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.

    This Act may be cited as the ``Protection of Lawful Commerce in 
Arms Act''.

SEC 2. AMENDMENT TO ORGANIC ACT.

    The Act entitled ``An Act to establish the Department of Commerce 
and Labor'', approved February 14, 1903 (15 U.S.C. 1501 et seq.), is 
amended by redesignating section 13 as section 14 and by inserting 
after section 12 the following:

``SEC. 13. RESTRICTION ON COMMERCE.

    ``(a) Secretary of Commerce List.--The Secretary of Commerce shall 
establish and maintain a list consisting of each person that notifies 
the Secretary under subsection (b) that it is a manufacturer or seller 
in interstate or foreign commerce of a firearm or ammunition product or 
is a trade association representing such manufacturers or sellers. The 
list shall contain the name of the person, the chief executive officer 
of the person, and the address and location of the headquarters of the 
person. The Secretary shall maintain and update the list and may 
publish the list in the Federal Register.
    ``(b) Notification.--Each person that--
            ``(1) is a manufacturer in interstate or foreign commerce 
        of a firearm or ammunition product, and is licensed to engage 
        in business as such manufacturer to the extent required under 
        chapter 44 of title 18, United States Code,
            ``(2) is a seller in interstate or foreign commerce of a 
        firearm or ammunition product, and is licensed to engage in 
        business as such seller to the extent required under chapter 44 
        of title 18, United States Code, or
            ``(3) is a trade association representing such 
        manufacturers or sellers,
 may notify the Secretary of its existence and provide to the Secretary 
the information described in subsection (a).
    ``(c) Freedom From Restriction.--Conduct that--
            ``(1)(A) is carried out by a manufacturer in interstate or 
        foreign commerce of a firearm or ammunition product, involves 
        such firearm or ammunition product, and is described in 
        paragraph (4) of subsection (d);
            ``(B) is carried out by a seller in interstate or foreign 
        commerce of a firearm or ammunition product, involves a firearm 
        or ammunition product, and is described in paragraph (6) of 
        subsection (d); or
            ``(C) is carried out by a trade association in the course 
        of organizing, advising, or representing its members who are 
        manufacturers in interstate or foreign commerce of a firearm or 
        ammunition product, or who are sellers in interstate or foreign 
        commerce of a firearm or ammunition product, with respect to 
        conduct of such manufacturers or sellers described in paragraph 
        (4) or (6) of subsection (d), as the case may be; and
            ``(2) is lawful under chapter 44 of title 18, United States 
        Code, or under applicable State law;
shall not be a basis for imposing a restriction on interstate or 
foreign commerce on a person on the list described in subsection (a) as 
a result of harm caused by the criminal or other unlawful misuse of 
such firearm or ammunition product by any other person.
    ``(d) Definitions.--In this section:
            ``(1) Ammunition product.--The term `ammunition product' 
        means `ammunition' as defined in section 921(a)(17) of title 
        18, United States Code, and includes a component part of such 
        ammunition product that has been shipped or transported in 
        interstate or foreign commerce.
            ``(2) Firearm product.--The term `firearm product' means 
        `firearm' as defined in subparagraph (A) or (B) section 
        921(a)(3) of title 18, United States Code, and includes any 
        `antique firearm' as defined in section 921(a)(16) of such 
        title, and includes a component part of such a firearm that has 
        been shipped or transported in interstate or foreign commerce.
            ``(3) Interstate or foreign commerce.--The term `interstate 
        or foreign commerce' has the  meaning given that term in 
section 921(a)(2) of title 18, United States Code.
            ``(4) Manufacturer.--The term `manufacturer in interstate 
        or foreign commerce of a firearm or ammunition product' means--
                    ``(A) a person who, in the course of a business in 
                interstate or foreign commerce to import, make, 
                produce, create, assemble, design, or formulate a 
                firearm or ammunition product, imports, makes, 
                produces, creates, assembles, designs, or formulates a 
                firearm or ammunition product, or engages another 
                person to import, make, produce, create, assemble, 
                design, or formulate a firearm or ammunition product;
                    ``(B) a seller in interstate or foreign commerce of 
                a firearm or ammunition product made by another person, 
                but only with respect to an aspect of the firearm or 
                ammunition product that the seller makes, produces, 
                creates, assembles, designs, or formulates; and
                    ``(C) any seller in interstate or foreign commerce 
                of a firearm or ammunition product on which, or on the 
                packaging of which, the seller is also represented as 
                the manufacturer of the firearm or ammunition product.
            ``(5) Restriction on interstate or foreign commerce.--The 
        term `restriction on interstate or foreign commerce'--
                    ``(A) means--
                            ``(i) civil damages or equitable relief, or
                            ``(ii) any other limitation or condition,
                awarded or ordered by a Federal, State, or local court, 
                that restricts the ability of a person listed under 
                subsection (a) to freely engage in interstate or 
                foreign commerce with respect to firearm or ammunition 
                products, or of a trade association listed under 
                subsection (a) to freely engage in lawful activities on 
                behalf of its membership; and
                    ``(B) does not include any damages, equitable 
                relief, or other limitation or condition arising from--
                            ``(i) breach of contract or warranty in 
                        connection with the purchase of a firearm or 
                        ammunition product; or
                            ``(ii) physical injuries or property damage 
                        resulting directly from the failure to function 
                        or improper functioning of a firearm or 
                        ammunition product, when used as intended, due 
                        to a defect in design or manufacture.
            ``(6) Seller.--The term `seller in interstate or foreign 
        commerce of a firearm or ammunition product' means a person 
        who--
                    ``(A) in the course of a business conducted in 
                interstate or foreign commerce for such purpose, sells, 
                distributes, rents, leases, prepares, blends, packages, 
                labels, or otherwise is involved in placing a firearm 
                or ammunition product in the stream of commerce; or
                    ``(B) in the course of a business conducted in 
                interstate or foreign commerce for such purpose, 
                installs, repairs, refurbishes, reconditions, or 
                maintains an aspect of a firearm or ammunition product.
            ``(7) State.--The term `State' includes the District of 
        Columbia, the Commonwealth of Puerto Rico, and any territory or 
        possession of the United States.
            ``(8) Trade association.--The term `trade association' 
        means any association or business organization (whether or not 
        incorporated under the laws of any State), 2 or more members of 
        which are manufacturers or sellers in interstate or foreign 
        commerce of a firearm or ammunition product.
    ``(e) Limitation on Use of List.--No officer, agency, or 
instrumentality of the United States may use the list established and 
maintained under this section for any purpose other than the 
enforcement of the provisions of this section, nor shall the list be 
used or allowed to be used in any way that would result in the creation 
of any registry of firearms, firearm owners, or firearm purchasers by 
the United States, or by any State or any political subdivision 
thereof.''.
[EX A]: Protection of Lawful Commerce in Arms Act - Amends the Organic Act establishing the Department of Commerce to direct the Secretary of Commerce to establish and maintain a list of each person that notifies the Secretary that it is a manufacturer or seller that is: (1) licensed to engage in interstate or foreign commerce of a firearm (including antique firearm) or ammunition product; or (2) is a trade association representing such manufacturers or sellers. Declares that any lawful conduct carried out by a manufacturer or seller in interstate or foreign commerce of a firearm or ammunition product, or lawful conduct carried out by a trade association in the course of representing such manufacturers or sellers, shall not be the basis for imposing a restriction on such commerce (the award of civil damages, equitable relief, or any other specified limitation) as a result of harm caused by the criminal or other unlawful misuse of such firearm or ammunition product by any other person.

[EX Q]: SECTION 1. REPORTING OF BUNDLED CONTRIBUTIONS BY PERSONS OTHER THAN 
              REGISTERED LOBBYISTS.

    (a) In General.--Subsection (i) of section 304 of the Federal 
Election Campaign Act of 1971 (2 U.S.C. 434(i)), as added by the Honest 
Leadership and Open Government Act of 2007, is amended--
            (1) in paragraph (1), by striking ``reasonably known by the 
        committee to be a person described in paragraph (7)'';
            (2) in paragraph (2), by striking ``means, with respect to 
        a committee'' and all that follows through ``threshold.'' and 
        inserting the following: ``means--
                    ``(A) with respect to a committee which is an 
                authorized committee of a candidate for the office of 
                President or for nomination to such office--
                            ``(i) the 2-year period preceding the date 
                        of the election for the office of the 
                        President; and
                            ``(ii) any reporting period applicable to 
                        the committee under this section during which 
                        any person provided 2 or more bundled 
                        contributions to the committee in an aggregate 
                        amount greater than the applicable threshold; 
                        and
                    ``(B) with respect to any other committee--
                            ``(i) the period beginning January 1 and 
                        ending June 30 of each year;
                            ``(ii) the period beginning July 1 and 
                        ending December 31 of each year; and
                            ``(iii) any reporting period applicable to 
                        the committee under this section during which 
                        any person provided 2 or more bundled 
                        contributions to the committee in an aggregate 
                        amount greater than the applicable 
                        threshold.'';
            (3) in paragraph (3)--
                    (A) by striking subparagraph (A) and inserting the 
                following:
                    ``(A) In general.--In this subsection, the 
                `applicable threshold' is--
                            ``(i) $50,000 in the case of a committee 
                        which is an authorized committee of a candidate 
                        for the office of President or for nomination 
                        to such office; and
                            ``(ii) $15,000 in the case of any other 
                        committee.
                In determining whether the amount of bundled 
                contributions provided to a committee by a person 
                exceeds the applicable threshold, there shall be 
                excluded any contribution made to the committee by the 
                person or the person's spouse.''; and
                    (B) in subparagraph (B), by striking ``the amount'' 
                each place it appears and inserting ``each amount'';
            (4) in paragraph (5), by striking ``described in paragraph 
        (7)'' each place it appears in subparagraphs (C) and (D);
            (5) by striking paragraph (7) and inserting the following:
            ``(7) Separate reporting for certain persons.--Each 
        committee required to include a schedule under paragraph (1) 
        shall also include a separate schedule setting forth the name, 
        address, and employer of each person listed on the schedule 
        required under paragraph (1) who, at the time a contribution is 
        forwarded to a committee as described in paragraph (8)(A)(i) or 
        is received by a committee as described in paragraph 
        (8)(A)(ii), is--
                    ``(A) a current registrant under section 4(a) of 
                the Lobbying Disclosure Act of 1995;
                    ``(B) an individual who is listed on a current 
                registration filed under section 4(b)(6) of such Act or 
                a current report under section 5(b)(2)(C) of such Act; 
                or
                    ``(C) a political committee established or 
                controlled by such a registrant or individual.
        The schedule required under the preceding sentence shall also 
        include the aggregate amount of bundled contributions provided 
        by each such person during the covered period.''; and
            (6) in paragraph (8)(A)--
                    (A) by striking ``and a person described in 
                paragraph (7)''; and
                    (B) by adding at the end the following flush 
                sentence:
                ``The term `bundled contribution' shall not include any 
                contribution forwarded by or credited to (through 
                records, designations, or other means of recognizing a 
                certain amount of money has been raised) a person who 
                is a regularly paid employee of the committee.''.
    (b) Effective Date.--The amendments made by this section shall take 
effect as if included in section 204 of the Honest Leadership and Open 
Government Act of 2007.
[EX A]: Amends the Federal Election Campaign Act of 1971, as amended by the Honest Leadership and Open Government Act of 2007, to revise requirements for disclosure of bundled contributions, particularly by an authorized committee of a candidate for the office of President or for nomination to such office (presidential candidate committee).

Applies such reporting requirements to bundled contributions by persons other than registered lobbyists. Requires reporting of lobbyist contributions on a separate schedule.

Sets the covered period for such reports as the two-year period preceding a presidential election, as well as any applicable reporting period during which any person provided two or more bundled contributions in an aggregate amount greater than the specified applicable amount.

Increases the applicable threshold triggering such reporting requirement from $15,000 (currently applicable to any authorized committee of a candidate, a leadership PAC, or a political party committee) to $50,000 in the case of a presidential candidate committee.

Excludes from the calculation of a bundled contribution any contribution by the candidate or the candidate's spouse.

[EX Q]: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Promoting Fully Informed Investment 
Decision Making Act of 2007''.

SEC. 2. STATE SPONSOR OF TERRORISM DEFINED.

    In this Act, the term ``state sponsor of terrorism'' means any 
country, the government of which has been determined by the Secretary 
of State to have repeatedly provided support for acts of international 
terrorism pursuant to--
            (1) section 6(j)(1)(A) of the Export Administration Act of 
        1979 (50 U.S.C. App. 2405(j)(1)(A)) (or any successor thereto);
            (2) section 40(d) of the Arms Export Control Act (22 U.S.C. 
        2780(d)); or
            (3) section 620A(a) of the Foreign Assistance Act of 1961 
        (22 U.S.C. 2371(a)).

SEC. 3. SECURITIES AND EXCHANGE COMMISSION DISCLOSURE OF BUSINESS TIES 
              TO STATE SPONSORS OF TERROR.

    (a) Requirement for a Securities and Exchange Commission Report.--
Not later than 90 days after the date of enactment of this Act and 
annually thereafter, the Securities and Exchange Commission (in this 
Act referred to as the ``Commission'') shall prepare and submit to 
Congress a report on business activities carried out with state 
sponsors of terrorism.
    (b) Content.--The report required by subsection (a) shall include--
            (1) a list of all persons required to make periodic or 
        other filings pursuant to section 13(a) or 15(d) of the 
        Securities Exchange Act of 1934 (15 U.S.C. 78m(a), 78o(d)) that 
        disclose in filings with the Commission business activity in or 
        with a country that is a state sponsor of terrorism, or an 
        instrumentality of such a country;
            (2) a description of such business activities carried out 
        by each person referred to in paragraph (1);
            (3) the value of such activities carried out by each person 
        referred to in paragraph (1); and
            (4) a description of the disclosure standard in effect at 
        the time at which the content of the report was collected, if 
        it has changed from the time of the first or most recent report 
        submitted pursuant to subsection (a), and the criteria for 
        persons to register under section 12(g) of the Securities 
        Exchange Act of 1934 (15 U.S.C. 78l(g)).
    (c) Publication of Disclosure Data.--The Commission shall make the 
report required by this section available on its website in an easily 
accessible and searchable format, and shall regularly update the 
information on the website as new information becomes available to the 
Commission.
    (d) Strengthening Securities and Exchange Commission Disclosure 
Requirement.--Not later than 180 days after the date of enactment of 
this Act, the Commission shall issue regulations to require disclosure 
by all persons required to make periodic or other filings pursuant to 
section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 
U.S.C. 78m(a), 78o(d)) of business activity in an amount equal to more 
than $20,000,000, either directly or through an affiliate, in or with a 
country that is a state sponsor of terrorism, or an instrumentality of 
such country.

SEC. 4. GOVERNMENT ACCOUNTABILITY OFFICE REPORTS.

    (a) Evaluation of Securities and Exchange Commission Report.--Not 
later than 90 days after the date of delivery of the report of the 
Commission under section 3, and annually thereafter, the Comptroller 
General of the United States shall prepare and submit to Congress a 
report that evaluates the completeness of the report of the Commission 
under section 3, to include--
            (1) a list, in classified form, as necessary, of all 
        persons, including foreign persons, that are not included in 
        the report of the Commission under section 3 that are 
        identified by the intelligence community (as that term is 
        defined in section 3 of the National Security Act of 1947 (50 
        U.S.C. 401a)), the Secretary of Commerce, the Secretary of 
        Defense, the Secretary of Energy, the Secretary of State, the 
        Secretary of the Treasury, and other appropriate governmental 
        entities, as carrying out business activities in or with a 
        country that is a state sponsor of terrorism, or an 
        instrumentality of such a country;
            (2) a list of all persons, including foreign persons, that 
        are not included in the report of the Commission under section 
        3 that are identified by relevant nongovernmental entities as 
        carrying out business activities in or with a country that is a 
        state sponsor of terrorism, or an instrumentality of such a 
        country; and
            (3) a description of such business activities and the value 
        of such activities for all persons identified in paragraphs (1) 
        and (2).
    (b) Investment Report.--Not later than 120 days after the date of 
delivery of the report of the Commission under section 3, and annually 
thereafter, the Comptroller General of the United States shall prepare 
and submit to Congress, a report--
            (1) that contains the names of persons described in section 
        3(b)(1) that are included in each of the major investable 
        financial market indices and the holdings of the Federal Thrift 
        Savings Plan of the Federal Retirement Thrift Investment Board 
        (in this subsection referred to as the ``TSP''), including--
                    (A) the percentage of each such index and TSP 
                holdings comprised of such persons; and
                    (B) the dollar capitalization of each such person;
            (2) that contains, in classified form, as necessary, the 
        names of persons described in paragraphs (1) and (2) of 
        subsection (a) that are included in each of the major 
        investable financial market indices and the holdings of the 
        TSP, including--
                    (A) the percentage of each such index and TSP 
                holdings comprised of such persons; and
                    (B) the dollar capitalization of each such person; 
                and
            (3) the unclassified portion of which is made available on 
        the website of the Government Accountability Office in an 
        easily accessible and searchable format.
    (c) Government Contracting Report.--Not later than 120 days after 
the date of delivery of the report of the Commission under section 3, 
and annually thereafter, the Comptroller General of the United States 
shall prepare and submit to Congress, a report--
            (1) that contains the names of the persons described in 
        section 3(b)(1), the nature of the activity, and the value of 
        United States Government active contracting for the procurement 
        of goods or services with any such person;
            (2) that contains, in classified form, as necessary, the 
        names of persons described in paragraphs (1) and (2) of 
        subsection (a), the nature of the activity, and the value of 
        United States Government active contracting for the procurement 
        of goods or services with any such person; and
            (3) the unclassified portion of which is made available on 
        the website of the Government Accountability Office in an 
        easily accessible and searchable format.

SEC. 5. SENSE OF CONGRESS REGARDING ENCOURAGEMENT FOR FOREIGN EXCHANGES 
              TO STRENGTHEN DISCLOSURE REQUIREMENTS.

    It is the sense of the Congress that the United States Trade 
Representative, the Chairman of the Commission, the Secretary of State, 
and other relevant representatives of the United States Government 
should encourage United States allies to implement disclosure standards 
that are similar to those required by this Act for the securities 
exchanges of those countries.

SEC. 6. AUTHORIZATION FOR CERTAIN DIVESTMENT MEASURES.

    (a) Investment Company Act of 1940.--Section 13 of the Investment 
Company Act of 1940 (15 U.S.C. 80a-13) is amended by adding at the end 
the following:
    ``(c) Safe Harbor for Changes in Investment Policies.--
            ``(1) In general.--Notwithstanding any other provision of 
        Federal or State law, no person may bring any civil, criminal, 
        or administrative action against any registered investment 
        company or person providing services to such registered 
        investment company (including its investment adviser), or any 
        employee, officer, or director thereof, based solely upon the 
        investment company divesting from, or avoiding investing in, 
        securities issued by persons that have business ties to a state 
        sponsor of terrorism.
            ``(2) Definition.--For purposes of this subsection, the 
        term `person' includes the Federal Government and any State or 
        political subdivision of a State.''.
[EX A]:
Promoting Fully Informed Investment Decision Making Act of 2007 - Directs the Securities and Exchange Commission (SEC) to: (1) report to Congress on business activities carried out with state sponsors of terrorism; and (2) issue regulations to require disclosure by all persons required to make filings under the Securities Exchange Act of 1934 regarding any business activity of more than $20 million in or with a country that is a state sponsor of terrorism, or an instrumentality of such country.

Instructs the Comptroller General to report to Congress on: (1) the completeness of the SEC report; (2) the names of such persons included in each of the major investable financial market indices and the holdings of the Federal Thrift Savings Plan; and (3) the nature of the activities concerned, and the value of U.S. government active contracting with such persons for the procurement of goods or services.

Expresses the sense of Congress that the U.S. Trade Representative, the Chairman of the SEC, the Secretary of State, and other relevant representatives of the U.S. government should encourage U.S. allies to implement disclosure standards similar to those required by this Act for the securities exchanges of those countries.

Amends the Investment Company Act of 1940 to prohibit civil, criminal, or administrative action against any registered investment company based solely upon its divesting from, or avoiding investing in, securities issued by persons that have business ties to a state sponsor of terrorism.