    [United States Statutes at Large, Volume 124, 111th Congress, 2nd Session]
    [From the U.S. Government Publishing Office, www.gpo.gov]

    Public Law 111-240
    111th Congress

    An Act

    To create the Small Business Lending Fund Program to direct the
    Secretary of the Treasury to make capital investments in eligible
    institutions in order to increase the availability of credit for small
    businesses, to amend the Internal Revenue Code of 1986 to provide tax
    incentives for small business job creation, and for other
    purposes. <>

    Be it enacted by the Senate and House of Representatives of the
    United States of America in Congress assembled, <>
    SECTION 1. <>  SHORT TITLE.

    This Act may be cited as the ``Small Business Jobs Act of 2010''.
    SEC. 2. TABLE OF CONTENTS.

    The table of contents for this Act is as follows:

    Sec. 1. Short title.
    Sec. 2. Table of contents.

    TITLE I--SMALL BUSINESSES

    Sec. 1001. Definitions.

    Subtitle A--Small Business Access to Credit

    Sec. 1101. Short title.

    PART I--Next Steps for Main Street Credit Availability

    Sec. 1111. Section 7(a) business loans.
    Sec. 1112. Maximum loan amounts under 504 program.
    Sec. 1113. Maximum loan limits under microloan program.
    Sec. 1114. Loan guarantee enhancement extensions.
    Sec. 1115. New Markets Venture Capital company investment limitations.
    Sec. 1116. Alternative size standards.
    Sec. 1117. Sale of 7(a) loans in secondary market.
    Sec. 1118. Online lending platform.
    Sec. 1119. SBA Secondary Market Guarantee Authority.

    PART II--Small Business Access to Capital

    Sec. 1122. Low-interest refinancing under the local development business
    loan program.

    PART III--Other Matters

    Sec. 1131. Small business intermediary lending pilot program.
    Sec. 1132. Public policy goals.
    Sec. 1133. Floor plan pilot program extension.
    Sec. 1134. Guarantees for bonds and notes issued for community or
    economic development purposes.
    Sec. 1135. Temporary express loan enhancement.
    Sec. 1136. Prohibition on using TARP funds or tax increases.

    Subtitle B--Small Business Trade and Exporting

    Sec. 1201. Short title.
    Sec. 1202. Definitions.

    [[Page 2505]]

    Sec. 1203. Office of International Trade.
    Sec. 1204. Duties of the Office of International Trade.
    Sec. 1205. Export assistance centers.
    Sec. 1206. International trade finance programs.
    Sec. 1207. State Trade and Export Promotion Grant Program.
    Sec. 1208. Rural export promotion.
    Sec. 1209. International trade cooperation by small business development
    centers.

    Subtitle C--Small Business Contracting

    PART I--Contract Bundling

    Sec. 1311. Small Business Act.
    Sec. 1312. Leadership and oversight.
    Sec. 1313. Consolidation of contract requirements.
    Sec. 1314. Small business teams pilot program.

    PART II--Subcontracting Integrity

    Sec. 1321. Subcontracting misrepresentations.
    Sec. 1322. Small business subcontracting improvements.

    PART III--Acquisition Process

    Sec. 1331. Reservation of prime contract awards for small businesses.
    Sec. 1332. Micro-purchase guidelines.
    Sec. 1333. Agency accountability.
    Sec. 1334. Payment of subcontractors.
    Sec. 1335. Repeal of Small Business Competitiveness Demonstration
    Program.

    PART IV--Small Business Size and Status Integrity

    Sec. 1341. Policy and presumptions.
    Sec. 1342. Annual certification.
    Sec. 1343. Training for contracting and enforcement personnel.
    Sec. 1344. Updated size standards.
    Sec. 1345. Study and report on the mentor-protege program.
    Sec. 1346. Contracting goals reports.
    Sec. 1347. Small business contracting parity.

    Subtitle D--Small Business Management and Counseling Assistance

    Sec. 1401. Matching requirements under small business programs.
    Sec. 1402. Grants for SBDCs.

    Subtitle E--Disaster Loan Improvement

    Sec. 1501. Aquaculture business disaster assistance.

    Subtitle F--Small Business Regulatory Relief

    Sec. 1601. Requirements providing for more detailed analyses.
    Sec. 1602. Office of advocacy.

    Subtitle G--Appropriations Provisions

    Sec. 1701. Salaries and expenses.
    Sec. 1702. Business loans program account.
    Sec. 1703. Community Development Financial Institutions Fund program
    account.
    Sec. 1704. Small business loan guarantee enhancement extensions.

    TITLE II--TAX PROVISIONS

    Sec. 2001. Short title.

    Subtitle A--Small Business Relief

    PART I--Providing Access to Capital

    Sec. 2011. Temporary exclusion of 100 percent of gain on certain small
    business stock.
    Sec. 2012. General business credits of eligible small businesses for
    2010 carried back 5 years.
    Sec. 2013. General business credits of eligible small businesses in 2010
    not subject to alternative minimum tax.
    Sec. 2014. Temporary reduction in recognition period for built-in gains
    tax.

    PART II--Encouraging Investment

    Sec. 2021. Increased expensing limitations for 2010 and 2011; certain
    real property treated as section 179 property.

    [[Page 2506]]

    Sec. 2022. Additional first-year depreciation for 50 percent of the
    basis of certain qualified property.
    Sec. 2023. Special rule for long-term contract accounting.

    PART III--Promoting Entrepreneurship

    Sec. 2031. Increase in amount allowed as deduction for start-up
    expenditures in 2010.
    Sec. 2032. Authorization of appropriations for the United States Trade
    Representative to develop market access opportunities for
    United States small- and medium-sized businesses and to
    enforce trade agreements.

    PART IV--Promoting Small Business Fairness

    Sec. 2041. Limitation on penalty for failure to disclose reportable
    transactions based on resulting tax benefits.
    Sec. 2042. Deduction for health insurance costs in computing self-
    employment taxes in 2010.
    Sec. 2043. Removal of cellular telephones and similar telecommunications
    equipment from listed property.

    Subtitle B--Revenue Provisions

    PART I--Reducing the Tax Gap

    Sec. 2101. Information reporting for rental property expense payments.
    Sec. 2102. Increase in information return penalties.
    Sec. 2103. Report on tax shelter penalties and certain other enforcement
    actions.
    Sec. 2104. Application of continuous levy to tax liabilities of certain
    Federal contractors.

    PART II--Promoting Retirement Preparation

    Sec. 2111. Participants in government section 457 plans allowed to treat
    elective deferrals as Roth contributions.
    Sec. 2112. Rollovers from elective deferral plans to designated Roth
    accounts.
    Sec. 2113. Special rules for annuities received from only a portion of a
    contract.

    PART III--Closing Unintended Loopholes

    Sec. 2121. Crude tall oil ineligible for cellulosic biofuel producer
    credit.
    Sec. 2122. Source rules for income on guarantees.

    PART IV--Time for Payment of Corporate Estimated Taxes

    Sec. 2131. Time for payment of corporate estimated taxes.

    TITLE III--STATE SMALL BUSINESS CREDIT INITIATIVE

    Sec. 3001. Short title.
    Sec. 3002. Definitions.
    Sec. 3003. Federal funds allocated to States.
    Sec. 3004. Approving States for participation.
    Sec. 3005. Approving State capital access programs.
    Sec. 3006. Approving collateral support and other innovative credit
    access and guarantee initiatives for small businesses and
    manufacturers.
    Sec. 3007. Reports.
    Sec. 3008. Remedies for State program termination or failures.
    Sec. 3009. Implementation and administration.
    Sec. 3010. Regulations.
    Sec. 3011. Oversight and audits.

    TITLE IV--ADDITIONAL SMALL BUSINESS PROVISIONS

    Subtitle A--Small Business Lending Fund

    Sec. 4101. Purpose.
    Sec. 4102. Definitions.
    Sec. 4103. Small business lending fund.
    Sec. 4104. Additional authorities of the Secretary.
    Sec. 4105. Considerations.
    Sec. 4106. Reports.
    Sec. 4107. Oversight and audits.
    Sec. 4108. Credit reform; funding.
    Sec. 4109. Termination and continuation of authorities.
    Sec. 4110. Preservation of authority.
    Sec. 4111. Assurances.
    Sec. 4112. Study and report with respect to women-owned, veteran-owned,
    and minority-owned businesses.

    [[Page 2507]]

    Sec. 4113. Sense of Congress.

    Subtitle B--Other Provisions

    PART I--Small Business Export Promotion Initiatives

    Sec. 4221. Short title.
    Sec. 4222. Global business development and promotion activities of the
    Department of Commerce.
    Sec. 4223. Additional funding to improve access to global markets for
    rural businesses.
    Sec. 4224. Additional funding for the ExporTech program.
    Sec. 4225. Additional funding for the market development cooperator
    program of the Department of Commerce.
    Sec. 4226. Hollings Manufacturing Partnership Program; Technology
    Innovation Program.
    Sec. 4227. Sense of the Senate concerning Federal collaboration with
    States on export promotion issues.
    Sec. 4228. Report on tariff and nontariff barriers.

    PART II--Medicare Fraud

    Sec. 4241. Use of predictive modeling and other analytics technologies
    to identify and prevent waste, fraud, and abuse in the
    Medicare fee-for-service program.

    TITLE V--BUDGETARY PROVISIONS

    Sec. 5001. Determination of budgetary effects.

    TITLE I--SMALL BUSINESSES

    SEC. 1001. <>  DEFINITIONS.

    In this title--
    (1) the terms ``Administration'' and ``Administrator'' mean
    the Small Business Administration and the Administrator thereof,
    respectively; and
    (2) the term ``small business concern'' has the meaning
    given that term under section 3 of the Small Business Act (15
    U.S.C. 632).

    Subtitle A <> --Small Business Access to Credit
    SEC. 1101. <>  SHORT TITLE.

    This subtitle may be cited as the ``Small Business Job Creation and
    Access to Capital Act of 2010''.

    PART I--NEXT STEPS FOR MAIN STREET CREDIT AVAILABILITY

    SEC. 1111. SECTION 7(a) BUSINESS LOANS.

    (a) Amendment.--Section 7(a) of the Small Business Act (15 U.S.C.
    636(a)) is amended--
    (1) in paragraph (2)(A)--
    (A) in clause (i), by striking ``75 percent'' and
    inserting ``90 percent''; and
    (B) in clause (ii), by striking ``85 percent'' and
    inserting ``90 percent''; and
    (2) in paragraph (3)(A), by striking ``$1,500,000 (or if the
    gross loan amount would exceed $2,000,000'' and inserting
    ``$4,500,000 (or if the gross loan amount would exceed
    $5,000,000''.

    [[Page 2508]]

    (b) <>  Prospective
    Repeal.--Effective January 1, 2011, section 7(a) of the Small Business
    Act (15 U.S.C. 636(a)) is amended--
    (1) in paragraph (2)(A)--
    (A) in clause (i), by striking ``90 percent'' and
    inserting ``75 percent''; and
    (B) in clause (ii), by striking ``90 percent'' and
    inserting ``85 percent''; and
    (2) in paragraph (3)(A), by striking ``$4,500,000'' and
    inserting ``$3,750,000''.
    SEC. 1112. MAXIMUM LOAN AMOUNTS UNDER 504 PROGRAM.

    Section 502(2)(A) of the Small Business Investment Act of 1958 (15
    U.S.C. 696(2)(A)) is amended--
    (1) in clause (i), by striking ``$1,500,000'' and inserting
    ``$5,000,000'';
    (2) in clause (ii), by striking ``$2,000,000'' and inserting
    ``$5,000,000'';
    (3) in clause (iii), by striking ``$4,000,000'' and
    inserting ``$5,500,000'';
    (4) in clause (iv), by striking ``$4,000,000'' and inserting
    ``$5,500,000''; and
    (5) in clause (v), by striking ``$4,000,000'' and inserting
    ``$5,500,000''.
    SEC. 1113. MAXIMUM LOAN LIMITS UNDER MICROLOAN PROGRAM.

    Section 7(m) of the Small Business Act (15 U.S.C. 636(m)) is
    amended--
    (1) in paragraph (1)(B)(iii), by striking ``$35,000'' and
    inserting ``$50,000'';
    (2) in paragraph (3)--
    (A) in subparagraph (C), by striking ``$3,500,000''
    and inserting ``$5,000,000''; and
    (B) in subparagraph (E), by striking ``$35,000''
    each place that term appears and inserting ``$50,000'';
    and
    (3) in paragraph (11)(B), by striking ``$35,000'' and
    inserting ``$50,000''.
    SEC. 1114. LOAN GUARANTEE ENHANCEMENT EXTENSIONS.

    (a) Fees.--Section 501 of the American Recovery and Reinvestment Act
    of 2009 (Public Law 111-5; 123 Stat. 151) is amended by striking
    ``September 30, 2010'' each place that term appears and inserting
    ``December 31, 2010''.
    (b) Loan Guarantees.--Section 502(f) of division A of the American
    Recovery and Reinvestment Act of 2009 (Public Law 111-5; 123 Stat. 153)
    is amended by striking ``May 31, 2010'' and inserting ``December 31,
    2010''.
    SEC. 1115. NEW MARKETS VENTURE CAPITAL COMPANY INVESTMENT
    LIMITATIONS.

    Section 355 of the Small Business Investment Act of 1958 (15 U.S.C.
    689d) is amended by adding at the end the following:
    ``(e) Investment Limitations.--
    ``(1) Definition.--In this subsection, the term `covered New
    Markets Venture Capital company' means a New Markets Venture
    Capital company--
    ``(A) granted final approval by the Administrator
    under section 354(e) on or after March 1, 2002; and

    [[Page 2509]]

    ``(B) that has obtained a financing from the
    Administrator.
    ``(2) Limitation.--Except to the extent approved by the
    Administrator, a covered New Markets Venture Capital company may
    not acquire or issue commitments for securities under this title
    for any single enterprise in an aggregate amount equal to more
    than 10 percent of the sum of--
    ``(A) the regulatory capital of the covered New
    Markets Venture Capital company; and
    ``(B) the total amount of leverage projected in the
    participation agreement of the covered New Markets
    Venture Capital.''.
    SEC. 1116. ALTERNATIVE SIZE STANDARDS.

    Section 3(a) of the Small Business Act (15 U.S.C. 632(a)) is amended
    by adding at the end the following:
    ``(5) Alternative Size Standard.--
    ``(A) In general.--The Administrator shall establish an
    alternative size standard for applicants for business loans
    under section 7(a) and applicants for development company loans
    under title V of the Small Business Investment Act of 1958 (15
    U.S.C. 695 et seq.), that uses maximum tangible net worth and
    average net income as an alternative to the use of industry
    standards.
    ``(B) Interim rule.--Until the date on which the alternative
    size standard established under subparagraph (A) is in effect,
    an applicant for a business loan under section 7(a) or an
    applicant for a development company loan under title V of the
    Small Business Investment Act of 1958 may be eligible for such a
    loan if--
    ``(i) the maximum tangible net worth of the
    applicant is not more than $15,000,000; and
    ``(ii) the average net income after Federal income
    taxes (excluding any carry-over losses) of the applicant
    for the 2 full fiscal years before the date of the
    application is not more than $5,000,000.''.
    SEC. 1117. SALE OF 7(a) LOANS IN SECONDARY MARKET.

    Section 5(g) of the Small Business Act (15 U.S.C. 634(g)) is amended
    by adding at the end the following:
    ``(6) If the amount of the guaranteed portion of any loan under
    section 7(a) is more than $500,000, the Administrator shall, upon
    request of a pool assembler, divide the loan guarantee into increments
    of $500,000 and 1 increment of any remaining amount less than $500,000,
    in order to permit the maximum amount of any loan in a pool to be not
    more than $500,000. Only 1 increment of any loan guarantee divided under
    this paragraph may be included in the same pool. Increments of loan
    guarantees to different borrowers that are divided under this paragraph
    may be included in the same pool.''.
    SEC. 1118. ONLINE LENDING PLATFORM.

    It is the sense of Congress that the Administrator of the Small
    Business Administration should establish a website that--
    (1) lists each lender that makes loans guaranteed by the
    Small Business Administration and provides information about the
    loan rates of each such lender; and

    [[Page 2510]]

    (2) allows prospective borrowers to compare rates on loans
    guaranteed by the Small Business Administration.
    SEC. 1119. SBA SECONDARY MARKET GUARANTEE AUTHORITY.

    Section 503(f) of division A of the American Recovery and
    Reinvestment Act of 2009 (Public Law 111-5; 123 Stat. 155) is amended by
    striking ``on the date 2 years after the date of enactment of this
    section'' and inserting ``2 years after the date of the first sale of a
    pool of first lien position 504 loans guaranteed under this section to a
    third-party investor''.

    PART II--SMALL BUSINESS ACCESS TO CAPITAL

    SEC. 1122. LOW-INTEREST REFINANCING UNDER THE LOCAL DEVELOPMENT
    BUSINESS LOAN PROGRAM.

    (a) Refinancing.--Section 502(7) of the Small Business Investment
    Act of 1958 (15 U.S.C. 696(7)) is amended by adding at the end the
    following:
    ``(C) Refinancing not involving expansions.--
    ``(i) Definitions.--In this subparagraph--
    ``(I) the term `borrower' means a
    small business concern that submits an
    application to a development company for
    financing under this subparagraph;
    ``(II) the term `eligible fixed
    asset' means tangible property relating
    to which the Administrator may provide
    financing under this section; and
    ``(III) the term `qualified debt'
    means indebtedness--
    ``(aa) that--
    ``(AA) was incurred not
    less than 2 years before the
    date of the application for
    assistance under this
    subparagraph;
    ``(BB) is a commercial
    loan;
    ``(CC) is not subject to
    a guarantee by a Federal
    agency;
    ``(DD) the proceeds of
    which were used to acquire
    an eligible fixed asset;
    ``(EE) was incurred for
    the benefit of the small
    business concern; and
    ``(FF) is collateralized
    by eligible fixed assets;
    and
    ``(bb) for which the
    borrower has been current on all
    payments for not less than 1
    year before the date of the
    application.
    ``(ii) Authority.--A project that does not
    involve the expansion of a small business concern
    may include the refinancing of qualified debt if--
    ``(I) the amount of the financing is
    not more than 90 percent of the value of
    the collateral for the financing, except
    that, if the appraised value of the
    eligible fixed assets serving as
    collateral for the financing is less
    than the amount equal to 125 percent of
    the amount of the financing, the
    borrower may provide additional cash or
    other collateral to eliminate any
    deficiency;

    [[Page 2511]]

    ``(II) the borrower has been in
    operation for all of the 2-year period
    ending on the date of the loan; and
    ``(III) for a financing for which
    the Administrator determines there will
    be an additional cost attributable to
    the refinancing of the qualified debt,
    the borrower agrees to pay a fee in an
    amount equal to the anticipated
    additional cost.
    ``(iii) Financing for business expenses.--
    ``(I) Financing for business
    expenses.--The Administrator may provide
    financing to a borrower that receives
    financing that includes a refinancing of
    qualified debt under clause (ii), in
    addition to the refinancing under clause
    (ii), to be used solely for the payment
    of business expenses.
    ``(II) Application for financing.--
    An application for financing under
    subclause (I) shall include--
    ``(aa) a specific
    description of the expenses for
    which the additional financing
    is requested; and
    ``(bb) an itemization of the
    amount of each expense.
    ``(III) Condition on additional
    financing.--A borrower may not use any
    part of the financing under this clause
    for non-business purposes.
    ``(iv) Loans based on jobs.--
    ``(I) Job creation and retention
    goals.--
    ``(aa) In general.--The
    Administrator may provide
    financing under this
    subparagraph for a borrower that
    meets the job creation goals
    under subsection (d) or (e) of
    section 501.
    ``(bb) Alternate job
    retention goal.--The
    Administrator may provide
    financing under this
    subparagraph to a borrower that
    does not meet the goals
    described in item (aa) in an
    amount that is not more than the
    product obtained by multiplying
    the number of employees of the
    borrower by $65,000.
    ``(II) Number of employees.--For
    purposes of subclause (I), the number of
    employees of a borrower is equal to the
    sum of--
    ``(aa) the number of full-
    time employees of the borrower
    on the date on which the
    borrower applies for a loan
    under this subparagraph; and
    ``(bb) the product obtained
    by multiplying--
    ``(AA) the number of
    part-time employees of the
    borrower on the date on
    which the borrower applies
    for a loan under this
    subparagraph; by
    ``(BB) the quotient
    obtained by dividing the
    average number of hours each
    part time employee of the
    borrower works each week by
    40.

    [[Page 2512]]

    ``(v) Nondelegation.--Notwithstanding section
    508(e), the Administrator may not permit a premier
    certified lender to approve or disapprove an
    application for assistance under this
    subparagraph.
    ``(vi) Total amount of loans.--The
    Administrator may provide not more than a total of
    $7,500,000,000 of financing under this
    subparagraph for each fiscal year.''.

    (b) <>  Prospective
    Repeal.--Effective 2 years after the date of enactment of this Act,
    section 502(7) of the Small Business Investment Act of 1958 (15 U.S.C.
    696(7)) is amended by striking subparagraph (C).

    (c) Technical Correction.--Section 502(2)(A)(i) of the Small
    Business Investment Act of 1958 (15 U.S.C. 696(2)(A)(i)) is amended by
    striking ``subparagraph (B) or (C)'' and inserting ``clause (ii), (iii),
    (iv), or (v)''.

    PART III--OTHER MATTERS

    SEC. 1131. SMALL BUSINESS INTERMEDIARY LENDING PILOT PROGRAM.

    (a) In General.--Section 7 of the Small Business Act (15 U.S.C. 636)
    is amended by striking subsection (l) and inserting the following:
    ``(l) Small Business Intermediary Lending Pilot Program.--
    ``(1) Definitions.--In this subsection--
    ``(A) the term `eligible intermediary'--
    ``(i) means a private, nonprofit entity that--
    ``(I) seeks or has been awarded a
    loan from the Administrator to make
    loans to small business concerns under
    this subsection; and
    ``(II) has not less than 1 year of
    experience making loans to startup,
    newly established, or growing small
    business concerns; and
    ``(ii) includes--
    ``(I) a private, nonprofit community
    development corporation;
    ``(II) a consortium of private,
    nonprofit organizations or nonprofit
    community development corporations; and
    ``(III) an agency of or nonprofit
    entity established by a Native American
    Tribal Government; and
    ``(B) the term `Program' means the small business
    intermediary lending pilot program established under
    paragraph (2).
    ``(2) Establishment.--There is established a 3-year small
    business intermediary lending pilot program, under which the
    Administrator may make direct loans to eligible intermediaries,
    for the purpose of making loans to startup, newly established,
    and growing small business concerns.
    ``(3) Purposes.--The purposes of the Program are--
    ``(A) to assist small business concerns in areas
    suffering from a lack of credit due to poor economic
    conditions or changes in the financial market; and
    ``(B) to establish a loan program under which the
    Administrator may provide loans to eligible
    intermediaries

    [[Page 2513]]

    to enable the eligible intermediaries to provide loans
    to startup, newly established, and growing small
    business concerns for working capital, real estate, or
    the acquisition of materials, supplies, or equipment.
    ``(4) Loans to eligible intermediaries.--
    ``(A) Application.--Each eligible intermediary
    desiring a loan under this subsection shall submit an
    application to the Administrator that describes--
    ``(i) the type of small business concerns to
    be assisted;
    ``(ii) the size and range of loans to be made;
    ``(iii) the interest rate and terms of loans
    to be made;
    ``(iv) the geographic area to be served and
    the economic, poverty, and unemployment
    characteristics of the area;
    ``(v) the status of small business concerns in
    the area to be served and an analysis of the
    availability of credit; and
    ``(vi) the qualifications of the applicant to
    carry out this subsection.
    ``(B) Loan limits.--No loan may be made to an
    eligible intermediary under this subsection if the total
    amount outstanding and committed to the eligible
    intermediary by the Administrator would, as a result of
    such loan, exceed $1,000,000 during the participation of
    the eligible intermediary in the Program.
    ``(C) Loan duration.--Loans made by the
    Administrator under this subsection shall be for a term
    of 20 years.
    ``(D) Applicable interest rates.--Loans made by the
    Administrator to an eligible intermediary under the
    Program shall bear an annual interest rate equal to 1.00
    percent.
    ``(E) Fees; collateral.--The Administrator may not
    charge any fees or require collateral with respect to
    any loan made to an eligible intermediary under this
    subsection.
    ``(F) Delayed payments.--The Administrator shall not
    require the repayment of principal or interest on a loan
    made to an eligible intermediary under the Program
    during the 2-year period beginning on the date of the
    initial disbursement of funds under that loan.
    ``(G) Maximum participants and amounts.--During each
    of fiscal years 2011, 2012, and 2013, the Administrator
    may make loans under the Program--
    ``(i) to not more than 20 eligible
    intermediaries; and
    ``(ii) in a total amount of not more than
    $20,000,000.
    ``(5) Loans to small business concerns.--
    ``(A) In general.--The Administrator, through an
    eligible intermediary, shall make loans to startup,
    newly established, and growing small business concerns
    for working capital, real estate, and the acquisition of
    materials, supplies, furniture, fixtures, and equipment.

    [[Page 2514]]

    ``(B) Maximum loan.--An eligible intermediary may
    not make a loan under this subsection of more than
    $200,000 to any 1 small business concern.
    ``(C) Applicable interest rates.--A loan made by an
    eligible intermediary to a small business concern under
    this subsection, may have a fixed or a variable interest
    rate, and shall bear an interest rate specified by the
    eligible intermediary in the application of the eligible
    intermediary for a loan under this subsection.
    ``(D) Review restrictions.--The Administrator may
    not review individual loans made by an eligible
    intermediary to a small business concern before approval
    of the loan by the eligible intermediary.
    ``(6) Termination.--The authority of the Administrator to
    make loans under the Program shall terminate 3 years after the
    date of enactment of the Small Business Job Creation and Access
    to Capital Act of 2010.''.

    (b) <>  Rulemaking Authority.--Not
    later than 180 days after the date of enactment of this Act, the
    Administrator shall issue regulations to carry out section 7(l) of the
    Small Business Act, as amended by subsection (a).

    (c) <>  Availability of Funds.--Any amounts
    provided to the Administrator for the purposes of carrying out section
    7(l) of the Small Business Act, as amended by subsection (a), shall
    remain available until expended.
    SEC. 1132. PUBLIC POLICY GOALS.

    Section 501(d)(3) of the Small Business Investment Act of 1958 (15
    U.S.C. 695(d)(3)) is amended--
    (1) in subparagraph (J), by striking ``or'' at the end;
    (2) in subparagraph (K), by striking the period at the end
    and inserting ``, or''; and
    (3) by adding at the end the following:
    ``(L) reduction of rates of unemployment in labor
    surplus areas, as such areas are determined by the
    Secretary of Labor.''.
    SEC. 1133. FLOOR PLAN PILOT PROGRAM EXTENSION.

    (a) In General.--Section 7(a) of the Small Business Act (15 U.S.C.
    636(a)) is amended--
    (1) by redesignating paragraph (32), relating to increased
    veteran participation, as added by section 208 of the Military
    Reservist and Veteran Small Business Reauthorization and
    Opportunity Act of 2008 (Public Law 110-186; 122 Stat. 631), as
    paragraph (33); and
    (2) by adding at the end the following:
    ``(34) Floor plan financing program.--
    ``(A) Definition.--In this paragraph, the term
    `eligible retail good'--
    ``(i) means a good for which a title may be
    obtained under State law; and
    ``(ii) includes an automobile, recreational
    vehicle, boat, and manufactured home.
    ``(B) Program.--The Administrator may guarantee the
    timely payment of an open-end extension of credit to a
    small business concern, the proceeds of which may be
    used for the purchase of eligible retail goods for
    resale.

    [[Page 2515]]

    ``(C) Amount.--An open-end extension of credit
    guaranteed under this paragraph shall be in an amount
    not less than $500,000 and not more than $5,000,000.
    ``(D) Term.--An open-end extension of credit
    guaranteed under this paragraph shall have a term of not
    more than 5 years.
    ``(E) Guarantee percentage.--The Administrator may
    guarantee--
    ``(i) not less than 60 percent of an open-end
    extension of credit under this paragraph; and
    ``(ii) not more than 75 percent of an open-end
    extension of credit under this paragraph.
    ``(F) Advance rate.--The lender for an open-end
    extension of credit guaranteed under this paragraph may
    allow the borrower to draw funds on the line of credit
    in an amount equal to not more than 100 percent of the
    value of the eligible retail goods to be purchased.''.

    (b) <>  Sunset.--Effective
    September 30, 2013, section 7(a) of the Small Business Act (15 U.S.C.
    636(a)) is amended--
    (1) by striking paragraph (34); and
    (2) by redesignating paragraph (35), as added by section
    1206 of this Act, as paragraph (34).
    SEC. 1134. GUARANTEES FOR BONDS AND NOTES ISSUED FOR COMMUNITY OR
    ECONOMIC DEVELOPMENT PURPOSES.

    The Riegle Community Development and Regulatory Improvement Act of
    1994 (12 U.S.C. 4701 et seq.) is amended by inserting after section 114
    (12 U.S.C. 4713) the following:
    ``SEC. 114A. <>  GUARANTEES FOR BONDS AND
    NOTES ISSUED FOR COMMUNITY OR ECONOMIC
    DEVELOPMENT PURPOSES.

    ``(a) Definitions.--In this section, the following definitions shall
    apply:
    ``(1) Eligible community development financial
    institution.--The term `eligible community development financial
    institution' means a community development financial institution
    (as described in section 1805.201 of title 12, Code of Federal
    Regulations, or any successor thereto) certified by the
    Secretary that has applied to a qualified issuer for, or been
    granted by a qualified issuer, a loan under the Program.
    ``(2) Eligible community or economic development purpose.--
    The term `eligible community or economic development purpose'--
    ``(A) means any purpose described in section 108(b);
    and
    ``(B) includes the provision of community or
    economic development in low-income or underserved rural
    areas.
    ``(3) Guarantee.--The term `guarantee' means a written
    agreement between the Secretary and a qualified issuer (or
    trustee), pursuant to which the Secretary ensures repayment of
    the verifiable losses of principal, interest, and call premium,
    if any, on notes or bonds issued by a qualified issuer to
    finance or refinance loans to eligible community development
    financial institutions.
    ``(4) Loan.--The term `loan' means any credit instrument
    that is extended under the Program for any eligible community or
    economic development purpose.
    ``(5) Master servicer.--

    [[Page 2516]]

    ``(A) In general.--The term `master servicer' means
    any entity approved by the Secretary in accordance with
    subparagraph (B) to oversee the activities of servicers,
    as provided in subsection (f)(4).
    ``(B) <>  Approval criteria for
    master servicers.--The Secretary shall approve or deny
    any application to become a master servicer under the
    Program not later than 90 days after the date on which
    all required information is submitted to the Secretary,
    based on the capacity and experience of the applicant
    in--
    ``(i) loan administration, servicing, and loan
    monitoring;
    ``(ii) managing regional or national loan
    intake, processing, or servicing operational
    systems and infrastructure;
    ``(iii) managing regional or national
    originator communication systems and
    infrastructure;
    ``(iv) developing and implementing training
    and other risk management strategies on a regional
    or national basis; and
    ``(v) compliance monitoring, investor
    relations, and reporting.
    ``(6) Program.--The term `Program' means the guarantee
    Program for bonds and notes issued for eligible community or
    economic development purposes established under this section.
    ``(7) Program administrator.--The term `Program
    administrator' means an entity designated by the issuer to
    perform administrative duties, as provided in subsection (f)(2).
    ``(8) Qualified issuer.--
    ``(A) In general.--The term `qualified issuer' means
    a community development financial institution (or any
    entity designated to issue notes or bonds on behalf of
    such community development financial institution) that
    meets the qualification requirements of this paragraph.
    ``(B) Approval criteria for qualified issuers.--
    ``(i) In general.--The Secretary shall approve
    a qualified issuer for a guarantee under the
    Program in accordance with the requirements of
    this paragraph, and such additional requirements
    as the Secretary may establish, by regulation.
    ``(ii) Terms and qualifications.--A qualified
    issuer shall--
    ``(I) have appropriate expertise,
    capacity, and experience, or otherwise
    be qualified to make loans for eligible
    community or economic development
    purposes;
    ``(II) provide to the Secretary--
    ``(aa) an acceptable
    statement of the proposed
    sources and uses of the funds;
    and
    ``(bb) a capital
    distribution plan that meets the
    requirements of subsection
    (c)(1); and
    ``(III) <>
    certify to the Secretary that the bonds
    or notes to be guaranteed are to be used
    for eligible community or economic
    development purposes.
    ``(C) <>  Department opinion;
    timing.--

    [[Page 2517]]

    ``(i) Department opinion.--Not later than 30
    days after the date of a request by a qualified
    issuer for approval of a guarantee under the
    Program, the Secretary shall provide an opinion
    regarding compliance by the issuer with the
    requirements of the Program under this section.
    ``(ii) Timing.--The Secretary shall approve or
    deny a guarantee under this section after
    consideration of the opinion provided to the
    Secretary under clause (i), and in no case later
    than 90 days after receipt of all required
    information by the Secretary with respect to a
    request for such guarantee.
    ``(9) Secretary.--The term `Secretary' means the Secretary
    of the Treasury.
    ``(10) Servicer.--The term `servicer' means an entity
    designated by the issuer to perform various servicing duties, as
    provided in subsection (f)(3).

    ``(b) Guarantees Authorized.--The Secretary shall guarantee payments
    on bonds or notes issued by any qualified issuer, if the proceeds of the
    bonds or notes are used in accordance with this section to make loans to
    eligible community development financial institutions--
    ``(1) for eligible community or economic development
    purposes; or
    ``(2) to refinance loans or notes issued for such purposes.

    ``(c) General Program Requirements.--
    ``(1) In general.--A capital distribution plan meets the
    requirements of this subsection, if not less than 90 percent of
    the principal amount of guaranteed bonds or notes (other than
    costs of issuance fees) are used to make loans for any eligible
    community or economic development purpose, measured annually,
    beginning at the end of the 1-year period beginning on the
    issuance date of such guaranteed bonds or notes.
    ``(2) Relending account.--Not more than 10 percent of the
    principal amount of guaranteed bonds or notes, multiplied by an
    amount equal to the outstanding principal balance of issued
    notes or bonds, minus the risk-share pool amount under
    subsection (d), may be held in a relending account and may be
    made available for new eligible community or economic
    development purposes.
    ``(3) Limitations on unpaid principal balances.--The
    proceeds of guaranteed bonds or notes under the Program may not
    be used to pay fees (other than costs of issuance fees), and
    shall be held in--
    ``(A) community or economic development loans;
    ``(B) a relending account, to the extent authorized
    under paragraph (2); or
    ``(C) a risk-share pool established under subsection
    (d).
    ``(4) Repayment.--If a qualified issuer fails to meet the
    requirements of paragraph (1) by the end of the 90-day period
    beginning at the end of the annual measurement period, repayment
    shall be made on that portion of bonds or notes necessary to
    bring the bonds or notes that remain outstanding after such
    repayment into compliance with the 90 percent requirement of
    paragraph (1).
    ``(5) <>  Prohibited uses.--The
    Secretary shall, by regulation--

    [[Page 2518]]

    ``(A) prohibit, as appropriate, certain uses of
    amounts from the guarantee of a bond or note under the
    Program, including the use of such funds for political
    activities, lobbying, outreach, counseling services, or
    travel expenses; and
    ``(B) provide that the guarantee of a bond or note
    under the Program may not be used for salaries or other
    administrative costs of--
    ``(i) the qualified issuer; or
    ``(ii) any recipient of amounts from the
    guarantee of a bond or note.

    ``(d) Risk-Share Pool.--Each qualified issuer shall, during the term
    of a guarantee provided under the Program, establish a risk-share pool,
    capitalized by contributions from eligible community development
    financial institution participants an amount equal to 3 percent of the
    guaranteed amount outstanding on the subject notes and bonds.
    ``(e) Guarantees.--
    ``(1) In general.--A guarantee issued under the Program
    shall--
    ``(A) be for the full amount of a bond or note,
    including the amount of principal, interest, and call
    premiums;
    ``(B) be fully assignable and transferable to the
    capital market, on terms and conditions that are
    consistent with comparable Government-guaranteed bonds,
    and satisfactory to the Secretary;
    ``(C) represent the full faith and credit of the
    United States; and
    ``(D) not exceed 30 years.
    ``(2) Limitations.--
    ``(A) Annual number of guarantees.--The Secretary
    shall issue not more than 10 guarantees in any calendar
    year under the Program.
    ``(B) Guarantee amount.--The Secretary may not
    guarantee any amount under the Program equal to less
    than $100,000,000, but the total of all such guarantees
    in any fiscal year may not exceed $1,000,000,000.

    ``(f) Servicing of Transactions.--
    ``(1) In general.--To maximize efficiencies and minimize
    cost and interest rates, loans made under this section may be
    serviced by qualified Program administrators, bond servicers,
    and a master servicer.
    ``(2) Duties of program administrator.--The duties of a
    Program administrator shall include--
    ``(A) approving and qualifying eligible community
    development financial institution applications for
    participation in the Program;
    ``(B) compliance monitoring;
    ``(C) bond packaging in connection with the Program;
    and
    ``(D) all other duties and related services that are
    customarily expected of a Program administrator.
    ``(3) Duties of servicer.--The duties of a servicer shall
    include--
    ``(A) billing and collecting loan payments;
    ``(B) initiating collection activities on past-due
    loans;

    [[Page 2519]]

    ``(C) transferring loan payments to the master
    servicing accounts;
    ``(D) loan administration and servicing;
    ``(E) systematic and timely reporting of loan
    performance through remittance and servicing reports;
    ``(F) proper measurement of annual outstanding loan
    requirements; and
    ``(G) all other duties and related services that are
    customarily expected of servicers.
    ``(4) Duties of master servicer.--The duties of a master
    servicer shall include--
    ``(A) tracking the movement of funds between the
    accounts of the master servicer and any other servicer;
    ``(B) ensuring orderly receipt of the monthly
    remittance and servicing reports of the servicer;
    ``(C) monitoring the collection comments and
    foreclosure actions;
    ``(D) aggregating the reporting and distribution of
    funds to trustees and investors;
    ``(E) removing and replacing a servicer, as
    necessary;
    ``(F) loan administration and servicing;
    ``(G) systematic and timely reporting of loan
    performance compiled from all bond servicers' reports;
    ``(H) proper distribution of funds to investors; and
    ``(I) all other duties and related services that are
    customarily expected of a master servicer.

    ``(g) Fees.--
    ``(1) In general.--A qualified issuer that receives a
    guarantee issued under this section on a bond or note shall pay
    a fee to the Secretary, in an amount equal to 10 basis points of
    the amount of the unpaid principal of the bond or note
    guaranteed.
    ``(2) Payment.--A qualified issuer shall pay the fee
    required under this subsection on an annual basis.
    ``(3) Use of fees.--Fees collected by the Secretary under
    this subsection shall be used to reimburse the Department of the
    Treasury for any administrative costs incurred by the Department
    in implementing the Program established under this section.

    ``(h) Authorization of Appropriations.--
    ``(1) In general.--There are authorized to be appropriated
    to the Secretary, such sums as are necessary to carry out this
    section.
    ``(2) Use of fees.--To the extent that the amount of funds
    appropriated for a fiscal year under paragraph (1) are not
    sufficient to carry out this section, the Secretary may use the
    fees collected under subsection (g) for the cost of providing
    guarantees of bonds and notes under this section.

    ``(i) Investment in Guaranteed Bonds Ineligible for Community
    Reinvestment Act Purposes.--Notwithstanding any other provision of law,
    any investment by a financial institution in bonds or notes guaranteed
    under the Program shall not be taken into account in assessing the
    record of such institution for purposes of the Community Reinvestment
    Act of 1977 (12 U.S.C. 2901).
    ``(j) <>  Administration.--

    [[Page 2520]]

    ``(1) Regulations.--Not later than 1 year after the date of
    enactment of this section, the Secretary shall promulgate
    regulations to carry out this section.
    ``(2) Implementation.--Not later than 2 years after the date
    of enactment of this section, the Secretary shall implement this
    section.

    ``(k) <>  Termination.--This section is repealed, and
    the authority provided under this section shall terminate, on September
    30, 2014.''.
    SEC. 1135. TEMPORARY EXPRESS LOAN ENHANCEMENT.

    (a) In General.--Section 7(a)(31)(D) of the Small Business Act (15
    U.S.C. 636(a)(31)(D)) is amended by striking ``$350,000'' and inserting
    ``$1,000,000''.
    (b) <>  Prospective
    Repeal.--Effective 1 year after the date of enactment of this Act,
    section 7(a)(31)(D) of the Small Business Act (15 U.S.C. 636(a)(31)(D))
    is amended by striking ``$1,000,000'' and inserting ``$350,000''.
    SEC. 1136. <>  PROHIBITION ON USING TARP
    FUNDS OR TAX INCREASES.

    (a) In General.--Except as provided in subsection (b), nothing in
    section 1111, 1112, 1113, 1114, 1115, 1116, 1117, 1118, 1122, or 1131,
    or an amendment made by such sections, shall be construed to limit the
    ability of Congress to appropriate funds.
    (b) TARP Funds and Tax Increases.--
    (1) In general.--Any covered amounts may not be used to
    carry out section 1111, 1112, 1113, 1114, 1115, 1116, 1117,
    1118, 1122, or 1131, or an amendment made by such sections.
    (2) Definition.--In this subsection, the term ``covered
    amounts'' means--
    (A) the amounts made available to the Secretary of
    the Treasury under title I of the Emergency Economic
    Stabilization Act of 2008 S.C. 5201 et seq.) to purchase
    (under section 101) or guarantee (under section 102)
    assets under that Act; and
    (B) any revenue increase attributable to any
    amendment to the Internal Revenue Code of 1986 made
    during the period beginning on the date of enactment of
    this Act and ending on December 31, 2010.

    Subtitle B <> --Small Business Trade and Exporting
    SEC. 1201. <>  SHORT TITLE.

    This subtitle may be cited as the ``Small Business Export
    Enhancement and International Trade Act of 2010''.
    SEC. 1202. <>  DEFINITIONS.

    (a) Definitions.--In this subtitle--
    (1) the term ``Associate Administrator'' means the Associate
    Administrator for International Trade appointed under section
    22(a)(2) of the Small Business Act, as amended by this subtitle;
    (2) the term ``Export Assistance Center'' means a one-stop
    shop referred to in section 2301(b)(8) of the Omnibus Trade and
    Competitiveness Act of 1988 (15 U.S.C. 4721(b)(8)); and

    [[Page 2521]]

    (3) the term ``rural small business concern'' means a small
    business concern located in a rural area, as that term is
    defined in section 1393(a)(2) of the Internal Revenue Code of
    1986.

    (b) Technical and Conforming Amendments.--
    (1) Definitions.--Section 3 of the Small Business Act (15
    U.S.C. 632) is amended by adding at the end the following:

    ``(t) Small Business Development Center.--In this Act, the term
    `small business development center' means a small business development
    center described in section 21.
    ``(u) Region of the Administration.--In this Act, the term `region
    of the Administration' means the geographic area served by a regional
    office of the Administration established under section 4(a).''.
    (2) Conforming amendment.--Section 4(b)(3)(B)(x) of the
    Small Business Act (15 U.S.C. 633(b)(3)(B)(x)) is amended by
    striking ``Administration district and region'' and inserting
    ``district and region of the Administration''.
    SEC. 1203. OFFICE OF INTERNATIONAL TRADE.

    (a) Establishment.--Section 22 of the Small Business Act (15 U.S.C.
    649) is amended--
    (1) by striking ``Sec. 22. (a) There'' and inserting the
    following:
    ``SEC. 22. OFFICE OF INTERNATIONAL TRADE.

    ``(a) Establishment.--
    ``(1) Office.--There''; and
    (2) in subsection (a)--
    (A) in paragraph (1), as so designated, by striking
    the period and inserting ``for the primary purposes of
    increasing--
    ``(A) the number of small business concerns that
    export; and
    ``(B) the volume of exports by small business
    concerns.''; and
    (B) by adding at the end the following:
    ``(2) Associate administrator.--The head of the Office shall
    be the Associate Administrator for International Trade, who
    shall be responsible to the Administrator.''.

    (b) Authority for Additional Associate Administrator.--Section
    4(b)(1) of the Small Business Act (15 U.S.C. 633(b)(1)) is amended--
    (1) in the fifth sentence, by striking ``five Associate
    Administrators'' and inserting ``Associate Administrators''; and
    (2) by adding at the end the following: ``One such Associate
    Administrator shall be the Associate Administrator for
    International Trade, who shall be the head of the Office of
    International Trade established under section 22.''.

    (c) Discharge of International Trade Responsibilities of
    Administration.--Section 22 of the Small Business Act (15 U.S.C. 649) is
    amended by adding at the end the following:
    ``(h) Discharge of International Trade Responsibilities of
    Administration.--The Administrator shall ensure that--
    ``(1) the responsibilities of the Administration regarding
    international trade are carried out by the Associate
    Administrator;
    ``(2) the Associate Administrator has sufficient resources
    to carry out such responsibilities; and

    [[Page 2522]]

    ``(3) the Associate Administrator has direct supervision and
    control over--
    ``(A) the staff of the Office; and
    ``(B) any employee of the Administration whose
    principal duty station is an Export Assistance Center,
    or any successor entity.''.

    (d) Role of Associate Administrator in Carrying Out International
    Trade Policy.--Section 2(b)(1) of the Small Business Act (15 U.S.C.
    631(b)(1)) is amended in the matter preceding subparagraph (A)--
    (1) by inserting ``the Administrator of'' before ``the Small
    Business Administration''; and
    (2) by inserting ``through the Associate Administrator for
    International Trade, and'' before ``in cooperation with''.

    (e) <>  Implementation Date.--
    Not later than 90 days after the date of enactment of this Act, the
    Administrator of the Small Business Administration shall appoint an
    Associate Administrator for International Trade under section 22(a) of
    the Small Business Act (15 U.S.C. 649(a)), as added by this section.
    SEC. 1204. DUTIES OF THE OFFICE OF INTERNATIONAL TRADE.

    (a) Amendments to Section 22.--Section 22 of the Small Business Act
    (15 U.S.C. 649) is amended--
    (1) by striking subsection (b) and inserting the following:

    ``(b) Trade Distribution Network.--The Associate Administrator,
    working in close cooperation with the Secretary of Commerce, the United
    States Trade Representative, the Secretary of Agriculture, the Secretary
    of State, the President of the Export-Import Bank of the United States,
    the President of the Overseas Private Investment Corporation, Director
    of the United States Trade and Development Agency, and other relevant
    Federal agencies, small business development centers engaged in export
    promotion efforts, Export Assistance Centers, regional and district
    offices of the Administration, the small business community, and
    relevant State and local export promotion programs, shall--
    ``(1) maintain a distribution network, using regional and
    district offices of the Administration, the small business
    development center network, networks of women's business
    centers, the Service Corps of Retired Executives authorized by
    section 8(b)(1), and Export Assistance Centers, for programs
    relating to--
    ``(A) trade promotion;
    ``(B) trade finance;
    ``(C) trade adjustment assistance;
    ``(D) trade remedy assistance; and
    ``(E) trade data collection;
    ``(2) aggressively market the programs described in
    paragraph (1) and disseminate information, including
    computerized marketing data, to small business concerns on
    exporting trends, market-specific growth, industry trends, and
    international prospects for exports;
    ``(3) promote export assistance programs through the
    district and regional offices of the Administration, the small
    business development center network, Export Assistance Centers,
    the network of women's business centers, chapters of the Service
    Corps of Retired Executives, State and local export promotion
    programs, and partners in the private sector; and

    [[Page 2523]]

    ``(4) give preference in hiring or approving the transfer of
    any employee into the Office or to a position described in
    subsection (c)(9) to otherwise qualified applicants who are
    fluent in a language in addition to English, to--
    ``(A) accompany small business concerns on foreign
    trade missions; and
    ``(B) translate documents, interpret conversations,
    and facilitate multilingual transactions, including by
    providing referral lists for translation services, if
    required.'';
    (2) in subsection (c)--
    (A) by striking ``(c) The Office'' and inserting the
    following:

    ``(c) Promotion of Sales Opportunities.--The Associate
    Administrator'';
    (B) by redesignating paragraphs (1) through (8) as
    paragraphs (2) through (9), respectively;
    (C) by inserting before paragraph (2), as so
    redesignated, the following:
    ``(1) establish annual goals for the Office relating to--
    ``(A) enhancing the exporting capability of small
    business concerns and small manufacturers;
    ``(B) facilitating technology transfers;
    ``(C) enhancing programs and services to assist
    small business concerns and small manufacturers to
    compete effectively and efficiently in foreign markets;
    ``(D) increasing the ability of small business
    concerns to access capital; and
    ``(E) disseminating information concerning Federal,
    State, and private programs and initiatives;'';
    (D) in paragraph (2), as so redesignated, by
    striking ``mechanism for'' and all that follows through
    ``(D) assisting'' and inserting the following:
    ``mechanism for--
    ``(A) identifying subsectors of the small business
    community with strong export potential;
    ``(B) identifying areas of demand in foreign
    markets;
    ``(C) prescreening foreign buyers for commercial and
    credit purposes; and
    ``(D) assisting'';
    (E) in paragraph (3), as so redesignated, by
    striking ``assist small businesses in the formation and
    utilization of'' and inserting ``assist small business
    concerns in forming and using'';
    (F) in paragraph (4), as so redesignated--
    (i) by striking ``local'' and inserting
    ``district'';
    (ii) by striking ``existing'';
    (iii) by striking ``Small Business Development
    Center network'' and inserting ``small business
    development center network''; and
    (iv) by striking ``Small Business Development
    Center Program'' and inserting ``small business
    development center program'';
    (G) in paragraph (5), as so redesignated--
    (i) in subparagraph (A), by striking ``Gross
    State Produce'' and inserting ``Gross State
    Product'';
    (ii) in subparagraph (B), by striking ``SIC''
    each place it appears and inserting ``North
    American Industry Classification System''; and

    [[Page 2524]]

    (iii) in subparagraph (C), by striking ``small
    businesses'' and inserting ``small business
    concerns'';
    (H) in paragraph (6), as so redesignated, by
    striking the period at the end and inserting a
    semicolon;
    (I) in paragraph (7), as so redesignated--
    (i) in the matter preceding subparagraph (A)--
    (I) by inserting ``concerns'' after
    ``small business''; and
    (II) by striking ``current'' and
    inserting ``up to date'';
    (ii) in subparagraph (A), by striking
    ``Administration's regional offices'' and
    inserting ``regional and district offices of the
    Administration'';
    (iii) in subparagraph (B) by striking
    ``current'';
    (iv) in subparagraph (C), by striking
    ``current''; and
    (v) by striking ``small businesses'' each
    place that term appears and inserting ``small
    business concerns'';
    (J) in paragraph (8), as so redesignated, by
    striking and at the end;
    (K) in paragraph (9), as so redesignated--
    (i) in the matter preceding subparagraph (A)--
    (I) by striking ``full-time export
    development specialists to each
    Administration regional office and
    assigning''; and
    (II) by striking ``person in each
    district office. Such specialists'' and
    inserting ``individual in each district
    office and providing each Administration
    regional office with a full-time export
    development specialist, who'';
    (ii) in subparagraph (B)--
    (I) by striking ``current''; and
    (II) by striking ``with'' and
    inserting ``in'';
    (iii) in subparagraph (D)--
    (I) by striking ``Administration
    personnel involved in granting'' and
    inserting ``personnel of the
    Administration involved in making''; and
    (II) by striking ``and'' at the end;
    (iv) in subparagraph (E)--
    (I) by striking ``small businesses'
    needs'' and inserting ``the needs of
    small business concerns''; and
    (II) by striking the period at the
    end and inserting a semicolon;
    (v) by adding at the end the following:
    ``(F) participate, jointly with employees of the
    Office, in an annual training program that focuses on
    current small business needs for exporting; and
    ``(G) develop and conduct training programs for
    exporters and lenders, in cooperation with the Export
    Assistance Centers, the Department of Commerce, the
    Department of Agriculture, small business development
    centers, women's business centers, the Export-Import
    Bank of the United States, the Overseas Private
    Investment Corporation, and other relevant Federal
    agencies;''; and

    [[Page 2525]]

    (vi) by striking ``small businesses'' each
    place that term appears and inserting ``small
    business concerns''; and
    (L) by adding at the end the following:
    ``(10) <>  make available on the website
    of the Administration the name and contact information of each
    individual described in paragraph (9);
    ``(11) carry out a nationwide marketing effort using
    technology, online resources, training, and other strategies to
    promote exporting as a business development opportunity for
    small business concerns;
    ``(12) disseminate information to the small business
    community through regional and district offices of the
    Administration, the small business development center network,
    Export Assistance Centers, the network of women's business
    centers, chapters of the Service Corps of Retired Executives
    authorized by section 8(b)(1), State and local export promotion
    programs, and partners in the private sector regarding exporting
    trends, market-specific growth, industry trends, and prospects
    for exporting; and
    ``(13) establish and carry out training programs for the
    staff of the regional and district offices of the Administration
    and resource partners of the Administration on export promotion
    and providing assistance relating to exports.'';
    (3) in subsection (d)--
    (A) by redesignating paragraphs (1) through (5) as
    clauses (i) through (v), respectively, and adjusting the
    margins accordingly;
    (B) by striking ``(d) The Office'' and inserting the
    following:

    ``(d) Export Financing Programs.--
    ``(1) In general.--The Associate Administrator''; and
    (C) by striking ``To accomplish this goal, the
    Office shall work'' and inserting the following:
    ``(2) <>  Trade finance specialist.--To
    accomplish the goal established under paragraph (1), the
    Associate Administrator shall--
    ``(A) designate at least 1 individual within the
    Administration as a trade finance specialist to oversee
    international loan programs and assist Administration
    employees with trade finance issues; and
    ``(B) work'';
    (4) in subsection (e), by striking ``(e) The Office'' and
    inserting the following:

    ``(e) Trade Remedies.--The Associate Administrator'';
    (5) by amending subsection (f) to read as follows:

    ``(f) Reporting Requirement.--The Associate 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) a description of the progress of the Office in
    implementing the requirements of this section;
    ``(2) a detailed account of the results of export growth
    activities of the Administration, including the activities of
    each district and regional office of the Administration, based
    on the performance measures described in subsection (i);

    [[Page 2526]]

    ``(3) an estimate of the total number of jobs created or
    retained as a result of export assistance provided by the
    Administration and resource partners of the Administration;
    ``(4) for any travel by the staff of the Office, the
    destination of such travel and the benefits to the
    Administration and to small business concerns resulting from
    such travel; and
    ``(5) a description of the participation by the Office in
    trade negotiations.'';
    (6) in subsection (g), by striking ``(g) The Office'' and
    inserting the following:

    ``(g) Studies.--The Associate Administrator''; and
    (7) by adding after subsection (h), as added by section 1203
    of this subtitle, the following:

    ``(i) Export and Trade Counseling.--
    ``(1) Definition.--In this subsection--
    ``(A) the term `lead small business development
    center' means a small business development center that
    has received a grant from the Administration; and
    ``(B) the term `lead women's business center' means
    a women's business center that has received a grant from
    the Administration.
    ``(2) Certification program.--The Administrator shall
    establish an export and trade counseling certification program
    to certify employees of lead small business development centers
    and lead women's business centers in providing export assistance
    to small business concerns.
    ``(3) Number of certified employees.--The Administrator
    shall ensure that the number of employees of each lead small
    business development center who are certified in providing
    export assistance is not less than the lesser of--
    ``(A) 5; or
    ``(B) 10 percent of the total number of employees of
    the lead small business development center.
    ``(4) Reimbursement for certification.--
    ``(A) In general.--Subject to the availability of
    appropriations, the Administrator shall reimburse a lead
    small business development center or a lead women's
    business center for costs relating to the certification
    of an employee of the lead small business center or lead
    women's business center in providing export assistance
    under the program established under paragraph (2).
    ``(B) Limitation.--The total amount reimbursed by
    the Administrator under subparagraph (A) may not exceed
    $350,000 in any fiscal year.

    ``(j) Performance Measures.--
    ``(1) In general.--The Associate Administrator shall develop
    performance measures for the Administration to support export
    growth goals for the activities of the Office under this section
    that include--
    ``(A) the number of small business concerns that--
    ``(i) receive assistance from the
    Administration;
    ``(ii) had not exported goods or services
    before receiving the assistance described in
    clause (i); and
    ``(iii) export goods or services;
    ``(B) the number of small business concerns
    receiving assistance from the Administration that export
    goods or services to a market outside the United States
    into which

    [[Page 2527]]

    the small business concern did not export before
    receiving the assistance;
    ``(C) export revenues by small business concerns
    assisted by programs of the Administration;
    ``(D) the number of small business concerns referred
    to an Export Assistance Center or a small business
    development center by the staff of the Office;
    ``(E) the number of small business concerns referred
    to the Administration by an Export Assistance Center or
    a small business development center; and
    ``(F) the number of small business concerns referred
    to the Department of Commerce, the Department of
    Agriculture, the Department of State, the Export-Import
    Bank of the United States, the Overseas Private
    Investment Corporation, or the United States Trade and
    Development Agency by the staff of the Office, an Export
    Assistance Center, or a small business development
    center.
    ``(2) Joint performance measures.--The Associate
    Administrator shall develop joint performance measures for the
    district offices of the Administration and the Export Assistance
    Centers that include the number of export loans made under--
    ``(A) section 7(a)(16);
    ``(B) the Export Working Capital Program established
    under section 7(a)(14);
    ``(C) the Preferred Lenders Program, as defined in
    section 7(a)(2)(C)(ii); and
    ``(D) the export express program established under
    section 7(a)(34).
    ``(3) Consistency of tracking.--The Associate Administrator,
    in coordination with the departments and agencies that are
    represented on the Trade Promotion Coordinating Committee
    established under section 2312 of the Export Enhancement Act of
    1988 (15 U.S.C. 4727) and the small business development center
    network, shall develop a system to track exports by small
    business concerns, including information relating to the
    performance measures developed under paragraph (1), that is
    consistent with systems used by the departments and agencies and
    the network.''.

    (b) Report.--Not later than 60 days after the date of enactment of
    this Act, the Administrator shall submit a report to the Committee on
    Small Business and Entrepreneurship of the Senate and the Committee on
    Small Business of the House of Representatives on any travel by the
    staff of the Office of International Trade of the Administration, during
    the period beginning on October 1, 2004, and ending on the date of
    enactment of the Act, including the destination of such travel and the
    benefits to the Administration and to small business concerns resulting
    from such travel.
    SEC. 1205. EXPORT ASSISTANCE CENTERS.

    (a) Export Assistance Centers.--Section 22 of the Small Business Act
    (15 U.S.C. 649), as amended by this subtitle, is amended by adding at
    the end the following:
    ``(k) Export Assistance Centers.--
    ``(1) <>  Export finance specialists.--
    ``(A) Minimum number of export finance
    specialists.--On and after the date that is 90 days
    after the

    [[Page 2528]]

    date of enactment of this subsection, the Administrator,
    in coordination with the Secretary of Commerce, shall
    ensure that the number of export finance specialists is
    not less than the number of such employees so assigned
    on January 1, 2003.
    ``(B) Export finance specialists assigned to each
    region of the administration.--On and after the date
    that is 2 years after the date of enactment of this
    subsection, the Administrator, in coordination with the
    Secretary of Commerce, shall ensure that there are not
    fewer than 3 export finance specialists in each region
    of the Administration.
    ``(2) Placement of export finance specialists.--
    ``(A) Priority.--The Administrator shall give
    priority, to the maximum extent practicable, to placing
    employees of the Administration at any Export Assistance
    Center that--
    ``(i) had an Administration employee assigned
    to the Export Assistance Center before January
    2003; and
    ``(ii) <>  has not had an
    Administration employee assigned to the Export
    Assistance Center during the period beginning
    January 2003, and ending on the date of enactment
    of this subsection, either through retirement or
    reassignment.
    ``(B) Needs of exporters.--The Administrator shall,
    to the maximum extent practicable, strategically assign
    Administration employees to Export Assistance Centers,
    based on the needs of exporters.
    ``(C) Rule of construction.--Nothing in this
    subsection may be construed to require the Administrator
    to reassign or remove an export finance specialist who
    is assigned to an Export Assistance Center on the date
    of enactment of this subsection.
    ``(3) Goals.--The Associate Administrator shall work with
    the Department of Commerce, the Export-Import Bank of the United
    States, and the Overseas Private Investment Corporation to
    establish shared annual goals for the Export Assistance Centers.
    ``(4) <>  Oversight.--The Associate
    Administrator shall designate an individual within the
    Administration to oversee all activities conducted by
    Administration employees assigned to Export Assistance Centers.

    ``(l) Definitions.--In this section--
    ``(1) the term `Associate Administrator' means the Associate
    Administrator for International Trade described in subsection
    (a)(2);
    ``(2) the term `Export Assistance Center' means a one-stop
    shop for United States exporters established by the United
    States and Foreign Commercial Service of the Department of
    Commerce pursuant to section 2301(b)(8) of the Omnibus Trade and
    Competitiveness Act of 1988 (15 U.S.C. 4721(b)(8));
    ``(3) the term `export finance specialist' means a full-time
    equivalent employee of the Office assigned to an Export
    Assistance Center to carry out the duties described in
    subsection (e); and

    [[Page 2529]]

    ``(4) the term `Office' means the Office of International
    Trade established under subsection (a)(1).''.

    (b) <>  Study and Report on Filling Gaps in
    High-and-Low-Export Volume Areas.--
    (1) Study and report.--Not later than 6 months after the
    date of enactment of this Act, and every 2 years thereafter, the
    Administrator shall--
    (A) conduct a study of--
    (i) the volume of exports for each State;
    (ii) the availability of export finance
    specialists in each State;
    (iii) the number of exporters in each State
    that are small business concerns;
    (iv) the percentage of exporters in each State
    that are small business concerns;
    (v) the change, if any, in the number of
    exporters that are small business concerns in each
    State--
    (I) for the first study conducted
    under this subparagraph, during the 10-
    year period ending on the date of
    enactment of this Act; and
    (II) for each subsequent study,
    during the 10-year period ending on the
    date the study is commenced;
    (vi) the total value of the exports in each
    State by small business concerns;
    (vii) the percentage of the total volume of
    exports in each State that is attributable to
    small business concerns; and
    (viii) the change, if any, in the percentage
    of the total volume of exports in each State that
    is attributable to small business concerns--
    (I) for the first study conducted
    under this subparagraph, during the 10-
    year period ending on the date of
    enactment of this Act; and
    (II) for each subsequent study,
    during the 10-year period ending on the
    date the study is commenced; 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
    containing--
    (i) the results of the study under
    subparagraph (A);
    (ii) to the extent practicable, a
    recommendation regarding how to eliminate gaps
    between the supply of and demand for export
    finance specialists in the 15 States that have the
    greatest volume of exports, based upon the most
    recent data available from the Department of
    Commerce;
    (iii) to the extent practicable, a
    recommendation regarding how to eliminate gaps
    between the supply of and demand for export
    finance specialists in the 15 States that have the
    lowest volume of exports, based upon the most
    recent data available from the Department of
    Commerce; and
    (iv) such additional information as the
    Administrator determines is appropriate.

    [[Page 2530]]

    (2) Definition.--In this subsection, the term ``export
    finance specialist'' has the meaning given that term in section
    22(l) of the Small Business Act, as added by this title.
    SEC. 1206. INTERNATIONAL TRADE FINANCE PROGRAMS.

    (a) Loan Limits.--
    (1) Total amount outstanding.--Section 7(a)(3)(B) of the
    Small Business Act (15 U.S.C. 636(a)(3)(B)) is amended by
    striking ``$1,750,000, of which not more than $1,250,000'' and
    inserting ``$4,500,000 (or if the gross loan amount would exceed
    $5,000,000), of which not more than $4,000,000''.
    (2) Participation.--Section 7(a)(2) of the Small Business
    Act (15 U.S.C. 636(a)(2)) is amended--
    (A) in subparagraph (A), in the matter preceding
    clause (i), by striking ``subparagraph (B)'' and
    inserting ``subparagraphs (B), (D), and (E)'';
    (B) in subparagraph (D), by striking
    ``Notwithstanding subparagraph (A), in'' and inserting
    ``In''; and
    (C) by adding at the end the following:
    ``(E) Participation in international trade loan.--In
    an agreement to participate in a loan on a deferred
    basis under paragraph (16), the participation by the
    Administration may not exceed 90 percent.''.

    (b) Working Capital.--Section 7(a)(16)(A) of the Small Business Act
    (15 U.S.C. 636(a)(16)(A)) is amended--
    (1) in the matter preceding clause (i), by striking ``in--''
    and inserting ``--'';
    (2) in clause (i)--
    (A) by inserting ``in'' after ``(i)''; and
    (B) by striking ``or'' at the end;
    (3) in clause (ii)--
    (A) by inserting ``in'' after ``(ii)''; and
    (B) by striking the period at the end and inserting
    ``, including any debt that qualifies for refinancing
    under any other provision of this subsection; or''; and
    (4) by adding at the end the following:
    ``(iii) by providing working capital.''.

    (c) Collateral.--Section 7(a)(16)(B) of the Small Business Act (15
    U.S.C. 636(a)(16)(B)) is amended--
    (1) by striking ``Each loan'' and inserting the following:
    ``(i) In general.--Except as provided in
    clause (ii), each loan''; and
    (2) by adding at the end the following:
    ``(ii) Exception.--A loan under this paragraph
    may be secured by a second lien position on the
    property or equipment financed by the loan or on
    other assets of the small business concern, if the
    Administrator determines the lien provides
    adequate assurance of the payment of the loan.''.

    (d) Export Working Capital Program.--Section 7(a) of the Small
    Business Act (15 U.S.C. 636(a)) is amended--
    (1) in paragraph (2)(D), by striking ``not exceed'' and
    inserting ``be''; and
    (2) in paragraph (14)--
    (A) by striking ``(A) The Administration'' and
    inserting the following: ``Export working capital
    program.--
    ``(A) In general.--The Administrator'';

    [[Page 2531]]

    (B) by striking ``(B) When considering'' and
    inserting the following:
    ``(C) Considerations.--When considering'';
    (C) by striking ``(C) The Administration'' and
    inserting the following:
    ``(D) Marketing.--The Administrator''; and
    (D) by inserting after subparagraph (A) the
    following:
    ``(B) Terms.--
    ``(i) Loan amount.--The Administrator may not
    guarantee a loan under this paragraph of more than
    $5,000,000.
    ``(ii) Fees.--
    ``(I) In general.--For a loan under
    this paragraph, the Administrator shall
    collect the fee assessed under paragraph
    (23) not more frequently than once each
    year.
    ``(II) Untapped credit.--The
    Administrator may not assess a fee on
    capital that is not accessed by the
    small business concern.''.

    (e) Participation in Preferred Lenders Program.--Section 7(a)(2)(C)
    of the Small Business Act (15 U.S.C. 636(a)(2)(C)) is amended--
    (1) by redesignating clause (ii) as clause (iii); and
    (2) by inserting after clause (i) the following:
    ``(ii) Export-import bank lenders.--Any lender
    that is participating in the Delegated Authority
    Lender Program of the Export-Import Bank of the
    United States (or any successor to the Program)
    shall be eligible to participate in the Preferred
    Lenders Program.''.

    (f) Export Express Program.--Section 7(a) of the Small Business Act
    (15 U.S.C. 636(a)) is amended by adding at the end the following:
    ``(35) Export express program.--
    ``(A) Definitions.--In this paragraph--
    ``(i) the term `export development activity'
    includes--
    ``(I) obtaining a standby letter of
    credit when required as a bid bond,
    performance bond, or advance payment
    guarantee;
    ``(II) participation in a trade show
    that takes place outside the United
    States;
    ``(III) translation of product
    brochures or catalogues for use in
    markets outside the United States;
    ``(IV) obtaining a general line of
    credit for export purposes;
    ``(V) performing a service contract
    from buyers located outside the United
    States;
    ``(VI) obtaining transaction-
    specific financing associated with
    completing export orders;
    ``(VII) purchasing real estate or
    equipment to be used in the production
    of goods or services for export;
    ``(VIII) providing term loans or
    other financing to enable a small
    business concern, including an

    [[Page 2532]]

    export trading company and an export
    management company, to develop a market
    outside the United States; and
    ``(IX) acquiring, constructing,
    renovating, modernizing, improving, or
    expanding a production facility or
    equipment to be used in the United
    States in the production of goods or
    services for export; and
    ``(ii) the term `express loan' means a loan in
    which a lender uses to the maximum extent
    practicable the loan analyses, procedures, and
    documentation of the lender to provide expedited
    processing of the loan application.
    ``(B) Authority.--The Administrator may guarantee
    the timely payment of an express loan to a small
    business concern made for an export development
    activity.
    ``(C) Level of participation.--
    ``(i) Maximum amount.--The maximum amount of
    an express loan guaranteed under this paragraph
    shall be $500,000.
    ``(ii) Percentage.--For an express loan
    guaranteed under this paragraph, the Administrator
    shall guarantee--
    ``(I) 90 percent of a loan that is
    not more than $350,000; and
    ``(II) 75 percent of a loan that is
    more than $350,000 and not more than
    $500,000.''.

    (g) Annual Listing of Export Finance Lenders.--Section 7(a)(16) of
    the Small Business Act (15 U.S.C. 636(a)(16)) is amended by adding at
    the end the following:
    ``(F) List of export finance lenders.--
    ``(i) Publication of list required.--The
    Administrator shall publish an annual list of the
    banks and participating lending institutions that,
    during the 1-year period ending on the date of
    publication of the list, have made loans
    guaranteed by the Administration under--
    ``(I) this paragraph;
    ``(II) paragraph (14); or
    ``(III) paragraph (34).
    ``(ii) Availability of list.--The
    Administrator shall--
    ``(I) <>  post
    the list published under clause (i) on
    the website of the Administration; and
    ``(II) make the list published under
    clause (i) available, upon request, at
    each district office of the
    Administration.''.

    (h) <>  Applicability.--The amendments made
    by subsections (a) through (f) shall apply with respect to any loan made
    after the date of enactment of this Act.
    SEC. 1207. <>  STATE TRADE AND EXPORT
    PROMOTION GRANT PROGRAM.

    (a) Definitions.--In this section--
    (1) the term ``eligible small business concern'' means a
    small business concern that--

    [[Page 2533]]

    (A) has been in business for not less than the 1-
    year period ending on the date on which assistance is
    provided using a grant under this section;
    (B) is operating profitably, based on operations in
    the United States;
    (C) has demonstrated understanding of the costs
    associated with exporting and doing business with
    foreign purchasers, including the costs of freight
    forwarding, customs brokers, packing and shipping, as
    determined by the Associate Administrator; and
    (D) has in effect a strategic plan for exporting;
    (2) the term ``program'' means the State Trade and Export
    Promotion Grant Program established under subsection (b);
    (3) the term ``small business concern owned and controlled
    by women'' has the meaning given that term in section 3 of the
    Small Business Act (15 U.S.C. 632);
    (4) the term ``socially and economically disadvantaged small
    business concern'' has the meaning given that term in section
    8(a)(4)(A) of the Small Business Act (15 U.S.C. 6537(a)(4)(A));
    and
    (5) the term ``State'' means each of the several States, the
    District of Columbia, the Commonwealth of Puerto Rico, the
    Virgin Islands, Guam, and American Samoa.

    (b) Establishment of Program.--The Associate Administrator shall
    establish a 3-year trade and export promotion pilot program to be known
    as the State Trade and Export Promotion Grant Program, to make grants to
    States to carry out export programs that assist eligible small business
    concerns in--
    (1) participation in a foreign trade mission;
    (2) a foreign market sales trip;
    (3) a subscription to services provided by the Department of
    Commerce;
    (4) the payment of website translation fees;
    (5) the design of international marketing media;
    (6) a trade show exhibition;
    (7) participation in training workshops; or
    (8) any other export initiative determined appropriate by
    the Associate Administrator.

    (c) Grants.--
    (1) Joint review.--In carrying out the program, the
    Associate Administrator may make a grant to a State to increase
    the number of eligible small business concerns in the State that
    export or to increase the value of the exports by eligible small
    business concerns in the State.
    (2) Considerations.--In making grants under this section,
    the Associate Administrator may give priority to an application
    by a State that proposes a program that--
    (A) focuses on eligible small business concerns as
    part of an export promotion program;
    (B) demonstrates success in promoting exports by--
    (i) socially and economically disadvantaged
    small business concerns;
    (ii) small business concerns owned or
    controlled by women; and
    (iii) rural small business concerns;
    (C) promotes exports from a State that is not 1 of
    the 10 States with the highest percentage of exporters

    [[Page 2534]]

    that are small business concerns, based upon the latest
    data available from the Department of Commerce; and
    (D) promotes new-to-market export opportunities to
    the People's Republic of China for eligible small
    business concerns in the United States.
    (3) Limitations.--
    (A) Single application.--A State may not submit more
    than 1 application for a grant under the program in any
    1 fiscal year.
    (B) Proportion of amounts.--The total value of
    grants under the program made during a fiscal year to
    the 10 States with the highest number of exporters that
    are small business concerns, based upon the latest data
    available from the Department of Commerce, shall be not
    more than 40 percent of the amounts appropriated for the
    program for that fiscal year.
    (4) Application.--A State desiring a grant under the program
    shall submit an application at such time, in such manner, and
    accompanied by such information as the Associate Administrator
    may establish.

    (d) Competitive Basis.--The Associate Administrator shall award
    grants under the program on a competitive basis.
    (e) Federal Share.--The Federal share of the cost of an export
    program carried out using a grant under the program shall be--
    (1) for a State that has a high export volume, as determined
    by the Associate Administrator, not more than 65 percent; and
    (2) for a State that does not have a high export volume, as
    determined by the Associate Administrator, not more than 75
    percent.

    (f) Non-Federal Share.--The non-Federal share of the cost of an
    export program carried using a grant under the program shall be
    comprised of not less than 50 percent cash and not more than 50 percent
    of indirect costs and in-kind contributions, except that no such costs
    or contributions may be derived from funds from any other Federal
    program.
    (g) Reports.--
    (1) Initial report.--Not later than 120 days after the date
    of enactment of this Act, the Associate 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, which shall include--
    (A) a description of the structure of and procedures
    for the program;
    (B) a management plan for the program; and
    (C) a description of the merit-based review process
    to be used in the program.
    (2) Annual reports.--The Associate 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 regarding the program,
    which shall include--
    (A) the number and amount of grants made under the
    program during the preceding year;

    [[Page 2535]]

    (B) a list of the States receiving a grant under the
    program during the preceding year, including the
    activities being performed with grant; and
    (C) the effect of each grant on exports by eligible
    small business concerns in the State receiving the
    grant.

    (h) Reviews by Inspector General.--
    (1) In general.--The Inspector General of the Administration
    shall conduct a review of--
    (A) the extent to which recipients of grants under
    the program are measuring the performance of the
    activities being conducted and the results of the
    measurements; and
    (B) the overall management and effectiveness of the
    program.
    (2) Report.--Not later than September 30, 2012, the
    Inspector General of the Administration 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 regarding the review conducted under
    paragraph (1).

    (i) Authorization of Appropriations.--There is authorized to be
    appropriated to carry out the program $30,000,000 for each of fiscal
    years 2011, 2012, and 2013.
    (j) Termination.--The authority to carry out the program shall
    terminate 3 years after the date on which the Associate Administrator
    establishes the program.
    SEC. 1208. RURAL EXPORT PROMOTION.

    Not <>  later than 6 months after the date
    of enactment of this Act, the Administrator, in consultation with the
    Secretary of Agriculture and the Secretary of Commerce, 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
    that contains--
    (1) a description of each program of the Administration that
    promotes exports by rural small business concerns, including--
    (A) the number of rural small business concerns
    served by the program;
    (B) the change, if any, in the number of rural small
    business concerns as a result of participation in the
    program during the 10-year period ending on the date of
    enactment of this Act;
    (C) the volume of exports by rural small business
    concerns that participate in the program; and
    (D) the change, if any, in the volume of exports by
    rural small businesses that participate in the program
    during the 10-year period ending on the date of
    enactment of this Act;
    (2) a description of the coordination between programs of
    the Administration and other Federal programs that promote
    exports by rural small business concerns;
    (3) recommendations, if any, for improving the coordination
    described in paragraph (2);
    (4) a description of any plan by the Administration to
    market the international trade financing programs of the
    Administration through lenders that--

    [[Page 2536]]

    (A) serve rural small business concerns; and
    (B) are associated with financing programs of the
    Department of Agriculture;
    (5) recommendations, if any, for improving coordination
    between the counseling programs and export financing programs of
    the Administration, in order to increase the volume of exports
    by rural small business concerns; and
    (6) any additional information the Administrator determines
    is necessary.
    SEC. 1209. INTERNATIONAL TRADE COOPERATION BY SMALL BUSINESS
    DEVELOPMENT CENTERS.

    Section 21(a) of the Small Business Act (15 U.S.C. 648(a)) is
    amended--
    (1) by striking ``(2) The Small Business Development
    Centers'' and inserting the following:
    ``(2) Cooperation to provide international trade services.--
    ``(A) Information and services.--The small business
    development centers''; and
    (2) in paragraph (2)--
    (A) in subparagraph (A), as so designated, by
    inserting ``(including State trade agencies),'' after
    ``local agencies''; and
    (B) by adding at the end the following:
    ``(B) Cooperation with state trade agencies and
    export assistance centers.--A small business development
    center that counsels a small business concern on issues
    relating to international trade shall--
    ``(i) consult with State trade agencies and
    Export Assistance Centers to provide appropriate
    services to the small business concern; and
    ``(ii) as necessary, refer the small business
    concern to a State trade agency or an Export
    Assistance Center for further counseling or
    assistance.
    ``(C) Definition.--In this paragraph, the term
    `Export Assistance Center' has the same meaning as in
    section 22.''.

    Subtitle C--Small Business Contracting

    PART I--CONTRACT BUNDLING

    SEC. 1311. SMALL BUSINESS ACT.

    Section 3 of the Small Business Act (15 U.S.C. 632), as amended by
    section 1202, is amended by adding at the end the following:
    ``(v) <>  Multiple Award Contract.--In this Act,
    the term `multiple award contract' means--
    ``(1) a multiple award task order contract or delivery order
    contract that is entered into under the authority of sections
    303H through 303K of the Federal Property and Administrative
    Services Act of 1949 (41 U.S.C. 253h through 253k); and
    ``(2) any other indefinite delivery, indefinite quantity
    contract that is entered into by the head of a Federal agency
    with 2 or more sources pursuant to the same solicitation.''.

    [[Page 2537]]

    SEC. 1312. LEADERSHIP AND OVERSIGHT.

    (a) In General.--Section 15 of the Small Business Act (15 U.S.C.
    644) is amended by adding at the end the following:
    ``(q) Bundling Accountability Measures.--
    ``(1) Teaming requirements.--Each Federal agency shall
    include in each solicitation for any multiple award contract
    above the substantial bundling threshold of the Federal agency a
    provision soliciting bids from any responsible source, including
    responsible small business concerns and teams or joint ventures
    of small business concerns.
    ``(2) <>  Policies on
    reduction of contract bundling.--
    ``(A) In general.--Not later than 1 year after the
    date of enactment of this subsection, the Federal
    Acquisition Regulatory Council established under section
    25(a) of the Office of Federal Procurement Policy Act
    (41 U.S.C. 4219(a)) shall amend the Federal Acquisition
    Regulation issued under section 25 of such Act to--
    ``(i) establish a Government-wide policy
    regarding contract bundling, including regarding
    the solicitation of teaming and joint ventures
    under paragraph (1); and
    ``(ii) require that the policy established
    under clause (i) be published on the website of
    each Federal agency.
    ``(B) Rationale for contract bundling.--Not later
    than 30 days after the date on which the head of a
    Federal agency submits data certifications to the
    Administrator for Federal Procurement Policy, the head
    of the Federal agency shall publish on the website of
    the Federal agency a list and rationale for any bundled
    contract for which the Federal agency solicited bids or
    that was awarded by the Federal agency.
    ``(3) Reporting.--Not later than 90 days after the date of
    enactment of this subsection, and every 3 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 regarding
    procurement center representatives and commercial market
    representatives, which shall--
    ``(A) identify each area for which the
    Administration has assigned a procurement center
    representative or a commercial market representative;
    ``(B) explain why the Administration selected the
    areas identified under subparagraph (A); and
    ``(C) describe the activities performed by
    procurement center representatives and commercial market
    representatives.''.

    (b) Technical Correction.--Section 15(g) of the Small Business Act
    (15 U.S.C. 644(g)) is amended by striking ``Administrator of the Office
    of Federal Procurement Policy'' each place it appears and inserting
    ``Administrator for Federal Procurement Policy''.
    (c) Report.--
    (1) In general.--Not later than 180 days after the date of
    enactment of this Act, the Comptroller General of the United
    States shall submit to Congress a report regarding the
    procurement center representative program of the Administration.

    [[Page 2538]]

    (2) Contents.--The report submitted under paragraph (1)
    shall--
    (A) address ways to improve the effectiveness of the
    procurement center representative program in helping
    small business concerns obtain Federal contracts;
    (B) evaluate the effectiveness of procurement center
    representatives and commercial marketing
    representatives; and
    (C) include recommendations, if any, on how to
    improve the procurement center representative program.

    (d) <>  Electronic Procurement Center
    Representative.--
    (1) <>  In general.--Not later than 1 year
    after the date of enactment of this Act, the Administrator shall
    implement a 3-year pilot electronic procurement center
    representative program.
    (2) Report.--Not later than 30 days after the pilot program
    under paragraph (1) ends, the Comptroller General of the United
    States 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 regarding the
    pilot program.
    SEC. 1313. CONSOLIDATION OF CONTRACT REQUIREMENTS.

    (a) In General.--The Small Business Act (15 U.S.C. 631 et seq.) is
    amended--
    (1) by redesignating section 44 <>
    as section 45; and
    (2) by inserting after section 43 the following:
    ``SEC. 44. <>  CONSOLIDATION OF CONTRACT
    REQUIREMENTS.

    ``(a) Definitions.--In this section--
    ``(1) the term `Chief Acquisition Officer' means the
    employee of a Federal agency designated as the Chief Acquisition
    Officer for the Federal agency under section 16(a) of the Office
    of Federal Procurement Policy Act (41 U.S.C. 414(a));
    ``(2) the term `consolidation of contract requirements',
    with respect to contract requirements of a Federal agency, means
    a use of a solicitation to obtain offers for a single contract
    or a multiple award contract to satisfy 2 or more requirements
    of the Federal agency for goods or services that have been
    provided to or performed for the Federal agency under 2 or more
    separate contracts lower in cost than the total cost of the
    contract for which the offers are solicited; and
    ``(3) the term `senior procurement executive' means an
    official designated under section 16(c) of the Office of Federal
    Procurement Policy Act (41 U.S.C. 414(c)) as the senior
    procurement executive for a Federal agency.

    ``(b) Policy.--The head of each Federal agency shall ensure that the
    decisions made by the Federal agency regarding consolidation of contract
    requirements of the Federal agency are made with a view to providing
    small business concerns with appropriate opportunities to participate as
    prime contractors and subcontractors in the procurements of the Federal
    agency.
    ``(c) Limitation on Use of Acquisition Strategies Involving
    Consolidation.--
    ``(1) In general.--Subject to paragraph (4), the head of a
    Federal agency may not carry out an acquisition strategy that
    includes a consolidation of contract requirements of the Federal
    agency with a total value of more than $2,000,000,

    [[Page 2539]]

    unless the senior procurement executive or Chief Acquisition
    Officer for the Federal agency, before carrying out the
    acquisition strategy--
    ``(A) conducts market research;
    ``(B) identifies any alternative contracting
    approaches that would involve a lesser degree of
    consolidation of contract requirements;
    ``(C) <>  makes a written
    determination that the consolidation of contract
    requirements is necessary and justified;
    ``(D) identifies any negative impact by the
    acquisition strategy on contracting with small business
    concerns; and
    ``(E) <>  certifies to the
    head of the Federal agency that steps will be taken to
    include small business concerns in the acquisition
    strategy.
    ``(2) Determination that consolidation is necessary and
    justified.--
    ``(A) In general.--A senior procurement executive or
    Chief Acquisition Officer may determine that an
    acquisition strategy involving a consolidation of
    contract requirements is necessary and justified for the
    purposes of paragraph (1)(C) if the benefits of the
    acquisition strategy substantially exceed the benefits
    of each of the possible alternative contracting
    approaches identified under paragraph (1)(B).
    ``(B) Savings in administrative or personnel
    costs.--For purposes of subparagraph (A), savings in
    administrative or personnel costs alone do not
    constitute a sufficient justification for a
    consolidation of contract requirements in a procurement
    unless the expected total amount of the cost savings, as
    determined by the senior procurement executive or Chief
    Acquisition Officer, is expected to be substantial in
    relation to the total cost of the procurement.
    ``(3) Benefits to be considered.--The benefits considered
    for the purposes of paragraphs (1) and (2) may include cost and,
    regardless of whether quantifiable in dollar amounts--
    ``(A) quality;
    ``(B) acquisition cycle;
    ``(C) terms and conditions; and
    ``(D) any other benefit.
    ``(4) Department of defense.--
    ``(A) <>  In general.--The
    Department of Defense and each military department shall
    comply with this section until after the date described
    in subparagraph (C).
    ``(B) Rule.--After the date described in
    subparagraph (C), contracting by the Department of
    Defense or a military department shall be conducted in
    accordance with section 2382 of title 10, United States
    Code.
    ``(C) Date.--The date described in this subparagraph
    is the date on which the Administrator determines the
    Department of Defense or a military department is in
    compliance with the Government-wide contracting goals
    under section 15.''.

    (b) Technical and Conforming Amendment.--Section 2382(b)(1) of title
    10, United States Code, is amended by striking ``An official'' and
    inserting ``Subject to section 44(c)(4), an official''.

    [[Page 2540]]

    SEC. 1314. <>  SMALL BUSINESS TEAMS PILOT
    PROGRAM.

    (a) Definitions.--In this section--
    (1) the term ``Pilot Program'' means the Small Business
    Teaming Pilot Program established under subsection (b); and
    (2) the term ``eligible organization'' means a well-
    established national organization for small business concerns
    with the capacity to provide assistance to small business
    concerns (which may be provided with the assistance of the
    Administrator) relating to--
    (A) customer relations and outreach;
    (B) team relations and outreach; and
    (C) performance measurement and quality assurance.

    (b) Establishment.--The Administrator shall establish a Small
    Business Teaming Pilot Program for teaming and joint ventures involving
    small business concerns.
    (c) Grants.--Under the Pilot Program, the Administrator may make
    grants to eligible organizations to provide assistance and guidance to
    teams of small business concerns seeking to compete for larger
    procurement contracts.
    (d) Contracting Opportunities.--The Administrator shall work with
    eligible organizations receiving a grant under the Pilot Program to
    recommend appropriate contracting opportunities for teams or joint
    ventures of small business concerns.
    (e) Report.--Not later than 1 year before the date on which the
    authority to carry out the Pilot Program terminates under subsection
    (f), 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 effectiveness of the
    Pilot Program.
    (f) Termination.--The authority to carry out the Pilot Program shall
    terminate 5 years after the date of enactment of this Act.
    (g) Authorization of Appropriations.--There are authorized to be
    appropriated for grants under subsection (c) $5,000,000 for each of
    fiscal years 2010 through 2015.

    PART II--SUBCONTRACTING INTEGRITY

    SEC. 1321. <>
    SUBCONTRACTING MISREPRESENTATIONS.

    Not later than 1 year after the date of enactment of this Act, the
    Administrator, in consultation with the Administrator for Federal
    Procurement Policy, shall promulgate regulations relating to, and the
    Federal Acquisition Regulatory Council established under section 25(a)
    of the Office of Federal Procurement Policy Act (41 U.S.C. 421(a)) shall
    amend the Federal Acquisition Regulation issued under section 25 of such
    Act to establish a policy on, subcontracting compliance relating to
    small business concerns, including assignment of compliance
    responsibilities between contracting offices, small business offices,
    and program offices and periodic oversight and review activities.
    SEC. 1322. SMALL BUSINESS SUBCONTRACTING IMPROVEMENTS.

    Section 8(d)(6) of the Small Business Act (15 U.S.C. 637(d)(6)) is
    amended--
    (1) in subparagraph (E), by striking ``and'' at the end;
    (2) in subparagraph (F), by striking the period at the end
    and inserting ``; and''; and
    (3) by adding at the end, the following:

    [[Page 2541]]

    ``(G) a representation that the offeror or bidder
    will--
    ``(i) make a good faith effort to acquire
    articles, equipment, supplies, services, or
    materials, or obtain the performance of
    construction work from the small business concerns
    used in preparing and submitting to the
    contracting agency the bid or proposal, in the
    same amount and quality used in preparing and
    submitting the bid or proposal; and
    ``(ii) provide to the contracting officer a
    written explanation if the offeror or bidder fails
    to acquire articles, equipment, supplies,
    services, or materials or obtain the performance
    of construction work as described in clause
    (i).''.

    PART III--ACQUISITION PROCESS

    SEC. 1331. RESERVATION OF PRIME CONTRACT AWARDS FOR SMALL
    BUSINESSES.

    Section 15 of the Small Business Act (15 U.S.C. 644), as amended by
    this Act, is amended by adding at the end the following:
    ``(r) Multiple Award
    Contracts. <> --Not later than 1
    year after the date of enactment of this subsection, the Administrator
    for Federal Procurement Policy and the Administrator, in consultation
    with the Administrator of General Services, shall, by regulation,
    establish guidance under which Federal agencies may, at their
    discretion--
    ``(1) set aside part or parts of a multiple award contract
    for small business concerns, including the subcategories of
    small business concerns identified in subsection (g)(2);
    ``(2) notwithstanding the fair opportunity requirements
    under section 2304c(b) of title 10, United States Code, and
    section 303J(b) of the Federal Property and Administrative
    Services Act of 1949 (41 U.S.C. 253j(b)), set aside orders
    placed against multiple award contracts for small business
    concerns, including the subcategories of small business concerns
    identified in subsection (g)(2); and
    ``(3) reserve 1 or more contract awards for small business
    concerns under full and open multiple award procurements,
    including the subcategories of small business concerns
    identified in subsection (g)(2).''.
    SEC. 1332. <>  MICRO-PURCHASE
    GUIDELINES.

    Not later than 1 year after the date of enactment of this Act, the
    Director of the Office of Management and Budget, in coordination with
    the Administrator of General Services, shall issue guidelines regarding
    the analysis of purchase card expenditures to identify opportunities for
    achieving and accurately measuring fair participation of small business
    concerns in purchases in an amount not in excess of the micro-purchase
    threshold, as defined in section 32 of the Office of Federal Procurement
    Policy Act (41 U.S.C. 428) (in this section referred to as ``micro-
    purchases''), consistent with the national policy on small business
    participation in Federal procurements set forth in sections 2(a) and
    15(g) of the Small Business Act (15 U.S.C. 631(a) and 644(g)), and
    dissemination of best practices for participation of small business
    concerns in micro-purchases.

    [[Page 2542]]

    SEC. 1333. AGENCY ACCOUNTABILITY.

    Section 15(g)(2) of the Small Business Act (15 U.S.C. 644(g)(2)) is
    amended--
    (1) by inserting ``(A)'' after ``(2)'';
    (2) by striking ``Goals established'' and inserting the
    following:

    ``(B) Goals established'';
    (3) by striking ``Whenever'' and inserting the following:

    ``(C) Whenever'';
    (4) by striking ``For the purpose of'' and inserting the
    following:

    ``(D) For the purpose of'';
    (5) by striking ``The head of each Federal agency, in
    attempting to attain such participation'' and inserting the
    following:

    ``(E) The head of each Federal agency, in attempting to attain the
    participation described in subparagraph (D)''.
    (6) in subparagraph (E), as so designated--
    (A) by striking ``(A) contracts'' and inserting
    ``(i) contracts''; and
    (B) by striking ``(B) contracts'' and inserting
    ``(ii) contracts''; and
    (7) by adding at the end the following:

    ``(F)(i) Each procurement employee or program manager described in
    clause (ii) shall communicate to the subordinates of the procurement
    employee or program manager the importance of achieving small business
    goals.
    ``(ii) A procurement employee or program manager described in this
    clause is a senior procurement executive, senior program manager, or
    Director of Small and Disadvantaged Business Utilization of a Federal
    agency having contracting authority.''.
    SEC. 1334. PAYMENT OF SUBCONTRACTORS.

    Section 8(d) of the Small Business Act (15 U.S.C. 637(d)) is amended
    by adding at the end the following:
    ``(12) Payment of Subcontractors.--
    ``(A) Definition.--In this paragraph, the term `covered
    contract' means a contract relating to which a prime contractor
    is required to develop a subcontracting plan under paragraph (4)
    or (5).
    ``(B) Notice.--
    ``(i) In general.--A prime contractor for a covered
    contract shall notify in writing the contracting officer
    for the covered contract if the prime contractor pays a
    reduced price to a subcontractor for goods and services
    upon completion of the responsibilities of the
    subcontractor or the payment to a subcontractor is more
    than 90 days past due for goods or services provided for
    the covered contract for which the Federal agency has
    paid the prime contractor.
    ``(ii) Contents.--A prime contractor shall include
    the reason for the reduction in a payment to or failure
    to pay a subcontractor in any notice made under clause
    (i).
    ``(C) Performance.--A contracting officer for a covered
    contract shall consider the unjustified failure by a prime
    contractor to make a full or timely payment to a subcontractor
    in evaluating the performance of the prime contractor.

    [[Page 2543]]

    ``(D) <>  Control of funds.--If the
    contracting officer for a covered contract determines that a
    prime contractor has a history of unjustified, untimely payments
    to contractors, the contracting officer shall record the
    identity of the contractor in accordance with the regulations
    promulgated under subparagraph (E).
    ``(E) Regulations. <> --Not later than 1
    year after the date of enactment of this paragraph, the Federal
    Acquisition Regulatory Council established under section 25(a)
    of the Office of Federal Procurement Policy Act (41 U.S.C.
    421(a)) shall amend the Federal Acquisition Regulation issued
    under section 25 of such Act to--
    ``(i) describe the circumstances under which a
    contractor may be determined to have a history of
    unjustified, untimely payments to subcontractors;
    ``(ii) <>  establish a process for
    contracting officers to record the identity of a
    contractor described in clause (i); and
    ``(iii) <>  require the
    identity of a contractor described in clause (i) to be
    incorporated in, and made publicly available through,
    the Federal Awardee Performance and Integrity
    Information System, or any successor thereto.''.
    SEC. 1335. REPEAL OF SMALL BUSINESS COMPETITIVENESS DEMONSTRATION
    PROGRAM.

    (a) In General.--The Business Opportunity Development Reform Act of
    1988 (Public Law 100-656) is amended by striking title VII (15 U.S.C.
    644 note).
    (b) <>  Effective Date and Applicability.--
    The amendment made by this section--
    (1) shall take effect on the date of enactment of this Act;
    and
    (2) apply to the first full fiscal year after the date of
    enactment of this Act.

    PART IV--SMALL BUSINESS SIZE AND STATUS INTEGRITY

    SEC. 1341. POLICY AND PRESUMPTIONS.

    Section 3 of the Small Business Act (15 U.S.C. 632), as amended by
    section 1311, is amended by adding at the end the following:
    ``(w) Presumption.--
    ``(1) In general.--In every contract, subcontract,
    cooperative agreement, cooperative research and development
    agreement, or grant which is set aside, reserved, or otherwise
    classified as intended for award to small business concerns,
    there shall be a presumption of loss to the United States based
    on the total amount expended on the contract, subcontract,
    cooperative agreement, cooperative research and development
    agreement, or grant whenever it is established that a business
    concern other than a small business concern willfully sought and
    received the award by misrepresentation.
    ``(2) Deemed certifications.--The following actions shall be
    deemed affirmative, willful, and intentional certifications of
    small business size and status:
    ``(A) Submission of a bid or proposal for a Federal
    grant, contract, subcontract, cooperative agreement, or
    cooperative research and development agreement reserved,

    [[Page 2544]]

    set aside, or otherwise classified as intended for award
    to small business concerns.
    ``(B) Submission of a bid or proposal for a Federal
    grant, contract, subcontract, cooperative agreement, or
    cooperative research and development agreement which in
    any way encourages a Federal agency to classify the bid
    or proposal, if awarded, as an award to a small business
    concern.
    ``(C) Registration on any Federal electronic
    database for the purpose of being considered for award
    of a Federal grant, contract, subcontract, cooperative
    agreement, or cooperative research agreement, as a small
    business concern.
    ``(3) Certification by signature of responsible official.--
    ``(A) In general.--Each solicitation, bid, or
    application for a Federal contract, subcontract, or
    grant shall contain a certification concerning the small
    business size and status of a business concern seeking
    the Federal contract, subcontract, or grant.
    ``(B) Content of certifications.--A certification
    that a business concern qualifies as a small business
    concern of the exact size and status claimed by the
    business concern for purposes of bidding on a Federal
    contract or subcontract, or applying for a Federal
    grant, shall contain the signature of an authorized
    official on the same page on which the certification is
    contained.
    ``(4) Regulations.--The Administrator shall promulgate
    regulations to provide adequate protections to individuals and
    business concerns from liability under this subsection in cases
    of unintentional errors, technical malfunctions, and other
    similar situations.''.
    SEC. 1342. ANNUAL CERTIFICATION.

    Section 3 of the Small Business Act (15 U.S.C. 632), as amended by
    section 1341, is amended by adding at the end the following:
    ``(x) Annual Certification.--
    ``(1) In general.--Each business certified as a small
    business concern under this Act shall annually certify its small
    business size and, if appropriate, its small business status, by
    means of a confirming entry on the Online Representations and
    Certifications Application database of the Administration, or
    any successor thereto.
    ``(2) <>  Regulations.--Not later than 1
    year after the date of enactment of this subsection, the
    Administrator, in consultation with the Inspector General and
    the Chief Counsel for Advocacy of the Administration, shall
    promulgate regulations to ensure that--
    ``(A) no business concern continues to be certified
    as a small business concern on the Online
    Representations and Certifications Application database
    of the Administration, or any successor thereto, without
    fulfilling the requirements for annual certification
    under this subsection; and
    ``(B) the requirements of this subsection are
    implemented in a manner presenting the least possible
    regulatory burden on small business concerns.''.

    [[Page 2545]]

    SEC. 1343. TRAINING FOR CONTRACTING AND ENFORCEMENT PERSONNEL.

    (a) In General. <> --Not later
    than 1 year after the date of enactment of this Act, the Federal
    Acquisition Institute, in consultation with the Administrator for
    Federal Procurement Policy, the Defense Acquisition University, and the
    Administrator, shall develop courses for acquisition personnel
    concerning proper classification of business concerns and small business
    size and status for purposes of Federal contracts, subcontracts, grants,
    cooperative agreements, and cooperative research and development
    agreements.

    (b) Policy on Prosecutions of Small Business Size and Status
    Fraud.--Section 3 of the Small Business Act (15 U.S.C. 632), as amended
    by section 1342, is amended by adding at the end the following:
    ``(y) Policy on Prosecutions of Small Business Size and Status
    Fraud.-- <> Not later than 1 year after the date of
    enactment of this subsection, the Administrator, in consultation with
    the Attorney General, shall issue a Government-wide policy on
    prosecution of small business size and status fraud, which shall direct
    Federal agencies to appropriately publicize the policy.''.
    SEC. <>  1344. UPDATED SIZE STANDARDS.

    (a) Rolling Review.--
    (1) In general.--The Administrator shall--
    (A) <>  during the 18-month
    period beginning on the date of enactment of this Act,
    and during every 18-month period thereafter, conduct a
    detailed review of not less than \1/3\ of the size
    standards for small business concerns established under
    section 3(a)(2) of the Small Business Act (15 U.S.C.
    632(a)(2)), which shall include holding not less than 2
    public forums located in different geographic regions of
    the United States;
    (B) after completing each review under subparagraph
    (A) make appropriate adjustments to the size standards
    established under section 3(a)(2) of the Small Business
    Act to reflect market conditions;
    (C) <>  make publicly
    available--
    (i) information regarding the factors
    evaluated as part of each review conducted under
    subparagraph (A); and
    (ii) information regarding the criteria used
    for any revised size standards promulgated under
    subparagraph (B); and
    (D) <>  not
    later than 30 days after the date on which the
    Administrator completes each review under subparagraph
    (A), submit to the Committee on Small Business and
    Entrepreneurship of the Senate and the Committee on
    Small Business of the House of Representatives and make
    publicly available a report regarding the review,
    including why the Administrator--
    (i) used the factors and criteria described in
    subparagraph (C); and
    (ii) adjusted or did not adjust each size
    standard that was reviewed under the review.
    (2) <>  Complete review of size
    standards.--The Administrator shall ensure that each size
    standard for small business concerns established under section
    3(a)(2) of the Small Business

    [[Page 2546]]

    Act (15 U.S.C. 632(a)(2)) is reviewed under paragraph (1) not
    less frequently than once every 5 years.

    (b) Rules.--Not later than 1 year after the date of enactment of
    this Act, the Administrator shall promulgate rules for conducting the
    reviews required under subsection (a).
    SEC. 1345. STUDY AND REPORT ON THE MENTOR-PROTEGE PROGRAM.

    (a) In General.--The Comptroller General of the United States shall
    conduct a study of the mentor-protege program of the Administration for
    small business concerns participating in programs under section 8(a) of
    the Small Business Act (15 U.S.C. 637(a)), and other relationships and
    strategic alliances pairing a larger business and a small business
    concern partner to gain access to Federal Government contracts, to
    determine whether the programs and relationships are effectively
    supporting the goal of increasing the participation of small business
    concerns in Government contracting.
    (b) Matters To Be Studied.--The study conducted under this section
    shall include--
    (1) a review of a broad cross-section of industries; and
    (2) an evaluation of--
    (A) how each Federal agency carrying out a program
    described in subsection (a) administers and monitors the
    program;
    (B) whether there are systems in place to ensure
    that the mentor-protege relationship, or similar
    affiliation, promotes real gain to the protege, and is
    not just a mechanism to enable participants that would
    not otherwise qualify under section 8(a) of the Small
    Business Act (15 U.S.C. 637(a)) to receive contracts
    under that section; and
    (C) the degree to which protege businesses become
    able to compete for Federal contracts without the
    assistance of a mentor.

    (c) Report to Congress.--Not later than 180 days after the date of
    enactment of this Act, the Comptroller General 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 the study conducted under this section.
    SEC. 1346. CONTRACTING GOALS REPORTS.

    Section 15(h)(2) of the Small Business Act (15 U.S.C. 644(h)(2)) is
    amended by striking ``submit them'' and all that follows through ``the
    following:'' and inserting ``submit to the President and the Committee
    on Small Business and Entrepreneurship of the Senate and the Committee
    on Small Business of the House of Representatives the compilation and
    analysis, which shall include the following:''.
    SEC. 1347. SMALL BUSINESS CONTRACTING PARITY.

    (a) <>  Definitions.--In this section--
    (1) the terms ``Administration'' and ``Administrator'' mean
    the Small Business Administration and the Administrator thereof,
    respectively; and
    (2) the terms ``HUBZone small business concern'', ``small
    business concern'', ``small business concern owned and
    controlled by service-disabled veterans'', and ``small business
    concern owned and controlled by women'' have the same meanings
    as in section 3 of the Small Business Act (15 U.S.C. 632).

    [[Page 2547]]

    (b) Contracting Improvements.--
    (1) Contracting opportunities.--Section 31(b)(2)(B) of the
    Small Business Act (15 U.S.C. 657a(b)(2)(B)) is amended by
    striking ``shall'' and inserting ``may''.
    (2) Contracting goals.--Section 15(g)(1) of the Small
    Business Act (15 U.S.C. 644(g)(1)) is amended in the fourth
    sentence by inserting ``and subcontract'' after ``not less than
    3 percent of the total value of all prime contract''.
    (3) Mentor-protege programs.--The Administrator may
    establish mentor-protege programs for small business concerns
    owned and controlled by service-disabled veterans, small
    business concerns owned and controlled by women, and HUBZone
    small business concerns modeled on the mentor-protege program of
    the Administration for small business concerns participating in
    programs under section 8(a) of the Small Business Act (15 U.S.C.
    637(a)).

    (c) Small Business Contracting Programs Parity.--Section 31(b)(2) of
    the Small Business Act (15 U.S.C. 657a(b)(2)) is amended--
    (1) in the matter preceding subparagraph (A), by striking
    ``Notwithstanding any other provision of law--'';
    (2) in subparagraph (A)--
    (A) in the matter preceding clause (i), by striking
    ``a contracting'' and inserting ``Sole source
    contracts.--A contracting''; and
    (B) in clause (iii), by striking the semicolon at
    the end and inserting a period;
    (3) in subparagraph (B)--
    (A) by striking ``a contract opportunity shall'' and
    inserting ``Restricted competition.--A contract
    opportunity may''; and
    (B) by striking ``; and'' and inserting a period;
    and
    (4) in subparagraph (C), by striking ``not later'' and
    inserting ``Appeals.--Not later''.

    Subtitle D--Small Business Management and Counseling Assistance

    SEC. 1401. MATCHING REQUIREMENTS UNDER SMALL BUSINESS PROGRAMS.

    (a) Microloan Program.--Section 7(m) of the Small Business Act (15
    U.S.C. 636(m)) is amended--
    (1) in paragraph (3)(B)--
    (A) by striking ``As a condition'' and inserting the
    following:
    ``(i) In general.--Subject to clause (ii), as
    a condition'';
    (B) by striking ``the Administration'' and inserting
    ``the Administrator''; and
    (C) by adding at the end the following:
    ``(ii) Waiver of non-federal share.--
    ``(I) In general.--Upon request by
    an intermediary, and in accordance with
    this clause, the Administrator may
    waive, in whole or in part, the
    requirement to obtain non-Federal funds
    under clause (i) for a fiscal year. The
    Administrator may

    [[Page 2548]]

    waive the requirement to obtain non-
    Federal funds under this clause for
    successive fiscal years.
    ``(II) Considerations.--In
    determining whether to waive the
    requirement to obtain non-Federal funds
    under this clause, the Administrator
    shall consider--
    ``(aa) the economic
    conditions affecting the
    intermediary;
    ``(bb) the impact a waiver
    under this clause would have on
    the credibility of the microloan
    program under this subsection;
    ``(cc) the demonstrated
    ability of the intermediary to
    raise non-Federal funds; and
    ``(dd) the performance of
    the intermediary.
    ``(III) Limitations.--
    ``(aa) In general.--The
    Administrator may not waive the
    requirement to obtain non-
    Federal funds under this clause
    if granting the waiver would
    undermine the credibility of the
    microloan program under this
    subsection.
    ``(bb) Sunset.--The
    Administrator may not waive the
    requirement to obtain non-
    Federal funds under this clause
    for fiscal year 2013 or any
    fiscal year thereafter.''; and
    (2) in paragraph (4)(B)--
    (A) by striking ``As a condition'' and all that
    follows through ``the Administration shall require'' and
    inserting the following:
    ``(i) In general.--Subject to clause (ii), as
    a condition of a grant made under subparagraph
    (A), the Administrator shall require''; and
    (B) by adding at the end the following:
    ``(ii) Waiver of non-federal share.--
    ``(I) In general.--Upon request by
    an intermediary, and in accordance with
    this clause, the Administrator may
    waive, in whole or in part, the
    requirement to obtain non-Federal funds
    under clause (i) for a fiscal year. The
    Administrator may waive the requirement
    to obtain non-Federal funds under this
    clause for successive fiscal years.
    ``(II) Considerations.--In
    determining whether to waive the
    requirement to obtain non-Federal funds
    under this clause, the Administrator
    shall consider--
    ``(aa) the economic
    conditions affecting the
    intermediary;
    ``(bb) the impact a waiver
    under this clause would have on
    the credibility of the microloan
    program under this subsection;
    ``(cc) the demonstrated
    ability of the intermediary to
    raise non-Federal funds; and
    ``(dd) the performance of
    the intermediary.
    ``(III) Limitations.--
    ``(aa) In general.--The
    Administrator may not waive the
    requirement to obtain non-
    Federal funds under this clause
    if granting

    [[Page 2549]]

    the waiver would undermine the
    credibility of the microloan
    program under this subsection.
    ``(bb) Sunset.--The
    Administrator may not waive the
    requirement to obtain non-
    Federal funds under this clause
    for fiscal year 2013 or any
    fiscal year thereafter.''.

    (b) Women's Business Center Program.--Section 29(c) of the Small
    Business Act (15 U.S.C. 656(c)) is amended--
    (1) in paragraph (1), by striking ``As a condition'' and
    inserting ``Subject to paragraph (5), as a condition''; and
    (2) by adding at the end the following:
    ``(5) Waiver of non-federal share relating to technical
    assistance and counseling.--
    ``(A) In general.--Upon request by a recipient
    organization, and in accordance with this paragraph, the
    Administrator may waive, in whole or in part, the
    requirement to obtain non-Federal funds under this
    subsection for the technical assistance and counseling
    activities of the recipient organization carried out
    using financial assistance under this section for a
    fiscal year. The Administrator may waive the requirement
    to obtain non-Federal funds under this paragraph for
    successive fiscal years.
    ``(B) Considerations.--In determining whether to
    waive the requirement to obtain non-Federal funds under
    this paragraph, the Administrator shall consider--
    ``(i) the economic conditions affecting the
    recipient organization;
    ``(ii) the impact a waiver under this clause
    would have on the credibility of the women's
    business center program under this section;
    ``(iii) the demonstrated ability of the
    recipient organization to raise non-Federal funds;
    and
    ``(iv) the performance of the recipient
    organization.
    ``(C) Limitations.--
    ``(i) In general.--The Administrator may not
    waive the requirement to obtain non-Federal funds
    under this paragraph if granting the waiver would
    undermine the credibility of the women's business
    center program under this section.
    ``(ii) Sunset.--The Administrator may not
    waive the requirement to obtain non-Federal funds
    under this paragraph for fiscal year 2013 or any
    fiscal year thereafter.''.

    (c) Prospective Repeals. <> --Effective October 1, 2012, the Small Business Act (15 U.S.C.
    631 et seq.) is amended--
    (1) in section 7(m) (15 U.S.C. 636(m))--
    (A) in paragraph (3)(B)--
    (i) by striking ``Intermediary contribution.--
    '' and all that follows through ``Subject to
    clause (ii), as'' and inserting ``Intermediary
    contribution.--As''; and
    (ii) by striking clause (ii); and
    (B) in paragraph (4)(B)--
    (i) by striking ``Contribution.--'' and all
    that follows through ``Subject to clause (ii),
    as'' and inserting ``Contribution.--As''; and

    [[Page 2550]]

    (ii) by striking clause (ii); and
    (2) in section 29(c) (15 U.S.C. 656(c))--
    (A) in paragraph (1), by striking ``Subject to
    paragraph (5), as'' and inserting ``As''; and
    (B) by striking paragraph (5).
    SEC. 1402. <>  GRANTS FOR SBDCS.

    (a) In General.--The Administrator may make grants to small business
    development centers under section 21 of the Small Business Act (15
    U.S.C. 648) to provide targeted technical assistance to small business
    concerns seeking access to capital or credit, Federal procurement
    opportunities, energy efficiency audits to reduce energy bills,
    opportunities to export products or provide services to foreign
    customers, adopting, making innovations in, and using broadband
    technologies, or other assistance.
    (b) Allocation.--
    (1) In general.--Subject to paragraph (2), and
    notwithstanding the requirements of section 21(a)(4)(C)(iii) of
    the Small Business Act (15 U.S.C. 648(a)(4)(C)(iii)), the amount
    appropriated to carry out this section shall be allocated under
    the formula under section 21(a)(4)(C)(i) of that Act.
    (2) Minimum funding.--The amount made available under this
    section to each State shall be not less than $325,000.
    (3) Types of uses.--Of the total amount of the grants
    awarded by the Administrator under this section--
    (A) not less than 80 percent shall be used for
    counseling of small business concerns; and
    (B) not more than 20 percent may be used for classes
    or seminars.

    (c) No Non-Federal Share Required.--Notwithstanding section
    21(a)(4)(A) of the Small Business Act (15 U.S.C. 648(a)(4)(A)), the
    recipient of a grant made under this section shall not be required to
    provide non-Federal matching funds.
    (d) Distribution. <> --Not later than 30 days after
    the date on which amounts are appropriated to carry out this section,
    the Administrator shall disburse the total amount appropriated.

    (e) Authorization of Appropriations.--There is authorized to be
    appropriated to the Administrator $50,000,000 to carry out this section.

    Subtitle E--Disaster Loan Improvement

    SEC. 1501. AQUACULTURE BUSINESS DISASTER ASSISTANCE.

    Section 3 of the Small Business Act (15 U.S.C. 632), as amended by
    section 1343, is amended by adding at the end the following:
    ``(z) Aquaculture Business Disaster Assistance.--Subject to section
    18(a) and notwithstanding section 18(b)(1), the Administrator may
    provide disaster assistance under section 7(b)(2) to aquaculture
    enterprises that are small businesses.''.

    [[Page 2551]]

    Subtitle F--Small Business Regulatory Relief

    SEC. 1601. REQUIREMENTS PROVIDING FOR MORE DETAILED ANALYSES.

    Section 604(a) of title 5, United States Code, is amended--
    (1) in paragraph (1), by striking ``succinct'';
    (2) in paragraph (2), by striking ``summary'' each place it
    appears and inserting ``statement'';
    (3) by redesignating paragraphs (3), (4), and (5) as
    paragraphs (4), (5), and (6), respectively; and
    (4) by inserting after paragraph (2) the following:
    ``(3) the response of the agency to any comments filed by
    the Chief Counsel for Advocacy of the Small Business
    Administration in response to the proposed rule, and a detailed
    statement of any change made to the proposed rule in the final
    rule as a result of the comments;''.
    SEC. 1602. OFFICE OF ADVOCACY.

    (a) In General.--Section 203 of Public Law 94-305 (15 U.S.C. 634c)
    is amended--
    (1) in paragraph (4), by striking ``and'' at the end;
    (2) in paragraph (5), by striking the period and inserting
    ``; and''; and
    (3) by adding at the end the following:
    ``(6) carry out the responsibilities of the Office of
    Advocacy under chapter 6 of title 5, United States Code.''.

    (b) Budgetary Line Item and Authorization of Appropriations.--Title
    II of Public Law 94-305 (15 U.S.C. 634a et seq.) is amended by striking
    section 207 and inserting the following:
    ``SEC. 207. <>  BUDGETARY LINE ITEM AND
    AUTHORIZATION OF APPROPRIATIONS.

    ``(a) Appropriation Requests.--Each budget of the United States
    Government submitted by the President under section 1105 of title 31,
    United States Code, shall include a separate statement of the amount of
    appropriations requested for the Office of Advocacy of the Small
    Business Administration, which shall be designated in a separate account
    in the General Fund of the Treasury.
    ``(b) Administrative Operations.--The Administrator of the Small
    Business Administration shall provide the Office of Advocacy with
    appropriate and adequate office space at central and field office
    locations, together with such equipment, operating budget, and
    communications facilities and services as may be necessary, and shall
    provide necessary maintenance services for such offices and the
    equipment and facilities located in such offices.
    ``(c) Authorization of Appropriations.--There are authorized to be
    appropriated such sums as are necessary to carry out this title. Any
    amount appropriated under this subsection shall remain available,
    without fiscal year limitation, until expended.''.

    [[Page 2552]]

    Subtitle G--Appropriations Provisions

    SEC. 1701. SALARIES AND EXPENSES.

    (a) Appropriation.--There is appropriated, out of any money in the
    Treasury not otherwise appropriated, for the fiscal year ending
    September 30, 2010, $150,000,000, to remain available until September
    30, 2012, for an additional amount for the appropriations account
    appropriated under the heading ``salaries and expenses'' under the
    heading ``Small Business Administration'', of which--
    (1) $50,000,000 is for grants to small business development
    centers authorized under section 1402;
    (2) $1,000,000 is for the costs of administering grants
    authorized under section 1402;
    (3) $30,000,000 is for grants to States for fiscal year 2011
    to carry out export programs that assist small business concerns
    authorized under section 1207;
    (4) $30,000,000 is for grants to States for fiscal year 2012
    to carry out export programs that assist small business concerns
    authorized under section 1207;
    (5) $2,500,000 is for the costs of administering grants
    authorized under section 1207;
    (6) $5,000,000 is for grants for fiscal year 2011 under the
    Small Business Teaming Pilot Program under section 1314; and
    (7) $5,000,000 is for grants for fiscal year 2012 under the
    Small Business Teaming Pilot Program under section 1314.

    (b) Report.--Not later than 60 days after the date of enactment of
    this Act, the Administrator shall submit to the Committee on
    Appropriations of the Senate and the Committee on Appropriations of the
    House of Representatives a detailed expenditure plan for using the funds
    provided under subsection (a).
    SEC. 1702. BUSINESS LOANS PROGRAM ACCOUNT.

    (a) In General.--There is appropriated, out of any money in the
    Treasury not otherwise appropriated, for the fiscal year ending
    September 30, 2010, for an additional amount for the appropriations
    account appropriated under the heading ``business loans program
    account'' under the heading ``Small Business Administration''--
    (1) $8,000,000, to remain available until September 30,
    2012, for fiscal year 2011 for the cost of direct loans
    authorized under section 7(l) of the Small Business Act, as
    added by section 1131 of this title, including the cost of
    modifying the loans;
    (2) $8,000,000, to remain available until September 30,
    2012, for fiscal year 2012 for the cost of direct loans
    authorized under section 7(l) of the Small Business Act, as
    added by section 1131 of this title, including the cost of
    modifying the loans;
    (3) $6,500,000, to remain available until September 30,
    2012, for administrative expenses to carry out the direct loan
    program authorized under section 7(l) of the Small Business Act,
    as added by section 1131 of this title, which may be transferred
    to and merged with the appropriations account appropriated under
    the heading ``salaries and expenses'' under the heading ``Small
    Business Administration''; and

    [[Page 2553]]

    (4) $15,000,000, to remain available until September 30,
    2011, for the cost of guaranteed loans as authorized under
    section 7(a) of the Small Business Act, including the cost of
    modifying the loans.

    (b) Definition.--In this section, the term ``cost'' has the meaning
    given that term in section 502 of the Congressional Budget Act of 1974.
    SEC. 1703. <>  COMMUNITY
    DEVELOPMENT FINANCIAL INSTITUTIONS FUND
    PROGRAM ACCOUNT.

    There is appropriated, out of any money in the Treasury not
    otherwise appropriated, for the fiscal year ending September 30, 2010,
    for an additional amount for the appropriations account appropriated
    under the heading ``community development financial institutions fund
    program account'' under the heading ``DEPARTMENT OF THE TREASURY'',
    $13,500,000, to remain available until September 30, 2012, for the costs
    of administering guarantees for bonds and notes as authorized under
    section 114A of the Riegle Community Development and Regulatory
    Improvement Act of 1994, as added by section 1134 of this Act.
    SEC. 1704. SMALL BUSINESS LOAN GUARANTEE ENHANCEMENT EXTENSIONS.

    (a) Extension of Programs.--
    (1) In general.--There is appropriated, out of any funds in
    the Treasury not otherwise appropriated, for an additional
    amount for ``Small Business Administration--Business Loans
    Program Account'', $505,000,000, to remain available through
    December 31, 2010, for the cost of--
    (A) fee reductions and eliminations under section
    501 of division A of the American Recovery and
    Reinvestment Act of 2009 (Public Law 111-5; 123 Stat.
    151), as amended by this Act; and
    (B) loan guarantees under section 502 of division A
    of the American Recovery and Reinvestment Act of 2009
    (Public Law 111-5; 123 Stat. 152), as amended by this
    Act.
    (2) Cost.--For purposes of this subsection, the term
    ``cost'' has the same meaning as in section 502 of the
    Congressional Budget Act of 1974 (2 U.S.C. 661a).

    (b) Administrative Expenses.--There is appropriated for an
    additional amount, out of any funds in the Treasury not otherwise
    appropriated, for administrative expenses to carry out sections 501 and
    502 of division A of the American Recovery and Reinvestment Act of 2009
    (Public Law 111-5), $5,000,000, to remain available until expended,
    which may be transferred and merged with the appropriation for ``Small
    Business Administration--Salaries and Expenses''.

    TITLE II <> --TAX
    PROVISIONS
    SEC. 2001. <>  SHORT TITLE.

    This title may be cited as the ``Creating Small Business Jobs Act of
    2010''.

    [[Page 2554]]

    Subtitle A--Small Business Relief

    PART I--PROVIDING ACCESS TO CAPITAL

    SEC. 2011. TEMPORARY EXCLUSION OF 100 PERCENT OF GAIN ON CERTAIN
    SMALL BUSINESS STOCK.

    (a) In General.--Subsection (a) of section 1202 of the Internal
    Revenue Code of 1986 <>  is amended by adding at the
    end the following new paragraph:
    ``(4) 100 percent exclusion for stock acquired during
    certain periods in 2010.--In the case of qualified small
    business stock acquired after the date of the enactment of the
    Creating Small Business Jobs Act of 2010 and before January 1,
    2011--
    ``(A) <>  paragraph (1) shall
    be applied by substituting `100 percent' for `50
    percent',
    ``(B) paragraph (2) shall not apply, and
    ``(C) paragraph (7) of section 57(a) shall not
    apply.''.

    (b) Conforming Amendment.--Paragraph (3) of section 1202(a) of the
    Internal Revenue Code of 1986 is amended--
    (1) by inserting ``certain periods in'' before ``2010'' in
    the heading, and
    (2) by striking ``before January 1, 2011'' and inserting
    ``on or before the date of the enactment of the Creating Small
    Business Jobs Act of 2010''.

    (c) <>  Effective Date.--The amendments
    made by this section shall apply to stock acquired after the date of the
    enactment of this Act.
    SEC. 2012. GENERAL BUSINESS CREDITS OF ELIGIBLE SMALL BUSINESSES
    FOR 2010 CARRIED BACK 5 YEARS.

    (a) In General.--Section 39(a) of the Internal Revenue Code of
    1986 <>  is amended by adding at the end the following
    new paragraph:
    ``(4) 5-year carryback for eligible small business
    credits.--
    ``(A) In general.--Notwithstanding subsection (d),
    in the case of eligible small business credits
    determined in the first taxable year of the taxpayer
    beginning in 2010--
    ``(i) <>  paragraph (1)
    shall be applied by substituting `each of the 5
    taxable years' for `the taxable year' in
    subparagraph (A) thereof, and
    ``(ii) <>  paragraph (2)
    shall be applied--
    ``(I) by substituting `25 taxable
    years' for `21 taxable years' in
    subparagraph (A) thereof, and
    ``(II) by substituting `24 taxable
    years' for `20 taxable years' in
    subparagraph (B) thereof.
    ``(B) Eligible small business credits.--For purposes
    of this subsection, the term `eligible small business
    credits' has the meaning given such term by section
    38(c)(5)(B).''.

    (b) Conforming Amendment.--Section 39(a)(3)(A) of the Internal
    Revenue Code of 1986 is amended by inserting ``or the eligible small
    business credits'' after ``credit)''.
    (c) <>  Effective Date.--The amendments made
    by this section shall apply to credits determined in taxable years
    beginning after December 31, 2009.

    [[Page 2555]]

    SEC. 2013. GENERAL BUSINESS CREDITS OF ELIGIBLE SMALL BUSINESSES
    IN 2010 NOT SUBJECT TO ALTERNATIVE
    MINIMUM TAX.

    (a) In General.--Section 38(c) of the Internal Revenue Code of
    1986 <>  is amended by redesignating paragraph (5) as
    paragraph (6) and by inserting after paragraph (4) the following new
    paragraph:
    ``(5) Special rules for eligible small business credits in
    2010.--
    ``(A) In general.--In the case of eligible small
    business credits determined in taxable years beginning
    in 2010--
    ``(i) <>  this section
    and section 39 shall be applied separately with
    respect to such credits, and
    ``(ii) in applying paragraph (1) to such
    credits--
    ``(I) the tentative minimum tax
    shall be treated as being zero, and
    ``(II) the limitation under
    paragraph (1) (as modified by subclause
    (I)) shall be reduced by the credit
    allowed under subsection (a) for the
    taxable year (other than the eligible
    small business credits).
    ``(B) <>  Eligible small business
    credits.--For purposes of this subsection, the term
    `eligible small business credits' means the sum of the
    credits listed in subsection (b) which are determined
    for the taxable year with respect to an eligible small
    business. Such credits shall not be taken into account
    under paragraph (2), (3), or (4).
    ``(C) <>  Eligible small
    business.--For purposes of this subsection, the term
    `eligible small business' means, with respect to any
    taxable year--
    ``(i) a corporation the stock of which is not
    publicly traded,
    ``(ii) a partnership, or
    ``(iii) a sole proprietorship,
    if the average annual gross receipts of such
    corporation, partnership, or sole proprietorship for the
    3-taxable-year period preceding such taxable year does
    not exceed $50,000,000. <>  For
    purposes of applying the test under the preceding
    sentence, rules similar to the rules of paragraphs (2)
    and (3) of section 448(c) shall apply.
    ``(D) Treatment of partners and s corporation
    shareholders.--Credits determined with respect to a
    partnership or S corporation shall not be treated as
    eligible small business credits by any partner or
    shareholder unless such partner or shareholder meets the
    gross receipts test under subparagraph (C) for the
    taxable year in which such credits are treated as
    current year business credits.''.

    (b) Technical Amendment.--Section 55(e)(5) of the Internal Revenue
    Code of 1986 <>  is amended by striking
    ``38(c)(3)(B)'' and inserting ``38(c)(6)(B)''.

    (c) Conforming Amendments.--
    (1) Subclause (II) of section 38(c)(2)(A)(ii) of the
    Internal Revenue Code of 1986 is amended by inserting ``the
    eligible small business credits,'' after ``the New York Liberty
    Zone business employee credit,''.

    [[Page 2556]]

    (2) Subclause (II) of section 38(c)(3)(A)(ii) of
    such <>  Code is amended by inserting ``, the
    eligible small business credits,'' after ``the New York Liberty
    Zone business employee credit''.
    (3) Subclause (II) of section 38(c)(4)(A)(ii) of such Code
    is amended by inserting ``the eligible small business credits
    and'' before ``the specified credits''.

    (d) <>  Effective Date.--The amendments made
    by subsection (a) shall apply to credits determined in taxable years
    beginning after December 31, 2009, and to carrybacks of such credits.
    SEC. 2014. TEMPORARY REDUCTION IN RECOGNITION PERIOD FOR BUILT-IN
    GAINS TAX.

    (a) In General.--Subparagraph (B) of section 1374(d)(7) of the
    Internal Revenue Code of 1986 <>  is amended to read
    as follows:
    ``(B) Special rules for 2009, 2010, and 2011.--No
    tax shall be imposed on the net recognized built-in gain
    of an S corporation--
    ``(i) in the case of any taxable year
    beginning in 2009 or 2010, if the 7th taxable year
    in the recognition period preceded such taxable
    year, or
    ``(ii) in the case of any taxable year
    beginning in 2011, if the 5th year in the
    recognition period preceded such taxable year.
    The <>  preceding sentence shall
    be applied separately with respect to any asset to which
    paragraph (8) applies.''.

    (b) <>  Effective Date.--The amendment made by
    this section shall apply to taxable years beginning after December 31,
    2010.

    PART II--ENCOURAGING INVESTMENT

    SEC. 2021. INCREASED EXPENSING LIMITATIONS FOR 2010 AND 2011;
    CERTAIN REAL PROPERTY TREATED AS SECTION
    179 PROPERTY.

    (a) Increased Limitations.--Subsection (b) of section 179 of the
    Internal Revenue Code of 1986 <>  is amended--
    (1) by striking ``shall not exceed'' and all that follows in
    paragraph (1) and inserting ``shall not exceed--
    ``(A) $250,000 in the case of taxable years
    beginning after 2007 and before 2010,
    ``(B) $500,000 in the case of taxable years
    beginning in 2010 or 2011, and
    ``(C) $25,000 in the case of taxable years beginning
    after 2011.'', and
    (2) by striking ``exceeds'' and all that follows in
    paragraph (2) and inserting ``exceeds--
    ``(A) $800,000 in the case of taxable years
    beginning after 2007 and before 2010,
    ``(B) $2,000,000 in the case of taxable years
    beginning in 2010 or 2011, and
    ``(C) $200,000 in the case of taxable years
    beginning after 2011.''.

    (b) Inclusion of Certain Real Property.--Section 179 of the Internal
    Revenue Code of 1986 is amended by adding at the end the following new
    subsection:
    ``(f) Special Rules for Qualified Real Property.--
    ``(1) In general.--If a taxpayer elects the application of
    this subsection for any taxable year beginning in 2010 or 2011,

    [[Page 2557]]

    the term `section 179 property' shall include any qualified real
    property which is--
    ``(A) of a character subject to an allowance for
    depreciation,
    ``(B) acquired by purchase for use in the active
    conduct of a trade or business, and
    ``(C) not described in the last sentence of
    subsection (d)(1).
    ``(2) Qualified real property.--For purposes of this
    subsection, the term `qualified real property' means--
    ``(A) qualified leasehold improvement property
    described in section 168(e)(6),
    ``(B) qualified restaurant property described in
    section 168(e)(7) (without regard to the dates specified
    in subparagraph (A)(i) thereof), and
    ``(C) qualified retail improvement property
    described in section 168(e)(8) (without regard to
    subparagraph (E) thereof).
    ``(3) Limitation.--For purposes of applying the limitation
    under subsection (b)(1)(B), not more than $250,000 of the
    aggregate cost which is taken into account under subsection (a)
    for any taxable year may be attributable to qualified real
    property.
    ``(4) Carryover limitation.--
    ``(A) In general.--Notwithstanding subsection
    (b)(3)(B), no amount attributable to qualified real
    property may be carried over to a taxable year beginning
    after 2011.
    ``(B) <>  Treatment of
    disallowed amounts.--Except as provided in subparagraph
    (C), to the extent that any amount is not allowed to be
    carried over to a taxable year beginning after 2011 by
    reason of subparagraph (A), this title shall be applied
    as if no election under this section had been made with
    respect to such amount.
    ``(C) Amounts carried over from 2010.--If
    subparagraph (B) applies to any amount (or portion of an
    amount) which is carried over from a taxable year other
    than the taxpayer's last taxable year beginning in 2011,
    such amount (or portion of an amount) shall be treated
    for purposes of this title as attributable to property
    placed in service on the first day of the taxpayer's
    last taxable year beginning in 2011.
    ``(D) Allocation of amounts.--For purposes of
    applying this paragraph and subsection (b)(3)(B) to any
    taxable year, the amount which is disallowed under
    subsection (b)(3)(A) for such taxable year which is
    attributed to qualified real property shall be the
    amount which bears the same ratio to the total amount so
    disallowed as--
    ``(i) the aggregate amount attributable to
    qualified real property placed in service during
    such taxable year, increased by the portion of any
    amount carried over to such taxable year from a
    prior taxable year which is attributable to such
    property, bears to
    ``(ii) the total amount of section 179
    property placed in service during such taxable
    year, increased by the aggregate amount carried
    over to such taxable year from any prior taxable
    year.

    [[Page 2558]]

    For purposes of the preceding sentence, only section 179
    property with respect to which an election was made
    under subsection (c)(1) (determined without regard to
    subparagraph (B) of this paragraph) shall be taken into
    account.''.

    (c) Revocability of Election.--Paragraph (2) of section 179(c) of
    the Internal Revenue Code of 1986 <>  is amended by
    striking ``2011'' and inserting ``2012''.

    (d) Computer Software Treated as 179 Property.--Clause (ii) of
    section 179(d)(1)(A) is amended by striking ``2011'' and inserting
    ``2012''.
    (e) <>  Effective Dates.--
    (1) In general.--Except as provided in paragraph (2), the
    amendments made by this section shall apply to property placed
    in service after December 31, 2009, in taxable years beginning
    after such date.
    (2) Extensions.--The amendments made by subsections (c) and
    (d) shall apply to taxable years beginning after December 31,
    2010.
    SEC. 2022. ADDITIONAL FIRST-YEAR DEPRECIATION FOR 50 PERCENT OF
    THE BASIS OF CERTAIN QUALIFIED PROPERTY.

    (a) In General.--Paragraph (2) of section 168(k) of the Internal
    Revenue Code of 1986 <>  is amended--
    (1) by striking ``January 1, 2011'' in subparagraph (A)(iv)
    and inserting ``January 1, 2012'', and
    (2) by striking ``January 1, 2010'' each place it appears
    and inserting ``January 1, 2011''.

    (b) Conforming Amendments.--
    (1) The heading for subsection (k) of section 168 of the
    Internal Revenue Code of 1986 is amended by striking ``January
    1, 2010'' and inserting ``January 1, 2011''.
    (2) The heading for clause (ii) of section 168(k)(2)(B) of
    such Code is amended by striking ``Pre-january 1, 2010'' and
    inserting ``Pre-january 1, 2011''.
    (3) Subparagraph (D) of section 168(k)(4) of such Code is
    amended by striking ``and'' at the end of clause (ii), by
    striking the period at the end of clause (iii) and inserting a
    comma, and by adding at the end the following new clauses:
    ``(iv) `January 1, 2011' shall be substituted
    for `January 1, 2012' in subparagraph (A)(iv)
    thereof, and
    ``(v) `January 1, 2010' shall be substituted
    for `January 1, 2011' each place it appears in
    subparagraph (A) thereof.''.
    (4) Subparagraph (B) of section 168(l)(5) of such Code is
    amended by striking ``January 1, 2010'' and inserting ``January
    1, 2011''.
    (5) Subparagraph (C) of section 168(n)(2) of such Code is
    amended by striking ``January 1, 2010'' and inserting ``January
    1, 2011''.
    (6) Subparagraph (D) of section 1400L(b)(2) of
    such <>  Code is amended by striking
    ``January 1, 2010'' and inserting ``January 1, 2011''.
    (7) Subparagraph (B) of section 1400N(d)(3) of
    such <>  Code is amended by striking
    ``January 1, 2010'' and inserting ``January 1, 2011''.

    [[Page 2559]]

    (c) <>  Effective Date.--The amendments made
    by this section shall apply to property placed in service after December
    31, 2009, in taxable years ending after such date.
    SEC. 2023. SPECIAL RULE FOR LONG-TERM CONTRACT ACCOUNTING.

    (a) In General.--Section 460(c) of the Internal Revenue Code of
    1986 <>  is amended by adding at the end the
    following new paragraph:
    ``(6) Special rule for allocation of bonus depreciation with
    respect to certain property.--
    ``(A) In general.--Solely for purposes of
    determining the percentage of completion under
    subsection (b)(1)(A), the cost of qualified property
    shall be taken into account as a cost allocated to the
    contract as if subsection (k) of section 168 had not
    been enacted.
    ``(B) <>  Qualified property.--
    For purposes of this paragraph, the term `qualified
    property' means property described in section 168(k)(2)
    which--
    ``(i) has a recovery period of 7 years or
    less, and
    ``(ii) is placed in service after December 31,
    2009, and before January 1, 2011 (January 1, 2012,
    in the case of property described in section
    168(k)(2)(B)).''.

    (b) <>  Effective Date.--The amendment made
    by this section shall apply to property placed in service after December
    31, 2009.

    PART III--PROMOTING ENTREPRENEURSHIP

    SEC. 2031. INCREASE IN AMOUNT ALLOWED AS DEDUCTION FOR START-UP
    EXPENDITURES IN 2010.

    (a) Start-up Expenditures.--Subsection (b) of section 195 of the
    Internal Revenue Code of 1986 <>  is amended by
    adding at the end the following new paragraph:
    ``(3) <>  Special rule for taxable
    years beginning in 2010.--In the case of a taxable year
    beginning in 2010, paragraph (1)(A)(ii) shall be applied--
    ``(A) by substituting `$10,000' for `$5,000', and
    ``(B) by substituting `$60,000' for `$50,000'.''.

    (b) <>  Effective Date.--The amendment made
    by this section shall apply to amounts paid or incurred in taxable years
    beginning after December 31, 2009.
    SEC. 2032. AUTHORIZATION OF APPROPRIATIONS FOR THE UNITED STATES
    TRADE REPRESENTATIVE TO DEVELOP MARKET
    ACCESS OPPORTUNITIES FOR UNITED STATES
    SMALL- AND MEDIUM-SIZED BUSINESSES AND
    TO ENFORCE TRADE AGREEMENTS.

    (a) In General.--There are authorized to be appropriated to the
    Office of the United States Trade Representative $5,230,000, to remain
    available until expended, for--
    (1) analyzing and developing opportunities for businesses in
    the United States to access the markets of foreign countries;
    and
    (2) enforcing trade agreements to which the United States is
    a party.

    (b) Requirements.--In obligating and expending the funds authorized
    to be appropriated under subsection (a), the United States Trade
    Representative shall--

    [[Page 2560]]

    (1) give preference to those initiatives that the United
    States Trade Representative determines will create or sustain
    the greatest number of jobs in the United States or result in
    the greatest benefit to the economy of the United States; and
    (2) consider the needs of small- and medium-sized businesses
    in the United States with respect to--
    (A) accessing the markets of foreign countries; and
    (B) the enforcement of trade agreements to which the
    United States is a party.

    PART IV--PROMOTING SMALL BUSINESS FAIRNESS

    SEC. 2041. LIMITATION ON PENALTY FOR FAILURE TO DISCLOSE
    REPORTABLE TRANSACTIONS BASED ON
    RESULTING TAX BENEFITS.

    (a) In General.--Subsection (b) of section 6707A of the Internal
    Revenue Code of 1986 <>  is amended to read as
    follows:

    ``(b) Amount of Penalty.--
    ``(1) In general.--Except as otherwise provided in this
    subsection, the amount of the penalty under subsection (a) with
    respect to any reportable transaction shall be 75 percent of the
    decrease in tax shown on the return as a result of such
    transaction (or which would have resulted from such transaction
    if such transaction were respected for Federal tax purposes).
    ``(2) Maximum penalty.--The amount of the penalty under
    subsection (a) with respect to any reportable transaction shall
    not exceed--
    ``(A) in the case of a listed transaction, $200,000
    ($100,000 in the case of a natural person), or
    ``(B) in the case of any other reportable
    transaction, $50,000 ($10,000 in the case of a natural
    person).
    ``(3) Minimum penalty.--The amount of the penalty under
    subsection (a) with respect to any transaction shall not be less
    than $10,000 ($5,000 in the case of a natural person).''.

    (b) <>  Effective Date.--The amendment
    made by this section shall apply to penalties assessed after December
    31, 2006.
    SEC. 2042. DEDUCTION FOR HEALTH INSURANCE COSTS IN COMPUTING SELF-
    EMPLOYMENT TAXES IN 2010.

    (a) In General.--Paragraph (4) of section 162(l) of the Internal
    Revenue Code of 1986 <>  is amended by inserting
    ``for taxable years beginning before January 1, 2010, or after December
    31, 2010'' before the period.

    (b) <>  Effective Date.--The amendments made
    by this section shall apply to taxable years beginning after December
    31, 2009.
    SEC. 2043. REMOVAL OF CELLULAR TELEPHONES AND SIMILAR
    TELECOMMUNICATIONS EQUIPMENT FROM LISTED
    PROPERTY.

    (a) In General.--Subparagraph (A) of section 280F(d)(4) of the
    Internal Revenue Code of 1986 <>  (defining listed
    property) is amended by adding ```and''' at the end of clause (iv), by
    striking clause (v), and by redesignating clause (vi) as clause (v).

    (b) <>  Effective Date.--The amendment made
    by this section shall apply to taxable years beginning after December
    31, 2009.

    [[Page 2561]]

    Subtitle B--Revenue Provisions

    PART I--REDUCING THE TAX GAP

    SEC. 2101. INFORMATION REPORTING FOR RENTAL PROPERTY EXPENSE
    PAYMENTS.

    (a) In General.--Section 6041 of the Internal Revenue Code of 1986,
    as amended by section 9006 of the Patient Protection and Affordable Care
    Act, <>  is amended by redesignating subsections
    (h) and (i) as subsections (i) and (j), respectively, and by inserting
    after subsection (g) the following new subsection:

    ``(h) Treatment of Rental Property Expense Payments.--
    ``(1) In general.--Solely for purposes of subsection (a) and
    except as provided in paragraph (2), a person receiving rental
    income from real estate shall be considered to be engaged in a
    trade or business of renting property.
    ``(2) <>  Exceptions.--Paragraph (1)
    shall not apply to--
    ``(A) any individual, including any individual who
    is an active member of the uniformed services or an
    employee of the intelligence community (as defined in
    section 121(d)(9)(C)(iv)), if substantially all rental
    income is derived from renting the principal residence
    (within the meaning of section 121) of such individual
    on a temporary basis,
    ``(B) any individual who receives rental income of
    not more than the minimal amount, as determined under
    regulations prescribed by the Secretary, and
    ``(C) any other individual for whom the requirements
    of this section would cause hardship, as determined
    under regulations prescribed by the Secretary.''.

    (b) <>  Effective Date.--The amendments
    made by subsection (a) shall apply to payments made after December 31,
    2010.
    SEC. 2102. INCREASE IN INFORMATION RETURN PENALTIES.

    (a) Failure To File Correct Information Returns.--
    (1) In general.--Subsections (a)(1), (b)(1)(A), and
    (b)(2)(A) of section 6721 of the Internal Revenue Code of
    1986 <>  are each amended by striking
    ``$50'' and inserting ``$100''.
    (2) Aggregate annual limitation.--Subsections (a)(1),
    (d)(1)(A), and (e)(3)(A) of section 6721 of such Code are each
    amended by striking ``$250,000'' and inserting ``$1,500,000''.

    (b) Reduction Where Correction Within 30 Days.--
    (1) In general.--Subparagraph (A) of section 6721(b)(1) of
    the Internal Revenue Code of 1986 is amended by striking ``$15''
    and inserting ``$30''.
    (2) Aggregate annual limitation.--Subsections (b)(1)(B) and
    (d)(1)(B) of section 6721 of such Code are each amended by
    striking ``$75,000'' and inserting ``$250,000''.

    (c) Reduction Where Correction on or Before August 1.--
    (1) In general.--Subparagraph (A) of section 6721(b)(2) of
    the Internal Revenue Code of 1986 is amended by striking ``$30''
    and inserting ``$60''.
    (2) Aggregate annual limitation.--Subsections (b)(2)(B) and
    (d)(1)(C) of section 6721 of such Code are each amended by
    striking ``$150,000'' and inserting ``$500,000''.

    (d) Aggregate Annual Limitations for Persons With Gross Receipts of
    Not More Than $5,000,000.--

    [[Page 2562]]

    (1) In general.--Paragraph (1) of section 6721(d) of the
    Internal Revenue Code of 1986 <>  is
    amended--
    (A) by striking ``$100,000'' in subparagraph (A) and
    inserting ``$500,000'',
    (B) by striking ``$25,000'' in subparagraph (B) and
    inserting ``$75,000'', and
    (C) by striking ``$50,000'' in subparagraph (C) and
    inserting ``$200,000''.
    (2) Technical amendment.--Paragraph (1) of section 6721(d)
    of such Code is amended by striking ``such taxable year'' and
    inserting ``such calendar year''.

    (e) Penalty in Case of Intentional Disregard.--Paragraph (2) of
    section 6721(e) of the Internal Revenue Code of 1986 is amended by
    striking ``$100'' and inserting ``$250''.
    (f) Adjustment for Inflation.--Section 6721 of the Internal Revenue
    Code of 1986 is amended by adding at the end the following new
    subsection:
    ``(f) Adjustment for Inflation.--
    ``(1) In general.--For each fifth calendar year beginning
    after 2012, each of the dollar amounts under subsections (a),
    (b), (d) (other than paragraph (2)(A) thereof), and (e) shall be
    increased by such dollar amount multiplied by the cost-of-living
    adjustment determined under section 1(f)(3) determined by
    substituting `calendar year 2011' for `calendar year 1992' in
    subparagraph (B) thereof.
    ``(2) Rounding.--If any amount adjusted under paragraph
    (1)--
    ``(A) is not less than $75,000 and is not a multiple
    of $500, such amount shall be rounded to the next lowest
    multiple of $500, and
    ``(B) is not described in subparagraph (A) and is
    not a multiple of $10, such amount shall be rounded to
    the next lowest multiple of $10.''.

    (g) Failure To Furnish Correct Payee Statements.--Section 6722 of
    the Internal Revenue Code of 1986 is amended to read as follows:
    ``SEC. 6722. <>  FAILURE TO FURNISH CORRECT
    PAYEE STATEMENTS.

    ``(a) Imposition of Penalty.--
    ``(1) General rule.--In the case of each failure described
    in paragraph (2) by any person with respect to a payee
    statement, such person shall pay a penalty of $100 for each
    statement with respect to which such a failure occurs, but the
    total amount imposed on such person for all such failures during
    any calendar year shall not exceed $1,500,000.
    ``(2) Failures subject to penalty.--For purposes of
    paragraph (1), the failures described in this paragraph are--
    ``(A) any failure to furnish a payee statement on or
    before the date prescribed therefor to the person to
    whom such statement is required to be furnished, and
    ``(B) any failure to include all of the information
    required to be shown on a payee statement or the
    inclusion of incorrect information.

    ``(b) Reduction Where Correction in Specified Period.--
    ``(1) Correction within 30 days.--If any failure described
    in subsection (a)(2) is corrected on or before the day 30 days
    after the required filing date--

    [[Page 2563]]

    ``(A) the penalty imposed by subsection (a) shall be
    $30 in lieu of $100, and
    ``(B) the total amount imposed on the person for all
    such failures during any calendar year which are so
    corrected shall not exceed $250,000.
    ``(2) Failures corrected on or before august 1.--If any
    failure described in subsection (a)(2) is corrected after the
    30th day referred to in paragraph (1) but on or before August 1
    of the calendar year in which the required filing date occurs--
    ``(A) the penalty imposed by subsection (a) shall be
    $60 in lieu of $100, and
    ``(B) the total amount imposed on the person for all
    such failures during the calendar year which are so
    corrected shall not exceed $500,000.

    ``(c) Exception for De Minimis Failures.--
    ``(1) In general.--If--
    ``(A) a payee statement is furnished to the person
    to whom such statement is required to be furnished,
    ``(B) there is a failure described in subsection
    (a)(2)(B) (determined after the application of section
    6724(a)) with respect to such statement, and
    ``(C) such failure is corrected on or before August
    1 of the calendar year in which the required filing date
    occurs,
    for purposes of this section, such statement shall be treated as
    having been furnished with all of the correct required
    information.
    ``(2) Limitation.--The number of payee statements to which
    paragraph (1) applies for any calendar year shall not exceed the
    greater of--
    ``(A) 10, or
    ``(B) one-half of 1 percent of the total number of
    payee statements required to be filed by the person
    during the calendar year.

    ``(d) Lower Limitations for Persons With Gross Receipts of Not More
    Than $5,000,000.--
    ``(1) In general.--If any person meets the gross receipts
    test of paragraph (2) with respect to any calendar year, with
    respect to failures during such calendar year--
    ``(A) subsection (a)(1) shall be applied by
    substituting `$500,000' for `$1,500,000',
    ``(B) subsection (b)(1)(B) shall be applied by
    substituting `$75,000' for `$250,000', and
    ``(C) subsection (b)(2)(B) shall be applied by
    substituting `$200,000' for `$500,000'.
    ``(2) Gross receipts test.--A person meets the gross
    receipts test of this paragraph if such person meets the gross
    receipts test of section 6721(d)(2).

    ``(e) <>  Penalty in Case of Intentional
    Disregard.--If 1 or more failures to which subsection (a) applies are
    due to intentional disregard of the requirement to furnish a payee
    statement (or the correct information reporting requirement), then, with
    respect to each such failure--
    ``(1) subsections (b), (c), and (d) shall not apply,
    ``(2) the penalty imposed under subsection (a)(1) shall be
    $250, or, if greater--

    [[Page 2564]]

    ``(A) in the case of a payee statement other than a
    statement required under section 6045(b), 6041A(e) (in
    respect of a return required under section 6041A(b)),
    6050H(d), 6050J(e), 6050K(b), or 6050L(c), 10 percent of
    the aggregate amount of the items required to be
    reported correctly, or
    ``(B) in the case of a payee statement required
    under section 6045(b), 6050K(b), or 6050L(c), 5 percent
    of the aggregate amount of the items required to be
    reported correctly, and
    ``(3) in the case of any penalty determined under paragraph
    (2)--
    ``(A) the $1,500,000 limitation under subsection (a)
    shall not apply, and
    ``(B) such penalty shall not be taken into account
    in applying such limitation to penalties not determined
    under paragraph (2).

    ``(f) Adjustment for Inflation.--
    ``(1) In general.--For each fifth calendar year beginning
    after 2012, each of the dollar amounts under subsections (a),
    (b), (d)(1), and (e) shall be increased by such dollar amount
    multiplied by the cost-of-living adjustment determined under
    section 1(f)(3) determined by substituting `calendar year 2011'
    for `calendar year 1992' in subparagraph (B) thereof.
    ``(2) Rounding.--If any amount adjusted under paragraph
    (1)--
    ``(A) is not less than $75,000 and is not a multiple
    of $500, such amount shall be rounded to the next lowest
    multiple of $500, and
    ``(B) is not described in subparagraph (A) and is
    not a multiple of $10, such amount shall be rounded to
    the next lowest multiple of $10.''.

    (h) <>  Effective Date.--The amendments
    made by this section shall apply with respect to information returns
    required to be filed on or after January 1, 2011.
    SEC. 2103. <>  REPORT ON TAX SHELTER
    PENALTIES AND CERTAIN OTHER ENFORCEMENT
    ACTIONS.

    (a) In General.--The Commissioner of Internal Revenue, in
    consultation with the Secretary of the Treasury, shall submit to the
    Committee on Ways and Means of the House of Representatives and the
    Committee on Finance of the Senate an annual report on the penalties
    assessed by the Internal Revenue Service during the preceding year under
    each of the following provisions of the Internal Revenue Code of 1986:
    (1) Section 6662A (relating to accuracy-related penalty on
    understatements with respect to reportable transactions).
    (2) Section 6700(a) (relating to promoting abusive tax
    shelters).
    (3) Section 6707 (relating to failure to furnish information
    regarding reportable transactions).
    (4) Section 6707A (relating to failure to include reportable
    transaction information with return).
    (5) Section 6708 (relating to failure to maintain lists of
    advisees with respect to reportable transactions).

    [[Page 2565]]

    (b) Additional Information.--The report required under subsection
    (a) shall also include information on the following with respect to each
    year:
    (1) Any action taken under section 330(b) of title 31,
    United States Code, with respect to any reportable transaction
    (as defined in section 6707A(c) of the Internal Revenue Code of
    1986).
    (2) Any extension of the time for assessment of tax
    enforced, or assessment of any amount under such an extension,
    under paragraph (10) of section 6501(c) of the Internal Revenue
    Code of 1986.

    (c) Date of Report.--The first report required under subsection (a)
    shall be submitted not later than December 31, 2010.
    SEC. 2104. APPLICATION OF CONTINUOUS LEVY TO TAX LIABILITIES OF
    CERTAIN FEDERAL CONTRACTORS.

    (a) In General.--Subsection (f) of section 6330 of the Internal
    Revenue Code of 1986 <>  is amended by striking
    ``or'' at the end of paragraph (2), by inserting ``or'' at the end of
    paragraph (3), and by inserting after paragraph (3) the following new
    paragraph:
    ``(4) the Secretary has served a Federal contractor levy,''.

    (b) Federal Contractor Levy.--Subsection (h) of section 6330 of the
    Internal Revenue Code of 1986 is amended--
    (1) by striking all that precedes ``any levy in connection
    with the collection'' and inserting the following:

    ``(h) Definitions Related to Exceptions.--For purposes of subsection
    (f)--
    ``(1) Disqualified employment tax levy.--A disqualified
    employment tax levy is''; and
    (2) by adding at the end the following new paragraph:
    ``(2) Federal contractor levy.--A Federal contractor levy is
    any levy if the person whose property is subject to the levy (or
    any predecessor thereof) is a Federal contractor.''.

    (c) Conforming Amendment.--The heading of subsection (f) of section
    6330 of the Internal Revenue Code of 1986 is amended by striking
    ``Jeopardy and State Refund Collection'' and inserting ``Exceptions''.
    (d) <>  Effective Date.--The amendments
    made by this section shall apply to levies issued after the date of the
    enactment of this Act.

    PART II--PROMOTING RETIREMENT PREPARATION

    SEC. 2111. PARTICIPANTS IN GOVERNMENT SECTION 457 PLANS ALLOWED TO
    TREAT ELECTIVE DEFERRALS AS ROTH
    CONTRIBUTIONS.

    (a) In General.--Section 402A(e)(1) of the Internal Revenue Code of
    1986 <>  is amended by striking ``and'' at the end
    of subparagraph (A), by striking the period at the end of subparagraph
    (B) and inserting ``, and'', and by adding at the end the following:
    ``(C) an eligible deferred compensation plan (as
    defined in section 457(b)) of an eligible employer
    described in section 457(e)(1)(A).''.

    (b) Elective Deferrals.--Section 402A(e)(2) of the Internal Revenue
    Code of 1986 is amended to read as follows:

    [[Page 2566]]

    ``(2) Elective deferral.--The term `elective deferral'
    means--
    ``(A) any elective deferral described in
    subparagraph (A) or (C) of section 402(g)(3), and
    ``(B) any elective deferral of compensation by an
    individual under an eligible deferred compensation plan
    (as defined in section 457(b)) of an eligible employer
    described in section 457(e)(1)(A).''.

    (c) <>  Effective Date.--The amendments
    made by this section shall apply to taxable years beginning after
    December 31, 2010.
    SEC. 2112. ROLLOVERS FROM ELECTIVE DEFERRAL PLANS TO DESIGNATED
    ROTH ACCOUNTS.

    (a) In General.--Section 402A(c) of the Internal Revenue Code of
    1986 <>  is amended by adding at the end the
    following new paragraph:
    ``(4) Taxable rollovers to designated roth accounts.--
    ``(A) In general.--Notwithstanding sections 402(c),
    403(b)(8), and 457(e)(16), in the case of any
    distribution to which this paragraph applies--
    ``(i) there shall be included in gross income
    any amount which would be includible were it not
    part of a qualified rollover contribution,
    ``(ii) section 72(t) shall not apply, and
    ``(iii) unless the taxpayer elects not to have
    this clause apply, any amount required to be
    included in gross income for any taxable year
    beginning in 2010 by reason of this paragraph
    shall be so included ratably over the 2-taxable-
    year period beginning with the first taxable year
    beginning in 2011.
    Any election under clause (iii) for any distributions
    during a taxable year may not be changed after the due
    date for such taxable year.
    ``(B) Distributions to which paragraph applies.--In
    the case of an applicable retirement plan which includes
    a qualified Roth contribution program, this paragraph
    shall apply to a distribution from such plan other than
    from a designated Roth account which is contributed in a
    qualified rollover contribution (within the meaning of
    section 408A(e)) to the designated Roth account
    maintained under such plan for the benefit of the
    individual to whom the distribution is made.
    ``(C) Coordination with limit.--Any distribution to
    which this paragraph applies shall not be taken into
    account for purposes of paragraph (1).
    ``(D) Other rules.--The rules of subparagraphs (D),
    (E), and (F) of section 408A(d)(3) (as in effect for
    taxable years beginning after 2009) shall apply for
    purposes of this paragraph.''.

    (b) <>  Effective Date.--The amendments
    made by this section shall apply to distributions after the date of the
    enactment of this Act.
    SEC. 2113. SPECIAL RULES FOR ANNUITIES RECEIVED FROM ONLY A
    PORTION OF A CONTRACT.

    (a) In General.--Subsection (a) of section 72 of the Internal
    Revenue Code of 1986 <>  is amended to read as
    follows:

    ``(a) General Rules for Annuities.--

    [[Page 2567]]

    ``(1) Income inclusion.--Except as otherwise provided in
    this chapter, gross income includes any amount received as an
    annuity (whether for a period certain or during one or more
    lives) under an annuity, endowment, or life insurance contract.
    ``(2) Partial annuitization.--If any amount is received as
    an annuity for a period of 10 years or more or during one or
    more lives under any portion of an annuity, endowment, or life
    insurance contract--
    ``(A) such portion shall be treated as a separate
    contract for purposes of this section,
    ``(B) for purposes of applying subsections (b), (c),
    and (e), the investment in the contract shall be
    allocated pro rata between each portion of the contract
    from which amounts are received as an annuity and the
    portion of the contract from which amounts are not
    received as an annuity, and
    ``(C) a separate annuity starting date under
    subsection (c)(4) shall be determined with respect to
    each portion of the contract from which amounts are
    received as an annuity.''.

    (b) <>  Effective Date.--The amendment made
    by this section shall apply to amounts received in taxable years
    beginning after December 31, 2010.

    PART III--CLOSING UNINTENDED LOOPHOLES

    SEC. 2121. CRUDE TALL OIL INELIGIBLE FOR CELLULOSIC BIOFUEL
    PRODUCER CREDIT.

    (a) In General.--Clause (iii) of section 40(b)(6)(E) of the Internal
    Revenue Code of 1986, as added by the Health Care and Education
    Reconciliation Act of 2010, <>  is amended--
    (1) by striking ``or'' at the end of subclause (I),
    (2) by striking the period at the end of subclause (II) and
    inserting ``, or'',
    (3) by adding at the end the following new subclause:
    ``(III) such fuel has an acid number
    greater than 25.'', and
    (4) by striking ``unprocessed'' in the heading and inserting
    ``certain''.

    (b) <>  Effective Date.--The amendments made
    by this section shall apply to fuels sold or used on or after January 1,
    2010.
    SEC. 2122. SOURCE RULES FOR INCOME ON GUARANTEES.

    (a) Amounts Sourced Within the United States.--Subsection (a) of
    section 861 of the Internal Revenue Code of <>  1986
    is amended by adding at the end the following new paragraph:
    ``(9) Guarantees.--Amounts received, directly or indirectly,
    from--
    ``(A) a noncorporate resident or domestic
    corporation for the provision of a guarantee of any
    indebtedness of such resident or corporation, or
    ``(B) any foreign person for the provision of a
    guarantee of any indebtedness of such person, if such
    amount is connected with income which is effectively
    connected (or treated as effectively connected) with the
    conduct of a trade or business in the United States.''.

    [[Page 2568]]

    (b) Amounts Sourced Without the United States.--Subsection (a) of
    section 862 of the Internal Revenue Code of 1986 <>
    is amended by striking ``and'' at the end of paragraph (7), by striking
    the period at the end of paragraph (8) and inserting ``; and'', and by
    adding at the end the following new paragraph:
    ``(9) amounts received, directly or indirectly, from a
    foreign person for the provision of a guarantee of indebtedness
    of such person other than amounts which are derived from sources
    within the United States as provided in section 861(a)(9).''.

    (c) Conforming Amendment.--Clause (ii) of section 864(c)(4)(B) of
    the Internal Revenue Code of 1986 <>  is amended by
    striking ``dividends or interest'' and inserting ``dividends, interest,
    or amounts received for the provision of guarantees of indebtedness''.

    (d) <>  Effective Date.--The amendments made
    by this section shall apply to guarantees issued after the date of the
    enactment of this Act.

    PART IV--TIME FOR PAYMENT OF CORPORATE ESTIMATED TAXES

    SEC. 2131. <>  TIME FOR PAYMENT OF
    CORPORATE ESTIMATED TAXES.

    The percentage under paragraph (2) of section 561 of the Hiring
    Incentives to Restore Employment Act in effect on the date of the
    enactment of this Act is increased by 36 percentage points.

    TITLE <> III--STATE SMALL BUSINESS CREDIT INITIATIVE
    SEC. 3001. <>  SHORT TITLE.

    This title may be cited as the ``State Small Business Credit
    Initiative Act of 2010''.
    SEC. 3002. <>  DEFINITIONS.

    In this title, the following definitions shall apply:
    (1) Appropriate committees of congress.--The term
    ``appropriate committees of Congress'' means--
    (A) the Committee on Small Business and
    Entrepreneurship, the Committee on Agriculture,
    Nutrition, and Forestry, the Committee on Banking,
    Housing, and Urban Affairs, the Committee on Finance,
    the Committee on the Budget, and the Committee on
    Appropriations of the Senate; and
    (B) the Committee on Small Business, the Committee
    on Agriculture, the Committee on Financial Services, the
    Committee on Ways and Means, the Committee on the
    Budget, and the Committee on Appropriations of the House
    of Representatives.
    (2) Appropriate federal banking agency.--The term
    ``appropriate Federal banking agency''--
    (A) has the same meaning as in section 3(q) of the
    Federal Deposit Insurance Act (12 U.S.C. 1813(q)); and
    (B) includes the National Credit Union
    Administration Board in the case of any credit union the
    deposits of which

    [[Page 2569]]

    are insured in accordance with the Federal Credit Union
    Act.
    (3) Enrolled loan.--The term ``enrolled loan'' means a loan
    made by a financial institution lender that is enrolled by a
    participating State in an approved State capital access program
    in accordance with this title.
    (4) Federal contribution.--The term ``Federal contribution''
    means the portion of the contribution made by a participating
    State to, or for the account of, an approved State program that
    is made with Federal funds allocated to the State by the
    Secretary under section 3003.
    (5) Financial institution.--The term ``financial
    institution'' means any insured depository institution, insured
    credit union, or community development financial institution, as
    those terms are each defined in section 103 of the Riegle
    Community Development and Regulatory Improvement Act of 1994 (12
    U.S.C. 4702).
    (6) Participating state.--The term ``participating State''
    means any State that has been approved for participation in the
    Program under section 3004.
    (7) Program.--The term ``Program'' means the State Small
    Business Credit Initiative established under this title.
    (8) Qualifying loan or swap funding facility.--The term
    ``qualifying loan or swap funding facility'' means a contractual
    arrangement between a participating State and a private
    financial entity under which--
    (A) the participating State delivers funds to the
    entity as collateral;
    (B) the entity provides funding from the arrangement
    back to the participating State; and
    (C) the full amount of resulting funding from the
    arrangement, less any fees and other costs of the
    arrangement, is contributed to, or for the account of,
    an approved State program.
    (9) Reserve fund.--The term ``reserve fund'' means a fund,
    established by a participating State, dedicated to a particular
    financial institution lender, for the purposes of--
    (A) depositing all required premium charges paid by
    the financial institution lender and by each borrower
    receiving a loan under an approved State program from
    that financial institution lender;
    (B) depositing contributions made by the
    participating State, including State contributions made
    with Federal contributions; and
    (C) covering losses on enrolled loans by disbursing
    accumulated funds.
    (10) State.--The term ``State'' means--
    (A) a State of the United States;
    (B) the District of Columbia, the Commonwealth of
    Puerto Rico, the Commonwealth of Northern Mariana
    Islands, Guam, American Samoa, and the United States
    Virgin Islands;
    (C) when designated by a State of the United States,
    a political subdivision of that State that the Secretary
    determines has the capacity to participate in the
    Program; and

    [[Page 2570]]

    (D) under the circumstances described in section
    3004(d), a municipality of a State of the United States
    to which the Secretary has given a special permission
    under section 3004(d).
    (11) State capital access program.--The term ``State capital
    access program'' means a program of a State that--
    (A) uses public resources to promote private access
    to credit; and
    (B) meets the eligibility criteria in section
    3005(c).
    (12) State other credit support program.--The term ``State
    other credit support program''--
    (A) means a program of a State that--
    (i) uses public resources to promote private
    access to credit;
    (ii) is not a State capital access program;
    and
    (iii) meets the eligibility criteria in
    section 3006(c); and
    (B) includes, collateral support programs, loan
    participation programs, State-run venture capital fund
    programs, and credit guarantee programs.
    (13) State program.--The term ``State program'' means a
    State capital access program or a State other credit support
    program.
    (14) Secretary.--The term ``Secretary'' means the Secretary
    of the Treasury.
    SEC. 3003. <>  FEDERAL FUNDS ALLOCATED TO
    STATES.

    (a) Program Established; Purpose.--There is established the State
    Small Business Credit Initiative, to be administered by the Secretary.
    Under the Program, the Secretary shall allocate Federal funds to
    participating States and make the allocated funds available to the
    participating States as provided in this section for the uses described
    in this section.
    (b) Allocation Formula.--
    (1) <>  In general.--Not later than 30 days
    after the date of enactment of this Act, the Secretary shall
    allocate Federal funds to participating States so that each
    State is eligible to receive an amount equal to the average of
    the respective amounts that the State--
    (A) would receive under the 2009 allocation, as
    determined under paragraph (2); and
    (B) would receive under the 2010 allocation, as
    determined under paragraph (3).
    (2) 2009 allocation formula.--
    (A) <>  In general.--The
    Secretary shall determine the 2009 allocation by
    allocating Federal funds among the States in the
    proportion that each such State's 2008 State employment
    decline bears to the aggregate of the 2008 State
    employment declines for all States.
    (B) <>  Minimum allocation.--The
    Secretary shall adjust the allocations under
    subparagraph (A) for each State to the extent necessary
    to ensure that no State receives less than 0.9 percent
    of the Federal funds.
    (C) 2008 state employment decline defined.--In this
    paragraph and with respect to a State, the term ``2008
    State employment decline'' means the excess (if any)
    of--

    [[Page 2571]]

    (i) the number of individuals employed in such
    State determined for December 2007; over
    (ii) the number of individuals employed in
    such State determined for December 2008.
    (3) 2010 allocation formula.--
    (A) <>  In general.--The
    Secretary shall determine the 2010 allocation by
    allocating Federal funds among the States in the
    proportion that each such State's 2009 unemployment
    number bears to the aggregate of the 2009 unemployment
    numbers for all of the States.
    (B) <>  Minimum allocation.--The
    Secretary shall adjust the allocations under
    subparagraph (A) for each State to the extent necessary
    to ensure that no State receives less than 0.9 percent
    of the Federal funds.
    (C) 2009 unemployment number defined.--In this
    paragraph and with respect to a State, the term ``2009
    unemployment number'' means the number of individuals
    within such State who were determined to be unemployed
    by the Bureau of Labor Statistics for December 2009.

    (c) Availability of Allocated Amount.--The amount allocated by the
    Secretary to each participating State under subsection (b) shall be made
    available to the State as follows:
    (1) Allocated amount generally to be available to state in
    one-thirds.--
    (A) In general.--The Secretary shall--
    (i) apportion the participating State's
    allocated amount into thirds;
    (ii) transfer to the participating State the
    first \1/3\ when the Secretary approves the State
    for participation under section 3004; and
    (iii) transfer to the participating State each
    successive \1/3\ when the State has certified to
    the Secretary that it has expended, transferred,
    or obligated 80 percent of the last transferred
    \1/3\ for Federal contributions to, or for the
    account of, State programs.
    (B) Authority to withhold pending audit.--The
    Secretary may withhold the transfer of any successive
    \1/3\ pending results of a financial audit.
    (C) Inspector general audits.--
    (i) In general.--The Inspector General of the
    Department of the Treasury shall carry out an
    audit of the participating State's use of
    allocated Federal funds transferred to the State.
    (ii) Recoupment of misused transferred funds
    required.--The allocation agreement between the
    Secretary and the participating State shall
    provide that the Secretary shall recoup any
    allocated Federal funds transferred to the
    participating State if the results of the an audit
    include a finding that there was an intentional or
    reckless misuse of transferred funds by the State.
    (iii) Penalty for misstatement.--Any
    participating State that is found to have
    intentionally misstated any report issued to the
    Secretary under the Program shall be ineligible to
    receive any additional funds under the Program.
    Funds that had been allocated or that would
    otherwise have been allocated to

    [[Page 2572]]

    such participating State shall be paid into the
    general fund of the Treasury for reduction of the
    public debt.
    (iv) Municipalities.--In this subparagraph,
    the term ``participating State'' shall include a
    municipality given special permission to
    participate in the Program, under section 3004(d).
    (D) Exception.--The Secretary may, in the
    Secretary's discretion, transfer the full amount of the
    participating State's allocated amount to the State in a
    single transfer if the participating State applies to
    the Secretary for approval to use the full amount of the
    allocation as collateral for a qualifying loan or swap
    funding facility.
    (2) Transferred amounts.--Each amount transferred to a
    participating State under this section shall remain available to
    the State until used by the State as permitted under paragraph
    (3).
    (3) Use of transferred funds.--Each participating State may
    use funds transferred to it under this section only--
    (A) for making Federal contributions to, or for the
    account of, an approved State program;
    (B) as collateral for a qualifying loan or swap
    funding facility;
    (C) in the case of the first \1/3\ transferred, for
    paying administrative costs incurred by the State in
    implementing an approved State program in an amount not
    to exceed 5 percent of that first \1/3\; or
    (D) in the case of each successive \1/3\
    transferred, for paying administrative costs incurred by
    the State in implementing an approved State program in
    an amount not to exceed 3 percent of that successive \1/
    3\.
    (4) Termination of availability of amounts not transferred
    within 2 years of participation.--Any portion of a participating
    State's allocated amount that has not been transferred to the
    State under this section by the end of the 2-year period
    beginning on the date that the Secretary approves the State for
    participation may be deemed by the Secretary to be no longer
    allocated to the State and no longer available to the State and
    shall be returned to the General Fund of the Treasury.
    (5) Transferred amounts not assistance.--The amounts
    transferred to a participating State under this section shall
    not be considered assistance for purposes of subtitle V of title
    31, United States Code.
    (6) Definitions.--In this section--
    (A) the term ``allocated amount'' means the total
    amount of Federal funds allocated by the Secretary under
    subsection (b) to the participating State; and
    (B) the term ``\1/3\'' means--
    (i) in the case of the first \1/3\ and second
    \1/3\, an amount equal to 33 percent of a
    participating State's allocated amount; and
    (ii) in the case of the last \1/3\, an amount
    equal to 34 percent of a participating State's
    allocated amount.

    [[Page 2573]]

    SEC. 3004. <>  APPROVING STATES FOR
    PARTICIPATION.

    (a) Application.--Any State may apply to the Secretary for approval
    to be a participating State under the Program and to be eligible for an
    allocation of Federal funds under the Program.
    (b) General Approval Criteria.--The Secretary shall approve a State
    to be a participating State, if--
    (1) a specific department, agency, or political subdivision
    of the State has been designated to implement a State program
    and participate in the Program;
    (2) all legal actions necessary to enable such designated
    department, agency, or political subdivision to implement a
    State program and participate in the Program have been
    accomplished;
    (3) the State has filed an application with the Secretary
    for approval of a State capital access program under section
    3005 or approval as a State other credit support program under
    section 3006, in each case within the time period provided in
    the respective section; and
    (4) <>  the State and the Secretary have
    executed an allocation agreement that--
    (A) conforms to the requirements of this title;
    (B) ensures that the State program complies with
    such national standards as are established by the
    Secretary under section 3009(a)(2);
    (C) sets forth internal control, compliance, and
    reporting requirements as established by the Secretary,
    and such other terms and conditions necessary to carry
    out the purposes of this title, including an agreement
    by the State to allow the Secretary to audit State
    programs;
    (D) <>  requires that the State
    program be fully positioned, within 90 days of the
    State's execution of the allocation agreement with the
    Secretary, to act on providing the kind of credit
    support that the State program was established to
    provide; and
    (E) includes an agreement by the State to deliver to
    the Secretary, and update annually, a schedule
    describing how the State intends to apportion among its
    State programs the Federal funds allocated to the State.

    (c) Contractual Arrangements for Implementation of State Programs.--
    A State may be approved to be a participating State, and be eligible for
    an allocation of Federal funds under the Program, if the State has
    contractual arrangements for the implementation and administration of
    its State program with--
    (1) an existing, approved State program administered by
    another State; or
    (2) an authorized agent of, or entity supervised by, the
    State, including for-profit and not-for-profit entities.

    (d) Special Permission.--
    (1) Circumstances when a municipality may apply directly.--
    <> If a State does not, within 60 days
    after the date of enactment of this Act, file with the Secretary
    a notice of its intent to apply for approval by the Secretary of
    a State program or within 9 months after the date of enactment
    of this Act, file with the Secretary a complete application for
    approval of a State program, the Secretary may grant to
    municipalities of that State a special permission that will
    allow them

    [[Page 2574]]

    to apply directly to the Secretary without the State for
    approval to be participating municipalities.
    (2) Timing requirements applicable to municipalities
    applying directly.--To qualify for the special permission, a
    municipality of a State shall be required, within 12 months
    after the date of enactment of this Act, to file with the
    Secretary a complete application for approval by the Secretary
    of a State program.
    (3) Notices of intent and applications from more than 1
    municipality.--A municipality of a State may combine with 1 or
    more other municipalities of that State to file a joint notice
    of intent to file and a joint application.
    (4) <>  Approval criteria.--The
    general approval criteria in paragraphs (2) and (4) shall apply.
    (5) Allocation to municipalities.--
    (A) If more than 3.--If more than 3 municipalities,
    or combination of municipalities as provided in
    paragraph (3), of a State apply for approval by the
    Secretary to be participating municipalities under this
    subsection, and the applications meet the approval
    criteria in paragraph (4), the Secretary shall allocate
    Federal funds to the 3 municipalities with the largest
    populations.
    (B) If 3 or fewer.--If 3 or fewer municipalities, or
    combination of municipalities as provided in paragraph
    (3), of a State apply for approval by the Secretary to
    be participating municipalities under this subsection,
    and the applications meet the approval criteria in
    paragraph (4), the Secretary shall allocate Federal
    funds to each applicant municipality or combination of
    municipalities.
    (6) Apportionment of allocated amount among participating
    municipalities.--If the Secretary approves municipalities to be
    participating municipalities under this subsection, the
    Secretary shall apportion the full amount of the Federal funds
    that are allocated to that State to municipalities that are
    approved under this subsection in amounts proportionate to the
    population of those municipalities, based on the most recent
    available decennial census.
    (7) Approving state programs for municipalities.--If the
    Secretary approves municipalities to be participating
    municipalities under this subsection, the Secretary shall take
    into account the additional considerations in section 3006(d) in
    making the determination under section 3005 or 3006 that the
    State program or programs to be implemented by the participating
    municipalities, including a State capital access program, is
    eligible for Federal contributions to, or for the account of,
    the State program.
    SEC. 3005. <>  APPROVING STATE CAPITAL ACCESS
    PROGRAMS.

    (a) Application.--A participating State that establishes a new, or
    has an existing, State capital access program that meets the eligibility
    criteria in subsection (c) may apply to Secretary to have the State
    capital access program approved as eligible for Federal contributions to
    the reserve fund.
    (b) Approval.--The Secretary shall approve such State capital access
    program as eligible for Federal contributions to the reserve fund if--

    [[Page 2575]]

    (1) <>  within 60 days after the date of
    enactment of this Act, the State has filed with the Secretary a
    notice of intent to apply for approval by the Secretary of a
    State capital access program;
    (2) <>  within 9 months after the date of
    enactment of this Act, the State has filed with the Secretary a
    complete application for approval by the Secretary of a capital
    access program;
    (3) the State satisfies the requirements of subsections (a)
    and (b) of section 3004; and
    (4) the State capital access program meets the eligibility
    criteria in subsection (c).

    (c) Eligibility Criteria for State Capital Access Programs.--For a
    State capital access program to be approved under this section, that
    program shall be required to be a program of the State that--
    (1) provides portfolio insurance for business loans based on
    a separate loan-loss reserve fund for each financial
    institution;
    (2) requires insurance premiums to be paid by the financial
    institution lenders and by the business borrowers to the reserve
    fund to have their loans enrolled in the reserve fund;
    (3) provides for contributions to be made by the State to
    the reserve fund in amounts at least equal to the sum of the
    amount of the insurance premium charges paid by the borrower and
    the financial institution to the reserve fund for any newly
    enrolled loan; and
    (4) provides its portfolio insurance solely for loans that
    meet both the following requirements:
    (A) The borrower has 500 employees or less at the
    time that the loan is enrolled in the Program.
    (B) The loan amount does not exceed $5,000,000.

    (d) Federal Contributions to Approved State Capital Access
    Programs.--A State capital access program approved under this section
    will be eligible for receiving Federal contributions to the reserve fund
    in an amount equal to the sum of the amount of the insurance premium
    charges paid by the borrowers and by the financial institution to the
    reserve fund for loans that meet the requirements in subsection (c)(4).
    A participating State may use the Federal contribution to make its
    contribution to the reserve fund of an approved State capital access
    program.
    (e) Minimum Program Requirements for State Capital Access
    Programs. <> --The Secretary shall, by regulation or
    other guidance, prescribe Program requirements that meet the following
    minimum requirements:
    (1) <>  Experience and capacity.--The
    participating State shall determine for each financial
    institution that participates in the State capital access
    program, after consultation with the appropriate Federal banking
    agency or, in the case of a financial institution that is a
    nondepository community development financial institution, the
    Community Development Financial Institution Fund, that the
    financial institution has sufficient commercial lending
    experience and financial and managerial capacity to participate
    in the approved State capital access program. The determination
    by the State shall not be reviewable by the Secretary.
    (2) Investment authority.--Subject to applicable State law,
    the participating State may invest, or cause to be invested,

    [[Page 2576]]

    funds held in a reserve fund by establishing a deposit account
    at the financial institution lender in the name of the
    participating State. In the event that funds in the reserve fund
    are not deposited in such an account, such funds shall be
    invested in a form that the participating State determines is
    safe and liquid.
    (3) Loan terms and conditions to be determined by
    agreement.--A loan to be filed for enrollment in an approved
    State capital access program may be made with such interest
    rate, fees, and other terms and conditions, and the loan may be
    enrolled in the approved State capital access program and claims
    may be filed and paid, as agreed upon by the financial
    institution lender and the borrower, consistent with applicable
    law.
    (4) Lender capital at-risk.--A loan to be filed for
    enrollment in the State capital access program shall require the
    financial institution lender to have a meaningful amount of its
    own capital resources at risk in the loan.
    (5) Premium charges minimum and maximum amounts.--The
    insurance premium charges payable to the reserve fund by the
    borrower and the financial institution lender shall be
    prescribed by the financial institution lender, within minimum
    and maximum limits that require that the sum of the insurance
    premium charges paid in connection with a loan by the borrower
    and the financial institution lender may not be less than 2
    percent nor more than 7 percent of the amount of the loan
    enrolled in the approved State capital access program.
    (6) State contributions.--In enrolling a loan in an approved
    State capital access program, the participating State may make a
    contribution to the reserve fund to supplement Federal
    contributions made under this Program.
    (7) Loan purpose.--
    (A) Particular loan purpose requirements and
    prohibitions.--In connection with the filing of a loan
    for enrollment in an approved State capital access
    program, the financial institution lender--
    (i) shall obtain an assurance from each
    borrower that--
    (I) the proceeds of the loan will be
    used for a business purpose;
    (II) the loan will not be used to
    finance such business activities as the
    Secretary, by regulation, may proscribe
    as prohibited loan purposes for
    enrollment in an approved State capital
    access program; and
    (III) the borrower is not--
    (aa) an executive officer,
    director, or principal
    shareholder of the financial
    institution lender;
    (bb) a member of the
    immediate family of an executive
    officer, director, or principal
    shareholder of the financial
    institution lender; or
    (cc) a related interest of
    any such executive officer,
    director, principal shareholder,
    or member of the immediate
    family;

    [[Page 2577]]

    (ii) shall provide assurances to the
    participating State that the loan has not been
    made in order to place under the protection of the
    approved State capital access program prior debt
    that is not covered under the approved State
    capital access program and that is or was owed by
    the borrower to the financial institution lender
    or to an affiliate of the financial institution
    lender;
    (iii) shall not allow the enrollment of a loan
    to a borrower that is a refinancing of a loan
    previously made to that borrower by the financial
    institution lender or an affiliate of the
    financial institution lender; and
    (iv) may include additional restrictions on
    the eligibility of loans or borrowers that are not
    inconsistent with the provisions and purposes of
    this title, including compliance with all
    applicable Federal and State laws, regulations,
    ordinances, and Executive orders.
    (B) Definitions.--In this paragraph, the terms
    ``executive officer'', ``director'', ``principal
    shareholder'', ``immediate family'', and ``related
    interest'' refer to the same relationship to a financial
    institution lender as the relationship described in part
    215 of title 12 of the Code of Federal Regulations, or
    any successor to such part.
    (8) Capital access for small businesses in underserved
    communities.--At the time that a State applies to the Secretary
    to have the State capital access program approved as eligible
    for Federal contributions, the State shall deliver to the
    Secretary a report stating how the State plans to use the
    Federal contributions to the reserve fund to provide access to
    capital for small businesses in low- and moderate-income,
    minority, and other underserved communities, including women-
    and minority-owned small businesses.
    SEC. 3006. <>  APPROVING COLLATERAL SUPPORT
    AND OTHER INNOVATIVE CREDIT ACCESS AND
    GUARANTEE INITIATIVES FOR SMALL
    BUSINESSES AND MANUFACTURERS.

    (a) Application.--A participating State that establishes a new, or
    has an existing, credit support program that meets the eligibility
    criteria in subsection (c) may apply to the Secretary to have the State
    other credit support program approved as eligible for Federal
    contributions to, or for the account of, the State program.
    (b) Approval.--The Secretary shall approve such State other credit
    support program as eligible for Federal contributions to, or for the
    account of, the program if--
    (1) the Secretary determines that the State satisfies the
    requirements of paragraphs (1) through (3) of section 3005(b);
    (2) the Secretary determines that the State other credit
    support program meets the eligibility criteria in subsection
    (c);
    (3) the Secretary determines the State other credit support
    program to be eligible based on the additional considerations in
    subsection (d); and
    (4) <>  within 9 months after the date of
    enactment of this Act, the State has filed with Treasury a
    complete application for Treasury approval.

    [[Page 2578]]

    (c) Eligibility Criteria for State Other Credit Support Programs.--
    For a State other credit support program to be approved under this
    section, that program shall be required to be a program of the State
    that--
    (1) can demonstrate that, at a minimum, $1 of public
    investment by the State program will cause and result in $1 of
    new private credit;
    (2) can demonstrate a reasonable expectation that, when
    considered with all other State programs of the State, such
    State programs together have the ability to use amounts of new
    Federal contributions to, or for the account of, all such
    programs in the State to cause and result in amounts of new
    small business lending at least 10 times the new Federal
    contribution amount;
    (3) for those State other credit support programs that
    provide their credit support through 1 or more financial
    institution lenders, requires the financial institution lenders
    to have a meaningful amount of their own capital resources at
    risk in their small business lending; and
    (4) uses Federal funds allocated under this title to extend
    credit support that--
    (A) targets an average borrower size of 500
    employees or less;
    (B) does not extend credit support to borrowers that
    have more than 750 employees;
    (C) targets support towards loans with an average
    principal amount of $5,000,000 or less; and
    (D) does not extend credit support to loans that
    exceed a principal amount of $20,000,000.

    (d) Additional Considerations.--In making a determination that a
    State other credit support program is eligible for Federal contributions
    to, or for the account of, the State program, the Secretary shall take
    into account the following additional considerations:
    (1) The anticipated benefits to the State, its businesses,
    and its residents to be derived from the Federal contributions
    to, or for the account of, the approved State other credit
    support program, including the extent to which resulting small
    business lending will expand economic opportunities.
    (2) The operational capacity, skills, and experience of the
    management team of the State other credit support program.
    (3) The capacity of the State other credit support program
    to manage increases in the volume of its small business lending.
    (4) The internal accounting and administrative controls
    systems of the State other credit support program, and the
    extent to which they can provide reasonable assurance that funds
    of the State program are safeguarded against waste, loss,
    unauthorized use, or misappropriation.
    (5) The soundness of the program design and implementation
    plan of the State other credit support program.

    (e) Federal Contributions to Approved State Other Credit Support
    Programs.--A State other credit support program approved under this
    section will be eligible for receiving Federal contributions to, or for
    the account of, the State program in an amount consistent with the
    schedule describing the apportionment of allocated Federal funds among
    State programs delivered by the State to the Secretary under the
    allocation agreement.

    [[Page 2579]]

    (f) Minimum Program Requirements for State Other Credit Support
    Programs.--
    (1) Fund to prescribe. <> --The
    Secretary shall, by regulation or other guidance, prescribe
    Program requirements for approved State other credit support
    programs.
    (2) Considerations for fund.--In prescribing minimum Program
    requirements for approved State other credit support programs,
    the Secretary shall take into consideration, to the extent the
    Secretary determines applicable and appropriate, the minimum
    Program requirements for approved State capital access programs
    in section 3005(e).
    SEC. 3007. <>  REPORTS.

    (a) Quarterly Use-of-funds Report.--
    (1) In general.--Not later than 30 days after the beginning
    of each calendar quarter, beginning after the first full
    calendar quarter to occur after the date the Secretary approves
    a State for participation, the participating State shall submit
    to the Secretary a report on the use of Federal funding by the
    participating State during the previous calendar quarter.
    (2) Report contents.--Each report under this subsection
    shall--
    (A) indicate the total amount of Federal funding
    used by the participating State; and
    (B) include a certification by the participating
    State that--
    (i) the information provided in accordance
    with subparagraph (A) is accurate;
    (ii) funds continue to be available and
    legally committed to contributions by the State
    to, or for the account of, approved State
    programs, less any amount that has been
    contributed by the State to, or for the account
    of, approved State programs subsequent to the
    State being approved for participation in the
    Program; and
    (iii) the participating State is implementing
    its approved State program or programs in
    accordance with this title and regulations issued
    under section 3010.

    (b) <>  Annual Report.--Not later than March
    31 of each year, beginning March 31, 2011, each participating State
    shall submit to the Secretary an annual report that shall include the
    following information:
    (1) The number of borrowers that received new loans
    originated under the approved State program or programs after
    the State program was approved as eligible for Federal
    contributions.
    (2) The total amount of such new loans.
    (3) Breakdowns by industry type, loan size, annual sales,
    and number of employees of the borrowers that received such new
    loans.
    (4) The zip code of each borrower that received such a new
    loan.
    (5) Such other data as the Secretary, in the Secretary's
    sole discretion, may require to carry out the purposes of the
    Program.

    [[Page 2580]]

    (c) Form.--The reports and data filed under subsections (a) and (b)
    shall be in such form as the Secretary, in the Secretary's sole
    discretion, may require.
    (d) Termination of Reporting Requirements.--The requirement to
    submit reports under subsections (a) and (b) shall terminate for a
    participating State with the submission of the completed reports due on
    the first March 31 to occur after 5 complete 12-month periods after the
    State is approved by the Secretary to be a participating State.
    SEC. 3008. <>  REMEDIES FOR STATE PROGRAM
    TERMINATION OR FAILURES.

    (a) Remedies.--
    (1) In general.--If any of the events listed in paragraph
    (2) occur, the Secretary, in the Secretary's discretion, may--
    (A) reduce the amount of Federal funds allocated to
    the State under the Program; or
    (B) terminate any further transfers of allocated
    amounts that have not yet been transferred to the State.
    (2) Causal events.--The events referred to in paragraph (1)
    are--
    (A) termination by a participating State of its
    participation in the Program;
    (B) failure on the part of a participating State to
    submit complete reports under section 3007 on a timely
    basis; or
    (C) noncompliance by the State with the terms of the
    allocation agreement between the Secretary and the
    State.

    (b) Deallocated Amounts To Be Reallocated.-- <> If, after 13 months, any portion of the amount of Federal
    funds allocated to a participating State is deemed by the Secretary to
    be no longer allocated to the State after actions taken by the Secretary
    under subsection (a)(1), the Secretary shall reallocate that portion
    among the participating States, excluding the State whose allocated
    funds were deemed to be no longer allocated, as provided in section
    3003(b).
    SEC. 3009. <>  IMPLEMENTATION AND
    ADMINISTRATION.

    (a) General Authorities and Duties.--The Secretary shall--
    (1) <>  consult with the Administrator
    of the Small Business Administration and the appropriate Federal
    banking agencies on the administration of the Program;
    (2) <>  establish minimum national
    standards for approved State programs;
    (3) provide technical assistance to States for starting
    State programs and generally disseminate best practices;
    (4) manage, administer, and perform necessary program
    integrity functions for the Program; and
    (5) ensure adequate oversight of the approved State
    programs, including oversight of the cash flows, performance,
    and compliance of each approved State program.

    (b) Appropriations.--There is hereby appropriated to the Secretary,
    out of funds in the Treasury not otherwise appropriated, $1,500,000,000
    to carry out the Program, including to pay reasonable costs of
    administering the Program.

    [[Page 2581]]

    (c) Termination of Secretary's Program Administration Functions.--
    <> The authorities and duties of the Secretary to
    implement and administer the Program shall terminate at the end of the
    7-year period beginning on the date of enactment of this Act.

    (d) Expedited Contracting.-- <> During the 1-
    year period beginning on the date of enactment of this Act, the
    Secretary may enter into contracts without regard to any other provision
    of law regarding public contracts, for purposes of carrying out this
    title.
    SEC. 3010. <>  REGULATIONS.

    The Secretary, in consultation with the Administrator of the Small
    Business Administration, shall issue such regulations and other guidance
    as the Secretary determines necessary or appropriate to implement this
    title including to define terms, to establish compliance and reporting
    requirements, and such other terms and conditions necessary to carry out
    the purposes of this title.
    SEC. 3011. <>  OVERSIGHT AND AUDITS.

    (a) Inspector General Oversight.--The Inspector General of the
    Department of the Treasury shall conduct, supervise, and coordinate
    audits and investigations of the use of funds made available under the
    Program.
    (b) GAO Audit.--The Comptroller General of the United States shall
    perform an annual audit of the Program and issue a report to the
    appropriate committees of Congress containing the results of such audit.
    (c) Required Certification.--
    (1) Financial institutions certification.--With respect to
    funds received by a participating State under the Program, any
    financial institution that receives a loan, a loan guarantee, or
    other financial assistance using such funds after the date of
    the enactment of this Act shall certify that such institution is
    in compliance with the requirements of section 103.121 of title
    31, Code of Federal Regulations, a regulation that, at a
    minimum, requires financial institutions, as that term is
    defined in section 5312 (a)(2) and (c)(1)(A) of title 31, United
    States Code, to implement reasonable procedures to verify the
    identity of any person seeking to open an account, to the extent
    reasonable and practicable, maintain records of the information
    used to verify the person's identity, and determine whether the
    person appears on any lists of known or suspected terrorists or
    terrorist organizations provided to the financial institution by
    any government agency.
    (2) Sex offense certification.--With respect to funds
    received by a participating State under the Program, any private
    entity that receives a loan, a loan guarantee, or other
    financial assistance using such funds after the date of the
    enactment of this Act shall certify to the participating State
    that the principals of such entity have not been convicted of a
    sex offense against a minor (as such terms are defined in
    section 111 of the Sex Offender Registration and Notification
    Act (42 U.S.C. 16911)).

    (d) Prohibition on Pornography.--None of the funds made available
    under this title may be used to pay the salary of any individual engaged
    in activities related to the Program who has been officially disciplined
    for violations of subpart G of the Standards of Ethical Conduct for
    Employees of the Executive Branch for viewing, downloading, or
    exchanging pornography, including

    [[Page 2582]]

    child pornography, on a Federal Government computer or while performing
    official Federal Government duties.

    TITLE IV--ADDITIONAL SMALL BUSINESS PROVISIONS

    Subtitle A-- <> Small Business Lending Fund
    SEC. 4101. PURPOSE.

    The purpose of this subtitle is to address the ongoing effects of
    the financial crisis on small businesses by providing temporary
    authority to the Secretary of the Treasury to make capital investments
    in eligible institutions in order to increase the availability of credit
    for small businesses.
    SEC. 4102. DEFINITIONS.

    For purposes of this subtitle:
    (1) Appropriate committees of congress.--The term
    ``appropriate committees of Congress'' means--
    (A) the Committee on Small Business and
    Entrepreneurship, the Committee on Agriculture,
    Nutrition, and Forestry, the Committee on Banking,
    Housing, and Urban Affairs, the Committee on Finance,
    the Committee on the Budget, and the Committee on
    Appropriations of the Senate; and
    (B) the Committee on Small Business, the Committee
    on Agriculture, the Committee on Financial Services, the
    Committee on Ways and Means, the Committee on the
    Budget, and the Committee on Appropriations of the House
    of Representatives.
    (2) Appropriate federal banking agency.--The term
    ``appropriate Federal banking agency'' has the meaning given
    such term under section 3(q) of the Federal Deposit Insurance
    Act (12 U.S.C. 1813(q)).
    (3) Bank holding company.--The term ``bank holding company''
    has the meaning given such term under section 2(a)(1) of the
    Bank Holding Company Act of 1956 (12 U.S.C. 1841(2)(a)(1)).
    (4) Call report.--The term ``call report'' means--
    (A) reports of Condition and Income submitted to the
    Office of the Comptroller of the Currency, the Board of
    Governors of the Federal Reserve System, and the Federal
    Deposit Insurance Corporation;
    (B) the Office of Thrift Supervision Thrift
    Financial Report;
    (C) any report that is designated by the Office of
    the Comptroller of the Currency, the Board of Governors
    of the Federal Reserve System, the Federal Deposit
    Insurance Corporation, or the Office of Thrift
    Supervision, as applicable, as a successor to any report
    referred to in subparagraph (A) or (B);
    (D) reports of Condition and Income as designated
    through guidance developed by the Secretary, in
    consultation with the Director of the Community
    Development Financial Institutions Fund; and

    [[Page 2583]]

    (E) with respect to an eligible institution for
    which no report exists that is described under
    subparagraph (A), (B), (C), or (D), such other report or
    set of information as the Secretary, in consultation
    with the Administrator of the Small Business
    Administration, may prescribe.
    (5) CDCI.--The term ``CDCI'' means the Community Development
    Capital Initiative created by the Secretary under the Troubled
    Asset Relief Program established by the Emergency Economic
    Stabilization Act of 2008.
    (6) CDCI investment.--The term ``CDCI investment'' means,
    with respect to any eligible institution, the principal amount
    of any investment made by the Secretary in such eligible
    institution under the CDCI that has not been repaid.
    (7) CDFI; community development financial institution.--The
    terms ``CDFI'' and ``community development financial
    institution'' have the meaning given the term ``community
    development financial institution'' under the Riegle Community
    Development and Regulatory Improvement Act of 1994.
    (8) CDLF; community development loan fund.--The terms
    ``CDLF'' and ``community development loan fund'' mean any entity
    that--
    (A) is certified by the Department of the Treasury
    as a community development financial institution loan
    fund;
    (B) is exempt from taxation under the Internal
    Revenue Code of 1986; and
    (C) had assets less than or equal to $10,000,000,000
    as of the end of the fourth quarter of calendar year
    2009.
    (9) CPP.--The term ``CPP'' means the Capital Purchase
    Program created by the Secretary under the Troubled Asset Relief
    Program established by the Emergency Economic Stabilization Act
    of 2008.
    (10) CPP investment.--The term ``CPP investment'' means,
    with respect to any eligible institution, the principal amount
    of any investment made by the Secretary in such eligible
    institution under the CPP that has not been repaid.
    (11) Eligible institution.--The term ``eligible
    institution'' means--
    (A) any insured depository institution, which--
    (i) is not controlled by a bank holding
    company or savings and loan holding company that
    is also an eligible institution;
    (ii) has total assets of equal to or less than
    $10,000,000,000, as reported in the call report of
    the insured depository institution as of the end
    of the fourth quarter of calendar year 2009; and
    (iii) is not directly or indirectly controlled
    by any company or other entity that has total
    consolidated assets of more than $10,000,000,000,
    as so reported;
    (B) any bank holding company which has total
    consolidated assets of equal to or less than
    $10,000,000,000, as reported in the call report of the
    bank holding company as of the end of the fourth quarter
    of calendar year 2009;
    (C) any savings and loan holding company which has
    total consolidated assets of equal to or less than
    $10,000,000,000, as reported in the call report of the

    [[Page 2584]]

    savings and loan holding company as of the end of the
    fourth quarter of calendar year 2009; and
    (D) any community development financial institution
    loan fund which has total assets of equal to or less
    than $10,000,000,000, as reported in audited financial
    statements for the fiscal year of the community
    development financial institution loan fund that ends in
    calendar year 2009.
    (12) Fund.--The term ``Fund'' means the Small Business
    Lending Fund established under section 4103(a)(1).
    (13) Insured depository institution.--The term ``insured
    depository institution'' has the meaning given such term under
    section 3(c)(2) of the Federal Deposit Insurance Act (12 U.S.C.
    1813(c)(2)).
    (14) Minority-owned and women-owned business.--The terms
    ``minority-owned business'' and ``women-owned business'' shall
    have the meaning given the terms ``minority-owned business'' and
    ``women's business'', respectively, under section 21A(r)(4) of
    the Federal Home Loan Bank Act (12 U.S.C. 1441A(r)(4)).
    (15) Program.--The term ``Program'' means the Small Business
    Lending Fund Program authorized under section 4103(a)(2).
    (16) Savings and loan holding company.--The term ``savings
    and loan holding company'' has the meaning given such term under
    section 10(a)(1)(D) of the Home Owners' Loan Act (12 U.S.C.
    1467a(a)(1)(D)).
    (17) Secretary.--The term ``Secretary'' means the Secretary
    of the Treasury.
    (18) Small business lending.--
    (A) In general.--The term ``small business lending''
    means lending, as defined by and reported in an eligible
    institutions' quarterly call report, where each loan
    comprising such lending is one of the following types:
    (i) Commercial and industrial loans.
    (ii) Owner-occupied nonfarm, nonresidential
    real estate loans.
    (iii) Loans to finance agricultural production
    and other loans to farmers.
    (iv) Loans secured by farmland.
    (B) Exclusion.--No loan that has an original amount
    greater than $10,000,000 or that goes to a business with
    more than $50,000,000 in revenues shall be included in
    the measure.
    (C) Treatment of holding companies.--In the case of
    eligible institutions that are bank holding companies or
    savings and loan holding companies having one or more
    insured depository institution subsidiaries, small
    business lending shall be measured based on the combined
    small business lending reported in the call report of
    the insured depository institution subsidiaries.
    (19) Veteran-owned business.--
    (A) The term ``veteran-owned business'' means a
    business--
    (i) more than 50 percent of the ownership or
    control of which is held by 1 or more veterans;

    [[Page 2585]]

    (ii) more than 50 percent of the net profit or
    loss of which accrues to 1 or more veterans; and
    (iii) a significant percentage of senior
    management positions of which are held by
    veterans.
    (B) For purposes of this paragraph, the term
    ``veteran'' has the meaning given such term in section
    101(2) of title 38, United States Code.
    SEC. 4103. SMALL BUSINESS LENDING FUND.

    (a) Fund and Program.--
    (1) Fund established.--There is established in the Treasury
    of the United States a fund to be known as the ``Small Business
    Lending Fund'', which shall be administered by the Secretary.
    (2) Programs authorized.--The Secretary is authorized to
    establish the Small Business Lending Fund Program for using the
    Fund consistent with this subtitle.

    (b) Use of Fund.--
    (1) In general.--Subject to paragraph (2), the Fund shall be
    available to the Secretary, without further appropriation or
    fiscal year limitation, for the costs of purchases (including
    commitments to purchase), and modifications of such purchases,
    of preferred stock and other financial instruments from eligible
    institutions on such terms and conditions as are determined by
    the Secretary in accordance with this subtitle. For purposes of
    this paragraph and with respect to an eligible institution, the
    term ``other financial instruments'' shall include only debt
    instruments for which such eligible institution is fully liable
    or equity equivalent capital of the eligible institution. Such
    debt instruments may be subordinated to the claims of other
    creditors of the eligible institution.
    (2) Maximum purchase limit.--The aggregate amount of
    purchases (and commitments to purchase) made pursuant to
    paragraph (1) may not exceed $30,000,000,000.
    (3) Proceeds used to pay down public debt.--All funds
    received by the Secretary in connection with purchases made
    pursuant to paragraph (1), including interest payments, dividend
    payments, and proceeds from the sale of any financial
    instrument, shall be paid into the general fund of the Treasury
    for reduction of the public debt.
    (4) Limitation on purchases from cdlfs.--
    (A) In general.--Not more than 1 percent of the
    maximum purchase limit of the Program, pursuant to
    paragraph (2), may be used to make purchases from
    community development loan funds.
    (B) Eligibility standards.--The Secretary, in
    consultation with the Community Development Financial
    Institutions Fund, shall develop eligibility criteria to
    determine the financial ability of a CDLF to participate
    in the Program and repay the investment. Such criteria
    shall include the following:
    (i) Ratio of net assets to total assets is at
    least 20 percent.
    (ii) Ratio of loan loss reserves to loans and
    leases 90 days or more delinquent (including loans
    sold with full recourse) is at least 30 percent.

    [[Page 2586]]

    (iii) Positive net income measured on a 3-year
    rolling average.
    (iv) Operating liquidity ratio of at least 1.0
    for the 4 most recent quarters and for one or both
    of the two preceding years.
    (v) Ratio of loans and leases 90 days or more
    delinquent (including loans sold with full
    recourse) to total equity plus loan loss reserves
    is less than 40 percent.
    (C) Requirement to submit audited financial
    statements.--CDLFs participating in the Program shall
    submit audited financial statements to the Secretary,
    have a clean audit opinion, and have at least 3 years of
    operating experience.

    (c) Credits to the Fund.--There shall be credited to the Fund
    amounts made available pursuant to section 4108, to the extent provided
    by appropriations Acts.
    (d) Terms.--
    (1) Application.--
    (A) Institutions with assets of $1,000,000,000 or
    less.--Eligible institutions having total assets equal
    to or less than $1,000,000,000, as reported in a call
    report as of the end of the fourth quarter of calendar
    year 2009, may apply to receive a capital investment
    from the Fund in an amount not exceeding 5 percent of
    risk-weighted assets, as reported in the call report
    immediately preceding the date of application, less the
    amount of any CDCI investment and any CPP investment.
    (B) Institutions with assets of more than
    $1,000,000,000 and less than or equal to
    $10,000,000,000.--Eligible institutions having total
    assets of more than $1,000,000,000 but less than
    $10,000,000,000, as of the end of the fourth quarter of
    calendar year 2009, may apply to receive a capital
    investment from the Fund in an amount not exceeding 3
    percent of risk-weighted assets, as reported in the call
    report immediately preceding the date of application,
    less the amount of any CDCI investment and any CPP
    investment.
    (C) Treatment of holding companies.--In the case of
    an eligible institution that is a bank holding company
    or a savings and loan holding company having one or more
    insured depository institution subsidiaries, total
    assets shall be measured based on the combined total
    assets reported in the call report of the insured
    depository institution subsidiaries as of the end of the
    fourth quarter of calendar year 2009 and risk-weighted
    assets shall be measured based on the combined risk-
    weighted assets of the insured depository institution
    subsidiaries as reported in the call report immediately
    preceding the date of application.
    (D) Treatment of applicants that are institutions
    controlled by holding companies.--If an eligible
    institution that applies to receive a capital investment
    under the Program is under the control of a bank holding
    company or a savings and loan holding company, then the
    Secretary may use the Fund to purchase preferred stock
    or other

    [[Page 2587]]

    financial instruments from the top-tier bank holding
    company or savings and loan holding company of such
    eligible institution, as applicable. For purposes of
    this subparagraph, the term ``control'' with respect to
    a bank holding company shall have the same meaning as in
    section 2(a)(2) of the Bank Holding Company Act of 1956
    (12 U.S.C. 1841(2)(a)(2)). For purposes of this
    subparagraph, the term ``control'' with respect to a
    savings and loan holding company shall have the same
    meaning as in 10(a)(2) of the Home Owners' Loan Act (12
    U.S.C. 1467a(a)(2)).
    (E) Requirement to provide a small business lending
    plan.--At the time that an applicant submits an
    application to the Secretary for a capital investment
    under the Program, the applicant shall deliver to the
    appropriate Federal banking agency, and, for applicants
    that are State-chartered banks, to the appropriate State
    banking regulator, a small business lending plan
    describing how the applicant's business strategy and
    operating goals will allow it to address the needs of
    small businesses in the areas it serves, as well as a
    plan to provide linguistically and culturally
    appropriate outreach, where appropriate. In the case of
    eligible institutions that are community development
    loan funds, this plan shall be submitted to the
    Secretary. <>  This plan shall
    be confidential supervisory information.
    (F) Treatment of applicants that are community
    development loan funds.--Eligible institutions that are
    community development loan funds may apply to receive a
    capital investment from the Fund in an amount not
    exceeding 5 percent of total assets, as reported in the
    audited financial statements for the fiscal year of the
    eligible institution that ends in calendar year 2009.
    (2) Consultation with regulators.--For each eligible
    institution that applies to receive a capital investment under
    the Program, the Secretary shall--
    (A) consult with the appropriate Federal banking
    agency or, in the case of an eligible institution that
    is a nondepository community development financial
    institution, the Community Development Financial
    Institution Fund, for the eligible institution, to
    determine whether the eligible institution may receive
    such capital investment;
    (B) in the case of an eligible institution that is a
    State-chartered bank, consider any views received from
    the State banking regulator of the State of the eligible
    institution regarding the financial condition of the
    eligible institution; and
    (C) in the case of a community development financial
    institution loan fund, consult with the Community
    Development Financial Institution Fund.
    (3) Consideration of matched private investments.--
    (A) In general.--For an eligible institution that
    applies to receive a capital investment under the
    Program, if the entity to be consulted under paragraph
    (2) would not otherwise recommend the eligible
    institution to receive the capital investment, the
    Secretary, in consultation with the entity to be so
    consulted, may consider whether the

    [[Page 2588]]

    entity to be consulted would recommend the eligible
    institution to receive a capital investment based on the
    financial condition of the institution if the conditions
    in subparagraph (B) are satisfied.
    (B) Conditions.--The conditions referred to in
    subparagraph (A) are as follows:
    (i) Capital sources.--The eligible institution
    shall receive capital both under the Program and
    from private, nongovernment investors.
    (ii) Amount of capital.--The amount of capital
    to be received under the Program shall not exceed
    3 percent of risk-weighted assets, as reported in
    the call report immediately preceding the date of
    application, less the amount of any CDCI
    investment and any CPP investment.
    (iii) Terms.--The amount of capital to be
    received from private, nongovernment investors
    shall be--
    (I) equal to or greater than 100
    percent of the capital to be received
    under the Program; and
    (II) subordinate to the capital
    investment made by the Secretary under
    the Program.
    (4) Ineligibility of institutions on fdic problem bank
    list.--
    (A) In general.--An eligible institution may not
    receive any capital investment under the Program, if--
    (i) such institution is on the FDIC problem
    bank list; or
    (ii) such institution has been removed from
    the FDIC problem bank list for less than 90 days.
    (B) Construction.--Nothing in subparagraph (A) shall
    be construed as limiting the discretion of the Secretary
    to deny the application of an eligible institution that
    is not on the FDIC problem bank list.
    (C) FDIC problem bank list defined.--For purposes of
    this paragraph, the term ``FDIC problem bank list''
    means the list of depository institutions having a
    current rating of 4 or 5 under the Uniform Financial
    Institutions Rating System, or such other list
    designated by the Federal Deposit Insurance Corporation.
    (5) Incentives to lend.--
    (A) Requirements on preferred stock and other
    financial instruments.--Any preferred stock or other
    financial instrument issued to Treasury by an eligible
    institution receiving a capital investment under the
    Program shall provide that--
    (i) the rate at which dividends or interest
    are payable shall be 5 percent per annum
    initially;
    (ii) <>  within the first
    2 years after the date of the capital investment
    under the Program, the rate may be adjusted based
    on the amount of an eligible institution's small
    business lending. Changes in the amount of small
    business lending shall be measured against the
    average amount of small business lending reported
    by the eligible institution in its call reports
    for the 4 full quarters immediately preceding the
    date of enactment of this Act, minus adjustments
    from each quarterly balance in respect of--

    [[Page 2589]]

    (I) net loan charge offs with
    respect to small business lending; and
    (II) gains realized by the eligible
    institution resulting from mergers,
    acquisitions or purchases of loans after
    origination and syndication; which
    adjustments shall be determined in
    accordance with guidance promulgated by
    the Secretary; and
    (iii) during any calendar quarter during the
    initial 2-year period referred to in clause (ii),
    an institution's rate shall be adjusted to reflect
    the following schedule, based on that
    institution's change in the amount of small
    business lending relative to the baseline--
    (I) if the amount of small business
    lending has increased by less than 2.5
    percent, the dividend or interest rate
    shall be 5 percent;
    (II) if the amount of small business
    lending has increased by 2.5 percent or
    greater, but by less than 5.0 percent,
    the dividend or interest rate shall be 4
    percent;
    (III) if the amount of small
    business lending has increased by 5.0
    percent or greater, but by less than 7.5
    percent, the dividend or interest rate
    shall be 3 percent;
    (IV) if the amount of small business
    lending has increased by 7.5 percent or
    greater, and but by less than 10.0
    percent, the dividend or interest rate
    shall be 2 percent; or
    (V) if the amount of small business
    lending has increased by 10 percent or
    greater, the dividend or interest rate
    shall be 1 percent.
    (B) Basis of initial rate.--The initial dividend or
    interest rate shall be based on call report data
    published in the quarter immediately preceding the date
    of the capital investment under the Program.
    (C) Timing of rate adjustments.--Any rate adjustment
    shall occur in the calendar quarter following the
    publication of call report data, such that the rate
    based on call report data from any one calendar quarter,
    which is published in the first following calendar
    quarter, shall be adjusted in that first following
    calendar quarter and payable in the second following
    quarter.
    (D) Rate following initial 2-year period.--
    Generally, the rate based on call report data from the
    eighth calendar quarter after the date of the capital
    investment under the Program shall be payable until the
    expiration of the 4\1/2\-year period that begins on the
    date of the investment. In the case where the amount of
    small business lending has remained the same or
    decreased relative to the institution's baseline in the
    eighth quarter after the date of the capital investment
    under the Program, the rate shall be 7 percent until the
    expiration of the 4\1/2\-year period that begins on the
    date of the investment.
    (E) Rate following initial 4\1/2\ -year period.--The
    dividend or interest rate paid on any preferred stock or
    other financial instrument issued by an eligible
    institution that receives a capital investment under the
    Program shall increase to 9 percent at the end of the
    4\1/2\-year period

    [[Page 2590]]

    that begins on the date of the capital investment under
    the Program.
    (F) Limitation on rate reductions with respect to
    certain amount.--The reduction in the dividend or
    interest rate payable to Treasury by any eligible
    institution shall be limited such that the rate
    reduction shall not apply to a dollar amount of the
    investment made by Treasury that is greater than the
    dollar amount increase in the amount of small business
    lending realized under this
    program. <>  The Secretary may
    issue guidelines that will apply to new capital
    investments limiting the amount of capital available to
    eligible institutions consistent with this limitation.
    (G) Rate adjustments for s corporation.--Before
    making a capital investment in an eligible institution
    that is an S corporation or a corporation organized on a
    mutual basis, the Secretary may adjust the dividend or
    interest rate on the financial instrument to be issued
    to the Secretary, from the dividend or interest rate
    that would apply under subparagraphs (A) through (F), to
    take into account any differential tax treatment of
    securities issued by such eligible institution. For
    purpose of this subparagraph, the term ``S corporation''
    has the same meaning as in section 1361(a) of the
    Internal Revenue Code of 1986.
    (H) Repayment deadline.--
    The <> capital investment received by an
    eligible institution under the Program shall be
    evidenced by preferred stock or other financial
    instrument that--
    (i) includes, as a term and condition, that
    the capital investment will--
    (I) be repaid not later than the end
    of the 10-year period beginning on the
    date of the capital investment under the
    Program; or
    (II) at the end of such 10-year
    period, be subject to such additional
    terms as the Secretary shall prescribe,
    which shall include a requirement that
    the stock or instrument shall carry the
    highest dividend or interest rate
    payable; and
    (ii) provides that the term and condition
    described under clause (i) shall not apply if the
    application of that term and condition would
    adversely affect the capital treatment of the
    stock or financial instrument under current or
    successor applicable capital provisions compared
    to a capital instrument with identical terms other
    than the term and condition described under clause
    (i).
    (I) Requirements on financial instruments issued by
    a community development financial institution loan
    fund.--Any equity equivalent capital issued to the
    Treasury by a community development loan fund receiving
    a capital investment under the Program shall provide
    that the rate at which interest is payable shall be 2
    percent per annum for 8 years. After 8 years, the rate
    at which interest is payable shall be 9 percent.

    [[Page 2591]]

    (6) <>  Additional incentives to
    repay.--The Secretary may, by regulation or guidance issued
    under section 4104(9), establish repayment incentives in
    addition to the incentive in paragraph (5)(E) that will apply to
    new capital investments in a manner that the Secretary
    determines to be consistent with the purposes of this subtitle.
    (7) Capital purchase program refinance.--
    (A) <>  In general.--The
    Secretary shall, in a manner that the Secretary
    determines to be consistent with the purposes of this
    subtitle, issue regulations and other guidance to permit
    eligible institutions to refinance securities issued to
    Treasury under the CDCI and the CPP for securities to be
    issued under the Program.
    (B) Prohibition on participation by non-paying cpp
    participants.-- <> Subparagraph (A)
    shall not apply to any eligible institution that has
    missed more than one dividend payment due under the CPP.
    For purposes of this subparagraph, a CPP dividend
    payment that is submitted within 60 days of the due date
    of such payment shall not be considered a missed
    dividend payment.
    (8) <>  Outreach to minorities, women,
    and veterans.--The Secretary shall require eligible institutions
    receiving capital investments under the Program to provide
    linguistically and culturally appropriate outreach and
    advertising in the applicant pool describing the availability
    and application process of receiving loans from the eligible
    institution that are made possible by the Program through the
    use of print, radio, television or electronic media outlets
    which target organizations, trade associations, and individuals
    that--
    (A) represent or work within or are members of
    minority communities;
    (B) represent or work with or are women; and
    (C) represent or work with or are veterans.
    (9) Additional terms.--The Secretary may, by regulation or
    guidance issued under section 4104(9), make modifications that
    will apply to new capital investments in order to manage risks
    associated with the administration of the Fund in a manner
    consistent with the purposes of this subtitle.
    (10) <>  Minimum underwriting standards.--
    The appropriate Federal banking agency for an eligible
    institution that receives funds under the Program shall within
    60 days issue guidance regarding prudent underwriting standards
    that must be used for loans made by the eligible institution
    using such funds.
    SEC. 4104. ADDITIONAL AUTHORITIES OF THE SECRETARY.

    The Secretary may take such actions as the Secretary deems necessary
    to carry out the authorities in this subtitle, including, without
    limitation, the following:
    (1) The Secretary may use the services of any agency or
    instrumentality of the United States or component thereof on a
    reimbursable basis, and any such agency or instrumentality or
    component thereof is authorized to provide services as requested
    by the Secretary using all authorities vested in or delegated to
    that agency, instrumentality, or component.

    [[Page 2592]]

    (2) The Secretary may enter into contracts, including
    contracts for services authorized by section 3109 of title 5,
    United States Code.
    (3) The Secretary may designate any bank, savings
    association, trust company, security broker or dealer, asset
    manager, or investment adviser as a financial agent of the
    Federal Government and such institution shall perform all such
    reasonable duties related to this subtitle as financial agent of
    the Federal Government as may be required. The Secretary shall
    have authority to amend existing agreements with financial
    agents, entered into during the 2-year period before the date of
    enactment of this Act, to perform reasonable duties related to
    this subtitle.
    (4) The Secretary may exercise any rights received in
    connection with any preferred stock or other financial
    instruments or assets purchased or acquired pursuant to the
    authorities granted under this subtitle.
    (5) Subject to section 4103(b)(3), the Secretary may manage
    any assets purchased under this subtitle, including revenues and
    portfolio risks therefrom.
    (6) The Secretary may sell, dispose of, transfer, exchange
    or enter into securities loans, repurchase transactions, or
    other financial transactions in regard to, any preferred stock
    or other financial instrument or asset purchased or acquired
    under this subtitle, upon terms and conditions and at a price
    determined by the Secretary.
    (7) The Secretary may manage or prohibit conflicts of
    interest that may arise in connection with the administration
    and execution of the authorities provided under this subtitle.
    (8) The Secretary may establish and use vehicles, subject to
    supervision by the Secretary, to purchase, hold, and sell
    preferred stock or other financial instruments and issue
    obligations.
    (9) The Secretary may, in consultation with the
    Administrator of the Small Business Administration, issue such
    regulations and other guidance as may be necessary or
    appropriate to define terms or carry out the authorities or
    purposes of this subtitle.
    SEC. 4105. CONSIDERATIONS.

    In exercising the authorities granted in this subtitle, the
    Secretary shall take into consideration--
    (1) increasing the availability of credit for small
    businesses;
    (2) providing funding to minority-owned eligible
    institutions and other eligible institutions that serve small
    businesses that are minority-, veteran-, and women-owned and
    that also serve low- and moderate-income, minority, and other
    underserved or rural communities;
    (3) protecting and increasing American jobs;
    (4) increasing the opportunity for small business
    development in areas with high unemployment rates that exceed
    the national average;
    (5) ensuring that all eligible institutions may apply to
    participate in the program established under this subtitle,
    without discrimination based on geography;
    (6) providing transparency with respect to use of funds
    provided under this subtitle;

    [[Page 2593]]

    (7) minimizing the cost to taxpayers of exercising the
    authorities;
    (8) promoting and engaging in financial education to would-
    be borrowers; and
    (9) providing funding to eligible institutions that serve
    small businesses directly affected by the discharge of oil
    arising from the explosion on and sinking of the mobile offshore
    drilling unit Deepwater Horizon and small businesses in
    communities that have suffered negative economic effects as a
    result of that discharge with particular consideration to States
    along the coast of the Gulf of Mexico.
    SEC. 4106. REPORTS.

    The Secretary shall provide to the appropriate committees of
    Congress--
    (1) within 7 days of the end of each month commencing with
    the first month in which transactions are made under the
    Program, a written report describing all of the transactions
    made during the reporting period pursuant to the authorities
    granted under this subtitle;
    (2) <>  after the end of March and
    the end of September, commencing September 30, 2010, a written
    report on all projected costs and liabilities, all operating
    expenses, including compensation for financial agents, and all
    transactions made by the Fund, which shall include participating
    institutions and amounts each institution has received under the
    Program; and
    (3) within 7 days of the end of each calendar quarter
    commencing with the first calendar quarter in which transactions
    are made under the Program, a written report detailing how
    eligible institutions participating in the Program have used the
    funds such institutions received under the Program.
    SEC. 4107. OVERSIGHT AND AUDITS.

    (a) Inspector General Oversight.--The Inspector General of the
    Department of the Treasury shall conduct, supervise, and coordinate
    audits and investigations of the Program through the Office of Small
    Business Lending Fund Program Oversight established under subsection
    (b).
    (b) Office of Small Business Lending Fund Program Oversight.--
    (1) Establishment.--There is hereby established within the
    Office of the Inspector General of the Department of the
    Treasury a new office to be named the ``Office of Small Business
    Lending Fund Program Oversight'' to provide oversight of the
    Program.
    (2) <>  Leadership.--The Inspector
    General shall appoint a Special Deputy Inspector General for
    SBLF Program Oversight to lead the Office, with commensurate
    staff, who shall report directly to the Inspector General and
    who shall be responsible for the performance of all auditing and
    investigative activities relating to the Program.
    (3) Reporting.--
    (A) In general.--The Inspector General shall issue a
    report no less than two times a year to the Congress and
    the Secretary devoted to the oversight provided by the
    Office, including any recommendations for improvements
    to the Program.

    [[Page 2594]]

    (B) Recommendations.--With respect to any
    deficiencies identified in a report under subparagraph
    (A), the Secretary shall either--
    (i) take actions to address such deficiencies;
    or
    (ii) <>  certify to the
    appropriate committees of Congress that no action
    is necessary or appropriate.
    (4) Coordination.--The Inspector General, in maximizing the
    effectiveness of the Office, shall work with other Offices of
    Inspector General, as appropriate, to minimize duplication of
    effort and ensure comprehensive oversight of the Program.
    (5) <>  Termination.--The Office shall
    terminate at the end of the 6-month period beginning on the date
    on which all capital investments are repaid under the Program or
    the date on which the Secretary determines that any remaining
    capital investments will not be repaid.
    (6) Definitions.--For purposes of this subsection:
    (A) Office.--The term ``Office'' means the Office of
    Small Business Lending Fund Program Oversight
    established under paragraph (1).
    (B) Inspector general.--The term ``Inspector
    General'' means the Inspector General of the Department
    of the Treasury.

    (c) <>  GAO Audit.--The Comptroller
    General of the United States shall perform an annual audit of the
    Program and issue a report to the appropriate committees of Congress
    containing the results of such audit.

    (d) Required Certifications.--
    (1) Eligible institution certification.--Each eligible
    institution that participates in the Program must certify that
    such institution is in compliance with the requirements of
    section 103.121 of title 31, Code of Federal Regulations, a
    regulation that, at a minimum, requires financial institutions,
    as that term is defined in 31 U.S.C. 5312(a)(2) and (c)(1)(A),
    to implement reasonable procedures to verify the identity of any
    person seeking to open an account, to the extent reasonable and
    practicable, maintain records of the information used to verify
    the person's identity, and determine whether the person appears
    on any lists of known or suspected terrorists or terrorist
    organizations provided to the financial institution by any
    government agency.
    (2) Loan recipients.--With respect to funds received by an
    eligible institution under the Program, any business receiving a
    loan from the eligible institution using such funds after the
    date of the enactment of this Act shall certify to such eligible
    institution that the principals of such business have not been
    convicted of a sex offense against a minor (as such terms are
    defined in section 111 of the Sex Offender Registration and
    Notification Act (42 U.S.C. 16911)).

    (e) Prohibition on Pornography.--None of the funds made available
    under this subtitle may be used to pay the salary of any individual
    engaged in activities related to the Program who has been officially
    disciplined for violations of subpart G of the Standards of Ethical
    Conduct for Employees of the Executive Branch for viewing, downloading,
    or exchanging pornography, including child pornography, on a Federal
    Government computer or while performing official Federal Government
    duties.

    [[Page 2595]]

    SEC. 4108. CREDIT REFORM; FUNDING.

    (a) Credit Reform.--The cost of purchases of preferred stock and
    other financial instruments made as capital investments under this
    subtitle shall be determined as provided under the Federal Credit Reform
    Act of 1990 (2 U.S.C. 661 et seq.).
    (b) <>  Funds Made Available.--
    There are hereby appropriated, out of funds in the Treasury not
    otherwise appropriated, such sums as may be necessary to pay the costs
    of $30,000,000,000 of capital investments in eligible institutions,
    including the costs of modifying such investments, and reasonable costs
    of administering the program of making, holding, managing, and selling
    the capital investments.
    SEC. 4109. TERMINATION AND CONTINUATION OF AUTHORITIES.

    (a) Termination of Investment Authority.--The authority to make
    capital investments in eligible institutions, including commitments to
    purchase preferred stock or other instruments, provided under this
    subtitle shall terminate 1 year after the date of enactment of this Act.
    (b) Continuation of Other Authorities.--The authorities of the
    Secretary under section 4104 shall not be limited by the termination
    date in subsection (a).
    SEC. 4110. PRESERVATION OF AUTHORITY.

    Nothing in this subtitle may be construed to limit the authority of
    the Secretary under any other provision of law.
    SEC. 4111. ASSURANCES.

    (a) Small Business Lending Fund Separate From TARP.--The Small
    Business Lending Fund Program is established as separate and distinct
    from the Troubled Asset Relief Program established by the Emergency
    Economic Stabilization Act of 2008. An institution shall not, by virtue
    of a capital investment under the Small Business Lending Fund Program,
    be considered a recipient of the Troubled Asset Relief Program.
    (b) Change in Law.--If, after a capital investment has been made in
    an eligible institution under the Program, there is a change in law that
    modifies the terms of the investment or program in a materially adverse
    respect for the eligible institution, the eligible institution may,
    after consultation with the appropriate Federal banking agency for the
    eligible institution, repay the investment without impediment.
    SEC. 4112. STUDY AND REPORT WITH RESPECT TO WOMEN-OWNED, VETERAN-
    OWNED, AND MINORITY-OWNED BUSINESSES.

    (a) Study.--The Secretary shall conduct a study of the impact of the
    Program on women-owned businesses, veteran-owned businesses, and
    minority-owned businesses.
    (b) Report.--Not later than one year after the date of enactment of
    this Act, the Secretary shall submit to Congress a report on the results
    of the study conducted pursuant to subsection (a). To the extent
    possible, the Secretary shall disaggregate the results of such study by
    ethnic group and gender.
    (c) Information Provided to the Secretary.--Eligible institutions
    that participate in the Program shall provide the Secretary with such
    information as the Secretary may require to carry out the study required
    by this section.

    [[Page 2596]]

    SEC. 4113. SENSE OF CONGRESS.

    It is the sense of Congress that the Federal Deposit Insurance
    Corporation and other bank regulators are sending mixed messages to
    banks regarding regulatory capital requirements and lending standards,
    which is a contributing cause of decreased small business lending and
    increased regulatory uncertainty at community banks.

    Subtitle B--Other Provisions

    PART I-- <> SMALL BUSINESS EXPORT
    PROMOTION INITIATIVES
    SEC. 4221. <>  SHORT TITLE.

    This part may be cited as the ``Export Promotion Act of 2010''.
    SEC. 4222. GLOBAL BUSINESS DEVELOPMENT AND PROMOTION ACTIVITIES OF
    THE DEPARTMENT OF COMMERCE.

    (a) Increase in Employees With Responsibility for Global Business
    Development and Promotion Activities.--
    (1) <>  In general.--
    During the 24-month period beginning on the date of the
    enactment of this Act, the Secretary of Commerce shall increase
    the number of full-time departmental employees whose primary
    responsibilities involve promoting or facilitating participation
    by United States businesses in the global marketplace and
    facilitating the entry into, or expansion of, such participation
    by United States businesses. In carrying out this subsection,
    the Secretary shall ensure that--
    (A) the cohort of such employees is increased by not
    less than 80 persons; and
    (B) a substantial portion of the increased cohort is
    stationed outside the United States.
    (2) Enhanced focus on united states small- and medium-sized
    businesses.--In carrying out this subsection, the Secretary
    shall take such action as may be necessary to ensure that the
    activities of the Department of Commerce relating to promoting
    and facilitating participation by United States businesses in
    the global marketplace include promoting and facilitating such
    participation by small and medium-sized businesses in the United
    States.
    (3) Authorization of appropriations.--There are authorized
    to be appropriated to the Secretary for each of the fiscal years
    2011 and 2012 such sums as may be necessary to carry out this
    section.

    (b) Additional Funding for Global Business Development and Promotion
    Activities of the Department of Commerce.--
    (1) <>  In general.--
    There are authorized to be appropriated to the Secretary of
    Commerce for the period beginning on the date of the enactment
    of this Act and ending 18 months thereafter, $30,000,000 to
    promote or facilitate participation by United States businesses
    in the global marketplace and facilitating the entry into, or
    expansion of, such participation by United States businesses.
    (2) Requirements.--In obligating and expending the funds
    authorized to be appropriated by paragraph (1), the Secretary of
    Commerce shall give preference to activities that--

    [[Page 2597]]

    (A) assist small- and medium-sized businesses in the
    United States; and
    (B) the Secretary determines will create or sustain
    the greatest number of jobs in the United States and
    obtain the maximum return on investment.
    SEC. 4223. ADDITIONAL FUNDING TO IMPROVE ACCESS TO GLOBAL MARKETS
    FOR RURAL BUSINESSES.

    (a) In General.--There are authorized to be appropriated to the
    Secretary of Commerce $5,000,000 for each of the fiscal years 2011 and
    2012 for improving access to the global marketplace for goods and
    services provided by rural businesses in the United States.
    (b) Requirements.--In obligating and expending the funds authorized
    to be appropriated by subsection (a), the Secretary of Commerce shall
    give preference to activities that--
    (1) assist small- and medium-sized businesses in the United
    States; and
    (2) the Secretary determines will create or sustain the
    greatest number of jobs in the United States and obtain the
    maximum return on investment.
    SEC. 4224. ADDITIONAL FUNDING FOR THE EXPORTECH PROGRAM.

    (a) <>  In General.--There are authorized to be
    appropriated to the Secretary of Commerce $11,000,000 for the period
    beginning on the date of the enactment of this Act and ending 18 months
    thereafter, to expand ExporTech, a joint program of the Hollings
    Manufacturing Partnership Program and the Export Assistance Centers of
    the Department of Commerce.

    (b) Requirements.--In obligating and expending the funds authorized
    to be appropriated by subsection (a), the Secretary of Commerce shall
    give preference to activities that--
    (1) assist small- and medium-sized businesses in the United
    States; and
    (2) the Secretary determines will create or sustain the
    greatest number of jobs in the United States and obtain the
    maximum return on investment.
    SEC. 4225. ADDITIONAL FUNDING FOR THE MARKET DEVELOPMENT
    COOPERATOR PROGRAM OF THE DEPARTMENT OF
    COMMERCE.

    (a) <>  In General.--There are authorized to be
    appropriated to the Secretary of Commerce for the period beginning on
    the date of the enactment of this Act and ending 18 months thereafter,
    $15,000,000 for the Manufacturing and Services unit of the International
    Trade Administration--
    (1) to establish public-private partnerships under the
    Market Development Cooperator Program of the International Trade
    Administration; and
    (2) to underwrite a portion of the start-up costs for new
    projects carried out under that Program to strengthen the
    competitiveness and market share of United States industry, not
    to exceed, for each such project, the lesser of--
    (A) \1/3\ of the total start-up costs for the
    project; or
    (B) $500,000.

    (b) Requirements.--In obligating and expending the funds authorized
    to be appropriated by subsection (a), the Secretary of Commerce shall
    give preference to activities that--

    [[Page 2598]]

    (1) assist small- and medium-sized businesses in the United
    States; and
    (2) the Secretary determines will create or sustain the
    greatest number of jobs in the United States and obtain the
    maximum return on investment.
    SEC. 4226. HOLLINGS MANUFACTURING PARTNERSHIP PROGRAM; TECHNOLOGY
    INNOVATION PROGRAM.

    (a) Hollings Manufacturing Partnership Program.--Section 25(f) of
    the National Institute of Standards and Technology Act (15 U.S.C.
    278k(f)) is amended by adding at the end the following:
    ``(7) Global marketplace projects.--In making awards under
    this subsection, the Director, in consultation with the
    Manufacturing Extension Partnership Advisory Board and the
    Secretary of Commerce, may--
    ``(A) take into consideration whether an application
    has significant potential for enhancing the
    competitiveness of small and medium-sized United States
    manufacturers in the global marketplace; and
    ``(B) give a preference to applications for such
    projects to the extent the Director deems appropriate,
    taking into account the broader purposes of this
    subsection.''.

    (b) <>  Technology
    Innovation Program.--In awarding grants, cooperative agreements, or
    contracts under section 28 of the National Institute of Standards and
    Technology Act (15 U.S.C. 278n), in addition to the award criteria set
    forth in subsection (c) of that section, the Director of the National
    Institute of Standards and Technology may take into consideration
    whether an application has significant potential for enhancing the
    competitiveness of small- and medium-sized businesses in the United
    States in the global marketplace. <>  The Director
    shall consult with the Technology Innovation Program Advisory Board and
    the Secretary of Commerce in implementing this subsection.
    SEC. 4227. SENSE OF THE SENATE CONCERNING FEDERAL COLLABORATION
    WITH STATES ON EXPORT PROMOTION ISSUES.

    It is the sense of the Senate that the Secretary of Commerce should
    enhance Federal collaboration with the States on export promotion issues
    by--
    (1) providing the necessary training to the staff at State
    international trade agencies to enable them to assist the United
    States and Foreign Commercial Service (established by section
    2301 of the Export Enhancement Act of 1988 (15 U.S.C. 4721)) in
    providing counseling and other export services to businesses in
    their communities; and
    (2) entering into agreements with State international trade
    agencies for those agencies to deliver export promotion services
    in their local communities in order to extend the outreach of
    United States and Foreign Commercial Service programs.
    SEC. 4228. <>  REPORT
    ON TARIFF AND NONTARIFF BARRIERS.

    Not later than 90 days after the date of the enactment of this Act,
    the Secretary of Commerce, in consultation with the United States Trade
    Representative and other appropriate entities, shall report to Congress
    on the tariff and nontariff barriers imposed by Colombia, the Republic
    of Korea, and Panama with respect

    [[Page 2599]]

    to exports of articles from the United States, including articles
    exported or produced by small- and medium-sized businesses in the United
    States.

    PART II--MEDICARE FRAUD

    SEC. 4241. <>  USE OF PREDICTIVE MODELING
    AND OTHER ANALYTICS TECHNOLOGIES TO
    IDENTIFY AND PREVENT WASTE, FRAUD, AND
    ABUSE IN THE MEDICARE FEE-FOR-SERVICE
    PROGRAM.

    (a) Use in the Medicare Fee-for-service Program.--The Secretary
    shall use predictive modeling and other analytics technologies (in this
    section referred to as ``predictive analytics technologies'') to
    identify improper claims for reimbursement and to prevent the payment of
    such claims under the Medicare fee-for-service program.
    (b) Predictive Analytics Technologies Requirements.--The predictive
    analytics technologies used by the Secretary shall--
    (1) capture Medicare provider and Medicare beneficiary
    activities across the Medicare fee-for-service program to
    provide a comprehensive view across all providers,
    beneficiaries, and geographies within such program in order to--
    (A) identify and analyze Medicare provider networks,
    provider billing patterns, and beneficiary utilization
    patterns; and
    (B) identify and detect any such patterns and
    networks that represent a high risk of fraudulent
    activity;
    (2) be integrated into the existing Medicare fee-for-service
    program claims flow with minimal effort and maximum efficiency;
    (3) be able to--
    (A) analyze large data sets for unusual or
    suspicious patterns or anomalies or contain other
    factors that are linked to the occurrence of waste,
    fraud, or abuse;
    (B) undertake such analysis before payment is made;
    and
    (C) prioritize such identified transactions for
    additional review before payment is made in terms of the
    likelihood of potential waste, fraud, and abuse to more
    efficiently utilize investigative resources;
    (4) capture outcome information on adjudicated claims for
    reimbursement to allow for refinement and enhancement of the
    predictive analytics technologies on the basis of such outcome
    information, including post-payment information about the
    eventual status of a claim; and
    (5) prevent the payment of claims for reimbursement that
    have been identified as potentially wasteful, fraudulent, or
    abusive until such time as the claims have been verified as
    valid.

    (c) Implementation Requirements.--
    (1) <>  Request for proposals.--Not later
    than January 1, 2011, the Secretary shall issue a request for
    proposals to carry out this section during the first year of
    implementation. To the extent the Secretary determines
    appropriate--
    (A) the initial request for proposals may include
    subsequent implementation years; and

    [[Page 2600]]

    (B) the Secretary may issue additional requests for
    proposals with respect to subsequent implementation
    years.
    (2) <>  First implementation year.--The
    initial request for proposals issued under paragraph (1) shall
    require the contractors selected to commence using predictive
    analytics technologies on July 1, 2011, in the 10 States
    identified by the Secretary as having the highest risk of waste,
    fraud, or abuse in the Medicare fee-for-service program.
    (3) <>  Second implementation year.--
    Based on the results of the report and recommendation required
    under subsection (e)(1)(B), the Secretary shall expand the use
    of predictive analytics technologies on October 1, 2012, to
    apply to an additional 10 States identified by the Secretary as
    having the highest risk of waste, fraud, or abuse in the
    Medicare fee-for-service program, after the States identified
    under paragraph (2).
    (4) Third implementation year.--Based on the results of the
    report and recommendation required under subsection (e)(2), the
    Secretary shall expand the use of predictive analytics
    technologies on January 1, 2014, to apply to the Medicare fee-
    for-service program in any State not identified under paragraph
    (2) or (3) and the commonwealths and territories.
    (5) Fourth implementation year.--Based on the results of the
    report and recommendation required under subsection (e)(3), the
    Secretary shall expand the use of predictive analytics
    technologies, beginning April 1, 2015, to apply to Medicaid and
    CHIP. To the extent the Secretary determines appropriate, such
    expansion may be made on a phased-in basis.
    (6) <>  Option for
    refinement and evaluation.--If, with respect to the first,
    second, or third implementation year, the Inspector General of
    the Department of Health and Human Services certifies as part of
    the report required under subsection (e) for that year no or
    only nominal actual savings to the Medicare fee-for-service
    program, the Secretary may impose a moratorium, not to exceed 12
    months, on the expansion of the use of predictive analytics
    technologies under this section for the succeeding year in order
    to refine the use of predictive analytics technologies to
    achieve more than nominal savings before further expansion. If a
    moratorium is imposed in accordance with this paragraph, the
    implementation dates applicable for the succeeding year or years
    shall be adjusted to reflect the length of the moratorium
    period.

    (d) Contractor Selection, Qualifications, and Data Access
    Requirements.--
    (1) Selection.--
    (A) In general.--The Secretary shall select
    contractors to carry out this section using competitive
    procedures as provided for in the Federal Acquisition
    Regulation.
    (B) Number of contractors.--The Secretary shall
    select at least 2 contractors to carry out this section
    with respect to any year.
    (2) Qualifications.--
    (A) In general.--The Secretary shall enter into a
    contract under this section with an entity only if the
    entity--
    (i) has leadership and staff who--

    [[Page 2601]]

    (I) have the appropriate clinical
    knowledge of, and experience with, the
    payment rules and regulations under the
    Medicare fee-for-service program; and
    (II) have direct management
    experience and proficiency utilizing
    predictive analytics technologies
    necessary to carry out the requirements
    under subsection (b); or
    (ii) has a contract, or will enter into a
    contract, with another entity that has leadership
    and staff meeting the criteria described in clause
    (i).
    (B) Conflict of interest.--The Secretary may only
    enter into a contract under this section with an entity
    to the extent that the entity complies with such
    conflict of interest standards as are generally
    applicable to Federal acquisition and procurement.
    (3) Data access.--The Secretary shall provide entities with
    a contract under this section with appropriate access to data
    necessary for the entity to use predictive analytics
    technologies in accordance with the contract.

    (e) <>  Reporting Requirements.--
    (1) First implementation year report.--Not later than 3
    months after the completion of the first implementation year
    under this section, the Secretary shall submit to the
    appropriate committees of Congress and make available to the
    public a report that includes the following:
    (A) A description of the implementation of the use
    of predictive analytics technologies during the year.
    (B) A certification of the Inspector General of the
    Department of Health and Human Services that--
    (i) specifies the actual and projected savings
    to the Medicare fee-for-service program as a
    result of the use of predictive analytics
    technologies, including estimates of the amounts
    of such savings with respect to both improper
    payments recovered and improper payments avoided;
    (ii) the actual and projected savings to the
    Medicare fee-for-service program as a result of
    such use of predictive analytics technologies
    relative to the return on investment for the use
    of such technologies and in comparison to other
    strategies or technologies used to prevent and
    detect fraud, waste, and abuse in the Medicare
    fee-for-service program; and
    (iii) includes recommendations regarding--
    (I) whether the Secretary should
    continue to use predictive analytics
    technologies;
    (II) whether the use of such
    technologies should be expanded in
    accordance with the requirements of
    subsection (c); and
    (III) any modifications or
    refinements that should be made to
    increase the amount of actual or
    projected savings or mitigate any
    adverse impact on Medicare beneficiaries
    or providers.
    (C) An analysis of the extent to which the use of
    predictive analytics technologies successfully prevented
    and detected waste, fraud, or abuse in the Medicare fee-
    for-service program.

    [[Page 2602]]

    (D) A review of whether the predictive analytics
    technologies affected access to, or the quality of,
    items and services furnished to Medicare beneficiaries.
    (E) A review of what effect, if any, the use of
    predictive analytics technologies had on Medicare
    providers.
    (F) Any other items determined appropriate by the
    Secretary.
    (2) Second year implementation report.--Not later than 3
    months after the completion of the second implementation year
    under this section, the Secretary shall submit to the
    appropriate committees of Congress and make available to the
    public a report that includes, with respect to such year, the
    items required under paragraph (1) as well as any other
    additional items determined appropriate by the Secretary with
    respect to the report for such year.
    (3) Third year implementation report.--Not later than 3
    months after the completion of the third implementation year
    under this section, the Secretary shall submit to the
    appropriate committees of Congress, and make available to the
    public, a report that includes with respect to such year, the
    items required under paragraph (1), as well as any other
    additional items determined appropriate by the Secretary with
    respect to the report for such year, and the following:
    (A) An analysis of the cost-effectiveness and
    feasibility of expanding the use of predictive analytics
    technologies to Medicaid and CHIP.
    (B) An analysis of the effect, if any, the
    application of predictive analytics technologies to
    claims under Medicaid and CHIP would have on States and
    the commonwealths and territories.
    (C) Recommendations regarding the extent to which
    technical assistance may be necessary to expand the
    application of predictive analytics technologies to
    claims under Medicaid and CHIP, and the type of any such
    assistance.

    (f) Independent Evaluation and Report.--
    (1) <>  Evaluation.--Upon
    completion of the first year in which predictive analytics
    technologies are used with respect to claims under Medicaid and
    CHIP, the Secretary shall, by grant, contract, or interagency
    agreement, conduct an independent evaluation of the use of
    predictive analytics technologies under the Medicare fee-for-
    service program and Medicaid and CHIP. The evaluation shall
    include an analysis with respect to each such program of the
    items required for the third year implementation report under
    subsection (e)(3).
    (2) Report.--Not later than 18 months after the evaluation
    required under paragraph (1) is initiated, the Secretary shall
    submit a report to Congress on the evaluation that shall include
    the results of the evaluation, the Secretary's response to such
    results and, to the extent the Secretary determines appropriate,
    recommendations for legislation or administrative actions.

    (g) Waiver Authority.--The Secretary may waive such provisions of
    titles XI, XVIII, XIX, and XXI of the Social Security Act, including
    applicable prompt payment requirements under titles XVIII and XIX of
    such Act, as the Secretary determines to be appropriate to carry out
    this section.
    (h) Funding.--

    [[Page 2603]]

    (1) Appropriation.--Out of any funds in the Treasury not
    otherwise appropriated, there is appropriated to the Secretary
    to carry out this section, $100,000,000 for the period beginning
    January 1, 2011, to remain available until expended.
    (2) Reservations.--
    (A) Independent evaluation.--The Secretary shall
    reserve not more than 5 percent of the funds
    appropriated under paragraph (1) for purposes of
    conducting the independent evaluation required under
    subsection (f).
    (B) Application to medicaid and chip.--The Secretary
    shall reserve such portion of the funds appropriated
    under paragraph (1) as the Secretary determines
    appropriate for purposes of providing assistance to
    States for administrative expenses in the event of the
    expansion of predictive analytics technologies to claims
    under Medicaid and CHIP.

    (i) Definitions.--In this section:
    (1) Commonwealths and territories.--The term ``commonwealth
    and territories'' includes the Commonwealth of Puerto Rico, the
    Virgin Islands, Guam, American Samoa, the Commonwealth of the
    Northern Mariana Islands, and any other territory or possession
    of the United States in which the Medicare fee-for-service
    program, Medicaid, or CHIP operates.
    (2) CHIP.--The term ``CHIP'' means the Children's Health
    Insurance Program established under title XXI of the Social
    Security Act (42 U.S.C. 1397aa et seq.).
    (3) Medicaid.--The term ``Medicaid'' means the program to
    provide grants to States for medical assistance programs
    established under title XIX of the Social Security Act (42
    U.S.C. 1396 et seq.).
    (4) Medicare beneficiary.--The term ``Medicare beneficiary''
    means an individual enrolled in the Medicare fee-for-service
    program.
    (5) Medicare fee-for-service program.--The term ``Medicare
    fee-for-service program'' means the original medicare fee-for-
    service program under parts A and B of title XVIII of the Social
    Security Act (42 U.S.C. 1395 et seq.).
    (6) Medicare provider.--The term ``Medicare provider'' means
    a provider of services (as defined in subsection (u) of section
    1861 of the Social Security Act (42 U.S.C. 1395x)) and a
    supplier (as defined in subsection (d) of such section).
    (7) Secretary.--The term ``Secretary'' means the Secretary
    of Health and Human Services, acting through the Administrator
    of the Centers for Medicare & Medicaid Services.
    (8) State.--The term ``State'' means each of the 50 States
    and the District of Columbia.

    TITLE V--BUDGETARY PROVISIONS

    SEC. 5001. DETERMINATION OF BUDGETARY EFFECTS.

    The budgetary effects of this Act, for the purpose of complying with
    the Statutory Pay-As-You-Go-Act of 2010, shall be determined by
    reference to the latest statement titled ``Budgetary Effects of PAYGO
    Legislation'' for this Act, submitted for printing in the

    [[Page 2604]]

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

    Approved September 27, 2010.

    LEGISLATIVE HISTORY--H.R. 5297:
    ---------------------------------------------------------------------------

    HOUSE REPORTS: No. 111-499 (Comm. on Financial Services).
    CONGRESSIONAL RECORD, Vol. 156 (2010):
    June 16, 17, considered and passed House.
    June 29, July 19, 21, 22, 27-29, Aug. 5, Sept. 14-16,
    considered and passed Senate, amended.
    Sept. 23, House concurred in Senate amendment.
    DAILY COMPILATION OF PRESIDENTIAL DOCUMENTS (2010):
    Sept. 27, Presidential remarks.