In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.

Input: Consider Input: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Futures Investor Protection Act''.

SEC. 2. FUTURES INVESTORS PROTECTION FUND.

    (a) Futures Investor Protection Corporation.--
            (1) Creation and membership.--
                    (A) Creation.--There is established a nonprofit 
                corporation to be known as the ``Futures Investor 
                Protection Corporation'' (in this Act referred to as 
                the ``FIPC''), which shall not be an agency or 
                establishment of the United States Government.
                    (B) Membership.--
                            (i) Members of fipc.--The FIPC shall be a 
                        membership corporation the members of which 
                        shall be all persons registered under the 
                        Commodity Exchange Act with the Commission as a 
                        futures commission merchant, other than persons 
                        whose principal business, in the determination 
                        of the FIPC, taking into account business of 
                        affiliated entities, is conducted outside the 
                        United States and its territories and 
                        possessions.
                            (ii) Commission review; additional 
                        members.--Subparagraphs (B) and (C) of section 
                        3(a)(2) of SIPA shall apply with respect to 
                        determinations of the FIPC in the same way the 
                        subparagraphs apply with respect to 
                        determinations of the SIPC and to brokers and 
                        dealers referred to in such subparagraph (D).
                            (iii) Disclosure.--Section 3(a)(2)(D) of 
                        SIPA shall apply to futures commission 
                        merchants in the same way the section applies 
                        to brokers and dealers referred to in such 
                        section.
            (2) Powers.--The FIPC shall have all the powers conferred 
        on the SIPC.
            (3) Board of directors.--
                    (A) Functions.--The FIPC shall have a Board of 
                Directors which, subject to the provisions of this Act, 
                shall determine the policies which shall govern the 
                operations of FIPC.
                    (B) Number and appointment.--The Board of Directors 
                shall consist of 7 persons as follows:
                            (i) 1 director shall be appointed by the 
                        Secretary of the Treasury from among the 
                        officers and employees of the Department of the 
                        Treasury.
                            (ii) 1 director shall be appointed by the 
                        Board of Governors of the Federal Reserve 
                        System from among the officers and employees of 
                        that Board.
                            (iii) 5 directors shall be appointed by the 
                        President, by and with the advice and consent 
                        of the Senate, as follows:
                                    (I) 3 directors shall be selected 
                                from among persons who are associated 
                                with, and representative of different 
                                aspects of, the futures industry, not 
                                all of whom shall be from the same 
                                geographical area of the United States.
                                    (II) 2 directors shall be selected 
                                from the general public from among 
                                persons who are not associated with a 
                                futures commission merchant or a 
                                contract market, or similarly 
                                associated with any self-regulatory 
                                organization or other futures industry 
                                group, and who have not had any such 
                                association during the 2 years 
                                preceding appointment.
                    (C) Chairman and vice chairman.--The President 
                shall designate a Chairman and Vice Chairman from among 
                those directors appointed under subparagraph 
                (B)(iii)(II).
                    (D) Terms.--
                            (i) In general.--Except as provided in 
                        clauses (ii) and (iii), each director shall be 
                        appointed for a term of 3 years.
                            (ii) Initially appointed members.--Of the 
                        directors first appointed under subparagraph 
                        (B)--
                                    (I) 2 shall hold office for a term 
                                expiring on December 31, 2017;
                                    (II) 2 shall hold office for a term 
                                expiring on December 31, 2018; and
                                    (III) 3 shall hold office for a 
                                term expiring on December 31, 2019,
                        as designated by the President at the time they 
                        take office. The designation shall be made in a 
                        manner which will assure that no 2 persons 
                        appointed under the authority of the same 
                        subclause of subparagraph (B)(iii) shall have 
                        terms which expire simultaneously.
                            (iii) Vacancies.--A vacancy in the Board 
                        shall be filled in the same manner as the 
                        original appointment was made. Any director 
                        appointed to fill a vacancy occurring prior to 
                        the expiration of the term for which the 
                        predecessor of the director was appointed shall 
                        be appointed only for the remainder of the 
                        term. A director may serve after the expiration 
                        of the term for which appointed until the 
                        successor of the director has taken office.
                    (E) Compensation.--All matters relating to 
                compensation of directors shall be as provided in the 
                bylaws of the FIPC.
            (4) Meetings of board; bylaws and rules.--Subsections (d) 
        and (e) of section 3 of SIPA shall apply with respect to the 
        FIPC and the Commission in the same way the subsections apply 
        with respect to the SIPC and the Securities and Exchange 
        Commission.
    (b) FIPC Fund.--
            (1) In general.--The FIPC shall establish, and make 
        deposits into and payments from, an ``FIPC fund'' (in this Act 
        referred to as the ``fund'') in the same manner in which the 
        SIPC has established, and is authorized to make deposits into 
        and payments from, the SIPC fund.
            (2) Assessments.--The FIPC shall impose on its members 
        assessments subject to the same rules that apply to the 
        imposition by the SIPC of assessments on the members of the 
        SIPC.
    (c) Other Provisions.--Sections 5 through 16 of the SIPA shall 
apply with respect to the FIPC and the members, directors, officers, 
and employees of the FIPC, the Commission, the FIPC fund, futures 
commission merchants and their affiliates, futures contracts, futures 
transactions, customers, and debtors in the same way the sections apply 
with respect to the SIPC and the members, directors, officers, and 
employees of the SIPC, the Securities and Exchange Commission, the SIPC 
fund, persons registered as brokers or dealers (as defined in section 
16(12) of the SIPA) and their affiliates, securities, securities 
transactions, customers (as defined in section 16(2) of the SIPA), and 
debtors (as defined in section 16(5) of the SIPA), respectively.
    (d) Definitions.--In this section:
            (1) Commission.--The term ``Commission'' means the 
        Commodity Futures Trading Commission.
            (2) Contract market.--The term ``contract market'' means a 
        board of trade designated as a contract market under the 
        Commodity Exchange Act.
            (3) Futures contract.--The term ``futures contract'' means 
        a contract of sale of a commodity for future delivery, within 
        the meaning of the Commodity Exchange Act.
            (4) Futures commission merchant.--The term ``futures 
        commission merchant'' has the meaning given the term in section 
        1a(28) of the Commodity Exchange Act.
            (5) SIPA.--The term ``SIPA'' means the Security Investors 
        Protection Act of 1970.
            (6) SIPC.--The term ``SIPC'' means the Security Investors 
        Protection Corporation.
            (7) SIPC fund.--The term ``SIPC fund'' means the fund 
        established under section 4(a)(1) of the SIPA.

SEC. 3. SUITABILITY RULES.

    (a) In General.--The Commodity Exchange Act (7 U.S.C. 1 et seq.) is 
amended by inserting after section 4t the following:

``SEC. 4U. SUITABILITY RULES.

    ``(a) In General.--
            ``(1) Recommendations must be suitable for the customer.--A 
        futures commission merchant shall not recommend a transaction 
        or investment strategy involving a contract of sale of a 
        commodity for future delivery, unless the futures commission 
        merchant has a reasonable basis to believe that the transaction 
        or investment strategy is suitable for the customer, based on 
        the information obtained through the reasonable diligence of 
        the futures commission merchant to ascertain the customer's 
        investment profile. A customer's investment profile includes, 
        but is not limited to, the customer's age, other investments, 
        financial situation and needs, tax status, investment 
        objectives, investment experience, investment time horizon, 
        liquidity needs, risk tolerance, and any other information the 
        customer may disclose to the futures commission merchant in 
        connection with the recommendation.
            ``(2) Safe harbor in certain cases.--A futures commission 
        merchant is deemed to comply with paragraph (1) in the case of 
        a customer with an institutional account, if--
                    ``(A) the futures commission merchant has a 
                reasonable basis to believe that the customer is 
                capable of evaluating investment risks independently, 
                both in general and with regard to particular 
                transactions and investment strategies involving a 
                contract of sale of a commodity for future delivery; 
                and
                    ``(B) the customer affirmatively indicates that it 
                is exercising independent judgment in evaluating the 
                recommendations of the futures commission merchant.
    ``(b) Applicability With Respect to Certain Agents.--If a customer 
with an institutional account has delegated decisionmaking authority to 
an agent, subsection (a) shall be applied with respect to the agent.
    ``(c) Institutional Account Defined.--In this section, the term 
`institutional account' means the account of--
            ``(1) a bank, savings and loan association, insurance 
        company or registered investment company;
            ``(2) an investment adviser registered with the Securities 
        and Exchange Commission under section 203 of the Investment 
        Advisers Act or with a State securities commission (or any 
        agency or office performing like functions); or
            ``(3) any other person (whether a natural person, 
        corporation, partnership, trust or otherwise) with total assets 
        of at least $50,000,000.
    ``(d) Penalties.--The Commission may impose one or more of the 
following sanctions on a person found by the Commission to have 
violated this section or to have neglected or refused to comply with an 
order issued by the Commission under this section:
            ``(1) Censure.
            ``(2) A fine.
            ``(3) Expulsion of the person from, or revocation of the 
        membership of the person in, a registered entity.
            ``(4) Suspension for a definite period or a period 
        contingent on the performance of a particular act, or 
        revocation, of the registration of the person under this Act 
        with the Commission as a futures commission merchant.
            ``(5) Suspension or bar of the person from association with 
        any other futures commission merchant.
            ``(6) A temporary or permanent cease and desist order 
        against the person.
            ``(7) Any other fitting sanction.''.
    (b) Effective Date.--Within 6 months after the date of the 
enactment of this Act, the Commodity Futures Trading Commission shall 
issue regulations for the implementation of the amendment made by 
subsection (a).

SEC. 4. REVIEW OF PROOF OF CLAIMS RULES.

    (a) In General.--The Commodity Futures Trading Commission shall 
review the guidelines for establishing account classes and determining 
the basis for pro rata shares under, and the sample claim form set 
forth in, part 190 of title 17, Code of Federal Regulations, and 
consider the desirability of allowing use of a set date for valuation 
purposes rather than the date of actual liquidation of positions.
    (b) Report to the Congress.--Within 1 year after the date of the 
enactment of this Act, the Commodity Futures Trading Commission shall 
submit to the Congress a written report that contains the findings of 
the Commission with respect to the matters referred to in subsection 
(a), and includes such changes to the regulations in such part as the 
Commission deems appropriate.

Output: Futures Investor Protection Act This bill establishes the Futures Investor Protection Corporation (FIPC) as a nonprofit membership corporation for all futures commission merchants registered with the Commodity Futures Trading Commission (CFTC). In general, the FIPC's powers and duties shall mirror those of the Security Investors Protection Corporation (the nonprofit membership corporation for registered broker-dealers). In addition, the bill amends the Commodity Exchange Act to establish suitability rules with respect to&nbsp;recommendations&nbsp;by a&nbsp;futures commission merchant to a customer. The CFTC must review certain guidelines regarding proof of claims, as specified by the bill. 


Input: Consider Input: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Citizen Petition Fairness and 
Accuracy Act of 2006''.

SEC. 2. CITIZEN PETITIONS AND PETITIONS FOR STAY OF AGENCY ACTION.

    Section 505(j)(5) of the Federal Food, Drug, and Cosmetic Act (21 
U.S.C. 355(j)(5)) is amended by adding at the end the following:
    ``(G)(i) Notwithstanding any other provision of law, any petition 
submitted under section 10.30 or section 10.35 of title 21, Code of 
Federal Regulations (or any successor regulation), shall include a 
statement that to the petitioner's best knowledge and belief, the 
petition--
            ``(I) includes all information and views on which the 
        petitioner relies, including all representative data and 
        information known to the petitioner that is favorable or 
        unfavorable to the petition;
            ``(II) is well grounded in fact and is warranted by law;
            ``(III) is not submitted for an improper purpose, such as 
        to harass or cause unnecessary delay (including unnecessary 
        delay of competition or agency action); and
            ``(IV) does not contain a materially false, misleading, or 
        fraudulent statement.
    ``(ii) The Secretary shall investigate, on receipt of a complaint, 
a request under clause (vi), or on its own initiative, any petition 
submitted under such section 10.30 or section 10.35 (or any successor 
regulation), that--
            ``(I) does not comply with the requirements of clause (i);
            ``(II) may have been submitted for an improper purpose as 
        described in clause (i)(III); or
            ``(III) may contain a materially false, misleading, or 
        fraudulent statement as described in clause (i)(IV).
    ``(iii) If the Secretary finds that the petitioner has knowingly 
and willingly submitted the petition for an improper purpose as 
described in clause (i)(III), or which contains a materially false, 
misleading, or fraudulent statement as described in clause (i)(IV), the 
Secretary may--
            ``(I) impose a civil penalty of not more than $1,000,000, 
        plus attorneys fees and costs of reviewing the petition and any 
        related proceedings;
            ``(II) suspend the authority of the petitioner to submit a 
        petition under such section 10.30 or section 10.35 (or any 
        successor regulation), for a period of not more than 10 years;
            ``(III) revoke permanently the authority of the petitioner 
        to submit a petition under such section 10.30 or section 10.35 
        (or any successor regulation); or
            ``(IV) dismiss the petition at issue in its entirety.
    ``(iv) If the Secretary takes an enforcement action described in 
subclause (I), (II), (III), or (IV) of clause (iii) with respect to a 
petition, the Secretary shall refer that petition to the Federal Trade 
Commission for further action as the Federal Trade Commission finds 
appropriate.
    ``(v) In determining whether to take an enforcement action 
described in subclause (I), (II), (III), or (IV) of clause (iii) with 
respect to a petition, and in determining the amount of any civil 
penalty or the length of any suspension imposed under that clause, the 
Secretary shall consider the specific circumstances of the situation, 
such as the gravity and seriousness of the violation involved, the 
amount of resources expended in reviewing the petition at issue, the 
effect on marketing of competing drugs of the pendency of the 
improperly submitted petition, including whether the timing of the 
submission of the petition appears to have been calculated to cause 
delay in the marketing of any drug awaiting approval, and whether the 
petitioner has a history of submitting petitions in violation of this 
subparagraph.
    ``(vi)(I) Any person aggrieved by a petition filed under such 
section 10.30 or section 10.35 (or any successor regulation), including 
a person filing an application under subsection (b)(2) or (j) of this 
section to which such petition relates, may request that the Secretary 
initiate an investigation described under clause (ii) for an 
enforcement action described under clause (iii).
    ``(II) The aggrieved person shall specify the basis for its belief 
that the petition at issue is false, misleading, fraudulent, or 
submitted for an improper purpose. The aggrieved person shall certify 
that the request is submitted in good faith, is well grounded in fact, 
and not submitted for any improper purpose. Any aggrieved person who 
knowingly and intentionally violates the preceding sentence shall be 
subject to the civil penalty described under clause (iii)(I).
    ``(vii) The Secretary shall take final agency action with respect 
to a petition filed under such section 10.30 or section 10.35 (or any 
successor regulation) within 6 months of receipt of such petition. The 
Secretary shall not extend such 6-month review period, even with 
consent of the petitioner, for any reason, including based upon the 
submission of comments relating to a petition or supplemental 
information supplied by the petitioner. If the Secretary has not taken 
final agency action on a petition by the date that is 6 months after 
the date of receipt of the petition, such petition shall be deemed to 
have been denied on such date.
    ``(viii) The Secretary may promulgate regulations to carry out this 
subparagraph, including to determine whether petitions filed under such 
section 10.30 or section 10.35 (or any successor regulation) merit 
enforcement action by the Secretary under this subparagraph.''.

Output: Citizen Petition Fairness and Accuracy Act of 2006 - Amends the Federal Food, Drug, and Cosmetic Act to require that any citizen petition or request for stay of action related to an abbreviated new drug application include a statement that the petition: (1) includes all information and views on which the petitioner relies; (2) is well grounded in fact and warranted by law; (3) is not submitted for an improper purpose; and (4) does not contain a materially false, misleading, or fraudulent statement. Requires the Secretary of Health and Human Services to investigate any petition that does not comply.

Allows the Secretary to impose penalties for knowingly and willfully submitting a petition for an improper purpose or that contains a materially false, misleading, or fraudulent statement. Provides that such penalties may include: (1) civil penalty; (2) suspension or revocation of the authority to submit a petition; and (3) dismissal of the petition. Requires the Secretary to refer such a violative petition to the Federal Trade Commission (FTC) for further action. Sets forth the factors that the Secretary shall consider in taking an enforcement action or determining the penalty.

Permits any person aggrieved by a petition that may contain violations to request the Secretary to investigate. Subjects knowing and intentional violative requests to civil penalties.

Requires the Secretary to take final agency action on such a petition within six months.


Input: Consider Input: SECTION 1. FINDINGS.

    Congress finds the following:
            (1) There are new and emerging opportunities for producing 
        renewable energy fuel products, which will be of benefit to the 
        United States and its citizens.
            (2) Disposal of animal and agricultural wastes can be a 
        major problem and new technologies should be promoted to 
        utilize these wastes.
            (3) New technologies can be developed and implemented that 
        will utilize animal and agricultural wastes to produce 
        significant quantities of marketable alternative fuels.
            (4) Investment in renewable energy will--
                    (A) enhance the energy security and independence of 
                the United States,
                    (B) provide significant environmental benefits and 
                reduce wastes,
                    (C) improve electrical reliability and security, 
                and
                    (D) promote sustainable development opportunities.
            (5) Alternative fuels should be a major part of the 
        strategy to increase domestic production of motor fuels.
            (6) The Federal Government should take all measures to 
        provide incentives to assure the implementation of technologies 
        to produce alternative fuels.

SEC. 2. MODIFICATION OF CREDIT FOR PRODUCTION OF ELECTRICITY FROM 
              RENEWABLE RESOURCES.

    (a) Credit Allowed for Producers of Certain Energy.--Section 
45(a)(2) of the Internal Revenue Code of 1986 (relating to electricity 
produced from certain renewable resources) is amended to read as 
follows:
            ``(2) the--
                    ``(A) kilowatt hours of electricity--
                            ``(i) produced by the taxpayer--
                                    ``(I) from qualified energy 
                                resources (other than qualified waste), 
                                and
                                    ``(II) at a qualified facility 
                                during the 10-year period beginning on 
                                the date the facility was originally 
                                placed in service, and
                            ``(ii) sold by the taxpayer to an unrelated 
                        person during the taxable year, or
                    ``(B) amount of kilowatt hours of electricity 
                equivalent which is equal to the Btu of any fuel or 
                feedstock--
                            ``(i) produced by the taxpayer--
                                    ``(I) from qualified waste or 
                                poultry waste, and
                                    ``(II) at a qualified facility 
                                during the 10-year period beginning on 
                                the date the facility was originally 
                                placed in service, and
                            ``(ii) sold by the taxpayer to an unrelated 
                        person during the taxable year.''.
    (b) Qualified Energy Resources.--
            (1) In general.--Section 45(c)(1) of the Internal Revenue 
        Code of 1986 (defining qualified energy resources) is amended 
        by striking ``and'' at the end of subparagraph (B), by striking 
        the period at the end of subparagraph (C) and inserting ``, 
        and'', and by adding at the end the following:
                    ``(D) qualified waste.''.
            (2) Qualified waste.--Section 45(c) of such Code (relating 
        to definitions) is amended by adding at the end the following:
            ``(5) Qualified waste.--The term `qualified waste' means 
        agriculture and animal waste (other than poultry waste), 
        including by-products, packaging, and any materials associated 
        with the processing, raising, feeding, selling, transporting, 
        or disposal of agricultural or animal products.''.
    (c) Qualified Facility.--Section 45(c)(3) of the Internal Revenue 
Code of 1986 (defining qualified facility) is amended by adding at the 
end the following:
                    ``(D) Qualified waste facility.--In the case of a 
                facility using qualified waste or poultry waste to 
                produce alternative fuel feedstock, the term `qualified 
                facility' means any facility of the taxpayer which is 
                originally placed in service by the taxpayer after 
                December 31, 2001, and before January 1, 2007.''.
    (d) Government-Owned Facilities.--Section 45(d)(6) of the Internal 
Revenue Code of 1986 (relating to credit eligibility in the case of 
government-owned facilities using poultry waste) is amended by 
inserting ``or using poultry waste or qualified waste to produce 
alternative fuel feedstock'' after ``electricity''.
    (e) Limit on Carryback of Credit.--Section 39(d)(3) of the Internal 
Revenue Code of 1986 (relating to no carryback of renewable electricity 
production credit before effective date) is amended by inserting ``and 
before January 1, 2002, to the extent such credit is attributable to 
energy (other than electricity) produced from qualified waste or 
poultry waste'' after ``energy resource''.
    (f) Conforming Amendments.--
            (1) Section 38(b)(8) of the Internal Revenue Code of 1986 
        is amended by inserting ``and other energy'' after 
        ``electricity''.
            (2) The heading for section 45 of such Code is amended by 
        inserting ``and other energy produced from waste products'' 
        after ``resources''.
            (3) The item relating to section 45 in the table of 
        sections for subpart D of part IV of subchapter A of chapter 1 
        of such Code is amended by inserting ``and other energy 
        produced from waste products'' after ``resources''.
            (4) The heading of section 45(d)(6) of such Code is amended 
        by inserting ``or qualified waste'' after ``poultry waste''.
    (g) Effective Date.--The amendments made by this section shall 
apply to energy produced after the date of the enactment of this Act.


Output: Amends the Internal Revenue Code to modify the credit for production of electricity from renewable resources to include production of energy from agricultural and animal waste, including by-products and associated materials. Limits such credit to facilities placed in service after 2001 and before 2007.