[Congressional Record (Bound Edition), Volume 156 (2010), Part 9]
[Senate]
[Pages 12383-12394]
[From the U.S. Government Publishing Office, www.gpo.gov]




                           TEXT OF AMENDMENTS

  SA 4431. Mr. COCHRAN (for himself, Ms. Landrieu, and Mr. Wicker) 
submitted an amendment intended to be proposed to amendment SA 4402 
proposed by Mr. Reid (for Mr. Baucus (for himself, Ms. Landrieu, and 
Mr. Reid)) to the bill H.R. 5297, to create the Small Business Lending 
Fund Program to direct the Secretary of the Treasury to make capital 
investments in eligible institutions in order to increase the 
availability of credit for small businesses, to amend the Internal 
Revenue Code of 1986 to provide tax incentives for small business job 
creation, and for other purposes; which was ordered to lie on the 
table; as follows:

       On page 128, between lines 19 and 20, insert the following:

     SEC. 1704. DISASTER LOANS PROGRAM ACCOUNT.

       (a) In General.--From unobligated balances in the 
     appropriations account appropriated under the heading 
     ``disaster loans program account'' under the heading ``Small 
     Business Administration'', up to $100,000,000 shall be 
     available to the Administrator of the Small Business 
     Administration (in this section referred to as the 
     ``Administrator'') to waive the payment, for a period

[[Page 12384]]

     of not more than 3 years, of not more than $15,000 in 
     interest on loans made under section 7(b) of the Small 
     Business Act (15 U.S.C. 636(b)) to businesses located in an 
     area affected by a hurricane occurring during 2005 or 2008 
     for which the President declared a major disaster under 
     section 401 of the Robert T. Stafford Disaster Relief and 
     Emergency Assistance Act (42 U.S.C. 5170).
       (b) Priority.--The Administrator shall, to the extent 
     practicable, give priority to an application for a waiver of 
     interest under the program established under this section by 
     a small business concern (as defined under section 3 of the 
     Small Business Act (15 U.S.C. 632)) with not more than 50 
     employees or that the Administrator determines suffered a 
     substantial economic injury as a result of the discharge of 
     oil that began in April 2010 in connection with the explosion 
     on, and sinking of, the mobile offshore drilling unit 
     Deepwater Horizon (in this section referred to as the 
     ``Deepwater Horizon oil spill'').
       (c) Termination.--The Administrator may not approve an 
     application under the program established under this section 
     after December 31, 2010.
       (d) Other Disasters.--If a disaster is declared under 
     section 7(b) of the Small Business Act (15 U.S.C.636(b)) 
     during the period beginning on the date of enactment of this 
     Act and ending on December 31, 2010, and to the extent there 
     are inadequate funds in the appropriations account described 
     in subsection (a) to provide assistance relating to the 
     disaster under section 7(b) of the Small Business Act and 
     waive the payment of interest under the program established 
     under this section, the Administrator shall give priority in 
     using the funds to applications under section 7(b) of the 
     Small Business Act relating to the disaster.
       (e) Reimbursement by Responsible Party.--The Administrator 
     may present a claim to the responsible party (as defined in 
     section 1001 of the Oil Pollution Act of 1990 (33 U.S.C. 
     2701)) for costs and expenses described in section 1012(a)(5) 
     of the Oil Pollution Act of 1990 (33 U.S.C. 2712(a)(5)) 
     relating to a waiver of interest under this section for a 
     business suffering a substantial economic injury as a result 
     of the Deepwater Horizon oil spill of 2010 in accordance with 
     section 1013 of the Oil Pollution Act of 1990 (33 U.S.C. 
     2713).
       (f) Budgetary Provision.--This section is designated as an 
     emergency for purposes of pay-as-you-go principles. The 
     amount made available under this section is designated as an 
     emergency requirement pursuant to sections 403(a) and 423(b) 
     of S. Con. Res. 13 (111th Congress), the concurrent 
     resolution on the budget for fiscal year 2010. The amount 
     made available under this section is designated as an 
     emergency requirement pursuant to section 4(g) of the 
     Statutory Pay-As-You-Go Act of 2010 (Public Law 111-139; 2 
     U.S.C. 933(g)).
                                 ______
                                 
  SA 4432. Mr. BEGICH submitted an amendment intended to be proposed to 
amendment SA 4402 proposed by Mr. Reid (for Mr. Baucus (for himself, 
Ms. Landrieu, and Mr. Reid)) to the bill H.R. 5297, to create the Small 
Business Lending Fund Program to direct the Secretary of the Treasury 
to make capital investments in eligible institutions to order to 
increase the availability of credit for small businesses, to amend the 
Internal Revenue Code of 1986 to provide tax incentives for small 
business job creation, and for other purposes; which was ordered to lie 
on the table; as follows:

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

                        PART V--OTHER PROVISIONS

     SEC. ___. ENCOURAGEMENT OF CONTRIBUTIONS OF CAPITAL GAIN REAL 
                   PROPERTY MADE FOR CONSERVATION PURPOSES BY 
                   NATIVE CORPORATIONS.

       (a) In General.--Paragraph (2) of section 170(b) of the 
     Internal Revenue Code of 1986 is amended by redesignating 
     subparagraph (C) as subparagraph (D), and by inserting after 
     subparagraph (B) the following new subparagraph:
       ``(C) Qualified conservation contributions by certain 
     native corporations.--
       ``(i) In general.--Any qualified conservation contribution 
     (as defined in subsection (h)(1)) which--

       ``(I) is made by a Native Corporation, and
       ``(II) is a contribution of property which was land 
     conveyed under the Alaska Native Claims Settlement Act,

     shall be allowed to the extent that the aggregate amount of 
     such contributions does not exceed the excess of the 
     taxpayer's taxable income over the amount of charitable 
     contributions allowable under subparagraph (A).
       ``(ii) Limitation.--This subparagraph shall not apply to 
     any contribution of property described in clause (i)(II) 
     which, by itself or when aggregated to any other property to 
     which this subparagraph applies, is a contribution of more 
     than 10 percent of the land conveyed to the Native 
     Corporation described in clause (i)(I) under the Alaska 
     Native Claims Settlement Act.
       ``(iii) Carryover.--If the aggregate amount of 
     contributions described in clause (i) exceeds the limitation 
     of clause (i), such excess shall be treated (in a manner 
     consistent with the rules of subsection (d)(2)) as a 
     charitable contribution to which clause (i) applies in each 
     of the 5 succeeding years in order of time.
       ``(iv) Definition.--For purposes of this subparagraph, the 
     term `Native Corporation' has the meaning given such term by 
     section 3(m) of the Alaska Native Claims Settlement Act.
       ``(v) Termination.--This subparagraph shall not apply to 
     any contribution in any taxable year beginning after December 
     31, 2010.''.
       (b) Conforming Amendment.--Section 170(b)(2)(A) of such 
     Code is amended by striking ``subparagraph (B) applies'' and 
     inserting ``subparagraphs (B) or (C) apply''.
       (c) Effective Date.--The amendments made by this section 
     shall apply to contributions made after the date of the 
     enactment of this Act.
       (d) Rule of Construction.--Nothing in this section or the 
     amendments made by this section shall be construed to modify 
     any existing property rights conveyed to Native Corporations 
     (withing the meaning of section 3(m) of the Alaska Native 
     Claims Settlement Act) under such Act.

     SEC. ___. INCREASE IN PENALTY FOR FAILURE TO FILE A 
                   PARTNERSHIP OR S CORPORATION RETURN.

       (a) In General.--Sections 6698(b)(1) and 6699(b)(1) of the 
     Internal Revenue Code of 1986 are each amended by striking 
     ``$195'' and inserting ``$205''.
       (b) Effective Date.--The amendment made by this section 
     shall apply to returns for taxable years beginning after 
     December 31, 2010.
                                 ______
                                 
  SA 4433. Mr. GRASSLEY submitted an amendment intended to be proposed 
to amendment SA 4402 proposed by Mr. Reid (for Mr. Baucus (for himself, 
Ms. Landrieu, and Mr. Reid)) to the bill H.R. 5297, to create the Small 
Business Lending Fund Program to direct the Secretary of the Treasury 
to make capital investments in eligible institutions to order to 
increase the availability of credit for small businesses, to amend the 
Internal Revenue Code of 1986 to provide tax incentives for small 
business job creation, and for other purposes; which was ordered to lie 
on the table; as follows:

       After part IV of subtitle A of title II, insert the 
     following:

                             PART V--ENERGY

     SEC. --. INCENTIVES FOR BIODIESEL AND RENEWABLE DIESEL.

       (a) Credits for Biodiesel and Renewable Diesel Used as 
     Fuel.--Subsection (g) of section 40A of the Internal Revenue 
     Code of 1986 is amended by striking ``December 31, 2009'' and 
     inserting ``December 31, 2010''.
       (b) Excise Tax Credits and Outlay Payments for Biodiesel 
     and Renewable Diesel Fuel Mixtures.--
       (1) Paragraph (6) of section 6426(c) of the Internal 
     Revenue Code of 1986 is amended by striking ``December 31, 
     2009'' and inserting ``December 31, 2010''.
       (2) Subparagraph (B) of section 6427(e)(6) of such Code is 
     amended by striking ``December 31, 2009'' and inserting 
     ``December 31, 2010''.
       (c) Effective Date.--The amendments made by this section 
     shall apply to fuel sold or used after December 31, 2009.
                                 ______
                                 
  SA 4434. Ms. CANTWELL (for herself, Mr. Vitter, Mrs. Murray, Ms. 
Stabenow, and Mr. Inouye) submitted an amendment intended to be 
proposed by her to the bill H.R. 5297, to create the Small Business 
Lending Fund Program to direct the Secretary of the Treasury to make 
capital investments in eligible institutions to order to increase the 
availability of credit for small businesses, to amend the Internal 
Revenue Code of 1986 to provide tax incentives for small business job 
creation, and for other purposes; which was ordered to lie on the 
table; as follows:

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

     SEC. --. REPEAL OF QUALIFIED SHIPPING INVESTMENT WITHDRAWAL 
                   RULES.

       (a) In General.--Section 955 of the Internal Revenue Code 
     of 1986 is hereby repealed.
       (b) Conforming Amendments.--
       (1) Section 951(a)(1)(A) of the Internal Revenue Code of 
     1986 is amended by adding ``and'' at the end of clause (i) 
     and by striking clause (iii).
       (2) Section 951(a)(1)(A)(ii) of such Code is amended by 
     striking ``, and'' at the end and inserting ``, except that 
     in applying this clause amounts invested in less developed 
     country corporations described in section 955(c)(2) (as so in 
     effect) shall not be treated as investments in less developed 
     countries.''.
       (3) Section 951(a)(3) of such Code is hereby repealed.
       (4) Section 964(b) of such Code is amended by striking ``, 
     955,''.
       (5) The table of sections for subpart F of part III of 
     subchapter N of chapter 1 of such Code is amended by striking 
     the item relating to section 955.
       (c) Effective Date.--The amendments made by this section 
     shall apply to taxable

[[Page 12385]]

     years of controlled foreign corporations ending on or after 
     the date of the enactment of this Act, and to taxable years 
     of United States shareholders in which or with which such 
     taxable years of controlled foreign corporations end.

     SEC. --. TAX IMPOSED ON ELECTING UNITED STATES SHAREHOLDERS.

       (a) In General.--In the case of a United States shareholder 
     for which an election is in effect under this section, a tax 
     is hereby imposed on such shareholder's pro rata share 
     (determined under the principles of paragraph (2) of 
     subsection (a) of section 951 of the Internal Revenue Code of 
     1986) of the sum of--
       (1) the foreign base company shipping income (determined 
     under section 954(f) of the Internal Revenue Code of 1986 as 
     in effect before the enactment of the American Jobs Creation 
     Act of 2004) for all prior taxable years beginning after 1975 
     and before 1987, and
       (2) income described in section 954(b)(2) of the Internal 
     Revenue Code as in effect prior to the effective date of the 
     Tax Reform Act of 1975, without regard to whether such income 
     was not included in subpart F income under section 954(b)(2) 
     or any other provision of such Code,

     but only to the extent such income has not previously been 
     included in the gross income of a United States person as a 
     dividend or under any section of the Internal Revenue Code 
     after 1962, or excluded from gross income pursuant to 
     subsection (a) of section 959 of the Internal Revenue Code of 
     1986.
       (b) Amount of Tax.--The amount of tax imposed by subsection 
     (a) shall be 5.25 percent of the income described therein.
       (c) Income Not Subject to Further Tax.--The income on which 
     a tax is imposed by subsection (a) shall not (other than such 
     tax) be included in the gross income of such United States 
     shareholder (or any other United States person who acquires 
     from any person any portion of the interest of such United 
     States shareholder in such foreign corporation) and shall be 
     treated for purposes of the Internal Revenue Code of 1986 as 
     if such amounts are, or have been, included in the income of 
     the United States shareholder under section 951(a)(1)(B).
       (d) Additional Tax Imposed for Failure to Maintain 
     Employment Levels.--
       (1) In general.--If, during the period consisting of the 
     calendar month in which the election under this section is 
     made and the succeeding 23 calendar months, the taxpayer does 
     not maintain an average employment level at least equal to 
     the taxpayer's prior average employment, an additional amount 
     shall be taken into account as income by the taxpayer during 
     the taxable year that includes the final day of such period, 
     equal to $25,000 multiplied by the number of employees by 
     which the taxpayer's average employment level during such 
     period falls below the prior average employment.
       (2) Prior average employment.--For purposes of this 
     subsection, the taxpayer's prior average employment is the 
     average number of full time equivalent employees of the 
     taxpayer during the period consisting of the 24 calendar 
     months immediately preceding the calendar month in which the 
     election under this section is made.
       (3) Aggregation rules.--In determining the taxpayer's 
     average employment level and prior average employment, all 
     domestic members of a controlled group (as defined in section 
     264(e)(5)(B) of the Internal Revenue Code of 1986) shall be 
     treated as a single taxpayer.
       (e) Election.--
       (1) In general.--A taxpayer may elect to apply this section 
     to--
       (A) the taxpayer's last taxable year which begins before 
     the date of the enactment of this Act, or
       (B) the taxpayer's first taxable year beginning on or after 
     such date.
       (2) Timing of election and one-time election.--Such 
     election may be made only once by any taxpayer, and only if 
     made on or before the due date (including extensions) for 
     filing the return of tax for the taxable year of such 
     election.
       (f) Effective Date.--This section shall apply to taxable 
     years ending on or after the date of the enactment of this 
     Act.
                                 ______
                                 
  SA 4435. Mrs. HAGAN submitted an amendment intended to be proposed to 
amendment SA 4402 proposed by Mr. Reid (for Mr. Baucus (for himself, 
Ms. Landrieu, and Mr. Reid)) to the bill H.R. 5297, to create the Small 
Business Lending Fund Program to direct the Secretary of the Treasury 
to make capital investments in eligible institutions in order to 
increase the availability of credit for small businesses, to amend the 
Internal Revenue Code of 1986 to provide tax incentives for small 
business job creation, and for other purposes; which was ordered to lie 
on the table; as follows:

       On page 84, between lines 11 and 12, insert the following:

     SEC. 1210. CERTAIN CEILING FANS.

       (a) In General.--Heading 9902.84.14 of the Harmonized 
     Tariff Schedule of the United States is amended by striking 
     ``12/31/2009'' and inserting ``12/31/2012''.
       (b) Effective Date.--
       (1) In general.--The amendment made by subsection (a) 
     applies with respect to goods entered or withdrawn from 
     warehouse for consumption, on or after the 15th day after the 
     enactment of this Act.
       (2) Retroactive application to certain entries.--
     Notwithstanding section 514 of the Tariff Act of 1930 (19 
     U.S.C. 1514) or any other provision of law, upon proper 
     request filed with U.S. Customs and Border Protection before 
     the 90th day after the date of the enactment of this Act, any 
     entry, or withdrawal from warehouse for consumption, of any 
     goods described in heading 9902.84.14 of the Harmonized 
     Tariff Schedule of the United States (as added by subsection 
     (a) that was made--
       (A) after December 31, 2009; and
       (B) before the 15th day after the date of the enactment of 
     this Act;
     shall be liquidated or reliquidated as though the amendment 
     made by subsection (a) applied to such entry or withdrawal.
                                 ______
                                 
  SA 4436. Mr. CARDIN (for himself, Mr. Burris, and Ms. Landrieu) 
submitted an amendment intended to be proposed to amendment SA 4402 
proposed by Mr. Reid (for Mr. Baucus (for himself, Ms. Landrieu, and 
Mr. Reid)) to the bill H.R. 5297, to create the Small Business Lending 
Fund Program to direct the Secretary of the Treasury to make capital 
investments in eligible institutions in order to increase the 
availability of credit for small businesses, to amend the Internal 
Revenue Code of 1986 to provide tax incentives for small business job 
creation, and for other purposes; which was ordered to lie on the 
table; as follows:

       On page 113, between lines 17 and 18, insert the following:

     SEC. 1348. SECTION 8(A) IMPROVEMENTS.

       (a) Programs for Socially and Economically Disadvantaged 
     Small Business Concerns.--
       (1) Net worth threshold.--
       (A) In general.--Section 8(a)(6)(A) of the Small Business 
     Act (15 U.S.C. 637(a)(6)(A)) is amended--
       (i) by inserting ``(i)'' after ``(6)(A)'';
       (ii) by striking ``In determining the degree of diminished 
     credit'' and inserting the following:
       ``(ii)(I) In determining the degree of diminished credit'';
       (iii) by striking ``In determining the economic 
     disadvantage'' and inserting the following:
       ``(iii) In determining the economic disadvantage''; and
       (iv) by inserting after clause (ii)(I), as so designated by 
     this section, the following:
       ``(II)(aa) Not later than 1 year after the date of 
     enactment of the Small Business Jobs Act of 2010, the 
     Administrator shall--
       ``(AA) assign each North American Industry Classification 
     System industry code to a category described in item (cc); 
     and
       ``(BB) for each category described in item (cc), establish 
     a maximum net worth for the socially disadvantaged 
     individuals who own or control small business concerns in the 
     category that participate in the program under this 
     subsection.
       ``(bb) The maximum net worth for a category described in 
     item (cc) shall be not less than the modified net worth 
     limitations established by the Administrator under section 
     1348(a)(2) of the Small Business Jobs Act of 2010.
       ``(cc) The categories described in this item are--
       ``(AA) manufacturing;
       ``(BB) construction;
       ``(CC) professional services; and
       ``(DD) general services.
       ``(III) The Administrator shall establish procedures that--
       ``(aa) account for inflationary adjustments to, and include 
     a reasonable assumption of, the average income and net worth 
     of the owners of business concerns that are dominant in the 
     field of operation of the business concern; and
       ``(bb) require an annual inflationary adjustment to the 
     average income and maximum net worth requirements under this 
     clause.
       ``(IV) In determining the assets and net worth of a 
     socially disadvantaged individual under this subparagraph, 
     the Administrator shall not consider any assets of the 
     individual that are held in a qualified retirement plan, as 
     that term is defined in section 4974(c) of the Internal 
     Revenue Code of 1986.''.
       (B) Temporary inflationary adjustment.--
       (i) In general.--Not later than 30 days after the date of 
     enactment of this Act, the Administrator shall modify the net 
     worth limitations established by the Administrator for 
     purposes of the program under section 8(a) of the Small 
     Business Act (15 U.S.C. 637(a)) by adjusting the amount of 
     the net worth limitations for inflation during the period 
     beginning on the date on which the Administrator established 
     the net worth limitations and the date of enactment of this 
     Act.

[[Page 12386]]

       (ii) Termination.--The Administrator shall apply the net 
     worth limitations established under clause (i) until the 
     effective date of the net worth limitations established by 
     the Administrator under clause (ii)(II) of section 8(a)(6)(A) 
     of the Small Business Act (15 U.S.C. 637(a)(6)(A)), as added 
     by this paragraph.
       (C) Transition period.--Section 7(j)(15) of the Small 
     Business Act (15 U.S.C. 636(j)(15)) is amended--
       (i) by redesignating subparagraphs (A) and (B) as clauses 
     (i) and (ii), respectively;
       (D) by striking ``Subject to'' and inserting ``(A) Except 
     as provided in subparagraph (B), and subject to''; and
       (E) by adding at the end the following:
       ``(B)(i) A small business concern may receive developmental 
     assistance under the Program and contracts under section 8(a) 
     during the 3-year period beginning on the date on which the 
     small business concern graduates--
       ``(I) because the small business concern has participated 
     in the Program for the total period authorized under 
     subparagraph (A); or
       ``(II) under section 8(a)(6)(C)(ii), because the socially 
     disadvantaged individuals who own or control the small 
     business concern have a net worth that is more than the 
     maximum net worth established by the Administrator.
       ``(ii) After the end of the 3-year period described in 
     clause (i), a small business concern described in clause 
     (i)--
       ``(I) may not receive developmental assistance under the 
     Program or contracts under section 8(a); and
       ``(II) may continue to perform and receive payment under a 
     contract received by the small business concern under section 
     8(a) before the end of the period, under the terms of the 
     contract.''.
       (2) GAO study.--Section 8(a) of the Small Business Act (15 
     U.S.C. 637(a)) is amended by adding at the end the following:
       ``(22) Review of Effectiveness.--
       ``(A) GAO study.--Not later than 5 years after the date of 
     enactment of this paragraph, and every 5 years thereafter, 
     the Comptroller General of the United States shall--
       ``(i) conduct an evaluation of the effectiveness of the 
     program under this subsection, including an examination of--
       ``(I) the number and size of contracts applied for, as 
     compared to the number received by, small business concerns 
     after successfully completing the program;
       ``(II) the percentage of small business concerns that 
     continue to operate during the 3-year period beginning on the 
     date on which the small business concerns successfully 
     complete the program;
       ``(III) whether the business of small business concerns 
     increases during the 3-year period beginning on the date on 
     which the small business concerns successfully complete the 
     program; and
       ``(IV) the number of training sessions offered under the 
     program; and
       ``(ii) submit to the Committee on Small Business and 
     Entrepreneurship of the Senate and the Committee on Small 
     Business of the House of Representatives a report regarding 
     each evaluation under clause (i).
       ``(B) SBA report.--Not later than 1 year after the date of 
     enactment of this paragraph, and every year thereafter, the 
     Administrator shall submit to the Committee on Small Business 
     and Entrepreneurship of the Senate and the Committee on Small 
     Business of the House of Representatives a report evaluating 
     the program under this section, including an assessment of--
       ``(i) the regulations promulgated to carry out the program;
       ``(ii) online training under the program; and
       ``(iii) whether the structure of the program is conducive 
     to business development.''.
       (3) Report on fraud detection.--Not later than 90 days 
     after the date of enactment of this Act, the Administrator 
     shall--
       (A) assess the workload of business development specialists 
     of the Administration;
       (B) evaluate the use of fraud detection tools, such as the 
     use of data mining techniques and provide additional 
     financial and analytical training for business development 
     specialists of the Administration;
       (C) propose amendments to regulations and operational 
     changes that would closely evaluate an applicant to 
     participate in the program under section 8(a) of the Small 
     Business Act (15 U.S.C. 637(a)) if a family member of the 
     applicant is, or has been, a participant in the program under 
     section 8(a) of the Small Business Act providing the same 
     type of supplies or services as the applicant;
       (D) review the regulations relating to economic 
     disadvantage with respect to the income and asset levels of 
     an applicant for or participant in the program under section 
     8(a) of the Small Business Act at the time of application and 
     annual certification; and
       (E) submit to the Committee on Small Business and 
     Entrepreneurship of the Senate and the Committee on Small 
     Business of the House of Representatives a report regarding 
     the assessment, evaluation, proposals, and review under this 
     paragraph.
       (b) Surety Bond Pilot Program.--
       (1) Definitions.--In this subsection--
       (A) the terms ``bid bond'', ``payment bond'', ``performance 
     bond'', and ``surety'' have the meanings given those terms in 
     section 410 of the Small Business Investment Act of 1958 (15 
     U.S.C. 694a);
       (B) the term ``Board'' means the pilot program advisory 
     board established under paragraph (4)(A);
       (C) the term ``eligible small business concern'' means a 
     socially and economically disadvantaged small business 
     concern that is participating in the program under section 
     8(a) of the Small Business Act (15 U.S.C. 637(a));
       (D) the term ``Fund'' means the Small Business Surety Bond 
     Pilot Program Fund established under paragraph (5)(A);
       (E) the term ``graduated'' has the meaning given that term 
     in section 7(j)(10)(H) of the Small Business Act (15 U.S.C. 
     636(j)(10)(H));
       (F) the term ``pilot program'' means the surety bond pilot 
     program established under paragraph (2)(A); and
       (G) the term ``socially and economically disadvantaged 
     small business concern'' has the meaning given that term in 
     section 8(a) of the Small Business Act (15 U.S.C. 637(a)).
       (2) Program.--
       (A) In general.--The Administrator shall establish a surety 
     bond pilot program under which the Administrator may 
     guarantee any surety against loss resulting from a breach of 
     the terms of a bid bond, payment bond, performance bond, or 
     bonds ancillary thereto, by an eligible small business 
     concern.
       (B) Application.--An eligible small business concern 
     desiring a guarantee under the pilot program shall submit an 
     application at such time, in such manner, and accompanied by 
     such information as the Administrator may require.
       (C) Review.--A surety desiring a guarantee under the pilot 
     program against loss resulting from a breach of the terms of 
     a bid bond, payment bond, performance bond, or bonds 
     ancillary thereto by an eligible small business concern 
     shall--
       (i) submit to the Administrator a report evaluating whether 
     the eligible small business concern meets such criteria as 
     the Administrator may establish relating to whether a bond 
     should be issued to the eligible small business concern; and
       (ii) if the Administrator does not guarantee the surety 
     against loss, submit an update of the report described in 
     clause (i) every 6 months.
       (3) Technical assistance and educational training.--
       (A) In general.--The Administrator shall provide technical 
     assistance and educational training to an eligible small 
     business concern participating in the pilot program or 
     desiring to participate in the pilot program for a period of 
     not less than 3 years, to promote the growth of the eligible 
     small business concern and assist the eligible small business 
     concern in promoting job development.
       (B) Topics.--
       (i) Technical assistance.--The technical assistance under 
     subparagraph (A) shall include assistance relating to--

       (I) scheduling of employees;
       (II) cash flow analysis;
       (III) change orders;
       (IV) requisition preparation;
       (V) submitting proposals;
       (VI) dispute resolution; and
       (VII) contract management.

       (ii) Educational training.--The educational training under 
     subparagraph (A) shall include training regarding--

       (I) accounting;
       (II) legal issues;
       (III) infrastructure;
       (IV) human resources;
       (V) estimating costs;
       (VI) scheduling; and
       (VII) any other area the Administrator determines is a key 
     area for which training is needed for eligible small business 
     concerns.

       (4) Panel.--
       (A) Establishment.--The Administrator shall establish a 
     pilot program advisory board to evaluate and make 
     recommendations regarding the pilot program.
       (B) Membership.--The Board shall be composed of 5 members--
       (i) who shall be appointed by the Administrator;
       (ii) not less than 2 of whom shall have graduated from the 
     program under section 8(a) of the Small Business Act (15 
     U.S.C. 637(a)); and
       (iii) not more than 1 of whom may be an officer or employee 
     of the Administration.
       (C) Duties.--The Board shall--
       (i) evaluate and make recommendations to the Administrator 
     regarding the effectiveness of the pilot program;
       (ii) make recommendations to the Administrator regarding 
     performance measures to evaluate eligible small business 
     concerns applying for a guarantee under the pilot program; 
     and
       (iii) not later than 90 days after the date on which all 
     members of the Board are appointed, and every year thereafter 
     until the authority to carry out the pilot program terminates 
     under paragraph (6), submit to the Committee on Small 
     Business and Entrepreneurship of the Senate and the Committee 
     on Small Business of the House of Representatives a report 
     regarding the activities of the Board.
       (5) Fund.--
       (A) Establishment of fund.--There is established in the 
     Treasury of the United

[[Page 12387]]

     States a revolving fund to be known as the ``Small Business 
     Surety Bond Pilot Program Fund'', to be administered by the 
     Administrator.
       (B) Availability.--Amounts in the Fund shall be available 
     without fiscal year limitation or further appropriation by 
     Congress.
       (C) Authorization of appropriations.--There is authorized 
     to be appropriated to the Fund $20,000,000.
       (D) Rescission.--Effective on the day after the date on 
     which the term of all guarantees made under the pilot program 
     have ended, all amounts in the Fund are rescinded.
       (6) Termination.--The Administrator may not guarantee a 
     surety against loss under the pilot program on or after the 
     date that is 7 years after the date the date on which the 
     Administrator makes the first guarantee under the pilot 
     program.
       (c) Extension of Participation Term for Victims of 
     Hurricane Katrina or Hurricane Rita.--
       (1) Retroactivity.--If a small business concern, while 
     participating in any program or activity under the authority 
     of paragraph (10) of section 7(j) of the Small Business Act 
     (15 U.S.C. 636(j)), was located in a parish or county 
     described in paragraph (2) of this subsection and was 
     affected by Hurricane Katrina of 2005 or Hurricane Rita of 
     2005, the period during which that small business concern is 
     permitted continuing participation and eligibility in that 
     program or activity shall be extended for 24 months after the 
     date such participation and eligibility would otherwise 
     terminate.
       (2) Parishes and counties covered.--Paragraph (1) applies 
     to any parish in the State of Louisiana, or any county in the 
     State of Mississippi or in the State of Alabama, that has 
     been designated by the Administrator as a disaster area by 
     reason of Hurricane Katrina of 2005 or Hurricane Rita of 2005 
     under disaster declaration 10176, 10177, 10178, 10179, 10180, 
     10181, 10205, or 10206.
       (3) Review and compliance.--The Administrator shall ensure 
     that the case of every small business concern participating 
     before the date of enactment of this Act in a program or 
     activity covered by paragraph (1) is reviewed and brought 
     into compliance with this subsection.
                                 ______
                                 
  SA 4437. Mr. NELSON of Florida (for himself, Ms. Landrieu, Mr. 
Wicker, Mr. Vitter, Mr. Cochran, and Mr. Shelby) submitted an amendment 
intended to be proposed to amendment SA 4402 proposed by Mr. Reid (for 
Mr. Baucus (for himself, Ms. Landrieu, and Mr. Reid)) to the bill H.R. 
5297, to create the Small Business Lending Fund Program to direct the 
Secretary of the Treasury to make capital investments in eligible 
institutions in order to increase the availability of credit for small 
businesses, to amend the Internal Revenue Code of 1986 to provide tax 
incentives for small business job creation, and for other purposes; 
which was ordered to lie on the table; as follows:

       At the end of subtitle A of title II, add the following:-

                       PART V--OTHER PROVISIONS-

     SEC. ____. 5-YEAR NET OPERATING LOSS CARRYBACK FOR CERTAIN 
                   OIL SPILL-RELATED LOSSES.-

       (a) Extension of Net Operating Loss Carryback Period.--
     Paragraph (1) of section 172(b) of the Internal Revenue Code 
     of 1986 is amended by adding at the end the following new 
     subparagraph:-
       ``(K) Certain oil spill-related losses.--In the case of a 
     taxpayer which has a qualified oil spill loss (as defined in 
     subsection (k)) for a taxable year, such qualified oil spill 
     loss shall be a net operating loss carryback to each of the 5 
     taxable years preceding the taxable year of such loss.''.-
       (b) Qualified Oil Spill Loss.--Section 172 of the Internal 
     Revenue Code of 1986 is amended by redesignating subsection 
     (k) as subsection (l) and by inserting after subsection (j) 
     the following new subsection:-
       ``(k) Rules Relating to Qualified Oil Spill Losses.--For 
     purposes of this section---
       ``(1) Qualified oil spill losses.---
       ``(A) In general.--Except as otherwise provided in this 
     paragraph, the term `qualified oil spill loss' means the 
     lesser of---
       ``(i) the excess of---

       ``(I) the amount of losses in a taxable year ending after 
     April 20, 2010, and before October 1, 2011, incurred by a 
     commercial or charter fishing business operating in the Gulf 
     of Mexico or a Gulf of Mexico tourism-related business 
     attributable to the discharge of oil that began in 2010 in 
     connection with the explosion on, and sinking of, the mobile 
     offshore drilling unit Deepwater Horizon, over-
       ``(II) amounts received during such taxable year as 
     payments for lost profits and earning capacity under section 
     1002(b)(2)(E) of the Oil Pollution Act of 1990 (33 U.S.C. 
     2702(b)(2)(E)), by insurance, or otherwise, or-

       ``(ii) the amount of the net operating loss for such 
     taxable year.-
       ``(B) Safe harbor for certain small businesses.--In the 
     case of---
       ``(i) any commercial or charter fishing business operating 
     in the Gulf of Mexico, or-
       ``(ii) any Gulf of Mexico tourism-related business,-

     -the gross receipts of which for any taxable year ending 
     after April 20, 2010, and before October 1, 2011, do not 
     exceed $5,000,000, such term means the amount of the net 
     operating loss of such business for such taxable year.-
       ``(C) Coordination with qualified disaster losses.--Such 
     term shall not include any qualified disaster loss (as 
     defined in subsection (j)).-
       ``(2) Coordination with subsection (b)(2).--For purposes of 
     applying subsection (b)(2), a qualified oil spill loss for 
     any taxable year shall be treated in a manner similar to the 
     manner in which a specified liability loss is treated.-
       ``(3) Election.--Any taxpayer entitled to a 5-year 
     carryback under subsection (b)(1)(K) from any loss year may 
     elect to have the carryback period with respect to such loss 
     year determined without regard to subsection (b)(1)(K). Such 
     election shall be made in such manner as may be prescribed by 
     the Secretary and shall be made by the due date (including 
     extensions of time) for filing the taxpayer's return for the 
     taxable year of the net operating loss. Such election, once 
     made for any taxable year, shall be irrevocable for such 
     taxable year.-
       ``(4) Gulf of mexico tourism-related business.--For 
     purposes of this subsection---
       ``(A) In general.--The term `Gulf of Mexico tourism-related 
     business' means a hotel, lodging, recreation, entertainment, 
     or restaurant business located in a Gulf Coast community.-
       ``(B) Gulf coast community.--The term `Gulf Coast 
     community' means any county or parish in the States of 
     Louisiana, Mississippi, Alabama, or Florida which borders the 
     Gulf of Mexico.''.-
       (c) Effective Date.---
       (1) In general.--Except as otherwise provided in this 
     subsection, the amendments made by this section shall apply 
     to net operating losses arising in taxable years ending after 
     April 20, 2010.-
       (2) Transition rule.--In the case of a net operating loss 
     for a taxable year ending after April 20, 2010, and before 
     the date of the enactment of this Act---
       (A) any election made under section 172(b)(3) of such Code 
     with respect to such loss may (notwithstanding such section) 
     be revoked before the applicable date, and-
       (B) any application under section 6411(a) of such Code with 
     respect to such loss shall be treated as timely filed if 
     filed before the applicable date.

     For purposes of this paragraph, the term ``applicable date'' 
     means the date which is 60 days after the date of the 
     enactment of this Act.
                                 ______
                                 
  SA 4438. Mr. SANDERS (for himself, Mr. Grassley, Mr. Harkin, and Mr. 
Tester) submitted an amendment intended to be proposed to amendment SA 
4402 proposed by Mr. Reid (for Mr. Baucus (for himself, Ms. Landrieu, 
and Mr. Reid)) to the bill H.R. 5297, to create the Small Business 
Lending Fund Program to direct the Secretary of the Treasury to make 
capital investments in eligible institutions in order to increase the 
availability of credit for small businesses, to amend the Internal 
Revenue Code of 1986 to provide tax incentives for small business job 
creation, and for other purposes; which was ordered to lie on the 
table; as follows:

       At the appropriate place, insert the following:

     SEC. __. CERTIFICATION REQUIREMENT.

       (a) Short Title.--This section may be cited as the ``Employ 
     America Act''.
       (b) In General.--The Secretary of Homeland Security may not 
     approve a petition by an employer for any visa authorizing 
     employment in the United States unless the employer has 
     provided written certification, under penalty of perjury, to 
     the Secretary of Labor that--
       (1) the employer has not provided a notice of a mass layoff 
     pursuant to the Worker Adjustment and Retraining Notification 
     Act (29 U.S.C. 2101 et seq.) during the 12-month period 
     immediately preceding the date on which the alien is 
     scheduled to be hired; and
       (2) the employer does not intend to provide a notice of a 
     mass layoff pursuant to such Act.
       (c) Effect of Mass Layoff.--If an employer provides a 
     notice of a mass layoff pursuant to the Worker Adjustment and 
     Retraining Notification Act after the approval of a visa 
     described in subsection (b), any visas approved during the 
     most recent 12-month period for such employer shall expire on 
     the date that is 60 days after the date on which such notice 
     is provided. The expiration of a visa under this subsection 
     shall not be subject to judicial review.
       (d) Notice Requirement.--Upon receiving notification of a 
     mass layoff from an employer, the Secretary of Homeland 
     Security shall inform each employee whose visa is scheduled 
     to expire under subsection (c)--
       (1) the date on which such individual will no longer be 
     authorized to work in the United States; and
       (2) the date on which such individual will be required to 
     leave the United States unless

[[Page 12388]]

     the individual is otherwise authorized to remain in the 
     United States.
       (e) Exemption.--An employer shall be exempt from the 
     requirements under this section if the employer provides 
     written certification, under penalty of perjury, to the 
     Secretary of Labor that the total number of the employer's 
     workers who are United States citizens and are working in the 
     United States have not been, and will not be, reduced as a 
     result of a mass layoff described in subsection (c).
       (f) Rulemaking.--Not later than 90 days after the date of 
     the enactment of this Act, the Secretary of Homeland Security 
     and the Secretary of Labor shall promulgate regulations to 
     carry out this section, including a requirement that 
     employers provide notice to the Secretary of Homeland 
     Security of a mass layoff (as defined in section 2 of the 
     Worker Adjustment and Retraining Notification Act (29 U.S.C. 
     2101)).
                                 ______
                                 
  SA 4439. Mr. SANDERS (for himself, Mr. Brown of Ohio, and Mr. Leahy) 
submitted an amendment intended to be proposed to amendment SA 4402 
proposed by Mr. Reid (for Mr. Baucus (for himself, Ms. Landrieu, and 
Mr. Reid)) to the bill H.R. 5297, to create the Small Business Lending 
Fund Program to direct the Secretary of the Treasury to make capital 
investments in eligible institutions in order to increase the 
availability of credit for small businesses, to amend the Internal 
Revenue Code of 1986 to provide tax incentives for small business job 
creation, and for other purposes; which was ordered to lie on the 
table; as follows:

       At the appropriate place, insert the following:

          TITLE _--WORKER OWNERSHIP, READINESS, AND KNOWLEDGE

     SEC. _01. SHORT TITLE.

       This title may be cited as the ``Worker Ownership, 
     Readiness and Knowledge Act'' or the ``WORK Act''.

     SEC. _02. DEFINITIONS.

       In this title:
       (1) Existing program.--The term ``existing program'' means 
     a program, designed to promote employee ownership and 
     employee participation in business decisionmaking, that 
     exists on the date the Secretary is carrying out a 
     responsibility authorized by this title.
       (2) Initiative.--The term ``Initiative'' means the Employee 
     Ownership and Participation Initiative established under 
     section _03.
       (3) New program.--The term ``new program'' means a program, 
     designed to promote employee ownership and employee 
     participation in business decisionmaking, that does not exist 
     on the date the Secretary is carrying out a responsibility 
     authorized by this title.
       (4) Secretary.--The term ``Secretary'' means the Secretary 
     of Labor.
       (5) State.--The term ``State'' means any of the 50 States 
     within the United States of America.

     SEC. _03. EMPLOYEE OWNERSHIP AND PARTICIPATION INITIATIVE.

       (a) Establishment.--The Secretary of Labor shall establish 
     an Employee Ownership and Participation Initiative to promote 
     employee ownership and employee participation in business 
     decisionmaking.
       (b) Functions.--In carrying out the Initiative, the 
     Secretary shall--
       (1) support within the States existing programs designed to 
     promote employee ownership and employee participation in 
     business decisionmaking; and
       (2) facilitate within the States the formation of new 
     programs designed to promote employee ownership and employee 
     participation in business decisionmaking.
       (c) Duties.--To carry out the functions enumerated in 
     subsection (b), the Secretary shall--
       (1) support new programs and existing programs by--
       (A) making Federal grants authorized under section _5; and
       (B)(i) acting as a clearinghouse on techniques employed by 
     new programs and existing programs within the States, and 
     disseminating information relating to those techniques to the 
     programs; or
       (ii) funding projects for information gathering on those 
     techniques, and dissemination of that information to the 
     programs, by groups outside the Department of Labor; and
       (2) facilitate the formation of new programs, in ways that 
     include holding or funding an annual conference of 
     representatives from States with existing programs, 
     representatives from States developing new programs, and 
     representatives from States without existing programs.

     SEC. _04. PROGRAMS REGARDING EMPLOYEE OWNERSHIP AND 
                   PARTICIPATION.

       (a) Establishment of Program.--Not later than 180 days 
     after the date of enactment of this Act, the Secretary shall 
     establish a program to encourage new and existing programs 
     within the States, designed to foster employee ownership and 
     employee participation in business decisionmaking throughout 
     the United States.
       (b) Purpose of Program.--The purpose of the program 
     established under subsection (a) is to encourage new and 
     existing programs within the States that focus on--
       (1) providing education and outreach to inform employees 
     and employers about the possibilities and benefits of 
     employee ownership, business ownership succession planning, 
     and employee participation in business decisionmaking, 
     including providing information about financial education, 
     employee teams, open-book management, and other tools that 
     enable employees to share ideas and information about how 
     their businesses can succeed;
       (2) providing technical assistance to assist employee 
     efforts to become business owners, to enable employers and 
     employees to explore and assess the feasibility of 
     transferring full or partial ownership to employees, and to 
     encourage employees and employers to start new employee-owned 
     businesses;
       (3) training employees and employers with respect to 
     methods of employee participation in open-book management, 
     work teams, committees, and other approaches for seeking 
     greater employee input; and
       (4) training other entities to apply for funding under this 
     section, to establish new programs, and to carry out program 
     activities.
       (c) Program Details.--The Secretary may include, in the 
     program established under subsection (a), provisions that--
       (1) in the case of activities under subsection (b)(1)--
       (A) target key groups such as retiring business owners, 
     senior managers, unions, trade associations, community 
     organizations, and economic development organizations;
       (B) encourage cooperation in the organization of workshops 
     and conferences; and
       (C) prepare and distribute materials concerning employee 
     ownership and participation, and business ownership 
     succession planning;
       (2) in the case of activities under subsection (b)(2)--
       (A) provide preliminary technical assistance to employee 
     groups, managers, and retiring owners exploring the 
     possibility of employee ownership;
       (B) provide for the performance of preliminary feasibility 
     assessments;
       (C) assist in the funding of objective third-party 
     feasibility studies and preliminary business valuations, and 
     in selecting and monitoring professionals qualified to 
     conduct such studies; and
       (D) provide a data bank to help employees find legal, 
     financial, and technical advice in connection with business 
     ownership;
       (3) in the case of activities under subsection (b)(3)--
       (A) provide for courses on employee participation; and
       (B) provide for the development and fostering of networks 
     of employee-owned companies to spread the use of successful 
     participation techniques; and
       (4) in the case of training under subsection (b)(4)--
       (A) provide for visits to existing programs by staff from 
     new programs receiving funding under this title; and
       (B) provide materials to be used for such training.
       (d) Guidance.--The Secretary shall issue formal guidance, 
     for recipients of grants awarded under section _5 and one-
     stop partners affiliated with the statewide workforce 
     investment systems described in section 106 of the Workforce 
     Investment Act of 1998 (29 U.S.C. 2881), proposing that 
     programs and other activities funded under this title be--
       (1) proactive in encouraging actions and activities that 
     promote employee ownership of, and participation in, 
     businesses; and
       (2) comprehensive in emphasizing both employee ownership 
     of, and participation in, businesses so as to increase 
     productivity and broaden capital ownership.

     SEC. _05. GRANTS.

       (a) In General.--In carrying out the program established 
     under section _4, the Secretary may make grants for use in 
     connection with new programs and existing programs within a 
     State for any of the following activities:
       (1) Education and outreach as provided in section _4(b)(1).
       (2) Technical assistance as provided in section _4(b)(2).
       (3) Training activities for employees and employers as 
     provided in section _4(b)(3).
       (4) Activities facilitating cooperation among employee-
     owned firms.
       (5) Training as provided in section _4(b)(4) for new 
     programs provided by participants in existing programs 
     dedicated to the objectives of this title, except that, for 
     each fiscal year, the amount of the grants made for such 
     training shall not exceed 10 percent of the total amount of 
     the grants made under this title.
       (b) Amounts and Conditions.--The Secretary shall determine 
     the amount and any conditions for a grant made under this 
     section. The amount of the grant shall be subject to 
     subsection (f), and shall reflect the capacity of the 
     applicant for the grant.
       (c) Applications.--Each entity desiring a grant under this 
     section shall submit an application to the Secretary at such 
     time, in such manner, and accompanied by such information as 
     the Secretary may reasonably require.
       (d) State Applications.--Each State may sponsor and submit 
     an application under

[[Page 12389]]

     subsection (c) on behalf of any local entity consisting of a 
     unit of State or local government, State-supported 
     institution of higher education, or nonprofit organization, 
     meeting the requirements of this title.
       (e) Applications by Entities.--
       (1) Entity applications.--If a State fails to support or 
     establish a program pursuant to this title during any fiscal 
     year, the Secretary shall, in the subsequent fiscal years, 
     allow local entities described in subsection (d) from that 
     State to make applications for grants under subsection (c) on 
     their own initiative.
       (2) Application screening.--Any State failing to support or 
     establish a program pursuant to this title during any fiscal 
     year may submit applications under subsection (c) in the 
     subsequent fiscal years but may not screen applications by 
     local entities described in subsection (d) before submitting 
     the applications to the Secretary.
       (f) Limitations.--A recipient of a grant made under this 
     section shall not receive, during a fiscal year, in the 
     aggregate, more than the following amounts:
       (1) For fiscal year 2011, $300,000.
       (2) For fiscal year 2012, $330,000.
       (3) For fiscal year 2013, $363,000.
       (4) For fiscal year 2014, $399,300.
       (5) For fiscal year 2015, $439,200.
       (g) Annual Report.--For each year, each recipient of a 
     grant under this section shall submit to the Secretary a 
     report describing how grant funds allocated pursuant to this 
     section were expended during the 12-month period preceding 
     the date of the submission of the report.

     SEC. _06. EVALUATIONS.

       The Secretary is authorized to reserve not more than 10 
     percent of the funds appropriated for a fiscal year to carry 
     out this title, for the purposes of conducting evaluations of 
     the grant programs identified in section _05 and to provide 
     related technical assistance.

     SEC. _07. REPORTING.

       Not later than the expiration of the 36-month period 
     following the date of enactment of this Act, the Secretary 
     shall prepare and submit to Congress a report--
       (1) on progress related to employee ownership and 
     participation in businesses in the United States; and
       (2) containing an analysis of critical costs and benefits 
     of activities carried out under this title.

     SEC. _08. AUTHORIZATIONS OF APPROPRIATIONS.

       (a) In General.--There are authorized to be appropriated 
     for the purpose of making grants pursuant to section _5 the 
     following:
       (1) For fiscal year 2011, $3,850,000.
       (2) For fiscal year 2012, $6,050,000.
       (3) For fiscal year 2013, $8,800,000.
       (4) For fiscal year 2014, $11,550,000.
       (5) For fiscal year 2015, $14,850,000.
       (b) Administrative Expenses.--There are authorized to be 
     appropriated for the purpose of funding the administrative 
     expenses related to the Initiative, for each of fiscal years 
     2011 through 2015, an amount not in excess of--
       (1) $350,000; or
       (2) 5.0 percent of the maximum amount available under 
     subsection (a) for that fiscal year.-
                                 ______
                                 
  SA 4440. Mr. SANDERS (for himself, Mr. Brown of Ohio, and Mr. Leahy) 
submitted an amendment intended to be proposed to amendment SA 4402 
proposed by Mr. Reid (for Mr. Baucus (for himself, Ms. Landrieu, and 
Mr. Reid)) to the bill H.R. 5297, to create the Small Business Lending 
Fund Program to direct the Secretary of the Treasury to make capital 
investments in eligible institutions in order to increase the 
availability of credit for small businesses, to amend the Internal 
Revenue Code of 1986 to provide tax incentives for small business job 
creation, and for other purposes; which was ordered to lie on the 
table; as follows:

       At the appropriate place, insert the following:

     SEC. ___. ESTABLISHMENT OF THE EMPLOYEE OWNERSHIP BANK.

       (a) Findings.--Congress finds that--
       (1) between December 2007 and May 2010, payroll employment 
     in the United States fell by 7,381,000;
       (2) between January 2000 and May 2010, the manufacturing 
     sector lost 5,632,000 jobs;
       (3) as of May 2010, fewer than 12,000,000 workers in the 
     United States were employed in the manufacturing sector, the 
     fewest number of factory jobs since March 1941;
       (4) at the end of 2009, the United States had a trade 
     deficit of more than $374,908,000,000, including a 
     $226,877,200,000 trade deficit with China;
       (5) preserving and increasing decent paying jobs must be a 
     top priority of Congress;
       (6) providing loan guarantees, direct loans, and technical 
     assistance to employees to buy their own companies will 
     preserve and increase employment in the United States; and
       (7) just as the United States Export-Import Bank was 
     created in 1934, in the midst of the Great Depression, as a 
     way to increase United States jobs through exports, the time 
     has come to establish the United States Employee Ownership 
     Bank within the Department of the Treasury to preserve and 
     expand jobs in the United States.
       (b) Definitions.--In this section--
       (1) the term ``Bank'' means the Unites States Employee 
     Ownership Bank, established under section 4;
       (2) the term ``eligible worker-owned cooperative'' has the 
     same meaning as in section 1042(c)(2) of the Internal Revenue 
     Code of 1986;
       (3) the term ``employee stock ownership plan'' has the same 
     meaning as in section 4975(e)(7) of the Internal Revenue Code 
     of 1986; and
       (4) the term ``Secretary'' means the Secretary of the 
     Treasury.
       (c) Establishment of United States Employee Ownership Bank 
     Within the Department of the Treasury.--
       (1) In general.--Before the end of the 90-day period 
     beginning on the date of enactment of this Act, the Secretary 
     shall establish the United States Employee Ownership Bank, to 
     foster increased employee ownership of United States 
     companies and greater employee participation in company 
     decision making throughout the United States.
       (2) Organization of the bank.--
       (A) Management.--The Secretary shall appoint a Director to 
     serve as the head of the Bank, who shall serve at the 
     pleasure of the Secretary.
       (B) Staff.--The Director may select, appoint, employ, and 
     fix the compensation of such employees as are necessary to 
     carry out the functions of the Bank.
       (d) Duties of Bank.--The Bank is authorized to provide 
     loans, on a direct or guaranteed basis, which may be 
     subordinated to the interests of all other creditors--
       (1) to purchase a company through an employee stock 
     ownership plan or an eligible worker-owned cooperative, which 
     shall be at least 51 percent employee owned, or will become 
     at least 51 percent employee owned as a result of financial 
     assistance from the Bank;
       (2) to allow a company that is less than 51 percent 
     employee owned to become at least 51 percent employee owned;
       (3) to allow a company that is already at least 51 percent 
     employee owned to increase the level of employee ownership at 
     the company; and
       (4) to allow a company that is already at least 51 percent 
     employee owned to expand operations and increase or preserve 
     employment.
       (e) Preconditions.--Before the Bank makes any subordinated 
     loan or guarantees a loan under subsection (d)(1), a business 
     plan shall be submitted to the bank that--
       (1) shows that--
       (A) not less than 51 percent of all interests in the 
     company is or will be owned or controlled by an employee 
     stock ownership plan or eligible worker-owned cooperative;
       (B) the board of directors of the company is or will be 
     elected by shareholders on a one share to one vote basis or 
     by members of the eligible worker-owned cooperative on a one 
     member to one vote basis, except that shares held by the 
     employee stock ownership plan will be voted according to 
     section 409(e) of the Internal Revenue Code of 1986, with 
     participants providing voting instructions to the trustee of 
     the employee stock ownership plan in accordance with the 
     terms of the employee stock ownership plan and the 
     requirements of that section 409(e); and
       (C) all employees will receive basic information about 
     company progress and have the opportunity to participate in 
     day-to-day operations; and
       (2) includes a feasibility study from an objective third 
     party with a positive determination that the employee stock 
     ownership plan or eligible worker-owned cooperative will 
     generate enough of a margin to pay back any loan, 
     subordinated loan, or loan guarantee that was made possible 
     through the Bank.
       (f) Terms and Conditions for Loans and Loan Guarantees.--
     Notwithstanding any other provision of law, a loan that is 
     provided or guaranteed under this section shall--
       (1) bear interest at an annual rate, as determined by the 
     Secretary--
       (A) in the case of a direct loan under this Act--
       (i) sufficient to cover the cost of borrowing to the 
     Department of the Treasury for obligations of comparable 
     maturity; or
       (ii) of 4 percent; and
       (B) in the case of a loan guaranteed under this section, in 
     an amount that is equal to the current applicable market rate 
     for a loan of comparable maturity; and
       (2) have a term not to exceed 12 years.
       (g) Employee Right of First Refusal Before Plant or 
     Facility Closing.--Section 3 of the Worker Adjustment and 
     Retraining Notification Act (29 U.S.C. 2102) is amended--
       (1) in the section heading, by adding at the end the 
     following: ``; employee stock ownership plans or eligible 
     worker owned cooperatives''; and
       (2) by adding at the end the following:
       ``(e) Employee Stock Ownership Plans and Eligible Worker-
     Owned Cooperatives.--
       ``(1) General rule.--If an employer orders a plant or 
     facility closing in connection with

[[Page 12390]]

     the termination of its operations at such plant or facility, 
     the employer shall offer its employees an opportunity to 
     purchase such plant or facility through an employee stock 
     ownership plan (as that term is defined in section 4975(e)(7) 
     of the Internal Revenue Code of 1986) or an eligible worker-
     owned cooperative (as that term is defined in section 
     1042(c)(2) of the Internal Revenue Code of 1986) that is at 
     least 51 percent employee owned. The value of the company 
     which is to be the subject of such plan or cooperative shall 
     be the fair market value of the plant or facility, as 
     determined by an appraisal by an independent third party 
     jointly selected by the employer and the employees. The cost 
     of the appraisal may be shared evenly between the employer 
     and the employees.
       ``(2) Exemptions.--Paragraph (1) shall not apply--
       ``(A) if an employer orders a plant closing, but will 
     retain the assets of such plant to continue or begin a 
     business within the United States; or
       ``(B) if an employer orders a plant closing and such 
     employer intends to continue the business conducted at such 
     plant at another plant within the United States.''.
       (h) Regulations on Safety and Soundness and Preventing 
     Competition With Commercial Institutions.--Before the end of 
     the 90-day period beginning on the date of enactment of this 
     Act, the Secretary of the Treasury shall prescribe such 
     regulations as are necessary to implement this section and 
     the amendments made by this section, including--
       (1) regulations to ensure the safety and soundness of the 
     Bank; and
       (2) regulations to ensure that the Bank will not compete 
     with commercial financial institutions.
       (i) Community Reinvestment Credit.--Section 804 of the 
     Community Reinvestment Act of 1977 (12 U.S.C. 2903) is 
     amended by adding at the end the following new subsection:
       ``(l) Establishment of Employee Stock Ownership Plans and 
     Eligible Worker-Owned Cooperatives.--In assessing and taking 
     into account, under subsection (a), the record of a financial 
     institution, the appropriate Federal financial supervisory 
     agency may consider as a factor capital investments, loans, 
     loan participation, technical assistance, financial advice, 
     grants, and other ventures undertaken by the institution to 
     support or enable employees to establish employee stock 
     ownership plans or eligible worker-owned cooperatives (as 
     those terms are defined in sections 4975(e)(7) and 1042(c)(2) 
     of the Internal Revenue Code of 1986, respectively), that are 
     at least 51 percent employee-owned plans or cooperatives.''.
       (j) Authorization of Appropriations.--There are authorized 
     to be appropriated to the Secretary to carry out this 
     section, $500,000,000 for fiscal year 2010, and such sums as 
     may be necessary thereafter. -
                                 ______
                                 
  SA 4441. Mrs. SHAHEEN (for herself and Mr. Cochran) submitted an 
amendment intended to be proposed to amendment SA 4402 proposed by Mr. 
Reid (for Mr. Baucus (for himself, Ms. Landrieu, and Mr. Reid)) to the 
bill H.R. 5297, to create the Small Business Lending Fund Program to 
direct the Secretary of the Treasury to make capital investments in 
eligible institutions to order to increase the availability of credit 
for small businesses, to amend the Internal Revenue Code of 1986 to 
provide tax incentives for small business job creation, and for other 
purposes; which was ordered to lie on the table; as follows:

       At the end of title IV, insert the following:

     SECTION __. ON-THE-JOB TRAINING.

       (a) Short Title.--This section may be cited as the ``On-
     the-Job Training Act of 2010''.
       (b) Training.--
       (1) In general.--Subtitle D of title I of the Workforce 
     Investment Act of 1998 is amended by inserting after section 
     173A (29 U.S.C. 2918a) the following:

     ``SEC. 173B. ON-THE-JOB TRAINING.

       ``(a) Definition.--In this section, the term `federally 
     recognized tribal organization' means an entity described in 
     section 166(c)(1).
       ``(b) Grants.--From the amount made available under 
     subsection (g), and subject to subsection (d)--
       ``(1) the Secretary shall make grants on a discretionary 
     basis to local areas, for adult on-the-job training, or 
     dislocated worker on-the-job-training, carried out under 
     section 134; and
       ``(2) using an amount that is not more than 10 percent of 
     the funds made available under subsection (g), the Secretary 
     shall make grants to States, local boards, and federally 
     recognized tribal organizations for developing on-the-job 
     training programs, in consultation with the Secretary.
       ``(c) Application.--To be eligible to receive a grant under 
     subsection (b), a State, local board, or federally recognized 
     tribal organization shall submit an application to the 
     Secretary at such time, in such manner, and containing such 
     information as the Secretary may require. In preparing such 
     an application for a grant under subsection (b)(1), a local 
     board shall consult with the corresponding State.
       ``(d) Reimbursement of Wage Rates.--Notwithstanding the 
     limitation in section 101(31)(B), in making the grants 
     described in subsection (b)(1) the Secretary may allow for 
     higher levels of reimbursement of wage rates the Secretary 
     determines are appropriate based on factors such as--
       ``(1) employer size, in order to facilitate the 
     participation of small- and medium-sized employers;
       ``(2) target populations, in order to enhance job creation 
     for persons with barriers to employment; and
       ``(3) the number of employees that will participate in the 
     on-the-job training, the wage and benefit levels of the 
     employees (before the training and anticipated on completion 
     of the training), the relationship of the training to the 
     competitiveness of the employer and employees, and the 
     existence of other employer-provided training and advancement 
     opportunities.
       ``(e) Administration.--The Secretary may use an amount that 
     is not more than 1 percent of the funds made available under 
     subsection (g) for the administration, management, and 
     oversight of the programs, activities, and grants, funded 
     under subsection (b), including the evaluation of, and 
     dissemination of information on lessons learned through, the 
     use of such funds.
       ``(f) Rule of Construction.--Nothing in this section shall 
     be construed to affect the manner in which subtitle B is 
     implemented, for activities funded through amounts 
     appropriated under section 137.
       ``(g) Authorization of Appropriations.--There is authorized 
     to be appropriated to carry out this section such sums as may 
     be necessary for fiscal year 2011 and each subsequent fiscal 
     year.''.
       (2) Table of contents.--The table of contents in section 
     1(b) of the Workforce Investment Act of 1998 is amended by 
     inserting after the item relating to section 173A the 
     following:

       ``Sec. 173B. On-the-job training.''.
                                 ______
                                 
  SA 4442. Mr. BURRIS submitted an amendment intended to be proposed to 
amendment SA 4402 proposed by Mr. Reid (for Mr. Baucus (for himself, 
Ms. Landrieu, and Mr. Reid)) to the bill H.R. 5297, to create the Small 
Business Lending Fund Program to direct the Secretary of the Treasury 
to make capital investments in eligible institutions to order to 
increase the availability of credit for small businesses, to amend the 
Internal Revenue Code of 1986 to provide tax incentives for small 
business job creation, and for other purposes; which was ordered to lie 
on the table; as follows:

       On page 113, between lines 17 and 18, insert the following:

     SEC. 1348. NET WORTH THRESHOLD.

       Section 8(a)(6) of the Small Business Act (15 U.S.C. 
     637(a)(6)) is amended by adding at the end the following:
       ``(F)(i) Subject to clause (ii), the Administrator may not 
     establish the maximum net worth for participation in the 
     program under this subsection in an amount less than 
     $2,500,000.
       ``(ii) The amount under clause (i) shall be periodically 
     adjusted by the Administrator to account for inflation.''.
                                 F_____
                                 
  SA 4443. Mr. UDALL of Colorado (for himself, Mr. Schumer, Mr. Reid, 
Mr. Lieberman, Mrs. Boxer, Mrs. Gillibrand, Mr. Sanders, and Mr. 
Inouye) submitted an amendment intended to be proposed by him to the 
bill H.R. 5297, to create the Small Business Lending Fund Program to 
direct the Secretary of the Treasury to make capital investments in 
eligible institutions to order to increase the availability of credit 
for small businesses, to amend the Internal Revenue Code of 1986 to 
provide tax incentives for small business job creation, and for other 
purposes; which was ordered to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. ___. LIMITS ON MEMBER BUSINESS LOANS.

       (a) In General.--
       (1) Revised limitation and criteria.--Effective 6 months 
     after the date of enactment of this Act, section 107A(a) of 
     the Federal Credit Union Act (12 U.S.C. 1757a(a)) is amended 
     to read as follows:
       ``(a) Limitation.--
       ``(1) In general.--Except as provided in paragraph (2), an 
     insured credit union may not make any member business loan 
     that would result in the total amount of such loans 
     outstanding at that credit union at any one time to be equal 
     to more than the lesser of--
       ``(A) 1.75 times the actual net worth of the credit union; 
     or
       ``(B) 12.25 percent of the total assets of the credit 
     union.

[[Page 12391]]

       ``(2) Additional authority.--The Board may approve an 
     application by an insured credit union upon a finding that 
     the credit union meets the criteria under this paragraph to 
     make 1 or more member business loans that would result in a 
     total amount of such loans outstanding at any one time of not 
     more than 27.5 percent of the total assets of the credit 
     union, if the credit union--
       ``(A) had member business loans outstanding at the end of 
     each of the 4 consecutive quarters immediately preceding the 
     date of the application, in a total amount of not less than 
     80 percent of the applicable limitation under paragraph (1);
       ``(B) is well capitalized, as defined in section 
     216(c)(1)(A);
       ``(C) can demonstrate at least 5 years of experience of 
     sound underwriting and servicing of member business loans;
       ``(D) has the requisite policies and experience in managing 
     member business loans; and
       ``(E) has satisfied other standards that the Board 
     determines are necessary to maintain the safety and soundness 
     of the insured credit union.
       ``(3) Effect of not being well capitalized.--An insured 
     credit union that has made member business loans under an 
     authorization under paragraph (2) and that is not, as of its 
     most recent quarterly call report, well capitalized, may not 
     make any member business loans, until such time as the credit 
     union becomes well capitalized, as reflected in a subsequent 
     quarterly call report, and obtains the approval of the 
     Board.''.
       (b) Implementation.--
       (1) Tiered approval process.--The Board shall develop a 
     tiered approval process, under which an insured credit union 
     gradually increases the amount of member business lending in 
     a manner that is consistent with safe and sound operations, 
     subject to the limits established under section 107A(a)(2) of 
     the Federal Credit Union Act (as amended by this Act). The 
     rate of increase under the process established under this 
     paragraph may not exceed 30 percent per year.
       (2) Rulemaking required.--The Board shall issue proposed 
     rules, not later than 6 months after the date of enactment of 
     this Act, to establish the tiered approval process required 
     under paragraph (1). The tiered approval process shall 
     establish standards designed to ensure that the new business 
     lending capacity authorized under the amendment made by 
     subsection (a) is being used only by insured credit unions 
     that are well-managed and well capitalized, as required by 
     the amendments made under subsection (a) and as defined by 
     the rules issued by the Board under this paragraph.
       (3) Considerations.--In issuing rules required under this 
     subsection, the Board shall consider--
       (A) the experience level of the institutions, including a 
     demonstrated history of sound member business lending;
       (B) the criteria under section 107A(a)(2) of the Federal 
     Credit Union Act, as amended by this Act; and
       (C) such other factors as the Board determines necessary or 
     appropriate.
       (c) Reports to Congress on Member Business Lending.--
       (1) Report of the board.--
       (A) In general.--Not later than 3 years after the date of 
     enactment of this Act, the Board shall submit a report to 
     Congress on member business lending by insured credit unions.
       (B) Report.--The report required under subparagraph (A) 
     shall include--
       (i) the types and asset size of insured credit unions 
     making member business loans and the member business loan 
     limitations applicable to the insured credit unions;
       (ii) the overall amount and average size of member business 
     loans by each insured credit union;
       (iii) the ratio of member business loans by insured credit 
     unions to total assets and net worth;
       (iv) the performance of the member business loans, 
     including delinquencies and net charge offs;
       (v) the effect of this section on the number of insured 
     credit unions engaged in member business lending, any change 
     in the amount of member business lending, and the extent to 
     which any increase is attributed to the change in the 
     limitation in section 107A(a) of the Federal Credit Union 
     Act, as amended by this Act;
       (vi) the number, types, and asset size of insured credit 
     unions that were denied or approved by the Board for 
     increased member business loans under section 107A(a)(2), as 
     amended by this Act, including denials and approvals under 
     the tiered approval process;
       (vii) the types and sizes of businesses that receive member 
     business loans, the duration of the credit union membership 
     of the businesses at the time of the loan, the types of 
     collateral used to secure member business loans, and the 
     income level of members receiving member business loans; and
       (viii) the effect of any increases in member business loans 
     on the risk to the National Credit Union Share Insurance Fund 
     and the assessments on insured credit unions.
       (2) GAO study and report.--
       (A) Study.--The Comptroller General of the United States 
     shall conduct a study on the status of member business 
     lending by insured credit unions, including--
       (i) trends in such lending;
       (ii) types and amounts of member business loans;
       (iii) the effectiveness of this section in enhancing small 
     business lending;
       (iv) recommendations for legislative action, if any, with 
     respect to such lending; and
       (v) any other information that the Comptroller General 
     considers relevant with respect to such lending.
       (B) Report.--Not later than 3 years after the date of 
     enactment of this Act, the Comptroller General shall submit a 
     report to Congress on the study required by subparagraph (A).
       (d) Definitions.--In this section--
       (1) the term ``Board'' means the National Credit Union 
     Administration Board;
       (2) the term ``insured credit union'' has the meaning given 
     that term in section 101 of the Federal Credit Union Act (12 
     U.S.C. 1752);
       (3) the term ``member business loan'' has the meaning given 
     that term in section 107A(c)(1) of the Federal Credit Union 
     Act (12 U.S.C. 1757a(c)(1));
       (4) the term ``net worth'' has the meaning given that term 
     in section 107A(c)(2) of the Federal Credit Union Act (12 
     U.S.C. 1757a(c)(2)); and
       (5) the term ``well capitalized'' has the meaning given 
     that term in section 216(c)(1)(A) of the Federal Credit Union 
     Act (12 U.S.C. 1709d(c)(1)(A)).
                                 ______
                                 
  SA 4444. Mr. REID (for himself, Mr. Crapo, Mr. Ensign, Mr. Lieberman, 
Mrs. Shaheen, Mrs. Lincoln, Mr. Tester, Ms. Stabenow, Mr. Wicker and 
Mr. Coburn) submitted an amendment intended to be proposed to amendment 
SA 4402 proposed by Mr. Reid (for Mr. Baucus (for himself, Ms. 
Landrieu, and Mr. Reid)) to the bill H.R. 5297, to create the Small 
Business Lending Fund Program to direct the Secretary of the Treasury 
to make capital investments in eligible institutions in order to 
increase the availability of credit for small businesses, to amend the 
Internal Revenue Code of 1986 to provide tax incentives for small 
business job creation, and for other purposes; which was ordered to lie 
on the table; as follows:

       At the end of part IV of title II, insert the following:

     SEC. --. TIME FOR PAYMENT OF MANUFACTURERS' EXCISE TAX ON 
                   RECREATIONAL EQUIPMENT.

       (a) In General.--Subsection (d) of section 6302 of the 
     Internal Revenue Code of 1986 (relating to mode or time of 
     collection) is amended to read as follows:
       ``(d) Time for Payment of Manufacturers' Excise Tax on 
     Recreational Equipment.--The taxes imposed by subchapter D of 
     chapter 32 of this title (relating to taxes on recreational 
     equipment) shall be due and payable on the date for filing 
     the return for such taxes.''.
       (b) Effective Date.--The amendment made by subsection (a) 
     shall apply to articles sold by the manufacturer, producer, 
     or importer after the date of the enactment of this Act.
                                 ______
                                 
  SA 4445. Ms. KLOBUCHAR (for herself, Mr. LeMieux, Mr. Kerry, Mrs. 
Shaheen, and Mr. Nelson of Florida) submitted an amendment intended to 
be proposed to amendment SA 4402 proposed by Mr. Reid (for Mr. Baucus 
(for himself, Ms. Landrieu, and Mr. Reid)) to the bill H.R. 5297, to 
create the Small Business Lending Fund Program to direct the Secretary 
of the Treasury to make capital investments in eligible institutions in 
order to increase the availability of credit for small businesses, to 
amend the Internal Revenue Code of 1986 to provide tax incentives for 
small business job creation, and for other purposes; which was ordered 
to lie on the table; as follows:

       On page 84, between lines 11 and 12, insert the following:

     SEC. 1210. GLOBAL BUSINESS DEVELOPMENT AND PROMOTION 
                   ACTIVITIES OF THE DEPARTMENT OF COMMERCE.

       (a) Increase in Employees With Responsibility for Global 
     Business Development and Promotion Activities.--
       (1) In general.--During the 24-month period beginning on 
     the date of the enactment of this Act, the Secretary of 
     Commerce shall increase the number of full-time departmental 
     employees whose primary responsibilities involve promoting or 
     facilitating participation by United States businesses in the 
     global marketplace and facilitating the entry into, or 
     expansion of, such participation by United States businesses. 
     In carrying out this subsection, the Secretary shall ensure 
     that--
       (A) the cohort of such employees is increased by not less 
     than 80 persons; and
       (B) a substantial portion of the increased cohort is 
     stationed outside the United States.
       (2) Enhanced focus on united states small- and medium-sized 
     businesses.--In

[[Page 12392]]

     carrying out this subsection, the Secretary shall take such 
     action as may be necessary to ensure that the activities of 
     the Department of Commerce relating to promoting and 
     facilitating participation by United States businesses in the 
     global marketplace include promoting and facilitating such 
     participation by small and medium-sized businesses in the 
     United States.
       (3) Authorization of appropriations.--There are authorized 
     to be appropriated to the Secretary for each of the fiscal 
     years 2011 and 2012 such sums as may be necessary to carry 
     out this section.
       (b) Additional Funding for Global Business Development and 
     Promotion Activities of the Department of Commerce.--
       (1) In general.--There are authorized to be appropriated to 
     the Secretary of Commerce for the period beginning on the 
     date of the enactment of this Act and ending 18 months 
     thereafter, $30,000,000 to promote or facilitate 
     participation by United States businesses in the global 
     marketplace and facilitating the entry into, or expansion of, 
     such participation by United States businesses.
       (2) Requirements.--In obligating and expending the funds 
     authorized to be appropriated by paragraph (1), the Secretary 
     of Commerce shall give preference to activities that--
       (A) assist small- and medium-sized businesses in the United 
     States; and
       (B) the Secretary determines will create or sustain the 
     greatest number of jobs in the United States and obtain the 
     maximum return on investment.

     SEC. 1211. ADDITIONAL FUNDING TO IMPROVE ACCESS TO GLOBAL 
                   MARKETS FOR RURAL BUSINESSES.

       (a) In General.--There are authorized to be appropriated to 
     the Secretary of Commerce $5,000,000 for each of the fiscal 
     years 2011 and 2012 for improving access to the global 
     marketplace for goods and services provided by rural 
     businesses in the United States.
       (b) Requirements.--In obligating and expending the funds 
     authorized to be appropriated by subsection (a), the 
     Secretary of Commerce shall give preference to activities 
     that--
       (1) assist small- and medium-sized businesses in the United 
     States; and
       (2) the Secretary determines will create or sustain the 
     greatest number of jobs in the United States and obtain the 
     maximum return on investment.

     SEC. 1212. ADDITIONAL FUNDING FOR THE EXPORTECH PROGRAM.

       (a) In General.--There are authorized to be appropriated to 
     the Secretary of Commerce $11,000,000 for the period 
     beginning on the date of the enactment of this Act and ending 
     18 months thereafter, to expand ExporTech, a joint program of 
     the Hollings Manufacturing Partnership Program and the Export 
     Assistance Centers of the Department of Commerce.
       (b) Requirements.--In obligating and expending the funds 
     authorized to be appropriated by subsection (a), the 
     Secretary of Commerce shall give preference to activities 
     that--
       (1) assist small- and medium-sized businesses in the United 
     States; and
       (2) the Secretary determines will create or sustain the 
     greatest number of jobs in the United States and obtain the 
     maximum return on investment.

     SEC. 1213. ADDITIONAL FUNDING FOR THE MARKET DEVELOPMENT 
                   COOPERATOR PROGRAM OF THE DEPARTMENT OF 
                   COMMERCE.

       (a) In General.--There are authorized to be appropriated to 
     the Secretary of Commerce for the period beginning on the 
     date of the enactment of this Act and ending 18 months 
     thereafter, $15,000,000 for the Manufacturing and Services 
     unit of the International Trade Administration--
       (1) to establish public-private partnerships under the 
     Market Development Cooperator Program of the International 
     Trade Administration; and
       (2) to underwrite a portion of the start-up costs for new 
     projects carried out under that Program to strengthen the 
     competitiveness and market share of United States industry, 
     not to exceed, for each such project, the lesser of--
       (A) \1/3\ of the total start-up costs for the project; or
       (B) $500,000.
       (b) Requirements.--In obligating and expending the funds 
     authorized to be appropriated by subsection (a), the 
     Secretary of Commerce shall give preference to activities 
     that--
       (1) assist small- and medium-sized businesses in the United 
     States; and
       (2) the Secretary determines will create or sustain the 
     greatest number of jobs in the United States and obtain the 
     maximum return on investment.

     SEC. 1214. HOLLINGS MANUFACTURING PARTNERSHIP PROGRAM; 
                   TECHNOLOGY INNOVATION PROGRAM.

       (a) Hollings Manufacturing Partnership Program.--Section 
     25(f) of the National Institute of Standards and Technology 
     Act (15 U.S.C. 278k(f)) is amended by adding at the end the 
     following:
       ``(7) Global marketplace projects.--In making awards under 
     this subsection, the Director, in consultation with the 
     Manufacturing Extension Partnership Advisory Board and the 
     Secretary of Commerce, may--
       ``(A) take into consideration whether an application has 
     significant potential for enhancing the competitiveness of 
     small and medium-sized United States manufacturers in the 
     global marketplace; and
       ``(B) give a preference to applications for such projects 
     to the extent the Director deems appropriate, taking into 
     account the broader purposes of this subsection.''.
       (b) Technology Innovation Program.--In awarding grants, 
     cooperative agreements, or contracts under section 28 of the 
     National Institute of Standards and Technology Act (15 U.S.C. 
     278n), in addition to the award criteria set forth in 
     subsection (c) of that section, the Director of the National 
     Institute of Standards and Technology may take into 
     consideration whether an application has significant 
     potential for enhancing the competitiveness of small- and 
     medium-sized businesses in the United States in the global 
     marketplace. The Director shall consult with the Technology 
     Innovation Program Advisory Board and the Secretary of 
     Commerce in implementing this subsection.

     SEC. 1215. SENSE OF THE SENATE CONCERNING FEDERAL 
                   COLLABORATION WITH STATES ON EXPORT PROMOTION 
                   ISSUES.

       It is the sense of the Senate that the Secretary of 
     Commerce should enhance Federal collaboration with the States 
     on export promotion issues by--
       (1) providing the necessary training to the staff at State 
     international trade agencies to enable them to assist the 
     United States and Foreign Commercial Service (established by 
     section 2301 of the Export Enhancement Act of 1988 (15 U.S.C. 
     4721)) in providing counseling and other export services to 
     businesses in their communities; and
       (2) entering into agreements with State international trade 
     agencies for those agencies to deliver export promotion 
     services in their local communities in order to extend the 
     outreach of United States and Foreign Commercial Service 
     programs.

     SEC. 1216. REPORT ON TARIFF AND NONTARIFF BARRIERS.

       Not later than 90 days after the date of the enactment of 
     this Act, the Secretary of Commerce, in consultation with the 
     United States Trade Representative and other appropriate 
     entities, shall report to Congress on the tariff and 
     nontariff barriers imposed by Colombia, the Republic of 
     Korea, and Panama with respect to exports of articles from 
     the United States, including articles exported or produced by 
     small- and medium-sized businesses in the United States.
                                 ______
                                 
  SA 4446. Ms. SNOWE submitted an amendment intended to be proposed to 
amendment SA 4402 proposed by Mr. Reid (for Mr. Baucus (for himself, 
Ms. Landrieu, and Mr. Reid)) to the bill H.R. 5297, to create the Small 
Business Lending Fund Program to direct the Secretary of the Treasury 
to make capital investments in eligible institutions in order to 
increase the availability of credit for small businesses, to amend the 
Internal Revenue Code of 1986 to provide tax incentives for small 
business job creation, and for other purposes; which was ordered to lie 
on the table; as follows:

       On page 84, between lines 11 and 12, insert the following:

     SEC. 1210. TREATMENT OF CERTAIN FOOTWEAR.

       (a) In General.--The Additional U.S. Notes to chapter 64 of 
     the Harmonized Tariff Schedule of the United States are 
     amended by adding at the end the following:
       ``5. For the purposes of determining the constituent 
     material of the outer sole pursuant to Note 4(b) to this 
     chapter, no account shall be taken of textile materials which 
     do not possess the characteristics usually required for 
     normal use of an outer sole, including durability and 
     strength.''.
       (b) Effective Date.--The amendment made by subsection (a) 
     applies to goods entered, or withdrawn from warehouse for 
     consumption, on or after the date that is 15 days after the 
     date of enactment of this Act.
                                 ______
                                 
  SA 4447. Mr. DORGAN submitted an amendment intended to be proposed to 
amendment SA 4402 proposed by Mr. Reid (for Mr. Baucus (for himself, 
Ms. Landrieu, and Mr. Reid)) to the bill H.R. 5297, to create the Small 
Business Lending Fund Program to direct the Secretary of the Treasury 
to make capital investments in eligible institutions in order to 
increase the availability of credit for small businesses, to amend the 
Internal Revenue Code of 1986 to provide tax incentives for small 
business job creation, and for other purposes; which was ordered to lie 
on the table; as follows:

       At the end of part I of subtitle B of title II, add the 
     following:

     SEC. ___. TAXATION OF INCOME OF CONTROLLED FOREIGN 
                   CORPORATIONS ATTRIBUTABLE TO IMPORTED PROPERTY.

       (a) General Rule.--Subsection (a) of section 954 of the 
     Internal Revenue Code of 1986 (defining foreign base company 
     income) is amended by striking the period at the end of

[[Page 12393]]

     paragraph (5) and inserting ``, and'', by redesignating 
     paragraph (5) as paragraph (4), and by adding at the end the 
     following new paragraph:
       ``(5) imported property income for the taxable year 
     (determined under subsection (j) and reduced as provided in 
     subsection (b)(5)).''.
       (b) Definition of Imported Property Income.--Section 954 of 
     the Internal Revenue Code of 1986 is amended by adding at the 
     end the following new subsection:
       ``(j) Imported Property Income.--
       ``(1) In general.--For purposes of subsection (a)(5), the 
     term `imported property income' means income (whether in the 
     form of profits, commissions, fees, or otherwise) derived in 
     connection with--
       ``(A) manufacturing, producing, growing, or extracting 
     imported property;
       ``(B) the sale, exchange, or other disposition of imported 
     property; or
       ``(C) the lease, rental, or licensing of imported property.

     Such term shall not include any foreign oil and gas 
     extraction income (within the meaning of section 907(c)) or 
     any foreign oil related income (within the meaning of section 
     907(c)).
       ``(2) Imported property.--For purposes of this subsection--
       ``(A) In general.--Except as otherwise provided in this 
     paragraph, the term `imported property' means property which 
     is imported into the United States by the controlled foreign 
     corporation or a related person.
       ``(B) Imported property includes certain property imported 
     by unrelated persons.--The term `imported property' includes 
     any property imported into the United States by an unrelated 
     person if, when such property was sold to the unrelated 
     person by the controlled foreign corporation (or a related 
     person), it was reasonable to expect that--
       ``(i) such property would be imported into the United 
     States; or
       ``(ii) such property would be used as a component in other 
     property which would be imported into the United States.
       ``(C) Exception for property subsequently exported.--The 
     term `imported property' does not include any property which 
     is imported into the United States and which--
       ``(i) before substantial use in the United States, is sold, 
     leased, or rented by the controlled foreign corporation or a 
     related person for direct use, consumption, or disposition 
     outside the United States; or
       ``(ii) is used by the controlled foreign corporation or a 
     related person as a component in other property which is so 
     sold, leased, or rented.
       ``(D) Exception for certain agricultural commodities.--The 
     term `imported property' does not include any agricultural 
     commodity which is not grown in the United States in 
     commercially marketable quantities.
       ``(3) Definitions and special rules.--
       ``(A) Import.--For purposes of this subsection, the term 
     `import' means entering, or withdrawal from warehouse, for 
     consumption or use. Such term includes any grant of the right 
     to use intangible property (as defined in section 
     936(h)(3)(B)) in the United States.
       ``(B) United states.--For purposes of this subsection, the 
     term `United States' includes the Commonwealth of Puerto 
     Rico, the Virgin Islands of the United States, Guam, American 
     Samoa, and the Commonwealth of the Northern Mariana Islands.
       ``(C) Unrelated person.--For purposes of this subsection, 
     the term `unrelated person' means any person who is not a 
     related person with respect to the controlled foreign 
     corporation.
       ``(D) Coordination with foreign base company sales 
     income.--For purposes of this section, the term `foreign base 
     company sales income' shall not include any imported property 
     income.''.
       (c) Separate Application of Limitations on Foreign Tax 
     Credit for Imported Property Income.--
       (1) In general.--Paragraph (1) of section 904(d) of the 
     Internal Revenue Code of 1986 (relating to separate 
     application of section with respect to certain categories of 
     income) is amended by striking ``and'' at the end of 
     subparagraph (A), by redesignating subparagraph (B) as 
     subparagraph (C), and by inserting after subparagraph (A) the 
     following new subparagraph:
       ``(B) imported property income, and''.
       (2) Imported property income defined.--Paragraph (2) of 
     section 904(d) of such Code is amended by redesignating 
     subparagraphs (I), (J), and (K) as subparagraphs (J), (K), 
     and (L), respectively, and by inserting after subparagraph 
     (H) the following new subparagraph:
       ``(I) Imported property income.--The term `imported 
     property income' means any income received or accrued by any 
     person which is of a kind which would be imported property 
     income (as defined in section 954(j)).''.
       (3) Conforming amendment.--Clause (ii) of section 
     904(d)(2)(A) of such Code is amended by inserting ``or 
     imported property income'' after ``passive category income''.
       (d) Technical Amendments.--
       (1) Clause (iii) of section 952(c)(1)(B) of the Internal 
     Revenue Code of 1986 (relating to certain prior year deficits 
     may be taken into account) is amended--
       (A) by redesignating subclauses (II), (III), (IV), and (V) 
     as subclauses (III), (IV), (V), and (VI), and
       (B) by inserting after subclause (I) the following new 
     subclause:

       ``(II) imported property income,''.

       (2) The last sentence of paragraph (4) of section 954(b) of 
     such Code (relating to exception for certain income subject 
     to high foreign taxes) is amended by striking ``subsection 
     (a)(5)'' and inserting ``subsection (a)(4)''.
       (3) Paragraph (5) of section 954(b) of such Code (relating 
     to deductions to be taken into account) is amended by 
     striking ``and the foreign base company oil related income'' 
     and inserting ``the foreign base company oil related income, 
     and the imported property income''.
       (e) Effective Date.--The amendments made by this section 
     shall apply to taxable years of foreign corporations 
     beginning after the date of the enactment of this Act, and to 
     taxable years of United States shareholders within which or 
     with which such taxable years of such foreign corporations 
     end.
                                 ______
                                 
  SA 4448. Mr. MERKLEY (for himself and Mr. Bond) submitted an 
amendment intended to be proposed to amendment SA 4402 proposed by Mr. 
Reid (for Mr. Baucus (for himself, Ms. Landrieu, and Mr. Reid)) to the 
bill H.R. 5297, to create the Small Business Lending Fund Program to 
direct the Secretary of the Treasury to make capital investments in 
eligible institutions in order to increase the availability of credit 
for small businesses, to amend the Internal Revenue Code of 1986 to 
provide tax incentives for small business job creation, and for other 
purposes; which was ordered to lie on the table; as follows:

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

     SEC. 1137. REBUILDING COUNTIES.

       (a) In General.--Section 3(p) of the Small Business Act (15 
     U.S.C. 632(p)) is amended--
       (1) in paragraph (1)--
       (A) in subparagraph (D), by striking ``or'' at the end;
       (B) in subparagraph (E), by striking the period at the end 
     and inserting ``; or''; and
       (C) by adding at the end the following:
       ``(F) rebuilding counties.''; and
       (2) in paragraph (4), by adding at the end the following:
       ``(E) Rebuilding counties.--
       ``(i) In general.--The term `rebuilding county' means an 
     initial period rebuilding county or an extension period 
     rebuilding county.
       ``(ii) Initial period rebuilding county.--The term `initial 
     period rebuilding county' means a county, parish, or similar 
     political subdivision--

       ``(I) for which the Administrator determines that the 1-
     year unemployment rate average is not less than 120 percent 
     of the 1-year average unadjusted unemployment rate for the 
     United States, based on the most recent data available from 
     the Secretary of Labor;
       ``(II) that--

       ``(aa) as of the date of the determination under subclause 
     (I), is not a HUBZone; or
       ``(bb) will cease to qualify as a HUBZone not later than 2 
     years after the date of the determination under subclause 
     (I); and

       ``(III) during the 3-year period beginning on the date on 
     which the Administrator makes the determination under 
     subclause (I).

       ``(iii) Extension period rebuilding county.--The term 
     `extension period rebuilding county' means a county, parish, 
     or similar political subdivision--

       ``(I) for which the Administrator has made a determination 
     under clause (ii)(I);
       ``(II) for which the 3-year period described in clause 
     (ii)(III) has ended;
       ``(III) for which the Administrator determines that the 
     average unemployment rate for the 1-year period ending on the 
     date on which the 3-year period described in clause (ii)(III) 
     ends is not less than 140 percent of the 1-year average 
     unadjusted unemployment rate for the United States, based on 
     the most recent data available from the Secretary of Labor; 
     and
       ``(IV) during the period beginning on the date on which the 
     Administrator makes the determination under subclause (III) 
     and ending on the earlier of--

       ``(aa) the date that is 3 years after the date of the 
     determination under subclause (III); and
       ``(bb) the date on which the Bureau of the Census publicly 
     releases the initial results of the first decennial census 
     occurring after the date of the determination under subclause 
     (III).
       ``(iv) 1-year unemployment rate average.--The term `1-year 
     unemployment rate average' means the average unemployment 
     rate, based on the most recent data available from the 
     Secretary of Labor, during any 1-year period during the 
     period--

       ``(I) beginning on the date on which a recession begins, as 
     determined by the National Bureau of Economic Research; and
       ``(II) ending on the date that is 180 days after the date 
     on which the National Bureau

[[Page 12394]]

     of Economic Research publicly releases the determination 
     under subclause (I).''.

       (b) Recession of 2007.--For purposes of applying section 
     3(p)(4) of the Small Business Act, as added by subsection 
     (a), in relation to the recession announced by the National 
     Bureau of Economic Research on December 1, 2008, the term 
     ``1-year unemployment rate average'' means the average 
     unemployment rate during the 1-year period ending on the date 
     of enactment of this Act, based on the most recent data 
     available from the Secretary of Labor.

                          ____________________