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

Q: TITLE I--MODIFICATION OF PROVISIONS RELATING TO DRAWBACK CLAIMS

SEC. 101. MERCHANDISE NOT CONFORMING TO SAMPLE OR SPECIFICATIONS.

    Section 313(c) of the Tariff Act of 1930 (19 U.S.C. 1313(c)), is 
amended to read as follows:
    ``(c) Merchandise Not Conforming to Sample or Specifications.--
            ``(1) Conditions for drawback.--Upon the exportation or 
        destruction under the supervision of the Customs Service of 
        articles or merchandise--
                    ``(A) upon which the duties have been paid,
                    ``(B) which has been entered or withdrawn for 
                consumption,
                    ``(C) which is--
                            ``(i) not conforming to sample or 
                        specifications, shipped without the consent of 
                        the consignee, or determined to be defective as 
                        of the time of importation, or
                            ``(ii) ultimately sold at retail and for 
                        any reason returned to and accepted by the 
                        importer or the claimant under the provisions 
                        of the importer's or claimant's merchandise 
                        warranty provision, and
                    ``(D) which, within 3 years after the date of 
                importation or withdrawal, as applicable, has been 
                exported or destroyed under the supervision of the 
                Customs Service,
        the full amount of the duties paid upon such merchandise, less 
        1 percent, shall be refunded as drawback.
            ``(2) Designation of import entries.--Notwithstanding 
        paragraph (1), for purposes of paragraph (1)(C)(ii), drawback 
        may be claimed by designating any entry of merchandise that was 
        imported within 1 year before the date of exportation or 
        destruction of the merchandise described in paragraph (1) under 
        the supervision of the Customs Service. The returned 
        merchandise, at the time of its importation, must be 
        commercially interchangeable with the merchandise designated 
        for drawback.
            ``(3) When drawback certificates not required.--For 
        purposes of this subsection, drawback certificates are not 
        required if the drawback claimant and the importer are the same 
        party, or if the drawback claimant is a drawback successor to 
        the importer as defined in subsection (s)(3).''.

SEC. 102. TIME LIMITATION ON EXPORTATION OR DESTRUCTION.

    Section 313(i) of the Tariff Act of 1930 (19 U.S.C. 1313(j)), is 
amended--
            (1) by striking ``No'' and inserting ``Unless otherwise 
        provided for in this section, no''; and
            (2) by inserting ``, or destroyed under the supervision of 
        the Customs Service,'' after ``exported''.

SEC. 103. USE OF DOMESTIC MERCHANDISE ACQUIRED IN EXCHANGE FOR IMPORTED 
              MERCHANDISE OF SAME KIND AND QUALITY.

    Section 313(k) of the Tariff Act of 1930 (19 U.S.C. 1313(k)), is 
amended--
            (1) by striking ``(k)'' and inserting ``(k)(1)''; and
            (2) by adding at the end the following new paragraph:
            ``(2) For purposes of subsections (a) and (b), the use of 
        any domestic merchandise acquired in exchange for a drawback 
        product of the same kind and quality shall be treated as the 
        use of such drawback product if no certificate of delivery or 
        certificate of manufacture and delivery pertaining to such 
        drawback product is issued, other than that which documents the 
        product's manufacture and delivery. As used in this paragraph, 
        the term `drawback product' means any domestically produced 
        product manufactured with imported merchandise that is subject 
        to drawback.''

SEC. 104. PACKAGING MATERIAL.

    Section 313(q) of the Tariff Act of 1930 (19 U.S.C. 1313(q)), is 
amended to read as follows:
    ``(q) Packaging Material.--
            ``(1) Packaging material under subsections (c) and (j).--
        Packaging material, whether imported and duty paid, and claimed 
        for drawback under either subsection (c) or (j)(1), or imported 
        and duty paid, or substituted, and claimed for drawback under 
        subsection (j)(2), shall be eligible for drawback, upon 
        exportation or destruction, of 99 percent of any duty, tax, or 
        fee imposed under Federal law on such imported material.
            ``(2) Packaging material under subsections (a) and (b).--
        Packaging material that is manufactured or produced under 
        subsection (a) or (b) shall be eligible for drawback, upon 
        exportation or destruction, of 99 percent of any duty, tax, or 
        fee imposed under Federal law on the imported or substituted 
        merchandise used to manufacture or produce such material.
            ``(3) Contents.--Packaging material described in paragraphs 
        (1) and (2) shall be eligible for drawback whether or not they 
        contain articles or merchandise, and whether or not any 
        articles or merchandise they contain are eligible for drawback.
            ``(4) Employing packaging material for its intended purpose 
        prior to exportation.--The use of any packaging material for 
        its intended purpose prior to exportation or destruction shall 
        not be treated as a use of such material prior to exportation 
        or destruction for purposes of applying subsection (a), (b), or 
        (c), or paragraph (1)(B) or (2)(C)(i) or subsection (j).''.

SEC. 105. LIMITATION ON LIQUIDATION.

    Section 504 of the Tariff Act of 1930 (19 U.S.C. 1504) is amended--
            (1) by striking subsections (a) and (b) and inserting the 
        following:
    ``(a) Liquidation.--
            ``(1) Entries for consumption.--Unless an entry of 
        merchandise for consumption is extended by statute or court 
        order, except as provided in section 751(a)(3), an entry of 
        merchandise for consumption not liquidated within 1 year from--
                    ``(A) the date of entry of such merchandise,
                    ``(B) the date of the final withdrawal of all such 
                merchandise covered by a warehouse entry,
                    ``(C) the date of withdrawal from warehouse of such 
                merchandise for consumption if, pursuant to regulations 
                issued under section 505(a), duties may be deposited 
                after the filing of any entry or withdrawal from 
                warehouse, or
                    ``(D) if a reconciliation is filed, or should have 
                been filed, the date of the filing under section 484 or 
                the date the reconciliation should have been filed,
        shall be deemed liquidated at the rate of duty, value, 
        quantity, and amount of duties asserted at the time of entry by 
        the importer of record. Notwithstanding section 500(e), notice 
        of liquidation need not be given of an entry deemed liquidated.
            ``(2) Entries or claims for drawback.--
                    ``(A) In general.--Except as provided in 
                subparagraph (B), unless an entry or claim for drawback 
                is extended under subsection (b) or suspended as 
                required by statute or court order, an entry or claim 
                for drawback not liquidated within 1 year from the date 
                of entry or claim shall be deemed liquidated at the 
                drawback amount asserted by the claimant at the time of 
                entry or claim. Notwithstanding section 500(c), notice 
                of liquidation need not be given of an entry deemed 
                liquidated.
                    ``(B) Exception.--An entry or claim for drawback 
                filed before the date of the enactment of this 
                paragraph, the liquidation of which is not final as of 
                the date of the enactment of this paragraph, shall be 
                deemed liquidated on the date that is 1 year after the 
                date of the enactment of this paragraph at the drawback 
                amount asserted by the claimant at the time of the 
                entry or claim.
            ``(3) Payments or refunds.--Payment or refund of duties 
        owed pursuant to paragraph (1) or (2) shall be made to the 
        importer of record or drawback claimant, as the case may be, 
        not later than 90 days after liquidation.
    ``(b) Extension.--The Secretary may extend the period in which to 
liquidate an entry if--
            ``(1) the information needed for the proper appraisement or 
        classification of the imported or withdrawn merchandise, or for 
        determining the correct drawback amount, or for ensuring 
        compliance with applicable law, is not available to the Customs 
        Service; or
            ``(2) the importer of record or drawback claimant, as the 
        case may be, requests such extension and shows good cause 
        therefor.
The Secretary shall give notice of an extension under this subsection 
to the importer of record or drawback claimant, as the case may be, and 
the surety of such importer of record or drawback claimant. Notice 
shall be in such form and manner (which may include electronic 
transmittal) as the Secretary shall by regulation prescribe. Any entry 
the liquidation of which is extended under this subsection shall be 
treated as having been liquidated at the rate of duty, value, quantity, 
and amount of duty asserted at the time of entry by the importer of 
record, or the drawback amount asserted at the time of entry by the 
drawback claimant, at the expiration of 4 years from the applicable 
date specified in subsection (a).'';
            (2) in subsection (c)--
                    (A) by inserting ``or drawback claimant, as the 
                case may be,'' after ``to the importer of record''; and
                    (B) by inserting ``or drawback claimant'' after 
                ``of such importer of record''; and
            (3) in subsection (d), by striking the period at the end 
        and inserting ``or (in the case of a drawback entry or claim) 
        at the drawback amount asserted at the time of entry by the 
        drawback claimant.''.

SEC. 106. PENALTIES FOR FALSE DRAWBACK CLAIMS.

    Section 593A(h) of the Tariff Act of 1930 (19 U.S.C. 1593a(h)) is 
amended by striking ``subsection (g)'' and inserting ``subsections (c) 
and (g)''.

SEC. 107. EFFECTIVE DATE.

  (a) Sections 101, 102, 103, 104, and 106.--The amendments made by 
sections 101, 102, 103, 104, and 106 shall take effect on the date of 
the enactment of this Act, and shall apply to--
          (1) any drawback entry filed on and after such date of 
        enactment; and
          (2) any drawback entry filed before such date of enactment if 
        the liquidation of the entry is not final on such date of 
        enactment.
  (b) Section 105.--The amendments made by section 105 shall take 
effect on the date of the enactment of this Act, and shall apply to--
          (1) any entry of merchandise for consumption or entry or 
        claim for drawback filed on and after such date of enactment; 
        and
          (2) any entry or claim for drawback filed before such date of 
        enactment if the liquidation of the entry or claim is not final 
        on such date of enactment.

       TITLE II--LIQUIDATION OR RELIQUIDATION OF CERTAIN ENTRIES

SEC. 201. LIQUIDATION OR RELIQUIDATION OF CERTAIN ENTRIES.

  (a) In General.--Notwithstanding section 514 of the Tariff Act of 
1930 (19 U.S.C. 1514) or any other provision of law, and subject to 
subsection (b), the United States Customs Service shall, not later than 
180 days after the receipt of the request described in subsection (b), 
liquidate or reliquidate each entry described in subsection (d) by 
applying the column 1 general rate of duty of the Harmonized Tariff 
Schedule of the United States to each entry that is liquidated or 
reliquidated, regardless of whether the entry was made under the column 
1 special rate of duty of such schedule.
  (b) Requests.--Liquidation or reliquidation may be made under 
subsection (a) with respect to an entry described in subsection (d) 
only upon a request therefor is filed with the Customs Service.
  (c) Payment of Amounts Due.--Any amounts due to the United States 
pursuant to the liquidation or reliquidation of an entry under 
subsection (a) shall be paid not later than 180 days after the date of 
such liquidation or reliquidation.
  (d) Affected Entries.--The entries referred to in subsection (a), 
filed at the ports of Laredo, Texas (designated as port of entry 2304), 
Hidalgo, Texas (designated as port of entry 2305), and Wilmington, 
Delaware (designated as port of entry 1103), are as follows:

      

------------------------------------------------------------------------
                              Port of Entry            Date of Entry
------------------------------------------------------------------------
      95300618568                  2305                  02/22/95
      95300618576                  2305                  02/22/95
      95300619236                  2305                  02/27/95
      95300619277                  2305                  02/27/95
      95300619806                  2305                  03/02/95
      95300619871                  2305                  03/02/95
      95300620142                  2305                  03/07/95
      95300620176                  2305                  03/03/95
      95300620184                  2305                  03/03/95
      95300620911                  2305                  03/07/95
      95300635133                  2305                  04/07/95
      95300635141                  2305                  04/07/95
      95300635950                  2305                  04/12/95
      95300635968                  2305                  04/12/95
      95300636370                  2305                  04/14/95
      95300636388                  2305                  04/14/95
      95300640554                  2305                  05/09/95
      95300640653                  2305                  05/10/95
      95300656592                  2304                  11/05/95
      95300657665                  2304                  11/29/95
      95300657756                  2304                  12/02/95
      95300658358                  2304                  12/16/95
      95300658408                  2304                  12/17/95
      95300658572                  2304                  12/19/95
      95300658648                  2304                  12/22/95
      95300658754                  2304                  12/22/95
      95300658945                  2304                  12/27/95
      95300659018                  2304                  12/28/95
      95300659117                  2304                  12/29/95
      95300659208                  2304                  01/02/96
      95300659398                  2304                  01/05/96
      95300659513                  2304                  01/08/96
      95300659547                  2304                  01/09/96
      95300659679                  2304                  01/11/96
      95300659737                  2304                  01/14/96
      95300659794                  2304                  01/13/96
      95300659810                  2304                  01/14/96
      95300659844                  2304                  01/15/96
      95300659851                  2304                  01/15/96
      95300659901                  2304                  01/16/96
      95300659919                  2304                  01/16/96
      95300659935                  2304                  01/17/96
      95300660065                  2304                  01/18/96
      95300660107                  2304                  01/19/96
      95300660172                  2304                  01/22/96
      95300660180                  2304                  01/22/96
      95300660248                  2304                  01/22/96
      95300660362                  2304                  01/23/96
      95300660388                  2304                  01/24/96
      95300660560                  2304                  01/25/96
      95300660743                  2304                  01/27/96
      95300660818                  2304                  01/29/96
      95300660826                  2304                  01/29/96
      95300704053                  2305                  05/16/95
      95300704061                  2305                  05/16/95
      95300704889                  2305                  05/22/95
      95300704897                  2305                  05/22/95
      95300705886                  2305                  05/31/95
      95300705969                  2305                  05/30/95
      95300706900                  2305                  06/09/95
      95300706926                  2305                  06/09/95
      95300752656                  2305                  02/02/96
      95300752698                  2305                  02/04/96
      95300752805                  2305                  02/05/96
      95300752813                  2305                  02/05/96
      95300752870                  2305                  02/06/96
      95300752904                  2305                  02/06/96
      95300753001                  2305                  02/07/96
      95300753076                  2305                  02/09/96
      R7410350736                  1103                  11/29/95
      R7410350769                  1103                  11/29/95
      R7410350801                  1103                  11/29/95
      R7410350835                  1103                  11/29/95
      T8500081575                  2305                  06/16/95
      T8500081591                  2305                  06/16/95
      T8500081716                  2305                  06/20/95
      T8500081724                  2305                  06/20/95
      T8500081815                  2305                  06/27/95
      T8500081823                  2305                  06/28/95
      T8500081922                  2305                  06/27/95
      T8500081930                  2305                  06/27/95
      T8500082052                  2305                  07/01/95
      T8500082060                  2305                  07/01/95
      T8500082326                  2305                  07/14/95
      T8500082342                  2305                  07/14/95
      T8500082458                  2305                  07/22/95
      T8500082482                  2305                  07/22/95
      T8500082508                  2305                  07/24/95
      T8500082516                  2305                  07/24/95
      T8500082581                  2305                  07/30/95
      T8500082599                  2305                  07/30/95
      T8500082656                  2305                  08/03/95
      T8500082664                  2305                  08/03/95
      T8500082748                  2305                  08/09/95
      T8500082797                  2305                  08/10/95
      T8500082839                  2305                  08/14/95
      T8500082847                  2305                  08/14/95
      T8500084462                  2305                  10/22/95
------------------------------------------------------------------------

A: Amends the Tariff Act of 1930 to revise provisions requiring a refund of duties (drawback) on articles or merchandise which has been exported or destroyed under the supervision of the Customs Service within three years after importation or withdrawal, and which, among other things, is ultimately sold at retail and for any reason returned to and accepted by the importer or the claimant under the provisions of the importer's or claimant's merchandise warranty provision. Authorizes a drawback to be claimed by designating any entry of such merchandise that was imported within one year before its exportation or destruction. Prohibits the allowance of a drawback unless the completed article is exported or destroyed under the supervision of the Customs Service within five years after its importation.Sets forth drawback requirements with regard to: (1) use of domestic merchandise acquired in exchange for imported merchandise of same kind and quality; (2) packaging material; and (3) liquidation of entries.Sets forth penalties for false drawback claims.Provides for the liquidation or reliquidation of certain entries filed at the ports of Laredo, Texas, Hidalgo, Texas, and Wilmington, Delaware.
****
Q: SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

    (a) Short Title.--This Act may be cited as the ``Charitable Giving 
Protection Act of 1995''.
    (b) Table of Contents.--The table of contents for this Act is as 
follows:

Sec. 1. Short title; table of contents.
Sec. 2. Findings.
               TITLE I--AMENDMENTS TO THE SECURITIES LAWS

Sec. 101. Amendment to the Investment Company Act of 1940.
Sec. 102. Amendment to the Securities Act of 1933.
Sec. 103. Amendments to the Securities Exchange Act of 1934.
Sec. 104. Amendment of the Investment Advisers Act of 1940.
Sec. 105. Effective dates and applicability.
               TITLE II--CLARIFICATION OF ANTITRUST LAWS

Sec. 201. Exemption from antitrust laws.
Sec. 202. Effective date and applicability.
SEC. 2. FINDINGS.

    The Congress finds that--
            (1) charities have served a unique and essential role in 
        meeting the needs of the American people;
            (2) charities have healed the sick, fed the hungry, 
        sheltered the needy, and educated our children;
            (3) in order to ensure that charities can continue to meet 
        the needs of the American people, the Federal Government should 
        do everything possible to encourage charitable giving;
            (4) charities should be able to raise funds and invest 
        funds, both on their own and collectively with other charities, 
        without excessive Government intervention or unnecessary legal 
        or regulatory requirements;
            (5) the Congress, in passing the Technical Corrections Act 
        of 1988, differentiated between charitable gift annuities and 
        annuities issued by commercial organizations for profit; and
            (6) unlike commercial annuities, charitable gift annuities 
        are not issued for profit, and their issuance, maintenance, and 
        investment by charities is not subject to the anticompetitive 
        prohibitions of the Federal antitrust laws.

               TITLE I--AMENDMENTS TO THE SECURITIES LAWS

SEC. 101. AMENDMENT TO THE INVESTMENT COMPANY ACT OF 1940.

    Section 3(c) of the Investment Company Act of 1940 (15 U.S.C. 80a-
3(c)) is amended by inserting after paragraph (6) the following new 
paragraph:
            ``(7)(A) Subject to subparagraph (B), a pooled income fund, 
        or any collective trust fund, collective investment fund, or 
        similar fund maintained by a charitable organization 
        exclusively for the collective investment and reinvestment of--
                    ``(i) the general endowment fund or other funds of 
                one or more charitable organizations;
                    ``(ii) assets of a pooled income fund;
                    ``(iii) assets contributed to a charitable 
                organization in exchange for the issuance of charitable 
                gift annuities;
                    ``(iv) assets of a charitable remainder trust or of 
                any other trust, the remainder interests of which are 
                irrevocably dedicated to any charitable organization;
                    ``(v) assets of a charitable lead trust; or
                    ``(vi) assets of a trust not described in clauses 
                (i) through (v), the remainder interests of which are 
                revocably dedicated to a charitable organization.
            ``(B) A fund described in subparagraph (A), and any 
        charitable organization that maintains such a fund, shall be 
        excluded from treatment as an investment company in accordance 
        with this subsection only if--
                    ``(i) each contributor to a pooled income fund and 
                each settlor of a trust described in clause (iv), (v), 
                or (vi) of subparagraph (A) is provided with written 
                information describing the material terms of the 
                instruments governing the operation of the pooled 
                income fund, in the case of a contributor to such fund, 
                or of the fund in which any assets of such pooled 
                income fund or such a trust are invested, by the later 
                of June 30, 1996, or the date of investment in such 
                fund; and
                    ``(ii) each person soliciting gifts, as described 
                in subparagraph (A), that will be administered in any 
                collective trust fund, collective investment fund, or 
                similar fund maintained by a charitable organization is 
                either a volunteer or is employed in the overall 
                fundraising activities of a charitable organization and 
                receives no commissions or other special compensation 
                based on the amount of gifts transferred to such fund.
            ``(C) The exemption provided by subparagraph (A)(vi) shall 
        terminate on December 31, 1998.
            ``(D) For purposes of this paragraph--
                    ``(i) a trust or fund is `maintained' by a 
                charitable organization that serves as a trustee or 
                administrator of the trust or fund or that has the 
                power to remove the trustees or administrators of the 
                trust or fund and to designate new trustees or 
                administrators;
                    ``(ii) the term `pooled income fund' has the same 
                meaning as in section 642(c)(5) of the Internal Revenue 
                Code of 1986;
                    ``(iii) the term `charitable organization' means an 
                organization described in paragraphs (1) through (5) of 
                section 170(c) or section 501(c)(3) of the Internal 
                Revenue Code of 1986;
                    ``(iv) the term `charitable lead trust' means a 
                trust described in section 170(f)(2)(B), 2055(e)(2)(B), 
                or 2522(c)(2)(B) of the Internal Revenue Code of 1986;
                    ``(v) the term `charitable remainder trust' means a 
                charitable remainder annuity trust or a charitable 
                remainder unitrust, as those terms are defined in 
                section 664(d) of the Internal Revenue Code of 1986; 
                and
                    ``(vi) the term `charitable gift annuity' means an 
                annuity issued by a charitable organization that is 
                described in section 501(m)(5) of the Internal Revenue 
                Code of 1986.''.

SEC. 102. AMENDMENT TO THE SECURITIES ACT OF 1933.

    Section 3(a) of the Securities Act of 1933 (15 U.S.C. 77c(a)) is 
amended by adding at the end the following new paragraph:
            ``(13) Any security issued by or any interest or 
        participation in any pooled income fund, collective trust fund, 
        collective investment fund, or similar fund that is deemed not 
        to be an investment company under section 3(c)(7) of the 
        Investment Company Act of 1940.''.
SEC. 103. AMENDMENTS TO THE SECURITIES EXCHANGE ACT OF 1934.

    (a) Exempted Securities.--Section 3(a)(12)(A) of the Securities 
Exchange Act of 1934 (15 U.S.C. 78c(a)(12)(A)) is amended--
            (1) in clause (iv) by striking ``and'' at the end;
            (2) by redesignating clause (v) as clause (vi); and
            (3) by inserting after clause (iv) the following new 
        clause:
                            ``(v) any security issued by or any 
                        interest or participation in any pooled income 
                        fund, collective trust fund, collective 
                        investment fund, or similar fund that is deemed 
                        not to be an investment company under section 
                        3(c)(7) of the Investment Company Act of 1940; 
                        and''.
    (b) Exemption From Broker-Dealer Provisions.--Section 3(a) of the 
Securities Exchange Act of 1934 (15 U.S.C. 78c(c)) is amended by adding 
at the end the following new paragraph:
            ``(54) Charitable organizations.--Notwithstanding any other 
        provision of this title, a charitable organization, as defined 
        in section 3(c)(7) of the Investment Company Act of 1940, or 
        any trust- 
        ee, director, officer, employee, or volunteer of such a 
        charitable organization acting within the scope of such 
        person's employment or duties, shall not be deemed to be a 
        `broker', `dealer', `municipal securities broker', `municipal 
        securities dealer', `government securities broker', or 
        `government securities dealer' for purposes of this title 
        solely because such organization or person buys, holds, sells, 
        or trades in securities for its own account in its capacity as 
        trustee or administrator of, or otherwise on behalf of or for 
        the account of--
                    ``(A) such a charitable organization;
                    ``(B) a fund that is exempt from the provisions of 
                the Investment Company Act of 1940 under section 
                3(c)(7) of that Act; or
                    ``(C) a trust or other donative instrument, the 
                assets of which may be contributed to or invested in 
                such funds in accordance with section 3(c)(7) of the 
                Investment Company Act of 1940, or the settlors (or 
                potential settlors) or beneficiaries of any such trust 
                or other instrument.''.

SEC. 104. AMENDMENT OF THE INVESTMENT ADVISERS ACT OF 1940.

    Section 202(a)(11) of the Investment Advisers Act of 1940 (15 
U.S.C. 80b-2(a)(11)) is amended--
            (1) by striking ``does not include (A) a bank'' and 
        inserting ``does not include--
                    ``(A) a bank'';
            (2) by striking ``(B) any lawyer'' and inserting the 
        following:
                    ``(B) any lawyer'';
            (3) by striking ``(C) any broker'' and inserting the 
        following:
                    ``(C) any broker'';
            (4) by striking ``(D) the publisher'' and inserting the 
        following:
                    ``(D) the publisher'';
            (5) by striking ``(E) any person'' and inserting the 
        following:
                    ``(E) any person'';
            (6) by striking ``or (F) such other'' and inserting the 
        following:
                    ``(G) such other''; and
            (7) by inserting after subparagraph (E) the following new 
        subparagraph:
                    ``(F) any charitable organization, as defined in 
                section 3(c)(7) of the Investment Company Act of 1940, 
                or any trustee, director, officer, employee, or 
                volunteer of such a charitable organization acting 
                within the scope of the employment or duties of such 
                person, whose advice, analyses, or reports are provided 
                only to--
                            ``(i) any such charitable organization;
                            ``(ii) a fund that is exempt from the 
                        Investment Company Act of 1940 under section 
                        3(c)(7) of that Act, or the trustees or 
                        administrators of such fund; or
                            ``(iii) a trust or other donative 
                        instrument, the assets of which may be 
                        contributed to or invested in such fund in 
                        accordance with section 3(c)(7) of the 
                        Investment Company Act of 1940, or the 
                        trustees, administrators, settlors (or 
                        potential settlors), or beneficiaries of any 
                        such trust or other instrument; or''.

SEC. 105. EFFECTIVE DATES AND APPLICABILITY.

    This title and the amendments made by this title shall apply in all 
administrative and judicial actions pending on or commenced after the 
date of enactment of this Act, as a defense to any claim that any 
person, security, interest, or participation of the type described in 
this title and the amendments made by this title is subject to the
 provisions of the Securities Act of 1933, the Securities Exchange Act 
of 1934, the Investment Company Act of 1940, or the Investment Advisers 
Act of 1940, except as otherwise specifically provided in those Acts.

SEC. 106. PREEMPTION OF STATE LAW.

    (a) Registration Requirements.--A security issued by or any 
interest or participation in any pooled income fund, collective trust 
fund, collective investment fund, or similar fund that is exempt from 
the Investment Company Act of 1940 under section 3(c)(7) of that Act, 
and the offer or sale thereof, shall be exempt from any law of a State 
that requires registration or qualification of securities.
    (b) Treatment of Charitable Organizations.--No charitable 
organization, or any trustee, director, officer, employee, or volunteer 
of a charitable organization acting within the scope of such person's 
employment or duties, shall be required to register as, or be subject 
to regulation as, a dealer, broker, agent, or investment adviser under 
the laws of any State solely because such organization or person buys, 
holds, sells, or trades in securities for its own account in its 
capacity as trustee or administrator of, or otherwise on behalf of or 
for the account of--
            (1) a charitable organization;
            (2) a fund that is exempt from the Investment Company Act 
        of 1940 under section 3(c)(7) of that Act; or
            (3) a trust or other donative instrument, the assets of 
        which may be contributed to or invested in such funds in 
        accordance with section 3(c)(7) of the Investment Company Act 
        of 1940, or the settlors (or potential settlors) or 
        beneficiaries of any such trusts or other instruments.
    (c) State Action.--Notwithstanding subsections (a) and (b), during 
the 3-year period beginning on the date of enactment of this Act, a 
State may enact a statute that specifically refers to this section and 
provides prospectively that this section shall not preempt the laws of 
that State referred to in this section.
    (d) Definitions.--For purposes of this section--
            (1) the term ``charitable organization'' means an 
        organization described in paragraphs (1) through (5) of section 
        170(c) or section 501(c)(3) of the Internal Revenue Code of 
        1986;
            (2) the term ``security'' has the same meaning as in 
        section 3 of the Securities Exchange Act of 1934; and
            (3) the term ``State'' means each of the several States of 
        the United States, the District of Columbia, the Commonwealth 
        of Puerto Rico, the Virgin Islands, Guam, American Samoa, and 
        the Commonwealth of the Northern Mariana Islands.

               TITLE II--CLARIFICATION OF ANTITRUST LAWS

SEC. 201. EXEMPTION FROM ANTITRUST LAWS.

    (a) In General.--The activities of a charitable organization 
relating to the issuance, maintenance, or investment of a charitable 
gift annuity are exempt from the application of the antitrust laws.
    (b) Definitions.--For purposes of this section--
            (1) the term ``antitrust laws'' means--
                    (A) the Sherman Act (15 U.S.C. 1 et seq.);
                    (B) the Clayton Act (15 U.S.C. 12 et seq.);
                    (C) the Federal Trade Commission Act (15 U.S.C. 41 
                et seq.); and
                    (D) any State law that is similar to the Acts 
                referred to in subparagraphs (A) through (C).
            (2) the term ``charitable organization'' means an 
        organization described in paragraphs (1) through (5) of section 
        170(c) or section 501(c)(3) of the Internal Revenue Code of 
        1986;
            (3) the term ``charitable gift annuity'' means an annuity 
        issued by a charitable organization that is described in 
        section 501(m)(5) of the Internal Revenue Code of 1986; and
            (4) the term ``State'' means each of the several States of 
        the United States, the District of Columbia, the Commonwealth 
        of Puerto Rico, the Virgin Islands, Guam, American Samoa, and 
        the Commonwealth of the Northern Mariana Islands.
    (c) State Action.--Notwithstanding subsections (a) and (b), during 
the 3-year period beginning on the date of enactment of this Act, a 
State may enact a statute that specifically refers to this section and 
provides prospectively that this section shall not preempt the laws of 
that State referred to in this section.

SEC. 202. EFFECTIVE DATE AND APPLICABILITY.

    The exemption provided for in section 201 shall apply in any 
judicial or administrative action pending on or commenced after the 
date of enactment of this Act and shall serve as a defense to any claim 
that the sale or issuance of a charitable gift annuity is subject to 
any provision of antitrust laws.

A: TABLE OF CONTENTS: 
     Title I:  Amendments to the Securities Laws 
     Title II:  Clarification of Antitrust Laws 
Charitable Giving Protection Act of 1995 - 
Title I:  Amendments to the Securities Laws
 - Exempts from the jurisdiction of the Investment Company Act of 1940, the Securities Act of 1933, the Securities Exchange Act of 1934, and the Investment Advisers Act of 1940 any security issued by or any interest or participation in any pooled income fund, collective trust fund, collective investment fund, or similar fund deemed not to be an investment company under the Investment Company Act of 1940 (charitable gift annuities). 
Preempts State law to extend the charitable gift annuities exemption from its jurisdiction over:  (1) securities registration or qualification requirements; and (2) any charitable organization regulation. 
Permits a State to enact a statute that specifically refers to this Act and provides prospectively that it does not preempt its laws. 
Title II:  Clarification of Antitrust Laws
 - Exempts charitable gift annuities from application of the antitrust laws.
****
Q: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Coastal Resources Enhancement and 
Restoration Act of 2000''.

SEC. 2. NATIONAL SCIENCE FOUNDATION RESEARCH GRANTS FOR COASTAL 
              ENGINEERING AND SHORELINE PROTECTION.

    Section 3 of the National Science Foundation Act of 1950 (42 U.S.C. 
1862) is amended by adding at the end the following:
    ``(h) Beginning in fiscal year 2001, not less than 10 percent of 
the amounts appropriated for a fiscal year for making grants for 
engineering research under subsection (a)(1) shall be used by the 
Foundation for making grants for coastal engineering and coastline 
protection research.''.

SEC. 3. SUPPLEMENTAL ENVIRONMENTAL PROGRAMS IN COASTAL AREAS.

    Section 313 of the Federal Water Pollution Control Act (33 U.S.C. 
1323) is amended by adding at the end the following:
    ``(c) Artificial Reefs and Aquatic Habitat Restoration Projects.--A 
department, agency, or instrumentality of the Federal Government that 
is found to have violated this Act in connection with the discharge or 
runoff of pollutants into coastal waters of the United States and that, 
as a result of the violation, is ordered to undertake a supplemental 
environmental program in lieu of paying fines shall be given the option 
of constructing artificial reefs and undertaking aquatic habitat 
restoration projects.''.

SEC. 4. ACCESS TO PUBLICLY OWNED SHORES.

    (a) Eligibility of Shoreline Protection Projects.--Subsection (d) 
of the first section of the Act entitled ``An Act authorizing Federal 
participation in the cost of protecting the shores of publicly owned 
property'', approved August 13, 1946 (33 U.S.C. 426d), is amended by 
adding at the end the following: ``In making determinations under this 
subsection, the Secretary shall consider a publicly owned shore with 
insufficient public access (as determined in accordance with rules 
issued by the Secretary) to be a privately owned shore.''.
    (b) Cost Sharing.--Section 103(d) of the Water Resources 
Development Act of 1986 (33 U.S.C. 2213(d)) is amended by adding at the 
end the following:
            ``(3) Privately owned shores defined.--In this subsection, 
        the term `privately owned shores' includes a publicly owned 
        shore with insufficient public access, as determined in 
        accordance with rules issued by the Secretary.''.
    (c) Rules.--The Secretary of the Army shall issue rules to carry 
out the amendments made by this subsection. In issuing such rules, the 
Secretary shall seek to ensure public access to every one-half mile of 
publicly owned shore for which assistance is provided by the Secretary. 
The Secretary may allow for exceptions to such access requirements in 
cases of shores located in areas of extreme environmental sensitivity.

SEC. 5. BEACH NOURISHMENT ACCOUNT.

    (a) Establishment.--There is established in the Treasury a separate 
account to be known as the Beach Nourishment Account (in this section 
referred to as the ``account''), which shall consist of such funds as 
may be deposited or credited to the account under this section.
    (b) Source of Funds for Account.--For fiscal year 2001 and each 
fiscal year thereafter, the Secretary of the Treasury shall 
periodically transfer to the account amounts equivalent to 2 percent of 
the funds deposited in the general fund of the Treasury under section 9 
of the Outer Continental Shelf Lands Act (43 U.S.C. 1338).
    (c) Use of Account.--Funds in the account shall be available 
without further appropriation--
            (1) in the amounts specified in section 6, to the Secretary 
        of Commerce and the Administrator of the National Aeronautics 
        and Space Administration to carry out the pilot program 
        authorized by section 6; and
            (2) in the amounts remaining after funds are made available 
        under paragraph (1), to the Secretary of the Army to carry out 
        projects for beach nourishment, shore protection, and beach 
        erosion control;
Funds in the account shall remain available until expended.
    (d) Applicability of Requirements.--The Secretary of the Army shall 
carry out beach nourishment, shore protection, and beach erosion 
control projects using amounts in the account in accordance with the 
cost-sharing requirements under section 103 of the Water Resources 
Development Act of 1986 (33 U.S.C. 2213) and other requirements 
applicable to such projects.
    (e) Reporting of Transactions.--Receipts, obligations, and 
expenditures of funds in the account shall be reported in annual 
estimates submitted to Congress by the Secretary of the Army.
    (f) Investment.--
            (1) In general.--The Secretary of the Treasury shall invest 
        such portion of the account established by subsection (a) as is 
        not, in the judgment of the Secretary, required to meet current 
        withdrawals. Such investments may be made only in interest-
        bearing obligations of the United States. For such purpose, 
        such obligations may be acquired--
                    (A) on original issue at the issue price; or
                    (B) by purchase of outstanding obligations at the 
                market price.
            (2) Sale of obligations.--Any obligation acquired by the 
        account may be sold at the market price.
            (3) Interest on certain proceeds.--The interest on, and the 
        proceeds from the sale or redemption of, any obligations held 
        in the account shall be credited to and form part of the 
        account.

SEC. 6. COMPREHENSIVE OCEAN OBSERVING SYSTEM PILOT PROGRAM.

    (a) In General.--The Secretary of Commerce (acting through the 
Under Secretary for Oceans and Atmosphere) and the Administrator of the 
National Aeronautics and Space Administration shall jointly carry out a 
pilot program to institute the mission of the Global Ocean Observing 
System in the United States by establishing a comprehensive monitoring 
network of ocean conditions.
    (b) Partnerships.--In carrying out the pilot program, the Secretary 
and the Administrator shall enter into partnerships with local and 
regional interests to monitor and collect the widest range of data 
possible about the coastal oceans and inland waterways in order to make 
such information available to interested persons in real time or near 
real time.
    (c) Information To Be Collected.--Information collected under the 
pilot program shall include the following:
            (1) Wave heights, periods, swell direction and water 
        temperature.
            (2) Coastal currents and their directions.
            (3) Large mammal movement via implanted sensors.
            (4) Sewage outfall movement.
            (5) Water quality, such as bacteria counts, sediment 
        movement, and red tides.
            (6) Beaconed fishing boat tracking (for tracking illegal 
        foreign whalers).
            (7) Oil spill tracking.
            (8) Beach erosion data.
            (9) Weather.
            (10) River mouth outflow sediment observation.
            (11) Global Information System coastal mapping.
    (d) Federal Cooperation.--The Secretary and the Administrator shall 
carry out the pilot project in cooperation with the Geological Survey, 
the Navy, and the Environmental Protection Agency.
    (e) Regional Test Projects.--In carrying out the pilot program, the 
Secretary and the Administrator shall establish 2 regional test 
projects. One of the test projects shall be located at the Southern 
California Bight from Encinitas, Mexico, to Point Dume, California, 
with Orange County, California, serving as the focal point. The second 
test project shall be carried out at a location to be determined by the 
Secretary and the Administrator.
    (f) Coordination of Existing Efforts.--In carrying out the pilot 
program, the Secretary and the Administrator shall not replace or 
duplicate existing efforts of Federal, State, and local entities in 
monitoring ocean conditions, but shall seek to coordinate such efforts 
and to obtain information that is not currently collected.
    (g) Authorization of Appropriations.--
            (1) In general.--There shall be available from the Beach 
        Nourishment Account established by section 5 $4,000,000 for 
        each of fiscal years 2001 through 2006 to carry out this 
        section.
            (2) Allocation.--Of the amounts made available under 
        paragraph (1), $2,000,000 per fiscal year shall be available 
        for carrying out each of the 2 regional test projects referred 
        to in subsection (e).

A:
Amends the Federal Water Pollution Control Act to direct a Federal agency found to have violated the Act in connection with the discharge or runoff of pollutants into U.S. coastal waters and ordered to undertake a supplemental environmental program in lieu of paying fines to be given the option of constructing artificial reefs and undertaking aquatic habitat restoration projects.
Requires the Secretary of the Army, in determining which shores other than public will be eligible for Federal assistance for shore protection, to consider a publicly owned shore with insufficient public access to be a privately owned shore.
Amends the Water Resources Development Act of 1986 to allow a publicly owned shore with insufficient public access to be considered a privately owned shore for purposes of costs of constructing projects or measures for beach erosion control and water quality enhancement assigned to projects for flood control and other water resources purposes.
Directs the Secretary of Commerce and the Administrator of the National Aeronautics and Space Administration to carry out a comprehensive ocean observing system pilot program. Requires the establishment of two regional test projects, one of which shall be located at the Southern California Bight from Encinitas, Mexico, to Point Dume, California, with Orange County, California, serving as the focal point.
Establishes a beach nourishment account in the Treasury to carry out: (1) such pilot program; and (2) projects for beach nourishment, shore protection, and beach erosion control.
****