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SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Equitable Treatment of Investors 
Act''.

SEC. 2. SECURITIES INVESTOR PROTECTION ACT OF 1970 AMENDMENTS.

    (a) Net Equity Based on Last Statement.--Section 16(11) of the 
Securities Investor Protection Act of 1970 (15 U.S.C. 78lll(11)) is 
amended to read as follows:
            ``(11) Net equity.--
                    ``(A) In general.--The term `net equity' means the 
                dollar amount of the account or accounts of a customer, 
                to be determined by--
                            ``(i) calculating the sum which would have 
                        been owed by the debtor to such customer if the 
                        debtor had liquidated, by sale or purchase on 
                        the filing date--
                                    ``(I) all securities positions of 
                                such customer (other than customer name 
                                securities reclaimed by such customer); 
                                and
                                    ``(II) all positions in futures 
                                contracts and options on futures 
                                contracts held in a portfolio margining 
                                account carried as a securities account 
                                pursuant to a portfolio margining 
                                program approved by the Commission, 
                                including all property collateralizing 
                                such positions, to the extent that such 
                                property is not otherwise included 
                                herein; minus
                            ``(ii) any indebtedness of such customer to 
                        the debtor on the filing date; plus
                            ``(iii) any payment by such customer of 
                        such indebtedness to the debtor which is made 
                        with the approval of the trustee and within 
                        such period as the trustee may determine (but 
                        in no event more than sixty days after the 
                        publication of notice under section 8(a)).
                    ``(B) Treatment of certain commodity futures 
                contracts.--A claim for a commodity futures contract 
                received, acquired, or held in a portfolio margining 
                account pursuant to a portfolio margining program 
                approved by the Commission or a claim for a security 
                futures contract, shall be deemed to be a claim with 
                respect to such contract as of the filing date, and 
                such claim shall be treated as a claim for cash.
                    ``(C) Treatment of accounts held by a customer in 
                separate capacities.--In determining net equity under 
                this paragraph, accounts held by a customer in separate 
                capacities shall be deemed to be accounts of separate 
                customers.
                    ``(D) Reliance on final customer statement.--
                            ``(i) In general.--In determining net 
                        equity under this paragraph, the positions, 
                        options, and contracts of a customer held by 
                        the debtor, and any indebtedness of the 
                        customer to the debtor, shall be determined 
                        based on--
                                    ``(I) the information contained in 
                                the last statement received by the 
                                customer from the debtor before the 
                                filing date; and
                                    ``(II) any additional specific 
                                confirmations of the customer's 
                                positions, options, contracts, or 
                                indebtedness received after such last 
                                statement but before the filing date.
                            ``(ii) Fraud exception.--The provisions of 
                        this subparagraph shall not apply to any 
                        customer that--
                                    ``(I) knew the debtor was involved 
                                in fraudulent activity with respect to 
                                any customer of the debtor; or
                                    ``(II) was a person that--
                                            ``(aa) was, or was required 
                                        to be, registered with the 
                                        Securities and Exchange 
                                        Commission under the securities 
                                        laws (as such term is defined 
                                        under section 3(a) of the 
                                        Securities Exchange Act of 1934 
                                        (15 U.S.C. 78c(a)));
                                            ``(bb) knew, or should have 
                                        known, that the debtor was 
                                        involved in fraudulent activity 
                                        with respect to any customer of 
                                        the debtor; and
                                            ``(cc) did not notify SIPC, 
                                        the Commission, or law 
                                        enforcement personnel that the 
                                        debtor was involved in such 
                                        fraudulent activity.''.
    (b) Prohibition on Certain Recoveries.--Section 8 of the Securities 
Investor Protection Act of 1970 (15 U.S.C. 78fff-2) is amended by 
adding at the end the following new subsection:
    ``(g) Prohibition on Certain Recoveries.--Notwithstanding any other 
provision of this Act, a trustee may not recover any property 
transferred by the debtor to a customer before the filing date unless, 
at the time of such transfer, such customer--
            ``(1) knew the debtor was involved in fraudulent activity 
        with respect to any customer of the debtor; or
            ``(2) was a person that--
                    ``(A) was, or was required to be, registered with 
                the Securities and Exchange Commission under the 
                securities laws (as such term is defined under section 
                3(a) of the Securities Exchange Act of 1934 (15 U.S.C. 
                78c(a)));
                    ``(B) knew, or should have known, that the debtor 
                was involved in fraudulent activity with respect to any 
                customer of the debtor; and
                    ``(C) did not notify SIPC, the Commission, or law 
                enforcement personnel that the debtor was involved in 
                such fraudulent activity.''.
    (c) Appointment of Trustees.--
            (1) In general.--Section 5(b)(3) of the Securities Investor 
        Protection Act of 1970 (15 U.S.C. 78eee(b)(3)) is amended to 
        read as follows:
            ``(3) Appointment of trustee and attorney.--
                    ``(A) In general.--If the court issues a protective 
                decree under paragraph (1), such court shall forthwith 
                appoint, as trustee for the liquidation of the business 
                of the debtor and as attorney for the trustee, such 
                persons as the court determines best fit to serve as 
                trustee and as attorney from among the persons selected 
                by the Commission pursuant to subparagraph (B). The 
                persons appointed as trustee and as attorney for the 
                trustee may be associated with the same firm.
                    ``(B) Commission candidates.--With respect to a 
                debtor and upon the court issuing a protective decree 
                under paragraph (1), the Commission shall forthwith 
                provide the court with a list of candidates for the 
                position of trustee and attorney for the trustee for 
                such debtor.
                    ``(C) Disinterest requirement.--No person may be 
                appointed to serve as trustee or attorney for the 
                trustee if such person is not disinterested within the 
                meaning of paragraph (6), except that for any specified 
                purpose other than to represent a trustee in conducting 
                a liquidation proceeding, the trustee may, with the 
                approval of SIPC and the court, employ an attorney who 
                is not disinterested.
                    ``(D) Qualification.--A trustee appointed under 
                this paragraph shall qualify by filing a bond in the 
                manner prescribed by section 322 of title 11, United 
                States Code.''.
            (2) Effective date.--The amendment made by paragraph (1) 
        shall take effect with respect to trustees and attorneys 
        appointed after the date of the enactment of this Act.

SEC. 3. EFFECTIVE DATE.

    Except as provided under section 2(c)(2), the amendments made by 
section 2 shall take effect with respect to a liquidation proceeding 
under the Securities Investor Protection Act of 1970 that--
            (1) was in progress on the date of the enactment of this 
        Act; or
            (2) is initiated after the date of the enactment of this 
        Act.
Equitable Treatment of Investors Act - Amends the Securities Investor Protection Act of 1970 to revise the definition of "net equity."

Declares also that, in determining net equity, the positions, options, and contracts of a customer held by the debtor, and any indebtedness of the customer to the debtor, shall be determined based on: (1) the information contained in the last statement received by the customer from the debtor before the filing date; and (2) any additional specific confirmations of the customer's positions, options, contracts, or indebtedness received after such last statement but before the filing date.

Prohibits reliance on the final statement of the debtor to customer, however, if the customer: (1) knew the debtor was involved in fraudulent activity with respect to any of its customers; or (2) as a registrant under the securities laws, or a person required to be so registered, knew, or should have known, that the debtor was involved in such a fraudulent activity and did not notify the Securities Investor Protection Corporation (SIPC), the Securities Exchange Commission (SEC), or law enforcement personnel that the debtor was so involved.

Prohibits a trustee in a liquidation proceeding from recovering any property transferred by the debtor to a customer before the filing date unless, at the time of such transfer, the customer meets the same critieria.

Transfers from SIPC to the SEC authority to nominate to a court persons for appointment as trustee for the liquidation of a debtor's business and as attorney for the trustee.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``More Border Patrol Agents Now Act of 
2006''.

SEC. 2. BORDER PATROL AGENT ENHANCEMENT.

    (a) Plan.--In order to address the recruitment and retention 
challenges faced by the United States Border Patrol, the Secretary of 
Homeland Security shall, not later than six months after the date of 
the enactment of this Act, submit to the Committee on Homeland Security 
and the Committee on Government Reform of the House of Representatives 
and the Committee on Homeland Security and Governmental Affairs of the 
Senate a plan to determine how the Border Patrol can better recruit and 
retain Border Patrol agents with the appropriate skills and training to 
effectively carry out its mission and responsibilities.
    (b) Contents.--The plan shall include, at a minimum, the following 
components:
            (1) A strategy for the utilization of the recruitment 
        authority provided in subsection (a) of section 9702 of title 
        5, United States Code (as added by section 3), as well as any 
        other strategies the Secretary determines to be important in 
        recruiting well-qualified Border Patrol agents.
            (2) A strategy for the utilization of the retention 
        authority provided in subsection (b) of section 9702 of title 
        5, United States Code (as added by section 3), as well as any 
        other strategies the Secretary determines to be important in 
        retaining well-qualified Border Patrol agents.
            (3) An assessment of the impact that current pay levels for 
        Border Patrol agents has on the Department's ability to recruit 
        and retain Border Patrol agents, especially in high cost-of-
        living areas.
            (4) An assessment of whether increased opportunities for 
        Border Patrol agents to transfer between duty stations would 
        improve employee morale and enhance the Department's ability to 
        recruit and retain well-qualified Border Patrol agents.

SEC. 3. RECRUITMENT AND RETENTION BONUSES FOR BORDER PATROL AGENT 
              ENHANCEMENT.

    (a) In General.--Chapter 97 of title 5, United States Code, is 
amended by adding at the end the following new section:
``Sec. 9702. Border Patrol agent enhancement
    ``(a) Recruitment Bonuses for Border Patrol Agents.--
            ``(1) In general.--In order to carry out the plan described 
        in section 2(a) of the More Border Patrol Agents Now Act of 
        2006, the Secretary of Homeland Security may pay a bonus to an 
        individual to recruit a sufficient number of Border Patrol 
        agents.
            ``(2) Bonus amount.--
                    ``(A) In general.--The amount of a bonus under this 
                subsection shall be determined by the Secretary, but 
                may not exceed 25 percent of the annual rate of basic 
                pay of the position involved as of the beginning of the 
                period of service referred to in paragraph (3)(A).
                    ``(B) Lump-sum.--A bonus under this subsection 
                shall be paid in the form of a lump-sum payment and 
                shall not be considered to be part of basic pay.
            ``(3) Service agreements.--Payment of a bonus under this 
        section shall be contingent upon the individual entering into a 
        written service agreement with the United States Border Patrol. 
        The agreement shall include--
                    ``(A) the period of service the individual shall be 
                required to complete in return for the bonus; and
                    ``(B) the conditions under which the agreement may 
                be terminated before the agreed-upon service period has 
                been completed, and the effect of such termination.
            ``(4) Limitation on eligibility.--A bonus under this 
        section may not be paid to recruit an individual for--
                    ``(A) a position to which an individual is 
                appointed by the President, by and with the advice and 
                consent of the Senate;
                    ``(B) a position in the Senior Executive Service as 
                a noncareer appointee (as defined in section 3132(a)); 
                or
                    ``(C) a position which has been excepted from the 
                competitive service by reason of its confidential, 
                policy-determining, policy-making, or policy-advocating 
                character.
            ``(5) Termination.--The authority to pay bonuses under this 
        subsection shall terminate five years after the date of the 
        enactment of this section.
    ``(b) Retention Bonuses for Border Patrol Agents.--
            ``(1) In general.--In order to carry out the plan described 
        in section 2(a) of the More Border Patrol Agents Now Act of 
        2006, the Secretary of Homeland Security may pay a retention 
        bonus to a Border Patrol agent.
            ``(2) Service agreement.--Payment of a bonus under this 
        subsection is contingent upon the employee entering into a 
        written service agreement with the United States Border Patrol 
        to complete a period of service with the Border Patrol. Such 
        agreement shall include--
                    ``(A) the period of service the employee shall be 
                required to complete in return for the bonus; and
                    ``(B) the conditions under which the agreement may 
                be terminated before the agreed-upon service period has 
                been completed, and the effect of such termination.
            ``(3) Bonus amount.--
                    ``(A) In general.--The amount of a bonus under this 
                subsection shall be determined by the Secretary, but 
                may not exceed 25 percent of the annual rate of basic 
                pay of the position involved as of the beginning of the 
                period of service referred to in paragraph (2)(A).
                    ``(B) Lump-sum.--A bonus under this subsection 
                shall be paid in the form of a lump-sum payment and 
                shall not be considered to be part of basic pay.
            ``(4) Limitation.--A bonus under this subsection may not be 
        based on any period of service which is the basis for a 
        recruitment bonus under subsection (a).
            ``(5) Termination of authority.--The authority to grant 
        bonuses under this subsection shall expire five years after the 
        date of the enactment of this section.
    ``(c) Waiver Authority Relating to Reemployed Annuitants.--
            ``(1) In general.--In order to help address the challenges 
        faced by the United States Border Patrol, the Secretary of 
        Homeland Security may appoint annuitants to positions within 
        the United States Border Patrol in accordance with succeeding 
        provisions of this subsection.
            ``(2) Exclusion from offset.--An annuitant serving in a 
        position within the United States Border Patrol pursuant to an 
        appointment made under paragraph (1)--
                    ``(A) shall not be subject to the provisions of 
                section 8344 or 8468, as the case may be; and
                    ``(B) shall not, for purposes of subchapter III of 
                chapter 83 or chapter 84, be considered an employee.
            ``(3) Limitations.--
                    ``(A) Appointments.--The authority to make any 
                appointments under paragraph (1) shall terminate five 
                years after the date of the enactment of this 
                subsection.
                    ``(B) Exclusion.--The provisions of paragraph (2) 
                shall not, in the case of any annuitant appointed under 
                paragraph (1), remain in effect--
                            ``(i) with respect to more than five years 
                        of service (in the aggregate); nor
                            ``(ii) with respect to any service 
                        performed after the end of the ten-year period 
                        beginning on the date of the enactment of this 
                        subsection.
            ``(4) No displacement.--No appointment under this 
        subsection may be made if such appointment would result in the 
        displacement of any Border Patrol employee.
            ``(5) Definition.--For purposes of this subsection, the 
        term `annuitant' has the meaning given such term by section 
        8331 or 8401, as the case may be.''.
    (b) Conforming Amendment.--The table of contents for chapter 97 of 
title 5, United States Code, is amended by adding at the end the 
following:

``9702. Border Patrol agent enhancement.''.

            Passed the House of Representatives September 26, 2006.

            Attest:

                                                 KAREN L. HAAS,

                                                                 Clerk.
More Border Patrol Agents Now Act of 2006 - Directs the Secretary of Homeland Security to submit to the House Committees on Homeland Security and Government Reform and the Senate Committee on Homeland Security and Governmental Affairs a plan to determine how the Border Patrol can better recruit and retain agents with the appropriate skills and training.

Requires such plan to include: (1) recruitment and retention strategies; and (2) assessments of the impact of pay levels and duty station transfer opportunities upon recruitment and retention.

Amends federal law to authorize the Secretary (for five years) to pay a: (1) bonus to an individual to recruit Border Patrol agents; and (2) retention bonus to Border Patrol agents.

States that such bonuses shall: (1) not exceed 25% of the annual rate of basic pay of the position involved; (2) be paid in a lump-sum and not be considered part of basic pay; and (3) be contingent upon the individual entering into a written service agreement with the Border Patrol.

Authorizes the Secretary (for five years) to appoint annuitants to Border Patrol positions. Excludes such positions from specified offsets. Prohibits appointments that would displace any Border Patrol employee.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Fisheries Restoration and Irrigation 
Mitigation Act of 2000''.

SEC. 2. DEFINITIONS.

    In this Act:
        (1) Pacific ocean drainage area.--The term ``Pacific Ocean 
    drainage area'' means the area comprised of portions of the States 
    of Oregon, Washington, Montana, and Idaho from which water drains 
    into the Pacific Ocean.
        (2) Program.--The term ``Program'' means the Fisheries 
    Restoration and Irrigation Mitigation Program established by 
    section 3(a).
        (3) Secretary.--The term ``Secretary'' means the Secretary of 
    the Interior, acting through the Director of the United States Fish 
    and Wildlife Service.

SEC. 3. ESTABLISHMENT OF THE PROGRAM.

    (a) Establishment.--There is established the Fisheries Restoration 
and Irrigation Mitigation Program within the Department of the 
Interior.
    (b) Goals.--The goals of the Program are--
        (1) to decrease fish mortality associated with the withdrawal 
    of water for irrigation and other purposes without impairing the 
    continued withdrawal of water for those purposes; and
        (2) to decrease the incidence of juvenile and adult fish 
    entering water supply systems.
    (c) Impacts on Fisheries.--
        (1) In general.--Under the Program, the Secretary, in 
    consultation with the heads of other appropriate agencies, shall 
    develop and implement projects to mitigate impacts to fisheries 
    resulting from the construction and operation of water diversions 
    by local governmental entities (including soil and water 
    conservation districts) in the Pacific Ocean drainage area.
        (2) Types of projects.--Projects eligible under the Program may 
    include--
            (A) the development, improvement, or installation of--
                (i) fish screens;
                (ii) fish passage devices; and
                (iii) other related features agreed to by non-Federal 
            interests, relevant Federal and tribal agencies, and 
            affected States; and
            (B) inventories by the States on the need and priority for 
        projects described in clauses (i) through (iii).
        (3) Priority.--The Secretary shall give priority to any project 
    that has a total cost of less than $5,000,000.

SEC. 4. PARTICIPATION IN THE PROGRAM.

    (a) Non-Federal.--
        (1) In general.--Non-Federal participation in the Program shall 
    be voluntary.
        (2) Federal action.--The Secretary shall take no action that 
    would result in any non-Federal entity being held financially 
    responsible for any action under the Program, unless the entity 
    applies to participate in the Program.
    (b) Federal.--Development and implementation of projects under the 
Program on land or facilities owned by the United States shall be 
nonreimbursable Federal expenditures.

SEC. 5. EVALUATION AND PRIORITIZATION OF PROJECTS.

    Evaluation and prioritization of projects for development under the 
Program shall be conducted on the basis of--
        (1) benefits to fish species native to the project area, 
    particularly to species that are listed as being, or considered by 
    Federal or State authorities to be, endangered, threatened, or 
    sensitive;
        (2) the size and type of water diversion;
        (3) the availability of other funding sources;
        (4) cost effectiveness; and
        (5) additional opportunities for biological or water delivery 
    system benefits.

SEC. 6. ELIGIBILITY REQUIREMENTS.

    (a) In General.--A project carried out under the Program shall not 
be eligible for funding unless--
        (1) the project meets the requirements of the Secretary, as 
    applicable, and any applicable State requirements; and
        (2) the project is agreed to by all Federal and non-Federal 
    entities with authority and responsibility for the project.
    (b) Determination of Eligibility.--In determining the eligibility 
of a project under this Act, the Secretary shall--
        (1) consult with other Federal, State, tribal, and local 
    agencies; and
        (2) make maximum use of all available data.

SEC. 7. COST SHARING.

    (a) Non-Federal Share.--The non-Federal share of the cost of 
development and implementation of any project under the Program on land 
or at a facility that is not owned by the United States shall be 35 
percent.
    (b) Non-Federal Contributions.--The non-Federal participants in any 
project under the Program on land or at a facility that is not owned by 
the United States shall provide all land, easements, rights-of-way, 
dredged material disposal areas, and relocations necessary for the 
project.
    (c) Credit for Contributions.--The value of land, easements, 
rights-of-way, dredged material disposal areas, and relocations 
provided under subsection (b) for a project shall be credited toward 
the non-Federal share of the costs of the project.
    (d) Additional Costs.--
        (1) Non-federal responsibilities.--The non-Federal participants 
    in any project carried out under the Program on land or at a 
    facility that is not owned by the United States shall be 
    responsible for all costs associated with operating, maintaining, 
    repairing, rehabilitating, and replacing the project.
        (2) Federal responsibility.--The Federal Government shall be 
    responsible for costs referred to in paragraph (1) for projects 
    carried out on Federal land or at a Federal facility.

SEC. 8. LIMITATION ON ELIGIBILITY FOR FUNDING.

    A project that receives funds under this Act shall be ineligible to 
receive Federal funds from any other source for the same purpose.

SEC. 9. REPORT.

    On the expiration of the third fiscal year for which amounts are 
made available to carry out this Act, the Secretary shall submit to 
Congress a report describing--
        (1) the projects that have been completed under this Act;
        (2) the projects that will be completed with amounts made 
    available under this Act during the remaining fiscal years for 
    which amounts are authorized to be appropriated under section 10; 
    and
        (3) recommended changes to the Program as a result of projects 
    that have been carried out under this Act.

SEC. 10. AUTHORIZATION OF APPROPRIATIONS.

    (a) In General.--There is authorized to be appropriated to carry 
out this Act $25,000,000 for each of fiscal years 2001 through 2005.
    (b) Limitations.--
        (1) Single state.--
            (A) In general.--Except as provided in subparagraph (B), 
        not more than 25 percent of the total amount of funds made 
        available under this section may be used for one or more 
        projects in any single State.
            (B) Waiver.--On notification to Congress, the Secretary may 
        waive the limitation under subparagraph (A) if a State is 
        unable to use the entire amount of funding made available to 
        the State under this Act.
        (2) Administrative expenses.--Not more than 6 percent of the 
    funds authorized under this section for any fiscal year may be used 
    for Federal administrative expenses of carrying out this Act.

                               Speaker of the House of Representatives.

                            Vice President of the United States and    
                                               President of the Senate.

Makes projects that receive funds under this Act ineligible to receive Federal funds from any other source for the same purpose.
Authorizes appropriations.