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 ``Route 66 Centennial Commission 
Act''.

SEC. 2. FINDINGS.

    Congress makes the following findings:
            (1) Route 66 was the Nation's first all-paved highway under 
        the U.S. Highway System connecting the Midwest to California 
        and has played a major role in the history of the United 
        States.
            (2) Route 66 was the symbol of opportunity to hundreds of 
        thousands of people seeking escape from the Dust Bowl in the 
        1930s, serving as a ``road to opportunity'' in the West and 
        providing employment during the Great Depression, as thousands 
        were put to work on road crews to pave the road.
            (3) Route 66 was invaluable in transporting troops, 
        equipment, and supplies across the country to the West, where 
        the government established multiple industries and armed force 
        bases during World War II. Upon the conclusion of the war in 
        1945, Route 66 was a key route taken by thousands of troops as 
        they returned home.
            (4) Route 66 symbolized the Nation's positive outlook 
        during the postwar economic recovery in the 1950s and 1960s, 
        serving as an icon of free-spirited independence and linking 
        people across the United States. During this period, the 
        tourist industry along Route 66 grew tremendously, giving rise 
        to countless tourist courts, motels, service stations, garages, 
        and diners.
            (5) Since June 27, 1985, when Route 66 was decommissioned 
        as a Federal highway, the popularity and mythical stature of 
        Route 66 has grown domestically and internationally, as the 
        road has experienced a rebirth of interest and support.
            (6) The year 2026 will be the centennial anniversary of 
        Route 66, and a commission should be established to study and 
        recommend to Congress activities that are fitting and proper to 
        celebrate that anniversary in a manner that appropriately 
        honors America's Mother Road.

SEC. 3. ESTABLISHMENT.

    There is established a commission to be known as the Route 66 
Centennial Commission (referred to in this Act as the ``Commission'').

SEC. 4. DUTIES.

    The Commission shall have the following duties:
            (1) To study activities that may be carried out by the 
        Federal Government to determine whether the activities are 
        fitting and proper to honor Route 66 on the occasion of its 
        centennial anniversary, including any of the activities 
        described under section 8(b)(2)(B).
            (2) To recommend to Congress the activities the Commission 
        considers most fitting and proper to honor Route 66 on such 
        occasion, to be carried out by the Department of Transportation 
        and any other entity or entities within the Federal Government 
        that the Commission considers most appropriate to carry out 
        such activities.
            (3) To plan and host, in cooperation with such partners, a 
        conference on the U.S. Numbered Highway System, and assist in 
        the activities of such a conference.

SEC. 5. MEMBERSHIP.

    (a) Number and Appointment.--The Commission shall be composed of 19 
members appointed as follows:
            (1) Three members, each of whom shall be a qualified 
        citizen described in subsection (b), appointed by the 
        President.
            (2) Two members, each of whom shall be a qualified citizen 
        described in subsection (b), appointed by the President on the 
        recommendation of the Secretary of Transportation.
            (3) One member, who shall be a qualified citizen described 
        in subsection (b), appointed by the President on the 
        recommendation of the Governor of Illinois.
            (4) One member, who shall be a qualified citizen described 
        in subsection (b), appointed by the President on the 
        recommendation of the Governor of Missouri.
            (5) One member, who shall be a qualified citizen described 
        in subsection (b), appointed by the President on the 
        recommendation of the Governor of Kansas.
            (6) One member, who shall be a qualified citizen described 
        in subsection (b), appointed by the President on the 
        recommendation of the Governor of Oklahoma.
            (7) One member, who shall be a qualified citizen described 
        in subsection (b), appointed by the President on the 
        recommendation of the Governor of Texas.
            (8) One member, who shall be a qualified citizen described 
        in subsection (b), appointed by the President on the 
        recommendation of the Governor of New Mexico.
            (9) One member, who shall be a qualified citizen described 
        in subsection (b), appointed by the President on the 
        recommendation of the Governor of Arizona.
            (10) One member, who shall be a qualified citizen described 
        in subsection (b), appointed by the President on the 
        recommendation of the Governor of California.
            (11) Three members, each of whom shall be a qualified 
        citizen described in subsection (b), appointed by the President 
        on the recommendation of the Speaker of the House of 
        Representatives, in consultation with the minority leader of 
        the House of Representatives.
            (12) Three members, each of whom shall be a qualified 
        citizen described in subsection (b), appointed by the President 
        on the recommendation of the majority leader of the Senate, in 
        consultation with the minority leader of the Senate.
    (b) Qualified Citizen.--A qualified citizen described in this 
subsection is a private citizen of the United States with--
            (1) a demonstrated dedication to educating others about the 
        importance of historical figures and events; and
            (2) substantial knowledge and appreciation of Route 66.
    (c) Time of Appointment.--Each initial appointment of a member of 
the Commission shall be made before the expiration of the 120-day 
period beginning on the date of the enactment of this Act.
    (d) Continuation of Membership.--If a member of the Commission was 
appointed to the Commission as a Member of Congress, and ceases to be a 
Member of Congress, that member may continue to serve on the Commission 
for not longer than the 30-day period beginning on the date that member 
ceases to be a Member of Congress.
    (e) Terms.--Each member shall be appointed for the life of the 
Commission.
    (f) Vacancies.--A vacancy in the Commission shall not affect the 
powers of the Commission but shall be filled in the manner in which the 
original appointment was made.
    (g) Basic Pay.--Members shall serve on the Commission without pay.
    (h) Travel Expenses.--Each member shall receive travel expenses, 
including per diem in lieu of subsistence, in accordance with sections 
5702 and 5703 of title 5, United States Code.
    (i) Quorum.--Seven members of the Commission shall constitute a 
quorum but a lesser number may hold hearings.
    (j) Chair.--The President, in consultation with the Secretary of 
Transportation, shall designate one member of the Commission as Chair.
    (k) Meetings.--The Commission shall meet at the call of the Chair.

SEC. 6. DIRECTOR AND STAFF.

    (a) Director.--The Commission may appoint and fix the pay of a 
Director and such additional personnel as the Commission considers to 
be appropriate.
    (b) Applicability of Certain Civil Service Laws.--
            (1) Director.--The Director of the Commission may be 
        appointed without regard to the provisions of title 5, United 
        States Code, governing appointments in the competitive service, 
        and may be paid without regard to the provisions of chapter 51 
        and subchapter III of chapter 53 of that title relating to 
        classification and General Schedule pay rates.
            (2) Staff.--The staff of the Commission shall be appointed 
        subject to the provisions of title 5, United States Code, 
        governing appointments in the competitive service, and shall be 
        paid in accordance with the provisions of chapter 51 and 
        subchapter III of chapter 53 of that title relating to 
        classification and General Schedule pay rates.

SEC. 7. POWERS.

    (a) Hearings and Sessions.--The Commission may, for the purpose of 
carrying out this Act, hold such hearings, sit and act at such times 
and places, take such testimony, and receive such evidence as the 
Commission considers to be appropriate.
    (b) Powers of Members and Agents.--Any member or agent of the 
Commission may, if authorized by the Commission, take any action that 
the Commission is authorized to take by this Act.
    (c) Obtaining Official Data.--The Commission may secure directly 
from any department or agency of the United States information 
necessary to enable the Commission to carry out this Act. Upon request 
of the Chair of the Commission, the head of that department or agency 
shall furnish that information to the Commission.
    (d) Mails.--The Commission may use the United States mails in the 
same manner and under the same conditions as other departments and 
agencies of the United States.
    (e) Administrative Support Services.--Upon the request of the 
Commission, the Administrator of General Services shall provide to the 
Commission, on a reimbursable basis, the administrative support 
services necessary for the Commission to carry out its responsibilities 
under this Act.

SEC. 8. REPORTS.

    (a) Interim Reports.--The Commission may submit to Congress such 
interim reports as the Commission considers to be appropriate.
    (b) Comprehensive Report.--
            (1) In general.--Not later than 5 years after the date of 
        enactment of this Act, the Commission shall submit to the 
        President and Congress a report incorporating specific 
        recommendations for the commemoration of the centennial of 
        Route 66 and related events.
            (2) Contents of report.--The report under paragraph (1)--
                    (A) shall include recommendations for the 
                allocation of financial and administrative 
                responsibility among the public and private authorities 
                and organizations recommended for participation by the 
                Commission; and
                    (B) may recommend activities such as--
                            (i) the production, publication, and 
                        distribution of books, pamphlets, films, 
                        electronic publications, and other educational 
                        materials focusing on the history and impact of 
                        Route 66 on the United States and the world;
                            (ii) bibliographical and documentary 
                        projects, publications, and electronic 
                        resources;
                            (iii) conferences, convocations, lectures, 
                        seminars, and other programs;
                            (iv) the development of programs by and for 
                        libraries, museums, parks, and historic sites, 
                        including national traveling exhibitions;
                            (v) ceremonies and celebrations 
                        commemorating specific events;
                            (vi) the production, distribution, and 
                        performance of artistic works, and of programs 
                        and activities, focusing on the national and 
                        international significance of Route 66; and
                            (vii) the issuance of commemorative coins, 
                        medals, certificates of recognition, and 
                        postage stamps.
    (c) Final Report.--The Commission shall submit to the President and 
Congress a final report not later than 90 days before the termination 
of the Commission provided in section 10.

SEC. 9. PLAN ON PRESERVATION NEEDS OF ROUTE 66.

    (a) In General.--The Secretary of Transportation, in consultation 
with the Governors referred to in section 5(a), shall prepare a plan on 
the preservation needs of Route 66.
    (b) Report to Congress.--Not later than 3 years after the date of 
enactment of this Act, the Secretary shall submit to the Committee on 
Transportation and Infrastructure of the House of Representatives, the 
Committee on Environment and Public Works of the Senate, and the 
President a report containing the plan prepared under subsection (a).

SEC. 10. TERMINATION.

    The Commission shall terminate not later than June 30, 2027.

SEC. 11. CLARIFICATION REGARDING FUNDING.

    No additional funds are authorized to carry out the requirements of 
this Act. Such requirements may be carried out using amounts otherwise 
authorized or made available for the Department of Transportation, 
except for amounts authorized from the Highway Trust Fund.

            Passed the House of Representatives July 16, 2018.

            Attest:

                                                 KAREN L. HAAS,

                                                                 Clerk.

Ex Output:
Route 66 Centennial Commission Act (Sec. 3) This bill establishes the Route 66 Centennial Commission to honor highway Route 66 on the occasion of its centennial anniversary. (Sec. 4) The bill sets forth the duties of the commission, its membership, powers, and reporting requirements.  (Sec. 9) The Department of Transportation shall prepare a plan on the preservation needs of Route 66. (Sec. 10) The commission shall terminate not later than June 30, 2027.


Ex Input:
SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Space Tourism Promotion Act of 
2001''.

SEC. 2. FINDINGS.

    The Congress finds that--
            (1) humans have long had a yearning to travel in space and 
        experience conditions beyond Earth's atmosphere;
            (2) forty years of human space flight experience have 
        demonstrated the feasibility of safe travel to and from space 
        as well as the ability of humans to live and work in space;
            (3) the Nation's human space flight program has developed 
        technologies and operational procedures that the private sector 
        could make use of to enable American citizens to experience 
        space travel;
            (4) space tourism has the potential to become a significant 
        industry and a powerful stimulus for advances in space 
        transportation;
            (5) the Federal Government could play an important role in 
        stimulating the development of space tourism by means of 
        guaranteed loans, tax credits, expeditious establishment of a 
        straightforward and predictable regulatory structure, and 
        research and development in technologies that may enable the 
        private sector to develop operational passenger-carrying space 
        transportation systems and on-orbit habitations;
            (6) as the agency of the Federal Government primarily 
        responsible for the development of America's commercial sector, 
        the Department of Commerce, and in particular its Office of 
        Space Commercialization, should have the lead role in 
        encouraging the growth of space tourism;
            (7) as the agency of the Federal Government currently 
        responsible for regulating America's commercial space 
        transportation industry, the Federal Aviation Administration, 
        and in particular its Office of Commercial Space 
        Transportation, should have the lead role in establishing the 
        regulatory structure necessary to ensure the safety of United 
        States space tourism;
            (8) as the agency of the Federal Government responsible for 
        carrying out the major share of the Nation's civil space 
        activities, the National Aeronautics and Space Administration 
        should continue its traditional role of conducting research and 
        development related to new space technologies and systems and 
        facilitating their transfer to the private sector;
            (9) it is an appropriate role for the Federal Government to 
        undertake measures to encourage the development of space 
        tourism in the United States; and
            (10) at the same time, it is an inappropriate role and a 
        misallocation of taxpayer-provided resources for the Federal 
        Government to compete with the private sector in the provision 
        of transportation vehicles or facilities for space tourism.

SEC. 3. DEFINITIONS.

    In this Act--
            (1) terms that are defined in the Federal Credit Reform Act 
        of 1990 have the meaning given those terms in that Act; and
            (2) the term ``space tourism'' means travel to, from, or 
        within outer space, or to the surface of a body in space other 
        than Earth, or habitation in outer space, for the purpose of 
        recreation.

SEC. 4. LOAN GUARANTEES.

    (a) Authority.--
            (1) In general.--The Secretary of Commerce may guarantee up 
        to 85 percent of the value of loans for the purpose of 
        developing transportation systems, habitation facilities, or 
        other infrastructure required for space tourism.
            (2) Limitation.--The maximum aggregate amount of loan 
        commitments that may be guaranteed under this section by the 
        Secretary of Commerce at any one time shall be $2,000,000,000.
            (3) Administrative fee.--The Secretary of Commerce is 
        authorized to collect from any borrower, and to the extent 
        provided for in advance in appropriations Acts to use, an 
        amount not to exceed 0.5 percent of the amount borrowed, for 
        covering the administrative expenses and other annual costs to 
        the Department of Commerce of the loan guarantee.
    (b) Terms and Conditions.--A loan guaranteed under this section 
shall be on such terms and conditions as the Secretary of Commerce may 
prescribe.
    (c) Term of Loans.--Loans guaranteed under this section shall be 
for a term of not to exceed 20 years, or 100 percent of the useful life 
of the substantial portion of the physical assets to be financed by the 
loans, whichever is shorter, as determined by the Secretary of 
Commerce.
    (d) Lien on Interests in Assets.--Upon providing a loan guarantee 
to a borrower under this section, the Secretary of Commerce shall have 
liens which shall be superior to all other liens on assets of the 
borrower equal to 85 percent of the unpaid balance of the loan subject 
to the guarantee.
    (e) Protection.--No loan shall be guaranteed under this section 
unless the Secretary of Commerce determines that the borrower is 
responsible and that adequate provision is made for servicing the loan 
on reasonable terms and for protecting the interests of the United 
States.
    (f) Validity.--A loan guarantee under this section shall be 
conclusive evidence that such guarantee has been properly obtained, and 
that the underlying loan qualifies for such guarantee. In an action for 
fraud or material misrepresentation by the holder of a loan guaranteed 
under this section, such guarantee shall be presumed to be valid, 
legal, and enforceable.
    (g) Forbearance.--The Secretary of Commerce may approve an 
agreement, between the parties to a loan guaranteed under this section, 
that provides for forbearance for the benefit of the borrower if the 
forbearance will result in no cost to the Federal Government.
    (h) Administration and Oversight Responsibility.--The Office of 
Space Commercialization shall be responsible for the administration and 
oversight of this section on behalf of the Department of Commerce.

SEC. 5. CAPITAL GAINS EXCLUSION.

    (a) In General.--Part I of subchapter P of chapter 1 of the 
Internal Revenue Code of 1986 (relating to items specifically excluded 
from gross income) is amended by adding at the end the following new 
section:

``SEC. 1203. EXCLUSION OF GAINS FOR QUALIFIED SPACE TOURISM 
              CORPORATIONS.

    ``(a) In General.--Gross income shall not include gain on the sale 
or exchange of any stock of a qualified space tourism corporation held 
for more than one year.
    ``(b) Qualified Space Tourism Corporation.--For purposes of 
subsection (a), the term `qualified space tourism corporation' means, 
with respect to any taxable year, a domestic corporation which is a C 
corporation if--
            ``(1) such corporation is organized exclusively for 
        providing to unrelated persons any service of space tourism (as 
        defined in section 3 of the Space Tourism Promotion Act of 
        2001), and
            ``(2) such corporation derives at least 75 percent of its 
        gross receipts from the active conduct of a trade or business 
        of providing a service described in paragraph (1).
    ``(c) Certain Purchases by Corporations of Its Own Stock.--For 
purposes of this section, rules similar to the rules of section 
1202(c)(3) shall apply.
    ``(d) Related Person.--Persons shall be treated as related to each 
other if such persons would be treated as a single employer under the 
regulations prescribed under section 52(b). In the case of a 
corporation which is a member of an affiliated group of corporations 
filing a consolidated return, such corporation shall be treated as 
providing services related to space tourism to an unrelated person if 
such services are provided to such a person by another member of such 
group.
    ``(e) Termination.--This section shall not apply to sales or 
exchanges after December 31, 2011.''.
    (b) Clerical Amendment.--The table of sections for part I of 
subchapter P of such Code is amended by adding at the end the following 
new item:

                              ``Sec. 1203. Exclusion of gains for 
                                        qualified space tourism 
                                        corporations.''
    (c) Effective Date.--The amendments made by this section shall 
apply to sales and exchanges in taxable years beginning after December 
31, 2001.

SEC. 6. ESTABLISHMENT OF REGULATORY STANDARDS.

    (a) In General.--Not later than 2 years after the date of the 
enactment of this Act, the Secretary of Transportation shall issue 
regulations to govern--
            (1) activities necessary to ensure the safe operation of 
        passenger-carrying launch and reentry vehicles and spacecraft 
        for space tourism, to the extent to which regulatory procedures 
        have not previously been established by law; and
            (2) activities related to the provision of and safe 
        operation of habitable facilities in outer space for space 
        tourism purposes.
    (b) Orbital Debris Avoidance.--Not later than 2 years after the 
date of the enactment of this Act, the Secretary of Transportation 
shall issue regulations to prevent, to the extent practicable, the 
growth of orbital debris resulting from activities associated with 
space tourism.
    (c) Legal Regime.--Activities taking place on space tourism 
habitation facilities and passenger-carrying launch and reentry 
vehicles and spacecraft for space tourism licensed or otherwise 
regulated by the Secretary of Transportation shall be governed by the 
laws of the United States.

SEC. 7. USE OF FEDERAL FACILITIES.

    (a) Prohibition Against Certain Uses of Federal Facilities.--
            (1) In general.--Launch, reentry, and space travel vehicles 
        owned by the Federal Government shall not be used for the 
        transport of any individuals other than those engaged in or 
        supporting the conduct of official business of the United 
        States or the conduct of scientific or engineering research and 
        development, except in emergency situations.
            (2) International space station.--The United States portion 
        of the International Space Station shall not be visited or 
        occupied by any individuals other than those engaged in or 
        supporting the conduct of official business of the United 
        States or the conduct of scientific or engineering research and 
        development, and those authorized by relevant international 
        agreements, except in emergency situations.
    (b) Use of Other Federal Facilities.--The use of other Federal 
facilities and infrastructure, such as launch ranges and data relay 
satellites, shall be made available to commercial entities engaged in 
space tourism on a cost-reimbursable basis to the extent that excess 
capacity exists at the time the commercial entity requests the use of 
such facilities and infrastructure.

Ex Output:
Space Tourism Promotion Act of 2001 - Authorizes the Secretary of Commerce to guarantee up to 85 percent of the value of loans for developing transportation systems, habitation facilities, or other infrastructure required for space tourism.Amends the Internal Revenue Code of 1986 to exclude from gross income gain on the sale or exchange of any stock of a qualified space tourism corporation held for more than a year.Requires the Secretary of Transportation to issue regulations to: (1) govern activities necessary to ensure the safe operation of passenger-carrying launch and reentry vehicles and spacecraft for space tourism and activities related to the provision and safe operation of habitable facilities in outer space for space tourism; and (2) prevent the growth of orbital debris resulting from activities associated with space tourism.Prohibits: (1) the use of launch, reentry, and space travel vehicles owned by the Government for the transport of any individuals other than those engaged in or supporting the conduct of official business or scientific or engineering research and development (R&D), except in emergencies; and (2) the U.S. portion of the International Space Station from being visited or occupied by any individuals other than those engaged in or supporting the conduct of such business or R&D and those authorized by relevant international agreements, except in emergencies.Requires the use of other Federal facilities and infrastructure, such as launch ranges and data relay satellites, to be made available to commercial entities engaged in space tourism on a cost-reimbursable basis to the extent that excess capacity exists.


Ex Input:
SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Bankruptcy Amendments of 1997''.

SEC. 2. DEFINITIONS.

    Section 101 of title 11, United States Code, is amended--
            (1) by striking ``In this title--'' and inserting ``In this 
        title:'',
            (2) in each paragraph by inserting ``The term'' after the 
        paragraph designation,
            (3) in paragraph (35)(B) by striking ``paragraphs (21B) and 
        (33)(A)'' and inserting ``paragraphs (23) and (35)'',
            (4) in paragraphs (35A) and (38) by striking ``; and'' at 
        the end and inserting a period,
            (5) in paragraph (51B)--
                    (A) by inserting ``who is not a family farmer'' 
                after ``debtor'' the first place it appears, and
                    (B) by striking ``$4,000,000'' and inserting 
                ``$15,000,000 as of the date of the filing of the 
                petition'',
            (6) by amending paragraph (54) to read as follows:
            ``(54) The term `transfer' means--
                    ``(A) creation of a lien;
                    ``(B) retention of title as a security interest;
                    ``(C) foreclosure of the debtor's equity of 
                redemption; or
                    ``(D) every mode, direct or indirect, absolute or 
                conditional, voluntary or involuntary, of disposing of 
                or parting with property or with an interest in 
                property;'',
            (7) in paragraphs (1) through (35), in paragraphs (36) and 
        (37), and in paragraphs (40) through (55), including paragraph 
        (54) as added by this section, by striking the semicolon at the 
        end and inserting a period, and
            (8) by redesignating paragraphs (4) through (55), including 
        paragraph (54) as added by this section, in entirely numerical 
        sequence.

SEC. 3. ADJUSTMENT OF DOLLAR AMOUNTS.

    Section 104 of title 11, United States Code, is amended by 
inserting ``522(f)(3),'' after ``522(d),'' each place it appears.

SEC. 4. EXTENSION OF TIME.

    Section 108(c)(2) of title 11, United States Code, is amended by 
striking ``922'' and all that follows through ``or'', and inserting 
``922, 1201, or''.

SEC. 5. PENALTY FOR PERSONS WHO NEGLIGENTLY OR FRAUDULENTLY PREPARE 
              BANKRUPTCY PETITIONS.

    Section 110(j)(3) of title 11, United States Code, is amended by 
striking ``attorney's'' and inserting ``attorneys' ''.

SEC. 6. LIMITATION ON COMPENSATION OF PROFESSIONAL PERSONS.

    Section 328(a) of title 11, United States Code, is amended by 
inserting ``on a fixed or percentage fee basis,'' after ``hourly 
basis,''.

SEC. 7. COMPENSATION TO OFFICERS.

    Section 330(a) of title 11, United States Code, is amended--
            (1) in paragraph (1) by inserting ``, or the debtor's 
        attorney'' after ``1103'', and
            (2) in paragraph (3) by striking ``(3)(A) In'' and 
        inserting ``(3) In''.

SEC. 8. SPECIAL TAX PROVISIONS.

    Section 346(g)(1)(C) of title 11, United States Code, is amended by 
striking ``, except'' and all that follows through ``1986''.

SEC. 9. EFFECT OF CONVERSION.

    Section 348(f)(2) of title 11, United States Code, is amended by 
inserting ``of the estate'' after ``property'' the first place it 
appears.

SEC. 10. AUTOMATIC STAY.

    Section 362(b) of title 11, United States Code, is amended--
            (1) in paragraph (17) by striking ``or'' at the end,
            (2) in paragraph (18) by striking the period at the end and 
        inserting ``; or'', and
            (3) by adding at the end the following:
            ``(19) under subsection (a) of this section, of any 
        transfer that is not avoidable under section 544 and not 
        avoidable under section 549.''.

SEC. 11. DEFAULTS BASED ON NONMONETARY OBLIGATIONS.

    (a) Executory Contracts and Unexpired Leases.--Section 365 of title 
11, United States Code, is amended--
            (1) in subsection (b)--
                    (A) in paragraph (1)(A) by striking the semicolon 
                at the end and inserting the following:
        ``other than a default that is a breach of a provision relating 
        to--
                    ``(i) the satisfaction of any provision (other than 
                a penalty rate or penalty provision) relating to a 
                default arising from any failure to perform nonmonetary 
                obligations under an unexpired lease of real property, 
                if it is impossible for the trustee to cure such 
                default by performing nonmonetary acts at and after the 
                time of assumption; or
                    ``(ii) the satisfaction of any provision (other 
                than a penalty rate or penalty provision) relating to a 
                default arising from any failure to perform nonmonetary 
                obligations under an executory contract, if it is 
                impossible for the trustee to cure such default by 
                performing nonmonetary acts at and after the time of 
                assumption and if the court determines, based on the 
                equities of the case, that this subparagraph should not 
                apply with respect to such default;'', and
                    (B) by amending paragraph (2)(D) to read as 
                follows:
            ``(D) the satisfaction of any penalty rate or penalty 
        provision relating to a default arising from a failure to 
        perform nonmonetary obligations under an executory contract or 
        under an unexpired lease of real or personal property.'',
            (2) in subsection (c)--
                    (A) in paragraph (2) by adding ``or'' at the end,
                    (B) in paragraph (3) by striking ``; or'' at the 
                end and inserting a period, and
                    (C) by striking paragraph (4),
            (3) in subsection (d)--
                    (A) by striking paragraphs (5) through (9), and
                    (B) by redesignating paragraph (10) as 
                paragraph(5).
            (4) in subsection (f)(1) by striking ``; except that'' and 
        all that follows through the end of the paragraph and inserting 
        a period.
    (b) Impairment of Claims or Interests.--Section 1124(2) of title 
11, United States Code, is amended--
            (1) in subparagraph (A) by inserting ``or of a kind that 
        section 365(b)(1)(A) of this title expressly does not require 
        to be cured'' before the semicolon at the end,
            (2) in subparagraph (C) by striking ``and'' at the end,
            (3) by redesignating subparagraph (D) as subparagraph (E), 
        and
            (4) by inserting after subparagraph (C) the following:
                    ``(D) if such claim or such interest arises from 
                any failure to perform a nonmonetary obligation, 
                compensates the holder of such claim or such interest 
                (other than the debtor or an insider) for any actual 
                pecuniary loss incurred by such holder as a result of 
                such failure; and''.

SEC. 12. AMENDMENT TO TABLE OF SECTIONS.

    The table of sections for chapter 5 of title 11, United States 
Code, is amended by striking the item relating to section 556 and 
inserting the following:

``556. Contractual right to liquidate a commodities contract or forward 
                            contract.''.

SEC. 13. ALLOWANCE OF ADMINISTRATIVE EXPENSES.

    Section 503(b)(4) of title 11, United States Code, is amended by 
inserting ``subparagraph (A), (B), (C), (D), or (E) of'' before 
``paragraph (3)''.

SEC. 14. PRIORITIES.

    Section 507(a) of title 11, United States Code, is amended--
            (1) in paragraph (3)(B) by striking the semicolon at the 
        end and inserting a period, and
            (2) in paragraph (7) by inserting ``unsecured'' after 
        ``allowed''.

SEC. 15. EXEMPTIONS.

    Section 522 of title 11, United States Code, is amended--
            (1) in subsection (f)(1)(A)(ii)(II)--
                    (A) by striking ``includes a liability designated 
                as'' and inserting ``is for a liability that is 
                designated as, and is actually in the nature of,'', and
                    (B) by striking ``, unless'' and all that follows 
                through ``support.'', and
            (2) in subsection (g)(2) by striking ``subsection (f)(2)'' 
        and inserting ``subsection (f)(1)(B)''.

SEC. 16. EXCEPTIONS TO DISCHARGE.

    Section 523 of title 11, United States Code, is amended--
            (1) in subsection (a)(3) by striking ``or (6)'' each place 
        it appears and inserting ``(6), or (15)'',
            (2) as amended by section 304(e) of Public Law 103-394 (108 
        Stat. 4133), in paragraph (15) by transferring such paragraph 
        so as to insert it after paragraph (14) of subsection (a),
            (3) in paragraph (9) by inserting ``, watercraft, or 
        aircraft'' after ``motor vehicle'',
            (4) in subsection (a)(15), as so redesignated by operation 
        of paragraph (2), by inserting ``to a spouse, former spouse, or 
        child of the debtor and'' after ``(15)'',
            (5) in subsection (a)(17)--
                    (A) by striking ``by a court'' and inserting ``on a 
                prisoner by any court'',
                    (B) by striking ``section 1915 (b) or (f)'' and 
                inserting ``subsection (b) or (f)(2) of section 1915'', 
                and
                    (C) by inserting ``(or a similar non-Federal law)'' 
                after ``title 28'' each place it appears, and
            (6) in subsection (e) by striking ``a insured'' and 
        inserting ``an insured''.

SEC. 17. EFFECT OF DISCHARGE.

    Section 524(a)(3) of title 11, United States Code, is amended by 
striking ``section 523'' and all that follows through ``or that'', and 
inserting ``section 523, 1228(a)(1), or 1328(a)(1) of this title, or 
that''.

SEC. 18. PROTECTION AGAINST DISCRIMINATORY TREATMENT.

    Section 525(c) of title 11, United States Code, is amended--
            (1) in paragraph (1) by inserting ``student'' before 
        ``grant'' the second place it appears, and
            (2) in paragraph (2) by striking ``the program operated 
        under part B, D, or E of'' and inserting ``any program operated 
        under''.

SEC. 19. PROPERTY OF THE ESTATE.

    Section 541(b)(4)(B)(ii) of title 11, United States Code is amended 
by inserting ``365 or'' before ``542''.

SEC. 20. LIMITATIONS ON AVOIDING POWERS.

    Section 546 of title 11, United States Code, is amended by 
redesignating the second subsection (g) as subsection (h).

SEC. 21. PREFERENCES.

    Section 547 of title 11, United States Code, is amended--
            (1) in subsection (b) by striking ``subsection (c)'' and 
        inserting ``subsections (c) and (h)'', and
            (2) by adding at the end the following:
    ``(h) If the trustee avoids under subsection (b) a security 
interest given between 90 days and 1 year before the date of the filing 
of the petition, by the debtor to an entity that is not an insider for 
the benefit of a creditor that is an insider, then such security 
interest shall be considered to be avoided under this section only with 
respect to the creditor that is an insider.''.

SEC. 22. POSTPETITION TRANSACTIONS.

    Section 549(c) of title 11, United States Code, is amended--
            (1) by inserting ``an interest in'' after ``transfer of'',
            (2) by striking ``such property'' and inserting ``such real 
        property'', and
            (3) by striking ``the interest'' and inserting ``such 
        interest''.

SEC. 23. SETOFF.

    Section 553(b)(1) of title 11, United States Code, is amended by 
striking ``362(b)(14)'' and inserting ``362(b)(17)''.

SEC. 24. DISPOSITION OF PROPERTY OF THE ESTATE.

    Section 726(b) of title 11, United States Code, is amended by 
striking ``1009,''.

SEC. 25. GENERAL PROVISIONS.

    Section 901(a) of title 11, United States Code, is amended by 
inserting ``1123(d),'' after ``1123(b),''.

SEC. 26. APPOINTMENT OF ELECTED TRUSTEE.

    Section 1104(b) of title 11, United States Code, is amended--
            (1) by inserting ``(1)'' after ``(b)'', and
            (2) by adding at the end the following new paragraph:
    ``(2)(A) If an eligible, disinterested trustee is elected at a 
meeting of creditors under paragraph (1), the United States trustee 
shall file a report certifying that election. Upon the filing of a 
report under the preceding sentence--
            ``(i) the trustee elected under paragraph (1) shall be 
        considered to have been selected and appointed for purposes of 
        this section, and
            ``(ii) the service of any trustee appointed under 
        subsection (d) shall terminate.
    ``(B) In the case of any dispute arising out of an election under 
subparagraph (A), the court shall resolve the dispute.''.

SEC. 27. ABANDONMENT OF RAILROAD LINE.

    Section 1170(e)(1) of title 11, United States Code, is amended by 
striking ``section 11347'' and inserting ``section 11326(a)''.

SEC. 28. CONTENTS OF PLAN.

    Section 1172(c)(1) of title 11, United States Code, is amended by 
striking ``section 11347'' and inserting ``section 11326(a)''.

SEC. 29. DISCHARGE.

    Subsections (a) and (c) of section 1228 of title 11, United States 
Code, are amended by striking ``1222(b)(10)'' each place it appears and 
inserting ``1222(b)(9)''.

SEC. 30. CONTENTS OF PLAN.

    Section 1322 of title 11, United States Code, is amended--
            (1) in subsection (b) by striking ``(c)'' and inserting 
        ``(d)'', and
            (2) in subsection (e) by striking ``default, shall'' and 
        inserting ``default shall''.

SEC. 31. DISCHARGE.

    Paragraphs (1), (2), and (3) of section 1328(a) of title 11, United 
States Code, are amended to read as follows:
            ``(1) provided for under section 1322(b)(5) of this title;
            ``(2) of the kind specified in paragraph (5), (8), or (9) 
        of section 523(a) of this title; or
            ``(3) for restitution, or a criminal fine, included in a 
        sentence on the debtor's conviction of a crime.''.

SEC. 32. BANKRUPTCY CASES AND PROCEEDINGS.

    Section 1334(d) of title 28, United States Code, is amended--
            (1) by striking ``made under this subsection'' and 
        inserting ``made under subsection (c)'', and
            (2) by striking ``This subsection'' and inserting 
        ``Subsection (c) and this subsection''.

SEC. 33. KNOWING DISREGARD OF BANKRUPTCY LAW OR RULE.

    Section 156(a) of title 18, United States Code, is amended--
            (1) in the first undesignated paragraph--
                    (A) by inserting ``(1) the term'' before 
                ```bankruptcy'', and
                    (B) by striking the period at the end and inserting 
                ``; and'', and
            (2) in the second undesignated paragraph--
                    (A) by inserting ``(2) the term'' before `` 
                `document'', and
                    (B) by striking ``this title'' and inserting 
                ``title 11''.

SEC. 34. EFFECTIVE DATE; APPLICATION OF AMENDMENTS.

    (a) Effective Date.--Except as provided in subsection (b), this Act 
and the amendments made by this Act shall take effect on the date of 
the enactment of this Act.
    (b) Application of Amendments.--The amendments made by this Act 
shall apply only with respect to cases commenced under title 11 of the 
United States Code on or after the date of the enactment of this Act.

            Passed the House of Representatives November 12, 1997.

            Attest:

                                                ROBIN H. CARLE,

                                                                 Clerk.

Ex Output:

Bankruptcy Amendments of 1997 - Makes technical corrections to Federal bankruptcy, criminal, and judiciary law.  Redefines single asset real estate to exclude family farms, and to increase from $4 million to $15 million the ceiling on the amount of noncontingent, liquidated secured debts on such property.  Defines the term "transfer" to include:  (1) creation of a lien; (2) retention of title as a security interest; (3) foreclosure of the debtor's equity of redemption; and (4) every mode of disposing of property or parting with an interest in property. 
(Sec. 3) Requires triennial adjustment of the $5,000 value of certain implements, professional books, tools of the trade, farm animals, and crops which a debtor may exempt from the property of the estate (protecting it from creditors' liens). 
(Sec. 6) Provides that a trustee or a creditors' and equity security holders' committee may pay a professional person they employ on a fixed or percentage fee basis, as well as on other bases already permitted. 
(Sec. 7) Allows a bankruptcy court to award reasonable compensation out of the debtor's estate to the debtor's attorney in chapter 7 (Liquidation) cases. 
(Sec. 10) Precludes an automatic stay of any transfer that is not avoidable in:  (1) cases where the trustee serves as lien creditor and successor to certain creditors and purchasers; and (2) postpetition transactions. 
(Sec. 11) Modifies guidelines governing assumption by the bankruptcy trustee of certain executory contracts and unexpired leases with specified defaults.  Permits a trustee to assume an unexpired lease of real property without first curing a default arising from any failure to perform nonmonetary obligations under the lease if it is impossible to cure the default by performing nonmonetary acts at and after the time of assumption.  Permits a trustee to assume an executory contract without first curing a default arising from such a failure: (1) if it is impossible to cure the default by performing nonmonetary acts at and after the time of assumption; and (2) if the court determines, based on the equities of the case, that the default should not be cured at and after such time. 
Repeals:  (1) the prohibition against trustee assumption or assignment of unexpired leases of aircraft facilities unless all such leases are assumed or assigned; and (2) the deemed rejection of such a lease if the trustee does not assume or reject it. 
Revises guidelines governing impairment of claims and interests in a Chapter 11 (Reorganization) case to:  (1) reflect the modifications made to executory contracts that are not required to be cured by the bankruptcy trustee; and (2) state that a claim or interest arising from any failure to perform a nonmonetary obligation is not impaired under a Reorganization plan if the plan compensates the claim or interest holder for actual pecuniary loss resulting from such failure. 
(Sec. 13) Excludes from compensable professional services any expenses incurred by an individual member of a creditors' and equity security holders' committee. 
(Sec. 15) Revises the prohibition against debtor avoidance of certain judicial liens in connection with a liability designated as, and actually in the nature of, alimony, maintenance, or support. 
(Sec. 16) Declares nondischargeable in bankruptcy a debt for death or personal injury caused by the debtor's operation of a watercraft or aircraft while intoxicated from alcohol, a drug, or other substance. Limits the nondischargeability of fees imposed by a court to fees so imposed on a prisoner. 
(Sec. 21) Revises guidelines governing preferences to provide that, if the trustee avoids a security interest given between 90 days and one year before the date of the filing of the petition, by the debtor to a non-insider for the benefit of a creditor that is an insider, then such security interest shall be considered to be avoided only with respect to the insider creditor. 
(Sec. 23) Revises setoff recovery rules to exclude from recovery by a trustee setoffs by swap participants. 
(Sec. 26) Requires the U.S. trustee in a chapter 11 (Reorganization) case to file a report certifying the election of an eligible, disinterested trustee at a meeting of creditors.  Declares that upon such filing:  (1) the trustee elected shall be considered to have been selected and appointed; and (2) the service of any trustee previously appointed to fill the term of specified ineligible or incapacitated trustees shall terminate.