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; REFERENCES TO HIGHER EDUCATION ACT OF 1965.

    (a) Short Title.--This Act may be cited as the ``Higher Education 
Assistance Improvement Act''.
    (b) References to Higher Education Act of 1965.--Except as 
otherwise expressly provided, whenever in this Act an amendment or 
reference is expressed in terms of an amendment to, or reference to, a 
section or other provision, the reference shall be considered to be 
made to a section or other provision of the Higher Education Act of 
1965.

SEC. 2. ADDITIONAL PROGRAM FUNDING AUTHORIZATIONS.

    (a) Pell Grants.--Section 401(b)(2)(A) (20 U.S.C. 1070(b)(2)(A)) is 
amended by striking clauses (iv) and (v) and inserting the following:
            ``(iv) $7,500 for academic year 2002-2003; and
            ``(v) $7,900 for academic year 2003-2004,''.
    (b) TRIO.--Section 402A(f) (20 U.S.C. 1070a-11(f)) is amended by 
striking ``$700,000,000 for fiscal year 1999, and such sums as may be 
necessary for each of the 4 succeeding fiscal years'' and inserting 
``$1,460,000,000 for fiscal year 2002 and such sums as may be necessary 
for the succeeding fiscal year''.
    (c) GEAR UP.--Section 404H (20 U.S.C. 1070a-28) is amended by 
striking ``$200,000,000 for fiscal year 1999 and such sums as may be 
necessary for each of the 4 succeeding fiscal years'' and inserting 
``$590,000,000 for fiscal year 2002 and such sums as may be necessary 
for the succeeding fiscal year''.
    (d) Supplemental Education Opportunity Grants.--Section 413A(b) (20 
U.S.C. 1070b(b)) is amended by striking ``$675,000,000 for fiscal year 
1999 and such sums as may be necessary for the 4 succeeding fiscal 
years'' and inserting ``$1,300,000,000 for fiscal year 2002 and such 
sums as may be necessary for the succeeding fiscal year''.
    (e) Graduate Assistance in Areas of National Need.--Section 716 (20 
U.S.C. 1135e) is amended by striking ``$35,000,000 for fiscal year 1999 
and such sums as may be necessary for each of the 4 succeeding fiscal 
years'' and inserting ``$62,000,000 for fiscal year 2002 and such sums 
as may be necessary for the succeeding fiscal year''.
    (f) Thurgood Marshall.--Section 721(h) (20 U.S.C. 1136(h)) is 
amended by striking ``$5,000,000 for fiscal year 1999 and each of the 4 
succeeding fiscal years'' and inserting ``$8,000,000 for fiscal year 
2002 and such sums as may be necessary for the succeeding fiscal 
year''.

SEC. 3. ADDITIONAL APPROPRIATIONS MANDATE.

    It is the sense of Congress that the appropriations for the 
following higher education programs should be increased as follows:
            (1) LEAP.--The appropriations under section 415A(b)(1) (20 
        U.S.C. 1070c(b)(1)) should be doubled to at least $110,000,000 
        for fiscal year 2002 and such sums as may be necessary for the 
        succeeding fiscal year.
            (2) CAMPIS.--The appropriations under section 419N(g) (20 
        U.S.C. 1070e(g)) should be doubled to at least $50,000,000 for 
        fiscal year 2002 and such sums as may be necessary for the 
        succeeding fiscal year.
            (3) Work-study.--The appropriations under section 441(b) 
        (42 U.S.C. 2751(b)) should be increased to at least 
        $1,050,000,000 for fiscal year 2002 and such sums as may be 
        necessary for the succeeding fiscal year.
            (4) National health service corps scholarship and loan 
        repayment programs.--The appropriations under sections 338A and 
        338B of the Public Health Service Act (42 U.S.C. 254l, 254l-1) 
        should be doubled to at least $175,850,000 for fiscal year 2002 
        and such sums as may be necessary for the succeeding fiscal 
        year.
            (5) Perkins loans.--The appropriations under section 
        461(b)(1) (20 U.S.C. 1087aa(b)(1)) should be doubled to at 
        least $200,000,000 for fiscal year 2002 and such sums as may be 
        necessary for the succeeding fiscal year, and the amount 
        available under section 465 for loan cancellation should be 
        doubled to at least $120,000,000 for fiscal year 2002 and such 
        sums as may be necessary for the succeeding fiscal year.
            (6) Javits fellowships.--The appropriations under section 
        705 (20 U.S.C. 1134d) should be increased to at least 
        $20,000,000 for fiscal year 2002 and such sums as may be 
        necessary for the succeeding fiscal year.

SEC. 4. LOAN FORGIVENESS.

    (a) Expansion of Eligibility.--
            (1) Elimination of new borrower restrictions.--
                    (A) FFEL program.--Section 428J(b) (20 U.S.C. 1078-
                10(b)) is amended by striking ``for any new borrower on 
                or after October 1, 1998, who'' and inserting ``for any 
                borrower who performs the qualifying service on or 
                after October 1, 1998, and who''.
                    (B) Federal direct loan program.--Section 460(b)(1) 
                of such Act (20 U.S.C. 1087j(b)(1)) is amended by 
                striking ``for any new borrower on or after October 1, 
                1998, who'' and inserting ``for any borrower who 
                performs the qualifying service on or after October 1, 
                1998, and who''.
            (2) Expansion of eligible service; eliminating delay in 
        service benefit.--
                    (A) FFEL program.--Section 428J(b)(1) is amended to 
                read as follows:
            ``(1) has been engaged--
                    ``(A) in any service that qualifies for 
                cancellation of Federal Perkins Loans under section 
                465(a)(2);
                    ``(B) in full-time employment in service to 
                economically disadvantaged individuals or communities, 
                child and elder care services, social work, public 
                prosecutors and defenders, and police, fire, and rescue 
                services, as defined by the Secretary; or
                    ``(C) in full-time employment in any service that 
                the Secretary recognizes by regulation as providing 
                public service that is comparable to the services 
                described in subparagraph (A) or (B); and''.
                    (B) Federal direct loan program.--Section 
                460(b)(1)(A) (20 U.S.C. 1087j(b)(1)(A)) is amended to 
                read as follows:
                    ``(A) has been engaged--
                            ``(i) in any service that qualifies for 
                        cancellation of Federal Perkins Loans under 
                        section 465(a)(2); or
                            ``(ii) in full-time employment in service 
                        to economically disadvantaged individuals or 
                        communities, child and elder care services, 
                        social work, public prosecutors and defenders, 
                        and police, fire, and rescue services, as 
                        defined by the Secretary;
                            ``(iii) in full-time employment in any 
                        service that the Secretary recognizes by 
                        regulation as providing public service that is 
                        comparable to the services described in clause 
                        (i) or (ii); and''.
                    (C) Perkins loans.--Section 465(a)(2) is amended by 
                adding after the last sentence thereof the following 
                new sentence: ``Whenever the Secretary acts pursuant to 
                section 428J(b)(1)(B) or (C) or 460(b)(1)(A)(ii) or 
                (iii) to recognize by regulation or define additional 
                services as comparable qualifying services under such 
                sections, the Secretary shall, by regulation, recognize 
                such services as qualifying services for purposes of 
                this section.''.
    (b) Amount and Rate of Repayment.--
            (1) FFEL program.--Section 428J(c) (20 U.S.C. 1078-10(c)) 
        is amended by striking paragraph (1) and inserting the 
        following:
            ``(1) Amount and rate of repayment.--The Secretary shall 
        repay the aggregate of the loan obligation on a loan made under 
        section 428 or 428H that is outstanding after the completion of 
        the first complete year of qualifying service described in 
        subsection (b)(1) for which the borrower seeks repayment under 
        this section. Such amount shall be repaid at the rate of one-
        third of such amount for each of the first three years of such 
        service.''.
            (2) Federal direct loan program.--Section 460(c) of such 
        Act (20 U.S.C. 1087j(c)) is amended by striking paragraph (1) 
        and inserting the following:
            ``(1) Amount and rate of repayment.--The Secretary shall 
        cancel the aggregate of the loan obligation on a loan made 
        under section 428 or 428H that is outstanding after the 
        completion of the first complete year of qualifying service 
        described in subsection (b)(1)(A). Such amount shall be 
        canceled at the rate of one-third of such amount for each of 
        the first three years of such service.''.
            (3) Perkins loans.--Section 465(a) (20 U.S.C. 1087ee(a)) is 
        amended by striking paragraph (3)(A) and inserting the 
        following:
    ``(3)(A) The percent of a loan which shall be canceled under 
paragraph (1) of this subsection is at the rate of 33\1/3\ percent for 
each of 3 years of service described in paragraph (2).''.

Output: Higher Education Assistance Improvement Act - Amends the Higher Education Act of 1965 (HEA) to increase funds available for the provision of student financial assistance.Increases the maximum individual Pell grant amount to: (1) $7,500 for academic year 2002-2003; and (2) $7,900 for academic year 2003-2004.Increases amounts authorized to be appropriated for FY 2002 and 2003 under the HEA student assistance provisions: (1) Federal TRIO programs; (2) Gaining Early Awareness and Readiness for Undergraduate Programs (GEAR UP); (3) supplemental education opportunity grants; (4) graduate assistance in areas of national need; and (5) Thurgood Marshall legal educational opportunity program.Expresses the sense of Congress that appropriations for the following higher education programs should be increased by specified amounts for FY 2002 and as necessary for FY 2003: (1) Leveraging Educational Assistance Partnership (LEAP); (2) Child Care Access Means Parents in School (CAMPIS); (3) work-study; (4) National Health Service Corps scholarship and loan repayment programs; (5) Perkins loans; and (6) Javits fellowships.Expands eligibility under the Federal Family Education Loan (FFEL), Federal direct loan, and Federal Perkins loan programs by: (1) eliminating certain new borrower restrictions; (2) expanding eligible service; and (3) eliminating delays in service benefit. Directs the Secretary of Education to repay or cancel certain amounts of loan obligations under those HEA student loan programs.


Input: Consider Input: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Space Tourism Promotion Act of 
2001''.

SEC. 2. FINDINGS.

    The Congress finds that--
            (1) humans have long had a yearning to travel in space and 
        experience conditions beyond Earth's atmosphere;
            (2) forty years of human space flight experience have 
        demonstrated the feasibility of safe travel to and from space 
        as well as the ability of humans to live and work in space;
            (3) the Nation's human space flight program has developed 
        technologies and operational procedures that the private sector 
        could make use of to enable American citizens to experience 
        space travel;
            (4) space tourism has the potential to become a significant 
        industry and a powerful stimulus for advances in space 
        transportation;
            (5) the Federal Government could play an important role in 
        stimulating the development of space tourism by means of 
        guaranteed loans, tax credits, expeditious establishment of a 
        straightforward and predictable regulatory structure, and 
        research and development in technologies that may enable the 
        private sector to develop operational passenger-carrying space 
        transportation systems and on-orbit habitations;
            (6) as the agency of the Federal Government primarily 
        responsible for the development of America's commercial sector, 
        the Department of Commerce, and in particular its Office of 
        Space Commercialization, should have the lead role in 
        encouraging the growth of space tourism;
            (7) as the agency of the Federal Government currently 
        responsible for regulating America's commercial space 
        transportation industry, the Federal Aviation Administration, 
        and in particular its Office of Commercial Space 
        Transportation, should have the lead role in establishing the 
        regulatory structure necessary to ensure the safety of United 
        States space tourism;
            (8) as the agency of the Federal Government responsible for 
        carrying out the major share of the Nation's civil space 
        activities, the National Aeronautics and Space Administration 
        should continue its traditional role of conducting research and 
        development related to new space technologies and systems and 
        facilitating their transfer to the private sector;
            (9) it is an appropriate role for the Federal Government to 
        undertake measures to encourage the development of space 
        tourism in the United States; and
            (10) at the same time, it is an inappropriate role and a 
        misallocation of taxpayer-provided resources for the Federal 
        Government to compete with the private sector in the provision 
        of transportation vehicles or facilities for space tourism.

SEC. 3. DEFINITIONS.

    In this Act--
            (1) terms that are defined in the Federal Credit Reform Act 
        of 1990 have the meaning given those terms in that Act; and
            (2) the term ``space tourism'' means travel to, from, or 
        within outer space, or to the surface of a body in space other 
        than Earth, or habitation in outer space, for the purpose of 
        recreation.

SEC. 4. LOAN GUARANTEES.

    (a) Authority.--
            (1) In general.--The Secretary of Commerce may guarantee up 
        to 85 percent of the value of loans for the purpose of 
        developing transportation systems, habitation facilities, or 
        other infrastructure required for space tourism.
            (2) Limitation.--The maximum aggregate amount of loan 
        commitments that may be guaranteed under this section by the 
        Secretary of Commerce at any one time shall be $2,000,000,000.
            (3) Administrative fee.--The Secretary of Commerce is 
        authorized to collect from any borrower, and to the extent 
        provided for in advance in appropriations Acts to use, an 
        amount not to exceed 0.5 percent of the amount borrowed, for 
        covering the administrative expenses and other annual costs to 
        the Department of Commerce of the loan guarantee.
    (b) Terms and Conditions.--A loan guaranteed under this section 
shall be on such terms and conditions as the Secretary of Commerce may 
prescribe.
    (c) Term of Loans.--Loans guaranteed under this section shall be 
for a term of not to exceed 20 years, or 100 percent of the useful life 
of the substantial portion of the physical assets to be financed by the 
loans, whichever is shorter, as determined by the Secretary of 
Commerce.
    (d) Lien on Interests in Assets.--Upon providing a loan guarantee 
to a borrower under this section, the Secretary of Commerce shall have 
liens which shall be superior to all other liens on assets of the 
borrower equal to 85 percent of the unpaid balance of the loan subject 
to the guarantee.
    (e) Protection.--No loan shall be guaranteed under this section 
unless the Secretary of Commerce determines that the borrower is 
responsible and that adequate provision is made for servicing the loan 
on reasonable terms and for protecting the interests of the United 
States.
    (f) Validity.--A loan guarantee under this section shall be 
conclusive evidence that such guarantee has been properly obtained, and 
that the underlying loan qualifies for such guarantee. In an action for 
fraud or material misrepresentation by the holder of a loan guaranteed 
under this section, such guarantee shall be presumed to be valid, 
legal, and enforceable.
    (g) Forbearance.--The Secretary of Commerce may approve an 
agreement, between the parties to a loan guaranteed under this section, 
that provides for forbearance for the benefit of the borrower if the 
forbearance will result in no cost to the Federal Government.
    (h) Administration and Oversight Responsibility.--The Office of 
Space Commercialization shall be responsible for the administration and 
oversight of this section on behalf of the Department of Commerce.

SEC. 5. CAPITAL GAINS EXCLUSION.

    (a) In General.--Part I of subchapter P of chapter 1 of the 
Internal Revenue Code of 1986 (relating to items specifically excluded 
from gross income) is amended by adding at the end the following new 
section:

``SEC. 1203. EXCLUSION OF GAINS FOR QUALIFIED SPACE TOURISM 
              CORPORATIONS.

    ``(a) In General.--Gross income shall not include gain on the sale 
or exchange of any stock of a qualified space tourism corporation held 
for more than one year.
    ``(b) Qualified Space Tourism Corporation.--For purposes of 
subsection (a), the term `qualified space tourism corporation' means, 
with respect to any taxable year, a domestic corporation which is a C 
corporation if--
            ``(1) such corporation is organized exclusively for 
        providing to unrelated persons any service of space tourism (as 
        defined in section 3 of the Space Tourism Promotion Act of 
        2001), and
            ``(2) such corporation derives at least 75 percent of its 
        gross receipts from the active conduct of a trade or business 
        of providing a service described in paragraph (1).
    ``(c) Certain Purchases by Corporations of Its Own Stock.--For 
purposes of this section, rules similar to the rules of section 
1202(c)(3) shall apply.
    ``(d) Related Person.--Persons shall be treated as related to each 
other if such persons would be treated as a single employer under the 
regulations prescribed under section 52(b). In the case of a 
corporation which is a member of an affiliated group of corporations 
filing a consolidated return, such corporation shall be treated as 
providing services related to space tourism to an unrelated person if 
such services are provided to such a person by another member of such 
group.
    ``(e) Termination.--This section shall not apply to sales or 
exchanges after December 31, 2011.''.
    (b) Clerical Amendment.--The table of sections for part I of 
subchapter P of such Code is amended by adding at the end the following 
new item:

                              ``Sec. 1203. Exclusion of gains for 
                                        qualified space tourism 
                                        corporations.''
    (c) Effective Date.--The amendments made by this section shall 
apply to sales and exchanges in taxable years beginning after December 
31, 2001.

SEC. 6. ESTABLISHMENT OF REGULATORY STANDARDS.

    (a) In General.--Not later than 2 years after the date of the 
enactment of this Act, the Secretary of Transportation shall issue 
regulations to govern--
            (1) activities necessary to ensure the safe operation of 
        passenger-carrying launch and reentry vehicles and spacecraft 
        for space tourism, to the extent to which regulatory procedures 
        have not previously been established by law; and
            (2) activities related to the provision of and safe 
        operation of habitable facilities in outer space for space 
        tourism purposes.
    (b) Orbital Debris Avoidance.--Not later than 2 years after the 
date of the enactment of this Act, the Secretary of Transportation 
shall issue regulations to prevent, to the extent practicable, the 
growth of orbital debris resulting from activities associated with 
space tourism.
    (c) Legal Regime.--Activities taking place on space tourism 
habitation facilities and passenger-carrying launch and reentry 
vehicles and spacecraft for space tourism licensed or otherwise 
regulated by the Secretary of Transportation shall be governed by the 
laws of the United States.

SEC. 7. USE OF FEDERAL FACILITIES.

    (a) Prohibition Against Certain Uses of Federal Facilities.--
            (1) In general.--Launch, reentry, and space travel vehicles 
        owned by the Federal Government shall not be used for the 
        transport of any individuals other than those engaged in or 
        supporting the conduct of official business of the United 
        States or the conduct of scientific or engineering research and 
        development, except in emergency situations.
            (2) International space station.--The United States portion 
        of the International Space Station shall not be visited or 
        occupied by any individuals other than those engaged in or 
        supporting the conduct of official business of the United 
        States or the conduct of scientific or engineering research and 
        development, and those authorized by relevant international 
        agreements, except in emergency situations.
    (b) Use of Other Federal Facilities.--The use of other Federal 
facilities and infrastructure, such as launch ranges and data relay 
satellites, shall be made available to commercial entities engaged in 
space tourism on a cost-reimbursable basis to the extent that excess 
capacity exists at the time the commercial entity requests the use of 
such facilities and infrastructure.

Output: Space Tourism Promotion Act of 2001 - Authorizes the Secretary of Commerce to guarantee up to 85 percent of the value of loans for developing transportation systems, habitation facilities, or other infrastructure required for space tourism.Amends the Internal Revenue Code of 1986 to exclude from gross income gain on the sale or exchange of any stock of a qualified space tourism corporation held for more than a year.Requires the Secretary of Transportation to issue regulations to: (1) govern activities necessary to ensure the safe operation of passenger-carrying launch and reentry vehicles and spacecraft for space tourism and activities related to the provision and safe operation of habitable facilities in outer space for space tourism; and (2) prevent the growth of orbital debris resulting from activities associated with space tourism.Prohibits: (1) the use of launch, reentry, and space travel vehicles owned by the Government for the transport of any individuals other than those engaged in or supporting the conduct of official business or scientific or engineering research and development (R&D), except in emergencies; and (2) the U.S. portion of the International Space Station from being visited or occupied by any individuals other than those engaged in or supporting the conduct of such business or R&D and those authorized by relevant international agreements, except in emergencies.Requires the use of other Federal facilities and infrastructure, such as launch ranges and data relay satellites, to be made available to commercial entities engaged in space tourism on a cost-reimbursable basis to the extent that excess capacity exists.


Input: Consider Input: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Tropical Forest and Coral 
Conservation Reauthorization Act of 2007''.

SEC. 2. AMENDMENT TO SHORT TITLE OF ACT TO ENCOMPASS EXPANDED SCOPE.

    (a) In General.--Section 801 of the Tropical Forest Conservation 
Act of 1998 (Public Law 87-195; 22 U.S.C. 2151 note) is amended by 
striking ``Tropical Forest Conservation Act of 1998'' and inserting 
``Tropical Forest and Coral Conservation Act of 2007''.
    (b) References.--Any reference in any other provision of law, 
regulation, document, paper, or other record of the United States to 
the ``Tropical Forest Conservation Act of 1998'' shall be deemed to be 
a reference to the ``Tropical Forest and Coral Conservation Act of 
2007''.

SEC. 3. EXPANSION OF SCOPE OF ACT TO PROTECT FORESTS AND CORAL REEFS.

    (a) In General.--Section 802 of the Tropical Forest and Coral 
Conservation Act of 2007 (22 U.S.C. 2431), as renamed by section 2(a), 
is amended--
            (1) in subsections (a)(1), (a)(6), (a)(7), (b)(1), (b)(3), 
        and (b)(4), by striking ``tropical forests'' each place it 
        appears and inserting ``tropical forests and coral reefs and 
        associated coastal marine ecosystems'';
            (2) in subsection (a)(2)--
                    (A) in subparagraph (A), by striking ``resources, 
                which are the basis for developing pharmaceutical 
                products and revitalizing agricultural crops'' and 
                inserting ``resources''; and
                    (B) in subparagraph (C), by striking ``far-flung''; 
                and
            (3) in subsection (b)(2)--
                    (A) by striking ``tropical forests'' the first 
                place it appears and inserting ``tropical forests and 
                coral reefs and associated coastal marine ecosystems'';
                    (B) by striking ``tropical forests'' the second 
                place it appears and inserting ``areas'';
                    (C) by striking ``tropical forests'' the third 
                place it appears and inserting ``tropical forests and 
                coral reefs and their associated coastal marine 
                ecosystems''; and
                    (D) by striking ``that have led to deforestation'' 
                and inserting ``on such countries''.
    (b) Amendments Related to Definitions.--Section 803 of such Act (22 
U.S.C. 2431a) is amended--
            (1) in paragraph (5)--
                    (A) in the heading, by striking ``tropical forest'' 
                and inserting ``tropical forest or coral reef'';
                    (B) in the matter preceding subparagraph (A), by 
                striking ``tropical forest'' and inserting ``tropical 
                forest or coral reef''; and
                    (C) in subparagraph (B), by striking ``tropical 
                forest'' and inserting ``tropical forest or coral 
                reef''.
            (2) by adding at the end the following new paragraphs:
            ``(10) Coral.--The term `coral' means species of the phylum 
        Cnidaria, including--
                    ``(A) all species of the orders Antipatharia (black 
                corals), Scleractinia (stony corals), Alcyonacea (soft 
                corals), Gorgonacea (horny corals), Stolonifera 
                (organpipe corals and others), and Coenothecalia (blue 
                coral), of the class Anthoza; and
                    ``(B) all species of the order Hydrocorallina (fire 
                corals and hydrocorals) of the class Hydrozoa.
            ``(11) Coral reef.--The term `coral reef' means any reef or 
        shoal composed primarily of coral.
            ``(12) Associated coastal marine ecosystem.--The term 
        `associated coastal marine ecosystem' means any coastal marine 
        ecosystem surrounding, or directly related to, a coral reef and 
        important to maintaining the ecological integrity of that coral 
        reef, such as seagrasses, mangroves, sandy seabed communities, 
        and immediately adjacent coastal areas.''.

SEC. 4. CHANGE TO NAME OF FACILITY.

    (a) In General.--Section 804 of the Tropical Forest and Coral 
Conservation Act of 2007 (22 U.S.C. 2431b), as renamed by section 2(a), 
is amended by striking ``Tropical Forest Facility'' and inserting 
``Conservation Facility''.
    (b) Conforming Amendments to Definitions.--Section 803(8) of such 
Act (22 U.S.C. 2431a(8)) is amended--
            (1) in the heading, by striking ``Tropical forest 
        facility'' and inserting ``Conservation facility''; and
            (2) by striking ``Tropical Forest Facility'' both places it 
        appears and inserting ``Conservation Facility''.
    (c) References.--Any reference in any other provision of law, 
regulation, document, paper, or other record of the United States to 
the ``Tropical Forest Facility'' shall be deemed to be a reference to 
the ``Conservation Facility''.

SEC. 5. ELIGIBILITY FOR BENEFITS.

    Section 805(a) of the Tropical Forest and Coral Conservation Act of 
2007 (22 U.S.C. 2431c(a)), as renamed by section 2(a), is amended by 
striking ``tropical forest'' and inserting ``tropical forest or coral 
reef''.

SEC. 6. UNITED STATES GOVERNMENT REPRESENTATION ON OVERSIGHT BODIES FOR 
              GRANTS FROM DEBT-FOR-NATURE SWAPS AND DEBT-BUYBACKS.

    Section 808(a)(5) of the Tropical Forest and Coral Conservation Act 
of 2007 (22 U.S.C. 2431f(a)(5)), as renamed by section 2(a), is amended 
by adding at the end the following new subparagraph:
                    ``(C) United states government representation on 
                the administering body.--One or more individuals 
                appointed by the United States Government may serve in 
                an official capacity on the administering body that 
                oversees the implementation of grants arising from a 
                debt-for-nature swap or debt buy-back regardless of 
                whether the United States is a party to any agreement 
                between the eligible purchaser and the government of 
                the beneficiary country.''.

SEC. 7. CONSERVATION AGREEMENTS.

    (a) Renaming of Agreements.--Section 809 of the Tropical Forest and 
Coral Conservation Act of 2007 (22 U.S.C. 2431g), as renamed by section 
2(a), is amended--
            (1) in the section heading, by striking ``tropical forest 
        agreement'' and inserting ``conservation agreement''; and
            (2) in subsection (a)--
                    (A) by striking ``Authority'' and all that follows 
                through ``(1) In general.--The Secretary'' and 
                inserting ``Authority.--The Secretary''; and
                    (B) by striking ``Tropical Forest Agreement'' and 
                inserting ``Conservation Agreement''.
    (b) Elimination of Requirement To Consult With the Enterprise for 
the Americas Board.--Such subsection is further amended by striking 
paragraph (2).
    (c) Role of Beneficiary Countries.--Such section is further 
amended--
            (1) in subsection (e)(1)(C), by striking ``in exceptional 
        circumstances, the government of the beneficiary country'' and 
        inserting ``in limited circumstances, the government of the 
        beneficiary country when needed to improve governance and 
        enhance management of tropical forests or coral reefs or 
        associated coastal marine ecosystems, without replacing 
        existing levels of financial efforts by the government of the 
        beneficiary country and with priority given to projects that 
        complement grants made under subparagraphs (A) and (B)''; and
            (2) by amending subsection (f) to read as follows:
    ``(f) Review of Larger Grants.--Any grant of more than $250,000 
from a Fund must be approved by the Government of the United States and 
the government of the beneficiary country.''.
    (d) Technical and Conforming Amendments.--Such section is further 
amended--
            (1) in subsection (c)(2)(A)(i), by inserting ``to serve in 
        an official capacity'' after ``Government'';
            (2) in subsection (d)--
                    (A) in the matter preceding paragraph (1), by 
                striking ``tropical forests'' and inserting ``tropical 
                forests and coral reefs and associated coastal marine 
                ecosystems related to such coral reefs'';
                    (B) in paragraph (5), by striking ``tropical 
                forest''; and
                    (C) in paragraph (6), by striking ``living in or 
                near a tropical forest in a manner consistent with 
                protecting such tropical forest'' and inserting 
                ``dependent on a tropical forest or coral reef or an 
                associated coastal marine ecosystem related to such 
                coral reef and related resources in a manner consistent 
                with conserving such resources''.
    (e) Conforming Amendments to Definitions.--Section 803(7) of such 
Act (22 U.S.C. 2431a(7)) is amended--
            (1) in the heading, by striking ``Tropical forest 
        agreement'' and inserting ``Conservation agreement''; and
            (2) by striking ``Tropical Forest Agreement'' both places 
        it appears and inserting ``Conservation Agreement''.

SEC. 8. CONSERVATION FUND.

    (a) In General.--Section 810 of the Tropical Forest and Coral 
Conservation Act of 2007 (22 U.S.C. 2431h), as renamed by section 2(a), 
is amended--
            (1) in the section heading, by striking ``tropical forest 
        fund'' and inserting ``conservation fund''; and
            (2) in subsection (a)--
                    (A) by striking ``Tropical Forest Agreement'' and 
                inserting ``Conservation Agreement''; and
                    (B) by striking ``Tropical Forest Fund'' and 
                inserting ``Conservation Fund''.
    (b) Conforming Amendments to Definitions.--Such Act is further 
amended--
            (1) in section 803(9) (22 U.S.C. 2431a(9))--
                    (A) in the heading, by striking ``Tropical forest 
                fund'' and inserting ``Conservation fund''; and
                    (B) by striking ``Tropical Forest Fund'' both 
                places it appears and inserting ``Conservation Fund'';
            (2) in section 806(c)(2) (22 U.S.C. 2431d(c)(2)), by 
        striking ``Tropical Forest Fund'' and inserting ``Conservation 
        Fund''; and
            (3) in section 807(c)(2) (22 U.S.C. 2431e(c)(2)), by 
        striking ``Tropical Forest Fund'' and inserting ``Conservation 
        Fund''.

SEC. 9. REPEAL OF AUTHORITY OF THE ENTERPRISE FOR THE AMERICAS BOARD TO 
              CARRY OUT ACTIVITIES UNDER THE FOREST AND CORAL 
              CONSERVATION ACT OF 2007.

    (a) In General.--Section 811 of the Tropical Forest and Coral 
Conservation Act of 2007 (22 U.S.C. 2431i), as renamed by section 2(a), 
is repealed.
    (b) Conforming Amendments.--Section 803 of such Act (22 U.S.C. 
2431a), as renamed by section 2(a), is amended--
            (1) by striking paragraph (4); and
            (2) by redesignating paragraphs (5), (6), (7), (8), and (9) 
        as paragraphs (4), (5), (6), (7), and (8), respectively.

SEC. 10. CHANGES TO DUE DATES OF ANNUAL REPORTS TO CONGRESS.

    Section 813 of the Tropical Forest and Coral Conservation Act of 
2007 (22 U.S.C. 2431k), as renamed by section 2(a), is amended--
            (1) in subsection (a)--
                    (A) by striking ``(a) In General.--Not later than 
                December 31'' and inserting ``Not later than April 
                15'';
                    (B) by striking ``Facility'' both places it appears 
                and inserting ``Conservation Facility''; and
                    (C) by striking ``fiscal year'' both places it 
                appears and inserting ``calendar year''; and
            (2) by striking subsection (b).

SEC. 11. CHANGES TO INTERNATIONAL MONETARY FUND CRITERION FOR COUNTRY 
              ELIGIBILITY.

    Section 703(a)(5) of the Foreign Assistance Act of 1961 (22 U.S.C. 
2430b(a)(5)) is amended--
            (1) by striking ``or, as appropriate in exceptional 
        circumstances,'' and inserting ``or'';
            (2) in subparagraph (A)--
                    (A) by striking ``or in exceptional circumstances, 
                a Fund monitored program or its equivalent,'' and 
                inserting ``or a Fund monitored program, or is 
                implementing sound macroeconomic policies,''; and
                    (B) by striking ``(after consultation with the 
                Enterprise for the Americas Board)''; and
            (3) in subparagraph (B), by striking ``(after consultation 
        with the Enterprise for Americas Board)''.

SEC. 12. NEW AUTHORIZATION OF APPROPRIATIONS FOR THE REDUCTION OF DEBT 
              AND AUTHORIZATION FOR AUDIT, EVALUATION, MONITORING, AND 
              ADMINISTRATION EXPENSES.

    Section 806 of the Tropical Forest and Coral Conservation Act of 
2007 (22 U.S.C. 2431d), as renamed by section 2(a), is amended--
            (1) in subsection (d), by adding at the end the following 
        new paragraphs:
            ``(7) $20,000,000 for fiscal year 2008.
            ``(8) $25,000,000 for fiscal year 2009.
            ``(9) $30,000,000 for fiscal year 2010.''; and
            (2) by amending subsection (e) to read as follows:
    ``(e) Use of Funds To Conduct Program Audits, Evaluations, 
Monitoring, and Administration.--Of the amounts made available to carry 
out this part for a fiscal year, $300,000 is authorized to be made 
available to carry out audits, evaluations, monitoring, and 
administration of programs under this part, including personnel costs 
associated with such audits, evaluations, monitoring and 
administration.''.
            Amend the title so as to read: ``A bill to reauthorize the 
        Tropical Forest Conservation Act of 1998 through fiscal year 
        2010, to rename the Tropical Forest Conservation Act of 1998 as 
        the `Tropical Forest and Coral Conservation Act of 2007', and 
        for other purposes.''.


Output: Tropical Forest and Coral Conservation Reauthorization Act of 2007 - (Sec. 2) Renames the Tropical Forest Conservation Act of 1998 as The Tropical Forest and Coral Conservation Act of 2007 (Act).

(Sec. 3) Includes tropical forests and coral reefs and associated coastal marine ecosystems within the scope of such Act. (Current law refers to tropical forests.)

(Sec. 4) Renames the Tropical Forest Facility as the Conservation Facility.

(Sec. 5) Makes developing countries with tropical forests or coral reefs eligible for benefits. (Current law refers to tropical forests.)

(Sec. 6) Authorizes U.S. government representation on the administering body that oversees the implementation of grants from a debt-for-nature swap or debt buy-back regardless of whether the United States is a party to any agreement between the eligible purchaser and the government of the beneficiary country.

(Sec. 7) Eliminates the requirement that the Enterprise for the Americas Board be consulted in negotiating a Conservation Agreement.

Requires U.S. government and beneficiary country government review of Conservation Fund grants in excess of $250,000.

(Sec. 8) Renames: (1) the Tropical Forest Agreement as the Conservation Agreement; and (2) the Tropical Forest Fund as the Conservation Fund.

(Sec. 9) Repeals Board authority to carry out activities under the Act.

(Sec. 10) Revises certain reporting dates.

(Sec. 11) Revises specified International Monetary Fund (IMF) criteria for country eligibility.

(Sec. 12) Authorizes FY2008-FY2010 appropriations. Increases obligations for program administration, monitoring, and auditing.