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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Flexibility for Individual 
Excellence in Education Act of 2007''.

SEC. 2. MODIFICATION TO AMENDMENTS MADE BY NO CHILD LEFT BEHIND ACT OF 
              2001.

    (a) Modifications to Highly Qualified Teacher Standard.--
            (1) Middle or secondary teachers new to profession may use 
        college minor.--Subclause (II) of section 9101(23)(B)(ii) of 
        the Elementary and Secondary School Act of 1965 (20 U.S.C. 
        7801(23)(B)(ii)) is amended by inserting ``or minor'' after 
        ``academic major''.
            (2) Extent time teaching is considered.--Subclause (V) of 
        section 9101(23)(C)(ii) of such Act (20 U.S.C. 7801(23)(C)(ii)) 
        is amended by striking ``not be based primarily on'' and 
        inserting ``not be based solely on''.
    (b) Extension Until 2011-12 School Year for Rural Schools To Meet 
All Highly Qualified Teacher Standards; Additional $50 Million 
Authorized To Help Rural Schools Meet Standards.--
            (1) Extension.--Subsection (a) of section 1119 of the 
        Elementary and Secondary Education Act of 1965 (20 U.S.C. 6319) 
        is amended by adding at the end the following new paragraph:
            ``(4) Rural school districts.--
                    ``(A) In general.--Notwithstanding the deadline 
                described in paragraphs (2) and (3), a plan developed 
                by a State educational agency or a local educational 
                agency under this subsection shall ensure that all 
                teachers who are described in such paragraphs, but are 
                teaching in a rural school district, are highly 
                qualified not later than the end of the 2011-2012 
                school year.
                    ``(B) Definition.--For purposes of this paragraph, 
                the term `rural school district' means a local 
                educational agency that--
                            ``(i) meets the eligibility criteria 
                        described in section 6211(b), including by 
                        obtaining a waiver under paragraph (2) of such 
                        section; and
                            ``(ii) employs a percentage of teachers who 
                        are not highly qualified that is higher than 
                        the corresponding percentage for the State 
                        involved.''.
            (2) Additional funding.--Section 6234 of the Elementary and 
        Secondary Education Act of 1965 (20 U.S.C. 7355c) is amended--
                    (A) by striking ``There are'' and inserting ``(a) 
                In General.--There are''; and
                    (B) by adding at the end the following new 
                subsection:
    ``(b) Additional Funding.--For the purpose of making grants under 
subpart 2 to be used for teacher recruitment, retention, and 
professional development activities described in section 6222(a) in 
rural school districts (as defined in section 1119(a)(4)), there are 
authorized to be appropriated $50,000,000 for fiscal year 2008 and such 
sums as may be necessary for each of the 4 following fiscal years. Such 
authorization shall be in addition to the authorization in subsection 
(a).''.
    (c) Highly Qualified Teacher Rules Limited to Teachers of Core 
Subjects.--
            (1) Title I of the Elementary and Secondary Education Act 
        of 1965 is amended by adding at the end the following new 
        section:

``SEC. 1005. HIGHLY QUALIFIED TEACHER CONCEPT LIMITED TO TEACHERS OF 
              CORE SUBJECTS.

    ``Notwithstanding any other provision of this Act, any reference in 
this Act to highly qualified teachers shall be deemed to refer only to 
teachers in core subjects.''.
            (2) The table of contents of such Act is amended by 
        inserting after the item relating to section 1004 the following 
        new item:

``Sec. 1005. Highly qualified teacher concept limited to teachers of 
                            core subjects.''.
    (d) Students With Disabilities Assessed at the Level of Instruction 
in Compliance With Their Individualized Education Plan.--Clause (ix) of 
section 1111(b)(3)(C) of the Elementary and Secondary Education Act of 
1965 (20 U.S.C. 6311(b)(3)(C)) is amended by striking ``and'' at the 
end of subclause (II), by adding ``and'' at the end of subclause (III), 
and by adding at the end the following new subclause:
                                    ``(IV) at the discretion of the 
                                State, the assessment of students with 
                                disabilities (as defined in section 
                                602(3) of the Individuals with 
                                Disabilities Education Act) whose 
                                instructional level in the core 
                                academic subjects is below the grade 
                                level in which the student is enrolled, 
                                by using the State assessment 
                                determined by the student's 
                                individualized education program team 
                                (as described in section 614(d)(1)(B) 
                                of such Act) to most closely correspond 
                                to the student's instructional 
                                level;''.
    (e) Use of Growth Models and Multiple Measures in Determining 
Adequate Yearly Progress.--
            (1) Growth models.--Clause (iii) of section 1111(b)(2)(C) 
        of the Elementary and Secondary Education Act of 1965 (20 
        U.S.C. 6311(b)(2)(C)) is amended by striking ``for all 
        students'' and inserting ``for all students, as demonstrated by 
        measures of students' progress toward proficiency, including 
        longitudinal growth''.
            (2) Multiple measures.--Subparagraph (A) of section 
        1111(b)(2) of the Elementary and Secondary Education Act of 
        1965 (20 U.S.C. 6311(b)(2)) is amended by striking ``and'' at 
        the end of clause (ii), by striking the period at the end of 
        clause (iii) and inserting ``; and'', and by adding at the end 
        the following new clause:
                            ``(iv) include multiple measures of student 
                        academic achievement, such as the proportion of 
                        State report card indicators met, a performance 
                        index score, student drop-out rate, and a 
                        measure based on individual student achievement 
                        gains over time, disaggregated by each of the 
                        groups of students described in subparagraph 
                        (C)(v).''.
    (f) Adequate Yearly Progress Determined by Group and Subject.--
            (1) Identification of schools in need of improvement.--
                    (A) Subparagraph (A) of section 1116(b)(1) of the 
                Elementary and Secondary Education Act of 1965 (20 
                U.S.C. 6316(b)(1)) is amended by striking ``that 
                fails'' and inserting ``if the same group of students 
                described in section 1111(b)(2)(C)(v) fails in the same 
                academic subject''.
                    (B) Subparagraph (C) of such section is amended by 
                striking ``almost every student in each group specified 
                in section 1111(b)(2)(C)(v) enrolled in such school is 
                meeting or exceeding the State's proficient level of 
                academic achievement'' and inserting ``almost every 
                student in each group enrolled in such school for which 
                there is such a failure in an academic subject is 
                meeting or exceeding the State's proficient level of 
                academic achievement in such subject''.
            (2) Failure to make adequate yearly progress during first 
        year after identification.--So much of the text of paragraph 
        (5) of section 1116(b) of such Act as precedes subparagraph (A) 
        is amended to read as follows: ``If, by the end of the first 
        full school year after identification under paragraph (1) of a 
        school served under this part, any group of students that met 
        the requirements for such identification in an academic subject 
        fails to make adequate yearly progress in such subject, as set 
        out in the State's plan under section 1111(b)(2), the local 
        educational agency serving such school--''.
            (3) Failure to make adequate yearly progress during second 
        year after identification.--So much of the text of subparagraph 
        (C) of section 1116(b)(7) of such Act as precedes clause (i) is 
        amended to read as follows: ``If, by the end of the second full 
        school year after identification under paragraph (1) of a 
        school served under this part, any group of students that met 
        the requirements for such identification in an academic subject 
        fails to make adequate yearly progress in such subject, as set 
        out in the State's plan under section 1111(b)(2), the local 
        educational agency shall--''.
            (4) Failure to make adequate yearly progress during first 
        year after corrective action.--So much of the text of 
        subparagraph (A) of section 1116(b)(8) of such Act as precedes 
        clause (i) is amended to read as follows: ``If, after 1 full 
        year of corrective action under paragraph (7), any group of 
        students (at the school subject to such corrective action) that 
        met the requirements for identification under paragraph (1) in 
        an academic subject continues to fail to make adequate yearly 
        progress in such subject, then the local educational agency 
        shall--''.
    (g) Needs Improvement Label To Be Group and Subject Specific.--
Subparagraph (A) of section 1116(b)(1) of the Elementary and Secondary 
Education Act of 1965 (20 U.S.C. 6316(b)(1)) is amended by adding at 
the end the following new sentence: ``Such identification shall apply 
only to each group and subject with respect to which there is such a 
failure.''
    (h) Parental Notification of Needs Improvement To Be Group and 
Subject Specific.--Paragraph (6) of section 1116(b) of the Elementary 
and Secondary Education Act of 1965 (20 U.S.C. 6316(b)) is amended by 
striking ``of each student enrolled in an elementary school or a 
secondary school identified for school improvement under paragraph 
(1)'' and inserting ``of each student in each group of students that 
met the requirements for identification in an academic subject under 
paragraph (1)''.
    (i) Transfer Option and Supplemental Services Limited to Students 
From Failing Groups.--
            (1) Clause (i) of section 1116(b)(1)(E) of the Elementary 
        and Secondary Education Act of 1965 (20 U.S.C. 6316(b)(1)(E)) 
        is amended by inserting ``in each group described in section 
        1111(b)(2)(C)(v) that met the requirements for such 
        identification'' after ``all students''.
            (2) Paragraphs (5)(A), (7)(C)(i), and (8)(A)(i) of section 
        1116(b) of such Act are each amended by inserting ``in such 
        group'' after ``all students''.
    (j) Local Educational Agencies May Choose To Offer Supplemental 
Educational Services, and Not Public School Choice, on Initial Failure 
To Make Adequate Yearly Progress.--
            (1) In general.--Subparagraph (E) of section 1116(b)(1) of 
        the Elementary and Secondary Education Act of 1965 (20 U.S.C. 
        6316(b)(1)) is amended to read as follows:
                    ``(E) Public school choice or supplemental 
                educational services.--In the case of a school 
                identified for school improvement under this paragraph, 
                the local educational agency shall, not later than the 
                first day of the school year following such 
                identification--
                            ``(i) provide all students in each group 
                        described in section 1111(b)(2)(C)(v) that met 
                        the requirements for such identification (and 
                        who are enrolled in the school) with the option 
                        to transfer to another public school served by 
                        the local educational agency, which may include 
                        a public charter school, that has not been 
                        identified for school improvement under this 
                        paragraph, unless such an option is prohibited 
                        by State law, or
                            ``(ii) make supplemental educational 
                        services available consistent with subsection 
                        (e)(1) to students in such group in the 
                        academic subject to which such identification 
                        relates.
                If more than 1 school served by such agency is 
                identified for school improvement under this paragraph 
                or more than 1 group of students meets the requirements 
                for such identification, such agency shall make the 
                same choice under clause (i) or (ii) for all such 
                schools and all such groups.''.
            (2) Conforming amendment.--Paragraph (5) of section 1116(b) 
        of such Act is amended to read as follows:
            ``(5) Failure to make adequate yearly progress after 
        identification.--If, by the end of the first full school year 
        after identification under paragraph (1) of a school served 
        under this part, any group of students that met the 
        requirements for such identification in an academic subject 
        fails to make adequate yearly progress in such subject, as set 
        out in the State's plan under section 1111(b)(2), the local 
        educational agency serving such school--
                    ``(A) shall continue to provide the transfer option 
                under clause (i) of paragraph (1)(E) or to make the 
                supplemental educational services available under 
                clause (ii) of such paragraph, whichever was chosen by 
                such agency,
                    ``(B) shall provide the transfer option under such 
                clause (i) or to make the supplemental educational 
                services available under such clause (ii), whichever 
                was not chosen by such agency under such paragraph; and
                    ``(C) shall continue to provide technical 
                assistance.''.
Flexibility for Individual Excellence in Education Act of 2007 - Amends the Elementary and Secondary Education Act of 1965 to alter the requirement that teachers be highly qualified by: (1) applying it only to teachers of core subjects; (2) allowing new middle or secondary school teachers to teach subjects for which they earned a college minor; (3) allowing greater consideration to be given to the time experienced teachers have spent teaching a subject; and (4) extending the deadline for rural teachers to meet such requirements.

Provides additional funding for rural teacher recruitment, retention, and professional development activities.

Allows state determinations of students' adequate yearly progress (AYP) toward state academic performance standards to: (1) assess disabled students at the instructional level most closely corresponding to their individualized education plans; and (2) use growth models and multiple measures of student achievement.

Requires local educational agencies (LEAs) to identify schools as needing improvement, corrective action, or restructuring only if they fail to make AYP in the same subject for the same group of students over the requisite period of time. Provides school transfers and supplemental services to students in the failing group, rather than to all students in an affected school. Gives LEAs the option of providing such students with supplemental services rather than transfers for the year following a school's identification as needing improvement.

SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

    (a) Short Title.--This Act may be cited as the ``Cabin Fee Act of 
2012''.
    (b) Table of Contents.--The table of contents of this Act is as 
follows:

Sec. 1. Short title; table of contents.
Sec. 2. Definitions.
Sec. 3. Cabin user fees.
Sec. 4. Payment of cabin transfer fees.
Sec. 5. Right of appeal and judicial review.
Sec. 6. Effect.
Sec. 7. Regulations.

SEC. 2. DEFINITIONS.

    In this Act:
            (1) Authorization; authorize.--The terms ``authorization'' 
        and ``authorize'' mean the issuance of a special use permit for 
        the use and occupancy of National Forest System land by a cabin 
        owner under the Recreation Residence Program.
            (2) Cabin.--The term ``cabin'' means a privately built and 
        owned recreation residence and related improvements on National 
        Forest System land that--
                    (A) is authorized for private use and occupancy; 
                and
                    (B) may be sold or transferred between private 
                parties.
            (3) Cabin owner.--The term ``cabin owner'' means--
                    (A) a person authorized by the Secretary to use and 
                to occupy a cabin; and
                    (B) a trust, heir, or assign of a person described 
                in subparagraph (A).
            (4) Cabin transfer fee.--The term ``cabin transfer fee'' 
        means a fee that is paid to the United States on the transfer 
        of a cabin between private parties for money or other 
        consideration that results in the issuance of a new permit.
            (5) Cabin user fee.--The term ``cabin user fee'' means an 
        annual fee paid to the United States by a cabin owner in 
        accordance with an authorization for the use and occupancy of a 
        cabin.
            (6) Current appraisal cycle.--The term ``current appraisal 
        cycle'' means the completion of Forest Service review and 
        acceptance of--
                    (A) initial typical lot appraisals; and
                    (B) second appraisals, if ordered by cabin owners 
                and approved by the Forest Service.
            (7) Current cabin user fee.--The term ``current cabin user 
        fee'' means the most recent cabin user fee, as adjusted under 
        section 3(c).
            (8) Lot.--The term ``lot'' means a parcel of National 
        Forest System land on which a person is authorized to build, 
        use, occupy, and maintain a cabin.
            (9) National forest system.--The term ``National Forest 
        System'' has the meaning given that term in section 11 of the 
        Forest and Rangeland Renewable Resources Planning Act of 1974 
        (16 U.S.C. 1609).
            (10) Recreation residence program.--The term ``Recreation 
        Residence Program'' means the Recreation Residence Program 
        established under the last paragraph under the heading ``FOREST 
        SERVICE'' in the Act of March 4, 1915 (16 U.S.C. 497).
            (11) Secretary.--The term ``Secretary'' means the Secretary 
        of Agriculture, acting through the Chief of the Forest Service.
            (12) Typical lot.--The term ``typical lot'' means a cabin 
        lot, or group of cabin lots, in a tract that is selected for 
        use in an appraisal as being representative of, and that has 
        similar value characteristics as, other lots or groups of lots 
        within the tract.

SEC. 3. CABIN USER FEES.

    (a) Payment of Cabin User Fees.--Cabin owners shall pay an annual 
cabin user fee established by the Secretary in accordance with this 
section.
    (b) Initial Cabin User Fees.--
            (1) Establishment.--The Secretary shall establish initial 
        cabin user fees in accordance with this subsection.
            (2) Assignment to value tiers.--On completion of the 
        current appraisal cycle, as required by paragraph (4), the 
        Secretary shall assign each permitted lot on National Forest 
        System land to 1 of 10 tiers based on the following 
        considerations:
                    (A) Before assigning the lots to tiers, all 
                appraised lot values shall be adjusted, or normalized, 
                for price changes occurring after the appraisal, in 
                accordance with the National Association of 
                Homebuilders/Wells Fargo Housing Opportunity Index.
                    (B) Second appraisal values shall supersede initial 
                lot appraisal values for the normalization and ranking 
                process under subparagraph (A).
                    (C) The tiers shall be established, on a national 
                basis, according to relative lot value, with lots 
                having the lowest adjusted appraised value assigned to 
                tier 1 and lots having the highest adjusted appraised 
                value assigned to tier 10.
                    (D) The number of lots (by percentage) assigned to 
                each tier is contained in the table set forth in 
                paragraph (3).
                    (E) Data from incomplete appraisals may not be used 
                to establish the fee tiers under this subsection.
                    (F) Until assigned to a tier under this subsection, 
                the Secretary shall assess (and may adjust annually 
                subject to clause (ii)) an interim fee for permitted 
                cabin lots (including lots with incomplete appraisals) 
                in an amount equal to the lesser of--
                            (i) $5,000; or
                            (ii) the amount of the current cabin user 
                        fee, as determined under the Cabin User Fee 
                        Fairness Act of 2000 (16 U.S.C. 6201 et seq.), 
                        which amount the Secretary may increase 
                        annually by not more than 25 percent, except 
                        that the increased fee shall not exceed the 
                        otherwise scheduled fee determined under the 
                        Cabin User Fee Fairness Act of 2000.
            (3) Amount of initial cabin user fees.--The initial cabin 
        user fees, based on the assignments under paragraph (2), are as 
        follows:


------------------------------------------------------------------------
                          Approximate Percent of
        Fee Tier            Permits Nationally          Fee Amount
------------------------------------------------------------------------
               Tier 1                5 percent                     $500
------------------------------------------------------------------------
               Tier 2               12 percent                   $1,000
------------------------------------------------------------------------
               Tier 3               22 percent                   $1,500
------------------------------------------------------------------------
               Tier 4               22 percent                   $2,000
------------------------------------------------------------------------
               Tier 5               10 percent                   $2,500
------------------------------------------------------------------------
               Tier 6                9 percent                   $3,000
------------------------------------------------------------------------
               Tier 7                7 percent                   $3,500
------------------------------------------------------------------------
               Tier 8                5 percent                   $4,000
------------------------------------------------------------------------
               Tier 9                5 percent                   $4,500
------------------------------------------------------------------------
              Tier 10                3 percent                   $5,000
------------------------------------------------------------------------

            (4) Deadline for completion of current appraisal cycle.--
        Not later than 3 years after the date of enactment of this Act, 
        the Secretary shall complete the current appraisal cycle.
            (5) Effective date.--The initial cabin user fees required 
        by this subsection shall take effect beginning with the first 
        calendar year beginning after the completion of the current 
        appraisal cycle.
    (c) Annual Adjustments of Cabin User Fee.--Once initial cabin user 
fees have been assessed, based on the tier assignments under subsection 
(b)(2), the Secretary shall use changes in the Implicit Price Deflator 
for the Gross Domestic Product published by the Bureau of Economic 
Analysis of the Department of Commerce, applied on a 5-year rolling 
average, to assess an annual adjustment to cabin user fees.
    (d) Effect of Destruction, Substantial Damage, or Loss of Access.--
            (1) In general.--The Secretary shall reduce the cabin user 
        fee to $100 per year for a cabin if--
                    (A) the cabin is destroyed or suffers substantial 
                damage in an amount that is greater than 50 percent of 
                replacement cost of the cabin; or
                    (B) access to the cabin is significantly impaired, 
                whether by catastrophic events, natural causes, or 
                governmental actions.
            (2) Term of reduced fee.--The reduced fee under paragraph 
        (1) shall be in effect until the later of--
                    (A) the last day of the year in which the 
                destruction or impairment occurs; or
                    (B) the date on which the cabin may be lawfully 
                reoccupied and normal access has been restored.

SEC. 4. PAYMENT OF CABIN TRANSFER FEES.

    As a condition of the issuance by the Secretary of a new 
authorization for the use and occupancy of the cabin, the cabin owner 
transferring the cabin shall pay to the Secretary a cabin transfer fee 
in the amount of $1,200.

SEC. 5. RIGHT OF APPEAL AND JUDICIAL REVIEW.

    (a) Right of Appeal.--
            (1) In general.--Notwithstanding any action of a cabin 
        owner to exercise rights in accordance with section 6, the 
        Secretary shall by regulation grant to the cabin owner the 
        right to an administrative appeal of the determination of a new 
        cabin user fee, fee tier, or whether or not to reduce a cabin 
        user fee under section 3(d).
            (2) Applicable law.--An appeal under paragraph (1) shall be 
        pursuant to the appeal process provided under subpart C of part 
        251 of title 36, Code of Federal Regulations (or a successor 
        regulation).
    (b) Judicial Review.--
            (1) In general.--A cabin owner that contests a final 
        decision of the Secretary under this Act may bring a civil 
        action in United States district court.
            (2) Venue.--The venue for an action brought before the 
        United States district court under this subsection shall be in 
        the Federal judicial district in which the cabin is located.
            (3) Effect on mediation.--Nothing in this Act precludes a 
        person from seeking mediation for an action under this Act.

SEC. 6. EFFECT.

    (a) In General.--Nothing in this Act limits or restricts any right, 
title, or interest of the United States in or to any land or resource.
    (b) Special Rule for Alaska.--In determining a cabin user fee in 
the State of Alaska, the Secretary shall not establish or impose a 
cabin user fee or a condition affecting a cabin user fee that is 
inconsistent with 1303(d) of the Alaska National Interest Lands 
Conservation Act (16 U.S.C. 3193(d)).

SEC. 7. REGULATIONS.

    Not later than December 31, 2013, the Secretary shall issue 
regulations to carry out this Act.

            Passed the House of Representatives September 10, 2012.

            Attest:

                                                 KAREN L. HAAS,

                                                                 Clerk.
Cabin Fee Act of 2012 - Directs the Secretary of Agriculture (USDA) to set an annual fee for, and requires the payment of such fee to the United States by, an authorized owner of a privately built and owned recreational cabin located on National Forest System land.

Reduces such fee to $100 annually if access to a cabin is significantly impaired, either by natural causes or governmental actions.

 Requires payment of a transfer fee to the United States upon the transfer of a cabin between private parties for consideration.

Requires the Secretary to grant a cabin owner the right to administrative appeal of a cabin fee decision, which may be reviewed by bringing a civil action in U.S. district court.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Securities and Exchange Commission 
Fee Reduction Act of 1996''.

SEC. 2. REDUCING REGISTRATION FEES.

    Section 6(b) of the Securities Act of 1933 (15 U.S.C. 77f(b)) is 
amended to read as follows:
    ``(b) Registration Fee.--
            ``(1) Fee payment required.--
                    ``(A) In general.--At the time of filing a 
                registration statement, the applicant shall pay to the 
                Commission a fee that shall be equal to the sum of the 
                amounts (if any) determined under the rates established 
                by paragraph (3).
                    ``(B) Publication of fees.--The Commission shall 
                publish in the Federal Register notices of the fee 
                rates applicable under this subsection for each fiscal 
                year.
                    ``(C) Amounts of fees.--In no case shall a minimum 
                fee required by this subsection be greater than $100.
            ``(2) General revenue fees.--
                    ``(A) Rate.--The rate determined under this 
                paragraph is a rate equal to--
                            ``(i) during each fiscal year before fiscal 
                        year 2002, $200 for each $1,000,000 of the 
                        maximum aggregate price at which the subject 
                        securities are proposed to be offered; and
                            ``(ii) during fiscal year 2002 and each 
                        succeeding fiscal year, $182 for each 
                        $1,000,000 of the maximum aggregate price at 
                        which the subject securities are proposed to be 
                        offered.
                    ``(B) Revenues of treasury.--Fees collected during 
                any fiscal year pursuant to this paragraph shall be 
                deposited and credited as general revenues of the 
                Treasury.
            ``(3) Offsetting collection fees.--
                    ``(A) In general.--Except as provided in 
                subparagraphs (B) and (C), for each $1,000,000 of the 
                maximum aggregate price at which the subject securities 
                are proposed to be offered, the rate determined under 
                this paragraph is a rate equal to--
                            ``(i) $103 during fiscal year 1997;
                            ``(ii) $70 during fiscal year 1998;
                            ``(iii) $38 during fiscal year 1999;
                            ``(iv) $17 during fiscal year 2000; and
                            ``(v) $0 during fiscal year 2001 or any 
                        succeeding fiscal year.
                    ``(B) Limitation; deposit.--Except as provided in 
                subparagraph (C), no amounts shall be collected 
                pursuant to this paragraph for any fiscal year except 
                to the extent provided in advance in appropriations 
                Acts. Fees collected during any fiscal year pursuant to 
                this paragraph shall be deposited and credited as 
                offsetting collections in accordance with 
                appropriations Acts.
                    ``(C) Lapse of appropriations.--If, on the first 
                day of a fiscal year, a regular appropriation to the 
                Commission has not been enacted, the Commission shall 
                continue to collect fees (as offsetting collections) 
                under this paragraph at the rate in effect during the 
                preceding fiscal year, until such a regular 
                appropriation is enacted.''.

SEC. 3. TRANSACTION FEES.

    (a) Amendment.--Section 31 of the Securities Exchange Act of 1934 
(15 U.S.C. 78ee) is amended to read as follows:

``SEC. 31. TRANSACTION FEES.

    ``(a) Exchange-Traded Securities.--
            ``(1) Rate.--Each national securities exchange shall pay to 
        the Commission a fee at a rate equal to--
                    ``(A) $33 for each $1,000,000 of the aggregate 
                dollar amount of sales of securities (other than bonds, 
                debentures, and other evidences of indebtedness) 
                transacted on such national securities exchange during 
                the period to which the fee relates under subsection 
                (d); and
                    ``(B) for fiscal year 2002 and each succeeding 
                fiscal year, $25 for each $1,000,000 of such aggregate 
                dollar amount of sales during the period to which the 
                fee relates under subsection (d).
            ``(2) Revenues of treasury.--Fees collected pursuant to 
        this subsection shall be deposited and collected as general 
        revenue of the Treasury.
    ``(b) Off-Exchange-Trades of Exchange-Registered Securities.--
            ``(1) Rates.--Each national securities association shall 
        pay to the Commission a fee at a rate equal to--
                    ``(A) $33 for each $1,000,000 of the aggregate 
                dollar amount of sales transacted during the period to 
                which the fee relates under subsection (d) by or 
                through any member of such association otherwise than 
                on a national securities exchange of securities 
                registered on such an exchange (other than bonds, 
                debentures, and other evidences of indebtedness); and
                    ``(B) for fiscal year 2002 and each succeeding 
                fiscal year, $25 for each $1,000,000 of the aggregate 
                dollar amount of sales referral to in subparagraph (A) 
                during the period to which the fee relates under 
                subsection (d).
            ``(2) Revenues of treasury.--Fees collected pursuant to 
        this subsection shall be deposited and collected as general 
        revenue of the Treasury.
    ``(c) Off-Exchange-Trades of Last-Sale-Reported Securities.--
            ``(1) Covered transactions.--Each national securities 
        association shall pay to the Commission a fee at a rate equal 
        to the dollar amount determined under paragraph (2) for each 
        $1,000,000 of the aggregate dollar amount of sales transacted 
        during the period to which the fee relates under subsection (d) 
        by or through any member of such association otherwise than on 
        a national securities exchange of securities (other than bonds, 
        debentures, and other evidences of indebtedness) subject to 
        prompt last sale reporting pursuant to the rules of the 
        Commission or a registered national securities association, 
        excluding any sales for which a fee is paid under subsection 
        (b).
            ``(2) Fee rates.--Except as provided in paragraph (4), the 
        dollar amount determined under this paragraph is--
                    ``(A) $12 for fiscal year 1997;
                    ``(B) $14 for fiscal year 1998;
                    ``(C) $17 for fiscal year 1999;
                    ``(D) $18 for fiscal year 2000;
                    ``(E) $20 for fiscal year 2001; and
                    ``(F) $25 for fiscal year 2002 or for any 
                succeeding fiscal year.
            ``(3) Limitation; deposit of fees.--Except as provided in 
        paragraph (4), no amounts shall be collected pursuant to this 
        subsection for any fiscal year beginning before October 1, 
        2001, except to the extent provided in advance in 
        appropriations Acts. Fees collected during any such fiscal year 
        pursuant to this subsection shall be deposited and credited as 
        offsetting collections to the account providing appropriations 
        to the Commission, except that any amounts in excess of the 
        following amounts (and any amount collected for fiscal years 
        beginning on or after October 1, 2001) shall be deposited and 
        credited as general revenues of the Treasury:
                    ``(A) $20,000,000 for fiscal year 1997.
                    ``(B) $26,000,000 for fiscal year 1998.
                    ``(C) $32,000,000 for fiscal year 1999.
                    ``(D) $32,000,000 for fiscal year 2000.
                    ``(E) $32,000,000 for fiscal year 2001.
                    ``(F) $0 for fiscal year 2002 and any succeeding 
                fiscal year.
            ``(4) Lapse of appropriations.--If, on the first day of a 
        fiscal year, a regular appropriation to the Commission has not 
        been enacted, the Commission shall continue to collect fees (as 
        offsetting collections) under this subsection at the rate in 
        effect during the preceding fiscal year, until such a regular 
        appropriation is enacted.
    ``(d) Dates for Payment of Fees.--The fees required by subsections 
(a), (b), and (c) shall be paid--
            ``(1) on or before March 15, with respect to transactions 
        and sales occurring during the period beginning on the 
        preceding September 1 and ending at the close of the preceding 
        December 31; and
            ``(2) on or before September 30, with respect to 
        transactions and sales occurring during the period beginning on 
        the preceding January 1 and ending at the close of the 
        preceding August 31.
    ``(e) Exemptions.--
            ``(1) Commission authority.--The Commission may, by rule, 
        exempt any sale of securities or any class of sales of 
        securities from any fee imposed by this section, if the 
        Commission finds that such exemption is consistent with the 
        public interest, the equal regulation of markets and brokers 
        and dealers, and the development of a national market system.
            ``(2) Low-volume transactions.--No fee shall be assessed 
        under this section for transactions involving portfolios of 
        equity securities taking place at times of day characterized by 
        low volume and during nontraditional trading hours, as 
        determined by the Commission.
    ``(f) Publication.--The Commission shall publish in the Federal 
Register notices of the fee rates applicable under this section for 
each fiscal year.''.
    (b) Effective Date; Transition.--
            (1) Effective date.--Except as provided in paragraph (2), 
        the amendment made by subsection (a) shall apply with respect 
        to transactions in securities that occur on or after October 1, 
        1996.
            (2) Off-exchange trades of last sale reported 
        transactions.--The amendment made by subsection (a) shall apply 
        with respect to transactions described in section 31(d)(1) of 
        the Securities Exchange Act of 1934 (as amended by subsection 
        (a) of this section) that occur on or after October 1, 1996.
            (3) Rule of construction.--Nothing in this subsection shall 
        be construed to affect the obligation of national securities 
        exchanges and registered brokers and dealers under section 31 
        of the Securities Exchange Act of 1934, as in effect on the day 
        before the effective date of the amendment made by subsection 
        (a), to make the payments required by such section on March 15, 
        1997.

SEC. 4. TIME FOR PAYMENT.

    Section 4(e) of the Securities Exchange Act of 1934 (15 U.S.C. 
78d(e)) is amended by inserting before the period at the end the 
following: ``, and the Commission may also specify the time that such 
fee shall be determined and paid relative to the filing of any 
statement or document with the Commission''.

SEC. 5. ELIMINATION OF UNNECESSARY FEES.

    The fees authorized by the amendments made by this Act are in lieu 
of, and not in addition to, any fees that the Securities and Exchange 
Commission is authorized to impose or collect pursuant to section 9701 
of title 31, United States Code.

Securities and Exchange Commission Fee Reduction Act of 1996 - Amends the Securities Act of 1933 to:  (1) prohibit the minimum required registration fee from exceeding $100 (current law prohibits the minimum fee from being less than $100); and (2) set forth a schedule for general revenue fees and offsetting collection fees in diminishing amounts through FY 2001. 
(Sec. 3) Amends the Securities Exchange Act of 1934 to revise the transaction fee schedule for:  (1) exchange-traded securities; (2) off-exchange trades of exchange-registered securities; (3) off-exchange trades of last-sale-reported securities. 
Declares that such fees are in lieu of, and not in addition to, any fees that the Securities and Exchange Commission is authorized to impose or collect.