[Congressional Record Volume 168, Number 189 (Tuesday, December 6, 2022)]
[Senate]
[Pages S7002-S7003]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                           TEXT OF AMENDMENTS

  SA 6505. Ms. HASSAN (for Mr. Peters) proposed an amendment to the 
bill H.R. 7077, to require the United States Fire Administration to 
conduct on-site investigations of major fires, and for other purposes; 
as follows:

        Strike all after the enacting clause and insert the 
     following:

     SECTION 1. SHORT TITLE.

       This Act may be cited as the ``Empowering the U.S. Fire 
     Administration Act''.

     SEC. 2. FIRE SAFETY INVESTIGATIONS.

       The Federal Fire Prevention and Control Act of 1974 (15 
     U.S.C. 2201 et seq.) is amended by adding at the end the 
     following:

     ``SEC. 38. INVESTIGATION AUTHORITIES.

       ``(a) In General.--In the case of a major fire, the 
     Administrator may send incident investigators, which may 
     include safety specialists, fire protection engineers, codes 
     and standards experts, researchers, and fire training 
     specialists, to the site of the fire to conduct a fire safety 
     investigation as described in subsection (b).
       ``(b) Investigation Required.--A fire safety investigation 
     conducted under this section--
       ``(1) shall be conducted in coordination and cooperation 
     with appropriate Federal, State, local, Tribal, and 
     territorial authorities, including Federal agencies that are 
     authorized to investigate any fire; and
       ``(2) shall examine the previously determined cause and 
     origin of the fire and assess broader systematic matters to 
     include use of codes and standards, demographics, structural 
     characteristics, smoke and fire dynamics (movement) during 
     the event, and costs of associated injuries and deaths.
       ``(c) Report.--
       ``(1) In general.--Subject to paragraph (2), upon 
     concluding any fire safety investigation under this section, 
     the Administrator shall--
       ``(A) issue a public report to the appropriate Federal, 
     State, local, Tribal, and territorial authorities on the 
     findings of such investigation; or
       ``(B) collaborate with another investigating Federal, 
     State, local, Tribal, or territorial agency on the report of 
     that agency.
       ``(2) Exception.--If the Administrator, in consultation 
     with appropriate Federal, State, local, Tribal, and 
     territorial authorities determines that issuing a report 
     under paragraph (1) would have a negative impact on a 
     potential or ongoing criminal investigation, the 
     Administrator is not required to issue such report.
       ``(3) Contents.--Each public report issued under paragraph 
     (1) shall include recommendations on--
       ``(A) any other buildings with similar characteristics that 
     may bear similar fire risks;
       ``(B) improving tactical response to similar fires;
       ``(C) improving civilian safety practices;
       ``(D) assessing the costs and benefits to the community of 
     adding fire safety features; and
       ``(E) how to mitigate the causes of the fire.
       ``(d) Discretionary Authority.--In addition to a fire 
     safety investigation conducted pursuant to subsection (a), 
     provided doing so would not have a negative impact on a 
     potential or ongoing criminal investigation, the 
     Administrator may send fire investigators to conduct a fire 
     safety investigation at the site of any fire with unusual or 
     remarkable context that results in losses less severe than 
     those occurring as a result of a major fire, in coordination 
     and cooperation with the appropriate Federal, State, local, 
     Tribal, and territorial authorities, including Federal 
     agencies that are authorized to investigate the fire.
       ``(e) Construction.--Nothing in this section shall be 
     construed to--
       ``(1) affect or otherwise diminish the authorities or the 
     mandates vested in other Federal agencies;
       ``(2) grant the Administrator authority to investigate a 
     major fire for the purpose of an enforcement action or 
     criminal prosecution; or
       ``(3) require the Administrator to send investigators or 
     issue a report for a major fire when the Administrator, in 
     coordination and cooperation with the appropriate Federal, 
     State, local, Tribal, and territorial authorities, determine 
     that it may compromise a potential or ongoing criminal 
     investigation.
       ``(f) Major Fire Defined.--For purposes of this section, 
     the term `major fire' shall have the meaning given such term 
     under regulations to be issued by the Administrator.''.
                                 ______
                                 
  SA 6506. Ms. HASSAN (for Ms. Smith (for herself and Mr. Tillis)) 
proposed an amendment to the bill S. 3198, to direct the Securities and 
Exchange Commission to revise any rules necessary to enable issuers of 
index-linked annuities to register on a form tailored specifically to 
registered index-linked annuities, and for other purposes; as follows:

        Strike all after the enacting clause and insert the 
     following:

     SECTION 1. SHORT TITLE.

       This Act may be cited as the ``Registration for Index-
     Linked Annuities Act''.

     SEC. 2. PARITY FOR REGISTERED INDEX-LINKED ANNUITIES 
                   REGARDING REGISTRATION RULES.

       (a) Definitions.--In this section:
       (1) Commission.--The term ``Commission'' means the 
     Securities and Exchange Commission.
       (2) Investment company.--The term ``investment company'' 
     has the meaning given the term in section 3 of the Investment 
     Company Act of 1940 (15 U.S.C. 80a-3).
       (3) Market value adjustment.--The term ``market value 
     adjustment'' means, with respect to a registered index-linked 
     annuity, after an early withdrawal or contract 
     discontinuance--
       (A) an adjustment to the value of that annuity based on 
     calculations using a predetermined formula; or
       (B) a change in interest rates (or other factor, as 
     determined by the Commission) that apply to that annuity.
       (4) Purchaser.--The term ``purchaser'' means a purchaser of 
     a registered index-linked annuity.
       (5) Registered index-linked annuity.--The term ``registered 
     index-linked annuity'' means an annuity--
       (A) that is deemed to be a security;
       (B) that is registered with the Commission in accordance 
     with section 5 of the Securities Act of 1933 (15 U.S.C. 77e);
       (C) that is issued by an insurance company that is subject 
     to the supervision of--
       (i) the insurance commissioner or bank commissioner of any 
     State; or
       (ii) any agency or officer performing like functions as a 
     commissioner described in clause (i);
       (D) that is not issued by an investment company; and
       (E) the returns of which--
       (i) are based on the performance of a specified benchmark 
     index or rate (or a registered exchange traded fund that 
     seeks to track the performance of a specified benchmark index 
     or rate); and
       (ii) may be subject to a market value adjustment if amounts 
     are withdrawn before the end of the period during which that 
     market value adjustment applies.
       (6) Security.--The term ``security'' has the meaning given 
     the term in section 2(a) of the Securities Act of 1933 (15 
     U.S.C. 77b(a)).
       (b) Rules.--
       (1) In general.--Not later than 180 days after the date of 
     enactment of this Act, the Commission shall propose, and, not 
     later than 18 months after the date of enactment of this Act, 
     the Commission shall prepare and finalize, new or amended 
     rules, as appropriate, to establish a new form in accordance 
     with paragraph (2) on which an issuer of a registered index-
     linked annuity may register that registered index-linked 
     annuity, subject to conditions the Commission determines 
     appropriate, which may include requiring the issuer to take 
     the steps described in section 240.12h-7(e) of title 17, Code 
     of Federal Regulations, or any successor regulation, with 
     respect to the registered index-linked annuity.
       (2) Design of form.--In developing the form required to be 
     established under paragraph (1), the Commission shall--
       (A) design the form to ensure that a purchaser using the 
     form receives the information necessary to make knowledgeable 
     decisions, taking into account--
       (i) the availability of information;
       (ii) the knowledge and sophistication of that class of 
     purchasers;
       (iii) the complexity of the registered index-linked 
     annuity; and
       (iv) any other factor the Commission determines 
     appropriate;
       (B) engage in investor testing; and
       (C) incorporate the results of the testing required under 
     subparagraph (B) in the design of the form, with the goal of 
     ensuring that key information is conveyed in terms that a 
     purchaser is able to understand.
       (c) Treatment if Rules Not Prepared and Finalized in a 
     Timely Manner.--
       (1) In general.--If, as of the date that is 18 months after 
     the date of enactment of this Act, the Commission has failed 
     to prepare

[[Page S7003]]

     and finalize the rules required under subsection (b)(1), any 
     registered index-linked annuity may be registered on the form 
     described in section 239.17b of title 17, Code of Federal 
     Regulations, or any successor regulation.
       (2) Preparation.--A registration described in paragraph (1) 
     shall be prepared pursuant to applicable provisions of the 
     form described in that paragraph.
       (3) Termination.--This subsection shall terminate upon the 
     establishment by the Commission of the form described in 
     subsection (b).
       (d) Rules of Construction.--Nothing in this section may be 
     construed to--
       (1) limit the authority of the Commission to--
       (A) determine the information to be requested in the form 
     described in subsection (b); or
       (B) extend the eligibility for the form described in 
     subsection (b) to a product that is similar to, but is not, a 
     registered index-linked annuity; or
       (2) preempt any State law, regulation, rule, or order.

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