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

[EX Q]: SECTION 1. SHORT TITLE: TABLE OF CONTENTS.

    (a) Short Title.--This Act may be cited as the ``Port Authority of 
New York/New Jersey Port Security Task Force Implementation Act of 
2008''.
    (b) Table of Contents.--The table of contents for this Act is as 
follows:

Sec. 1. Short title; table of contents.
Sec. 2. Secure systems of international intermodal transportation. 
Sec. 3. Regional recovery plans. 
Sec. 4. National tactical plans.
Sec. 5. Risk based resource allocation. 
Sec. 6. Use of maritime security risk assessment model.
Sec. 7. Maritime and cargo security integrated project teams.
Sec. 8. Integration of security plans and systems with local port 
                            authority and law enforcement agencies.
Sec. 9. Standardized policy for advanced notice of Coast Guard boarding 
                            for security or port state control 
                            inspections.
Sec. 10. Fraudulent or tampered with transportation worker 
                            identification cards.
Sec. 11. Federal licensing of ship agents.
Sec. 12. Establishment of a security individual.
Sec. 13. Certification of maritime security guards.
Sec. 14. Grants to tier 1 and tier 2 ports require regional strategic 
                            risk management assessment.
Sec. 15. Vessel security plans for supply and similar vessels.

SEC. 2. SECURE SYSTEMS OF INTERNATIONAL INTERMODAL TRANSPORTATION.

    Section 70116 of title 46, United States Code, is amended--
            (1) by striking ``transportation.'' in subsection (a) and 
        inserting ``transportation--
            ``(1) to ensure the security and integrity of shipments of 
        goods to the United States from the point at which such goods 
        are initially packed or loaded into a cargo container for 
        international shipment until they reach their ultimate 
        destination; and
            ``(2) to facilitate the movement of such goods through the 
        entire supply chain through an expedited security and clearance 
        program.''; and
            (2) by striking subsection (b) and inserting the following:
    ``(b) Program Elements.--Within one year after the date of 
enactment of the Port Authority of New York/New Jersey Port Security 
Task Force Implementation Act of 2008, the Secretary, acting through 
the Commissioner of Customs and Border Protection, shall--
            ``(1) establish minimum standards and procedures for 
        verifying, at the point at which goods are placed in a cargo 
        container for shipping, that the container is free of 
        unauthorized contents, including hazardous chemical, 
        biological, radiological, or nuclear material and for securely 
        sealing such containers after the contents are so verified;
            ``(2) establish standards and procedures for securing cargo 
        and monitoring that security while in transit;
            ``(3) develop performance standards to enhance the physical 
        security of shipping containers, including performance 
        standards for seals and locks and protocols and procedures to 
        address anomalies;
            ``(4) establish standards and procedures for screening and 
        evaluating cargo prior to loading in a foreign port for 
        shipment to the United States either directly or via a foreign 
        port;
            ``(5) establish standards and procedures that will enable 
        the United States Government to ensure and validate compliance 
        with those standards and procedures; and
            ``(6) incorporate any other measures the Secretary 
        considers necessary to ensure the security and integrity of 
        international intermodal transport movements.
    ``(c) Requirements for Entry of Containers.--Beginning 1 year after 
the date on which the Secretary determines that the standards and 
procedures under subsection (b)(5) have been established and are in 
effect, the Commissioner of Customs and Border Protection shall refuse 
entry into the customs territory of the United States to any container, 
arriving directly or via a foreign port, unless the entity shipping the 
container has complied with those standards and procedures with respect 
to that container.''.

SEC. 3. REGIONAL RECOVERY PLANS.

    (a) Establishment.--Section 70103(b)(2) of title 46, United States 
Code, is amended--
            (1) by redesignating subparagraphs (E) through (G) as 
        subparagraphs (F) through (H), respectively; and
            (2) by inserting after subparagraph (D) the following:
                    ``(E) establish regional response and recovery 
                protocols to prepare for, respond to, mitigate against, 
                and recover from a transportation security incident 
                consistent with section 202 of the Security and 
                Accountability for Every Port Act of 2006 (6 U.S.C. 
                942) and section 70103(a) of title 46, United States 
                Code;''.
    (b) Coordination of Plans.--Section 70103(b)(1) of title 46, United 
States Code, is amended--
            (1) by striking ``and'' after the semicolon in subparagraph 
        (F);
            (2) by redesignating subparagraph (G) as subparagraph (H); 
        and
            (3) by inserting after subparagraph (F) the following:
            ``(G) be consistent with, and support implementation of, 
        the National Incident Management System, the National Response 
        Plan, the National Infrastructure Protection Plan, the National 
        Preparedness Guidance, the National Preparedness Goal, the 
        National Transportation Security Plan, National Tactical Plans, 
        and other similar initiatives; and''.
    (c) Use of Area Maritime Transportation Security Plans in 
Exercises.--Section 114(b)(1) of the SAFE Port Act (6 U.S.C. 912(b)) is 
amended--
            (1) by striking ``and'' after the semicolon in paragraph 
        (1);
            (2) by redesignating paragraph (2) as paragraph (3); and
            (3) by inserting after paragraph (1) the following:
            ``(2) utilizes the Area Maritime Transportation Security 
        Plans established under section 70103(b) of title 46, United 
        States Code, in conducting such exercises; and''.

SEC. 4. NATIONAL TACTICAL PLANS.

    The Secretary of the department in which the Coast Guard is 
operating shall ensure that the National Tactical Plan is shared with 
the Area Maritime Security Committees established under section 70112 
of title 46, United States Code. The Area Maritime Security Committees 
shall use the plan in developing regional and local plans and for 
exercises.

SEC. 5. RISK BASED RESOURCE ALLOCATION.

    (a) National Standard.--Within 1 year after the date of enactment 
of this Act, in carrying out chapter 701 of title 46, United States 
Code, the Homeland Security Act of 2002, and the Security and 
Accountability for Every Port Act of 2006 the Secretary of the 
department in which the Coast Guard is operating shall develop and 
utilize a national standard and formula for prioritizing and addressing 
assessed security risks at United States ports, such as the Maritime 
Assessment Strategy Tool that has been tested by the Department of 
Homeland Security.
    (b) Use by Maritime Security Committees.--Within 2 years after the 
date of enactment of this Act, the Secretary shall require each Area 
Maritime Security Committee to use this standard to regularly evaluate 
each port's assessed risk and prioritize how to mitigate the most 
significant risks.
    (c) Other Uses of Standard.--The Secretary shall utilize the 
standard when considering departmental resource allocations and grant-
making decisions.

SEC. 6. USE OF MARITIME SECURITY RISK ASSESSMENT MODEL.

    Within 180 days after the date of enactment of this Act, the 
Secretary of the department in which the Coast Guard is operating shall 
make the United States Coast Guard's Maritime Security Risk Assessment 
Model tool available, in an unclassified version, on a limited basis to 
regulated vessels and facilities to conduct true risk assessments of 
their own facilities and vessels using the same criteria employed by 
the United States Coast Guard when evaluating a port area.

SEC. 7. MARITIME AND CARGO SECURITY INTEGRATED PROJECT TEAMS.

    The Secretary of Homeland Security shall--
            (1) establish integrated project teams within the science 
        and technology directorate to assist the Department of Homeland 
        Security in product research, development, transition, and 
        acquisition activities for cargo security; and
            (2) provide for participation by port authorities or the 
        appropriate State agency responsible for oversight of port 
        areas in such activities.

SEC. 8. INTEGRATION OF SECURITY PLANS AND SYSTEMS WITH LOCAL PORT 
              AUTHORITY AND LAW ENFORCEMENT AGENCIES.

    Section 70102 of title 46, United States Code, is amended by adding 
at the end thereof the following:
    ``(c) Sharing of Assessment; Integration of Plans and Equipment.--
The owner or operator of a facility shall--
            ``(1) make a current copy of the vulnerability assessment 
        conducted under subsection (b) available to the port authority 
        with jurisdiction of the facility and appropriate State or 
        local law enforcement agencies; and
            ``(2) integrate, to the maximum feasible extent, any 
        security system for the facility with compatible systems 
        operated or maintained by the port authority or such law 
        enforcement agencies.''.

SEC. 9. STANDARDIZED POLICY FOR ADVANCED NOTICE OF COAST GUARD BOARDING 
              FOR SECURITY OR PORT STATE CONTROL INSPECTIONS.

    Within 90 days after the date of enactment of this Act, the 
Commandant of the Coast Guard shall establish, and publish in the 
Federal Register, a policy governing how much advance notice is to be 
provided by the Coast Guard to the owner or operator of a vessel before 
the vessel is boarded by the Coast Guard for ISPS compliance or Port 
State Control inspection.

SEC. 10. FRAUDULENT OR TAMPERED WITH TRANSPORTATION WORKER 
              IDENTIFICATION CARDS.

    Section 70105 of title 46, United States Code, is amended by adding 
at the end thereof the following:
    ``(n) Confiscation of Fraudulent TWICs.--If any Federal, State, or 
local government law enforcement officer, or any member of the United 
States Coast Guard in the execution of such officer's duties, has 
reasonable cause to believe that a transportation security card issued 
under this section is fraudulent, has been unlawfully modified, or is 
otherwise invalid, the officer may confiscate the card, notify the 
Department of Homeland Security, and hold the bearer of the card in 
custody for a reasonable period of time for relinquishment to 
appropriate law enforcement authorities.''.

SEC. 11. FEDERAL LICENSING OF SHIP AGENTS.

    (a) In General.--Within 1 year after the date of enactment of this 
Act, the Federal Maritime Commission shall establish and implement a 
procedure for the training, certification, and licensing of steamship 
agents and agencies operating in the United States.
    (b) TWIC Required.--An individual may not receive a license under 
the procedure established by the Federal Maritime Commission under 
subsection (a) unless that individual holds a valid transportation 
security card issued under section 70105 of title 46, United States 
Code.
    (c) License Requirement.--Beginning 1 year after the date on which 
the Federal Maritime Commission establishes the licensing procedure, or 
after such date as the Federal Maritime Commission may establish, it 
shall be unlawful for any person to act as a vessel agent in the United 
States without a valid license issued by the Federal Maritime 
Commission and a valid transportation security card issued under 
section 70105 of title 46, United States Code.
    (d) Enforcement.--Violation of subsection (c) is punishable by 
imprisonment for not more than 1 year and a fine under title 18, United 
States Code.

SEC. 12. ESTABLISHMENT OF A SECURITY INDIVIDUAL.

    Under regulations prescribed by the Secretary of Homeland Security, 
each vessel documented under chapter 121 of title 46, United States 
Code, and each foreign vessel entering a United States port, engaged in 
the commercial transportation of goods or passengers shall--
            (1) designate a United States person that is responsible 
        for responding to a transportation security incident involving 
        the vessel while in a United States port by notifying 
        appropriate emergency response entities and facilitating vessel 
        response activities; and
            (2) provide notice to the Secretary of Homeland Security, 
        the Commandant of the Coast Guard, and the captain of the port 
        of the identity and contact information for such person.

SEC. 13. CERTIFICATION OF MARITIME SECURITY GUARDS.

    (a) In General.--Chapter 701 of title 46, United States Code, is 
amended by adding at the end thereof the following:
``Sec. 70122. Incident command system training
    ``The Secretary shall ensure that all maritime security guards meet 
minimum training and performance standards in the Department of 
Homeland Security's security awareness and response procedures and in 
the handling of hazardous materials.''.
    (b) Conforming Amendment.--The chapter analysis for chapter 701 of 
title 46, United States Code, is amended by inserting after the item 
relating to section 70121 the following:

``70122. Incident command system training.''.

SEC. 14. GRANTS TO TIER 1 AND TIER 2 PORTS REQUIRE REGIONAL STRATEGIC 
              RISK MANAGEMENT ASSESSMENT.

    Section 70107(a) of title 46, United States Code, is amended by 
adding at the end ``The Secretary shall establish regional strategic 
risk management priorities for tier 1 and tier 2 ports and take such 
priorities into account in awarding grants under this section.''.

SEC. 15. VESSEL SECURITY PLANS FOR SUPPLY AND SIMILAR VESSELS.

    (a) In General.--Section 70103(c)(2)(A) of title 46, United States 
Code, is amended by striking ``incident;'' and inserting ``incident 
(including supply vessels, bunker and fuel deliver and launch vessels 
conducting activities or providing services to other vessels at 
anchorage;''.
    (b) TWICs Required for Crew.--Section 70105(b)(2)(F) of title 46, 
United States Code, is amended by inserting ``personnel working on 
board vessels described in section 70103(c)(2)(A) of this title and'' 
after ``(F)''.
    (c) Effective Date.--The amendments made by this section shall take 
effect 1 year after the date of enactment of this Act.
[EX A]: Port Authority of New York/New Jersey Port Security Task Force Implementation Act of 2008 - Amends federal port security law to revise mandatory elements of the secure system of transportation program.

Directs the Secretary of the department in which the Coast Guard is operating, acting through the Commissioner of Customs and Border Protection, to establish minimum program standards and procedures for verifying, at the point goods are placed in a cargo container for shipping, that such container is free of unauthorized contents, including hazardous chemical, biological, radiological, or nuclear material, and is securely sealed after verification of its contents. Prohibits the entry of any container that has not complied with such standards and procedures.

Requires Area Maritime Transportation Security Plans to establish regional response and recovery protocols for transportation security incidents.

Amends the SAFE Port Act to require the Secretary of Homeland Security to ensure that the Port Security Exercise Program utilizes Area Maritime Transportation Security Plans in conducting port security exercises.

Requires the Secretary of the department in which the Coast Guard is operating to develop and utilize a national standard for prioritizing and assessing security risks at U.S. ports, such as the Maritime Assessment Strategy Tool.

Sets forth requirements regarding: (1) use of the U.S. Coast Guard's Maritime Security Risk Assessment Model tool to conduct vessel and port facility security risk assessments; (2) establishment of maritime and cargo security integrated project teams; (3) sharing of port facility vulnerability assessments and integration of port security plans and systems with local port authority and law enforcement agencies; (4) policy for advanced notice of Coast Guard boarding of vessels for security or Port State Control inspections; (5) confiscation of fraudulent transportation worker identification cards (TWICs); (6) Federal Maritime Commission training and licensing of steamship agents; (7) designation of a U.S. person to be responsible for notifying emergency response entities in the event of a transportation security incident involving a U.S. or foreign vessel; (8) minimum incident command system training and performance standards for maritime security guards; (9) consideration of regional strategic risk management priorities for tier 1 and tier 2 ports in grant awards; and (10) the submission of security plans for supply, bunker, and fuel deliver and launch vessels conducting activities or providing services to other vessels at anchorage.

[EX Q]: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``IP-Enabled Voice Communications and 
Public Safety Act of 2005''.

SEC. 2. EMERGENCY SERVICE.

    (a) 911 and E-911 Services.--Notwithstanding section 2(b) or any 
other provision of the Communications Act of 1934, the Commission shall 
prescribe regulations to establish a set of requirements or obligations 
on providers of IP-enabled voice service to ensure that 911 and E-911 
services are available to customers to IP-enabled voice service. Such 
regulations shall include an appropriate transition period by which to 
comply with such requirements or obligations and take into 
consideration available industry technological and operational 
standards, including network security.
    (b) Non-Discriminatory Access to Capabilities.--Each entity with 
ownership or control of the necessary emergency services infrastructure 
shall provide any requesting IP-enabled voice service provider with 
nondiscriminatory access to their equipment, network, databases, 
interfaces and any other related capabilities necessary for the 
delivery and completion of 911 and E911 calls and information related 
to such 911 or E911 calls. Such access shall be consistent with 
industry standards established by the National Emergency Number 
Association or other applicable industry standards organizations. Such 
entity shall provide access to the infrastructure at just and 
reasonable, nondiscriminatory rates, terms and conditions. The 
telecommunications carrier or other entity shall provide such access to 
the infrastructure on a stand-alone basis.
    (c) State Authority.--Nothing in this Act, the Communications Act 
of 1934, or any Commission regulation or order shall prevent the 
imposition on or collection from a provider of voice services, 
including IP-enabled voice services, of any fee or charge specifically 
designated or presented as dedicated by a State, political subdivision 
thereof, or Indian tribe on an equitable, and non-discriminatory basis 
for the support of 911 and E-911 services if no portion of the revenue 
derived from such fee or charge is obligated or expended for any 
purpose other than support of 911 and E-911 services or enhancements of 
such services.
    (d) Standard.--The Commission may establish regulations imposing 
requirements or obligations on providers of voice services, entities 
with ownership or control of emergency services infrastructure under 
subsections (a) and (b) only to the extent that the Commission 
determines such regulations are technologically and operationally 
feasible.
    (e) Customer Notice.--Prior to the compliance with the rules as 
required by subsection (a), a provider of an IP-enabled voice service 
that is not capable of providing 911 and E-911 services shall provide a 
clear and conspicuous notice of the unavailability of such services to 
each customer at the time of entering into a contract for such service 
with that customer.
    (f) Voice Service Provider Responsibility.--An IP-enabled voice 
service provider shall have the sole responsibility for the proper 
design, operation, and function of the 911 and E911 access capabilities 
offered to the provider's customers.
    (g) Parity of Protection for Provision or Use of IP-Enabled Voice 
Service.--
            (1) Provider parity.--If a provider of an IP-enabled voice 
        service offers 911 or E-911 services in compliance with the 
        rules required by subsection (a), that provider, its officers, 
        directors, employees, vendors, and agents, shall have immunity 
        or other protection from liability of a scope and extent that 
        is not less than the scope and extent of immunity or other 
        protection from liability that any local exchange company, and 
        its officers directors, employees, vendors, or agents, have 
        under the applicable Federal and State law (whether through 
        statute, judicial decision, tariffs filed by such local 
        exchange company, or otherwise), including in connection with 
        an act or omission involving the release of subscriber 
        information related to the emergency calls or emergency 
        services 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.
            (2) User parity.--A person using an IP-enabled voice 
        service that offers 911 or E-911 services pursuant to this 
        subsection shall have immunity or other protection from 
        liability of a scope and extent that is not less than the scope 
        and extent of immunity or other protection from liability under 
        applicable law in similar circumstances of a person using 911 
        or E-911 service that is not provided through an IP-enabled 
        voice service.
            (3) PSAP parity.--In matters related to IP-enabled 911 and 
        E-911 communications, a PSAP, and its employees, vendors, 
        agents, and authorizing government entity (if any) shall have 
        immunity or other protection from liability of a scope and 
        extent that is not less than the scope and extent of immunity 
        or other protection from liability under applicable law 
        accorded to such PSAP, employees, vendors, agents, and 
        authorizing government entity, respective, in matters related 
        to 911 or E-911 communications that are not provided via an IP-
        enabled voice service.
    (h) Delegation Permitted.--The Commission may, in the regulations 
prescribed under this section, provide for the delegation to State 
commissions of authority to implement and enforce the requirements of 
this section and the regulations thereunder.

SEC. 3. MIGRATION TO IP-ENABLED EMERGENCY NETWORK.

    Section 158 of the National Telecommunications and Information 
Administration Organization Act (as added by section 104 of the ENHANCE 
911 Act of 2004) is amended--
            (1) by redesignating subsections (d) and (e) as subsections 
        (e) and (f), respectively; and
            (2) by inserting after subsection (c) the following:
    ``(d) Migration Plan Required.--
            ``(1) National plan required.--No more than 18 months after 
        the date of the enactment of the ENHANCE 911 Act of 2004, the 
        Office shall develop and report to Congress on a national plan 
        for migrating to a national IP-enabled emergency network 
        capable of receiving and responding to all citizen activated 
        emergency communications.
            ``(2) Contents of plan.--The plan required by paragraph (1) 
        shall--
                    ``(A) outline the potential benefits of such a 
                migration;
                    ``(B) identify barriers that must be overcome and 
                funding mechanisms to address those barriers;
                    ``(C) include a proposed timetable, an outline of 
                costs and potential savings;
                    ``(D) provide specific legislative language, if 
                necessary, for achieving the plan; and
                    ``(E) provide recommendations on any legislative 
                changes, including updating definitions, to facilitate 
                a national IP-enabled emergency network.
            ``(3) Consultation.--In developing the plan required by 
        paragraph (1), the Office shall consult with representatives of 
        the public safety community, technology and telecommunications 
        providers, and others it deems appropriate.''.

SEC. 4. DEFINITIONS.

    (a) In General.--For purposes of this Act:
            (1) 911 and e-911 services.--
                    (A) 911.--The term ``911'' means a service that 
                allows a user, by dialing the three-digit code 911, to 
                call a public safety answering point operated by a 
                State, local government, Indian tribe, or authorized 
                entity.
                    (B) E-911.--The term ``E-911 service'' means a 911 
                service that automatically delivers the 911 call to the 
                appropriate public safety answering point, and provides 
                automatic identification data, including the 
                originating number of an emergency call, the physical 
                location of the caller, and the capability for the 
                public safety answering point to call the user back if 
                the call is disconnected.
            (2) IP-enabled voice service.--The term ``IP-enabled voice 
        service'' means an IP-enabled service used for real-time 2-way 
        or multidirectional voice communications offered to a customer 
        that--
                    (A) uses North American Numbering Plan administered 
                telephone numbers, or successor protocol; and
                    (B) has two-way interconnection or otherwise 
                exchange traffic with the public switched telephone 
                network.
            (3) Customer.--The term ``customer'' includes a consumer of 
        goods or services whether for a fee, in exchange for an 
        explicit benefit, or provided for free.
            (4) IP-enabled service.--The term ``IP-enabled service'' 
        means the use of software, hardware, or network equipment that 
        enable an end user to send or receive a communication over the 
        public Internet or a private network utilizing Internet 
        protocol, or any successor protocol, in whole or part, to 
        connect users--
                    (A) regardless of whether the communication is 
                voice, data, video, or other form; and
                    (B) notwithstanding --
                            (i) the underlying transmission technology 
                        used to transmit the communications;
                            (ii) whether the packetizing and 
                        depacketizing of the communications occurs at 
                        the customer premise or network level; or
                            (iii) the software, hardware, or network 
                        equipment used to connect users.
            (5) Public switched telephone network.--The term ``public 
        switched telephone network'' means any switched common carrier 
        service that is interconnected with the traditional local 
        exchange or interexchange switched network.
            (6) PSAP.--The term ``public safety answering point'' or 
        ``PSAP'' means a facility that has been designated to receive 
        911 calls.
    (b) Common Terminology.--Except as otherwise provided in subsection 
(a), terms used in this Act have the meanings provided under section 3 
of the Communications Act of 1934.
[EX A]: IP-Enabled Voice Communications and Public Safety Act of 2005 - Directs the Federal Communications Commission (FCC) to prescribe regulations to establish a set of requirements or obligations on providers of IP-enabled voice service (Internet protocol-enabled service for real-time two-way or multidirectional voice communications) to ensure that 911 (emergency) services and E-911 services (services that automatically delivers a 911 call to the appropriate public safety answering point) are available to customers of IP-enabled voice service. Requires: (1) nondiscriminatory IP provider access to 911 and E-911 services; (2) IP providers to provide to customers a clear and conspicuous notice of the unavailability of 911 and E-911 services; and (3) IP provider and user immunity in the provision and use of 911 and E-911 services to the same extent as local exchange companies and other persons, respectively.

Amends the National Telecommunications and Information Administration Organization Act to require the E-911 Implementation Coordination Office to develop and report to Congress on a national plan for migrating to a national IP-enabled emergency network capable of receiving and responding to all citizen activated emergency communications.

[EX Q]: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Amend Misinterpreted Excessive 
Regulation In Corporate America Act''.

SEC. 2. FINDINGS.

    Congress finds the following:
            (1) The stated intent of the Sarbanes-Oxley Act of 2002 was 
        to restore confidence and integrity in our nation's financial 
        markets through increased transparency and accountability.
            (2) The regulatory interpretation of section 404 of that 
        Act has led to many unintended consequences, such as--
                    (A) diverting valuable resources away from other 
                legitimate business needs;
                    (B) creating massive and tedious documentation 
                requirements; and
                    (C) discouraging the public listing of both 
                international and domestic companies on United States 
                markets.
            (3) Nine out of ten complaints about the Sarbanes-Oxley Act 
        of 2002 are related to section 404.
            (4) Ninety percent of international small companies have 
        listed in international markets and not in the United States 
        markets.
            (5) The out-of-pocket costs have been $4 million to $6 
        million per accelerated filer, more than 50 times original 
        Securities and Exchange Commission estimates.
            (6) Total economic costs including opportunity costs and 
        social implications are up to $1.4 trillion.

SEC. 3. CREATION OF OMBUDSMAN FOR THE PCAOB.

    Title I of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7211 et seq.) 
is amended by adding at the end the following new section:

``SEC. 110. OMBUDSMAN.

    ``(a) Establishment Required.--Not later than 180 days after the 
date of enactment of the Amend Misinterpreted Excessive Regulation In 
Corporate America Act, the Board shall appoint an ombudsman for the 
Board. The Ombudsman shall report directly to the Chairman.
    ``(b) Duties of Ombudsman.--The ombudsman appointed in accordance 
with subsection (a) for the Board shall--
            ``(1) act as a liaison between the Board and--
                    ``(A) any registered public accounting firm or 
                issuer with respect to issues or disputes concerning 
                the preparation or issuance of any audit report with 
                respect to that issuer; and
                    ``(B) any affected registered public accounting 
                firm or issuer with respect to--
                            ``(i) any problem such firm or issuer may 
                        have in dealing with the Board resulting from 
                        the regulatory activities of the Board, 
                        particularly with regard to the implementation 
                        of section 404; and
                            ``(ii) issues caused by the relationships 
                        of registered public accounting firms and 
                        issuers generally; and
            ``(2) assure that safeguards exist to encourage 
        complainants to come forward and to preserve confidentiality; 
        and
            ``(3) carry out such activities, and any other activities 
        assigned by the Board, in accordance with guidelines prescribed 
        by the Board.''.

SEC. 4. REORGANIZATION OF THE BOARD OF THE PCAOB.

    (a) Appointment to the Board.--
            (1) Amendment.--Subparagraph (A) of section 101(e)(4) of 
        the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7211(e)(4)(B)) is 
        amended to read as follows:
                    ``(A) Presidential appointment.--The members of the 
                Board shall be appointed by the President, by and with 
                the advice and consent of the Senate.''.
            (2) Transition.--The members of the Public Company 
        Accounting Oversight Board serving on the date of enactment of 
        this Act may continue to serve until a successor is appointed 
        pursuant to the amendment made by paragraph (1) of this 
        subsection. The term of office of any such successor shall 
        expire at the time of the expiration of the term of his or her 
        predecessor, as designated by the President at the time of the 
        appointment.
            (3) Compensation.--Section 5312 of title 5, United States 
        Code, is amended by adding at the end the following:
        ``Chairman and Members, Public Company Accounting Oversight 
        Board.''.
            (4) Conforming amendments.--
                    (A) Sections 101(e) of the Sarbanes-Oxley Act of 
                2002 (15 U.S.C. 7211(e)) is amended by striking 
                paragraph (6).
                    (B) Section 107(d) of such Act (15 U.S.C. 7217(d)) 
                is amended by striking paragraph (3).
    (b) Funding.--Section 109(f) of such Act is amended by adding at 
the end the following new sentence: ``The Congress reserves the 
authority to establish annual or other periodic limits upon the amount 
of fees which may be collected under this section on behalf of the 
Board.''.

SEC. 5. REDUCTIONS OF INTERNAL CONTROL IMPLEMENTATION COSTS.

    (a) Revisions Required.--Not later than December 31, 2007--
            (1) the Securities and Exchange Commission shall adopt 
        revisions to its rules under section 404(a) of the Sarbanes-
        Oxley Act of 2002 (15 U.S.C. 7211(a)) relating to management's 
        assessment of an issuer's internal control structure and 
        procedures; and
            (2) the Public Company Accounting Oversight Board shall 
        adopt revisions to its standards under section 404(b) of such 
        Act for auditor attestation to and reporting on such management 
        assessment.
    (b) Cost of Implementation Reduction.--In adopting the revisions 
required by subsection (a), the Commission and the Board shall reduce 
the costs of the implementation of section 404, consistent with the 
intention of the Congress that such section not increase significantly 
the cost of the annual audits of financial statements under section 
13(a) and 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 
78m(a), 78o(d)).
    (c) Risk-Based Implementation.--In adopting the revisions required 
by subsection (a), the Commission shall adopt a more risk-based 
statement on internal control reporting that focuses internal control 
review on financial controls having significant risk of failing to 
prevent financial damages that would be material to the financial 
statements of the issuer.

SEC. 6. SEPARATE ENGAGEMENTS FOR INTERNAL CONTROL EVALUATIONS.

    Section 404(b) of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 
7262(b)) is amended--
            (1) by inserting before the period at the end of the first 
        sentence the following: ``, or the issuer shall separately 
        engage a different registered public accounting firm which 
        shall attest to and report on such assessment''; and
            (2) by striking the last sentence.

SEC. 7. PRIVATE RIGHTS OF ACTION.

    Section 404 of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7262) is 
amended by adding at the end the following new subsection:
    ``(c) No Private Rights of Action.--No private right of action may 
be brought against any registered public accounting firm in any Federal 
or State court on the basis of a violation or alleged violation of the 
requirements of this section or standards issued by the Board under or 
for purposes of implementing this section.''.
[EX A]:
Amend Misinterpreted Excessive Regulation In Corporate America Act - Amends the Sarbanes-Oxley Act of 2002 to direct the Public Company Accounting Oversight Board to appoint an ombudsman to act as a liaison between the Board and any registered public accounting firm or issuer regarding: (1) issues or disputes concerning the preparation or issuance of any audit report with respect to that issuer; and (2) problems resulting from Board regulatory activities, particularly implementation of management assessment of internal controls.

Revises requirements governing appointment of Board members. Provides for Presidential appointment of Board members, by and with the advice and consent of the Senate.

Declares that Congress reserves the authority to establish periodic limits upon the amount of fees which may be collected on behalf of the Board.

Instructs the Securities and Exchange Commission to: (1) adopt revisions to its rules regarding management's assessment of an issuer's internal control structure and procedures; and (2) adopt a more risk-based statement on internal control reporting that focuses internal control review on financial controls having significant risk of failing to prevent financial damages that would be material to the issuer's financial statements.

 Instructs the Board to revise its standards for auditor attestation to and reporting on management's internal control assessment.

Revises the requirement that each registered public accounting firm that prepares or issues the audit report for an issuer attest to the internal control assessment made by the issuer's management. Allows an issuer, in the alternative, to engage separately a different registered public accounting firm to attest to such assessment. (Current law prohibits such separate attestation engagements.)

Prohibits any private right of action against a registered public accounting firm in any federal or state court on the basis of a violation or alleged violation of assessment requirements or standards issued by the Board for purposes of implementing the Sarbanes-Oxley Act of 2002.