datamatters24/research-document-archive huggingface dataset:
‘‘(iii) does not provide benefits to any-
one except the employer (and the employ-
er’s spouse) or the partners (and their
spouses),
‘‘(iv) does not cover a business that is
a member of an affiliated service group, a
controlled group of corporations, or a
group of businesses under common control,
and
‘‘(v) does not cover a business that
leases employees.
‘‘(6) CROSS REFERENCE.—
‘‘For provisions relating to penalty for failure to
provide the notice required by this section, see sec-
tion 6652(m).’’.
(2) PENALTY FOR FAILURE TO PROVIDE NO-
TICE.—Section 6652 of such Code (relating to fail-
ure to file certain information returns, registration
statements, etc.) is amended by redesignating sub-
section (m) as subsection (n) and by inserting after
subsection (l) the following new subsection:
‘‘(m) FAILURE
TO PROVIDE INVESTMENT EDU-
CATION
NOTICES
TO
PARTICIPANTS
IN
CERTAIN
PLANS.—In the case of each failure to provide a written
explanation as required by section 414(w) with respect to
an applicable individual (as defined in such section), at
the time prescribed therefor, unless it is shown that such
HR 3762 RFS
‘‘(4) NO CONSTRUCTIVE RECEIPT.—No amount
shall be included in the gross income of any em-
ployee solely because the employee may choose be-
tween any qualified retirement planning services pro-
vided by a qualified investment advisor and com-
pensation which would otherwise be includible in the
gross income of such employee. The preceding sen-
tence shall apply to highly compensated employees
only if the choice described in such sentence is avail-
able on substantially the same terms to each mem-
ber of the group of employees normally provided
education and information regarding the employer’s
qualified employer plan.’’.
(b) CONFORMING AMENDMENTS.—
(1) Section 403(b)(3)(B) of such Code is
amended 
by 
inserting 
‘‘132(m)(4),’’ 
after
‘‘132(f)(4),’’.
(2) Section 414(s)(2) of such Code is amended
by inserting ‘‘132(m)(4),’’ after ‘‘132(f)(4),’’.
(3) Section 415(c)(3)(D)(ii) of such Code is
amended 
by 
inserting 
‘‘132(m)(4),’’ 
after
‘‘132(f)(4),’’.
(c) EFFECTIVE DATE.—The amendment made by
this section shall apply to taxable years beginning after
December 31, 2002.
HR 3762 RFS
under which the accrued benefit of any participant
depends in whole or in part on hypothetical invest-
ments directed by the participant. Such term shall
not include a one-participant retirement plan or a
plan to which section 105 of the Employee Retire-
ment Income Security Act of 1974 applies.
‘‘(C) 
ONE-PARTICIPANT
RETIREMENT
PLAN DEFINED.—The term ‘one-participant re-
tirement plan’ means a retirement plan that—
‘‘(i) on the first day of the plan
year—
‘‘(I) covered only the employer
(and the employer’s spouse) and the
employer owned the entire business
(whether or not incorporated), or
‘‘(II) covered only one or more
partners (and their spouses) in a busi-
ness partnership (including partners
in an S or C corporation),
‘‘(ii) meets the minimum coverage re-
quirements of section 410(b) without being
combined with any other plan of the busi-
ness that covers the employees of the busi-
ness,
PART C—NATIONAL CENTER FOR
EDUCATION STATISTICS
SEC. 151. ESTABLISHMENT.
(a) ESTABLISHMENT.—There is established in the
Academy a National Center for Education Statistics (in
this part referred to as the ‘‘Statistics Center’’).
(b) MISSION.—The mission of the Statistics Center
shall be—
(1) to collect and analyze education information
and statistics in a manner that meets the highest
methodological standards;
(2) to report education information and statis-
tics in a timely manner; and
(3) to collect, analyze, and report education in-
formation and statistics in a manner that—
(A) is objective, secular, neutral, and non-
ideological and is free of partisan political influ-
ence and racial, cultural, gender, or regional
bias; and
(B) is relevant and useful to practitioners,
researchers, policymakers, and the public.
SEC. 152. COMMISSIONER FOR EDUCATION STATISTICS.
The Statistics Center shall be headed by a Commis-
sioner for Education Statistics (in this part referred to as
the ‘‘Statistics Commissioner’’) who shall have substantial
pant or beneficiary to direct the investment of the as-
sets in his or her account is suspended by a plan
sponsor or fiduciary’’; and
(3) by adding at the end the following new sub-
paragraphs:
‘‘(B) If the person referred to in subparagraph (A)(ii)
authorizing a suspension meets the requirements of this title
in connection with authorizing the suspension, such person
shall not be liable under this title for any loss occurring
during the suspension as a result of any exercise by the
participant or beneficiary of control over assets in his or
her account prior to the suspension. Matters to be consid-
ered in determining whether such person has satisfied the
requirements of this title include whether such person—
‘‘(i) has considered the reasonableness of the ex-
pected period of the suspension as required under sec-
tion 101(i)(1)(A),
‘‘(ii) has provided the notice required under sec-
tion 101(i)(1)(B), and
‘‘(iii) has acted solely in the interests of plan
participants and beneficiaries in determining to enter
into the suspension.
‘‘(C) Any limitation or restriction that may govern the
frequency of transfers between investment vehicles shall not
be treated as a suspension referred to in subparagraph
HR 3763 EAS
a determination is made by the Commission under sub-
section (d) of this section—
(1) register public accounting firms that prepare
audit reports for issuers, in accordance with section
102;
(2) establish or adopt, or both, by rule, auditing,
quality control, ethics, independence, and other stand-
ards relating to the preparation of audit reports for
issuers, in accordance with section 103;
(3) conduct inspections of registered public ac-
counting firms, in accordance with section 104 and
the rules of the Board;
(4) conduct investigations and disciplinary pro-
ceedings concerning, and impose appropriate sanc-
tions where justified upon, registered public account-
ing firms and associated persons of such firms, in ac-
cordance with section 105;
(5) perform such other duties or functions as the
Board determines are necessary or appropriate to
promote high professional standards among, and im-
prove the quality of audit services offered by, reg-
istered public accounting firms and associated per-
sons thereof, or otherwise to carry out this Act, in
order to protect investors, or to further the public in-
terest;
nization, or otherwise in furtherance of the purposes of
this Act, in the following manner:
(1) The Commission shall notify the recognized
public regulatory organization and publish notice of
the proposed rulemaking in the Federal Register.
The notice shall include the text of the proposed
amendment to the rules of the recognized public reg-
ulatory organization and a statement of the Com-
mission’s reasons, including any pertinent facts, for
commencing such proposed rulemaking.
(2) The Commission shall give interested per-
sons an opportunity for the oral presentation of
data, views, and arguments, in addition to an oppor-
tunity to make written submissions. A transcript
shall be kept of any oral presentation.
(3) A rule adopted pursuant to this subsection
shall incorporate the text of the amendment to the
rules of the recognized public regulatory organiza-
tion and a statement of the Commission’s basis for
and purpose in so amending such rules. This state-
ment shall include an identification of any facts on
which the Commission considers its determination so
to amend the rules of the recognized public regu-
latory agency to be based, including the reasons for
I 
108TH CONGRESS 
2D SESSION 
H. R. 4892
To establish that marriage in the United States consists only of the union 
of a man and a woman. 
IN THE HOUSE OF REPRESENTATIVES 
JULY 22, 2004
Mr. ISTOOK (for himself, Mr. BACHUS, Mr. BAKER, Mr. BARTLETT of Mary-
land, Mr. BISHOP of Utah, Mr. BOOZMAN, Mr. BROWN of South Caro-
lina, Mr. CANTOR, Mr. CULBERSON, Mrs. JO ANN DAVIS of Virginia, Mr. 
DOOLITTLE, Mrs. EMERSON, Mr. FRANKS of Arizona, Mr. GARRETT of 
New Jersey, Mr. GOODE, Mr. HAYWORTH, Mr. HERGER, Mr. SAM JOHN-
SON of Texas, Mr. JONES of North Carolina, Mr. LINDER, Mr. LUCAS 
of Oklahoma, Mr. MCCOTTER, Mr. MILLER of Florida, Mrs. MYRICK, Mr. 
NORWOOD, Mr. PENCE, Mr. PITTS, Mr. SESSIONS, Mr. SHUSTER, Mr. 
SMITH of Michigan, Mr. TANCREDO, Mr. TIAHRT, Mr. WAMP, Mr. 
WELDON of Florida, Mr. WICKER, Mr. WILSON of South Carolina, Mr. 
BRADY of Texas, and Mr. COLLINS) introduced the following bill; which 
was referred to the Committee on the Judiciary 
A BILL 
To establish that marriage in the United States consists 
only of the union of a man and a woman.
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. MARRIAGE IN THE UNITED STATES. 
(a) IN GENERAL.—Marriage in the United States 
shall consist only of the union of a man and a woman.
(b) JURISDICTION.—
(1) U.S. 
SUPREME
COURT.—The Supreme 
Court of the United States shall have original juris-
diction to hear and determine a claim arising under 
this section. 
(2) OTHER
COURTS.—Except as provided in 
paragraph (1), no Federal or State court shall have 
jurisdiction to hear or determine a claim arising 
under this section.
Æ
(b) CONSULTATION WITH STATE REGARDING PLAN 
AND DESIGN OF TRIBAL PROGRAMS.—Section 412(b)(1) 
(42 U.S.C. 612(b)(1)) is amended—
(1) by striking ‘‘and’’ at the end of subpara-
graph (E); 
(2) by striking the period at the end of sub-
paragraph (F) and inserting ‘‘; and’’; and 
(3) by adding at the end the following: 
‘‘(G) provides an assurance that the State 
in which the tribe is located has been consulted 
regarding the plan and its design.’’. 
(c) PERFORMANCE MEASURES.—Section 413 (42 
U.S.C. 613) is amended by adding at the end the fol-
lowing: 
‘‘(k) PERFORMANCE IMPROVEMENT.—The Secretary, 
in consultation with the States, shall develop uniform per-
formance measures designed to assess the degree of effec-
tiveness, and the degree of improvement, of State pro-
grams funded under this part in accomplishing the pur-
poses of this part.’’. 
(d) 
ANNUAL
RANKING
OF
STATES.—Section 
413(d)(1) (42 U.S.C. 613(d)(1)) is amended by striking 
‘‘long-term private sector jobs’’ and inserting ‘‘private sec-
tor jobs, the success of the recipients in retaining employ-
ment, the ability of the recipients to increase their wages’’.
ganization, modify the sanction in accordance
with paragraph (2) of this subsection, or re-
mand to the recognized public regulatory orga-
nization for further proceedings; or
(B) if the Commission does not make any
such finding, it shall, by order, set aside the
sanction imposed by the recognized public regu-
latory organization and, if appropriate, remand
to the recognized public regulatory organization
for further proceedings.
(2) REDUCTION OF SANCTIONS.—If the Com-
mission, having due regard for the public interest
and the protection of investors, finds after a pro-
ceeding in accordance with paragraph (1) of this
subsection that a sanction imposed by a recognized
public regulatory organization upon an accountant
or person associated with an accountant imposes any
burden on competition not necessary or appropriate
in furtherance of the purposes of this Act or is ex-
cessive or oppressive, the Commission may cancel,
reduce, or require the remission of such sanction.
(g) REVIEW AND APPROVAL OF RULES.—
(1) SUBMISSION, 
PUBLICATION, 
AND
COM-
MENT.—Each recognized public regulatory organiza-
tion shall file with the Commission, in accordance
with such rules as the Commission may prescribe,
copies of any proposed rule or any proposed change
in, addition to, or deletion from the rules of such
recognized public regulatory organization (herein-
after in this subsection collectively referred to as a
‘‘proposed rule change’’) accompanied by a concise
general statement of the basis and purpose of such
proposed rule change. The Commission shall, upon
the filing of any proposed rule change, publish notice
thereof together with the terms of substance of the
proposed rule change or a description of the subjects
and issues involved. The Commission shall give in-
terested persons an opportunity to submit written
data, views, and arguments concerning such pro-
posed rule change. No proposed rule change shall
take effect unless approved by the Commission or
otherwise permitted in accordance with the provi-
sions of this subsection.
(2) APPROVAL OR PROCEEDINGS.—Within 35
days of the date of publication of notice of the filing
of a proposed rule change in accordance with para-
graph (1) of this subsection, or within such longer
period as the Commission may designate up to 90
days of such date if it finds such longer period to
be appropriate and publishes its reasons for so find-
of an audit of the financial statements of such issuer for
the purpose of rendering such financial statements materi-
ally misleading. In any civil proceeding, the Commission
shall have exclusive authority to enforce this section and
any rule or regulation hereunder.
SEC. 4. REAL-TIME DISCLOSURE OF FINANCIAL INFORMA-
TION.
(a) REAL-TIME ISSUER DISCLOSURES REQUIRED.—
(1) OBLIGATIONS.—Every issuer of a security
registered under section 12 of the Securities Ex-
change Act of 1934 (15 U.S.C. 78l) shall file with
the Commission and disclose to the public, on a
rapid and essentially contemporaneous basis, such
information concerning the financial condition or op-
erations of such issuer as the Commission deter-
mines by rule is necessary in the public interest and
for the protection of investors. Such rule shall—
(A) specify the events or circumstances
giving rise to the obligation to disclose or up-
date a disclosure;
(B) establish requirements regarding the
rapidity and timeliness of such disclosure;
(C) identify the means whereby the disclo-
sure required shall be made, which shall ensure
the broad, rapid, and accurate dissemination of
the information to the public via electronic or
other communications device;
(D) identify the content of the information
to be disclosed; and
(E) without limiting the Commission’s gen-
eral exemptive authority, specify any exemp-
tions or exceptions from such requirements.
(2) ENFORCEMENT.—The Commission shall
have exclusive authority to enforce this section and
any rule or regulation hereunder in civil proceedings.
(b) ELECTRONIC DISCLOSURE OF INSIDER AND AF-
FILIATE TRANSACTIONS.—
(1) DISCLOSURES OF TRADING.—The Commis-
sion shall, by rule, require that any disclosure re-
quired by the securities laws or any rule or regula-
tion thereunder of the sale of any securities by an
officer, director, or other affiliated person of the
issuer of those securities shall be made available
electronically—
(A) to the Commission by the officer, di-
rector, or affiliated person, before the end of
the next business day after the day on which
the transaction occurs;
(B) to the public by the Commission, to
the extent permitted under applicable law, upon
receipt, but in no case later than the end of the
next business day after the day on which the
disclosure is received under subparagraph (A);
and
(C) in any case in which the issuer main-
tains a corporate website, on that website, be-
fore the end of the next business day after the
day on which the disclosure is received by the
Commission under subparagraph (A).
(2) OTHER FORMATS; FORMS.—In the rule pre-
scribed under paragraph (1), the Commission shall
provide that electronic filing and disclosure shall be
in lieu of any other format required for such disclo-
sures on the day before the date of enactment of this
subsection. The Commission shall revise all forms
and schedules required to be filed with the Commis-
sion pursuant to paragraph (1) in order to facilitate
such electronic filing and disclosure.
SEC. 5. INSIDER TRADES DURING PENSION FUND BLACK-
OUT PERIODS PROHIBITED.
(a) PROHIBITION.—It shall be unlawful for any per-
son who is directly or indirectly the beneficial owner of
more than 10 percent of any class of any equity security
(other than an exempted security) which is registered
under section 12 of the Securities Exchange Act of 1934
(15 U.S.C. 78l) or who is a director or an officer of the
issuer of such security, directly or indirectly, to purchase
(or otherwise acquire) or sell (or otherwise transfer) any
equity security of any issuer (other than an exempted se-
curity), during any blackout period with respect to such
equity security.
(b) REMEDY.—Any profit realized by such beneficial
owner, director, or officer from any purchase (or other ac-
quisition) or sale (or other transfer) in violation of this
section shall inure to and be recoverable by the issuer irre-
spective of any intention on the part of such beneficial
owner, director, or officer in entering into the transaction.
Suit to recover such profit may be instituted at law or
in equity in any court of competent jurisdiction by the
issuer, or by the owner of any security of the issuer in
the name and in behalf of the issuer if the issuer shall
fail or refuse to bring such suit within 60 days after re-
quest or shall fail diligently to prosecute the same there-
after; but no such suit shall be brought more than 2 years
after the date such profit was realized. This subsection
shall not be construed to cover any transaction where such
beneficial owner was not such both at the time of the pur-
chase and sale, or the sale and purchase, of the security
or security-based swap (as defined in section 206B of the
Gramm-Leach-Bliley Act) involved, or any transaction or
transactions which the Commission by rules and regula-
tions may exempt as not comprehended within the pur-
poses of this subsection.
(c) RULEMAKING
PERMITTED.—The Commission
may issue rules to clarify the application of this sub-
section, to ensure adequate notice to all persons affected
by this subsection, and to prevent evasion thereof.
SEC. 6. IMPROVED TRANSPARENCY OF CORPORATE DIS-
CLOSURES.
(a) MODIFICATION OF REGULATIONS REQUIRED.—
The Commission shall revise its regulations under the se-
curities laws pertaining to the disclosures required in peri-
odic financial reports and registration statements to re-
quire such reports to include adequate and appropriate
disclosure of—
(1) the issuer’s off-balance sheet transactions
and relationships with unconsolidated entities or
other persons, to the extent they are not disclosed in
the financial statements and are reasonably likely to
materially affect liquidity or the availability of, or
requirements for, capital resources, or otherwise ex-
pose the issuer to material current or future possible
liability, obligations, expenses, or cash flow changes,
or affect the recognition of revenue, carrying value,
or potential impairment of assets, credit ratings,
earnings, cash flows, or stock price; and
(2) relationships and material transactions with
related or other persons or entities that may involve
transactions on terms that differ materially from
those that would likely be negotiated with third par-
ties, including a description of the elements of the
transactions that are necessary for an understanding
of their business purpose and economic substance,
their effects on the financial statements, and the
special risks or contingencies arising from the trans-
actions.
(b) DEADLINE FOR RULEMAKING.—The Commission
shall prescribe the revisions to its regulations required by
paragraph (1) within 180 days after the date of enactment
of this Act.
(c) ANALYSIS REQUIRED.—
(1) TRANSPARENCY, COMPLETENESS, AND USE-
FULNESS OF FINANCIAL STATEMENTS.—The Com-
mission shall conduct an analysis of the extent to
which, consistent with the protection of investors
and the public interest, disclosure of additional or
reorganized information may be required to improve
the transparency, completeness, or usefulness of fi-
nancial statements and other corporate disclosures
filed under the securities laws.
(2) ALTERNATIVES
TO
BE
CONSIDERED.—In
conducting the analysis required by paragraph (1),
the Commission shall consider—
(A) requiring the identification of the key
accounting principles that are most important
to the issuer’s reported financial condition or
results of operation, and that require manage-
ment’s most difficult, subjective, or complex
judgments;
(B) requiring an explanation, where mate-
rial, of how different available accounting prin-
ciples applied, the judgments made in their ap-
plication, and the likelihood of materially dif-
ferent reported results if different assumptions
of conditions were to prevail;
(C) in the case of any issuer engaged in
the business of trading non-exchange traded
contracts, requiring an explanation of such
trading activities when such activities require
the issuer to account for contracts at fair value,
but for which a lack of market price quotations
necessitates the use of fair value estimation
techniques;
(D) establishing requirements relating to
the presentation of information in plain lan-
guage; and
(E) requiring such other disclosures, in-
cluded in the financial statements or in other
disclosure by the issuer, as would in the Com-
mission’s view improve the transparency of such
issuer’s financial statements and other required
corporate disclosures.
(3) RULES REQUIRED.—If the Commission, on
the basis of the analysis required by this subsection,
determines that it is necessary in the public interest
or for the protection of investors, would improve the
transparency of issuer financial statements, and
would not be unduly burdensome on issuers, the
Commission shall prescribe rules reflecting the re-
sults of such analysis and the considerations re-
quired by paragraph (2).
SEC. 7. STUDY OF RULES RELATING TO ANALYST CON-
FLICTS OF INTEREST.
(a) STUDY AND REVIEW REQUIRED.—The Commis-
sion shall conduct a study and review of any final rules
by any self-regulatory organization registered with the
Commission related to matters involving equity research
analysts conflicts of interest. Such study and report shall
include a review of the effectiveness of such final rules
in addressing matters relating to the objectivity and integ-
rity of equity research analyst reports and recommenda-
tions.
(b) REPORT REQUIRED.—The Commission shall sub-
mit a report to the Committee on Financial Services of
the House of Representatives and the Committee on
Banking, Housing, and Urban Affairs of the Senate on
such study and review no later than 180 days after any
such final rules by any self-regulatory organization reg-
istered with the Commission are delivered to the Commis-
sion. Such report shall include recommendations to the
Congress, including any recommendations for additional
self-regulatory organization rulemaking regarding matters
involving equity research analysts. The Commission shall
annually submit an update on such review.
SEC. 8. OVERSIGHT OF FINANCIAL DISCLOSURES.
(a) MINIMUM PERIODIC REVIEW REQUIREMENTS.—
The Commission shall set minimum periodic review re-
quirements to ensure that issuers with the largest market
capitalization, most actively traded securities, or most
widely held securities will be subject to a regular and thor-
ough review by the Commission, including substantive
comments where appropriate on the issuer’s financial
statements and all other disclosures.