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

Ex Input:
SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Rural Physicians' Incentives Act of 
1993''.

SEC. 2. DEDUCTION FOR MEDICAL SCHOOL EDUCATION LOAN INTEREST INCURRED 
              BY DOCTORS SERVING IN MEDICALLY UNDERSERVED RURAL AREAS.

    (a) In General.--Paragraph (1) of section 163(h) of the Internal 
Revenue Code of 1986 (relating to disallowance of deduction for 
personal interest) is amended by striking ``and'' at the end of 
subparagraph (D), by redesignating subparagraph (E) as subparagraph 
(F), and by inserting after subparagraph (D) the following new 
subparagraph:
                    ``(E) any qualified medical education loan interest 
                (within the meaning of paragraph (5)), and''.
    (b) Qualified Medical Education Loan Interest Defined.--Subsection 
(h) of section 163 of such Code is amended by redesignating paragraph 
(5) as paragraph (6) and by inserting after paragraph (4) the following 
new paragraph:
            ``(5) Qualified medical education loan interest.--
                    ``(A) In general.--The term `qualified medical 
                education loan interest' means interest--
                            ``(i) which is on a medical education loan 
                        of a physician,
                            ``(ii) which is paid or accrued by such 
                        physician, and
                            ``(iii) which accrues during the period--
                                    ``(I) such physician is providing 
                                primary care (including internal 
                                medicine, pediatrics, obstetrics/
                                gynecology, family medicine, and 
                                osteopathy) to residents of a medically 
                                underserved rural area, and
                                    ``(II) such physician's principal 
                                place of abode is in such area.
                    ``(B) Medical education loan.--The term `medical 
                education loan' means indebtedness incurred to pay the 
                individual's--
                            ``(i) qualified tuition and related 
                        expenses (as defined in section 117(b)) 
                        incurred for the medical education of such 
                        individual, or
                            ``(ii) reasonable living expenses while 
                        away from home in order to attend an 
                        educational institution described in section 
                        170(b)(1)(A)(ii) for the medical education of 
                        such individual.
                    ``(C) Physician.--For purposes of subparagraph (A), 
                the term `physician' has the meaning given such term by 
                section 1861(r)(1) of the Social Security Act.
                    ``(D) Medically underserved rural area.--The term 
                `medically underserved rural area' means any rural area 
                which is a medically underserved area (as defined in 
                section 330(b) or 1302(7) of the Public Health Service 
                Act).''.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years ending after the date of the enactment of this 
Act.

SEC. 3. ELIMINATION OF MEDICARE PAYMENT REDUCTIONS FOR NEW DOCTORS FOR 
              SERVICES FURNISHED IN ANY RURAL AREA.

    (a) In General.--Section 1848(a)(4) of the Social Security Act (42 
U.S.C. 1395w-4(a)(4)) is amended--
            (1) by striking ``or services'' and inserting ``, 
        services'', and
            (2) by inserting before the period at the end the 
        following: ``, or services furnished in a rural area (as so 
        defined) by (or under the supervision, or incidental to 
        services, of) a physician described in section 1861(r)(1)''.
    (b) Effective Date.--The amendments made by subsection (a) shall 
apply to services furnished after 1993.

SEC. 4. EXTENSION OF DEFERMENTS.

    (a) Stafford Loans.--
            (1) GSL loans.--Section 428(b)(1)(M) of the Higher 
        Education Act of 1965 (20 U.S.C. 1078(b)(1)(M)) is amended--
                    (A) by striking ``or'' at the end of clause (ii);
                    (B) by inserting ``or'' after the semicolon at the 
                end of clause (iii); and
                    (C) by adding at the end thereof the following new 
                clause:
                            ``(iv) during which the borrower is serving 
                        in an internship or residency program in 
                        preparation for practice in an area of primary 
                        care (including internal medicine, pediatrics, 
                        obstetrics/gynecology, family medicine, and 
                        osteopathy);''.
            (2) FISL loans.--Section 427(a)(2)(C) of such Act (20 
        U.S.C. 1077(a)(2)(C)) is amended--
                    (A) by striking ``or'' at the end of clause (ii);
                    (B) by inserting ``or'' after the semicolon at the 
                end of clause (iii); and
                    (C) by adding at the end thereof the following new 
                clause:
                            ``(iv) during which the borrower is serving 
                        in an internship or residency program in 
                        preparation for practice in an area of primary 
                        care (including internal medicine, pediatrics, 
                        obstetrics/gynecology, family medicine, and 
                        osteopathy);''.
    (b) Perkins Loans.--Section 464(c)(2)(A) of such Act (20 U.S.C. 
1087dd(c)(2)(A)) is amended--
            (1) by striking ``or'' at the end of clause (iii);
            (2) by inserting ``or'' after the semicolon at the end of 
        clause (iv); and
            (3) by adding at the end thereof the following new clause:
                            ``(v) during which the borrower is serving 
                        in an internship or residency program in 
                        preparation for practice in an area of primary 
                        care (including internal medicine, pediatrics, 
                        obstetrics/gynecology, family medicine, and 
                        osteopathy);''.
    (c) Effective Date.--The amendments made by this section shall 
apply to on and after the date of the enactment of this Act with 
respect to loans made under the Higher Education Act of 1965 before, 
on, or after that date.

SEC. 5. CLARIFICATION OF PERMISSIBLE SUBSTITUTE BILLING ARRANGEMENTS 
              FOR PHYSICIANS' SERVICES UNDER THE MEDICARE AND MEDICAID 
              PROGRAMS.

    (a) Medicare Program.--
            (1) In general.--Clause (D) of section 1842(b)(6) of the 
        Social Security Act (42 U.S.C. 1395u(b)(6)) is amended to read 
        as follows: ``(D)(i) payment may be made to a physician for 
        physicians' services (and services incident to such services) 
        to be provided by a second physician on a reciprocal basis to 
        individuals who are patients of the first physician if (I) the 
        first physician is unavailable to provide the services, (II) 
        the services are not provided by the second physician over a 
        continuous period of longer than 60 days, and (III) the claim 
        form submitted to the carrier includes the second physician's 
        unique identifier (provided under the system established under 
        subsection (r)) and indicates that the claim meets the 
        requirements of this clause for payment to the first physician; 
        and (ii) payment may be made to a physician for physicians' 
        services (and services incident to such services) which that 
        physician pays a second physician on a per diem or other fee-
        for-time basis to provide to individuals who are patients of 
        the first physician if (I) the first physician is unavailable 
        to provide the services, (II) the services are not provided by 
        the second physician over a continuous period of longer than 90 
        days (or such longer period as the Secretary may provide), and 
        (III) the claim form submitted to the carrier includes the 
        second physician's unique identifier (provided under the system 
        established under subsection (r)) and indicates that the claim 
        meets the requirements of this clause for payment to the first 
        physician''.
            (2) Effective date.--The amendment made by paragraph (1) 
        shall apply to services furnished on or after the first day of 
        the first month beginning more than 60 days after the date of 
        the enactment of this Act.
    (b) Medicaid Program.--
            (1) In general.--Section 1902(a)(32)(C) of the Social 
        Security Act (42 U.S.C. 1396a(a)(32)(C)) is amended to read as 
        follows:
                    ``(C) payment may be made to a physician for 
                services furnished by a substitute physician under the 
                circumstances described in subparagraph (D) of section 
                1842(b)(6), except that, for purposes of this 
                subparagraph, any reference in such subparagraph to `a 
                carrier' or `the system established under subsection 
                (r)' is deemed a reference to the State (or other 
                fiscal agent under the State plan) and to the system 
                established under subsection (x) of this section, 
                respectively.''.
            (2) Effective date.--(A) The amendment made by paragraph 
        (1) shall apply to services furnished on or after the date of 
        the enactment of this Act.
            (B) Until the first day of the first calendar quarter 
        beginning more than 60 days after the date the Secretary of 
        Health and Human Services establishes the physician identifier 
        system under section 1902(x) of the Social Security Act, the 
        requirement under section 1902(a)(32)(C) of such Act that a 
        claim form submitted must include the second physician's unique 
        identifier is deemed to be satisfied if the claim form 
        identifies (in a manner specified by the Secretary of Health 
        and Human Services) the second physician.

Ex Output:
Rural Physicians' Incentives Act of 1993 - Amends the Internal Revenue Code to allow a deduction on medical education loan interest of a physician which accrues while the physician is living in and providing primary care to residents of a medically underserved rural area. 
Amends title XVIII (Medicare) of the Social Security Act to exempt services furnished in a rural area from a special fee schedule applicable to new physicians. 
Amends the Higher Education Act of 1965 to extend beyond the normal two-year limit, for borrowers serving an internship or residency program in preparation for practice in an area of primary care, the deferral of payments on:  (1) insured student loans (Stafford Loans), including those eligible for interest subsidies; and (2) low-interest student loans (Perkins Loans). 
Amends titles XVIII (Medicare) and XIX (Medicaid) of the Social Security Act to modify provisions setting forth requirements concerning billing by one physician for services rendered by another physician in specified circumstances.


Ex Input:
SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Office of Strategic Services 
Congressional Gold Medal Act''.

SEC. 2. FINDINGS.

    The Congress finds the following:
            (1) The Office of Strategic Services (OSS) was America's 
        first effort to implement a system of strategic intelligence 
        during World War II and provided the basis for the modern-day 
        American intelligence and special operations communities. The 
        U.S. Special Operations Command and the National Clandestine 
        Service chose the OSS spearhead as their insignias.
            (2) OSS founder General William J. Donovan is the only 
        person in American history to receive our Nation's four highest 
        decorations, including the Medal of Honor. Upon learning of his 
        death in 1959, President Eisenhower called General Donovan the 
        ``last hero''. In addition to founding and leading the OSS, 
        General Donovan was also selected by President Roosevelt, who 
        called him his ``secret legs'', as an emissary to Great Britain 
        and continental Europe before the United States entered World 
        War II.
            (3) All the military branches during World War II 
        contributed personnel to the OSS. The present-day Special 
        Operations Forces trace their lineage to the OSS. Its Maritime 
        Unit was a precursor to the U.S. Navy SEALs. The OSS 
        Operational Groups and Jedburghs were forerunners to U.S. Army 
        Special Forces. The 801st/492nd Bombardment Group 
        (``Carpetbaggers'') were progenitors to the Air Force Special 
        Operations Command. The Marines who served in the OSS, 
        including the actor Sterling Hayden (a Silver Star recipient), 
        Col. William Eddy (a Distinguished Service Cross recipient who 
        was described as the ``nearest thing the United States has had 
        to a Lawrence of Arabia''), and Col. Peter Ortiz (a two-time 
        Navy Cross recipient), were predecessors to the Marine Special 
        Operations Command. U.S. Coast Guard personnel were recruited 
        for the Maritime Unit and its Operational Swimmer Group.
            (4) The OSS organized, trained, supplied, and fought with 
        resistance organizations throughout Europe and Asia that played 
        an important role in America's victory during World War II. 
        General Eisenhower credited the OSS's covert contribution in 
        France to the equivalent to having an extra military division. 
        General Eisenhower told General Donovan that if it did nothing 
        else, the photographic reconnaissance conducted by the OSS 
        prior to the D-Day Invasion justified its creation.
            (5) Four future directors of central intelligence served as 
        OSS officers: William Casey, William Colby, Allen Dulles, and 
        Richard Helms.
            (6) Women comprised more than one-third of OSS personnel 
        and played a critical role in the organization. They included 
        Virginia Hall, the only civilian female to receive a 
        Distinguished Service Cross in World War II, and Julia Child.
            (7) OSS recruited Fritz Kolbe, a German diplomat who became 
        America's most important spy against the Nazis in World War II.
            (8) America's leading scientists and scholars served in the 
        OSS Research and Analysis Branch, including Ralph Bunche, the 
        first African-American to receive the Nobel Peace Prize; 
        Pulitzer Prize-winning historian Arthur Schlesinger, Jr.; 
        Supreme Court Justice Arthur Goldberg; Sherman Kent; John King 
        Fairbank; and Walt Rostow. Its ranks included seven future 
        presidents of the American Historical Association, five of the 
        American Economic Association, and two Nobel laureates.
            (9) The U.S. Department of State's Bureau of Intelligence 
        and Research traces its creation to the OSS Research and 
        Analysis Branch.
            (10) James Donovan, who was portrayed by Tom Hanks in the 
        Steven Spielberg movie ``Bridge of Spies'' and negotiated the 
        release of U-2 pilot Francis Gary Powers, served as General 
        Counsel of the OSS.
            (11) The OSS invented and employed new technology through 
        its Research and Development Branch, inventing new weapons and 
        revolutionary communications equipment. Dr. Christian 
        Lambertsen invented the first underwater rebreathing apparatus 
        that was first utilized by the OSS and is known today as SCUBA.
            (12) OSS Detachment 101 operated in Burma and pioneered the 
        art of unconventional warfare. It was the first United States 
        unit to deploy a large guerrilla army deep in enemy territory. 
        It has been credited with the highest kill/loss ratio for any 
        infantry-type unit in American military history and was awarded 
        a Presidential Unit Citation.
            (13) Its X-2 branch pioneered counterintelligence with the 
        British and established the modern counterintelligence 
        community. The network of contacts built by the OSS with 
        foreign intelligence services led to enduring Cold War 
        alliances.
            (14) Operation Torch, the Allied invasion of French North 
        Africa in November 1942, was aided by the networks established 
        and information acquired by the OSS to guide Allied landings.
            (15) OSS Operation Halyard rescued more than 500 downed 
        airmen trapped behind enemy lines in Yugoslavia, one of the 
        most daring and successful rescue operations of World War II.
            (16) OSS ``Mercy Missions'' at the end of World War II 
        saved the lives of thousands of Allied prisoners of war whom it 
        was feared would be murdered by the Japanese.
            (17) The handful of surviving men and women of the OSS whom 
        General Donovan said performed ``some of the bravest acts of 
        the war'' are members of the ``Greatest Generation''. They have 
        never been collectively recognized for their heroic and 
        pioneering service in World War II.

SEC. 3. CONGRESSIONAL GOLD MEDAL.

    (a) Presentation Authorized.--The Speaker of the House of 
Representatives and the President pro tempore of the Senate shall make 
appropriate arrangements for the presentation, on behalf of the 
Congress, of a gold medal of appropriate design in commemoration to the 
members of the Office of Strategic Services (OSS), in recognition of 
their superior service and major contributions during World War II.
    (b) Design and Striking.--For purposes of the presentation referred 
to in subsection (a), the Secretary of the Treasury (referred to in 
this Act as the ``Secretary'') shall strike a gold medal with suitable 
emblems, devices, and inscriptions, to be determined by the Secretary.
    (c) Smithsonian Institution.--
            (1) In general.--Following the award of the gold medal in 
        commemoration to the members of the Office of Strategic 
        Services under subsection (a), the gold medal shall be given to 
        the Smithsonian Institution, where it will be displayed as 
        appropriate and made available for research.
            (2) Sense of congress.--It is the sense of Congress that 
        the Smithsonian Institution should make the gold medal received 
        under paragraph (1) available for display elsewhere, 
        particularly at other appropriate locations associated with the 
        Office of Strategic Services.

SEC. 4. DUPLICATE MEDALS.

    The Secretary may strike and sell duplicates in bronze of the gold 
medal struck pursuant to section 3 under such regulations as the 
Secretary may prescribe, at a price sufficient to cover the cost 
thereof, including labor, materials, dies, use of machinery, and 
overhead expenses, and the cost of the gold medal.

SEC. 5. STATUS OF MEDALS.

    (a) National Medals.--The medals struck pursuant to this Act are 
national medals for purposes of chapter 51 of title 31, United States 
Code.
    (b) Numismatic Items.--For purposes of section 5134 of title 31, 
United States Code, all medals struck under this Act shall be 
considered to be numismatic items.

Ex Output:
Office of Strategic Services Congressional Gold Medal Act  This bill requires the Speaker of the House of Representatives and the President pro tempore of the Senate to arrange for the presentation of a Congressional Gold Medal to the members of the Office of Strategic Services in recognition of their service and contributions during World War II.


Ex Input:
FUNDING 
              CORPORATION.

    (a) Funding of Interest Payments by the Resolution Funding 
Corporation.--Subsection 21B(f)(2)(C) of the Federal Home Loan Bank Act 
(12 U.S.C. 1441b(f)(2)(C)) is amended to read as follows:
                    ``(C) Payments by federal home loan banks.--
                            ``(i) In general.--To the extent the 
                        amounts available pursuant to subparagraphs (A) 
                        and (B) are insufficient to cover the amount of 
                        interest payments, the Federal home loan banks 
                        shall pay to the Funding Corporation each 
                        calendar year $300,000,000.
                            ``(ii) Individual bank share.--Each Federal 
                        home loan bank's share of the amount required 
                        to be paid under clause (i) for any year shall 
                        be determined by dividing--
                                    ``(I) the daily average minimum 
                                level of tangible capital which such 
                                bank was required to maintain in order 
                                to comply with the bank's minimum 
                                capital requirement for the adequately 
                                capitalized category established 
                                pursuant to section 28(b)(2); by
                                    ``(II) the sum of the daily average 
                                minimum levels of tangible capital 
                                which all the banks were required to 
                                maintain in order to comply with each 
                                such bank's minimum capital requirement 
                                for the adequately capitalized 
                                category.''
    (b) Bank Contributions to the Bank's Affordable Housing Program.--
            ``(1) 1995.--Subsection 10(j)(5)(C) of the Federal Home 
        Loan Bank Act (12 U.S.C. 1430(j)(5)(C)) is amended to read as 
        follows:
                    ``(C) In 1995, the greater of--
                            ``(i) 10 percent of the net income of the 
                        bank in the preceding year; or
                            ``(ii) such prorated sum as the Finance 
                        Board may determine to be necessary to assure 
                        that the aggregate contribution of all the 
                        Federal home loan banks shall not be less than 
                        $100,000,000 for 1995.''
    (c) 1996 and Subsequent Years.--Subsection 10(j)(5) of the Federal 
Home Loan Bank Act (12 U.S.C. 1430(j)(5)) is amended by adding at the 
end the following new subparagraph:
                    ``(D) In 1996 and subsequent years, 10 percent of 
                the net income of the bank in the preceding year, as 
                determined after deducting the payment made by each 
                Federal home loan bank to the Funding Corporation under 
                section 21B(f)(2)(C).''.

SEC. 9. COMMUNITY SUPPORT REQUIREMENTS.

    Subsection (g) of section 10 of the Federal Home Loan Bank Act (12 
U.S.C. 1430(g)) is amended by adding at the end the following new 
paragraph:
            ``(3) Safe harbor for member's receiving cra ratings of 
        satisfactory or better.--Notwithstanding paragraphs (1) and 
        (2), any member which receives a rating of satisfactory or 
        outstanding pursuant to section 807 of the Community 
        Reinvestment Act of 1977 in such member's most recent 
        examination shall be treated as having satisfied the 
        requirements of such paragraphs.''.

SEC. 10. TECHNICAL AND CONFORMING AMENDMENTS.

    (a) Section 9.--Section 9 of the Federal Home Loan Bank Act (12 
U.S.C. 1429) is amended--
            (1) in the 2d sentence, by striking ``with the approval of 
        the Board''; and
            (2) in the 3d sentence, by striking ``, subject to the 
        approval of the Board,''.
    (b) Section 10.--
            (1) Subsection (a) of section 10 of the Federal Home Loan 
        Bank Act (12 U.S.C. 1430(a)) is amended--
                    (A) in the 1st sentence before paragraph (1), by 
                striking ``or section 11(g) of this Act'';
                    (B) in the 2d sentence before paragraph (1), by 
                striking ``housing finance'' and inserting ``mortgage 
                assets'';
                    (C) in the 2d sentence of paragraph (5), by 
                striking ``and the Board''; and
                    (D) in the last sentence of paragraph (5), by 
                striking ``Board'' and inserting ``bank''.
            (2) The last sentence of section 10(b) of the Federal Home 
        Loan Bank Act (12 U.S.C. 1430(b)) is amended by striking 
        ``Board'' and inserting ``bank''.
            (3) Section 10(c) of the Federal Home Loan Bank Act (12 
        U.S.C. 1430(c) is amended--
                    (A) in the 1st sentence, by striking ``Board'' and 
                inserting ``bank''; and
                    (B) by striking the 2d sentence.
            (4) The last sentence of section 10(d) of the Federal Home 
        Loan Bank Act (12 U.S.C. 1430(d)) is amended by striking 
        ``Subject to the approval of the Board, any'' and inserting 
        ``Any''.
            (5) Section 10 of the Federal Home Loan Bank Act (12 U.S.C. 
        1430) is amended by striking the 1st of the 2 subsections 
        designated as subsection (e).
    (c) Section 10b.--Subsection (a) of section 10b of the Federal Home 
Loan Bank Act (12 U.S.C. 1430b) is amended--
            (1) by striking ``Board'' and inserting ``bank''; and
            (2) by inserting ``home'' before ``mortgage loan''.
    (d) Section 11.--
            (1) Subsection (a) of section 11 of the Federal Home Loan 
        Bank Act (12 U.S.C. 1431(a)) is amended--
                    (A) by striking ``(a) Each Federal Home Loan Bank'' 
                and inserting ``(a) Borrowing Authority.--
            ``(1) In general.--Each Federal home loan bank'';
                    (B) by striking ``, subject to rules and 
                regulations prescribed by the Board'';
                    (C) by striking ``Board'' and inserting ``board of 
                directors of the bank''; and
                    (D) by adding at the end the following new 
                paragraph:
            ``(2) Borrowing through the office of finance corporation 
        only.--Notwithstanding paragraph (1), all notes, bonds, and 
        debentures issued by any Federal home loan bank shall be issued 
        through the Office of Finance Corporation.''
            (2) Subsection (b) of section 11 of the Federal Home Loan 
        Bank Act (12 U.S.C. 1431(b)) is amended to read as follows:
    ``(b) Issuance of Federal Home Loan Bank Bonds.--
            ``(1) In general.--Effective as of the date the Finance 
        Board transfers the functions of the Office of Finance to the 
        Office of Finance Corporation pursuant to section 4(a)(3), the 
        Office of Finance Corporation may issue consolidated Federal 
        home loan bank bonds and other consolidated obligations on 
        behalf of the banks.
            ``(2) Joint and several obligation; terms and conditions.--
        Consolidated obligations issued by the Office of Finance 
        Corporation under paragraph (1) shall--
                    ``(A) be the joint and several obligations of all 
                the Federal home loan banks; and
                    ``(B) shall be issued upon such terms and 
                conditions as shall be established by the Office of 
                Finance Corporation.''.
            (3) Section 11 of the Federal Home Loan Bank Act (12 U.S.C. 
        1431) is amended by striking subsections (c) and (d) and by 
        redesignating subsections (e), (f), (g), (h), (i), (j) and (k) 
        as subsections (c), (d), (e), (f), (g), (h) and (i), 
        respectively.
            (4) Subsection (d) of section 11 of the Federal Home Loan 
        Bank Act (as so redesignated by paragraph (3)) is amended to 
        read as follows:
    ``(d) Rediscount of Notes Held by Other Banks; Purchase of Bonds of 
Other Banks.--The Federal home loan banks may--
            ``(1) rediscount the discounted notes of members held by 
        other Federal home loan banks;
            ``(2) make loans to, or make deposits with, other Federal 
        home loan banks; or
            ``(3) purchase any bonds or debentures issued under this 
        section.''.
    (e) Repeal of Sections 2A and 2B.--The Federal Home Loan Bank Act 
(12 U.S.C. 1421 et seq.) is amended by striking sections 2A and 2B.

SEC. 11. INCORPORATION OF BANKS; CORPORATE POWERS.

    Section 12 of the Federal Home Loan Bank Act is amended to read as 
follows:

``SEC. 12. INCORPORATION OF BANKS; CORPORATE POWERS.

    ``(a) Organizational Certificates.--
            ``(1) Custodianship.--The Finance Board shall be the 
        custodian of the organizational certificates of the Federal 
        home loan banks previously filed with the Federal Home Loan 
        Bank Board (as in existence before the end of the 60-day period 
        beginning on the date of the enactment of the Financial 
        Institutions Reform, Recovery, and Enforcement Act of 1989) or 
        the Finance Board.
            ``(2) Replacement of lost or destroyed certificate.--If the 
        organizational certificate of a Federal home loan bank is lost 
        or destroyed, the board of directors of the bank shall provide 
        the Finance Board with a substitute certificate containing such 
        information as the Finance Board may require.
            ``(3) Amendment in case of merger, combination, or 
        consolidation.--If 2 or more Federal home loan banks merge, 
        combine, or otherwise consolidate, the resulting bank shall 
        provide the Finance Board with an amended organizational 
        certificate containing such information as the Finance Board 
        may require.
    ``(b) Corporate Status.--Each Federal home loan bank shall be a 
corporation.
    ``(c) Powers.--Each Federal home loan bank shall have the following 
powers:
            ``(1) To adopt, alter, and use a corporate seal.
            ``(2) To make contracts.
            ``(3) To purchase or lease and hold or dispose of such real 
        estate as may be necessary or convenient for the transaction of 
        the business of the bank.
            ``(4) To sue and be sued, to complain, and to defend, in 
        any court of competent jurisdiction.
            ``(5) To select, employ, and fix the compensation of such 
        officers, employees, attorneys, and agents as the board of 
        directors determines to be necessary for the transaction of the 
        business of the bank.
            ``(6) To define the duties of, and require bonds of, 
        officers, employees, attorneys, and agents of the bank and fix 
        the penalties of any such bonds.
            ``(7) To dismiss at pleasure officers, employees, 
        attorneys, and agents of the bank.
            ``(8) By the board of directors, to prescribe, amend, and 
        repeal bylaws and policies governing the manner in which the 
        affairs of the bank may be administered.
            ``(9) Such incidental powers as are not inconsistent with 
        the provisions of this Act and are customary and usual in 
        corporations generally.
    ``(d) Prohibition on Excessive Compensation.--
            ``(1) In general.--The Finance Board shall prohibit the 
        Federal home loan banks from providing compensation to any 
        employee of the bank that is not reasonable and comparable with 
        compensation for employment in other similar businesses 
        (including other financial institutions or major financial 
        services companies) involving similar duties and 
        responsibilities.
            ``(2) Limitation on Finance Board's Authority to Set 
        Compensation.--In carrying out paragraph (1), the Finance Board 
        may not prescribe or set a specific level or range of 
        compensation.''.

SEC. 12. LIQUIDATION OR REORGANIZATION.

    Section 25 of the Federal Home Loan Bank Act (12 U.S.C. 1445) is 
amended by striking ``the Board under this Act'' and inserting 
``operation of law''.

SEC. 13. DEFINITIONS.

    (a) Finance Board Defined.--Paragraph (1) of section 2 of the 
Federal Home Loan Bank Act (12 U.S.C. 1422(1)) is amended to read as 
follows:
            ``(1) Finance board.--The term `Finance Board' means the 
        Federal Housing Finance Board established under section 3.''
    ``(b) Home Mortgage Loan Defined.--Section 2 of the Federal Home 
Loan Bank Act (12 U.S.C. 1422) is amended by striking paragraphs (5) 
and (6) and inserting the following new paragraph:
            ``(5) Home mortgage loan.--
                    ``(A) In general.--The term `home mortgage loan' 
                means a loan made by a member or a nonmember borrower 
                upon the security of--
                            ``(i) a mortgage, deed of trust or other 
                        security arrangement upon qualified real 
                        estate, in fee simple; or
                            ``(ii) on a qualified leasehold--
                                    ``(I) under a lease which has a 
                                period to maturity of not less than 99 
                                years and is renewable; or
                                    ``(II) under a lease having a 
                                period of not less than 50 years to run 
                                from the date the mortgage, deed of 
                                trust, or other security arrangement 
                                was executed.
                    ``(B) Certain loans included.--The term `home 
                mortgage loan' includes--
                            ``(i) such classes of first liens as are 
                        commonly given to secure advances on real 
                        estate, under the laws of the State in which 
                        the real estate is located, by institutions 
                        authorized under this Act to become members of 
                        a Federal home loan bank; and
                            ``(ii) the credit instruments, if any, 
                        secured by such liens.
                    ``(C) Qualified real estate; qualified leasehold.--
                The terms `qualified real estate' and `qualified 
                leasehold' mean real estate upon which is located, or 
                which comprises or includes, 1 or more homes or other 
                dwelling units.
                    ``(D) Definition of further terms.--The Finance 
                Board may define any term used in this paragraph.''.
    (c) Residential Mortgage Assets Defined.--Section 2 of the Federal 
Home Loan Bank Act (12 U.S.C. 1422) is amended--
            (1) by redesignating paragraphs (7), (8), (9), (10), (11), 
        and (12) as paragraphs (6), (7), (8), (9), (10), (11), 
        respectively; and
            (2) by adding at the end the following new paragraph:
            ``(12) Residential mortgage assets.--The term `residential 
        mortgage asset'--
                    ``(A) means a home mortgage, deed of trust, or 
                other security arrangement upon real estate that is 
                solely residential; and
                    ``(B) includes any mortgage pass-through security 
                or mortgage debt security representing an interest in, 
                or which is collateralized by, a home mortgage loan.''
    (d) Regulated Financial Institution Defined.--Section 2 of the 
Federal Home Loan Bank Act (12 U.S.C. 1422) is amended by adding after 
paragraph (12) (as added by subsection (c) of this section) the 
following new paragraph:
            ``(13) Regulated financial institution.--The term 
        `regulated financial institution' means--
                    ``(A) any insured depository institution; and
                    ``(B) any building and loan association, saving and 
                loan association, cooperative bank, homestead 
                association, or savings bank which is duly organized 
                under the laws of any state or of the United States.''.
    (e) Capital Distribution Defined.--Section 2 of the Federal Home 
Loan Bank Act (12 U.S.C. 1422) is amended by adding after paragraph 
(13) (as added by subsection (d) of this section) the following new 
paragraph:
            ``(14) Capital distribution.--The term `capital 
        distribution' means--
                    ``(A) any dividend or other distribution in cash or 
                other property made with respect to any shares of, or 
                other ownership interest in, a Federal home loan bank, 
                other than a dividend consisting only of shares of any 
                such bank;
                    ``(B) any payment in cash or other property made by 
                a Federal home loan bank to repurchase, redeem, retire, 
                or otherwise acquire any of the shares of the bank, 
                including any extension of credit made to finance an 
                acquisition by a bank of such shares; and
                    ``(C) any transaction that the Finance Board 
                determines by regulation to be, in substance, a 
                distribution of capital of a Federal home loan bank.''.

SEC. 14. EFFECTIVE DATE.

    Except as otherwise expressly provided in this Act, this Act and 
the amendments made by this Act shall take effect on the first January 
1 which occurs after the date of the enactment of this Act.
                                 
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Ex Output:

Federal Home Loan Bank System Modernization Act of 1995 - Amends the Federal Home Loan Bank Act (FHLBA) to declare that the mission of the Federal Home Loan Bank System is to:  (1) be a profit-making enterprise whose purpose is to support residential mortgage lending (including low- and moderate-income housing), and related community and economic development lending through a program of collateralized advances and other financial services; and (2) facilitate such lending by providing long-term credit and liquidity and other financial services to members of Federal home loan banks (FHLBs). 
Establishes 12 regional FHLB districts.  (Currently, the Federal Housing Finance Board (Board) is required to establish between eight and 12 such districts.)  Prescribes guidelines for FHLB mergers. 
Modifies from annual to periodic the congressional reporting requirements of the Board regarding the safety and soundness of the FHLB system.  Alters the makeup of the Board to:  (1) reduce its membership from five to three directors; and (2) repeal the statutory mandate that it consist of the Secretary of Housing and Urban Development and at least one consumer representative.  States that two directors constitutes a quorum. 
Establishes the Office of Finance Corporation (the Corporation) as a federally chartered instrumentality to issue FHLB bonds and debentures.  Transfers to the Corporation the functions of the Office of Finance of the FHLBs.  Vests Corporation management in a board of directors composed of elected representatives from each FHLB.  Treats the Corporation as an FHLB for purposes of any law. 
Revises the parameters for subscription and retirement of FHLB stock.  Revises the procedure for termination of FHLB membership. Reduces from ten years to five years the period of time before a withdrawn member may resume membership. 
Amends the Home Owners' Loan Act to repeal:  (1) the proscription against granting cash advances to savings associations that have failed to acquire or maintain qualified thrift lender status; and (2) the requirement that such associations repay outstanding FHLB advances in a prompt and prudent manner. 
Revises the FHLB membership guidelines to change membership status from mandatory to voluntary for each Federal savings association. 
Amends the FHLBA to direct the Finance Board to establish a uniform capital requirement for FHLBs which takes into consideration interest rate risk, credit risk, and all other risks and obligations associated with bank operations.  Prescribes bank capital guidelines. Revises the guidelines for:  (1) bank management; (2) FHLB annual contributions to the Resolution Funding Corporation; and (3) FHLB contributions to the Affordable Housing Program. 
Provides that any member which receives a rating of satisfactory or better in its most recent examination in connection with the Community Reinvestment Act of 1977 shall be treated as having satisfied specified statutory requirements. 
Revises incorporation guidelines to:  (1) declare the Finance Board custodian of FHLB organizational certificates; and (2) instruct the Finance Board to prohibit FHLBs from providing excessive compensation to employees.