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 ``Saver's Bonus Act of 2007''.

SEC. 2. FINDINGS.

    Congress finds the following:
            (1) According to the Department of Commerce, Americans are 
        currently saving less than 1 percent of their disposable 
        income.
            (2) According to the Federal Reserve's 2004 Survey of 
        Consumer Finances, 17 percent of all households have zero or 
        negative net worth, while 30 percent have net worth of less 
        than $10,000.
            (3) According to the Federal Reserve's 2004 Survey of 
        Consumer Finances, 11 percent of households do not have a 
        checking account and 9 percent do not have a transaction 
        account of any kind.
            (4) According to the Retirement Security Project, in 2004 
        more than half of all households had zero savings in an 
        employer-based 401(k)-type plan or tax-preferred savings plan 
        account.
            (5) It is in the economic interests of the United States to 
        promote savings among all members of society, regardless of 
        income.

SEC. 3. SAVER'S BONUS.

    (a) In General.--The Secretary of the Treasury shall develop a 
program to match deposits made by qualifying low-income individuals 
into designated savings products.
    (b) Qualifying Low-Income Individuals.--For purposes of this Act, 
the term ``qualifying low-income individual'' means any individual 
determined by the Secretary of the Treasury to be eligible for the 
saver's bonus under this Act.
    (c) Designated Savings Products.--For purposes of this Act, the 
term ``designated savings product'' means any savings product, 
including--
            (1) qualified retirement plans (as defined in section 
        4974(c)) of such Code,
            (2) qualified tuition programs under section 529 of such 
        Code,
            (3) Coverdell education savings accounts under section 530 
        of such Code,
            (4) United States savings bonds,
            (5) certificates of deposits with durations of at least 6 
        months, and
            (6) other types of savings products considered appropriate 
        by the Secretary of the Treasury for the purposes of this Act.
    (d) Saver's Bonus Program.--The program established under 
subsection (a) shall provide that--
            (1) qualifying low-income individuals who direct their 
        Federal income tax refund (in its entirety or a portion 
        thereof) be deposited into any designated savings product shall 
        be eligible for a dollar-for-dollar match or saver's bonus to 
        be deposited directly in any designated savings product,
            (2) qualifying low-income individuals who claim (when 
        filing a Federal income tax return) to have deposited funds 
        into any designated savings product during the course of the 
        tax year shall be eligible for a saver's bonus to be deposited 
        directly into any designated savings product, and
            (3) the saver's bonus--
                    (A) shall equal $500 for qualifying low-income 
                individuals who are eligible for the earned income 
                credit under section 32 of such Code and shall be 
                phased out (but not below zero) for such individuals 
                whose earned income exceeds 120 percent of the earned 
                income threshold at which such eligibility ceases,
                    (B) shall be indexed for inflation every 5 years, 
                and
                    (C) shall be considered a refundable credit for 
                purposes of the Internal Revenue Code of 1986.
    (e) Conforming Amendment Regarding Funding of Saver's Bonus.--
Section 1324(b)(2) of title 31, United States Code, is amended by 
inserting ``or enacted by the Saver's Bonus Act of 2007,''.
    (f) Effective Date.--The program under, and amendment made by, this 
section shall be effective with respect to Federal income tax returns 
for taxable years beginning after December 31, 2008.

SEC. 4. OPENING OF ACCOUNTS ON FEDERAL INCOME TAX RETURNS TO FACILITATE 
              SAVINGS.

    (a) Notification of Option.--
            (1) In general.--The Commissioner of Internal Revenue shall 
        notify qualifying low-income individuals who qualify for a 
        Federal income tax refund but fail to provide an ACH direct 
        deposit number on their Federal income tax return that they 
        have the option of an electronic direct deposit and that they 
        may be eligible for the saver's bonus program under section 3 
        if they deposit a refund or a portion of their refund in any 
        designated savings product.
            (2) Method of notification.--The notification under 
        paragraph (1) shall be made through--
                    (A) a public awareness program undertaken by the 
                Secretary of the Treasury, in concert with the 
                Commissioner of the Internal Revenue and others as 
                necessary, at least 6 months before January 2009, and
                    (B) the inclusion of such a notice in the 
                instruction material for any Federal income tax return.
    (b) Establishment of Designated Account Program.--The Secretary of 
the Treasury shall develop, in consultation with the Federal Management 
System, a program to minimize the delivery of non-electronic Federal 
income tax refunds by depositing refunds electronically to an account 
held by a depository institution. This program shall include--
            (1) provisions for such tax refunds to be deposited into a 
        designated account,
            (2) establishment of account parameters with respect to 
        minimum balance requirements and limitations on overdrafts, 
        overdraft fees, and other requirements,
            (3) establishment of means for the taxpayer to access the 
        account electronically or through a payment card, and
            (4) provisions to allow taxpayers to open an account with 
        their Federal income tax refunds through financial service 
        providers, so long such account is held at a depository 
        institution that is insured under the Federal Deposit Insurance 
        Act (12 U.S.C. 1811 et seq.).
    (c) Effective Date.--The notification under subsection (a) and the 
program under subsection (b) shall be effective with respect to Federal 
income tax returns for taxable years beginning after December 31, 2008.

SEC. 5. PURCHASE OF SAVINGS BONDS ON FEDERAL INCOME TAX RETURNS.

    (a) Notification of Option.--The Commissioner of Internal Revenue 
shall notify individual taxpayers that they have the option of 
purchasing United States savings bonds when they file their Federal 
income tax returns and that they may be eligible for the saver's bonus 
program under section 3. Such notification shall be included in the 
instruction material for any Federal income tax return.
    (b) Establishment of Savings Bond Purchase Program.--The Secretary 
of the Treasury shall develop, in consultation with a task force, a 
program for the purchase by individual taxpayers of United States 
savings bonds on their Federal income tax returns.
    (c) Effective Date.--The notification under subsection (a) and the 
program under subsection (b) shall be effective with respect to Federal 
income tax returns for taxable years beginning after December 31, 2008.

Output: Saver's Bonus Act of 2007 [sic] - Directs the Secretary of the Treasury to develop programs to: (1) match deposits made by low-income individuals into certain savings accounts (saver's bonus); (2) deposit tax refunds electronically into savings accounts; and (3) allow individual taxpayers to purchase U.S. savings bonds on their federal income tax returns.

Requires the Commissioner of the Internal Revenue Service (IRS) to notify low-income taxpayers of their eligibility for the saver's bonus and of their options under this Act.


Input: Consider Input: TITLE I--OVERTIME RIGHTS PROTECTION

SEC. 101. CLARIFICATION OF REGULATIONS RELATING TO OVERTIME 
              COMPENSATION.

    Section 13 of the Fair Labor Standards Act of 1938 (29 U.S.C. 213) 
is amended by adding at the end the following:
    ``(k)(1) Notwithstanding the provisions of subchapter II of chapter 
5 and chapter 7 of title 5, United States Code (commonly referred to as 
the Administrative Procedures Act) or any other provision of law, any 
portion of the final rule promulgated on April 23, 2004, revising part 
541 of title 29, Code of Federal Regulations, that exempts from the 
overtime pay provision of section 7 of this Act any employee who would 
not otherwise be exempt if the regulations in effect on March 31, 2003, 
remained in effect, shall have no force or effect and that portion of 
such regulations (as in effect on March 31, 2003) that would prevent 
such employee from being exempt shall be reinstated.
    ``(2) The Secretary shall adjust the minimum salary level for 
exemption under section 13(a)(1) in the following manner:
            ``(A) Not later than 60 days after the date of enactment of 
        this subsection, the Secretary shall increase the minimum 
        salary level for exemption under subsection (a)(1) for 
        executive, administrative, and managerial occupations from the 
        level of $155 per week in 1975 to $591 per week (an amount 
        equal to the increase in the Employment Cost Index (published 
        by the Bureau of Labor Statistics) for executive, 
        administrative, and managerial occupations between 1975 and 
        2005).
            ``(B) Not later than December 31 of the calendar year 
        following the increase required in subparagraph (A), and each 
        December 31 thereafter, the Secretary shall increase the 
        minimum salary level for exemption under subsection (a)(1) by 
        an amount equal to the increase in the Employment Cost Index 
        for executive, administrative, and managerial occupations for 
        the year involved.''.

                      TITLE II--FAIR MINIMUM WAGE

SEC. 111. MINIMUM WAGE.

    (a) In General.--Section 6(a)(1) of the Fair Labor Standards Act of 
1938 (29 U.S.C. 206(a)(1)) is amended to read as follows:
            ``(1) except as otherwise provided in this section, not 
        less than--
                    ``(A) $5.85 an hour, beginning on the 60th day 
                after the date of enactment of this paragraph;
                    ``(B) $6.55 an hour, beginning 12 months after that 
                60th day; and
                    ``(C) $7.25 an hour, beginning 24 months after that 
                60th day;''.
    (b) Effective Date.--The amendment made by subsection (a) shall 
take effect 60 days after the date of enactment of this Act.

  TITLE III--SENSE OF THE SENATE REGARDING MULTIEMPLOYER PENSION PLANS

SEC. 121. SENSE OF THE SENATE REGARDING MULTIEMPLOYER PENSION PLANS.

    (a) Findings.--The Senate makes the following findings:
            (1) Multiemployer pension plans have been a major force in 
        the delivery of employee benefits to active and retired 
        American workers and their dependents for over half a century.
            (2) There are approximately 1,700 multiemployer defined 
        benefit pension plans in which approximately 9,700,000 workers 
        and retirees participate.
            (3) Three-quarters of the approximately 60,000 to 65,000 
        employers that participate in multiemployer plans have fewer 
        that 100 employees.
            (4) Multiemployer plans allow for greater access and 
        affordability for smaller employers and pension portability for 
        their employees as they move from one job to another, and 
        permit workers to earn a pension where they might otherwise not 
        be able to do so.
            (5) The 2000-2002 drop in the stock market and decline in 
        equity values has affected all investors, including 
        multiemployer plans.
            (6) The decline in value sustained by multiemployer defined 
        benefit pension plans have threatened the stability of this 
        private sector source of secure retirement income.
            (7) Participating employers could face onerous excise taxes 
        and other penalties as a result of the serious, adverse 
        financial impact due to these market losses.
            (8) In 2004, the United States Senate recognized the 
        severity of this situation and passed by an overwhelmingly, 
        large bipartisan margin of 86 to 9 temporary relief provisions 
        for single and multiemployer defined benefit pension plans.
    (b) Sense of the Senate.--It is the sense of the Senate that the 
Senate--
            (1) expresses its strong support for multiemployer defined 
        benefit pension plans;
            (2) recognizes the importance of an environment in which 
        multiemployer plans can continue their vital role in providing 
        benefits to working men and women;
            (3) recognizes that multiemployer pension plan relief must 
        be designed for the multiemployer labor-relations environment 
        that supports the plans; and
            (4) supports legislation to strengthen and protect the 
        viability of multiemployer pension plans for the continued 
        benefit of current and retired members, and their families and 
        survivors, and to strengthen the ability of all plans to 
        address funding problems that occur.

Output: Amends the Fair Labor Standards Act of 1938 (FLSA) to deny any force or effect to any portion of a rule promulgated on April 23, 2004, that has the effect of exempting from FLSA overtime compensation requirements (which limit maximum hours at regular compensation) any employee who would not otherwise be exempted if regulations in effect on March 31, 2003, remained in effect. Reinstates that portion of such regulations that would prevent such an employee from being exempt. Directs the Secretary of Labor to increase, in a specified manner, the minimum salary level for the exemption for executive, administrative, and managerial occupations from FLSA overtime compensation requirements.

Amends the FLSA to increase the Federal minimum wage to: (1) $5.85 an hour, beginning on the 60th day after enactment of this Act; (2) $6.55 an hour, beginning 12 months after that 60th day; and (3) $7.25 an hour, beginning 24 months after that 60th day.

Expresses the sense of the Senate regarding multiemployer pension plans.


Input: Consider Input: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Iran Sanctions Loophole Elimination 
Act of 2013''.

SEC. 2. IMPOSITION OF SANCTIONS WITH RESPECT TO CERTAIN TRANSACTIONS IN 
              FOREIGN CURRENCIES.

    (a) Imposition of Sanctions.--Subtitle B of title II of the Iran 
Threat Reduction and Syria Human Rights Act of 2012 (22 U.S.C. 8721 et 
seq.) is amended by inserting after section 220 the following:

``SEC. 220A. IMPOSITION OF SANCTIONS WITH RESPECT TO CERTAIN 
              TRANSACTIONS IN FOREIGN CURRENCIES.

    ``(a) In General.--The President--
            ``(1) shall prohibit the opening, and prohibit or impose 
        strict conditions on the maintaining, in the United States of a 
        correspondent account or a payable-through account by a foreign 
        financial institution that is a person described in subsection 
        (b); and
            ``(2) may impose sanctions pursuant to the International 
        Emergency Economic Powers Act (50 U.S.C. 1701 et seq.) with 
        respect to any other person described in subsection (b).
    ``(b) Person Described.--A person described in this subsection is a 
person the President determines has, on or after May 9, 2013--
            ``(1) knowingly conducted or facilitated a significant 
        transaction involving the currency of a country other than the 
        country in which the person is operating at the time of the 
        transaction with, for, or on behalf of--
                    ``(A) the Central Bank of Iran or another Iranian 
                financial institution designated by the Secretary of 
                the Treasury for the imposition of sanctions pursuant 
                to the International Emergency Economic Powers Act (50 
                U.S.C. 1701 et seq.); or
                    ``(B) a person described in section 1244(c)(2) of 
                the Iran Freedom and Counter-Proliferation Act (22 
                U.S.C. 8803(c)(2)) (other than a person described in 
                subparagraph (C)(iii) of that section); or
            ``(2) knowingly transferred funds for, or held funds on 
        behalf of, a person described in paragraph (1) in relation to a 
        transaction described in that paragraph, without regard to the 
        currency of those funds.
    ``(c) Waiver.--
            ``(1) In general.--The President may waive the application 
        of subsection (a) with respect to a person for a period of not 
        more than 180 days, and may renew that waiver for additional 
        periods of not more than 180 days, if the President--
                    ``(A) determines that the waiver is vital to the 
                national security of the United States; and
                    ``(B) not less than 7 days before the waiver or the 
                renewal of the waiver, as the case may be, takes 
                effect, submits a report to the appropriate 
                congressional committees on the waiver and the reason 
                for the waiver.
            ``(2) Form of report.--Each report submitted under 
        paragraph (1)(B) shall be submitted in unclassified form but 
        may include a classified annex.
    ``(d) Rule of Construction.--Nothing in this section shall be 
construed to prohibit any person from, or authorize or require the 
imposition of sanctions with respect to any person for, conducting or 
facilitating any transaction in the currency of the country in which 
the person is operating at the time of the transaction for the sale of 
agricultural commodities, food, medicine, or medical devices.
    ``(e) Definitions.--In this section:
            ``(1) Account; correspondent account; payable-through 
        account.--The terms `account', `correspondent account', and 
        `payable-through account' have the meanings given those terms 
        in section 5318A of title 31, United States Code.
            ``(2) Agricultural commodity.--The term `agricultural 
        commodity' has the meaning given that term in section 102 of 
        the Agricultural Trade Act of 1978 (7 U.S.C. 5602).
            ``(3) Foreign financial institution.--The term `foreign 
        financial institution' has the meaning given that term in 
        section 561.308 of title 31, Code of Federal Regulations (or 
        any corresponding similar regulation or ruling).
            ``(4) Iranian financial institution.--The term `Iranian 
        financial institution' has the meaning given that term in 
        section 104A(d) of the Comprehensive Iran Sanctions, 
        Accountability, and Divestment Act of 2010 (22 U.S.C. 
        8513b(d)).
            ``(5) Medical device.--The term `medical device' has the 
        meaning given the term `device' in section 201 of the Federal 
        Food, Drug, and Cosmetic Act (21 U.S.C. 321).
            ``(6) Medicine.--The term `medicine' has the meaning given 
        the term `drug' in section 201 of the Federal Food, Drug, and 
        Cosmetic Act (21 U.S.C. 321).
            ``(7) Transaction.--The term `transaction' includes a 
        foreign exchange swap, a foreign exchange forward, and any 
        other type of currency exchange or conversion or derivative 
        instrument.''.
    (b) Conforming Amendments.--
            (1) Implementation.--Section 601(a)(1) of the Iran Threat 
        Reduction and Syria Human Rights Act of 2012 (22 U.S.C. 
        8781(a)(1)) is amended by inserting ``220A,'' after ``220,''.
            (2) Penalties.--Section 601(b)(2)(A) of such Act (22 U.S.C. 
        8781(b)(2)(A)) is amended by striking ``and 220,'' and 
        inserting ``220, and 220A,''.
            (3) Termination.--Section 605(a) of such Act (22 U.S.C. 
        8785(a)) is amended by inserting ``220A,'' after ``220,''.
    (c) Clerical Amendment.--The table of contents for the Iran Threat 
Reduction and Syria Human Rights Act of 2012 is amended by inserting 
after the item relating to section 220 the following:

``Sec. 220A. Imposition of sanctions with respect to certain 
                            transactions in foreign currencies.''.


Output: Iran Sanctions Loophole Elimination Act of 2013 - Amends the Iran Threat Reduction and Syria Human Rights Act of 2012 to direct the President to prohibit the opening, and prohibit or impose strict conditions on the maintaining, in the United States of a correspondent account or a payable-through account by a foreign financial institution that is a person described in this Act. Describes such person as a person that on or after May 9, 2013, knowingly: (1) conducted or facilitated a significant transaction involving the currency of a country other than the country in which the person is operating with, for, or on behalf of the Central Bank of Iran or another Iranian financial institution designated by the Secretary of the Treasury for the imposition of sanctions, or a person that is involved in the energy, shipping, and shipbuilding sectors of Iran; or (2) transferred funds for, or held funds on behalf of, a person described in the previous paragraph in relation to a transaction without regard to the currency of such funds.  Authorizes the President to impose sanctions pursuant to the International Emergency Economic Powers Act with respect to any other person. Authorizes the President to waive the provisions of this Act with respect to a person for up to 180 days (and authorizes renewal of such waiver for additional periods of up to 180 days) for reasons of U.S. national security. Requires congressional notification at least seven days prior to a waiver or waiver renewal.