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

Input: Consider Input: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Futures Investor Protection Act''.

SEC. 2. FUTURES INVESTORS PROTECTION FUND.

    (a) Futures Investor Protection Corporation.--
            (1) Creation and membership.--
                    (A) Creation.--There is established a nonprofit 
                corporation to be known as the ``Futures Investor 
                Protection Corporation'' (in this Act referred to as 
                the ``FIPC''), which shall not be an agency or 
                establishment of the United States Government.
                    (B) Membership.--
                            (i) Members of fipc.--The FIPC shall be a 
                        membership corporation the members of which 
                        shall be all persons registered under the 
                        Commodity Exchange Act with the Commission as a 
                        futures commission merchant, other than persons 
                        whose principal business, in the determination 
                        of the FIPC, taking into account business of 
                        affiliated entities, is conducted outside the 
                        United States and its territories and 
                        possessions.
                            (ii) Commission review; additional 
                        members.--Subparagraphs (B) and (C) of section 
                        3(a)(2) of SIPA shall apply with respect to 
                        determinations of the FIPC in the same way the 
                        subparagraphs apply with respect to 
                        determinations of the SIPC and to brokers and 
                        dealers referred to in such subparagraph (D).
                            (iii) Disclosure.--Section 3(a)(2)(D) of 
                        SIPA shall apply to futures commission 
                        merchants in the same way the section applies 
                        to brokers and dealers referred to in such 
                        section.
            (2) Powers.--The FIPC shall have all the powers conferred 
        on the SIPC.
            (3) Board of directors.--
                    (A) Functions.--The FIPC shall have a Board of 
                Directors which, subject to the provisions of this Act, 
                shall determine the policies which shall govern the 
                operations of FIPC.
                    (B) Number and appointment.--The Board of Directors 
                shall consist of 7 persons as follows:
                            (i) 1 director shall be appointed by the 
                        Secretary of the Treasury from among the 
                        officers and employees of the Department of the 
                        Treasury.
                            (ii) 1 director shall be appointed by the 
                        Board of Governors of the Federal Reserve 
                        System from among the officers and employees of 
                        that Board.
                            (iii) 5 directors shall be appointed by the 
                        President, by and with the advice and consent 
                        of the Senate, as follows:
                                    (I) 3 directors shall be selected 
                                from among persons who are associated 
                                with, and representative of different 
                                aspects of, the futures industry, not 
                                all of whom shall be from the same 
                                geographical area of the United States.
                                    (II) 2 directors shall be selected 
                                from the general public from among 
                                persons who are not associated with a 
                                futures commission merchant or a 
                                contract market, or similarly 
                                associated with any self-regulatory 
                                organization or other futures industry 
                                group, and who have not had any such 
                                association during the 2 years 
                                preceding appointment.
                    (C) Chairman and vice chairman.--The President 
                shall designate a Chairman and Vice Chairman from among 
                those directors appointed under subparagraph 
                (B)(iii)(II).
                    (D) Terms.--
                            (i) In general.--Except as provided in 
                        clauses (ii) and (iii), each director shall be 
                        appointed for a term of 3 years.
                            (ii) Initially appointed members.--Of the 
                        directors first appointed under subparagraph 
                        (B)--
                                    (I) 2 shall hold office for a term 
                                expiring on December 31, 2017;
                                    (II) 2 shall hold office for a term 
                                expiring on December 31, 2018; and
                                    (III) 3 shall hold office for a 
                                term expiring on December 31, 2019,
                        as designated by the President at the time they 
                        take office. The designation shall be made in a 
                        manner which will assure that no 2 persons 
                        appointed under the authority of the same 
                        subclause of subparagraph (B)(iii) shall have 
                        terms which expire simultaneously.
                            (iii) Vacancies.--A vacancy in the Board 
                        shall be filled in the same manner as the 
                        original appointment was made. Any director 
                        appointed to fill a vacancy occurring prior to 
                        the expiration of the term for which the 
                        predecessor of the director was appointed shall 
                        be appointed only for the remainder of the 
                        term. A director may serve after the expiration 
                        of the term for which appointed until the 
                        successor of the director has taken office.
                    (E) Compensation.--All matters relating to 
                compensation of directors shall be as provided in the 
                bylaws of the FIPC.
            (4) Meetings of board; bylaws and rules.--Subsections (d) 
        and (e) of section 3 of SIPA shall apply with respect to the 
        FIPC and the Commission in the same way the subsections apply 
        with respect to the SIPC and the Securities and Exchange 
        Commission.
    (b) FIPC Fund.--
            (1) In general.--The FIPC shall establish, and make 
        deposits into and payments from, an ``FIPC fund'' (in this Act 
        referred to as the ``fund'') in the same manner in which the 
        SIPC has established, and is authorized to make deposits into 
        and payments from, the SIPC fund.
            (2) Assessments.--The FIPC shall impose on its members 
        assessments subject to the same rules that apply to the 
        imposition by the SIPC of assessments on the members of the 
        SIPC.
    (c) Other Provisions.--Sections 5 through 16 of the SIPA shall 
apply with respect to the FIPC and the members, directors, officers, 
and employees of the FIPC, the Commission, the FIPC fund, futures 
commission merchants and their affiliates, futures contracts, futures 
transactions, customers, and debtors in the same way the sections apply 
with respect to the SIPC and the members, directors, officers, and 
employees of the SIPC, the Securities and Exchange Commission, the SIPC 
fund, persons registered as brokers or dealers (as defined in section 
16(12) of the SIPA) and their affiliates, securities, securities 
transactions, customers (as defined in section 16(2) of the SIPA), and 
debtors (as defined in section 16(5) of the SIPA), respectively.
    (d) Definitions.--In this section:
            (1) Commission.--The term ``Commission'' means the 
        Commodity Futures Trading Commission.
            (2) Contract market.--The term ``contract market'' means a 
        board of trade designated as a contract market under the 
        Commodity Exchange Act.
            (3) Futures contract.--The term ``futures contract'' means 
        a contract of sale of a commodity for future delivery, within 
        the meaning of the Commodity Exchange Act.
            (4) Futures commission merchant.--The term ``futures 
        commission merchant'' has the meaning given the term in section 
        1a(28) of the Commodity Exchange Act.
            (5) SIPA.--The term ``SIPA'' means the Security Investors 
        Protection Act of 1970.
            (6) SIPC.--The term ``SIPC'' means the Security Investors 
        Protection Corporation.
            (7) SIPC fund.--The term ``SIPC fund'' means the fund 
        established under section 4(a)(1) of the SIPA.

SEC. 3. SUITABILITY RULES.

    (a) In General.--The Commodity Exchange Act (7 U.S.C. 1 et seq.) is 
amended by inserting after section 4t the following:

``SEC. 4U. SUITABILITY RULES.

    ``(a) In General.--
            ``(1) Recommendations must be suitable for the customer.--A 
        futures commission merchant shall not recommend a transaction 
        or investment strategy involving a contract of sale of a 
        commodity for future delivery, unless the futures commission 
        merchant has a reasonable basis to believe that the transaction 
        or investment strategy is suitable for the customer, based on 
        the information obtained through the reasonable diligence of 
        the futures commission merchant to ascertain the customer's 
        investment profile. A customer's investment profile includes, 
        but is not limited to, the customer's age, other investments, 
        financial situation and needs, tax status, investment 
        objectives, investment experience, investment time horizon, 
        liquidity needs, risk tolerance, and any other information the 
        customer may disclose to the futures commission merchant in 
        connection with the recommendation.
            ``(2) Safe harbor in certain cases.--A futures commission 
        merchant is deemed to comply with paragraph (1) in the case of 
        a customer with an institutional account, if--
                    ``(A) the futures commission merchant has a 
                reasonable basis to believe that the customer is 
                capable of evaluating investment risks independently, 
                both in general and with regard to particular 
                transactions and investment strategies involving a 
                contract of sale of a commodity for future delivery; 
                and
                    ``(B) the customer affirmatively indicates that it 
                is exercising independent judgment in evaluating the 
                recommendations of the futures commission merchant.
    ``(b) Applicability With Respect to Certain Agents.--If a customer 
with an institutional account has delegated decisionmaking authority to 
an agent, subsection (a) shall be applied with respect to the agent.
    ``(c) Institutional Account Defined.--In this section, the term 
`institutional account' means the account of--
            ``(1) a bank, savings and loan association, insurance 
        company or registered investment company;
            ``(2) an investment adviser registered with the Securities 
        and Exchange Commission under section 203 of the Investment 
        Advisers Act or with a State securities commission (or any 
        agency or office performing like functions); or
            ``(3) any other person (whether a natural person, 
        corporation, partnership, trust or otherwise) with total assets 
        of at least $50,000,000.
    ``(d) Penalties.--The Commission may impose one or more of the 
following sanctions on a person found by the Commission to have 
violated this section or to have neglected or refused to comply with an 
order issued by the Commission under this section:
            ``(1) Censure.
            ``(2) A fine.
            ``(3) Expulsion of the person from, or revocation of the 
        membership of the person in, a registered entity.
            ``(4) Suspension for a definite period or a period 
        contingent on the performance of a particular act, or 
        revocation, of the registration of the person under this Act 
        with the Commission as a futures commission merchant.
            ``(5) Suspension or bar of the person from association with 
        any other futures commission merchant.
            ``(6) A temporary or permanent cease and desist order 
        against the person.
            ``(7) Any other fitting sanction.''.
    (b) Effective Date.--Within 6 months after the date of the 
enactment of this Act, the Commodity Futures Trading Commission shall 
issue regulations for the implementation of the amendment made by 
subsection (a).

SEC. 4. REVIEW OF PROOF OF CLAIMS RULES.

    (a) In General.--The Commodity Futures Trading Commission shall 
review the guidelines for establishing account classes and determining 
the basis for pro rata shares under, and the sample claim form set 
forth in, part 190 of title 17, Code of Federal Regulations, and 
consider the desirability of allowing use of a set date for valuation 
purposes rather than the date of actual liquidation of positions.
    (b) Report to the Congress.--Within 1 year after the date of the 
enactment of this Act, the Commodity Futures Trading Commission shall 
submit to the Congress a written report that contains the findings of 
the Commission with respect to the matters referred to in subsection 
(a), and includes such changes to the regulations in such part as the 
Commission deems appropriate.

Output: Futures Investor Protection Act This bill establishes the Futures Investor Protection Corporation (FIPC) as a nonprofit membership corporation for all futures commission merchants registered with the Commodity Futures Trading Commission (CFTC). In general, the FIPC's powers and duties shall mirror those of the Security Investors Protection Corporation (the nonprofit membership corporation for registered broker-dealers). In addition, the bill amends the Commodity Exchange Act to establish suitability rules with respect to&nbsp;recommendations&nbsp;by a&nbsp;futures commission merchant to a customer. The CFTC must review certain guidelines regarding proof of claims, as specified by the bill. 


Input: Consider Input: on the Budget.--The last 
sentence of section 301(a) of the Congressional Budget Act of 1974 is 
amended by inserting before the period the following: ``, but shall 
separately set forth an estimate of benefit payments under the old-age, 
survivors, and disability insurance programs under title II of the 
Social Security Act for the fiscal year and each of the two ensuing 
fiscal years''.
    (b) Protection of OASDI Trust Funds.--Section 13302 of the Budget 
Enforcement Act of 1990 is amended by inserting at the end the 
following:
    ``(d) Point of Order.--It shall not be in order in the House of 
Representatives to consider any bill or joint resolution, as reported, 
amendment, or conference report the enactment of which would provide an 
appropriation for a fiscal year for the expenses of administering the 
old-age, survivors, and disability insurance programs under title II of 
the Social Security Act in excess of 1.5 percent of the estimate of 
benefit payments under those programs for that fiscal year set forth in 
the most recently agreed to concurrent resolution on the budget.''.

SEC. 3. TECHNICAL CORRECTIONS RELATED TO OASDI IN THE OMNIBUS BUDGET 
              RECONCILIATION ACT OF 1990.

    (a) Amendments Related to Provisions in Section 5103(b) Relating to 
Disabled Widows.--Section 223(f)(2) of the Social Security Act (42 
U.S.C. 423(f)(2)) is amended--
            (1) in subparagraph (A), by striking ``(in a case to which 
        clause (ii)(II) does not apply)''; and
            (2) by striking subparagraph (B)(ii) and inserting the 
        following:
                            ``(ii) the individual is now able to engage 
                        in substantial gainful activity; or''.
    (b) Amendments Related to Provisions in Section 5105(d) Relating to 
Representative Payees.--Section 5105(d)(1)(A) of the Omnibus Budget 
Reconciliation Act of 1990 (Public Law 101-508) is amended--
            (1) by striking ``Section 205(j)(5)'' and inserting 
        ``Section 205(j)(6)''; and
            (2) by redesignating the paragraph (5) as amended thereby 
        as paragraph (6).
    (c) Amendments Related to Provisions in Section 5106 Relating to 
Coordination of Rules Under Titles II and XVI Governing Fees for 
Representatives of Claimants With Entitlements Under Both Titles.--
            (1) Calculation of fee of claimant's representative based 
        on amount of past-due supplemental security income benefits 
        after application of windfall offset provision.--Section 
        1631(d)(2)(A)(i) of the Social Security Act (as amended by 
        section 5106(a)(2) of the Omnibus Budget Reconciliation Act of 
        1990) (42 U.S.C. 1383(d)(2)(A)(i)) is amended to read as 
        follows:
            ``(i) by substituting, in subparagraphs (A)(ii)(I) and 
        (C)(i), the phrase `(as determined before any applicable 
        reduction under section 1631(g), and reduced by the amount of 
        any reduction in benefits under this title or title II made 
        pursuant to section 1127(a))' for the parenthetical phrase 
        contained therein; and''.
            (2) Calculation of past-due benefits for purposes of 
        determining attorney fees in judicial proceedings.--
                    (A) In general.--Section 206(b)(1) of such Act (42 
                U.S.C. 406(b)(1)) is amended--
                            (i) by inserting ``(A)'' after ``(b)(1)''; 
                        and
                            (ii) by adding at the end the following new 
                        subparagraph:
    ``(B) For purposes of this paragraph--
            ``(i) the term `past-due benefits' excludes any benefits 
        with respect to which payment has been continued pursuant to 
        subsection (g) or (h) of section 223, and
            ``(ii) amounts of past-due benefits shall be taken into 
        account to the extent provided under the rules applicable in 
        cases before the Secretary.''.
                    (B) Protection from offsetting ssi benefits.--The 
                last sentence of section 1127(a) of such Act (as added 
                by section 5106(b) of the Omnibus Budget Reconciliation 
                Act of 1990) (42 U.S.C. 1320a-6(a)) is amended by 
                striking ``section 206(a)(4)'' and inserting 
                ``subsection (a)(4) or (b) of section 206''.
            (3) Application of single dollar amount ceiling to 
        concurrent claims under titles ii and xvi.--
                    (A) In general.--Section 206(a)(2) of such Act (as 
                amended by section 5106(a)(1) of the Omnibus Budget 
                Reconciliation Act of 1990) (42 U.S.C. 406(a)(2)) is 
                amended--
                            (i) by redesignating subparagraph (C) as 
                        subparagraph (D); and
                            (ii) by inserting after subparagraph (B) 
                        the following new subparagraph:
    ``(C) In any case involving--
            ``(i) an agreement described in subparagraph (A) with any 
        person relating to both a claim of entitlement to past-due 
        benefits under this title and a claim of entitlement to past-
        due benefits under title XVI, and
            ``(ii) a favorable determination made by the Secretary with 
        respect to both such claims,
the Secretary may approve such agreement only if the total fee or fees 
specified in such agreement does not exceed, in the aggregate, the 
dollar amount in effect under subparagraph (A)(ii)(II).''.
                    (B) Conforming amendment.--Section 206(a)(3)(A) of 
                such Act (as amended by section 5106(a)(1) of the 
                Omnibus Budget Reconciliation Act of 1990) (42 U.S.C. 
                406(a)(3)(A)) is amended by striking ``paragraph 
                (2)(C)'' and inserting ``paragraph (2)(D)''.
    (d) Amendment Related to Provisions in Section 5115 Relating to 
Advance Tax Transfers.--Section 201(a) of the Social Security Act (42 
U.S.C. 401(a)) is amended in the last sentence by striking ``and'' the 
second place it appears.

SEC. 4. EFFECTIVE DATE.

    (a) Sections 1 and 2.--The amendments made by sections 1 and 2 
shall apply to fiscal year 1994 and subsequent fiscal years.
    (b) Section 3.--Each amendment made by section 3 shall take effect 
as if included in the provisions of the Omnibus Budget Reconciliation 
Act of 1990 to which such amendment relates.

Output: Amends the Omnibus Budget Reconciliation Act of 1990 to exclude the administrative expenses of the old-age, survivors and disability insurance programs from Federal budget calculations.  Exempts such expenses from sequestration under the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act). 
Makes technical and related corrections to the Congressional Budget Act of 1974, Social Security Act and the Omnibus Budget Reconciliation Act of 1990.


Input: Consider Input: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Systemic Passenger Infrastructure 
and Network Overhaul through Financial Freedom Act''.

SEC. 2. INTERIM DIRECTED SERVICE.

    (a) Transfer of Ownership.--Effective on the date of the enactment 
of this Act--
            (1) title to all property of the National Railroad 
        Passenger Corporation necessary for the operation of the main 
        line of the Northeast Corridor between the District of Columbia 
        and Boston, Massachusetts, and the Autotrain shall transfer to 
        the Secretary of Transportation; and
            (2) the note and mortgage described in section 24907 of 
        title 49, United States Code, is canceled, in consideration for 
        the transfer described in paragraph (1).
    (b) Interim Operations.--The Secretary of Transportation shall 
ensure the continuation of maintenance and dispatching of service on 
the main line of the Northeast Corridor between the District of 
Columbia and Boston, Massachusetts, and of the Autotrain, until 
directed service is initiated under subsection (c). The Secretary is 
authorized to use personnel of the National Railroad Passenger 
Corporation to carry out this subsection.
    (c) Directed Service.--Not later than 3 months after the date of 
the enactment of this Act, the Secretary of Transportation shall 
complete a competitive selection of an entity or entities to maintain 
and dispatch service on the main line of the Northeast Corridor between 
the District of Columbia and Boston, Massachusetts, and for the 
Autotrain, and shall take such actions as are necessary to initiate and 
maintain such directed service until the disposition of such operations 
pursuant to sections 3 and 4, and for such additional time as is 
necessary to ensure the orderly transition of operations under those 
sections. In carrying out this subsection, the Secretary and any entity 
or entities selected by the Secretary shall have the powers and 
authorities, including access rights, of the National Railroad 
Passenger Corporation with respect to the service involved.

SEC. 3. NORTHEAST CORRIDOR.

    (a) Comptroller General Analysis.--Not later than 1 year after the 
date of the enactment of this Act, the Comptroller General shall 
transmit to the Secretary of Transportation a report analyzing the 
capital requirements needed to ensure that the Northeast Corridor can 
be operated in a financially viable manner.
    (b) Determination of Appropriate Disposition.--Not later than 2 
years after the date of the enactment of this Act, the Secretary, after 
considering the prospects of financial viability, including capital 
requirements as reported under subsection (a) and proposed financing 
options, shall determine which of the following options is most 
appropriate for the disposition of the operations (and all necessary 
supporting property) described in section 2(b) and (c) with respect to 
the Northeast Corridor:
            (1) Transfer of such operations to an interstate compact, 
        entered into under section 410 of the Amtrak Reform and 
        Accountability Act of 1997, consisting of the States of the 
        Northeast Corridor.
            (2) Transfer of such operations to a new quasi-governmental 
        corporation or to a private sector corporation.
            (3) Retention of ownership by the Secretary of 
        Transportation, with competitive franchising, by 1 or more 
        entities, of the management and dispatching of service.
The Secretary shall transmit to the Congress a report on the 
determination made under this subsection.
    (c) Implementation.--Not later than 6 months after a determination 
is made under subsection (b), the Secretary shall implement the 
appropriate disposition as so determined.

SEC. 4. AUTOTRAIN.

    (a) Determination of Appropriate Disposition.--Not later than 1 
year after the date of the enactment of this Act, the Secretary, after 
considering the prospects of financial viability, including capital 
requirements and proposed financing options, shall determine which of 
the following options is most appropriate for the disposition of the 
operations (and all necessary supporting property) described in section 
2(b) with respect to the Autotrain:
            (1) Transfer of such operations to a new quasi-governmental 
        corporation or to a private sector corporation.
            (2) Retention of ownership by the Secretary of 
        Transportation, with competitive franchising, by 1 or more 
        entities, of the management and operations.
The Secretary shall transmit to the Congress a report on the 
determination made under this subsection.
    (b) Implementation.--Not later than 6 months after a determination 
is made under subsection (a), the Secretary shall implement the 
appropriate disposition as so determined.

SEC. 5. FUNDING.

    (a) Retention of Amounts.--The Secretary of Transportation shall 
retain all amounts appropriated by the Federal Government for fiscal 
year 2002 for the National Railroad Passenger Corporation that have not 
been provided to the National Railroad Passenger Corporation, and such 
amounts shall be available to the Secretary for carrying out this Act.
    (b) Transfer of Amounts.--The National Railroad Passenger 
Corporation shall transfer to the Secretary of Transportation all 
amounts appropriated by the Federal Government for fiscal year 2002 and 
provided to the National Railroad Passenger Corporation, and such 
amounts shall be available to the Secretary for carrying out this Act.

SEC. 6. NONAPPLICABILITY OF PROVISION.

    A local governmental authority (as defined in section 5302(a)(6) of 
title 49, United States Code) shall not be subject to any obligation 
under any arrangement pursuant to section 5333(b) of title 49, United 
States Code, with respect to employees of the National Railroad 
Passenger Corporation providing services to such authority pursuant to 
a contract between the authority and the National Railroad Passenger 
Corporation.


Output: Systemic Passenger Infrastructure and Network Overhaul through Financial Freedom Act - Transfers title to all property of the National Railroad Passenger Corporation (Amtrak) consisting of the main line of the Northeast Corridor between the District of Columbia and Boston, Massachusetts, and the Autotrain to the Secretary of Transportation in consideration of the cancellation of a certain note and mortgage between Amtrak and the U.S. Government for the acquisition and improvement of such property and certain other rail properties.Directs the Secretary to provide for the competitive selection of an entity or entities to maintain and dispatch service operations on the main line of the Northeast Corridor between the District of Columbia and Boston, Massachusetts, and for the Autotrain, until the Secretary makes a determination for the disposition of such operations, including: (1) transfer of such operations to an interstate compact consisting of the States of the Northeast Corridor; (2) transfer of such operations to a new quasi-governmental corporation or to a private sector corporation; or (3) retention of ownership by the Secretary, with competitive franchising, by one or more entities, of the management and dispatching of service.Requires the Secretary to retain, and Amtrak to transfer to the Secretary, all amounts appropriated by the U.S. Government for FY 2002 for Amtrak that have not been provided to it, as well as those funds that have been.