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proposed revised standards could become
effective.
‘‘(iii) PUBLICATION
OF
REJECTED
PROPOSED
REVISED
STANDARDS.—If the
Secretary rejects the proposed revised
standard, the Secretary shall cause to be
published in the Federal Register the re-
jected proposed revised standard, the rea-
sons for rejection, and any recommended
modifications set forth.
‘‘(5) REVIEW BY THE SECRETARY.—
‘‘(A) IN
GENERAL.—The Secretary shall
either adopt, modify, or reject a standard, as
submitted by the consensus committee under
paragraph (4)(A).
‘‘(B) TIMING.—Not later than 12 months
after the date on which a standard is submitted
to the Secretary by the consensus committee,
the Secretary shall take action regarding such
standard under subparagraph (C).
‘‘(C) PROCEDURES.—If the Secretary—
‘‘(i) adopts a standard recommended
by the consensus committee, the Secretary
shall—
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‘‘(I) issue a final order without
further rulemaking; and
‘‘(II) cause the final order to be
published in the Federal Register;
‘‘(ii) determines that any standard
should be rejected, the Secretary shall—
‘‘(I) reject the standard; and
‘‘(II) cause to be published in the
Federal Register a notice to that ef-
fect, together with the reason or rea-
sons for rejecting the proposed stand-
ard; or
‘‘(iii) determines that a standard rec-
ommended by the consensus committee
should be modified, the Secretary shall—
‘‘(I) cause to be published in the
Federal Register the proposed modi-
fied standard, together with an expla-
nation of the reason or reasons for the
determination of the Secretary; and
‘‘(II) provide an opportunity for
public comment in accordance with
section 553 of title 5, United States
Code.
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‘‘(D) FINAL ORDER.—Any final standard
under this paragraph shall become effective
pursuant to subsection (c).
‘‘(6) FAILURE TO ACT.—If the Secretary fails
to take final action under paragraph (5) and to
cause notice of the action to be published in the
Federal Register before the expiration of the 12-
month period beginning on the date on which the
proposed revised standard is submitted to the Sec-
retary under paragraph (4)(A)—
‘‘(A) the Secretary shall appear in person
before the appropriate housing and appropria-
tions subcommittees and committees of the
House of Representatives and the Senate (re-
ferred to in this paragraph as the ‘committees’)
on a date or dates to be specified by the com-
mittees, but in no event later than 30 days
after the expiration of that 12-month period,
and shall state before the committees the rea-
sons for failing to take final action as required
under paragraph (5); and
‘‘(B) if the Secretary does not appear in
person as required under subparagraph (A), the
Secretary shall thereafter, and until such time
as the Secretary does appear as required under
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subparagraph (A), be prohibited from expend-
ing any funds collected under authority of this
title in an amount greater than that collected
and expended in the fiscal year immediately
preceding the date of the enactment of the
Manufactured Housing Improvement Act of
2000, indexed for inflation as determined by
the Congressional Budget Office.
‘‘(b) OTHER ORDERS.—
‘‘(1) REGULATIONS.—The Secretary may issue
procedural and enforcement regulations and revi-
sions to existing regulations as necessary to imple-
ment the provisions of this title. The consensus com-
mittee may submit to the Secretary proposed proce-
dural and enforcement regulations and recommenda-
tions for the revision of such regulations.
‘‘(2) INTERPRETATIVE BULLETINS.—The Sec-
retary may issue interpretative bulletins to clarify
the meaning of any Federal manufactured home
construction and safety standard or procedural and
enforcement regulation. The consensus committee
may submit to the Secretary proposed interpretative
bulletins to clarify the meaning of any Federal man-
ufactured home construction and safety standard or
procedural and enforcement regulation.
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‘‘(3) REVIEW BY CONSENSUS COMMITTEE.—Be-
fore issuing a procedural or enforcement regulation
or an interpretative bulletin—
‘‘(A) the Secretary shall—
‘‘(i) submit the proposed procedural
or enforcement regulation or interpretative
bulletin to the consensus committee; and
‘‘(ii) provide the consensus committee
with a period of 120 days to submit writ-
ten comments to the Secretary on the pro-
posed procedural or enforcement regulation
or the interpretative bulletin; and
‘‘(B) if the Secretary rejects any signifi-
cant comment provided by the consensus com-
mittee under subparagraph (A), the Secretary
shall provide a written explanation of the rea-
sons for the rejection to the consensus com-
mittee; and
‘‘(C) following compliance with subpara-
graphs (A) and (B), the Secretary shall—
‘‘(i) cause the proposed regulation or
interpretative bulletin and the consensus
committee’s written comments, along with
the Secretary’s response thereto, to be
published in the Federal Register; and
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‘‘(ii) provide an opportunity for public
comment in accordance with section 553 of
title 5, United States Code.
‘‘(4) REQUIRED ACTION.—Not later than 120
days after the date on which the Secretary receives
a proposed regulation or interpretative bulletin sub-
mitted by the consensus committee, the Secretary
shall—
‘‘(A) approve the proposal and cause the
proposed regulation or interpretative bulletin to
be published for public comment in accordance
with section 553 of title 5, United States Code;
or
‘‘(B) reject the proposed regulation or in-
terpretative bulletin and—
‘‘(i) provide to the consensus com-
mittee a written explanation of the reasons
for rejection; and
‘‘(ii) cause to be published in the Fed-
eral Register the rejected proposed regula-
tion or interpretive bulletin, the reasons for
rejection, and any recommended modifica-
tions set forth.
‘‘(5) AUTHORITY TO ACT AND EMERGENCY.—If
the Secretary determines, in writing, that such ac-
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tion is necessary to address an issue on which the
Secretary determines that the consensus committee
has not made a timely recommendation following a
request by the Secretary, or in order to respond to
an emergency that jeopardizes the public health or
safety, the Secretary may issue an order that is not
developed under the procedures set forth in sub-
section (a) or in this subsection, if the Secretary—
‘‘(A) provides to the consensus committee
a written description and sets forth the reasons
why action is necessary and all supporting doc-
umentation; and
‘‘(B) issues the order after notice and an
opportunity for public comment in accordance
with section 553 of title 5, United States Code,
and causes the order to be published in the
Federal Register.
‘‘(6) CHANGES.—Any statement of policies,
practices, or procedures relating to construction and
safety standards, regulations, inspections, moni-
toring, or other enforcement activities that con-
stitutes a statement of general or particular applica-
bility to implement, interpret, or prescribe law or
policy by the Secretary is subject to subsection (a)
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or this subsection. Any change adopted in violation
of subsection (a) or this subsection is void.
‘‘(7) TRANSITION.—Until the date on which the
consensus committee is appointed pursuant to sec-
tion 604(a)(3), the Secretary may issue proposed or-
ders, pursuant to notice and comment in accordance
with section 553 of title 5, United States Code, that
are not developed under the procedures set forth in
this section for new and revised standards.’’;
(2) in subsection (d), by adding at the end the
following: ‘‘Federal preemption under this subsection
shall be broadly and liberally construed to ensure
that disparate State or local requirements or stand-
ards do not affect the uniformity and comprehen-
siveness of the standards promulgated under this
section nor the Federal superintendence of the man-
ufactured housing industry as established by this
title. Subject to section 605, there is reserved to
each State the right to establish standards for the
stabilizing and support systems of manufactured
homes sited within that State, and for the founda-
tions on which manufactured homes sited within
that State are installed, and the right to enforce
compliance with such standards, except that such
standards shall be consistent with the purposes of
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this title and shall be consistent with the design of
the manufacturer.’’;
(3) by striking subsection (e);
(4) in subsection (f), by striking the subsection
designation and all of the matter that precedes para-
graph (1) and inserting the following:
‘‘(e) CONSIDERATIONS IN ESTABLISHING AND IN-
TERPRETING STANDARDS AND REGULATIONS.—The con-
sensus committee, in recommending standards, regula-
tions, and interpretations, and the Secretary, in estab-
lishing standards or regulations or issuing interpretations
under this section, shall—’’;
(5) by striking subsection (g);
(6) in the first sentence of subsection (j), by
striking ‘‘subsection (f)’’ and inserting ‘‘subsection
(e)’’; and
(7) by redesignating subsections (h), (i), and
(j), as subsections (f), (g), and (h), respectively.
SEC. 605. ABOLISHMENT OF NATIONAL MANUFACTURED
HOME ADVISORY COUNCIL; MANUFACTURED
HOME INSTALLATION.
(a) IN GENERAL.—Section 605 (42 U.S.C. 5404) is
amended to read as follows:
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‘‘SEC. 605. MANUFACTURED HOME INSTALLATION.
‘‘(a) PROVISION OF INSTALLATION DESIGN AND IN-
STRUCTIONS.—A manufacturer shall provide with each
manufactured home, design and instructions for the in-
stallation of the manufactured home that have been ap-
proved by a design approval primary inspection agency.
After establishment of model standards under subsection
(b)(2), a design approval primary inspection agency may
not give such approval unless a design and instruction pro-
vides equal or greater protection than the protection pro-
vided under such model standards.
‘‘(b) MODEL MANUFACTURED HOME INSTALLATION
STANDARDS.—
‘‘(1) PROPOSED MODEL STANDARDS.—Not later
than 18 months after the date on which the initial
appointments of all of the members of the consensus
committee are completed, the consensus committee
shall develop and submit to the Secretary proposed
model manufactured home installation standards,
which shall, to the maximum extent practicable, tak-
ing into account the factors described in section
604(e), be consistent with—
‘‘(A) the manufactured home designs that
have been approved by a design approval pri-
mary inspection agency; and
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‘‘(B) the designs and instructions for the
installation of manufactured homes provided by
manufacturers under subsection (a).
‘‘(2) ESTABLISHMENT
OF
MODEL
STAND-
ARDS.—Not later than 12 months after receiving the
proposed model standards submitted under para-
graph (1), the Secretary shall develop and establish
model manufactured home installation standards,
which shall, to the maximum extent practicable, tak-
ing into account the factors described in section
604(e), be consistent with—
‘‘(A) the manufactured home designs that
have been approved by a design approval pri-
mary inspection agency; and
‘‘(B) the designs and instructions for the
installation of manufactured homes provided by
manufacturers under subsection (a).
‘‘(3) FACTORS FOR CONSIDERATION.—
‘‘(A) CONSENSUS COMMITTEE.—In devel-
oping the proposed model standards under
paragraph (1), the consensus committee shall
consider the factors described in section 604(e).
‘‘(B) SECRETARY.—In developing and es-
tablishing the model standards under paragraph
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(2), the Secretary shall consider the factors de-
scribed in section 604(e).
‘‘(4) 
ISSUANCE.—The 
model 
manufactured
home installation standards shall be issued after no-
tice and an opportunity for public comment in ac-
cordance with section 553 of title 5, United States
Code.
‘‘(c) MANUFACTURED HOME INSTALLATION PRO-
GRAMS.—
‘‘(1) PROTECTION OF MANUFACTURED HOUS-
ING RESIDENTS DURING INITIAL PERIOD.—During
the 5-year period beginning on the date of the enact-
ment of the Manufactured Housing Improvement
Act of 2000, no State or manufacturer may estab-
lish or implement any installation standards that, in
the determination of the Secretary, provide less pro-
tection to the residents of manufactured homes than
the protection provided by the installation standards
in effect with respect to the State or manufacturer,
as applicable, on the date of the enactment of the
Manufactured Housing Improvement Act of 2000.
‘‘(2) INSTALLATION STANDARDS.—
‘‘(A) ESTABLISHMENT
OF
INSTALLATION
PROGRAM.—Not later than the expiration of the
5-year period described in paragraph (1), the
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Secretary shall establish an installation pro-
gram that meets the requirements of paragraph
(3) for the enforcement of installation stand-
ards in each State described in subparagraph
(B) of this paragraph.
‘‘(B) IMPLEMENTATION OF INSTALLATION
PROGRAM.—Beginning on the expiration of the
5-year period described in paragraph (1), the
Secretary shall implement the installation pro-
gram established under subparagraph (A) in
each State that does not have an installation
program established by State law that meets
the requirements of paragraph (3).
‘‘(C) CONTRACTING OUT OF IMPLEMENTA-
TION.—In carrying out subparagraph (B), the
Secretary may contract with an appropriate
agent to implement the installation program es-
tablished under that subparagraph, except that
such agent shall not be a person or entity other
than a government, nor an affiliate or sub-
sidiary of such a person or entity, that has en-
tered into a contract with the Secretary to im-
plement any other regulatory program under
this title.
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‘‘(3) REQUIREMENTS.—An installation program
meets the requirements of this paragraph if it is a
program regulating the installation of manufactured
homes that includes—
‘‘(A) installation standards that, in the de-
termination of the Secretary, provide protection
to the residents of manufactured homes that
equals or exceeds the protection provided to
those residents by—
‘‘(i) the model manufactured home in-
stallation standards established by the Sec-
retary under subsection (b)(2); or
‘‘(ii) the designs and instructions pro-
vided by manufacturers under subsection
(a), if the Secretary determines that such
designs and instructions provide protection
to the residents of manufactured homes
that equals or exceeds the protection pro-
vided by the model manufactured home in-
stallation standards established by the Sec-
retary under subsection (b)(2);
‘‘(B) the training and licensing of manu-
factured home installers; and
‘‘(C) inspection of the installation of manu-
factured homes.’’.
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(b) CONFORMING AMENDMENTS.—Section 623(c)
(42 U.S.C. 5422(c)) is amended—
(1) in paragraph (10), by striking ‘‘and’’ at the
end;
(2) by redesignating paragraph (11) as para-
graph (13); and
(3) by inserting after paragraph (10) the fol-
lowing:
‘‘(11) with respect to any State plan submitted
on or after the expiration of the 5-year period begin-
ning on the date of the enactment of the Manufac-
tured Housing Improvement Act of 2000, provides
for an installation program established by State law
that meets the requirements of section 605(c)(3);’’.
SEC. 606. PUBLIC INFORMATION.
Section 607 (42 U.S.C. 5406) is amended—
(1) in subsection (a)—
(A) by inserting ‘‘to the Secretary’’ after
‘‘submit’’; and
(B) by adding at the end the following:
‘‘The Secretary shall submit such cost and
other information to the consensus committee
for evaluation.’’;
(2) in subsection (d), by inserting ‘‘, the con-
sensus committee,’’ after ‘‘public’’; and
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(3) by striking subsection (c) and redesignating
subsections (d) and (e) as subsections (c) and (d),
respectively.
SEC. 607. RESEARCH, TESTING, DEVELOPMENT, AND TRAIN-
ING.
(a) IN
GENERAL.—Section 608(a) (42 U.S.C.
5407(a)) is amended—
(1) in paragraph (2), by striking ‘‘and’’ at the
end;
(2) in paragraph (3), by striking the period at
the end and inserting a semicolon; and
(3) by adding at the end the following:
‘‘(4) encouraging the government-sponsored
housing entities to actively develop and implement
secondary market securitization programs for the
FHA manufactured home loans and those of other
loan programs, as appropriate, thereby promoting
the availability of affordable manufactured homes to
increase homeownership for all people in the United
States; and
‘‘(5) reviewing the programs for FHA manufac-
tured home loans and developing any changes to
such programs to promote the affordability of manu-
factured homes, including changes in loan terms,
amortization periods, regulations, and procedures.’’.
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(b) DEFINITIONS.—Section 608 (42 U.S.C. 5407) is
amended by adding at the end the following:
‘‘(c) DEFINITIONS.—For purposes of this section, the
following definitions shall apply:
‘‘(1) GOVERNMENT-SPONSORED HOUSING ENTI-
TIES.—The term ‘government-sponsored housing en-
tities’ means the Government National Mortgage As-
sociation of the Department of Housing and Urban
Development, the Federal National Mortgage Asso-
ciation, and the Federal Home Loan Mortgage Cor-
poration.
‘‘(2) FHA MANUFACTURED HOME LOAN.—The
term ‘FHA manufactured home loan’ means a loan
that—
‘‘(A) is insured under title I of the Na-
tional Housing Act and is made for the purpose
of financing alterations, repairs, or improve-
ments on or in connection with an existing
manufactured home, the purchase of a manu-
factured home, the purchase of a manufactured
home and a lot on which to place the home, or
the purchase only of a lot on which to place a
manufactured home; or
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‘‘(B) is otherwise insured under the Na-
tional Housing Act and made for or in connec-
tion with a manufactured home.’’.
SEC. 608. PROHIBITED ACTS.
Section 610(a) (42 U.S.C. 5409(a)) is amended—
(1) in paragraph (5), by striking ‘‘or’’ at the
end;
(2) in paragraph (6), by striking the period at
the end and inserting ‘‘; or’’; and
(3) by adding at the end the following new
paragraph:
‘‘(7) after the expiration of the period specified
in section 605(c)(2)(B), fail to comply with the re-
quirements for the installation program required by
section 605 in any State that has not adopted and
implemented a State installation program.’’.
SEC. 609. FEES.
Section 620 (42 U.S.C. 5419) is amended to read as
follows:
‘‘SEC. 620. AUTHORITY TO COLLECT FEE.
‘‘(a) IN GENERAL.—In carrying out inspections
under this title, in developing standards and regulations
pursuant to section 604, and in facilitating the acceptance
of the affordability and availability of manufactured hous-
ing within the Department, the Secretary may—
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‘‘(1) establish and collect from manufactured
home manufacturers a reasonable fee, as may be
necessary to offset the expenses incurred by the Sec-
retary in connection with carrying out the respon-
sibilities 
of 
the 
Secretary 
under 
this 
title,
including—
‘‘(A) conducting inspections and moni-
toring;
‘‘(B) providing funding to States for the
administration and implementation of approved
State plans under section 623, including rea-
sonable funding for cooperative educational and
training programs designed to facilitate uniform
enforcement under this title, which funds may
be paid directly to the States or may be paid
or provided to any person or entity designated
to receive and disburse such funds by coopera-
tive agreements among participating States,
provided that such person or entity is not other-
wise an agent of the Secretary under this title;
‘‘(C) providing the funding for a noncareer
administrator within the Department to admin-
ister the manufactured housing program;
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‘‘(D) providing the funding for salaries and
expenses of employees of the Department to
carry out the manufactured housing program;
‘‘(E) administering the consensus com-
mittee as set forth in section 604;
‘‘(F) facilitating the acceptance of the
quality, durability, safety, and affordability of
manufactured housing within the Department;
and
‘‘(G) the administration and enforcement
of the installation standards authorized by sec-
tion 605 in States in which the Secretary is re-
quired to implement an installation program
after the expiration of the 5-year period set
forth in section 605(c)(2)(B), and the adminis-
tration and enforcement of a dispute resolution
program described in section 623(c)(12) in
States in which the Secretary is required to im-
plement such a program after the expiration of
the 5-year period set forth in section 623(g)(2);
and
‘‘(2) subject to subsection (e), use amounts
from any fee collected under paragraph (1) of this
subsection to pay expenses referred to in that para-
graph, which shall be exempt and separate from any
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limitations on the Department regarding full-time
equivalent positions and travel.
‘‘(b) CONTRACTORS.—In using amounts from any fee
collected under this section, the Secretary shall ensure
that separate and independent contractors are retained to
carry out monitoring and inspection work and any other
work that may be delegated to a contractor under this
title.
‘‘(c) PROHIBITED USE.—No amount from any fee
collected under this section may be used for any purpose
or activity not specifically authorized by this title, unless
such activity was already engaged in by the Secretary
prior to the date of the enactment of the Manufactured
Housing Improvement Act of 2000.
‘‘(d) MODIFICATION.—Beginning on the date of the
enactment of the Manufactured Housing Improvement Act
of 2000, the amount of any fee collected under this section
may only be modified—
‘‘(1) as specifically authorized in advance in an
annual appropriations Act; and
‘‘(2) pursuant to rulemaking in accordance with
section 553 of title 5, United States Code.
‘‘(e) APPROPRIATION AND DEPOSIT OF FEES.—
‘‘(1) IN GENERAL.—There is established in the
Treasury of the United States a fund to be known
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as the ‘Manufactured Housing Fees Trust Fund’ for
deposit of amounts from any fee collected under this
section. Such amounts shall be held in trust for use
only as provided in this title.
‘‘(2) APPROPRIATION.—Amounts from any fee
collected under this section shall be available for ex-
penditure only to the extent approved in advance in
an annual appropriations Act. Any change in the ex-
penditure of such amounts shall be specifically au-
thorized in advance in an annual appropriations Act.
‘‘(3) PAYMENTS TO STATES.—On and after the
effective date of the Manufactured Housing Im-
provement Act of 2000, the Secretary shall continue
to fund the States having approved State plans in
the amounts which are not less than the allocated
amounts, based on the fee distribution system in ef-
fect on the day before such effective date.’’.
SEC. 610. DISPUTE RESOLUTION.
Section 623(c) (42 U.S.C. 5422(c)) is amended—
(1) by inserting after paragraph (11) (as added
by the preceding provisions of this title) the fol-
lowing:
‘‘(12) with respect to any State plan submitted
on or after the expiration of the 5-year period begin-
ning on the date of the enactment of the Manufac-
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‘‘(2) IMPLEMENTATION
OF
DISPUTE
RESOLU-
TION PROGRAM.—Beginning on the expiration of the
5-year period described in paragraph (1), the Sec-
retary shall implement the dispute resolution pro-
gram established under paragraph (1) in each State
that has not established a dispute resolution pro-
gram that meets the requirements of subsection
(c)(12).
‘‘(3) CONTRACTING
OUT
OF
IMPLEMENTA-
TION.—In carrying out paragraph (2), the Secretary
may contract with an appropriate agent to imple-
ment the dispute resolution program established
under paragraph (2), except that such agent shall
not be a person or entity other than a government,
nor an affiliate or subsidiary of such a person or en-
tity, that has entered into a contract with the Sec-
retary to implement any other regulatory program
under this title.’’.
SEC. 611. ELIMINATION OF ANNUAL REPORTING REQUIRE-
MENT.
The National Manufactured Housing Construction
and Safety Standards Act of 1974 (42 U.S.C. 5401 et
seq.) is amended—
(1) by striking section 626 (42 U.S.C. 5425);
and
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(2) by redesignating sections 627 and 628 (42
U.S.C. 5426, 5401 note) as sections 626 and 627,
respectively.
SEC. 612. EFFECTIVE DATE.
The amendments made by this title shall take effect
on the date of the enactment of this Act, except that the
amendments shall have no effect on any order or interpre-
tative bulletin that is issued under the National Manufac-
tured Housing Construction and Safety Standards Act of
1974 (42 U.S.C. 5401 et seq.) and published as a pro-
posed rule pursuant to section 553 of title 5, United
States Code, on or before that date of the enactment.
SEC. 613. SAVINGS PROVISIONS.
(a) STANDARDS AND REGULATIONS.—The Federal
manufactured home construction and safety standards (as
such term is defined in section 603 of the National Manu-
factured Housing Construction and Safety Standards Act
of 1974) and all regulations pertaining thereto in effect
on the day before the date of the enactment of this Act
shall apply until the effective date of a standard or regula-
tion modifying or superseding the existing standard or
regulation that is promulgated under subsection (a) or (b)
of section 604 of the National Manufactured Housing
Construction and Safety Standards Act of 1974, as
amended by this title.
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(b) CONTRACTS.—Any contract awarded pursuant to
a Request for Proposal issued before the date of the enact-
ment of this Act shall remain in effect until the earlier
of—
(1) the expiration of the 2-year period begin-
ning on the date of the enactment of this Act; or
(2) the expiration of the contract term.
TITLE VII—RURAL HOUSING
HOMEOWNERSHIP
SEC. 701. GUARANTEES FOR REFINANCING OF RURAL
HOUSING LOANS.
Section 502(h) of the Housing Act of 1949 (42
U.S.C. 1472(h)) is amended by adding at the end the fol-
lowing new paragraph:
‘‘(13) 
GUARANTEES
FOR
REFINANCING
LOANS.—
‘‘(A) IN GENERAL.—Upon the request of
the borrower, the Secretary shall, to the extent
provided in appropriation Acts and subject to
subparagraph (F), guarantee a loan that is
made to refinance an existing loan that is made
under this section or guaranteed under this
subsection, and that the Secretary determines
complies with the requirements of this para-
graph.
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‘‘(B) INTEREST RATE.—To be eligible for
a guarantee under this paragraph, the refi-
nancing loan shall have a rate of interest that
is fixed over the term of the loan and does not
exceed the interest rate of the loan being refi-
nanced.
‘‘(C) SECURITY.—To be eligible for a guar-
antee under this paragraph, the refinancing
loan shall be secured by the same single-family
residence as was the loan being refinanced,
which shall be owned by the borrower and occu-
pied by the borrower as the principal residence
of the borrower.
‘‘(D) AMOUNT.—To be eligible for a guar-
antee under this paragraph, the principal obli-
gation under the refinancing loan shall not ex-
ceed an amount equal to the sum of the balance
of the loan being refinanced and such closing
costs as may be authorized by the Secretary,
which shall include a discount not exceeding
200 basis points and an origination fee not ex-
ceeding such amount as the Secretary shall pre-
scribe.
‘‘(E) OTHER REQUIREMENTS.—The provi-
sions of the last sentence of paragraph (1) and
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paragraphs (2), (5), (6)(A), (7), and (9) shall
apply to loans guaranteed under this para-
graph, and no other provisions of paragraphs
(1) through (12) shall apply to such loans.
‘‘(F) AUTHORITY TO ESTABLISH LIMITA-
TION.—The Secretary may establish limitations
on the number of loans guaranteed under this
paragraph, which shall be based on market con-
ditions and other factors as the Secretary con-
siders appropriate.’’.
SEC. 702. PROMISSORY NOTE REQUIREMENT UNDER HOUS-
ING REPAIR LOAN PROGRAM.
The fourth sentence of section 504(a) of the Housing
Act of 1949 (42 U.S.C. 1474(a)) is amended by striking
‘‘$2,500’’ and inserting ‘‘$7,500’’.
SEC. 703. LIMITED PARTNERSHIP ELIGIBILITY FOR FARM
LABOR HOUSING LOANS.
The first sentence of section 514(a) of the Housing
Act of 1949 (42 U.S.C. 1484(a)) is amended by striking
‘‘nonprofit limited partnership’’ and inserting ‘‘limited
partnership’’.
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SEC. 704. PROJECT ACCOUNTING RECORDS AND PRAC-
TICES.
Section 515 of the Housing Act of 1949 (42 U.S.C.
1485) is amended by striking subsection (z) and inserting
the following new subsections:
‘‘(z) ACCOUNTING AND RECORDKEEPING REQUIRE-
MENTS.—
‘‘(1) ACCOUNTING STANDARDS.—The Secretary
shall require that borrowers in programs authorized
by this section maintain accounting records in ac-
cordance with generally accepted accounting prin-
ciples for all projects that receive funds from loans
made or guaranteed by the Secretary under this sec-
tion.
‘‘(2) RECORD
RETENTION
REQUIREMENTS.—
The Secretary shall require that borrowers in pro-
grams authorized by this section retain for a period
of not less than 6 years and make available to the
Secretary in a manner determined by the Secretary,
all records required to be maintained under this sub-
section and other records identified by the Secretary
in applicable regulations.
‘‘(aa) DOUBLE DAMAGES FOR UNAUTHORIZED USE
OF HOUSING PROJECTS ASSETS AND INCOME.—
‘‘(1) ACTION
TO
RECOVER
ASSETS
OR
IN-
COME.—
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‘‘(A) IN GENERAL.—The Secretary may re-
quest the Attorney General to bring an action
in a United States district court to recover any
assets or income used by any person in violation
of the provisions of a loan made or guaranteed
by the Secretary under this section or in viola-
tion of any applicable statute or regulation.
‘‘(B) IMPROPER
DOCUMENTATION.—For
purposes of this subsection, a use of assets or
income in violation of the applicable loan, loan
guarantee, statute, or regulation shall include
any use for which the documentation in the
books and accounts does not establish that the
use was made for a reasonable operating ex-
pense or necessary repair of the project or for
which the documentation has not been main-
tained in accordance with the requirements of
the Secretary and in reasonable condition for
proper audit.
‘‘(C) DEFINITION.—For the purposes of
this subsection, the term ‘person’ means—
‘‘(i) any individual or entity that bor-
rows funds in accordance with programs
authorized by this section;
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‘‘(ii) any individual or entity holding
25 percent or more interest of any entity
that borrows funds in accordance with pro-
grams authorized by this section; and
‘‘(iii) any officer, director, or partner
of an entity that borrows funds in accord-
ance with programs authorized by this sec-
tion.
‘‘(2) AMOUNT RECOVERABLE.—
‘‘(A) IN GENERAL.—In any judgment fa-
vorable to the United States entered under this
subsection, the Attorney General may recover
double the value of the assets and income of the
project that the court determines to have been
used in violation of the provisions of a loan
made or guaranteed by the Secretary under this
section or any applicable statute or regulation,
plus all costs related to the action, including
reasonable attorney and auditing fees.
‘‘(B) 
APPLICATION
OF
RECOVERED
FUNDS.—Notwithstanding any other provision
of law, the Secretary may use amounts recov-
ered under this subsection for activities author-
ized under this section and such funds shall re-
main available for such use until expended.
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‘‘(3) TIME LIMITATION.—Notwithstanding any
other provision of law, an action under this sub-
section may be commenced at any time during the
6-year period beginning on the date that the Sec-
retary discovered or should have discovered the vio-
lation of the provisions of this section or any related
statutes or regulations.
‘‘(4) CONTINUED
AVAILABILITY
OF
OTHER
REMEDIES.—The remedy provided in this subsection
is in addition to and not in substitution of any other
remedies available to the Secretary or the United
States.’’.
SEC. 705. DEFINITION OF RURAL AREA.
The second sentence of section 520 of the Housing
Act of 1949 (42 U.S.C. 1490) is amended—
(1) by striking ‘‘1990 decennial census’’ and in-
serting ‘‘1990 or 2000 decennial census’’; and
(2) by striking ‘‘year 2000’’ and inserting ‘‘year
2010’’.
SEC. 706. OPERATING ASSISTANCE FOR MIGRANT FARM-
WORKERS PROJECTS.
The last sentence of section 521(a)(5)(A) of the
Housing Act of 1949 (42 U.S.C. 1490a(a)(5)(A)) is
amended by striking ‘‘project’’ and inserting ‘‘tenant or
unit’’.
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SEC. 707. MULTIFAMILY RENTAL HOUSING LOAN GUAR-
ANTEE PROGRAM.
Section 538 of the Housing Act of 1949 (42 U.S.C.
1490p–2) is amended—
(1) in subsection (c), by inserting ‘‘an Indian
tribe,’’ after ‘‘thereof,’’;
(2) in subsection (f), by striking paragraph (1)
and inserting the following new paragraph:
‘‘(1) be made for a period of not less than 25
nor greater than 40 years from the date the loan
was made and may provide for amortization of the
loan over a period of not to exceed 40 years with a
final payment of the balance due at the end of the
loan term;’’;
(3) in subsection (i)(2), by striking ‘‘(A) con-
veyance to the Secretary’’ and all that follows
through ‘‘(C) assignment’’ and inserting ‘‘(A) sub-
mission to the Secretary of a claim for payment
under the guarantee, and (B) assignment’’;
(4) in subsection (s), by adding at the end the
following new subsection:
‘‘(4) INDIAN TRIBE.—The term ‘Indian tribe’
means—
‘‘(A) any Indian tribe, band, nation, or
other organized group or community of Indians,
including any Alaska Native village or regional
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or village corporation, as defined by or estab-
lished pursuant to the Alaska Native Claims
Settlement Act (43 U.S.C. 1601 et seq.), that
is recognized as eligible for the special pro-
grams and services provided by the United
States to Indians because of their status as In-
dians pursuant to the Indian Self-Determina-
tion and Education Assistance Act of 1975 (25
U.S.C. 450 et seq.); or
‘‘(B) any entity established by the gov-
erning body of an Indian tribe described in sub-
paragraph (A) for the purpose of financing eco-
nomic development.’’;
(5) in subsection (t), by inserting before the pe-
riod at the end the following: ‘‘to provide guarantees
under this section for eligible loans having an aggre-
gate principal amount of $500,000,000’’;
(6) by striking subsection (l);
(7) by redesignating subsections (m) through
(u) as subsections (l) through (t), respectively; and
(8) by adding at the end the following new sub-
sections:
‘‘(u) FEE AUTHORITY.—Any amounts collected by
the Secretary pursuant to the fees charged to lenders for
loan guarantees issued under this section shall be used
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to offset costs (as defined by section 502 of the Congres-
sional Budget Act of 1974 (2 U.S.C. 661a)) of loan guar-
antees made under this section.
‘‘(v) DEFAULTS OF LOANS SECURED BY RESERVA-
TION LANDS.—In the event of a default involving a loan
to an Indian tribe or tribal corporation made under this
section which is secured by an interest in land within such
tribe’s reservation (as determined by the Secretary of the
Interior), including a community in Alaska incorporated
by the Secretary of the Interior pursuant to the Indian
Reorganization Act (25 U.S.C. 461 et seq.), the lender
shall only pursue liquidation after offering to transfer the
account to an eligible tribal member, the tribe, or the In-
dian housing authority serving the tribe. If the lender sub-
sequently proceeds to liquidate the account, the lender
shall not sell, transfer, or otherwise dispose of or alienate
the property except to one of the entities described in the
preceding sentence.’’.
SEC. 708. ENFORCEMENT PROVISIONS.
(a) IN GENERAL.—Title V of the Housing Act of
1949 (42 U.S.C. 1471 et seq.) is amended by adding after
section 542 the following:
‘‘SEC. 543. ENFORCEMENT PROVISIONS.
‘‘(a) EQUITY SKIMMING.—
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be imposed in addition to any other civil sanctions
or civil monetary penalties authorized by law.
‘‘(b) CIVIL MONETARY PENALTIES.—
‘‘(1) IN GENERAL.—The Secretary may, after
notice and opportunity for a hearing, impose a civil
monetary penalty in accordance with this subsection
against any individual or entity, including its own-
ers, officers, directors, general partners, limited
partners, or employees, who knowingly and materi-
ally violate, or participate in the violation of, the
provisions of this title, the regulations issued by the
Secretary pursuant to this title, or agreements made
in accordance with this title, by—
‘‘(A) submitting information to the Sec-
retary that is false;
‘‘(B) providing the Secretary with false
certifications;
‘‘(C) failing to submit information re-
quested by the Secretary in a timely manner;
‘‘(D) failing to maintain the property sub-
ject to loans made or guaranteed under this
title in good repair and condition, as deter-
mined by the Secretary;
‘‘(E) failing to provide management for a
project which received a loan made or guaran-
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teed under this title that is acceptable to the
Secretary; or
‘‘(F) failing to comply with the provisions
of applicable civil rights statutes and regula-
tions.
‘‘(2) CONDITIONS
FOR
RENEWAL
OR
EXTEN-
SION.—The Secretary may require that expiring loan
or assistance agreements entered into under this
title shall not be renewed or extended unless the
owner executes an agreement to comply with addi-
tional conditions prescribed by the Secretary, or exe-
cutes a new loan or assistance agreement in the
form prescribed by the Secretary.
‘‘(3) AMOUNT.—
‘‘(A) IN GENERAL.—The amount of a civil
monetary penalty imposed under this subsection
shall not exceed the greater of—
‘‘(i) twice the damages the Depart-
ment of Agriculture, the guaranteed lend-
er, or the project that is secured for a loan
under this section suffered or would have
suffered as a result of the violation; or
‘‘(ii) $50,000 per violation.
‘‘(B) DETERMINATION.—In determining
the amount of a civil monetary penalty under
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this subsection, the Secretary shall take into
consideration—
‘‘(i) the gravity of the offense;
‘‘(ii) any history of prior offenses by
the violator (including offenses occurring
prior to the enactment of this section);
‘‘(iii) the ability of the violator to pay
the penalty;
‘‘(iv) any injury to tenants;
‘‘(v) any injury to the public;
‘‘(vi) any benefits received by the vio-
lator as a result of the violation;
‘‘(vii) deterrence of future violations;
and
‘‘(viii) such other factors as the Sec-
retary may establish by regulation.
‘‘(4) PAYMENT OF PENALTIES.—No payment of
a penalty assessed under this section may be made
from funds provided under this title or from funds
of a project which serve as security for a loan made
or guaranteed under this title.
‘‘(5) REMEDIES FOR NONCOMPLIANCE.—
‘‘(A) JUDICIAL INTERVENTION.—If a per-
son or entity fails to comply with a final deter-
mination by the Secretary imposing a civil mon-
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etary penalty under this subsection, the Sec-
retary may request the Attorney General of the
United States to bring an action in an appro-
priate United States district court to obtain a
monetary judgment against such individual or
entity and such other relief as may be available.
The monetary judgment may, in the court’s dis-
cretion, include the attorney’s fees and other
expenses incurred by the United States in con-
nection with the action.
‘‘(B) REVIEWABILITY
OF
DETERMINA-
TION.—In an action under this paragraph, the
validity and appropriateness of a determination
by the Secretary imposing the penalty shall not
be subject to review.’’.
(b) CONFORMING AMENDMENT.—Section 514 of the
Housing Act of 1949 (42 U.S.C. 1484) is amended by
striking subsection (j).
SEC. 709. AMENDMENTS TO TITLE 18 OF UNITED STATES
CODE.
(a) MONEY LAUNDERING.—Section 1956(c)(7)(D) of
title 18, United States Code, is amended by inserting ‘‘any
violation of section 543(a)(1) of the Housing Act of 1949
(relating to equity skimming),’’ after ‘‘coupons having a
value of not less than $5,000,’’.
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(b) OBSTRUCTION OF FEDERAL AUDITS.—Section
1516(a) of title 18, United States Code, is amended by
inserting ‘‘or relating to any property that is security for
a loan that is made or guaranteed under title V of the
Housing Act of 1949,’’ before ‘‘shall be fined under this
title’’.
TITLE VIII—HOUSING FOR EL-
DERLY AND DISABLED FAMI-
LIES
SEC. 801. SHORT TITLE.
This title may be cited as the ‘‘Affordable Housing
for Seniors and Families Act’’.
SEC. 802. REGULATIONS.
The Secretary of Housing and Urban Development
(referred to in this title as the ‘‘Secretary’’) shall issue
any regulations to carry out this title and the amendments
made by this title that the Secretary determines may or
will affect tenants of federally assisted housing only after
notice and opportunity for public comment in accordance
with the procedure under section 553 of title 5, United
States Code, applicable to substantive rules (notwith-
standing subsections (a)(2), (b)(B), and (d)(3) of such
section). Notice of such proposed rulemaking shall be pro-
vided by publication in the Federal Register. In issuing
such regulations, the Secretary shall take such actions as
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may be necessary to ensure that such tenants are notified
of, and provided an opportunity to participate in, the rule-
making, as required by such section 553.
SEC. 803. EFFECTIVE DATE.
(a) IN GENERAL.—The provisions of this title and
the amendments made by this title are effective as of the
date of the enactment of this Act, unless such provisions
or amendments specifically provide for effectiveness or ap-
plicability upon another date certain.
(b) EFFECT OF REGULATORY AUTHORITY.—Any au-
thority in this title or the amendments made by this title
to issue regulations, and any specific requirement to issue
regulations by a date certain, may not be construed to af-
fect the effectiveness or applicability of the provisions of
this title or the amendments made by this title under such
provisions and amendments and subsection (a) of this sec-
tion.
Subtitle A—Refinancing for Section
202 Supportive Housing for the
Elderly
SEC. 811. PREPAYMENT AND REFINANCING.
(a) APPROVAL OF PREPAYMENT OF DEBT.—Upon
request of the project sponsor of a project assisted with
a loan under section 202 of the Housing Act of 1959 (as
in effect before the enactment of the Cranston-Gonzalez
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National Affordable Housing Act), the Secretary shall ap-
prove the prepayment of any indebtedness to the Secretary
relating to any remaining principal and interest under the
loan as part of a prepayment plan under which—
(1) the project sponsor agrees to operate the
project until the maturity date of the original loan
under terms at least as advantageous to existing and
future tenants as the terms required by the original
loan agreement or any rental assistance payments
contract under section 8 of the United States Hous-
ing Act of 1937 (or any other rental housing assist-
ance programs of the Department of Housing and
Urban Development, including the rent supplement
program under section 101 of the Housing and
Urban Development Act of 1965 (12 U.S.C. 1701s))
relating to the project; and
(2) the prepayment may involve refinancing of
the loan if such refinancing results in a lower inter-
est rate on the principal of the loan for the project
and in reductions in debt service related to such
loan.
(b) SOURCES OF REFINANCING.—In the case of pre-
payment under this section involving refinancing, the
project sponsor may refinance the project through any
third party source, including financing by State and local
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housing finance agencies, use of tax-exempt bonds, multi-
family mortgage insurance under the National Housing
Act, reinsurance, or other credit enhancements, including
risk sharing as provided under section 542 of the Housing
and Community Development Act of 1992 (12 U.S.C.
1707 note). For purposes of underwriting a loan insured
under the National Housing Act, the Secretary may as-
sume that any section 8 rental assistance contract relating
to a project will be renewed for the term of such loan.
(c) USE OF UNEXPENDED AMOUNTS.—Upon execu-
tion of the refinancing for a project pursuant to this sec-
tion, the Secretary shall make available at least 50 percent
of the annual savings resulting from reduced section 8 or
other rental housing assistance contracts in a manner that
is advantageous to the tenants, including—
(1) not more than 15 percent of the cost of in-
creasing the availability or provision of supportive
services, which may include the financing of service
coordinators and congregate services;
(2) rehabilitation, modernization, or retrofitting
of structures, common areas, or individual dwelling
units;
(3) construction of an addition or other facility
in the project, including assisted living facilities (or,
upon the approval of the Secretary, facilities located
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in the community where the project sponsor refi-
nances a project under this section, or pools shared
resources from more than 1 such project); or
(4) rent reduction of unassisted tenants resid-
ing in the project according to a pro rata allocation
of shared savings resulting from the refinancing.
(d) USE OF CERTAIN PROJECT FUNDS.—The Sec-
retary shall allow a project sponsor that is prepaying and
refinancing a project under this section—
(1) to use any residual receipts held for that
project in excess of $500 per individual dwelling unit
for not more than 15 percent of the cost of activities
designed to increase the availability or provision of
supportive services; and
(2) to use any reserves for replacement in ex-
cess of $1,000 per individual dwelling unit for activi-
ties described in paragraphs (2) and (3) of sub-
section (c).
(e) BUDGET ACT COMPLIANCE.—This section shall
be effective only to extent or in such amounts that are
provided in advance in appropriation Acts.
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Subtitle B—Authorization of Ap-
propriations 
for 
Supportive
Housing for the Elderly and
Persons With Disabilities
SEC. 821. SUPPORTIVE HOUSING FOR ELDERLY PERSONS.
Section 202 of the Housing Act of 1959 (12 U.S.C.
1701q) is amended by adding at the end the following:
‘‘(m) AUTHORIZATION OF APPROPRIATIONS.—There
are authorized to be appropriated for providing assistance
under this section such sums as may be necessary for each
of fiscal years 2001, 2002, and 2003.’’.
SEC. 822. SUPPORTIVE HOUSING FOR PERSONS WITH DIS-
ABILITIES.
Section 811 of the Cranston-Gonzalez National Af-
fordable Housing Act (42 U.S.C. 8013) is amended by
striking subsection (m) and inserting the following:
‘‘(m) AUTHORIZATION OF APPROPRIATIONS.—There
are authorized to be appropriated for providing assistance
under this section such sums as may be necessary for each
of fiscal years 2001, 2002, and 2003.’’.
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SEC. 823. SERVICE COORDINATORS AND CONGREGATE
SERVICES 
FOR 
ELDERLY 
AND 
DISABLED
HOUSING.
There are authorized to be appropriated to the Sec-
retary such sums as may be necessary for each of fiscal
years 2001, 2002, and 2003, for the following purposes:
(1) GRANTS FOR SERVICE COORDINATORS FOR
CERTAIN FEDERALLY ASSISTED MULTIFAMILY HOUS-
ING.—For grants under section 676 of the Housing
and Community Development Act of 1992 (42
U.S.C. 13632) for providing service coordinators.
(2) CONGREGATE
SERVICES
FOR
FEDERALLY
ASSISTED
HOUSING.—For contracts under section
802 of the Cranston-Gonzalez National Affordable
Housing Act (42 U.S.C. 8011) to provide congregate
services programs for eligible residents of eligible
housing projects under subparagraphs (B) through
(D) of subsection (k)(6) of such section.
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Subtitle 
C—Expanding 
Housing
Opportunities for the Elderly
and Persons With Disabilities
PART 1—HOUSING FOR THE ELDERLY
SEC. 831. ELIGIBILITY OF FOR-PROFIT LIMITED PARTNER-
SHIPS.
Section 202(k)(4) of the Housing Act of 1959 (12
U.S.C. 1701q(k)(4)) is amended by inserting after sub-
paragraph (C) the following:
‘‘Such term includes a for-profit limited partnership
the sole general partner of which is an organization
meeting the requirements under subparagraphs (A),
(B), and (C), or a corporation wholly owned and
controlled by an organization meeting the require-
ments under subparagraphs (A), (B), and (C).’’.
SEC. 832. MIXED FUNDING SOURCES.
Section 202(h)(6) of the Housing Act of 1959 (12
U.S.C. 1701q(h)(6)) is amended—
(1) by striking ‘‘non-Federal sources’’ and in-
serting ‘‘sources other than this section’’; and
(2) by adding at the end the following new sen-
tence: ‘‘Notwithstanding any other provision of law,
assistance amounts provided under this section may
be treated as amounts not derived from a Federal
grant.’’.
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SEC. 833. AUTHORITY TO ACQUIRE STRUCTURES.
Section 202 of the Housing Act of 1959 (12 U.S.C.
1701q) is amended—
(1) in subsection (b), by striking ‘‘from the
Resolution Trust Corporation’’; and
(2) in subsection (h)(2)—
(A) in the paragraph heading, by striking
‘‘RTC PROPERTIES’’ and inserting ‘‘ACQUISI-
TION’’; and
(B) by striking ‘‘from the Resolution’’ and
all that follows through ‘‘Insurance Act’’.
SEC. 834. USE OF PROJECT RESERVES.
Section 202(j) of the Housing Act of 1959 (12 U.S.C.
1701q(j)) is amended by adding at the end the following:
‘‘(8) USE
OF
PROJECT
RESERVES.—Amounts
for project reserves for a project assisted under this
section may be used for costs, subject to reasonable
limitations as the Secretary determines appropriate,
for reducing the number of dwelling units in the
project. Such use shall be subject to the approval of
the Secretary to ensure that the use is designed to
retrofit units that are currently obsolete or unmar-
ketable.’’.
SEC. 835. COMMERCIAL ACTIVITIES.
Section 202(h)(1) of the Housing Act of 1959 (12
U.S.C. 1701q(h)(1)) is amended by adding at the end the
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following: ‘‘Neither this section nor any other provision of
law may be construed as prohibiting or preventing the lo-
cation and operation, in a project assisted under this sec-
tion, of commercial facilities for the benefit of residents
of the project and the community in which the project is
located, except that assistance made available under this
section may not be used to subsidize any such commercial
facility.’’.
PART 2—HOUSING FOR PERSONS WITH
DISABILITIES
SEC. 841. ELIGIBILITY OF FOR-PROFIT LIMITED PARTNER-
SHIPS.
Section 811(k)(6) of the Housing Act of 1959 (42
U.S.C. 8013(k)(6)) is amended by inserting after subpara-
graph (D) the following:
‘‘Such term includes a for-profit limited partnership
the sole general partner of which is an organization
meeting the requirements under subparagraphs (A),
(B), (C), and (D) or a corporation wholly owned and
controlled by an organization meeting the require-
ments under subparagraphs (A), (B), (C), and
(D).’’.
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SEC. 842. MIXED FUNDING SOURCES.
Section 811(h)(5) of the Cranston-Gonzalez National
Affordable Housing Act (42 U.S.C. 8013(h)(5)) is
amended—
(1) by striking ‘‘non-Federal sources’’ and in-
serting ‘‘sources other than this section’’; and
(2) by adding at the end the following new sen-
tence: ‘‘Notwithstanding any other provision of law,
assistance amounts provided under this section may
be treated as amounts not derived from a Federal
grant.’’.
SEC. 843. TENANT-BASED ASSISTANCE.
Section 811 of the Cranston-Gonzalez National Af-
fordable Housing Act (42 U.S.C. 8013) is amended—
(1) in subsection (d), by striking paragraph (4)
and inserting the following:
‘‘(4) TENANT-BASED RENTAL ASSISTANCE.—
‘‘(A) ADMINISTERING ENTITIES.—Tenant-
based rental assistance provided under sub-
section (b)(1) may be provided only through a
public housing agency that has submitted and
had approved an plan under section 7(d) of the
United States Housing Act of 1937 (42 U.S.C.
1437e(d)) that provides for such assistance, or
through a private nonprofit organization. A
public housing agency shall be eligible to apply
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under this section only for the purposes of pro-
viding such tenant-based rental assistance.
‘‘(B) 
PROGRAM
RULES.—Tenant-based
rental assistance under subsection (b)(1) shall
be made available to eligible persons with dis-
abilities and administered under the same rules
that govern tenant-based rental assistance made
available under section 8 of the United States
Housing Act of 1937, except that the Secretary
may waive or modify such rules, but only to the
extent necessary to provide for administering
such assistance under subsection (b)(1) through
private nonprofit organizations rather than
through public housing agencies.
‘‘(C) ALLOCATION OF ASSISTANCE.—In de-
termining the amount of assistance provided
under subsection (b)(1) for a private nonprofit
organization or public housing agency, the Sec-
retary shall consider the needs and capabilities
of the organization or agency, in the case of a
public housing agency, as described in the plan
for the agency under section 7 of the United
States Housing Act of 1937.’’; and
(2) in subsection (l)(1)—
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(A) by striking ‘‘subsection (b)’’ and in-
serting ‘‘subsection (b)(2)’’; and
(B) by striking the last comma and all
that follows through ‘‘subsection (n)’’.
SEC. 844. USE OF PROJECT RESERVES.
Section 811(j) of the Cranston-Gonzalez National Af-
fordable Housing Act (42 U.S.C. 8013(j)) is amended by
adding at the end the following:
‘‘(7) USE
OF
PROJECT
RESERVES.—Amounts
for project reserves for a project assisted under this
section may be used for costs, subject to reasonable
limitations as the Secretary determines appropriate,
for reducing the number of dwelling units in the
project. Such use shall be subject to the approval of
the Secretary to ensure that the use is designed to
retrofit units that are currently obsolete or unmar-
ketable.’’.
SEC. 845. COMMERCIAL ACTIVITIES.
Section 811(h)(1) of the Cranston-Gonzalez National
Affordable Housing Act (42 U.S.C. 8013(h)(1)) is amend-
ed by adding at the end the following: ‘‘Neither this sec-
tion nor any other provision of law may be construed as
prohibiting or preventing the location and operation, in a
project assisted under this section, of commercial facilities
for the benefit of residents of the project and the commu-
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nity in which the project is located, except that assistance
made available under this section may not be used to sub-
sidize any such commercial facility.’’.
PART 3—OTHER PROVISIONS
SEC. 851. SERVICE COORDINATORS.
(a) INCREASED FLEXIBILITY FOR USE OF SERVICE
COORDINATORS
IN
CERTAIN
FEDERALLY
ASSISTED
HOUSING.—Section 676 of the Housing and Community
Development Act of 1992 (42 U.S.C. 13632) is
amended—
(1) in the section heading, by striking ‘‘MULTI-
FAMILY HOUSING ASSISTED UNDER NATIONAL
HOUSING ACT’’ and inserting ‘‘CERTAIN FEDER-
ALLY ASSISTED HOUSING’’;
(2) in subsection (a)—
(A) in the first sentence, by striking ‘‘(E)
and (F)’’ and inserting ‘‘(B), (C), (D), (E),
(F), and (G)’’; and
(B) in the last sentence—
(i) by striking ‘‘section 661’’ and in-
serting ‘‘section 671’’; and
(ii) by adding at the end the fol-
lowing: ‘‘A service coordinator funded with
a grant under this section for a project
may provide services to low-income elderly
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or disabled families living in the vicinity of
such project.’’;
(3) in subsection (d)—
(A) by striking ‘‘(E) or (F)’’ and inserting
‘‘(B), (C), (D), (E), (F), or (G)’’; and
(B) by striking ‘‘section 661’’ and insert-
ing ‘‘section 671’’; and
(4) by striking subsection (c) and redesignating
subsection (d) (as amended by paragraph (3) of this
subsection) as subsection (c).
(b) REQUIREMENT TO PROVIDE SERVICE COORDINA-
TORS.—Section 671 of the Housing and Community De-
velopment Act of 1992 (42 U.S.C. 13631) is amended—
(1) in the first sentence of subsection (a), by
striking ‘‘to carry out this subtitle pursuant to the
amendments made by this subtitle’’ and inserting
the following: ‘‘for providing service coordinators
under this section’’;
(2) in subsection (d), by inserting ‘‘)’’ after
‘‘section 683(2)’’; and
(3) by adding at the end following:
‘‘(e) SERVICES FOR LOW-INCOME ELDERLY OR DIS-
ABLED FAMILIES RESIDING IN VICINITY OF CERTAIN
PROJECTS.—To the extent only that this section applies
to service coordinators for covered federally assisted hous-
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ing described in subparagraphs (B), (C), (D), (E), (F),
and (G) of section 683(2), any reference in this section
to elderly or disabled residents of a project shall be con-
strued to include low-income elderly or disabled families
living in the vicinity of such project.’’.
(c) 
PROTECTION
AGAINST
TELEMARKETING
FRAUD.—
(1) SUPPORTIVE
HOUSING
FOR
THE
ELDER-
LY.—The first sentence of section 202(g)(1) of the
Housing Act of 1959 (12 U.S.C. 1701q(g)(1)) is
amended by striking ‘‘and (F)’’ and inserting the
following: ‘‘(F) providing education and outreach re-
garding telemarketing fraud, in accordance with the
standards issued under section 671(f) of the Hous-
ing and Community Development Act of 1992 (42
U.S.C. 13631(f)); and (G)’’.
(2) OTHER FEDERALLY ASSISTED HOUSING.—
Section 671 of the Housing and Community Devel-
opment Act of 1992 (42 U.S.C. 13631), as amended
by subsection (b) of this section, is further
amended—
(A) in the first sentence of subsection (c),
by inserting after ‘‘response,’’ the following:
‘‘education 
and 
outreach 
regarding 
tele-
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marketing fraud in accordance with the stand-
ards issued under subsection (f),’’; and
(B) by adding at the end the following:
‘‘(f) 
PROTECTION
AGAINST
TELEMARKETING
FRAUD.—
‘‘(1) IN GENERAL.—The Secretary, in coordina-
tion with the Secretary of Health and Human Serv-
ices, shall establish standards for service coordina-
tors in federally assisted housing who are providing
education and outreach to elderly persons residing in
such housing regarding telemarketing fraud. The
standards shall be designed to ensure that such edu-
cation and outreach informs such elderly persons of
the dangers of telemarketing fraud and facilitates
the investigation and prosecution of telemarketers
engaging in fraud against such residents.
‘‘(2) CONTENTS.—The standards established
under this subsection shall require that any such
education and outreach be provided in a manner
that—
‘‘(A) informs such residents of—
‘‘(i) the prevalence of telemarketing
fraud targeted against elderly persons;
‘‘(ii) how telemarketing fraud works;
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‘‘(iii) how to identify telemarketing
fraud;
‘‘(iv) 
how 
to 
protect 
themselves
against telemarketing fraud, including an
explanation of the dangers of providing
bank account, credit card, or other finan-
cial or personal information over the tele-
phone to unsolicited callers;
‘‘(v) how to report suspected attempts
at telemarketing fraud; and
‘‘(vi) their consumer protection rights
under Federal law;
‘‘(B) provides such other information as
the Secretary considers necessary to protect
such residents against fraudulent telemarketing;
and
‘‘(C) disseminates the information provided
by appropriate means, and in determining such
appropriate means, the Secretary shall consider
on-site presentations at federally assisted hous-
ing, public service announcements, a printed
manual or pamphlet, an Internet website, and
telephone outreach to residents whose names
appear on ‘mooch lists’ confiscated from fraud-
ulent telemarketers.’’.
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Subtitle D—Preservation of
Affordable Housing Stock
SEC. 861. SECTION 236 ASSISTANCE.
(a) EXTENSION OF AUTHORITY TO RETAIN EXCESS
CHARGES.—Section 236(g) of the National Housing Act
(12 U.S.C. 1715z–1(g)), as amended by the Departments
of Veterans Affairs and Housing and Urban Development,
and Independent Agencies Appropriations Act, 2001, is
amended—
(1) in paragraph (2), by striking ‘‘Subject to
paragraph (3) and notwithstanding’’ and inserting
‘‘Notwithstanding’’; and
(2) by striking paragraph (3) and redesignating
paragraph (4) as paragraph (3).
(b) TREATMENT OF EXCESS CHARGES PREVIOUSLY
COLLECTED.—Any excess charges that a project owner
may retain pursuant to the amendments made by sub-
sections (b) and (c) of section 532 of the Departments
of Veterans Affairs and Housing and Urban Development,
and Independent Agencies Appropriations Act, 2000
(Public Law 106–74; 113 Stat. 1116) that have been col-
lected by such owner since the date of the enactment of
such Appropriations Act and that such owner has not re-
mitted to the Secretary of Housing and Urban Develop-
ment may be retained by such owner unless such Secretary
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otherwise provides. To the extent that a project owner has
remitted such excess charges to the Secretary since such
date of the enactment, the Secretary may return to the
relevant project owner any such excess charges remitted.
Notwithstanding any other provision of law, amounts in
the Rental Housing Assistance Fund, or heretofore or sub-
sequently transferred from the Rental Housing Assistance
Fund to the Flexible Subsidy Fund, shall be available to
make such return of excess charges previously remitted
to the Secretary, including the return of excess charges
referred to in section 532(e) of such Appropriations Act.
TITLE IX—OTHER RELATED
HOUSING PROVISIONS
SEC. 901. EXTENSION OF LOAN TERM FOR MANUFACTURED
HOME LOTS.
Section 2(b)(3)(E) of the National Housing Act (12
U.S.C. 1703(b)(3)(E)) is amended by striking ‘‘fifteen’’
and inserting ‘‘twenty’’.
SEC. 902. USE OF SECTION 8 VOUCHERS FOR OPT-OUTS.
(a) IN GENERAL.—Section 8(t)(2) of the United
States Housing Act of 1937 (42 U.S.C. 1437f(t)(2)), as
amended by the Departments of Veterans Affairs and
Housing and Urban Development, and Independent Agen-
cies Appropriations Act, 2001, is amended by striking
‘‘fiscal year 1996’’ and inserting ‘‘fiscal year 1994’’.
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(b) EFFECTIVE DATE.—The amendment under sub-
section (a) shall be made and shall apply—
(1) upon the enactment of this Act, if the De-
partments of Veterans Affairs and Housing and
Urban Development, and Independent Agencies Ap-
propriations Act, 2001, is enacted before the enact-
ment of this Act; and
(2) immediately after the enactment of such ap-
propriations Act, if such appropriations Act is en-
acted after the enactment of this Act.
SEC. 903. MAXIMUM PAYMENT STANDARD FOR ENHANCED
VOUCHERS.
(a) IN GENERAL.—Section 8(t)(1)(B) of the United
States Housing Act of 1937 (42 U.S.C. 1437f(t)(1)(B)),
as amended by the Departments of Veterans Affairs and
Housing and Urban Development, and Independent Agen-
cies Appropriations Act, 2001, is amended by inserting be-
fore the semicolon at the end the following: ‘‘, except that
a limit shall not be considered reasonable for purposes of
this subparagraph if it adversely affects such assisted fam-
ilies’’.
(b) EFFECTIVE DATE.—The amendment under sub-
section (a) shall be made and shall apply—
(1) upon the enactment of this Act, if the De-
partments of Veterans Affairs and Housing and
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Urban Development, and Independent Agencies Ap-
propriations Act, 2001, is enacted before the enact-
ment of this Act; and
(2) immediately after the enactment of such ap-
propriations Act, if such appropriations Act is en-
acted after the enactment of this Act.
SEC. 904. USE OF SECTION 8 ASSISTANCE BY ‘‘GRAND-FAMI-
LIES’’ TO RENT DWELLING UNITS IN AS-
SISTED PROJECTS.
Section 215(a) of the Cranston-Gonzalez National
Affordable Housing Act (42 U.S.C. 12745(a)) is amended
by adding at the end the following new paragraph:
‘‘(6) WAIVER OF QUALIFYING RENT.—
‘‘(A) IN
GENERAL.—For the purpose of
providing affordable housing appropriate for
families described in subparagraph (B), the
Secretary may, upon the application of the
project owner, waive the applicability of sub-
paragraph (A) of paragraph (1) with respect to
a dwelling unit if—
‘‘(i) the unit is occupied by such a
family, on whose behalf tenant-based as-
sistance is provided under section 8 of the
United States Housing Act of 1937 (42
U.S.C. 1437f);
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‘‘(ii) the rent for the unit is not great-
er than the existing fair market rent for
comparable units in the area, as estab-
lished by the Secretary under section 8 of
the United States Housing Act of 1937;
and
‘‘(iii) the Secretary determines that
the waiver, together with waivers under
this paragraph for other dwelling units in
the project, will result in the use of
amounts described in clause (iii) in an ef-
fective manner that will improve the provi-
sion of affordable housing for such fami-
lies.
‘‘(B) ELIGIBLE FAMILIES.—A family de-
scribed in this subparagraph is a family that
consists of at least one elderly person (who is
the head of household) and one or more of such
person’s grand children, great grandchildren,
great nieces, great nephews, or great great
grandchildren (as defined by the Secretary), but
does not include any parent of such grand-
children, great grandchildren, great nieces,
great nephews, or great great grandchildren.
Such term includes any such grandchildren,
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great grandchildren, great nieces, great neph-
ews, or great great grandchildren who have
been legally adopted by such elderly person.’’.
TITLE X—FEDERAL RESERVE
BOARD PROVISIONS
SEC. 1001. FEDERAL RESERVE BOARD BUILDINGS.
The 3rd undesignated paragraph of section 10 of the
Federal Reserve Act (12 U.S.C. 243) is amended—
(1) by inserting after the 1st sentence the fol-
lowing new sentence: ‘‘After September 1, 2000, the
Board may also use such assessments to acquire, in
its own name, a site or building (in addition to the
facilities existing on such date) to provide for the
performance of the functions of the Board.’’; and
(2) in the sentences following the sentence
added by the amendment made by paragraph (1) of
this section—
(A) by striking ‘‘the site’’ and inserting
‘‘any site’’; and
(B) by inserting ‘‘or buildings’’ after
‘‘building’’ each place such term appears.
SEC. 1002. POSITIONS OF BOARD OF GOVERNORS OF THE
FEDERAL RESERVE SYSTEM ON THE EXECU-
TIVE SCHEDULE.
(a) IN GENERAL.—
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(1) POSITIONS AT LEVEL I OF THE EXECUTIVE
SCHEDULE.—Section 5312 of title 5, United States
Code, is amended by adding at the end the fol-
lowing:
‘‘Chairman, Board of Governors of the Federal
Reserve System.’’.
(2) POSITIONS AT LEVEL II OF THE EXECUTIVE
SCHEDULE.—Section 5313 of title 5, United States
Code, is amended—
(A) by striking ‘‘Chairman, Board of Gov-
ernors of the Federal Reserve System.’’; and
(B) by adding at the end the following:
‘‘Members, Board of Governors of the Federal
Reserve System.’’.
(3) POSITIONS AT LEVEL III OF THE EXECU-
TIVE SCHEDULE.—Section 5314 of title 5, United
States Code, is amended by striking ‘‘Members,
Board of Governors of the Federal Reserve Sys-
tem.’’.
(b) EFFECTIVE DATE.—This section and the amend-
ments made by this section shall take effect on the first
day of the first pay period for the Chairman and Members
of the Board of Governors of the Federal Reserve System
beginning on or after the date of the enactment of this
Act.
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SEC. 1003. AMENDMENTS TO THE FEDERAL RESERVE ACT.
(a) REPEAL.—Section 2A of the Federal Reserve Act
(12 U.S.C. 225a) is amended by striking all after the first
sentence.
(b) APPEARANCES BEFORE AND REPORTS TO THE
CONGRESS.—
(1) IN
GENERAL.—The Federal Reserve Act
(12 U.S.C. 221 et seq.) is amended by inserting
after section 2A the following new section:
‘‘SEC. 2B. APPEARANCES BEFORE AND REPORTS TO THE
CONGRESS.
‘‘(a) APPEARANCES BEFORE THE CONGRESS.—
(1) IN GENERAL.—The Chairman of the Board
shall appear before the Congress at semi-annual
hearings, as specified in paragraph (2), regarding—
‘‘(A) the efforts, activities, objectives and
plans of the Board and the Federal Open Mar-
ket Committee with respect to the conduct of
monetary policy; and
‘‘(B) economic developments and prospects
for the future described in the report required
in subsection (b).
‘‘(2) SCHEDULE.—The Chairman of the Board
shall appear—
‘‘(A) before the Committee on Banking
and Financial Services of the House of Rep-
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resentatives on or about February 20 of even
numbered calendar years and on or about July
20 of odd numbered calendar years;
‘‘(B) before the Committee on Banking,
Housing, and Urban Affairs of the Senate on or
about July 20 of even numbered calendar years
and on or about February 20 of odd numbered
calendar years; and
‘‘(C) before either Committee referred to in
subparagraph (A) or (B), upon request, fol-
lowing the scheduled appearance of the Chair-
man before the other Committee under sub-
paragraph (A) or (B).
‘‘(b) CONGRESSIONAL REPORT.—The Board shall,
concurrent with each semi-annual hearing required by this
section, submit a written report to the Committee on
Banking, Housing, and Urban Affairs of the Senate and
the Committee on Banking and Financial Services of the
House of Representatives, containing a discussion of the
conduct of monetary policy and economic developments
and prospects for the future, taking into account past and
prospective developments in employment, unemployment,
production, investment, real income, productivity, ex-
change rates, international trade and payments, and
prices.’’.
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TITLE XI—BANKING AND
HOUSING AGENCY REPORTS
SEC. 1101. SHORT TITLE.
This title may be cited as the ‘‘Federal Reporting Act
of 2000’’.
SEC. 1102. PRESERVATION OF CERTAIN REPORTING RE-
QUIREMENTS.
Section 3003(a)(1) of the Federal Reports Elimi-
nation and Sunset Act of 1995 (31 U.S.C. 1113 note)
shall not apply to any report required to be submitted
under any of the following provisions of law:
(1) Section 3 of the Employment Act of 1946
(15 U.S.C. 1022).
(2) Section 309 of the Defense Production Act
of 1950 (50 U.S.C. App. 2099).
(3) Section 603 of the Public Works and Eco-
nomic Development Act of 1965 (42 U.S.C. 3213).
(4) Section 7(o)(1) of the Department of Hous-
ing and Urban Development Act (42 U.S.C.
3535(o)(1)).
(5) Section 540(c) of the National Housing Act
(12 U.S.C. 1735f–18(c)).
(6) Paragraphs (2) and (6) of section 808(e) of
the Civil Rights Act of 1968 (42 U.S.C. 3608(e)).
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(7) Section 1061 of the Housing and Commu-
nity Development Act of 1992 (42 U.S.C. 4856).
(8) Section 203(v) of the National Housing Act
(12 U.S.C. 1709(v)), as added by section 504 of the
Housing and Community Development Act of 1992
(Public Law 102–550; 106 Stat. 3780).
(9) Section 802 of the Housing Act of 1954 (12
U.S.C. 1701o).
(10) Section 8 of the Department of Housing
and Urban Development Act (42 U.S.C. 3536).
(11) Section 1320 of the National Flood Insur-
ance Act of 1968 (42 U.S.C. 4027).
(12) Section 4(e)(2) of the Department of
Housing and Urban Development Act (42 U.S.C.
3533(e)(2).
(13) Section 205(g) of the National Housing
Act (12 U.S.C. 1711(g)).
(14) Section 701(c)(1) of the International Fi-
nancial Institutions Act (22 U.S.C. 262d(c)(1)).
(15) Paragraphs (1) and (2) of section 5302(c)
of title 31, United States Code.
(16) Section 18(f)(7) of the Federal Trade
Commission Act. (15 U.S.C. 57a(f)(7)).
(17) Section 333 of the Revised Statutes of the
United States (12 U.S.C. 14).
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(18) Section 3(g) of the Home Owners’ Loan
Act (12 U.S.C. 1462a(g)).
(19) Section 304 of the Appalachian Regional
Development Act of 1965 (40 U.S.C. App. 304).
(20) Sections 2(b)(1)(A), 8(a), 8(c), 10(g)(1),
and 11(c) of the Export-Import Bank Act of 1945
(12 U.S.C. 635(b)(1)(A), 635g(a), 635g(c), 635i–
3(g), and 635i–5(c)).
(21) Section 17(a) of the Federal Deposit In-
surance Act (12 U.S.C. 1827(a)).
(22) Section 13 of the Federal Financing Bank
Act of 1973 (12 U.S.C. 2292).
(23) Section 2B(d) of the Federal Home Loan
Bank Act (12 U.S.C. 1422b(d)).
(24) Section 1002(b) of Financial Institutions
Reform, Recovery, and Enforcement Act of 1989
(12 U.S.C. 1811 note).
(25) Section 8 of the Fair Credit and Charge
Card Disclosure Act of 1988 (15 U.S.C. 1637 note).
(26) Section 136(b)(4)(B) of the Truth in
Lending Act (15 U.S.C. 1646(b)(4)(B)).
(27) Section 707 of the Equal Credit Oppor-
tunity Act (15 U.S.C. 1691f).
(28) Section 114 of the Truth in Lending Act
(15 U.S.C. 1613).
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(29) The seventh undesignated paragraph of
section 10 of the Federal Reserve Act (12 U.S.C.
247).
(30) The tenth undesignated paragraph of sec-
tion 10 of the Federal Reserve Act (12 U.S.C.
247a).
(31) Section 815 of the Fair Debt Collection
Practices Act (15 U.S.C. 1692m).
(32) Section 102(d) of the Federal Credit
Union Act (12 U.S.C. 1752a(d)).
(33) Section 21B(i) of the Federal Home Loan
Bank Act (12 U.S.C. 1441b(i)).
(34) Section 607(a) of the Housing and Com-
munity Development Amendments of 1978 (42
U.S.C. 8106(a)).
(35) Section 708(l) of the Defense Production
Act of 1950 (50 U.S.C. Ap. 2158(l)).
(36) Section 2546 of the Comprehensive Thrift
and Bank Fraud Prosecution and Taxpayer Recov-
ery Act of 1990 (28 U.S.C. 522 note).
(37) Section 202(b)(8) of the National Housing
Act (12 U.S.C. 1708(b)(8)).
SEC. 1103. COORDINATION OF REPORTING REQUIREMENTS.
(a) FEDERAL DEPOSIT INSURANCE CORPORATION.—
Section 17(a) of the Federal Deposit Insurance Act (12
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U.S.C. 1827(a)) is amended by adding at the end the fol-
lowing new paragraph:
‘‘(3) COORDINATION WITH OTHER REPORT RE-
QUIREMENTS.—The report required under this sub-
section shall include the report required under sec-
tion 18(f)(7) of the Federal Trade Commission
Act.’’.
(b) BOARD OF GOVERNORS OF THE FEDERAL RE-
SERVE SYSTEM.—The 7th undesignated paragraph of sec-
tion 10 of the Federal Reserve Act (12 U.S.C. 247) is
amended by adding at the end the following new sentence:
‘‘The report required under this paragraph shall include
the reports required under section 707 of the Equal Credit
Opportunity Act, section 18(f)(7) of the Federal Trade
Commission Act, section 114 of the Truth in Lending Act,
and the 10th undesignated paragraph of this section.’’.
(c) COMPTROLLER OF THE CURRENCY.—Section 333
of the Revised Statutes of the United States (12 U.S.C.
14) is amended by adding at the end the following new
sentence: ‘‘The report required under this section shall in-
clude the report required under section 18(f)(7) of the
Federal Trade Commission Act.’’.
(d) EXPORT-IMPORT BANK.—
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(1) IN GENERAL.— Section 2(b)(1)(A) of the
Export-Import Bank Act of 1945 (12 U.S.C.
635(b)(1)(A)) is amended—
(A) by striking ‘‘a annual’’ and inserting
‘‘an annual’’; and
(B) by adding at the end the following new
sentence: ‘‘The annual report required under
this subparagraph shall include the report re-
quired under section 10(g).’’.
(2) TECHNICAL
AND
CONFORMING
AMEND-
MENT.—Section 10(g)(1) of the Export-Import
Bank Act of 1945 (12 U.S.C. 635i–3(g)(1)) is
amended—
(A) by striking ‘‘On or’’ and all that fol-
lows through ‘‘the Bank’’ and inserting ‘‘The
Bank’’; and
(B) by striking ‘‘a report’’ and inserting
‘‘an annual report’’.
(e) DEPARTMENT OF HOUSING AND URBAN DEVEL-
OPMENT.—Section 8 of the Department of Housing and
Urban Development Act (42 U.S.C. 3536) is amended by
adding at the end the following new sentence: ‘‘The report
required under this section shall include the reports re-
quired under paragraphs (2) and (6) of section 808(e) of
the Civil Rights Act of 1968, the reports required under
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subsections (a) and (b) of section 1061 of the Housing
and Community Development Act of 1992, the report re-
quired under section 802 of the Housing Act of 1954, and
the report required under section 4(e)(2) of this Act.’’.
(f) FEDERAL HOUSING ADMINISTRATION.—Section
203(v) of the National Housing Act (12 U.S.C. 1709(v)),
as added by section 504 of the Housing and Community
Development Act of 1992, is amended by adding at the
end the following new sentence:
‘‘The report required under this subsection shall include
the report required under section 540(c) and the report
required under section 205(g).’’.
(g) 
INTERNATIONAL
FINANCIAL
INSTITUTIONS
ACT.—Section 701(c)(1) of the International Financial
Institutions Act (22 U.S.C. 262d(c)(1)) is amended by
striking ‘‘Not later’’ and all that follows through ‘‘quar-
terly’’ and inserting ‘‘The Secretary of the Treasury shall
report annually’’.
SEC. 1104. ELIMINATION OF CERTAIN REPORTING RE-
QUIREMENTS.
(a) EXPORT-IMPORT
BANK.—The Export-Import
Bank Act of 1945 (12 U.S.C. 635 et seq.) is amended—
(1) in section 2(b)(1)(D)—
(A) by striking ‘‘(i)’’; and
(B) by striking clause (ii);
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(2) in section 2(b)(8), by striking the last sen-
tence;
(3) in section 6(b), by striking paragraph (2)
and redesignating paragraph (3) as paragraph (2);
and
(4) in section 8, by striking subsections (b) and
(d) and redesignating subsections (c) and (e) as sub-
sections (b) and (c), respectively.
(b) FEDERAL DEPOSIT INSURANCE CORPORATION.—
Section 17 of the Federal Deposit Insurance Act (12
U.S.C. 1827) is amended by striking subsection (h).
TITLE XII—FINANCIAL
REGULATORY RELIEF
SEC. 1200. SHORT TITLE.
This title may be cited as the ‘‘Financial Regulatory
Relief and Economic Efficiency Act of 2000’’.
Subtitle 
A—Improving 
Monetary
Policy and Financial Institution
Management Practices
SEC. 1201. REPEAL OF SAVINGS ASSOCIATION LIQUIDITY
PROVISION.
(a) REPEAL OF LIQUIDITY PROVISION.—Section 6 of
the Home Owners’ Loan Act (12 U.S.C. 1465) is hereby
repealed.
(b) CONFORMING AMENDMENTS.—
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(1) SECTION
5.—Section 5(c)(1)(M) of the
Home Owners’ Loan Act (12 U.S.C. 1464(c)(1)(M))
is amended to read as follows:
‘‘(M) LIQUIDITY
INVESTMENTS.—Invest-
ments (other than equity investments), identi-
fied by the Director, for liquidity purposes, in-
cluding cash, funds on deposit at a Federal re-
serve bank or a Federal home loan bank, or
bankers’ acceptances.’’.
(2) SECTION
10.—Section 10(m)(4)(B)(iii) of
the 
Home 
Owners’ 
Loan 
Act 
(12 
U.S.C.
1467a(m)(4)(B)(iii)) is amended by inserting ‘‘as in
effect on the day before the date of the enactment
of the Financial Regulatory Relief and Economic Ef-
ficiency Act of 2000,’’ after ‘‘Loan Act,’’.
SEC. 1202. NONCONTROLLING INVESTMENTS BY SAVINGS
ASSOCIATION HOLDING COMPANIES.
Section 10(e)(1)(A)(iii) of the Home Owners’ Loan
Act (12 U.S.C. 1467a(e)(1)(A)(iii)) is amended—
(1) by inserting ‘‘, except with the prior written
approval of the Director,’’ after ‘‘or to retain’’; and
(2) by striking ‘‘so acquire or retain’’ and in-
serting ‘‘acquire or retain, and the Director may not
authorize acquisition or retention of,’’.
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SEC. 1203. REPEAL OF DEPOSIT BROKER NOTIFICATION
AND RECORDKEEPING REQUIREMENT.
Section 29A of the Federal Deposit Insurance Act
(12 U.S.C. 1831f–1) is hereby repealed.
SEC. 1204. EXPEDITED PROCEDURES FOR CERTAIN REOR-
GANIZATIONS.
The National Bank Consolidation and Merger Act
(12 U.S.C. 215 et seq.) is amended—
(1) by redesignating section 5 as section 7; and
(2) by inserting after section 4 the following
new section:
‘‘SEC. 5. EXPEDITED PROCEDURES FOR CERTAIN REORGA-
NIZATIONS.
‘‘(a) IN GENERAL.—A national bank may, with the
approval of the Comptroller, pursuant to rules and regula-
tions promulgated by the Comptroller, and upon the af-
firmative vote of the shareholders of such bank owning
at least two-thirds of its capital stock outstanding, reorga-
nize so as to become a subsidiary of a bank holding com-
pany or of a company that will, upon consummation of
such reorganization, become a bank holding company.
‘‘(b) REORGANIZATION PLAN.—A reorganization au-
thorized under subsection (a) shall be carried out in ac-
cordance with a reorganization plan that—
‘‘(1) specifies the manner in which the reorga-
nization shall be carried out;
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‘‘(2) is approved by a majority of the entire
board of directors of the national bank;
‘‘(3) specifies—
‘‘(A) the amount of cash or securities of
the bank holding company, or both, or other
consideration to be paid to the shareholders of
the reorganizing bank in exchange for their
shares of stock of the bank;
‘‘(B) the date as of which the rights of
each shareholder to participate in such ex-
change will be determined; and
‘‘(C) the manner in which the exchange
will be carried out; and
‘‘(4) is submitted to the shareholders of the re-
organizing bank at a meeting to be held on the call
of the directors in accordance with the procedures
prescribed in connection with a merger of a national
bank under section 3.
‘‘(c) RIGHTS OF DISSENTING SHAREHOLDERS.—If,
pursuant to this section, a reorganization plan has been
approved by the shareholders and the Comptroller, any
shareholder of the bank who has voted against the reorga-
nization at the meeting referred to in subsection (b)(4),
or has given notice in writing at or prior to that meeting
to the presiding officer that the shareholder dissents from
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the reorganization plan, shall be entitled to receive the
value of his or her shares, as provided by section 3 for
the merger of a national bank.
‘‘(d) EFFECT OF REORGANIZATION.—The corporate
existence of a national bank that reorganizes in accord-
ance with this section shall not be deemed to have been
affected in any way by reason of such reorganization.
‘‘(e) APPROVAL UNDER THE BANK HOLDING COM-
PANY ACT.—This section does not affect in any way the
applicability of the Bank Holding Company Act of 1956
to a transaction described in subsection (a).’’.
SEC. 1205. NATIONAL BANK DIRECTORS.
(a) AMENDMENTS TO THE REVISED STATUTES.—
Section 5145 of the Revised Statutes of the United States
(12 U.S.C. 71) is amended—
(1) by striking ‘‘for one year’’ and inserting
‘‘for a period of not more than 3 years’’; and
(2) by adding at the end the following: ‘‘In ac-
cordance with regulations issued by the Comptroller
of the Currency, a national bank may adopt bylaws
that provide for staggering the terms of its direc-
tors.’’.
(b) AMENDMENT TO THE BANKING ACT OF 1933.—
Section 31 of the Banking Act of 1933 (12 U.S.C. 71a)
is amended in the first sentence, by inserting before the
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period ‘‘, except that the Comptroller of the Currency may,
by regulation or order, exempt a national bank from the
25-member limit established by this section’’.
SEC. 1206. AMENDMENT TO NATIONAL BANK CONSOLIDA-
TION AND MERGER ACT.
The National Bank Consolidation and Merger Act
(12 U.S.C. 215 et seq.) is amended by inserting after sec-
tion 5, as added by this title, the following new section:
‘‘SEC. 6. MERGERS AND CONSOLIDATIONS WITH SUBSIDI-
ARIES AND NONBANK AFFILIATES.
‘‘(a) IN GENERAL.—Upon the approval of the Comp-
troller, a national bank may merge with 1 or more of its
nonbank subsidiaries or affiliates.
‘‘(b) SCOPE.—Nothing in this section shall be
construed—
‘‘(1) to affect the applicability of section 18(c)
of the Federal Deposit Insurance Act; or
‘‘(2) to grant a national bank any power or au-
thority that is not permissible for a national bank
under other applicable provisions of law.
‘‘(c) REGULATIONS.—The Comptroller shall promul-
gate regulations to implement this section.’’.
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SEC. 1207. LOANS ON OR PURCHASES BY INSTITUTIONS OF
THEIR OWN STOCK; AFFILIATIONS.
(a) AMENDMENT TO THE REVISED STATUTES.—Sec-
tion 5201 of the Revised Statutes of the United States
(12 U.S.C. 83) is amended to read as follows:
‘‘SEC. 5201. LOANS BY BANK ON ITS OWN STOCK.
‘‘(a) GENERAL PROHIBITION.—No national bank
shall make any loan or discount on the security of the
shares of its own capital stock.
‘‘(b) EXCLUSION.—For purposes of this section, a
national bank shall not be deemed to be making a loan
or discount on the security of the shares of its own capital
stock if it acquires the stock to prevent loss upon a debt
previously contracted for in good faith.’’.
(b) AMENDMENTS TO THE FEDERAL DEPOSIT IN-
SURANCE ACT.—Section 18 of the Federal Deposit Insur-
ance Act (12 U.S.C. 1828) is amended—
(1) by redesignating subsection (t), as added by
section 730 of the Gramm-Leach-Bliley Act (Public
Law 106–102; 113 Stat. 1476), as subsection (u);
and
(2) by adding at the end the following new sub-
section:
‘‘(v) LOANS BY INSURED INSTITUTIONS ON THEIR
OWN STOCK.—
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‘‘(1) GENERAL PROHIBITION.—No insured de-
pository institution may make any loan or discount
on the security of the shares of its own capital stock.
‘‘(2) EXCLUSION.—For purposes of this sub-
section, an insured depository institution shall not be
deemed to be making a loan or discount on the secu-
rity of the shares of its own capital stock if it ac-
quires the stock to prevent loss upon a debt pre-
viously contracted for in good faith.’’.
SEC. 1208. PURCHASED MORTGAGE SERVICING RIGHTS.
Section 475 of the Federal Deposit Insurance Cor-
poration Improvement Act of 1991 (12 U.S.C. 1828 note)
is amended—
(1) in subsection (a)(1), by inserting ‘‘(or such
other percentage exceeding 90 percent but not ex-
ceeding 100 percent, as may be determined under
subsection (b))’’ after ‘‘90 percent’’;
(2) by redesignating subsections (b) and (c) as
subsections (c) and (d), respectively, and by insert-
ing after subsection (a) the following new subsection:
‘‘(b) AUTHORITY TO DETERMINE PERCENTAGE BY
WHICH TO DISCOUNT VALUE OF SERVICING RIGHTS.—
The appropriate Federal banking agencies may allow read-
ily marketable purchased mortgage servicing rights to be
valued at more than 90 percent of their fair market value
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but at not more than 100 percent of such value, if such
agencies jointly make a finding that such valuation would
not have an adverse effect on the deposit insurance funds
or the safety and soundness of insured depository institu-
tions.’’; and
(3) in subsection (c), by striking ‘‘and’’ and in-
serting ‘‘, ‘deposit insurance fund’, and’’.
Subtitle B—Streamlining Activities
of Institutions
SEC. 1211. CALL REPORT SIMPLIFICATION.
(a) MODERNIZATION OF CALL REPORT FILING AND
DISCLOSURE SYSTEM.—In order to reduce the adminis-
trative requirements pertaining to bank reports of condi-
tion, savings association financial reports, and bank hold-
ing company consolidated and parent-only financial state-
ments, and to improve the timeliness of such reports and
statements, the Federal banking agencies shall—
(1) work jointly to develop a system under
which—
(A) insured depository institutions and
their affiliates may file such reports and state-
ments electronically; and
(B) the Federal banking agencies may
make such reports and statements available to
the public electronically; and
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(2) not later than 1 year after the date of the
enactment of this Act, report to the Congress and
make recommendations for legislation that would en-
hance efficiency for filers and users of such reports
and statements.
(b) UNIFORM REPORTS AND SIMPLIFICATION OF IN-
STRUCTIONS.—The Federal banking agencies shall, con-
sistent with the principles of safety and soundness, work
jointly—
(1) to adopt a single form for the filing of core
information required to be submitted under Federal
law to all such agencies in the reports and state-
ments referred to in subsection (a); and
(2) to simplify instructions accompanying such
reports and statements and to provide an index to
the instructions that is adequate to meet the needs
of both filers and users.
(c) REVIEW OF CALL REPORT SCHEDULE.—Each
Federal banking agency shall—
(1) review the information required by sched-
ules supplementing the core information referred to
in subsection (b); and
(2) eliminate requirements that are not war-
ranted for reasons of safety and soundness or other
public purposes.
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(d) DEFINITION.—In this section, the term ‘‘Federal
banking agency’’ has the same meaning as in section 3
of the Federal Deposit Insurance Act (12 U.S.C. 1813).
Subtitle C—Streamlining Agency
Actions
SEC. 1221. ELIMINATION OF DUPLICATIVE DISCLOSURE OF
FAIR MARKET VALUE OF ASSETS AND LIABIL-
ITIES.
Section 37(a)(3) of the Federal Deposit Insurance
Act (12 U.S.C. 1831n(a)(3)) is amended by striking sub-
paragraph (D).
SEC. 1222. PAYMENT OF INTEREST IN RECEIVERSHIPS
WITH SURPLUS FUNDS.
Section 11(d)(10) of the Federal Deposit Insurance
Act (12 U.S.C. 1821(d)(10)) is amended by adding at the
end the following new subparagraph:
‘‘(C) RULEMAKING
AUTHORITY
OF
COR-
PORATION.—The Corporation may prescribe
such rules, including definitions of terms, as it
deems appropriate to establish a single uniform
interest rate for or to make payments of post
insolvency interest to creditors holding proven
claims against the receivership estates of in-
sured Federal or State depository institutions
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following satisfaction by the receiver of the
principal amount of all creditor claims.’’.
SEC. 1223. REPEAL OF REPORTING REQUIREMENT ON DIF-
FERENCES IN ACCOUNTING STANDARDS.
Section 37(c) of the Federal Deposit Insurance Act
(12 U.S.C. 1831n(c)) is amended—
(1) in paragraph (1), by striking ‘‘Each’’ and
all that follows through ‘‘a report’’ and inserting
‘‘The Federal banking agencies shall jointly submit
an annual report’’; and
(2) by inserting ‘‘any’’ before ‘‘such agency’’
each place that term appears.
SEC. 1224. EXTENSION OF TIME.
Section 6(a)(1) of the Federal Home Loan Bank Act
(12 U.S.C. 1426(a)(1)) is amended by striking ‘‘1 year’’
and inserting ‘‘18 months’’.
Subtitle D—Technical Corrections
SEC. 1231. TECHNICAL CORRECTION RELATING TO DE-
POSIT INSURANCE FUNDS.
(a) IN GENERAL.—Section 2707 of the Deposit In-
surance Funds Act of 1996 (Public Law 104–208; 110
Stat. 3009–496) is amended—
(1) by striking ‘‘7(b)(2)(C)’’ and inserting
‘‘7(b)(2)(E)’’; and
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(2) by striking ‘‘, as redesignated by section
2704(d)(6) of this subtitle’’.
(b) EFFECTIVE DATE.—The amendments made by
subsection (a) shall be deemed to have the same effective
date as section 2707 of the Deposit Insurance Funds Act
of 1996 (Public Law 104–208; 110 Stat. 3009–496).
SEC. 1232. RULES FOR CONTINUATION OF DEPOSIT INSUR-
ANCE FOR MEMBER BANKS CONVERTING
CHARTERS.
Section 8(o) of the Federal Deposit Insurance Act
(12 U.S.C. 1818(o)) is amended in the second sentence,
by striking ‘‘subsection (d) of section 4’’ and inserting
‘‘subsection (c) or (d) of section 4’’.
SEC. 1233. AMENDMENTS TO THE REVISED STATUTES OF
THE UNITED STATES.
(a) WAIVER
OF CITIZENSHIP REQUIREMENT
FOR
NATIONAL BANK DIRECTORS.—Section 5146 of the Re-
vised Statutes of the United States (12 U.S.C. 72) is
amended in the first sentence, by inserting before the pe-
riod ‘‘, and waive the requirement of citizenship in the case
of not more than a minority of the total number of direc-
tors’’.
(b) TECHNICAL
AMENDMENT
TO
THE
REVISED
STATUTES.—Section 329 of the Revised Statutes of the
United States (12 U.S.C. 11) is amended by striking ‘‘to
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be interested in any association issuing national currency
under the laws of the United States’’ and inserting ‘‘to
hold an interest in any national bank’’.
(c) REPEAL OF UNNECESSARY CAPITAL AND SUR-
PLUS REQUIREMENT.—Section 5138 of the Revised Stat-
utes of the United States (12 U.S.C. 51) is hereby re-
pealed.
SEC. 1234. CONFORMING CHANGE TO THE INTERNATIONAL
BANKING ACT OF 1978.
Section 4(b) of the International Banking Act of
1978 (12 U.S.C. 3102(b)) is amended in the second sen-
tence, by striking paragraph (1) and by redesignating
paragraphs (2) through (4) as paragraphs (1) through
(3), respectively.
Passed the House of Representatives December 5,
2000.
Attest:
JEFF TRANDAHL,
Clerk.