In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
--------
Question: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Balancing the Rights Of Web Surfers 
Equally and Responsibly Act of 2017'' or the ``BROWSER Act of 2017''.

SEC. 2. NOTICE OF PRIVACY POLICIES.

    (a) In General.--A provider of a covered service shall provide the 
users of the service with notice of the privacy policies of the 
provider with respect to the service. Such notice shall be clear and 
conspicuous.
    (b) Availability to Prospective Users.--The notice required by 
subsection (a) shall be made available to prospective users--
            (1) at the point of sale of, subscription to, or 
        establishment of an account for the covered service, prior to 
        such sale, subscription, or establishment, whether such point 
        of sale, subscription, or establishment is in person, online, 
        over the telephone, or through another means; or
            (2) if there is no such sale, subscription, or 
        establishment, before the user uses the service.
    (c) Persistent Availability.--The notice required by subsection (a) 
shall be made persistently available.
    (d) Material Changes.--A provider of a covered service shall 
provide users with advance notice of any material change to the privacy 
policies of the provider. The notice required by this subsection shall 
be clear and conspicuous.

SEC. 3. USER OPT-IN OR OPT-OUT APPROVAL RIGHTS BASED ON SENSITIVITY OF 
              INFORMATION.

    (a) Opt-In Approval Required for Sensitive User Information.--
Except as provided in subsection (c), a provider of a covered service 
shall obtain opt-in approval from a user to use, disclose, or permit 
access to the sensitive user information of the user.
    (b) Opt-Out Approval Required for Non-Sensitive User Information.--
Except as provided in subsection (c)--
            (1) a provider of a covered service shall obtain opt-out 
        approval from a user to use, disclose, or permit access to any 
        of the non-sensitive user information of the user; or
            (2) if the provider so chooses, the provider may comply 
        with the requirement of paragraph (1) by obtaining opt-in 
        approval from the user to use, disclose, or permit access to 
        any such non-sensitive user information.
    (c) Limitations and Exceptions.--A provider of a covered service 
may use, disclose, or permit access to user information without user 
approval for the following purposes:
            (1) In providing the covered service from which such 
        information is derived, or in providing services necessary to, 
        or used in, the provision of such service.
            (2) To initiate, render, bill, and collect for the covered 
        service.
            (3) To protect the rights or property of the provider, or 
        to protect users of the covered service and other service 
        providers from fraudulent, abusive, or unlawful use of the 
        service.
            (4) To provide location information or non-sensitive user 
        information--
                    (A) to a public safety answering point, emergency 
                medical service provider or emergency dispatch 
                provider, public safety, fire service, or law 
                enforcement official, or hospital emergency or trauma 
                care facility, in order to respond to the request of 
                the user for emergency services;
                    (B) to inform the legal guardian of the user, or 
                members of the immediate family of the user, of the 
                location of the user in an emergency situation that 
                involves the risk of death or serious physical harm; or
                    (C) to providers of information or database 
                management services solely for purposes of assisting in 
                the delivery of emergency services in response to an 
                emergency.
            (5) As otherwise required or authorized by law.
    (d) Mechanism for Exercising User Approval.--
            (1) In general.--A provider of a covered service shall make 
        available a simple, easy-to-use mechanism for users to grant, 
        deny, or withdraw opt-in approval or opt-out approval at any 
        time.
            (2) Form and manner.--The mechanism required by paragraph 
        (1) shall be--
                    (A) clear and conspicuous; and
                    (B) made available--
                            (i) at no additional cost to the user; and
                            (ii) in a language other than English, if 
                        the provider transacts business with the user 
                        in such other language.
            (3) Effect.--The grant, denial, or withdrawal of opt-in 
        approval or opt-out approval by a user shall--
                    (A) be given effect promptly; and
                    (B) remain in effect until the user revokes or 
                limits such grant, denial, or withdrawal of approval.

SEC. 4. SERVICE OFFERS CONDITIONED ON WAIVERS OF PRIVACY RIGHTS.

    A provider of a covered service may not--
            (1) condition, or effectively condition, provision of such 
        service on agreement by a user to waive privacy rights 
        guaranteed by law or regulation, including this Act; or
            (2) terminate such service or otherwise refuse to provide 
        such service as a direct or indirect consequence of the refusal 
        of a user to waive any such privacy rights.

SEC. 5. ENFORCEMENT BY FEDERAL TRADE COMMISSION.

    (a) General Application.--The requirements of this Act apply, 
according to their terms, to--
            (1) those persons, partnerships, and corporations over 
        which the Commission has authority pursuant to section 5(a)(2) 
        of the Federal Trade Commission Act (15 U.S.C. 45(a)(2)); and
            (2) providers of broadband internet access service, 
        notwithstanding the exception in such section for common 
        carriers subject to the Communications Act of 1934 (47 U.S.C. 
        151 et seq.).
    (b) Unfair or Deceptive Acts or Practices.--A violation of this Act 
shall be treated as an unfair or deceptive act or practice in or 
affecting commerce for purposes of section 5(a)(2) of the Federal Trade 
Commission Act (15 U.S.C. 45(a)(2)).
    (c) Powers of Commission.--Except as provided in subsection (a)(2) 
of this section--
            (1) the Commission shall enforce this Act in the same 
        manner, by the same means, and with the same jurisdiction, 
        powers, and duties as though all applicable terms and 
        provisions of the Federal Trade Commission Act (15 U.S.C. 41 et 
        seq.) were incorporated into and made a part of this Act; and
            (2) any person who violates this Act shall be subject to 
        the penalties and entitled to the privileges and immunities 
        provided in the Federal Trade Commission Act.

SEC. 6. DEFINITIONS.

    In this Act:
            (1) Broadband internet access service.--
                    (A) In general.--The term ``broadband internet 
                access service'' means a mass-market retail service by 
                wire or radio that provides the capability to transmit 
                data to and receive data from all or substantially all 
                internet endpoints, including any capabilities that are 
                incidental to and enable the operation of the 
                communications service, but excluding dial-up internet 
                access service.
                    (B) Functional equivalent; evasion.--Such term also 
                includes any service that--
                            (i) the Commission finds to be providing a 
                        functional equivalent of the service described 
                        in subparagraph (A); or
                            (ii) is used to evade the protections set 
                        forth in this Act.
            (2) Commission.--The term ``Commission'' means the Federal 
        Trade Commission.
            (3) Covered service.--The term ``covered service'' means--
                    (A) broadband internet access service; or
                    (B) an edge service.
            (4) Edge service.--The term ``edge service''--
                    (A) means a service provided over the internet--
                            (i) for which the provider requires the 
                        user to subscribe or establish an account in 
                        order to use the service;
                            (ii) that the user purchases from the 
                        provider of the service without a subscription 
                        or account;
                            (iii) by which a program searches for and 
                        identifies items in a database that correspond 
                        to keywords or characters specified by the 
                        user, used especially for finding particular 
                        sites on the World Wide Web; or
                            (iv) by which the user divulges sensitive 
                        user information; and
                    (B) includes a service described in subparagraph 
                (A) that is provided through a software program, 
                including a mobile application.
            (5) Emergency services.--The term ``emergency services'' 
        has the meaning given such term in section 222 of the 
        Communications Act of 1934 (47 U.S.C. 222).
            (6) Material.--The term ``material'' means, with respect to 
        a change in a privacy policy of a provider of a covered 
        service, any change in such policy that a user of the service, 
        acting reasonably under the circumstances, would consider 
        important to the decisions of the user regarding the privacy of 
        the user, including any change to information required to be 
        included in a privacy notice under section 2.
            (7) Mobile application.--The term ``mobile application'' 
        means a software program that runs on the operating system of a 
        mobile device.
            (8) Non-sensitive user information.--The term ``non-
        sensitive user information'' means any user information that is 
        not sensitive user information.
            (9) Opt-in approval.--The term ``opt-in approval'' means a 
        method for obtaining from a user of a covered service consent 
        to use, disclose, or permit access to sensitive user 
        information under which the provider of the service obtains 
        express consent allowing the requested usage, disclosure, or 
        access to the sensitive user information.
            (10) Opt-out approval.--The term ``opt-out approval'' means 
        a method for obtaining from a user of a covered service consent 
        to use, disclose, or permit access to non-sensitive user 
        information under which the user is deemed to have consented to 
        the use, disclosure, or access to the non-sensitive user 
        information if the user has failed to object to such use, 
        disclosure, or access.
            (11) Public safety answering point.--The term ``public 
        safety answering point'' has the meaning given such term in 
        section 222 of the Communications Act of 1934 (47 U.S.C. 222).
            (12) Sensitive user information.--The term ``sensitive user 
        information'' includes any of the following:
                    (A) Financial information.
                    (B) Health information.
                    (C) Information pertaining to children under the 
                age of 13.
                    (D) Social Security number.
                    (E) Precise geo-location information.
                    (F) Content of communications.
                    (G) Web browsing history, history of usage of a 
                software program (including a mobile application), and 
                the functional equivalents of either.
            (13) State.--The term ``State'' means each of the several 
        States, the District of Columbia, the Commonwealth of Puerto 
        Rico, Guam, American Samoa, the Virgin Islands of the United 
        States, the Commonwealth of the Northern Mariana Islands, any 
        other territory or possession of the United States, and each 
        federally recognized Indian Tribe.
            (14) User.--The term ``user'' means, with respect to a 
        covered service, a person who--
                    (A) is a current or former--
                            (i) subscriber to such service; or
                            (ii) holder of an account for such service;
                    (B) purchases such service without a subscription 
                or account;
                    (C) is an applicant for such service; or
                    (D) in the case of a service described in clause 
                (iii) or (iv) of paragraph (4)(A), uses the service.
            (15) User information.--The term ``user information'' means 
        any information that--
                    (A) a provider of a covered service acquires in 
                connection with the provision of such service; and
                    (B) is linked or reasonably linkable to an 
                individual.

SEC. 7. RELATIONSHIP TO OTHER LAW.

    (a) Preemption of State Law.--No State or political subdivision of 
a State shall, with respect to a provider of a covered service subject 
to this Act, adopt, maintain, enforce, or impose or continue in effect 
any law, rule, regulation, duty, requirement, standard, or other 
provision having the force and effect of law relating to or with 
respect to the privacy of user information.
    (b) Other Federal Law.--
            (1) In general.--Except as provided in paragraph (2), 
        nothing in this Act shall be construed to supercede any other 
        Federal statute or regulation relating to information privacy.
            (2) Communications act of 1934.--Insofar as any provision 
        of the Communications Act of 1934 (47 U.S.C. 151 et seq.) or 
        any regulations promulgated under such Act apply to any person, 
        partnership, or corporation subject to this Act with respect to 
        privacy policies, terms of service, and practices covered by 
        this Act, such provision of the Communications Act of 1934 or 
        such regulations shall have no force or effect, unless such 
        regulations pertain to emergency services.

Answer: Balancing the Rights Of Web Surfers Equally and Responsibly Act of 2017 or the BROWSER Act of 2017 This bill authorizes the Federal Trade Commission to enforce information privacy protections that require broadband Internet access services and certain websites or mobile applications providing subscription, account, purchase, or search engine services to allow users to opt-in or opt-out of the use, disclosure, or access to their user information depending on the sensitivity of the information.  Opt-in approval through the user's express consent must be obtained for the use of sensitive information that is:   financial information, health information, about children under 13, Social Security numbers, precise geo-location information, content of communications, web browsing history, or  history of usage of a software program or mobile application.  Opt-out approval must be provided for the use of non-sensitive user information under a method in which users are deemed to have consented if they fail to object after being provided notice of privacy policies. The bill allows a service provider to use information without approval for specified purposes, including for services necessary for provision of the service and to initiate, render, bill, and collect for the service. Service providers must allow users to grant, deny, or withdraw approval at any time.  The bill prohibits providers from conditioning service on a user's agreement to waive privacy rights.


Question: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Focus on Family Health Worldwide Act 
of 2005''.

SEC. 2. FINDINGS.

    Congress finds the following:
            (1) Since 1965, the people and Government of the United 
        States have supported international voluntary family planning 
        programs, increasing the use of modern contraceptives in the 
        developing world from fewer than 10 percent of couples in 1965 
        to more than 40 percent of couples today.
            (2) United States funding for international family planning 
        is today providing services to 20 million couples in the 
        world's poorest countries, contributing to family well-being by 
        improving maternal health, reducing maternal and infant deaths, 
        preventing abortions, and improving the lives of millions of 
        families.
            (3) The United States spends on average three cents per 
        American per week for international family planning programs.
            (4) In the developing world, the use of modern 
        contraceptives reduces unintended pregnancies and the 
        probability that a woman will have an abortion by 85 percent.
            (5) President George W. Bush has stated that one of the 
        best ways to prevent abortion is by providing quality voluntary 
        family planning programs.
            (6) In developing countries at least 120 million married 
        couples who would like to postpone their next pregnancy, or 
        have no more children, do not have access to or are not using 
        modern contraception.
            (7) In sub-Saharan Africa, 46 percent of women who desire 
        to delay or end childbearing remain without access to voluntary 
        family planning and at risk of unintended pregnancy.
            (8) Each year more than 525,000 women die from causes 
        related to pregnancy and childbirth with 99 percent of these 
        deaths occurring in developing countries. An additional eight 
        million women each year suffer serious health complications 
        from pregnancy and childbirth.
            (9) A lack of birth spacing resulting in birth intervals of 
        9 to 14 months increases the risk of maternal death by 250 
        percent.
            (10) Birth spacing of at least 36 months is associated with 
        the lowest mortality risk for infants and children under five 
        years of age.
            (11) Approximately 10.8 million children under the age of 
        five die each year, more than 30,000 every day, frequently from 
        low birth-weight or from causes related to complications in the 
        mother's pregnancy.
            (12) Providing access to modern contraception in less 
        developed countries could prevent 1.4 million infant deaths and 
        142,000 maternal deaths annually.
            (13) Linking family planning programs with HIV/AIDS 
        prevention, care, and treatment programs helps to meet the 
        multiple health needs of couples while effectively using scarce 
        financial and human resources.
            (14) For HIV-positive women, family planning is the most 
        efficacious and cost-effective intervention to prevent 
        unintended pregnancies, decrease the risk of maternal death, 
        and avoid the transmission of HIV from mother-to-child, 
        premature birth, low birth weight, or infant death.
            (15) Rapid population growth over-stresses vital resources, 
        such as water, agricultural land, forests, and wildlife, 
        contributing to extreme poverty, infectious disease, limited 
        access to education, environmental destruction, food 
        insecurity, and resultant malnutrition.
            (16) Malnutrition in children is a contributing factor to 
        more than one-half of all child mortality, and malnutrition in 
        mothers account for a substantial proportion of neonatal 
        mortality.
            (17) United States-funded family planning programs have 
        been successfully linked with the conservation of natural 
        resources to ease growing population pressures, improve food 
        security, and keep families healthy and communities 
        economically viable.
            (18) Between 2005 and 2050, if family planning needs remain 
        unmet, the population is expected to grow by more than 300 
        percent in the developing countries of Afghanistan, Burkina 
        Faso, Burundi, Chad, the Democratic Republic of the Congo, the 
        Republic of the Congo, Guinea-Bissau, Liberia, Mali, Niger, the 
        Democratic Republic of Timor-Leste, and Uganda.

SEC. 3. SENSE OF CONGRESS.

    It is the sense of Congress that it should be a United States 
policy objective to--
            (1) partner with developing countries to expand access to 
        voluntary family planning programs and the supply of modern 
        contraceptives in order to--
                    (A) meet growing demand to allow couples to achieve 
                their desired family size;
                    (B) reduce maternal and child mortality;
                    (C) reduce unintended pregnancies and resulting 
                abortions;
                    (D) reduce the incidence of HIV transmission from 
                mother-to-child and extend the lives of HIV-positive 
                women thus reducing the number of orphaned children;
                    (E) conserve vital natural resources, including 
                water, agricultural land, and forested lands;
                    (F) improve food security; and
                    (G) enhance opportunities for lasting social and 
                economic development; and
            (2) strengthen public heath initiatives worldwide by 
        provide training, research, and services for a wide variety of 
        modern contraceptives and family planning methods that are 
        designed and implemented based on--
                    (A) community participation;
                    (B) the needs and values of beneficiaries; and
                    (C) adherence to the principles of voluntary 
                participation and informed consent.

SEC. 4. ASSISTANCE TO IMPROVE VOLUNTARY FAMILY PLANNING PROGRAMS IN 
              DEVELOPING COUNTRIES.

    (a) Amendments.--Section 104(b) of the Foreign Assistance Act of 
1961 (22 U.S.C. 2151b(b)) is amended--
            (1) in the first sentence, by striking ``In order to'' and 
        inserting the following:
            ``(1) In general.--In order to''; and
            (2) by adding at the end the following new paragraph:
            ``(2) Assistance to improve voluntary family planning 
        programs.--
                    ``(A) In general.--The President, acting through 
                the Administrator of the United States Agency for 
                International Development, is authorized to provide 
                assistance, on such terms and conditions as the 
                President may determine, to improve voluntary family 
                planning programs in developing countries.
                    ``(B) Activities supported.--Assistance provided 
                under subparagraph (A) shall, to the maximum extent 
                practicable, be used to--
                            ``(i) improve public knowledge of voluntary 
                        family planning programs, including the 
                        availability of modern contraceptives and the 
                        health, economic, and natural resource benefits 
                        of voluntary family planning for individuals, 
                        families, and communities;
                            ``(ii) support a wide range of public and 
                        private voluntary family planning programs, 
                        including networks for community-based and 
                        subsidized commercial distribution of modern 
                        contraceptives;
                            ``(iii) expand formal and informal training 
                        for health care providers, health educators, 
                        including peer educators and outreach workers, 
                        managers, traditional birth attendants, 
                        counselors, and community-based distribution 
                        agents;
                            ``(iv) provide improved coordination 
                        between voluntary family planning programs and 
                        programs that receive United States Government 
                        assistance for the prevention of HIV/AIDS and 
                        other sexually transmitted infections, the 
                        prevention of mother-to-child HIV transmission, 
                        and the testing, treatment, and care of persons 
                        infected with HIV/AIDS and affected by HIV/AIDS 
                        to strengthen activities under such programs 
                        and enhance the cost-effectiveness of such 
                        programs; and
                            ``(v) strengthen supply chain logistics for 
                        the procurement and reliable distribution of 
                        safe and effective modern contraceptives, 
                        including coordination with the supply chain 
                        for HIV/AIDS prevention, care, and treatment, 
                        to allow for maximum efficiency and cost-
                        savings.
                    ``(C) Priority.--In providing assistance under this 
                paragraph, priority shall be given to developing 
                countries with acute family planning and maternal 
                health needs based on criteria such as--
                            ``(i) the level of unmet need for voluntary 
                        family planning and modern contraceptives;
                            ``(ii) fertility rates;
                            ``(iii) high-risk birth rates;
                            ``(iv) the number of births unattended by 
                        skilled attendants;
                            ``(v) maternal mortality rates;
                            ``(vi) rates of mortality for infants and 
                        children under the age of five;
                            ``(vii) abortion rates;
                            ``(viii) the level of HIV/AIDS in women of 
                        reproductive age; and
                            ``(ix) additional criteria or country 
                        conditions, such as conflict, humanitarian 
                        crisis, large populations of refugees or 
                        internally displaced persons, or areas in which 
                        population growth threatens food security, 
                        vital natural resources, biodiversity, or 
                        endangered species.
                    ``(D) Definitions.--In this paragraph:
                            ``(i) AIDS.--The term `AIDS' has the 
                        meaning given the term in section 104A(g)(1) of 
                        this Act.
                            ``(ii) HIV.--The term `HIV' has the meaning 
                        given the term in section 104A(g)(2) of this 
                        Act.
                            ``(iii) HIV/AIDS.--The term `HIV/AIDS' has 
                        the meaning given the term in section 
                        104A(g)(3) of this Act.''.
    (b) Effective Date.--The authority to provide assistance under 
section 104(b)(2) of the Foreign Assistance Act of 1961, as added by 
subsection (a), applies with respect to fiscal year 2007 and subsequent 
fiscal years.

SEC. 5. REPORT.

    (a) Report.--Not later than one year after the date of the 
enactment of this Act, and biennially thereafter, the President, acting 
through the Administrator of the United States Agency for International 
Development, shall transmit to the Committee on International Relations 
of the House of Representatives and the Committee on Foreign Relations 
of the Senate a report on the implementation of section 104(b)(2) of 
the Foreign Assistance Act of 1961 (as added by section 4(a)).
    (b) Contents.--The report shall include--
            (1) a description of efforts to implement the policies set 
        forth in section 104(b)(2) of the Foreign Assistance Act of 
        1961;
            (2) a description of the programs established pursuant to 
        such section; and
            (3) a detailed assessment of the impact of programs 
        established pursuant to such section, including--
                    (A) an estimate of annual expenditures on modern 
                contraceptive commodities and activities in support of 
                voluntary family planning programs on a country-by-
                country basis, to be based on information supplied by 
                national governments, donor agencies, and private 
                sector entities, to the maximum extent practicable;
                    (B) an assessment by country of the current unmet 
                need for, availability, and use of modern 
                contraception;
                    (C) an assessment of prior year and proposed 
                allocations of modern contraceptives in voluntary 
                family planning assistance by country, which describes 
                how each country's allocation meets the country's 
                needs; and
                    (D) a description of the quality of funded 
                voluntary family planning programs, as measured by 
                survey data or best available estimates, including--
                            (i) types of modern contraceptive methods 
                        offered to significant subgroups (defined by 
                        age, gender, income, and health profile, among 
                        others) on a reliable basis;
                            (ii) information provided to beneficiaries 
                        to enable decision making regarding benefits, 
                        risks, and efficacy of modern contraceptives;
                            (iii) mechanisms to encourage 
                        sustainability of voluntary family planning 
                        programs; and
                            (iv) voluntary family planning programs 
                        that are effective in responding to individual 
                        health needs of beneficiaries.

SEC. 6. AUTHORIZATION OF APPROPRIATIONS.

    There are authorized to be appropriated to the President to carry 
out section 104(b)(2) of the Foreign Assistance Act of 1961, as added 
by section 4(a) of this Act--
            (1) $600,000,000 for fiscal year 2007;
            (2) $700,000,000 for fiscal year 2008;
            (3) $800,000,000 for fiscal year 2009;
            (4) $900,000,000 for fiscal year 2010; and
            (5) $1,000,000,000 for fiscal year 2011.

Answer: Focus on Family Health Worldwide Act of 2005 - Amends the Foreign Assistance Act of 1961 to authorize the President, through the United States Agency for International Development (USAID), to provide assistance for voluntary family planning programs in developing countries, including activities to: (1) improve public knowledge of voluntary family planning programs; (2) support public and private voluntary family planning programs, including networks for community-based and subsidized commercial distribution of contraceptives; (3) expand training for health care providers and educators; (4) provide improved coordination between voluntary family planning programs and programs that receive U.S. assistance for the prevention of HIV/AIDS and other sexually transmitted infections; and (5) strengthen supply chain logistics for the procurement and distribution of safe contraceptives, including coordination with the supply chain for HIV/AIDS prevention, care, and treatment. Gives priority to developing countries with acute family planning and maternal health needs.

Authorizes appropriations.


Question: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Financial Accounting Fairness Act of 
1998''.

SEC. 2. FINDINGS.

    The Congress finds the following:
            (1) The Financial Accounting Standards Board was 
        established in 1972 as a private sector body to establish and 
        improve financial accounting principles.
            (2) In 1973, the Securities and Exchange Commission, which 
        is statutorily empowered to prescribe accounting principles to 
        be used in financial statements filed with the Securities and 
        Exchange Commission and otherwise used pursuant to the Federal 
        securities laws, established a presumption that financial 
        statements that do not comply with financial accounting 
        principles promulgated by the Financial Accounting Standards 
        Board would be misleading and therefore in violation of those 
        laws.
            (3) Since 1973, financial accounting principles established 
        by the Financial Accounting Standards Board accordingly have 
        generally had the full force and effect of Securities and 
        Exchange Commission regulations.
            (4) Questions have been raised as to whether under these 
        circumstances persons aggrieved by a Financial Accounting 
        Standards Board pronouncement of financial accounting 
        principles would have the right to judicial review thereof, and 
        whether such pronouncements must comply with statutory and 
        other requirements applicable to the promulgation of Securities 
        and Exchange Commission.
            (5) Congress believes it appropriate to provide that, under 
        these circumstances, such promulgations by the Financial 
        Accounting Standards Board are covered by statutory and other 
        requirements relating to the adoption of regulations by the 
        Securities and Exchange Commission, including provisions 
        relating to judicial review and provisions, among other things, 
        requiring that the Commission consider whether proposed 
        regulations would promote efficiency, competition, and capital 
        formation.

SEC. 3. AVAILABILITY OF JUDICIAL REVIEW.

    Section 19 of the Securities Exchange Act of 1934 (15 U.S.C. 78s) 
is amended--
            (1) by adding at the end of the heading of such section the 
        following: ``; oversight of accounting principles''; and
            (2) by adding at the end the following new subsection:
    ``(j) Review of Financial Accounting Principles.--
            ``(1) Express approval of accounting principles required.--
        The Commission shall not treat any proposed accounting 
        principle of any accounting standards board as a generally 
        accepted accounting principle for purposes of any financial 
        statement, report, or other document required under any of the 
        securities laws unless such proposed accounting principle has 
        been approved by the Commission in accordance with the 
        requirements of this subsection. The Commission shall not treat 
        any such statement, report, or document as being without 
        substantial authoritative support because of the failure of 
        such statement, report, or document to comply with any proposed 
        accounting principle until such proposed accounting principle 
        has been approved by the Commission in accordance with the 
        requirements of this subsection, or the Commission has 
        otherwise expressly provided by rule or regulation.
            ``(2) Review of accounting principles.--Each accounting 
        standards board shall file with the Commission, in accordance 
        with such rules as the Commission may prescribe, copies of any 
        proposed accounting principle or any proposed change in, 
        addition to, or deletion from the accounting principles of such 
        board (hereinafter in this subsection collectively referred to 
        as a `proposed accounting principle') accompanied by a concise 
        general statement of the basis and purpose of such proposed 
accounting principle. The Commission shall, upon the filing of any 
proposed accounting principle, publish notice thereof together with the 
terms of substance of the proposed accounting principle or a 
description of the subjects and issues involved. The Commission shall 
give interested persons a reasonable opportunity to submit written 
data, views, and arguments concerning such proposed accounting 
principle.
            ``(3) Procedure for review.--Within 35 days of the date of 
        publication of notice of the filing of a proposed accounting 
        principle in accordance with paragraph (2) of this subsection, 
        or within such longer period as the Commission may designate up 
        to 90 days of such date if it finds such longer period to be 
        appropriate and publishes its reasons for so finding or as to 
        which the accounting standards board consents, the Commission 
        shall--
                    ``(A) by order approve such proposed accounting 
                principle, or
                    ``(B) institute proceedings to determine whether 
                the proposed accounting principle should be 
                disapproved.
        Such proceedings shall include notice of the grounds for 
        disapproval under consideration and opportunity for hearing and 
        be concluded within 180 days of the date of publication of 
        notice of the filing of the proposed accounting principle. At 
        the conclusion of such proceedings the Commission, by order, 
        shall approve or disapprove such proposed accounting principle. 
        The Commission may extend the time for conclusion of such 
        proceedings for up to 60 days if it finds good cause for such 
        extension and publishes its reasons for so finding or for such 
        longer period as to which the accounting standards board 
        consents. The Commission shall not approve any proposed 
        accounting principle prior to the 30th day after the date of 
        publication of notice of the filing thereof, unless the 
        Commission finds good cause for so doing and publishes its 
        reasons for so finding.
            ``(4) Grounds for approval.--The Commission shall approve a 
        proposed accounting principle of a board if it finds that such 
        proposed accounting principle is consistent with the public 
        interest and the protection of investors. The Commission shall 
        disapprove a proposed accounting principle of a board if it 
        does not make such finding. In determining whether such 
        proposed accounting principle is consistent with the public 
        interest, the Commission shall also consider, in addition to 
        the protection of investors, whether the principle will promote 
        efficiency, competition, and capital formation. The Commission 
        shall not approve a proposed accounting principle that would 
        impose a burden on competition not necessary or appropriate in 
        furtherance of the purposes of this title.
            ``(5) Consultation with banking agencies.--In reviewing any 
        proposed accounting principle that will apply to any persons 
        subject to examination by or reporting requirements of a 
        Federal banking agency, the Commission shall consult with and 
        consider the views of each such Federal banking agency. If a 
        Federal banking agency comments in writing on a proposed 
        accounting principle that has been published for comment, the 
        Commission shall respond in writing to such written comment 
        before approving or disapproving the proposed accounting 
        principle. The Commission shall, at the request of a Federal 
        banking agency, publish such comment and response in the 
        Federal Register at the time of approving or disapproving the 
        proposed accounting principle.
            ``(6) Agency record.--At the time of filing any proposed 
        accounting principle under paragraph (2), an accounting 
        standards board shall submit to the Commission the record of 
        its proceedings in connection with such principle. Such record 
        shall include all written comments or statements filed with the 
        accounting standards board with respect to the proposed 
        accounting principle and all written communications between the 
        accounting standards board and any person relating to the 
        proposed accounting principle. The Commission, in reviewing a 
        proposed accounting principle, shall keep in a public file and 
        make available for copying the record submitted by the 
        accounting standards board and all written statements filed 
        with the Commission with respect to the proposed accounting 
        principle and all written communications between the Commission 
        and any person relating to the proposed accounting principle. 
        The Commission shall not be required to keep in a public file 
        or make available for copying any such statement or 
        communication that it may withhold from the public in 
        accordance with section 552 of title 5, United States Code.
            ``(7) Judicial review available.--Any proposed accounting 
        principle that the Commission has approved under paragraph (4) 
        shall, for purposes of section 25 of this title, be considered 
        to be a rule of the Commission promulgated pursuant to this 
section.
            ``(8) Definitions.--For purposes of this subsection:
                    ``(A) Proposed accounting principle.--
                            ``(i) Accounting principle.--The term 
                        `accounting principle' means a statement or 
                        interpretation of a standard or concept of, or 
                        guidance with respect to, financial accounting 
                        or reporting, but does not include any 
                        technical bulletin, discussion memorandum, 
                        invitation to comment, special or research 
                        report, or response to an inquiry or other 
                        request.
                            ``(ii) Proposed accounting principle.--The 
                        term `proposed accounting principle' means an 
                        accounting principle that has been formally 
                        adopted or ratified by the standard-setting 
                        body of an accounting standards board.
                    ``(B) Accounting standards board.--The term 
                `accounting standards board' means an accounting 
                standards-setting organization whose principles are, 
                pursuant to rules or regulations of the Commission, 
                treated by Commission as generally accepted accounting 
                principles for purposes of any financial statement, 
                report, or other document required to be filed under 
                any of the securities laws.
                    ``(C) Federal banking agency.--The term `Federal 
                banking agency' has the meaning provided in section 
                3(z) of the Federal Deposit Insurance Act (12 U.S.C. 
                1813(z)).
            ``(9) Effective Date.--The provisions of this subsection 
        shall apply with respect to any accounting principle that is 
        formally adopted or ratified by the standard-setting body of an 
        accounting standards board on or after January 1, 1998.''.

Answer:
Financial Accounting Fairness Act of 1998 - Amends the Securities Exchange Act of 1934 to prescribe guidelines under which the Securities and Exchange Commission (SEC) must review and approve accounting principles proposed by an accounting standards board as a prerequisite to SEC treatment of:  (1) such proposals as generally accepted accounting principles; and (2) industry financial statements as being non-compliant with generally accepted accounting principles. 
Includes within such guidelines:  (1) SEC consideration of investor protection, and the promotion of efficiency, competition, and capital formation; (2) SEC consultation with Federal banking agencies; (3) a public file of the record engendered by a proposed accounting principle; and (4) the availability of judicial review.