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

Q: SECTION 1. SHORT TITLE; AMENDMENT OF 1986 CODE.

    (a) Short Title.--This Act may be cited as the ``Long-Term 
Investment Incentive Act of 1997''.
    (b) Amendment of 1986 Code.--Except as otherwise expressly 
provided, whenever in this Act an amendment or repeal is expressed in 
terms of an amendment to, or repeal of, a section or other provision, 
the reference shall be considered to be made to a section or other 
provision of the Internal Revenue Code of 1986.

SEC. 2. REDUCTION OF TAX ON LONG-TERM CAPITAL GAINS ON ASSETS HELD MORE 
              THAN 2 YEARS.

    (a) In General.--Part I of subchapter P of chapter 1 (relating to 
treatment of capital gains) is amended by redesignating section 1202 as 
section 1203 and by inserting after section 1201 the following new 
section:

``SEC. 1202. CAPITAL GAINS DEDUCTION FOR ASSETS HELD BY NONCORPORATE 
              TAXPAYERS MORE THAN 2 YEARS.

    ``(a) General Rule.--If a taxpayer other than a corporation has a 
net capital gain for any taxable year, there shall be allowed as a 
deduction an amount equal to the sum of the applicable percentages of 
the classes of net capital gain described in the table under subsection 
(b).
    ``(b) Applicable Percentage.--For purposes of this subsection, the 
applicable percentage shall be the percentage determined in accordance 
with the following table:

          
                                                         The applicable
          ``In the case of:
                                                         percentage is:
                  2-year gain........................        7.145     
                  3-year gain........................        14.29     
                  4-year gain........................        21.45     
                  5-year gain........................        28.57     
                  6-year gain........................        35.71     
                  7-year gain........................        42.86     
                  8-year gain........................        50.00.    
    ``(c) Gain to Which Deduction Applies.--For purposes of this 
section--
            ``(1) 2-year gain.--The term `2-year gain' means the lesser 
        of--
                    ``(A) the net capital gain for the taxable year, or
                    ``(B) the amount of long-term capital gain which 
                would be computed for the taxable year if only gain 
                from the sale or exchange of property held by the 
                taxpayer for more than 2 years but not more than 3 
                years were taken into account.
            ``(2) 3-year gain, etc.--The terms `3-, 4-,
        5-, 6-, or 7-year gain' mean the amounts determined under 
        paragraph (1)--
                    ``(A) by reducing the amount of the net capital 
                gain under subparagraph (A) thereof by an amount equal 
                to the long-term capital gain from the sale or exchange 
                of property with a holding period less than the minimum 
                holding period for any such category, and
                    ``(B) by substituting 3, 4, 5, 6, or 7 years for 2 
                years and 4, 5, 6, 7, or 8 years for 3 years, 
                respectively, in subparagraph (B) thereof.
            ``(3) 8-year gain.--The term `8-year gain' means the lesser 
        of--
                    ``(A) the net capital gain for the taxable year, 
                reduced by in the same manner as under paragraph 
                (2)(A), or
                    ``(B) the amount of the long-term capital gain 
                which would be computed for the taxable year if only 
                gain from the sale or exchange of property held by the 
                taxpayer for more than 8 years were taken into account.
    ``(d) Estates and Trusts.--In the case of an estate or trust, the 
deduction under subsection (a) shall be computed by excluding the 
portion (if any) of the gains for the taxable year from sales or 
exchanges of capital assets which, under sections 652 and 662 (relating 
to inclusions of amounts in gross income of beneficiaries of trusts), 
is includible by the income beneficiaries as gain derived from the sale 
or exchange of capital assets.
    ``(e) Coordination With Treatment of Capital Gain Under Limitation 
on Investment Interest.--For purposes of this section, the net capital 
gain for any taxable year shall be reduced (but not below zero) by the 
amount which the taxpayer takes into account as investment income under 
section 163(d)(4)(B)(iii).
    ``(f) Treatment of Collectibles.--
            ``(1) In general.--Solely for purposes of this section, any 
        gain or loss from the sale or exchange of a collectible shall 
be treated as a short-term capital gain or loss (as the case may be), 
without regard to the period such asset was held. The preceding 
sentence shall apply only to the extent the gain or loss is taken into 
account in computing taxable income.
            ``(2) Treatment of certain sales of interest in 
        partnership, etc.--For purposes of paragraph (1), any gain from 
        the sale or exchange of an interest in a partnership, S 
        corporation, or trust which is attributable to unrealized 
        appreciation in the value of collectibles held by such entity 
        shall be treated as gain from the sale or exchange of a 
        collectible. Rules similar to the rules of section 751(f) shall 
        apply for purposes of the preceding sentence.
            ``(3) Collectible.--For purposes of this subsection, the 
        term `collectible' means any capital asset which is a 
        collectible (as defined in section 408(m) without regard to 
        paragraph (3) thereof).
    ``(g) Transitional Rule.--
            ``(1) In general.--Gain may be taken into account under 
        subsection (c) only if such gain is properly taken into account 
        on or after May 7, 1997.
            ``(2) Special rules for pass-thru entities.--
                    ``(A) In general.--In applying paragraph (1) with 
                respect to any pass-thru entity, the determination of 
                when gains and losses are properly taken into account 
                shall be made at the entity level.
                    ``(B) Pass-thru entity defined.--For purposes of 
                subparagraph (A), the term `pass-thru entity' means--
                            ``(i) a regulated investment company,
                            ``(ii) a real estate investment trust,
                            ``(iii) an S corporation,
                            ``(iv) a partnership,
                            ``(v) an estate or trust, and
                            ``(vi) a common trust fund.''
    (b) Deduction Allowable in Computing Adjusted Gross Income.--
Subsection (a) of section 62 is amended by inserting after paragraph 
(16) the following new paragraph:
            ``(17) Long-term capital gains.--The deduction allowed by 
        section 1202.''
    (c) Maximum Capital Gains Rate.--Section 1(h) is amended by adding 
at the end the following new sentence: ``For purposes of this 
subsection, taxable income shall be computed without regard to the 
deduction allowed under section 1202.''
    (d) Treatment of Certain Pass-Thru Entities.--
            (1) Capital gain dividends of regulated investment 
        companies.--
                    (A) Subparagraph (B) of section 852(b)(3) is 
                amended to read as follows:
                    ``(B) Treatment of capital gain dividends by 
                shareholders.--A capital gain dividend shall be treated 
                by the shareholders as gain from the sale or exchange 
                of a capital asset held for more than 1 year but not 
                more than 2 years; except that the portion of any such 
                dividend designated by the company as allocable 2-, 3-, 
                4-, 5-, 6-, 7-, or 8-year gain of the company shall be 
                treated as gain from the sale or exchange of a capital 
                asset held for the amount of years in such class for 
                purposes of section 1202. Rules similar to the rules of 
                subparagraph (C) shall apply to any designation under 
                the preceding sentence.''
                    (B) Clause (i) of section 852(b)(3)(D) is amended 
                by adding at the end the following new sentence: 
                ``Rules similar to the rules of subparagraph (B) shall 
                apply in determining character of the amount to be so 
                included by any such shareholder.''
            (2) Capital gain dividends of real estate investment 
        trusts.--Subparagraph (B) of section 857(b)(3) is amended to 
        read as follows:
                    ``(B) Treatment of capital gain dividends by 
                shareholders.--A capital gain dividend shall be treated 
                by the shareholders or holders of beneficial interests 
                as gain from the sale or exchange of a capital asset 
                held for more than 1 year but not more than 2 years; 
                except that the portion of any such dividend designated 
                by the company as allocable to 2-, 3-, 4-, 5-, 6-, 7-, 
                or 8-year gain of the company shall be treated as gain 
                from the sale or exchange of a capital asset held for 
                the amount of years in such class for purposes of 
                section 1202. Rules similar to the rules of 
                subparagraph (C) shall apply to any designation under 
                the preceding sentence.''
            (3) Common trust funds.--Subsection (c) of section 584 is 
        amended--
                    (A) by inserting ``and not more than 2 years'' 
                after ``1 year'' each place it appears in paragraph 
                (2),
                    (B) by striking ``and'' at the end of paragraph 
                (2), and
                    (C) by redesignating paragraph (3) as paragraph (4) 
                and inserting after paragraph (2) the following new 
                paragraph:
            ``(3) as part of its gains from sales or exchanges of 
        capital assets held for periods described in the classes of 
        gains under section 1202(c), its proportionate share of the 
        gains of the common trust fund from sales or exchanges of 
        capital assets held for such periods, and''.
    (e) Technical and Conforming Changes.--
            (1) Subparagraph (B) of section 170(e)(1) is amended by 
        inserting ``(or, in the case of a taxpayer other than a 
        corporation, the percentage of such gain equal to 100 percent 
        minus the percentage applicable to such gain under section 
        1202(a))'' after ``the amount of gain''.
            (2) Subparagraph (B) of section 172(d)(2) is amended to 
        read as follows:
                    ``(B) the deduction under section 1202 and the 
                exclusion under section 1203 shall not be allowed.''
            (3)(A) Section 221 (relating to cross reference) is amended 
        to read as follows:

``SEC. 221. CROSS REFERENCES.

    ``(1) For deduction for net capital gains in the case of a taxpayer 
other than a corporation, see section 1202.
    ``(2) For deductions in respect of a decedent, see section 691.''
            (B) The table of sections for part VII of subchapter B of 
        chapter 1 is amended by striking ``reference'' in the item 
        relating to section 221 and inserting ``references''.
            (4) The last sentence of section 453A(c)(3) is amended by 
        striking all that follows ``long-term capital gain,'' and 
        inserting ``the maximum rate on net capital gain under section 
        1(h) or 1201 or the deduction under section 1202 (whichever is 
        appropriate) shall be taken into account.''
            (5) Paragraph (4) of section 642(c) is amended to read as 
        follows:
            ``(4) Adjustments.--To the extent that the amount otherwise 
        allowable as a deduction under this subsection consists of gain 
        from the sale or exchange of capital assets held for more than 
        1 year, proper adjustment shall be made for any deduction 
        allowable to the estate or trust under section 1202 or any 
        exclusion allowable to the estate or trust under section 
        1203(a). In the case of a trust, the deduction allowed by this 
        subsection shall be subject to section 681 (relating to 
        unrelated business income).''
            (6) The last sentence of paragraph (3) of section 643(a) is 
        amended to read as follows: ``The deduction under section 1202 
        and the exclusion under section 1203 shall not be taken into 
        account.''
            (7) Subparagraph (C) of section 643(a)(6) is amended by 
        inserting ``(i)'' before ``there shall'' and by inserting 
        before the period ``, and (ii) the deduction under section 1202 
        (relating to capital gains deduction) shall not be taken into 
        account''.
            (8) Paragraph (4) of section 691(c) is amended by striking 
        ``sections 1(h), 1201, and 1211'' and inserting ``sections 
        1(h), 1201, 1202, and 1211''.
            (9) The second sentence of section 871(a)(2) is amended by 
        inserting ``or 1203'' after ``1202''.
            (10) Subsection (d) of section 1044 is amended by striking 
        ``1202'' and inserting ``1203''.
            (11) Paragraph (1) of section 1402(i) is amended by 
        inserting ``, and the deduction provided by section 1202 shall 
        not apply'' before the period at the end thereof.
    (f) Clerical Amendment.--The table of sections for part I of 
subchapter P of chapter 1 is amended by inserting after the item 
relating to section 1201 the following new item:

                              ``Sec. 1202. Capital gains deduction for 
                                        assets held by noncorporate 
                                        taxpayers more than 2 years.''
    (g) Effective Date.--
            (1) In general.--Except as otherwise provided in this 
        subsection, the amendments made by this section shall apply to 
        taxable years ending on and after May 7, 1997.
            (2) Contributions.--The amendment made by subsection (e)(1) 
        shall apply to contributions on or after May 7, 1997.

A: Long-Term Investment Incentive Act of 1997 - Amends the Internal Revenue Code to establish a sliding scale capital gains deduction on assets held between two years and eight years by noncorporate taxpayers.
****
Q: SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

    (a) Short Title.--This Act may be cited as the ``Emergency 
Agricultural Response Act of 1998''.
    (b) Table of Contents.--The table of contents of this Act is as 
follows:

Sec. 1. Short title; table of contents.
Sec. 2. Use of disaster reserve authority to provide disaster 
                            assistance to certain producers.
Sec. 3. Increase in loan rates for marketing assistance loans for 
                            certain crops.
Sec. 4. Extension of marketing assistance loans.
Sec. 5. Reinstatement of farmer-owned reserve program.
Sec. 6. Strategic food reserve of loan commodities.
Sec. 7. Improved delivery of Farm Service Agency services at local and 
                            area level.
Sec. 8. Temporary conservation reserve to respond to disease 
                            infestations.
Sec. 9. Special crop insurance rules for counties subject to disaster 
                            declaration.
Sec. 10. Doubling of budget authority and appropriations for direct 
                            loan, loan guarantee, and interest rate 
                            reduction programs for fiscal year 1999.

SEC. 2. USE OF DISASTER RESERVE AUTHORITY TO PROVIDE DISASTER 
              ASSISTANCE TO CERTAIN PRODUCERS.

    (a) Provision of Assistance.--Section 813(a) of the Agricultural 
Act of 1970 (7 U.S.C. 1427a(a)) is amended by adding at the end the 
following:
    ``The Secretary shall use funds appropriated for the purposes of 
this section to make cash payments to agricultural producers to augment 
crop insurance benefits for the purpose of alleviating distress caused 
by multiple year crop losses.''
    (b) Appropriations.--There is hereby appropriated, out of any money 
in the Treasury not otherwise appropriated, $1,200,000,000 for the 
reserve established under section 813 of the Agricultural Act of 1970 
(7 U.S.C. 1427a).
    (c) Designation of Emergency.--The amount appropriated under 
subsection (b) shall be available only to the extent that the President 
submits to Congress an official budget request for a specific dollar 
amount that includes designation of the entire amount of the request as 
an emergency requirement for the purposes of the Balanced Budget and 
Emergency Deficit Control Act of 1985 (2 U.S.C. 900 et seq.). The 
entire amount of the funds is designated by Congress as an emergency 
requirement under section 251(b)(2)(A) of the Balanced Budget and 
Emergency Deficit Control Act of 1985 (2 U.S.C. 901(b)(2)(A)).

SEC. 3. INCREASE IN LOAN RATES FOR MARKETING ASSISTANCE LOANS FOR 
              CERTAIN CROPS.

    (a) Wheat.--Subsection (a) of section 132 of the Agricultural 
Market Transition Act (7 U.S.C. 7232) is amended by striking paragraph 
(1) and inserting the following new paragraph:
            ``(1) Loan rate.--Subject to paragraph (2), the loan rate 
        for a marketing assistance loan under section 131 for wheat 
        shall be equal to the greater of--
                    ``(A) 85 percent of the simple average price 
                received by producers of wheat, as determined by the 
                Secretary, during the marketing years for the 
                immediately preceding 5 crops of wheat, excluding the 
                year in which the average price was the highest and the 
                year in which the average price was the lowest in the 
                period; and
                    ``(B) 85 percent of the simple average price 
                received by producers of wheat, as determined by the 
                Secretary, during the 1994 through 1998 marketing 
                years, excluding the year in which the average price 
                was the highest and the year in which the average price 
                was the lowest in the period.''.
    (b) Feed Grains.--Subsection (b) of such section is amended by 
striking paragraph (1) and inserting the following new paragraph:
            ``(1) Loan rate for corn.--Subject to paragraph (2), the 
        loan rate for a marketing assistance loan under section 131 for 
        corn shall be equal to the greater of--
                    ``(A) 85 percent of the simple average price 
                received by producers of corn, as determined by the 
                Secretary, during the marketing years for the 
                immediately preceding 5 crops of corn, excluding the 
                year in which the average price was the highest and the 
                year in which the average price was the lowest in the 
                period; and
                    ``(B) 85 percent of the simple average price 
                received by producers of corn, as determined by the 
                Secretary, during the 1994 through 1998 marketing 
                years, excluding the year in which the average price 
was the highest and the year in which the average price was the lowest 
in the period.''.
    (c) Upland Cotton.--Subsection (c)(2) of such section is amended by 
striking ``or more than $0.5192 per pound''.
    (d) Extra Long Staple Cotton.--Subsection (d) of such section is 
amended to read as follows:
    ``(d) Extra Long Staple Cotton.--The loan rate for a marketing 
assistance loan under section 131 for extra long staple cotton shall be 
equal to the greater of--
            ``(1) 85 percent of the simple average price received by 
        producers of extra long staple cotton, as determined by the 
        Secretary, during 3 years of the 5-year period ending July 31 
        of the year preceding the year in which the crop is planted, 
        excluding the year in which the average price was the highest 
        and the year in which the average price was the lowest in the 
        period; and
            ``(2) 85 percent of the simple average price received by 
        producers of extra long staple cotton, as determined by the 
        Secretary, during the 1994 through 1998 marketing years, 
        excluding the year in which the average price was the highest 
        and the year in which the average price was the lowest in the 
        period.''.
    (e) Rice.--Subsection (e) of such section is amended to read as 
follows:
    ``(e) Rice.--The loan rate for a marketing assistance loan under 
section 131 for rice shall be equal to the greater of--
            ``(1) 85 percent of the simple average price received by 
        producers of rice, as determined by the Secretary, during the 
        marketing years for the immediately preceding 5 crops of rice, 
        excluding the year in which the average price was the highest 
        and the year in which the average price was the lowest in the 
        period; and
            ``(2) 85 percent of the simple average price received by 
        producers of rice, as determined by the Secretary, during the 
        1994 through 1998 marketing years, excluding the year in which 
        the average price was the highest and the year in which the 
        average price was the lowest in the period; and
            ``(3) $6.50 per hundredweight.''.
    (f) Oilseeds.--Subsection (f) of such section is amended by 
striking paragraphs (1) and (2) and inserting the following new 
paragraphs:
            ``(1) Soybeans.--The loan rate for a marketing assistance 
        loan under section 131 for soybeans shall be equal to the 
        greater of--
                    ``(A) 85 percent of the simple average price 
                received by producers of soybeans, as determined by the 
                Secretary, during the marketing years for the 
                immediately preceding 5 crops of soybeans, excluding 
                the year in which the average price was the highest and 
                the year in which the average price was the lowest in 
                the period; and
                    ``(B) 85 percent of the simple average price 
                received by producers of soybeans, as determined by the 
                Secretary, during the 1994 through 1998 marketing 
                years, excluding the year in which the average price 
                was the highest and the year in which the average price 
                was the lowest in the period.
            ``(2) Sunflower seed, canola, rapeseed, safflower, mustard 
        seed, and flaxseed.--The loan rate for a marketing assistance 
        loan under section 131 for sunflower seed, canola, rapeseed, 
        safflower, mustard seed, and flaxseed, individually, shall be 
        equal to the greater of--
                    ``(A) 85 percent of the simple average price 
                received by producers of such oilseed, as determined by 
                the Secretary, during the marketing years for the 
                immediately preceding 5 crops of such oilseed, 
                excluding the year in which the average price was the 
                highest and the year in which the average price was the 
                lowest in the period; and
                    ``(B) 85 percent of the simple average price 
                received by producers of such oilseed, as determined by 
                the Secretary, during the 1994 through 1998 marketing 
                years, excluding the year in which the average price 
                was the highest and the year in which the average price 
                was the lowest in the period.''.

SEC. 4. EXTENSION OF MARKETING ASSISTANCE LOANS.

    Section 133 of the Agricultural Market Transition Act (7 U.S.C. 
7233) is amended by striking subsection (c) and inserting the 
following:
    ``(c) Extension.--The Secretary may extend the term of marketing 
assistance loans made to producers under this subtitle for any loan 
commodity for a 6-month period if the Secretary determines that the 
extension will promote the orderly delivery of the loan commodity, 
materially reduce program costs to the Government, or result in a 
significant improvement in income for producers.''.

SEC. 5. REINSTATEMENT OF FARMER-OWNED RESERVE PROGRAM.

    Section 171(b)(1) of the Agricultural Market Transition Act (7 
U.S.C. 7301(b)(1)) is amended by striking subparagraph (E).

SEC. 6. STRATEGIC FOOD RESERVE OF LOAN COMMODITIES.

    Subtitle C of the Agricultural Market Transition Act (7 U.S.C. 7231 
et seq.) is amended by adding at the end the following new section:

``SEC. 138. STRATEGIC FOOD RESERVE.

    ``(a) Reserve Required.--The Secretary shall build a reserve stock 
of a loan commodity whenever prices for that commodity fall below 75 
percent of the loan rate for marketing assistance loans for that 
commodity.
    ``(b) Methods of Acquisition.--Loan commodities for inclusion in 
the reserve may be acquired--
            ``(1) through purchases--
                    ``(A) from producers; or
                    ``(B) in the market, if the Secretary determines 
                that the purchases will not unduly disrupt the market; 
                or
            ``(2) by designation by the Secretary of stocks of loan 
        commodities of the Commodity Credit Corporation.
    ``(c) Release of Eligible Commodities.--The Secretary may release 
stocks of a loan commodity in the reserve only when there is such a 
domestic shortage of the loan commodity that--
            ``(1) widespread concern exists about the supply of 
        affordable food for residents of the United States; and
            ``(2) prices for the commodity exceed 200 percent of the 
        loan rate for marketing assistance loans for the commodity.
    ``(d) Administration.--To the maximum extent practicable consistent 
with the fulfillment of the purposes of this section and the effective 
and efficient administration of this section, the Secretary shall use 
the usual and customary channels, facilities, arrangements, and 
practices of trade and commerce to release stocks of a loan commodity 
maintained in the reserve. The Secretary shall administer the release 
of stocks from the reserve so as to ensure that the prices received by 
agricultural producers of that commodity are not depressed as a result 
of the release.
    ``(e) Limitation on Total Quantity Acquired.--The Secretary may not 
acquire for inclusion in the reserve more than 25 percent of the 
average annual production of a loan commodity.
    ``(f) Management of Commodities.--The Secretary shall provide--
            ``(1) for the management of loan commodities in the 
        reserve, including the selection of storage locations; and
            ``(2) for the periodic rotation or replacement of stocks of 
        loan commodities in the reserve to avoid spoilage and 
        deterioration of the commodities.
    ``(g) Use of Commodity Credit Corporation.--The funds, facilities, 
and authorities of the Commodity Credit Corporation shall be used by 
the Secretary in carrying out this section, except that any restriction 
applicable to the acquisition, storage, or disposition of commodities 
owned or controlled by the Commodity Credit Corporation shall not 
apply.''.

SEC. 7. IMPROVED DELIVERY OF FARM SERVICE AGENCY SERVICES AT LOCAL AND 
              AREA LEVEL.

    (a) Transfer of Funds for Fiscal Year 1999.--To ensure the prompt 
response of the Farm Service Agency during fiscal year 1999 to requests 
submitted by producers, the Secretary of Agriculture may transfer to 
the Farm Service Agency from other appropriations or funds available to 
the agencies or corporations of the Department of Agriculture an amount 
equal to not more than 25 percent of the operating budget for that 
fiscal year of local and area offices of the Farm Service Agency. 
Amounts transferred under this subsection may be used only for 
activities at local and area offices of the Farm Service Agency.
    (b) Subsequent Years.--The Secretary of Agriculture shall include 
in the materials submitted to Congress in support of the budget request 
for the Department of Agriculture for each fiscal year a certification 
that the amount requested for the operation of local and area offices 
of the Farm Service Agency will be sufficient to meet the expected 
needs of agricultural producers for services.

SEC. 8. TEMPORARY CONSERVATION RESERVE TO RESPOND TO DISEASE 
              INFESTATIONS.

    Subtitle D of title XII of the Food Security Act of 1985 (16 U.S.C. 
3801 et seq.) is amended by inserting after section 1256 the following 
new section:

``SEC. 1257. THREE-YEAR CONSERVATION RESERVE FOR DISEASED CROPLANDS.

    ``(a) Reserve Required.--Using the authority provided in subchapter 
B, the Secretary shall formulate and carry out the enrollment of lands 
described in subsection (b) in a conservation reserve program through 
the use of contracts to assist owners and operators of such lands to 
combat plant diseases that have devastated the lands.
    ``(b) Eligible Lands.--The Secretary shall include in the program 
only those croplands that have been devastated by a plant disease for 
which effective responses are reasonably anticipated within four years, 
but are otherwise suitable for the production of crops or livestock.
    ``(c) Term of Contract.--A contract under this section shall have a 
term of three years.''.

SEC. 9. SPECIAL CROP INSURANCE RULES FOR COUNTIES SUBJECT TO DISASTER 
              DECLARATION.

    (a) Multi-Peril Crop Insurance.--For purposes of administering the 
Federal Crop Insurance Act (7 U.S.C. 1501 et seq.) for producers 
operating in a county described in subsection (c), the Secretary of 
Agriculture may not--
            (1) include the producer in any nonstandard classification 
        list on account of the inclusion of the county in a designated 
        disaster area; or
            (2) determine, without the consent of the producer, the 
        actual production history of the producer using production 
        records of any crop year during which the county was included 
        in a designated disaster area.
    (b) Exception.--Subsection (a) shall not apply to a disaster that 
the Secretary of Agriculture determines is a reoccurring, frequent, and 
well-known risk of farming in the locale, and the risks cannot 
reasonably be expected to be controlled or eliminated by crop 
protection efforts within a 7-year period.
    (c) Covered Counties.--This section applies with respect to a 
county that is included in whole or in part in a designated disaster 
area.
    (d) Designated Disaster Area Defined.--In this section, the term 
``designated disaster area'' means an area--
            (1) covered by a Presidential declaration of major disaster 
        issued under section 401 of the Robert T. Stafford Disaster 
        Relief and Emergency Assistance Act (42 U.S.C. 5170) on account 
        of damaging weather or a related condition in the area; or
            (2) determined to be a disaster area by the Secretary of 
        Agriculture under subpart A of part 1945 of title 7, Code of 
        Federal Regulations, on account of damaging weather or a 
        related condition in the area.
    (e) Effective Date.--This section shall apply beginning with the 
1999 crop year for each commodity that is grown in a covered county and 
for which multi-peril crop insurance is generally available in the 
United States.

SEC. 10. DOUBLING OF BUDGET AUTHORITY AND APPROPRIATIONS FOR DIRECT 
              LOAN, LOAN GUARANTEE, AND INTEREST RATE REDUCTION 
              PROGRAMS FOR FISCAL YEAR 1999.

    (a) Budget Authority.--
            (1) Direct loan and loan guarantee programs.--Section 
        346(b)(1)(D) of the Consolidated Farm and Rural Development Act 
        (7 U.S.C. 1994(b)(1)(D)) is amended by striking 
        ``$3,325,000,000'', ``$585,000,000'', ``$85,000,000'', 
        ``$500,000,000'', $2,740,000,000'', ``$690,000,000'', and 
        ``$2,050,000,000'' and inserting ``$6,650,000'', 
        ``$1,170,000,000'', ``$170,000,000'', ``$1,000,000,000'', 
        ``$5,480,000,000'', ``$1,380,000,000'', and ``$4,100,000,000'', 
        respectively.
            (2) Interest rate reduction program.--Section 351 of such 
        Act (7 U.S.C. 1999) is amended--
                    (A) in subsection (c), by striking ``4'' and 
                inserting ``8''; and
                    (B) in subsection (e)(2), by striking 
                ``$490,000,000'' and inserting ``$980,000,000''.
    (b) Appropriations.--Out of any money in the Treasury not otherwise 
appropriated, there are appropriated for the fiscal year ending 
September 30, 1999:
            (1) For gross obligations for the principal amount of 
        direct and guaranteed loans as authorized by sections 308 and 
        309 of the Consolidated Farm and Rural Development Act, to be 
        available from funds in the Agricultural Credit Insurance Fund, 
        as follows:
                    (A) Farm ownership loans, $1,021,298,000, of which 
                $850,000,000 shall be for guaranteed loans.
                    (B) Operating loans, $3,576,756,000, of which 
                $1,985,812,000 shall be for unsubsidized guaranteed 
                loans and $470,000,000 shall be for subsidized 
                guaranteed loans.
            (2) For the cost of direct and guaranteed loans, including 
        the cost of modifying loans as defined in section 502 of the 
        Congressional Budget Act of 1974, as follows:
                    (A) Farm ownership loans, $39,160,000, of which 
                $13,516,000 shall be for guaranteed loans.
                    (B) Operating loans, $140,674,000, of which 
                $23,036,000 shall be for unsubsidized guaranteed loans 
                and $41,078,000 shall be for subsidized guaranteed 
                loans.

A: Emergency Agricultural Response Act of 1998 - Amends the Agricultural Act of 1970 to authorize the use of disaster reserve authority to augment crop insurance benefits for producers affected by multiple year crop losses.  Appropriates funds subject to presidential emergency budget designation. 
(Sec. 3) Amends the Agricultural Market Transition Act to revise marketing assistance loan rates for:  (1) wheat; (2) feed grains (corn); (3) upland cotton; (4) extra long staple cotton; (5) rice; and (6) oilseeds.  Authorizes six-month loan extensions. 
(Sec. 5) Repeals the temporary suspension of the farmer owned reserve program. 
(Sec. 6) Directs the Secretary of Agriculture to build and manage a reserve stock of a loan commodity whenever such commodity's prices fall below 75 percent of its marketing assistance loan rate. 
(Sec. 7) Authorizes the Secretary to transfer specified Department of Agriculture funds to the Farm Service Agency in order to improve local and area Agency services. 
(Sec. 8) Amends the Food Security Act of 1985 to direct the Secretary to carry out a three-year conservation reserve for certain diseased croplands. 
(Sec. 9) Sets forth specified crop insurance rules for disaster- designated counties. 
(Sec. 10) Amends the Consolidated Farm and Rural Development Act to increase FY 1999 budget authority and appropriations for direct loan, loan guarantee, and interest rate reduction programs.
****
Q: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Responsible Consumer Financial 
Protection Regulations Act of 2011''.

SEC. 2. ESTABLISHMENT OF THE COMMISSION.

    Section 1011 of the Consumer Financial Protection Act of 2010 is 
amended--
            (1) by striking subsections (b), (c), and (d);
            (2) by redesignating subsection (e) as subsection (j); and
            (3) by inserting after subsection (a) the following new 
        subsections:
    ``(b) Establishment of the Commission.--
            ``(1) In general.--There is hereby established a commission 
        (hereinafter referred to in this section as the `Commission') 
        that shall serve as the head of the Bureau.
            ``(2) Authority to prescribe regulations.--The Commission 
        may prescribe such regulations and issue such orders in 
        accordance with this title as the Commission may determine to 
        be necessary for carrying out this title and all other laws 
        within the Commission's jurisdiction and shall exercise any 
        authorities granted under this title and all other laws within 
        the Commission's jurisdiction.
    ``(c) Composition of the Commission.--
            ``(1) In general.--The Commission shall be composed of the 
        Vice Chairman for Supervision of the Federal Reserve System and 
        4 additional members who shall be appointed by the President, 
        by and with the advice and consent of the Senate, from among 
        individuals who--
                    ``(A) are citizens of the United States;
                    ``(B) have strong competencies and experiences 
                related to consumer financial protection; and
                    ``(C) should want to protect service members and 
                their families who are sacrificing their lives for this 
                country from abusive financial practices.
            ``(2) Staggering.--The members of the Commission appointed 
        under paragraph (1) shall serve staggered terms, which 
        initially shall be established by the President for terms of 1, 
        2, 4, and 5 years, respectively.
            ``(3) Terms.--
                    ``(A) In general.--Each member of the Commission 
                appointed under paragraph (1), including the Chair, 
                shall serve for a term of 5 years.
                    ``(B) Removal for cause.--The President may remove 
                any member of the Commission appointed under paragraph 
                (1) only for inefficiency, neglect of duty, or 
                malfeasance in office.
                    ``(C) Vacancies.--Any member of the Commission 
                appointed under paragraph (1) appointed to fill a 
                vacancy occurring before the expiration of the term to 
                which that member's predecessor was appointed 
                (including the Chair) shall be appointed only for the 
                remainder of the term.
                    ``(D) Continuation of service.--Each member of the 
                Commission appointed under paragraph (1) may continue 
                to serve after the expiration of the term of office to 
                which that member was appointed until a successor has 
                been appointed by the President and confirmed by the 
                Senate, except that a member may not continue to serve 
                more than 1 year after the date on which that member's 
                term would otherwise expire.
                    ``(E) Other employment prohibited.--No member of 
                the Commission appointed under paragraph (1) shall 
                engage in any other business, vocation, or employment.
            ``(4) Roles and responsibilities of commissioners.--One 
        member of the Commission shall have as their primary 
        responsibility the oversight of the Bureau's activities 
        pertaining to protecting consumers, with a focus on consumers 
        who are older, minorities, youth, or veterans, from unfair, 
        deceptive, and abusive lending practices. The designated 
        commissioner shall be responsible for--
                    ``(A) ensuring the Bureau conducts regular outreach 
                to consumers regarding industry lending activities;
                    ``(B) researching and reporting to the full 
                Commission, on a regular basis, the impact of new loan 
                and credit products and services on consumers; and
                    ``(C) ensuring the Bureau coordinates with State-
                level consumer protection agencies on enforcement 
                measures that protect consumers from unfair, deceptive, 
                and abusive lending practices.
    ``(d) Affiliation.--With respect to members appointed pursuant to 
subsection (c)(1), not more than 2 shall be members of any one 
political party.
    ``(e) Chair of the Commission.--
            ``(1) Appointment.--The Chair of the Commission shall be 
        appointed by the President from among the members of the 
        Commission appointed under paragraph (1).
            ``(2) Authority.--The Chair shall be the principal 
        executive officer of the Bureau, and shall exercise all of the 
        executive and administrative functions of the Bureau, including 
        with respect to--
                    ``(A) the appointment and supervision of personnel 
                employed under the Bureau (other than personnel 
                employed regularly and full time in the immediate 
                offices of members of the Commission other than the 
                Chair);
                    ``(B) the distribution of business among personnel 
                appointed and supervised by the Chair and among 
                administrative units of the Bureau; and
                    ``(C) the use and expenditure of funds.
            ``(3) Limitation.--In carrying out any of the Chair's 
        functions under the provisions of this subsection the Chair 
        shall be governed by general policies of the Commission and by 
        such regulatory decisions, findings, and determinations as the 
        Commission may by law be authorized to make.
            ``(4) Requests or estimates related to appropriations.--
        Requests or estimates for regular, supplemental, or deficiency 
        appropriations on behalf of the Commission may not be submitted 
        by the Chair without the prior approval of the Commission.
    ``(f) No Impairment by Reason of Vacancies.--No vacancy in the 
members of the Commission shall impair the right of the remaining 
members of the Commission to exercise all the powers of the Commission. 
Three members of the Commission shall constitute a quorum for the 
transaction of business, except that if there are only 3 members 
serving on the Commission because of vacancies in the Commission, 2 
members of the Commission shall constitute a quorum for the transaction 
of business. If there are only 2 members serving on the Commission 
because of vacancies in the Commission, 2 members shall constitute a 
quorum for the 6-month period beginning on the date of the vacancy 
which caused the number of Commission members to decline to 2.
    ``(g) Seal.--The Commission shall have an official seal.
    ``(h) Compensation.--
            ``(1) Chair.--The Chair shall receive compensation at the 
        rate prescribed for level I of the Executive Schedule under 
        section 5313 of title 5, United States Code.
            ``(2) Other members of the commission.--The 3 other members 
        of the Commission appointed under subsection (c)(1) shall each 
        receive compensation at the rate prescribed for level II of the 
        Executive Schedule under section 5314 of title 5, United States 
        Code.
    ``(i) Initial Quorum Established.--During any time period prior to 
the confirmation of at least two members of the Commission, one member 
of the Commission shall constitute a quorum for the transaction of 
business. Following the confirmation of at least 2 additional 
commissioners, the quorum requirements of subsection (f) shall 
apply.''.

SEC. 3. CONFORMING AMENDMENTS.

    (a) Consumer Financial Protection Act of 2010.--
            (1) In general.--The Consumer Financial Protection Act of 
        2010 is amended--
                    (A) in section 1002, by striking paragraph (10);
                    (B) in section 1012(c)(4), by striking ``Director'' 
                each place such term appears and inserting ``Commission 
                of the Bureau'';
                    (C) in section 1013(c)(3)--
                            (i) by striking ``Assistant Director of the 
                        Bureau for'' and inserting ``Head of the Office 
                        of''; and
                            (ii) in subparagraph (B), by striking 
                        ``Assistant Director'' and inserting ``Head of 
                        the Office'';
                    (D) in section 1013(g)(2)--
                            (i) by striking ``Assistant director'' and 
                        inserting ``Head of the office''; and
                            (ii) by striking ``an assistant director'' 
                        and inserting ``a Head of the Office of 
                        Financial Protection for Older Americans'';
                    (E) in section 1016(a), by striking ``Director of 
                the Bureau'' and inserting ``Chair of the Commission'';
                    (F) in section 1017(c)(1), by striking ``Director 
                and other employees'' and inserting ``members of the 
                Commission and other employees'';
                    (G) in section 1027(l)(1), by striking ``Director 
                and the''; and
                    (H) in section 1066(a), by striking ``Director of 
                the Bureau is'' and inserting ``first member of the 
                Commission is''.
            (2) Global amendments.--The Consumer Financial Protection 
        Act of 2010 is amended--
                    (A) by striking ``Director of the'' each place such 
                term appears, other than in--
                            (i) subparagraphs (A) and (E) of section 
                        1017(4);
                            (ii) section 1043;
                            (iii) section 1061(b)(3);
                            (iv) section 1062;
                            (v) section 1063(f);
                            (vi) subparagraphs (E) and (G) of section 
                        1064(i)(2); and
                            (vii) section 1065(a); and
                    (B) by striking ``Director'' each place such term 
                appears and inserting ``Bureau'', other than in--
                            (i) section 1063(f)(2); and
                            (ii) section 1065(a).
    (b) Dodd-Frank Wall Street Reform and Consumer Protection Act.--The 
Dodd-Frank Wall Street Reform and Consumer Protection Act is amended--
            (1) in section 111(b)(1)(D), by striking ``Director'' and 
        inserting ``Chair of the Commission''; and
            (2) in section 1447, by striking ``Director of the Bureau'' 
        each place such term appears and inserting ``Bureau''.
    (c) Electronic Fund Transfer Act.--Section 921(a)(4)(C) of the 
Electronic Fund Transfer Act, as added by section 1075(a)(2) of the 
Consumer Financial Protection Act of 2010, is amended by striking 
``Director of the Bureau of Consumer Financial Protection'' and 
inserting ``Bureau of Consumer Financial Protection''.
    (d) Expedited Funds Availability Act.--The Expedited Funds 
Availability Act, as amended by section 1086 of the Consumer Financial 
Protection Act of 2010, is amended by striking ``Director of the 
Bureau'' each place such term appears and inserting ``Bureau''.
    (e) Federal Deposit Insurance Act.--Section 2 of the Federal 
Deposit Insurance Act, as amended by section 336(a) of the Dodd-Frank 
Wall Street Reform and Consumer Protection Act, is amended by striking 
``Director of the Consumer Financial Protection Bureau'' each place 
such term appears and inserting ``Chair of the Commission of the Bureau 
of Consumer Financial Protection''.
    (f) Federal Financial Institutions Examination Council Act of 
1978.--Section 1004(a)(4) of the Federal Financial Institutions 
Examination Council Act of 1978 (12 U.S.C. 3303(a)(4)), as amended by 
section 1091 of the Consumer Financial Protection Act of 2010, is 
amended by striking ``Director of the Consumer Financial Protection 
Bureau'' and inserting ``Chair of the Commission of the Bureau of 
Consumer Financial Protection''.
    (g) Financial Literacy and Education Improvement Act.--Section 513 
of the Financial Literacy and Education Improvement Act, as amended by 
section 1013(d) of the Consumer Financial Protection Act of 2010, is 
amended by striking ``Director'' each place such term appears and 
inserting ``Chair of the Commission''.
    (h) Home Mortgage Disclosure Act of 1975.--Section 307 of the Home 
Mortgage Disclosure Act of 1975, as amended by section 1094(6) of the 
Consumer Financial Protection Act of 2010, is amended by striking 
``Director of the Bureau of Consumer Financial Protection'' each place 
such term appears and inserting ``Bureau of Consumer Financial 
Protection''.
    (i) Interstate Land Sales Full Disclosure Act.--The Interstate Land 
Sales Full Disclosure Act, as amended by section 1098A of the Consumer 
Financial Protection Act of 2010, is amended--
            (1) by amending section 1402(1) to read as follows:
    ``(1) `Chair' means the Chair of the Commission of the Bureau of 
Consumer Financial Protection;'';
            (2) in section 1416(a), by striking ``Director of the 
        Bureau of Consumer Financial Protection'' and inserting 
        ``Chair''; and
            (3) by striking ``Director'' each place such term appears 
        and inserting ``Bureau''.
    (j) Real Estate Settlement Procedures Act of 1974.--Section 5 of 
the Real Estate Settlement Procedures Act of 1974, as amended by 
section 1450 of the Dodd-Frank Wall Street Reform and Consumer 
Protection Act, is amended--
            (1) by striking ``The Director of the Bureau of Consumer 
        Financial Protection (hereafter in this section referred to as 
        the `Director')'' and inserting ``The Bureau of Consumer 
        Financial Protection''; and
            (2) by striking ``Director'' each place such term appears 
        and inserting ``Bureau''.
    (k) S.A.F.E. Mortgage Licensing Act of 2008.--The S.A.F.E. Mortgage 
Licensing Act of 2008, as amended by section 1100 of the Consumer 
Financial Protection Act of 2010, is amended--
            (1) by striking ``Director'' each place such term appears 
        in headings and text and inserting ``Bureau''; and
            (2) in section 1503, by striking paragraph (10).
    (l) Title 44, United States Code.--Section 3513(c) of title 44, 
United States Code, as amended by section 1100D(b) of the Consumer 
Financial Protection Act of 2010, is amended by striking ``Director of 
the Bureau'' and inserting ``Bureau''.

A:
Responsible Consumer Financial Protection Regulations Act of 2011 - Amends the Consumer Financial Protection Act of 2010, (title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act), to replace the position of Director of the Bureau of Consumer Financial Protection with a five-member Commission composed of the Vice Chairman for Supervision of the Federal Reserve System and four additional members appointed by the President, with the advice and consent of the Senate, from among individuals who should want to protect service members and their families who are sacrificing their lives for this country from abusive financial practices.

Prohibits Commission members from engaging in any other business, vocation, or employment.

 Requires one member of the Commission to exercise primary responsibility for the Bureau's oversight activities pertaining to protecting consumers, with a focus on consumers who are older, minorities, youth, or veterans, from unfair, deceptive, and abusive lending practices.

Prohibits the Chair of the Commission from making requests for estimates related to appropriations without prior Commission approval.
****