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 ``Regulatory Transparency, Patient 
Access, and Effective Drug Enforcement Act of 2014''.

SEC. 2. SCHEDULING OF SUBSTANCES INCLUDED IN NEW FDA-APPROVED DRUGS.

    Section 201 of the Controlled Substances Act (21 U.S.C. 811) is 
amended by inserting after subsection (h) the following:
    ``(i) Within 45 days of receiving a recommendation from the 
Secretary to add a drug or substance that has never been marketed in 
the United States to a schedule under this title, the Attorney General 
shall, without regard to the findings required by subsection (a) of 
this section or section 202(b), issue an interim final rule, under the 
exception for good cause described in subparagraph (B) of section 
553(b) of title 5, United States Code, placing the drug or substance 
into the schedule recommended by the Secretary. The interim final rule 
shall be made immediately effective under section 553(d)(3) of title 5, 
United States Code.''.

SEC. 3. ENHANCING NEW DRUG DEVELOPMENT.

    Section 302 of the Controlled Substances Act (21 U.S.C. 822) is 
amended by inserting after subsection (g) the following:
    ``(h)(1) A person who submits an application for registration to 
manufacture or distribute a controlled substance in accordance with 
this section may indicate on the registration application that the 
substance will be used only in connection with clinical trials of a 
drug in accordance with section 505(i) of the Federal Food, Drug, and 
Cosmetic Act.
    ``(2) When an application for registration to manufacture or 
distribute a controlled substance includes an indication that the 
controlled substance will be used only in connection with clinical 
trials of a drug in accordance with section 505(i) of the Federal Food, 
Drug, and Cosmetic Act, the Attorney General shall--
            ``(A) make a final decision on the application for 
        registration within 180 days; or
            ``(B) provide notice to the applicant in writing of--
                    ``(i) the outstanding issues that must be resolved 
                in order to reach a final decision on the application; 
                and
                    ``(ii) the estimated date on which a final decision 
                on the application will be made.''.

SEC. 4. REGISTRATION PROCESS UNDER CONTROLLED SUBSTANCES ACT.

    (a) Definitions.--
            (1) Factors as may be relevant to and consistent with the 
        public health and safety.--Section 303 of the Controlled 
        Substances Act (21 U.S.C. 823) is amended by adding at the end 
        the following:
    ``(i) In this section, the phrase `factors as may be relevant to 
and consistent with the public health and safety' means factors that 
are relevant to and consistent with the findings contained in section 
101.''.
            (2) Imminent danger to the public health or safety.--
        Section 304(d) of the Controlled Substances Act (21 U.S.C. 
        824(d)) is amended--
                    (A) by striking ``(d) The Attorney General'' and 
                inserting ``(d)(1) The Attorney General''; and
                    (B) by adding at the end the following:
    ``(2) In this subsection, the phrase `imminent danger to the public 
health or safety' means that, in the absence of an immediate suspension 
order, controlled substances will continue to be distributed or 
dispensed by a registrant who knows or should know through fulfilling 
the obligations of the registrant under this Act, or has reason to 
believe that--
            ``(A) the dispensing is outside the usual course of 
        professional practice;
            ``(B) the distribution or dispensing poses a present or 
        foreseeable risk of adverse health consequences or death due to 
        the abuse or misuse of the controlled substances; or
            ``(C) the controlled substances will continue to be 
        diverted outside of legitimate distribution channels.''.
    (b) Opportunity To Submit Corrective Action Plan Prior to 
Revocation or Suspension.--Subsection (c) of section 304 of the 
Controlled Substances Act (21 U.S.C. 824) is amended--
            (1) by striking the last two sentences;
            (2) by striking ``(c) Before'' and inserting ``(c)(1) 
        Before''; and
            (3) by adding at the end the following:
    ``(2) An order to show cause under paragraph (1) shall--
            ``(A) contain a statement of the basis for the denial, 
        revocation, or suspension, including specific citations to any 
        laws or regulations alleged to be violated by the applicant or 
        registrant;
            ``(B) direct the applicant or registrant to appear before 
        the Attorney General at a time and place stated in the order, 
        but not less than 30 days after the date of receipt of the 
        order; and
            ``(C) notify the applicant or registrant of the opportunity 
        to submit a corrective action plan on or before the date of 
        appearance.
    ``(3) Upon review of any corrective action plan submitted by an 
applicant or registrant pursuant to paragraph (2), the Attorney General 
shall determine whether denial, revocation or suspension proceedings 
should be discontinued, or deferred for the purposes of modification, 
amendment, or clarification to such plan.
    ``(4) Proceedings to deny, revoke, or suspend shall be conducted 
pursuant to this section in accordance with subchapter II of chapter 5 
of title 5, United States Code. Such proceedings shall be independent 
of, and not in lieu of, criminal prosecutions or other proceedings 
under this title or any other law of the United States.
    ``(5) The requirements of this subsection shall not apply to the 
issuance of an immediate suspension order under subsection (d).''.

SEC. 5. REPORT TO CONGRESS ON EFFECTS OF LAW ENFORCEMENT ACTIVITIES ON 
              PATIENT ACCESS TO MEDICATIONS.

    (a) In General.--Not later than 1 year after the date of enactment 
of this Act, the Secretary of Health and Human Services, acting through 
the Commissioner of Food and Drugs and the Director of the Centers for 
Disease Control and Prevention, and in consultation with the 
Administrator of the Drug Enforcement Administration and the Director 
of National Drug Control Policy, shall submit a report to the 
Committees on the Judiciary of the House of Representatives, the 
Committee on Energy and Commerce of the House of Representatives, the 
Committee on the Judiciary of the Senate, and the Committee on Health, 
Education, Labor and Pensions of the Senate identifying--
            (1) obstacles to legitimate patient access to controlled 
        substances;
            (2) issues with diversion of controlled substances; and
            (3) how collaboration between Federal, State, local, and 
        tribal law enforcement agencies and the pharmaceutical industry 
        can benefit patients and prevent diversion and abuse of 
        controlled substances.
    (b) Consultation.--The report under subsection (a) shall 
incorporate feedback and recommendations from the following:
            (1) Patient groups.
            (2) Pharmacies.
            (3) Drug manufacturers.
            (4) Common or contract carriers and warehousemen.
            (5) Hospitals, physicians, and other health care providers.
            (6) State attorneys general.
            (7) Federal, State, local, and tribal law enforcement 
        agencies.
            (8) Health insurance providers and entities that provide 
        pharmacy benefit management services on behalf of a health 
        insurance provider.
            (9) Wholesale drug distributors.
Example Output: Regulatory Transparency, Patient Access, and Effective Drug Enforcement Act of 2014 - Amends the Controlled Substances Act to direct the Attorney General, within 45 days of receiving a recommendation from the Secretary of Health and Human Services (HHS) to add a drug or substance that has never been marketed in the United States to a schedule of controlled substances, to issue an interim final rule under the exception for good cause, placing it into the schedule recommended, effective immediately. Allows a person who submits an application for registration to manufacture or distribute a controlled substance to indicate on the registration application that the substance will be used only in connection with clinical trials of a drug. Requires the Attorney General to: (1) make a final decision on such application within 180 days, or (2) provide written notice to the applicant of the outstanding issues that must be resolved to reach a final decision and the estimated date on which such decision will be made. Defines: (1) "factors as may be relevant to and consistent with the public health and safety," and (2) "imminent danger to the public health or safety." Requires an order to show cause as to why a registration should not be denied, revoked, or suspended to notify the registrant of the opportunity to submit a corrective action plan on or before the date of appearance before the Attorney General. Requires the Attorney General, upon review of any such plan, to determine whether denial, revocation, or suspension proceedings should be discontinued or deferred for purposes of modification or clarification of such plan. Makes these requirements inapplicable to the issuance of an immediate suspension order. Directs the Secretary, acting through the Commissioner of Food and Drugs (FDA) and the Director of the Centers for Disease Control and Prevention (CDC), to identify: (1) obstacles to legitimate patient access to controlled substances; (2) issues with diversion of controlled substances; and (3) how collaboration between federal, state, local, and tribal law enforcement agencies and the pharmaceutical industry can benefit patients and prevent diversion and abuse of controlled substances.

Example Input: SECTION 1. ENERGY ASSISTANCE FUND.

    (a) Definitions.--In this section:
            (1) Fund.--The term ``Fund'' means the Energy Assistance 
        Fund established by subsection (b).
            (2) Secretary concerned.--The term ``Secretary concerned'' 
        means, with respect to programs carried out by each Secretary--
                    (A) the Secretary of Agriculture;
                    (B) the Secretary of Energy;
                    (C) the Secretary of Housing and Urban Development;
                    (D) the Secretary of Transportation; and
                    (E) the Administrator of the Small Business 
                Administration.
    (b) Establishment.--There is established in the Treasury of the 
United States a revolving fund, to be known as the ``Energy Assistance 
Fund'', consisting of such amounts as are appropriated to the Fund 
under subsection (h)(1).
    (c) Expenditures From Fund.--
            (1) In general.--Subject to paragraph (2), on request by 
        the Secretary concerned, the Secretary of the Treasury shall 
        transfer from the Fund to the Secretary concerned such amounts 
        as the Secretary concerned determines are necessary to provide 
        to carry out 1 or more qualified purposes described in 
        subsections (d), (e), and (f).
            (2) Administrative expenses.--An amount not exceeding 10 
        percent of the amounts in the Fund shall be available for each 
        fiscal year to pay the administrative expenses necessary to 
        carry out this section.
    (d) Low-Interest Loan Guarantees for Purchase and Installation of 
Qualifying Energy Efficient Property.--
            (1) In general.--To the extent that the Secretary concerned 
        has authority under other law to make or guarantee loans or 
        grants to persons to purchase and install qualifying property, 
        the Secretary concerned may guarantee loans made to eligible 
        United States persons for the purchase and installation of 
        qualifying property.
            (2) Qualifying property.--For the purpose of paragraph (1), 
        qualifying property means--
                    (A) any component which constitutes a qualified 
                energy efficiency improvement (as defined in section 
                25C(c) of the Internal Revenue Code of 1986);
                    (B) property to heat water for use in a dwelling 
                unit located in the United States and used a residence 
                by the person if at least half of the energy used by 
                such property for such purpose is derived from the sun;
                    (C) property which uses solar energy to generate 
                electricity for use in a dwelling unit located in the 
                United States and used by the person (in the case of an 
                individual) as a residence;
                    (D) qualified fuel cell property (as defined in 
                section 48(c)(1) of that Code) installed on or in 
                connection with a dwelling unit located in the United 
                States and used as a principal residence (within the 
                meaning of section 121 of that Code) by the person (in 
                the case of an individual); or
                    (E) a compliant stove (as defined in section 
                25E(c)(2) of that Code) which--
                            (i) is installed in a dwelling unit located 
                        in the United States; and
                            (ii) replaces a noncompliant stove (as 
                        defined in section 25E(c)(3) of that Code) used 
                        in such dwelling unit.
            (3) Eligibility.--To be eligible to receive a loan 
        guarantee under this subsection, a person that is an individual 
        shall have a household income of not to exceed 115 percent of 
        the national median household income, as determined by the 
        Secretary concerned.
            (4) Use of loan.--The recipient of a loan guaranteed under 
        this subsection may use the loan only to fund improvements to 
        property owned by, and for the benefit of, the recipient.
            (5) Amount.--The amount of a loan made to a person that is 
        guaranteed under this subsection shall equal the lesser of--
                    (A) 90 percent of the difference between--
                            (i) the cost incurred by the person for the 
                        purchase and installation of the qualifying 
                        property, as approved by the Secretary; and
                            (ii) the amount of any credit allowable to 
                        the person with respect to such property under 
                        section 25C, 25D, or 25E, of the Internal 
                        Revenue Code of 1986; or
                    (B) $30,000.
            (6) Term of loans.--A loan guaranteed under this subsection 
        shall have a term of not to exceed 15 years.
    (e) Low-Interest Loan Guarantees for Purchase and Installation of 
Idling Reduction and Advanced Insulation for Heavy Trucks.--
            (1) In general.--To the extent that the Secretary concerned 
        has authority under other law to make or guarantee loans or 
        grants to persons to purchase and install idling reduction 
        devices described in section 4053(9) of the Internal Revenue 
        Code of 1986 or advanced insulation described in section 
        4053(10) of such Code, the Secretary concerned may guarantee 
        loans made to United States persons for the purchase and 
        installation of such idling reduction devices and advanced 
        insulation.
            (2) Use of loan.--The recipient of a loan guaranteed under 
        this subsection may use the loan only to fund improvements to 
        property owned by, and for the benefit of, the recipient.
            (3) Amount.--
                    (A) In general.--The amount of a loan made to a 
                person that is guaranteed under this subsection shall 
                equal 90 percent of the difference between--
                            (i) the cost incurred by the person for the 
                        purchase and installation of the idling 
                        reduction devices and advanced insulation 
                        described in subsection (a), as approved by the 
                        Secretary concerned; and
                            (ii) 12 percent of the amount for which the 
                        idling reduction devices or advanced insulation 
                        was sold.
                    (B) Special rules.--In the case of any property 
                described in paragraphs (2), (3), or (4) of section 
                4051(a) of the Internal Revenue Code of 1986, the 
                amount determined under subparagraph (A) shall be zero.
                    (C) Determination of price.--Rules similar to the 
                rules of section 4052(b) of the Internal Revenue Code 
                of 1986 shall apply for purposes of subparagraph (B).
            (4) Loan terms.--The Secretary concerned shall establish 
        terms for loans guaranteed under this subsection, as determined 
        by the Secretary concerned.
    (f) Low-Interest Loan Guarantees for Purchase and Installation of 
Alternative Refueling Stations.--
            (1) In general.--To the extent that the Secretary concerned 
        has authority under other law to make or guarantee loans or 
        grants to persons for the purchase and installation of any 
        qualified alternative fuel vehicle refueling property (as 
        defined in section 30C(c) of the Internal Revenue Code of 
        1986), the Secretary concerned may guarantee loans made to 
        United States persons for the purchase and installation of any 
        such qualified alternative fuel vehicle refueling property 
        placed in service by the person during a taxable year.
            (2) Use of loan.--The recipient of a loan guaranteed under 
        this subsection may use the loan only to fund improvements to 
        property owned by, and for the benefit of, the recipient.
            (3) Amount.--The amount of a loan made to a person that is 
        guaranteed under this subsection shall equal 90 percent of the 
        difference between--
                    (A) the cost incurred by the person for the 
                purchase and installation of the qualified alternative 
                fuel vehicle refueling property described in paragraph 
                (1), as approved by the Secretary concerned; and
                    (B) the amount of any credit allowable to the 
                person under section 30C of the Internal Revenue Code 
                of 1986.
            (4) Loan terms.--The Secretary concerned shall establish 
        terms for loans guaranteed under this subsection, as determined 
        by the Secretary concerned.
    (g) Transfers of Amounts.--
            (1) In general.--The amounts required to be transferred to 
        the Fund under this section shall be transferred at least 
        monthly from the general fund of the Treasury to the Fund on 
        the basis of estimates made by the Secretary of the Treasury.
            (2) Adjustments.--Proper adjustment shall be made in 
        amounts subsequently transferred to the extent prior estimates 
        were in excess of or less than the amounts required to be 
        transferred.
    (h) Funding.--
            (1) Mandatory funding.--
                    (A) In general.--Notwithstanding any other 
                provision of law, on October 1, 2009, out of any funds 
                in the Treasury not otherwise appropriated, the 
                Secretary of the Treasury shall transfer to the Fund 
                for the cost of loans to carry out the purposes of the 
                Fund $1,000,000,000, to remain available until 
                expended.
                    (B) Receipt and acceptance.--The Fund shall be 
                entitled to receive, shall accept, and shall use to 
                carry out the purposes of the Fund the funds 
                transferred under subparagraph (A), without further 
                appropriation. 
            (2) Authorization of appropriations.--
                    (A) In general.--In addition to the amount made 
                available under paragraph (1), there are authorized to 
                be appropriated to the Fund such sums as are necessary 
                to carry out the purposes of the Fund.
                    (B) Additional funding.--To the extent that a 
                Secretary described in subsection (a) has authority 
                under other law to make or guarantee loans or grants 
                described in subsection (d)(1), (e)(1), or (f)(1), in 
                addition to any other funds made available to carry out 
                that authority under any other provision of law, there 
                are authorized to be appropriated to the Secretary such 
                sums as are necessary for the Secretary to provide 
                additional loans, loan guarantees, or grants under that 
                authority.
Example Output: Establishes in the Treasury the Energy Assistance Fund.

Directs the Secretary of the Treasury, upon request of the Secretary concerned, to transfer amounts from the Fund to that Secretary to make or guarantee low-interest loans or grants to U.S. persons to purchase and install: (1) qualifying energy efficient property in their principal dwelling (i.e., solar powered property to heat water or generate electricity, fuel cells, or compliant stoves); (2) idling reduction devices or advanced insulation in heavy trucks; and (3) qualified alternative fuel vehicle refueling property at a station.

Example Input: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Seasoned Customer CTR Exemption Act 
of 2008''.

SEC. 2. FINDINGS.

     The Congress finds as follows:
            (1) When it is possible to reduce the regulatory burden on 
        depository institutions associated with reporting requirements 
        under chapter 53 of title 31, United States Code, while at the 
        same time maintaining the utility of such reports to law 
        enforcement efforts, it is appropriate to do so.
            (2) In February 2008, the Comptroller General issued a 
        report titled ``Bank Secrecy Act: Increased Use of Exemption 
        Provisions Could Reduce Currency Transaction Reporting While 
        Maintaining Usefulness to Law Enforcement Efforts'' (GAO-08-
        355).
            (3) The Comptroller General finds that since transactions 
        of exempt customers are of little or no value to law 
        enforcement efforts, efforts made to increase the use of such 
        exemptions by depository institutions could reduce the 
        regulatory burden associated with filing unnecessary cash 
        transaction reports and the government's costs to process them, 
        while maintaining the utility of such reports to law 
        enforcement efforts.
            (4) The Comptroller General finds that the requirement that 
        depository institutions file biennial renewals for Phase II 
        customer exemptions duplicates the required annual review of 
        such exemptions and discourages the use of some exemptions.
            (5) The Comptroller General finds that eliminating the 
        requirement that depository institutions file biennial renewals 
        for Phase II customer exemptions could increase the use of such 
        exemptions and reduce the burden associated with filing 
        unnecessary cash transaction reports.
            (6) The Comptroller General recommends eliminating the 
        requirement that depository institutions biennially renew Phase 
        II exemptions.
            (7) The Comptroller General finds that the cash 
        transactions of government entities and depository institutions 
        are likely of little or no use to law enforcement efforts and 
        that cash transaction reports related to these entities are 
        unnecessary.
            (8) The Comptroller General finds that, although the 
        amendments made to chapter 53 of title 31, United States Code, 
        by the Money Laundering Suppression Act of 1994 required the 
        Secretary of the Treasury to exempt depository institutions 
        from filing cash transaction reports on the transactions of 
        government entities and depository institutions and did not 
        explicitly require the filing of exemption forms or annual 
        review of such information with respect to the exempt entities 
        to effectuate any such exemption, the regulations prescribed by 
        the Secretary nonetheless require depository institutions to 
        file such exemption forms and annual reviews.
            (9) The Comptroller General finds that the requirement that 
        depository institutions file forms to exempt government 
        entities and depository institutions, and conduct annual 
        reviews of related information, discourages the use of such 
        exemptions and creates cash transaction reports that are of 
        little or no value to law enforcement efforts.
            (10) The Comptroller General recommends eliminating the 
        requirement that depository institutions file exemption forms 
        and annually review the supporting information for government 
        entities and depository institutions.
            (11) The Comptroller General finds that requiring 
        depository institutions to wait 12 months before exempting 
        certain customers with large numbers of cash transactions may 
        needlessly create cash transaction reports that are not highly 
        useful to law enforcement efforts.
            (12) The Comptroller General finds that allowing depository 
        institutions to exempt clients with frequent cash transactions 
        within a time period of less than a year could avoid the filing 
        of unnecessary cash transaction reports.
            (13) The Comptroller General recommends considering a 
        change in requirements to allow depository institutions to 
        exempt otherwise-eligible customers with frequent large cash 
        transactions within a period of time shorter than 12 months.

SEC. 3. EXCEPTION FROM CURRENCY TRANSACTION REPORTS FOR SEASONED 
              CUSTOMERS.

    Section 5313(e) of title 31, United States Code, is amended to read 
as follows:
    ``(e) Qualified Customer Exemption.--
            ``(1) In general.--Before the end of the 270-day period 
        beginning on the date of the enactment of the Seasoned Customer 
        CTR Exemption Act of 2008, the Secretary of the Treasury shall 
        prescribe regulations that exempt any depository institution 
        from filing a report pursuant to this section after the 
        effective date of such regulations in connection with a 
        transaction for the payment, receipt, or transfer of United 
        States coins or currency (or other monetary instruments the 
        Secretary of the Treasury prescribes) with a qualified customer 
        of the depository institution.
            ``(2) Qualified customer defined.--For purposes of this 
        section, the term `qualified customer', with respect to a 
        depository institution, has such meaning as the Secretary of 
        the Treasury shall prescribe, which shall include any person 
        that--
                    ``(A) is incorporated or organized under the laws 
                of the United States or any State, including a sole 
                proprietorship (as defined in 31 CFR 103.22(d)(6)(vii), 
                as in effect on January 4, 2007), or is registered as 
                and eligible to do business within the United States or 
                a State; and
                    ``(B) has maintained a deposit account with the 
                depository institution for at least 2 months, or has 
                engaged, using such an account, in multiple currency 
                transactions that are subject to the reporting 
                requirements of subsection (a).
            ``(3) Regulations.--
                    ``(A) In general.--The Secretary of the Treasury 
                shall prescribe regulations requiring a depository 
                institution to file a 1-time notice of designation of 
                exemption for each qualified customer of the depository 
                institution.
                    ``(B) Form and content of exemption notice.--The 
                Secretary shall by regulation prescribe the form, 
                manner, content, and timing of the qualified customer 
                exemption notice and such notice shall include 
                information sufficient to identify the qualified 
                customer and the accounts of the customer.
                    ``(C) Authority of secretary.--
                            ``(i) In general.--The Secretary may 
                        suspend, reject, or revoke any qualified 
                        customer exemption notice, in accordance with 
                        criteria prescribed by the Secretary by 
                        regulation.
                            ``(ii) Conditions.--The Secretary may 
                        establish conditions, in accordance with 
                        criteria prescribed by regulation, under which 
                        exempt qualified customers of an insured 
                        depository institution that is merged with or 
                        acquired by another insured depository 
                        institution will continue to be treated as 
                        designated exempt qualified customers of the 
                        surviving or acquiring institution.''.

SEC. 4. EXCEPTION FROM CURRENCY TRANSACTION REPORTS FOR GOVERNMENT 
              ENTITIES, DEPOSITORY INSTITUTIONS, AND CERTAIN OTHER 
              FINANCIAL INSTITUTIONS.

    (a) In General.--Section 5313(d) of title 31, United States Code, 
is amended to read as follows:
    ``(d) Mandatory Exemptions From Reporting Requirements.--
            ``(1) In general.--Upon enactment of the Seasoned Customer 
        CTR Exemption Act of 2008, the Secretary of the Treasury shall 
        exempt, pursuant to section 5318(a)(6), a depository 
        institution from the reporting requirements of subsection (a), 
        without requiring the depository institution to file a notice 
        of designation of exemption or to annually review the 
        information supporting the exemption, with respect to 
        transactions between the depository institution and the 
        following categories of entities:
                    ``(A) Another depository institution.
                    ``(B) A department or agency of the United States, 
                any State, or any political subdivision of any State.
                    ``(C) Any entity established under the laws of the 
                United States, any State, or any political subdivision 
                of any State, or under an interstate compact between 2 
                or more States, which exercises governmental authority 
                on behalf of the United States, the State, or the 
                political subdivision.
                    ``(D) Any entity, other than a bank, whose common 
                stock or analogous equity interests are listed on the 
                New York Stock Exchange or the American Stock Exchange 
                or whose common stock or analogous equity interests 
                have been designated as a Nasdaq National Market 
                Security listed on the Nasdaq Stock Market (except 
                stocks or interests listed under the separate `Nasdaq 
                Small-Cap Issues' heading), except that, for purposes 
                of this subparagraph, a person that is a financial 
                institution, other than a bank, is an exempt person 
                only to the extent of such institution's domestic 
                operations.
                    ``(E) Any subsidiary, other than a bank, of any 
                entity described in subparagraph (D) that is organized 
                under the laws of the United States or of any State and 
                at least 51 percent of whose common stock or analogous 
                equity interest is owned by the listed entity, except 
                that, for purposes of this subparagraph, a person that 
                is a financial institution, other than a bank, is an 
                exempt person only to the extent of such institution's 
                domestic operations.
                    ``(F) Any business or category of business the 
                reports on which have little or no value for law 
                enforcement purposes.
            ``(2) Notice of exemption.--The Secretary of the Treasury 
        shall publish in the Federal Register at such times as the 
        Secretary determines to be appropriate (but not less frequently 
        than once each year) a list of all the entities whose 
        transactions with a depository institution are exempt under 
        this subsection from the reporting requirements of subsection 
        (a).''.
    (b) Election To Report Notwithstanding Exemption.--Section 5313(f) 
of title 31, United States Code, is amended by adding at the end the 
following new paragraph:
            ``(3) Depository institution elections.--A depository 
        institution may elect to report a transaction that would 
        otherwise qualify for an exemption under subsection (d) or (e), 
        and a depository institution that makes such an election shall 
        not be subject to any penalty, liability, enforcement remedy, 
        or supervisory criticism for such reporting.''.
    (c) Technical and Conforming Amendment.--The heading for subsection 
(f) of section 5313 of title, United States Code, is amended by 
striking ``Mandatory and Discretionary''.
Example Output:
Seasoned Customer CTR Exemption Act of 2008 - Amends federal money and finance law to: (1) repeal certain discretionary exemptions of depository institutions from currency transaction reporting (CTR) requirements; and (2) instruct the Secretary of the Treasury to prescribe regulations that exempt any depository institution from filing certain mandatory reports of currency transactions with a qualified customer.

Defines qualified customer as any person that: (1) is incorporated or organized under federal or state law, including a sole proprietorship, or is registered as and eligible to do business within the United States or a state; and (2) has maintained a deposit account with the depository institution for at least two months, or has engaged, using such account, in multiple currency transactions subject to federal CTR requirements.

Requires such regulations to require a depository institution to file a one-time notice of designation of exemption for each of its qualified customers.

Authorizes the Secretary to: (1) suspend, reject, or revoke any qualified customer exemption notice; and (2) set conditions under which exempt qualified customers of an insured depository institution that is merged with, or acquired by another insured depository institution, will continue to be treated as designated exempt qualified customers of the surviving or acquiring institution.

Revises certain mandatory exemptions from CTR requirements. Requires the Secretary to exempt a depository institution from domestic CTR requirements without requiring the depository institution to either file a notice of designation of exemption, or to annually review the information supporting the exemption, with respect to transactions between the depository institution and specified categories of entities.

Specifies additions to such categories of entities.

Permits a depository institution to elect to report such exempted transactions without being subject to any penalty, liability, enforcement remedy, or supervisory criticism for such reporting.