SEC. 7. INCLUSION OF MINORITY-SERVING, COMMUNITY- 
BASED ORGANIZATIONS IN WIA STATE AND 
LOCAL WORKFORCE INVESTMENT BOARDS. 
(a) STATE BOARDS.—Section 111(b)(1)(C)(v) of the 
Workforce 
Investment 
Act 
of 
1998 
(29 
U.S.C. 
2821(b)(1)(C)(v)) is amended by inserting before the 
semicolon ‘‘(including not less than 25 percent of the chief 
executive officers of minority-serving, community-based 
organizations)’’. 
(b) LOCAL BOARDS.—Section 117(b)(2)(A)(iv) of 
such Act (29 U.S.C. 2832(b)(2)(A)(iv)) is amended by in-
serting ‘‘, and not less than 25 percent of the chief execu-
tive officers of minority-serving, community-based organi-
zations’’ after ‘‘present’’. 
SEC. 8. TAX ON SECURITIES TRANSACTIONS. 
(a) IN GENERAL.—Chapter 36 of the Internal Rev-
enue Code of 1986 is amended by inserting after sub-
chapter B the following new subchapter: 
‘‘Subchapter C—Tax on Securities 
Transactions 
‘‘Sec. 4475. Tax on securities transactions. 
‘‘SEC. 4475. TAX ON SECURITIES TRANSACTIONS. 
‘‘(a) IMPOSITION OF TAX.— 
‘‘(1) STOCKS.—There is hereby imposed a tax 
on each covered transaction in a stock contract of 
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0.25 percent of the value of the instruments involved 
in such transaction. 
‘‘(2) FUTURES.—There is hereby imposed a tax 
on each covered transaction in a futures contract of 
0.02 percent of the value of the instruments involved 
in such transaction. 
‘‘(3) SWAPS.—There is hereby imposed a tax on 
each covered transaction in a swaps contract of 0.02 
percent of the value of the instruments involved in 
such transaction. 
‘‘(4) CREDIT DEFAULT SWAPS.—There is here-
by imposed a tax on each covered transaction in a 
credit default swaps contract of 0.02 percent of the 
value of the instruments involved in such trans-
action. 
‘‘(5) OPTIONS.—There is hereby imposed a tax 
on each covered transaction in an options contract 
with respect to a transaction described in paragraph 
(1), (2), (3), or (4) of— 
‘‘(A) the rate imposed with respect to such 
underlying transaction under paragraph (1), 
(2), (3), or (4) (as the case may be), multiplied 
by 
‘‘(B) the premium paid on such option. 
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‘‘(b) EXCEPTION
FOR
RETIREMENT
ACCOUNTS, 
ETC.—No tax shall be imposed under subsection (a) with 
respect to any stock contract, futures contract, swaps con-
tract, credit default swap, or options contract which is 
held in any plan, account, or arrangement described in 
section 220, 223, 401(a), 403(a), 403(b), 408, 408A, 529, 
or 530. 
‘‘(c) EXCEPTION
FOR
INTERESTS
IN
MUTUAL 
FUNDS.—No tax shall be imposed under subsection (a) 
with respect to the purchase or sale of any interest in a 
regulated investment company (as defined in section 851) 
or of any derivative of such an interest. 
‘‘(d) BY WHOM PAID.— 
‘‘(1) IN GENERAL.—The tax imposed by this 
section shall be paid by— 
‘‘(A) in the case of a transaction which oc-
curs on a trading facility located in the United 
States, such trading facility, or 
‘‘(B) in any other case, the purchaser with 
respect to the transaction. 
‘‘(2) WITHHOLDING
IF
BUYER
IS
NOT
A 
UNITED
STATES
PERSON.—See section 1447 for 
withholding by seller if buyer is a foreign person. 
‘‘(e) COVERED TRANSACTION.—The term ‘covered 
transaction’ means any purchase or sale if— 
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‘‘(1) such purchase or sale occurs on a trading 
facility located in the United States, or 
‘‘(2) the purchaser or seller is a United States 
person. 
‘‘(f) ADMINISTRATION.—The Secretary shall carry 
out this section in consultation with the Securities and Ex-
change Commission and the Commodity Futures Trading 
Commission.’’. 
(b) WITHHOLDING.—Subchapter A of chapter 3 of 
such Code is amended by adding at the end the following 
new section: 
‘‘SEC. 1447. WITHHOLDING ON SECURITIES TRANSACTIONS. 
‘‘(a) IN GENERAL.—In the case of any outbound se-
curities transaction, the transferor shall deduct and with-
hold a tax equal to the tax imposed under section 4475 
with respect to such transaction. 
‘‘(b) OUTBOUND SECURITIES TRANSACTION.—For 
purposes of this section, the term ‘outbound securities 
transaction’ means any covered transaction to which sec-
tion 4475(a) applies if— 
‘‘(1) such transaction does not occur on a trad-
ing facility located in the United States, and 
‘‘(2) the purchaser with respect to such trans-
action is not a United States person.’’. 
(c) CLERICAL AMENDMENTS.— 
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(1) The table of subchapters for chapter 36 of 
the Internal Revenue Code of 1986 is amended by 
inserting after the item relating to subchapter B the 
following new item: 
‘‘Subchapter C. Tax on Securities Transactions’’. 
(2) The table of sections for subchapter A of 
chapter 3 of such Code is amended by adding at the 
end the following new item: 
‘‘Sec. 1447. Withholding on securities transactions.’’. 
(d) EFFECTIVE DATE.—The amendments made by 
this section shall apply to transactions occurring more 
than 180 days after the date of the enactment of this Act. 
Æ 
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