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Q: 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.

A: 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. 
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Q: SECTION 1. PROGRAM ON PROVISION OF READJUSTMENT AND MENTAL HEALTH CARE 
              SERVICES TO VETERANS WHO SERVED IN OPERATION IRAQI 
              FREEDOM AND OPERATION ENDURING FREEDOM.

    (a) Program Required.--Not later than 180 days after the date of 
the enactment of this Act, the Secretary of Veterans Affairs shall 
establish a program to provide--
            (1) to veterans of Operation Iraqi Freedom and Operation 
        Enduring Freedom, particularly veterans who served in such 
        operations while in the National Guard and the Reserves--
                    (A) peer outreach services;
                    (B) peer support services;
                    (C) readjustment counseling and services described 
                in section 1712A of title 38, United States Code; and
                    (D) mental health services; and
            (2) to members of the immediate family of such a veteran, 
        during the three-year period beginning on the date of the 
        return of such veteran from deployment in Operation Iraqi 
        Freedom and Operation Enduring Freedom, education, support, 
        counseling, and mental health services to assist in--
                    (A) the readjustment of such veteran to civilian 
                life;
                    (B) in the case such veteran has an injury or 
                illness incurred during such deployment, the recovery 
                of such veteran; and
                    (C) the readjustment of the family following the 
                return of such veteran.
    (b) Contracts With Community Mental Health Centers and Qualified 
Entities for Provision of Services.--In carrying out the program 
required by subsection (a), the Secretary shall contract with community 
mental health centers and other qualified entities to provide the 
services required by such subsection in areas the Secretary determines 
are not adequately served by other health care facilities of the 
Department of Veterans Affairs. Such contracts shall require each 
contracting community health center or entity--
            (1) to the extent practicable, to employ veterans trained 
        under subsection (c);
            (2) to the extent practicable, to use telehealth services 
        for the delivery of services required by subsection (a);
            (3) to participate in the training program conducted in 
        accordance with subsection (d);
            (4) to comply with applicable protocols of the Department 
        of Veterans Affairs before incurring any liability on behalf of 
        the Department for the provision of the services required by 
        subsection (a);
            (5) to submit annual reports to the Secretary containing, 
        with respect to the program required by subsection (a) and for 
        the last full calendar year ending before the submission of 
        such report--
                    (A) the number of the veterans served, veterans 
                diagnosed, and courses of treatment provided to 
                veterans as part of the program required by subsection 
                (a); and
                    (B) demographic information for such services, 
                diagnoses, and courses of treatment;
            (6) for each veteran for whom a community mental health 
        center or other qualified entity provides mental health 
        services under such contract, to provide the Department of 
        Veterans Affairs with such clinical summary information as the 
        Secretary shall require; and
            (7) to meet such other requirements as the Secretary shall 
        require.
    (c) Training of Veterans for the Provision of Peer-Outreach and 
Peer-Support Services.--In carrying out the program required by 
subsection (a), the Secretary shall contract with a national not-for-
profit mental health organization to carry out a national program of 
training for veterans described in subsection (a) to provide the 
services described in subparagraphs (A) and (B) of paragraph (1) of 
such subsection.
    (d) Training of Clinicians for Provision of Services.--The 
Secretary shall conduct a training program for clinicians of community 
mental health centers or entities that have contracts with the 
Secretary under subsection (b) to ensure that such clinicians can 
provide the services required by subsection (a) in a manner that--
            (1) recognizes factors that are unique to the experience of 
        veterans who served on active duty in Operation Iraqi Freedom 
        or Operation Enduring Freedom (including their combat and 
        military training experiences); and
            (2) utilizes best practices and technologies.
    (e) Reports Required.--
            (1) Initial report on plan for implementation.--Not later 
        than 45 days after the date of the enactment of this Act, the 
        Secretary shall submit to the Committee on Veterans' Affairs of 
        the Senate and the Committee on Veterans' Affairs of the House 
        of Representatives a report containing the plans of the 
        Secretary to implement the program required by subsection (a).
            (2) Status report.--Not later than one year after the date 
        of the enactment of this Act, the Secretary shall submit to the 
        Committee on Veterans' Affairs of the Senate and the Committee 
        on Veterans' Affairs of the House of Representatives a report 
        on the implementation of the program. Such report shall include 
        the following:
                    (A) Information on the number of veterans who 
                received services as part of the program and the type 
                of services received during the last full calendar year 
                completed before the submission of such report.
                    (B) An evaluation of the provision of services 
                under paragraph (2) of subsection (a) and a 
                recommendation as to whether the period described in 
                such paragraph should be extended to a five-year 
                period.
    (f) Authorization of Appropriations.--There are authorized to be 
appropriated to the Secretary of Veterans Affairs such sums as may be 
necessary to carry out this section.

SEC. 2. EXTENSION OF ELIGIBILITY FOR HEALTH CARE SERVICES FROM 
              DEPARTMENT OF VETERANS AFFAIRS FOR VETERANS OF SERVICE IN 
              COMBAT THEATER.

    Section 1710(e)(3)(C) of title 38, United States Code, is amended 
by striking ``2 years'' and inserting ``5 years''.

A: Directs the Secretary of Veterans Affairs to establish a program to provide to veterans of Operations Iraqi Freedom and Enduring Freedom, particularly veterans who served in such Operations while in the National Guard and reserves: (1) peer outreach and support services; (2) readjustment counseling and related services; and (3) mental health services. Directs the Secretary to also provide to immediate family members of such veterans, during the three-year period following the return of the veterans from such a deployment, education, support, counseling, and mental health services to assist in: (1) readjustment to civilian life; (2) recovery from an injury or illness incurred during such deployment; and (3) readjustment of the family following the veteran's return.

Authorizes the Secretary to contract with community health centers and other qualified entities to provide such services in areas not adequately served by health care facilities of the Department of Veterans Affairs (VA).

Requires the Secretary to: (1) contract for a program to train veterans to provide the peer outreach and support services; and (2) conduct a training program for clinicians of community health centers and entities contracted to provide such services.

Extends the eligibility for hospital care, medical services, and nursing home care for veterans who served on active duty in a theater of combat operations from two to five years after their discharge or release from such duty.
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Q: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Splash and Dash Correction Act of 
2008''.

SEC. 2. STATEMENT OF CONSTITUTIONAL AUTHORITY.

    The Congress enacts this Act pursuant to clause 1 of section 8 of 
Article I of the United States Constitution and Amendment XVI of the 
United States Constitution.

SEC. 3. CLARIFICATION OF ELIGIBILITY FOR CERTAIN FUELS CREDITS FOR FUEL 
              WITH INSUFFICIENT NEXUS TO THE UNITED STATES.

    (a) In General.--
            (1) Alcohol credit.--Subsection (d) of section 40 of the 
        Internal Revenue Code of 1986 is amended by adding at the end 
        the following new paragraph:
            ``(6) Limitation to alcohol with connection to the united 
        states.--
                    ``(A) Alcohol credit.--No alcohol credit shall be 
                determined under this section with respect to any 
                alcohol unless such alcohol is produced in the United 
                States for consumption in the United States or entered 
                into the United States for consumption in the United 
                States.
                    ``(B) Alcohol mixture credit.--No alcohol mixture 
                credit shall be determined under this section with 
                respect to any mixture unless such mixture is produced 
                in the United States for consumption in the United 
                States or entered into the United States for 
                consumption in the United States.
                    ``(C) No credits for alcohol destined for export.--
                No credit (other than the small ethanol producer 
                credit) shall be determined under this section with 
                respect to any mixture or alcohol if such mixture or 
                alcohol is destined for export from the United States 
                (as determined by the Secretary).''.
            (2) Biodiesel credit.--Subsection (d) of section 40A of 
        such Code is amended by adding at the end the following new 
        paragraph:
            ``(5) Limitation to biodiesel with connection to the united 
        states.--
                    ``(A) Biodiesel credit.--No biodiesel credit shall 
                be determined under this section with respect to any 
                biodiesel unless such biodiesel is produced in the 
                United States for consumption in the United States or 
                is entered into the United States for consumption in 
                the United States.
                    ``(B) Biodiesel mixture credit.--No biodiesel 
                mixture credit shall be determined under this section 
                with respect to any mixture unless such mixture is 
                produced in the United States for consumption in the 
                United States or is entered into the United States for 
                consumption in the United States.
                    ``(C) No credits for biodiesel destined for 
                export.--No credit (other than the small agri-biodiesel 
                producer credit) shall be determined under this section 
                with respect to any mixture or biodiesel if such 
                mixture or biodiesel is destined for export from the 
                United States (as determined by the Secretary).''.
            (3) Excise tax credits.--Section 6426 of such Code is 
        amended by adding at the end the following new subsection:
    ``(h) Limitation to Fuels With Connection to the United States.--
            ``(1) Mixture credits.--No credit shall be determined under 
        this section with respect to any mixture unless such mixture is 
        produced in the United States for consumption in the United 
        States or is entered into the United States for consumption in 
        the United States.
            ``(2) Alternative fuel credit.--No alternative fuel credit 
        shall be determined under this section with respect to any 
        alternative fuel unless such alternative fuel is produced in 
        the United States for consumption in the United States or is 
        entered into the United States for consumption in the United 
        States.
            ``(3) No credits for fuels destined for export.--No credit 
        shall be determined under this section with respect to any 
        mixture or alternative fuel if such mixture or alternative fuel 
        is destined for export from the United States (as determined by 
        the Secretary).''.
            (4) Payments.--Subsection (e) of section 6427 of such Code 
        is amended by redesignating paragraph (5) as paragraph (6) and 
        by inserting after paragraph (4) the following new paragraph:
            ``(5) Limitation to fuels with connection to the united 
        states.--No amount shall be payable under paragraph (1) or (2) 
        with respect to any mixture or alternative fuel if credit is 
        not allowed with respect to such mixture or alternative fuel by 
        reason of section 6426(h).''.
    (b) Effective Date.--The amendments made by this section shall 
apply to fuel sold or used after the date of the enactment of this Act.

A:
Splash and Dash Correction Act of 2008 - Amends the Internal Revenue Code to disallow income and excise tax credits for alcohol and biodiesel used as fuel and other alternative fuels or mixtures unless such fuels are produced in or imported into the United States for consumption.
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