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

Example Input: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``1995 Franklin Delano Roosevelt 
Commemorative Coin Act''.

SEC. 2. FINDINGS.

    The Congress finds that--
            (1) the people of the United States feel a deep debt of 
        gratitude to Franklin Delano Roosevelt for his leadership in 
        America's struggle for peace, well-being, and human dignity;
            (2) the year 1995 marks the 50th anniversary of the death 
        of President Franklin Delano Roosevelt, who died April 12, 
        1945, in Warm Springs, Georgia;
            (3) Franklin Delano Roosevelt served his country as the 32d 
        President from 1932 until his death in 1945. He is the only 
        United States President elected to four terms in office;
            (4) Franklin Delano Roosevelt served the State of New York 
        as Governor from 1928 through 1932;
            (5) Franklin Delano Roosevelt served his country as the 
        United States Assistant Secretary of the Navy from 1913 through 
        1920;
            (6) Franklin Delano Roosevelt piloted the American people 
        through the economic chaos of the Great Depression;
            (7) Franklin Delano Roosevelt, as our commander in chief, 
        led the American people through the turmoil of World War II;
            (8) Franklin Delano Roosevelt established Social Security, 
        thus providing all Americans with a more abundant and secure 
        life;
            (9) Franklin Delano Roosevelt was the author of ``The Four 
        Freedoms: Freedom of Speech, Freedom of Worship, Freedom from 
        Want, and Freedom from Fear'';
            (10) Franklin Delano Roosevelt was the founder of the 
        National Foundation for Infantile Paralysis, parent 
        organization of the March of Dimes; and
            (11) Franklin Delano Roosevelt was the chief architect of 
        the United Nations.

SEC. 3. COIN SPECIFICATIONS.

    (a) One Dollar Silver Coins.--
            (1) Issuance.--The Secretary shall issue not more than 
        500,000 one dollar coins which shall weigh 26.73 grams, have a 
        diameter of 1.500 inches, and shall contain 90 percent silver 
        and 10 percent copper.
            (2) Design.--The design of the dollar coins shall bear a 
        likeness of Franklin Delano Roosevelt. On each such coin there 
        shall be a designation of the value of the coin, an inscription 
        of the year ``1995'', and inscriptions of the terms 
        ``Liberty'', ``In God We Trust'', ``United States of America'', 
        and ``E Pluribus Unum''.
            (3) Alterations.--Additions or alterations to the design of 
        the coin shall be made only after consultation with, and 
        approval by, the Franklin Delano Roosevelt Memorial Commission.
    (b) Legal Tender.--The coins issued under this Act shall be legal 
tender as provided in section 5103 of title 31, United States Code.
    (c) Numismatic Items.--The coins issued under this Act shall be 
numismatic items for purposes of section 5134 of title 31, United 
States Code.

SEC. 4. SOURCES OF BULLION.

    The Secretary shall obtain silver for the coins minted under this 
Act from stockpiles established under the Strategic and Critical 
Materials Stock Piling Act (50 U.S.C. 98 et seq.).

SEC. 5. SELECTION OF DESIGN.

    The design for each coin authorized by this Act shall be selected 
by the Secretary after consultation with the Franklin Delano Roosevelt 
Memorial Commission.

SEC. 6. SALE OF COINS.

    (a) Sale Price.--Notwithstanding any provision of law, the coins 
issued under this Act shall be sold by the Secretary at a price equal 
to the face value, plus the cost of designing and issuing such coins 
(including labor, materials, dies, use of machinery, overhead expenses, 
marketing, and shipping).
    (b) Prepaid Orders at a Discount.--The Secretary shall accept 
prepaid orders for the coins prior to the issuance of such coins. Sales 
under this subsection shall be at a reasonable discount to reflect the 
benefit of prepayment.
    (c) Surcharge Required.--All sales shall include a surcharge of $10 
per coin.

SEC. 7. ISSUANCE OF THE COINS.

    (a) Period for Issuance.--The coins authorized under this Act shall 
be available for issue not later than January 1, 1995, but shall be 
issued only during the 1-year period beginning on such date.
    (b) Proof and Uncirculated Coins.--The coins authorized under this 
Act shall be issued in uncirculated and proof qualities. Not more than 
1 facility of the Bureau of the Mint may be used to strike any 
particular combination of denomination and quality.

SEC. 8. GENERAL WAIVER OF PROCUREMENT REGULATIONS.

    (a) In General.--Except as provided in subsection (b), no provision 
of law governing procurement or public contracts shall be applicable to 
the procurement of goods or services required to carry out this Act.
    (b) Equal Employment Opportunity.--Subsection (a) shall not relieve 
any person entering into a contract under the authority of this Act 
from complying with any law relating to equal employment opportunity.

SEC. 9. DISTRIBUTION OF SURCHARGES.

    The surcharges received by the Secretary from the sale of the coins 
issued under this Act shall be promptly paid by the Secretary in the 
following manner:
            (1) An amount equal to 50 percent of the total surcharges 
        shall be paid to the National Park Foundation Restricted 
        Account for the Franklin Delano Roosevelt Memorial.
            (2) An amount equal to 50 percent of the total surcharges 
        shall be paid to the National Park Service Restricted 
        Construction Account for the Franklin Delano Roosevelt 
        Memorial.

SEC. 10. AUDITS.

    The Comptroller General of the United States shall have the right 
to examine such books, records, documents, and other data of the 
account referred to in section 9 as may be related to the expenditure 
of amounts paid under such section.

SEC. 11. FINANCIAL ASSURANCES.

    (a) No Net Cost to the Government.--The Secretary shall take such 
actions as may be necessary to ensure that the minting and issuance of 
the coins referred to in section 3 shall not result in any net cost to 
the Federal Government.
    (b) Payment for Issuance of Coins.--No coin shall be issued under 
this Act unless the Secretary has received--
            (1) full payment for such coin;
            (2) security satisfactory to the Secretary to indemnify the 
        United States for full payment; or
            (3) a guarantee of full payment satisfactory to the 
        Secretary from a depository institution whose deposits are 
        insured by the Federal Deposit Insurance Corporation or the 
        National Credit Union Administration.
Example Output: 1995 Franklin Delano Roosevelt Commemorative Coin Act - Directs the Secretary of the Treasury to issue commemorative one-dollar silver coins bearing a likeness of Franklin Delano Roosevelt. 
Requires the Secretary to distribute proceeds from surcharges ($10 per coin) in equal allocations to:  (1) the National Park Foundation Restricted Account for the Franklin Delano Roosevelt Memorial; and (2) the National Park Service Restricted Construction Account for the Franklin Delano Roosevelt Memorial.

Example Input: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Teacher and Nurse Support Act of 
2007''.

SEC. 2. FINDINGS AND PURPOSE.

    (a) Findings.--Congress finds the following:
            (1) According to the National Center for Education 
        Statistics, over the next 10 years, the United States will need 
        more than 2,000,000 new teachers to replace the teachers who 
        are retiring or leaving the classroom for other careers.
            (2) The Hart-Rudman National Security Report on education 
        recommended that the President direct the Department of 
        Education to work with the States to devise a comprehensive 
        plan to avert a looming shortage of high-quality teachers.
            (3) According to the National Center for Education 
        Statistics, 20 percent of all new teachers leave the teaching 
        profession within 3 years. Providing loan forgiveness or loan 
        cancellation is one step that would help retain high-quality 
        teachers in schools that need teachers.
            (4) The American Hospital Association has reported more 
        than 118,000 unfilled registered nurse positions in hospitals 
        in the United States. Additionally, the National Commission on 
        Nursing Workforce for Long-Term Care released a report in May, 
        2005, stating that there are nearly 100,000 vacant nursing 
        positions in long-term care facilities on any given day, and 
        the nurse turnover rate exceeds 50 percent. The shortage is 
        costing long-term care facilities an estimated $4 billion a 
        year in recruitment and training expenses.
            (5) College loans are more of a burden than ever for 
        students and families. According to a recent United States 
        Public Interest Research Group report, average student loan 
        debt almost doubled from $9,200 in 1992-1993 to $16,928 in 
        1999-2000.
    (b) Purpose.--The purpose of this Act is to improve access to, and 
the delivery of, high-quality educational and health services 
throughout the United States by reducing the shortage of qualified 
teachers and nurses.

SEC. 3. LOAN FORGIVENESS.

    (a) Loan Forgiveness.--Section 428J of the Higher Education Act of 
1965 (20 U.S.C. 1078-10) is amended to read as follows:

``SEC. 428J. LOAN FORGIVENESS FOR TEACHERS AND NURSES.

    ``(a) Statement of Purpose.--It is the purpose of this section to 
encourage individuals to enter and continue in the teaching and nursing 
professions.
    ``(b) Program Authorized.--
            ``(1) In general.--The Secretary shall carry out a program 
        to forgive, in accordance with this section, the student loan 
        debt of any borrower who has one or more loans described under 
        paragraph (2) made on or after October 1, 1998, and who--
                    ``(A) has been employed--
                            ``(i) as a full-time teacher--
                                    ``(I) in a school that qualifies 
                                under section 465(a)(2)(A) for loan 
                                cancellation for Perkins loan 
                                recipients who teach in those schools;
                                    ``(II) if employed as a secondary 
                                school teacher, is teaching a subject 
                                area that is relevant to the borrower's 
                                academic major as certified by the 
                                chief administrative officer of the 
                                public or nonprofit private secondary 
                                school in which the borrower is 
                                employed; and
                                    ``(III) if employed as an 
                                elementary school teacher, has 
                                demonstrated, as certified by the chief 
                                administrative officer of the public or 
                                nonprofit private elementary school in 
                                which the borrower is employed, 
                                knowledge and teaching skills in 
                                reading, writing, mathematics, and 
                                other areas of the elementary school 
                                curriculum; or
                            ``(ii) as a full-time eligible nurse--
                                    ``(I) in a clinical setting; or
                                    ``(II) as a member of the nursing 
                                faculty at an accredited school of 
                                nursing (as those terms are defined in 
                                section 801 of the Public Health 
                                Service Act (42 U.S.C. 296)); and
                    ``(B) is not in default on a loan for which the 
                borrower seeks forgiveness.
            ``(2) Method of loan forgiveness.--To provide the loan 
        forgiveness authorized in paragraph (1), the Secretary shall, 
        subject to paragraph (3), carry out a program--
                    ``(A) through the holder of the loan, to assume the 
                obligation to repay a qualified loan amount (as 
                determined under subsection (c)) for a loan made under 
                section 428 or 428H of this part; and
                    ``(B) to cancel a qualified loan amount (as so 
                determined) for a Federal Direct Stafford Loan or a 
                Federal Direct Unsubsidized Stafford Loan made under 
                part D of this title;
            ``(3) Treatment of consolidation loans.--A loan amount for 
        a loan made under section 428C or section 455(g) may be a 
        qualified loan amount for the purposes of paragraph (2) only to 
        the extent that such loan amount was used to repay a loan made 
        under section 428 or 428H, a Federal Direct Stafford Loan, or a 
        Federal Direct Unsubsidized Stafford Loan for a borrower who 
        meets the requirements of paragraph (1), as determined in 
        accordance with regulations prescribed by the Secretary.
    ``(c) Qualified Loan Amount.--
            ``(1) In general.--
                    ``(A) Aggregate amount.--The Secretary shall, in 
                installments in accordance with subparagraph (B), 
                forgive under this section not more than $17,500 in the 
                aggregate of the student loan obligation of a borrower.
                    ``(B) Annual installments.--The Secretary shall 
                forgive the student loan obligation of a borrower in 
                annual installments after each of 5 years of service 
                described in clause (i) or (ii) of subsection 
                (b)(1)(A)(i) in an amount not to exceed the lesser of 
                the remaining outstanding obligation of the borrower 
                or--
                            ``(i) $2,000 at the completion of the first 
                        year of such service;
                            ``(ii) $2,500 at the completion of the 
                        second year of such service;
                            ``(iii) $3,500 at the completion of the 
                        third year of such service;
                            ``(iv) $4,500 at the completion of the 
                        fourth year of such service; and
                            ``(v) $5,000 at the completion of the fifth 
                        year of such service.
            ``(2) Forbearance on qualified loan amount.--A holder of a 
        loan on which a borrower is seeking forgiveness under this 
        section--
                    ``(A) shall grant forbearance, at the request of 
                the borrower, in annual increments for each of the 
                years of qualifying service if the holder believes, at 
                the time of the borrower's annual request, that the 
                amount expected to be forgiven under this section at 
                the completion of the period of qualifying service will 
                satisfy the anticipated remaining outstanding balance 
                on the loan; and
                    ``(B) may offer other forbearance options to the 
                borrower.
    ``(d) Regulations.--The Secretary is authorized to issue such 
regulations as may be necessary to carry out the provisions of this 
section.
    ``(e) Construction.--Nothing in this section shall be construed to 
authorize any refunding of any repayment of a loan.
    ``(f) List of Schools.--If the list of schools in which a teacher 
may perform service pursuant to subsection (b)(1)(A)(i) is not 
available before May 1 of any year, the Secretary may use the list for 
the year preceding the year for which the determination is made to make 
the service determination.
    ``(g) Additional Eligibility Provisions.--
            ``(1) Continued eligibility for teachers.--Any teacher who 
        performs service in a school that--
                    ``(A) meets the requirements of subsection 
                (b)(1)(A)(i)(I) in any year during such service; and
                    ``(B) in a subsequent year fails to meet the 
                requirements of that subsection,
        may continue to teach in the school and shall be eligible for 
        loan forgiveness pursuant to subsection (b).
            ``(2) Prevention of double benefits.--No borrower may, for 
        the same service, receive a benefit under both this subsection 
        and--
                    ``(A) subtitle D of title I of the National and 
                Community Service Act of 1990 (42 U.S.C. 12571 et 
                seq.); or
                    ``(B) section 846 of the Public Health Service Act 
                (42 U.S.C. 297n).
    ``(h) Definitions.--In this section:
            ``(1) Eligible nurse.--The term `eligible nurse' means a 
        nurse who meets all of the following:
                    ``(A) The nurse graduated from--
                            ``(i) an accredited school of nursing (as 
                        those terms are defined in section 801 of the 
                        Public Health Service Act (42 U.S.C. 296));
                            ``(ii) a nursing center; or
                            ``(iii) an academic health center that 
                        provides nurse training.
                    ``(B) The nurse holds a valid and unrestricted 
                license to practice nursing in the State in which the 
                nurse practices in a clinical setting.
                    ``(C) The nurse holds 1 or more of the following:
                            ``(i) A graduate degree in nursing or 
                        equivalent degree.
                            ``(ii) A nursing degree from a collegiate 
                        school of nursing (as defined in section 801 of 
                        the Public Health Service Act (42 U.S.C. 296)).
                            ``(iii) A nursing degree from an associate 
                        degree school of nursing (as defined in section 
                        801 of the Public Health Service Act (42 U.S.C. 
                        296)).
                            ``(iv) A nursing degree from a diploma 
                        school of nursing (as defined in section 801 of 
                        the Public Health Service Act (42 U.S.C. 296)).
            ``(2) Year.--The term `year', where applied to service as a 
        teacher (or service as a member of the nursing faculty at an 
        accredited school of nursing (as those terms are defined in 
        section 801 of the Public Health Service Act (42 U.S.C. 296))), 
        means an academic year as defined by the Secretary.''.
    (b) Repeal of Loan Cancellation Provision.--Section 460 of the 
Higher Education Act of 1965 (20 U.S.C. 1087j) is repealed.

SEC. 4. PHASE OUT OF CURRENT PROGRAM.

    An individual who began the required period of teaching described 
in section 428J(b)(1) or 460(b)(1)(A) of the Higher Education Act of 
1965 (20 U.S.C. 1078-10 and 1087j) as such sections were in effect on 
the day before the date of enactment of this Act, shall--
            (1) be eligible to receive loan forgiveness or loan 
        cancellation in the amount described in, and in accordance with 
        the requirements of, such sections as in effect on the day 
        before the date of enactment of this Act; and
            (2) not be eligible to receive loan forgiveness under 
        section 428J of the Higher Education Act of 1965 as in effect 
        on the date of enactment of this Act.
Example Output: Teacher and Nurse Support Act of 2007 - Amends the Higher Education Act of 1965 to increase to a maximum of $17,500 the aggregate student loan obligation eligible for forgiveness or cancellation under the Federal Family Education Loan or Direct Loan programs for teachers who serve full-time in certain elementary or secondary schools that enroll a high proportion of disadvantaged students.

Includes, under these student loan forgiveness and cancellation programs, nurses who serve in a clinical setting or as a member of the nursing faculty at an accredited school of nursing. Directs the Secretary of Education to repay such loan obligation in annual installments up to specified maximum amounts after each of five years of such service.

Example Input: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Retirement Savings and Security Act 
of 2002''.

SEC. 2. ACCELERATION OF INCREASES IN IRA CONTRIBUTION LIMIT.

    (a) Deductible Amount.--Subparagraph (A) of section 219(b)(5) of 
the Internal Revenue Code of 1986 is amended to read as follows:
                    ``(A) In general.--The deductible amount shall be 
                $5,000.''.
    (b) Catch-Up Amount.--Subparagraph (B) of section 219(b)(5) of such 
Code is amended to read as follows:
                    ``(B) Catch-up contributions for individuals 50 or 
                older.--In the case of an individual who has attained 
                the age of 50 before the close of the taxable year, the 
                dollar amount in effect under paragraph (1)(A) for such 
                taxable year (determined without regard to this 
                paragraph) shall be increased by $1,000.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2002.

SEC. 3. ACCELERATION OF SCHEDULED INCREASES IN PENSION PLAN 
              CONTRIBUTION LIMITS.

    (a) Elective Deferrals.--Subparagraph (B) of section 402(g)(1) of 
the Internal Revenue Code of 1986 is amended by striking ``the amount 
determined'' and all that follows and inserting ``$15,000.''.
    (b) Deferred Compensation Plans of State and Local Governments and 
Tax-Exempt Organizations.--Subparagraph (A) of section 457(e)(15) of 
such Code is amended by striking ``the amount determined'' and all that 
follows and inserting ``$15,000.''.
    (c) Simple Retirement Accounts.--Clause (i) of section 408(p)(2)(E) 
of such Code is amended by striking ``the amount determined'' and all 
that follows and inserting ``$10,000.''.
    (d) Catch-Up Contributions.--Subparagraph (B) of section 414(v)(2) 
of such Code is amended--
            (1) in clause (i) by striking ``determined'' and all that 
        follows and inserting ``$5,000.'', and
            (2) in clause (ii) by striking ``determined'' and all that 
        follows and inserting ``$2,500.''.
    (e) Effective Date.--The amendments made by this section shall 
apply to years beginning after December 31, 2002.

SEC. 4. SIMPLIFICATION AND UPDATING OF THE MINIMUM DISTRIBUTION RULES.

    (a) Required Distributions.--
            (1) Increase in age for required beginning date.--
        Subparagraphs (C)(i)(I) and (C)(ii)(I) of section 401(a)(9) of 
        the Internal Revenue Code of 1986 are each amended by striking 
        ``age 70\1/2\'' and inserting ``the applicable age''.
            (2) Applicable age.--Subparagraph (C) of section 401(a)(9) 
        of such Code is amended by inserting at the end the following 
        new clause:
                            ``(v) Applicable age.--The applicable age 
                        shall be determined in accordance with the 
                        following table:

                ``Calendar year:
                                                     Applicable age is:
                    2003 and 2004..........................         73 
                    2005 and 2006..........................         74 
                    2007 and thereafter....................       75.''
            (3) Spouse beneficiaries.--Subclause (I) of section 
        401(a)(9)(B)(iv) is amended by striking ``age 70\1/2\'' and 
        inserting ``the applicable age''.
            (4) Actuarial adjustment of benefit under defined benefit 
        plan.--Clause (iii) of section 401(a)(9)(C) of such Code is 
        amended to read as follows:
                            ``(iii) Actuarial adjustment.--
                                    ``(I) In general.--In the case of a 
                                defined benefit plan, an employee's 
                                accrued benefit shall be actuarially 
                                increased to take into account the 
                                period after the applicable date during 
                                which the employee was not eligible to 
                                receive any benefits under the plan.
                                    ``(II) Applicable date.--For 
                                purposes of clause (I), the term 
                                `applicable date' means the April 1st 
                                following the calendar year in which 
                                the employee attains age 70\1/2\.''.
    (b) Effective Date.--
            (1) In general.--The amendments made by this section shall 
        apply to years beginning after December 31, 2002.
            (2) Transition.--A plan shall not be treated as failing to 
        meet the requirements of section 401(a)(9) of the Internal 
        Revenue Code of 1986 merely because, in years beginning after 
        December 31, 2002, no distribution is made to an employee 
        before the employee's required beginning date, as determined in 
        accordance with the amendments made by this section.
Example Output:
Retirement Savings and Security Act of 2002 - Amends the Internal Revenue Code to accelerate, to 2003, increases to: (1) the $5,000 deductible IRA limit; and (2) the $15,000 elective deferral and the State, local, and tax-exempt organizations' plan limits, the $10,000 SIMPLE plan limit, and catch-up contribution limits.Increases incrementally, from the current of age 70 1/2 to age 75 starting in 2007, the required beginning date for distributions from qualified plans.