[Congressional Record (Bound Edition), Volume 157 (2011), Part 6]
[Senate]
[Pages 8794-8808]
[From the U.S. Government Publishing Office, www.gpo.gov]




                           TEXT OF AMENDMENTS

  SA 389. Mr. KOHL submitted an amendment intended to be proposed by 
him to the bill S. 782, to amend the Public Works and Economic 
Development Act of 1965 to reauthorize that Act, and for other 
purposes; which was ordered to lie on the table; as follows:

       At the end of the bill, insert the following:

     SEC. ___. NOPEC.

       (a) Short Title.--This section may be cited as the ``No Oil 
     Producing and Exporting Cartels Act of 2011'' or ``NOPEC''.
       (b) Sherman Act.--The Sherman Act (15 U.S.C. 1 et seq.) is 
     amended by adding after section 7 the following:

     ``SEC. 7A. OIL PRODUCING CARTELS.

       ``(a) In General.--It shall be illegal and a violation of 
     this Act for any foreign state, or any instrumentality or 
     agent of any foreign state, to act collectively or in 
     combination with any other foreign state, any instrumentality 
     or agent of any other foreign state, or any other person, 
     whether by cartel or any other association or form of 
     cooperation or joint action--
       ``(1) to limit the production or distribution of oil, 
     natural gas, or any other petroleum product;
       ``(2) to set or maintain the price of oil, natural gas, or 
     any petroleum product; or
       ``(3) to otherwise take any action in restraint of trade 
     for oil, natural gas, or any petroleum product;

     when such action, combination, or collective action has a 
     direct, substantial, and reasonably foreseeable effect on the 
     market, supply, price, or distribution of oil, natural gas, 
     or other petroleum product in the United States.
       ``(b) Sovereign Immunity.--A foreign state engaged in 
     conduct in violation of subsection (a) shall not be immune 
     under the doctrine

[[Page 8795]]

     of sovereign immunity from the jurisdiction or judgments of 
     the courts of the United States in any action brought to 
     enforce this section.
       ``(c) Inapplicability of Act of State Doctrine.--No court 
     of the United States shall decline, based on the act of state 
     doctrine, to make a determination on the merits in an action 
     brought under this section.
       ``(d) Enforcement.--
       ``(1) In general.--The Attorney General of the United 
     States may bring an action to enforce this section in any 
     district court of the United States as provided under the 
     antitrust laws.
       ``(2) No private right of action.--No private right of 
     action is authorized under this section.''.
       (c) Sovereign Immunity.--Section 1605(a) of title 28, 
     United States Code, is amended--
       (1) in paragraph (5), by striking ``or'' after the 
     semicolon;
       (2) in paragraph (6), by striking the period and inserting 
     ``; or''; and
       (3) by adding at the end the following:
       ``(7) in which the action is brought under section 7A of 
     the Sherman Act.''.
                                 ______
                                 
  SA 390. Ms. SNOWE (for herself, Mr. Coburn, Mr. McConnell, Mr. 
Barrasso, Mr. Brown of Massachusetts, Mr. Moran, Mr. Thune, Mr. Enzi, 
Ms. Ayotte, and Mr. Isakson) submitted an amendment intended to be 
proposed by her to the bill S. 782, to amend the Public Works and 
Economic Development Act of 1965 to reauthorize that Act, and for other 
purposes; which was ordered to lie on the table; as follows:

       At the end, add the following:

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

     SEC. ___1. SHORT TITLE.

       This title may be cited as the ``Freedom from Restrictive 
     Excessive Executive Demands and Onerous Mandates Act of 
     2011''.

     SEC. ___2. FINDINGS.

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

     SEC. ___3. INCLUDING INDIRECT ECONOMIC IMPACT IN SMALL ENTITY 
                   ANALYSES.

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

     SEC. ___4. JUDICIAL REVIEW TO ALLOW SMALL ENTITIES TO 
                   CHALLENGE PROPOSED REGULATIONS.

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

     SEC. ___5. PERIODIC REVIEW.

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

     ``Sec. 610. Periodic review of rules

       ``(a)(1) Not later than 180 days after the date of 
     enactment of the Freedom from Restrictive Excessive Executive 
     Demands and Onerous Mandates Act of 2011, each agency shall 
     establish a plan for the periodic review of--
       ``(A) each rule issued by the agency that the head of the 
     agency determines has a significant economic impact on a 
     substantial number of small entities, without regard to 
     whether the agency performed an analysis under section 604 
     with respect to the rule; and
       ``(B) any small entity compliance guide required to be 
     published by the agency under section 212 of the Small 
     Business Regulatory Enforcement Fairness Act of 1996 (5 
     U.S.C. 601 note).
       ``(2) In reviewing rules and small entity compliance guides 
     under paragraph (1), the agency shall determine whether the 
     rules and guides should--
       ``(A) be amended or rescinded, consistent with the stated 
     objectives of applicable statutes, to minimize any 
     significant adverse economic impacts on a substantial number 
     of small entities (including an estimate of any adverse 
     impacts on job creation and employment by small entities); or
       ``(B) continue in effect without change.
       ``(3) Each agency shall publish the plan established under 
     paragraph (1) in the Federal Register and on the Web site of 
     the agency.
       ``(4) An agency may amend the plan established under 
     paragraph (1) at any time by publishing the amendment in the 
     Federal Register and on the Web site of the agency.
       ``(b) Each plan established under subsection (a) shall 
     provide for--
       ``(1) the review of each rule and small entity compliance 
     guide described in subsection (a)(1) in effect on the date of 
     enactment of the Freedom from Restrictive Excessive Executive 
     Demands and Onerous Mandates Act of 2011--
       ``(A) not later than 9 years after the date of publication 
     of the plan in the Federal Register; and
       ``(B) every 9 years thereafter; and
       ``(2) the review of each rule adopted and small entity 
     compliance guide described in subsection (a)(1) that is 
     published after the date of enactment of the Freedom from 
     Restrictive Excessive Executive Demands and Onerous Mandates 
     Act of 2011--
       ``(A) not later than 9 years after the publication of the 
     final rule in the Federal Register; and
       ``(B) every 9 years thereafter.
       ``(c) In reviewing rules under the plan required under 
     subsection (a), the agency shall consider--
       ``(1) the continued need for the rule;
       ``(2) the nature of complaints received by the agency from 
     small entities concerning the rule;
       ``(3) comments by the Regulatory Enforcement Ombudsman and 
     the Chief Counsel for Advocacy of the Small Business 
     Administration;
       ``(4) the complexity of the rule;
       ``(5) the extent to which the rule overlaps, duplicates, or 
     conflicts with other Federal rules and, unless the head of 
     the agency determines it to be infeasible, State and local 
     rules;
       ``(6) the contribution of the rule to the cumulative 
     economic impact of all Federal rules on the class of small 
     entities affected by the rule, unless the head of the agency 
     determines that such a calculation cannot be made;
       ``(7) the length of time since the rule has been evaluated, 
     or the degree to which technology, economic conditions, or 
     other factors have changed in the area affected by the rule; 
     and
       ``(8) the economic impact of the rule, including--
       ``(A) the estimated number of small entities to which the 
     rule will apply;

[[Page 8796]]

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

     SEC. ___6. REQUIRING SMALL BUSINESS REVIEW PANELS FOR 
                   ADDITIONAL AGENCIES.

       (a) Agencies.--Section 609 of title 5, United States Code, 
     is amended--
       (1) in subsection (b)--
       (A) by striking ``a covered agency'' the first place it 
     appears and inserting ``an agency designated under subsection 
     (d)''; and
       (B) by striking ``a covered agency'' each place it appears 
     and inserting ``the agency'';
       (2) by striking subsection (d), as amended by section 
     1100G(a) of Public Law 111-203 (124 Stat. 2112), and 
     inserting the following:
       ``(d)(1)(A) On and after the date of enactment of the 
     Freedom from Restrictive Excessive Executive Demands and 
     Onerous Mandates Act of 2011, the Environmental Protection 
     Agency and the Occupational Safety and Health Administration 
     of the Department of Labor shall be--
       ``(i) agencies designated under this subsection; and
       ``(ii) subject to the requirements of subsection (b).
       ``(B) On and after the designated transfer date established 
     under section 1062 of Public Law 111-203 (12 U.S.C. 5582), 
     the Bureau of Consumer Financial Protection shall be--
       ``(i) an agency designated under this subsection; and
       ``(ii) subject to the requirements of subsection (b).
       ``(2) The Chief Counsel for Advocacy shall designate as 
     agencies that shall be subject to the requirements of 
     subsection (b) on and after the date of the designation--
       ``(A) 3 agencies for the first year after the date of 
     enactment of the Freedom from Restrictive Excessive Executive 
     Demands and Onerous Mandates Act of 2011;
       ``(B) in addition to the agencies designated under 
     subparagraph (A), 3 agencies for the second year after the 
     date of enactment of the Freedom from Restrictive Excessive 
     Executive Demands and Onerous Mandates Act of 2011; and
       ``(C) in addition to the agencies designated under 
     subparagraphs (A) and (B), 3 agencies for the third year 
     after the date of enactment of the Freedom from Restrictive 
     Excessive Executive Demands and Onerous Mandates Act of 2011.
       ``(3) The Chief Counsel for Advocacy shall designate 
     agencies under paragraph (2) based on the economic impact of 
     the rules of the agency on small entities, beginning with 
     agencies with the largest economic impact on small 
     entities.''; and
       (3) in subsection (e)(1), by striking ``the covered 
     agency'' and inserting ``the agency''.
       (b) Technical and Conforming Amendments.--
       (1) Section 603.--Section 603(d) of title 5, United States 
     Code, as added by section 1100G(b) of Public Law 111-203 (124 
     Stat. 2112), is amended--
       (A) in paragraph (1), by striking ``a covered agency, as 
     defined in section 609(d)(2)'' and inserting ``the Bureau of 
     Consumer Financial Protection''; and
       (B) in paragraph (2), by striking ``A covered agency, as 
     defined in section 609(d)(2),'' and inserting ``The Bureau of 
     Consumer Financial Protection''.
       (2) Section 604.--Section 604(a) of title 5, United States 
     Code, is amended--
       (A) by redesignating the second paragraph designated as 
     paragraph (6) (relating to covered agencies), as added by 
     section 1100G(c)(3) of Public Law 111-203 (124 Stat. 2113), 
     as paragraph (7); and
       (B) in paragraph (7), as so redesignated--
       (i) by striking ``a covered agency, as defined in section 
     609(d)(2)'' and inserting ``the Bureau of Consumer Financial 
     Protection''; and
       (ii) by striking ``the agency'' and inserting ``the 
     Bureau''.
       (3) Effective date.--The amendments made by this subsection 
     shall take effect on the date of enactment of this Act and 
     apply on and after the designated transfer date established 
     under section 1062 of Public Law 111-203 (12 U.S.C. 5582).

     SEC. ___7. EXPANDING THE REGULATORY FLEXIBILITY ACT TO AGENCY 
                   GUIDANCE DOCUMENTS.

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

     SEC. ___8. REQUIRING THE INTERNAL REVENUE SERVICE TO CONSIDER 
                   SMALL ENTITY IMPACT.

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

     SEC. ___9. REPORTING ON ENFORCEMENT ACTIONS RELATING TO SMALL 
                   ENTITIES.

       Section 223 of the Small Business Regulatory Enforcement 
     Fairness Act of 1996 (5 U.S.C. 601 note) is amended--
       (1) in subsection (a)--
       (A) by striking ``Each agency'' and inserting the 
     following:
       ``(1) Establishment of policy or program.--Each agency''; 
     and
       (B) by adding at the end the following:
       ``(2) Review of civil penalties.--Not later than 2 years 
     after the date of enactment of the Freedom from Restrictive 
     Excessive Executive Demands and Onerous Mandates Act of 2011, 
     and every 2 years thereafter, each agency regulating the 
     activities of small entities shall review the civil penalties 
     imposed by the agency for violations of a statutory or 
     regulatory requirement by a small entity to determine whether 
     a reduction or waiver of the civil penalties is 
     appropriate.''; and
       (2) in subsection (c)--
       (A) by striking ``Agencies shall report'' and all that 
     follows through ``the scope'' and inserting ``Not later than 
     2 years after the date

[[Page 8797]]

     of enactment of the Freedom from Restrictive Excessive 
     Executive Demands and Onerous Mandates Act of 2011, and every 
     2 years thereafter, each agency shall submit to the Committee 
     on Small Business and Entrepreneurship and the Committee on 
     Homeland Security and Governmental Affairs of the Senate and 
     the Committee on Small Business and the Committee on the 
     Judiciary of the House of Representatives a report discussing 
     the scope''; and
       (B) by striking ``and the total amount of penalty 
     reductions and waivers'' and inserting ``the total amount of 
     penalty reductions and waivers, and the results of the most 
     recent review under subsection (a)(2)''.

     SEC. ___10. REQUIRING MORE DETAILED SMALL ENTITY ANALYSES.

       (a) Initial Regulatory Flexibility Analysis.--Section 603 
     of title 5, United States Code, as amended by section 
     1100G(b) of Public Law 111-203 (124 Stat. 2112), is amended--
       (1) by striking subsection (b) and inserting the following:
       ``(b) Each initial regulatory flexibility analysis required 
     under this section shall contain a detailed statement--
       ``(1) describing the reasons why action by the agency is 
     being considered;
       ``(2) describing the objectives of, and legal basis for, 
     the proposed rule;
       ``(3) estimating the number and type of small entities to 
     which the proposed rule will apply;
       ``(4) describing the projected reporting, recordkeeping, 
     and other compliance requirements of the proposed rule, 
     including an estimate of the classes of small entities which 
     will be subject to the requirement and the type of 
     professional skills necessary for preparation of the report 
     and record;
       ``(5) describing all relevant Federal rules which may 
     duplicate, overlap, or conflict with the proposed rule, or 
     the reasons why such a description could not be provided; and
       ``(6) estimating the additional cumulative economic impact 
     of the proposed rule on small entities, including job loss by 
     small entities, beyond that already imposed on the class of 
     small entities by the agency, or the reasons why such an 
     estimate is not available.''; and
       (2) by adding at the end the following:
       ``(e) An agency shall notify the Chief Counsel for Advocacy 
     of the Small Business Administration of any draft rules that 
     may have a significant economic impact on a substantial 
     number of small entities--
       ``(1) when the agency submits a draft rule to the Office of 
     Information and Regulatory Affairs of the Office of 
     Management and Budget under Executive Order 12866, if that 
     order requires the submission; or
       ``(2) if no submission to the Office of Information and 
     Regulatory Affairs is required--
       ``(A) a reasonable period before publication of the rule by 
     the agency; and
       ``(B) in any event, not later than 3 months before the date 
     on which the agency publishes the rule.''.
       (b) Final Regulatory Flexibility Analysis.--
       (1) In general.--Section 604(a) of title 5, United States 
     Code, is amended--
       (A) by inserting ``detailed'' before ``description'' each 
     place it appears;
       (B) in paragraph (2)--
       (i) by inserting ``detailed'' before ``statement'' each 
     place it appears; and
       (ii) by inserting ``(or certification of the proposed rule 
     under section 605(b))'' after ``initial regulatory 
     flexibility analysis'';
       (C) in paragraph (4), by striking ``an explanation'' and 
     inserting ``a detailed explanation''; and
       (D) in paragraph (6) (relating to a description of steps 
     taken to minimize significant economic impact), as added by 
     section 1601 of the Small Business Jobs Act of 2010 (Public 
     Law 111-240; 124 Stat. 2251), by inserting ``detailed'' 
     before ``statement''.
       (2) Publication of analysis on web site, etc.--Section 
     604(b) of title 5, United States Code, is amended to read as 
     follows:
       ``(b) The agency shall--
       ``(1) make copies of the final regulatory flexibility 
     analysis available to the public, including by publishing the 
     entire final regulatory flexibility analysis on the Web site 
     of the agency; and
       ``(2) publish in the Federal Register the final regulatory 
     flexibility analysis, or a summary of the analysis that 
     includes the telephone number, mailing address, and address 
     of the Web site where the complete final regulatory 
     flexibility analysis may be obtained.''.
       (c) Cross-References to Other Analyses.--Section 605(a) of 
     title 5, United States Code, is amended to read as follows:
       ``(a) A Federal agency shall be deemed to have satisfied a 
     requirement regarding the content of a regulatory flexibility 
     agenda or regulatory flexibility analysis under section 602, 
     603, or 604, if the Federal agency provides in the agenda or 
     regulatory flexibility analysis a cross-reference to the 
     specific portion of an agenda or analysis that is required by 
     another law and that satisfies the requirement under section 
     602, 603, or 604.''.
       (d) Certifications.--Section 605(b) of title 5, United 
     States Code, is amended, in the second sentence, by striking 
     ``statement providing the factual'' and inserting ``detailed 
     statement providing the factual and legal''.
       (e) Quantification Requirements.--Section 607 of title 5, 
     United States Code, is amended to read as follows:

     ``Sec. 607. Quantification requirements

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

     SEC. ___11. ENSURING THAT AGENCIES CONSIDER SMALL ENTITY 
                   IMPACT DURING THE RULEMAKING PROCESS.

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

     SEC. ___12. ADDITIONAL POWERS OF THE OFFICE OF ADVOCACY.

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

     SEC. ___13. FUNDING AND OFFSETS.

       (a) Authorization.--There are authorized to be appropriated 
     to the Small Business Administration, for any costs of 
     carrying out this title and the amendments made by this title 
     (including the costs of hiring additional employees)--
       (1) $1,000,000 for fiscal year 2012;
       (2) $2,000,000 for fiscal year 2013; and
       (3) $3,000,000 for fiscal year 2014.
       (b) Repeals.--In order to offset the costs of carrying out 
     this title and the amendments made by this title and to 
     reduce the Federal deficit, the following provisions of law 
     are repealed, effective on the date of enactment of this Act:
       (1) Section 21(n) of the Small Business Act (15 U.S.C. 
     648).
       (2) Section 27 of the Small Business Act (15 U.S.C. 654).
       (3) Section 1203(c) of the Energy Security and Efficiency 
     Act of 2007 (15 U.S.C. 657h(c)).

     SEC. ___14. TECHNICAL AND CONFORMING AMENDMENTS.

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

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

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

``607. Quantification requirements.''.
                                 ______
                                 
  SA 391. Mr. MORAN submitted an amendment intended to be proposed by 
him to the bill S. 782, to amend the Public Works and Economic 
Development Act of 1965 to reauthorize that Act, and for other 
purposes; which was ordered to lie on the table; as follows:

       At the end, add the following:

[[Page 8798]]



     SEC. 22. CONSUMER FINANCIAL PROTECTION AGENCY.

       (a) Establishment of the Agency.--Section 1011 of the 
     Consumer Financial Protection Act of 2010 (12 U.S.C. 5491) is 
     amended to read as follows:

     ``SEC. 1011. ESTABLISHMENT OF THE CONSUMER FINANCIAL 
                   PROTECTION AGENCY.

       ``(a) Agency Established.--There is established the 
     Consumer Financial Protection Agency, which shall regulate 
     the offering and provision of consumer financial products or 
     services under the Federal consumer financial laws. The 
     Agency shall be considered an executive agency, as defined in 
     section 105 of title 5, United States Code. Except as 
     otherwise expressly provided by law, all Federal laws dealing 
     with public or Federal contracts, property, works, officers, 
     employees, budgets, or funds, including the provisions of 
     chapters 5 and 7 of title 5, United States Code, shall apply 
     to the exercise of the powers of the Agency.
       ``(b) Establishment of a Board of Directors.--
       ``(1) In general.--The management of the Agency shall be 
     vested in a Board of Directors, consisting of 6 Directors--
       ``(A) 1 of whom shall be the Comptroller of the Currency;
       ``(B) 1 of whom shall be the Chairperson of the 
     Corporation;
       ``(C) 1 of whom shall be the Chairman of the Board of 
     Governors; and
       ``(D) 3 of whom shall be appointed by the President, by and 
     with the advice and consent of the Senate, from among 
     individuals who are citizens of the United States and have 
     demonstrated understanding of financial regulation and 
     consumer financial protection.
       ``(2) Political affiliation.--Not more than 2 Directors 
     appointed under paragraph (1)(D) may belong to the same 
     political party.
       ``(3) Chair and vice chair.--
       ``(A) Chair.--One of the appointed Director shall be 
     designated by the President, by and with the advice and 
     consent of the Senate, to serve as Chair of the Board of 
     Directors.
       ``(B) Vice chair.--One of the appointed Director shall be 
     designated by the President, by and with the advice and 
     consent of the Senate, to serve as Vice Chair of the Board of 
     Directors.
       ``(C) Acting chair.--In the event of a vacancy in the 
     position of Chair of the Board of Directors, or during the 
     absence or disability of the Chair, the Vice Chair shall act 
     as Chair.
       ``(4) Quorum.--Three Directors shall constitute a quorum 
     for the transaction of business.
       ``(c) Terms.--
       ``(1) Appointed directors.--Each appointed Director shall 
     be appointed for a term of 5 years, unless sooner removed by 
     the President, upon reason to be communicated by the 
     President to the Senate.
       ``(2) Interim appointments.--Any Director appointed to fill 
     a vacancy occurring before the expiration of the term for 
     which such member's predecessor was appointed shall be 
     appointed only for the remainder of such term.
       ``(3) Continuation of service.--The Chair, Vice Chair, and 
     each appointed Director may continue to serve after the 
     expiration of the term of office to which such member was 
     appointed until a successor has been appointed and qualified.
       ``(4) Vacancy.--
       ``(A) In general.--In the event that any appointed Director 
     is removed by the President pursuant to paragraph (1), or 
     otherwise vacates the position before the expiration of the 
     term for which that member was appointed, such vacancy shall 
     be filled by the President in accordance with the procedures 
     set forth in subsection (b)(1)(D), and the appointed Director 
     shall complete only the remainder of the term existing at the 
     time of the vacancy.
       ``(B) No impairment by reason of vacancy.--No vacancy in 
     the membership of the Board of Directors shall impair the 
     right of the remaining Directors to exercise all the powers 
     of the Board of Directors.
       ``(d) Service Restrictions.--
       ``(1) In general.--No Director may--
       ``(A) hold any office, position, or employment in any 
     Federal reserve bank, Federal home loan bank, covered person, 
     or service provider; or
       ``(B) hold stock in any covered person or service provider 
     while serving as a Director.
       ``(2) Certification.--Upon taking office, each Director 
     shall certify under oath that such member has complied with 
     this subsection, which certification shall be filed with the 
     Board of Directors.
       ``(e) Exercise of Authority of the Agency.--Prior to 
     carrying out any authority granted to the Agency or any 
     Director, a majority of the Board of Directors shall vote 
     affirmatively to authorize the Agency or such member to take 
     such action.
       ``(f) Offices.--The principal office of the Agency shall be 
     in the District of Columbia.''.
       (b) Bringing the Bureau Into the Regular Appropriations 
     Process.--Section 1017 of the Consumer Financial Protection 
     Act of 2010 (12 U.S.C. 5497) is amended--
       (1) in subsection (a)--
       (A) by striking the subsection heading and inserting the 
     following: ``Budget, Financial Management, and Audit.--'';
       (B) by striking paragraphs (1), (2), and (3);
       (C) by redesignating paragraphs (4) and (5) as paragraphs 
     (1) and (2), respectively; and
       (D) in paragraph (1), as so redesignated, by striking 
     subparagraphs (E) and (F); and
       (2) by striking subsections (b) through (e) and inserting 
     the following:
       ``(b) Authorization of Appropriations.--There is authorized 
     to be appropriated to the Bureau, to carry out this title, 
     not more than $143,000,000 for fiscal year 2011.''.
       (c) Safety and Soundness Check.--Section 1022(b)(2)(A) of 
     the Consumer Financial Protection Act of 2010 (12 U.S.C. 
     5497(b)) is amended--
       (1) in clause (i), by striking ``and'' at the end;
       (2) in clause (ii), by inserting ``and'' at the end; and
       (3) by adding at the end the following:
       ``(iii) the impact of such rule on the financial safety or 
     soundness of an insured depository institution;''.
       (d) Consumer Financial Protection Act of 2010 Conforming 
     Amendments.--
       (1) In general.--Except as provided in paragraph (2), the 
     Consumer Financial Protection Act of 2010 (12 U.S.C. 5481 et 
     seq.) is amended--
       (A) by striking ``Bureau'' each place that term appears in 
     relation to the Bureau of Consumer Financial Protection and 
     inserting ``Agency'';
       (B) by striking ``Director of the'' each place such term 
     appears in relation to the Director of the Bureau of Consumer 
     Financial Protection;
       (C) by striking ``Director'' each place such term appears, 
     except where such term is used to refer to a Director other 
     than the Director of the Bureau of Consumer Financial 
     Protection, and inserting ``Board of Directors''; and
       (D) in section 1002 (12 U.S.C. 5481)--
       (i) by striking paragraph (2) and inserting the following:
       ``(2) Agency.--The term `Agency' means the Consumer 
     Financial Protection Agency established under this title.''; 
     and
       (ii) by striking paragraph (10) and inserting the 
     following:
       ``(10) Directors.--The terms `Board of Directors' and 
     `Director' mean the board of directors of the Agency and a 
     member thereof, respectively.''.
       (2) Exceptions.--The Consumer Financial Protection Act of 
     2010 (12 U.S.C. 5481 et seq.) is amended--
       (A) in section 1012(c)(4) (12 U.S.C. 5492(c)(4)), by 
     striking ``Director'' each place such term appears and 
     inserting ``Board of Directors'';
       (B) in section 1013(c)(3) (12 U.S.C. 5493(c)(3))--
       (i) by striking ``Assistant Director of the Bureau for'' 
     and inserting ``head of the Office of''; and
       (ii) in subparagraph (B), by striking ``Assistant 
     Director'' and inserting ``Head of the Office'';
       (C) in section 1013(g)(2) (12 U.S.C. 5493(g)(2))--
       (i) in the paragraph heading, by striking ``Assistant 
     director'' and inserting ``Head of the office''; and
       (ii) by striking ``an assistant director'' and inserting 
     ``a Head of the Office of Financial Protection for Older 
     Americans'';
       (D) in section 1016(a) (12 U.S.C. 5496(a)), by striking 
     ``Director of the Bureau'' and inserting ``Chair of the Board 
     of Directors of the Agency''; and
       (E) in section 1066(a) (12 U.S.C. 5586(a)), by striking 
     ``Director of the Bureau is'' and inserting ``first member of 
     the Board of Directors is''.
       (e) Dodd-Frank Wall Street Reform and Consumer Protection 
     Act Conforming Amendments.--The Dodd-Frank Wall Street Reform 
     and Consumer Protection Act (Public Law 111-203) is amended--
       (1) in section 2 (12 U.S.C. 5301), by striking paragraph 
     (4) and inserting the following:
       ``(4) Agency definitions.--The--
       ``(A) term `Agency' means the Consumer Financial Protection 
     Agency established under title X; and
       ``(B) terms `Board of Directors' and `Director' mean the 
     board of directors of the Agency and a member thereof, 
     respectively.'';
       (2) in section 111(b)(1)(D) (12 U.S.C. 5321), by striking 
     ``Director'' and inserting ``Chair of the Board of Directors 
     of the Agency''; and
       (3) in section 1447 (12 U.S.C. 1701p-2), by striking 
     ``Director of the Bureau'' each place that term appears and 
     inserting ``Chair of the Board of Directors of the Agency''.
       (f) Electronic Fund Transfer Act Conforming Amendments.--
     The Electronic Fund Transfer Act (15 U.S.C. 1693 et seq.) is 
     amended--
       (1) effective on the date of enactment of this Act, in 
     section 920(a)(4)(C) (15 U.S.C. 1693o-2(a)(4)(C)), as added 
     by section 1075(a)(2) of the Consumer Financial Protection 
     Act of 2010, is amended by striking ``Director of the Bureau 
     of Consumer Financial Protection'' and inserting ``Chair of 
     the Board of Directors of the Consumer Financial Protection 
     Agency''; and
       (2) effective as of the effective date of subtitle H of the 
     Consumer Financial Protection Act of 2010--
       (A) in section 903 (15 U.S.C. 1693a), by striking the 
     second paragraph designated as paragraph (4) (as added by 
     section 1084(2)(B) of

[[Page 8799]]

     the Consumer Financial Protection Act of 2010) and inserting 
     the following:
       ``(4) the term `Agency' means the Consumer Financial 
     Protection Agency;''; and
       (B) by striking ``Bureau'' each place that term appears and 
     inserting ``Agency''.
       (g) Expedited Funds Availability Act Conforming 
     Amendments.--
       (1) In general.--The Expedited Funds Availability Act (12 
     U.S.C. 4001 et seq.), as amended by section 1086 of the 
     Consumer Financial Protection Act of 2010, is amended by 
     striking ``Director of the Bureau of Consumer Financial 
     Protection'' each place that term appears and inserting 
     ``Consumer Financial Protection Agency''.
       (2) Effective date.--The amendments made by this subsection 
     shall become effective on the day after the effective date of 
     the amendments made by subtitle H of the Consumer Financial 
     Protection Act of 2010.
       (h) Federal Deposit Insurance Act Conforming Amendments.--
     The Federal Deposit Insurance Act (12 U.S.C. 1811 et seq.) is 
     amended--
       (1) by striking ``Bureau of Consumer Financial Protection'' 
     each place that term appears and inserting ``Consumer 
     Financial Protection Agency'';
       (2) by striking ``Bureau'' each place that term appears in 
     the context of the Bureau of Consumer Financial Protection, 
     and inserting ``Consumer Financial Protection Agency''; and
       (3) in section 2 (12 U.S.C. 1812), as amended by section 
     336(a) of the Dodd-Frank Wall Street Reform and Consumer 
     Protection Act, is amended by striking ``Director of the 
     Consumer Financial Protection Bureau'' each place that term 
     appears and inserting ``Chair of the Board of Directors of 
     the Consumer Financial Protection Agency''.
       (i) Federal Financial Institutions Examination Council Act 
     of 1978 Conforming Amendments.--
       (1) In general.--Section 1004(a)(4) of the Federal 
     Financial Institutions Examination Council Act of 1978 (12 
     U.S.C. 3303(a)(4)), as amended by section 1091 of the 
     Consumer Financial Protection Act of 2010, is amended by 
     striking ``Director of the Consumer Financial Protection 
     Bureau'' and inserting ``Chair of the Board of Directors of 
     the Consumer Financial Protection Agency''.
       (2) Effective date.--The amendment made by this subsection 
     shall become effective on the day after the effective date of 
     the amendments made by subtitle H of the Consumer Financial 
     Protection Act of 2010.
       (j) Financial Literacy and Education Improvement Act 
     Conforming Amendments.--Section 513 of the Financial Literacy 
     and Education Improvement Act (20 U.S.C. 9702), as amended by 
     section 1013(d)(5) of the Consumer Financial Protection Act 
     of 2010, is amended by striking ``Director of the Bureau of 
     Consumer Financial Protection'' each place that term appears 
     and inserting ``Chair of the Board of Directors of the 
     Consumer Financial Protection Agency''.
       (k) Home Mortgage Disclosure Act of 1975 Conforming 
     Amendments.--
       (1) In general.--Section 307 of the Home Mortgage 
     Disclosure Act of 1975 (12 U.S.C. 2806), as added by section 
     1094(6) of the Consumer Financial Protection Act of 2010, is 
     amended--
       (A) by striking ``Director of the Bureau of Consumer 
     Financial Protection'' each place that term appears and 
     inserting ``Chair of the Board of Directors of the Consumer 
     Financial Protection Agency''; and
       (B) in subsection (a)(1), by striking ``Bureau deems'' and 
     inserting ``Chair of the Board of Directors of the Consumer 
     Financial Protection Agency deems''.
       (2) Effective date.--The amendments made by this subsection 
     shall become effective on the day after the effective date of 
     the amendments made by subtitle H of the Consumer Financial 
     Protection Act of 2010.
       (l) Interstate Land Sales Full Disclosure Act Conforming 
     Amendments.--
       (1) In general.--The Interstate Land Sales Full Disclosure 
     Act (15 U.S.C. 1701 et seq.), as amended by section 1098A of 
     the Consumer Financial Protection Act of 2010, is amended--
       (A) by striking ``Bureau'' each place that term appears and 
     inserting ``Agency'';
       (B) in section 1402 (15 U.S.C. 1701)--
       (i) by striking paragraph (1) and inserting the following:
       ``(1) `Agency' means the Consumer Financial Protection 
     Agency;''; and
       (ii) by striking paragraph (12) and inserting the 
     following:
       ``(12) `Chair' means the Chair of the Board of Directors of 
     the Consumer Financial Protection Agency.''.
       (C) in section 1416(a) (15 U.S.C. 1715(a)), by striking 
     ``Director of the Bureau of Consumer Financial Protection'' 
     and inserting ``Agency''.
       (2) Effective date.--The amendments made by this subsection 
     shall become effective on the day after the effective date of 
     the amendments made by subtitle H of the Consumer Financial 
     Protection Act of 2010.
       (m) Real Estate Settlement Procedures Act of 1974 
     Conforming Amendments.--Section 5 of the Real Estate 
     Settlement Procedures Act of 1974 (12 U.S.C. 2604), as 
     amended by section 1450 of the Dodd-Frank Wall Street Reform 
     and Consumer Protection Act, is amended--
       (1) by striking ``The Director of the Bureau of Consumer 
     Financial Protection (hereafter in this section referred to 
     as the `Director')'' and inserting ``The Consumer Financial 
     Protection Agency (in this section referred to as the 
     `Agency')''; and
       (2) by striking ``Director'' each place that term appears 
     and inserting ``Agency''.
       (n) S.A.F.E. Mortgage Licensing Act of 2008 Conforming 
     Amendments.--
       (1) In general.--The S.A.F.E. Mortgage Licensing Act of 
     2008 (12 U.S.C. 5101), as amended by section 1100 of the 
     Consumer Financial Protection Act of 2010, is amended--
       (A) by striking ``Director'' each place that term appears, 
     other than where such term is used in the context of the 
     Director of the Office of Thrift Supervision, and inserting 
     ``Agency'';
       (B) by striking ``Bureau'' each place that term appears, 
     other than where such term is used in the context of the 
     Director of the Office of Thrift Supervision, and inserting 
     ``Agency''; and
       (C) in section 1503 (12 U.S.C. 5102)--
       (i) by striking paragraph (1) and inserting the following:
       ``(1) Agency.--The term `Agency' means the Consumer 
     Financial Protection Agency.''; and
       (ii) by striking paragraph (10) and inserting the 
     following:
       ``(10) Directors.--The terms `Board of Directors' and 
     `Director' mean the board of directors of the Agency and a 
     member thereof, respectively.''.
       (2) Effective date.--The amendments made by this subsection 
     shall become effective on the day after the effective date of 
     the amendments made by subtitle H of the Consumer Financial 
     Protection Act of 2010.
       (o) Title 44, United States Code Conforming Amendments.--
       (1) In general.--Title 44, United States Code, as amended 
     by section 1100D(b) of the Consumer Financial Protection Act 
     of 2010, is amended--
       (A) in section 3502(5), by striking ``Bureau of Consumer 
     Financial Protection'' and inserting ``Consumer Financial 
     Protection Agency''; and
       (B) in section 3513(c), by striking ``Director of the 
     Bureau of Consumer Financial Protection'' and inserting 
     ``Consumer Financial Protection Agency''.
       (2) Effective date.--The amendments made by this subsection 
     shall become effective on the day after the effective date of 
     the amendments made by subtitle H of the Consumer Financial 
     Protection Act of 2010.
       (p) Truth in Lending Act Conforming Amendments.--
       (1) In general.--The Truth in Lending Act (15 U.S.C. 1601 
     et seq.), as amended by section 1084 of the Consumer 
     Financial Protection Act of 2010, is amended--
       (A) in section 103 (15 U.S.C. 1602), by striking 
     subsections (b) and (c) and inserting the following:
       ``(b) The term `Agency' means the Consumer Financial 
     Protection Agency.
       ``(c) The terms `Board of Directors' and `Director' mean 
     the board of directors of the Agency and a member thereof, 
     respectively.''; and
       (B) by striking ``Bureau'' each place that term appears and 
     inserting ``Agency''.
       (2) Effective date.--The amendments made by this subsection 
     shall become effective on the day after the effective date of 
     the amendments made by subtitle H of the Consumer Financial 
     Protection Act of 2010.
       (q) Rule of Construction.--Except as specified in the 
     amendments made by this section, all references in Federal 
     law to the Bureau of Consumer Financial Protection and the 
     Director thereof shall be deemed to be references to the 
     Consumer Financial Protection Agency and the Board of 
     Directors thereof, respectively.
                                 ______
                                 
  SA 392. Mr. TESTER (for himself, Mr. Corker, Mrs. Hagan, Mr. Crapo, 
Mr. Bennet, Mr. Blunt, Mr. Carper, Mr. Kyl, and Mr. Coons) proposed an 
amendment to the bill S. 782, to amend the Public Works and Economic 
Development Act of 1965 to reauthorize that Act, and for other 
purposes; as follows:

       At the appropriate place, insert the following:

                TITLE ___--DEBIT INTERCHANGE FEE REFORM

     SEC. __1. SHORT TITLE.

       This title may be cited as the ``Debit Interchange Fee 
     Reform Act of 2011''.

     SEC. __2. FINDINGS.

       Congress finds that--
       (1) in response to the proposed debit interchange rule of 
     the Board of Governors of the Federal Reserve System mandated 
     by section 1075 of the Dodd-Frank Wall Street Reform and 
     Consumer Protection Act, the Chairman of Board, the 
     Comptroller of the Currency, the Chairperson of the Federal 
     Deposit Insurance Corporation, and the Chairman of the 
     National Credit Union Administration Board have publicly 
     raised concerns about the impact of the proposed rule;
       (2) while testifying before the Committee on Banking, 
     Housing, and Urban Affairs of the Senate on February 17, 
     2011, the Chairman of the Board stated in response to 
     questions about the small bank exemption to the interchange 
     rule, ``there is some risk that

[[Page 8800]]

     the exemption will not be effective and that the interchange 
     fees available through smaller institutions will be reduced 
     to the same extent we would see for larger banks'';
       (3) the Acting Comptroller of the Currency, in comments to 
     the Board, cited safety and soundness concerns and stated, 
     ``We believe the proposal takes an unnecessarily narrow 
     approach to recovery of costs that would be allowable under 
     the law and that are recognized and indisputably part of 
     conducting a debit card business. This has long-term safety 
     and soundness consequences for banks of all sizes.'';
       (4) the Chairperson of the Board of Directors of the 
     Federal Deposit Insurance Corporation stated in comments to 
     the Board regarding the proposed rule their concern that the 
     small bank exemption would not work, stating, ``We are 
     concerned that these institutions may not actually receive 
     the benefit of the interchange fee limit exemption explicitly 
     provided by Congress, resulting in a loss of income for 
     community banks and ultimately higher banking costs for their 
     customers.'';
       (5) the Chairman of the National Credit Union 
     Administration Board, in comments to the Board, cited concern 
     with making sure there are ``meaningful exemptions for 
     smaller card issuers''; and
       (6) all of the comments and concerns raised by the banking 
     and credit union regulatory agencies cast serious questions 
     about the practical implementation of section 1075 of the 
     Dodd-Frank Wall Street Reform and Consumer Protection Act, 
     and further study and consideration are needed.

     SEC. __3. RULEMAKING AND EFFECTIVE DATES.

       Section 920 of the Electronic Fund Transfer Act (15 U.S.C. 
     1693o-2), as added by section 1075 of the Dodd-Frank Wall 
     Street Reform and Consumer Protection Act, is amended--
       (1) in subsection (a)(3)(A), by striking ``9 months after 
     the date of enactment of the Consumer Financial Protection 
     Act of 2010'' and inserting ``12 months after the date of 
     enactment of the Debit Interchange Fee Reform Act of 2011'';
       (2) in subsection (a)(5)(B)(i), by striking ``9 months 
     after the date of enactment of the Consumer Financial 
     Protection Act of 2010'' and inserting ``12 months after the 
     date of enactment of the Debit Interchange Fee Reform Act of 
     2011'';
       (3) in subsection (a)(8)(C), by striking ``9-month period 
     beginning on the date of the enactment of the Consumer 
     Financial Protection Act of 2010'' and inserting ``12-month 
     period beginning on the date of enactment of the Debit 
     Interchange Fee Reform Act of 2011'';
       (4) in subsection (a)(9), by striking ``at the end of the 
     12-month period beginning on the date of the enactment of the 
     Consumer Financial Protection Act of 2010'' and inserting ``a 
     date determined by the Board'';
       (5) in subsection (b)(1)(A), by striking ``1-year period 
     beginning on the date of the enactment of the Consumer 
     Financial Protection Act of 2010'' and inserting ``12-month 
     period beginning on the date of enactment of the Debit 
     Interchange Fee Reform Act of 2011''; and
       (6) in subsection (b)(1)(B), by striking ``1-year period 
     beginning on the date of the enactment of the Consumer 
     Financial Protection Act of 2010'' and inserting ``12-month 
     period beginning on the date of enactment of the Debit 
     Interchange Fee Reform Act of 2011''.

     SEC. __4. STUDY AND REPORT TO CONGRESS.

       (a) Study Required.--Not later than 6 months after the date 
     of enactment of this Act, the study agencies shall jointly 
     submit a report to the Committee on Banking, Housing, and 
     Urban Affairs of the Senate and the Committee on Financial 
     Services of the House of Representatives on the results of a 
     study regarding the impact of regulating debit interchange 
     transaction fees and related issues under section 920 of the 
     Electronic Fund Transfer Act, as added by section 1075 of the 
     Dodd-Frank Wall Street Reform and Consumer Protection Act.
       (b) Subjects for Review.--In conducting the study required 
     by this section, the study agencies shall examine the state 
     of the debit interchange payment system, including the impact 
     of section 920 of the Electronic Fund Transfer Act, as 
     amended by section 1075 of the Dodd-Frank Wall Street Reform 
     and Consumer Protection Act, and the proposed rule issued by 
     the Board entitled, ``Debit Card Interchange Fees and 
     Routing'', on consumers, entities that accept debit cards as 
     payment, all financial institutions that issue debit cards, 
     including small issuers, and payment card networks, and shall 
     specifically address--
       (1) all fixed and incremental costs associated with debit 
     card transactions and program operations to card issuers and 
     payment card networks, including--
       (A) all direct and indirect costs associated with fraud 
     prevention, detection, and mitigation, including data breach 
     and identity theft, and the overall costs of fraud incurred 
     by debit card issuers and merchants; and
       (B) financial liability and payment guarantees for debit 
     card transactions and associated risks and costs incurred by 
     debit card issuers and merchants;
       (2) the overall impact of regulating interchange fees on 
     consumers, including--
       (A) the impact on consumer protection, including anti-
     fraud;
       (B) the impact on the cost and accessibility of payment 
     accounts and services; and
       (C) the impact on retail prices from changed interchange 
     rates;
       (3) the effectiveness of the exemptions for small issuers, 
     government-administered payment programs, and reloadable 
     prepaid cards included in section 920 of the Electronic Fund 
     Transfer Act, including--
       (A) the impact of market forces on such treatment;
       (B) in the case of small issuers, the impact on the safety 
     and soundness of those institutions and their ability to 
     provide competitive products and services to consumers; and
       (C) in the case of government-administered payment 
     programs, the impact on entities and individuals that utilize 
     such payment programs and cards; and
       (4) the impact of routing and exclusivity provisions in 
     section 920(b) of the Electronic Fund Transfer Act on all 
     issuers.

     SEC. __5. REVISIONS TO RULES.

       (a) Earlier Rulemaking Suspended.--Any regulation proposed 
     or prescribed by the Board pursuant to section 920 of the 
     Electronic Fund Transfer Act during the period beginning on 
     the date of enactment of the Dodd-Frank Wall Street Reform 
     and Consumer Protection Act and ending on the date of 
     completion of the study required under section __04 shall be 
     suspended by the Board pending the determination required 
     under subsection (b) of this section.
       (b) Determination.--Upon submission to Congress of the 
     report required by section __04, the study agencies, through 
     a process coordinated by the Board, shall make a 
     determination of whether--
       (1) either section 920 of the Electronic Fund Transfer Act, 
     as added by section 1075 of the Dodd-Frank Wall Street Reform 
     and Consumer Protection Act, or the related proposed rule 
     issued by the Board entitled ``Debit Card Interchange Fees 
     and Routing'' (75 Fed. Reg. 81722 (Dec. 28, 2010)), does not 
     consider all fixed and incremental costs associated with 
     debit card transactions and program operations to card 
     issuers and payment card networks;
       (2) debit card consumers may be adversely affected by 
     either such section or such proposed rule; or
       (3) the exemption for small issuers provided by such 
     section or as carried out by such proposed rule may not be 
     effective in practice.
       (c) Rulemaking.--
       (1) Issuance of new rules.--If at least 2 of the study 
     agencies, including the Board, make a finding described in 
     any or all of paragraphs (1), (2), and (3) of subsection (b), 
     then--
       (A) any regulation proposed or prescribed by the Board 
     pursuant to section 920 of the Electronic Fund Transfer Act 
     during the period beginning on the date of enactment of the 
     Dodd-Frank Wall Street Reform and Consumer Protection Act and 
     ending on the date of completion of the study required under 
     section __04 shall be withdrawn by the Board and shall have 
     no legal force or effect; and
       (B) not later than 6 months after the date of submission of 
     the report under section _04, the Board shall issue new rules 
     in final form under section 920 of the Electronic Fund 
     Transfer Act, as added by section 1075 of the Dodd-Frank Wall 
     Street Reform and Consumer Protection Act, based on such 
     findings.
       (2) Consideration of costs.--In issuing final rules under 
     this subsection, the Board shall consider all fixed and 
     incremental costs associated with debit card transactions and 
     program operations and allow incentives for a more 
     innovative, efficient, and secure payment card network, 
     notwithstanding subparagraph (A) or (B) of section 920(a)(4) 
     of the Electronic Fund Transfer Act, as added by section 1075 
     of the Dodd-Frank Wall Street Reform and Consumer Protection 
     Act.
       (d) Small Issuer Review.--
       (1) Small issuer exemption review.--Not later than 2 years 
     after the date of implementation of this Act, and biennially 
     thereafter, the Board shall examine the debit interchange 
     market to determine whether the small issuer exemption under 
     section 920(a)(6) of the Electronic Fund Transfer Act, as 
     added by section 1075 of the Dodd-Frank Wall Street Reform 
     and Consumer Protection Act, is effective in practice, by 
     examining factors such as--
       (A) changes in interchange rates offered to small issuers 
     by all payment card networks;
       (B) changes in fees paid by small issuers to payment card 
     networks, including fees for participation in those networks 
     and other operational and transactional fees;
       (C) changes and developments by payment card networks, 
     merchants, or merchant acquirers and processors designed to 
     influence the payment method of consumers, including 
     steering; and
       (D) the impact of routing and exclusivity provisions of 
     section 920(b) of the Electronic Fund Transfers Act on small 
     issuers.
       (2) Report to congress.--Upon completion of the review 
     described in paragraph (1), the Board shall submit a report 
     of its findings to the Committee on Banking, Housing, and 
     Urban Affairs of the Senate and the Committee on Financial 
     Services of the House of

[[Page 8801]]

     Representatives regarding the effectiveness of the small 
     issuer exemption in practice, including recommended 
     legislative or regulatory remedies for mitigating any harm to 
     small issuers and adequately enforcing the exemption.

     SEC. __6. DEFINITIONS.

       For purposes of this title, the following definitions shall 
     apply:
       (1) Board.--The term ``Board'' means the Board of Governors 
     of the Federal Reserve System.
       (2) Small issuer.--The term ``small issuer'' means any 
     debit card issuer that is a depository institution that, 
     together with its affiliates, has assets of less than 
     $10,000,000,000.
       (3) Study agencies.--The term ``study agencies'' means the 
     Board, the Office of the Comptroller of the Currency, the 
     Federal Deposit Insurance Corporation, and the National 
     Credit Union Administration.
                                 ______
                                 
  SA 393. Mr. DURBIN proposed an amendment to amendment SA 392 proposed 
by Mr. Tester (for himself, Mr. Corker, Mrs. Hagan, Mr. Crapo, Mr. 
Bennet, Mr. Blunt, Mr. Carper, Mr. Kyl, and Mr. Coons) to the bill S. 
782, to amend the Public Works and Economic Development Act of 1965 to 
reauthorize that Act, and for other purposes; as follows:

       On page 10, line 9, strike ``2 years'' and insert ``one 
     year''.
                                 ______
                                 
  SA 394. Mr. DeMINT submitted an amendment intended to be proposed by 
him to the bill S. 782, to amend the Public Works and Economic 
Development Act of 1965 to reauthorize that Act, and for other 
purposes; which was ordered to lie on the table; as follows:

       At the end, add the following:

     SEC. 21. REPEAL OF THE DODD-FRANK WALL STREET REFORM AND 
                   CONSUMER PROTECTION ACT.

       The Dodd-Frank Wall Street Reform and Consumer Protection 
     Act (Public Law 111-203) is repealed, and the provisions of 
     law amended by such Act are revived or restored as if such 
     Act had not been enacted.
                                 ______
                                 
  SA 395. Mr. CORNYN submitted an amendment intended to be proposed by 
him to the bill S. 782, to amend the Public Works and Economic 
Development Act of 1965 to reauthorize that Act, and for other 
purposes; which was ordered to lie on the table; as follows:

       At the end of the bill, insert the following:

TITLE __--UNITED STATES AUTHORIZATION AND SUNSET COMMISSION ACT OF 2011

     SEC. _01. SHORT TITLE.

       This title may be cited as the ``United States 
     Authorization and Sunset Commission Act of 2011''.

     SEC. _02. DEFINITIONS.

       In this title--
       (1) the term ``agency'' means an Executive agency as 
     defined under section 105 of title 5, United States Code;
       (2) the term ``Commission'' means the United States 
     Authorization and Sunset Commission established under section 
     _03; and
       (3) the term ``Commission Schedule and Review bill'' means 
     the proposed legislation submitted to Congress under section 
     _04(b).

     SEC. _03. ESTABLISHMENT OF COMMISSION.

       (a) Establishment.--There is established the United States 
     Authorization and Sunset Commission.
       (b) Composition.--The Commission shall be composed of eight 
     members (in this title referred to as the ``members''), as 
     follows:
       (1) Four members appointed by the majority leader of the 
     Senate, one of whom may include the majority leader of the 
     Senate, with minority members appointed with the consent of 
     the minority leader of the Senate.
       (2) Four members appointed by the Speaker of the House of 
     Representatives, one of whom may include the Speaker of the 
     House of Representatives, with minority members appointed 
     with the consent of the minority leader of the House of 
     Representatives.
       (3) The Director of the Congressional Budget Office and the 
     Comptroller of the Government Accountability Office shall be 
     non-voting ex officio members of the Commission.
       (c) Qualifications of Members.--
       (1) In general.--
       (A) Senate members.--Of the members appointed under 
     subsection (b)(1), four shall be members of the Senate (not 
     more than two of whom may be of the same political party).
       (B) House of representative members.--Of the members 
     appointed under subsection (b)(2), four shall be members of 
     the House of Representatives, not more than two of whom may 
     be of the same political party.
       (2) Continuation of membership.--
       (A) In general.--If a member was appointed to the 
     Commission as a Member of Congress and the member ceases to 
     be a Member of Congress, that member shall cease to be a 
     member of the Commission.
       (B) Actions of commission unaffected.--Any action of the 
     Commission shall not be affected as a result of a member 
     becoming ineligible under subparagraph (A).
       (d) Initial Appointments.--Not later than 90 days after the 
     date of enactment of this title, all initial appointments to 
     the Commission shall be made.
       (e) Chairperson; Vice Chairperson.--
       (1) Initial chairperson.--An individual shall be designated 
     by the Speaker of the House of Representatives from among the 
     members initially appointed under subsection (b)(2) to serve 
     as chairperson of the Commission for a period of 2 years.
       (2) Initial vice chairperson.--An individual shall be 
     designated by the majority leader of the Senate from among 
     the individuals initially appointed under subsection (b)(1) 
     to serve as vice-chairperson of the Commission for a period 
     of 2 years.
       (3) Alternate appointments of chairmen and vice chairmen.--
     Following the termination of the 2-year period described 
     under paragraphs (1) and (2), the Speaker and the majority 
     leader of the Senate shall alternate every 2 years in 
     appointing the chairperson and vice-chairperson of the 
     Commission.
       (f) Terms of Members.--
       (1) Members of congress.--Each member appointed to the 
     Commission shall serve for a term of 6 years, except that, of 
     the members first appointed under paragraphs (1) and (2) of 
     subsection (b), two members shall be appointed to serve a 
     term of 3 years.
       (2) Term limit.--A member of the Commission who serves more 
     than 3 years of a term may not be appointed to another term 
     as a member.
       (g) Initial Meeting.--If, after 90 days after the date of 
     enactment of this title, five or more members of the 
     Commission have been appointed--
       (1) members who have been appointed may--
       (A) meet; and
       (B) select a chairperson from among the members (if a 
     chairperson has not been appointed) who may serve as 
     chairperson until the appointment of a chairperson; and
       (2) the chairperson shall have the authority to begin the 
     operations of the Commission, including the hiring of staff.
       (h) Meeting; Vacancies.--After its initial meeting, the 
     Commission shall meet upon the call of the chairperson or a 
     majority of its members. Any vacancy in the Commission shall 
     not affect its powers, but shall be filled in the same manner 
     in which the original appointment was made.
       (i) Powers of the Commission.--
       (1) In general.--
       (A) Hearings, testimony, and evidence.--The Commission may, 
     for the purpose of carrying out the provisions of this 
     title--
       (i) hold such hearings and sit and act at such times and 
     places, take such testimony, receive such evidence, 
     administer such oaths; and
       (ii) require, by subpoena or otherwise, the attendance and 
     testimony of such witnesses and the production of such books, 
     records, correspondence, memoranda, papers, and documents, 
     that the Commission or such designated subcommittee or 
     designated member may determine advisable.
       (B) Subpoenas.--Subpoenas issued under subparagraph (A)(ii) 
     may be issued to require attendance and testimony of 
     witnesses and the production of evidence relating to any 
     matter under investigation by the Commission.
       (C) Information gathering.--In carrying out the provisions 
     of section 4, the Commission shall--
       (i) conduct public hearings; and
       (ii) provide an opportunity for public comment.
       (D) Enforcement.--The provisions of sections 102 through 
     104 of the Revised Statutes of the United States (2 U.S.C. 
     192 through 194) shall apply in the case of any failure of 
     any witness to comply with any subpoena or to testify when 
     summoned under authority of this paragraph.
       (2) Contracting.--The Commission may contract with and 
     compensate government and private agencies or persons for 
     services without regard to section 3709 of the Revised 
     Statutes (41 U.S.C. 5) to enable the Commission to discharge 
     its duties under this title.
       (3) Information from federal agencies.--The Commission is 
     authorized to secure directly from any executive department, 
     bureau, agency, board, commission, office, independent 
     establishment, or instrumentality of the Government, 
     information, suggestions, estimates, and statistics for the 
     purposes of this section. Each such department, bureau, 
     agency, board, commission, office, establishment, or 
     instrumentality shall, to the extent authorized by law, 
     furnish such information, suggestions, estimates, and 
     statistics directly to the Commission, upon request made by 
     the chairperson.
       (4) Support services.--
       (A) Government accountability office.--The Government 
     Accountability Office is authorized on a reimbursable basis 
     to provide the Commission with administrative services, 
     funds, facilities, staff, and other support services for the 
     performance of the functions of the Commission.
       (B) General services administration.--The Administrator of 
     General Services shall provide to the Commission on a 
     reimbursable basis such administrative support services as 
     the Commission may request.

[[Page 8802]]

       (C) Agencies.--In addition to the assistance under 
     subparagraphs (A) and (B), departments and agencies of the 
     United States are authorized to provide to the Commission 
     such services, funds, facilities, staff, and other support 
     services as the Commission may determine advisable as may be 
     authorized by law.
       (5) Postal services.--The Commission may use the United 
     States mails in the same manner and under the same conditions 
     as departments and agencies of the United States.
       (6) Immunity.--The Commission is an agency of the United 
     States for purposes of part V of title 18, United States Code 
     (relating to immunity of witnesses).
       (7) Director and staff of the commission.--
       (A) Director.--The chairperson of the Commission may 
     appoint a staff director and such other personnel as may be 
     necessary to enable the Commission to carry out its 
     functions, without regard to the provisions of title 5, 
     United States Code, governing appointments in the competitive 
     service and without regard to the provisions of chapter 51 
     and subchapter III of chapter 53 of that title relating to 
     classification and General Schedule pay rates, except that no 
     rate of pay fixed under this subsection may exceed the 
     equivalent of that payable to a person occupying a position 
     at level II of the Executive Schedule. Any Federal Government 
     employee may be detailed to the Commission without 
     reimbursement from the Commission, and such detailee shall 
     retain the rights, status, and privileges of his or her 
     regular employment without interruption.
       (B) Personnel as federal employees.--
       (i) In general.--The executive director and any personnel 
     of the Commission who are employees shall be employees under 
     section 2105 of title 5, United States Code, for purposes of 
     chapters 63, 81, 83, 84, 85, 87, 89, 89A, 89B, and 90 of that 
     title.
       (ii) Members of commission.--Clause (i) shall not be 
     construed to apply to members of the Commission.
       (C) Procurement of temporary and intermittent services.--
     With the approval of the majority of the Commission, the 
     chairperson of the Commission may procure temporary and 
     intermittent services under section 3109(b) of title 5, 
     United States Code, at rates for individuals which do not 
     exceed the daily equivalent of the annual rate of basic pay 
     prescribed for level V of the Executive Schedule under 
     section 5316 of such title.
       (8) Compensation and travel expenses.--
       (A) Compensation.--Members shall not be paid by reason of 
     their service as members.
       (B) Travel expenses.--Each member of the Commission shall 
     be allowed travel expenses, including per diem in lieu of 
     subsistence, in accordance with sections 5702 and 5703(b) of 
     title 5, United States Code.
       (j) Authorization of Appropriations.--There are authorized 
     to be appropriated such sums as necessary for the purposes of 
     carrying out the duties of the Commission.
       (k) Termination.--The Commission shall terminate on 
     December 31, 2041.

     SEC. _04. DUTIES AND RECOMMENDATIONS OF THE UNITED STATES 
                   AUTHORIZATION AND SUNSET COMMISSION.

       (a) Schedule and Review.--
       (1) In general.--Not later than 18 months after the date of 
     the enactment of this title and at least once every 10 years 
     thereafter, the Commission shall submit to Congress a 
     legislative proposal that includes the schedule of review and 
     abolishment of agencies and programs (in this section 
     referred to as the ``Commission Schedule and Review bill'').
       (2) Schedule.--The schedule of the Commission shall provide 
     a timeline for the Commission's review and proposed 
     abolishment of--
       (A) at least 25 percent of unauthorized agencies or 
     programs as measured in dollars, including those identified 
     by the Congressional Budget Office under section 602(e)(3) of 
     title 2, United States Code; and
       (B) at least 25 percent of the agencies and programs with 
     duplicative goals and activities within Departments and 
     governmentwide as measured in dollars identified by the 
     Comptroller General of the Government Accountability Office 
     under section 21 of the Statutory Pay-As-You-Go Act of 2010 
     (P. L. 111-139; 31 U.S.C. 712 note).
       (3) Review of agencies.--In determining the schedule for 
     review and abolishment of agencies under paragraph (1), the 
     Commission shall provide that any agency that performs 
     similar or related functions be reviewed concurrently.
       (4) Criteria and review.--The Commission shall review each 
     agency and program identified under paragraph (1) in 
     accordance with the following criteria as applicable:
       (A) The effectiveness and the efficiency of the program or 
     agency.
       (B) The achievement of performance goals (as defined under 
     section 1115(g)(4) of title 31, United States Code).
       (C) The management of the financial and personnel issues of 
     the program or agency.
       (D) Whether the program or agency has fulfilled the 
     legislative intent surrounding its creation, taking into 
     account any change in legislative intent during the existence 
     of the program or agency.
       (E) Ways the agency or program could be less burdensome but 
     still efficient in protecting the public.
       (F) Whether reorganization, consolidation, abolishment, 
     expansion, or transfer of agencies or programs would better 
     enable the Federal Government to accomplish its missions and 
     goals.
       (G) The promptness and effectiveness of an agency in 
     handling complaints and requests made under section 552 of 
     title 5, United States Code (commonly referred to as the 
     Freedom of Information Act).
       (H) The extent that the agency encourages and uses public 
     participation when making rules and decisions.
       (I) The record of the agency in complying with requirements 
     for equal employment opportunity, the rights and privacy of 
     individuals, and purchasing products from historically 
     underutilized businesses.
       (J) The extent to which the program or agency duplicates or 
     conflicts with other Federal agencies, State or local 
     government, or the private sector and if consolidation or 
     streamlining into a single agency or program is feasible.
       (b) Schedule and Abolishment of Agencies and Programs.--
       (1) In general.--Not later than 18 months after the date of 
     the enactment of this title and at least once every 10 years 
     thereafter, the Commission shall submit to the Congress a 
     Commission Schedule and Review bill that--
       (A) includes a schedule for review of agencies and 
     programs; and
       (B) abolishes any agency or program 2 years after the date 
     the Commission completes its review of the agency or program, 
     unless the agency or program is reauthorized by Congress.
       (2) Expedited congressional consideration procedures.--In 
     reviewing the Commission Schedule and Review bill, Congress 
     shall follow the expedited procedures under section _06.
       (c) Recommendations and Legislative Proposals.--
       (1) Report.--Not later than 2 years after the date of 
     enactment of this title, the Commission shall submit to 
     Congress and the President--
       (A) a report that reviews and analyzes according to the 
     criteria established under subsection (a)(4) for each agency 
     and program to be reviewed in the year in which the report is 
     submitted under the schedule submitted to Congress under 
     subsection (a)(1);
       (B) a proposal, if appropriate, to reauthorize, reorganize, 
     consolidate, expand, or transfer the Federal programs and 
     agencies to be reviewed in the year in which the report is 
     submitted under the schedule submitted to Congress under 
     subsection (a)(1); and
       (C) legislative provisions necessary to implement the 
     Commission's proposal and recommendations.
       (2) Additional reports.--The Commission shall submit to 
     Congress and the President additional reports as prescribed 
     under paragraph (1) on or before June 30 of every other year.
       (d) Rule of Construction.--Nothing in this section shall be 
     construed to limit the power of the Commission to review any 
     Federal program or agency.
       (e) Approval of Reports.--The Commission Schedule and 
     Review bill and all other legislative proposals and reports 
     submitted under this section shall require the approval of 
     not less than five members of the Commission.

     SEC. _05. EXPEDITED CONSIDERATION OF COMMISSION 
                   RECOMMENDATIONS.

       (a) Introduction and Committee Consideration.--
       (1) Introduction.--If any legislative proposal with 
     provisions is submitted to Congress under section _04(c), a 
     bill with that proposal and provisions shall be introduced in 
     the Senate by the majority leader, and in the House of 
     Representatives, by the Speaker. Upon introduction, the bill 
     shall be referred to the appropriate committees of Congress 
     under paragraph (2). If the bill is not introduced in 
     accordance with the preceding sentence, then any Member of 
     Congress may introduce that bill in their respective House of 
     Congress beginning on the date that is the 5th calendar day 
     that such House is in session following the date of the 
     submission of such proposal with provisions.
       (2) Committee consideration.--
       (A) Referral.--A bill introduced under paragraph (1) shall 
     be referred to any appropriate committee of jurisdiction in 
     the Senate, any appropriate committee of jurisdiction in the 
     House of Representatives, the Committee on the Budget and the 
     Committee on Homeland Security and Governmental Affairs of 
     the Senate, and the Committee on the Budget and the Committee 
     on Homeland Security and Governmental Affairs of the House of 
     Representatives.
       (B) Reporting.--Not later than 30 calendar days after the 
     introduction of the bill, each committee of Congress to which 
     the bill was referred shall report the bill or a committee 
     amendment thereto.
       (C) Discharge of committee.--If a committee to which is 
     referred a bill has not reported such bill at the end of 30 
     calendar days after its introduction or at the end of the 
     first day after there has been reported to the House involved 
     a bill, whichever is earlier, such committee shall be deemed 
     to be discharged from further consideration of

[[Page 8803]]

     such bill, and such bill shall be placed on the appropriate 
     calendar of the House involved.
       (b) Expedited Procedure.--
       (1) Consideration.--
       (A) In general.--Not later than 5 calendar days after the 
     date on which a committee has been discharged from 
     consideration of a bill, the majority leader of the Senate, 
     or the majority leader's designee, or the Speaker of the 
     House of Representatives, or the Speaker's designee, shall 
     move to proceed to the consideration of the committee 
     amendment to the bill, and if there is no such amendment, to 
     the bill. It shall also be in order for any member of the 
     Senate or the House of Representatives, respectively, to move 
     to proceed to the consideration of the bill at any time after 
     the conclusion of such 5-day period.
       (B) Motion to proceed.--A motion to proceed to the 
     consideration of a bill is highly privileged in the House of 
     Representatives and is privileged in the Senate and is not 
     debatable. The motion is not subject to amendment, to a 
     motion to postpone consideration of the bill, or to a motion 
     to proceed to the consideration of other business. A motion 
     to reconsider the vote by which the motion to proceed is 
     agreed to or not agreed to shall not be in order. If the 
     motion to proceed is agreed to, the Senate or the House of 
     Representatives, as the case may be, shall immediately 
     proceed to consideration of the bill without intervening 
     motion, order, or other business, and the bill shall remain 
     the unfinished business of the Senate or the House of 
     Representatives, as the case may be, until disposed of.
       (C) Limited debate.--Debate on the bill and all amendments 
     thereto and on all debatable motions and appeals in 
     connection therewith shall be limited to not more than 50 
     hours, which shall be divided equally between those favoring 
     and those opposing the bill. A motion further to limit debate 
     on the bill is in order and is not debatable. All time used 
     for consideration of the bill, including time used for quorum 
     calls (except quorum calls immediately preceding a vote) and 
     voting, shall come from the 50 hours of debate.
       (D) Amendments.--No amendment that is not germane to the 
     provisions of the bill shall be in order in the Senate. In 
     the Senate, an amendment, any amendment to an amendment, or 
     any debatable motion or appeal is debatable for not to exceed 
     1 hour to be divided equally between those favoring and those 
     opposing the amendment, motion, or appeal.
       (E) Vote on final passage.--Immediately following the 
     conclusion of the debate on the bill, and the disposition of 
     any pending amendments under subparagraph (D), the vote on 
     final passage of the bill shall occur.
       (F) Other motions not in order.--A motion to postpone 
     consideration of the bill, a motion to proceed to the 
     consideration of other business, or a motion to recommit the 
     bill is not in order. A motion to reconsider the vote by 
     which the bill is agreed to or not agreed to is not in order.
       (2) Consideration by other house.--If, before the passage 
     by one House of the bill that was introduced in such House, 
     such House receives from the other House a bill as passed by 
     such other House--
       (A) the bill of the other House shall not be referred to a 
     committee and may only be considered for final passage in the 
     House that receives it under subparagraph (C);
       (B) the procedure in the House in receipt of the bill of 
     the other House, with respect to the bill that was introduced 
     in the House in receipt of the bill of the other House, shall 
     be the same as if no bill had been received from the other 
     House; and
       (C) notwithstanding subparagraph (B), the vote on final 
     passage shall be on the bill of the other House.

     Upon disposition of a bill that is received by one House from 
     the other House, it shall no longer be in order to consider 
     the bill that was introduced in the receiving House.
       (3) Consideration in conference.--
       (A) Convening of conference.--Immediately upon final 
     passage of a bill that results in a disagreement between the 
     two Houses of Congress with respect to a bill, conferees 
     shall be appointed and a conference convened.
       (B) Action on conference reports in the senate.--
       (i) Motion to proceed.--The motion to proceed to 
     consideration in the Senate of the conference report on a 
     bill may be made even though a previous motion to the same 
     effect has been disagreed to.
       (ii) Debate.--Consideration in the Senate of the conference 
     report (including a message between Houses) on a bill, and 
     all amendments in disagreement, including all amendments 
     thereto, and debatable motions and appeals in connection 
     therewith, shall be limited to 20 hours, equally divided and 
     controlled by the majority leader and the minority leader or 
     their designees. Debate on any debatable motion or appeal 
     related to the conference report (or a message between 
     Houses) shall be limited to 1 hour, to be equally divided 
     between, and controlled by, the mover and the manager of the 
     conference report (or a message between Houses).
       (iii) Conference report defeated.--Should the conference 
     report be defeated, debate on any request for a new 
     conference and the appointment of conferrees shall be limited 
     to 1 hour, to be equally divided between, and controlled by, 
     the manager of the conference report and the minority leader 
     or the minority leader's designee, and should any motion be 
     made to instruct the conferees before the conferees are 
     named, debate on such motion shall be limited to \1/2\ hour, 
     to be equally divided between, and controlled by, the mover 
     and the manager of the conference report. Debate on any 
     amendment to any such instructions shall be limited to 20 
     minutes, to be equally divided between and controlled by the 
     mover and the manager of the conference report. In all cases 
     when the manager of the conference report is in favor of any 
     motion, appeal, or amendment, the time in opposition shall be 
     under the control of the minority leader or the minority 
     leader's designee.
       (iv) Amendments in disagreement.--In any case in which 
     there are amendments in disagreement, time on each amendment 
     shall be limited to 30 minutes, to be equally divided 
     between, and controlled by, the manager of the conference 
     report and the minority leader or the minority leader's 
     designee. No amendment that is not germane to the provisions 
     of such amendments shall be received.
       (v) Limitation on motion to recommit.--A motion to recommit 
     the conference report is not in order.
       (c) Rules of the Senate and the House of Representatives.--
     This section is enacted by Congress--
       (1) as an exercise of the rulemaking power of the Senate 
     and the House of Representatives, respectively, and is deemed 
     to be part of the rules of each House, respectively, but 
     applicable only with respect to the procedure to be followed 
     in that House in the case of a bill, and it supersedes other 
     rules only to the extent that it is inconsistent with such 
     rules; and
       (2) with full recognition of the constitutional right of 
     either House to change the rules (so far as they relate to 
     the procedure of that House) at any time, in the same manner, 
     and to the same extent as in the case of any other rule of 
     that House.

     SEC. _06. EXPEDITED CONSIDERATION OF COMMISSION SCHEDULE AND 
                   REVIEW BILL.

       (a) Introduction and Committee Consideration.--
       (1) Introduction.--The Commission Schedule and Review bill 
     submitted under section _04(b) shall be introduced in the 
     Senate by the majority leader, or the majority leader's 
     designee, and in the House of Representatives, by the 
     Speaker, or the Speaker's designee. Upon such introduction, 
     the Commission Schedule and Review bill shall be referred to 
     the appropriate committees of Congress under paragraph (2). 
     If the Commission Schedule and Review bill is not introduced 
     in accordance with the preceding sentence, then any member of 
     Congress may introduce the Commission Schedule and Review 
     bill in their respective House of Congress beginning on the 
     date that is the 5th calendar day that such House is in 
     session following the date of the submission of such 
     aggregate legislative language provisions.
       (2) Committee consideration.--
       (A) Referral.--A Commission Schedule and Review bill 
     introduced under paragraph (1) shall be referred to any 
     appropriate committee of jurisdiction in the Senate, any 
     appropriate committee of jurisdiction in the House of 
     Representatives, the Committee on the Budget and the 
     Committee on Homeland Security and Governmental Affairs of 
     the Senate and the Committee on the Budget and the Committee 
     on Oversight and Government Reform of the House of 
     Representatives. A committee to which a Commission Schedule 
     and Review bill is referred under this paragraph may review 
     and comment on such bill, may report such bill to the 
     respective House, and may not amend such bill.
       (B) Reporting.--Not later than 30 calendar days after the 
     introduction of the Commission Schedule and Review bill, each 
     Committee of Congress to which the Commission Schedule and 
     Review bill was referred shall report the bill.
       (C) Discharge of committee.--If a committee to which is 
     referred a Commission Schedule and Review bill has not 
     reported such Commission Schedule and Review bill at the end 
     of 30 calendar days after its introduction or at the end of 
     the first day after there has been reported to the House 
     involved a Commission Schedule and Review bill, whichever is 
     earlier, such committee shall be deemed to be discharged from 
     further consideration of such Commission Schedule and Review 
     bill, and such Commission Schedule and Review bill shall be 
     placed on the appropriate calendar of the House involved.
       (b) Expedited Procedure.--
       (1) Consideration.--
       (A) In general.--Not later than 5 calendar days after the 
     date on which a committee has been discharged from 
     consideration of a Commission Schedule and Review bill, the 
     majority leader of the Senate, or the majority leader's 
     designee, or the Speaker of the House of Representatives, or 
     the Speaker's designee, shall move to proceed to the 
     consideration of the Commission Schedule and Review bill. It 
     shall also be in order for any member of the Senate or the 
     House of Representatives, respectively, to move to proceed to 
     the consideration of the Commission

[[Page 8804]]

     Schedule and Review bill at any time after the conclusion of 
     such 5-day period.
       (B) Motion to proceed.--A motion to proceed to the 
     consideration of a Commission Schedule and Review bill is 
     highly privileged in the House of Representatives and is 
     privileged in the Senate and is not debatable. The motion is 
     not subject to amendment, to a motion to postpone 
     consideration of the Commission Schedule and Review bill, or 
     to a motion to proceed to the consideration of other 
     business. A motion to reconsider the vote by which the motion 
     to proceed is agreed to or not agreed to shall not be in 
     order. If the motion to proceed is agreed to, the Senate or 
     the House of Representatives, as the case may be, shall 
     immediately proceed to consideration of the Commission 
     Schedule and Review bill without intervening motion, order, 
     or other business, and the Commission Schedule and Review 
     bill shall remain the unfinished business of the Senate or 
     the House of Representatives, as the case may be, until 
     disposed of.
       (C) Limited debate.--Debate on the Commission Schedule and 
     Review bill and on all debatable motions and appeals in 
     connection therewith shall be limited to not more than 10 
     hours, which shall be divided equally between those favoring 
     and those opposing the Commission Schedule and Review bill. A 
     motion further to limit debate on the Commission Schedule and 
     Review bill is in order and is not debatable. All time used 
     for consideration of the Commission Schedule and Review bill, 
     including time used for quorum calls (except quorum calls 
     immediately preceding a vote) and voting, shall come from the 
     10 hours of debate.
       (D) Amendments.--No amendment to the Commission Schedule 
     and Review bill shall be in order in the Senate and the House 
     of Representatives.
       (E) Vote on final passage.--Immediately following the 
     conclusion of the debate on the Commission Schedule and 
     Review bill, the vote on final passage of the Commission 
     Schedule and Review bill shall occur.
       (F) Other motions not in order.--A motion to postpone 
     consideration of the Commission Schedule and Review bill, a 
     motion to proceed to the consideration of other business, or 
     a motion to recommit the Commission Schedule and Review bill 
     is not in order. A motion to reconsider the vote by which the 
     Commission Schedule and Review bill is agreed to or not 
     agreed to is not in order.
       (2) Consideration by other house.--If, before the passage 
     by one House of the Commission Schedule and Review bill that 
     was introduced in such House, such House receives from the 
     other House a Commission Schedule and Review bill as passed 
     by such other House--
       (A) the Commission Schedule and Review bill of the other 
     House shall not be referred to a committee and may only be 
     considered for final passage in the House that receives it 
     under subparagraph (C);
       (B) the procedure in the House in receipt of the Commission 
     Schedule and Review bill of the other House, with respect to 
     the Commission Schedule and Review bill that was introduced 
     in the House in receipt of the Commission Schedule and Review 
     bill of the other House, shall be the same as if no 
     Commission Schedule and Review bill had been received from 
     the other House; and
       (C) notwithstanding subparagraph (B), the vote on final 
     passage shall be on the Commission Schedule and Review bill 
     of the other House. Upon disposition of a Commission Schedule 
     and Review bill that is received by one House from the other 
     House, it shall no longer be in order to consider the 
     Commission Schedule and Review bill that was introduced in 
     the receiving House.
       (c) Rules of the Senate and the House of Representatives.--
     This section is enacted by Congress--
       (1) as an exercise of the rulemaking power of the Senate 
     and the House of Representatives, respectively, and is deemed 
     to be part of the rules of each House, respectively, but 
     applicable only with respect to the procedure to be followed 
     in that House in the case of a Commission Schedule and Review 
     bill, and it supersedes other rules only to the extent that 
     it is inconsistent with such rules; and
       (2) with full recognition of the constitutional right of 
     either House to change the rules (so far as they relate to 
     the procedure of that House) at any time, in the same manner, 
     and to the same extent as in the case of any other rule of 
     that House.
                                 ______
                                 
  SA 396. Mr. CORNYN (for himself and Mr. Kyl) submitted an amendment 
intended to be proposed by him to the bill S. 782, to amend the Public 
Works and Economic Development Act of 1965 to reauthorize that Act, and 
for other purposes; which was ordered to lie on the table; as follows:

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

                 TITLE II--DEBT INSTRUMENT TRANSPARENCY

     SEC. 201. SHORT TITLE.

       This title may be cited as the ``Foreign-Held Debt 
     Transparency and Threat Assessment Act''.

     SEC. 202. DEFINITIONS.

       In this title:
       (1) Appropriate congressional committees.--The term 
     ``appropriate congressional committees'' means the following:
       (A) The Committee on Armed Services, the Committee on 
     Foreign Relations, the Committee on Finance, and the 
     Committee on the Budget of the Senate.
       (B) The Committee on Armed Services, the Committee on 
     Foreign Affairs, the Committee on Ways and Means, and the 
     Committee on the Budget of the House of Representatives.
       (2) Debt instruments of the united states.--The term ``debt 
     instruments of the United States'' means all bills, notes, 
     and bonds issued or guaranteed by the United States or by an 
     entity of the United States Government, including any 
     Government-sponsored enterprise.

     SEC. 203. FINDINGS.

       Congress makes the following findings:
       (1) On March 16, 2006, the United States Senate debated and 
     then narrowly passed legislation, H. J. Res. 47, to increase 
     the statutory limit on the public debt of the United States. 
     In a statement published in the Congressional Record, then-
     Senator Barack Obama opposed the legislation and stated, 
     ``The fact that we are here today to debate raising America's 
     debt limit is a sign of leadership failure. It is a sign that 
     the U.S. Government can't pay its own bills. It is a sign 
     that we now depend on ongoing financial assistance from 
     foreign countries to finance our Government's reckless fiscal 
     policies.''. Then-Senator Obama went on to say that 
     ``Increasing America's debt weakens us domestically and 
     internationally. Leadership means that `the buck stops here'. 
     Instead, Washington is shifting the burden of bad choices 
     today onto the backs of our children and grandchildren. 
     America has a debt problem and a failure of leadership. 
     Americans deserve better.''.
       (2) On February 25, 2010, United States Secretary of State, 
     Hillary Rodham Clinton, urged members of Congress to address 
     the Federal budget deficit: ``We have to address this deficit 
     and the debt of the United States as a matter of national 
     security, not only as a matter of economics. I do not like to 
     be in a position where the United States is a debtor nation 
     to the extent that we are.''. The Secretary went on to say 
     that reliance on foreign creditors has hit the United States 
     ``ability to protect our security, to manage difficult 
     problems and to show the leadership that we deserve.''.
       (3) On February 16, 2011, Admiral Mike Mullen, Chairman of 
     the Joint Chiefs of Staff, testified before the Committee on 
     Armed Services of the Senate: ``Indeed, I believe that our 
     debt is the greatest threat to our national security. If we 
     as a country do not address our fiscal imbalances in the 
     near-term, our national power will erode, and the costs to 
     our ability to maintain and sustain influence could be 
     great.''.
       (4) The Department of the Treasury borrows from the private 
     economy by selling securities, including Treasury bills, 
     notes, and bonds, in order to finance the Federal budget 
     deficit. This additional borrowing to finance the deficit 
     adds to the Federal debt.
       (5) The Federal debt stands at more than 
     $14,344,000,000,000.
       (6) According to a report issued by the Department of the 
     Treasury on May 16, 2011, entitled ``Major Foreign Holders of 
     Treasury Securities'', foreign holdings of United States 
     Treasury securities stood at more than $3,175,000,000,000 at 
     the end of March 2011. The People's Republic of China was the 
     single largest holder with holdings of more than 
     $1,144,000,000,000.
       (7) Despite efforts by the Department of the Treasury to 
     identify the nationality of the ultimate holders of United 
     States securities, including United States Treasury 
     securities, data pertaining to foreign holders of these 
     securities may still fail to reflect the true nationality of 
     the foreign entities involved. For example, another 
     Department of the Treasury report, issued on February 28, 
     2011, entitled ``Preliminary Report on Foreign Holdings of 
     U.S. Securities At End-June 2010'', assigns $732,000,000,000 
     worth of United States securities to the Cayman Islands, a 
     British overseas territory with a population of only 55,000 
     people. The Cayman Islands is not itself a large investor in 
     United States securities; rather, it is a major international 
     financial center and is routinely used as a place to invest 
     funds from elsewhere.
       (8) On February 25, 2010, Simon Johnson, an economics 
     professor at the Massachusetts Institute of Technology and a 
     former chief economist for the International Monetary Fund, 
     testified before the U.S.-China Economic and Security Review 
     Commission that United States Treasury data understate 
     Chinese holdings of United States Government debt and ``do 
     not reveal the ultimate country of ownership when debt 
     instruments are held through an intermediary in another 
     jurisdiction.''. He stated that ``a great deal'' of the 
     United Kingdom's increase in United States Treasury 
     securities last year ``may be due to China placing offshore 
     dollars in London-based banks'', which are then used to 
     purchase United States Treasury securities.
       (9) On February 25, 2010, Dr. Eswar Prasad, an economist at 
     Cornell University, testified before the U.S.-China Economic 
     and Security Review Commission that the amount of United 
     States debt held by the People's Republic of China is much 
     higher than United

[[Page 8805]]

     States Treasury data indicate. In his revised testimony, Dr. 
     Prasad went on to explain that China is probably currently 
     holding more than $1,300,000,000,000 in United States 
     Treasury securities.
       (10) According to a February 3, 2009, report by the 
     Heritage Foundation, entitled ``Chinese Foreign Investment: 
     Insist on Transparency'', the State Administration of Foreign 
     Exchange (SAFE) of the People's Republic of China, the 
     government body that purchases foreign securities, is the 
     single largest global investor and the largest foreign 
     investor in the United States.
       (11) According to a September 2008 Council on Foreign 
     Relations report entitled ``Sovereign Wealth and Sovereign 
     Power,'' ``. . . political might is often linked to financial 
     might, and a debtor's capacity to project military power 
     hinges on the support of its creditors . . . The United 
     States' main sources of financing are not allies.''. The 
     report goes on to argue that, ``the United States' current 
     reliance on other governments for financing represents an 
     underappreciated strategic vulnerability.''.
       (12) In recent years, Chinese military officials have 
     publicized the potential use of United States Treasury 
     securities as a means of influencing United States policy and 
     deterring specific United States actions. On February 8, 
     2010, retired People's Liberation Army (PLA) Major General 
     Luo Yuan, from the PLA Academy of Military Science, stated in 
     an interview with state-controlled media that China could 
     attack the United States ``by oblique means and stealthy 
     feints'', in retaliation for United States arms sales to 
     Taiwan. He went on to say, ``Our retaliation should not be 
     restricted to merely military matters, and we should adopt a 
     strategic package of counterpunches covering politics, 
     military affairs, diplomacy and economics to treat both the 
     symptoms and root cause of this disease. For example, we 
     could sanction them using economic means, such as dumping 
     some U.S. government bonds.''.
       (13) The PLA has also referenced the concept of nonmilitary 
     aspects of deterrence in written statements. A PLA textbook, 
     ``The Science of Military Strategy'', observes that there are 
     various forms of deterrence, including economic and 
     technological, all of which need to be developed and 
     consciously strengthened in order to maximize effect. These 
     forms will only work ``with the determination and volition of 
     employment of the force, and by dangling the word of 
     deterrence over the rival's head in case of necessity.''.
       (14) According to a May 16, 2011, report by ABC News, a 
     congressional delegation of 10 United States Senators visited 
     China in April 2011, and met with Chinese government 
     officials. The news report indicates that, during one 
     meeting, the Senators were reprimanded by a Chinese official 
     regarding the mounting United States Federal debt.
       (15) A February 7, 2010, report by Defense News suggests 
     that China's extensive holdings of United States Government 
     securities have already directly influenced United States 
     national security policy. According to an unnamed Pentagon 
     official, Obama Administration officials softened a draft of 
     a key national security document in order to avoid ``harsh 
     words'' that ``might upset Chinese officials at a time when 
     the United States and China are economically intertwined.''. 
     The news report indicates that these officials ``deleted 
     several passages and softened others about China's military 
     buildup''. This critical document, the 2010 Quadrennial 
     Defense Review, provides an assessment of long-term threats 
     and challenges for the nation and is intended to guide 
     military programs, plans, and budgets in the coming decades.
       (16) The United States Government pays China a substantial 
     amount of interest on China's $1,144,000,000,000 in holdings 
     of United States Government debt, and this enhances China's 
     ability to fund its own military programs.
       (17) According to a March 4, 2011, report by Xinhua, the 
     official press agency of the government of the People's 
     Republic of China, China plans to increase its 2011 military 
     budget by 12.7 percent to 601,000,000,000 yuan (the 
     equivalent of $91,500,000,000). This increase is in addition 
     to China's 2010 increase in its military budget of 7.5 
     percent.
       (18) According to the Department of Defense's (DoD) 2010 
     report entitled ``Military and Security Developments 
     Involving the People's Republic of China,'' the DoD estimates 
     China's actual total military-related spending for 2009 to be 
     over $150,000,000,000.

     SEC. 204. SENSE OF CONGRESS.

       It is the sense of Congress that--
       (1) the growing Federal debt of the United States has the 
     potential to jeopardize the national security and economic 
     stability of the United States;
       (2) the increasing dependence of the United States on 
     foreign creditors has the potential to make the United States 
     vulnerable to undue influence by certain foreign creditors in 
     national security and economic policymaking;
       (3) the People's Republic of China is the largest foreign 
     creditor of the United States, in terms of its overall 
     holdings of debt instruments of the United States;
       (4) the current level of transparency in the scope and 
     extent of foreign holdings of debt instruments of the United 
     States is inadequate and needs to be improved, particularly 
     regarding the holdings of the People's Republic of China;
       (5) through the People's Republic of China's large holdings 
     of debt instruments of the United States, China has become a 
     super creditor of the United States;
       (6) under certain circumstances, the holdings of the 
     People's Republic of China could give China a tool with which 
     China can try to manipulate the domestic and foreign 
     policymaking of the United States, including the United 
     States relationship with Taiwan;
       (7) under certain circumstances, if the People's Republic 
     of China were to be displeased with a given United States 
     policy or action, China could attempt to destabilize the 
     United States economy by rapidly divesting large portions of 
     China's holdings of debt instruments of the United States; 
     and
       (8) the People's Republic of China's expansive holdings of 
     such debt instruments of the United States could potentially 
     pose a direct threat to the United States economy and to 
     United States national security. This potential threat is a 
     significant issue that warrants further analysis and 
     evaluation.

     SEC. 205. QUARTERLY REPORT ON RISKS POSED BY FOREIGN HOLDINGS 
                   OF DEBT INSTRUMENTS OF THE UNITED STATES.

       (a) Quarterly Report.--Not later than March 31, June 30, 
     September 30, and December 31 of each year, the President 
     shall submit to the appropriate congressional committees a 
     report on the risks posed by foreign holdings of debt 
     instruments of the United States, in both classified and 
     unclassified form.
       (b) Matters To Be Included.--Each report submitted under 
     this section shall include the following:
       (1) The most recent data available on foreign holdings of 
     debt instruments of the United States, which data shall not 
     be older than the date that is 7 months preceding the date of 
     the report.
       (2) The country of domicile of all foreign creditors who 
     hold debt instruments of the United States.
       (3) The total amount of debt instruments of the United 
     States that are held by the foreign creditors, broken out by 
     the creditors' country of domicile and by public, quasi-
     public, and private creditors.
       (4) For each foreign country listed in paragraph (2)--
       (A) an analysis of the country's purpose in holding debt 
     instruments of the United States and long-term intentions 
     with regard to such debt instruments;
       (B) an analysis of the current and foreseeable risks to the 
     long-term national security and economic stability of the 
     United States posed by each country's holdings of debt 
     instruments of the United States; and
       (C) a specific determination of whether the level of risk 
     identified under subparagraph (B) is acceptable or 
     unacceptable.
       (c) Public Availability.--The President shall make each 
     report required by subsection (a) available, in its 
     unclassified form, to the public by posting it on the 
     Internet in a conspicuous manner and location.

     SEC. 206. ANNUAL REPORT ON RISKS POSED BY THE FEDERAL DEBT OF 
                   THE UNITED STATES.

       (a) In General.--Not later than December 31 of each year, 
     the Comptroller General of the United States shall submit to 
     the appropriate congressional committees a report on the 
     risks to the United States posed by the Federal debt of the 
     United States.
       (b) Content of Report.--Each report submitted under this 
     section shall include the following:
       (1) An analysis of the current and foreseeable risks to the 
     long-term national security and economic stability of the 
     United States posed by the Federal debt of the United States.
       (2) A specific determination of whether the levels of risk 
     identified under paragraph (1) are sustainable.
       (3) If the determination under paragraph (2) is that the 
     levels of risk are unsustainable, specific recommendations 
     for reducing the levels of risk to sustainable levels, in a 
     manner that results in a reduction in Federal spending.

     SEC. 207. CORRECTIVE ACTION TO ADDRESS UNACCEPTABLE AND 
                   UNSUSTAINABLE RISKS TO UNITED STATES NATIONAL 
                   SECURITY AND ECONOMIC STABILITY.

       In any case in which the President determines under section 
     205(b)(4)(C) that a foreign country's holdings of debt 
     instruments of the United States pose an unacceptable risk to 
     the long-term national security or economic stability of the 
     United States, the President shall, within 30 days of the 
     determination--
       (1) formulate a plan of action to reduce the risk level to 
     an acceptable and sustainable level, in a manner that results 
     in a reduction in Federal spending;
       (2) submit to the appropriate congressional committees a 
     report on the plan of action that includes a timeline for the 
     implementation of the plan and recommendations for any 
     legislative action that would be required to fully implement 
     the plan; and
       (3) move expeditiously to implement the plan in order to 
     protect the long-term national security and economic 
     stability of the United States.

[[Page 8806]]


                                 ______
                                 
  SA 397. Mr. CORNYN submitted an amendment intended to be proposed by 
him to the bill S. 782, to amend the Public Works and Economic 
Development Act of 1965 to reauthorize that Act, and for other 
purposes; which was ordered to lie on the table; as follows:

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

     SEC. [2_]. EXEMPTION OF SAND DUNE LIZARD FROM ENDANGERED 
                   SPECIES ACT OF 1973.

       Section 4 of the Endangered Species Act of 1973 (16 U.S.C. 
     1533) is amended by adding at the end the following:
       ``(j) Exemption of Sand Dune Lizard.--This Act shall not 
     apply to the sand dune lizard.''.
                                 ______
                                 
  SA 398. Mr. DeMINT submitted an amendment intended to be proposed by 
him to the bill S. 782, to amend the Public Works and Economic 
Development Act of 1965 to reauthorize that Act, and for other 
purposes; which was ordered to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. __. APPLICATION TO CERTAIN SPEECH, BUSINESS DECISIONS.

       (a) Unfair Labor Practices.--Section 8(a)(3) of the 
     National Labor Relations Act (29 U.S.C. 158(a)(3)) is amended 
     by inserting before the semicolon at the end the following: 
     ``: Provided further, That an employer's expression of any 
     views, argument, or opinion related to the costs associated 
     with collective bargaining, work stoppages, or strikes, or 
     the dissemination of such views, arguments, or opinions, 
     whether in written, printed, graphic, digital, or visual 
     form, shall not constitute or be evidence of antiunion animus 
     or unlawful motive, if such expression contains no threat of 
     reprisal or force or promise of benefit''.
       (b) Prevention of Unfair Labor Practices.--Section 10 of 
     the National Labor Relations Act (29 U.S.C. 160) is amended--
       (1) in subsection (a), by inserting after the period at the 
     end the following: ``: Provided further, That the Board shall 
     have no power to order any employer to relocate, shut down, 
     or transfer any existing or planned facility or work or 
     employment opportunity, or prevent any employer from making 
     such relocations, transfers, or expansions to new or existing 
     facilities in the future, or prevent any employer from 
     closing a facility, not developing a facility, or eliminating 
     any employment opportunity unless and until the employer has 
     been adjudicated finally to have unlawfully undertaken such 
     actions--
       ``(1) without advance notice to the labor organization, if 
     any, representing the bargaining unit of the affected 
     employees, of the economic reason(s) for the relocation, shut 
     down, or transfer of existing or future work; or
       ``(2) as a primary and direct response to efforts by a 
     labor organization to organize a previously unrepresented 
     workplace''; and
       (2) by adding at the end the following:
       ``(n) Nothing in this Act shall prevent an employer from 
     choosing where to locate, develop, or expand its business or 
     facilities, or require any employer to move, transfer, or 
     relocate any facility, production line, or employment 
     opportunity, or require that an employer cease or refrain 
     from doing so, or prevent any employer from closing a 
     facility or eliminating any employment opportunity unless the 
     employer has been adjudicated finally to have unlawfully 
     undertaken such actions--
       ``(1) without advance notice to the labor organization, if 
     any, representing the bargaining unit of the affected 
     employees, of the economic reason(s) for the relocation, shut 
     down, or transfer of existing or future work; or
       ``(2) as a primary and direct response to efforts by a 
     labor organization to organize a previously unrepresented 
     workplace.''.
                                 ______
                                 
  SA 399. Mr. DeMINT submitted an amendment intended to be proposed by 
him to the bill S. 782, to amend the Public Works and Economic 
Development Act of 1965 to reauthorize that Act, and for other 
purposes; which was ordered to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. __. NATIONAL RIGHT-TO-WORK.

       (a) Amendments to the National Labor Relations Act.--
       (1) Rights of employees.--Section 7 of the National Labor 
     Relations Act (29 U.S.C. 157) is amended by striking ``except 
     to'' and all that follows through ``authorized in section 
     8(a)(3)''.
       (2) Unfair labor practices.--Section 8 of the National 
     Labor Relations Act (29 U.S.C. 158) is amended--
       (A) in subsection (a)(3), by striking ``: Provided, That'' 
     and all that follows through ``retaining membership'';
       (B) in subsection (b)--
       (i) in paragraph (2), by striking ``or to discriminate'' 
     and all that follows through ``retaining membership''; and
       (ii) in paragraph (5), by striking ``covered by an 
     agreement authorized under subsection (a)(3) of this 
     section''; and
       (C) in subsection (f), by striking clause (2) and 
     redesignating clauses (3) and (4) as clauses (2) and (3), 
     respectively.
       (b) Amendment to the Railway Labor Act.--Section 2 of the 
     Railway Labor Act (45 U.S.C. 152) is amended by striking 
     paragraph Eleven.
                                 ______
                                 
  SA 400. Mr. DeMINT submitted an amendment intended to be proposed by 
him to the bill S. 782, to amend the Public Works and Economic 
Development Act of 1965 to reauthorize that Act, and for other 
purposes; which was ordered to lie on the table; as follows:

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

     SEC. 22. GAINFUL EMPLOYMENT.

       The final regulation issued by the Secretary of Education 
     on June 2, 2011, entitled ``Program Integrity: Gainful 
     Employment--Debt Measures'' and amending part 668 of title 
     34, Code of Federal Regulations, shall have no force or 
     effect.
                                 ______
                                 
  SA 401. Mr. DeMINT submitted an amendment intended to be proposed by 
him to the bill S. 782, to amend the Public Works and Economic 
Development Act of 1965 to reauthorize that Act, and for other 
purposes; which was ordered to lie on the table; as follows:

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

     SEC. 22. TERMINATION OF GLOBAL CLIMATE CHANGE RESPONSE FUND.

       (a) In General.--Effective beginning October, 1, 2011, 
     section 1609 of the Energy Policy Act of 1992 (42 U.S.C. 
     13388) is repealed.
       (b) Remaining Amounts.--Any unobligated amounts remaining 
     in the Global Climate Change Response Fund on October 1, 
     2011, shall be deposited in the general fund of the Treasury.
                                 ______
                                 
  SA 402. Mr. DeMINT submitted an amendment intended to be proposed by 
him to the bill S. 782, to amend the Public Works and Economic 
Development Act of 1965 to reauthorize that Act, and for other 
purposes; which was ordered to lie on the table; as follows:

       At the end, insert the following:

     SEC. 22. PERMANENT ESTATE TAX RELIEF.

       (a) In General.--Title III of the Tax Relief, Unemployment 
     Insurance Reauthorization, and Job Creation Act of 2010, and 
     the amendments made thereby, are repealed; and the Internal 
     Revenue Code of 1986 shall be applied as if such title, and 
     amendments, had never been enacted.
       (b) Effective Date.--The repeal made by this section shall 
     apply to estates of decedents dying, gifts made, and 
     generation skipping transfers after December 31, 2009.
                                 ______
                                 
  SA 403. Mr. DeMINT submitted an amendment intended to be proposed by 
him to the bill S. 782, to amend the Public Works and Economic 
Development Act of 1965 to reauthorize that Act, and for other 
purposes; which was ordered to lie on the table; as follows:

       Strike all after the enacting clause and insert the 
     following:

     SECTION 1. ECONOMIC DEVELOPMENT ADMINISTRATION.

       (a) Termination of Authority.--Beginning on October 1, 
     2011, the Economic Development Administration is terminated.
       (b) Collection Authority.--The Secretary of the Treasury 
     may collect any amounts owed to the Federal Government under 
     any loan agreement entered into by the Economic Development 
     Administration in effect on September 30, 2011--
       (1) in accordance with the terms or conditions of that loan 
     agreement; or
       (2) as otherwise provided by law.
                                 ______
                                 
  SA 404. Mr. DeMINT submitted an amendment intended to be proposed by 
him to the bill S. 782, to amend the Public Works and Economic 
Development Act of 1965 to reauthorize that Act, and for other 
purposes; which was ordered to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. __. PROHIBITION ON AWARD AND DESIGNATION OF FUNDS.

       Notwithstanding any other provision of law, none of the 
     funds made available under this Act or an amendment made by 
     this Act shall be awarded to or designated for an area or 
     entity named for any living Member of Congress.
                                 ______
                                 
  SA 405. Mr. BROWN of Massachusetts (for himself and Ms. Snowe) 
submitted an amendment intended to be proposed by him to the bill S. 
782, to amend the Public Works and Economic Development Act of 1965 to 
reauthorize that Act, and for other purposes; which was ordered to lie 
on the table; as follows:

       At the end, add the following:

     SEC. ___. REPEAL OF IMPOSITION OF WITHHOLDING ON CERTAIN 
                   PAYMENTS MADE TO VENDORS BY GOVERNMENT 
                   ENTITIES.

       (a) In General.--The amendment made by section 511 of the 
     Tax Increase Prevention and Reconciliation Act of 2005 is 
     repealed and the Internal Revenue Code of 1986 shall

[[Page 8807]]

     be applied as if such amendment had never been enacted.
       (b) Rescission of Unspent Federal Funds to Offset Loss in 
     Revenues.--
       (1) In general.--Notwithstanding any other provision of 
     law, of all available unobligated funds, $39,000,000,000 in 
     appropriated discretionary funds are hereby permanently 
     rescinded.
       (2) Implementation.--The Director of the Office of 
     Management and Budget shall determine and identify from which 
     appropriation accounts the rescission under paragraph (1) 
     shall apply and the amount of such rescission that shall 
     apply to each such account. Not later than 60 days after the 
     date of the enactment of this Act, the Director of the Office 
     of Management and Budget shall submit a report to the 
     Secretary of the Treasury and Congress of the accounts and 
     amounts determined and identified for rescission under the 
     preceding sentence.
       (3) Exception.--This subsection shall not apply to the 
     unobligated funds of the Department of Defense or the 
     Department of Veterans Affairs.
                                 ______
                                 
  SA 406. Mrs. HUTCHISON (for herself and Ms. Landrieu) submitted an 
amendment intended to be proposed by her to the bill S. 782, to amend 
the Public Works and Economic Development Act of 1965 to reauthorize 
that Act, and for other purposes; which was ordered to lie on the 
table; as follows:

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

     SEC. ___. EXTENSION OF CERTAIN OUTER CONTINENTAL SHELF 
                   LEASES.

       (a) Definition of Covered Lease.--In this section, the term 
     ``covered lease'' means each oil and gas lease for the Gulf 
     of Mexico outer Continental Shelf region issued under section 
     8 of the Outer Continental Shelf Lands Act (43 U.S.C. 1337) 
     that was--
       (1) not producing as of April 30, 2010; or
       (2) suspended from operations, permit processing, or 
     consideration, in accordance with the moratorium set forth in 
     the Minerals Management Service Notice to Lessees and 
     Operators No. 2010-N04, dated May 30, 2010, or the decision 
     memorandum of the Secretary of the Interior entitled 
     ``Decision memorandum regarding the suspension of certain 
     offshore permitting and drilling activities on the Outer 
     Continental Shelf'' and dated July 12, 2010.
       (b) Extension of Covered Leases.--The Secretary of the 
     Interior shall extend the term of a covered lease by 1 year.
       (c) Effect on Suspensions of Operations or Production.--The 
     extension of covered leases under this Act is in addition to 
     any suspension of operations or suspension of production 
     granted by the Minerals Management Service or Bureau of Ocean 
     Energy Management, Regulation and Enforcement after May 1, 
     2010.
                                 ______
                                 
  SA 407. Mr. CARDIN submitted an amendment intended to be proposed by 
him to the bill S. 782, to amend the Public Works and Economic 
Development Act of 1965 to reauthorize that Act, and for other 
purposes; which was ordered to lie on the table; as follows:

       At the end, add the following:

     SEC. 22. PROHIBITION ON INTEREST CHARGES FOR ON-TIME 
                   PRINCIPAL PAYMENTS.

       Section 203 of the National Housing Act (12 U.S.C. 1709) is 
     amended by adding at the end the following:
       ``(z) Prohibition on Interest Charges for On-time Principal 
     Payments.--Each mortgagee (or servicer) with respect to a 
     mortgage under this section may not impose, nor may the 
     Secretary require the imposition of, any interest charge on 
     such a mortgage as a result of the loss of any time period 
     provided by the mortgagee (or servicer) within which the 
     mortgagor may fully repay the principal balance amount of the 
     mortgage, with respect to--
       ``(1) any days in the billing cycle that precedes the most 
     recent billing cycle in which such amounts were repaid; or
       ``(2) any amounts repaid in the current billing cycle that 
     were repaid within such time period.''.
                                 ______
                                 
  SA 408. Mr. PAUL submitted an amendment intended to be proposed by 
him to the bill S. 782, to amend the Public Works and Economic 
Development Act of 1965 to reauthorize that Act, and for other 
purposes; which was ordered to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. __. REMOVAL OF INSURANCE MORATORIUM FOR INDUSTRIAL 
                   BANKS.

       Section 603(a) of the Bank and Savings Association Holding 
     Company and Depository Institution Regulatory Improvements 
     Act of 2010 (12 U.S.C. 1815 note) is amended--
       (1) in paragraph (1)--
       (A) in subparagraph (A), by adding ``and'' at the end;
       (B) by striking subparagraph (B); and
       (C) by redesignating subparagraph (C) as subparagraph (B);
       (2) in each of paragraphs (2) and (3), by striking ``an 
     industrial bank, a credit card bank,'' each place that term 
     appears and inserting ``a credit card bank''; and
       (3) in paragraph (3), by striking ``the industrial bank, 
     credit card bank,'' each place that term appears and 
     inserting ``credit card bank''.
                                 ______
                                 
  SA 409. Mr. PAUL submitted an amendment intended to be proposed by 
him to the bill S. 782, to amend the Public Works and Economic 
Development Act of 1965 to reauthorize that Act, and for other 
purposes; which was ordered to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. __. LIMITED ANTITRUST EXEMPTION.

       (a) In General.--The antitrust laws, as defined in 
     subsection (a) of the first section of the Clayton Act (15 
     U.S.C. 12), and the law of unfair competition under section 5 
     of the Federal Trade Commission Act (15 U.S.C. 45) shall not 
     apply to any joint discussion, consideration, review, or 
     action by or among merchants, financial institutions, or 
     payment networks negotiating and entering into agreements 
     with respect to fees.
       (b) Definitions.--In this section:
       (1) Financial institution.--The term ``financial 
     institution'' has the same meaning as in section 3 of the 
     Federal Deposit Insurance Act (12 U.S.C. 1813) and includes a 
     Federal credit union, as defined in section 101 of the 
     Federal Credit Union Act (12 U.S.C. 1752).
       (2) Payment networks.--The term ``payment network'' means 
     an entity that directly, or through licensed members, 
     processors, or agents, provides the proprietary services, 
     infrastructure or software that route information and data to 
     conduct transaction authorization, clearance, or settlement, 
     and that a person uses in order to accept as a form of 
     payment.
                                 4_____
                                 
  SA 410. Mr. McCAIN submitted an amendment intended to be proposed by 
him to the bill S. 782, to amend the Public Works and Economic 
Development Act of 1965 to reauthorize that Act, and for other 
purposes; which was ordered to lie on the table; as follows:

       At the end of the bill, add the following:

     SEC. ___. POSTAL SERVICE POLICY.

       Section 101(b) of title 39, United States Code, is 
     amended--
       (1) in the first sentence, by striking ``a maximum degree 
     of''; and
       (2) by striking ``where post offices are not self-
     sustaining. No small post office shall be closed solely for 
     operating at a deficit, it being'' and inserting ``. It is''.
                                 4_____
                                 
  SA 411. Mr. McCAIN submitted an amendment intended to be proposed by 
him to the bill S. 782, to amend the Public Works and Economic 
Development Act of 1965 to reauthorize that Act, and for other 
purposes; which was ordered to lie on the table; as follows:

       At the end of the bill, add the following:

     SEC. __. PROHIBITION ON USE OF FEDERAL FUNDS TO CONSTRUCT 
                   ETHANOL BLENDER PUMPS OR ETHANOL STORAGE 
                   FACILITIES.

       Effective beginning on the date of enactment of this Act, 
     no funds made available by Federal law (including funds in 
     any trust fund to which funds are made by Federal law) shall 
     be expended for the construction of an ethanol blender pump 
     or an ethanol storage facility.
                                 ______
                                 
  SA 412. Mr. McCAIN submitted an amendment intended to be proposed by 
him to the bill S. 782, to amend the Public Works and Economic 
Development Act of 1965 to reauthorize that Act, and for other 
purposes; which was ordered to lie on the table; as follows:

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

     SEC. __. REPEAL OF DAVIS-BACON WAGE REQUIREMENTS.

       (a) In General.--Subchapter IV of chapter 31 of title 40, 
     United States Code, is repealed.
       (b) Reference.--Any reference in any law to a wage 
     requirement of subchapter IV of chapter 31 of title 40, 
     United States Code, shall after the date of the enactment of 
     this Act be null and void.
       (c) Effective Date and Limitation.--The amendments made by 
     this section shall not affect any contract in existence on 
     the date of enactment of this Act or made pursuant to 
     invitation for bids outstanding on such date of enactment.
                                 ______
                                 
  SA 413. Mr. McCAIN submitted an amendment intended to be proposed by 
him to the bill S. 782, to amend the Public Works and Economic 
Development Act of 1965 to reauthorize that Act, and for other 
purposes; which was ordered to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. ___. PROHIBITION ON PRINTING THE CONGRESSIONAL RECORD.

       (a) Prohibition on Printing.--
       (1) In general.--Chapter 9 of title 44, United States Code, 
     is amended by striking section 903 and inserting the 
     following:

[[Page 8808]]



     ``Sec. 903. Congressional Record: daily and permanent forms

       ``(a) In General.--The public proceedings of each House of 
     Congress as reported by the Official Reporters, shall be 
     included in the Congressional Record, which shall be issued 
     in daily form during each session and shall be revised and 
     made electronically available promptly, as directed by the 
     Joint Committee on Printing, for distribution during and 
     after the close of each session of Congress. The daily and 
     the permanent Record shall bear the same date, which shall be 
     that of the actual day's proceedings reported. The Government 
     Printing Office shall not print the Congressional Record.
       ``(b) Electronic Availability.--
       ``(1) Government printing office.--The Government Printing 
     Office shall make the Congressional Record available to the 
     Secretary of the Senate and the Chief Administrative Officer 
     of the House of Representatives in an electronic form in a 
     timely manner to ensure the implementation of subsection (a).
       ``(2) Website.--The Secretary of the Senate and the Chief 
     Administrative Officer of the House of Representatives shall 
     make the Congressional Record available--
       ``(A) to the public on the websites of the Secretary of the 
     Senate and the Chief Administrative Officer of the House of 
     Representatives; and
       ``(B) in a format which enables the Congressional Record to 
     be downloaded and printed by users of the website.''.
       (b) Congressional Record.--
       (1) In general.--Chapter 9 of title 44, United States Code, 
     is amended--
       (A) in section 905, in the first sentence, by striking 
     ``printing'' and inserting ``inclusion''; and
       (B) by striking sections 906, 909, and 910.
       (2) Technical and conforming amendments.--The table of 
     sections for chapter 9 of title 44, United States Code, is 
     amended by striking the items relating to sections 906, 909, 
     and 910.
                                 ______
                                 
  SA 414. Mr. PAUL submitted an amendment intended to be proposed by 
him to the bill S. 782, to amend the Public Works and Economic 
Development Act of 1965 to reauthorize that Act, and for other 
purposes; which was ordered to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. __. INCREASE IN STATUTORY LIMIT ON THE PUBLIC DEBT.

       (a) Finding.--The Congress finds that the President's 
     budget proposal, Budget of the United States Government, 
     Fiscal Year 2012, necessitates an increase in the statutory 
     debt limit of $2,406,000,000,000.
       (b) Increase.--Subsection (b) of section 3101 of title 31, 
     United States Code, is amended by striking out the dollar 
     limitation contained in such subsection and inserting in lieu 
     thereof ``$16,700,000,000,000''.
                                 ______
                                 
  SA 415. Mr. BARRASSO (for himself and Mr. Graham) submitted an 
amendment intended to be proposed by him to the bill S. 782, to amend 
the Public Works and Economic Development Act of 1965 to reauthorize 
that Act, and for other purposes; which was ordered to lie on the 
table; as follows:

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

     SEC. __. STATE HEALTH CARE CHOICE.

       (a) Purpose.--It is the purpose of this section to protect 
     States' rights and to ensure that States have the option to 
     continue to implement State laws relating to health care 
     delivery and health insurance that were in effect prior to 
     the date of enactment of the Patient Protection and 
     Affordable Care Act (Public Law 111-148).
       (b) Protection of State Flexibility To Provide Health 
     Coverage.--
       (1) State opt out of certain provisions of ppaca.--
       (A) In general.--A State described in paragraph (2) may 
     elect to limit the application of any or all of the 
     provisions of the Patient Protection and Affordable Care Act 
     (Public Law 111-148) described in subparagraph (B) with 
     respect to health insurance coverage within that State.
       (B) Provisions described.--The provisions of the Patient 
     Protection and Affordable Care Act described in this 
     subparagraph are as follows:
       (i) Subtitles A through C of title I (and the amendments 
     made by such subtitles), except for sections 1253 and 1254.
       (ii) Parts I, II, III, and V of subtitle D of title I (and 
     the amendments made by such parts).
       (iii) Part I of subtitle E of title I (and the amendments 
     made by such part).
       (iv) Subtitle F of title I (and the amendments made by such 
     part).
       (v) Section 1561 (and the amendment made by such section).
       (vi) Sections 2001 through 2006 and subtitle C of title II 
     (and the amendments made by such sections and subtitle).
       (vii) Sections 10101 through 10107 (and the amendments made 
     by such sections).
       (2) State described.--
       (A) Enactment of state law.--A State described in this 
     paragraph is a State that enacts a law after the date of 
     enactment of this Act that--
       (i) expresses the intent of the State to opt out of one or 
     more of the provisions of the Patient Protection and 
     Affordable Care Act (Public Law 111-148) described in 
     paragraph (1);
       (ii) contains a list of the provisions of such Act which 
     will not apply to the State under the State law; and
       (iii) expresses the intent of the State to continue to 
     administer health coverage-related laws as in effect in the 
     State on March 23, 2010, or that provides for the 
     implementation of related State laws enacted after such date.
       (B) Repeal.--If a State repeals a law described in 
     subparagraph (A), the provisions of the Patient Protection 
     and Affordable Care Act listed in such law shall apply with 
     respect to such State beginning on the date of such repeal.
       (3) Regulations.--The Secretary, in consultation with the 
     Secretary of the Treasury, shall promulgate regulations to 
     provide for the implementation of this section.

                          ____________________