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SEC. 710. During the period in which the head of 
any department or agency, or any other officer or civilian 
employee of the Federal Government appointed by the 
President of the United States, holds office, no funds may 
be obligated or expended in excess of $5,000 to furnish 
or redecorate the office of such department head, agency 
head, officer, or employee, or to purchase furniture or 
make improvements for any such office, unless advance 
notice of such furnishing or redecoration is transmitted 
to the Committees on Appropriations of the House of Rep-
resentatives and the Senate. For the purposes of this sec-
tion, the term ‘‘office’’ shall include the entire suite of of-
fices assigned to the individual, as well as any other space 
used primarily by the individual or the use of which is 
directly controlled by the individual. 
SEC. 711. Notwithstanding 31 U.S.C. 1346, or sec-
tion 708 of this Act, funds made available for the current 
fiscal year by this or any other Act shall be available for 
the interagency funding of national security and emer-
gency preparedness telecommunications initiatives which 
benefit multiple Federal departments, agencies, or enti-
ties, as provided by Executive Order No. 13618 (July 6, 
2012). 
SEC. 712. (a) None of the funds made available by 
this or any other Act may be obligated or expended by 
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any department, agency, or other instrumentality of the 
Federal Government to pay the salaries or expenses of any 
individual appointed to a position of a confidential or pol-
icy-determining character that is excepted from the com-
petitive service under section 3302 of title 5, United 
States Code, (pursuant to schedule C of subpart C of part 
213 of title 5 of the Code of Federal Regulations) unless 
the head of the applicable department, agency, or other 
instrumentality employing such schedule C individual cer-
tifies to the Director of the Office of Personnel Manage-
ment that the schedule C position occupied by the indi-
vidual was not created solely or primarily in order to detail 
the individual to the White House. 
(b) The provisions of this section shall not apply to 
Federal employees or members of the armed forces de-
tailed to or from an element of the intelligence community 
(as that term is defined under section 3(4) of the National 
Security Act of 1947 (50 U.S.C. 3003(4))). 
SEC. 713. No part of any appropriation contained in 
this or any other Act shall be available for the payment 
of the salary of any officer or employee of the Federal 
Government, who— 
(1) prohibits or prevents, or attempts or threat-
ens to prohibit or prevent, any other officer or em-
ployee of the Federal Government from having any 
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direct oral or written communication or contact with 
any Member, committee, or subcommittee of the 
Congress in connection with any matter pertaining 
to the employment of such other officer or employee 
or pertaining to the department or agency of such 
other officer or employee in any way, irrespective of 
whether such communication or contact is at the ini-
tiative of such other officer or employee or in re-
sponse to the request or inquiry of such Member, 
committee, or subcommittee; or 
(2) removes, suspends from duty without pay, 
demotes, reduces in rank, seniority, status, pay, or 
performance or efficiency rating, denies promotion 
to, relocates, reassigns, transfers, disciplines, or dis-
criminates in regard to any employment right, enti-
tlement, or benefit, or any term or condition of em-
ployment of, any other officer or employee of the 
Federal Government, or attempts or threatens to 
commit any of the foregoing actions with respect to 
such other officer or employee, by reason of any 
communication or contact of such other officer or 
employee with any Member, committee, or sub-
committee of the Congress as described in paragraph 
(1). 
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SEC. 714. (a) None of the funds made available in 
this or any other Act may be obligated or expended for 
any employee training that— 
(1) does not meet identified needs for knowl-
edge, skills, and abilities bearing directly upon the 
performance of official duties; 
(2) contains elements likely to induce high lev-
els of emotional response or psychological stress in 
some participants; 
(3) does not require prior employee notification 
of the content and methods to be used in the train-
ing and written end of course evaluation; 
(4) contains any methods or content associated 
with religious or quasi-religious belief systems or 
‘‘new age’’ belief systems as defined in Equal Em-
ployment 
Opportunity 
Commission 
Notice 
N– 
915.022, dated September 2, 1988; or 
(5) is offensive to, or designed to change, par-
ticipants’ personal values or lifestyle outside the 
workplace. 
(b) Nothing in this section shall prohibit, restrict, or 
otherwise preclude an agency from conducting training 
bearing directly upon the performance of official duties. 
SEC. 715. No part of any funds appropriated in this 
or any other Act shall be used by an agency of the execu-
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tive branch, other than for normal and recognized execu-
tive-legislative relationships, for publicity or propaganda 
purposes, and for the preparation, distribution or use of 
any kit, pamphlet, booklet, publication, radio, television, 
or film presentation designed to support or defeat legisla-
tion pending before the Congress, except in presentation 
to the Congress itself. 
SEC. 716. None of the funds appropriated by this or 
any other Act may be used by an agency to provide a Fed-
eral employee’s home address to any labor organization 
except when the employee has authorized such disclosure 
or when such disclosure has been ordered by a court of 
competent jurisdiction. 
SEC. 717. None of the funds made available in this 
or any other Act may be used to provide any non-public 
information such as mailing, telephone or electronic mail-
ing lists to any person or any organization outside of the 
Federal Government without the approval of the Commit-
tees on Appropriations of the House of Representatives 
and the Senate. 
SEC. 718. No part of any appropriation contained in 
this or any other Act shall be used directly or indirectly, 
including by private contractor, for publicity or propa-
ganda purposes within the United States not heretofore 
authorized by Congress. 
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SEC. 719. (a) In this section, the term ‘‘agency’’— 
(1) means an Executive agency, as defined 
under 5 U.S.C. 105; and 
(2) includes a military department, as defined 
under section 102 of such title, the United States 
Postal Service, and the Postal Regulatory Commis-
sion. 
(b) Unless authorized in accordance with law or regu-
lations to use such time for other purposes, an employee 
of an agency shall use official time in an honest effort 
to perform official duties. An employee not under a leave 
system, including a Presidential appointee exempted under 
5 U.S.C. 6301(2), has an obligation to expend an honest 
effort and a reasonable proportion of such employee’s time 
in the performance of official duties. 
SEC. 720. Notwithstanding 31 U.S.C. 1346 and sec-
tion 708 of this Act, funds made available for the current 
fiscal year by this or any other Act to any department 
or agency, which is a member of the Federal Accounting 
Standards Advisory Board (FASAB), shall be available to 
finance an appropriate share of FASAB administrative 
costs. 
SEC. 721. Notwithstanding 31 U.S.C. 1346 and sec-
tion 708 of this Act, the head of each Executive depart-
ment and agency is hereby authorized to transfer to or 
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reimburse ‘‘General Services Administration, Government- 
wide Policy’’ with the approval of the Director of the Of-
fice of Management and Budget, funds made available for 
the current fiscal year by this or any other Act, including 
rebates from charge card and other contracts: Provided, 
That these funds shall be administered by the Adminis-
trator of General Services to support Government-wide 
and other multi-agency financial, information technology, 
procurement, and other management innovations, initia-
tives, and activities, including improving coordination and 
reducing duplication, as approved by the Director of the 
Office of Management and Budget, in consultation with 
the appropriate interagency and multi-agency groups des-
ignated by the Director (including the President’s Man-
agement Council for overall management improvement ini-
tiatives, the Chief Financial Officers Council for financial 
management initiatives, the Chief Information Officers 
Council for information technology initiatives, the Chief 
Human Capital Officers Council for human capital initia-
tives, the Chief Acquisition Officers Council for procure-
ment initiatives, and the Performance Improvement Coun-
cil for performance improvement initiatives): Provided fur-
ther, That the total funds transferred or reimbursed shall 
not exceed $15,000,000 to improve coordination, reduce 
duplication, and for other activities related to Federal 
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Government Priority Goals established by 31 U.S.C. 1120, 
and not to exceed $17,000,000 for Government-Wide inno-
vations, initiatives, and activities: Provided further, That 
the funds transferred to or for reimbursement of ‘‘General 
Services Administration, Government-wide Policy’’ during 
fiscal year 2019 shall remain available for obligation 
through September 30, 2020: Provided further, That such 
transfers or reimbursements may only be made after 15 
days following notification of the Committees on Appro-
priations of the House of Representatives and the Senate 
by the Director of the Office of Management and Budget. 
SEC. 722. Notwithstanding any other provision of 
law, a woman may breastfeed her child at any location 
in a Federal building or on Federal property, if the woman 
and her child are otherwise authorized to be present at 
the location. 
SEC. 723. Notwithstanding 31 U.S.C. 1346, or sec-
tion 708 of this Act, funds made available for the current 
fiscal year by this or any other Act shall be available for 
the interagency funding of specific projects, workshops, 
studies, and similar efforts to carry out the purposes of 
the National Science and Technology Council (authorized 
by Executive Order No. 12881), which benefit multiple 
Federal departments, agencies, or entities: Provided, That 
the Office of Management and Budget shall provide a re-
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port describing the budget of and resources connected with 
the National Science and Technology Council to the Com-
mittees on Appropriations, the House Committee on 
Science and Technology, and the Senate Committee on 
Commerce, Science, and Transportation 90 days after en-
actment of this Act. 
SEC. 724. Any request for proposals, solicitation, 
grant application, form, notification, press release, or 
other publications involving the distribution of Federal 
funds shall comply with any relevant requirements in part 
200 of title 2, Code of Federal Regulations: Provided, 
That this section shall apply to direct payments, formula 
funds, and grants received by a State receiving Federal 
funds. 
SEC. 725. (a) PROHIBITION OF FEDERAL AGENCY 
MONITORING OF INDIVIDUALS’ INTERNET USE.—None of 
the funds made available in this or any other Act may 
be used by any Federal agency— 
(1) to collect, review, or create any aggregation 
of data, derived from any means, that includes any 
personally identifiable information relating to an in-
dividual’s access to or use of any Federal Govern-
ment Internet site of the agency; or 
(2) to enter into any agreement with a third 
party (including another government agency) to col-
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lect, review, or obtain any aggregation of data, de-
rived from any means, that includes any personally 
identifiable information relating to an individual’s 
access to or use of any nongovernmental Internet 
site. 
(b) EXCEPTIONS.—The limitations established in 
subsection (a) shall not apply to— 
(1) any record of aggregate data that does not 
identify particular persons; 
(2) any voluntary submission of personally iden-
tifiable information; 
(3) any action taken for law enforcement, regu-
latory, or supervisory purposes, in accordance with 
applicable law; or 
(4) any action described in subsection (a)(1) 
that is a system security action taken by the oper-
ator of an Internet site and is necessarily incident 
to providing the Internet site services or to pro-
tecting the rights or property of the provider of the 
Internet site. 
(c) DEFINITIONS.—For the purposes of this section: 
(1) The term ‘‘regulatory’’ means agency ac-
tions to implement, interpret or enforce authorities 
provided in law. 
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(2) The term ‘‘supervisory’’ means examina-
tions of the agency’s supervised institutions, includ-
ing assessing safety and soundness, overall financial 
condition, management practices and policies and 
compliance with applicable standards as provided in 
law. 
SEC. 726. (a) None of the funds appropriated by this 
Act may be used to enter into or renew a contract which 
includes a provision providing prescription drug coverage, 
except where the contract also includes a provision for con-
traceptive coverage. 
(b) Nothing in this section shall apply to a contract 
with— 
(1) any of the following religious plans: 
(A) Personal Care’s HMO; and 
(B) OSF HealthPlans, Inc.; and 
(2) any existing or future plan, if the carrier 
for the plan objects to such coverage on the basis of 
religious beliefs. 
(c) In implementing this section, any plan that enters 
into or renews a contract under this section may not sub-
ject any individual to discrimination on the basis that the 
individual refuses to prescribe or otherwise provide for 
contraceptives because such activities would be contrary 
to the individual’s religious beliefs or moral convictions. 
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(d) Nothing in this section shall be construed to re-
quire coverage of abortion or abortion-related services. 
SEC. 727. The United States is committed to ensur-
ing the health of its Olympic, Pan American, and 
Paralympic athletes, and supports the strict adherence to 
anti-doping in sport through testing, adjudication, edu-
cation, and research as performed by nationally recognized 
oversight authorities. 
SEC. 728. Notwithstanding any other provision of 
law, funds appropriated for official travel to Federal de-
partments and agencies may be used by such departments 
and agencies, if consistent with Office of Management and 
Budget Circular A–126 regarding official travel for Gov-
ernment personnel, to participate in the fractional aircraft 
ownership pilot program. 
SEC. 729. Notwithstanding any other provision of 
law, no executive branch agency shall purchase, construct, 
or lease any additional facilities, except within or contig-
uous to existing locations, to be used for the purpose of 
conducting Federal law enforcement training without the 
advance approval of the Committees on Appropriations of 
the House of Representatives and the Senate, except that 
the Federal Law Enforcement Training Center is author-
ized to obtain the temporary use of additional facilities 
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by lease, contract, or other agreement for training which 
cannot be accommodated in existing Center facilities. 
SEC. 730. Unless otherwise authorized by existing 
law, none of the funds provided in this or any other Act 
may be used by an executive branch agency to produce 
any prepackaged news story intended for broadcast or dis-
tribution in the United States, unless the story includes 
a clear notification within the text or audio of the pre-
packaged news story that the prepackaged news story was 
prepared or funded by that executive branch agency. 
SEC. 731. None of the funds made available in this 
Act may be used in contravention of section 552a of title 
5, United States Code (popularly known as the Privacy 
Act), and regulations implementing that section. 
SEC. 732. (a) IN GENERAL.—None of the funds ap-
propriated or otherwise made available by this or any 
other Act may be used for any Federal Government con-
tract with any foreign incorporated entity which is treated 
as an inverted domestic corporation under section 835(b) 
of the Homeland Security Act of 2002 (6 U.S.C. 395(b)) 
or any subsidiary of such an entity. 
(b) WAIVERS.— 
(1) IN GENERAL.—Any Secretary shall waive 
subsection (a) with respect to any Federal Govern-
ment contract under the authority of such Secretary 
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if the Secretary determines that the waiver is re-
quired in the interest of national security. 
(2) REPORT
TO
CONGRESS.—Any Secretary 
issuing a waiver under paragraph (1) shall report 
such issuance to Congress. 
(c) EXCEPTION.—This section shall not apply to any 
Federal Government contract entered into before the date 
of the enactment of this Act, or to any task order issued 
pursuant to such contract. 
SEC. 733. During fiscal year 2019, for each employee 
who— 
(1) 
retires 
under 
section 
8336(d)(2) 
or 
8414(b)(1)(B) of title 5, United States Code; or 
(2) retires under any other provision of sub-
chapter III of chapter 83 or chapter 84 of such title 
5 and receives a payment as an incentive to sepa-
rate, the separating agency shall remit to the Civil 
Service Retirement and Disability Fund an amount 
equal to the Office of Personnel Management’s aver-
age unit cost of processing a retirement claim for 
the preceding fiscal year. Such amounts shall be 
available until expended to the Office of Personnel 
Management and shall be deemed to be an adminis-
trative expense under section 8348(a)(1)(B) of title 
5, United States Code. 
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SEC. 734. (a) None of the funds made available in 
this or any other Act may be used to recommend or re-
quire any entity submitting an offer for a Federal contract 
to disclose any of the following information as a condition 
of submitting the offer: 
(1) Any payment consisting of a contribution, 
expenditure, independent expenditure, or disburse-
ment for an electioneering communication that is 
made by the entity, its officers or directors, or any 
of its affiliates or subsidiaries to a candidate for 
election for Federal office or to a political com-
mittee, or that is otherwise made with respect to any 
election for Federal office. 
(2) Any disbursement of funds (other than a 
payment described in paragraph (1)) made by the 
entity, its officers or directors, or any of its affiliates 
or subsidiaries to any person with the intent or the 
reasonable expectation that the person will use the 
funds to make a payment described in paragraph 
(1). 
(b) In this section, each of the terms ‘‘contribution’’, 
‘‘expenditure’’, ‘‘independent expenditure’’, ‘‘election-
eering communication’’, ‘‘candidate’’, ‘‘election’’, and 
‘‘Federal office’’ has the meaning given such term in the 
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Federal Election Campaign Act of 1971 (52 U.S.C. 30101 
et seq.). 
SEC. 735. None of the funds made available in this 
or any other Act may be used to pay for the painting of 
a portrait of an officer or employee of the Federal govern-
ment, including the President, the Vice President, a mem-
ber of Congress (including a Delegate or a Resident Com-
missioner to Congress), the head of an executive branch 
agency (as defined in section 133 of title 41, United States 
Code), or the head of an office of the legislative branch. 
SEC. 736. (a)(1) Notwithstanding any other provision 
of law, and except as otherwise provided in this section, 
no part of any of the funds appropriated for fiscal year 
2019, by this or any other Act, may be used to pay any 
prevailing 
rate 
employee 
described 
in 
section 
5342(a)(2)(A) of title 5, United States Code— 
(A) during the period from the date of expira-
tion of the limitation imposed by the comparable sec-
tion for the previous fiscal years until the normal ef-
fective date of the applicable wage survey adjust-
ment that is to take effect in fiscal year 2019, in an 
amount that exceeds the rate payable for the appli-
cable grade and step of the applicable wage schedule 
in accordance with such section; and 
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(B) during the period consisting of the remain-
der of fiscal year 2019, in an amount that exceeds, 
as a result of a wage survey adjustment, the rate 
payable under subparagraph (A) by more than the 
sum of— 
(i) the percentage adjustment taking effect 
in fiscal year 2019 under section 5303 of title 
5, United States Code, in the rates of pay 
under the General Schedule; and 
(ii) the difference between the overall aver-
age percentage of the locality-based com-
parability payments taking effect in fiscal year 
2019 under section 5304 of such title (whether 
by adjustment or otherwise), and the overall av-
erage percentage of such payments which was 
effective in the previous fiscal year under such 
section. 
(2) Notwithstanding any other provision of law, no 
prevailing rate employee described in subparagraph (B) or 
(C) of section 5342(a)(2) of title 5, United States Code, 
and no employee covered by section 5348 of such title, 
may be paid during the periods for which paragraph (1) 
is in effect at a rate that exceeds the rates that would 
be payable under paragraph (1) were paragraph (1) appli-
cable to such employee. 
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(3) For the purposes of this subsection, the rates pay-
able to an employee who is covered by this subsection and 
who is paid from a schedule not in existence on September 
30, 2018, shall be determined under regulations pre-
scribed by the Office of Personnel Management. 
(4) Notwithstanding any other provision of law, rates 
of premium pay for employees subject to this subsection 
may not be changed from the rates in effect on September 
30, 2018, except to the extent determined by the Office 
of Personnel Management to be consistent with the pur-
pose of this subsection. 
(5) This subsection shall apply with respect to pay 
for service performed after September 30, 2017. 
(6) For the purpose of administering any provision 
of law (including any rule or regulation that provides pre-
mium pay, retirement, life insurance, or any other em-
ployee benefit) that requires any deduction or contribu-
tion, or that imposes any requirement or limitation on the 
basis of a rate of salary or basic pay, the rate of salary 
or basic pay payable after the application of this sub-
section shall be treated as the rate of salary or basic pay. 
(7) Nothing in this subsection shall be considered to 
permit or require the payment to any employee covered 
by this subsection at a rate in excess of the rate that would 
be payable were this subsection not in effect. 
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(8) The Office of Personnel Management may provide 
for exceptions to the limitations imposed by this sub-
section if the Office determines that such exceptions are 
necessary to ensure the recruitment or retention of quali-
fied employees. 
(b) Notwithstanding subsection (a), the adjustment 
in rates of basic pay for the statutory pay systems that 
take place in fiscal year 2019 under sections 5344 and 
5348 of title 5, United States Code, shall be— 
(1) not less than the percentage received by em-
ployees in the same location whose rates of basic pay 
are adjusted pursuant to the statutory pay systems 
under sections 5303 and 5304 of title 5, United 
States Code: Provided, That prevailing rate employ-
ees at locations where there are no employees whose 
pay is increased pursuant to sections 5303 and 5304 
of title 5, United States Code, and prevailing rate 
employees described in section 5343(a)(5) of title 5, 
United States Code, shall be considered to be located 
in the pay locality designated as ‘‘Rest of United 
States’’ pursuant to section 5304 of title 5, United 
States Code, for purposes of this subsection; and 
(2) effective as of the first day of the first ap-
plicable pay period beginning after September 30, 
2018. 
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SEC. 737. (a) The head of any Executive branch de-
partment, agency, board, commission, or office funded by 
this or any other appropriations Act shall submit annual 
reports to the Inspector General or senior ethics official 
for any entity without an Inspector General, regarding the 
costs and contracting procedures related to each con-
ference held by any such department, agency, board, com-
mission, or office during fiscal year 2019 for which the 
cost to the United States Government was more than 
$100,000. 
(b) Each report submitted shall include, for each con-
ference described in subsection (a) held during the applica-
ble period— 
(1) a description of its purpose; 
(2) the number of participants attending; 
(3) a detailed statement of the costs to the 
United States Government, including— 
(A) the cost of any food or beverages; 
(B) the cost of any audio-visual services; 
(C) the cost of employee or contractor 
travel to and from the conference; and 
(D) a discussion of the methodology used 
to determine which costs relate to the con-
ference; and 
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(4) a description of the contracting procedures 
used including— 
(A) whether contracts were awarded on a 
competitive basis; and 
(B) a discussion of any cost comparison 
conducted by the departmental component or 
office in evaluating potential contractors for the 
conference. 
(c) Within 15 days after the end of a quarter, the 
head of any such department, agency, board, commission, 
or office shall notify the Inspector General or senior ethics 
official for any entity without an Inspector General, of the 
date, location, and number of employees attending a con-
ference held by any Executive branch department, agency, 
board, commission, or office funded by this or any other 
appropriations Act during fiscal year 2019 for which the 
cost to the United States Government was more than 
$20,000. 
(d) A grant or contract funded by amounts appro-
priated by this or any other appropriations Act may not 
be used for the purpose of defraying the costs of a con-
ference described in subsection (c) that is not directly and 
programmatically related to the purpose for which the 
grant or contract was awarded, such as a conference held 
in connection with planning, training, assessment, review, 
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or other routine purposes related to a project funded by 
the grant or contract. 
(e) None of the funds made available in this or any 
other appropriations Act may be used for travel and con-
ference activities that are not in compliance with Office 
of Management and Budget Memorandum M–12–12 
dated May 11, 2012 or any subsequent revisions to that 
memorandum. 
SEC. 738. None of the funds made available in this 
or any other appropriations Act may be used to increase, 
eliminate, or reduce funding for a program, project, or ac-
tivity as proposed in the President’s budget request for 
a fiscal year until such proposed change is subsequently 
enacted in an appropriation Act, or unless such change 
is made pursuant to the reprogramming or transfer provi-
sions of this or any other appropriations Act. 
SEC. 739. None of the funds made available by this 
or any other Act may be used to implement, administer, 
enforce, or apply the rule entitled ‘‘Competitive Area’’ 
published by the Office of Personnel Management in the 
Federal Register on April 15, 2008 (73 Fed. Reg. 2019 
0 et seq.). 
SEC. 740. (a) None of the funds appropriated or oth-
erwise made available by this or any other Act may be 
available for a contract, grant, or cooperative agreement 
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with an entity that requires employees or contractors of 
such entity seeking to report fraud, waste, or abuse to sign 
internal confidentiality agreements or statements prohib-
iting or otherwise restricting such employees or contrac-
tors from lawfully reporting such waste, fraud, or abuse 
to a designated investigative or law enforcement represent-
ative of a Federal department or agency authorized to re-
ceive such information. 
(b) The limitation in subsection (a) shall not con-
travene requirements applicable to Standard Form 312, 
Form 4414, or any other form issued by a Federal depart-
ment or agency governing the nondisclosure of classified 
information. 
SEC. 741. (a) No funds appropriated in this or any 
other Act may be used to implement or enforce the agree-
ments in Standard Forms 312 and 4414 of the Govern-
ment or any other nondisclosure policy, form, or agree-
ment if such policy, form, or agreement does not contain 
the following provisions: ‘‘These provisions are consistent 
with and do not supersede, conflict with, or otherwise alter 
the employee obligations, rights, or liabilities created by 
existing statute or Executive order relating to: (1) classi-
fied information; (2) communications to Congress; (3) the 
reporting to an Inspector General of a violation of any 
law, rule, or regulation, or mismanagement, a gross waste 
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of funds, an abuse of authority, or a substantial and spe-
cific danger to public health or safety; or (4) any other 
whistleblower protection. The definitions, requirements, 
obligations, rights, sanctions, and liabilities created by 
controlling Executive orders and statutory provisions are 
incorporated into this agreement and are controlling.’’: 
Provided, That notwithstanding the preceding provision of 
this section, a nondisclosure policy form or agreement that 
is to be executed by a person connected with the conduct 
of an intelligence or intelligence-related activity, other 
than an employee or officer of the United States Govern-
ment, may contain provisions appropriate to the particular 
activity for which such document is to be used. Such form 
or agreement shall, at a minimum, require that the person 
will not disclose any classified information received in the 
course of such activity unless specifically authorized to do 
so by the United States Government. Such nondisclosure 
forms shall also make it clear that they do not bar disclo-
sures to Congress, or to an authorized official of an execu-
tive agency or the Department of Justice, that are essen-
tial to reporting a substantial violation of law. 
(b) A nondisclosure agreement may continue to be 
implemented and enforced notwithstanding subsection (a) 
if it complies with the requirements for such agreement 
that were in effect when the agreement was entered into. 
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(c) No funds appropriated in this or any other Act 
may be used to implement or enforce any agreement en-
tered into during fiscal year 2014 which does not contain 
substantially similar language to that required in sub-
section (a). 
SEC. 742. None of the funds made available by this 
or any other Act may be used to enter into a contract, 
memorandum of understanding, or cooperative agreement 
with, make a grant to, or provide a loan or loan guarantee 
to, any corporation that has any unpaid Federal tax liabil-
ity that has been assessed, for which all judicial and ad-
ministrative remedies have been exhausted or have lapsed, 
and that is not being paid in a timely manner pursuant 
to an agreement with the authority responsible for col-
lecting the tax liability, where the awarding agency is 
aware of the unpaid tax liability, unless a Federal agency 
has considered suspension or debarment of the corporation 
and has made a determination that this further action is 
not necessary to protect the interests of the Government. 
SEC. 743. None of the funds made available by this 
or any other Act may be used to enter into a contract, 
memorandum of understanding, or cooperative agreement 
with, make a grant to, or provide a loan or loan guarantee 
to, any corporation that was convicted of a felony criminal 
violation under any Federal law within the preceding 24 
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months, where the awarding agency is aware of the convic-
tion, unless a Federal agency has considered suspension 
or debarment of the corporation and has made a deter-
mination that this further action is not necessary to pro-
tect the interests of the Government. 
SEC. 744. (a) During fiscal year 2019, on the date 
on which a request is made for a transfer of funds in ac-
cordance with section 1017 of Public Law 111–203, the 
Bureau of Consumer Financial Protection shall notify the 
Committees on Appropriations of the House of Represent-
atives and the Senate, the Committee on Financial Serv-
ices of the House of Representatives, and the Committee 
on Banking, Housing, and Urban Affairs of the Senate 
of such request. 
(b) Any notification required by this section shall be 
made available on the Bureau’s public Web site. 
SEC. 745. If, for fiscal year 2019, new budget author-
ity provided in appropriations Acts exceeds the discre-
tionary spending limit for any category set forth in section 
251(c) of the Balanced Budget and Emergency Deficit 
Control Act of 1985 due to estimating differences with the 
Congressional Budget Office, an adjustment to the discre-
tionary spending limit in such category for fiscal year 
2019 shall be made by the Director of the Office of Man-
agement and Budget in the amount of the excess but the 
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total of all such adjustments shall not exceed 0.2 percent 
of the sum of the adjusted discretionary spending limits 
for all categories for that fiscal year. 
SEC. 746. None of the funds made available under 
this or any other Act may be used to implement or enforce 
Executive Order No. 13690, Establishing a Federal Flood 
Risk Management Standard and a Process for Further 
Soliciting and Considering Stakeholder Input, including 
any related rules, interim final rules, or guidance. 
SEC. 747. None of the funds made available by this 
Act may be used to implement, administer, or enforce a 
rule issued pursuant to section 13(p) of the Securities Ex-
change Act of 1934. 
SEC. 748. None of the funds made available by this 
Act may be used to plan for, begin, continue, complete, 
process, or approve a public-private competition under the 
Office of Management and Budget Circular A–76. 
SEC. 749. Except as expressly provided otherwise, 
any reference to ‘‘this Act’’ contained in any title other 
than title IV or VIII shall not apply to such title IV or 
VIII. 
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TITLE VIII 
GENERAL PROVISIONS—DISTRICT OF 
COLUMBIA 
(INCLUDING TRANSFERS OF FUNDS) 
SEC. 801. There are appropriated from the applicable 
funds of the District of Columbia such sums as may be 
necessary for making refunds and for the payment of legal 
settlements or judgments that have been entered against 
the District of Columbia government. 
SEC. 802. None of the Federal funds provided in this 
Act shall be used for publicity or propaganda purposes or 
implementation of any policy including boycott designed 
to support or defeat legislation pending before Congress 
or any State legislature. 
SEC. 803. (a) None of the Federal funds provided 
under this Act to the agencies funded by this Act, both 
Federal and District government agencies, that remain 
available for obligation or expenditure in fiscal year 2019, 
or provided from any accounts in the Treasury of the 
United States derived by the collection of fees available 
to the agencies funded by this Act, shall be available for 
obligation or expenditures for an agency through a re-
programming of funds which— 
(1) creates new programs; 
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(2) eliminates a program, project, or responsi-
bility center; 
(3) establishes or changes allocations specifi-
cally denied, limited or increased under this Act; 
(4) increases funds or personnel by any means 
for any program, project, or responsibility center for 
which funds have been denied or restricted; 
(5) re-establishes any program or project pre-
viously deferred through reprogramming; 
(6) augments any existing program, project, or 
responsibility center through a reprogramming of 
funds in excess of $3,000,000 or 10 percent, which-
ever is less; or 
(7) increases by 20 percent or more personnel 
assigned to a specific program, project or responsi-
bility center, 
unless prior approval is received from the Committees on 
Appropriations of the House of Representatives and the 
Senate. 
(b) The District of Columbia government is author-
ized to approve and execute reprogramming and transfer 
requests of local funds under this title through November 
7, 2019. 
SEC. 804. None of the Federal funds provided in this 
Act may be used by the District of Columbia to provide 
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for salaries, expenses, or other costs associated with the 
offices of United States Senator or United States Rep-
resentative under section 4(d) of the District of Columbia 
Statehood Constitutional Convention Initiatives of 1979 
(D.C. Law 3–171; D.C. Official Code, sec. 1–123). 
SEC. 805. Except as otherwise provided in this sec-
tion, none of the funds made available by this Act or by 
any other Act may be used to provide any officer or em-
ployee of the District of Columbia with an official vehicle 
unless the officer or employee uses the vehicle only in the 
performance of the officer’s or employee’s official duties. 
For purposes of this section, the term ‘‘official duties’’ 
does not include travel between the officer’s or employee’s 
residence and workplace, except in the case of— 
(1) an officer or employee of the Metropolitan 
Police Department who resides in the District of Co-
lumbia or is otherwise designated by the Chief of the 
Department; 
(2) at the discretion of the Fire Chief, an offi-
cer or employee of the District of Columbia Fire and 
Emergency Medical Services Department who re-
sides in the District of Columbia and is on call 24 
hours a day; 
(3) at the discretion of the Director of the De-
partment of Corrections, an officer or employee of 
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the District of Columbia Department of Corrections 
who resides in the District of Columbia and is on 
call 24 hours a day; 
(4) at the discretion of the Chief Medical Ex-
aminer, an officer or employee of the Office of the 
Chief Medical Examiner who resides in the District 
of Columbia and is on call 24 hours a day; 
(5) at the discretion of the Director of the 
Homeland Security and Emergency Management 
Agency, an officer or employee of the Homeland Se-
curity and Emergency Management Agency who re-
sides in the District of Columbia and is on call 24 
hours a day; 
(6) the Mayor of the District of Columbia; and 
(7) the Chairman of the Council of the District 
of Columbia. 
SEC. 806. (a) None of the Federal funds contained 
in this Act may be used by the District of Columbia Attor-
ney General or any other officer or entity of the District 
government to provide assistance for any petition drive or 
civil action which seeks to require Congress to provide for 
voting representation in Congress for the District of Co-
lumbia. 
(b) Nothing in this section bars the District of Co-
lumbia Attorney General from reviewing or commenting 
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on briefs in private lawsuits, or from consulting with offi-
cials of the District government regarding such lawsuits. 
SEC. 807. None of the Federal funds contained in 
this Act may be used to distribute any needle or syringe 
for the purpose of preventing the spread of blood borne 
pathogens in any location that has been determined by the 
local public health or local law enforcement authorities to 
be inappropriate for such distribution, or used for the op-
eration of a supervised drug consumption facility that per-
mits the consumption of any substance listed in Schedule 
I of section 202 of the Controlled Substances Act (21 
U.S.C. 812) onsite. 
SEC. 808. Nothing in this Act may be construed to 
prevent the Council or Mayor of the District of Columbia 
from addressing the issue of the provision of contraceptive 
coverage by health insurance plans, but it is the intent 
of Congress that any legislation enacted on such issue 
should include a ‘‘conscience clause’’ which provides excep-
tions for religious beliefs and moral convictions. 
SEC. 809. (a) None of the Federal funds contained 
in this Act may be used to enact or carry out any law, 
rule, or regulation to legalize or otherwise reduce penalties 
associated with the possession, use, or distribution of any 
schedule I substance under the Controlled Substances Act 
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(21 U.S.C. 801 et seq.) or any tetrahydrocannabinols de-
rivative. 
(b) No funds available for obligation or expenditure 
by the District of Columbia government under any author-
ity may be used to enact any law, rule, or regulation to 
legalize or otherwise reduce penalties associated with the 
possession, use, or distribution of any schedule I substance 
under the Controlled Substances Act (21 U.S.C. 801 et 
seq.) or any tetrahydrocannabinols derivative for rec-
reational purposes. 
SEC. 810. No funds available for obligation or ex-
penditure by the District of Columbia government under 
any authority shall be expended for any abortion except 
where the life of the mother would be endangered if the 
fetus were carried to term or where the pregnancy is the 
result of an act of rape or incest. 
SEC. 811. (a) No later than 30 calendar days after 
the date of the enactment of this Act, the Chief Financial 
Officer for the District of Columbia shall submit to the 
appropriate committees of Congress, the Mayor, and the 
Council of the District of Columbia, a revised appropriated 
funds operating budget in the format of the budget that 
the District of Columbia government submitted pursuant 
to section 442 of the District of Columbia Home Rule Act 
(D.C. Official Code, sec. 1–204.42), for all agencies of the 
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District of Columbia government for fiscal year 2019 that 
is in the total amount of the approved appropriation and 
that realigns all budgeted data for personal services and 
other-than-personal services, respectively, with anticipated 
actual expenditures. 
(b) This section shall apply only to an agency for 
which the Chief Financial Officer for the District of Co-
lumbia certifies that a reallocation is required to address 
unanticipated changes in program requirements. 
SEC. 812. No later than 30 calendar days after the 
date of the enactment of this Act, the Chief Financial Offi-
cer for the District of Columbia shall submit to the appro-
priate committees of Congress, the Mayor, and the Council 
for the District of Columbia, a revised appropriated funds 
operating budget for the District of Columbia Public 
Schools that aligns schools budgets to actual enrollment. 
The revised appropriated funds budget shall be in the for-
mat of the budget that the District of Columbia govern-
ment submitted pursuant to section 442 of the District 
of Columbia Home Rule Act (D.C. Official Code, sec. 1– 
204.42). 
SEC. 813. (a) Amounts appropriated in this Act as 
operating funds may be transferred to the District of Co-
lumbia’s enterprise and capital funds and such amounts, 
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once transferred, shall retain appropriation authority con-
sistent with the provisions of this Act. 
(b) The District of Columbia government is author-
ized to reprogram or transfer for operating expenses any 
local funds transferred or reprogrammed in this or the 
four prior fiscal years from operating funds to capital 
funds, and such amounts, once transferred or repro-
grammed, shall retain appropriation authority consistent 
with the provisions of this Act. 
(c) The District of Columbia government may not 
transfer or reprogram for operating expenses any funds 
derived from bonds, notes, or other obligations issued for 
capital projects. 
SEC. 814. None of the Federal funds appropriated 
in this Act shall remain available for obligation beyond 
the current fiscal year, nor may any be transferred to 
other appropriations, unless expressly so provided herein. 
SEC. 815. Except as otherwise specifically provided 
by law or under this Act, not to exceed 50 percent of unob-
ligated balances remaining available at the end of fiscal 
year 2019 from appropriations of Federal funds made 
available for salaries and expenses for fiscal year 2019 in 
this Act, shall remain available through September 30, 
2020, for each such account for the purposes authorized: 
Provided, That a request shall be submitted to the Com-
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mittees on Appropriations of the House of Representatives 
and the Senate for approval prior to the expenditure of 
such funds: Provided further, That these requests shall be 
made in compliance with reprogramming guidelines out-
lined in section 803 of this Act. 
SEC. 816. (a)(1) During fiscal year 2020, during a 
period in which neither a District of Columbia continuing 
resolution or a regular District of Columbia appropriation 
bill is in effect, local funds are appropriated in the amount 
provided for any project or activity for which local funds 
are provided in the Act referred to in paragraph (2) (sub-
ject to any modifications enacted by the District of Colum-
bia as of the beginning of the period during which this 
subsection is in effect) at the rate set forth by such Act. 
(2) The Act referred to in this paragraph is the Act 
of the Council of the District of Columbia pursuant to 
which a proposed budget is approved for fiscal year 2020 
which (subject to the requirements of the District of Co-
lumbia Home Rule Act) will constitute the local portion 
of the annual budget for the District of Columbia govern-
ment for fiscal year 2020 for purposes of section 446 of 
the District of Columbia Home Rule Act (sec. 1–204.46, 
D.C. Official Code). 
(b) Appropriations made by subsection (a) shall cease 
to be available— 
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(1) during any period in which a District of Co-
lumbia continuing resolution for fiscal year 2020 is 
in effect; or 
(2) upon the enactment into law of the regular 
District of Columbia appropriation bill for fiscal year 
2020. 
(c) An appropriation made by subsection (a) is pro-
vided under the authority and conditions as provided 
under this Act and shall be available to the extent and 
in the manner that would be provided by this Act. 
(d) An appropriation made by subsection (a) shall 
cover all obligations or expenditures incurred for such 
project or activity during the portion of fiscal year 2020 
for which this section applies to such project or activity. 
(e) This section shall not apply to a project or activity 
during any period of fiscal year 2020 if any other provi-
sion of law (other than an authorization of appropria-
tions)— 
(1) makes an appropriation, makes funds avail-
able, or grants authority for such project or activity 
to continue for such period; or 
(2) specifically provides that no appropriation 
shall be made, no funds shall be made available, or 
no authority shall be granted for such project or ac-
tivity to continue for such period. 
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(f) Nothing in this section shall be construed to affect 
obligations of the government of the District of Columbia 
mandated by other law. 
SEC. 817. (a) No funds available for obligation or ex-
penditure by the District of Columbia government under 
any authority may be used to enact any act, resolution, 
rule, regulation, guidance, or other law to permit any per-
son to carry out any activity, or to reduce the penalties 
imposed with respect to any activity, to which subsection 
(a) of section 3 of the Assisted Suicide Funding Restric-
tion Act of 1997 (42 U.S.C. 14402) applies (taking into 
consideration subsection (b) of such section). 
(b) Effective February 18, 2017, the Death With 
Dignity Act of 2016 (D.C. Law 21–182) is hereby re-
pealed. 
SEC. 818. None of the funds made available by this 
Act may be used to carry out the Reproductive Health 
Non-Discrimination Amendment Act of 2014 (D.C. Law 
20–261) or to implement any rule or regulation promul-
gated to carry out such Act. 
SEC. 819. (a) Effective with respect to fiscal year 
2013 and each succeeding fiscal year, the Local Budget 
Autonomy Amendment Act of 2012 (D.C. Law 19–321) 
is hereby repealed, and any provision of law amended or 
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repealed by such Act shall be restored or revived as if such 
Act had not been enacted into law. 
(b)(1) Section 450 of the District of Columbia Home 
Rule Act (sec. 1–204.50, D.C. Official Code) is amend-
ed— 
(A) in the first sentence, by striking ‘‘The 
General Fund’’ and inserting ‘‘(a) IN GEN-
ERAL.—The General Fund’’; and 
(B) by adding at the end the following new 
subsection: 
‘‘(b) APPLICATION
OF FEDERAL APPROPRIATIONS 
PROCESS.—Nothing in this Act shall be construed as cre-
ating a continuing appropriation of the General Fund de-
scribed in subsection (a). All funds provided for the Dis-
trict of Columbia shall be appropriated on an annual fiscal 
year basis through the Federal appropriations process. 
For each fiscal year, the District shall be subject to all 
applicable requirements of subchapter III of chapter 13 
and subchapter II of chapter 15 of title 31, United States 
Code (commonly known as the ‘Anti-Deficiency Act’), the 
Budget and Accounting Act of 1921, and all other require-
ments and restrictions applicable to appropriations for 
such fiscal year.’’. 
(2) Section 603(a) of such Act (sec. 1–206.03(a), 
D.C. Official Code) is amended— 
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(A) by striking ‘‘existing’’; and 
(B) by striking the period at the end and in-
serting the following: ‘‘, or as authorizing the Dis-
trict of Columbia to make any such change.’’. 
(3) The amendments made by this subsection shall 
take effect as if included in the enactment of the District 
of Columbia Home Rule Act. 
SEC. 820. Except as expressly provided otherwise, 
any reference to ‘‘this Act’’ contained in this title or in 
title IV shall be treated as referring only to the provisions 
of this title or of title IV. 
TITLE IX—FINANCIAL REFORM 
Subtitle A—Helping Angels Lead Our Startups Act 
Sec. 901. Definition of angel investor group. 
Sec. 902. Clarification of general solicitation. 
Subtitle B—Credit Access and Inclusion Act 
Sec. 903. Positive credit reporting permitted. 
Subtitle C—Small Business Mergers, Acquisitions, Sales and Brokerage 
Simplification Act 
Sec. 904. Registration exemption for merger and acquisition brokers. 
Sec. 905. Effective date. 
Subtitle D—Mortgage Choice Act 
Sec. 906. Definition of points and fees. 
Sec. 907. Rulemaking. 
Subtitle E—Fair Investment Opportunities for Professional Experts Act 
Sec. 908. Definition of accredited investor. 
Subtitle F—Fostering Innovation Act 
Sec. 909. Temporary exemption for low-revenue issuers. 
Subtitle G—End Banking for Human Traffickers Act 
Sec. 910. Increasing the role of the financial industry in combating human traf-
ficking. 
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Sec. 911. Coordination of human trafficking issues by the Office of Terrorism 
and Financial Intelligence. 
Sec. 912. Additional reporting requirement under the Trafficking Victims Pro-
tection Act of 2000. 
Sec. 913. Minimum standards for the elimination of trafficking. 
Subtitle H—Investing in Main Street Act 
Sec. 914. Investment in small business investment companies. 
Subtitle I—Privacy Notification Technical Clarification Act 
Sec. 915. Exception to annual notice requirement. 
Subtitle J—Financial Institution Customer Protection Act 
Sec. 916. Requirements for deposit account termination requests and orders. 
Subtitle K—Encouraging Public Offerings Act 
Sec. 917. Expanding testing the waters and confidential submissions. 
Subtitle L—Risk-Based Credit Examination Act 
Sec. 918. Risk-Based Examinations of Nationally Recognized Statistical Rating 
Organizations. 
Subtitle M—Protection of Source Code Act 
Sec. 919. Procedure for obtaining certain intellectual property. 
Subtitle N—Family Office Technical Correction Act 
Sec. 920. Accredited investor clarification. 
Subtitle O—Market Data Protection Act 
Sec. 921. Internal risk controls. 
Subtitle P—Financial Stability Oversight Council Improvement Act 
Sec. 922. SIFI designation process. 
Sec. 923. Rule of construction. 
Subtitle Q—Expanding Access to Capital for Rural Job Creators Act 
Sec. 925. Access to capital for rural-area small businesses. 
Subtitle R—Volcker Rule Regulatory Harmonization Act 
Sec. 926. Rulemaking authority under the Volcker rule. 
Sec. 927. Enforcement; anti-evasion. 
Sec. 928. Exclusion of community banks from Volcker rule. 
Subtitle S—Financial Institution Living Will Improvement Act 
Sec. 929. Living will reforms. 
Subtitle T—Financial Institutions Examination Fairness and Reform Act 
Sec. 930. Amendment to definition of financial institution. 
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Sec. 931. Timeliness of examination reports. 
Sec. 932. Independent Examination Review Director. 
Sec. 933. Right to independent review of material supervisory determinations. 
Sec. 934. Additional amendments. 
Subtitle U—TRID Improvement Act 
Sec. 936. Amendments to mortgage disclosure requirements. 
Subtitle V—Common Sense Credit Union Capital Relief Act 
Sec. 938. Delay in effective date. 
Subtitle W—Bureau of Consumer Financial Protection–Inspector General 
Reform Act 
Sec. 939. Appointment of Inspector General. 
Sec. 940. Requirements for the Inspector General for the Bureau of Consumer 
Financial Protection. 
Sec. 941. Effective date. 
Sec. 942. Transition period. 
Subtitle X—BCFP on Appropriations 
Sec. 943. Bureau appropriations. 
Subtitle Y—Stress Test Relief for Nonbanks 
Sec. 944. Stress test relief for nonbanks. 
Subtitle Z—Interaffiliate Language 
Sec. 945. Interaffiliate treatment with respect to initial margin requirements. 
Subtitle AA—Tailored Application of Prudential Standards 
Sec. 946. Tailored application of prudential standards. 
Subtitle BB—Authority to Remove Bureau Director 
Sec. 947. Authority to remove Bureau Director. 
Subtitle CC—Congressional Review of Bureau Rulemaking 
Sec. 948. Congressional review of Bureau rulemaking. 
Sec. 949. Budgetary effects of rules subject to section 802 of title 5, United 
States Code. 
Sec. 950. Government Accountability Office study of rules. 
Sec. 951. Effective date. 
Subtitle A—Helping Angels Lead 
Our Startups Act 
SEC. 901. DEFINITION OF ANGEL INVESTOR GROUP. 
As used in this subtitle, the term ‘‘angel investor 
group’’ means any group that— 
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(1) is composed of accredited investors inter-
ested in investing personal capital in early-stage 
companies; 
(2) holds regular meetings and has defined 
processes and procedures for making investment de-
cisions, either individually or among the membership 
of the group as a whole; and 
(3) is neither associated nor affiliated with bro-
kers, dealers, or investment advisers. 
SEC. 902. CLARIFICATION OF GENERAL SOLICITATION. 
(a) IN GENERAL.—Not later than 6 months after the 
date of enactment of this Act, the Securities and Ex-
change Commission shall revise Regulation D of its rules 
(17 CFR 230.500 et seq.) to require that in carrying out 
the prohibition against general solicitation or general ad-
vertising contained in section 230.502(c) of title 17, Code 
of Federal Regulations, the prohibition shall not apply to 
a presentation or other communication made by or on be-
half of an issuer which is made at an event— 
(1) sponsored by— 
(A) the United States or any territory 
thereof, by the District of Columbia, by any 
State, by a political subdivision of any State or 
territory, or by any agency or public instrumen-
tality of any of the foregoing; 
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(B) a college, university, or other institu-
tion of higher education; 
(C) a nonprofit organization; 
(D) an angel investor group; 
(E) a venture forum, venture capital asso-
ciation, or trade association; or 
(F) any other group, person or entity as 
the Securities and Exchange Commission may 
determine by rule; 
(2) where any advertising for the event does not 
reference any specific offering of securities by the 
issuer; 
(3) the sponsor of which— 
(A) 
does 
not 
make 
investment 
rec-
ommendations or provide investment advice to 
event attendees; 
(B) does not engage in an active role in 
any investment negotiations between the issuer 
and investors attending the event; 
(C) does not charge event attendees any 
fees other than administrative fees; and 
(D) does not receive any compensation 
with respect to such event that would require 
registration of the sponsor as a broker or a 
dealer under the Securities Exchange Act of 
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1934, or as an investment advisor under the In-
vestment Advisers Act of 1940; and 
(4) where no specific information regarding an 
offering of securities by the issuer is communicated 
or distributed by or on behalf of the issuer, other 
than— 
(A) that the issuer is in the process of of-
fering securities or planning to offer securities; 
(B) the type and amount of securities 
being offered; 
(C) the amount of securities being offered 
that have already been subscribed for; and 
(D) the intended use of proceeds of the of-
fering. 
(b) RULE OF CONSTRUCTION.—Subsection (a) may 
only be construed as requiring the Securities and Ex-
change Commission to amend the requirements of Regula-
tion D with respect to presentations and communications, 
and not with respect to purchases or sales. 
Subtitle B—Credit Access and 
Inclusion Act 
SEC. 903. POSITIVE CREDIT REPORTING PERMITTED. 
(a) IN GENERAL.—Section 623 of the Fair Credit 
Reporting Act (15 U.S.C. 1681s–2) is amended by adding 
at the end the following new subsection: 
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‘‘(f) FULL-FILE CREDIT REPORTING.— 
‘‘(1) IN GENERAL.—Subject to the limitation in 
paragraph (2) and notwithstanding any other provi-
sion of law, a person or the Secretary of Housing 
and Urban Development may furnish to a consumer 
reporting agency information relating to the per-
formance of a consumer in making payments— 
‘‘(A) under a lease agreement with respect 
to a dwelling, including such a lease in which 
the Department of Housing and Urban Devel-
opment provides subsidized payments for occu-
pancy in a dwelling; or 
‘‘(B) pursuant to a contract for a utility or 
telecommunications service. 
‘‘(2) LIMITATION.—Information about a con-
sumer’s usage of any utility services provided by a 
utility or telecommunication firm may be furnished 
to a consumer reporting agency only to the extent 
that such information relates to payment by the con-
sumer for the services of such utility or tele-
communication service or other terms of the provi-
sion of the services to the consumer, including any 
deposit, discount, or conditions for interruption or 
termination of the services. 
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‘‘(3) PAYMENT PLAN.—An energy utility firm 
may not report payment information to a consumer 
reporting agency with respect to an outstanding bal-
ance of a consumer as late if— 
‘‘(A) the energy utility firm and the con-
sumer have entered into a payment plan (in-
cluding a deferred payment agreement, an ar-
rearage management program, or a debt for-
giveness program) with respect to such out-
standing balance; and 
‘‘(B) the consumer is meeting the obliga-
tions of the payment plan, as determined by the 
energy utility firm. 
‘‘(4) DEFINITIONS.—In this subsection, the fol-
lowing definitions shall apply: 
‘‘(A) ENERGY UTILITY FIRM.—The term 
‘energy utility firm’ means an entity that pro-
vides gas or electric utility services to the pub-
lic. 
‘‘(B) UTILITY
OR
TELECOMMUNICATION 
FIRM.—The term ‘utility or telecommunication 
firm’ means an entity that provides utility serv-
ices to the public through pipe, wire, landline, 
wireless, cable, or other connected facilities, or 
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radio, electronic, or similar transmission (in-
cluding the extension of such facilities).’’. 
(b) LIMITATION ON LIABILITY.—Section 623(c) of 
the Consumer Credit Protection Act (15 U.S.C. 1681s– 
2(c)) is amended— 
(1) in paragraph (2), by striking ‘‘or’’ at the 
end; 
(2) by redesignating paragraph (3) as para-
graph (4); and 
(3) by inserting after paragraph (2) the fol-
lowing new paragraph: 
‘‘(3) subsection (f) of this section, including any 
regulations issued thereunder; or’’. 
(c) GAO STUDY AND REPORT.—Not later than 2 
years after the date of the enactment of this Act, the 
Comptroller General of the United States shall submit to 
Congress a report on the impact of furnishing information 
pursuant to subsection (f) of section 623 of the Fair Cred-
it Reporting Act (15 U.S.C. 1681s–2) (as added by this 
subtitle) on consumers. 
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Subtitle C—Small Business Merg-
ers, Acquisitions, Sales and Bro-
kerage Simplification Act 
SEC. 904. REGISTRATION EXEMPTION FOR MERGER AND 
ACQUISITION BROKERS. 
Section 15(b) of the Securities Exchange Act of 1934 
(15 U.S.C. 78o(b)) is amended by adding at the end the 
following: 
‘‘(13) REGISTRATION EXEMPTION FOR MERGER 
AND ACQUISITION BROKERS.— 
‘‘(A) IN GENERAL.—Except as provided in 
subparagraph (B), an M&A broker shall be ex-
empt from registration under this section. 
‘‘(B) EXCLUDED
ACTIVITIES.—An M&A 
broker is not exempt from registration under 
this paragraph if such broker does any of the 
following: 
‘‘(i) Directly or indirectly, in connec-
tion with the transfer of ownership of an 
eligible privately held company, receives, 
holds, transmits, or has custody of the 
funds or securities to be exchanged by the 
parties to the transaction. 
‘‘(ii) Engages on behalf of an issuer in 
a public offering of any class of securities 
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that is registered, or is required to be reg-
istered, with the Commission under section 
12 or with respect to which the issuer files, 
or is required to file, periodic information, 
documents, and reports under subsection 
(d). 
‘‘(iii) Engages on behalf of any party 
in a transaction involving a shell company, 
other than a business combination related 
shell company. 
‘‘(iv) Directly, or indirectly through 
any of its affiliates, provides financing re-
lated to the transfer of ownership of an eli-
gible privately held company. 
‘‘(v) Assists any party to obtain fi-
nancing from an unaffiliated third party 
without— 
‘‘(I) complying with all other ap-
plicable laws in connection with such 
assistance, including, if applicable, 
Regulation T (12 CFR 220 et seq.); 
and 
‘‘(II) disclosing any compensation 
in writing to the party. 
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‘‘(vi) Represents both the buyer and 
the seller in the same transaction without 
providing clear written disclosure as to the 
parties the broker represents and obtaining 
written consent from both parties to the 
joint representation. 
‘‘(vii) Facilitates a transaction with a 
group of buyers formed with the assistance 
of the M&A broker to acquire the eligible 
privately held company. 
‘‘(viii) Engages in a transaction in-
volving the transfer of ownership of an eli-
gible privately held company to a passive 
buyer or group of passive buyers. For pur-
poses of the preceding sentence, a buyer 
that is actively involved in managing the 
acquired company is not a passive buyer, 
regardless of whether such buyer is itself 
owned by passive beneficial owners. 
‘‘(ix) Binds a party to a transfer of 
ownership of an eligible privately held com-
pany. 
‘‘(C) 
DISQUALIFICATIONS.—An 
M&A 
broker is not exempt from registration under 
this paragraph if such broker is subject to— 
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‘‘(i) suspension or revocation of reg-
istration under paragraph (4); 
‘‘(ii) a statutory disqualification de-
scribed in section 3(a)(39); 
‘‘(iii) a disqualification under the 
rules adopted by the Commission under 
section 926 of the Investor Protection and 
Securities Reform Act of 2010 (15 U.S.C. 
77d note); or 
‘‘(iv) a final order described in para-
graph (4)(H). 
‘‘(D) RULE OF CONSTRUCTION.—Nothing 
in this paragraph shall be construed to limit 
any other authority of the Commission to ex-
empt any person, or any class of persons, from 
any provision of this title, or from any provision 
of any rule or regulation thereunder. 
‘‘(E) DEFINITIONS.—In this paragraph: 
‘‘(i) 
BUSINESS
COMBINATION
RE-
LATED SHELL COMPANY.—The term ‘busi-
ness combination related shell company’ 
means a shell company that is formed by 
an entity that is not a shell company— 
‘‘(I) solely for the purpose of 
changing the corporate domicile of 
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that entity solely within the United 
States; or 
‘‘(II) solely for the purpose of 
completing a business combination 
transaction (as defined under section 
230.165(f) of title 17, Code of Fed-
eral Regulations) among one or more 
entities other than the company itself, 
none of which is a shell company. 
‘‘(ii) CONTROL.—The term ‘control’ 
means the power, directly or indirectly, to 
direct the management or policies of a 
company, whether through ownership of 
securities, by contract, or otherwise. There 
is a presumption of control for any person 
who— 
‘‘(I) is a director, general part-
ner, member or manager of a limited 
liability company, or corporate officer 
of a corporation or limited liability 
company, and exercises executive re-
sponsibility (or has similar status or 
functions); 
‘‘(II) has the right to vote 25 
percent or more of a class of voting 
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securities or the power to sell or direct 
the sale of 25 percent or more of a 
class of voting securities; or 
‘‘(III) in the case of a partner-
ship or limited liability company, has 
the right to receive upon dissolution, 
or has contributed, 25 percent or 
more of the capital. 
‘‘(iii) ELIGIBLE
PRIVATELY
HELD 
COMPANY.—The term ‘eligible privately 
held company’ means a privately held com-
pany that meets both of the following con-
ditions: 
‘‘(I) The company does not have 
any class of securities registered, or 
required to be registered, with the 
Commission under section 12 or with 
respect to which the company files, or 
is required to file, periodic informa-
tion, documents, and reports under 
subsection (d). 
‘‘(II) In the fiscal year ending 
immediately before the fiscal year in 
which the services of the M&A broker 
are initially engaged with respect to 
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the securities transaction, the com-
pany meets either or both of the fol-
lowing conditions (determined in ac-
cordance with the historical financial 
accounting records of the company): 
‘‘(aa) The earnings of the 
company before interest, taxes, 
depreciation, and amortization 
are less than $25,000,000. 
‘‘(bb) The gross revenues of 
the 
company 
are 
less 
than 
$250,000,000. 
For purposes of this subclause, the 
Commission may by rule modify the 
dollar figures if the Commission deter-
mines that such a modification is nec-
essary or appropriate in the public in-
terest or for the protection of inves-
tors. 
‘‘(iv) M&A BROKER.—The term ‘M&A 
broker’ means a broker, and any person 
associated with a broker, engaged in the 
business of effecting securities transactions 
solely in connection with the transfer of 
ownership of an eligible privately held com-
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pany, regardless of whether the broker acts 
on behalf of a seller or buyer, through the 
purchase, sale, exchange, issuance, repur-
chase, or redemption of, or a business com-
bination involving, securities or assets of 
the eligible privately held company, if the 
broker reasonably believes that— 
‘‘(I) upon consummation of the 
transaction, any person acquiring se-
curities or assets of the eligible pri-
vately held company, acting alone or 
in concert, will control and, directly or 
indirectly, will be active in the man-
agement of the eligible privately held 
company or the business conducted 
with the assets of the eligible privately 
held company; and 
‘‘(II) if any person is offered se-
curities in exchange for securities or 
assets of the eligible privately held 
company, such person will, prior to 
becoming legally bound to consum-
mate the transaction, receive or have 
reasonable access to the most recent 
fiscal year-end financial statements of 
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the issuer of the securities as custom-
arily prepared by the management of 
the issuer in the normal course of op-
erations and, if the financial state-
ments of the issuer are audited, re-
viewed, or compiled, any related state-
ment by the independent accountant, 
a balance sheet dated not more than 
120 days before the date of the offer, 
and information pertaining to the 
management, business, results of op-
erations for the period covered by the 
foregoing financial statements, and 
material loss contingencies of the 
issuer. 
‘‘(v) SHELL
COMPANY.—The term 
‘shell company’ means a company that at 
the time of a transaction with an eligible 
privately held company— 
‘‘(I) has no or nominal oper-
ations; and 
‘‘(II) has— 
‘‘(aa) no or nominal assets; 
‘‘(bb) assets consisting solely 
of cash and cash equivalents; or 
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‘‘(cc) assets consisting of 
any amount of cash and cash 
equivalents and nominal other as-
sets. 
‘‘(F) INFLATION ADJUSTMENT.— 
‘‘(i) IN GENERAL.—On the date that 
is 5 years after the date of the enactment 
of the Small Business Mergers, Acquisi-
tions, Sales, and Brokerage Simplification 
Act of 2018, and every 5 years thereafter, 
each 
dollar 
amount 
in 
subparagraph 
(E)(ii)(II) shall be adjusted by— 
‘‘(I) dividing the annual value of 
the Employment Cost Index For 
Wages and Salaries, Private Industry 
Workers (or any successor index), as 
published by the Bureau of Labor 
Statistics, for the calendar year pre-
ceding the calendar year in which the 
adjustment is being made by the an-
nual value of such index (or suc-
cessor) for the calendar year ending 
December 31, 2012; and 
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‘‘(II) multiplying such dollar 
amount by the quotient obtained 
under subclause (I). 
‘‘(ii) 
ROUNDING.—Each 
dollar 
amount determined under clause (i) shall 
be rounded to the nearest multiple of 
$100,000.’’. 
SEC. 905. EFFECTIVE DATE. 
This subtitle and any amendment made by this sub-
title shall take effect on the date that is 90 days after 
the date of the enactment of this Act. 
Subtitle D—Mortgage Choice Act 
SEC. 906. DEFINITION OF POINTS AND FEES. 
(a) AMENDMENT TO SECTION 103 OF TILA.—Sec-
tion 103(bb)(4) of the Truth in Lending Act (15 U.S.C. 
1602(bb)(4)) is amended— 
(1) by striking ‘‘paragraph (1)(B)’’ and insert-
ing ‘‘paragraph (1)(A) and section 129C’’; 
(2) in subparagraph (C)— 
(A) by inserting ‘‘and insurance’’ after 
‘‘taxes’’; 
(B) in clause (ii), by inserting ‘‘, except as 
retained by a creditor or its affiliate as a result 
of their participation in an affiliated business 
arrangement (as defined in section 2(7) of the 
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Real Estate Settlement Procedures Act of 1974 
(12 U.S.C. 2602(7))’’ after ‘‘compensation’’; 
and 
(C) by striking clause (iii) and inserting 
the following: 
‘‘(iii) the charge is— 
‘‘(I) a bona fide third-party charge 
not retained by the mortgage originator, 
creditor, or an affiliate of the creditor or 
mortgage originator; or 
‘‘(II) a charge set forth in section 
106(e)(1);’’; and 
(3) in subparagraph (D)— 
(A) by striking ‘‘accident,’’; and 
(B) by striking ‘‘or any payments’’ and in-
serting ‘‘and any payments’’. 
(b) AMENDMENT TO SECTION 129C OF TILA.—Sec-
tion 129C of the Truth in Lending Act (15 U.S.C. 1639c) 
is amended— 
(1) in subsection (a)(5)(C), by striking ‘‘103’’ 
and all that follows through ‘‘or mortgage origi-
nator’’ and inserting ‘‘103(bb)(4)’’; and 
(2) in subsection (b)(2)(C)(i), by striking ‘‘103’’ 
and all that follows through ‘‘or mortgage origi-
nator)’’ and inserting ‘‘103(bb)(4)’’. 
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SEC. 907. RULEMAKING. 
Not later than the end of the 90-day period beginning 
on the date of the enactment of this Act, the Bureau of 
Consumer Financial Protection shall issue final regula-
tions to carry out the amendments made by this subtitle, 
and such regulations shall be effective upon issuance. 
Subtitle E—Fair Investment Oppor-
tunities for Professional Experts 
Act 
SEC. 908. DEFINITION OF ACCREDITED INVESTOR. 
(a) IN GENERAL.—Section 2(a)(15) of the Securities 
Act of 1933 (15 U.S.C. 77b(a)(15) is amended— 
(1) by redesignating clauses (i) and (ii) as sub-
paragraphs (A) and (F), respectively; and 
(2) in subparagraph (A) (as so redesignated), 
by striking ‘‘; or’’ and inserting a semicolon, and in-
serting after such subparagraph the following: 
‘‘(B) any natural person whose individual 
net worth, or joint net worth with that person’s 
spouse, exceeds $1,000,000 (which amount, 
along with the amounts set forth in subpara-
graph (C), shall be adjusted for inflation by the 
Commission every 5 years to the nearest 
$10,000 to reflect the change in the Consumer 
Price Index for All Urban Consumers published 
by the Bureau of Labor Statistics) where, for 
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HR 6147 RDS 
purposes of calculating net worth under this 
subparagraph— 
‘‘(i) the person’s primary residence 
shall not be included as an asset; 
‘‘(ii) indebtedness that is secured by 
the person’s primary residence, up to the 
estimated fair market value of the primary 
residence at the time of the sale of securi-
ties, shall not be included as a liability (ex-
cept that if the amount of such indebted-
ness outstanding at the time of sale of se-
curities exceeds the amount outstanding 60 
days before such time, other than as a re-
sult of the acquisition of the primary resi-
dence, the amount of such excess shall be 
included as a liability); and 
‘‘(iii) indebtedness that is secured by 
the person’s primary residence in excess of 
the estimated fair market value of the pri-
mary residence at the time of the sale of 
securities shall be included as a liability; 
‘‘(C) any natural person who had an indi-
vidual income in excess of $200,000 in each of 
the 2 most recent years or joint income with 
that person’s spouse in excess of $300,000 in 
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HR 6147 RDS 
‘‘(C) 
IMPLEMENTATION
OF
APPROVED 
PLAN.—With respect to a nonbank financial 
company’s plan approved by the Council under 
subparagraph (B), the company shall have one 
year to implement the plan, except that the 
Council, in its sole discretion and upon request 
from the nonbank financial company, may 
grant one or more extensions of the implemen-
tation period. 
‘‘(D) OVERSIGHT OF IMPLEMENTATION.— 
‘‘(i) PERIODIC REPORTS.—The Coun-
cil, acting through the Office of Financial 
Research, may require the submission of 
periodic reports from a nonbank financial 
company for the purpose of evaluating the 
company’s progress in implementing a plan 
approved by the Council under subpara-
graph (B). 
‘‘(ii) INSPECTIONS.—The Council may 
direct the primary financial regulatory 
agency of a nonbank financial company or 
its subsidiaries (or, if none, the Board of 
Governors) to inspect the company or its 
subsidiaries for the purpose of evaluating 
the implementation of the company’s plan. 
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