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. FINANCIAL LITERACY SERVICES.

    Part A of title XI of the Social Security Act (42 U.S.C. 1301 et 
seq.) is amended by adding at the end the following new section:

                     ``financial literacy services

    ``Sec. 1150A.  (a) Definitions.--In this section:
            ``(1) Area agency on aging.--The term `area agency on 
        aging' has the meaning given that term in section 102 of the 
        Older Americans Act of 1965 (42 U.S.C. 3002).
            ``(2) Financial literacy services.--The term `financial 
        literacy services' means the services described in subsection 
        (b)(1).
            ``(3) Older individual.--The term `older individual' has 
        the meaning given that term in such section 102.
    ``(b) Grants for Services.--
            ``(1) In general.--The Secretary shall make grants to 
        eligible entities and other entities determined appropriate by 
        the Secretary to enable the entities to provide services to 
        improve financial literacy among older individuals, including 
        older individuals who are women, and the family members and 
        legal representatives of such individuals. The Secretary shall 
        make the grants on a competitive basis, and nationwide.
            ``(2) Eligible entities.--To be eligible to receive a grant 
        under this subsection, an entity shall be an area agency on 
        aging or another entity that meets such requirements as the 
        Secretary may specify.
            ``(3) Application.--To be eligible to receive a grant under 
        this subsection, an entity shall submit an application to the 
        Secretary at such time, in such manner, and containing such 
        information as the Secretary may require. In the case of an 
        entity who intends to provide the financial literacy services 
        jointly with other services as described in paragraph (4)(C), 
        the application shall include information demonstrating that 
        the entity has the capacity to provide the services jointly.
            ``(4) Use of funds.--
                    ``(A) In general.--An entity that receives a grant 
                under this subsection shall use the funds made 
                available through the grant to provide financial 
                literacy services, such as financial literacy 
                education, training, and assistance.
                    ``(B) Provision through contracts.--The entity may 
                provide the services directly or by entering into a 
                contract with an organization that provides counseling, 
                advice, or representation to older individuals and the 
                family members and legal representatives of such 
                individuals in a community served by the entity.
                    ``(C) Provision with other services.--The entity 
                may provide the services alone or jointly with other 
                services provided by or funded by the eligible entity, 
                such as--
                            ``(i) services provided through State 
                        Health Insurance Assistance Programs;
                            ``(ii) services provided through a Long-
                        Term Care Ombudsman program under section 
                        307(a)(9) or 712 of the Older Americans Act of 
                        1965 (42 U.S.C. 3027, 3058g);
                            ``(iii) information and assistance services 
                        provided under the Older Americans Act of 1965 
                        (42 U.S.C. 3001 et seq.);
                            ``(iv) legal assistance services provided 
                        under the Older Americans Act of 1965 (42 
                        U.S.C. 3001 et seq.);
                            ``(v) services provided through Senior 
                        Medicare Patrol Projects conducted by the 
                        Administration on Aging;
                            ``(vi) case management services; and
                            ``(vii) services provided through Aging and 
                        Disability Resource Centers.
            ``(5) Report.--The Secretary shall submit to Congress an 
        annual report on the activities carried out by entities under a 
        grant under this subsection.
    ``(c) National Support Center for Financial Literacy Grant.--
            ``(1) In general.--The Secretary may make a grant to an 
        eligible center to coordinate the services provided through, 
        and support the grant recipients under, the grant program 
        carried out under subsection (b).
            ``(2) Eligible center.--To be eligible to receive a grant 
        under this subsection, a center shall--
                    ``(A) be an entity that is housed within an 
                organization described in section 501(c) of the 
                Internal Revenue Code of 1986 that is exempt from 
                taxation under section 501(a) of such Code;
                    ``(B) have a minimum of 10 years experience 
                operating a national program and support center with a 
                focus on financial literacy; and
                    ``(C) be primarily engaged in outreach and training 
                activities designed to provide financial education and 
                retirement planning for low- and moderate-income 
                individuals, particularly with respect to women; and
                    ``(D) have a demonstrated record of collaboration 
                with organizations that focus on the needs of low- and 
                moderate-income individuals and with national 
                organizations serving the elderly, including those 
                working with area agencies on aging and women, as well 
                as organizations with expertise in financial services 
                and related fields.
            ``(3) Use of funds.--A center that receives a grant under 
        this subsection shall use the funds made available through the 
        grant to--
                    ``(A) design and conduct training (which may 
                include providing training for trainers) related to 
                financial literacy services;
                    ``(B) provide curricula for financial literacy 
                services;
                    ``(C) develop and disseminate relevant information 
                about financial literacy services;
                    ``(D) conduct outreach to national, State, and 
                community organizations through a series of strategic 
                partnerships in order to improve financial literacy 
                among older individuals and the family members and 
                legal representatives of such individuals;
                    ``(E) provide technical assistance to the grant 
                recipients under subsection (b) with respect to the 
                program; and
                    ``(F) collect data from such grant recipients about 
                the services provided under this section, and the 
                impact of those services.
            ``(4) Addressing challenges to women in securing adequate 
        retirement income.--In addition to the activities described in 
        paragraph (3), a center that receives a grant under this 
        subsection shall use the funds made available through the grant 
        to conduct activities that are focused on addressing the 
        challenges faced by older women, women of color, single women, 
        and women who are heads of households to securing an adequate 
        retirement income.
    ``(d) Coordination.--The Secretary shall ensure that the activities 
carried out under the grant program under subsection (b) and under a 
grant made under subsection (c) are coordinated with the activities 
carried out by--
            ``(1) the Office of Financial Education of the Department 
        of the Treasury; and
            ``(2) the Financial Literacy and Education Commission 
        established under section 513 of the Financial Literacy and 
        Education Improvement Act (20 U.S.C. 9702).
    ``(e) Funding.--The Secretary of the Treasury shall transfer to the 
Secretary of Health and Human Services from the Federal Old-Age and 
Survivors Insurance Trust Fund and Federal Disability Insurance Trust 
Fund established under section 201 such funds as are necessary for 
making grants under this section.''.
Example Output: Amends part A (General Provisions) of title XI of the Social Security Act to direct the Secretary of Health and Human Services to make grants to enable eligible entities to provide services to improve financial literacy among older individuals, including family members and legal representatives of such individuals.

Authorizes the Secretary to make such a grant to a national support center to: (1) coordinate services provided through the grant program; and (2) support grant recipients.

Example Input: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Spacefaring Priorities for America's 
Continued Exploration Act'' or the ``SPACE Act''.

SEC. 2. FINDINGS.

    Congress finds the following:
            (1) Russia is not a reliable partner.--(A) Unless Space 
        Shuttle operations are extended beyond 2010, the United States 
        will be heavily reliant on Russia to supply crew and possibly 
        cargo transport services to the International Space Station 
        during the gap period of 2010 through 2015. There will be no 
        other way to fly our astronauts into space during this period.
            (B) The United States should not increase its reliance on 
        Russia to transport American astronauts into space, given the 
        increasingly divergent views and posturing from Russia. Russia 
        opposes the United States plan to base an antimissile radar 
        system in the Czech Republic and interceptor missiles in Poland 
        to deal with the threat posed by the Iranian nuclear weapons 
        and missile programs. Russia also suspended its participation 
        in the Conventional Forces in Europe (CFE) treaty, one of the 
        most significant arms control agreements of the Cold War years. 
        Additionally, Russia continues to arm some of America's most 
        hostile adversaries, Iran and Venezuela. Despite United States 
        objections, Russia sold billions of dollars worth of weapons to 
        the regime of Hugo Chavez in 2006. Such meddling is a possible 
        violation of the Monroe Doctrine and a throwback to the Cold 
        War era. Even more troublesome is the Russian history of 
        weapons trading with Iran. Russia has supplied advanced 
        conventional arms technology, missile technology, and nuclear 
        technologies to this very anti-American regime.
            (2) Russia has abused past nasa cooperation agreements.--
        (A) In the late 1990s, Russia fell short in fulfilling its 
        commitment to the International Space Station.
            (B) The National Aeronautics and Space Administration (in 
        this Act referred to as ``NASA'') was forced to transfer 
        hundreds of millions of dollars to enable the Russians to 
        complete the critical Space Station service module Zvezda, 
        without which the International Space Station could not 
        operate.
            (C) Russia delayed completion of the Zvezda service module 
        for several years. Under the International Space Station 
        agreement, the Russian government had committed to fund as well 
        as build the Zvezda service module. Subsequent transfers from 
        the United States, in order to complete the module, reflect 
        serious Russian mismanagement in the field of space.
            (D) In 2000, while Russia was failing to meet its 
        commitment to the International Space Station, Russia was 
        diverting financial and human resources away from fulfilling 
        its International Space Station commitments in order to keep 
        the Russian's Mir Space Station aloft.
            (E) Russia's past shortcomings in fulfilling commitments to 
        its international space partners should serve as a warning to 
        the United States as we consider increased reliance on Russian 
        space services in the future. It is not prudent for the United 
        States to depend on Russia for access to space given our past 
        experience with this relationship.
            (3) American space science should not be dependent on 
        russian support.--(A) The United States has already invested 
        billions of dollars in the International Space Station program 
        since its inception.
            (B) There is much research of great value being conducted 
        in space, and on the International Space Station, that may 
        yield tremendous gains. Research being conducted on the 
        International Space Station may help scientists back on Earth 
        develop medicines to treat diseases and help us better 
        understand the Earth's climate. Many scientists believe that 
        the microgravity environment of space will enable the 
        development of new drugs, vaccines, and other therapies. 
        Equipment on the International Space Station will monitor 
        stratospheric gases, and investigate ozone chemistry.
            (4) The united states must have assured access to space.--
        (A) To ensure that the United States realizes the dividends 
        from the considerable investment we have made in the 
        International Space Station, we need to ensure continued access 
        to space for our astronauts. However, NASA's plan for transport 
        of crew to and from the International Space Station fails to 
        provide necessary redundancies to provide assured access to 
        space.
            (B) NASA anticipates that the Russian Soyuz spacecraft will 
        be the only vehicle for astronaut crew rotation to the 
        International Space Station after 2010. From 2011 until the 
        planned operation of Orion in 2015, NASA likely has no other 
        option for transporting American astronauts to space other than 
        on Russian vehicles.
            (C) NASA has conceded that without the Space Shuttle, it 
        will be unable to transport the Alpha Magnetic Spectrometer 
        (AMS) to the International Space Station. Scientists involved 
        in the development of the AMS acknowledge that it will enhance 
        scientific discoveries. While the AMS has cost over 
        $1,500,000,000 to develop and build, NASA has stated that the 
        remaining Space Shuttle manifest does not allow for transport 
        of the AMS and that it will not be an option to retrofit 
        another launch vehicle in order to fly it into space. Only by 
        extending Space Shuttle operations beyond 2010 will NASA be 
        able to transport the AMS to the International Space Station. 
        As long as the AMS meets all required standards to verify its 
        validity and justify its transport on the Space Shuttle, NASA 
        should fulfill its obligation to the Department of Energy and 
        our international partners.
            (D) In addition, the Japanese Centrifuge Accommodation 
        Module, which can only fly to the International Space Station 
        on the Space Shuttle, will also be unable to reach the Space 
        Station absent extending Space Shuttle operations.
            (5) A better approach.--(A) Due to NASA's lack of a backup 
        plan for reliance on the Russians for transport of American 
        astronauts to space, the United States needs a better approach. 
        The best approach is the Space Shuttle, a proven, domestic 
        source of space transport for assured access to space, 
        including the International Space Station, for crew and cargo 
        transport.
            (B) With 2 Shuttle missions per year during the human 
        spaceflight program flight gap between Shuttle and Orion, 
        currently scheduled from 2010 through 2015, we can replace our 
        need to rely on the Russians for crew rotation for the 
        International Space Station.
            (C) Savings from replacing Russian transport services to 
        the International Space Station with the Space Shuttle would 
        pay for a portion of the costs for flying 2 Space Shuttle 
        missions per year.
            (D) Only by closing the gap between 2010 and 2015, or until 
        the Orion is operational, will our Nation be able to keep our 
        Nation's highly skilled and critically important spaceworkers 
        and engineers gainfully employed, and mitigate the loss of 
        critical skills.
            (E) By extending Space Shuttle operations, NASA may realize 
        considerable savings by no longer having to pay retention 
        bonuses to critical space workers. But retention bonuses would 
        not be the only added costs associated with the end of Space 
        Shuttle operations when critical skilled workers leave NASA or 
        its contractors. Recruitment incentives for new workers and 
        contract cost increases could also be incurred by NASA since 
        the majority of the Kennedy Space Center's workforce are 
        contractors.
            (F) The success of the Constellation program will depend on 
        having the most skilled and experienced workforce possible. The 
        workforce gap, as currently envisioned by NASA, will jeopardize 
        this. NASA has acknowledged that thousands of critical space 
        workers will lose their jobs in the transition from the Space 
        Shuttle to the Constellation program. Continued operation of 
        the Space Shuttle, but on a reduced flight requirement, while 
        also integrating these workers into the Orion program, is the 
        best way to retain many of these critical workers and skill 
        sets.
            (G) An August 2007 study by the Government Accountability 
        Office, ``NASA Progress Made on Strategic Human Capital 
        Management, but Future Program Challenges Remain,'' stated that 
        ``the agency as a whole faces challenges in recruiting and 
        retaining highly experienced senior-level engineers in certain 
        specialties. NASA's principal workforce challenge will be faced 
        in the transition to the next generation of human space flight 
        systems.''.
            (H) This Act authorizes for NASA additional funding under 
        section 4 to fully restore the appropriation shortfalls in 
        fiscal years 2007 and 2008 compared to the funds that were 
        authorized for NASA. An additional $1,000,000,000 is authorized 
        in section 4(b) to reimburse NASA for the costs incurred by 
        NASA from the Space Shuttle return-to-flight efforts following 
        the Space Shuttle Columbia disaster.

SEC. 3. PROHIBITION ON USE OF RUSSIAN SPACE SERVICES.

    NASA shall not rely solely on the Russian government for astronaut 
transport or cargo resupply services. This prohibition does not apply 
to the current Soyuz emergency escape services for astronauts on the 
International Space Station.

SEC. 4. ADDITIONAL FUNDING FOR NASA.

    (a) Additional Authorization for Fiscal Year 2007 Shortfall.--There 
are authorized to be appropriated to NASA $1,648,000,000, 41.6 percent 
of which shall be for Exploration Systems, and 28.7 percent of which 
shall be available for Space Operations.
    (b) Columbia Return-to-Flight.--There are authorized to be 
appropriated to NASA $1,000,000,000 for emergency funding to reimburse 
for Columbia return-to-flight costs, of which the Exploration Systems 
and Space Operations Accounts shall receive funding at the rate 
proportional to the amounts used to pay the costs associated with the 
Space Shuttle return-to-flight efforts.
    (c) Additional Authorization for Fiscal Year 2008 Shortfall.--There 
are authorized to be appropriated to NASA $1,064,000,000, 41.7 percent 
of which shall be for Exploration Systems.
    (d) Preservation of Funding for Programs.--NASA shall not take any 
funding from its Exploration Systems account or the Constellation 
program in order to fund the continued operation of the Space Shuttle 
program as required in this Act.

SEC. 5. EXTENDING SPACE SHUTTLE OPERATIONS.

    (a) Use of Space Shuttle for Access to Space.--NASA shall fly at 
least 2 Space Shuttle missions per year for crew transport, instead of 
Russian crew and cargo services, for the period of 2010 through 2015, 
or until Orion is operational. There are authorized to be appropriated 
to NASA such sums as may be necessary, in addition to amounts otherwise 
authorized, to carry out this subsection, including for the production 
of more external tanks as may be needed.
    (b) Insufficient Funding.--Except as provided under subsection (c), 
the requirements of this Act shall have effect only to the extent that 
sufficient funding is appropriated, as authorized under subsection (a). 
Sufficient funding is defined as funds required to fully or partially 
comply with the requirements of this Act.
    (c) Report to Congress.--NASA shall report to Congress not later 
than 90 days after the date of enactment of this Act on the specific 
costs and actions needed to extend the operation of the Space Shuttle 
in accordance with this Act.
    (d) Operational Efficiencies.--As soon as possible, but no later 
than March 31, 2011, NASA shall investigate areas of reduced operations 
and enhanced cost savings and implement those that do not impinge the 
safe operation of the Space Shuttle program, including the following:
            (1) The possible retirement of one Space Shuttle orbiter, 
        leaving 2 to remain operational, in a manner that ensures the 
        safe operation of the Space Shuttle program.
            (2) Significantly reducing changes to the design of the 
        Space Shuttle orbiters, in a manner that ensures the safe 
        operation of the Space Shuttle program. This shall include 
        changes to the Space Shuttle software systems.
            (3) Significantly reducing Space Shuttle orbiter 
        configuration operations and payload configuration operations, 
        in a manner that ensures the safe operation of the Space 
        Shuttle program.
            (4) Maximizing the use of shared personnel between the 
        continued operation of the Space Shuttle and Constellation and 
        other NASA programs.
    (e) Facilities.--If conflicts arise in NASA's efforts to allocate 
facilities, personnel, and other resources in order to fly the Space 
Shuttle as well as continue the development of Constellation, then NASA 
shall identify in a report to Congress in advance such conflicts, along 
with recommendations as to how they can be mitigated.

SEC. 6. SHUTTLE RECERTIFICATION.

    Not later than 6 months after the date of enactment of this Act, 
NASA shall define achievable and attainable requirements for operation 
of the Space Shuttle program beyond 2010, as recommended by the 
Columbia Accident Investigation Board. NASA shall transmit these 
requirements to Congress in the form of a report. NASA shall then 
immediately begin the process of satisfying these requirements and 
shall satisfy all requirements no later than March 31, 2010.
Example Output: Spacefaring Priorities for America's Continued Exploration Act or SPACE Act - Prohibits the National Aeronautics and Space Administration (NASA) from relying solely on the Russian government for astronaut transport or cargo resupply services, except for the current Soyuz emergency escape services for astronauts on the International Space Station.

Authorizes appropriations to NASA for: (1) exploration systems; and (2) emergency funding for Columbia return-to-flight costs.

Requires NASA to fly at least two space shuttle missions per year for crew transport, instead of Russian crew and cargo services, for the period 2010-2015, or until Orion is operational. Authorizes appropriations to carry out such operations. Requires NASA to report to Congress on the specific costs and actions needed to extend the operation of the space shuttle.

Requires NASA, by March 31, 2011, to investigate areas of reduced operations and enhanced cost savings and implement those that do not impinge on the safe operation of the space shuttle program.

Directs NASA to define achievable and attainable requirements for the operation of such program beyond 2010, as recommended by the Columbia Accident Investigation Board. Requires: (1) NASA to report to Congress on such requirements; and (2) NASA to immediately begin satisfying those requirements and to satisfy all of them by March 31, 2010.

Example Input: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Financial Accounting Standards Board 
Act''.

SEC. 2. DEFINITIONS.

    As used in this Act--
            (1) FASB.--The term ``FASB'' means the Financial Accounting 
        Standards Board.
            (2) Federal regulatory program.--The term ``Federal 
        regulatory program'' means a program enacted under the 
        authority of the Commerce Clause of the Constitution and 
        providing for the regulation of the interstate or foreign 
        commerce of the United States, or the use of the means or 
        instrumentalities of such commerce.
            (3) Person.--The term ``person'' includes corporations, 
        companies, associations, firms, partnerships, societies, and 
        joint stock companies, as well as individuals, but does not 
        include an agency or instrumentality of Federal, State, or 
        local government.

SEC. 3. STANDARDS AUTHORITATIVE.

    The standards of financial accounting and reporting promulgated by 
the FASB shall be authoritative for the purpose of determining 
compliance with generally accepted accounting principles by any person 
under any Federal regulatory program.

SEC. 4. DUTY OF FASB.

    The duty of the FASB shall be to establish and improve, after 
independent and impartial deliberation, standards of financial 
accounting and reporting for any person. To accomplish its duty, the 
FASB shall act to--
            (1) improve the usefulness to present and potential 
        investors, creditors, and other users, of financial reporting 
        made by firms in interstate commerce focusing on the primary 
        characteristics of relevance and reliability;
            (2) keep standards current to reflect changes in methods of 
        doing business and changes in the economic environment;
            (3) consider promptly any significant areas of deficiency 
        in financial reporting that might be improved through the 
        standard-setting process;
            (4) promote the international convergence of accounting 
        standards concurrent with improving the quality of financial 
        reporting; and
            (5) improve the common understanding of the nature and 
        purposes of information contained in financial reports.

SEC. 5. REQUIREMENTS FOR ESTABLISHMENT OF ACCOUNTING STANDARDS.

    (a) General Principles.--In promulgating and revising standards of 
financial accounting and reporting, the FASB shall follow the following 
principles:
            (1) Financial reporting should provide information that is 
        useful to present and potential investors and creditors and 
        other users in making rational investment, credit, and similar 
        decisions. The information should be comprehensible to those 
        who have a reasonable understanding of business and economic 
        activities and are willing to study the information with 
        reasonable diligence.
            (2) Financial reporting should provide information to help 
        present and potential investors and creditors and other users 
        in assessing the amounts, timing, and uncertainty of 
        prospective cash receipts from dividends or interest and the 
        proceeds from the sale, redemption, or maturity of the 
        securities or loans.
            (3) Financial reporting should provide information about 
        the economic resources of an enterprise, the claims to those 
        resources (obligations of the enterprise to transfer resources 
        to other entities and owners' equity), and the effects of 
        transactions, events, and circumstances that change resources 
        and claims to those resources.
    (b) Operating Objectives.--The FASB shall promote the following 
objectives in the conduct of its activities:
            (1) To be objective in its decision making and to ensure, 
        insofar as possible, the neutrality of information resulting 
        from its standards. To be neutral, information must report 
        economic activity as faithfully as possible without coloring 
        the image it communicates for the purpose of influencing 
        behavior in any particular direction.
            (2) To weigh carefully the views of its constituents in 
        developing concepts and standards. However, the ultimate 
        determinant of concepts and standards must be the FASB's 
        judgment, based on research, public input, and careful 
        deliberation about the usefulness of the resulting information.
            (3) To bring about needed changes in ways that minimize 
        disruption to the continuity of reporting practice, including 
        establishment of reasonable effective dates and transition 
        provisions when new standards are introduced. Change should be 
        evolutionary to the extent that it can be accommodated by the 
        need for relevance, reliability, comparability, and 
        consistency.
            (4) To review the effects of past decisions and interpret, 
        amend, or replace standards in a timely fashion when such 
        action is indicated.
    (c) Primary Standard Requiring Adherence to Principles.--
            (1) Promulgation required.--The FASB shall promulgate a 
        primary standard requiring the application of the principles 
        articulated in subsection (a) of this section to financial 
        accounting and reporting. Except as provided in paragraph (2), 
        such primary standard shall prohibit the application of any 
        other standard of financial accounting and reporting 
        promulgated by the FASB in a manner, or with a result, that 
        fails to comply with such principles.
            (2) Deviations explained and justified.--The primary 
        standard promulgated pursuant to this subsection may allow for 
        deviation from the application of such principles only if an 
        explanation and justification for the basis of the deviation is 
        specifically articulated and made public.
    (d) Establishment of Additional Standards.--The FASB shall develop 
additional standards of financial accounting and reporting to address 
issues relating to--
            (1) off-balance-sheet accounting practices and standards, 
        and accounting requirements for special-purpose entities, in a 
        manner that is based on principles for determining bona fide 
        economic control; and
            (2) requirements for marked-to-market accounting, including 
        consideration of the application of fair value to agreements 
        involving commitments on the part of an issuer.
    (e) Additional Projects.--
            (1) Fair value project.--Within one year after the date of 
        enactment of this Act, FASB shall complete work on the project 
        entitled ``Measuring All Financial Assets and Liabilities at 
        Fair Value''.
            (2) Revenue and liability recognition proposal.--Within 18 
        months after the date of enactment of this Act, FASB shall 
        complete work on the proposal entitled ``Proposal for new 
        agenda project: Issues relating to the recognition of revenues 
        and liabilities''.

SEC. 6. PRESERVATION OF AUTHORITY.

    Nothing in this Act shall be construed to limit--
            (1) the authority of the Securities and Exchange Commission 
        under the securities laws (as such term is defined in section 
        3(a)(47) of the Securities Exchange Act of 1934 (15 U.S.C. 
        78c(a)(47)); or
            (2) the authority of any other Federal agency under the 
        laws applicable to a Federal regulatory program administered by 
        such agency.

SEC. 7. REPORTS.

    (a) FASB Reports.--
            (1) Annual reports.--The FASB shall transmit annual reports 
        to the President, the Committee on Energy and Commerce of the 
        House of Representatives, and the Committee on Banking, 
        Housing, and Urban Affairs of the Senate.
            (2) Contents of reports.--Each report transmitted under 
        this subsection shall include the following:
                    (A) Assessment of resources.--An assessment by the 
                FASB of the resources available, and the sufficiency of 
                those resources, to carry out the purposes and 
                requirements of this Act.
                    (B) Evaluation of compliance.--An evaluation by the 
                FASB of the extent of the compliance of financial 
                statements with the standards of financial accounting 
                and reporting promulgated by the FASB and with the 
                requirements, objectives, and principles of sections 4 
                and 5.
                    (C) Progress on unresolved issues.--A statement by 
                the FASB of the progress made by the FASB in the 
                resolution of unresolved accounting standards issues.
                    (D) Progress on treatment of intangible assets.--A 
                statement of progress made by the FASB in modernizing 
                and improving the accounting treatment for intellectual 
                property and other intangible assets.
            (3) Report on primary principle resolution.--The first 
        report transmitted under this subsection shall indicate the 
        resolution by the FASB of the issues identified in section 
        5(c).
    (b) GAO Reports.--
            (1) Annual reports required.--The Comptroller General shall 
        transmit annual reports to the President, the Committee on 
        Energy and Commerce of the House of Representatives, and the 
        Committee on Banking, Housing, and Urban Affairs of the Senate 
        on the FASB.
            (2) Contents of reports.--Each report transmitted under 
        this subsection shall include the following:
                    (A) Progress on unresolved issues.--An evaluation 
                of the FASB's progress in resolving unresolved 
                accounting standards issues, including a description of 
                such issues, the plans and timetables concerning, and 
                resources available for, the resolution of such issues, 
                and the reasons for any delays in resolving such 
                issues.
                    (B) Assessment of fasb independence.--An assessment 
                of the extent to which the FASB has maintained its 
                independence and objectivity, including an assessment 
                of any impairment of such independence and objectivity 
                resulting from the methods by which the FASB obtains 
                the resources required for its operations.
                    (C) Evaluation of procedures.--An evaluation of the 
                procedures followed by the FASB in accounting standard 
                setting, including the due process accorded to 
                interested parties, the efficiency of FASB procedures 
                in resolving issues, and the extent of the compliance 
                by the FASB with its own procedural requirements.
    (c) Unresolved Accounting Standards Issues.--For the purposes of 
this section, the term ``unresolved accounting standards issue'' means 
the open agenda items of the FASB and the FASB's Emerging Issues Task 
Force, and any other issues that this Act has added to that agenda.
Example Output:
Financial Accounting Standards Board Act - States that the duty of the Financial Accounting Standards Board (FASB) is to establish and improve standards of financial accounting and reporting.Cites general principles and operating objectives to be followed when establishing financial accounting and reporting standards.Instructs the FASB to develop additional standards relating to: (1) off-balance-sheet accounting practices and standards, and accounting requirements for special-purpose entities, in a manner that is based on principles for determining bona fide economic control; and (2) marked-to-market accounting, including consideration of fair value to agreements involving commitments on the part of an issuer.Instructs the FASB to complete work on: (1) the project entitled "Measuring All Financial Assets and Liabilities at Fair Value;" and (2) the proposal entitled "Proposal for new agenda project: Issues relating to the recognition of revenues and liabilities."