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# Legislative Bulletin..............................................November 15, 2006

**Contents:**

> **S. 101** --- A bill to convey to the town of Frannie, Wyoming,
> certain land withdrawn by the Commissioner of Reclamation
>
> **S. 4001** **---** New England Wilderness Act of 2006

H.R. 5585 --- Financial Netting Improvements Act of 2006

> **H.R.** **6324** --- To provide a new effective date for the
> applicability of certain provisions of law to Public Law 105-331
>
> **H.Res. 1078** --- Congratulating the St. Louis Cardinals on winning
> the 2006 World Series
>
> **H.J.Res. 100** --- Making further continuing appropriations for the
> fiscal year 2007, and for other purposes

S. 101 --- A bill to convey to the town of Frannie, Wyoming, certain
land withdrawn by the Commissioner of Reclamation

--- *as received* (Sen. Enzi, R-WY)

**[Order of Business]{.underline}**: The bill is scheduled for
consideration on Wednesday, November 15, 2006, under a motion to suspend
the rules and pass the bill.

**[Summary]{.underline}**: S. 101 directs the Secretary of the Interior
to convey 37,500 square feet to the town of Frannie, Wyoming. The
federal government is to retain any oil and gas rights to the land.

**[Additional Information]{.underline}**: According to Committee Report
109-046, "The parcel to be conveyed by this Act was originally withdrawn
from the public domain in 1920 by the Commissioner of Reclamation for
the Frannie Townsite Reservation. The Bureau of Reclamation continues to
manage the parcel, though in recent years, the Town of Frannie has used
it for the Wyoming Centennial Garden under a special use permit issued
by the Bureau. The Bureau of Reclamation has determined that it has no
further need for the parcel and no vested interest in any appurtenances
on the parcel. The Bureau of Land Management has determined that the
parcel is no longer suitable for return to the public domain or
management under the public land and mining laws. In view of the fact
that the Federal Government has no further need for the parcel and the
Town is currently using the parcel for public purposes, the Department
found that the conveyance of the parcel to the Town will be in the
public interest."

**[Committee Action]{.underline}**: S. 101 was received from the Senate
on July 27, 2005, and referred to the Committee on Resources'
Subcommittee on Water and Power. The subcommittee held hearings on
December 7, 2005, but took no further official action.

**[Cost to Taxpayers]{.underline}**: CBO estimates that implementing S.
101 would have no significant impact on the federal budget. Enacting S.
101 would not affect revenues, nor would it affect offsetting receipts.

**[Does the Bill Expand the Size and Scope of the Federal
Government?]{.underline}**: No.

**[Does the Bill Contain Any New State-Government, Local-Government, or
Private-Sector Mandates?]{.underline}**: No.

**[Constitutional Authority]{.underline}**: The Senate Committee Report
does not include a statement of constitutional authority (and is not
required to do so by Senate rules).

**[RSC Staff Contact]{.underline}**: Marcus Kelley;
<marcus.kelley@mail.house.gov>; (202) 226-9717

S. 4001 --- New England Wilderness Act of 2006

--- *as received* (Sen. Sununu, R-NH)

**[Order of Business]{.underline}**: The bill is scheduled for
consideration on Wednesday, November 15, 2006, under a motion to suspend
the rules and pass the bill.

*Note*: Under House Republican Conference Rules, legislation failing to
include a cost estimate may not be considered by the House on the
Suspension Calendar. This rule may be waived by a vote of the elected
Leadership. S. 4001, which fails to include a cost estimate, received
such a waiver from the elected Leadership.

**[Summary]{.underline}**: S. 4001 designates 34,500 acres of federal
land in two New Hampshire locations as components of the National
Wilderness Preservation System. The bill does not affect the
responsibility of New Hampshire with respect to wildlife and fish in the
state.

Additionally, S. 4001 designates 41,652 acres of federal land in six
Vermont locations as components of the National Wilderness Preservation
System. The bill does not affect the responsibility of Vermont with
respect to wildlife and fish in the state. The Forest Service is
directed to allow the continuance of the Appalachian National Scenic
Trail, the Long Trail, and the Catamount Trail in the Vermont lands.

S. 4001 also designates 15,857 acres of federal land in Vermont as the
Moosalamoo National Recreation Area. The acreage is to be managed as a
National Forest System unit. The bill does not affect the responsibility
of Vermont with respect to wildlife and fish in the Moosalamoo National
Recreation Area.

**[Additional Information]{.underline}**: To learn more about the
National Wilderness Preservation system, please view this site:
[www.wilderness.net](http://www.wilderness.net/).

**[Committee Action]{.underline}**: S. 4001 was received from the Senate
on September 29, 2006, and was referred to the Committees on Resources
and Agriculture, which took no official action.

**[Cost to Taxpayers]{.underline}**: A CBO score of S. 4001 is
unavailable.

**[Does the Bill Expand the Size and Scope of the Federal
Government?]{.underline}**: No.

**[Does the Bill Contain Any New State-Government, Local-Government, or
Private-Sector Mandates?]{.underline}**: No.

**[Constitutional Authority]{.underline}**: A committee report citing
constitutional authority is unavailable.

**[RSC Staff Contact]{.underline}**: Marcus Kelley;
<marcus.kelley@mail.house.gov>; (202) 226-9717

H.R. 5585 --- Financial Netting Improvements Act of 2006

--- *as received* (McHenry, R-NC)

**[Order of Business]{.underline}**: The bill is scheduled for
consideration on Wednesday, November 15, 2006, under a motion to suspend
the rules and pass the bill.

**[Summary]{.underline}**: H.R. 5585 would amend current (banking,
securities, and bankruptcy) laws regarding the disposition of financial
contracts in the event of bankruptcy or insolvency, to provide that
contracts and various components of contracts are settled consistently
on a net-value basis (i.e. settling mutual obligations at their *net*
value as opposed to each obligation's *gross* dollar value). This method
of settling, known as "netting," is seen as reducing the risk that the
failure of one entity will disrupt financial markets.

Several of the provisions of the bill are clarifying or technical
changes to Title IX of the Bankruptcy Abuse Prevention and Consumer
Protection Act of 2005 (Public Law 109-8).

The Senate deleted a provision increasing the Chapter 7 filing fee. The
filing fee was increased (in the original House version) to raise the
compensation paid from part of the filing fee to private trustees
appointed to manage a debtor's estate.

**[Additional Information]{.underline}**: H.R. 5585 passed the House on
September 27, 2006, by voice vote.

**[Committee Action]{.underline}**: H.R. 5585 was received from the
Senate on September 30, 2006.

**[Cost to Taxpayers]{.underline}**: CBO estimates that H.R. 5585 may
"insignificantly raise direct spending."

**[Does the Bill Expand the Size and Scope of the Federal
Government?]{.underline}**: No.

**[Does the Bill Contain Any New State-Government, Local-Government, or
Private-Sector Mandates?]{.underline}**: No.

**[Constitutional Authority]{.underline}**: Committee Report 109-648
cites constitutional authority for this legislation in Article 1,
Section 8, and Clause 1 (the power to lay and collect taxes, duties,
imposts, and excises, and to pay the debts for the general welfare),
Article 1, Section 8, and Clause 3 (the power to regulate interstate
commerce), and Article 1, Section 8, and Clause 4 (the power to regulate
bankruptcy).

**[RSC Staff Contact]{.underline}**: Marcus Kelley;
<marcus.kelley@mail.house.gov>; (202) 226-9717

H.R. 6324 --- To provide a new effective date for the applicability of
certain provisions of law to Public Law 105-331--- *as introduced
(Pallone, D-NJ)*

**[Order of Business]{.underline}**: The bill is scheduled to be
considered on Wednesday, November 15, 2006, under a motion to suspend
the rules and pass the bill.

**[Summary]{.underline}**: H.R. 6324 would extend to June 30, 2007 (from
December 31, 2006), the deadline for the Edison Memorial Tower
Corporation (located in Edison, NJ) to raise matching funds required
under current law in order to receive federal funds, which were provided
to the Corporation in the original statue.

**[Additional Background]{.underline}**: The Thomas Alva Edison
Commemorative Coin Act (P.L. 105-331), which was signed into law on
October 31, 1998, directed the U.S. Treasury to mint one-dollar silver
coins to commemorate Thomas Edison's invention of the light bulb. The
bill provided that eight entities would receive funds from the sale of
the commemorative coins. However, according to the Financial Services
Committee, "The Mint informed the Corporation that they would need to
raise \$379,000 in 'private funding' in order to receive matching
federal funds under the Commemorative Coin Act." The Committee explains
that the Corporation assumed that state funds could be used as matching
funds. However, that is not the case, and the Corporation has requested
an extension in order to raise the private dollars needed to receive the
federal funding.

According to the Financial Services Committee, "The Edison Memorial
Tower is a 131-foot tower built in 1937 as a memorial to Thomas Edison.
It was built on the exact spot where the original Menlo Park laboratory
was located and is connected to a museum displaying many of the
inventor\'s creations. The tower has suffered water damage and is in
need of an estimated \$3-4 million worth of repairs. The Edison Memorial
Tower Corporation is a group of local residents who oversee and manage
the tower. The State of New Jersey has already authorized \$1.8 million
towards the repair of the tower."

**[Committee Action]{.underline}**: H.R. 6324 was introduced on November
14, 2006, and was referred to the House Committee on Financial Services,
which took no official action.

**[Cost to Taxpayers]{.underline}**: A cost estimate for this
legislation is unavailable. However, according to an unofficial
estimate, CBO has stated that the federal cost is "inconsequential."

**[Constitutional Authority]{.underline}**: A committee report citing
constitutional authority is unavailable.

**[RSC Staff Contact]{.underline}**: Joelle Cannon,
joelle.cannon@mail.house.gov, (202) 226-0718

H.Res. 1078 --- Congratulating Cardinals on World Series --- *as
introduced (Clay, D-MO)*

**[Order of Business]{.underline}**: The resolution is scheduled to be
considered on Wednesday, November 15, 2006, under a motion to suspend
the rules and pass the resolution.

**[Summary]{.underline}**: H.Res. 1078 resolves that the House of
Representatives:

-   "congratulates the St. Louis Cardinals on winning the 2006 World
    Series; and

-   "commends the players, coaches, management, and all other personnel
    of the St. Louis Cardinals, as well as the fans, on this great
    victory."

The bill includes the following findings:

-   "the St. Louis Cardinals won the 102^nd^ World Series on October 27,
    2006;

-   "this is the 10th World Series title won by the St. Louis Cardinals;

-   "Manager Tony La Russa is one of only 2 managers in the history of
    baseball to win the World Series in both the National League and the
    American League; and

-   "the San Diego Padres, the New York Mets, and the Detroit Tigers
    proved worthy and honorable opponents during the post-season."

[]{.mark}

**[Committee Action]{.underline}**: H.Res. 1078 was introduced on
November 13, 2006, and referred to the House Committee on Government
Reform, which took no official action.

**[Cost to Taxpayers]{.underline}**: The resolution authorizes no
expenditure.

**[RSC Staff Contact]{.underline}**: Joelle Cannon,
joelle.cannon@mail.house.gov, (202) 226-0718

**H.J.Res. 100 --- Making continuing appropriations for the fiscal year
2007**

**--- *as introduced* (Lewis, R-CA)**

**[Order of Business]{.underline}**: The resolution is scheduled to be
considered on Wednesday, November 15, 2006, under a motion to suspend
the rules and pass the resolution.

**[Summary]{.underline}**: H.J.Res. 100 would authorize continued
funding with respect to the remaining appropriations bills, through
December 8, 2006. This continued funding would be made pursuant to
Public Law 109-289, the first continuing resolution that (as amended by
the second continuing resolution) is set to expire on November 17, 2006.
P.L. 109-289 authorized funding for all existing accounts at the lower
of three levels: current law (FY06), House-passed (FY07), or
Senate-passed (FY07).

**[Additional Background]{.underline}**: To date, two FY07
appropriations bills have been signed into law (Defense and Homeland
Security). The House has not yet considered its version of the FY07
Labor-HHS appropriations bill, and the remaining bills, all of which
have passed the House, are awaiting Senate action. Without this
continuing resolution, the portions of the federal government that are
funded by the remaining conference reports not yet signed into law could
not operate past November 17, 2006.

**[Committee Action]{.underline}**: H.J.Res. 100 was introduced on
November 14, 2006, and referred to the House Committee on
Appropriations, which took no official action.

**[Cost to Taxpayers]{.underline}**: A CBO cost estimate is not
available. However, the resolution is expected to save money over the
course of a full year.

**[Does the Bill Expand the Size and Scope of the Federal
Government?]{.underline}**: No.

**[Does the Bill Contain Any New State-Government, Local Government, or
Private-Sector Mandates?]{.underline}**: No.

**[RSC Staff Contact]{.underline}**: Joelle Cannon,
joelle.cannon@mail.house.gov, (202) 226-0718