709 
and reassignment of current noncollections personnel 
as special compliance personnel, and to reimburse the 
Internal Revenue Service or other government agen-
cies for the cost of administering qualified tax collec-
tion contracts under section 6306. 
‘‘(c) REPORTING.—Not later than March of each year, 
the Commissioner of Internal Revenue shall submit a report 
to the Committees on Finance and Appropriations of the 
Senate and the Committees on Ways and Means and Appro-
priations of the House of Representatives consisting of the 
following: 
‘‘(1) For the preceding fiscal year, all funds re-
ceived in the account established under subsection (a), 
administrative and program costs for the program de-
scribed in such subsection, the number of special com-
pliance personnel hired and employed under the pro-
gram, and the amount of revenue actually collected by 
such personnel. 
‘‘(2) For the current fiscal year, all actual and 
estimated funds received or to be received in the ac-
count, all actual and estimated administrative and 
program costs, the number of all actual and estimated 
special compliance personnel hired and employed 
under the program, and the actual and estimated rev-
710 
enue actually collected or to be collected by such per-
sonnel. 
‘‘(3) For the following fiscal year, an estimate of 
all funds to be received in the account, all estimated 
administrative and program costs, the estimated 
number of special compliance personnel hired and 
employed under the program, and the estimated rev-
enue to be collected by such personnel. 
‘‘(d) DEFINITIONS.—For purposes of this section— 
‘‘(1) SPECIAL
COMPLIANCE
PERSONNEL.—The 
term ‘special compliance personnel’ means individ-
uals employed by the Internal Revenue Service as 
field function collection officers or in a similar posi-
tion, or employed to collect taxes using the automated 
collection system or an equivalent replacement system. 
‘‘(2) PROGRAM
COSTS.—The term ‘program 
costs’ means— 
‘‘(A) total salaries (including locality pay 
and bonuses), benefits, and employment taxes for 
special 
compliance 
personnel 
employed 
or 
trained under the program described in sub-
section (a), and 
‘‘(B) direct overhead costs, salaries, benefits, 
and employment taxes relating to support staff, 
rental payments, office equipment and furniture,
711 
travel, data processing services, vehicle costs, 
utilities, telecommunications, postage, printing 
and reproduction, supplies and materials, lands 
and structures, insurance claims, and indem-
nities for special compliance personnel hired and 
employed under this section. 
For purposes of subparagraph (B), the cost of man-
agement and supervision of special compliance per-
sonnel shall be taken into account as direct overhead 
costs to the extent such costs, when included in total 
program costs under this paragraph, do not represent 
more than 10 percent of such total costs.’’. 
(c) CLERICAL AMENDMENT.—The table of sections for 
subchapter A of chapter 64 of the Internal Revenue Code 
of 1986 is amended by inserting after the item relating to 
section 6306 the following new item: 
‘‘Sec. 6307. Special compliance personnel program account.’’. 
(d) EFFECTIVE DATE.—The amendment made by sub-
section (a) shall apply to amounts collected and retained 
by the Secretary after the date of the enactment of this Act. 
Subtitle B—Fees and Receipts 
SEC. 32201. ADJUSTMENT FOR INFLATION OF FEES FOR 
CERTAIN CUSTOMS SERVICES. 
(a) IN GENERAL.—Section 13031 of the Consolidated 
Omnibus Budget Reconciliation Act of 1985 (19 U.S.C. 
58c) is amended by adding at the end the following:
712 
‘‘(l) ADJUSTMENT OF FEES FOR INFLATION.— 
‘‘(1) IN GENERAL.—The Secretary of the Treas-
ury shall adjust the fees established under subsection 
(a), and the limitations on such fees under para-
graphs (2), (3), (5), (6), (8), and (9) of subsection (b), 
on October 1, 2015, and annually thereafter, to reflect 
the percentage (if any) of the increase in the average 
of the Consumer Price Index for the preceding 12- 
month period compared to the Consumer Price Index 
for fiscal year 2014. 
‘‘(2) SPECIAL RULES FOR CALCULATION OF AD-
JUSTMENT.—In adjusting under paragraph (1) the 
amount of the fees established under subsection (a), 
and the limitations on such fees under paragraphs 
(2), (3), (5), (6), (8), and (9) of subsection (b), the 
Secretary— 
‘‘(A) shall round the amount of any in-
crease in the Consumer Price Index to the near-
est dollar; and 
‘‘(B) may ignore any such increase of less 
than 1 percent. 
‘‘(3) CONSUMER
PRICE
INDEX
DEFINED.—For 
purposes of this subsection, the term ‘Consumer Price 
Index’ means the Consumer Price Index for All Urban
713 
Consumers published by the Bureau of Labor Statis-
tics of the Department of Labor.’’. 
(b) DEPOSITS INTO CUSTOMS USER FEE ACCOUNT.— 
Section 13031(f) of the Consolidated Omnibus Budget Rec-
onciliation Act of 1985 (19 U.S.C. 58c(f)) is amended— 
(1) in paragraph (1), in the matter preceding 
subparagraph (A), by striking ‘‘all fees collected under 
subsection (a)’’ and inserting ‘‘the amount of fees col-
lected under subsection (a) (determined without re-
gard to any adjustment made under subsection (l))’’; 
and 
(2) in paragraph (3)(A), in the matter preceding 
clause (i)— 
(A) by striking ‘‘fees collected’’ and insert-
ing ‘‘amount of fees collected’’; and 
(B) by striking ‘‘), each appropriation’’ and 
inserting ‘‘, and determined without regard to 
any adjustment made under subsection (l)), each 
appropriation’’. 
(c) CONFORMING AMENDMENTS.—Section 13031 of the 
Consolidated Omnibus Budget Reconciliation Act of 1985 
(19 U.S.C. 58c), as amended by subsections (a) and (b), 
is further amended—
714 
(1) in subsection (a), in the matter preceding 
paragraph (1), by inserting ‘‘(subject to adjustment 
under subsection (l))’’ after ‘‘following fees’’; and 
(2) in subsection (b)— 
(A) in paragraph (2), by inserting ‘‘(subject 
to adjustment under subsection (l))’’ after ‘‘in 
fees’’; 
(B) in paragraph (3), by inserting ‘‘(subject 
to adjustment under subsection (l))’’ after ‘‘in 
fees’’; 
(C) in paragraph (5)(A), by inserting 
‘‘(subject to adjustment under subsection (l))’’ 
after ‘‘in fees’’; 
(D) in paragraph (6), by inserting ‘‘(subject 
to adjustment under subsection (l))’’ after ‘‘in 
fees’’; 
(E) in paragraph (8)(A)— 
(i) in clause (i), by inserting ‘‘or (l)’’ 
after ‘‘subsection (a)(9)(B)’’; and 
(ii) in clause (ii), by inserting ‘‘(sub-
ject to adjustment under subsection (l))’’ 
after ‘‘$3’’; and 
(F) in paragraph (9)— 
(i) in subparagraph (A)—
715 
(I) in the matter preceding clause 
(i), by inserting ‘‘and subject to adjust-
ment under subsection (l)’’ after ‘‘Tar-
iff Act of 1930’’; and 
(II) in clause (ii)(I), by inserting 
‘‘(subject to adjustment under sub-
section (l))’’ after ‘‘bill of lading’’; and 
(ii) in subparagraph (B)(i), by insert-
ing ‘‘(subject to adjustment under subsection 
(l))’’ after ‘‘bill of lading’’. 
SEC. 32202. ELIMINATION OF SURPLUS FUNDS OF FEDERAL 
RESERVE BANKS. 
(a) ELIMINATION OF SURPLUS FUNDS.—Section 7 of 
the Federal Reserve Act (12 U.S.C. 289 et seq.) is amend-
ed— 
(1) in subsection (a)— 
(A) in the heading of such subsection, by 
striking ‘‘AND SURPLUS FUNDS’’; and 
(B) in paragraph (2), by striking ‘‘depos-
ited in the surplus fund of the bank’’ and insert-
ing ‘‘transferred to the Board of Governors of the 
Federal Reserve System for transfer to the Sec-
retary of the Treasury for deposit in the general 
fund of the Treasury’’; and
716 
(2) by striking the first subsection (b) (relating 
to a transfer for fiscal year 2000). 
(b) TRANSFER TO THE TREASURY.—The Federal re-
serve banks shall transfer all of the funds of the surplus 
funds of such banks to the Board of Governors of the Federal 
Reserve System for transfer to the Secretary of the Treasury 
for deposit in the general fund of the Treasury. 
SEC. 32203. STRATEGIC PETROLEUM RESERVE DRAWDOWN 
AND SALE. 
(a) DRAWDOWN AND SALE.— 
(1) IN GENERAL.—Notwithstanding section 161 
of the Energy Policy and Conservation Act (42 U.S.C. 
6241), except as provided in subsections (b) and (c), 
the Secretary of Energy shall drawdown and sell from 
the Strategic Petroleum Reserve— 
(A) the quantity of barrels of crude oil that 
the Secretary of Energy determines to be appro-
priate to maximize the financial return to 
United States taxpayers for each of fiscal years 
2016 and 2017; 
(B) 4,000,000 barrels of crude oil during 
fiscal year 2018; 
(C) 5,000,000 barrels of crude oil during 
fiscal year 2019;
717 
(D) 8,000,000 barrels of crude oil during 
fiscal year 2020; 
(E) 8,000,000 barrels of crude oil during 
fiscal year 2021; 
(F) 10,000,000 barrels of crude oil during 
fiscal year 2022; 
(G) 16,000,000 barrels of crude oil during 
fiscal year 2023; 
(H) 25,000,000 barrels of crude oil during 
fiscal year 2024; and 
(I) 25,000,000 barrels of crude oil during 
fiscal year 2025. 
(2) DEPOSIT
OF
AMOUNTS
RECEIVED
FROM 
SALE.—Amounts received from a sale under para-
graph (1) shall be deposited in the general fund of the 
Treasury during the fiscal year in which the sale oc-
curs. 
(b) EMERGENCY PROTECTION.—In any 1 fiscal year 
described in subsection (a)(1), the Secretary of Energy shall 
not drawdown and sell crude oil under this section in quan-
tities that would result in a Strategic Petroleum Reserve 
that contains an inventory of petroleum products rep-
resenting fewer than 90 days of emergency reserves, based 
on the average daily level of net imports of crude oil and
718 
petroleum products in the calendar year preceding that fis-
cal year. 
(c) INCREASE; LIMITATION.— 
(1) INCREASE.—The Secretary of Energy may 
increase the drawdown and sales under subpara-
graphs (A) through (I) of subsection (a)(1) as the Sec-
retary of Energy determines to be appropriate to 
maximize the financial return to United States tax-
payers. 
(2) LIMITATION.—The Secretary of Energy shall 
not drawdown or conduct sales of crude oil under this 
section after the date on which a total of 
$9,050,000,000 has been deposited in the general fund 
of the Treasury from sales authorized under this sec-
tion. 
Subtitle C—Outlays 
SEC. 32301. INTEREST ON OVERPAYMENT. 
Section 111 of the Federal Oil and Gas Royalty Man-
agement Act of 1982 (30 U.S.C. 1721) is amended— 
(1) by striking subsections (h) and (i); 
(2) by redesignating subsections (j) through (l) 
as subsections (h) through (j), respectively; and 
(3) in subsection (h) (as so redesignated), by 
striking the fourth sentence.
719 
DIVISION D—MISCELLANEOUS 
TITLE XLI—FEDERAL 
PERMITTING IMPROVEMENT 
SEC. 41001. DEFINITIONS. 
In this title: 
(1) AGENCY.—The term ‘‘agency’’ has the mean-
ing given the term in section 551 of title 5, United 
States Code. 
(2) 
AGENCY
CERPO.—The 
term 
‘‘agency 
CERPO’’ means the chief environmental review and 
permitting officer of an agency, as designated by the 
head 
of 
the 
agency 
under 
section 
41002(b)(2)(A)(iii)(I). 
(3) AUTHORIZATION.—The term ‘‘authorization’’ 
means any license, permit, approval, finding, deter-
mination, or other administrative decision issued by 
an agency that is required or authorized under Fed-
eral law in order to site, construct, reconstruct, or 
commence operations of a covered project, whether ad-
ministered by a Federal or State agency. 
(4) COOPERATING AGENCY.—The term ‘‘cooper-
ating agency’’ means any agency with— 
(A) jurisdiction under Federal law; or 
(B) special expertise as described in section 
1501.6 of title 40, Code of Federal Regulations
720 
(as in effect on the date of enactment of this 
Act). 
(5) COUNCIL.—The term ‘‘Council’’ means the 
Federal 
Infrastructure 
Permitting 
Improvement 
Steering Council established under section 41002(a). 
(6) COVERED PROJECT.— 
(A) IN
GENERAL.—The term ‘‘covered 
project’’ means any activity in the United States 
that requires authorization or environmental re-
view by a Federal agency involving construction 
of infrastructure for renewable or conventional 
energy production, electricity transmission, sur-
face transportation, aviation, ports and water-
ways, water resource projects, broadband, pipe-
lines, manufacturing, or any other sector as de-
termined by a majority vote of the Council 
that— 
(i)(I) is subject to NEPA; 
(II) is likely to require a total invest-
ment of more than $200,000,000; and 
(III) does not qualify for abbreviated 
authorization or environmental review proc-
esses under any applicable law; or 
(ii) is subject to NEPA and the size 
and complexity of which, in the opinion of
721 
the Council, make the project likely to ben-
efit from enhanced oversight and coordina-
tion, including a project likely to require— 
(I) authorization from or environ-
mental review involving more than 2 
Federal agencies; or 
(II) the preparation of an envi-
ronmental impact statement under 
NEPA. 
(B) 
EXCLUSION.—The 
term 
‘‘covered 
project’’ does not include— 
(i) any project subject to section 139 of 
title 23, United States Code; or 
(ii) any project subject to section 2045 
of the Water Resources Development Act of 
2007 (33 U.S.C. 2348). 
(7) DASHBOARD.—The term ‘‘Dashboard’’ means 
the Permitting Dashboard required under section 
41003(b). 
(8) ENVIRONMENTAL
ASSESSMENT.—The term 
‘‘environmental assessment’’ means a concise public 
document for which a Federal agency is responsible 
under section 1508.9 of title 40, Code of Federal Reg-
ulations (or successor regulations). 
(9) ENVIRONMENTAL DOCUMENT.—
722 
(A) IN
GENERAL.—The term ‘‘environ-
mental document’’ means an environmental as-
sessment, finding of no significant impact, notice 
of intent, environmental impact statement, or 
record of decision. 
(B) INCLUSIONS.—The term ‘‘environmental 
document’’ includes— 
(i) any document that is a supplement 
to a document described in subparagraph 
(A); and 
(ii) a document prepared pursuant to 
a court order. 
(10) ENVIRONMENTAL IMPACT STATEMENT.—The 
term ‘‘environmental impact statement’’ means the 
detailed written statement required under section 
102(2)(C) of NEPA. 
(11) ENVIRONMENTAL REVIEW.—The term ‘‘envi-
ronmental review’’ means the agency procedures and 
processes for applying a categorical exclusion or for 
preparing an environmental assessment, an environ-
mental impact statement, or other document required 
under NEPA. 
(12) EXECUTIVE DIRECTOR.—The term ‘‘Execu-
tive Director’’ means the Executive Director ap-
723 
pointed 
by 
the 
President 
under 
section 
41002(b)(1)(A). 
(13) FACILITATING AGENCY.—The term ‘‘facili-
tating agency’’ means the agency that receives the ini-
tial notification from the project sponsor required 
under section 41003(a). 
(14) INVENTORY.—The term ‘‘inventory’’ means 
the inventory of covered projects established by the 
Executive Director under section 41002(c)(1)(A). 
(15) LEAD
AGENCY.—The term ‘‘lead agency’’ 
means the agency with principal responsibility for an 
environmental review of a covered project under 
NEPA and parts 1500 through 1508 of title 40, Code 
of Federal Regulations (or successor regulations). 
(16) NEPA.—The term ‘‘NEPA’’ means the Na-
tional Environmental Policy Act of 1969 (42 U.S.C. 
4321 et seq.). 
(17) PARTICIPATING AGENCY.—The term ‘‘par-
ticipating agency’’ means an agency participating in 
an environmental review or authorization for a cov-
ered project in accordance with section 41003. 
(18) PROJECT
SPONSOR.—The term ‘‘project 
sponsor’’ means an entity, including any private, 
public, or public-private entity, seeking an authoriza-
tion for a covered project.
724 
SEC. 41002. FEDERAL PERMITTING IMPROVEMENT COUN-
CIL. 
(a) ESTABLISHMENT.—There is established the Federal 
Permitting Improvement Steering Council. 
(b) COMPOSITION.— 
(1) CHAIR.—The Executive Director shall— 
(A) be appointed by the President; and 
(B) serve as Chair of the Council. 
(2) COUNCIL MEMBERS.— 
(A) IN GENERAL.— 
(i) DESIGNATION BY HEAD OF AGEN-
CY.—Each individual listed in subpara-
graph (B) shall designate a member of the 
agency in which the individual serves to 
serve on the Council. 
(ii) QUALIFICATIONS.—A councilmem- 
ber described in clause (i) shall hold a posi-
tion in the agency of deputy secretary (or 
the equivalent) or higher. 
(iii) SUPPORT.— 
(I) IN GENERAL.—Consistent with 
guidance provided by the Director of 
the Office of Management and Budget, 
each individual listed in subparagraph 
(B) shall designate 1 or more appro-
priate members of the agency in which
725 
the individual serves to serve as an 
agency CERPO. 
(II) 
REPORTING.—In 
carrying 
out the duties of the agency CERPO 
under this title, an agency CERPO 
shall report directly to a deputy sec-
retary (or the equivalent) or higher. 
(B) HEADS OF AGENCIES.—The individuals 
that shall each designate a councilmember under 
this subparagraph are as follows: 
(i) The Secretary of Agriculture. 
(ii) The Secretary of the Army. 
(iii) The Secretary of Commerce. 
(iv) The Secretary of the Interior. 
(v) The Secretary of Energy. 
(vi) The Secretary of Transportation. 
(vii) The Secretary of Defense. 
(viii) The Chairman of the Federal 
Energy Regulatory Commission. 
(ix) The Chairman of the Nuclear Reg-
ulatory Commission. 
(x) The Secretary of Homeland Secu-
rity. 
(xi) The Secretary of Housing and 
Urban Development.
726 
(xii) The Chairman of the Advisory 
Council on Historic Preservation. 
(xiii) Any other head of a Federal 
agency that the Executive Director may in-
vite to participate as a member of the 
Council. 
(3) ADDITIONAL MEMBERS.—In addition to the 
members listed in paragraphs (1) and (2), the Chair-
man of the Council on Environmental Quality and 
the Director of the Office of Management and Budget 
shall also be members of the Council. 
(c) DUTIES.— 
(1) EXECUTIVE DIRECTOR.— 
(A) INVENTORY DEVELOPMENT.—The Exec-
utive Director, in consultation with the Council, 
shall— 
(i) not later than 180 days after the 
date of enactment of this Act, establish an 
inventory of covered projects that are pend-
ing the environmental review or authoriza-
tion of the head of any Federal agency; 
(ii)(I) categorize the projects in the in-
ventory as appropriate, based on sector and 
project type; and
727 
(II) for each category, identify the 
types of environmental reviews and author-
izations most commonly involved; and 
(iii) add a covered project to the inven-
tory after receiving a notice described in 
section 41003(a)(1). 
(B) FACILITATING AGENCY DESIGNATION.— 
The Executive Director, in consultation with the 
Council, shall— 
(i) designate a facilitating agency for 
each category of covered projects described 
in subparagraph (A)(ii); and 
(ii) publish the list of designated facili-
tating agencies for each category of projects 
in the inventory on the Dashboard in an 
easily accessible format. 
(C) PERFORMANCE SCHEDULES.— 
(i) IN
GENERAL.—Not later than 1 
year after the date of enactment of this Act, 
the Executive Director, in consultation with 
the Council, shall develop recommended per-
formance schedules, including intermediate 
and final completion dates, for environ-
mental reviews and authorizations most 
commonly required for each category of cov-
728 
ered projects described in subparagraph 
(A)(ii). 
(ii) REQUIREMENTS.— 
(I) IN
GENERAL.—The perform-
ance schedules shall reflect employment 
of the use of the most efficient applica-
ble processes. 
(II) LIMIT.— 
(aa) IN GENERAL.—The final 
completion dates in any perform-
ance schedule for the completion of 
an environmental review or au-
thorization under clause (i) shall 
not exceed the average time to 
complete an environmental review 
or authorization for a project 
within that category. 
(bb) CALCULATION OF AVER-
AGE TIME.—The average time re-
ferred to in item (aa) shall be cal-
culated on the basis of data from 
the preceding 2 calendar years 
and shall run from the period be-
ginning on the date on which the 
Executive Director must make a
729 
specific entry for the project on 
the 
Dashboard 
under 
section 
41003(b)(2) 
(except 
that, 
for 
projects initiated before that duty 
takes effect, the period beginning 
on the date of filing of a com-
pleted application), and ending 
on the date of the issuance of a 
record of decision or other final 
agency action on the review or 
authorization. 
(cc) COMPLETION
DATE.— 
Each performance schedule shall 
specify that any decision by an 
agency on an environmental re-
view or authorization must be 
issued not later than 180 days 
after the date on which all infor-
mation needed to complete the re-
view or authorization (including 
any hearing that an agency holds 
on the matter) is in the possession 
of the agency. 
(iii) 
REVIEW
AND
REVISION.—Not 
later than 2 years after the date on which
730 
the performance schedules are established 
under this subparagraph, and not less fre-
quently than once every 2 years thereafter, 
the Executive Director, in consultation with 
the Council, shall review and revise the per-
formance schedules. 
(D) GUIDANCE.—The Executive Director, in 
consultation with the Council, may recommend 
to the Director of the Office of Management and 
Budget or to the Council on Environmental 
Quality, as appropriate, that guidance be issued 
as necessary for agencies— 
(i) to carry out responsibilities under 
this title; and 
(ii) to effectuate the adoption by agen-
cies of the best practices and recommenda-
tions of the Council described in paragraph 
(2). 
(2) COUNCIL.— 
(A) RECOMMENDATIONS.— 
(i) IN
GENERAL.—The Council shall 
make recommendations to the Executive Di-
rector with respect to the designations under 
paragraph (1)(B) and the performance 
schedules under paragraph (1)(C).
731 
(ii) UPDATE.—The Council may up-
date the recommendations described in 
clause (i). 
(B) BEST
PRACTICES.—Not later than 1 
year after the date of enactment of this Act, and 
not less frequently than annually thereafter, the 
Council shall issue recommendations on the best 
practices for— 
(i) enhancing early stakeholder engage-
ment, including fully considering and, as 
appropriate, 
incorporating 
recommenda-
tions provided in public comments on any 
proposed covered project; 
(ii) ensuring timely decisions regard-
ing environmental reviews and authoriza-
tions, including through the development of 
performance metrics; 
(iii) improving coordination between 
Federal and non-Federal governmental enti-
ties, including through the development of 
common data standards and terminology 
across agencies; 
(iv) increasing transparency; 
(v) reducing information collection re-
quirements and other administrative bur-
732 
dens on agencies, project sponsors, and other 
interested parties; 
(vi) developing and making available 
to applicants appropriate geographic infor-
mation systems and other tools; 
(vii) creating and distributing train-
ing materials useful to Federal, State, trib-
al, and local permitting officials; and 
(viii) addressing other aspects of infra-
structure permitting, as determined by the 
Council. 
(3) AGENCY
CERPOS.—An agency CERPO 
shall— 
(A) 
advise 
the 
respective 
agency 
councilmember on matters related to environ-
mental reviews and authorizations; 
(B) provide technical support, when re-
quested to facilitate efficient and timely processes 
for environmental reviews and authorizations for 
covered projects under the jurisdictional respon-
sibility of the agency, including supporting time-
ly identification and resolution of potential dis-
putes within the agency or between the agency 
and other Federal agencies;
733 
(C) analyze agency environmental review 
and authorization processes, policies, and au-
thorities and make recommendations to the re-
spective agency councilmember for ways to 
standardize, simplify, and improve the efficiency 
of the processes, policies, and authorities, includ-
ing by implementing guidance issued under 
paragraph (1)(D) and other best practices, in-
cluding the use of information technology and 
geographic information system tools within the 
agency and across agencies, to the extent con-
sistent with existing law; and 
(D) review and develop training programs 
for agency staff that support and conduct envi-
ronmental reviews or authorizations. 
(d) ADMINISTRATIVE SUPPORT.—The Director of the 
Office of Management and Budget shall designate a Federal 
agency, other than an agency that carries out or provides 
support for projects that are not covered projects, to provide 
administrative support for the Executive Director, and the 
designated agency shall, as reasonably necessary, provide 
support and staff to enable the Executive Director to fulfill 
the duties of the Executive Director under this title.
734 
SEC. 41003. PERMITTING PROCESS IMPROVEMENT. 
(a) PROJECT INITIATION AND DESIGNATION OF PAR-
TICIPATING AGENCIES.— 
(1) NOTICE.— 
(A) IN GENERAL.—A project sponsor of a 
covered project shall submit to the Executive Di-
rector and the facilitating agency notice of the 
initiation of a proposed covered project. 
(B) DEFAULT
DESIGNATION.—If, at the 
time of submission of the notice under subpara-
graph (A), the Executive Director has not des-
ignated a facilitating agency under section 
41002(c)(1)(B) for the categories of projects no-
ticed, the agency that receives the notice under 
subparagraph (A) shall be designated as the fa-
cilitating agency. 
(C) CONTENTS.—Each notice described in 
subparagraph (A) shall include— 
(i) a statement of the purposes and ob-
jectives of the proposed project; 
(ii) a concise description, including the 
general location of the proposed project and 
a summary of geospatial information, if 
available, illustrating the project area and 
the locations, if any, of environmental, cul-
tural, and historic resources;
735 
(iii) a statement regarding the tech-
nical and financial ability of the project 
sponsor to construct the proposed project; 
(iv) a statement of any Federal financ-
ing, environmental reviews, and authoriza-
tions anticipated to be required to complete 
the proposed project; and 
(v) an assessment that the proposed 
project meets the definition of a covered 
project under section 41001 and a statement 
of reasons supporting the assessment. 
(2) INVITATION.— 
(A) IN GENERAL.—Not later than 45 days 
after the date on which the Executive Director 
must make a specific entry for the project on the 
Dashboard under subsection (b)(2)(A), the facili-
tating agency or lead agency, as applicable, 
shall— 
(i) identify all Federal and non-Fed-
eral agencies and governmental entities like-
ly to have financing, environmental review, 
authorization, or other responsibilities with 
respect to the proposed project; and 
(ii) invite all Federal agencies identi-
fied under clause (i) to become a partici-
736 
pating agency or a cooperating agency, as 
appropriate, in the environmental review 
and authorization management process de-
scribed in section 41005. 
(B) DEADLINES.—Each invitation made 
under subparagraph (A) shall include a deadline 
for a response to be submitted to the facilitating 
or lead agency, as applicable. 
(3) PARTICIPATING
AND
COOPERATING
AGEN-
CIES.— 
(A) IN GENERAL.—An agency invited under 
paragraph (2) shall be designated as a partici-
pating or cooperating agency for a covered 
project, unless the agency informs the facilitating 
or lead agency, as applicable, in writing before 
the deadline under paragraph (2)(B) that the 
agency— 
(i) has no jurisdiction or authority 
with respect to the proposed project; or 
(ii) does not intend to exercise author-
ity related to, or submit comments on, the 
proposed project. 
(B) CHANGED
CIRCUMSTANCES.—On re-
quest and a showing of changed circumstances, 
the Executive Director may designate an agency
737 
that has opted out under subparagraph (A)(ii) to 
be a participating or cooperating agency, as ap-
propriate. 
(4) EFFECT OF DESIGNATION.—The designation 
described in paragraph (3) shall not— 
(A) give the participating agency authority 
or jurisdiction over the covered project; or 
(B) expand any jurisdiction or authority a 
cooperating agency may have over the proposed 
project. 
(5) LEAD AGENCY DESIGNATION.— 
(A) IN GENERAL.—On establishment of the 
lead agency, the lead agency shall assume the re-
sponsibilities of the facilitating agency under 
this title. 
(B) 
REDESIGNATION
OF
FACILITATING 
AGENCY.—If the lead agency assumes the respon-
sibilities of the facilitating agency under sub-
paragraph (A), the facilitating agency may be 
designated as a cooperative or participating 
agency. 
(6) CHANGE OF FACILITATING OR LEAD AGEN-
CY.— 
(A) IN GENERAL.—On the request of a par-
ticipating agency or project sponsor, the Execu-
738 
tive Director may designate a different agency as 
the facilitating or lead agency, as applicable, for 
a covered project, if the facilitating or lead agen-
cy or the Executive Director receives new infor-
mation regarding the scope or nature of a cov-
ered project that indicates that the project should 
be placed in a different category under section 
41002(c)(1)(B). 
(B) RESOLUTION OF DISPUTE.—The Execu-
tive Director shall resolve any dispute over des-
ignation of a facilitating or lead agency for a 
particular covered project. 
(b) PERMITTING DASHBOARD.— 
(1) REQUIREMENT TO MAINTAIN.— 
(A) IN GENERAL.—The Executive Director, 
in coordination with the Administrator of Gen-
eral Services, shall maintain an online database 
to be known as the ‘‘Permitting Dashboard’’ to 
track the status of Federal environmental reviews 
and authorizations for any covered project in the 
inventory described in section 41002(c)(1)(A). 
(B) SPECIFIC AND SEARCHABLE ENTRY.— 
The Dashboard shall include a specific and 
searchable entry for each covered project. 
(2) ADDITIONS.—
739 
(A) IN GENERAL.— 
(i) EXISTING
PROJECTS.—Not later 
than 14 days after the date on which the 
Executive Director adds a project to the in-
ventory under section 41002(c)(1)(A), the 
Executive Director shall create a specific 
entry on the Dashboard for the covered 
project. 
(ii) NEW PROJECTS.—Not later than 
14 days after the date on which the Execu-
tive Director receives a notice under sub-
section (a)(1), the Executive Director shall 
create a specific entry on the Dashboard for 
the covered project, unless the Executive Di-
rector, facilitating agency, or lead agency, 
as applicable, determines that the project is 
not a covered project. 
(B) 
EXPLANATION.—If 
the 
facilitating 
agency or lead agency, as applicable, determines 
that the project is not a covered project, the 
project sponsor may submit a further expla-
nation as to why the project is a covered project 
not later than 14 days after the date of the deter-
mination under subparagraph (A).
740 
(C) FINAL DETERMINATION.—Not later than 
14 days after receiving an explanation described 
in subparagraph (B), the Executive Director 
shall— 
(i) make a final and conclusive deter-
mination as to whether the project is a cov-
ered project; and 
(ii) if the Executive Director deter-
mines that the project is a covered project, 
create a specific entry on the Dashboard for 
the covered project. 
(3) POSTINGS BY AGENCIES.— 
(A) IN GENERAL.—For each covered project 
added to the Dashboard under paragraph (2), 
the facilitating or lead agency, as applicable, 
and each cooperating and participating agency 
shall post to the Dashboard— 
(i) a hyperlink that directs to a website 
that contains, to the extent consistent with 
applicable law— 
(I) 
the 
notification 
submitted 
under subsection (a)(1); 
(II)(aa) where practicable, the ap-
plication and supporting documents, if 
applicable, that have been submitted by
741 
a project sponsor for any required en-
vironmental review or authorization; 
or 
(bb) a notice explaining how the 
public may obtain access to such docu-
ments; 
(III) a description of any Federal 
agency action taken or decision made 
that materially affects the status of a 
covered project; 
(IV) any significant document 
that supports the action or decision de-
scribed in subclause (III); and 
(V) a description of the status of 
any litigation to which the agency is a 
party that is directly related to the 
project, including, if practicable, any 
judicial document made available on 
an electronic docket maintained by a 
Federal, State, or local court; and 
(ii) any document described in clause 
(i) that is not available by hyperlink on an-
other website. 
(B) DEADLINE.—The information described 
in subparagraph (A) shall be posted to the
742 
website made available by hyperlink on the 
Dashboard not later than 5 business days after 
the date on which the Federal agency receives the 
information. 
(4) POSTINGS BY THE EXECUTIVE DIRECTOR.— 
The Executive Director shall publish to the Dash-
board— 
(A) the permitting timetable established 
under subparagraph (A) or (C) of subsection 
(c)(2); 
(B) the status of the compliance of each 
agency with the permitting timetable; 
(C) any modifications of the permitting 
timetable; 
(D) an explanation of each modification de-
scribed in subparagraph (C); and 
(E) any memorandum of understanding es-
tablished under subsection (c)(3)(B). 
(c) COORDINATION AND TIMETABLES.— 
(1) COORDINATED PROJECT PLAN.— 
(A) IN GENERAL.—Not later than 60 days 
after the date on which the Executive Director 
must make a specific entry for the project on the 
Dashboard under subsection (b)(2)(A), the facili-
tating or lead agency, as applicable, in consulta-
743 
tion with each coordinating and participating 
agency, shall establish a concise plan for coordi-
nating public and agency participation in, and 
completion of, any required Federal environ-
mental review and authorization for the project. 
(B) REQUIRED INFORMATION.—The Coordi-
nated Project Plan shall include the following in-
formation and be updated by the facilitating or 
lead agency, as applicable, at least once per 
quarter: 
(i) A list of, and roles and responsibil-
ities for, all entities with environmental re-
view or authorization responsibility for the 
project. 
(ii) A permitting timetable, as de-
scribed in paragraph (2), setting forth a 
comprehensive schedule of dates by which all 
environmental reviews and authorizations, 
and to the maximum extent practicable, 
State permits, reviews and approvals must 
be made. 
(iii) A discussion of potential avoid-
ance, minimization, and mitigation strate-
gies, if required by applicable law and 
known.
744 
(iv) Plans and a schedule for public 
and tribal outreach and coordination, to the 
extent required by applicable law. 
(C) MEMORANDUM OF UNDERSTANDING.— 
The coordinated project plan described in sub-
paragraph (A) may be incorporated into a 
memorandum of understanding. 
(2) PERMITTING TIMETABLE.— 
(A) ESTABLISHMENT.— 
(i) IN GENERAL.—As part of the co-
ordination project plan under paragraph 
(1), the facilitating or lead agency, as ap-
plicable, in consultation with each cooper-
ating and participating agency, the project 
sponsor, and any State in which the project 
is located, shall establish a permitting time-
table that includes intermediate and final 
completion dates for action by each partici-
pating agency on any Federal environ-
mental review or authorization required for 
the project. 
(ii) CONSENSUS.—In establishing a 
permitting timetable under clause (i), each 
agency shall, to the maximum extent prac-
ticable, make efforts to reach a consensus.
745 
(B) FACTORS FOR CONSIDERATION.—In es-
tablishing the permitting timetable under sub-
paragraph (A), the facilitating or lead agency 
shall follow the performance schedules established 
under section 41002(c)(1)(C), but may vary the 
timetable based on relevant factors, including— 
(i) the size and complexity of the cov-
ered project; 
(ii) the resources available to each par-
ticipating agency; 
(iii) the regional or national economic 
significance of the project; 
(iv) the sensitivity of the natural or 
historic resources that may be affected by 
the project; 
(v) the financing plan for the project; 
and 
(vi) the extent to which similar 
projects in geographic proximity to the 
project were recently subject to environ-
mental review or similar procedures under 
State law. 
(C) DISPUTE RESOLUTION.— 
(i) IN GENERAL.—The Executive Di-
rector, in consultation with appropriate
746 
agency CERPOs and the project sponsor, 
shall, as necessary, mediate any disputes re-
garding the permitting timetable established 
under subparagraph (A). 
(ii) DISPUTES.—If a dispute remains 
unresolved 30 days after the date on which 
the dispute was submitted to the Executive 
Director, the Director of the Office of Man-
agement and Budget, in consultation with 
the Chairman of the Council on Environ-
mental Quality, shall facilitate a resolution 
of the dispute and direct the agencies party 
to the dispute to resolve the dispute by the 
end of the 60-day period beginning on the 
date of submission of the dispute to the Ex-
ecutive Director. 
(iii) FINAL RESOLUTION.—Any action 
taken by the Director of the Office of Man-
agement and Budget in the resolution of a 
dispute under clause (ii) shall— 
(I) be final and conclusive; and 
(II) not be subject to judicial re-
view. 
(D) MODIFICATION AFTER APPROVAL.—
747 
(i) IN GENERAL.—The facilitating or 
lead agency, as applicable, may modify a 
permitting timetable established under sub-
paragraph (A) only if— 
(I) the facilitating or lead agency, 
as applicable, and the affected cooper-
ating agencies, after consultation with 
the participating agencies and the 
project sponsor, agree to a different 
completion date; 
(II) the facilitating agency or lead 
agency, as applicable, or the affected 
cooperating agency provides a written 
justification for the modification; and 
(III) in the case of a modification 
that would necessitate an extension of 
a final completion date under a per-
mitting timetable established under 
subparagraph (A) to a date more than 
30 days after the final completion date 
originally established under subpara-
graph (A), the facilitating or lead 
agency submits a request to modify the 
permitting timetable to the Executive 
Director, who shall consult with the
748 
project sponsor and make a determina-
tion on the record, based on consider-
ation of the relevant factors described 
under subparagraph (B), whether to 
grant the facilitating or lead agency, 
as applicable, authority to make such 
modification. 
(ii) COMPLETION DATE.—A completion 
date in the permitting timetable may not be 
modified within 30 days of the completion 
date. 
(iii) LIMITATION ON LENGTH OF MODI-
FICATIONS.— 
(I) IN GENERAL.—Except as pro-
vided in subclause (II), the total length 
of all modifications to a permitting 
timetable authorized or made under 
this subparagraph, other than for rea-
sons outside the control of Federal, 
State, local, or tribal governments, 
may not extend the permitting time-
table for a period of time greater than 
half of the amount of time from the es-
tablishment of the permitting timetable 
under subparagraph (A) to the last
749 
final completion date originally estab-
lished under subparagraph (A). 
(II) ADDITIONAL
EXTENSIONS.— 
The Director of the Office of Manage-
ment and Budget, after consultation 
with the project sponsor, may permit 
the Executive Director to authorize ad-
ditional extensions of a permitting 
timetable beyond the limit prescribed 
by subclause (I). In such a case, the 
Director of the Office of Management 
and Budget shall transmit, not later 
than 5 days after making a determina-
tion to permit an authorization of ex-
tension under this subclause, a report 
to Congress explaining why such modi-
fication is required. Such report shall 
explain to Congress with specificity 
why the original permitting timetable 
and the modifications authorized by 
the Executive Director failed to be ade-
quate. The lead or facilitating agency, 
as applicable, shall transmit to Con-
gress, the Director of the Office of Man-
agement and Budget, and the Execu-
750 
tive Director a supplemental report on 
progress toward the final completion 
date each year thereafter, until the per-
mit review is completed or the project 
sponsor withdraws its notice or appli-
cation or other request to which this 
title applies under section 41010. 
(iv) LIMITATION
ON
JUDICIAL
RE-
VIEW.—The following shall not be subject to 
judicial review: 
(I) A determination by the Execu-
tive Director under clause (i)(III). 
(II) A determination under clause 
(iii)(II) by the Director of the Office of 
Management and Budget to permit the 
Executive Director to authorize exten-
sions of a permitting timetable. 
(E) CONSISTENCY WITH OTHER TIME PERI-
ODS.—A permitting timetable established under 
subparagraph (A) shall be consistent with any 
other relevant time periods established under 
Federal law and shall not prevent any cooper-
ating or participating agency from discharging 
any obligation under Federal law in connection 
with the project.
751 
(F) CONFORMING
TO
PERMITTING
TIME-
TABLES.— 
(i) IN GENERAL.—Each Federal agency 
shall conform to the completion dates set 
forth in the permitting timetable established 
under subparagraph (A), or with any com-
pletion date modified under subparagraph 
(D). 
(ii) FAILURE TO CONFORM.—If a Fed-
eral agency fails to conform with a comple-
tion date for agency action on a covered 
project or is at significant risk of failing to 
conform with such a completion date, the 
agency shall— 
(I) promptly submit to the Execu-
tive Director for publication on the 
Dashboard an explanation of the spe-
cific reasons for failing or significantly 
risking failing to conform to the com-
pletion date and a proposal for an al-
ternative completion date; 
(II) in consultation with the fa-
cilitating or lead agency, as applicable, 
establish an alternative completion 
date; and
752 
(III) each month thereafter until 
the agency has taken final action on 
the delayed authorization or review, 
submit to the Executive Director for 
posting on the Dashboard a status re-
port describing any agency activity re-
lated to the project. 
(G) 
ABANDONMENT
OF
COVERED 
PROJECT.— 
(i) IN GENERAL.—If the facilitating or 
lead agency, as applicable, has a reasonable 
basis to doubt the continuing technical or 
financial ability of the project sponsor to 
construct the covered project, the facilitating 
or lead agency may request the project 
sponsor provide an updated statement re-
garding the ability of the project sponsor to 
complete the project. 
(ii) FAILURE
TO
RESPOND.—If the 
project sponsor fails to respond to a request 
described in clause (i) by the date that is 30 
days after receiving the request, the lead or 
facilitating agency, as applicable, shall no-
tify the Executive Director, who shall pub-
753 
lish an appropriate notice on the Dash-
board. 
(iii) PUBLICATION TO DASHBOARD.— 
On publication of a notice under clause (ii), 
the completion dates in the permitting time-
table shall be tolled and agencies shall be re-
lieved of the obligation to comply with sub-
paragraph (F) until such time as the 
project sponsor submits to the facilitating or 
lead agency, as applicable, an updated 
statement regarding the technical and fi-
nancial ability of the project sponsor to con-
struct the project. 
(3) COOPERATING
STATE, LOCAL, OR
TRIBAL 
GOVERNMENTS.— 
(A) STATE AUTHORITY.—If the Federal en-
vironmental review is being implemented within 
the boundaries of a State, the State, consistent 
with State law, may choose to participate in the 
environmental review and authorization process 
under this subsection and to make subject to the 
process all State agencies that— 
(i) have jurisdiction over the covered 
project;
754 
(ii) are required to conduct or issue a 
review, analysis, opinion, or statement for 
the covered project; or 
(iii) are required to make a determina-
tion on issuing a permit, license, or other 
approval or decision for the covered project. 
(B) COORDINATION.—To the maximum ex-
tent practicable under applicable law, the facili-
tating or lead agency, as applicable, shall coordi-
nate the Federal environmental review and au-
thorization processes under this subsection with 
any State, local, or tribal agency responsible for 
conducting any separate review or authorization 
of the covered project to ensure timely and effi-
cient completion of environmental reviews and 
authorizations. 
(C) MEMORANDUM OF UNDERSTANDING.— 
(i) IN
GENERAL.—Any coordination 
plan between the facilitating or lead agency, 
as applicable, and any State, local, or trib-
al agency shall, to the maximum extent 
practicable, be included in a memorandum 
of understanding. 
(ii) SUBMISSION TO EXECUTIVE DIREC-
TOR.—The facilitating or lead agency, as
755 
applicable, shall submit to the Executive 
Director each memorandum of under-
standing described in clause (i). 
(d) EARLY CONSULTATION.—The facilitating or lead 
agency, as applicable, shall provide an expeditious process 
for project sponsors to confer with each cooperating and 
participating agency involved and, not later than 60 days 
after the date on which the project sponsor submits a request 
under this subsection, to have each such agency provide to 
the project sponsor information concerning— 
(1) the availability of information and tools, in-
cluding pre-application toolkits, to facilitate early 
planning efforts; 
(2) key issues of concern to each agency and to 
the public; and 
(3) issues that must be addressed before an envi-
ronmental review or authorization can be completed. 
(e) COOPERATING AGENCY.— 
(1) IN GENERAL.—A lead agency may designate 
a participating agency as a cooperating agency in 
accordance with part 1501 of title 40, Code of Federal 
Regulations (or successor regulations). 
(2) EFFECT ON OTHER DESIGNATION.—The des-
ignation described in paragraph (1) shall not affect 
any designation under subsection (a)(3).
756 
(3) LIMITATION ON DESIGNATION.—Any agency 
not designated as a participating agency under sub-
section (a)(3) shall not be designated as a cooperating 
agency under paragraph (1). 
(f) REPORTING STATUS
OF OTHER PROJECTS
ON 
DASHBOARD.— 
(1) IN GENERAL.—On request of the Executive 
Director, the Secretary and the Secretary of the Army 
shall use best efforts to provide information for inclu-
sion on the Dashboard on projects subject to section 
139 of title 23, United States Code, and section 2045 
of the Water Resources Development Act of 2007 (33 
U.S.C. 2348) likely to require— 
(A) a total investment of more than 
$200,000,000; and 
(B) an environmental impact statement 
under NEPA. 
(2) EFFECT OF INCLUSION ON DASHBOARD.—In-
clusion on the Dashboard of information regarding 
projects subject to section 139 of title 23, United 
States Code, or section 2045 of the Water Resources 
Development Act of 2007 (33 U.S.C. 2348) shall not 
subject those projects to any requirements of this title.
757 
SEC. 41004. INTERSTATE COMPACTS. 
(a) IN GENERAL.—The consent of Congress is given 
for 3 or more contiguous States to enter into an interstate 
compact establishing regional infrastructure development 
agencies to facilitate authorization and review of covered 
projects, under State law or in the exercise of delegated per-
mitting authority described under section 41006, that will 
advance infrastructure development, production, and gen-
eration within the States that are parties to the compact. 
(b) REGIONAL INFRASTRUCTURE.—For the purpose of 
this title, a regional infrastructure development agency re-
ferred to in subsection (a) shall have the same authorities 
and responsibilities of a State agency. 
SEC. 41005. COORDINATION OF REQUIRED REVIEWS. 
(a) CONCURRENT REVIEWS.—To integrate environ-
mental reviews and authorizations, each agency shall, to the 
maximum extent practicable— 
(1) carry out the obligations of the agency with 
respect to a covered project under any other applica-
ble law concurrently, and in conjunction with, other 
environmental reviews and authorizations being con-
ducted by other cooperating or participating agencies, 
including environmental reviews and authorizations 
required under NEPA, unless the agency determines 
that doing so would impair the ability of the agency
758 
to carry out the statutory obligations of the agency; 
and 
(2) formulate and implement administrative, 
policy, and procedural mechanisms to enable the 
agency to ensure completion of the environmental re-
view process in a timely, coordinated, and environ-
mentally responsible manner. 
(b) ADOPTION, INCORPORATION BY REFERENCE, AND 
USE OF DOCUMENTS.— 
(1) STATE
ENVIRONMENTAL
DOCUMENTS; SUP-
PLEMENTAL DOCUMENTS.— 
(A) USE OF EXISTING DOCUMENTS.— 
(i) IN GENERAL.—On the request of a 
project sponsor, a lead agency shall consider 
and, as appropriate, adopt or incorporate 
by reference, the analysis and documenta-
tion that has been prepared for a covered 
project under State laws and procedures as 
the documentation, or part of the docu-
mentation, required to complete an environ-
mental review for the covered project, if the 
analysis and documentation were, as deter-
mined by the lead agency in consultation 
with the Council on Environmental Qual-
ity, prepared under circumstances that al-
759 
lowed for opportunities for public participa-
tion and consideration of alternatives and 
environmental consequences that are sub-
stantially equivalent to what would have 
been available had the documents and anal-
ysis been prepared by a Federal agency 
pursuant to NEPA. 
(ii) GUIDANCE BY CEQ.—The Council 
on Environmental Quality may issue guid-
ance to carry out this subsection. 
(B) NEPA 
OBLIGATIONS.—An environ-
mental document adopted under subparagraph 
(A) or a document that includes documentation 
incorporated under subparagraph (A) may serve 
as the documentation required for an environ-
mental review or a supplemental environmental 
review required to be prepared by a lead agency 
under NEPA. 
(C) SUPPLEMENTATION
OF
STATE
DOCU-
MENTS.—If the lead agency adopts or incor-
porates analysis and documentation described in 
subparagraph (A), the lead agency shall prepare 
and publish a supplemental document if the lead 
agency determines that during the period after
760 
preparation of the analysis and documentation 
and before the adoption or incorporation— 
(i) a significant change has been made 
to the covered project that is relevant for 
purposes of environmental review of the 
project; or 
(ii) there has been a significant cir-
cumstance or new information has emerged 
that is relevant to the environmental review 
for the covered project. 
(D) COMMENTS.—If a lead agency prepares 
and publishes a supplemental document under 
subparagraph (C), the lead agency shall solicit 
comments from other agencies and the public on 
the supplemental document for a period of not 
more than 45 days, beginning on the date on 
which the supplemental document is published, 
unless— 
(i) the lead agency, the project sponsor, 
and any cooperating agency agree to a 
longer deadline; or 
(ii) the lead agency extends the dead-
line for good cause. 
(E) NOTICE
OF
OUTCOME
OF
ENVIRON-
MENTAL REVIEW.—A lead agency shall issue a
761 
record of decision or finding of no significant 
impact, as appropriate, based on the document 
adopted under subparagraph (A) and any sup-
plemental document prepared under subpara-
graph (C). 
(c) ALTERNATIVES ANALYSIS.— 
(1) PARTICIPATION.—As early as practicable 
during the environmental review, but not later than 
the commencement of scoping for a project requiring 
the preparation of an environmental impact state-
ment, the lead agency, in consultation with each co-
operating agency, shall determine the range of reason-
able alternatives to be considered for a covered project. 
(2) RANGE OF ALTERNATIVES.— 
(A) IN GENERAL.—Following participation 
under paragraph (1) and subject to subpara-
graph (B), the lead agency shall determine the 
range of reasonable alternatives for consideration 
in any document that the lead agency is respon-
sible for preparing for the covered project. 
(B) ALTERNATIVES REQUIRED BY LAW.—In 
determining the range of alternatives under sub-
paragraph (A), the lead agency shall include all 
alternatives required to be considered by law. 
(3) METHODOLOGIES.—
762 
(A) IN GENERAL.—The lead agency shall 
determine, in collaboration with each cooper-
ating agency at appropriate times during the en-
vironmental review, the methodologies to be used 
and the level of detail required in the analysis 
of each alternative for a covered project. 
(B) ENVIRONMENTAL
REVIEW.—A cooper-
ating agency shall use the methodologies referred 
to in subparagraph (A) when conducting any re-
quired environmental review, to the extent con-
sistent with existing law. 
(4) PREFERRED ALTERNATIVE.—With the con-
currence of the cooperating agencies with jurisdiction 
under Federal law and at the discretion of the lead 
agency, the preferred alternative for a project, after 
being identified, may be developed to a higher level of 
detail than other alternatives to facilitate the develop-
ment of mitigation measures or concurrent compli-
ance with other applicable laws if the lead agency de-
termines that the development of the higher level of 
detail will not prevent— 
(A) the lead agency from making an impar-
tial decision as to whether to accept another al-
ternative that is being considered in the environ-
mental review; and
763 
(B) the public from commenting on the pre-
ferred and other alternatives. 
(d) ENVIRONMENTAL REVIEW COMMENTS.— 
(1) COMMENTS ON DRAFT ENVIRONMENTAL IM-
PACT STATEMENT.—For comments by an agency or 
the public on a draft environmental impact state-
ment, the lead agency shall establish a comment pe-
riod of not less than 45 days and not more than 60 
days after the date on which a notice announcing 
availability of the environmental impact statement is 
published in the Federal Register, unless— 
(A) the lead agency, the project sponsor, 
and any cooperating agency agree to a longer 
deadline; or 
(B) the lead agency, in consultation with 
each cooperating agency, extends the deadline for 
good cause. 
(2) OTHER REVIEW AND COMMENT PERIODS.— 
For all other review or comment periods in the envi-
ronmental review process described in parts 1500 
through 1508 of title 40, Code of Federal Regulations 
(or successor regulations), the lead agency shall estab-
lish a comment period of not more than 45 days after 
the date on which the materials on which comment is 
requested are made available, unless—
764 
(A) the lead agency, the project sponsor, 
and any cooperating agency agree to a longer 
deadline; or 
(B) the lead agency extends the deadline for 
good cause. 
(e) ISSUE IDENTIFICATION AND RESOLUTION.— 
(1) COOPERATION.—The lead agency and each 
cooperating and participating agency shall work co-
operatively in accordance with this section to identify 
and resolve issues that could delay completion of an 
environmental review or an authorization required 
for the project under applicable law or result in the 
denial of any approval under applicable law. 
(2) LEAD AGENCY RESPONSIBILITIES.— 
(A) IN GENERAL.—The lead agency shall 
make information available to each cooperating 
and participating agency and project sponsor as 
early as practicable in the environmental review 
regarding the environmental, historic, and socio-
economic resources located within the project 
area and the general locations of the alternatives 
under consideration. 
(B) SOURCES OF INFORMATION.—The infor-
mation described in subparagraph (A) may be
765 
based on existing data sources, including geo-
graphic information systems mapping. 
(3) COOPERATING AND PARTICIPATING AGENCY 
RESPONSIBILITIES.—Each cooperating and partici-
pating agency shall— 
(A) identify, as early as practicable, any 
issues of concern regarding any potential envi-
ronmental impacts of the covered project, includ-
ing any issues that could substantially delay or 
prevent an agency from completing any environ-
mental review or authorization required for the 
project; and 
(B) communicate any issues described in 
subparagraph (A) to the project sponsor. 
(f) CATEGORIES
OF
PROJECTS.—The authorities 
granted under this section may be exercised for an indi-
vidual covered project or a category of covered projects. 
SEC. 41006. DELEGATED STATE PERMITTING PROGRAMS. 
(a) IN GENERAL.—If a Federal statute permits a Fed-
eral agency to delegate to or otherwise authorize a State 
to issue or otherwise administer a permit program in lieu 
of the Federal agency, the Federal agency with authority 
to carry out the statute shall— 
(1) on publication by the Council of best prac-
tices under section 41002(c)(2)(B), initiate a national
766 
process, with public participation, to determine 
whether and the extent to which any of the best prac-
tices are generally applicable on a delegation- or au-
thorization-wide basis to permitting under the stat-
ute; and 
(2) not later than 2 years after the date of enact-
ment of this Act, make model recommendations for 
State modifications of the applicable permit program 
to reflect the best practices described in section 
41002(c)(2)(B), as appropriate. 
(b) BEST PRACTICES.—Lead and cooperating agencies 
may share with State, tribal, and local authorities best 
practices involved in review of covered projects and invite 
input from State, tribal, and local authorities regarding 
best practices. 
SEC. 41007. LITIGATION, JUDICIAL REVIEW, AND SAVINGS 
PROVISION. 
(a) LIMITATIONS ON CLAIMS.— 
(1) IN
GENERAL.—Notwithstanding any other 
provision of law, a claim arising under Federal law 
seeking judicial review of any authorization issued by 
a Federal agency for a covered project shall be barred 
unless— 
(A) the action is filed not later than 2 years 
after the date of publication in the Federal Reg-
767 
ister of the final record of decision or approval 
or denial of a permit, unless a shorter time is 
specified in the Federal law under which judicial 
review is allowed; and 
(B) in the case of an action pertaining to 
an 
environmental 
review 
conducted 
under 
NEPA— 
(i) the action is filed by a party that 
submitted a comment during the environ-
mental review or a party that lacked a rea-
sonable opportunity to submit a comment; 
and 
(ii) a party filed a sufficiently detailed 
comment so as to put the lead agency on 
notice of the issue on which the party seeks 
judicial review. 
(2) NEW INFORMATION.— 
(A) IN GENERAL.—The head of a lead agen-
cy or participating agency shall consider new 
information received after the close of a comment 
period if the information satisfies the require-
ments under regulations implementing NEPA. 
(B) SEPARATE ACTION.—If Federal law re-
quires the preparation of a supplemental envi-
ronmental impact statement or other supple-
768 
mental environmental document, the preparation 
of such document shall be considered a separate 
final agency action and the deadline for filing a 
claim for judicial review of the agency action 
shall be 2 years after the date on which a notice 
announcing the final agency action is published 
in the Federal Register, unless a shorter time is 
specified in the Federal law under which judicial 
review is allowed. 
(3) RULE OF CONSTRUCTION.—Nothing in this 
subsection creates a right to judicial review or places 
any limit on filing a claim that a person has violated 
the terms of an authorization. 
(b) PRELIMINARY INJUNCTIVE RELIEF.—In addition 
to considering any other applicable equitable factors, in any 
action seeking a temporary restraining order or prelimi-
nary injunction against an agency or a project sponsor in 
connection with review or authorization of a covered 
project, the court shall— 
(1) consider the effects on public health, safety, 
and the environment, the potential for significant job 
losses, and other economic harm resulting from an 
order or injunction; and 
(2) not presume that the harms described in 
paragraph (1) are reparable.
769 
(c) JUDICIAL REVIEW.—Except as provided in sub-
section (a), nothing in this title affects the reviewability of 
any final Federal agency action in a court of competent 
jurisdiction. 
(d) SAVINGS CLAUSE.—Nothing in this title— 
(1) supersedes, amends, or modifies any Federal 
statute or affects the responsibility of any Federal of-
ficer to comply with or enforce any statute; or 
(2) creates a presumption that a covered project 
will be approved or favorably reviewed by any agen-
cy. 
(e) LIMITATIONS.—Nothing in this section preempts, 
limits, or interferes with— 
(1) any practice of seeking, considering, or re-
sponding to public comment; or 
(2) any power, jurisdiction, responsibility, or 
authority that a Federal, State, or local governmental 
agency, metropolitan planning organization, Indian 
tribe, or project sponsor has with respect to carrying 
out a project or any other provisions of law applica-
ble to any project, plan, or program. 
SEC. 41008. REPORT TO CONGRESS. 
(a) IN GENERAL.—Not later than April 15 of each 
year for 10 years beginning on the date of enactment of 
this Act, the Executive Director shall submit to Congress
770 
a report detailing the progress accomplished under this title 
during the previous fiscal year. 
(b) CONTENTS.—The report described in subsection (a) 
shall assess the performance of each participating agency 
and lead agency based on the best practices described in 
section 41002(c)(2)(B). 
(c) OPPORTUNITY TO INCLUDE COMMENTS.—Each 
councilmember, with input from the respective agency 
CERPO, shall have the opportunity to include comments 
concerning the performance of the agency in the report de-
scribed in subsection (a). 
SEC. 41009. FUNDING FOR GOVERNANCE, OVERSIGHT, AND 
PROCESSING OF ENVIRONMENTAL REVIEWS 
AND PERMITS. 
(a) IN GENERAL.—The heads of agencies listed in sec-
tion 41002(b)(2)(B), with the guidance of the Director of 
the Office of Management and Budget and in consultation 
with the Executive Director, may, after public notice and 
opportunity for comment, issue regulations establishing a 
fee structure for project proponents to reimburse the United 
States for reasonable costs incurred in conducting environ-
mental reviews and authorizations for covered projects. 
(b) REASONABLE COSTS.—As used in this section, the 
term ‘‘reasonable costs’’ shall include costs to implement the 
requirements and authorities required under sections 41002
771 
and 41003, including the costs to agencies and the costs of 
operating the Council. 
(c) FEE STRUCTURE.—The fee structure established 
under subsection (a) shall— 
(1) be developed in consultation with affected 
project proponents, industries, and other stakeholders; 
(2) exclude parties for which the fee would im-
pose an undue financial burden or is otherwise deter-
mined to be inappropriate; and 
(3) be established in a manner that ensures that 
the aggregate amount of fees collected for a fiscal year 
is estimated not to exceed 20 percent of the total esti-
mated costs for the fiscal year for the resources allo-
cated for the conduct of the environmental reviews 
and authorizations covered by this title, as deter-
mined by the Director of the Office of Management 
and Budget. 
(d) ENVIRONMENTAL REVIEW AND PERMITTING IM-
PROVEMENT FUND.— 
(1) IN GENERAL.—All amounts collected pursu-
ant to this section shall be deposited into a separate 
fund in the Treasury of the United States to be 
known as the ‘‘Environmental Review Improvement 
Fund’’ (referred to in this section as the ‘‘Fund’’).
772 
(2) AVAILABILITY.—Amounts in the Fund shall 
be available to the Executive Director, without appro-
priation or fiscal year limitation, solely for the pur-
poses of administering, implementing, and enforcing 
this title, including the expenses of the Council. 
(3) TRANSFER.—The Executive Director, with 
the approval of the Director of the Office of Manage-
ment and Budget, may transfer amounts in the Fund 
to other agencies to facilitate timely and efficient en-
vironmental reviews and authorizations for proposed 
covered projects. 
(e) EFFECT ON PERMITTING.—The regulations adopt-
ed pursuant to subsection (a) shall ensure that the use of 
funds accepted under subsection (d) will not impact impar-
tial decision-making with respect to environmental reviews 
or authorizations, either substantively or procedurally. 
(f) TRANSFER OF APPROPRIATED FUNDS.— 
(1) IN GENERAL.—The heads of agencies listed in 
section 41002(b)(2)(B) shall have the authority to 
transfer, in accordance with section 1535 of title 31, 
United States Code, funds appropriated to those agen-
cies and not otherwise obligated to other affected Fed-
eral agencies for the purpose of implementing the pro-
visions of this title.
773 
(2) LIMITATION.—Appropriations under title 23, 
United States Code and appropriations for the civil 
works program of the Army Corps of Engineers shall 
not be available for transfer under paragraph (1). 
SEC. 41010. APPLICATION. 
This title applies to any covered project for which— 
(1) a notice is filed under section 41003(a)(1); or 
(2) an application or other request for a Federal 
authorization is pending before a Federal agency 90 
days after the date of enactment of this Act. 
SEC. 41011. GAO REPORT. 
Not later than 3 years after the date of enactment of 
this Act, the Comptroller General of the United States shall 
submit to Congress a report that includes an analysis of 
whether the provisions of this title could be adapted to 
streamline the Federal permitting process for smaller 
projects that are not covered projects. 
TITLE XLII—ADDITIONAL 
PROVISIONS 
SEC. 42001. DETERMINATION OF CERTAIN SPENDING AND 
TAX BURDENS BY STATE. 
(a) CALCULATION OF FEDERAL REVENUE CONTRIBU-
TIONS BY STATE.— 
(1) IN GENERAL.—The Secretary of Treasury, 
acting through the Commissioner of the Internal Rev-
774 
enue Service, shall calculate the Federal tax burden of 
each State for each calendar year. 
(2) CALCULATION OF FEDERAL TAX BURDEN.— 
For purposes of calculating the Federal tax burden of 
each State under paragraph (1), the Secretary shall— 
(A) treat Federal taxes paid by an indi-
vidual as a burden on the State in which such 
individual resides; and 
(B) treat Federal taxes paid by a legal busi-
ness entity as a burden on each State in which 
economic activity of such entity is performed in 
the same proportion that the economic activity of 
such entity in such State bears to the economic 
activity of such entity in all the States. 
(3) REPORT.—Not later than the date that is 
180 days after the beginning of each calendar year, 
the Secretary of the Treasury shall— 
(A) submit to Congress a report containing 
the results of the calculations described in sec-
tions 1 and 2 with respect to such calendar year; 
and 
(B) publish the report on a publicly acces-
sible website of the Internal Revenue Service. 
(b) ANNUAL REPORT ON THE FLOW OF TRANSPOR-
TATION FUNDS BY STATE.—
775 
(1) IN GENERAL.—Not later than the first Mon-
day in February of each year, the Secretary of Trans-
portation shall, in consultation with the Secretary of 
the Treasury, submit to the Committee on Banking, 
Housing, and Urban Affairs and the Committee on 
Appropriations of the Senate and the Committee on 
Transportation and Infrastructure, and the Com-
mittee on Ways and Means of the House of Represent-
atives a report that includes— 
(A) a description of the total amount of the 
funds authorized by this Act which were obli-
gated with respect to each State during the last 
ending fiscal year; 
(B) a description of the total amount of rev-
enue contributed from each State to the Highway 
Trust Fund during such fiscal year. 
(2) DETERMINATION OF STATE AMOUNTS.—For 
purposes of this subsection— 
(A) IN GENERAL.—the State with respect to 
which an amount is obligated and the State from 
which revenue is contributed shall be determined 
under principles similar to the principles for de-
termining the Federal tax burden of each State 
under subsection (a).
776 
(B) SPECIAL
RULE
FOR
GENERAL
FUND 
TRANSFERS.—For purposes of paragraph (1)(B), 
any transfer from the general fund of the Treas-
ury to the Highway Trust Fund during any fis-
cal year shall be taken into account as revenue 
contributed from each State in proportion to 
each State’s Federal tax burden (as determined 
under subsection (a)) for the calendar year in 
which such fiscal year began. 
SEC. 42002. GAO REPORT ON REFUNDS TO REGISTERED 
VENDORS 
OF 
KEROSENE 
USED 
IN 
NON-
COMMERCIAL AVIATION. 
Not later than 180 days after the date of the enactment 
of this Act, the Comptroller General of the United States 
shall— 
(1) conduct a study regarding payments made to 
vendors of kerosene used in noncommercial aviation 
under section 6427(l)(4)(C)(ii) of the Internal Rev-
enue Code of 1986; and 
(2) submit to the appropriate committees of Con-
gress a report describing the results of such study, 
which shall include estimates of— 
(A) the number of vendors of kerosene used 
in noncommercial aviation who are registered 
under section 4101 of such Code;
777 
(B) the number of vendors of kerosene used 
in noncommercial aviation who are not so reg-
istered; 
(C) the number of vendors described in sub-
paragraph (A) who receive payments under sec-
tion 6427(l)(4)(C)(ii) of such Code; 
(D) the excess of— 
(i) the amount of payments which 
would 
be 
made 
under 
section 
6427(l)(4)(C)(ii) of such Code if all vendors 
of kerosene used in noncommercial aviation 
were registered and filed claims for such 
payments, over 
(ii) the amount of payments actually 
made under such section; and 
(E) the number of cases of diesel truck oper-
ators fraudulently using kerosene taxed for use 
in aviation. 
TITLE XLIII—REQUIREMENTS 
REGARDING RULE MAKINGS 
SEC. 43001. REQUIREMENTS REGARDING RULE MAKINGS. 
For each publication in the Federal Register required 
to be made by law and pertaining to a rule made to carry 
out this Act or the amendments made by this Act, the agen-
cy making the rule shall include in such publication a list
778 
of information on which the rule is based, including data, 
scientific and economic studies, and cost-benefit analyses, 
and identify how the public can access such information 
online. 
DIVISION E—EXPORT-IMPORT 
BANK OF THE UNITED STATES 
SEC. 50001. SHORT TITLE. 
This division may be cited as the ‘‘Export-Import 
Bank Reform and Reauthorization Act of 2015’’. 
TITLE 
LI—TAXPAYER 
PROTEC-
TION PROVISIONS AND IN-
CREASED ACCOUNTABILITY 
SEC. 51001. REDUCTION IN AUTHORIZED AMOUNT OF OUT-
STANDING LOANS, GUARANTEES, AND INSUR-
ANCE. 
Section 6(a) of the Export-Import Bank Act of 1945 
(12 U.S.C. 635e(a)) is amended— 
(1) by redesignating paragraph (3) as para-
graph (4); and 
(2) by striking paragraph (2) and inserting the 
following: 
‘‘(2) APPLICABLE
AMOUNT
DEFINED.—In this 
subsection, the term ‘applicable amount’, for each of 
fiscal 
years 
2015 
through 
2019, 
means 
$135,000,000,000.
779 
‘‘(3) FREEZING OF LENDING CAP IF DEFAULT 
RATE IS 2 PERCENT OR MORE.—If the rate calculated 
under section 8(g)(1) is 2 percent or more for a quar-
ter, the Bank may not exceed the amount of loans, 
guarantees, and insurance outstanding on the last 
day of that quarter until the rate calculated under 
section 8(g)(1) is less than 2 percent.’’. 
SEC. 51002. INCREASE IN LOSS RESERVES. 
(a) IN GENERAL.—Section 6 of the Export-Import 
Bank Act of 1945 (12 U.S.C. 635e) is amended— 
(1) by redesignating subsection (b) as subsection 
(c); and 
(2) by inserting after subsection (a) the fol-
lowing: 
‘‘(b) RESERVE REQUIREMENT.—The Bank shall build 
to and hold in reserve, to protect against future losses, an 
amount that is not less than 5 percent of the aggregate 
amount of disbursed and outstanding loans, guarantees, 
and insurance of the Bank.’’. 
(b) EFFECTIVE DATE.—The amendment made by sub-
section (a) shall take effect on the date that is one year after 
the date of the enactment of this Act.
780 
SEC. 51003. REVIEW OF FRAUD CONTROLS. 
Section 17(b) of the Export-Import Bank Reauthoriza-
tion Act of 2012 (12 U.S.C. 635a–6(b)) is amended to read 
as follows: 
‘‘(b) REVIEW OF FRAUD CONTROLS.—Not later than 
4 years after the date of the enactment of the Export-Import 
Bank Reform and Reauthorization Act of 2015, and every 
4 years thereafter, the Comptroller General of the United 
States shall— 
‘‘(1) review the adequacy of the design and effec-
tiveness of the controls used by the Export-Import 
Bank of the United States to prevent, detect, and in-
vestigate fraudulent applications for loans and guar-
antees and the compliance by the Bank with the con-
trols, including by auditing a sample of Bank trans-
actions; and 
‘‘(2) submit a written report regarding the find-
ings of the review and providing such recommenda-
tions with respect to the controls described in para-
graph (1) as the Comptroller General deems appro-
priate to— 
‘‘(A) the Committee on Banking, Housing, 
and Urban Affairs and the Committee on Appro-
priations of the Senate; and
781 
‘‘(B) the Committee on Financial Services 
and the Committee on Appropriations of the 
House of Representatives.’’. 
SEC. 51004. OFFICE OF ETHICS. 
Section 3 of the Export-Import Bank Act of 1945 (12 
U.S.C. 635a) is amended by adding at the end the fol-
lowing: 
‘‘(k) OFFICE OF ETHICS.— 
‘‘(1) ESTABLISHMENT.—There is established an 
Office of Ethics within the Bank, which shall oversee 
all ethics issues within the Bank. 
‘‘(2) HEAD OF OFFICE.— 
‘‘(A) IN GENERAL.—The head of the Office 
of Ethics shall be the Chief Ethics Officer, who 
shall report to the Board of Directors. 
‘‘(B) APPOINTMENT.—Not later than 180 
days after the date of the enactment of the Ex-
port-Import Bank Reform and Reauthorization 
Act of 2015, the Chief Ethics Officer shall be— 
‘‘(i) appointed by the President of the 
Bank from among persons— 
‘‘(I) with a background in law 
who have experience in the fields of law 
and ethics; and
782 
‘‘(II) who are not serving in a po-
sition requiring appointment by the 
President of the United States before 
being appointed to be Chief Ethics Of-
ficer; and 
‘‘(ii) approved by the Board. 
‘‘(C) DESIGNATED
AGENCY
ETHICS
OFFI-
CIAL.—The Chief Ethics Officer shall serve as the 
designated agency ethics official for the Bank 
pursuant to the Ethics in Government Act of 
1978 (5 U.S.C. App. 101 et seq.). 
‘‘(3) DUTIES.—The Office of Ethics has jurisdic-
tion over all employees of, and ethics matters relating 
to, the Bank. With respect to employees of the Bank, 
the Office of Ethics shall— 
‘‘(A) recommend administrative actions to 
establish or enforce standards of official conduct; 
‘‘(B) refer to the Office of the Inspector Gen-
eral of the Bank alleged violations of— 
‘‘(i) the standards of ethical conduct 
applicable to employees of the Bank under 
parts 2635 and 6201 of title 5, Code of Fed-
eral Regulations; 
‘‘(ii) the standards of ethical conduct 
established by the Chief Ethics Officer; and
783 
‘‘(iii) any other laws, rules, or regula-
tions governing the performance of official 
duties or the discharge of official respon-
sibilities that are applicable to employees of 
the Bank; 
‘‘(C) report to appropriate Federal or State 
authorities substantial evidence of a violation of 
any law applicable to the performance of official 
duties that may have been disclosed to the Office 
of Ethics; and 
‘‘(D) render advisory opinions regarding 
the propriety of any current or proposed conduct 
of an employee or contractor of the Bank, and 
issue general guidance on such matters as nec-
essary.’’. 
SEC. 51005. CHIEF RISK OFFICER. 
Section 3 of the Export-Import Bank Act of 1945 (12 
U.S.C. 635a), as amended by section 91004, is further 
amended by adding at the end the following: 
‘‘(l) CHIEF RISK OFFICER.— 
‘‘(1) IN GENERAL.—There shall be a Chief Risk 
Officer of the Bank, who shall— 
‘‘(A) oversee all issues relating to risk with-
in the Bank; and 
‘‘(B) report to the President of the Bank.
784 
‘‘(2) APPOINTMENT.—Not later than 180 days 
after the date of the enactment of the Export-Import 
Bank Reform and Reauthorization Act of 2015, the 
Chief Risk Officer shall be— 
‘‘(A) appointed by the President of the 
Bank from among persons— 
‘‘(i) with a demonstrated ability in the 
general management of, and knowledge of 
and extensive practical experience in, finan-
cial risk evaluation practices in large gov-
ernmental or business entities; and 
‘‘(ii) who are not serving in a position 
requiring appointment by the President of 
the United States before being appointed to 
be Chief Risk Officer; and 
‘‘(B) approved by the Board. 
‘‘(3) DUTIES.—The duties of the Chief Risk Offi-
cer are— 
‘‘(A) to be responsible for all matters related 
to managing and mitigating all risk to which 
the Bank is exposed, including the programs and 
operations of the Bank; 
‘‘(B) to establish policies and processes for 
risk oversight, the monitoring of management 
compliance with risk limits, and the manage-
785 
ment of risk exposures and risk controls across 
the Bank; 
‘‘(C) to be responsible for the planning and 
execution of all Bank risk management activi-
ties, including policies, reporting, and systems to 
achieve strategic risk objectives; 
‘‘(D) to develop an integrated risk manage-
ment 
program 
that 
includes 
identifying, 
prioritizing, measuring, monitoring, and man-
aging internal control and operating risks and 
other identified risks; 
‘‘(E) to ensure that the process for risk as-
sessment and underwriting for individual trans-
actions considers how each such transaction con-
siders the effect of the transaction on the con-
centration of exposure in the overall portfolio of 
the 
Bank, 
taking 
into 
account 
fees, 
collateralization, and historic default rates; and 
‘‘(F) to review the adequacy of the use by 
the Bank of qualitative metrics to assess the risk 
of default under various scenarios.’’. 
SEC. 51006. RISK MANAGEMENT COMMITTEE. 
(a) IN GENERAL.—Section 3 of the Export-Import 
Bank Act of 1945 (12 U.S.C. 635a), as amended by sections
786 
91004 and 91005, is further amended by adding at the end 
the following: 
‘‘(m) RISK MANAGEMENT COMMITTEE.— 
‘‘(1) ESTABLISHMENT.—There is established a 
management committee to be known as the ‘Risk 
Management Committee’. 
‘‘(2) MEMBERSHIP.—The membership of the Risk 
Management Committee shall be the members of the 
Board of Directors, with the President and First Vice 
President of the Bank serving as ex officio members. 
‘‘(3) DUTIES.—The duties of the Risk Manage-
ment Committee shall be— 
‘‘(A) to oversee, in conjunction with the Of-
fice of the Chief Financial Officer of the Bank— 
‘‘(i) periodic stress testing on the entire 
Bank portfolio, reflecting different market, 
industry, and macroeconomic scenarios, 
and consistent with common practices of 
commercial and multilateral development 
banks; and 
‘‘(ii) the monitoring of industry, geo-
graphic, and obligor exposure levels; and 
‘‘(B) to review all required reports on the 
default rate of the Bank before submission to 
Congress under section 8(g).’’.
787 
(b) TERMINATION OF AUDIT COMMITTEE.—Not later 
than 180 days after the date of the enactment of this Act, 
the Board of Directors of the Export-Import Bank of the 
United States shall revise the bylaws of the Bank to termi-
nate the Audit Committee established by section 7 of the 
bylaws. 
SEC. 51007. INDEPENDENT AUDIT OF BANK PORTFOLIO. 
(a) AUDIT.—The Inspector General of the Export-Im-
port Bank of the United States shall conduct an audit or 
evaluation of the portfolio risk management procedures of 
the Bank, including a review of the implementation by the 
Bank of the duties assigned to the Chief Risk Officer under 
section 3(l) of the Export-Import Bank Act of 1945, as 
amended by section 51005. 
(b) REPORT.—Not later than 1 year after the date of 
the enactment of this Act, and not less frequently than every 
3 years thereafter, the Inspector General shall submit to the 
Committee on Banking, Housing, and Urban Affairs of the 
Senate and the Committee on Financial Services of the 
House of Representatives a written report containing all 
findings and determinations made in carrying out sub-
section (a). 
SEC. 51008. PILOT PROGRAM FOR REINSURANCE. 
(a) IN GENERAL.—Notwithstanding any provision of 
the Export-Import Bank Act of 1945 (12 U.S.C. 635 et
788 
seq.), the Export-Import Bank of the United States (in this 
section referred to as the ‘‘Bank’’) may establish a pilot pro-
gram under which the Bank may enter into contracts and 
other arrangements to share risks associated with the provi-
sion of guarantees, insurance, or credit, or the participation 
in the extension of credit, by the Bank under that Act. 
(b) LIMITATIONS ON AMOUNT OF RISK-SHARING.— 
(1) PER CONTRACT OR OTHER ARRANGEMENT.— 
The aggregate amount of liability the Bank may 
transfer through risk-sharing pursuant to a contract 
or other arrangement entered into under subsection 
(a) may not exceed $1,000,000,000. 
(2) PER YEAR.—The aggregate amount of liabil-
ity the Bank may transfer through risk-sharing dur-
ing a fiscal year pursuant to contracts or other ar-
rangements entered into under subsection (a) during 
that fiscal year may not exceed $10,000,000,000. 
(c) ANNUAL REPORTS.—Not later than 1 year after 
the date of the enactment of this Act, and annually there-
after through 2019, the Bank shall submit to Congress a 
written report that contains a detailed analysis of the use 
of the pilot program carried out under subsection (a) dur-
ing the year preceding the submission of the report.
789 
(d) RULE OF CONSTRUCTION.—Nothing in this section 
shall be construed to affect, impede, or revoke any authority 
of the Bank. 
(e) TERMINATION.—The pilot program carried out 
under subsection (a) shall terminate on September 30, 2019. 
TITLE LII—PROMOTION OF 
SMALL BUSINESS EXPORTS 
SEC. 52001. INCREASE IN SMALL BUSINESS LENDING RE-
QUIREMENTS. 
(a) IN GENERAL.—Section 2(b)(1)(E)(v) of the Ex-
port-Import Bank Act of 1945 (12 U.S.C. 635(b)(1)(E)(v)) 
is amended by striking ‘‘20 percent’’ and inserting ‘‘25 per-
cent’’. 
(b) EFFECTIVE DATE.—The amendment made by sub-
section (a) shall apply with respect to fiscal year 2016 and 
each fiscal year thereafter. 
SEC. 52002. REPORT ON PROGRAMS FOR SMALL- AND ME-
DIUM-SIZED BUSINESSES. 
(a) IN GENERAL.—Section 8 of the Export-Import 
Bank Act of 1945 (12 U.S.C. 635g) is amended by adding 
at the end the following: 
‘‘(k) REPORT ON PROGRAMS FOR SMALL- AND ME-
DIUM-SIZED BUSINESSES.—The Bank shall include in its 
annual report to Congress under subsection (a) a report on
790 
the programs of the Bank for United States businesses with 
less than $250,000,000 in annual sales.’’. 
(b) EFFECTIVE DATE.—The amendment made by sub-
section (a) shall apply with respect to the report of the Ex-
port-Import Bank of the United States submitted to Con-
gress under section 8 of the Export-Import Bank Act of 
1945 (12 U.S.C. 635g) for the first year that begins after 
the date of the enactment of this Act. 
TITLE LIII—MODERNIZATION OF 
OPERATIONS 
SEC. 53001. ELECTRONIC PAYMENTS AND DOCUMENTS. 
Section 2(b)(1) of the Export-Import Bank Act of 1945 
(12 U.S.C. 635(b)(1)) is amended by adding at the end the 
following: 
‘‘(M) Not later than 2 years after the date of the enact-
ment of the Export-Import Bank Reform and Reauthoriza-
tion Act of 2015, the Bank shall implement policies— 
‘‘(i) to accept electronic documents with respect 
to transactions whenever possible, including copies of 
bills of lading, certifications, and compliance docu-
ments, in such manner so as not to undermine any 
potential civil or criminal enforcement related to the 
transactions; and 
‘‘(ii) to accept electronic payments in all of its 
programs.’’.
791 
SEC. 53002. REAUTHORIZATION OF INFORMATION TECH-
NOLOGY UPDATING. 
Section 3(j) of the Export-Import Act of 1945 (12 
U.S.C. 635a(j)) is amended— 
(1) in paragraph (1), in the matter preceding 
subparagraph (A), by striking ‘‘2012, 2013, and 
2014’’ and inserting ‘‘2015 through 2019’’; 
(2) in paragraph (2)(B), by striking ‘‘(I) the 
funds’’ and inserting ‘‘(i) the funds’’; and 
(3) in paragraph (3), by striking ‘‘2012, 2013, 
and 2014’’ and inserting ‘‘2015 through 2019’’. 
TITLE LIV—GENERAL 
PROVISIONS 
SEC. 54001. EXTENSION OF AUTHORITY. 
(a) IN GENERAL.—Section 7 of the Export-Import 
Bank Act of 1945 (12 U.S.C. 635f) is amended by striking 
‘‘2014’’ and inserting ‘‘2019’’. 
(b) DUAL-USE EXPORTS.—Section 1(c) of Public Law 
103–428 (12 U.S.C. 635 note) is amended by striking ‘‘Sep-
tember 30, 2014’’ and inserting ‘‘the date on which the au-
thority of the Export-Import Bank of the United States ex-
pires under section 7 of the Export-Import Bank Act of 
1945 (12 U.S.C. 635f)’’. 
(c) SUB-SAHARAN AFRICA ADVISORY COMMITTEE.— 
Section 2(b)(9)(B)(iii) of the Export-Import Bank Act of 
1945 (12 U.S.C. 635(b)(9)(B)(iii)) is amended by striking
792 
‘‘September 30, 2014’’ and inserting ‘‘the date on which the 
authority of the Bank expires under section 7’’. 
(d) EFFECTIVE DATE.—The amendments made by this 
section shall take effect on the earlier of the date of the en-
actment of this Act or June 30, 2015. 
SEC. 
54002. 
CERTAIN 
UPDATED 
LOAN 
TERMS 
AND 
AMOUNTS. 
(a) LOAN TERMS FOR MEDIUM-TERM FINANCING.— 
Section 2(a)(2)(A) of the Export-Import Bank Act of 1945 
(12 U.S.C. 635(a)(2)(A)) is amended— 
(1) in clause (i), by striking ‘‘; and’’ and insert-
ing a semicolon; and 
(2) by adding at the end the following: 
‘‘(iii) with principal amounts of not more 
than $25,000,000; and’’. 
(b) COMPETITIVE OPPORTUNITIES RELATING TO IN-
SURANCE.—Section 2(d)(2) of the Export-Import Bank Act 
of 1945 (12 U.S.C. 635(d)(2)) is amended by striking 
‘‘$10,000,000’’ and inserting ‘‘$25,000,000’’. 
(c) 
EXPORT
AMOUNTS
FOR
SMALL
BUSINESS 
LOANS.—Section 3(g)(3) of the Export-Import Bank Act of 
1945 (12 U.S.C. 635a(g)(3)) is amended by striking 
‘‘$10,000,000’’ and inserting ‘‘$25,000,000’’. 
(d) CONSIDERATION OF ENVIRONMENTAL EFFECTS.— 
Section 11(a)(1)(A) of the Export-Import Bank Act of 1945
793 
(12 U.S.C. 635i–5(a)(1)(A)) is amended by striking 
‘‘$10,000,000 or more’’ and inserting the following: 
‘‘$25,000,000 (or, if less than $25,000,000, the threshold es-
tablished pursuant to international agreements, including 
the Common Approaches for Officially Supported Export 
Credits and Environmental and Social Due Diligence, as 
adopted by the Organisation for Economic Co-operation 
and Development Council on June 28, 2012, and the risk- 
management framework adopted by financial institutions 
for determining, assessing, and managing environmental 
and social risk in projects (commonly referred to as the 
‘Equator Principles’)) or more’’. 
(e) EFFECTIVE DATE.—The amendments made by this 
section shall apply with respect to fiscal year 2016 and each 
fiscal year thereafter. 
TITLE LV—OTHER MATTERS 
SEC. 55001. PROHIBITION ON DISCRIMINATION BASED ON 
INDUSTRY. 
Section 2 of the Export-Import Bank Act of 1945 (6 
U.S.C. 635 et seq.) is amended by adding at the end the 
following: 
‘‘(k) PROHIBITION ON DISCRIMINATION BASED ON IN-
DUSTRY.— 
‘‘(1) IN GENERAL.—Except as provided in this 
Act, the Bank may not—
794 
‘‘(A) deny an application for financing 
based solely on the industry, sector, or business 
that the application concerns; or 
‘‘(B) promulgate or implement policies that 
discriminate against an application based solely 
on the industry, sector, or business that the ap-
plication concerns. 
‘‘(2) APPLICABILITY.—The prohibitions under 
paragraph (1) apply only to applications for financ-
ing by the Bank for projects concerning the explo-
ration, development, production, or export of energy 
sources and the generation or transmission of elec-
trical power, or combined heat and power, regardless 
of the energy source involved.’’. 
SEC. 55002. NEGOTIATIONS TO END EXPORT CREDIT FI-
NANCING. 
(a) IN GENERAL.—Section 11 of the Export-Import 
Bank Reauthorization Act of 2012 (12 U.S.C. 635a–5) is 
amended— 
(1) in subsection (a)— 
(A) in the matter preceding paragraph (1), 
by striking ‘‘Secretary of the Treasury (in this 
section referred to as the ‘Secretary’)’’ and in-
serting ‘‘President’’; and 
(B) in paragraph (1)—
795 
(i) by striking ‘‘(OECD)’’ and insert-
ing ‘‘(in this section referred to as the 
‘OECD’)’’; and 
(ii) by striking ‘‘ultimate goal of elimi-
nating’’ and inserting ‘‘possible goal of 
eliminating, before the date that is 10 years 
after the date of the enactment of the Ex-
port-Import Bank Reform and Reauthoriza-
tion Act of 2015,’’; 
(2) in subsection (b), by striking ‘‘Secretary’’ 
each place it appears and inserting ‘‘President’’; and 
(3) by adding at the end the following: 
‘‘(c) REPORT ON STRATEGY.—Not later than 180 days 
after the date of the enactment of the Export-Import Bank 
Reform and Reauthorization Act of 2015, the President 
shall submit to Congress a proposal, and a strategy for 
achieving the proposal, that the United States Government 
will pursue with other major exporting countries, including 
OECD members and non-OECD members, to eliminate over 
a period of not more than 10 years subsidized export-fi-
nancing programs, tied aid, export credits, and all other 
forms of government-supported export subsidies. 
‘‘(d) NEGOTIATIONS WITH NON-OECD MEMBERS.— 
The President shall initiate and pursue negotiations with 
countries that are not OECD members to bring those coun-
796 
tries into a multilateral agreement establishing rules and 
limitations on officially supported export credits. 
‘‘(e) ANNUAL REPORTS ON PROGRESS OF NEGOTIA-
TIONS.—Not later than 180 days after the date of the enact-
ment of the Export-Import Bank Reform and Reauthoriza-
tion Act of 2015, and annually thereafter through calendar 
year 2019, the President shall submit to the Committee on 
Banking, Housing, and Urban Affairs of the Senate and 
the Committee on Financial Services of the House of Rep-
resentatives a report on the progress of any negotiations de-
scribed in subsection (d).’’. 
(b) EFFECTIVE DATE.—The amendments made by 
paragraphs (1) and (2) of subsection (a) shall apply with 
respect to reports required to be submitted under section 
11(b) of the Export-Import Bank Reauthorization Act of 
2012 (12 U.S.C. 635a–5(b)) after the date of the enactment 
of this Act. 
SEC. 55003. STUDY OF FINANCING FOR INFORMATION AND 
COMMUNICATIONS TECHNOLOGY SYSTEMS. 
(a) ANALYSIS OF INFORMATION AND COMMUNICATIONS 
TECHNOLOGY INDUSTRY USE OF BANK PRODUCTS.—The 
Export-Import Bank of the United States (in this section 
referred to as the ‘‘Bank’’) shall conduct a study of the ex-
tent to which the products offered by the Bank are available
797 
and used by companies that export information and com-
munications technology services and related goods. 
(b) ELEMENTS.—In conducting the study required by 
subsection (a), the Bank shall examine the following: 
(1) The number of jobs in the United States that 
are supported by the export of information and com-
munications technology services and related goods, 
and the degree to which access to financing will in-
crease exports of such services and related goods. 
(2) The reduction in the financing by the Bank 
of exports of information and communications tech-
nology services from 2003 through 2014. 
(3) The activities of foreign export credit agen-
cies to facilitate the export of information and com-
munications technology services and related goods. 
(4) Specific proposals for how the Bank could 
provide additional financing for the exportation of 
information and communications technology services 
and related goods through risk-sharing with other ex-
port credit agencies and other third parties. 
(5) Proposals for new products the Bank could 
offer to provide financing for exports of information 
and communications technology services and related 
goods, including—
798 
(A) the extent to which the Bank is author-
ized to offer new products; 
(B) the extent to which the Bank would 
need additional authority to offer new products 
to meet the needs of the information and commu-
nications technology industry; 
(C) specific proposals for changes in law 
that would enable the Bank to provide increased 
financing for exports of information and commu-
nications technology services and related goods 
in compliance with the credit and risk standards 
of the Bank; 
(D) specific proposals that would enable the 
Bank to provide increased outreach to the infor-
mation and communications technology industry 
about the products the Bank offers; and 
(E) specific proposals for changes in law 
that would enable the Bank to provide the fi-
nancing to build information and communica-
tions technology infrastructure, in compliance 
with the credit and risk standards of the Bank, 
to allow for market access opportunities for 
United States information and communications 
technology companies to provide services on the 
infrastructure being financed by the Bank.
799 
(c) REPORT.—Not later than 180 days after the date 
of the enactment of this Act, the Bank shall submit to Con-
gress a report that contains the results of the study required 
by subsection (a). 
DIVISION F—ENERGY SECURITY 
SEC. 61001. EMERGENCY PREPAREDNESS FOR ENERGY SUP-
PLY DISRUPTIONS. 
(a) FINDING.—Congress finds that recent natural dis-
asters have underscored the importance of having resilient 
oil and natural gas infrastructure and effective ways for 
industry and government to communicate to address energy 
supply disruptions. 
(b) AUTHORIZATION FOR ACTIVITIES TO ENHANCE 
EMERGENCY PREPAREDNESS FOR NATURAL DISASTERS.— 
The Secretary of Energy shall develop and adopt procedures 
to— 
(1) improve communication and coordination 
between the Department of Energy’s energy response 
team, Federal partners, and industry; 
(2) leverage the Energy Information Administra-
tion’s subject matter expertise within the Depart-
ment’s energy response team to improve supply chain 
situation assessments;
800 
(3) establish company liaisons and direct com-
munication with the Department’s energy response 
team to improve situation assessments; 
(4) streamline and enhance processes for obtain-
ing temporary regulatory relief to speed up emergency 
response and recovery; 
(5) facilitate and increase engagement among 
States, the oil and natural gas industry, and the De-
partment in developing State and local energy assur-
ance plans; 
(6) establish routine education and training pro-
grams for key government emergency response posi-
tions with the Department and States; and 
(7) involve States and the oil and natural gas 
industry in comprehensive drill and exercise pro-
grams. 
(c) COOPERATION.—The activities carried out under 
subsection (b) shall include collaborative efforts with State 
and local government officials and the private sector. 
(d) REPORT.—Not later than 180 days after the date 
of enactment of this Act, the Secretary of Energy shall sub-
mit to Congress a report describing the effectiveness of the 
activities authorized under this section.
801 
SEC. 61002. RESOLVING ENVIRONMENTAL AND GRID RELI-
ABILITY CONFLICTS. 
(a) COMPLIANCE WITH OR VIOLATION OF ENVIRON-
MENTAL LAWS WHILE UNDER EMERGENCY ORDER.—Sec-
tion 202(c) of the Federal Power Act (16 U.S.C. 824a(c)) 
is amended— 
(1) by inserting ‘‘(1)’’ after ‘‘(c)’’; and 
(2) by adding at the end the following: 
‘‘(2) With respect to an order issued under this sub-
section that may result in a conflict with a requirement 
of any Federal, State, or local environmental law or regula-
tion, the Commission shall ensure that such order requires 
generation, delivery, interchange, or transmission of electric 
energy only during hours necessary to meet the emergency 
and serve the public interest, and, to the maximum extent 
practicable, is consistent with any applicable Federal, 
State, or local environmental law or regulation and mini-
mizes any adverse environmental impacts. 
‘‘(3) To the extent any omission or action taken by 
a party, that is necessary to comply with an order issued 
under this subsection, including any omission or action 
taken to voluntarily comply with such order, results in non-
compliance with, or causes such party to not comply with, 
any Federal, State, or local environmental law or regula-
tion, such omission or action shall not be considered a viola-
tion of such environmental law or regulation, or subject
802 
such party to any requirement, civil or criminal liability, 
or a citizen suit under such environmental law or regula-
tion. 
‘‘(4)(A) An order issued under this subsection that 
may result in a conflict with a requirement of any Federal, 
State, or local environmental law or regulation shall expire 
not later than 90 days after it is issued. The Commission 
may renew or reissue such order pursuant to paragraphs 
(1) and (2) for subsequent periods, not to exceed 90 days 
for each period, as the Commission determines necessary to 
meet the emergency and serve the public interest. 
‘‘(B) In renewing or reissuing an order under sub-
paragraph (A), the Commission shall consult with the pri-
mary Federal agency with expertise in the environmental 
interest protected by such law or regulation, and shall in-
clude in any such renewed or reissued order such conditions 
as such Federal agency determines necessary to minimize 
any adverse environmental impacts to the extent prac-
ticable. The conditions, if any, submitted by such Federal 
agency shall be made available to the public. The Commis-
sion may exclude such a condition from the renewed or re-
issued order if it determines that such condition would pre-
vent the order from adequately addressing the emergency 
necessitating such order and provides in the order, or other-
803 
wise makes publicly available, an explanation of such deter-
mination. 
‘‘(5) If an order issued under this subsection is subse-
quently stayed, modified, or set aside by a court pursuant 
to section 313 or any other provision of law, any omission 
or action previously taken by a party that was necessary 
to comply with the order while the order was in effect, in-
cluding any omission or action taken to voluntarily comply 
with the order, shall remain subject to paragraph (3).’’. 
(b) TEMPORARY CONNECTION OR CONSTRUCTION BY 
MUNICIPALITIES.—Section 202(d) of the Federal Power Act 
(16 U.S.C. 824a(d)) is amended by inserting ‘‘or munici-
pality’’ before ‘‘engaged in the transmission or sale of elec-
tric energy’’. 
SEC. 61003. CRITICAL ELECTRIC INFRASTRUCTURE SECU-
RITY. 
(a) CRITICAL
ELECTRIC
INFRASTRUCTURE
SECU-
RITY.—Part II of the Federal Power Act (16 U.S.C. 824 
et seq.) is amended by adding after section 215 the following 
new section: 
‘‘SEC. 215A. CRITICAL ELECTRIC INFRASTRUCTURE SECU-
RITY. 
‘‘(a) DEFINITIONS.—For purposes of this section: 
‘‘(1) BULK-POWER
SYSTEM; 
ELECTRIC
RELI-
ABILITY
ORGANIZATION; 
REGIONAL
ENTITY.—The
804 
terms ‘bulk-power system’, ‘Electric Reliability Orga-
nization’, and ‘regional entity’ have the meanings 
given such terms in paragraphs (1), (2), and (7) of 
section 215(a), respectively. 
‘‘(2) CRITICAL
ELECTRIC
INFRASTRUCTURE.— 
The term ‘critical electric infrastructure’ means a sys-
tem or asset of the bulk-power system, whether phys-
ical or virtual, the incapacity or destruction of which 
would negatively affect national security, economic se-
curity, public health or safety, or any combination of 
such matters. 
‘‘(3) CRITICAL ELECTRIC INFRASTRUCTURE IN-
FORMATION.—The term ‘critical electric infrastruc-
ture information’ means information related to crit-
ical electric infrastructure, or proposed critical elec-
trical infrastructure, generated by or provided to the 
Commission or other Federal agency, other than clas-
sified national security information, that is des-
ignated as critical electric infrastructure information 
by the Commission under subsection (d)(2). Such 
term includes information that qualifies as critical 
energy infrastructure information under the Commis-
sion’s regulations. 
‘‘(4) DEFENSE CRITICAL ELECTRIC INFRASTRUC-
TURE.—The term ‘defense critical electric infrastruc-
805 
ture’ means any electric infrastructure located in the 
United States (including the territories) that serves a 
facility designated by the Secretary pursuant to sub-
section (c), but is not owned or operated by the owner 
or operator of such facility. 
‘‘(5) ELECTROMAGNETIC PULSE.—The term ‘elec-
tromagnetic pulse’ means 1 or more pulses of electro-
magnetic energy emitted by a device capable of dis-
abling or disrupting operation of, or destroying, elec-
tronic devices or communications networks, including 
hardware, software, and data, by means of such a 
pulse. 
‘‘(6) GEOMAGNETIC
STORM.—The term ‘geo-
magnetic storm’ means a temporary disturbance of 
the Earth’s magnetic field resulting from solar activ-
ity. 
‘‘(7) GRID
SECURITY
EMERGENCY.—The term 
‘grid security emergency’ means the occurrence or im-
minent danger of— 
‘‘(A)(i) a malicious act using electronic 
communication or an electromagnetic pulse, or a 
geomagnetic storm event, that could disrupt the 
operation of those electronic devices or commu-
nications networks, including hardware, soft-
ware, and data, that are essential to the reli-
806 
ability of critical electric infrastructure or of de-
fense critical electric infrastructure; and 
‘‘(ii) disruption of the operation of such de-
vices or networks, with significant adverse effects 
on the reliability of critical electric infrastruc-
ture or of defense critical electric infrastructure, 
as a result of such act or event; or 
‘‘(B)(i) a direct physical attack on critical 
electric infrastructure or on defense critical elec-
tric infrastructure; and 
‘‘(ii) significant adverse effects on the reli-
ability of critical electric infrastructure or of de-
fense critical electric infrastructure as a result of 
such physical attack. 
‘‘(8) SECRETARY.—The term ‘Secretary’ means 
the Secretary of Energy. 
‘‘(b) AUTHORITY TO ADDRESS GRID SECURITY EMER-
GENCY.— 
‘‘(1) AUTHORITY.—Whenever the President issues 
and provides to the Secretary a written directive or 
determination identifying a grid security emergency, 
the Secretary may, with or without notice, hearing, or 
report, issue such orders for emergency measures as 
are necessary in the judgment of the Secretary to pro-
tect or restore the reliability of critical electric infra-
807 
structure or of defense critical electric infrastructure 
during such emergency. As soon as practicable but not 
later than 180 days after the date of enactment of this 
section, the Secretary shall, after notice and oppor-
tunity for comment, establish rules of procedure that 
ensure that such authority can be exercised expedi-
tiously. 
‘‘(2) NOTIFICATION
OF
CONGRESS.—Whenever 
the President issues and provides to the Secretary a 
written directive or determination under paragraph 
(1), the President shall promptly notify congressional 
committees of relevant jurisdiction, including the 
Committee on Energy and Commerce of the House of 
Representatives and the Committee on Energy and 
Natural Resources of the Senate, of the contents of, 
and justification for, such directive or determination. 
‘‘(3) CONSULTATION.—Before issuing an order 
for emergency measures under paragraph (1), the Sec-
retary shall, to the extent practicable in light of the 
nature of the grid security emergency and the urgency 
of the need for action, consult with appropriate gov-
ernmental authorities in Canada and Mexico, entities 
described in paragraph (4), the Electricity Sub-sector 
Coordinating Council, the Commission, and other ap-
808 
propriate Federal agencies regarding implementation 
of such emergency measures. 
‘‘(4) APPLICATION.—An order for emergency 
measures under this subsection may apply to— 
‘‘(A) the Electric Reliability Organization; 
‘‘(B) a regional entity; or 
‘‘(C) any owner, user, or operator of critical 
electric infrastructure or of defense critical elec-
tric infrastructure within the United States. 
‘‘(5) EXPIRATION AND REISSUANCE.— 
‘‘(A) IN GENERAL.—Except as provided in 
subparagraph (B), an order for emergency meas-
ures issued under paragraph (1) shall expire no 
later than 15 days after its issuance. 
‘‘(B) EXTENSIONS.—The Secretary may re-
issue an order for emergency measures issued 
under paragraph (1) for subsequent periods, not 
to exceed 15 days for each such period, provided 
that the President, for each such period, issues 
and provides to the Secretary a written directive 
or determination that the grid security emer-
gency identified under paragraph (1) continues 
to exist or that the emergency measure continues 
to be required. 
‘‘(6) COST RECOVERY.—
809 
‘‘(A) 
CRITICAL
ELECTRIC
INFRASTRUC-
TURE.—If the Commission determines that own-
ers, operators, or users of critical electric infra-
structure have incurred substantial costs to com-
ply with an order for emergency measures issued 
under this subsection and that such costs were 
prudently incurred and cannot reasonably be re-
covered through regulated rates or market prices 
for the electric energy or services sold by such 
owners, operators, or users, the Commission 
shall, consistent with the requirements of section 
205, after notice and an opportunity for com-
ment, establish a mechanism that permits such 
owners, operators, or users to recover such costs. 
‘‘(B) DEFENSE CRITICAL ELECTRIC INFRA-
STRUCTURE.—To the extent the owner or oper-
ator of defense critical electric infrastructure is 
required to take emergency measures pursuant to 
an order issued under this subsection, the owners 
or operators of a critical defense facility or fa-
cilities designated by the Secretary pursuant to 
subsection (c) that rely upon such infrastructure 
shall bear the full incremental costs of the meas-
ures.
810 
‘‘(7) TEMPORARY ACCESS TO CLASSIFIED INFOR-
MATION.—The Secretary, and other appropriate Fed-
eral agencies, shall, to the extent practicable and con-
sistent with their obligations to protect classified in-
formation, provide temporary access to classified in-
formation related to a grid security emergency for 
which emergency measures are issued under para-
graph (1) to key personnel of any entity subject to 
such emergency measures to enable optimum commu-
nication between the entity and the Secretary and 
other appropriate Federal agencies regarding the grid 
security emergency. 
‘‘(c) DESIGNATION
OF CRITICAL DEFENSE FACILI-
TIES.—Not later than 180 days after the date of enactment 
of this section, the Secretary, in consultation with other ap-
propriate Federal agencies and appropriate owners, users, 
or operators of infrastructure that may be defense critical 
electric infrastructure, shall identify and designate facilities 
located in the United States (including the territories) that 
are— 
‘‘(1) critical to the defense of the United States; 
and 
‘‘(2) vulnerable to a disruption of the supply of 
electric energy provided to such facility by an exter-
nal provider.
811 
The Secretary may, in consultation with appropriate Fed-
eral agencies and appropriate owners, users, or operators 
of defense critical electric infrastructure, periodically revise 
the list of designated facilities as necessary. 
‘‘(d) PROTECTION AND SHARING OF CRITICAL ELEC-
TRIC INFRASTRUCTURE INFORMATION.— 
‘‘(1) PROTECTION OF CRITICAL ELECTRIC INFRA-
STRUCTURE
INFORMATION.—Critical electric infra-
structure information— 
‘‘(A) shall be exempt from disclosure under 
section 552(b)(3) of title 5, United States Code; 
and 
‘‘(B) shall not be made available by any 
Federal, State, political subdivision or tribal au-
thority pursuant to any Federal, State, political 
subdivision or tribal law requiring public disclo-
sure of information or records. 
‘‘(2) DESIGNATION AND SHARING OF CRITICAL 
ELECTRIC INFRASTRUCTURE INFORMATION.—Not later 
than one year after the date of enactment of this sec-
tion, the Commission, in consultation with the Sec-
retary of Energy, shall promulgate such regulations 
and issue such orders as necessary to— 
‘‘(A) designate information as critical elec-
tric infrastructure information;
812 
‘‘(B) prohibit the unauthorized disclosure of 
critical electric infrastructure information; 
‘‘(C) ensure there are appropriate sanctions 
in place for Commissioners, officers, employees, 
or agents of the Commission who knowingly and 
willfully disclose critical electric infrastructure 
information in a manner that is not authorized 
under this section; and 
‘‘(D) taking into account standards of the 
Electric Reliability Organization, facilitate vol-
untary sharing of critical electric infrastructure 
information with, between, and by— 
‘‘(i) Federal, State, political subdivi-
sion, and tribal authorities; 
‘‘(ii) the Electric Reliability Organiza-
tion; 
‘‘(iii) regional entities; 
‘‘(iv) information sharing and analysis 
centers established pursuant to Presidential 
Decision Directive 63; 
‘‘(v) owners, operators, and users of 
critical electric infrastructure in the United 
States; and 
‘‘(vi) other entities determined appro-
priate by the Commission.
813 
‘‘(3) CONSIDERATIONS.—In promulgating regu-
lations and issuing orders under paragraph (2), the 
Commission shall take into consideration the role of 
State commissions in reviewing the prudence and cost 
of investments, determining the rates and terms of 
conditions for electric services, and ensuring the safe-
ty and reliability of the bulk-power system and dis-
tribution facilities within their respective jurisdic-
tions. 
‘‘(4) PROTOCOLS.—The Commission shall, in 
consultation with Canadian and Mexican authorities, 
develop protocols for the voluntary sharing of critical 
electric infrastructure information with Canadian 
and Mexican authorities and owners, operators, and 
users of the bulk-power system outside the United 
States. 
‘‘(5) NO REQUIRED SHARING OF INFORMATION.— 
Nothing in this section shall require a person or enti-
ty in possession of critical electric infrastructure in-
formation to share such information with Federal, 
State, political subdivision, or tribal authorities, or 
any other person or entity. 
‘‘(6) SUBMISSION
OF
INFORMATION
TO
CON-
GRESS.—Nothing in this section shall permit or au-
thorize the withholding of information from Congress,
814 
any committee or subcommittee thereof, or the Comp-
troller General. 
‘‘(7) DISCLOSURE OF NONPROTECTED INFORMA-
TION.—In implementing this section, the Commission 
shall segregate critical electric infrastructure informa-
tion or information that reasonably could be expected 
to lead to the disclosure of the critical electric infra-
structure information within documents and elec-
tronic communications, wherever feasible, to facilitate 
disclosure of information that is not designated as 
critical electric infrastructure information. 
‘‘(8) DURATION OF DESIGNATION.—Information 
may not be designated as critical electric infrastruc-
ture information for longer than 5 years, unless spe-
cifically re-designated by the Commission. 
‘‘(9) REMOVAL OF DESIGNATION.—The Commis-
sion shall remove the designation of critical electric 
infrastructure information, in whole or in part, from 
a document or electronic communication if the Com-
mission determines that the unauthorized disclosure of 
such information could no longer be used to impair 
the security or reliability of the bulk-power system or 
distribution facilities. 
‘‘(10) JUDICIAL
REVIEW
OF
DESIGNATIONS.— 
Notwithstanding section 313(b), any determination
815 
by the Commission concerning the designation of crit-
ical electric infrastructure information under this 
subsection shall be subject to review under chapter 7 
of title 5, United States Code, except that such review 
shall be brought in the district court of the United 
States in the district in which the complainant re-
sides, or has his principal place of business, or in the 
District of Columbia. In such a case the court shall 
examine in camera the contents of documents or elec-
tronic communications that are the subject of the de-
termination under review to determine whether such 
documents or any part thereof were improperly des-
ignated or not designated as critical electric infra-
structure information. 
‘‘(e) SECURITY CLEARANCES.—The Secretary shall fa-
cilitate and, to the extent practicable, expedite the acquisi-
tion of adequate security clearances by key personnel of any 
entity subject to the requirements of this section, to enable 
optimum communication with Federal agencies regarding 
threats to the security of the critical electric infrastructure. 
The Secretary, the Commission, and other appropriate Fed-
eral agencies shall, to the extent practicable and consistent 
with their obligations to protect classified and critical elec-
tric infrastructure information, share timely actionable in-
formation regarding grid security with appropriate key
816 
personnel of owners, operators, and users of the critical elec-
tric infrastructure. 
‘‘(f) CLARIFICATIONS OF LIABILITY.— 
‘‘(1) COMPLIANCE WITH OR VIOLATION OF THIS 
ACT.—Except as provided in paragraph (4), to the ex-
tent any action or omission taken by an entity that 
is necessary to comply with an order for emergency 
measures issued under subsection (b)(1), including 
any action or omission taken to voluntarily comply 
with such order, results in noncompliance with, or 
causes such entity not to comply with any rule, order, 
regulation, or provision of this Act, including any re-
liability standard approved by the Commission pur-
suant to section 215, such action or omission shall 
not be considered a violation of such rule, order, regu-
lation, or provision. 
‘‘(2) RELATION TO SECTION 202(c).—Except as 
provided in paragraph (4), an action or omission 
taken by an owner, operator, or user of critical elec-
tric infrastructure or of defense critical electric infra-
structure to comply with an order for emergency 
measures issued under subsection (b)(1) shall be treat-
ed as an action or omission taken to comply with an 
order issued under section 202(c) for purposes of such 
section.
817 
‘‘(3) SHARING OR RECEIPT OF INFORMATION.— 
No cause of action shall lie or be maintained in any 
Federal or State court for the sharing or receipt of in-
formation under, and that is conducted in accordance 
with, subsection (d). 
‘‘(4) RULE OF CONSTRUCTION.—Nothing in this 
subsection shall be construed to require dismissal of a 
cause of action against an entity that, in the course 
of complying with an order for emergency measures 
issued under subsection (b)(1) by taking an action or 
omission for which they would be liable but for para-
graph (1) or (2), takes such action or omission in a 
grossly negligent manner.’’. 
(b) CONFORMING AMENDMENTS.— 
(1) JURISDICTION.—Section 201(b)(2) of the 
Federal Power Act (16 U.S.C. 824(b)(2)) is amended 
by inserting ‘‘215A,’’ after ‘‘215,’’ each place it ap-
pears. 
(2) PUBLIC UTILITY.—Section 201(e) of the Fed-
eral Power Act (16 U.S.C. 824(e)) is amended by in-
serting ‘‘215A,’’ after ‘‘215,’’. 
SEC. 61004. STRATEGIC TRANSFORMER RESERVE. 
(a) FINDING.—Congress finds that the storage of stra-
tegically located spare large power transformers and emer-
gency mobile substations will reduce the vulnerability of the
818 
United States to multiple risks facing electric grid reli-
ability, including physical attack, cyber attack, electro-
magnetic pulse, geomagnetic disturbances, severe weather, 
and seismic events. 
(b) DEFINITIONS.—In this section: 
(1) BULK-POWER
SYSTEM.—The term ‘‘bulk- 
power system’’ has the meaning given such term in 
section 215(a) of the Federal Power Act (16 U.S.C. 
824o(a)). 
(2) CRITICALLY DAMAGED LARGE POWER TRANS-
FORMER.—The term ‘‘critically damaged large power 
transformer’’ means a large power transformer that— 
(A) has sustained extensive damage such 
that— 
(i) repair or refurbishment is not eco-
nomically viable; or 
(ii) the extensive time to repair or re-
furbish the large power transformer would 
create an extended period of instability in 
the bulk-power system; and 
(B) prior to sustaining such damage, was 
part of the bulk-power system. 
(3) CRITICAL ELECTRIC INFRASTRUCTURE.—The 
term ‘‘critical electric infrastructure’’ has the mean-
819 
ing given that term in section 215A of the Federal 
Power Act. 
(4) ELECTRIC RELIABILITY ORGANIZATION.—The 
term ‘‘Electric Reliability Organization’’ has the 
meaning given such term in section 215(a) of the Fed-
eral Power Act (16 U.S.C. 824o(a)). 
(5) 
EMERGENCY
MOBILE
SUBSTATION.—The 
term ‘‘emergency mobile substation’’ means a mobile 
substation or mobile transformer that is— 
(A) assembled and permanently mounted on 
a trailer that is capable of highway travel and 
meets relevant Department of Transportation 
regulations; and 
(B) intended for express deployment and ca-
pable of being rapidly placed into service. 
(6) LARGE
POWER
TRANSFORMER.—The term 
‘‘large power transformer’’ means a power trans-
former with a maximum nameplate rating of 100 
megavolt-amperes or higher, including related critical 
equipment, that is, or is intended to be, a part of the 
bulk-power system. 
(7) SECRETARY.—The term ‘‘Secretary’’ means 
the Secretary of Energy. 
(8) SPARE LARGE POWER TRANSFORMER.—The 
term ‘‘spare large power transformer’’ means a large
820 
power transformer that is stored within the Strategic 
Transformer Reserve to be available to temporarily 
replace a critically damaged large power transformer. 
(c) STRATEGIC TRANSFORMER RESERVE PLAN.— 
(1) PLAN.—Not later than 1 year after the date 
of enactment of this Act, the Secretary, acting through 
the Office of Electricity Delivery and Energy Reli-
ability, shall, in consultation with the Federal Energy 
Regulatory Commission, the Electricity Sub-sector 
Coordinating Council, the Electric Reliability Orga-
nization, and owners and operators of critical electric 
infrastructure and defense and military installations, 
prepare and submit to Congress a plan to establish a 
Strategic Transformer Reserve for the storage, in stra-
tegically located facilities, of spare large power trans-
formers and emergency mobile substations in suffi-
cient numbers to temporarily replace critically dam-
aged large power transformers and substations that 
are critical electric infrastructure or serve defense and 
military installations. 
(2) INCLUSIONS.—The Strategic Transformer 
Reserve plan shall include a description of— 
(A) the appropriate number and type of 
spare large power transformers necessary to pro-
vide or restore sufficient resiliency to the bulk-
821 
power system, critical electric infrastructure, 
and defense and military installations to miti-
gate significant impacts to the electric grid re-
sulting from— 
(i) physical attack; 
(ii) cyber attack; 
(iii) electromagnetic pulse attack; 
(iv) geomagnetic disturbances; 
(v) severe weather; or 
(vi) seismic events; 
(B) other critical electric grid equipment for 
which an inventory of spare equipment, includ-
ing emergency mobile substations, is necessary to 
provide or restore sufficient resiliency to the 
bulk-power system, critical electric infrastruc-
ture, and defense and military installations; 
(C) the degree to which utility sector actions 
or initiatives, including individual utility own-
ership of spare equipment, joint ownership of 
spare equipment inventory, sharing agreements, 
or other spare equipment reserves or arrange-
ments, satisfy the needs identified under sub-
paragraphs (A) and (B); 
(D) the potential locations for, and feasi-
bility and appropriate number of, strategic stor-
822 
age locations for reserve equipment, including 
consideration of— 
(i) the physical security of such loca-
tions; 
(ii) the protection of the confidentiality 
of such locations; and 
(iii) the proximity of such locations to 
sites of potentially critically damaged large 
power transformers and substations that are 
critical electric infrastructure or serve de-
fense and military installations, so as to en-
able efficient delivery of equipment to such 
sites; 
(E) the necessary degree of flexibility of 
spare large power transformers to be included in 
the Strategic Transformer Reserve to conform to 
different substation configurations, including 
consideration of transformer— 
(i) power and voltage rating for each 
winding; 
(ii) overload requirements; 
(iii) impedance between windings; 
(iv) configuration of windings; and 
(v) tap requirements;
823 
(F) an estimate of the direct cost of the 
Strategic Transformer Reserve, as proposed, in-
cluding— 
(i) the cost of storage facilities; 
(ii) the cost of the equipment; and 
(iii) management, maintenance, and 
operation costs; 
(G) the funding options available to estab-
lish, stock, manage, and maintain the Strategic 
Transformer Reserve, including consideration of 
fees on owners and operators of bulk-power sys-
tem facilities, critical electric infrastructure, and 
defense and military installations relying on the 
Strategic Transformer Reserve, use of Federal 
appropriations, and public-private cost-sharing 
options; 
(H) the ease and speed of transportation, 
installation, and energization of spare large 
power transformers to be included in the Stra-
tegic Transformer Reserve, including consider-
ation of factors such as— 
(i) transformer transportation weight; 
(ii) transformer size; 
(iii) topology of critical substations;
824 
(iv) availability of appropriate trans-
former mounting pads; 
(v) flexibility of the spare large power 
transformers as described in subparagraph 
(E); and 
(vi) ability to rapidly transition a 
spare large power transformer from storage 
to energization; 
(I) eligibility criteria for withdrawal of 
equipment from the Strategic Transformer Re-
serve; 
(J) the process by which owners or opera-
tors of critically damaged large power trans-
formers or substations that are critical electric 
infrastructure or serve defense and military in-
stallations may apply for a withdrawal from the 
Strategic Transformer Reserve; 
(K) the process by which equipment with-
drawn from the Strategic Transformer Reserve is 
returned to the Strategic Transformer Reserve or 
is replaced; 
(L) possible fees to be paid by users of 
equipment withdrawn from the Strategic Trans-
former Reserve;
825 
(M) possible fees to be paid by owners and 
operators of large power transformers and sub-
stations that are critical electric infrastructure 
or serve defense and military installations to 
cover operating costs of the Strategic Trans-
former Reserve; 
(N) the domestic and international large 
power transformer supply chain; 
(O) the potential reliability, cost, and oper-
ational benefits of including emergency mobile 
substations in any Strategic Transformer Re-
serve established under this section; and 
(P) other considerations for designing, con-
structing, stocking, funding, and managing the 
Strategic Transformer Reserve. 
(d) ESTABLISHMENT.—The Secretary may establish a 
Strategic Transformer Reserve in accordance with the plan 
prepared pursuant to subsection (c) after the date that is 
6 months after the date on which such plan is submitted 
to Congress. 
(e) DISCLOSURE OF INFORMATION.—Any information 
included in the Strategic Transformer Reserve plan, or 
shared in the preparation and development of such plan, 
the disclosure of which could cause harm to critical electric 
infrastructure, shall be exempt from disclosure under sec-
826 
tion 552(b)(3) of title 5, United States Code, and any State, 
tribal, or local law requiring disclosure of information or 
records. 
SEC. 61005. ENERGY SECURITY VALUATION. 
(a) ESTABLISHMENT
OF ENERGY SECURITY VALU-
ATION METHODS.—Not later than 1 year after the date of 
enactment of this Act, the Secretary of Energy, in collabora-
tion with the Secretary of State, shall develop and transmit, 
after public notice and comment, to the Committee on En-
ergy and Commerce and the Committee on Foreign Affairs 
of the House of Representatives and the Committee on En-
ergy and Natural Resources and the Committee on Foreign 
Relations of the Senate a report that develops recommended 
United States energy security valuation methods. In devel-
oping the report, the Secretaries may consider the rec-
ommendations of the Administration’s Quadrennial Energy 
Review released on April 21, 2015. The report shall— 
(1) evaluate and define United States energy se-
curity to reflect modern domestic and global energy 
markets and the collective needs of the United States 
and its allies and partners; 
(2) identify transparent and uniform or coordi-
nated procedures and criteria to ensure that energy- 
related actions that significantly affect the supply, 
distribution, or use of energy are evaluated with re-
827 
spect to their potential impact on energy security, in-
cluding their impact on— 
(A) consumers and the economy; 
(B) energy supply diversity and resiliency; 
(C) well-functioning and competitive energy 
markets; 
(D) United States trade balance; and 
(E) national security objectives; and 
(3) include a recommended implementation 
strategy that identifies and aims to ensure that the 
procedures and criteria referred to in paragraph (2) 
are— 
(A) evaluated consistently across the Fed-
eral Government; and 
(B) weighed appropriately and balanced 
with environmental considerations required by 
Federal law. 
(b) PARTICIPATION.—In developing the report referred 
to in subsection (a), the Secretaries may consult with rel-
evant Federal, State, private sector, and international par-
ticipants, as appropriate and consistent with applicable 
law.
828 
DIVISION G—FINANCIAL 
SERVICES 
TITLE LXXI—IMPROVING ACCESS 
TO CAPITAL FOR EMERGING 
GROWTH COMPANIES 
SEC. 71001. FILING REQUIREMENT FOR PUBLIC FILING 
PRIOR TO PUBLIC OFFERING. 
Section 6(e)(1) of the Securities Act of 1933 (15 U.S.C. 
77f(e)(1)) is amended by striking ‘‘21 days’’ and inserting 
‘‘15 days’’. 
SEC. 71002. GRACE PERIOD FOR CHANGE OF STATUS OF 
EMERGING GROWTH COMPANIES. 
Section 6(e)(1) of the Securities Act of 1933 (15 U.S.C. 
77f(e)(1)) is further amended by adding at the end the fol-
lowing: ‘‘An issuer that was an emerging growth company 
at the time it submitted a confidential registration state-
ment or, in lieu thereof, a publicly filed registration state-
ment for review under this subsection but ceases to be an 
emerging growth company thereafter shall continue to be 
treated as an emerging market growth company for the pur-
poses of this subsection through the earlier of the date on 
which the issuer consummates its initial public offering 
pursuant to such registrations statement or the end of the 
1-year period beginning on the date the company ceases to 
be an emerging growth company.’’.
829 
SEC. 71003. SIMPLIFIED DISCLOSURE REQUIREMENTS FOR 
EMERGING GROWTH COMPANIES. 
Section 102 of the Jumpstart Our Business Startups 
Act (Public Law 112–106) is amended by adding at the 
end the following: 
‘‘(d) SIMPLIFIED
DISCLOSURE
REQUIREMENTS.— 
With respect to an emerging growth company (as such term 
is defined under section 2 of the Securities Act of 1933): 
‘‘(1) REQUIREMENT
TO
INCLUDE
NOTICE
ON 
FORMS S–1 AND F–1.—Not later than 30 days after 
the date of enactment of this subsection, the Securities 
and Exchange Commission shall revise its general in-
structions on Forms S–1 and F–1 to indicate that a 
registration statement filed (or submitted for con-
fidential review) by an issuer prior to an initial pub-
lic offering may omit financial information for his-
torical periods otherwise required by regulation S–X 
(17 CFR 210.1–01 et seq.) as of the time of filing (or 
confidential submission) of such registration state-
ment, provided that— 
‘‘(A) the omitted financial information re-
lates to a historical period that the issuer reason-
ably believes will not be required to be included 
in the Form S–1 or F–1 at the time of the con-
templated offering; and
830 
‘‘(B) prior to the issuer distributing a pre-
liminary prospectus to investors, such registra-
tion statement is amended to include all finan-
cial information required by such regulation S– 
X at the date of such amendment. 
‘‘(2) RELIANCE BY ISSUERS.—Effective 30 days 
after the date of enactment of this subsection, an 
issuer filing a registration statement (or submitting 
the statement for confidential review) on Form S–1 or 
Form F–1 may omit financial information for histor-
ical periods otherwise required by regulation S–X (17 
CFR 210.1–01 et seq.) as of the time of filing (or con-
fidential submission) of such registration statement, 
provided that— 
‘‘(A) the omitted financial information re-
lates to a historical period that the issuer reason-
ably believes will not be required to be included 
in the Form S–1 or Form F–1 at the time of the 
contemplated offering; and 
‘‘(B) prior to the issuer distributing a pre-
liminary prospectus to investors, such registra-
tion statement is amended to include all finan-
cial information required by such regulation S– 
X at the date of such amendment.’’.
831 
TITLE LXXII—DISCLOSURE MOD-
ERNIZATION 
AND 
SIM-
PLIFICATION 
SEC. 72001. SUMMARY PAGE FOR FORM 10–K. 
Not later than the end of the 180-day period beginning 
on the date of the enactment of this Act, the Securities and 
Exchange Commission shall issue regulations to permit 
issuers to submit a summary page on form 10–K (17 CFR 
249.310), but only if each item on such summary page in-
cludes a cross-reference (by electronic link or otherwise) to 
the material contained in form 10–K to which such item 
relates. 
SEC. 72002. IMPROVEMENT OF REGULATION S–K. 
Not later than the end of the 180-day period beginning 
on the date of the enactment of this Act, the Securities and 
Exchange Commission shall take all such actions to revise 
regulation S–K (17 CFR 229.10 et seq.)— 
(1) to further scale or eliminate requirements of 
regulation S–K, in order to reduce the burden on 
emerging growth companies, accelerated filers, smaller 
reporting companies, and other smaller issuers, while 
still providing all material information to investors; 
(2) to eliminate provisions of regulation S–K, 
required for all issuers, that are duplicative, overlap-
ping, outdated, or unnecessary; and
832 
(3) for which the Commission determines that no 
further study under section 72203 is necessary to de-
termine the efficacy of such revisions to regulation S– 
K. 
SEC. 72003. STUDY ON MODERNIZATION AND SIMPLIFICA-
TION OF REGULATION S–K. 
(a) STUDY.—The Securities and Exchange Commis-
sion shall carry out a study of the requirements contained 
in regulation S–K (17 CFR 229.10 et seq.). Such study 
shall— 
(1) determine how best to modernize and sim-
plify such requirements in a manner that reduces the 
costs and burdens on issuers while still providing all 
material information; 
(2) emphasize a company by company approach 
that allows relevant and material information to be 
disseminated to investors without boilerplate language 
or static requirements while preserving completeness 
and comparability of information across registrants; 
and 
(3) evaluate methods of information delivery and 
presentation and explore methods for discouraging 
repetition and the disclosure of immaterial informa-
tion.
833 
(b) CONSULTATION.—In conducting the study required 
under subsection (a), the Commission shall consult with the 
Investor Advisory Committee and the Advisory Committee 
on Small and Emerging Companies. 
(c) REPORT.—Not later than the end of the 360-day 
period beginning on the date of enactment of this Act, the 
Commission shall issue a report to the Congress con-
taining— 
(1) all findings and determinations made in car-
rying out the study required under subsection (a); 
(2) specific and detailed recommendations on 
modernizing and simplifying the requirements in reg-
ulation S–K in a manner that reduces the costs and 
burdens on companies while still providing all mate-
rial information; and 
(3) specific and detailed recommendations on 
ways to improve the readability and navigability of 
disclosure documents and to discourage repetition and 
the disclosure of immaterial information. 
(d) RULEMAKING.—Not later than the end of the 360- 
day period beginning on the date that the report is issued 
to the Congress under subsection (c), the Commission shall 
issue a proposed rule to implement the recommendations 
of the report issued under subsection (c).
834 
(e) RULE OF CONSTRUCTION.—Revisions made to reg-
ulation S–K by the Commission under section 202 shall not 
be construed as satisfying the rulemaking requirements 
under this section. 
TITLE 
LXXIII—BULLION 
AND 
COLLECTIBLE COIN PRODUC-
TION EFFICIENCY AND COST 
SAVINGS 
SEC. 73001. TECHNICAL CORRECTIONS. 
Title 31, United States Code, is amended— 
(1) in section 5112— 
(A) in subsection (q)— 
(i) by striking paragraphs (3) and (8); 
and 
(ii) by redesignating paragraphs (4), 
(5), (6), and (7) as paragraphs (3), (4), (5), 
and (6), respectively; 
(B) in subsection (t)(6)(B), by striking ‘‘90 
percent silver and 10 percent copper’’ and insert-
ing ‘‘not less than 90 percent silver’’; and 
(C) in subsection (v)— 
(i) in paragraph (1), by striking ‘‘Sub-
ject to’’ and all that follows through ‘‘the 
Secretary shall’’ and inserting ‘‘The Sec-
retary shall’’;
835 
(ii) in paragraph (2)(A), by striking 
‘‘The Secretary’’ and inserting ‘‘To the 
greatest extent possible, the Secretary’’; 
(iii) in paragraph (5), by inserting 
after ‘‘may issue’’ the following: ‘‘collectible 
versions of’’; and 
(iv) by striking paragraph (8); and 
(2) in section 5132(a)(2)(B)(i), by striking ‘‘90 
percent silver and 10 percent copper’’ and inserting 
‘‘not less than 90 percent silver’’. 
SEC. 73002. AMERICAN EAGLE SILVER BULLION 30TH ANNI-
VERSARY. 
Proof and uncirculated versions of coins issued by the 
Secretary of the Treasury pursuant to subsection (e) of sec-
tion 5112 of title 31, United States Code, during calendar 
year 2016 shall have a smooth edge incused with a designa-
tion that notes the 30th anniversary of the first issue of 
coins under such subsection. 
TITLE LXXIV—SBIC ADVISERS 
RELIEF 
SEC. 74001. ADVISERS OF SBICS AND VENTURE CAPITAL 
FUNDS. 
Section 203(l) of the Investment Advisers Act of 1940 
(15 U.S.C. 80b–3(l)) is amended—
836 
(1) by striking ‘‘No investment adviser’’ and in-
serting the following: 
‘‘(1) IN GENERAL.—No investment adviser’’; and 
(2) by adding at the end the following: 
‘‘(2) ADVISERS OF SBICS.—For purposes of this 
subsection, a venture capital fund includes an entity 
described in subparagraph (A), (B), or (C) of sub-
section (b)(7) (other than an entity that has elected 
to be regulated or is regulated as a business develop-
ment company pursuant to section 54 of the Invest-
ment Company Act of 1940).’’. 
SEC. 74002. ADVISERS OF SBICS AND PRIVATE FUNDS. 
Section 203(m) of the Investment Advisers Act of 1940 
(15 U.S.C. 80b–3(m)) is amended by adding at the end the 
following: 
‘‘(3) ADVISERS OF SBICS.—For purposes of this 
subsection, the assets under management of a private 
fund that is an entity described in subparagraph (A), 
(B), or (C) of subsection (b)(7) (other than an entity 
that has elected to be regulated or is regulated as a 
business development company pursuant to section 54 
of the Investment Company Act of 1940) shall be ex-
cluded from the limit set forth in paragraph (1).’’.
837 
SEC. 74003. RELATIONSHIP TO STATE LAW. 
Section 203A(b)(1) of the Investment Advisers Act of 
1940 (15 U.S.C. 80b–3a(b)(1)) is amended— 
(1) in subparagraph (A), by striking ‘‘or’’ at the 
end; 
(2) in subparagraph (B), by striking the period 
at the end and inserting ‘‘; or’’; and 
(3) by adding at the end the following: 
‘‘(C) that is not registered under section 203 
because that person is exempt from registration 
as provided in subsection (b)(7) of such section, 
or is a supervised person of such person.’’. 
TITLE LXXV—ELIMINATE 
PRIVACY NOTICE CONFUSION 
SEC. 75001. EXCEPTION TO ANNUAL PRIVACY NOTICE RE-
QUIREMENT UNDER THE GRAMM-LEACH-BLI-
LEY ACT. 
Section 503 of the Gramm-Leach-Bliley Act (15 U.S.C. 
6803) is amended by adding at the end the following: 
‘‘(f) EXCEPTION TO ANNUAL NOTICE REQUIREMENT.— 
A financial institution that— 
‘‘(1) provides nonpublic personal information 
only in accordance with the provisions of subsection 
(b)(2) or (e) of section 502 or regulations prescribed 
under section 504(b), and
838 
‘‘(2) has not changed its policies and practices 
with regard to disclosing nonpublic personal informa-
tion from the policies and practices that were dis-
closed in the most recent disclosure sent to consumers 
in accordance with this section, 
shall not be required to provide an annual disclosure under 
this section until such time as the financial institution fails 
to comply with any criteria described in paragraph (1) or 
(2).’’. 
TITLE 
LXXVI—REFORMING 
AC-
CESS FOR INVESTMENTS IN 
STARTUP ENTERPRISES 
SEC. 76001. EXEMPTED TRANSACTIONS. 
(a) EXEMPTED TRANSACTIONS.—Section 4 of the Se-
curities Act of 1933 (15 U.S.C. 77d) is amended— 
(1) in subsection (a), by adding at the end the 
following new paragraph: 
‘‘(7) transactions meeting the requirements of 
subsection (d).’’; 
(2) by redesignating the second subsection (b) 
(relating to securities offered and sold in compliance 
with Rule 506 of Regulation D) as subsection (c); and 
(3) by adding at the end the following:
839 
‘‘(d) 
CERTAIN
ACCREDITED
INVESTOR
TRANS-
ACTIONS.—The transactions referred to in subsection (a)(7) 
are transactions meeting the following requirements: 
‘‘(1) ACCREDITED
INVESTOR
REQUIREMENT.— 
Each purchaser is an accredited investor, as that 
term is defined in section 230.501(a) of title 17, Code 
of Federal Regulations (or any successor regulation). 
‘‘(2) PROHIBITION
ON
GENERAL
SOLICITATION 
OR ADVERTISING.—Neither the seller, nor any person 
acting on the seller’s behalf, offers or sells securities by 
any form of general solicitation or general adver-
tising. 
‘‘(3) INFORMATION REQUIREMENT.—In the case 
of a transaction involving the securities of an issuer 
that is neither subject to section 13 or 15(d) of the Se-
curities Exchange Act of 1934 (15 U.S.C. 78m; 
78o(d)), nor exempt from reporting pursuant to sec-
tion 240.12g3–2(b) of title 17, Code of Federal Regu-
lations, nor a foreign government (as defined in sec-
tion 230.405 of title 17, Code of Federal Regulations) 
eligible to register securities under Schedule B, the 
seller and a prospective purchaser designated by the 
seller obtain from the issuer, upon request of the sell-
er, and the seller in all cases makes available to a 
prospective purchaser, the following information
840 
(which shall be reasonably current in relation to the 
date of resale under this section): 
‘‘(A) The exact name of the issuer and the 
issuer’s predecessor (if any). 
‘‘(B) The address of the issuer’s principal 
executive offices. 
‘‘(C) The exact title and class of the secu-
rity. 
‘‘(D) The par or stated value of the security. 
‘‘(E) The number of shares or total amount 
of the securities outstanding as of the end of the 
issuer’s most recent fiscal year. 
‘‘(F) The name and address of the transfer 
agent, corporate secretary, or other person re-
sponsible for transferring shares and stock cer-
tificates. 
‘‘(G) A statement of the nature of the busi-
ness of the issuer and the products and services 
it offers, which shall be presumed reasonably cur-
rent if the statement is as of 12 months before 
the transaction date. 
‘‘(H) The names of the officers and directors 
of the issuer. 
‘‘(I) The names of any persons registered as 
a broker, dealer, or agent that shall be paid or
841 
given, directly or indirectly, any commission or 
remuneration for such person’s participation in 
the offer or sale of the securities. 
‘‘(J) The issuer’s most recent balance sheet 
and profit and loss statement and similar finan-
cial statements, which shall— 
‘‘(i) be for such part of the 2 preceding 
fiscal years as the issuer has been in oper-
ation; 
‘‘(ii) be prepared in accordance with 
generally accepted accounting principles or, 
in the case of a foreign private issuer, be 
prepared in accordance with generally ac-
cepted accounting principles or the Inter-
national Financial Reporting Standards 
issued by the International Accounting 
Standards Board; 
‘‘(iii) be presumed reasonably current 
if— 
‘‘(I) with respect to the balance 
sheet, the balance sheet is as of a date 
less than 16 months before the trans-
action date; and 
‘‘(II) with respect to the profit 
and loss statement, such statement is
842 
for the 12 months preceding the date of 
the issuer’s balance sheet; and 
‘‘(iv) if the balance sheet is not as of 
a date less than 6 months before the trans-
action date, be accompanied by additional 
statements of profit and loss for the period 
from the date of such balance sheet to a date 
less than 6 months before the transaction 
date. 
‘‘(K) To the extent that the seller is a con-
trol person with respect to the issuer, a brief 
statement regarding the nature of the affiliation, 
and a statement certified by such seller that they 
have no reasonable grounds to believe that the 
issuer is in violation of the securities laws or 
regulations. 
‘‘(4) ISSUERS DISQUALIFIED.—The transaction 
is not for the sale of a security where the seller is an 
issuer or a subsidiary, either directly or indirectly, of 
the issuer. 
‘‘(5) BAD ACTOR PROHIBITION.—Neither the sell-
er, nor any person that has been or will be paid (di-
rectly or indirectly) remuneration or a commission 
for their participation in the offer or sale of the secu-
rities, including solicitation of purchasers for the sell-
843 
er is subject to an event that would disqualify an 
issuer or other covered person under Rule 506(d)(1) 
of Regulation D (17 CFR 230.506(d)(1)) or is subject 
to a statutory disqualification described under section 
3(a)(39) of the Securities Exchange Act of 1934. 
‘‘(6) BUSINESS
REQUIREMENT.—The issuer is 
engaged in business, is not in the organizational stage 
or in bankruptcy or receivership, and is not a blank 
check, blind pool, or shell company that has no spe-
cific business plan or purpose or has indicated that 
the issuer’s primary business plan is to engage in a 
merger or combination of the business with, or an ac-
quisition of, an unidentified person. 
‘‘(7) UNDERWRITER
PROHIBITION.—The trans-
action is not with respect to a security that con-
stitutes the whole or part of an unsold allotment to, 
or a subscription or participation by, a broker or 
dealer as an underwriter of the security or a redis-
tribution. 
‘‘(8) OUTSTANDING CLASS REQUIREMENT.—The 
transaction is with respect to a security of a class 
that has been authorized and outstanding for at least 
90 days prior to the date of the transaction. 
‘‘(e) ADDITIONAL REQUIREMENTS.—
844 
‘‘(1) IN GENERAL.—With respect to an exempted 
transaction described under subsection (a)(7): 
‘‘(A) Securities acquired in such trans-
action shall be deemed to have been acquired in 
a transaction not involving any public offering. 
‘‘(B) Such transaction shall be deemed not 
to be a distribution for purposes of section 
2(a)(11). 
‘‘(C) Securities involved in such transaction 
shall be deemed to be restricted securities within 
the meaning of Rule 144 (17 CFR 230.144). 
‘‘(2) RULE OF CONSTRUCTION.—The exemption 
provided by subsection (a)(7) shall not be the exclu-
sive means for establishing an exemption from the 
registration requirements of section 5.’’. 
(b) EXEMPTION IN CONNECTION WITH CERTAIN EX-
EMPT OFFERINGS.—Section 18(b)(4) of the Securities Act 
of 1933 (15 U.S.C. 77r(b)(4)) is amended— 
(1) by redesignating the second subparagraph 
(D) and subparagraph (E) as subparagraphs (E) and 
(F), respectively; 
(2) in subparagraph (E), as so redesignated, by 
striking ‘‘; or’’ and inserting a semicolon; 
(3) in subparagraph (F), as so redesignated, by 
striking the period and inserting ‘‘; or’’; and
845 
(4) by adding at the end the following new sub-
paragraph: 
‘‘(G) section 4(a)(7).’’. 
TITLE 
LXXVII—PRESERVATION 
ENHANCEMENT AND SAVINGS 
OPPORTUNITY 
SEC. 77001. DISTRIBUTIONS AND RESIDUAL RECEIPTS. 
Section 222 of the Low-Income Housing Preservation 
and Resident Homeownership Act of 1990 (12 U.S.C. 4112) 
is amended by adding at the end the following new sub-
section: 
‘‘(e) DISTRIBUTION AND RESIDUAL RECEIPTS.— 
‘‘(1) AUTHORITY.—After the date of the enact-
ment of this subsection, the owner of a property sub-
ject to a plan of action or use agreement pursuant to 
this section shall be entitled to distribute— 
‘‘(A) annually, all surplus cash generated 
by the property, but only if the owner is in ma-
terial compliance with such use agreement in-
cluding compliance with prevailing physical con-
dition standards established by the Secretary; 
and 
‘‘(B) notwithstanding any conflicting provi-
sion in such use agreement, any funds accumu-
lated in a residual receipts account, but only if
846 
the owner is in material compliance with such 
use agreement and has completed, or set aside 
sufficient funds for completion of, any capital re-
pairs identified by the most recent third party 
capital needs assessment. 
‘‘(2) OPERATION OF PROPERTY.—An owner that 
distributes any amounts pursuant to paragraph (1) 
shall— 
‘‘(A) continue to operate the property in ac-
cordance with the affordability provisions of the 
use agreement for the property for the remaining 
useful life of the property; 
‘‘(B) as required by the plan of action for 
the property, continue to renew or extend any 
project-based rental assistance contract for a 
term of not less than 20 years; and 
‘‘(C) if the owner has an existing multi- 
year project-based rental assistance contract for 
less than 20 years, have the option to extend the 
contract to a 20-year term.’’. 
SEC. 77002. FUTURE REFINANCINGS. 
Section 214 of the Low-Income Housing Preservation 
and Resident Homeownership Act of 1990 (12 U.S.C. 4104) 
is amended by adding at the end the following new sub-
section:
847 
‘‘(c) FUTURE FINANCING.—Neither this section, nor 
any plan of action or use agreement implementing this sec-
tion, shall restrict an owner from obtaining a new loan or 
refinancing an existing loan secured by the project, or from 
distributing the proceeds of such a loan; except that, in con-
junction with such refinancing— 
‘‘(1) the owner shall provide for adequate reha-
bilitation pursuant to a capital needs assessment to 
ensure long-term sustainability of the property satis-
factory to the lender or bond issuance agency; 
‘‘(2) any resulting budget-based rent increase 
shall include debt service on the new financing, com-
mercially reasonable debt service coverage, and re-
placement reserves as required by the lender; and 
‘‘(3) for tenants of dwelling units not covered by 
a project- or tenant-based rental subsidy, any rent in-
creases resulting from the refinancing transaction 
may not exceed 10 percent per year, except that— 
‘‘(A) any tenant occupying a dwelling unit 
as of time of the refinancing may not be required 
to pay for rent and utilities, for the duration of 
such tenancy, an amount that exceeds the greater 
of— 
‘‘(i) 30 percent of the tenant’s income; 
or
848 
‘‘(ii) the amount paid by the tenant for 
rent and utilities immediately before such 
refinancing; and 
‘‘(B) this paragraph shall not apply to any 
tenant who does not provide the owner with 
proof of income. 
Paragraph (3) may not be construed to limit any rent in-
creases resulting from increased operating costs for a 
project.’’. 
SEC. 77003. IMPLEMENTATION. 
The Secretary of Housing and Urban Development 
shall issue any guidance that the Secretary considers nec-
essary to carry out the provisions added by the amendments 
made by this title not later than the expiration of the 120- 
day period beginning on the date of the enactment of this 
Act. 
TITLE LXXVIII—TENANT INCOME 
VERIFICATION RELIEF 
SEC. 78001. REVIEWS OF FAMILY INCOMES. 
(a) IN GENERAL.—The second sentence of paragraph 
(1) of section 3(a) of the United States Housing Act of 1937 
(42 U.S.C. 1437a(a)(1)) is amended by inserting before the 
period at the end the following: ‘‘; except that, in the case 
of any family with a fixed income, as defined by the Sec-
retary, after the initial review of the family’s income, the
849 
public housing agency or owner shall not be required to con-
duct a review of the family’s income for any year for which 
such family certifies, in accordance with such requirements 
as the Secretary shall establish, which shall include policies 
to adjust for inflation-based income changes, that 90 per-
cent or more of the income of the family consists of fixed 
income, and that the sources of such income have not 
changed since the previous year, except that the public hous-
ing agency or owner shall conduct a review of each such 
family’s income not less than once every 3 years’’. 
(b) HOUSING CHOICE VOUCHER PROGRAM.—Subpara-
graph (A) of section 8(o)(5) of the United States Housing 
Act of 1937 (42 U.S.C. 1437f(o)(5)(A)) is amended by strik-
ing ‘‘not less than annually’’ and inserting ‘‘as required 
by section 3(a)(1) of this Act’’. 
TITLE LXXIX—HOUSING 
ASSISTANCE EFFICIENCY 
SEC. 79001. AUTHORITY TO ADMINISTER RENTAL ASSIST-
ANCE. 
Subsection (g) of section 423 of the McKinney-Vento 
Homeless Assistance Act (42 U.S.C. 11383(g)) is amended 
by inserting ‘‘private nonprofit organization,’’ after ‘‘unit 
of general local government,’’.
850 
SEC. 79002. REALLOCATION OF FUNDS. 
Paragraph (1) of section 414(d) of the McKinney- 
Vento Homeless Assistance Act (42 U.S.C. 11373(d)(1)) is 
amended by striking ‘‘twice’’ and inserting ‘‘once’’. 
TITLE LXXX—CHILD SUPPORT 
ASSISTANCE 
SEC. 80001. REQUESTS FOR CONSUMER REPORTS BY STATE 
OR LOCAL CHILD SUPPORT ENFORCEMENT 
AGENCIES. 
Paragraph (4) of section 604(a) of the Fair Credit Re-
porting Act (15 U.S.C. 1681b(a)(4)) is amended— 
(1) in subparagraph (A), by striking ‘‘or deter-
mining the appropriate level of such payments’’ and 
inserting ‘‘, determining the appropriate level of such 
payments, or enforcing a child support order, award, 
agreement, or judgment’’; 
(2) in subparagraph (B)— 
(A) by striking ‘‘paternity’’ and inserting 
‘‘parentage’’; and 
(B) by adding ‘‘and’’ at the end; 
(3) by striking subparagraph (C); and 
(4) by redesignating subparagraph (D) as sub-
paragraph (C).
851 
TITLE LXXXI—PRIVATE 
INVESTMENT IN HOUSING 
SEC. 81001. BUDGET-NEUTRAL DEMONSTRATION PROGRAM 
FOR ENERGY AND WATER CONSERVATION IM-
PROVEMENTS AT MULTIFAMILY RESIDENTIAL 
UNITS. 
(a) ESTABLISHMENT.—The Secretary of Housing and 
Urban Development (in this section referred to as the ‘‘Sec-
retary’’) shall establish a demonstration program under 
which the Secretary may execute budget-neutral, perform-
ance-based agreements in fiscal years 2016 through 2019 
that result in a reduction in energy or water costs with 
such entities as the Secretary determines to be appropriate 
under which the entities shall carry out projects for energy 
or water conservation improvements at not more than 
20,000 residential units in multifamily buildings partici-
pating in— 
(1) the project-based rental assistance program 
under section 8 of the United States Housing Act of 
1937 (42 U.S.C. 1437f), other than assistance pro-
vided under section 8(o) of that Act; 
(2) the supportive housing for the elderly pro-
gram under section 202 of the Housing Act of 1959 
(12 U.S.C. 1701q); or
852 
(3) the supportive housing for persons with dis-
abilities program under section 811(d)(2) of the 
Cranston-Gonzalez National Affordable Housing Act 
(42 U.S.C. 8013(d)(2)). 
(b) REQUIREMENTS.— 
(1) PAYMENTS CONTINGENT ON SAVINGS.— 
(A) IN GENERAL.—The Secretary shall pro-
vide to an entity a payment under an agreement 
under this section only during applicable years 
for which an energy or water cost savings is 
achieved with respect to the applicable multi-
family portfolio of properties, as determined by 
the Secretary, in accordance with subparagraph 
(B). 
(B) PAYMENT METHODOLOGY.— 
(i) IN
GENERAL.—Each agreement 
under this section shall include a pay-for- 
success provision that— 
(I) shall serve as a payment 
threshold for the term of the agreement; 
and 
(II) requires that payments shall 
be contingent on realized cost savings 
associated with reduced utility con-
853 
sumption in the participating prop-
erties. 
(ii) LIMITATIONS.—A payment made 
by the Secretary under an agreement under 
this section— 
(I) shall be contingent on docu-
mented utility savings; and 
(II) shall not exceed the utility 
savings achieved by the date of the 
payment, and not previously paid, as 
a result of the improvements made 
under the agreement. 
(C) THIRD-PARTY VERIFICATION.—Savings 
payments made by the Secretary under this sec-
tion shall be based on a measurement and 
verification protocol that includes at least— 
(i) establishment of a weather-normal-
ized and occupancy-normalized utility con-
sumption baseline established pre-retrofit; 
(ii) annual third-party confirmation of 
actual utility consumption and cost for 
utilities; 
(iii) annual third-party validation of 
the tenant utility allowances in effect dur-
854 
ing the applicable year and vacancy rates 
for each unit type; and 
(iv) annual third-party determination 
of savings to the Secretary. 
An agreement under this section with an entity 
shall provide that the entity shall cover costs as-
sociated with third-party verification under this 
subparagraph. 
(2) TERMS
OF
PERFORMANCE-BASED
AGREE-
MENTS.—A performance-based agreement under this 
section shall include— 
(A) the period that the agreement will be in 
effect and during which payments may be made, 
which may not be longer than 12 years; 
(B) the performance measures that will 
serve as payment thresholds during the term of 
the agreement; 
(C) an audit protocol for the properties cov-
ered by the agreement; 
(D) a requirement that payments shall be 
contingent on realized cost savings associated 
with reduced utility consumption in the partici-
pating properties; and 
(E) such other requirements and terms as 
determined to be appropriate by the Secretary.
855 
(3) ENTITY ELIGIBILITY.—The Secretary shall— 
(A) establish a competitive process for enter-
ing into agreements under this section; and 
(B) enter into such agreements only with 
entities that, either jointly or individually, dem-
onstrate significant experience relating to— 
(i) financing or operating properties 
receiving assistance under a program iden-
tified in subsection (a); 
(ii) oversight of energy or water con-
servation programs, including oversight of 
contractors; and 
(iii) raising capital for energy or 
water 
conservation 
improvements 
from 
charitable organizations or private inves-
tors. 
(4) GEOGRAPHICAL DIVERSITY.—Each agreement 
entered into under this section shall provide for the 
inclusion of properties with the greatest feasible re-
gional and State variance. 
(5) PROPERTIES.—A property may only be in-
cluded in the demonstration under this section only 
if the property is subject to affordability restrictions 
for at least 15 years after the date of the completion 
of any conservation improvements made to the prop-
856 
erty under the demonstration program. Such restric-
tions may be made through an extended affordability 
agreement for the property under a new housing as-
sistance payments contract with the Secretary of 
Housing and Urban Development or through an en-
forceable covenant with the owner of the property. 
(c) PLAN AND REPORTS.— 
(1) PLAN.—Not later than 90 days after the date 
of enactment of this Act, the Secretary shall submit 
to the Committees on Appropriations and Financial 
Services of the House of Representatives and the Com-
mittees on Appropriations and Banking, Housing, 
and Urban Affairs of the Senate a detailed plan for 
the implementation of this section. 
(2) REPORTS.—Not later than 1 year after the 
date of enactment of this Act, and annually there-
after, the Secretary shall— 
(A) conduct an evaluation of the program 
under this section; and 
(B) submit to Congress a report describing 
each evaluation conducted under subparagraph 
(A). 
(d) FUNDING.—For each fiscal year during which an 
agreement under this section is in effect, the Secretary may 
use to carry out this section any funds appropriated to the
857 
Secretary for the renewal of contracts under a program de-
scribed in subsection (a). 
TITLE LXXXII—CAPITAL ACCESS 
FOR SMALL COMMUNITY FI-
NANCIAL INSTITUTIONS 
SEC. 82001. PRIVATELY INSURED CREDIT UNIONS AUTHOR-
IZED TO BECOME MEMBERS OF A FEDERAL 
HOME LOAN BANK. 
(a) IN GENERAL.—Section 4(a) of the Federal Home 
Loan Bank Act (12 U.S.C. 1424(a)) is amended by adding 
at the end the following new paragraph: 
‘‘(5) CERTAIN
PRIVATELY
INSURED
CREDIT 
UNIONS.— 
‘‘(A) IN GENERAL.—Subject to the require-
ments of subparagraph (B), a credit union shall 
be treated as an insured depository institution 
for purposes of determining the eligibility of such 
credit union for membership in a Federal home 
loan bank under paragraphs (1), (2), and (3). 
‘‘(B) CERTIFICATION BY APPROPRIATE SU-
PERVISOR.— 
‘‘(i) IN
GENERAL.—For purposes of 
this paragraph and subject to clause (ii), a 
credit union which lacks Federal deposit in-
surance and which has applied for member-
858 
ship in a Federal home loan bank may be 
treated as meeting all the eligibility require-
ments for Federal deposit insurance only if 
the appropriate supervisor of the State in 
which the credit union is chartered has de-
termined that the credit union meets all the 
eligibility requirements for Federal deposit 
insurance as of the date of the application 
for membership. 
‘‘(ii) 
CERTIFICATION
DEEMED 
VALID.—If, in the case of any credit union 
to which clause (i) applies, the appropriate 
supervisor of the State in which such credit 
union is chartered fails to make a deter-
mination pursuant to such clause by the 
end of the 6-month period beginning on the 
date of the application, the credit union 
shall be deemed to have met the require-
ments of clause (i). 
‘‘(C) SECURITY
INTERESTS
OF
FEDERAL 
HOME
LOAN
BANK
NOT
AVOIDABLE.—Notwith-
standing any provision of State law authorizing 
a conservator or liquidating agent of a credit 
union to repudiate contracts, no such provision 
shall apply with respect to—
859 
‘‘(i) any extension of credit from any 
Federal home loan bank to any credit union 
which is a member of any such bank pursu-
ant to this paragraph; or 
‘‘(ii) any security interest in the assets 
of such credit union securing any such ex-
tension of credit. 
‘‘(D) PROTECTION FOR CERTAIN FEDERAL 
HOME LOAN BANK ADVANCES.—Notwithstanding 
any State law to the contrary, if a Bank makes 
an advance under section 10 to a State-chartered 
credit union that is not federally insured— 
‘‘(i) the Bank’s interest in any collat-
eral securing such advance has the same 
priority and is afforded the same standing 
and rights that the security interest would 
have had if the advance had been made to 
a federally insured credit union; and 
‘‘(ii) the Bank has the same right to 
access such collateral that the Bank would 
have had if the advance had been made to 
a federally insured credit union.’’. 
(b) COPIES OF AUDITS OF PRIVATE INSURERS OF 
CERTAIN DEPOSITORY INSTITUTIONS REQUIRED TO BE 
PROVIDED
TO
SUPERVISORY
AGENCIES.—Section
860 
43(a)(2)(A) of the Federal Deposit Insurance Act (12 
U.S.C. 1831t(a)(2)(A)) is amended— 
(1) in clause (i), by striking ‘‘and’’ at the end; 
(2) in clause (ii), by striking the period at the 
end and inserting ‘‘; and’’; and 
(3) by inserting at the end the following new 
clause: 
‘‘(iii) in the case of depository institu-
tions described in subsection (e)(2)(A) the 
deposits of which are insured by the private 
insurer which are members of a Federal 
home loan bank, to the Federal Housing Fi-
nance Agency, not later than 7 days after 
the audit is completed.’’. 
SEC. 82002. GAO REPORT. 
Not later than 18 months after the date of enactment 
of this Act, the Comptroller General of the United States 
shall conduct a study and submit a report to Congress— 
(1) on the adequacy of insurance reserves held by 
a private deposit insurer that insures deposits in an 
entity described in section 43(e)(2)(A) of the Federal 
Deposit Insurance Act (12 U.S.C. 1831t(e)(2)(A)); 
and 
(2) for an entity described in paragraph (1) the 
deposits of which are insured by a private deposit in-
861 
surer, information on the level of compliance with 
Federal regulations relating to the disclosure of a lack 
of Federal deposit insurance. 
TITLE LXXXIII—SMALL BANK 
EXAM CYCLE REFORM 
SEC. 83001. SMALLER INSTITUTIONS QUALIFYING FOR 18- 
MONTH EXAMINATION CYCLE. 
Section 10(d) of the Federal Deposit Insurance Act (12 
U.S.C. 1820(d)) is amended— 
(1) in paragraph (4)— 
(A) in subparagraph (A), by striking 
‘‘$500,000,000’’ and inserting ‘‘$1,000,000,000’’; 
and 
(B) in subparagraph (C)(ii), by striking 
‘‘$100,000,000’’ and inserting ‘‘$200,000,000’’; 
and 
(2) in paragraph (10)— 
(A) by striking ‘‘$100,000,000’’ and insert-
ing ‘‘$200,000,000’’; and 
(B) by striking ‘‘$500,000,000’’ and insert-
ing ‘‘$1,000,000,000’’.
862 
TITLE LXXXIV—SMALL COMPANY 
SIMPLE REGISTRATION 
SEC. 84001. FORWARD INCORPORATION BY REFERENCE FOR 
FORM S–1. 
Not later than 45 days after the date of the enactment 
of this Act, the Securities and Exchange Commission shall 
revise Form S–1 so as to permit a smaller reporting com-
pany (as defined in section 230.405 of title 17, Code of Fed-
eral Regulations) to incorporate by reference in a registra-
tion statement filed on such form any documents that such 
company files with the Commission after the effective date 
of such registration statement. 
TITLE 
LXXXV—HOLDING 
COM-
PANY 
REGISTRATION 
THRESHOLD EQUALIZATION 
SEC. 85001. REGISTRATION THRESHOLD FOR SAVINGS AND 
LOAN HOLDING COMPANIES. 
The Securities Exchange Act of 1934 (15 U.S.C. 78a 
et seq.) is amended— 
(1) in section 12(g)— 
(A) in paragraph (1)(B), by inserting after 
‘‘is a bank’’ the following: ‘‘, a savings and loan 
holding company (as defined in section 10 of the 
Home Owners’ Loan Act),’’; and
114TH CONGRESS 
1ST SESSION 
H.R. 22 
HOUSE AMENDMENT TO 
SENATE AMENDMENT