centers to inform small- and medium-sized 
     manufacturers of the information, technologies, and services 
     available; and
       ``(B) a full-time equivalent employee at each center of 
     excellence whose primary mission shall be to coordinate and 
     leverage the efforts of the center with--
       ``(i) Federal and State efforts;
       ``(ii) the efforts of utilities and energy service 
     providers;
       ``(iii) the efforts of regional energy efficiency 
     organizations; and
       ``(iv) the efforts of other centers in the region of the 
     center of excellence.
       ``(6) Workforce training.--
       ``(A) In general.--The Secretary shall pay the Federal 
     share of associated internship programs under which students 
     work with or for industries, manufacturers, and energy 
     service providers to implement the recommendations of 
     industrial research and assessment centers.

[[Page S4971]]

       ``(B) Federal share.--The Federal share of the cost of 
     carrying out internship programs described in subparagraph 
     (A) shall be 50 percent.
       ``(C) Funding.--Subject to the availability of 
     appropriations, of the funds made available under subsection 
     (f), the Secretary shall use to carry out this paragraph not 
     less than $5,000,000 for fiscal year 2012 and each fiscal 
     year thereafter.
       ``(7) Small business loans.--The Administrator of the Small 
     Business Administration shall, to the maximum practicable, 
     expedite consideration of applications from eligible small 
     business concerns for loans under the Small Business Act (15 
     U.S.C. 631 et seq.) to implement recommendations of 
     industrial research and assessment centers established under 
     paragraph (1).''.

     SEC. 2305. SUSTAINABLE MANUFACTURING INITIATIVE.

       (a) In General.--Part E of title III of the Energy Policy 
     and Conservation Act (42 U.S.C. 6341) is amended by adding at 
     the end the following:

     ``SEC. 376. SUSTAINABLE MANUFACTURING INITIATIVE.

       ``(a) In General.--As part of the Industrial Technologies 
     Program of the Department of Energy, the Secretary shall 
     carry out a sustainable manufacturing initiative under which 
     the Secretary, on the request of a manufacturer, shall 
     conduct onsite technical assessments to identify 
     opportunities for--
       ``(1) maximizing the energy efficiency of industrial 
     processes and cross-cutting systems;
       ``(2) preventing pollution and minimizing waste;
       ``(3) improving efficient use of water in manufacturing 
     processes;
       ``(4) conserving natural resources; and
       ``(5) achieving such other goals as the Secretary 
     determines to be appropriate.
       ``(b) Coordination.--The Secretary shall carry out the 
     initiative in coordination with the private sector and 
     appropriate agencies, including the National Institute of 
     Standards and Technology to accelerate adoption of new and 
     existing technologies or processes that improve energy 
     efficiency.
       ``(c) Research and Development Program for Sustainable 
     Manufacturing and Industrial Technologies and Processes.--As 
     part of the Industrial Technologies Program of the Department 
     of Energy, the Secretary shall carry out a joint industry-
     government partnership program to research, develop, and 
     demonstrate new sustainable manufacturing and industrial 
     technologies and processes that maximize the energy 
     efficiency of industrial systems, reduce pollution, and 
     conserve natural resources.
       ``(d) Authorization of Appropriations.--There is authorized 
     to be to carry out this section $10,000,000 for the period of 
     fiscal years 2012 through 2021.''.
       (b) Table of Contents.--The table of contents of the Energy 
     Policy and Conservation Act (42 U.S.C. prec. 6201) is amended 
     by adding at the end of the items relating to part E of title 
     III the following:

``Sec. 376. Sustainable manufacturing initiative.''.

     SEC. 2306. STUDY OF ADVANCED ENERGY TECHNOLOGY MANUFACTURING 
                   CAPABILITIES IN THE UNITED STATES.

       (a) In General.--Not later than 60 days after the date of 
     enactment of this Act, the Secretary shall enter into an 
     arrangement with the National Academy of Sciences under which 
     the Academy shall conduct a study of the development of 
     advanced manufacturing capabilities for various energy 
     technologies, including--
       (1) an assessment of the manufacturing supply chains of 
     established and emerging industries;
       (2) an analysis of--
       (A) the manner in which supply chains have changed over the 
     25-year period ending on the date of enactment of this Act;
       (B) current trends in supply chains; and
       (C) the energy intensity of each part of the supply chain 
     and opportunities for improvement;
       (3) for each technology or manufacturing sector, an 
     analysis of which sections of the supply chain are critical 
     for the United States to retain or develop to be competitive 
     in the manufacturing of the technology;
       (4) an assessment of which emerging energy technologies the 
     United States should focus on to create or enhance 
     manufacturing capabilities; and
       (5) recommendations on leveraging the expertise of energy 
     efficiency and renewable energy user facilities so that best 
     materials and manufacturing practices are designed and 
     implemented.
       (b) Report.--Not later than 2 years after the date on which 
     the Secretary enters into the agreement with the Academy 
     described in subsection (a), the Academy shall submit to the 
     Committee on Energy and Natural Resources of the Senate, the 
     Committee on Energy and Commerce of the House of 
     Representatives, and the Secretary a report describing the 
     results of the study required under this section, including 
     any findings and recommendations.

     SEC. 2307. INDUSTRIAL TECHNOLOGIES STEERING COMMITTEE.

       The Secretary shall establish an advisory steering 
     committee that includes national trade associations 
     representing energy-intensive industries or energy service 
     providers to provide recommendations to the Secretary on 
     planning and implementation of the Industrial Technologies 
     Program of the Department of Energy.

                        Subtitle B--Supply Star

     SEC. 2311. SUPPLY STAR.

       Part B of title III of the Energy Policy and Conservation 
     Act (42 U.S.C. 6291) is amended by inserting after section 
     324A (42 U.S.C. 6294a) the following:

     ``SEC. 324B. SUPPLY STAR PROGRAM.

       ``(a) In General.--There is established within the 
     Department of Energy a Supply Star program to identify and 
     promote practices, recognize companies, and, as appropriate, 
     recognize products that use highly efficient supply chains in 
     a manner that conserves energy, water, and other resources.
       ``(b) Coordination.--In carrying out the program described 
     in subsection (a), the Secretary shall--
       ``(1) consult with other appropriate agencies; and
       ``(2) coordinate efforts with the Energy Star program 
     established under section 324A.
       ``(c) Duties.--In carrying out the Supply Star program 
     described in subsection (a), the Secretary shall--
       ``(1) promote practices, recognize companies, and, as 
     appropriate, recognize products that comply with the Supply 
     Star program as the preferred practices, companies, and 
     products in the marketplace for maximizing supply chain 
     efficiency;
       ``(2) work to enhance industry and public awareness of the 
     Supply Star program;
       ``(3) collect and disseminate data on supply chain energy 
     resource consumption;
       ``(4) develop and disseminate metrics, processes, and 
     analytical tools (including software) for evaluating supply 
     chain energy resource use;
       ``(5) develop guidance at the sector level for improving 
     supply chain efficiency;
       ``(6) work with domestic and international organizations to 
     harmonize approaches to analyzing supply chain efficiency, 
     including the development of a consistent set of tools, 
     templates, calculators, and databases; and
       ``(7) work with industry, including small businesses, to 
     improve supply chain efficiency through activities that 
     include--
       ``(A) developing and sharing best practices; and
       ``(B) providing opportunities to benchmark supply chain 
     efficiency.
       ``(d) Evaluation.--In any evaluation of supply chain 
     efficiency carried out by the Secretary with respect to a 
     specific product, the Secretary shall consider energy 
     consumption and resource use throughout the entire lifecycle 
     of a product, including production, transport, packaging, 
     use, and disposal.
       ``(e) Grants and Incentives.--
       ``(1) In general.--The Secretary may award grants or other 
     forms of incentives on a competitive basis to eligible 
     entities, as determined by the Secretary, for the purposes 
     of--
       ``(A) studying supply chain energy resource efficiency; and
       ``(B) demonstrating and achieving reductions in the energy 
     resource consumption of commercial products through changes 
     and improvements to the production supply and distribution 
     chain of the products.
       ``(2) Use of information.--Any information or data 
     generated as a result of the grants or incentives described 
     in paragraph (1) shall be used to inform the development of 
     the Supply Star Program.
       ``(f) Training.--The Secretary shall use funds to support 
     professional training programs to develop and communicate 
     methods, practices, and tools for improving supply chain 
     efficiency.
       ``(g) Effect of Impact on Climate Change.--For purposes of 
     this section, the impact on climate change shall not be a 
     factor in determining supply chain efficiency.
       ``(h) Effect of Outsourcing of American Jobs.--For purposes 
     of this section, the outsourcing of American jobs in the 
     production of a product shall not count as a positive factor 
     in determining supply chain efficiency.
       ``(i) Authorization of Appropriations.--There are 
     authorized to be appropriated to carry out this section 
     $10,000,000 for the period of fiscal years 2012 through 
     2021.''.

               Subtitle C--Electric Motor Rebate Program

     SEC. 2321. ENERGY SAVING MOTOR CONTROL REBATE PROGRAM.

       (a) Establishment.--Not later than January 1, 2012, the 
     Secretary of Energy (referred to in this section as the 
     ``Secretary'') shall establish a program to provide rebates 
     for expenditures made by entities for the purchase and 
     installation of a new constant speed electric motor control 
     that reduces motor energy use by not less than 5 percent.
       (b) Requirements.--
       (1) Application.--To be eligible to receive a rebate under 
     this section, an entity shall submit to the Secretary an 
     application in such form, at such time, and containing such 
     information as the Secretary may require, including--
       (A) demonstrated evidence that the entity purchased a 
     constant speed electric motor control that reduces motor 
     energy use by not less than 5 percent; and
       (B) the physical nameplate of the installed motor of the 
     entity to which the energy saving motor control is attached.
       (2) Authorized amount of rebate.--The Secretary may provide 
     to an entity that meets the requirements of paragraph (1) a 
     rebate the amount of which shall be equal to the product 
     obtained by multiplying--
       (A) the nameplate horsepower of the electric motor to which 
     the energy saving motor control is attached; and
       (B) $25.
       (c) Authorization of Appropriations.--There is authorized 
     to be appropriated to

[[Page S4972]]

     carry out this section $5,000,000 for each of fiscal years 
     2012 and 2013, to remain available until expended.

                 Subtitle D--Transformer Rebate Program

     SEC. 2331. ENERGY EFFICIENT TRANSFORMER REBATE PROGRAM.

       (a) Definition of Qualified Transformer.--In this section, 
     the term ``qualified transformer'' means a transformer that 
     meets or exceeds the National Electrical Manufacturers 
     Association (NEMA) Premium Efficiency designation, calculated 
     to 2 decimal points, as having 30 percent fewer losses than 
     the NEMA TP-1-2002 efficiency standard for a transformer of 
     the same number of phases and capacity, as measured in 
     kilovolt-amperes.
       (b) Establishment.--Not later than January 1, 2012, the 
     Secretary of Energy (referred to in this section as the 
     ``Secretary'') shall establish a program to provide rebates 
     for expenditures made by owners of commercial buildings and 
     multifamily residential buildings for the purchase and 
     installation of a new energy efficient transformers.
       (c) Requirements.--
       (1) Application.--To be eligible to receive a rebate under 
     this section, an owner shall submit to the Secretary an 
     application in such form, at such time, and containing such 
     information as the Secretary may require, including 
     demonstrated evidence that the owner purchased a qualified 
     transformer.
       (2) Authorized amount of rebate.--For qualified 
     transformers, rebates, in dollars per kilovolt-ampere 
     (referred to in this paragraph as ``kVA'') shall be--
       (A) for 3-phase transformers--
       (i) with a capacity of not greater than 10 kVA, $15;
       (ii) with a capacity of not less than 10 kVA and not 
     greater than 100 kVA, the difference between 15 and the 
     quotient obtained by dividing--

       (I) the difference between--

       (aa) the capacity of the transformer in kVA; and
       (bb) 10; by

       (II) 9; and

       (iii) with a capacity greater than or equal to 100 kVA, $5; 
     and
       (B) for single-phase transformers, 75 percent of the rebate 
     for a 3-phase transformer of the same capacity.
       (d) Authorization of Appropriations.--There is authorized 
     to be appropriated to carry out this section $5,000,000 for 
     each of fiscal years 2012 and 2013, to remain available until 
     expended.

               TITLE IV--FEDERAL AGENCY ENERGY EFFICIENCY

     SEC. 2401. ADOPTION OF PERSONAL COMPUTER POWER SAVINGS 
                   TECHNIQUES BY FEDERAL AGENCIES.

       (a) In General.--Not later than 360 days after the date of 
     enactment of this Act, the Secretary of Energy, in 
     consultation with the Secretary of Defense, the Secretary of 
     Veterans Affairs, and the Administrator of General Services, 
     shall issue guidance for Federal agencies to employ advanced 
     tools allowing energy savings through the use of computer 
     hardware, energy efficiency software, and power management 
     tools.
       (b) Reports on Plans and Savings.--Not later than 180 days 
     after the date of the issuance of the guidance under 
     subsection (a), each Federal agency shall submit to the 
     Secretary of Energy a report that describes--
       (1) the plan of the agency for implementing the guidance 
     within the agency; and
       (2) estimated energy and financial savings from employing 
     the tools described in subsection (a).

     SEC. 2402. AVAILABILITY OF FUNDS FOR DESIGN UPDATES.

       Section 3307 of title 40, United States Code, is amended--
       (1) by redesignating subsections (d) through (h) as 
     subsections (e) through (i), respectively; and
       (2) by inserting after subsection (c) the following:
       ``(d) Availability of Funds for Design Updates.--
       ``(1) In general.--Subject to paragraph (2), for any 
     project for which congressional approval is received under 
     subsection (a) and for which the design has been 
     substantially completed but construction has not begun, the 
     Administrator of General Services may use appropriated funds 
     to update the project design to meet applicable Federal 
     building energy efficiency standards established under 
     section 305 of the Energy Conservation and Production Act (42 
     U.S.C. 6834) and other requirements established under section 
     3312.
       ``(2) Limitation.--The use of funds under paragraph (1) 
     shall not exceed 125 percent of the estimated energy or other 
     cost savings associated with the updates as determined by a 
     life-cycle cost analysis under section 544 of the National 
     Energy Conservation Policy Act (42 U.S.C. 8254).''.

     SEC. 2403. BEST PRACTICES FOR ADVANCED METERING.

       Section 543(e) of the National Energy Conservation Policy 
     Act (42 U.S.C. 8253(e) is amended by striking paragraph (3) 
     and inserting the following:
       ``(3) Plan.--
       ``(A) In general.--Not later than 180 days after the date 
     on which guidelines are established under paragraph (2), in a 
     report submitted by the agency under section 548(a), each 
     agency shall submit to the Secretary a plan describing the 
     manner in which the agency will implement the requirements of 
     paragraph (1), including--
       ``(i) how the agency will designate personnel primarily 
     responsible for achieving the requirements; and
       ``(ii) a demonstration by the agency, complete with 
     documentation, of any finding that advanced meters or 
     advanced metering devices (as those terms are used in 
     paragraph (1)), are not practicable.
       ``(B) Updates.--Reports submitted under subparagraph (A) 
     shall be updated annually.
       ``(4) Best practices report.--
       ``(A) In general.--Not later than 180 days after the date 
     of enactment of the Energy Savings and Industrial 
     Competitiveness Act of 2012, the Secretary of Energy, in 
     consultation with the Secretary of Defense and the 
     Administrator of General Services, shall develop, and issue a 
     report on, best practices for the use of advanced metering of 
     energy use in Federal facilities, buildings, and equipment by 
     Federal agencies.
       ``(B) Updating.--The report described under subparagraph 
     (A) shall be updated annually.
       ``(C) Components.--The report shall include, at a minimum--
       ``(i) summaries and analysis of the reports by agencies 
     under paragraph (3);
       ``(ii) recommendations on standard requirements or 
     guidelines for automated energy management systems, 
     including--

       ``(I) potential common communications standards to allow 
     data sharing and reporting;
       ``(II) means of facilitating continuous commissioning of 
     buildings and evidence-based maintenance of buildings and 
     building systems; and
       ``(III) standards for sufficient levels of security and 
     protection against cyber threats to ensure systems cannot be 
     controlled by unauthorized persons; and

       ``(iii) an analysis of--

       ``(I) the types of advanced metering and monitoring systems 
     being piloted, tested, or installed in Federal buildings; and
       ``(II) existing techniques used within the private sector 
     or other non-Federal government buildings.''.

     SEC. 2404. FEDERAL ENERGY MANAGEMENT AND DATA COLLECTION 
                   STANDARD.

       Section 543 of the National Energy Conservation Policy Act 
     (42 U.S.C. 8253) is amended--
       (1) by redesignating the second subsection (f) (as added by 
     section 434(a) of Public Law 110-140 (121 Stat. 1614)) as 
     subsection (g); and
       (2) in subsection (f)(7), by striking subparagraph (A) and 
     inserting the following:
       ``(A) In general.--For each facility that meets the 
     criteria established by the Secretary under paragraph (2)(B), 
     the energy manager shall use the web-based tracking system 
     under subparagraph (B)--
       ``(i) to certify compliance with the requirements for--

       ``(I) energy and water evaluations under paragraph (3);
       ``(II) implementation of identified energy and water 
     measures under paragraph (4); and
       ``(III) follow-up on implemented measures under paragraph 
     (5); and

       ``(ii) to publish energy and water consumption data on an 
     individual facility basis.''.

     SEC. 2405. ELECTRIC VEHICLE CHARGING INFRASTRUCTURE.

       Section 804(4) of the National Energy Conservation Policy 
     Act (42 U.S.C. 8287c(4)) is amended--
       (1) in subparagraph (A), by striking ``or'' after the 
     semicolon;
       (2) in subparagraph (B), by striking the period at the end 
     and inserting ``; or''; and
       (3) by adding at the end the following:
       ``(C) a measure to support the use of electric vehicles or 
     the fueling or charging infrastructure necessary for electric 
     vehicles.''.

     SEC. 2406. FEDERAL PURCHASE REQUIREMENT.

       Section 203 of the Energy Policy Act of 2005 (42 U.S.C. 
     15852) is amended--
       (1) in subsections (a) and (b)(2), by striking ``electric 
     energy'' each place it appears and inserting ``electric, 
     direct, and thermal energy'';
       (2) in subsection (b)(2)--
       (A) by inserting ``, or avoided by,'' after ``generated 
     from''; and
       (B) by inserting ``(including ground-source, reclaimed, and 
     ground water)''after ``geothermal'';
       (3) by redesignating subsection (d) as subsection (e); and
       (4) by inserting after subsection (c) the following:
       ``(d) Separate Calculation.--Renewable energy produced at a 
     Federal facility, on Federal land, or on Indian land (as 
     defined in section 2601 of the Energy Policy Act of 1992 (25 
     U.S.C. 3501))--
       ``(1) shall be calculated (on a BTU-equivalent basis) 
     separately from renewable energy used; and
       ``(2) may be used individually or in combination to comply 
     with subsection (a).''.

     SEC. 2407. STUDY ON FEDERAL DATA CENTER CONSOLIDATION.

       (a) In General.--The Secretary of Energy shall conduct a 
     study on the feasibility of a government-wide data center 
     consolidation, with an overall Federal target of a minimum of 
     800 Federal data center closures by October 1, 2015.
       (b) Coordination.--In conducting the study, the Secretary 
     shall coordinate with Federal data center program managers, 
     facilities managers, and sustainability officers.
       (c) Report.--Not later than 1 year after the date of 
     enactment of this Act, the Secretary shall submit to Congress 
     a report that describes the results of the study, including a 
     description of agency best practices in data center 
     consolidation.

[[Page S4973]]

                         TITLE V--MISCELLANEOUS

     SEC. 2501. OFFSETS.

       (a) Zero-Net Energy Commercial Buildings Initiative.--
     Section 422(f) of the Energy Independence and Security Act of 
     2007 (42 U.S.C. 17082(f)) is amended by striking paragraphs 
     (2) through (4) and inserting the following:
       ``(2) $50,000,000 for each of fiscal years 2009 through 
     2012;
       ``(3) $100,000,000 for fiscal year 2013; and
       ``(4) $200,000,000 for each of fiscal years 2014 through 
     2018.''.
       (b) Energy Sustainability and Efficiency Grants and Loans 
     for Institutions.--Subsection (j) of section 399A of the 
     Energy Policy and Conservation Act (42 U.S.C. 6371h-1) (as 
     redesignated by section 2301(2)) is amended--
       (1) in paragraph (1), by striking ``through 2013'' and 
     inserting ``and 2010, $100,000,000 for each of fiscal years 
     2011 and 2012, and $250,000,000 for fiscal year 2013''; and
       (2) in paragraph (2), by striking ``through 2013'' and 
     inserting ``and 2010, $100,000,000 for each of fiscal years 
     2011 and 2012, and $425,000,000 for fiscal year 2013''.
       (c) Waste Energy Recovery Incentive Program.--Section 
     373(f)(1) of the Energy Policy and Conservation Act (42 
     U.S.C. 6343(f)(1)) is amended--
       (1) by redesignating subparagraph (B) as subparagraph (D); 
     and
       (2) by striking subparagraph (A) and inserting the 
     following:
       ``(A) $100,000,000 for fiscal year 2008;
       ``(B) $200,000,000 for each of fiscal years 2009 and 2010;
       ``(C) $100,000,000 for each of fiscal years 2011 and 2012; 
     and''.
       (d) Energy-intensive Industries Program.--Section 452(f)(1) 
     of the Energy Independence and Security Act of 2007 (42 
     U.S.C. 17111(f)(1)) is amended--
       (1) in subparagraph (D), by striking ``$202,000,000'' and 
     inserting ``$102,000,000''; and
       (2) in subparagraph (E), by striking ``$208,000,000'' and 
     inserting ``$108,000,000''.

     SEC. 2502. BUDGETARY EFFECTS.

       The budgetary effects of this Act, 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 Act, 
     submitted for printing in the Congressional Record by the 
     Chairman of the Senate Budget Committee, provided that such 
     statement has been submitted prior to the vote on passage.

     SEC. 2503. ADVANCE APPROPRIATIONS REQUIRED.

       The authorization of amounts under this division and the 
     amendments made by this division shall be effective for any 
     fiscal year only to the extent and in the amount provided in 
     advance in appropriations Acts.
                                 ______
                                 
  SA 2547. Mr. ROBERTS (for himself, Mr. Hatch, Mr. Rubio, Mr. Burr, 
Ms. Collins, Mr. Brown of Massachusetts, Mr. Coburn, Mr. Alexander, and 
Mr. Kirk) submitted an amendment intended to be proposed by him to the 
bill S. 2237, to provide a temporary income tax credit for increased 
payroll and extend bonus depreciation for an additional year, and for 
other purposes; which was ordered to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. __. REPEAL OF DISTRIBUTIONS FOR MEDICINE QUALIFIED ONLY 
                   IF FOR PRESCRIBED DRUG OR INSULIN.

       Section 9003 of the Patient Protection and Affordable Care 
     Act (Public Law 111-148) and the amendments made by such 
     section are repealed; and the Internal Revenue Code of 1986 
     shall be applied as if such section, and amendments, had 
     never been enacted.
                                 ______
                                 
  SA 2548. Mr. WYDEN submitted an amendment intended to be proposed to 
amendment SA 2521 proposed by Mr. Reid (for Ms. Landrieu) to the bill 
S. 2237, to provide a temporary income tax credit for increased payroll 
and extend bonus depreciation for an additional year, and for other 
purposes; which was ordered to lie on the table; as follows:

       At the end of division B, insert the following:

                   TITLE __--ENTREPRENEURIAL TRAINING

     SEC. __. RULEMAKING.

       (a) In General.--Not later than 9 months after the date of 
     enactment of this Act, the Secretary of Labor shall establish 
     alternate guidelines for measuring State and local 
     performance, under section 136 of the Workforce Investment 
     Act of 1998 (42 U.S.C. 2871), regarding entrepreneurial 
     training services, as authorized in section 134(d)(4)(D)(vi) 
     of such Act (29 U.S.C. 2864(d)(4)(D)(vi)), and provide the 
     State and local workforce investment boards with specific 
     guidance on successful approaches to collecting performance 
     information on entrepreneurial training, notwithstanding 
     section 136(f)(2) of such Act (42 U.S.C. 2871(f)(2)).
       (b) Considerations.--In determining the alternate 
     guidelines, the Secretary shall consider utilizing 
     authorities granted under the Workforce Investment Act of 
     1998, including a State's waiver authority, as authorized in 
     section 189(i)(4) of such Act (29 U.S.C. 2939(i)(4)).
       (c) Report.--Not later than 12 months after publication of 
     the final rule establishing the guidelines, the Secretary 
     shall issue a report on the progress of State and local 
     workforce investment boards in implementing new 
     entrepreneurial training programs and any ongoing challenges 
     to offering entrepreneurial training programs, with 
     recommendations to Congress on how best to address those 
     challenges.
                                 ______
                                 
  SA 2549. Ms. SNOWE (for herself and Mr. Coburn) submitted an 
amendment intended to be proposed to amendment SA 2521 proposed by Mr. 
Reid (for Ms. Landrieu) to the bill S. 2237, to provide a temporary 
income tax credit for increased payroll and extend bonus depreciation 
for an additional year, and for other purposes; which was ordered to 
lie on the table; as follows:

       At the end, add the following:

  TITLE __--FREEDOM FROM RESTRICTIVE EXCESSIVE EXECUTIVE DEMANDS AND 
                            ONEROUS MANDATES

     SEC. _01. SHORT TITLE.

       This title may be cited as the ``Freedom from Restrictive 
     Excessive Executive Demands and Onerous Mandates Act of 
     2012''.

     SEC. _02. FINDINGS.

       Congress finds the following:
       (1) A vibrant and growing small business sector is critical 
     to the recovery of the economy of the United States.
       (2) Regulations designed for application to large-scale 
     entities have been applied uniformly to small businesses and 
     other small entities, sometimes inhibiting the ability of 
     small entities to create new jobs.
       (3) Uniform Federal regulatory and reporting requirements 
     in many instances have imposed on small businesses and other 
     small entities unnecessary and disproportionately burdensome 
     demands, including legal, accounting, and consulting costs, 
     thereby threatening the viability of small entities and the 
     ability of small entities to compete and create new jobs in a 
     global marketplace.
       (4) Since 1980, Federal agencies have been required to 
     recognize and take account of the differences in the scale 
     and resources of regulated entities, but in many instances 
     have failed to do so.
       (5) In 2009, there were nearly 70,000 pages in the Federal 
     Register, and, according to research by the Office of 
     Advocacy of the Small Business Administration, the annual 
     cost of Federal regulations totals $1,750,000,000,000. Small 
     firms bear a disproportionate burden, paying approximately 36 
     percent more per employee than larger firms in annual 
     regulatory compliance costs.
       (6) All agencies in the Federal Government should fully 
     consider the costs, including indirect economic impacts and 
     the potential for job loss, of proposed rules, periodically 
     review existing regulations to determine their impact on 
     small entities, and repeal regulations that are unnecessarily 
     duplicative or have outlived their stated purpose.
       (7) It is the intention of Congress to amend chapter 6 of 
     title 5, United States Code, to ensure that all impacts, 
     including foreseeable indirect effects, of proposed and final 
     rules are considered by agencies during the rulemaking 
     process and that the agencies assess a full range of 
     alternatives that will limit adverse economic consequences, 
     enhance economic benefits, and fully address potential job 
     loss.

     SEC. _03. INCLUDING INDIRECT ECONOMIC IMPACT IN SMALL ENTITY 
                   ANALYSES.

       Section 601 of title 5, United States Code, is amended by 
     adding at the end the following:
       ``(9) the term `economic impact' means, with respect to a 
     proposed or final rule--
       ``(A) the economic effects on small entities directly 
     regulated by the rule; and
       ``(B) the reasonably foreseeable economic effects of the 
     rule on small entities that--
       ``(i) purchase products or services from, sell products or 
     services to, or otherwise conduct business with entities 
     directly regulated by the rule;
       ``(ii) are directly regulated by other governmental 
     entities as a result of the rule; or
       ``(iii) are not directly regulated by the agency as a 
     result of the rule but are otherwise subject to other agency 
     regulations as a result of the rule.''.

     SEC. _04. JUDICIAL REVIEW TO ALLOW SMALL ENTITIES TO 
                   CHALLENGE PROPOSED REGULATIONS.

       Section 611(a) of title 5, United States Code, is amended--
       (1) in paragraph (1), by inserting ``603,'' after ``601,'';
       (2) in paragraph (2), by inserting ``603,'' after ``601,'';
       (3) by striking paragraph (3) and inserting the following:
       ``(3) A small entity may seek such review during the 1-year 
     period beginning on the date of final agency action, except 
     that--
       ``(A) if a provision of law requires that an action 
     challenging a final agency action be commenced before the 
     expiration of 1 year, the lesser period shall apply to an 
     action for judicial review under this section; and
       ``(B) in the case of noncompliance with section 603 or 
     605(b), a small entity may seek judicial review of agency 
     compliance with such section before the close of the public 
     comment period.''; and
       (4) in paragraph (4)--
       (A) in subparagraph (A), by striking ``, and'' and 
     inserting a semicolon;

[[Page S4974]]

       (B) in subparagraph (B), by striking the period and 
     inserting ``; or''; and
       (C) by adding at the end the following:
       ``(C) issuing an injunction prohibiting an agency from 
     taking any agency action with respect to a rulemaking until 
     that agency is in compliance with the requirements of section 
     603 or 605.''.

     SEC. _05. PERIODIC REVIEW.

       Section 610 of title 5, United States Code, is amended to 
     read as follows:

     ``Sec. 610. Periodic review of rules

       ``(a)(1) Not later than 180 days after the date of 
     enactment of the Freedom from Restrictive Excessive Executive 
     Demands and Onerous Mandates Act of 2012, each agency shall 
     establish a plan for the periodic review of--
       ``(A) each rule issued by the agency that the head of the 
     agency determines has a significant economic impact on a 
     substantial number of small entities, without regard to 
     whether the agency performed an analysis under section 604 
     with respect to the rule; and
       ``(B) any small entity compliance guide required to be 
     published by the agency under section 212 of the Small 
     Business Regulatory Enforcement Fairness Act of 1996 (5 
     U.S.C. 601 note).
       ``(2) In reviewing rules and small entity compliance guides 
     under paragraph (1), the agency shall determine whether the 
     rules and guides should--
       ``(A) be amended or rescinded, consistent with the stated 
     objectives of applicable statutes, to minimize any 
     significant adverse economic impacts on a substantial number 
     of small entities (including an estimate of any adverse 
     impacts on job creation and employment by small entities); or
       ``(B) continue in effect without change.
       ``(3) Each agency shall publish the plan established under 
     paragraph (1) in the Federal Register and on the Web site of 
     the agency.
       ``(4) An agency may amend the plan established under 
     paragraph (1) at any time by publishing the amendment in the 
     Federal Register and on the Web site of the agency.
       ``(b) Each plan established under subsection (a) shall 
     provide for--
       ``(1) the review of each rule and small entity compliance 
     guide described in subsection (a)(1) in effect on the date of 
     enactment of the Freedom from Restrictive Excessive Executive 
     Demands and Onerous Mandates Act of 2012--
       ``(A) not later than 9 years after the date of publication 
     of the plan in the Federal Register; and
       ``(B) every 9 years thereafter; and
       ``(2) the review of each rule adopted and small entity 
     compliance guide described in subsection (a)(1) that is 
     published after the date of enactment of the Freedom from 
     Restrictive Excessive Executive Demands and Onerous Mandates 
     Act of 2012--
       ``(A) not later than 9 years after the publication of the 
     final rule in the Federal Register; and
       ``(B) every 9 years thereafter.
       ``(c) In reviewing rules under the plan required under 
     subsection (a), the agency shall consider--
       ``(1) the continued need for the rule;
       ``(2) the nature of complaints received by the agency from 
     small entities concerning the rule;
       ``(3) comments by the Regulatory Enforcement Ombudsman and 
     the Chief Counsel for Advocacy of the Small Business 
     Administration;
       ``(4) the complexity of the rule;
       ``(5) the extent to which the rule overlaps, duplicates, or 
     conflicts with other Federal rules and, unless the head of 
     the agency determines it to be infeasible, State and local 
     rules;
       ``(6) the contribution of the rule to the cumulative 
     economic impact of all Federal rules on the class of small 
     entities affected by the rule, unless the head of the agency 
     determines that such a calculation cannot be made;
       ``(7) the length of time since the rule has been evaluated, 
     or the degree to which technology, economic conditions, or 
     other factors have changed in the area affected by the rule; 
     and
       ``(8) the economic impact of the rule, including--
       ``(A) the estimated number of small entities to which the 
     rule will apply;
       ``(B) the estimated number of small entity jobs that will 
     be lost or created due to the rule; and
       ``(C) the projected reporting, recordkeeping, and other 
     compliance requirements of the proposed rule, including--
       ``(i) an estimate of the classes of small entities that 
     will be subject to the requirement; and
       ``(ii) the type of professional skills necessary for 
     preparation of the report or record.
       ``(d)(1) Each agency shall submit an annual report 
     regarding the results of the review required under subsection 
     (a) to--
       ``(A) Congress; and
       ``(B) in the case of an agency that is not an independent 
     regulatory agency (as defined in section 3502(5) of title 
     44), the Administrator of the Office of Information and 
     Regulatory Affairs of the Office of Management and Budget.
       ``(2) Each report required under paragraph (1) shall 
     include a description of any rule or guide with respect to 
     which the agency made a determination of infeasibility under 
     paragraph (5) or (6) of subsection (c), together with a 
     detailed explanation of the reasons for the determination.
       ``(e) Each agency shall publish in the Federal Register and 
     on the Web site of the agency a list of the rules and small 
     entity compliance guides to be reviewed under the plan 
     required under subsection (a) that includes--
       ``(1) a brief description of each rule or guide;
       ``(2) for each rule, the reason why the head of the agency 
     determined that the rule has a significant economic impact on 
     a substantial number of small entities (without regard to 
     whether the agency had prepared a final regulatory 
     flexibility analysis for the rule); and
       ``(3) a request for comments from the public, the Chief 
     Counsel for Advocacy of the Small Business Administration, 
     and the Regulatory Enforcement Ombudsman concerning the 
     enforcement of the rules or publication of the guides.
       ``(f)(1) Not later than 6 months after each date described 
     in subsection (b)(1), the Inspector General for each agency 
     shall--
       ``(A) determine whether the agency has conducted the review 
     required under subsection (b) appropriately; and
       ``(B) notify the head of the agency of--
       ``(i) the results of the determination under subparagraph 
     (A); and
       ``(ii) any issues preventing the Inspector General from 
     determining that the agency has conducted the review under 
     subsection (b) appropriately.
       ``(2)(A) Not later than 6 months after the date on which 
     the head of an agency receives a notice under paragraph 
     (1)(B) that the agency has not conducted the review under 
     subsection (b) appropriately, the agency shall address the 
     issues identified in the notice.
       ``(B) Not later than 30 days after the last day of the 6-
     month period described in subparagraph (A), the Inspector 
     General for an agency that receives a notice described in 
     subparagraph (A) shall--
       ``(i) determine whether the agency has addressed the issues 
     identified in the notice; and
       ``(ii) notify Congress if the Inspector General determines 
     that the agency has not addressed the issues identified in 
     the notice; and
       ``(C) Not later than 30 days after the date on which the 
     Inspector General for an agency transmits a notice under 
     subparagraph (B)(ii), an amount equal to 1 percent of the 
     amount appropriated for the fiscal year to the appropriations 
     account of the agency that is used to pay salaries shall be 
     rescinded.
       ``(D) Nothing in this paragraph may be construed to prevent 
     Congress from acting to prevent a rescission under 
     subparagraph (C).''.

     SEC. _06. REQUIRING SMALL BUSINESS REVIEW PANELS FOR 
                   ADDITIONAL AGENCIES.

       (a) Agencies.--Section 609 of title 5, United States Code, 
     is amended--
       (1) in subsection (b)--
       (A) in the matter preceding paragraph (1), by striking ``a 
     covered agency'' and inserting ``an agency designated under 
     subsection (d)''; and
       (B) by striking ``a covered agency'' each place it appears 
     and inserting ``the agency'';
       (2) by striking subsection (d) and inserting the following:
       ``(d)(1) On and after the date of enactment of the Freedom 
     from Restrictive Excessive Executive Demands and Onerous 
     Mandates Act of 2012, the Environmental Protection Agency, 
     the Bureau of Consumer Financial Protection, and the 
     Occupational Safety and Health Administration of the 
     Department of Labor shall be--
       ``(A) agencies designated under this subsection; and
       ``(B) subject to the requirements of subsection (b).
       ``(2) The Chief Counsel for Advocacy shall designate as 
     agencies that shall be subject to the requirements of 
     subsection (b) on and after the date of the designation--
       ``(A) 3 agencies for the first year after the date of 
     enactment of the Freedom from Restrictive Excessive Executive 
     Demands and Onerous Mandates Act of 2012;
       ``(B) in addition to the agencies designated under 
     subparagraph (A), 3 agencies for the second year after the 
     date of enactment of the Freedom from Restrictive Excessive 
     Executive Demands and Onerous Mandates Act of 2012; and
       ``(C) in addition to the agencies designated under 
     subparagraphs (A) and (B), 3 agencies for the third year 
     after the date of enactment of the Freedom from Restrictive 
     Excessive Executive Demands and Onerous Mandates Act of 2012.
       ``(3) The Chief Counsel for Advocacy shall designate 
     agencies under paragraph (2) based on the economic impact of 
     the rules of the agency on small entities, beginning with 
     agencies with the largest economic impact on small 
     entities.''; and
       (3) in subsection (e)(1), by striking ``the covered 
     agency'' and inserting ``the agency''.
       (b) Technical and Conforming Amendments.--
       (1) Section 603.--Section 603(d) of title 5, United States 
     Code, is amended--
       (A) in paragraph (1), by striking ``a covered agency, as 
     defined in section 609(d)(2)'' and inserting ``the Bureau of 
     Consumer Financial Protection''; and
       (B) in paragraph (2), by striking ``A covered agency, as 
     defined in section 609(d)(2),'' and inserting ``The Bureau of 
     Consumer Financial Protection''.
       (2) Section 604.--Section 604(a) of title 5, United States 
     Code, is amended--

[[Page S4975]]

       (A) by redesignating the second paragraph designated as 
     paragraph (6) (relating to covered agencies), as added by 
     section 1100G(c)(3) of Public Law 111-203 (124 Stat. 2113), 
     as paragraph (7); and
       (B) in paragraph (7), as so redesignated--
       (i) by striking ``a covered agency, as defined in section 
     609(d)(2)'' and inserting ``the Bureau of Consumer Financial 
     Protection''; and
       (ii) by striking ``the agency'' and inserting ``the 
     Bureau''.

     SEC. _07. EXPANDING THE REGULATORY FLEXIBILITY ACT TO AGENCY 
                   GUIDANCE DOCUMENTS.

       Section 601(2) of title 5, United States Code, is amended 
     by inserting after ``public comment'' the following: ``and 
     any significant guidance document, as defined in the Office 
     of Management and Budget Final Bulletin for Agency Good 
     Guidance Procedures (72 Fed. Reg. 3432; January 25, 2007)''.

     SEC. _08. REQUIRING THE INTERNAL REVENUE SERVICE TO CONSIDER 
                   SMALL ENTITY IMPACT.

       (a) In General.--Section 603(a) of title 5, United States 
     Code, is amended, in the fifth sentence, by striking ``but 
     only'' and all that follows through the period at the end and 
     inserting ``but only to the extent that such interpretative 
     rules, or the statutes upon which such rules are based, 
     impose on small entities a collection of information 
     requirement or a recordkeeping requirement.''.
       (b) Definitions.--Section 601 of title 5, United States 
     Code, as amended by section _03 of this title, is amended--
       (1) in paragraph (6), by striking ``and'' at the end; and
       (2) by striking paragraphs (7) and (8) and inserting the 
     following:
       ``(7) the term `collection of information' has the meaning 
     given that term in section 3502(3) of title 44;
       ``(8) the term `recordkeeping requirement' has the meaning 
     given that term in section 3502(13) of title 44; and''.

     SEC. _09. REPORTING ON ENFORCEMENT ACTIONS RELATING TO SMALL 
                   ENTITIES.

       Section 223 of the Small Business Regulatory Enforcement 
     Fairness Act of 1996 (5 U.S.C. 601 note) is amended--
       (1) in subsection (a)--
       (A) by striking ``Each agency'' and inserting the 
     following:
       ``(1) Establishment of policy or program.--Each agency''; 
     and
       (B) by adding at the end the following:
       ``(2) Review of civil penalties.--Not later than 2 years 
     after the date of enactment of the Freedom from Restrictive 
     Excessive Executive Demands and Onerous Mandates Act of 2012, 
     and every 2 years thereafter, each agency regulating the 
     activities of small entities shall review the civil penalties 
     imposed by the agency for violations of a statutory or 
     regulatory requirement by a small entity to determine whether 
     a reduction or waiver of the civil penalties is 
     appropriate.''; and
       (2) in subsection (c)--
       (A) by striking ``Agencies shall report'' and all that 
     follows through ``the scope'' and inserting ``Not later than 
     2 years after the date of enactment of the Freedom from 
     Restrictive Excessive Executive Demands and Onerous Mandates 
     Act of 2012, and every 2 years thereafter, each agency shall 
     submit to the Committee on Small Business and 
     Entrepreneurship and the Committee on Homeland Security and 
     Governmental Affairs of the Senate and the Committee on Small 
     Business and the Committee on the Judiciary of the House of 
     Representatives a report discussing the scope''; and
       (B) by striking ``and the total amount of penalty 
     reductions and waivers'' and inserting ``the total amount of 
     penalty reductions and waivers, and the results of the most 
     recent review under subsection (a)(2)''.

     SEC. _10. REQUIRING MORE DETAILED SMALL ENTITY ANALYSES.

       (a) Initial Regulatory Flexibility Analysis.--Section 603 
     of title 5, United States Code, is amended--
       (1) by striking subsection (b) and inserting the following:
       ``(b) Each initial regulatory flexibility analysis required 
     under this section shall contain a detailed statement--
       ``(1) describing the reasons why action by the agency is 
     being considered;
       ``(2) describing the objectives of, and legal basis for, 
     the proposed rule;
       ``(3) estimating the number and type of small entities to 
     which the proposed rule will apply;
       ``(4) describing the projected reporting, recordkeeping, 
     and other compliance requirements of the proposed rule, 
     including an estimate of the classes of small entities which 
     will be subject to the requirement and the type of 
     professional skills necessary for preparation of the report 
     and record;
       ``(5) describing all relevant Federal rules which may 
     duplicate, overlap, or conflict with the proposed rule, or 
     the reasons why such a description could not be provided; and
       ``(6) estimating the additional cumulative economic impact 
     of the proposed rule on small entities, including job loss by 
     small entities, beyond that already imposed on the class of 
     small entities by the agency, or the reasons why such an 
     estimate is not available.''; and
       (2) by adding at the end the following:
       ``(e) An agency shall notify the Chief Counsel for Advocacy 
     of the Small Business Administration of any draft rules that 
     may have a significant economic impact on a substantial 
     number of small entities--
       ``(1) when the agency submits a draft rule to the Office of 
     Information and Regulatory Affairs of the Office of 
     Management and Budget under Executive Order 12866, if that 
     order requires the submission; or
       ``(2) if no submission to the Office of Information and 
     Regulatory Affairs is required--
       ``(A) a reasonable period before publication of the rule by 
     the agency; and
       ``(B) in any event, not later than 3 months before the date 
     on which the agency publishes the rule.''.
       (b) Final Regulatory Flexibility Analysis.--
       (1) In general.--Section 604(a) of title 5, United States 
     Code, is amended--
       (A) by inserting ``detailed'' before ``description'' each 
     place it appears;
       (B) in paragraph (2)--
       (i) by inserting ``detailed'' before ``statement'' each 
     place it appears; and
       (ii) by inserting ``(or certification of the proposed rule 
     under section 605(b))'' after ``initial regulatory 
     flexibility analysis'';
       (C) in paragraph (4), by striking ``an explanation'' and 
     inserting ``a detailed explanation''; and
       (D) in paragraph (6) (relating to a description of steps 
     taken to minimize significant economic impact), as added by 
     section 1601 of the Small Business Jobs Act of 2010 (Public 
     Law 111-240; 124 Stat. 2251), by inserting ``detailed'' 
     before ``statement''.
       (2) Publication of analysis on web site, etc.--Section 
     604(b) of title 5, United States Code, is amended to read as 
     follows:
       ``(b) The agency shall--
       ``(1) make copies of the final regulatory flexibility 
     analysis available to the public, including by publishing the 
     entire final regulatory flexibility analysis on the Web site 
     of the agency; and
       ``(2) publish in the Federal Register the final regulatory 
     flexibility analysis, or a summary of the analysis that 
     includes the telephone number, mailing address, and address 
     of the Web site where the complete final regulatory 
     flexibility analysis may be obtained.''.
       (c) Cross-References to Other Analyses.--Section 605(a) of 
     title 5, United States Code, is amended to read as follows:
       ``(a) A Federal agency shall be deemed to have satisfied a 
     requirement regarding the content of a regulatory flexibility 
     agenda or regulatory flexibility analysis under section 602, 
     603, or 604, if the Federal agency provides in the agenda or 
     regulatory flexibility analysis a cross-reference to the 
     specific portion of an agenda or analysis that is required by 
     another law and that satisfies the requirement under section 
     602, 603, or 604.''.
       (d) Certifications.--Section 605(b) of title 5, United 
     States Code, is amended, in the second sentence, by striking 
     ``statement providing the factual'' and inserting ``detailed 
     statement providing the factual and legal''.
       (e) Quantification Requirements.--Section 607 of title 5, 
     United States Code, is amended to read as follows:

     ``Sec. 607. Quantification requirements

       ``In complying with sections 603 and 604, an agency shall 
     provide--
       ``(1) a quantifiable or numerical description of the 
     effects of the proposed or final rule, including an estimate 
     of the potential for job loss, and alternatives to the 
     proposed or final rule; or
       ``(2) a more general descriptive statement regarding the 
     potential for job loss and a detailed statement explaining 
     why quantification under paragraph (1) is not practicable or 
     reliable.''.

     SEC. _11. ENSURING THAT AGENCIES CONSIDER SMALL ENTITY IMPACT 
                   DURING THE RULEMAKING PROCESS.

       Section 605(b) of title 5, United States Code, is amended--
       (1) by inserting ``(1)'' after ``(b)''; and
       (2) by adding at the end the following:
       ``(2) If, after publication of the certification required 
     under paragraph (1), the head of the agency determines that 
     there will be a significant economic impact on a substantial 
     number of small entities, the agency shall comply with the 
     requirements of section 603 before the publication of the 
     final rule, by--
       ``(A) publishing an initial regulatory flexibility analysis 
     for public comment; or
       ``(B) re-proposing the rule with an initial regulatory 
     flexibility analysis.
       ``(3) The head of an agency may not make a certification 
     relating to a rule under this subsection, unless the head of 
     the agency has determined--
       ``(A) the average cost of the rule for small entities 
     affected or reasonably presumed to be affected by the rule;
       ``(B) the number of small entities affected or reasonably 
     presumed to be affected by the rule; and
       ``(C) the number of affected small entities for which that 
     cost will be significant.
       ``(4) Before publishing a certification and a statement 
     providing the factual basis for the certification under 
     paragraph (1), the head of an agency shall--
       ``(A) transmit a copy of the certification and statement to 
     the Chief Counsel for Advocacy of the Small Business 
     Administration; and
       ``(B) consult with the Chief Counsel for Advocacy of the 
     Small Business Administration on the accuracy of the 
     certification and statement.''.

     SEC. _12. ADDITIONAL POWERS OF THE OFFICE OF ADVOCACY.

       Section 203 of Public Law 94-305 (15 U.S.C. 634c) is 
     amended--
       (1) in paragraph (5), by striking ``and'' at the end;

[[Page S4976]]

       (2) in paragraph (6), by striking the period at the end and 
     inserting ``; and''; and
       (3) by inserting after paragraph (6) the following:
       ``(7) at the discretion of the Chief Counsel for Advocacy, 
     comment on regulatory action by an agency that affects small 
     businesses, without regard to whether the agency is required 
     to file a notice of proposed rulemaking under section 553 of 
     title 5, United States Code, with respect to the action.''.

     SEC. _13. TECHNICAL AND CONFORMING AMENDMENTS.

       (a) Heading.--Section 605 of title 5, United States Code, 
     is amended, in the section heading, by striking ``Avoidance'' 
     and all that follows and inserting the following: 
     ``Incorporations by reference and certification.''.
       (b) Table of Sections.--The table of sections for chapter 6 
     of title 5, United States Code, is amended--
       (1) by striking the item relating to section 605 and 
     inserting the following:

``605. Incorporations by reference and certifications.'';

     and
       (2) by striking the item relating to section 607 inserting 
     the following:

``607. Quantification requirements.''.
                                 ______
                                 
  SA 2550. Ms. SNOWE (for herself and Mr. Coburn) submitted an 
amendment intended to be proposed to amendment SA 2521 proposed by Mr. 
Reid (for Ms. Landrieu) to the bill S. 2237, to provide a temporary 
income tax credit for increased payroll and extend bonus depreciation 
for an additional year, and for other purposes; which was ordered to 
lie on the table; as follows:

       At the end, add the following:

  TITLE __--FREEDOM FROM RESTRICTIVE EXCESSIVE EXECUTIVE DEMANDS AND 
                            ONEROUS MANDATES

     SEC. _01. SHORT TITLE.

       This title may be cited as the ``Freedom from Restrictive 
     Excessive Executive Demands and Onerous Mandates Act of 
     2012''.

     SEC. _02. FINDINGS.

       Congress finds the following:
       (1) A vibrant and growing small business sector is critical 
     to the recovery of the economy of the United States.
       (2) Regulations designed for application to large-scale 
     entities have been applied uniformly to small businesses and 
     other small entities, sometimes inhibiting the ability of 
     small entities to create new jobs.
       (3) Uniform Federal regulatory and reporting requirements 
     in many instances have imposed on small businesses and other 
     small entities unnecessary and disproportionately burdensome 
     demands, including legal, accounting, and consulting costs, 
     thereby threatening the viability of small entities and the 
     ability of small entities to compete and create new jobs in a 
     global marketplace.
       (4) Since 1980, Federal agencies have been required to 
     recognize and take account of the differences in the scale 
     and resources of regulated entities, but in many instances 
     have failed to do so.
       (5) In 2009, there were nearly 70,000 pages in the Federal 
     Register, and, according to research by the Office of 
     Advocacy of the Small Business Administration, the annual 
     cost of Federal regulations totals $1,750,000,000,000. Small 
     firms bear a disproportionate burden, paying approximately 36 
     percent more per employee than larger firms in annual 
     regulatory compliance costs.
       (6) All agencies in the Federal Government should fully 
     consider the costs, including indirect economic impacts and 
     the potential for job loss, of proposed rules, periodically 
     review existing regulations to determine their impact on 
     small entities, and repeal regulations that are unnecessarily 
     duplicative or have outlived their stated purpose.
       (7) It is the intention of Congress to amend chapter 6 of 
     title 5, United States Code, to ensure that all impacts, 
     including foreseeable indirect effects, of proposed and final 
     rules are considered by agencies during the rulemaking 
     process and that the agencies assess a full range of 
     alternatives that will limit adverse economic consequences, 
     enhance economic benefits, and fully address potential job 
     loss.

     SEC. _03. INCLUDING INDIRECT ECONOMIC IMPACT IN SMALL ENTITY 
                   ANALYSES.

       Section 601 of title 5, United States Code, is amended by 
     adding at the end the following:
       ``(9) the term `economic impact' means, with respect to a 
     proposed or final rule--
       ``(A) the economic effects on small entities directly 
     regulated by the rule; and
       ``(B) the reasonably foreseeable economic effects of the 
     rule on small entities that--
       ``(i) purchase products or services from, sell products or 
     services to, or otherwise conduct business with entities 
     directly regulated by the rule;
       ``(ii) are directly regulated by other governmental 
     entities as a result of the rule; or
       ``(iii) are not directly regulated by the agency as a 
     result of the rule but are otherwise subject to other agency 
     regulations as a result of the rule.''.

     SEC. _04. JUDICIAL REVIEW TO ALLOW SMALL ENTITIES TO 
                   CHALLENGE PROPOSED REGULATIONS.

       Section 611(a) of title 5, United States Code, is amended--
       (1) in paragraph (1), by inserting ``603,'' after ``601,'';
       (2) in paragraph (2), by inserting ``603,'' after ``601,'';
       (3) by striking paragraph (3) and inserting the following:
       ``(3) A small entity may seek such review during the 1-year 
     period beginning on the date of final agency action, except 
     that--
       ``(A) if a provision of law requires that an action 
     challenging a final agency action be commenced before the 
     expiration of 1 year, the lesser period shall apply to an 
     action for judicial review under this section; and
       ``(B) in the case of noncompliance with section 603 or 
     605(b), a small entity may seek judicial review of agency 
     compliance with such section before the close of the public 
     comment period.''; and
       (4) in paragraph (4)--
       (A) in subparagraph (A), by striking ``, and'' and 
     inserting a semicolon;
       (B) in subparagraph (B), by striking the period and 
     inserting ``; or''; and
       (C) by adding at the end the following:
       ``(C) issuing an injunction prohibiting an agency from 
     taking any agency action with respect to a rulemaking until 
     that agency is in compliance with the requirements of section 
     603 or 605.''.

     SEC. _05. PERIODIC REVIEW.

       Section 610 of title 5, United States Code, is amended to 
     read as follows:

     ``Sec. 610. Periodic review of rules

       ``(a)(1) Not later than 180 days after the date of 
     enactment of the Freedom from Restrictive Excessive Executive 
     Demands and Onerous Mandates Act of 2012, each agency shall 
     establish a plan for the periodic review of--
       ``(A) each rule issued by the agency that the head of the 
     agency determines has a significant economic impact on a 
     substantial number of small entities, without regard to 
     whether the agency performed an analysis under section 604 
     with respect to the rule; and
       ``(B) any small entity compliance guide required to be 
     published by the agency under section 212 of the Small 
     Business Regulatory Enforcement Fairness Act of 1996 (5 
     U.S.C. 601 note).
       ``(2) In reviewing rules and small entity compliance guides 
     under paragraph (1), the agency shall determine whether the 
     rules and guides should--
       ``(A) be amended or rescinded, consistent with the stated 
     objectives of applicable statutes, to minimize any 
     significant adverse economic impacts on a substantial number 
     of small entities (including an estimate of any adverse 
     impacts on job creation and employment by small entities); or
       ``(B) continue in effect without change.
       ``(3) Each agency shall publish the plan established under 
     paragraph (1) in the Federal Register and on the Web site of 
     the agency.
       ``(4) An agency may amend the plan established under 
     paragraph (1) at any time by publishing the amendment in the 
     Federal Register and on the Web site of the agency.
       ``(b) Each plan established under subsection (a) shall 
     provide for--
       ``(1) the review of each rule and small entity compliance 
     guide described in subsection (a)(1) in effect on the date of 
     enactment of the Freedom from Restrictive Excessive Executive 
     Demands and Onerous Mandates Act of 2012--
       ``(A) not later than 9 years after the date of publication 
     of the plan in the Federal Register; and
       ``(B) every 9 years thereafter; and
       ``(2) the review of each rule adopted and small entity 
     compliance guide described in subsection (a)(1) that is 
     published after the date of enactment of the Freedom from 
     Restrictive Excessive Executive Demands and Onerous Mandates 
     Act of 2012--
       ``(A) not later than 9 years after the publication of the 
     final rule in the Federal Register; and
       ``(B) every 9 years thereafter.
       ``(c) In reviewing rules under the plan required under 
     subsection (a), the agency shall consider--
       ``(1) the continued need for the rule;
       ``(2) the nature of complaints received by the agency from 
     small entities concerning the rule;
       ``(3) comments by the Regulatory Enforcement Ombudsman and 
     the Chief Counsel for Advocacy of the Small Business 
     Administration;
       ``(4) the complexity of the rule;
       ``(5) the extent to which the rule overlaps, duplicates, or 
     conflicts with other Federal rules and, unless the head of 
     the agency determines it to be infeasible, State and local 
     rules;
       ``(6) the contribution of the rule to the cumulative 
     economic impact of all Federal rules on the class of small 
     entities affected by the rule, unless the head of the agency 
     determines that such a calculation cannot be made;
       ``(7) the length of time since the rule has been evaluated, 
     or the degree to which technology, economic conditions, or 
     other factors have changed in the area affected by the rule; 
     and
       ``(8) the economic impact of the rule, including--
       ``(A) the estimated number of small entities to which the 
     rule will apply;
       ``(B) the estimated number of small entity jobs that will 
     be lost or created due to the rule; and
       ``(C) the projected reporting, recordkeeping, and other 
     compliance requirements of the proposed rule, including--
       ``(i) an estimate of the classes of small entities that 
     will be subject to the requirement; and

[[Page S4977]]

       ``(ii) the type of professional skills necessary for 
     preparation of the report or record.
       ``(d)(1) Each agency shall submit an annual report 
     regarding the results of the review required under subsection 
     (a) to--
       ``(A) Congress; and
       ``(B) in the case of an agency that is not an independent 
     regulatory agency (as defined in section 3502(5) of title 
     44), the Administrator of the Office of Information and 
     Regulatory Affairs of the Office of Management and Budget.
       ``(2) Each report required under paragraph (1) shall 
     include a description of any rule or guide with respect to 
     which the agency made a determination of infeasibility under 
     paragraph (5) or (6) of subsection (c), together with a 
     detailed explanation of the reasons for the determination.
       ``(e) Each agency shall publish in the Federal Register and 
     on the Web site of the agency a list of the rules and small 
     entity compliance guides to be reviewed under the plan 
     required under subsection (a) that includes--
       ``(1) a brief description of each rule or guide;
       ``(2) for each rule, the reason why the head of the agency 
     determined that the rule has a significant economic impact on 
     a substantial number of small entities (without regard to 
     whether the agency had prepared a final regulatory 
     flexibility analysis for the rule); and
       ``(3) a request for comments from the public, the Chief 
     Counsel for Advocacy of the Small Business Administration, 
     and the Regulatory Enforcement Ombudsman concerning the 
     enforcement of the rules or publication of the guides.
       ``(f)(1) Not later than 6 months after each date described 
     in subsection (b)(1), the Inspector General for each agency 
     shall--
       ``(A) determine whether the agency has conducted the review 
     required under subsection (b) appropriately; and
       ``(B) notify the head of the agency of--
       ``(i) the results of the determination under subparagraph 
     (A); and
       ``(ii) any issues preventing the Inspector General from 
     determining that the agency has conducted the review under 
     subsection (b) appropriately.
       ``(2)(A) Not later than 6 months after the date on which 
     the head of an agency receives a notice under paragraph 
     (1)(B) that the agency has not conducted the review under 
     subsection (b) appropriately, the agency shall address the 
     issues identified in the notice.
       ``(B) Not later than 30 days after the last day of the 6-
     month period described in subparagraph (A), the Inspector 
     General for an agency that receives a notice described in 
     subparagraph (A) shall--
       ``(i) determine whether the agency has addressed the issues 
     identified in the notice; and
       ``(ii) notify Congress if the Inspector General determines 
     that the agency has not addressed the issues identified in 
     the notice; and
       ``(C) Not later than 30 days after the date on which the 
     Inspector General for an agency transmits a notice under 
     subparagraph (B)(ii), an amount equal to 1 percent of the 
     amount appropriated for the fiscal year to the appropriations 
     account of the agency that is used to pay salaries shall be 
     rescinded.
       ``(D) Nothing in this paragraph may be construed to prevent 
     Congress from acting to prevent a rescission under 
     subparagraph (C).''.

     SEC. _06. REQUIRING SMALL BUSINESS REVIEW PANELS FOR 
                   ADDITIONAL AGENCIES.

       (a) Agencies.--Section 609 of title 5, United States Code, 
     is amended--
       (1) in subsection (b)--
       (A) in the matter preceding paragraph (1), by striking ``a 
     covered agency'' and inserting ``an agency designated under 
     subsection (d)''; and
       (B) by striking ``a covered agency'' each place it appears 
     and inserting ``the agency'';
       (2) by striking subsection (d) and inserting the following:
       ``(d)(1) On and after the date of enactment of the Freedom 
     from Restrictive Excessive Executive Demands and Onerous 
     Mandates Act of 2012, the Environmental Protection Agency, 
     the Bureau of Consumer Financial Protection, and the 
     Occupational Safety and Health Administration of the 
     Department of Labor shall be--
       ``(A) agencies designated under this subsection; and
       ``(B) subject to the requirements of subsection (b).
       ``(2) The Chief Counsel for Advocacy shall designate as 
     agencies that shall be subject to the requirements of 
     subsection (b) on and after the date of the designation--
       ``(A) 3 agencies for the first year after the date of 
     enactment of the Freedom from Restrictive Excessive Executive 
     Demands and Onerous Mandates Act of 2012;
       ``(B) in addition to the agencies designated under 
     subparagraph (A), 3 agencies for the second year after the 
     date of enactment of the Freedom from Restrictive Excessive 
     Executive Demands and Onerous Mandates Act of 2012; and
       ``(C) in addition to the agencies designated under 
     subparagraphs (A) and (B), 3 agencies for the third year 
     after the date of enactment of the Freedom from Restrictive 
     Excessive Executive Demands and Onerous Mandates Act of 2012.
       ``(3) The Chief Counsel for Advocacy shall designate 
     agencies under paragraph (2) based on the economic impact of 
     the rules of the agency on small entities, beginning with 
     agencies with the largest economic impact on small 
     entities.''; and
       (3) in subsection (e)(1), by striking ``the covered 
     agency'' and inserting ``the agency''.
       (b) Technical and Conforming Amendments.--
       (1) Section 603.--Section 603(d) of title 5, United States 
     Code, is amended--
       (A) in paragraph (1), by striking ``a covered agency, as 
     defined in section 609(d)(2)'' and inserting ``the Bureau of 
     Consumer Financial Protection''; and
       (B) in paragraph (2), by striking ``A covered agency, as 
     defined in section 609(d)(2),'' and inserting ``The Bureau of 
     Consumer Financial Protection''.
       (2) Section 604.--Section 604(a) of title 5, United States 
     Code, is amended--
       (A) by redesignating the second paragraph designated as 
     paragraph (6) (relating to covered agencies), as added by 
     section 1100G(c)(3) of Public Law 111-203 (124 Stat. 2113), 
     as paragraph (7); and
       (B) in paragraph (7), as so redesignated--
       (i) by striking ``a covered agency, as defined in section 
     609(d)(2)'' and inserting ``the Bureau of Consumer Financial 
     Protection''; and
       (ii) by striking ``the agency'' and inserting ``the 
     Bureau''.

     SEC. _07. EXPANDING THE REGULATORY FLEXIBILITY ACT TO AGENCY 
                   GUIDANCE DOCUMENTS.

       Section 601(2) of title 5, United States Code, is amended 
     by inserting after ``public comment'' the following: ``and 
     any significant guidance document, as defined in the Office 
     of Management and Budget Final Bulletin for Agency Good 
     Guidance Procedures (72 Fed. Reg. 3432; January 25, 2007)''.

     SEC. _08. REQUIRING THE INTERNAL REVENUE SERVICE TO CONSIDER 
                   SMALL ENTITY IMPACT.

       (a) In General.--Section 603(a) of title 5, United States 
     Code, is amended, in the fifth sentence, by striking ``but 
     only'' and all that follows through the period at the end and 
     inserting ``but only to the extent that such interpretative 
     rules, or the statutes upon which such rules are based, 
     impose on small entities a collection of information 
     requirement or a recordkeeping requirement.''.
       (b) Definitions.--Section 601 of title 5, United States 
     Code, as amended by section _03 of this title, is amended--
       (1) in paragraph (6), by striking ``and'' at the end; and
       (2) by striking paragraphs (7) and (8) and inserting the 
     following:
       ``(7) the term `collection of information' has the meaning 
     given that term in section 3502(3) of title 44;
       ``(8) the term `recordkeeping requirement' has the meaning 
     given that term in section 3502(13) of title 44; and''.

     SEC. _09. REPORTING ON ENFORCEMENT ACTIONS RELATING TO SMALL 
                   ENTITIES.

       Section 223 of the Small Business Regulatory Enforcement 
     Fairness Act of 1996 (5 U.S.C. 601 note) is amended--
       (1) in subsection (a)--
       (A) by striking ``Each agency'' and inserting the 
     following:
       ``(1) Establishment of policy or program.--Each agency''; 
     and
       (B) by adding at the end the following:
       ``(2) Review of civil penalties.--Not later than 2 years 
     after the date of enactment of the Freedom from Restrictive 
     Excessive Executive Demands and Onerous Mandates Act of 2012, 
     and every 2 years thereafter, each agency regulating the 
     activities of small entities shall review the civil penalties 
     imposed by the agency for violations of a statutory or 
     regulatory requirement by a small entity to determine whether 
     a reduction or waiver of the civil penalties is 
     appropriate.''; and
       (2) in subsection (c)--
       (A) by striking ``Agencies shall report'' and all that 
     follows through ``the scope'' and inserting ``Not later than 
     2 years after the date of enactment of the Freedom from 
     Restrictive Excessive Executive Demands and Onerous Mandates 
     Act of 2012, and every 2 years thereafter, each agency shall 
     submit to the Committee on Small Business and 
     Entrepreneurship and the Committee on Homeland Security and 
     Governmental Affairs of the Senate and the Committee on Small 
     Business and the Committee on the Judiciary of the House of 
     Representatives a report discussing the scope''; and
       (B) by striking ``and the total amount of penalty 
     reductions and waivers'' and inserting ``the total amount of 
     penalty reductions and waivers, and the results of the most 
     recent review under subsection (a)(2)''.

     SEC. _10. REQUIRING MORE DETAILED SMALL ENTITY ANALYSES.

       (a) Initial Regulatory Flexibility Analysis.--Section 603 
     of title 5, United States Code, is amended--
       (1) by striking subsection (b) and inserting the following:
       ``(b) Each initial regulatory flexibility analysis required 
     under this section shall contain a detailed statement--
       ``(1) describing the reasons why action by the agency is 
     being considered;
       ``(2) describing the objectives of, and legal basis for, 
     the proposed rule;
       ``(3) estimating the number and type of small entities to 
     which the proposed rule will apply;
       ``(4) describing the projected reporting, recordkeeping, 
     and other compliance requirements of the proposed rule, 
     including

[[Page S4978]]

     an estimate of the classes of small entities which will be 
     subject to the requirement and the type of professional 
     skills necessary for preparation of the report and record;
       ``(5) describing all relevant Federal rules which may 
     duplicate, overlap, or conflict with the proposed rule, or 
     the reasons why such a description could not be provided; and
       ``(6) estimating the additional cumulative economic impact 
     of the proposed rule on small entities, including job loss by 
     small entities, beyond that already imposed on the class of 
     small entities by the agency, or the reasons why such an 
     estimate is not available.''; and
       (2) by adding at the end the following:
       ``(e) An agency shall notify the Chief Counsel for Advocacy 
     of the Small Business Administration of any draft rules that 
     may have a significant economic impact on a substantial 
     number of small entities--
       ``(1) when the agency submits a draft rule to the Office of 
     Information and Regulatory Affairs of the Office of 
     Management and Budget under Executive Order 12866, if that 
     order requires the submission; or
       ``(2) if no submission to the Office of Information and 
     Regulatory Affairs is required--
       ``(A) a reasonable period before publication of the rule by 
     the agency; and
       ``(B) in any event, not later than 3 months before the date 
     on which the agency publishes the rule.''.
       (b) Final Regulatory Flexibility Analysis.--
       (1) In general.--Section 604(a) of title 5, United States 
     Code, is amended--
       (A) by inserting ``detailed'' before ``description'' each 
     place it appears;
       (B) in paragraph (2)--
       (i) by inserting ``detailed'' before ``statement'' each 
     place it appears; and
       (ii) by inserting ``(or certification of the proposed rule 
     under section 605(b))'' after ``initial regulatory 
     flexibility analysis'';
       (C) in paragraph (4), by striking ``an explanation'' and 
     inserting ``a detailed explanation''; and
       (D) in paragraph (6) (relating to a description of steps 
     taken to minimize significant economic impact), as added by 
     section 1601 of the Small Business Jobs Act of 2010 (Public 
     Law 111-240; 124 Stat. 2251), by inserting ``detailed'' 
     before ``statement''.
       (2) Publication of analysis on web site, etc.--Section 
     604(b) of title 5, United States Code, is amended to read as 
     follows:
       ``(b) The agency shall--
       ``(1) make copies of the final regulatory flexibility 
     analysis available to the public, including by publishing the 
     entire final regulatory flexibility analysis on the Web site 
     of the agency; and
       ``(2) publish in the Federal Register the final regulatory 
     flexibility analysis, or a summary of the analysis that 
     includes the telephone number, mailing address, and address 
     of the Web site where the complete final regulatory 
     flexibility analysis may be obtained.''.
       (c) Cross-References to Other Analyses.--Section 605(a) of 
     title 5, United States Code, is amended to read as follows:
       ``(a) A Federal agency shall be deemed to have satisfied a 
     requirement regarding the content of a regulatory flexibility 
     agenda or regulatory flexibility analysis under section 602, 
     603, or 604, if the Federal agency provides in the agenda or 
     regulatory flexibility analysis a cross-reference to the 
     specific portion of an agenda or analysis that is required by 
     another law and that satisfies the requirement under section 
     602, 603, or 604.''.
       (d) Certifications.--Section 605(b) of title 5, United 
     States Code, is amended, in the second sentence, by striking 
     ``statement providing the factual'' and inserting ``detailed 
     statement providing the factual and legal''.
       (e) Quantification Requirements.--Section 607 of title 5, 
     United States Code, is amended to read as follows:

     ``Sec. 607. Quantification requirements

       ``In complying with sections 603 and 604, an agency shall 
     provide--
       ``(1) a quantifiable or numerical description of the 
     effects of the proposed or final rule, including an estimate 
     of the potential for job loss, and alternatives to the 
     proposed or final rule; or
       ``(2) a more general descriptive statement regarding the 
     potential for job loss and a detailed statement explaining 
     why quantification under paragraph (1) is not practicable or 
     reliable.''.

     SEC. _11. ENSURING THAT AGENCIES CONSIDER SMALL ENTITY IMPACT 
                   DURING THE RULEMAKING PROCESS.

       Section 605(b) of title 5, United States Code, is amended--
       (1) by inserting ``(1)'' after ``(b)''; and
       (2) by adding at the end the following:
       ``(2) If, after publication of the certification required 
     under paragraph (1), the head of the agency determines that 
     there will be a significant economic impact on a substantial 
     number of small entities, the agency shall comply with the 
     requirements of section 603 before the publication of the 
     final rule, by--
       ``(A) publishing an initial regulatory flexibility analysis 
     for public comment; or
       ``(B) re-proposing the rule with an initial regulatory 
     flexibility analysis.
       ``(3) The head of an agency may not make a certification 
     relating to a rule under this subsection, unless the head of 
     the agency has determined--
       ``(A) the average cost of the rule for small entities 
     affected or reasonably presumed to be affected by the rule;
       ``(B) the number of small entities affected or reasonably 
     presumed to be affected by the rule; and
       ``(C) the number of affected small entities for which that 
     cost will be significant.
       ``(4) Before publishing a certification and a statement 
     providing the factual basis for the certification under 
     paragraph (1), the head of an agency shall--
       ``(A) transmit a copy of the certification and statement to 
     the Chief Counsel for Advocacy of the Small Business 
     Administration; and
       ``(B) consult with the Chief Counsel for Advocacy of the 
     Small Business Administration on the accuracy of the 
     certification and statement.''.

     SEC. _12. ADDITIONAL POWERS OF THE OFFICE OF ADVOCACY.

       Section 203 of Public Law 94-305 (15 U.S.C. 634c) is 
     amended--
       (1) in paragraph (5), by striking ``and'' at the end;
       (2) in paragraph (6), by striking the period at the end and 
     inserting ``; and''; and
       (3) by inserting after paragraph (6) the following:
       ``(7) at the discretion of the Chief Counsel for Advocacy, 
     comment on regulatory action by an agency that affects small 
     businesses, without regard to whether the agency is required 
     to file a notice of proposed rulemaking under section 553 of 
     title 5, United States Code, with respect to the action.''.

     SEC. _13. TECHNICAL AND CONFORMING AMENDMENTS.

       (a) Heading.--Section 605 of title 5, United States Code, 
     is amended, in the section heading, by striking ``Avoidance'' 
     and all that follows and inserting the following: 
     ``Incorporations by reference and certification.''.
       (b) Table of Sections.--The table of sections for chapter 6 
     of title 5, United States Code, is amended--
       (1) by striking the item relating to section 605 and 
     inserting the following:

``605. Incorporations by reference and certifications.'';

     and
       (2) by striking the item relating to section 607 inserting 
     the following:

``607. Quantification requirements.''.
                                 ______
                                 
  SA 2551. Ms. SNOWE (for herself and Mr. Coburn) submitted an 
amendment intended to be proposed to amendment SA 2521 proposed by Mr. 
Reid (for Ms. Landrieu) to the bill S. 2237, to provide a temporary 
income tax credit for increased payroll and extend bonus depreciation 
for an additional year, and for other purposes; which was ordered to 
lie on the table; as follows:

       At the end, add the following:

     SEC. __. INCLUDING INDIRECT ECONOMIC IMPACT IN SMALL ENTITY 
                   ANALYSES.

       Section 601 of title 5, United States Code, is amended--
       (1) in paragraph (6), by striking ``and'' at the end;
       (2) in paragraph (7)(B), by striking the period at the end 
     and inserting a semicolon;
       (3) in paragraph (8)--
       (A) by striking ``recordkeeping requirement.--The'' and 
     inserting ``the''; and
       (B) by striking the period at the end and inserting ``; 
     and''; and
       (4) by adding at the end the following:
       ``(9) the term `economic impact' means, with respect to a 
     proposed or final rule--
       ``(A) the economic effects on small entities directly 
     regulated by the rule; and
       ``(B) the reasonably foreseeable economic effects of the 
     rule on small entities that--
       ``(i) purchase products or services from, sell products or 
     services to, or otherwise conduct business with entities 
     directly regulated by the rule;
       ``(ii) are directly regulated by other governmental 
     entities as a result of the rule; or
       ``(iii) are not directly regulated by the agency as a 
     result of the rule but are otherwise subject to other agency 
     regulations as a result of the rule.''.
                                 ______
                                 
  SA 2552. Ms. SNOWE (for herself and Mr. Coburn) submitted an 
amendment intended to be proposed to amendment SA 2521 proposed by Mr. 
Reid (for Ms. Landrieu) to the bill S. 2237, to provide a temporary 
income tax credit for increased payroll and extend bonus depreciation 
for an additional year, and for other purposes; which was ordered to 
lie on the table; as follows:

       At the end, add the following:

     SEC. __. INCLUDING INDIRECT ECONOMIC IMPACT IN SMALL ENTITY 
                   ANALYSES.

       Section 601 of title 5, United States Code, is amended--
       (1) in paragraph (6), by striking ``and'' at the end;
       (2) in paragraph (7)(B), by striking the period at the end 
     and inserting a semicolon;
       (3) in paragraph (8)--
       (A) by striking ``recordkeeping requirement.--The'' and 
     inserting ``the''; and
       (B) by striking the period at the end and inserting ``; 
     and''; and
       (4) by adding at the end the following:
       ``(9) the term `economic impact' means, with respect to a 
     proposed or final rule--
       ``(A) the economic effects on small entities directly 
     regulated by the rule; and
       ``(B) the reasonably foreseeable economic effects of the 
     rule on small entities that--

[[Page S4979]]

       ``(i) purchase products or services from, sell products or 
     services to, or otherwise conduct business with entities 
     directly regulated by the rule;
       ``(ii) are directly regulated by other governmental 
     entities as a result of the rule; or
       ``(iii) are not directly regulated by the agency as a 
     result of the rule but are otherwise subject to other agency 
     regulations as a result of the rule.''.
                                 ______
                                 
  SA 2553. Mr. REID (for Mrs. Gillibrand (for herself, Mr. Isakson, Mr. 
Chambliss, and Mr. Durbin)) proposed an amendment to the bill H.R. 
2527, to require the Secretary of the Treasury to mint coins in 
recognition and celebration of the National Baseball Hall of Fame; as 
follows:

       Strike all after the enacting clause and insert the 
     following:

     SECTION 1. SHORT TITLE.

       This Act may be cited as the ``National Baseball Hall of 
     Fame Commemorative Coin Act''.

     SEC. 2. FINDINGS.

       The Congress finds the following:
       (1) On June 12, 1939, the National Baseball Hall of Fame 
     and Museum opened in Cooperstown, New York. Ty Cobb, Walter 
     Johnson, Christy Mathewson, Babe Ruth, and Honus Wagner 
     comprised the inaugural class of inductees. This class set 
     the standard for all future inductees. Since 1939, just one 
     percent of all Major League Baseball players have earned 
     induction into the National Baseball Hall of Fame.
       (2) The National Baseball Hall of Fame and Museum is 
     dedicated to preserving history, honoring excellence, and 
     connecting generations through the rich history of our 
     national pastime. Baseball has mirrored our Nation's history 
     since the Civil War, and is now an integral part of our 
     Nation's heritage.
       (3) The National Baseball Hall of Fame and Museum 
     chronicles the history of our national pastime and houses the 
     world's largest collection of baseball artifacts, including 
     more than 38,000 three dimensional artifacts, 3,000,000 
     documents, 500,000 photographs, and 12,000 hours of recorded 
     media. This collection ensures that baseball history and its 
     unique connection to American history will be preserved and 
     recounted for future generations.
       (4) Since its opening in 1939, more than 14,000,000 
     baseball fans have visited the National Baseball Hall of Fame 
     and Museum to learn about the history of our national pastime 
     and the game's connection to the American experience.
       (5) The National Baseball Hall of Fame and Museum is an 
     educational institution, reaching 10,000,000 Americans 
     annually. Utilizing video conference technology, students and 
     teachers participate in interactive lessons led by educators 
     from the National Baseball Hall of Fame Museum. These award-
     winning educational programs draw upon the wonders of 
     baseball to reach students in classrooms nationwide. Each 
     educational program uses baseball as a lens for teaching 
     young Americans important lessons on an array of topics, 
     including mathematics, geography, civil rights, women's 
     history, economics, industrial technology, arts, and 
     communication.

     SEC. 3. COIN SPECIFICATIONS.

       (a) Denominations.--In recognition and celebration of the 
     National Baseball Hall of Fame, the Secretary of the Treasury 
     (hereafter in this Act referred to as the ``Secretary'') 
     shall mint and issue the following coins:
       (1) $5 gold coins.--Not more than 50,000 $5 coins, which 
     shall--
       (A) weigh 8.359 grams;
       (B) have diameter of 0.850 inches; and
       (C) contain 90 percent gold and 10 percent alloy.
       (2) $1 silver coins.--Not more than 400,000 $1 coins, which 
     shall--
       (A) weigh 26.73 grams;
       (B) have a diameter of 1.500 inches; and
       (C) contain 90 percent silver and 10 percent copper.
       (3) Half-dollar clad coins.--Not more than 750,000 half-
     dollar coins which shall--
       (A) weigh 11.34 grams;
       (B) have a diameter of 1.205 inches; and
       (C) be minted to the specifications for half-dollar coins 
     contained in section 5112(b) of title 31, United States Code.
       (b) Legal Tender.--The coins minted under this Act shall be 
     legal tender, as provided in section 5103 of title 31, United 
     States Code.
       (c) Numismatic Items.--For purposes of sections 5134 and 
     5136 of title 31, United States Code, all coins minted under 
     this Act shall be considered to be numismatic items.
       (d) Sense of Congress.--It is the sense of Congress that, 
     to the extent possible without significantly adding to the 
     purchase price of the coins, the $1 coins and $5 coins minted 
     under this Act should be produced in a fashion similar to the 
     2009 International Year of Astronomy coins issued by Monnaie 
     de Paris, the French Mint, so that the reverse of the coin is 
     convex to more closely resemble a baseball and the obverse 
     concave, providing a more dramatic display of the obverse 
     design chosen pursuant to section 4(c).

     SEC. 4. DESIGN OF COINS.

       (a) In General.--The design for the coins minted under this 
     Act shall be--
       (1) selected by the Secretary after consultation with--
       (A) the National Baseball Hall of Fame;
       (B) the Commission of Fine Arts; and
       (2) reviewed by the Citizens Commemorative Coin Advisory 
     Committee.
       (b) Designations and Inscriptions.--On each coin minted 
     under this Act there shall be--
       (1) a designation of the value of the coin;
       (2) an inscription of the year ``2014''; and
       (3) inscriptions of the words ``Liberty'', ``In God We 
     Trust'', ``United States of America'', and ``E Pluribus 
     Unum''.
       (c) Selection and Approval Process for Obverse Design.--
       (1) In general.--The Secretary shall hold a competition to 
     determine the design of the common obverse of the coins 
     minted under this Act, with such design being emblematic of 
     the game of baseball.
       (2) Selection and approval.--Proposals for the design of 
     coins minted under this Act may be submitted in accordance 
     with the design selection and approval process developed by 
     the Secretary in the sole discretion of the Secretary. The 
     Secretary shall encourage 3-dimensional models to be 
     submitted as part of the design proposals.
       (3) Proposals.--As part of the competition described in 
     this subsection, the Secretary may accept proposals from 
     artists, engravers of the United States Mint, and members of 
     the general public.
       (4) Compensation.--The Secretary shall determine 
     compensation for the winning design under this subsection, 
     which shall be not less than $5,000. The Secretary shall take 
     into account this compensation amount when determining the 
     sale price described in section 6(a).
       (d) Reverse Design.--The design on the common reverse of 
     the coins minted under this Act shall depict a baseball 
     similar to those used by Major League Baseball.

     SEC. 5. ISSUANCE OF COINS.

       (a) Quality of Coins.--Coins minted under this Act shall be 
     issued in uncirculated and proof qualities.
       (b) Period for Issuance.--The Secretary may issue coins 
     minted under this Act only during the 1-year period beginning 
     on January 1, 2014.

     SEC. 6. SALE OF COINS.

       (a) Sale Price.--The coins issued under this Act shall be 
     sold by the Secretary at a price equal to the sum of--
       (1) the face value of the coins;
       (2) the surcharge provided in section 7(a) with respect to 
     such coins; and
       (3) the cost of designing and issuing the coins (including 
     labor, materials, dies, use of machinery, winning design 
     compensation, overhead expenses, marketing, and shipping).
       (b) Bulk Sales.--The Secretary shall make bulk sales of the 
     coins issued under this Act at a reasonable discount.
       (c) Prepaid Orders.--
       (1) In general.--The Secretary shall accept prepaid orders 
     for the coins minted under this Act before the issuance of 
     such coins.
       (2) Discount.--Sale prices with respect to prepaid orders 
     under paragraph (1) shall be at a reasonable discount.

     SEC. 7. SURCHARGES.

       (a) In General.--All sales of coins minted under this Act 
     shall include a surcharge as follows:
       (1) A surcharge of $35 per coin for the $5 coin.
       (2) A surcharge of $10 per coin for the $1 coin.
       (3) A surcharge of $5 per coin for the half-dollar coin.
       (b) Distribution.--Subject to section 5134(f) of title 31, 
     United States Code, all surcharges received by the Secretary 
     from the sale of coins issued under this Act shall be 
     promptly paid by the Secretary to the National Baseball Hall 
     of Fame to help finance its operations.
       (c) Audits.--The National Baseball Hall of Fame shall be 
     subject to the audit requirements of section 5134(f)(2) of 
     title 31, United States Code, with regard to the amounts 
     received under subsection (b).
       (d) Limitation.--Notwithstanding subsection (a), no 
     surcharge may be included with respect to the issuance under 
     this Act of any coin during a calendar year if, as of the 
     time of such issuance, the issuance of such coin would result 
     in the number of commemorative coin programs issued during 
     such year to exceed the annual commemorative coin program 
     issuance limitation under section 5112(m)(1) of title 31, 
     United States Code (as in effect on the date of the enactment 
     of this Act). The Secretary of the Treasury may issue 
     guidance to carry out this subsection.

     SEC. 8. FINANCIAL ASSURANCES.

       The Secretary shall take such actions as may be necessary 
     to ensure that--
       (1) minting and issuing coins under this Act will not 
     result in any net cost to the United States Government; and
       (2) no funds, including applicable surcharges, are 
     disbursed to any recipient designated in section 7 until the 
     total cost of designing and issuing all of the coins 
     authorized by this Act (including labor, materials, dies, use 
     of machinery, winning design compensation, overhead expenses, 
     marketing, and shipping) is recovered by the United States 
     Treasury, consistent with sections 5112(m) and 5134(f) of 
     title 31, United States Code.

     SEC. 9. BUDGET COMPLIANCE.

       The budgetary effects of this Act, 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 Act, 
     submitted for printing in

[[Page S4980]]

     the Congressional Record by the Chairman of the Committee on 
     the Budget of the House of Representatives, provided that 
     such statement has been submitted prior to the vote on 
     passage.

                          ____________________