[Congressional Record (Bound Edition), Volume 158 (2012), Part 3]
[Senate]
[Pages 3589-3610]
[From the U.S. Government Publishing Office, www.gpo.gov]




                           TEXT OF AMENDMENTS

  SA 1848. Mr. LAUTENBERG submitted an amendment intended to be 
proposed by him to the bill H.R. 3606, to increase American job 
creation and economic growth by improving access to the public capital 
markets for emerging growth companies; which was ordered to lie on the 
table; as follows:

       On page 36, between lines 3 and 4, insert the following:

     SEC. 304. OCCURRENCE OF FRAUD.

       (a) Report on Occurrence of Fraud.--
       (1) In general.--The Commission shall, once every 2 years, 
     beginning on the date of enactment of this Act, submit a 
     report to Congress which includes an affirmative finding that 
     the amount of fraud related to issuances made pursuant to 
     section 4(6) of the Securities Act of 1933, as amended by 
     this title, was not excessive during the reporting period.
       (2) Finding of excessive fraud.--If the Commission finds 
     that the amount of fraud related to issuances made pursuant 
     to section 4(6) of the Securities Act of 1933, as amended by 
     this title, was excessive during the reporting period, the 
     Commission shall--
       (A) report such finding to the Congress, together with the 
     reports required by this section; and
       (B) initiate a rulemaking pursuant to subsection (b).
       (b) Rulemaking.--
       (1) In general.--If the Commission makes a finding of 
     excessive fraud, as described in subsection (a)(2), the 
     Commission shall amend its rules issued, amended, or enforced 
     under this title, as necessary to reduce the incidence of 
     fraud related to crowdfunding exemptions provided under this 
     title.
       (2) Timing.--Amended rules shall be issued under paragraph 
     (1) as interim final rules not later than 30 days after a 
     finding by the Commission of excessive fraud, with public 
     comments accepted for 30 days after the date of publication 
     of the interim final rules.
                                 ______
                                 
  SA 1849. Mr. LAUTENBERG submitted an amendment intended to be 
proposed to amendment SA 1833 proposed by Mr. Reid (for Mr. Reed (for 
himself, Ms. Landrieu, Mr. Levin, Mr. Brown of Ohio, Mr. Merkley, Mr. 
Akaka, Mr. Whitehouse, Mr. Franken, Mr. Harkin, and Mr. Durbin)) to the 
bill H.R. 3606, to increase American job creation and economic growth 
by improving access to the public capital markets for emerging growth 
companies; which was ordered to lie on the table; as follows:

       On page 50, between lines 10 and 11, insert the following:
       (e) Report on Occurrence of Fraud.--
       (1) In general.--In addition to the information included 
     under subsection (b), the

[[Page 3590]]

     Commission shall include in each report to Congress required 
     by this section an affirmative finding that the amount of 
     fraud related to issuances made pursuant to section 4(6) of 
     the Securities Act of 1933, as amended by this title, was not 
     excessive during the reporting period.
       (2) Finding of excessive fraud.--If the Commission finds 
     that the amount of fraud related to issuances made pursuant 
     to section 4(6) of the Securities Act of 1933, as amended by 
     this title, was excessive during the reporting period, the 
     Commission shall--
       (A) report such finding to the Congress, together with the 
     reports required by this section; and
       (B) initiate a rulemaking pursuant to paragraph (3).
       (3) Rulemaking.--
       (A) In general.--If the Commission makes a finding of 
     excessive fraud, as described in paragraph (2), the 
     Commission shall amend its rules issued, amended, or enforced 
     under this title, as necessary to reduce the incidence of 
     fraud related to crowdfunding exemptions provided under this 
     title.
       (B) Timing.--Amended rules shall be issued under 
     subparagraph (A) as interim final rules not later than 30 
     days after a finding by the Commission of excessive fraud, 
     with public comments accepted for 30 days after the date of 
     publication of the interim final rules.
                                 ______
                                 
  SA 1850. Mr. LAUTENBERG submitted an amendment intended to be 
proposed by him to the bill H.R. 3606, to increase American job 
creation and economic growth by improving access to the public capital 
markets for emerging growth companies; which was ordered to lie on the 
table; as follows:

       On page 41, line 19, strike ``Section'' and insert the 
     following:
       (a) Disclosures Required for Employee Security Holders.--
     Any issuer having equity securities of any class held of 
     record by 500 or more employee security holders shall provide 
     to all such employee security holders--
       (1) audited financial statements, if available, or if not 
     available--
       (A) financial statements certified by the principal 
     executive officer of the issuer to be true and complete in 
     all material respects; and
       (B) income tax returns filed by the issuer for the most 
     recently completed year (if any);
       (2) a description of the ownership and capital structure of 
     the issuer, including--
       (A) the terms of each class of security of the issuer, 
     including how such terms may be modified and a summary of the 
     differences between such securities, including how the rights 
     of the securities owned by the employee may be materially 
     limited, diluted, or qualified by the rights of any other 
     class of security of the issuer;
       (B) the name and ownership level of each existing 
     shareholder who owns more than 20 percent of any class of the 
     securities of the issuer;
       (C) the risks to employee security holders--
       (i) relating to minority ownership in the issuer; and
       (ii) associated with corporate actions, including 
     additional issuances of shares, a sale of the issuer or of 
     assets of the issuer, or transactions with related parties; 
     and
       (3) such other information as the Commission may, by rule, 
     prescribe for the protection of employee security holders.
       (b) Definition.--As used in this section, the term 
     ``employee security holder'' means an individual who received 
     securities of the issuer pursuant to an employee compensation 
     plan, which securities are exempt from registration 
     requirements by virtue of the provisions of section 12(g)(5) 
     of the Securities Exchange Act of 1934, as amended by this 
     section.
       (c) Exemption.--Section
                                 ______
                                 
  SA 1851. Mr. LAUTENBERG submitted an amendment intended to be 
proposed to amendment SA 1833 proposed by Mr. Reid (for Mr. Reed (for 
himself, Ms. Landrieu, Mr. Levin, Mr. Brown of Ohio, Mr. Merkley, Mr. 
Akaka, Mr. Whitehouse, Mr. Franken, Mr. Harkin, and Mr. Durbin)) to the 
bill H.R. 3606, to increase American job creation and economic growth 
by improving access to the public capital markets for emerging growth 
companies; which was ordered to lie on the table; as follows:

       On page 69, line 16, strike ``Section'' and insert the 
     following:
       (a) Disclosures Required for Employee Security Holders.--
     Any issuer having equity securities of any class held of 
     record by 500 or more employee security holders shall provide 
     to all such employee security holders--
       (1) audited financial statements, if available, or if not 
     available--
       (A) financial statements certified by the principal 
     executive officer of the issuer to be true and complete in 
     all material respects; and
       (B) income tax returns filed by the issuer for the most 
     recently completed year (if any);
       (2) a description of the ownership and capital structure of 
     the issuer, including--
       (A) the terms of each class of security of the issuer, 
     including how such terms may be modified and a summary of the 
     differences between such securities, including how the rights 
     of the securities owned by the employee may be materially 
     limited, diluted, or qualified by the rights of any other 
     class of security of the issuer;
       (B) the name and ownership level of each existing 
     shareholder who owns more than 20 percent of any class of the 
     securities of the issuer;
       (C) the risks to employee security holders--
       (i) relating to minority ownership in the issuer; and
       (ii) associated with corporate actions, including 
     additional issuances of shares, a sale of the issuer or of 
     assets of the issuer, or transactions with related parties; 
     and
       (3) such other information as the Commission may, by rule, 
     prescribe for the protection of employee security holders.
       (b) Definition.--As used in this section, the term 
     ``employee security holder'' means an individual who received 
     securities of the issuer pursuant to an employee compensation 
     plan, which securities are exempt from registration 
     requirements by virtue of the provisions of section 12(g)(5) 
     of the Securities Exchange Act of 1934, as amended by this 
     section.
       (c) Exemption.--Section
                                 ______
                                 
  SA 1852. Mr. SANDERS (for himself, Mr. Blumenthal, Mr. Cardin, and 
Mr. Franken) submitted an amendment intended to be proposed by him to 
the bill H.R. 3606, to increase American job creation and economic 
growth by improving access to the public capital markets for emerging 
growth companies; which was ordered to lie on the table; as follows:

       At the end of title I, add the following:

     SEC. 1__. ENERGY MARKETS.

       (a) Findings.--Congress finds that--
       (1) the Commodity Futures Trading Commission was created as 
     an independent agency, in 1974, with a mandate--
       (A) to enforce and administer the Commodity Exchange Act (7 
     U.S.C. 1 et seq.);
       (B) to ensure market integrity;
       (C) to protect market users from fraud and abusive trading 
     practices; and
       (D) to prevent and prosecute manipulation of the price of 
     any commodity in interstate commerce;
       (2) Congress has given the Commodity Futures Trading 
     Commission authority under the Commodity Exchange Act (7 
     U.S.C. 1 et seq.) to take necessary actions to address market 
     emergencies;
       (3) the Commodity Futures Trading Commission may use the 
     emergency authority of the Commission with respect to any 
     major market disturbance that prevents the market from 
     accurately reflecting the forces of supply and demand for a 
     commodity;
       (4) Congress declared in section 4a of the Commodity 
     Exchange Act (7 U.S.C. 6a) that excessive speculation imposes 
     an undue and unnecessary burden on interstate commerce;
       (5) according to an article published in Forbes on February 
     27, 2012, excessive oil speculation ``translates out into a 
     premium for gasoline at the pump of $.56 a gallon'' based on 
     a recent report from Goldman Sachs;
       (6) on March 9, 2012--
       (A) the supply of crude oil and gasoline was higher than 
     the supply was on March 6, 2009, when the national average 
     price for a gallon of regular unleaded gasoline was just 
     $1.94; and
       (B) demand for gasoline in the United States was lower than 
     demand was on June 20, 1997;
       (7) on March 12, 2012, the national average price of 
     regular unleaded gasoline was over $3.82 a gallon, the 
     highest price ever recorded in the United States during the 
     month of March;
       (8) during the last quarter of 2011, according to the 
     International Energy Agency--
       (A) the world oil supply rose by 1,300,000 barrels per day 
     while demand only increased by 700,000 barrels per day; but
       (B) the price of Texas light sweet crude rose by over 12 
     percent;
       (9) on November 3, 2011, Gary Gensler, the Chairman of the 
     Commodity Futures Trading Commission testified before the 
     Senate Permanent Subcommittee on Investigations that ``80 to 
     87 percent of the [oil futures] market'' is dominated by 
     ``financial participants, swap dealers, hedge funds, and 
     other financials,'' a figure that has more than doubled over 
     the past decade;
       (10) excessive oil and gasoline speculation is creating 
     major market disturbances that prevent the market from 
     accurately reflecting the forces of supply and demand; and
       (11) the Commodity Futures Trading Commission has a 
     responsibility --
       (A) to ensure that the price discovery for oil and gasoline 
     accurately reflects the fundamentals of supply and demand; 
     and
       (B) to take immediate action to implement strong and 
     meaningful position limits to regulated exchange markets to 
     eliminate excessive oil speculation.

[[Page 3591]]

       (b) Actions.--Not later than 14 days after the date of 
     enactment of this Act, the Commodity Futures Trading 
     Commission shall use the authority of the Commission 
     (including emergency powers)--
       (1) to curb immediately the role of excessive speculation 
     in any contract market within the jurisdiction and control of 
     the Commission, on or through which energy futures are 
     traded; and
       (2) to eliminate excessive speculation, price distortion, 
     sudden or unreasonable fluctuations, or unwarranted changes 
     in prices, or other unlawful activity that is causing major 
     market disturbances that prevent the market from accurately 
     reflecting the forces of supply and demand for energy 
     commodities.
                                 ______
                                 
  SA 1853. Mr. REED submitted an amendment intended to be proposed to 
amendment SA 1833 proposed by Mr. Reid (for Mr. Reed (for himself, Ms. 
Landrieu, Mr. Levin, Mr. Brown of Ohio, Mr. Merkley, Mr. Akaka, Mr. 
Whitehouse, Mr. Franken, Mr. Harkin, and Mr. Durbin)) to the bill H.R. 
3606, to increase American job creation and economic growth by 
improving access to the public capital markets for emerging growth 
companies; which was ordered to lie on the table; as follows:

       On page 5, line 2, strike ``may'' and insert ``shall''.
                                 ______
                                 
  SA 1854. Mr. BROWN of Ohio submitted an amendment intended to be 
proposed to amendment SA 1833 proposed by Mr. Reid (for Mr. Reed (for 
himself, Ms. Landrieu, Mr. Levin, Mr. Brown of Ohio, Mr. Merkley, Mr. 
Akaka, Mr. Whitehouse, Mr. Franken, Mr. Harkin, and Mr. Durbin)) to the 
bill H.R. 3606, to increase American job creation and economic growth 
by improving access to the public capital markets for emerging growth 
companies; which was ordered to lie on the table; as follows:

       At the end, add the following:

    TITLE VIII--LIMITATION ON CHANGES TO U.S. AND CANADIAN COMPANIES

     SEC. 801. LIMITATION OF CHANGES TO U.S. AND CANADIAN 
                   COMPANIES.

       No issuer of securities (as that term is defined in section 
     3 of the Securities Exchange Act of 1934 (15 U.S.C. 78c)), 
     other than an issuer that is domiciled in the United States 
     or Canada, shall be affected by, subject to, or eligible for 
     any exemption under, this Act, the amendments made by this 
     Act, or any rules or regulations adopted or issued pursuant 
     to this Act.
                                 ______
                                 
  SA 1855. Mr. BROWN of Ohio submitted an amendment intended to be 
proposed to amendment SA 1833 proposed by Mr. Reid (for Mr. Reed (for 
himself, Ms. Landrieu, Mr. Levin, Mr. Brown of Ohio, Mr. Merkley, Mr. 
Akaka, Mr. Whitehouse, Mr. Franken, Mr. Harkin, and Mr. Durbin)) to the 
bill H.R. 3606, to increase American job creation and economic growth 
by improving access to the public capital markets for emerging growth 
companies; which was ordered to lie on the table; as follows:

       On page 3, before line 1, insert the following:

     SEC. 3. PROSPECTIVE REPEAL.

       This Act and the amendments made by this Act are repealed 
     effective on the date that is 5 years after the date of 
     enactment of this Act.
                                 ______
                                 
  SA 1856. Mr. LEE (for himself and Mr. DeMint) submitted an amendment 
intended to be proposed by him to the bill H.R. 3606, to increase 
American job creation and economic growth by improving access to the 
public capital markets for emerging growth companies; which was ordered 
to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. __. TERMINATION OF EXPORT-IMPORT BANK OF THE UNITED 
                   STATES.

       (a) One-year Extension of Authority.--Notwithstanding any 
     other provision of this Act or any other provision of law, 
     the authority of the Export-Import Bank of the United States 
     under section 7 of the Export-Import Bank Act of 1945 (12 
     U.S.C. 635f) terminates on May 31, 2013.
       (b) Termination of Authority.--Notwithstanding any other 
     provision of this Act or any other provision of law, on and 
     after June 1, 2013--
       (1) the Export-Import Bank of the United States may not 
     enter into any new agreement for the provision of a loan, a 
     loan guarantee, or insurance, the extension of credit, or any 
     other form of financing;
       (2) the Bank shall continue to operate only to the extent 
     necessary to fulfill the obligations of the Bank pursuant to 
     agreements described in paragraph (1) entered into before 
     June 1, 2013; and
       (3) the President of the Bank shall take such measures as 
     are necessary to wind up the affairs of the Bank, including 
     by reducing the operations of the Bank and the number of 
     employees of the Bank as the number of remaining agreements 
     described in paragraph (1) decreases.
       (c) Repeal of Export-Import Bank Act of 1945.--
     Notwithstanding any other provision of this Act or any other 
     provision of law, effective on the date on which the Export-
     Import Bank of the United States has fulfilled all 
     outstanding obligations of the Bank pursuant to agreements 
     described in subsection (b)(1) entered into before June 1, 
     2013, the Export-Import Bank Act of 1945 (12 U.S.C. 635 et 
     seq.) is repealed.

     SEC. __. NEGOTIATIONS TO END EXPORT CREDIT FINANCING.

       (a) In General.--The President shall initiate and pursue 
     negotiations with other major exporting countries, including 
     members of the Organisation for Economic Co-operation and 
     Development and countries that are not members of that 
     Organisation, to end subsidized export financing programs and 
     other forms of export subsidies.
       (b) Report Required.--Not later than 180 days after the 
     date of the enactment of this Act, and annually thereafter, 
     the President shall submit to the Committee on Banking, 
     Housing, and Urban Affairs of the Senate and the Committee on 
     Financial Services of the House of Representatives a report 
     on the progress of the negotiations described in subsection 
     (a) until the President certifies in writing to those 
     committees that all countries that support subsidized export 
     financing programs have agreed to end the support.
                                 ______
                                 
  SA 1857. Mr. LEE (for himself and Mr. DeMint) submitted an amendment 
intended to be proposed to amendment SA 1833 proposed by Mr. Reid (for 
Ms. Cantwell (for herself, Mr. Johnson of South Dakota, Mr. Graham, Mr. 
Shelby, Mr. Warner, Mr. Schumer, Mr. Brown of Ohio, Mrs. Hagan, Mr. 
Coons, Mr. Akaka, Mrs. Murray, Ms. Landrieu, Mr. Kerry, and Mr. Kirk)) 
to the bill H.R. 3606, to increase American job creation and economic 
growth by improving access to the public capital markets for emerging 
growth companies; which was ordered to lie on the table; as follows:

       In lieu of the matter proposed to be inserted, insert the 
     following:

   TITLE VIII--TERMINATION OF EXPORT-IMPORT BANK OF THE UNITED STATES

     SEC. 801. TERMINATION OF EXPORT-IMPORT BANK OF THE UNITED 
                   STATES.

       (a) One-year Extension of Authority.--Section 7 of the 
     Export-Import Bank Act of 1945 (12 U.S.C. 635f) is amended by 
     striking ``September 30, 2011'' and inserting ``May 31, 
     2013''.
       (b) Termination of New Financing Authority.--On and after 
     June 1, 2013, the Export-Import Bank of the United States may 
     not enter into any new agreement for the provision of a loan, 
     a loan guarantee, or insurance, the extension of credit, or 
     any other form of financing.
       (c) Wind up of Affairs.--
       (1) In general.--On and after June 1, 2013, the Export-
     Import Bank of the United States shall continue to operate 
     only to the extent necessary to fulfill the obligations of 
     the Bank pursuant to agreements described in subsection (b) 
     entered into before June 1, 2013.
       (2) Reductions in operations and personnel.--The President 
     of the Export-Import Bank shall take such measures as are 
     necessary to wind up the affairs of the Bank, including by 
     reducing the operations of the Bank and the number of 
     employees of the Bank as the number of remaining agreements 
     described in subsection (b) decreases.
       (d) Repeal of Export-Import Bank Act of 1945.--Effective on 
     the date on which the Export-Import Bank of the United States 
     has fulfilled all outstanding obligations of the Bank 
     pursuant to agreements described in subsection (b) entered 
     into before June 1, 2013, the Export-Import Bank Act of 1945 
     (12 U.S.C. 635 et seq.) is repealed.

     SEC. 802. NEGOTIATIONS TO END EXPORT CREDIT FINANCING.

       (a) In General.--The President shall initiate and pursue 
     negotiations with other major exporting countries, including 
     members of the Organisation for Economic Co-operation and 
     Development and countries that are not members of that 
     Organisation, to end subsidized export financing programs and 
     other forms of export subsidies.
       (b) Report Required.--Not later than 180 days after the 
     date of the enactment of this Act, and annually thereafter, 
     the President shall submit to the Committee on Banking, 
     Housing, and Urban Affairs of the Senate and the Committee on 
     Financial Services of the House of Representatives a report 
     on the progress of the negotiations described in subsection 
     (a) until the President certifies in writing to those 
     committees that all countries that support subsidized export 
     financing programs have agreed to end the support.
                                 ______
                                 
  SA 1858. Mr. VITTER submitted an amendment intended to be proposed to 
amendment SA 1836 proposed by Mr. Reid (for Ms. Cantwell (for herself,

[[Page 3592]]

Mr. Johnson of South Dakota, Mr. Graham, Mr. Shelby, Mr. Warner, Mr. 
Schumer, Mr. Brown of Ohio, Mrs. Hagan, Mr. Coons, Mr. Akaka, Mrs. 
Murray, Ms. Landrieu, Mr. Kerry, and Mr. Kirk)) to the bill H.R. 3606, 
to increase American job creation and economic growth by improving 
access to the public capital markets for emerging growth companies; 
which was ordered to lie on the table; as follows:

       At the end of the amendment, add the following:

     SEC. 817. FINANCING OF DOMESTIC FOSSIL FUEL PROJECTS; 
                   RESTRICTION ON FINANCING OF FOSSIL FUEL 
                   PROJECTS OUTSIDE THE UNITED STATES.

       (a) Identification of Domestic Fossil Fuel Projects.--Not 
     later than 90 days after the date of the enactment of this 
     Act, the Export-Import Bank of the United States shall 
     identify projects involving the production of fossil fuels in 
     the United States that could benefit from the provision of 
     financing by the Bank.
       (b) Financing of Fossil Fuel Projects.--Notwithstanding any 
     other provision of law, if the Export-Import Bank of the 
     United States identifies projects involving the production of 
     fossil fuels in the United States that could benefit from the 
     provision of financing by the Bank under subsection (a)--
       (1) the Bank may provide financing (including guarantees, 
     insurance, or extensions of credit, or participation in the 
     extension of credit) with respect to those projects; and
       (2) the Bank shall not provide financing with respect to 
     any project that involves the production of fossil fuels in a 
     foreign country until the Bank certifies to Congress that--
       (A) all projects identified under subsection (a) have been 
     reviewed; and
       (B) with respect to each such project, the Bank--
       (i) has provided financing; or
       (ii) has determined that the persons conducting the project 
     have no interest in receiving financing from the Bank.
       (c) Definition of Fossil Fuel.--In this section, the term 
     ``fossil fuel'' means natural gas, petroleum, coal, or any 
     form of solid, liquid, or gaseous fuel derived from natural 
     gas, petroleum, or coal.

     SEC. 818. PROHIBITION ON, AND REPEAL OF MINIMUM INVESTMENT 
                   GOALS FOR, FINANCING OF RENEWABLE ENERGY 
                   PROJECTS.

       (a) Prohibition on Financing of Certain Renewable Energy 
     Projects.--Notwithstanding any other provision of law, the 
     Export-Import Bank of the United States may not provide any 
     guarantee, insurance, or extension of credit (or participate 
     in the extension of credit) with respect to any project that 
     involves the manufacture of renewable energy products in a 
     foreign country.
       (b) Repeal of Minimum Investment Goal for Financing of 
     Renewable Energy Projects.--Section 534(d) of the Foreign 
     Operations, Export Financing, and Related Programs 
     Appropriations Act, 1990 (12 U.S.C. 635g note) is repealed.

     SEC. 819. PROHIBITION ON PROVIDING OR GUARANTEEING LOANS THAT 
                   ARE SUBORDINATE TO OTHER LOANS.

       Notwithstanding any other provision of law, the Export-
     Import Bank of the United States may not make or guarantee a 
     loan that is subordinate to any other loan.
                                 ______
                                 
  SA 1859. Mr. VITTER submitted an amendment intended to be proposed to 
amendment SA 1836 proposed by Mr. Reid (for Ms. Cantwell (for herself, 
Mr. Johnson of South Dakota, Mr. Graham, Mr. Shelby, Mr. Warner, Mr. 
Schumer, Mr. Brown of Ohio, Mrs. Hagan, Mr. Coons, Mr. Akaka, Mrs. 
Murray, Ms. Landrieu, Mr. Kerry, and Mr. Kirk)) to the bill H.R. 3606, 
to increase American job creation and economic growth by improving 
access to the public capital markets for emerging growth companies; 
which was ordered to lie on the table; as follows:

       At the end of the amendment, add the following:

     SEC. 817. PROHIBITION ON PROVIDING OR GUARANTEEING LOANS THAT 
                   ARE SUBORDINATE TO OTHER LOANS.

       Notwithstanding any other provision of law, the Export-
     Import Bank of the United States may not make or guarantee a 
     loan that is subordinate to any other loan.
                                 ______
                                 
  SA 1860. Mr. HELLER submitted an amendment intended to be proposed by 
him to the bill H.R. 3606, to increase American job creation and 
economic growth by improving access to the public capital markets for 
emerging growth companies; which was ordered to lie on the table; as 
follows:

       At the appropriate place, insert the following:

                     TITLE _--NO BUDGET, NO PAY ACT

     SEC. _01. SHORT TITLE.

       This title may be cited as the ``No Budget, No Pay Act''.

     SEC. _02. DEFINITION.

       In this title, the term ``Member of Congress''--
       (1) has the meaning given under section 2106 of title 5, 
     United States Code; and
       (2) does not include the Vice President.

     SEC. _03. TIMELY APPROVAL OF CONCURRENT RESOLUTION ON THE 
                   BUDGET AND THE APPROPRIATIONS BILLS.

       If both Houses of Congress have not approved a concurrent 
     resolution on the budget as described under section 301 of 
     the Congressional Budget and Impoundment Control Act of 1974 
     (2 U.S.C. 632) for a fiscal year before October 1 of that 
     fiscal year and have not passed all the regular 
     appropriations bills for the next fiscal year before October 
     1 of that fiscal year, the pay of each Member of Congress may 
     not be paid for each day following that October 1 until the 
     date on which both Houses of Congress approve a concurrent 
     resolution on the budget for that fiscal year and all the 
     regular appropriations bills.

     SEC. _04. NO PAY WITHOUT CONCURRENT RESOLUTION ON THE BUDGET 
                   AND THE APPROPRIATIONS BILLS.

       (a) In General.--Notwithstanding any other provision of 
     law, no funds may be appropriated or otherwise be made 
     available from the United States Treasury for the pay of any 
     Member of Congress during any period determined by the 
     Chairpersons of the Committee on the Budget and the Committee 
     on Appropriations of the Senate or the Chairpersons of the 
     Committee on the Budget and the Committee on Appropriations 
     of the House of Representatives under section _05.
       (b) No Retroactive Pay.--A Member of Congress may not 
     receive pay for any period determined by the Chairpersons of 
     the Committee on the Budget and the Committee on 
     Appropriations of the Senate or the Chairpersons of the 
     Committee on the Budget and the Committee on Appropriations 
     of the House of Representatives under section _05, at any 
     time after the end of that period.

     SEC. _05. DETERMINATIONS.

       (a) Senate.--
       (1) Request for certifications.--On October 1 of each year, 
     the Secretary of the Senate shall submit a request to the 
     Chairpersons of the Committee on the Budget and the Committee 
     on Appropriations of the Senate for certification of 
     determinations made under paragraph (2) (A) and (B).
       (2) Determinations.--The Chairpersons of the Committee on 
     the Budget and the Committee on Appropriations of the Senate 
     shall--
       (A) on October 1 of each year, make a determination of 
     whether Congress is in compliance with section _03 and 
     whether Senators may not be paid under that section;
       (B) determine the period of days following each October 1 
     that Senators may not be paid under section _03; and
       (C) provide timely certification of the determinations 
     under subparagraphs (A) and (B) upon the request of the 
     Secretary of the Senate.
       (b) House of Representatives.--
       (1) Request for certifications.--On October 1 of each year, 
     the Chief Administrative Officer of the House of 
     Representatives shall submit a request to the Chairpersons of 
     the Committee on the Budget and the Committee on 
     Appropriations of the House of Representatives for 
     certification of determinations made under paragraph (2) (A) 
     and (B).
       (2) Determinations.--The Chairpersons of the Committee on 
     the Budget and the Committee on Appropriations of the House 
     of Representatives shall--
       (A) on October 1 of each year, make a determination of 
     whether Congress is in compliance with section _03 and 
     whether Member of the House of Representatives may not be 
     paid under that section;
       (B) determine the period of days following each October 1 
     that Member of the House of Representatives may not be paid 
     under section _03; and
       (C) provide timely certification of the determinations 
     under subparagraph (A) and (B) upon the request of the Chief 
     Administrative Officer of the House of Representatives.

     SEC. _06. EFFECTIVE DATE.

       This title shall take effect on February 1, 2013.
                                 ______
                                 
  SA 1861. Ms. SNOWE (for herself, Ms. Landrieu, and Mr. Brown of 
Massachusetts) submitted an amendment intended to be proposed by her to 
the bill H.R. 3606, to increase American job creation and economic 
growth by improving access to the public capital markets for emerging 
growth companies; which was ordered to lie on the table; as follows:

       At the end, add the following:

                 TITLE _--SMALL BUSINESS TAX EXTENDERS

     SEC. _01. SHORT TITLE; REFERENCES.

       (a) Short Title.--This title may be cited as the ``Small 
     Business Tax Extenders Act of 2012''.
       (b) References.--Except as otherwise expressly provided, 
     whenever in this title an amendment or repeal is expressed in 
     terms of an amendment to, or repeal of, a section or other 
     provision, the reference shall be considered to be made to a 
     section or other provision of the Internal Revenue Code of 
     1986.

[[Page 3593]]



     SEC. _02. EXTENSION OF TEMPORARY EXCLUSION OF 100 PERCENT OF 
                   GAIN ON CERTAIN SMALL BUSINESS STOCK.

       (a) In General.--Paragraph (4) of section 1202(a) is 
     amended--
       (1) by striking ``January 1, 2012'' and inserting ``January 
     1, 2013'', and
       (2) by striking ``and 2011'' and inserting ``, 2011, and 
     2012'' in the heading thereof.
       (b) Effective Date.--The amendments made by this section 
     shall apply to stock acquired after December 31, 2011.

     SEC. _03. EXTENSION OF 5-YEAR CARRYBACK OF GENERAL BUSINESS 
                   CREDITS OF ELIGIBLE SMALL BUSINESSES.

       (a) In General.--Subparagraph (A) of section 39(a)(4) is 
     amended by inserting ``, 2011, or 2012'' after ``2010''.
       (b) Effective Date.--The amendment made by this section 
     shall apply to credits determined in taxable years beginning 
     after December 31, 2010.

     SEC. _04. EXTENSION OF ALTERNATIVE MINIMUM TAX RULES FOR 
                   GENERAL BUSINESS CREDITS OF ELIGIBLE SMALL 
                   BUSINESSES.

       (a) In General.--Subparagraph (A) of section 38(c)(5) is 
     amended by inserting ``, 2011, or 2012'' after ``2010''.
       (b) Effective Date.--The amendments made by this section 
     shall apply to credits determined in taxable years beginning 
     after December 31, 2010, and to carrybacks of such credits.

     SEC. _05. EXTENSION OF REDUCTION IN RECOGNITION PERIOD FOR 
                   BUILT-IN GAINS TAX.

       (a) In General.--Clause (ii) of section 1374(d)(7)(B) of 
     the Internal Revenue Code of 1986 is amended by inserting 
     ``or 2012'' after ``2011''.
       (b) Conforming Amendment.--The heading for section 
     1374(d)(7)(B) is amended by striking ``and 2011'' and 
     inserting ``2011, and 2012''.
       (c) Technical Amendment.--Subparagraph (B) of section 
     1374(d)(7) of such Code is amended by striking ``The 
     preceding sentence'' and inserting the following: ``For 
     purposes of applying this subparagraph to an installment 
     sale, each portion of such installment sale shall be treated 
     as a sale occurring in the taxable year in which the first 
     portion of such installment sale occurred. This 
     subparagraph''.
       (d) Effective Date.--The amendments made by this section 
     shall apply to taxable years beginning after December 31, 
     2011.

     SEC. _06. EXTENSION OF INCREASED EXPENSING LIMITATIONS AND 
                   TREATMENT OF CERTAIN REAL PROPERTY AS SECTION 
                   179 PROPERTY.

       (a) In General.--Section 179(b) is amended--
       (1) by striking ``2010 or 2011'' each place it appears in 
     paragraph (1)(B) and (2)(B) and inserting ``2010, 2011, or 
     2012'',
       (2) by striking ``2012'' each place it appears in paragraph 
     (1)(C) and (2)(C) and inserting ``2013'', and
       (3) by striking ``2012'' each place it appears in paragraph 
     (1)(D) and (2)(D) and inserting ``2013''.
       (b) Inflation Adjustment.--Subparagraph (A) of section 
     179(b)(6) is amended by striking ``2012'' and inserting 
     ``2013''.
       (c) Computer Software.--Section 179(d)(1)(A)(ii) is amended 
     by striking ``2013'' and inserting ``2014''.
       (d) Election.--Section 179(c)(2) is amended by striking 
     ``2013'' and inserting ``2014''.
       (e) Special Rules for Treatment of Qualified Real 
     Property.--Section 179(f)(1) is amended by striking ``2010 or 
     2011'' and inserting ``2010, 2011, or 2012''.
       (f) Effective Date.--The amendments made by this section 
     shall apply to taxable years beginning after December 31, 
     2011.

     SEC. _07. EXTENSION OF SPECIAL RULE FOR LONG-TERM CONTRACT 
                   ACCOUNTING.

       (a) In General.--Clause (ii) of section 460(c)(6)(B) is 
     amended by striking ``January 1, 2011 (January 1, 2012'' and 
     inserting ``January 1, 2013 (January 1, 2014''.
       (b) Effective Date.--The amendment made by this section 
     shall apply to property placed in service after December 31, 
     2010.

     SEC. _08. EXTENSION OF INCREASED AMOUNT ALLOWED AS A 
                   DEDUCTION FOR START-UP EXPENDITURES.

       (a) In General.--Paragraph (3) of section 195(b) is 
     amended--
       (1) by inserting ``, 2001, or 2012'' after ``2010'', and
       (2) by inserting ``2011, and 2012'' in the heading thereof.
       (b) Effective Date.--The amendments made by this section 
     shall apply to amounts paid or incurred in taxable years 
     beginning after December 31, 2010.

     SEC. _09. EXTENSION OF ALLOWANCE OF DEDUCTION FOR HEALTH 
                   INSURANCE IN COMPUTING SELF-EMPLOYMENT TAXES.

       (a) In General.--Paragraph (4) of section 162(l) is amended 
     by striking ``December 31, 2010'' and inserting ``December 
     31, 2012''.
       (b) Effective Date.--The amendment made by this section 
     shall apply to taxable years beginning after December 31, 
     2010.
                                 ______
                                 
  SA 1862. Mr. REID submitted an amendment intended to be proposed by 
him to the bill H.R. 3606, to increase American job creation and 
economic growth by improving access to the public capital markets for 
emerging growth companies; which was ordered to lie on the table; as 
follows:

       At the end, add the following:
       (  ) Effective Date.
       This section shall become effective 14 days after 
     enactment.
                                 ______
                                 
  SA 1863. Mr. REID submitted an amendment intended to be proposed by 
him to the bill H.R. 3606, to increase American job creation and 
economic growth by improving access to the public capital markets for 
emerging growth companies; which was ordered to lie on the table; as 
follows:

       (  ) Effective Date.
       This section shall become effective 13 days after 
     enactment.
                                 ______
                                 
  SA 1864. Mr. REID submitted an amendment intended to be proposed by 
him to the bill H.R. 3606, to increase American job creation and 
economic growth by improving access to the public capital markets for 
emerging growth companies; which was ordered to lie on the table; as 
follows:

     SEC. __. EFFECTIVE DATE.

       This Act shall become effective 12 days after enactment.
                                 ______
                                 
  SA 1865. Mr. REID submitted an amendment intended to be proposed to 
amendment SA 1864 submitted by Mr. Reid and intended to be proposed to 
the bill H.R. 3606, to increase American job creation and economic 
growth by improving access to the public capital markets for emerging 
growth companies; which was ordered to lie on the table; as follows:

       In the amendment, strike ``12 days'' and insert ``11 
     days''.
                                 ______
                                 
  SA 1866. Mr. REID submitted an amendment intended to be proposed by 
him to the bill H.R. 3606, to increase American job creation and 
economic growth by improving access to the public capital markets for 
emerging growth companies; which was ordered to lie on the table; as 
follows:

       At the end, add the following:

     SEC. __. EFFECTIVE DATE.

       This Act shall become effective 10 days after enactment.
                                 ______
                                 
  SA 1867. Mr. REID submitted an amendment intended to be proposed to 
amendment SA 1866 submitted by Mr. Reid and intended to be proposed to 
the bill H.R. 3606, to increase American job creation and economic 
growth by improving access to the public capital markets for emerging 
growth companies; which was ordered to lie on the table; as follows:

       In the amendment, strike ``10 days'' and insert ``9 days''.
                                 ______
                                 
  SA 1868. Mr. WYDEN submitted an amendment intended to be proposed by 
him to the bill H.R. 3606, to increase American job creation and 
economic growth by improving access to the public capital markets for 
emerging growth companies; which was ordered to lie on the table; as 
follows:

       At the end, add the following:

                       TITLE VIII--MISCELLANEOUS

     SEC. 801. LIMITATION ON ENTRY INTO FORCE OF CERTAIN TRADE 
                   AGREEMENTS.

       Notwithstanding section 303 of the Prioritizing Resources 
     and Organization for Intellectual Property Act of 2008 (15 
     U.S.C. 8113) or any other provision of law, the President may 
     not accept, or provide for the entry into force with respect 
     to the United States of, any legally binding trade agreement 
     that imposes obligations on the United States with respect to 
     the enforcement of intellectual property rights, including 
     the Anti-Counterfeiting Trade Agreement, without the formal 
     and express approval of Congress.
                                 ______
                                 
  SA 1869. Mr. WYDEN submitted an amendment intended to be proposed by 
him to the bill H.R. 3606, to increase American job creation and 
economic growth by improving access to the public capital markets for 
emerging growth companies; which was ordered to lie on the table; as 
follows:

       At the end, add the following:

                           TITLE VIII--TRADE

     SEC. 801. DISCLOSURE OF UNITED STATES POSITIONS RELATING TO 
                   INTELLECTUAL PROPERTY OR THE INTERNET IN THE 
                   TRANS-PACIFIC PARTNERSHIP NEGOTIATIONS.

       (a) Disclosure of Existing Documents.--Not later than 30 
     days after the date of the enactment of this Act, the 
     President shall make available to the public on the website 
     of the Office of the United States Trade Representative each 
     document--
       (1) describing a position of, or proposal made by, the 
     United States with respect to intellectual property, the 
     Internet, or entities that use the Internet, including 
     electronic commerce; and

[[Page 3594]]

       (2) that was shared with other parties to negotiations for 
     a Trans-Pacific Partnership Agreement before such date of 
     enactment.
       (b) Ongoing Disclosure of Documents.--On and after the date 
     of the enactment of this Act, the President shall make 
     available to the public on the website of the Office of the 
     United States Trade Representative any document describing a 
     position of, or proposal made by, the United States with 
     respect to intellectual property, the Internet, or entities 
     that use the Internet, including electronic commerce, not 
     later than 24 hours after the document is shared with other 
     parties to negotiations for a Trans-Pacific Partnership 
     Agreement.
       (c) Waiver.--The President may waive the application of 
     subsection (a) or (b) if the President--
       (1) determines that making a document described in 
     subsection (a) or (b) (as the case may be) available to the 
     public would pose a threat to the national security of the 
     United States; and
       (2) submits to Congress a report describing the reasons for 
     that determination.
                                 ______
                                 
  SA 1870. Mr. CARDIN (for himself and Ms. Snowe) submitted an 
amendment intended to be proposed by him to the bill H.R. 3606, to 
increase American job creation and economic growth by improving access 
to the public capital markets for emerging growth companies; which was 
ordered to lie on the table; as follows:

       At the end, add the following:

                       TITLE _--OTHER PROVISIONS

     SEC. _01. EXTENSION OF REDUCTION IN RECOGNITION PERIOD FOR 
                   BUILT-IN GAINS TAX.

       (a) In General.--Clause (ii) of section 1374(d)(7)(B) of 
     the Internal Revenue Code of 1986 is amended by inserting 
     ``2012, or 2013,'' after ``2011,''.
       (b) Technical Amendment.--Subparagraph (B) of section 
     1374(d)(7) of such Code is amended by striking ``The 
     preceding sentence'' and inserting the following: ``For 
     purposes of applying this subparagraph to an installment 
     sale, each portion of such installment sale shall be treated 
     as a sale occurring in the taxable year in which the first 
     portion of such installment sale occurred. This 
     subparagraph''.
       (c) Effective Dates.--
       (1) In general.--The amendment made by this subsection (a) 
     shall apply to taxable years beginning after December 31, 
     2011.
       (2) Technical amendment.--The amendment made by subsection 
     (b) shall apply to taxable years beginning after the date of 
     the enactment of this Act.
                                 ______
                                 
  SA 1871. Mr. COBURN submitted an amendment intended to be proposed by 
him to the bill H.R. 3606, to increase American job creation and 
economic growth by improving access to the public capital markets for 
emerging growth companies; which was ordered to lie on the table; as 
follows:

       At the appropriate place, insert the following:

     SEC. ___. RESTRICTIONS ON FINANCING OF CERTAIN FOSSIL FUEL 
                   PROJECTS BY THE EXPORT-IMPORT BANK OF THE 
                   UNITED STATES.

       (a) In General.--The Export-Import Bank of the United 
     States may not provide any financing (including any 
     guarantee, insurance, extension of credit, or participation 
     in the extension of credit) with respect to any project that 
     involves the exploration for or production of fossil fuels in 
     a foreign country if similar exploration or production is 
     illegal in the United States or is largely prohibited in 
     certain areas within the United States.
       (b) Definition of Fossil Fuel.--In this section, the term 
     ``fossil fuel'' means natural gas, petroleum, coal, or any 
     form of solid, liquid, or gaseous fuel derived from any such 
     material.
                                 ______
                                 
  SA 1872. Mr. COBURN submitted an amendment intended to be proposed to 
amendment SA 1836 proposed by Mr. Reid (for Ms. Cantwell (for herself, 
Mr. Johnson of South Dakota, Mr. Graham, Mr. Shelby, Mr. Warner, Mr. 
Schumer, Mr. Brown of Ohio, Mrs. Hagan, Mr. Coons, Mr. Akaka, Mrs. 
Murray, Ms. Landrieu, Mr. Kerry, and Mr. Kirk)) to the bill H.R. 3606, 
to increase American job creation and economic growth by improving 
access to the public capital markets for emerging growth companies; 
which was ordered to lie on the table; as follows:

       At the end of the amendment, add the following:

     SEC. 817. ELIMINATION OF EXEMPTION FROM SUBSTANTIAL INJURY 
                   DETERMINATIONS FOR TRANSACTIONS OF LESS THAN 
                   $10,000,000.

       Section 2(e)(1) of the Export-Import Bank Act of 1945 (12 
     U.S.C. 635(e)(1)) is amended, in the matter preceding 
     subparagraph (A)--
       (1) by striking ``credit of financial'' and inserting 
     ``credit or financial''; and
       (2) by inserting ``without regard to whether the credit or 
     guarantee relates to a transaction involving more than 
     $10,000,000,'' after ``United States,''.

     SEC. 818. PUBLICATION OF GUIDELINES FOR ECONOMIC IMPACT 
                   ANALYSES AND DOCUMENTATION OF SUCH ANALYSES.

       Section 2(e)(7) of the Export-Import Bank Act of 1945 (12 
     U.S.C. 635(e)(7)) is amended--
       (1) by redesignating subparagraphs (E) and (F) as 
     subparagraphs (G) and (H), respectively; and
       (2) by inserting after subparagraph (D) the following:
       ``(E) Guidelines for economic impact analyses.--Not later 
     than 90 days after the date of the enactment of the Export-
     Import Bank Reauthorization Act of 2012, the Bank shall 
     develop and make publicly available methodological guidelines 
     to be used by the Bank in conducting economic impact analyses 
     or similar studies under this subsection. In developing such 
     guidelines, the Bank shall take into consideration any 
     relevant guidance from the Office of Management and Budget.
       ``(F) Maintenance of documentation.--The Bank shall 
     maintain documentation relating to economic impact analyses 
     and similar studies conducted under this subsection in a 
     manner consistent with the Standards for Internal Control of 
     the Federal Government issued by the Comptroller General of 
     the United States.''.

     SEC. 819. LIMITATION ON ASSISTANCE TO FOREIGN AIR CARRIERS.

       Section 2 of the Export-Import Bank Act of 1945 (12 U.S.C. 
     635) is amended by adding at the end the following:
       ``(h) Limitation on Assistance to Foreign Air Carriers.--
       ``(1) Definitions.--In this subsection:
       ``(A) Home country.--A country is the `home country' of an 
     applicant for a loan or financial guarantee if--
       ``(i) in the case of an individual, the individual is a 
     citizen or resident of that country; and
       ``(ii) in the case of an entity, the entity is organized 
     under the laws of that country or otherwise subject to the 
     jurisdiction of the government of that country.
       ``(B) Long-range aircraft.--The term `long-range aircraft', 
     with respect to an aircraft that may be purchased by an 
     applicant for a loan or financial guarantee, means an 
     aircraft with a range that is equal to or greater than the 
     shortest distance between the home country of the applicant 
     and the continental United States.
       ``(C) United states air carrier.--The term `United States 
     air carrier' means an air carrier organized under the laws of 
     the United States or any jurisdiction within the United 
     States.
       ``(2) Procedures to reduce adverse effects of loans and 
     guarantees on united states air carriers and employment in 
     united states.--
       ``(A)  Notice and comment requirements.--
       ``(i) In general.--Before considering or approving any 
     application for any loan or financial guarantee that may be 
     used in whole or in part to purchase any long-range aircraft, 
     the Bank shall--

       ``(I) publish in the Federal Register a notice of the 
     application;
       ``(II) provide a period of not less than 14 days (which, on 
     request by any affected party, shall be extended to a period 
     of not more than 30 days) for the submission to the Bank of 
     comments on the economic or other potentially adverse effects 
     of the provision of the loan or guarantee; and
       ``(III) seek comments on the economic or other potentially 
     adverse effects of the provision of the loan or guarantee 
     from the Department of Commerce, the Office of Management and 
     Budget, the Committee on Banking, Housing, and Urban Affairs 
     of the Senate, and the Committee on Financial Services of the 
     House of Representatives.

       ``(ii) Content of notice.--The notice published under 
     clause (i)(I) with respect to an application for any loan or 
     financial guarantee that may be used in whole or in part to 
     purchase any long-range aircraft shall include appropriate 
     information about--

       ``(I) the country to which the aircraft will be shipped;
       ``(II) the type of aircraft being exported;
       ``(III) the amount of the loan or guarantee;
       ``(IV) the number of aircraft that would be produced as a 
     result of the provision of the loan or guarantee;
       ``(V) the number of available seats on flights that would 
     result from the provision of the loan or guarantee;
       ``(VI) the percentage of each aircraft that would be 
     manufactured exclusively within the United States;
       ``(VII) the number of jobs for pilots, flight attendants, 
     and other employees of United States air carriers that would 
     be lost if the aircraft to be purchased using the loan or 
     guarantee were to displace aircraft operated by a United 
     States air carrier on any route between the United States and 
     any foreign country; and
       ``(VIII) the number of other jobs in the United States that 
     would be lost if the loan or guarantee were approved.

       ``(iii) Procedure regarding materially changed 
     applications.--

       ``(I) In general.--If a material change is made to an 
     application for a loan or guarantee that may be used in whole 
     or in part to

[[Page 3595]]

     purchase any long-range aircraft after a notice with respect 
     to the application is published under clause (i), the Bank 
     shall publish in the Federal Register a revised notice of the 
     application and shall provide for an additional comment 
     period as described in clause (i)(II).
       ``(II) Material change defined.--For purposes of subclause 
     (I), the term `material change', with respect to application 
     for a loan or guarantee that may be used in whole or in part 
     to purchase any long-range aircraft, includes--

       ``(aa) a change of at least 25 percent in the amount of a 
     loan or guarantee requested in the application; or
       ``(bb) a change in the type or number of aircraft to be 
     produced as a result of any transaction that would be 
     facilitated by the provision of the loan or guarantee.
       ``(B) Requirement to consider views of adversely affected 
     persons.--Before issuing a final commitment for, or otherwise 
     taking final action on, an application for any loan or 
     guarantee that may be used in whole or in part to purchase 
     any long-range aircraft, the Board of Directors of the Bank 
     shall consider the views of any person that submitted 
     comments pursuant to subparagraph (A).
       ``(C) Notification of final decision.--Not later than 7 
     days after the Board of Directors issues a final commitment 
     for, or otherwise takes final action on, an application for 
     any loan or guarantee that may be used in whole or in part to 
     purchase any long-range aircraft, the Bank shall provide 
     notice of the commitment or action in the Federal Register.
       ``(D) Publication of conclusions.--Not later than 30 days 
     after a party affected by a final decision of the Board of 
     Directors to issue a final commitment for, or otherwise take 
     final action on, an application for a loan or guarantee that 
     may be used in whole or in part to purchase any long-range 
     aircraft makes a written request for an explanation of the 
     decision, the Bank shall provide to the affected party a 
     reasoned explanation for the decision that includes a 
     nonarbitrary and noncapricious response to any comments that 
     the party submitted pursuant to subparagraph (A).
       ``(3) Prohibition on loans or guarantees that will cause 
     substantial injury to united states air carriers or their 
     employees.--
       ``(A) Prohibition.--Notwithstanding any other provision of 
     this Act, the Bank may not provide any loan or financial 
     guarantee that may be used in whole or in part to purchase 
     any long-range aircraft if the provision of the loan or 
     guarantee will cause substantial injury to any United States 
     air carrier or the employees of any United States air 
     carrier.
       ``(B) Definition.--For purposes of subparagraph (A), the 
     provision of a loan or guarantee will cause substantial 
     injury to a United States air carrier or its employees if the 
     number of available seats on flights between the United 
     States and the home country of the applicant for the loan or 
     guarantee that will result from the provision of the loan or 
     guarantee will equal or exceed 1 percent of the number of 
     available seats on flights operated by United States air 
     carriers between the United States and the home country of 
     the applicant.
       ``(C) Calculation.--In calculating under subparagraph (B) 
     the number of available seats on flights between the United 
     States and the home country of an applicant for a loan or 
     financial guarantee that will result from the provision of 
     the loan or guarantee, the Bank shall--
       ``(i) presume that the applicant will use 20 percent of the 
     long-range aircraft specified in the application, or 20 
     percent of the total long-range aircraft specified in all 
     applications approved by the Bank for the applicant in the 
     preceding 12 months, whichever is larger, to fly between the 
     United States and the home country of the applicant; and
       ``(ii) multiply the number of aircraft determined under 
     clause (i) by the average number of seats on all long-range 
     aircraft specified in the application.
       ``(4) Administrative procedure act.--The actions of the 
     Bank under this subsection shall comply with, and be 
     reviewable under, chapter 7 of title 5, United States Code. 
     This subsection shall not be construed to make subchapter II 
     of chapter 5 of title 5, United States Code, applicable to 
     the Bank.''.

     SEC. 820. REPORT ON IMPLEMENTATION OF RECOMMENDATIONS OF THE 
                   GOVERNMENT ACCOUNTABILITY OFFICE.

       Not later than 90 days after the date of the enactment of 
     this Act, the Export-Import Bank of the United States shall 
     submit to the Committee on Banking, Housing, and Urban 
     Affairs of the Senate and the Committee on Financial Services 
     of the House of Representatives a report on the progress of 
     the Bank in implementing the recommendations contained in the 
     report of the Government Accountability Office entitled 
     ``Export-Import Bank: Improvements Needed in Assessment of 
     Economic Impact'', dated September 12, 2007 (GAO-07-1071), 
     that includes--
       (1) a detailed description of the progress made in 
     implementing each such recommendation; and
       (2) for any such recommendation that has not yet been 
     implemented, an explanation of the reasons the recommendation 
     has not been implemented.
                                 ______
                                 
  SA 1873. Mr. COBURN submitted an amendment intended to be proposed by 
him to the bill H.R. 3606, to increase American job creation and 
economic growth by improving access to the public capital markets for 
emerging growth companies; which was ordered to lie on the table; as 
follows:

       At the appropriate place, insert the following:

     SEC. ___. RESTRICTION ON FINANCING OF EXPORTATION OF AIRCRAFT 
                   BY THE EXPORT-IMPORT BANK OF THE UNITED STATES.

       (a) In General.--The Export-Import Bank of the United 
     States may not provide any financing (including any 
     guarantee, insurance, extension of credit, or participation 
     in the extension of credit), on or after the date of the 
     enactment of this Act, with respect to the exportation of an 
     aircraft unless each entity to which the financing will be 
     provided certifies to the Bank that the entity will not 
     subsequently enter into an agreement with a United States 
     entity for the sale and leaseback of the aircraft.
       (b) United States Entity Defined.--In this section, the 
     term ``United States entity'' means an entity organized under 
     the laws of the United States or any jurisdiction within the 
     United States.
                                 ______
                                 
  SA 1874. Mr. COBURN submitted an amendment intended to be proposed by 
him to the bill H.R. 3606, to increase American job creation and 
economic growth by improving access to the public capital markets for 
emerging growth companies; which was ordered to lie on the table; as 
follows:

       At the end, add the following:

          TITLE VIII--EXPORT-IMPORT BANK OF THE UNITED STATES

     SEC. 801. ELIMINATION OF EXEMPTION FROM SUBSTANTIAL INJURY 
                   DETERMINATIONS FOR TRANSACTIONS OF LESS THAN 
                   $10,000,000.

       Section 2(e)(1) of the Export-Import Bank Act of 1945 (12 
     U.S.C. 635(e)(1)) is amended, in the matter preceding 
     subparagraph (A)--
       (1) by striking ``credit of financial'' and inserting 
     ``credit or financial''; and
       (2) by inserting ``without regard to whether the credit or 
     guarantee relates to a transaction involving more than 
     $10,000,000,'' after ``United States,''.

     SEC. 802. PUBLICATION OF GUIDELINES FOR ECONOMIC IMPACT 
                   ANALYSES AND DOCUMENTATION OF SUCH ANALYSES.

       Section 2(e)(7) of the Export-Import Bank Act of 1945 (12 
     U.S.C. 635(e)(7)) is amended--
       (1) by redesignating subparagraphs (E) and (F) as 
     subparagraphs (G) and (H), respectively; and
       (2) by inserting after subparagraph (D) the following:
       ``(E) Guidelines for economic impact analyses.--Not later 
     than 90 days after the date of the enactment of the Jumpstart 
     Our Business Startups Act, the Bank shall develop and make 
     publicly available methodological guidelines to be used by 
     the Bank in conducting economic impact analyses or similar 
     studies under this subsection. In developing such guidelines, 
     the Bank shall take into consideration any relevant guidance 
     from the Office of Management and Budget.
       ``(F) Maintenance of documentation.--The Bank shall 
     maintain documentation relating to economic impact analyses 
     and similar studies conducted under this subsection in a 
     manner consistent with the Standards for Internal Control of 
     the Federal Government issued by the Comptroller General of 
     the United States.''.

     SEC. 803. LIMITATION ON ASSISTANCE TO FOREIGN AIR CARRIERS.

       Section 2 of the Export-Import Bank Act of 1945 (12 U.S.C. 
     635) is amended by adding at the end the following:
       ``(h) Limitation on Assistance to Foreign Air Carriers.--
       ``(1) Definitions.--In this subsection:
       ``(A) Home country.--A country is the `home country' of an 
     applicant for a loan or financial guarantee if--
       ``(i) in the case of an individual, the individual is a 
     citizen or resident of that country; and
       ``(ii) in the case of an entity, the entity is organized 
     under the laws of that country or otherwise subject to the 
     jurisdiction of the government of that country.
       ``(B) Long-range aircraft.--The term `long-range aircraft', 
     with respect to an aircraft that may be purchased by an 
     applicant for a loan or financial guarantee, means an 
     aircraft with a range that is equal to or greater than the 
     shortest distance between the home country of the applicant 
     and the continental United States.
       ``(C) United states air carrier.--The term `United States 
     air carrier' means an air carrier organized under the laws of 
     the United States or any jurisdiction within the United 
     States.
       ``(2) Procedures to reduce adverse effects of loans and 
     guarantees on united states air carriers and employment in 
     united states.--

[[Page 3596]]

       ``(A)  Notice and comment requirements.--
       ``(i) In general.--Before considering or approving any 
     application for any loan or financial guarantee that may be 
     used in whole or in part to purchase any long-range aircraft, 
     the Bank shall--

       ``(I) publish in the Federal Register a notice of the 
     application;
       ``(II) provide a period of not less than 14 days (which, on 
     request by any affected party, shall be extended to a period 
     of not more than 30 days) for the submission to the Bank of 
     comments on the economic or other potentially adverse effects 
     of the provision of the loan or guarantee; and
       ``(III) seek comments on the economic or other potentially 
     adverse effects of the provision of the loan or guarantee 
     from the Department of Commerce, the Office of Management and 
     Budget, the Committee on Banking, Housing, and Urban Affairs 
     of the Senate, and the Committee on Financial Services of the 
     House of Representatives.

       ``(ii) Content of notice.--The notice published under 
     clause (i)(I) with respect to an application for any loan or 
     financial guarantee that may be used in whole or in part to 
     purchase any long-range aircraft shall include appropriate 
     information about--

       ``(I) the country to which the aircraft will be shipped;
       ``(II) the type of aircraft being exported;
       ``(III) the amount of the loan or guarantee;
       ``(IV) the number of aircraft that would be produced as a 
     result of the provision of the loan or guarantee;
       ``(V) the number of available seats on flights that would 
     result from the provision of the loan or guarantee;
       ``(VI) the percentage of each aircraft that would be 
     manufactured exclusively within the United States;
       ``(VII) the number of jobs for pilots, flight attendants, 
     and other employees of United States air carriers that would 
     be lost if the aircraft to be purchased using the loan or 
     guarantee were to displace aircraft operated by a United 
     States air carrier on any route between the United States and 
     any foreign country; and
       ``(VIII) the number of other jobs in the United States that 
     would be lost if the loan or guarantee were approved.

       ``(iii) Procedure regarding materially changed 
     applications.--

       ``(I) In general.--If a material change is made to an 
     application for a loan or guarantee that may be used in whole 
     or in part to purchase any long-range aircraft after a notice 
     with respect to the application is published under clause 
     (i), the Bank shall publish in the Federal Register a revised 
     notice of the application and shall provide for an additional 
     comment period as described in clause (i)(II).
       ``(II) Material change defined.--For purposes of subclause 
     (I), the term `material change', with respect to application 
     for a loan or guarantee that may be used in whole or in part 
     to purchase any long-range aircraft, includes--

       ``(aa) a change of at least 25 percent in the amount of a 
     loan or guarantee requested in the application; or
       ``(bb) a change in the type or number of aircraft to be 
     produced as a result of any transaction that would be 
     facilitated by the provision of the loan or guarantee.
       ``(B) Requirement to consider views of adversely affected 
     persons.--Before issuing a final commitment for, or otherwise 
     taking final action on, an application for any loan or 
     guarantee that may be used in whole or in part to purchase 
     any long-range aircraft, the Board of Directors of the Bank 
     shall consider the views of any person that submitted 
     comments pursuant to subparagraph (A).
       ``(C) Notification of final decision.--Not later than 7 
     days after the Board of Directors issues a final commitment 
     for, or otherwise takes final action on, an application for 
     any loan or guarantee that may be used in whole or in part to 
     purchase any long-range aircraft, the Bank shall provide 
     notice of the commitment or action in the Federal Register.
       ``(D) Publication of conclusions.--Not later than 30 days 
     after a party affected by a final decision of the Board of 
     Directors to issue a final commitment for, or otherwise take 
     final action on, an application for a loan or guarantee that 
     may be used in whole or in part to purchase any long-range 
     aircraft makes a written request for an explanation of the 
     decision, the Bank shall provide to the affected party a 
     reasoned explanation for the decision that includes a 
     nonarbitrary and noncapricious response to any comments that 
     the party submitted pursuant to subparagraph (A).
       ``(3) Prohibition on loans or guarantees that will cause 
     substantial injury to united states air carriers or their 
     employees.--
       ``(A) Prohibition.--Notwithstanding any other provision of 
     this Act, the Bank may not provide any loan or financial 
     guarantee that may be used in whole or in part to purchase 
     any long-range aircraft if the provision of the loan or 
     guarantee will cause substantial injury to any United States 
     air carrier or the employees of any United States air 
     carrier.
       ``(B) Definition.--For purposes of subparagraph (A), the 
     provision of a loan or guarantee will cause substantial 
     injury to a United States air carrier or its employees if the 
     number of available seats on flights between the United 
     States and the home country of the applicant for the loan or 
     guarantee that will result from the provision of the loan or 
     guarantee will equal or exceed 1 percent of the number of 
     available seats on flights operated by United States air 
     carriers between the United States and the home country of 
     the applicant.
       ``(C) Calculation.--In calculating under subparagraph (B) 
     the number of available seats on flights between the United 
     States and the home country of an applicant for a loan or 
     financial guarantee that will result from the provision of 
     the loan or guarantee, the Bank shall--
       ``(i) presume that the applicant will use 20 percent of the 
     long-range aircraft specified in the application, or 20 
     percent of the total long-range aircraft specified in all 
     applications approved by the Bank for the applicant in the 
     preceding 12 months, whichever is larger, to fly between the 
     United States and the home country of the applicant; and
       ``(ii) multiply the number of aircraft determined under 
     clause (i) by the average number of seats on all long-range 
     aircraft specified in the application.
       ``(4) Administrative procedure act.--The actions of the 
     Bank under this subsection shall comply with, and be 
     reviewable under, chapter 7 of title 5, United States Code. 
     This subsection shall not be construed to make subchapter II 
     of chapter 5 of title 5, United States Code, applicable to 
     the Bank.''.

     SEC. 804. REPORT ON IMPLEMENTATION OF RECOMMENDATIONS OF THE 
                   GOVERNMENT ACCOUNTABILITY OFFICE.

       Not later than 90 days after the date of the enactment of 
     this Act, the Export-Import Bank of the United States shall 
     submit to the Committee on Banking, Housing, and Urban 
     Affairs of the Senate and the Committee on Financial Services 
     of the House of Representatives a report on the progress of 
     the Bank in implementing the recommendations contained in the 
     report of the Government Accountability Office entitled 
     ``Export-Import Bank: Improvements Needed in Assessment of 
     Economic Impact'', dated September 12, 2007 (GAO-07-1071), 
     that includes--
       (1) a detailed description of the progress made in 
     implementing each such recommendation; and
       (2) for any such recommendation that has not yet been 
     implemented, an explanation of the reasons the recommendation 
     has not been implemented.
                                 ______
                                 
  SA 1875. Ms. SNOWE (for herself and Mr. Coburn) submitted an 
amendment intended to be proposed by her to the bill H.R. 3606, to 
increase American job creation and economic growth by improving access 
to the public capital markets for emerging growth companies; which was 
ordered to lie on the table; as follows:

       At the end of the bill, add the following:

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

     SEC. _01. SHORT TITLE.

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

     SEC. _02. FINDINGS.

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

[[Page 3597]]

     rulemaking process and that the agencies assess a full range 
     of alternatives that will limit adverse economic 
     consequences, enhance economic benefits, and fully address 
     potential job loss.

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

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

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

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

     SEC. _05. PERIODIC REVIEW.

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

     ``Sec.  610. Periodic review of rules

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

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

       (a) Agencies.--Section 609 of title 5, United States Code, 
     is amended--

[[Page 3598]]

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

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

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

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

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

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

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

     SEC. _10. REQUIRING MORE DETAILED SMALL ENTITY ANALYSES.

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

[[Page 3599]]

     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 OFFSET.

       (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 2013;
       (2) $2,000,000 for fiscal year 2014; and
       (3) $3,000,000 for fiscal year 2015.
       (b) Offset.--The amount appropriated for the appropriations 
     account appropriated under the heading ``salaries and 
     expenses'' under the heading ``Small Business 
     Administration'' under the heading ``INDEPENDENT AGENCIES''--
       (1) for fiscal year 2013 may not exceed the amount that is 
     $1,000,000 less than the amount so appropriated for fiscal 
     year 2012;
       (2) for fiscal year 2014 may not exceed the amount that is 
     $2,000,000 less than the amount so appropriated for fiscal 
     year 2012; and
       (3) for fiscal year 2015 may not exceed the amount that is 
     $3,000,000 less than the amount so appropriated for fiscal 
     year 2012.

     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 1876. Mrs. HAGAN (for herself and Mr. Casey) submitted an 
amendment intended to be proposed by her to the bill H.R. 3606, to 
increase American job creation and economic growth by improving access 
to the public capital markets for emerging growth companies; which was 
ordered to lie on the table; as follows:

       On page 36, between lines 3 and 4, insert the following:

     SEC. 304. RULE OF CONSTRUCTION.

       Notwithstanding any other provision of this title, the 
     amendments made by this title shall not apply to a security 
     offered or sold in any State or territory of the United 
     States or the District of Columbia pursuant to an exemption 
     that is substantially equivalent to a model crowdfunding rule 
     adopted or amended, through the affirmative vote of a 
     majority of duly constituted representatives of State 
     governments, by an association composed of duly constituted 
     representatives of State governments whose primary assignment 
     is the regulation of the securities business within those 
     States.

     SEC. 305. SEVERABILITY.

       If any provision of this title, an amendment made by this 
     title, or the application of such provision or amendment to 
     any person or circumstance is held to be unconstitutional by 
     a court of competent jurisdiction, the remainder of this 
     title, the amendments made by this title, and the application 
     of the provisions of such to any person or circumstance shall 
     not be affected thereby.
                                 ______
                                 
  SA 1877. Mrs. HAGAN (for herself and Mr. Casey) submitted an 
amendment intended to be proposed to amendment SA 1833 proposed by Mr. 
Reid (for Mr. Reed (for himself, Ms. Landrieu, Mr. Levin, Mr. Brown of 
Ohio, Mr. Merkley, Mr. Akaka, Mr. Whitehouse, Mr. Franken, Mr. Harkin, 
and Mr. Durbin)) to the bill H.R. 3606, to increase American job 
creation and economic growth by improving access to the public capital 
markets for emerging growth companies; which was ordered to lie on the 
table; as follows:

       On page 46, line 8, strike ``in which'' and all that 
     follows through line 22 and insert the following: ``in 
     which--
       ``(i) the principal place of business of a registered 
     funding portal is located, provided that such law, rule, 
     regulation, or administrative action is not in addition to or 
     different from the requirements for registered funding 
     portals established by the Commission; or
       ``(ii) the State has established a crowdfunding exemption 
     that is substantially equivalent to a model crowdfunding rule 
     adopted or amended, through the affirmative vote of a 
     majority of duly constituted representatives of State 
     governments, by an association composed of duly constituted 
     representatives of State governments whose primary assignment 
     is the regulation of the securities business within those 
     States.
       ``(C) Definition.--For purposes of this paragraph, the term 
     `State' includes the District of Columbia and the territories 
     of the United States.''.
       (2) State fraud authority.--Section 18(c)(1) of the 
     Securities Act of 1933 (15 U.S.C. 77r(c)(1)) is amended by 
     striking ``or dealer'' and inserting ``, dealer, or funding 
     portal''.
       (e) Rule of Construction.--The amendments made by 
     subsection (a) shall not apply to a security offered or sold 
     in any State or territory of the United States or the 
     District of Columbia pursuant to an exemption that is 
     substantially equivalent to a model crowdfunding rule adopted 
     or amended, through the affirmative vote of a majority of 
     duly constituted representatives of State governments, by an 
     association composed of duly constituted representatives of 
     State governments whose primary assignment is the regulation 
     of the securities business within those States.

     SEC. 306. SEVERABILITY.

       If any provision of this title, an amendment made by this 
     title, or the application of such provision or amendment to 
     any person or circumstance is held to be unconstitutional by 
     a court of competent jurisdiction, the remainder of this 
     title, the amendments made by this title, and the application 
     of the provisions of such to any person or circumstance shall 
     not be affected thereby.

     SEC. 307. REPORTS TO CONGRESS.

                                 ______
                                 
  SA 1878. Mr. PORTMAN (for himself and Ms. Collins) submitted an 
amendment intended to be proposed to amendment SA 1833 proposed by Mr. 
Reid (for Mr. Reed (for himself, Ms. Landrieu, Mr. Levin, Mr. Brown of 
Ohio, Mr. Merkley, Mr. Akaka, Mr. Whitehouse, Mr. Franken, Mr. Harkin, 
and Mr. Durbin)) to the bill H.R. 3606, to increase American job 
creation and economic growth by improving access to the public capital 
markets for

[[Page 3600]]

emerging growth companies; which was ordered to lie on the table; as 
follows:

       At the appropriate place, insert the following:

     TITLE __--INDEPENDENT AGENCY REGULATORY PLANNING AND ANALYSIS

     SEC. __1. SHORT TITLE.

       This title may be cited as the ``Independent Agency 
     Regulatory Planning and Analysis Act of 2012''.

     SEC. __2. DEFINITIONS.

       In this title--
       (1) the term ``Administrator'' means the Administrator of 
     the Office of Information and Regulatory Affairs;
       (2) the term ``agency'' has the same meaning as in section 
     3502(1) of title 44, United States Code;
       (3) the term ``independent regulatory agency'' has the same 
     meaning as in section 3502(5) of title 44, United States 
     Code;
       (4) the term ``rule''--
       (A) means a rule, as that term is defined in section 551 of 
     title 5, United States Code; and
       (B) does not include a rule of the Board of Governors of 
     the Federal Reserve System or the Federal Open Market 
     Committee relating to monetary policy; and
       (5) the term ``significant rule'' means any rule that the 
     Administrator determines is likely to--
       (A) have an annual effect on the economy of $100,000,000 or 
     more;
       (B) adversely affect in a material way the economy, a 
     sector of the economy, productivity, competition, jobs, the 
     environment, public health or safety, or State, local, or 
     tribal governments or communities;
       (C) materially alter the budgetary impact of entitlements, 
     grants, user fees, or loan programs or the rights and 
     obligations of recipients thereof; or
       (D) create a serious inconsistency or otherwise interfere 
     with an action taken or planned by another agency.

     SEC. __3. REGULATORY ANALYSIS BY INDEPENDENT AGENCIES.

       (a) In General.--The President may, by executive order, 
     require an independent regulatory agency to comply with 
     regulatory planning and analysis requirements applicable to 
     other agencies, including the requirements to--
       (1) assess the costs and the benefits of a rule;
       (2) adopt a rule only upon a reasoned determination that 
     the benefits of the rule justify the costs of the rule;
       (3) use the best reasonably obtainable scientific, 
     technical, economic, and other information concerning the 
     need for, and consequences of, a rule;
       (4) identify and assess alternative forms of regulation 
     and, to the extent feasible, specific performance objectives, 
     rather than specifying the behavior or manner of compliance 
     that regulated entities are required adopt;
       (5) seek the views, whenever feasible, of appropriate 
     State, local, and tribal officials before imposing regulatory 
     requirements that might significantly or uniquely affect 
     State, local, or tribal governmental entities;
       (6) avoid rules that are inconsistent or incompatible with, 
     or duplicative of, other rules of the independent regulatory 
     agency or other agencies;
       (7) examine whether an existing rule (or other law) has 
     created, or contributed to, the problem that a new rule is 
     intended to correct and whether the rule (or other law) 
     should be modified to achieve the intended goal of the rule 
     more effectively;
       (8) tailor the rules of the independent regulatory agency 
     to impose the least burden on society, consistent with 
     achieving the regulatory objectives, and taking into account, 
     among other factors, and to the extent practicable, the 
     cumulative cost of rules; and
       (9) draft each rule to be simple and easy to understand, 
     with the goal of minimizing the potential for uncertainty and 
     litigation arising from uncertainty.
       (b) Review by Office of Information and Regulatory 
     Affairs.--
       (1) Requirement to seek review.--The President may, by 
     executive order, require an independent regulatory agency to 
     submit any proposed or final significant rule to the 
     Administrator for review.
       (2) Nonbinding determination.--An executive order issued 
     under paragraph (1) may require that the Administrator place 
     in the rulemaking record of a significant rule the 
     Administrator's determination whether the rule complies with 
     any regulatory planning and analysis requirement made 
     applicable to the independent regulatory agency by executive 
     order.
       (3) Reasoned explanation by independent agency.--An 
     executive order issued under paragraph (1) may require that, 
     if the Administrator makes a determination under paragraph 
     (2) that a proposed or final significant rule does not comply 
     with the requirements described in paragraph (2), the head of 
     the independent regulatory agency that issued the rule shall 
     include in the record of the rulemaking--
       (A) a reasoned determination that the rule complies with 
     the requirements, notwithstanding the determination of the 
     Administrator; or
       (B) a reasoned determination, based on the statute 
     authorizing the rule, why the independent regulatory agency 
     chose not to comply with the requirements.

     SEC. __4. LIMITED JUDICIAL REVIEW.

       (a) In General.--Except as provided in subsection (b), 
     nothing in this title shall be construed to create any right 
     or benefit, substantive or procedural, enforceable by any 
     person in any administrative or judicial action.
       (b) Review.--
       (1) Jurisdiction.--Except as provided in paragraph (2), any 
     person that is adversely affected or aggrieved by a 
     determination by the head of an independent regulatory agency 
     under section __3(b)(3) is entitled to judicial review in 
     accordance with chapter 7 of title 5, United States Code.
       (2) Standard of review.--A court reviewing a determination 
     by the head of an independent regulatory agency under section 
     __3(b)(3) shall hold unlawful and set aside the determination 
     if the determination is arbitrary, capricious, an abuse of 
     discretion, or otherwise not in accordance with law.

     SEC. __5. RULE OF CONSTRUCTION.

       Nothing in this title shall be construed to limit the 
     authority of the President with respect to independent 
     regulatory agencies under any other applicable law.
                                 ______
                                 
  SA 1879. Mr. PORTMAN submitted an amendment intended to be proposed 
by him to the bill H.R. 3606, to increase American job creation and 
economic growth by improving access to the public capital markets for 
emerging growth companies; which was ordered to lie on the table; as 
follows:

       At the appropriate place, insert the following:

     TITLE __--INDEPENDENT AGENCY REGULATORY PLANNING AND ANALYSIS

     SEC. __1. SHORT TITLE.

       This title may be cited as the ``Independent Agency 
     Regulatory Planning and Analysis Act of 2012''.

     SEC. __2. DEFINITIONS.

       In this title--
       (1) the term ``Administrator'' means the Administrator of 
     the Office of Information and Regulatory Affairs;
       (2) the term ``agency'' has the same meaning as in section 
     3502(1) of title 44, United States Code;
       (3) the term ``independent regulatory agency'' has the same 
     meaning as in section 3502(5) of title 44, United States 
     Code;
       (4) the term ``rule''--
       (A) means a rule, as that term is defined in section 551 of 
     title 5, United States Code; and
       (B) does not include a rule of the Board of Governors of 
     the Federal Reserve System or the Federal Open Market 
     Committee relating to monetary policy; and
       (5) the term ``significant rule'' means any rule that the 
     Administrator determines is likely to--
       (A) have an annual effect on the economy of $100,000,000 or 
     more;
       (B) adversely affect in a material way the economy, a 
     sector of the economy, productivity, competition, jobs, the 
     environment, public health or safety, or State, local, or 
     tribal governments or communities;
       (C) materially alter the budgetary impact of entitlements, 
     grants, user fees, or loan programs or the rights and 
     obligations of recipients thereof; or
       (D) create a serious inconsistency or otherwise interfere 
     with an action taken or planned by another agency.

     SEC. __3. REGULATORY ANALYSIS BY INDEPENDENT AGENCIES.

       (a) In General.--The President may, by executive order, 
     require an independent regulatory agency to comply with 
     regulatory planning and analysis requirements applicable to 
     other agencies, including the requirements to--
       (1) assess the costs and the benefits of a rule;
       (2) adopt a rule only upon a reasoned determination that 
     the benefits of the rule justify the costs of the rule;
       (3) use the best reasonably obtainable scientific, 
     technical, economic, and other information concerning the 
     need for, and consequences of, a rule;
       (4) identify and assess alternative forms of regulation 
     and, to the extent feasible, specific performance objectives, 
     rather than specifying the behavior or manner of compliance 
     that regulated entities are required adopt;
       (5) seek the views, whenever feasible, of appropriate 
     State, local, and tribal officials before imposing regulatory 
     requirements that might significantly or uniquely affect 
     State, local, or tribal governmental entities;
       (6) avoid rules that are inconsistent or incompatible with, 
     or duplicative of, other rules of the independent regulatory 
     agency or other agencies;
       (7) examine whether an existing rule (or other law) has 
     created, or contributed to, the problem that a new rule is 
     intended to correct and whether the rule (or other law) 
     should be modified to achieve the intended goal of the rule 
     more effectively;
       (8) tailor the rules of the independent regulatory agency 
     to impose the least burden on society, consistent with 
     achieving the regulatory objectives, and taking into account,

[[Page 3601]]

     among other factors, and to the extent practicable, the 
     cumulative cost of rules; and
       (9) draft each rule to be simple and easy to understand, 
     with the goal of minimizing the potential for uncertainty and 
     litigation arising from uncertainty.
       (b) Review by Office of Information and Regulatory 
     Affairs.--
       (1) Requirement to seek review.--The President may, by 
     executive order, require an independent regulatory agency to 
     submit any proposed or final significant rule to the 
     Administrator for review.
       (2) Nonbinding determination.--An executive order issued 
     under paragraph (1) may require that the Administrator place 
     in the rulemaking record of a significant rule the 
     Administrator's determination whether the rule complies with 
     any regulatory planning and analysis requirement made 
     applicable to the independent regulatory agency by executive 
     order.
       (3) Reasoned explanation by independent agency.--An 
     executive order issued under paragraph (1) may require that, 
     if the Administrator makes a determination under paragraph 
     (2) that a proposed or final significant rule does not comply 
     with the requirements described in paragraph (2), the head of 
     the independent regulatory agency that issued the rule shall 
     include in the record of the rulemaking--
       (A) a reasoned determination that the rule complies with 
     the requirements, notwithstanding the determination of the 
     Administrator; or
       (B) a reasoned determination, based on the statute 
     authorizing the rule, why the independent regulatory agency 
     chose not to comply with the requirements.

     SEC. __4. LIMITED JUDICIAL REVIEW.

       (a) In General.--Except as provided in subsection (b), 
     nothing in this title shall be construed to create any right 
     or benefit, substantive or procedural, enforceable by any 
     person in any administrative or judicial action.
       (b) Review.--
       (1) Jurisdiction.--Except as provided in paragraph (2), any 
     person that is adversely affected or aggrieved by a 
     determination by the head of an independent regulatory agency 
     under section __3(b)(3) is entitled to judicial review in 
     accordance with chapter 7 of title 5, United States Code.
       (2) Standard of review.--A court reviewing a determination 
     by the head of an independent regulatory agency under section 
     __3(b)(3) shall hold unlawful and set aside the determination 
     if the determination is arbitrary, capricious, an abuse of 
     discretion, or otherwise not in accordance with law.

     SEC. __5. RULE OF CONSTRUCTION.

       Nothing in this title shall be construed to limit the 
     authority of the President with respect to independent 
     regulatory agencies under any other applicable law.
                                 ______
                                 
  SA 1880. Mr. PORTMAN (for himself and Mr. Coburn) submitted an 
amendment intended to be proposed to amendment SA 1836 proposed by Mr. 
Reid (for Ms. Cantwell (for herself, Mr. Johnson of South Dakota, Mr. 
Graham, Mr. Shelby, Mr. Warner, Mr. Schumer, Mr. Brown of Ohio, Mrs. 
Hagan, Mr. Coons, Mr. Akaka, Mrs. Murray, Ms. Landrieu, Mr. Kerry, and 
Mr. Kirk)) to the bill H.R. 3606, to increase American job creation and 
economic growth by improving access to the public capital markets for 
emerging growth companies; which was ordered to lie on the table; as 
follows:

       At the end of title IV of the amendment, add the following:

     SEC. 817. REPORT BY THE EXPORT-IMPORT BANK OF THE UNITED 
                   STATES ON IMPLEMENTATION OF RECOMMENDATIONS OF 
                   THE GOVERNMENT ACCOUNTABILITY OFFICE.

       Not later than 90 days after the date of the enactment of 
     this Act, the Export-Import Bank of the United States shall 
     submit to the Committee on Banking, Housing, and Urban 
     Affairs of the Senate and the Committee on Financial Services 
     of the House of Representatives a report on the progress of 
     the Bank in implementing the recommendations contained in the 
     report of the Government Accountability Office entitled 
     ``Export-Import Bank: Improvements Needed in Assessment of 
     Economic Impact'', dated September 12, 2007 (GAO-07-1071), 
     that includes--
       (1) a detailed description of the progress made in 
     implementing each such recommendation; and
       (2) for any such recommendation that has not yet been 
     implemented, an explanation of the reasons the recommendation 
     has not been implemented.
                                 ______
                                 
  SA 1881. Mr. PORTMAN (for himself and Mr. Coburn) submitted an 
amendment intended to be proposed to amendment SA 1833 proposed by Mr. 
Reid (for Mr. Reed (for himself, Ms. Landrieu, Mr. Levin, Mr. Brown of 
Ohio, Mr. Merkley, Mr. Akaka, Mr. Whitehouse, Mr. Franken, Mr. Harkin, 
and Mr. Durbin)) to the bill H.R. 3606, to increase American job 
creation and economic growth by improving access to the public capital 
markets for emerging growth companies; which was ordered to lie on the 
table; as follows:

       At the end of title IV of the amendment, add the following:

     SEC. 417. REPORT BY THE EXPORT-IMPORT BANK OF THE UNITED 
                   STATES ON IMPLEMENTATION OF RECOMMENDATIONS OF 
                   THE GOVERNMENT ACCOUNTABILITY OFFICE.

       Not later than 90 days after the date of the enactment of 
     this Act, the Export-Import Bank of the United States shall 
     submit to the Committee on Banking, Housing, and Urban 
     Affairs of the Senate and the Committee on Financial Services 
     of the House of Representatives a report on the progress of 
     the Bank in implementing the recommendations contained in the 
     report of the Government Accountability Office entitled 
     ``Export-Import Bank: Improvements Needed in Assessment of 
     Economic Impact'', dated September 12, 2007 (GAO-07-1071), 
     that includes--
       (1) a detailed description of the progress made in 
     implementing each such recommendation; and
       (2) for any such recommendation that has not yet been 
     implemented, an explanation of the reasons the recommendation 
     has not been implemented.
                                 ______
                                 
  SA 1882. Mr. CASEY submitted an amendment intended to be proposed by 
him to the bill H.R. 3606, to increase American job creation and 
economic growth by improving access to the public capital markets for 
emerging growth companies; which was ordered to lie on the table; as 
follows:

       At the appropriate place, insert the following:

     SEC. __. SUBCONTRACTOR NOTIFICATIONS.

       Section 8(d) of the Small Business Act (15 U.S.C. 637(d)) 
     is amended by adding at the end the following:
       ``(13) Notification Requirement.--An offeror with respect 
     to a contract let by a Federal agency that is to be awarded 
     pursuant to the negotiated method of procurement that intends 
     to identify a small business concern as a potential 
     subcontractor in the offer relating to the contract shall 
     notify the small business concern that the offeror intends to 
     identify the small business concern as a potential 
     subcontractor in the offer.
       ``(14) Reporting by Subcontractors.--The Administrator 
     shall establish a reporting mechanism that allows a 
     subcontractor to report fraudulent activity by a contractor 
     with respect to a subcontracting plan submitted to a 
     procurement authority under paragraph (4)(B).''.
                                 ______
                                 
  SA 1883. Mr. AKAKA submitted an amendment intended to be proposed to 
amendment SA 1833 proposed by Mr. Reid (for Mr. Reed (for himself, Ms. 
Landrieu, Mr. Levin, Mr. Brown of Ohio, Mr. Merkley, Mr. Akaka, Mr. 
Whitehouse, Mr. Franken, Mr. Harkin, and Mr. Durbin)) to the bill H.R. 
3606, to increase American job creation and economic growth by 
improving access to the public capital markets for emerging growth 
companies; which was ordered to lie on the table; as follows:

       On page 72, after line 25, add the following:
       (d) Definition of Accredited Investor Rules.--Not later 
     than the date on which the Commission revises its rules 
     pursuant to subsection (a), the Commission shall, by rule or 
     regulation, revise its rules to modify the definition of the 
     term ``accredited investor'' in section 230.501 of title 17, 
     Code of Federal Regulations--
       (1) to include a natural person under section 230.501(a)(5) 
     of title 17, Code of Federal Regulations, only if the person 
     has an individual net worth, or joint net worth with the 
     spouse of that person, at the time of the purchase that 
     exceeds $3,000,000, or such higher amount as the Commission 
     may determine better serves the public interest;
       (2) to include a natural person under section 230.501(a)(6) 
     of title 17, Code of Federal Regulations, only if the 
     person--
       (A) had an individual income in excess of $600,000 in each 
     of the 2 most recently completed calendar years, or joint 
     income with the spouse of that person in excess of $900,000 
     in each of those years; and
       (B) has a reasonable expectation of reaching the same 
     income level in the current year, or such higher amounts as 
     the Commission may determine better serve the public 
     interest; and
       (3) to increase the amounts specified in paragraphs (1) and 
     (2) (or such higher amounts as the Commission may determine 
     better serve the public interest) not less than frequently 
     than annually, at a rate at least equal to the rate of any 
     growth in the gross national product for the preceding year.
                                 ______
                                 
  SA 1884. Mr. MERKLEY (for himself, Mr. Bennet, and Mr. Brown of 
Massachusetts) submitted an amendment intended to be proposed by him to 
the bill H.R. 3606, to increase American job creation and economic 
growth by improving access to the public capital

[[Page 3602]]

markets for emerging growth companies; which was ordered to lie on the 
table; as follows:

       Strike title III and insert the following:

                        TITLE III--CROWDFUNDING

     SEC. 301. SHORT TITLE.

       This title may be cited as the ``Capital Raising Online 
     While Deterring Fraud and Unethical Non-Disclosure Act of 
     2012'' or the ``CROWDFUND Act''.

     SEC. 302. CROWDFUNDING EXEMPTION.

       (a) Securities Act of 1933.--Section 4 of the Securities 
     Act of 1933 (15 U.S.C. 77d) is amended by adding at the end 
     the following:
       ``(6) transactions involving the offer or sale of 
     securities by an issuer (including all entities controlled by 
     or under common control with the issuer), provided that--
       ``(A) the aggregate amount sold to all investors by the 
     issuer, including any amount sold in reliance on the 
     exemption provided under this paragraph during the 12-month 
     period preceding the date of such transaction, is not more 
     than $1,000,000;
       ``(B) the aggregate amount sold to any investor by an 
     issuer, including any amount sold in reliance on the 
     exemption provided under this paragraph during the 12-month 
     period preceding the date of such transaction, does not 
     exceed--
       ``(i) the greater of $2,000 or 5 percent of the annual 
     income or net worth of such investor, as applicable, if 
     either the annual income or the net worth of the investor is 
     less than $100,000; and
       ``(ii) 10 percent of the annual income or net worth of such 
     investor, as applicable, not to exceed a maximum aggregate 
     amount sold of $100,000, if either the annual income or net 
     worth of the investor is equal to or more than $100,000;
       ``(C) the transaction is conducted through a broker or 
     funding portal that complies with the requirements of section 
     4A(a); and
       ``(D) the issuer complies with the requirements of section 
     4A(b).''.
       (b) Requirements To Qualify for Crowdfunding Exemption.--
     The Securities Act of 1933 (15 U.S.C. 77a et seq.) is amended 
     by inserting after section 4 the following:

     ``SEC. 4A. REQUIREMENTS WITH RESPECT TO CERTAIN SMALL 
                   TRANSACTIONS.

       ``(a) Requirements on Intermediaries.--A person acting as 
     an intermediary in a transaction involving the offer or sale 
     of securities for the account of others pursuant to section 
     4(6) shall--
       ``(1) register with the Commission as--
       ``(A) a broker; or
       ``(B) a funding portal (as defined in section 3(a)(80) of 
     the Securities Exchange Act of 1934);
       ``(2) register with any applicable self-regulatory 
     organization (as defined in section 3(a)(26) of the 
     Securities Exchange Act of 1934);
       ``(3) provide such disclosures, including disclosures 
     related to risks and other investor education materials, as 
     the Commission shall, by rule, determine appropriate;
       ``(4) ensure that each investor--
       ``(A) reviews investor-education information, in accordance 
     with standards established by the Commission, by rule;
       ``(B) positively affirms that the investor understands that 
     the investor is risking the loss of the entire investment, 
     and that the investor could bear such a loss; and
       ``(C) answers questions demonstrating--
       ``(i) an understanding of the level of risk generally 
     applicable to investments in startups, emerging businesses, 
     and small issuers;
       ``(ii) an understanding of the risk of illiquidity; and
       ``(iii) an understanding of such other matters as the 
     Commission determines appropriate, by rule;
       ``(5) take such measures to reduce the risk of fraud with 
     respect to such transactions, as established by the 
     Commission, by rule, including obtaining a background and 
     securities enforcement regulatory history check on each 
     officer, director, and person holding more than 20 percent of 
     the outstanding equity of every issuer whose securities are 
     offered by such person;
       ``(6) not later than 21 days prior to the first day on 
     which securities are sold to any investor (or such other 
     period as the Commission may establish), make available to 
     the Commission and to potential investors any information 
     provided by the issuer pursuant to subsection (b);
       ``(7) ensure that all offering proceeds are only provided 
     to the issuer when the aggregate capital raised from all 
     investors is equal to or greater than a target offering 
     amount, and allow all investors to cancel their commitments 
     to invest, as the Commission shall, by rule, determine 
     appropriate;
       ``(8) make such efforts as the Commission determines 
     appropriate, by rule, to ensure that no investor in a 12-
     month period has purchased securities offered pursuant to 
     section 4(6) that, in the aggregate, from all issuers, exceed 
     the investment limits set forth in section 4(6)(B);
       ``(9) take such steps to protect the privacy of information 
     collected from investors as the Commission shall, by rule, 
     determine appropriate;
       ``(10) not compensate promoters, finders, or lead 
     generators for providing the broker or funding portal with 
     the personal identifying information of any potential 
     investor;
       ``(11) prohibit its directors, officers, or partners (or 
     any person occupying a similar status or performing a similar 
     function) from having any financial interest in an issuer 
     using its services; and
       ``(12) meet such other requirements as the Commission may, 
     by rule, prescribe, for the protection of investors and in 
     the public interest.
       ``(b) Requirements for Issuers.--For purposes of section 
     4(6), an issuer who offers or sells securities shall--
       ``(1) file with the Commission and provide to investors and 
     the relevant broker or funding portal, and make available to 
     potential investors--
       ``(A) the name, legal status, physical address, and website 
     address of the issuer;
       ``(B) the names of the directors and officers (and any 
     persons occupying a similar status or performing a similar 
     function), and each person holding more than 20 percent of 
     the shares of the issuer;
       ``(C) a description of the business of the issuer and the 
     anticipated business plan of the issuer;
       ``(D) a description of the financial condition of the 
     issuer, including, for offerings that, together with all 
     other offerings of the issuer under section 4(6) within the 
     preceding 12-month period, have, in the aggregate, target 
     offering amounts of--
       ``(i) $100,000 or less--

       ``(I) the income tax returns filed by the issuer for the 
     most recently completed year (if any); and
       ``(II) financial statements of the issuer, which shall be 
     certified by the principal executive officer of the issuer to 
     be true and complete in all material respects;

       ``(ii) more than $100,000, but not more than $500,000, 
     financial statements reviewed by a public accountant who is 
     independent of the issuer, using professional standards and 
     procedures for such review or standards and procedures 
     established by the Commission, by rule, for such purpose; and
       ``(iii) more than $500,000 (or such other amount as the 
     Commission may establish, by rule), audited financial 
     statements;
       ``(E) a description of the stated purpose and intended use 
     of the proceeds of the offering sought by the issuer with 
     respect to the target offering amount;
       ``(F) the target offering amount, the deadline to reach the 
     target offering amount, and regular updates regarding the 
     progress of the issuer in meeting the target offering amount;
       ``(G) the price to the public of the securities or the 
     method for determining the price, provided that, prior to 
     sale, each investor shall be provided in writing the final 
     price and all required disclosures, with a reasonable 
     opportunity to rescind the commitment to purchase the 
     securities;
       ``(H) a description of the ownership and capital structure 
     of the issuer, including--
       ``(i) terms of the securities of the issuer being offered 
     and each other class of security of the issuer, including how 
     such terms may be modified, and a summary of the differences 
     between such securities, including how the rights of the 
     securities being offered may be materially limited, diluted, 
     or qualified by the rights of any other class of security of 
     the issuer;
       ``(ii) a description of how the exercise of the rights held 
     by the principal shareholders of the issuer could negatively 
     impact the purchasers of the securities being offered;
       ``(iii) the name and ownership level of each existing 
     shareholder who owns more than 20 percent of any class of the 
     securities of the issuer;
       ``(iv) how the securities being offered are being valued, 
     and examples of methods for how such securities may be valued 
     by the issuer in the future, including during subsequent 
     corporate actions; and
       ``(v) the risks to purchasers of the securities relating to 
     minority ownership in the issuer, the risks associated with 
     corporate actions, including additional issuances of shares, 
     a sale of the issuer or of assets of the issuer, or 
     transactions with related parties; and
       ``(I) such other information as the Commission may, by 
     rule, prescribe, for the protection of investors and in the 
     public interest;
       ``(2) not advertise the terms of the offering, except for 
     notices which direct investors to the funding portal or 
     broker;
       ``(3) not compensate or commit to compensate, directly or 
     indirectly, any person to promote its offerings through 
     communication channels provided by a broker or funding 
     portal, without taking such steps as the Commission shall, by 
     rule, require to ensure that such person clearly discloses 
     the receipt, past or prospective, of such compensation, upon 
     each instance of such promotional communication;
       ``(4) not less than annually, file with the Commission and 
     provide to investors reports of the results of operations and 
     financial statements of the issuer, as the Commission shall, 
     by rule, determine appropriate, subject to such exceptions 
     and termination dates as the Commission may establish, by 
     rule; and
       ``(5) comply with such other requirements as the Commission 
     may, by rule, prescribe, for the protection of investors and 
     in the public interest.

[[Page 3603]]

       ``(c) Liability for Material Misstatements and Omissions.--
       ``(1) Actions authorized.--
       ``(A) In general.--Subject to paragraph (2), a person who 
     purchases a security in a transaction exempted by the 
     provisions of section 4(6) may bring an action against an 
     issuer described in paragraph (2), either at law or in equity 
     in any court of competent jurisdiction, to recover the 
     consideration paid for such security with interest thereon, 
     less the amount of any income received thereon, upon the 
     tender of such security, or for damages if such person no 
     longer owns the security.
       ``(B) Liability.--An action brought under this paragraph 
     shall be subject to the provisions of section 12(b) and 
     section 13, as if the liability were created under section 
     12(a)(2).
       ``(2) Applicability.--An issuer shall be liable in an 
     action under paragraph (1), if the issuer--
       ``(A) by the use of any means or instruments of 
     transportation or communication in interstate commerce or of 
     the mails, by any means of any written or oral communication, 
     in the offering or sale of a security in a transaction 
     exempted by the provisions of section 4(6), makes an untrue 
     statement of a material fact or omits to state a material 
     fact required to be stated or necessary in order to make the 
     statements, in the light of the circumstances under which 
     they were made, not misleading, provided that the purchaser 
     did not know of such untruth or omission; and
       ``(B) does not sustain the burden of proof that such issuer 
     did not know, and in the exercise of reasonable care could 
     not have known, of such untruth or omission.
       ``(3) Definition.--As used in this subsection, the term 
     `issuer' includes any person who is a director or partner of 
     the issuer, and the principal executive officer or officers, 
     principal financial officer, and controller or principal 
     accounting officer of the issuer (and any person occupying a 
     similar status or performing a similar function) that offers 
     or sells a security in a transaction exempted by the 
     provisions of section 4(6), and any person who offers or 
     sells the security in such offering.
       ``(d) Information Available to States.--The Commission 
     shall make, or shall cause to be made by the relevant broker 
     or funding portal, the information described in subsection 
     (b) and such other information as the Commission, by rule, 
     determines appropriate, available to the securities 
     commission (or any agency or office performing like 
     functions) of each State and territory of the United States 
     and the District of Columbia.
       ``(e) Restrictions on Sales.--Securities issued pursuant to 
     a transaction described in section 4(6)--
       ``(1) may not be transferred by the purchaser of such 
     securities during the 1-year period beginning on the date of 
     purchase, unless such securities are transferred--
       ``(A) to the issuer of the securities;
       ``(B) to an accredited investor;
       ``(C) as part of an offering registered with the 
     Commission; or
       ``(D) to a member of the family of the purchaser or the 
     equivalent, or in connection with the death or divorce of the 
     purchaser or other similar circumstance, in the discretion of 
     the Commission; and
       ``(2) shall be subject to such other limitations as the 
     Commission shall, by rule, establish.
       ``(f) Applicability.--Section 4(6) shall not apply to 
     transactions involving the offer or sale of securities by any 
     issuer that--
       ``(1) is not organized under and subject to the laws of a 
     State or territory of the United States or the District of 
     Columbia;
       ``(2) is subject to the requirement to file reports 
     pursuant to section 13 or section 15(d) of the Securities 
     Exchange Act of 1934;
       ``(3) is an investment company, as defined in section 3 of 
     the Investment Company Act of 1940, or is excluded from the 
     definition of investment company by section 3(b) or section 
     3(c) of that Act; or
       ``(4) the Commission, by rule or regulation, determines 
     appropriate.
       ``(g) Rule of Construction.--Nothing in this section or 
     section 4(6) shall be construed as preventing an issuer from 
     raising capital through methods not described under section 
     4(6).
       ``(h) Certain Calculations.--
       ``(1) Dollar amounts.--Dollar amounts in section 4(6) and 
     subsection (b) of this section shall be adjusted by the 
     Commission not less frequently than once every 5 years, by 
     notice published in the Federal Register to reflect any 
     change in the Consumer Price Index for All Urban Consumers 
     published by the Bureau of Labor Statistics.
       ``(2) Income and net worth.--The income and net worth of a 
     natural person under section 4(6)(B) shall be calculated in 
     accordance with any rules of the Commission under this title 
     regarding the calculation of the income and net worth, 
     respectively, of an accredited investor.''.
       (c) Rulemaking.--Not later than 270 days after the date of 
     enactment of this Act, the Securities and Exchange Commission 
     (in this title referred to as the ``Commission'') shall issue 
     such rules as the Commission determines may be necessary or 
     appropriate for the protection of investors to carry out 
     sections 4(6) and section 4A of the Securities Act of 1933, 
     as added by this title. In carrying out this section, the 
     Commission shall consult with any securities commission (or 
     any agency or office performing like functions) of the 
     States, any territory of the United States, and the District 
     of Columbia, which seeks to consult with the Commission, and 
     with any applicable national securities association.
       (d) Disqualification.--
       (1) In general.--Not later than 270 days after the date of 
     enactment of this Act, the Commission shall, by rule, 
     establish disqualification provisions under which--
       (A) an issuer shall not be eligible to offer securities 
     pursuant to section 4(6) of the Securities Act of 1933, as 
     added by this title; and
       (B) a broker or funding portal shall not be eligible to 
     effect or participate in transactions pursuant to that 
     section 4(6).
       (2) Inclusions.--Disqualification provisions required by 
     this subsection shall--
       (A) be substantially similar to the provisions of section 
     230.262 of title 17, Code of Federal Regulations (or any 
     successor thereto); and
       (B) disqualify any offering or sale of securities by a 
     person that--
       (i) is subject to a final order of a State securities 
     commission (or an agency or officer of a State performing 
     like functions), a State authority that supervises or 
     examines banks, savings associations, or credit unions, a 
     State insurance commission (or an agency or officer of a 
     State performing like functions), an appropriate Federal 
     banking agency, or the National Credit Union Administration, 
     that--

       (I) bars the person from--

       (aa) association with an entity regulated by such 
     commission, authority, agency, or officer;
       (bb) engaging in the business of securities, insurance, or 
     banking; or
       (cc) engaging in savings association or credit union 
     activities; or

       (II) constitutes a final order based on a violation of any 
     law or regulation that prohibits fraudulent, manipulative, or 
     deceptive conduct within the 10-year period ending on the 
     date of the filing of the offer or sale; or

       (ii) has been convicted of any felony or misdemeanor in 
     connection with the purchase or sale of any security or 
     involving the making of any false filing with the Commission.

     SEC. 303. EXCLUSION OF CROWDFUNDING INVESTORS FROM 
                   SHAREHOLDER CAP.

       (a) Exemption.--Section 12(g) of the Securities Exchange 
     Act of 1934 (15 U.S.C. 78l(g)) is amended by adding at the 
     end the following:
       ``(6) Exclusion for persons holding certain securities.--
     The Commission shall, by rule, exempt, conditionally or 
     unconditionally, securities acquired pursuant to an offering 
     made under section 4(6) of the Securities Act of 1933 from 
     the provisions of this subsection.''.
       (b) Rulemaking.--The Commission shall issue a rule to carry 
     out section 12(g)(6) of the Securities Exchange Act of 1934 
     (15 U.S.C. 78c), as added by this section, not later than 270 
     days after the date of enactment of this Act.

     SEC. 304. FUNDING PORTAL REGULATION.

       (a) Exemption.--
       (1) In general.--Section 3 of the Securities Exchange Act 
     of 1934 (15 U.S.C. 78c) is amended by adding at the end the 
     following:
       ``(h) Limited Exemption for Funding Portals.--
       ``(1) In general.--The Commission shall, by rule, exempt, 
     conditionally or unconditionally, a registered funding portal 
     from the requirement to register as a broker or dealer under 
     section 15(a)(1), provided that such funding portal--
       ``(A) remains subject to the examination, enforcement, and 
     other rulemaking authority of the Commission;
       ``(B) is a member of a national securities association 
     registered under section 15A; and
       ``(C) is subject to such other requirements under this 
     title as the Commission determines appropriate under such 
     rule.
       ``(2) National securities association membership.--For 
     purposes of sections 15(b)(8) and 15A, the term `broker or 
     dealer' includes a funding portal and the term `registered 
     broker or dealer' includes a registered funding portal, 
     except to the extent that the Commission, by rule, determines 
     otherwise, provided that a national securities association 
     shall only examine for and enforce against a registered 
     funding portal rules of such national securities association 
     written specifically for registered funding portals.''.
       (2) Rulemaking.--The Commission shall issue a rule to carry 
     out section 3(h) of the Securities Exchange Act of 1934 (15 
     U.S.C. 78c), as added by this subsection, not later than 270 
     days after the date of enactment of this Act.
       (b) Definition.--Section 3(a) of the Securities Exchange 
     Act of 1934 (15 U.S.C. 78c(a)) is amended by adding at the 
     end the following:
       ``(80) Funding portal.--The term `funding portal' means any 
     person acting as an intermediary in a transaction involving 
     the offer or sale of securities for the account of others, 
     solely pursuant to section 4(6) of the Securities Act of 1933 
     (15 U.S.C. 77d(6)), that does not--
       ``(A) offer investment advice or recommendations;

[[Page 3604]]

       ``(B) solicit purchases, sales, or offers to buy the 
     securities offered or displayed on its website or portal;
       ``(C) compensate employees, agents, or other persons for 
     such solicitation or based on the sale of securities 
     displayed or referenced on its website or portal;
       ``(D) hold, manage, possess, or otherwise handle investor 
     funds or securities; or
       ``(E) engage in such other activities as the Commission, by 
     rule, determines appropriate.''.

     SEC. 305. RELATIONSHIP WITH STATE LAW.

       (a) In General.--Section 18(b)(4) of the Securities Act of 
     1933 (15 U.S.C. 77r(b)(4)) is amended--
       (1) by redesignating subparagraphs (C) and (D) as 
     subparagraphs (D) and (E), respectively; and
       (2) by inserting after subparagraph (B) the following:
       ``(C) section 4(6);''.
       (b) Clarification of the Preservation of State Enforcement 
     Authority.--
       (1) In general.--The amendments made by subsection (a) 
     relate solely to State registration, documentation, and 
     offering requirements, as described under section 18(a) of 
     Securities Act of 1933 (15 U.S.C. 77r(a)), and shall have no 
     impact or limitation on other State authority to take 
     enforcement action with regard to an issuer, funding portal, 
     or any other person or entity using the exemption from 
     registration provided by section 4(6) of that Act.
       (2) Clarification of state jurisdiction over unlawful 
     conduct of funding portals and issuers.--Section 18(c)(1) of 
     the Securities Act of 1933 (15 U.S.C. 77r(c)(1)) is amended 
     by striking ``with respect to fraud or deceit, or unlawful 
     conduct by a broker or dealer, in connection with securities 
     or securities transactions.'' and inserting the following: 
     ``, in connection with securities or securities transactions
       ``(A) with respect to--
       ``(i) fraud or deceit; or
       ``(ii) unlawful conduct by a broker or dealer; and
       ``(B) in connection to a transaction described under 
     section 4(6), with respect to--
       ``(i) fraud or deceit; or
       ``(ii) unlawful conduct by a broker, dealer, funding 
     portal, or issuer.''.
       (c) Notice Filings Permitted.--Section 18(c)(2) of the 
     Securities Act of 1933 (15 U.S.C. 77r(c)(2)) is amended by 
     adding at the end the following:
       ``(F) Fees not permitted on crowdfunded securities.--
     Notwithstanding subparagraphs (A), (B), and (C), no filing or 
     fee may be required with respect to any security that is a 
     covered security pursuant to subsection (b)(4)(B), or will be 
     such a covered security upon completion of the transaction, 
     except for the securities commission (or any agency or office 
     performing like functions) of the State of the principal 
     place of business of the issuer, or any State in which 
     purchasers of 50 percent or greater of the aggregate amount 
     of the issue are residents, provided that for purposes of 
     this subparagraph, the term `State' includes the District of 
     Columbia and the territories of the United States.''.
       (d) Funding Portals.--
       (1) State exemptions and oversight.--Section 15(i) of the 
     Securities Exchange Act of 1934 (15 U.S.C. 78o(i)) is 
     amended--
       (A) by redesignating paragraphs (2) and (3) as paragraphs 
     (3) and (4), respectively; and
       (B) by inserting after paragraph (1) the following:
       ``(2) Funding portals.--
       ``(A) Limitation on state laws.--Except as provided in 
     subparagraph (B), no State or political subdivision thereof 
     may enforce any law, rule, regulation, or other 
     administrative action against a registered funding portal 
     with respect to its business as such.
       ``(B) Examination and enforcement authority.--Subparagraph 
     (A) does not apply with respect to the examination and 
     enforcement of any law, rule, regulation, or administrative 
     action of a State or political subdivision thereof in which 
     the principal place of business of a registered funding 
     portal is located, provided that such law, rule, regulation, 
     or administrative action is not in addition to or different 
     from the requirements for registered funding portals 
     established by the Commission.
       ``(C) Definition.--For purposes of this paragraph, the term 
     `State' includes the District of Columbia and the territories 
     of the United States.''.
       (2) State fraud authority.--Section 18(c)(1) of the 
     Securities Act of 1933 (15 U.S.C. 77r(c)(1)) is amended by 
     striking ``or dealer'' and inserting ``, dealer, or funding 
     portal''.
                                 ______
                                 
  SA 1885. Mr. FRANKEN (for himself and Ms. Landrieu) submitted an 
amendment intended to be proposed by him to the bill H.R. 3606, to 
increase American job creation and economic growth by improving access 
to the public capital markets for emerging growth companies; which was 
ordered to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. __. TIMELY PAYMENT OF SMALL BUSINESS CONCERNS.

       (a) In General.--Section 15 of the Small Business Act (15 
     U.S.C. 644) is amended by adding at the end the following:
       ``(s) Regulations Relating to Timely Payments.--
       ``(1) Regulations required.--
       ``(A) In general.--Subject to subparagraph (B), not later 
     than 12 months after the date of enactment of this 
     subsection, the Federal Acquisition Regulatory Council, in 
     consultation with the Director of the Office of Management 
     and Budget and the Administrator, shall propose regulations 
     to require prime contractors awarded a contract by the 
     Federal Government to make timely payments to their 
     subcontractors that are small business concerns. Such 
     regulations may provide for exemptions, as appropriate.
       ``(B) Other regulations.--If the Administrator, in 
     consultation with the Federal Acquisition Regulatory Council 
     and the Director of the Office of Management and Budget, 
     determines that the requirements under section 8(d)(12) are 
     sufficient to ensure that prime contractors make timely 
     payments to subcontractors that are small business concerns, 
     the regulations issued under section 8(d)(12)(E) shall be 
     deemed to satisfy the requirement to propose regulations 
     under subparagraph (A) of this paragraph.
       ``(2) Considerations.--In proposing the regulations under 
     paragraph (1), the Administrator, in consultation with the 
     Federal Acquisition Regulatory Council and the Director of 
     the Office of Management and Budget, shall consider--
       ``(A) requiring a prime contractor to pay a subcontractor 
     that is a small business concern for satisfactory performance 
     that fulfills the terms of the subcontract not later than 30 
     days after the date on which the prime contractor receives a 
     payment from the Federal Government, unless the prime 
     contractor has a legal obligation to make an earlier payment;
       ``(B) developing--
       ``(i) incentives for prime contractors that pay 
     subcontractors in accordance with the regulations; or
       ``(ii) late interest payments or penalties for prime 
     contractors that do not pay subcontractors in accordance with 
     the regulations;
       ``(C) requiring that any subcontracting plan under 
     paragraph (4) or (5) of section 8(d) contain a detailed 
     description of when and how subcontractors will be paid; and
       ``(D) including data in the Past Performance Information 
     Retrieval System relating to whether contractors have made 
     timely payments to subcontractors that are small business 
     concerns.''.
       (b) Technical and Conforming Amendments.--Section 8(d)(6) 
     of the Small Business Act (15 U.S.C. 638(d)(6)) is amended--
       (1) in subparagraph (F), by striking ``and'' at the end;
       (2) in subparagraph (G)(ii), by striking the period at the 
     end and inserting ``; and''; and
       (3) by adding at the end the following:
       ``(H) any information required to be included under the 
     regulations issued under section 15(s).''.
                                 ______
                                 
  SA 1886. Mr. INHOFE submitted an amendment intended to be proposed to 
amendment SA 1833 proposed by Mr. Reid (for Mr. Reed (for himself, Ms. 
Landrieu, Mr. Levin, Mr. Brown of Ohio, Mr. Merkely, Mr. Akaka, Mr. 
Whitehouse, Mr. Franken, Mr. Harkin, and Mr. Durbin)) to the bill H.R. 
3606, to increase American job creation and economic growth by 
improving access to the public capital markets for emerging growth 
companies; which was ordered to lie on the table; as follows:

       At the end of title IV of the amendment, add the following:

     SEC. 417. POLICY OF THE UNITED STATES WITH RESPECT TO 
                   FINANCING BY EXPORT CREDIT AGENCIES FOR THE 
                   SALE OF LONG-RANGE AIRCRAFT.

       (a) In General.--It is the policy of the United States, 
     when negotiating export credit arrangements or similar 
     agreements at the Organisation for Economic Co-operation and 
     Development or similar multilateral institutions, to seek the 
     elimination of financial assistance provided by export credit 
     agencies for the sale of long-range aircraft.
       (b) Long-range Aircraft Defined.--In this section, the term 
     ``long-range aircraft'', with respect to the sale of aircraft 
     for which an export credit agency provides export financing, 
     means aircraft that have a range that is equal to or greater 
     than the shortest distance between--
       (1) the country the government of which has primary 
     jurisdiction over the air carrier that receives the export 
     financing; and
       (2) the country in which the export credit agency is 
     located.
                                 ______
                                 
  SA 1887. Mr. INHOFE submitted an amendment intended to be proposed to 
amendment SA 1833 proposed by Mr. Reid (for Mr. Reed (for himself, Ms. 
Landrieu, Mr. Levin, Mr. Brown of Ohio, Mr. Merkely, Mr. Akaka, Mr. 
Whitehouse, Mr. Franken, Mr. Harkin, and Mr. Durbin)) to the bill H.R. 
3606, to increase American job creation and economic growth by 
improving access to the public capital markets for emerging growth 
companies; which was ordered to lie on the table; as follows:


[[Page 3605]]

       At the end of title IV of the amendment, add the following:

     SEC. 417. REPORT ON MEASURES TO REMEDY SUBSIDIES PROVIDED BY 
                   FOREIGN EXPORT CREDIT AGENCIES TO UNITED STATES 
                   ENTITIES.

       (a) Report Required.--Not later than 60 days after the date 
     of the enactment of this Act, the United States Trade 
     Representative and the Secretary of Commerce shall jointly 
     submit to Congress a report identifying and assessing 
     measures that may be taken by the United States Government to 
     counteract subsidies described in subsection (b).
       (b) Subsidies Described.--A subsidy described in this 
     subsection is a subsidy--
       (1) provided by an export credit agency of a foreign 
     country to a United States entity; and
       (2) that is inconsistent with the limitations imposed on 
     the Export-Import Bank of the United States--
       (A) by the Organisation for Economic Co-operation and 
     Development or any other multilateral institution; or
       (B) pursuant to any international agreement.
       (c) United States Entities Defined.--In this section, the 
     term ``United States entity'' means an entity organized under 
     the laws of the United States or any jurisdiction within the 
     United States.
                                 ______
                                 
  SA 1888. Mr. INHOFE submitted an amendment intended to be proposed to 
amendment SA 1833 proposed by Mr. Reid (for Mr. Reed (for himself, Ms. 
Landrieu, Mr. Levin, Mr. Brown of Ohio, Mr. Merkely, Mr. Akaka, Mr. 
Whitehouse, Mr. Franken, Mr. Harkin, and Mr. Durbin)) to the bill H.R. 
3606, to increase American job creation and economic growth by 
improving access to the public capital markets for emerging growth 
companies; which was ordered to lie on the table; as follows:

       Strike section 413.
                                 ______
                                 
  SA 1889. Mr. INHOFE submitted an amendment intended to be proposed to 
amendment SA 1833 proposed by Mr. Reid (for Mr. Reed (for himself, Ms. 
Landrieu, Mr. Levin, Mr. Brown of Ohio, Mr. Merkely, Mr. Akaka, Mr. 
Whitehouse, Mr. Franken, Mr. Harkin, and Mr. Durbin)) to the bill H.R. 
3606, to increase American job creation and economic growth by 
improving access to the public capital markets for emerging growth 
companies; which was ordered to lie on the table; as follows:

       At the end, add the following:

                  TITLE VIII--STORM SHELTER TAX RELIEF

     SEC. 801. DEDUCTION FOR PURCHASE, CONSTRUCTION, AND 
                   INSTALLATION OF A SAFE ROOM OR STORM SHELTER.

       (a) In General.--Part VII of subchapter B of chapter 1 of 
     the Internal Revenue Code of 1986 is amended--
       (1) by redesignating section 224 as section 225, and
       (2) by inserting after section 223 the following new 
     section:

     ``SEC. 224. SAFE ROOM OR STORM SHELTER PURCHASE, 
                   CONSTRUCTION, AND INSTALLATION EXPENSES.

       ``(a) Allowance of Deduction.--
       ``(1) In general.--In the case of an individual, there 
     shall be allowed as a deduction for the taxable year an 
     amount equal to the qualified storm shelter expenses paid by 
     the taxpayer during the taxable year.
       ``(2) Maximum dollar amount per shelter.--The deduction 
     allowed by paragraph (1) with respect to each qualified storm 
     shelter shall not exceed $2,500.
       ``(b) Definitions.--For purposes of this section--
       ``(1) Qualified storm shelter expenses.--The term 
     `qualified storm shelter expenses' means expenses (including 
     labor) for the purchase, construction, and installation of a 
     qualified storm shelter.
       ``(2) Qualified storm shelter.--The term `qualified storm 
     shelter' means a storm shelter or safe room--
       ``(A) the design of which is capable of withstanding an EF5 
     tornado, and
       ``(B) which is first placed in service by the taxpayer as 
     an attachment to a dwelling--
       ``(i) which was placed in service prior to the placed in 
     service date of such storm shelter or safe room,
       ``(ii) which serves as the principal residence (within the 
     meaning of section 121) of the taxpayer, and
       ``(iii) with respect to which no other qualified storm 
     shelter is attached.
       ``(c) Special Rules.--
       ``(1) Denial of double benefit.--No deduction shall be 
     allowed under subsection (a) for any expense for which a 
     deduction or credit is allowed to the taxpayer under any 
     other provision of this chapter.
       ``(2) Basis reduction.--For purposes of this title, the 
     basis of any property shall be reduced by the portion of the 
     cost of such property taken into account under subsection 
     (a).
       ``(d) Termination.--This section shall not apply to taxable 
     years beginning after December 31, 2012.''.
       (b) Conforming Amendment.--Section 1016(a) of the Internal 
     Revenue Code of 1986 is amended by striking ``and'' at the 
     end of paragraph (36), by striking the period at the end of 
     paragraph (37) and inserting ``, and'', and by adding at the 
     end the following new paragraph:
       ``(38) to the extent provided in section 224(c)(2).''.
       (c) Clerical Amendment.--The table of sections for part VII 
     of subchapter B of chapter 1 of the Internal Revenue Code of 
     1986 is amended by striking the item relating to section 224 
     and inserting the following new items:

``224. Safe room or storm shelter purchase, construction, and 
              installation expenses.
``225. Cross reference.''.
       (d) Effective Date.--The amendments made by this section 
     shall apply to amounts paid or incurred after the date of the 
     enactment of this Act.

     SEC. 802. COMMUNITY DEVELOPMENT FUND.

       Of amounts made available under the heading ``community 
     development fund'' under the heading ``Community Planning and 
     Development'' under the heading ``DEPARTMENT OF HOUSING AND 
     URBAN DEVELOPMENT'' under title II of the Department of 
     Housing and Urban Development Appropriations Act, 2010 
     (Public Law 111-117; 123 Stat. 3083) and under section 2240 
     of the Department of Defense and Full-Year Continuing 
     Appropriations Act, 2011 (Public Law 112 10; 125 Stat. 195) 
     and not otherwise obligated, $60,000,000 are rescinded.
                                 ______
                                 
  SA 1890. Mr. INHOFE submitted an amendment intended to be proposed by 
him to the bill H.R. 3606, to increase American job creation and 
economic growth by improving access to the public capital markets for 
emerging growth companies; which was ordered to lie on the table; as 
follows:

       At the appropriate place, insert the following:

     SEC. __. REGISTRATION AND REPORTING EXEMPTIONS RELATING TO 
                   PRIVATE EQUITY FUNDS ADVISORS.

       Section 203 of the Investment Advisers Act of 1940 (15 
     U.S.C. 80b-3) is amended by adding at the end the following:
       ``(o) Exemption of and Reporting Requirements by Private 
     Equity Funds Advisors.--
       ``(1) In general.--Except as provided in this subsection, 
     no investment adviser shall be subject to the registration or 
     reporting requirements of this title with respect to the 
     provision of investment advice relating to a private equity 
     fund or funds, provided that each such fund has not borrowed 
     and does not have outstanding a principal amount in excess of 
     twice its invested capital commitments.
       ``(2) Maintenance of records and access by commission.--Not 
     later than 6 months after the date of enactment of this 
     subsection, the Commission shall issue final rules--
       ``(A) to require investment advisers described in paragraph 
     (1) to maintain such records and provide to the Commission 
     such annual or other reports as the Commission taking into 
     account fund size, governance, investment strategy, risk, and 
     other factors, as the Commission determines necessary and 
     appropriate in the public interest and for the protection of 
     investors; and
       ``(B) to define the term private equity fund for purposes 
     of this subsection.''.
                                 ______
                                 
  SA 1891. Mr. SANDERS (for himself, Mr. Blumenthal, Mr. Cardin, Mr. 
Franken, and Ms. Klobuchar) submitted an amendment intended to be 
proposed by him to the bill H.R. 3606, to increase American job 
creation and economic growth by improving access to the public capital 
markets for emerging growth companies; which was ordered to lie on the 
table; as follows:

       At the end of title I, add the following:

     SEC. 1__. ENERGY MARKETS.

       (a) Findings.--Congress finds that--
       (1) the Commodity Futures Trading Commission was created as 
     an independent agency, in 1974, with a mandate--
       (A) to enforce and administer the Commodity Exchange Act (7 
     U.S.C. 1 et seq.);
       (B) to ensure market integrity;
       (C) to protect market users from fraud and abusive trading 
     practices; and
       (D) to prevent and prosecute manipulation of the price of 
     any commodity in interstate commerce;
       (2) Congress has given the Commodity Futures Trading 
     Commission authority under the Commodity Exchange Act (7 
     U.S.C. 1 et seq.) to take necessary actions to address market 
     emergencies;
       (3) the Commodity Futures Trading Commission may use the 
     emergency authority of the Commission with respect to any 
     major market disturbance that prevents the market from 
     accurately reflecting the forces of supply and demand for a 
     commodity;
       (4) Congress declared in section 4a of the Commodity 
     Exchange Act (7 U.S.C. 6a) that excessive speculation imposes 
     an undue and unnecessary burden on interstate commerce;
       (5) according to an article published in Forbes on February 
     27, 2012, excessive oil speculation ``translates out into a 
     premium

[[Page 3606]]

     for gasoline at the pump of $.56 a gallon'' based on a recent 
     report from Goldman Sachs;
       (6) on March 9, 2012--
       (A) the supply of crude oil and gasoline was higher than 
     the supply was on March 6, 2009, when the national average 
     price for a gallon of regular unleaded gasoline was just 
     $1.94; and
       (B) demand for gasoline in the United States was lower than 
     demand was on June 20, 1997;
       (7) on March 12, 2012, the national average price of 
     regular unleaded gasoline was over $3.82 a gallon, the 
     highest price ever recorded in the United States during the 
     month of March;
       (8) during the last quarter of 2011, according to the 
     International Energy Agency--
       (A) the world oil supply rose by 1,300,000 barrels per day 
     while demand only increased by 700,000 barrels per day; but
       (B) the price of Texas light sweet crude rose by over 12 
     percent;
       (9) on November 3, 2011, Gary Gensler, the Chairman of the 
     Commodity Futures Trading Commission testified before the 
     Senate Permanent Subcommittee on Investigations that ``80 to 
     87 percent of the [oil futures] market'' is dominated by 
     ``financial participants, swap dealers, hedge funds, and 
     other financials,'' a figure that has more than doubled over 
     the past decade;
       (10) excessive oil and gasoline speculation is creating 
     major market disturbances that prevent the market from 
     accurately reflecting the forces of supply and demand; and
       (11) the Commodity Futures Trading Commission has a 
     responsibility --
       (A) to ensure that the price discovery for oil and gasoline 
     accurately reflects the fundamentals of supply and demand; 
     and
       (B) to take immediate action to implement strong and 
     meaningful position limits to regulated exchange markets to 
     eliminate excessive oil speculation.
       (b) Actions.--Not later than 14 days after the date of 
     enactment of this Act, the Commodity Futures Trading 
     Commission shall use the authority of the Commission 
     (including emergency powers)--
       (1) to curb immediately the role of excessive speculation 
     in any contract market within the jurisdiction and control of 
     the Commission, on or through which energy futures are 
     traded; and
       (2) to eliminate excessive speculation, price distortion, 
     sudden or unreasonable fluctuations, or unwarranted changes 
     in prices, or other unlawful activity that is causing major 
     market disturbances that prevent the market from accurately 
     reflecting the forces of supply and demand for energy 
     commodities.
                                 ______
                                 
  SA 1892. Mr. PAUL submitted an amendment intended to be proposed to 
amendment SA 1836 proposed by Mr. Reid (for Ms. Cantwell (for herself, 
Mr. Johnson of South Dakota, Mr. Graham, Mr. Shelby, Mr. Warner, Mr. 
Schumer, Mr. Brown of Ohio, Mrs. Hagan, Mr. Coons, Mr. Akaka, Mrs. 
Murray, Ms. Landrieu, Mr. Kerry, and Mr. Kirk)) to the bill H.R. 3606, 
to increase American job creation and economic growth by improving 
access to the public capital markets for emerging growth companies; 
which was ordered to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. __. PROHIBITION ON FINANCING BY THE EXPORT-IMPORT BANK 
                   OF THE UNITED STATES FOR PERSONS OR PROJECTS IN 
                   COUNTRIES THAT HOLD DEBT INSTRUMENTS OF THE 
                   UNITED STATES.

       (a) In General.--Notwithstanding any other provision of the 
     Export-Import Bank Act of 1945 (12 U.S.C. 635 et seq.), the 
     Export-Import Bank of the United States may not provide any 
     guarantee, insurance, or extension of credit (or participate 
     in the extension of credit) to a person or with respect to a 
     project in a country the government or central bank of which 
     holds debt instruments of the United States.
       (b) Debt Instruments of the United States Defined.--In this 
     section, the term ``debt instruments of the United States'' 
     means bills, notes, and bonds issued or guaranteed by the 
     United States or by an entity of the United States 
     Government.
                                 ______
                                 
  SA 1893. Mr. PAUL submitted an amendment intended to be proposed to 
amendment SA 1836 proposed by Mr. Reid (for Ms. Cantwell (for herself, 
Mr. Johnson of South Dakota, Mr. Graham, Mr. Shelby, Mr. Warner, Mr. 
Schumer, Mr. Brown of Ohio, Mrs. Hagan, Mr. Coons, Mr. Akaka, Mrs. 
Murray, Ms. Landrieu, Mr. Kerry, and Mr. Kirk)) to the bill H.R. 3606, 
to increase American job creation and economic growth by improving 
access to the public capital markets for emerging growth companies; 
which was ordered to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. ___. PROHIBITION ON FINANCING BY THE EXPORT-IMPORT BANK 
                   OF THE UNITED STATES FOR ENTITIES THAT GENERATE 
                   MORE THAN $1,000,000,000 IN REVENUE ANNUALLY.

       Notwithstanding any other provision of the Export-Import 
     Bank Act of 1945 (12 U.S.C. 635 et seq.), the Export-Import 
     Bank of the United States may not provide any financing 
     (including any guarantee, insurance, extension of credit, or 
     participation in the extension of credit) to an entity that 
     generated more than $1,000,000,000 in revenue in the 
     preceding calendar year.
                                 ______
                                 
  SA 1894. Mr. PAUL submitted an amendment intended to be proposed to 
amendment SA 1836 proposed by Mr. Reid (for Ms. Cantwell (for herself, 
Mr. Johnson of South Dakota, Mr. Graham, Mr. Shelby, Mr. Warner, Mr. 
Schumer, Mr. Brown of Ohio, Mrs. Hagan, Mr. Coons, Mr. Akaka, Mrs. 
Murray, Ms. Landrieu, Mr. Kerry, and Mr. Kirk)) to the bill H.R. 3606, 
to increase American job creation and economic growth by improving 
access to the public capital markets for emerging growth companies; 
which was ordered to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. __. LIMITATION ON FINANCING BY THE EXPORT-IMPORT BANK OF 
                   THE UNITED STATES TO FINANCING EXPORTS BY SMALL 
                   BUSINESS CONCERNS.

       Section 2(b)(1)(E)(v) of the Export-Import Bank Act of 1945 
     (12 U.S.C. 635(b)(1)(E)(v)) is amended by striking ``20 
     percent'' and inserting ``100 percent''.
                                 ______
                                 
  SA 1895. Mr. JOHNSON of Wisconsin submitted an amendment intended to 
be proposed by him to the bill H.R. 3606, to increase American job 
creation and economic growth by improving access to the public capital 
markets for emerging growth companies; which was ordered to lie on the 
table; as follows:

       On page 9, line 8, strike ``company'' and all that follows 
     through page 10, line 4 and insert the following: ``company 
     need not present more than 2 years of audited financial 
     statements in order for the registration statement of such 
     emerging growth company with respect to an initial public 
     offering of its common equity securities to be effective, and 
     in any other registration statement to be filed with the 
     Commission, an emerging growth company need not present 
     selected financial data in accordance with section 229.301 of 
     title 17, Code of Federal Regulations (or any successor 
     thereto), for any period prior to the earliest audited period 
     presented in connection with its initial public offering.''.
                                 ______
                                 
  SA 1896. Ms. SNOWE (for herself, Mrs. Gillibrand, Ms. Murkowski and 
Ms. Landrieu) submitted an amendment intended to be proposed by her to 
the bill H.R. 3606, to increase American job creation and economic 
growth by improving access to the public capital markets for emerging 
growth companies; which was ordered to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. __. FAIRNESS IN WOMEN-OWNED SMALL BUSINESS CONTRACTING.

       (a) Procurement Program for Women-owned Small Business 
     Concerns.--Section 8(m) of the Small Business Act (15 U.S.C. 
     637(m)) is amended--
       (1) in paragraph (2)--
       (A) in subparagraph (A), by striking ``who are economically 
     disadvantaged'';
       (B) in subparagraph (C), by striking ``paragraph (3)'' and 
     inserting ``paragraph (4)'';
       (C) by striking subparagraph (D); and
       (D) by redesignating subparagraphs (E) and (F) as 
     subparagraphs (D) and (E), respectively; and
       (2) by adding at the end the following:
       ``(7) Sole source contracts.--A contracting officer may 
     award a sole source contract under this subsection to a small 
     business concern owned and controlled by women under the same 
     conditions as a sole source contract may be awarded to a 
     qualified HUBZone small business concern under section 
     31(b)(2)(A).''.
       (b) Study and Report on Representation of Women.--Section 
     29 of the Small Business Act (15 U.S.C. 656) is amended by 
     adding at the end the following:
       ``(o) Study and Report on Representation of Women.--
       ``(1) Study.--The Administrator shall periodically conduct 
     a study to identify any United States industry, as defined 
     under the North American Industry Classification System, in 
     which women are underrepresented.
       ``(2) Report.--Not later than 5 years after the date of 
     enactment of this subsection, and every 5 years thereafter, 
     the Administrator shall submit to the Committee on Small 
     Business and Entrepreneurship of the Senate and the Committee 
     on Small Business of the House of Representatives a report on 
     the results of each study under paragraph (1) conducted 
     during the 5-year period ending on the date of the report.''.

[[Page 3607]]


                                 ______
                                 
  SA 1897. Mr. PAUL submitted an amendment intended to be proposed to 
amendment SA 1836 proposed by Mr. Reid (for Ms. Cantwell (for herself, 
Mr. Johnson of South Dakota, Mr. Graham, Mr. Shelby, Mr. Warner, Mr. 
Schumer, Mr. Brown of Ohio, Mrs. Hagan, Mr. Coons, Mr. Akaka, Mrs. 
Murray, Ms. Landrieu, Mr. Kerry, and Mr. Kirk)) to the bill H.R. 3606, 
to increase American job creation and economic growth by improving 
access to the public capital markets for emerging growth companies; 
which was ordered to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. ___. LIMITATION ON AMOUNT OF FINANCING THAT MAY BE 
                   PROVIDED TO AN ENTITY BY THE EXPORT-IMPORT BANK 
                   OF THE UNITED STATES.

       Section 6(a) of the Export-Import Bank Act of 1945 (12 
     U.S.C. 635e(a)) is amended by adding at the end the 
     following:
       ``(4) Limitation.--The Bank shall not have outstanding at 
     any one time loans, guarantees, and insurance in an aggregate 
     amount in excess of 5 percent of the applicable amount in 
     paragraph (2) with respect to exports by a single entity 
     (including any entities owned or controlled by that 
     entity).''.
                                 ______
                                 
  SA 1898. Ms. SNOWE (for herself and Ms. Landrieu) submitted an 
amendment intended to be proposed by her to the bill H.R. 3606, to 
increase American job creation and economic growth by improving access 
to the public capital markets for emerging growth companies; which was 
ordered to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. __. PROGRAMS OF THE SMALL BUSINESS ADMINISTRATION.

       (a) Authorization.--For fiscal year 2013, the Administrator 
     may make $4,000,000,000 in guarantees of debentures for 
     programs under title III of the Small Business Investment Act 
     of 1958 (15 U.S.C. 681 et seq.).
       (b) Family of Funds.--Section 303(b)(2)(B) of the Small 
     Business Investment Act of 1958 (15 U.S.C. 683(b)(2)(B)) is 
     amended by striking ``$225,000,000'' and inserting 
     ``$350,000,000''.
       (c) Low-interest Refinancing Under the Local Development 
     Business Loan Program.--Section 1122(b) of the Small Business 
     Jobs Act of 2010 (15 U.S.C. 696 note) is amended by striking 
     ``2 years'' and inserting ``3 years''.
                                 ______
                                 
  SA 1899. Ms. SNOWE (for herself and Ms. Landrieu) submitted an 
amendment intended to be proposed by her to the bill H.R. 3606, to 
increase American job creation and economic growth by improving access 
to the public capital markets for emerging growth companies; which was 
ordered to lie on the table; as follows:

       At the appropriate place, insert the following:

                TITLE __--JUMPSTARTING SMALL BUSINESSES

               Subtitle A--Small Business Administration

     SEC. _11. FAIRNESS IN WOMEN-OWNED SMALL BUSINESS CONTRACTING.

       (a) Procurement Program for Women-owned Small Business 
     Concerns.--Section 8(m) of the Small Business Act (15 U.S.C. 
     637(m)) is amended--
       (1) in paragraph (2)--
       (A) in subparagraph (A), by striking ``who are economically 
     disadvantaged'';
       (B) in subparagraph (C), by striking ``paragraph (3)'' and 
     inserting ``paragraph (4)'';
       (C) by striking subparagraph (D); and
       (D) by redesignating subparagraphs (E) and (F) as 
     subparagraphs (D) and (E), respectively; and
       (2) by adding at the end the following:
       ``(7) Sole source contracts.--A contracting officer may 
     award a sole source contract under this subsection to a small 
     business concern owned and controlled by women under the same 
     conditions as a sole source contract may be awarded to a 
     qualified HUBZone small business concern under section 
     31(b)(2)(A).''.
       (b) Study and Report on Representation of Women.--Section 
     29 of the Small Business Act (15 U.S.C. 656) is amended by 
     adding at the end the following:
       ``(o) Study and Report on Representation of Women.--
       ``(1) Study.--The Administrator shall periodically conduct 
     a study to identify any United States industry, as defined 
     under the North American Industry Classification System, in 
     which women are underrepresented.
       ``(2) Report.--Not later than 5 years after the date of 
     enactment of this subsection, and every 5 years thereafter, 
     the Administrator shall submit to the Committee on Small 
     Business and Entrepreneurship of the Senate and the Committee 
     on Small Business of the House of Representatives a report on 
     the results of each study under paragraph (1) conducted 
     during the 5-year period ending on the date of the report.''.

     SEC. _12. GUARANTEES OF DEBENTURES UNDER THE SMALL BUSINESS 
                   INVESTMENT ACT OF 1958.

       (a) Authorization.--For fiscal year 2013, the Administrator 
     may make $4,000,000,000 in guarantees of debentures for 
     programs under title III of the Small Business Investment Act 
     of 1958 (15 U.S.C. 681 et seq.).
       (b) Family of Funds.--Section 303(b)(2)(B) of the Small 
     Business Investment Act of 1958 (15 U.S.C. 683(b)(2)(B)) is 
     amended by striking ``$225,000,000'' and inserting 
     ``$350,000,000''.
       (c) Low-interest Refinancing Under the Local Development 
     Business Loan Program.--Section 1122(b) of the Small Business 
     Jobs Act of 2010 (15 U.S.C. 696 note) is amended by striking 
     ``2 years'' and inserting ``3 years''.

     SEC. _13. NATIONAL VETERANS BUSINESS DEVELOPMENT CORPORATION.

       (a) In General.--The Small Business Act (15 U.S.C. 631 et 
     seq.) is amended by striking section 33 (15 U.S.C. 657c).
       (b) Corporation.--On and after the date of enactment of 
     this Act, the National Veterans Business Development 
     Corporation and any successor thereto may not represent that 
     the corporation is federally chartered or in any other manner 
     authorized by the Federal Government.
       (c) Conforming Amendments.--
       (1) Small business act.--The Small Business Act (15 U.S.C. 
     631 et seq.), as amended by this section, is amended--
       (A) by redesignating sections 34 through 45 as sections 33 
     through 44, respectively;
       (B) in section 9(k)(1)(D) (15 U.S.C. 638(k)(1)(D)), by 
     striking ``section 34(d)'' and inserting ``section 33(d)'';
       (C) in section 33 (15 U.S.C. 657d), as so redesignated--
       (i) by striking ``section 35'' each place it appears and 
     inserting ``section 34'';
       (ii) in subsection (a)--

       (I) in paragraph (2), by striking ``section 35(c)(2)(B)'' 
     and inserting ``section 34(c)(2)(B)'';
       (II) in paragraph (4), by striking ``section 35(c)(2)'' and 
     inserting ``section 34(c)(2)''; and
       (III) in paragraph (5), by striking ``section 35(c)'' and 
     inserting ``section 34(c)''; and

       (iii) in subsection (h)(2), by striking ``section 35(d)'' 
     and inserting ``section 34(d)'';
       (D) in section 34 (15 U.S.C. 657e), as so redesignated--
       (i) by striking ``section 34'' each place it appears and 
     inserting ``section 33''; and
       (ii) in subsection (c)(1), by striking section 
     ``34(c)(1)(E)(ii)'' and inserting section 
     ``33(c)(1)(E)(ii)'';
       (E) in section 36(d) (15 U.S.C. 657i(d)), as so 
     redesignated, by striking ``section 43'' and inserting 
     ``section 42'';
       (F) in section 39(d) (15 U.S.C. 657l(d)), as so 
     redesignated, by striking ``section 43'' and inserting 
     ``section 42''; and
       (G) in section 40(b) (15 U.S.C. 657m(b)), as so 
     redesignated, by striking ``section 43'' and inserting 
     ``section 42''.
       (2) Title 10.--Section 1142(b)(13) of title 10, United 
     States Code, is amended by striking ``and the National 
     Veterans Business Development Corporation''.
       (3) Title 38.--Section 3452(h) of title 38, United States 
     Code, is amended by striking ``any of the'' and all that 
     follows and inserting ``any small business development center 
     described in section 21 of the Small Business Act (15 U.S.C. 
     648), insofar as such center offers, sponsors, or cosponsors 
     an entrepreneurship course, as that term is defined in 
     section 3675(c)(2).''.
       (4) Food, conservation, and energy act of 2008.--Section 
     12072(c)(2) of the Food, Conservation, and Energy Act of 2008 
     (15 U.S.C. 636g(c)(2)) is amended by striking ``section 43 of 
     the Small Business Act, as added by this Act'' and inserting 
     ``section 42 of the Small Business Act (15 U.S.C. 657o)''.
       (5) Veterans entrepreneurship and small business 
     development act of 1999.--Section 203(c)(5) of the Veterans 
     Entrepreneurship and Small Business Development Act of 1999 
     (15 U.S.C. 657b note) is amended by striking ``In cooperation 
     with the National Veterans Business Development Corporation, 
     develop'' and inserting ``Develop''.

     SEC. _14. SMALL BUSINESS INTERMEDIARY LENDING PILOT PROGRAM 
                   TECHNICAL CORRECTION.

       Section 7(l)(4)(B) of the Small Business Act (15 U.S.C. 
     636(l)(4)(B)) is amended by inserting ``under the Program'' 
     after ``to the eligible intermediary by the Administrator''.

     SEC. _15. REMOVAL OF SUNSET DATES FOR CERTAIN PROVISIONS OF 
                   THE SMALL BUSINESS INVESTMENT ACT OF 1958.

       (a) Maximum Bond Amount.--Section 411(a)(1) of the Small 
     Business Investment Act of 1958 (15 U.S.C. 694b(a)(1)) is 
     amended by striking ``does not exceed'' and all that follows 
     and inserting ``does not exceed $5,000,000.''.
       (b) Denial of Liability.--Section 411(e)(2) of the Small 
     Business Investment Act of 1958 (15 U.S.C. 694b(e)(2)) is 
     amended by striking ``bonds exceeds'' and all that follows 
     and inserting ``bonds exceeds $5,000,000,''.

                Subtitle B--Contracting Fraud Prevention

     SEC. _21. SHORT TITLE.

       This subtitle may be cited as the ``Small Business 
     Contracting Fraud Prevention Act of 2012''.

     SEC. _22. DEFINITIONS.

       In this subtitle--
       (1) the term ``8(a) program'' means the program under 
     section 8(a) of the Small Business Act (15 U.S.C. 637(a));

[[Page 3608]]

       (2) the term ``Administrator'' means the Administrator of 
     the Small Business Administration;
       (3) the terms ``HUBZone'' and ``HUBZone small business 
     concern'' and ``HUBZone map'' have the meanings given those 
     terms in section 3(p) of the Small Business Act (15 U.S.C. 
     632(p)), as amended by this subtitle; and
       (4) the term ``recertification'' means a determination by 
     the Administrator that a business concern that was previously 
     determined to be a qualified HUBZone small business concern 
     is a qualified HUBZone small business concern under section 
     3(p)(5) of the Small Business Act (15 U.S.C. 632(p)(5)).

     SEC. _23. FRAUD DETERRENCE AT THE SMALL BUSINESS 
                   ADMINISTRATION.

       Section 16 of the Small Business Act (15 U.S.C. 645) is 
     amended--
       (1) in subsection (d)--
       (A) in paragraph (1)--
       (i) in the matter preceding subparagraph (A), by striking 
     ``Whoever'' and all that follows through ``oneself or 
     another'' and inserting the following: ``A person shall be 
     subject to the penalties and remedies described in paragraph 
     (2) if the person misrepresents the status of any concern or 
     person as a small business concern, a qualified HUBZone small 
     business concern, a small business concern owned and 
     controlled by socially and economically disadvantaged 
     individuals, a small business concern owned and controlled by 
     women, or a small business concern owned and controlled by 
     service-disabled veterans, in order to obtain for any 
     person'';
       (ii) by amending subparagraph (A) to read as follows:
       ``(A) prime contract, subcontract, grant, or cooperative 
     agreement to be awarded under subsection (a) or (m) of 
     section 8, or section 9, 15, 31, or 35;'';
       (iii) by striking subparagraph (B);
       (iv) by redesignating subparagraphs (C) and (D) as 
     subparagraphs (B) and (C), respectively; and
       (v) in subparagraph (C), as so redesignated, by striking 
     ``, shall be'' and all that follows and inserting a period;
       (B) in paragraph (2)--
       (i) by redesignating subparagraphs (C) and (D) as 
     subparagraphs (D) and (E), respectively; and
       (ii) by inserting after subparagraph (B) the following:
       ``(C) be subject to the civil remedies under subchapter III 
     of chapter 37 of title 31, United States Code (commonly known 
     as the `False Claims Act');''; and
       (C) by adding at the end the following:
       ``(3)(A) In the case of a violation of paragraph (1)(A), 
     (g), or (h), for purposes of a proceeding described in 
     subparagraph (A) or (C) of paragraph (2), the amount of the 
     loss to the Federal Government or the damages sustained by 
     the Federal Government, as applicable, shall be an amount 
     equal to the amount that the Federal Government paid to the 
     person that received a contract, grant, or cooperative 
     agreement described in paragraph (1)(A), (g), or (h), 
     respectively.
       ``(B) In the case of a violation of subparagraph (B) or (C) 
     of paragraph (1), for the purpose of a proceeding described 
     in subparagraph (A) or (C) of paragraph (2), the amount of 
     the loss to the Federal Government or the damages sustained 
     by the Federal Government, as applicable, shall be an amount 
     equal to the portion of any payment by the Federal Government 
     under a prime contract that was used for a subcontract 
     described in subparagraph (B) or (C) of paragraph (1), 
     respectively.
       ``(C) In a proceeding described in subparagraph (A) or (B), 
     no credit shall be applied against any loss or damages to the 
     Federal Government for the fair market value of the property 
     or services provided to the Federal Government.'';
       (2) by striking subsection (e) and inserting the following:
       ``(e) Any representation of the status of any concern or 
     person as a small business concern, a HUBZone small business 
     concern, a small business concern owned and controlled by 
     socially and economically disadvantaged individuals, a small 
     business concern owned and controlled by women, or a small 
     business concern owned and controlled by service-disabled 
     veterans, in order to obtain any prime contract, subcontract, 
     grant, or cooperative agreement described in subsection 
     (d)(1) shall be made in writing or through the Online 
     Representations and Certifications Application process 
     required under section 4.1201 of the Federal Acquisition 
     Regulation, or any successor thereto.''; and
       (3) by adding at the end the following:
       ``(g) A person shall be subject to the penalties and 
     remedies described in subsection (d)(2) if the person 
     misrepresents the status of any concern or person as a small 
     business concern, a qualified HUBZone small business concern, 
     a small business concern owned and controlled by socially and 
     economically disadvantaged individuals, a small business 
     concern owned and controlled by women, or a small business 
     concern owned and controlled by service-disabled veterans--
       ``(1) in order to allow any person to participate in any 
     program of the Administration; or
       ``(2) in relation to a protest of a contract award or 
     proposed contract award made under regulations issued by the 
     Administration.
       ``(h)(1) A person that submits a request for payment on a 
     contract or subcontract that is awarded under subsection (a) 
     or (m) of section 8, or section 9, 15, 31, or 35, shall be 
     deemed to have submitted a certification that the person 
     complied with regulations issued by the Administration 
     governing the percentage of work that the person is required 
     to perform on the contract or subcontract, unless the person 
     states, in writing, that the person did not comply with the 
     regulations.
       ``(2) A person shall be subject to the penalties and 
     remedies described in subsection (d)(2) if the person--
       ``(A) uses the services of a business other than the 
     business awarded the contract or subcontract to perform a 
     greater percentage of work under a contract than is permitted 
     by regulations issued by the Administration; or
       ``(B) willfully participates in a scheme to circumvent 
     regulations issued by the Administration governing the 
     percentage of work that a contractor is required to perform 
     on a contract.''.

     SEC. _24. VETERANS INTEGRITY IN CONTRACTING.

       (a) Definition.--Section 3(q)(1) of the Small Business Act 
     (15 U.S.C. 632(q)(1)) is amended by striking ``means a 
     veteran'' and all that follows and inserting the following: 
     ``means--
       ``(A) a veteran with a service-connected disability rated 
     by the Secretary of Veterans Affairs as zero percent or more 
     disabling; or
       ``(B) a former member of the Armed Forces who is retired, 
     separated, or placed on the temporary disability retired list 
     for physical disability under chapter 61 of title 10, United 
     States Code.''.
       (b) Veterans Contracting.--Section 4 of the Small Business 
     Act (15 U.S.C. 633) is amended by adding at the end the 
     following:
       ``(g) Veteran Status.--
       ``(1) In general.--A business concern seeking status as a 
     small business concern owned and controlled by service-
     disabled veterans shall--
       ``(A) submit an annual certification indicating that the 
     business concern is a small business concern owned and 
     controlled by service-disabled veterans by means of the 
     Online Representations and Certifications Application process 
     required under section 4.1201 of the Federal Acquisition 
     Regulation, or any successor thereto; and
       ``(B) register with--
       ``(i) the Central Contractor Registration database 
     maintained under subpart 4.11 of the Federal Acquisition 
     Regulation, or any successor thereto; and
       ``(ii) the VetBiz database of the Department of Veterans 
     Affairs, or any successor thereto.
       ``(2) Verification of status.--
       ``(A) Veterans affairs.--The Secretary of Veterans Affairs 
     shall determine whether a business concern registered with 
     the VetBiz database of the Department of Veterans Affairs, or 
     any successor thereto, as a small business concern owned and 
     controlled by veterans or a small business concern owned and 
     controlled by service-disabled veterans is owned and 
     controlled by a veteran or a service-disabled veteran, as the 
     case may be.
       ``(B) Federal agencies generally.--The head of each Federal 
     agency shall--
       ``(i) for a sole source contract awarded to a small 
     business concern owned and controlled by service-disabled 
     veterans or a contract awarded with competition restricted to 
     small business concerns owned and controlled by service-
     disabled veterans under section 36, determine whether a 
     business concern submitting a proposal for the contract is a 
     small business concern owned and controlled by service-
     disabled veterans; and
       ``(ii) use the VetBiz database of the Department of 
     Veterans Affairs, or any successor thereto, in determining 
     whether a business concern is a small business concern owned 
     and controlled by service-disabled veterans.
       ``(3) Debarment and suspension.--If the Administrator 
     determines that a business concern knowingly and willfully 
     misrepresented that the business concern is a small business 
     concern owned and controlled by service-disabled veterans, 
     the Administrator may debar or suspend the business concern 
     from contracting with the United States.''.
       (c) Integration of Databases.--Not later than 1 year after 
     the date of enactment of this Act, the Administrator for 
     Federal Procurement Policy and the Secretary of Veterans 
     Affairs shall ensure that data is shared on an ongoing basis 
     between the VetBiz database of the Department of Veterans 
     Affairs and the Central Contractor Registration database 
     maintained under subpart 4.11 of the Federal Acquisition 
     Regulation.

     SEC. _25. SECTION 8(A) PROGRAM IMPROVEMENTS.

       (a) Review of Effectiveness.--Section 8(a) of the Small 
     Business Act (15 U.S.C. 637(a)) is amended by adding at the 
     end the following:
       ``(22) Not later than 3 years after the date of enactment 
     of this paragraph, and every 3 years thereafter, the 
     Comptroller General of the United States shall--
       ``(A) conduct an evaluation of the effectiveness of the 
     program under this subsection, including an examination of--

[[Page 3609]]

       ``(i) the number and size of contracts applied for, as 
     compared to the number received by, small business concerns 
     after successfully completing the program;
       ``(ii) the percentage of small business concerns that 
     continue to operate during the 3-year period beginning on the 
     date on which the small business concerns successfully 
     complete the program;
       ``(iii) whether the business of small business concerns 
     increases during the 3-year period beginning on the date on 
     which the small business concerns successfully complete the 
     program; and
       ``(iv) the number of training sessions offered under the 
     program; and
       ``(B) submit to the Committee on Small Business and 
     Entrepreneurship of the Senate and the Committee on Small 
     Business of the House of Representatives a report regarding 
     each evaluation under subparagraph (A).''.
       (b) Other Improvements.--In order to improve the 8(a) 
     program, the Administrator shall--
       (1) not later than 90 days after the date of enactment of 
     this Act, begin to--
       (A) evaluate the feasibility of--
       (i) using additional third-party data sources;
       (ii) making unannounced visits of sites that are selected 
     randomly or using risk-based criteria;
       (iii) using fraud detection tools, including data-mining 
     techniques; and
       (iv) conducting financial and analytical training for the 
     business opportunity specialists of the Administration;
       (B) evaluate the feasibility and advisability of amending 
     regulations applicable the 8(a) program to require that 
     calculations of the adjusted net worth or total assets of an 
     individual include assets held by the spouse of the 
     individual; and
       (C) develop a more consistent enforcement strategy that 
     includes the suspension or debarment of contractors that 
     knowingly make misrepresentations in order to qualify for the 
     8(a) program; and
       (2) not later than 1 year after the date on which the 
     Comptroller General submits the report under section 
     8(a)(22)(B) of the Small Business Act, as added by subsection 
     (c), issue, in final form, proposed regulations of the 
     Administration that--
       (A) determine the economic disadvantage of a participant in 
     the 8(a) program based on the income and asset levels of the 
     participant at the time of application and annual 
     recertification for the 8(a) program; and
       (B) limit the ability of a small business concern to 
     participate in the 8(a) program if an immediate family member 
     of an owner of the small business concern is, or has been, a 
     participant in the 8(a) program, in the same industry.

     SEC. _26. HUBZONE IMPROVEMENTS.

       (a) Purpose.--The purpose of this section is to reform and 
     improve the HUBZone program of the Administration.
       (b) In General.--The Administrator shall--
       (1) ensure the HUBZone map is--
       (A) accurate and up-to-date; and
       (B) revised as new data is made available to maintain the 
     accuracy and currency of the HUBZone map;
       (2) implement policies for ensuring that only HUBZone small 
     business concerns determined to be qualified under section 
     3(p)(5) of the Small Business Act (15 U.S.C. 632(p)(5)) are 
     participating in the HUBZone program, including through the 
     appropriate use of technology to control costs and maximize, 
     among other benefits, uniformity, completeness, simplicity, 
     and efficiency;
       (3) submit to the Committee on Small Business and 
     Entrepreneurship of the Senate and the Committee on Small 
     Business of the House of Representatives a report regarding 
     any application to be designated as a HUBZone small business 
     concern or for recertification for which the Administrator 
     has not made a determination as of the date that is 60 days 
     after the date on which the application was submitted or 
     initiated, which shall include a plan and timetable for 
     ensuring the timely processing of the applications; and
       (4) develop measures and implement plans to assess the 
     effectiveness of the HUBZone program that--
       (A) require the identification of a baseline point in time 
     to allow the assessment of economic development under the 
     HUBZone program, including creating additional jobs; and
       (B) take into account--
       (i) the economic characteristics of the HUBZone; and
       (ii) contracts being counted under multiple socioeconomic 
     subcategories.
       (c) Employment Percentage.--Section 3(p) of the Small 
     Business Act (15 U.S.C. 632(p)) is amended--
       (1) in paragraph (5), by adding at the end the following:
       ``(E) Employment percentage during interim period.--
       ``(i) Definition.--In this subparagraph, the term `interim 
     period' means the period beginning on the date on which the 
     Administrator determines that a HUBZone small business 
     concern is qualified under subparagraph (A) and ending on the 
     day before the date on which a contract under the HUBZone 
     program for which the HUBZone small business concern submits 
     a bid is awarded.
       ``(ii) Interim period.--During the interim period, the 
     Administrator may not determine that the HUBZone small 
     business is not qualified under subparagraph (A) based on a 
     failure to meet the applicable employment percentage under 
     subparagraph (A)(i)(I), unless the HUBZone small business 
     concern--

       ``(I) has not attempted to maintain the applicable 
     employment percentage under subparagraph (A)(i)(I); or
       ``(II) does not meet the applicable employment percentage--

       ``(aa) on the date on which the HUBZone small business 
     concern submits a bid for a contract under the HUBZone 
     program; or
       ``(bb) on the date on which the HUBZone small business 
     concern is awarded a contract under the HUBZone program.''; 
     and
       (2) by adding at the end the following:
       ``(8) Hubzone program.--The term `HUBZone program' means 
     the program established under section 31.
       ``(9) Hubzone map.--The term `HUBZone map' means the map 
     used by the Administration to identify HUBZones.''.
       (d) Redesignated Areas.--Section 3(p)(4)(C)(i) of the Small 
     Business Act (15 U.S.C. 632(p)(4)(C)(i)) is amended to read 
     as follows:
       ``(i) 3 years after the first date on which the 
     Administrator publishes a HUBZone map that is based on the 
     results from the 2010 decennial census; or''.

     SEC. _27. ANNUAL REPORT ON SUSPENSION, DEBARMENT, AND 
                   PROSECUTION.

       The Administrator shall submit an annual report to the 
     Committee on Small Business and Entrepreneurship of the 
     Senate and the Committee on Small Business of the House of 
     Representatives that contains--
       (1) the number of debarments from participation in programs 
     of the Administration issued by the Administrator during the 
     1-year period preceding the date of the report, including--
       (A) the number of debarments that were based on a 
     conviction; and
       (B) the number of debarments that were fact-based and did 
     not involve a conviction;
       (2) the number of suspensions from participation in 
     programs of the Administration issued by the Administrator 
     during the 1-year period preceding the date of the report, 
     including--
       (A) the number of suspensions issued that were based upon 
     indictments; and
       (B) the number of suspensions issued that were fact-based 
     and did not involve an indictment;
       (3) the number of suspension and debarments issued by the 
     Administrator during the 1-year period preceding the date of 
     the report that were based upon referrals from offices of the 
     Administration, other than the Office of Inspector General;
       (4) the number of suspension and debarments issued by the 
     Administrator during the 1-year period preceding the date of 
     the report based upon referrals from the Office of Inspector 
     General; and
       (5) the number of persons that the Administrator declined 
     to debar or suspend after a referral described in paragraph 
     (4), and the reason for each such decision.
                                 ______
                                 
  SA 1900. Ms. SNOWE (for herself, Ms. Landrieu, Mr. Coburn, and Mr. 
Kerry) submitted an amendment intended to be proposed by her to the 
bill H.R. 3606, to increase American job creation and economic growth 
by improving access to the public capital markets for emerging growth 
companies; which was ordered to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. __. NATIONAL VETERANS BUSINESS DEVELOPMENT CORPORATION.

       (a) In General.--The Small Business Act (15 U.S.C. 631 et 
     seq.) is amended by striking section 33 (15 U.S.C. 657c).
       (b) Corporation.--On and after the date of enactment of 
     this Act, the National Veterans Business Development 
     Corporation and any successor thereto may not represent that 
     the corporation is federally chartered or in any other manner 
     authorized by the Federal Government.
       (c) Conforming Amendments.--
       (1) Small business act.--The Small Business Act (15 U.S.C. 
     631 et seq.), as amended by this section, is amended--
       (A) by redesignating sections 34 through 45 as sections 33 
     through 44, respectively;
       (B) in section 9(k)(1)(D) (15 U.S.C. 638(k)(1)(D)), by 
     striking ``section 34(d)'' and inserting ``section 33(d)'';
       (C) in section 33 (15 U.S.C. 657d), as so redesignated--
       (i) by striking ``section 35'' each place it appears and 
     inserting ``section 34'';
       (ii) in subsection (a)--

       (I) in paragraph (2), by striking ``section 35(c)(2)(B)'' 
     and inserting ``section 34(c)(2)(B)'';
       (II) in paragraph (4), by striking ``section 35(c)(2)'' and 
     inserting ``section 34(c)(2)''; and
       (III) in paragraph (5), by striking ``section 35(c)'' and 
     inserting ``section 34(c)''; and

       (iii) in subsection (h)(2), by striking ``section 35(d)'' 
     and inserting ``section 34(d)'';
       (D) in section 34 (15 U.S.C. 657e), as so redesignated--
       (i) by striking ``section 34'' each place it appears and 
     inserting ``section 33''; and

[[Page 3610]]

       (ii) in subsection (c)(1), by striking section 
     ``34(c)(1)(E)(ii)'' and inserting section 
     ``33(c)(1)(E)(ii)'';
       (E) in section 36(d) (15 U.S.C. 657i(d)), as so 
     redesignated, by striking ``section 43'' and inserting 
     ``section 42'';
       (F) in section 39(d) (15 U.S.C. 657l(d)), as so 
     redesignated, by striking ``section 43'' and inserting 
     ``section 42''; and
       (G) in section 40(b) (15 U.S.C. 657m(b)), as so 
     redesignated, by striking ``section 43'' and inserting 
     ``section 42''.
       (2) Title 10.--Section 1142(b)(13) of title 10, United 
     States Code, is amended by striking ``and the National 
     Veterans Business Development Corporation''.
       (3) Title 38.--Section 3452(h) of title 38, United States 
     Code, is amended by striking ``any of the'' and all that 
     follows and inserting ``any small business development center 
     described in section 21 of the Small Business Act (15 U.S.C. 
     648), insofar as such center offers, sponsors, or cosponsors 
     an entrepreneurship course, as that term is defined in 
     section 3675(c)(2).''.
       (4) Food, conservation, and energy act of 2008.--Section 
     12072(c)(2) of the Food, Conservation, and Energy Act of 2008 
     (15 U.S.C. 636g(c)(2)) is amended by striking ``section 43 of 
     the Small Business Act, as added by this Act'' and inserting 
     ``section 42 of the Small Business Act (15 U.S.C. 657o)''.
       (5) Veterans entrepreneurship and small business 
     development act of 1999.--Section 203(c)(5) of the Veterans 
     Entrepreneurship and Small Business Development Act of 1999 
     (15 U.S.C. 657b note) is amended by striking ``In cooperation 
     with the National Veterans Business Development Corporation, 
     develop'' and inserting ``Develop''.
                                 ______
                                 
  SA 1901. Mr. RUBIO (for himself, Mr. Nelson of Florida, and Mr. 
Cornyn) submitted an amendment intended to be proposed by him to the 
bill H.R. 3606, to increase American job creation and economic growth 
by improving access to the public capital markets for emerging growth 
companies; which was ordered to lie on the table; as follows:

       At the end, add the following:

                       TITLE _--OTHER PROVISIONS

     SEC. _01. PROHIBITION ON TREASURY REGULATIONS WITH RESPECT TO 
                   INFORMATION REPORTING ON CERTAIN INTEREST PAID 
                   TO NONRESIDENT ALIENS.

       Except to the extent provided in Treasury Regulations as in 
     effect on February 21, 2011, the Secretary of the Treasury 
     shall not require (by regulation or otherwise) that an 
     information return be made by a payor of interest in the case 
     of interest--
       (1) which is described in section 871(i)(2)(A) of the 
     Internal Revenue Code of 1986, and
       (2) which is paid--
       (A) to a nonresident alien, and
       (B) on a deposit maintained at an office within the United 
     States.
                                 ______
                                 
  SA 1902. Ms. LANDRIEU submitted an amendment intended to be proposed 
by her to the bill H.R. 3606, to increase American job creation and 
economic growth by improving access to the public capital markets for 
emerging growth companies; which was ordered to lie on the table; as 
follows:

       Strike section 602 and insert the following:

     SEC. 602. THRESHOLD FOR REGISTRATION.

       Section 12(g)(1) of the Securities Exchange Act of 1934 (15 
     U.S.C. 78l(g)(1)) is amended by striking ``shall--'' and all 
     that follows through ``register such'' and inserting ``shall, 
     not later than 120 days after the last day of any fiscal year 
     of the issuer on which the issuer has total assets exceeding 
     $10,000,000 and a class of equity securities (other than an 
     exempted security) held of record by 750 persons or more (or, 
     in the case of an issuer that is a bank or a bank holding 
     company, as such term is defined in section 2 of the Bank 
     Holding Company Act of 1956 (12 U.S.C. 1841), by 1,250 
     persons or more), register such''.
                                 ______
                                 
  SA 1903. Mr. REID (for Mrs. Boxer) proposed an amendment to the bill 
S. 1813, to reauthorize Federal-aid highway and highway safety 
construction programs, and for other purposes; as follows:

       Strike title V of division C with the heading entitled 
     ``Research and Innovative Technology Administration 
     Reauthorization Act of 2012''.

                          ____________________