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 Input:
SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Equitable Treatment of Investors 
Act''.

SEC. 2. SECURITIES INVESTOR PROTECTION ACT OF 1970 AMENDMENTS.

    (a) Net Equity Based on Last Statement.--Section 16(11) of the 
Securities Investor Protection Act of 1970 (15 U.S.C. 78lll(11)) is 
amended to read as follows:
            ``(11) Net equity.--
                    ``(A) In general.--The term `net equity' means the 
                dollar amount of the account or accounts of a customer, 
                to be determined by--
                            ``(i) calculating the sum which would have 
                        been owed by the debtor to such customer if the 
                        debtor had liquidated, by sale or purchase on 
                        the filing date--
                                    ``(I) all securities positions of 
                                such customer (other than customer name 
                                securities reclaimed by such customer); 
                                and
                                    ``(II) all positions in futures 
                                contracts and options on futures 
                                contracts held in a portfolio margining 
                                account carried as a securities account 
                                pursuant to a portfolio margining 
                                program approved by the Commission, 
                                including all property collateralizing 
                                such positions, to the extent that such 
                                property is not otherwise included 
                                herein; minus
                            ``(ii) any indebtedness of such customer to 
                        the debtor on the filing date; plus
                            ``(iii) any payment by such customer of 
                        such indebtedness to the debtor which is made 
                        with the approval of the trustee and within 
                        such period as the trustee may determine (but 
                        in no event more than sixty days after the 
                        publication of notice under section 8(a)).
                    ``(B) Treatment of certain commodity futures 
                contracts.--A claim for a commodity futures contract 
                received, acquired, or held in a portfolio margining 
                account pursuant to a portfolio margining program 
                approved by the Commission or a claim for a security 
                futures contract, shall be deemed to be a claim with 
                respect to such contract as of the filing date, and 
                such claim shall be treated as a claim for cash.
                    ``(C) Treatment of accounts held by a customer in 
                separate capacities.--In determining net equity under 
                this paragraph, accounts held by a customer in separate 
                capacities shall be deemed to be accounts of separate 
                customers.
                    ``(D) Reliance on final customer statement.--
                            ``(i) In general.--In determining net 
                        equity under this paragraph, the positions, 
                        options, and contracts of a customer held by 
                        the debtor, and any indebtedness of the 
                        customer to the debtor, shall be determined 
                        based on--
                                    ``(I) the information contained in 
                                the last statement received by the 
                                customer from the debtor before the 
                                filing date; and
                                    ``(II) any additional specific 
                                confirmations of the customer's 
                                positions, options, contracts, or 
                                indebtedness received after such last 
                                statement but before the filing date.
                            ``(ii) Fraud exception.--The provisions of 
                        this subparagraph shall not apply to any 
                        customer that--
                                    ``(I) knew the debtor was involved 
                                in fraudulent activity with respect to 
                                any customer of the debtor; or
                                    ``(II) was a person that--
                                            ``(aa) was, or was required 
                                        to be, registered with the 
                                        Securities and Exchange 
                                        Commission under the securities 
                                        laws (as such term is defined 
                                        under section 3(a) of the 
                                        Securities Exchange Act of 1934 
                                        (15 U.S.C. 78c(a)));
                                            ``(bb) knew, or should have 
                                        known, that the debtor was 
                                        involved in fraudulent activity 
                                        with respect to any customer of 
                                        the debtor; and
                                            ``(cc) did not notify SIPC, 
                                        the Commission, or law 
                                        enforcement personnel that the 
                                        debtor was involved in such 
                                        fraudulent activity.''.
    (b) Prohibition on Certain Recoveries.--Section 8 of the Securities 
Investor Protection Act of 1970 (15 U.S.C. 78fff-2) is amended by 
adding at the end the following new subsection:
    ``(g) Prohibition on Certain Recoveries.--Notwithstanding any other 
provision of this Act, a trustee may not recover any property 
transferred by the debtor to a customer before the filing date unless, 
at the time of such transfer, such customer--
            ``(1) knew the debtor was involved in fraudulent activity 
        with respect to any customer of the debtor; or
            ``(2) was a person that--
                    ``(A) was, or was required to be, registered with 
                the Securities and Exchange Commission under the 
                securities laws (as such term is defined under section 
                3(a) of the Securities Exchange Act of 1934 (15 U.S.C. 
                78c(a)));
                    ``(B) knew, or should have known, that the debtor 
                was involved in fraudulent activity with respect to any 
                customer of the debtor; and
                    ``(C) did not notify SIPC, the Commission, or law 
                enforcement personnel that the debtor was involved in 
                such fraudulent activity.''.
    (c) Appointment of Trustees.--
            (1) In general.--Section 5(b)(3) of the Securities Investor 
        Protection Act of 1970 (15 U.S.C. 78eee(b)(3)) is amended to 
        read as follows:
            ``(3) Appointment of trustee and attorney.--
                    ``(A) In general.--If the court issues a protective 
                decree under paragraph (1), such court shall forthwith 
                appoint, as trustee for the liquidation of the business 
                of the debtor and as attorney for the trustee, such 
                persons as the court determines best fit to serve as 
                trustee and as attorney from among the persons selected 
                by the Commission pursuant to subparagraph (B). The 
                persons appointed as trustee and as attorney for the 
                trustee may be associated with the same firm.
                    ``(B) Commission candidates.--With respect to a 
                debtor and upon the court issuing a protective decree 
                under paragraph (1), the Commission shall forthwith 
                provide the court with a list of candidates for the 
                position of trustee and attorney for the trustee for 
                such debtor.
                    ``(C) Disinterest requirement.--No person may be 
                appointed to serve as trustee or attorney for the 
                trustee if such person is not disinterested within the 
                meaning of paragraph (6), except that for any specified 
                purpose other than to represent a trustee in conducting 
                a liquidation proceeding, the trustee may, with the 
                approval of SIPC and the court, employ an attorney who 
                is not disinterested.
                    ``(D) Qualification.--A trustee appointed under 
                this paragraph shall qualify by filing a bond in the 
                manner prescribed by section 322 of title 11, United 
                States Code.''.
            (2) Effective date.--The amendment made by paragraph (1) 
        shall take effect with respect to trustees and attorneys 
        appointed after the date of the enactment of this Act.

SEC. 3. EFFECTIVE DATE.

    Except as provided under section 2(c)(2), the amendments made by 
section 2 shall take effect with respect to a liquidation proceeding 
under the Securities Investor Protection Act of 1970 that--
            (1) was in progress on the date of the enactment of this 
        Act; or
            (2) is initiated after the date of the enactment of this 
        Act.

Ex Output:
Equitable Treatment of Investors Act - Amends the Securities Investor Protection Act of 1970 to revise the definition of "net equity."

Declares also that, in determining net equity, the positions, options, and contracts of a customer held by the debtor, and any indebtedness of the customer to the debtor, shall be determined based on: (1) the information contained in the last statement received by the customer from the debtor before the filing date; and (2) any additional specific confirmations of the customer's positions, options, contracts, or indebtedness received after such last statement but before the filing date.

Prohibits reliance on the final statement of the debtor to customer, however, if the customer: (1) knew the debtor was involved in fraudulent activity with respect to any of its customers; or (2) as a registrant under the securities laws, or a person required to be so registered, knew, or should have known, that the debtor was involved in such a fraudulent activity and did not notify the Securities Investor Protection Corporation (SIPC), the Securities Exchange Commission (SEC), or law enforcement personnel that the debtor was so involved.

Prohibits a trustee in a liquidation proceeding from recovering any property transferred by the debtor to a customer before the filing date unless, at the time of such transfer, the customer meets the same critieria.

Transfers from SIPC to the SEC authority to nominate to a court persons for appointment as trustee for the liquidation of a debtor's business and as attorney for the trustee.


Ex Input:
SECTION 1. TEACHER RECRUITMENT, RETENTION, AND TRAINING.

    (a) In General.--Title II of the Elementary and Secondary Education 
Act of 1965 (20 U.S.C. 6601 et seq.) is amended--
            (1) by redesignating part E as part F;
            (2) by redesignating sections 2401 and 2402 as sections 
        2501 and 2502, respectively; and
            (3) by inserting after part D the following:

         ``PART E--TEACHER RECRUITMENT, RETENTION, AND TRAINING

``SEC. 2401. PROGRAM AUTHORIZED.

    ``(a) In General.--The Secretary is authorized to make grants to 
local educational agencies to permit such agencies to recruit, retain, 
and train high-quality teachers by carrying out one or more of the 
activities described in subsection (b).
    ``(b) Uses of Funds.--
            ``(1) Recruitment, retention, and training activities.--A 
        local educational agency that receives a grant under this part 
        may use the grant funds for any of the following recruitment, 
        retention, and training activities:
                    ``(A) Providing signing bonuses for teachers.
                    ``(B) Carrying out merit pay programs.
                    ``(C) Providing performance bonuses to teachers.
                    ``(D) Providing scholarships to teachers to pursue 
                advanced course work.
                    ``(E) Providing mentoring programs for teachers.
                    ``(F) Coordinating with institutions of higher 
                education to provide professional development for 
                teachers.
                    ``(G) Any other activity that the local educational 
                agency believes to be effective in recruiting, 
                retaining, or training high-quality teachers.

``SEC. 2402. AUTHORIZATION OF APPROPRIATIONS.

    There are authorized to be appropriated to carry out this part such 
sums as may be necessary for each of fiscal years 2002 through 2004.''.
    (b) Conforming Amendments.--Section 2003 of the Elementary and 
Secondary Education Act of 1965 (20 U.S.C. 6603) is amended--
            (1) in subsection (a), by striking ``part C)'' and 
        inserting ``parts C and E)''; and
            (2) in subsection (b), by inserting ``(other than parts C 
        and E)'' after ``title''.

SEC. 2. LOAN FORGIVENESS FOR TEACHERS.

    (a) Elimination of New Borrower Restrictions.--
            (1) FFEL program.--Section 428J(b) of the Higher Education 
        Act of 1965 (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''.
            (2) 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''.
    (b) Expansion of Eligible Teaching Locations and Subjects; 
Eliminating Delay in Service Benefit.--
            (1) FFEL program.--Section 428J(b)(1) of such Act is 
        amended by striking everything preceding subparagraph (B) and 
        inserting the following:
            ``(1) has been employed as a full-time teacher--
                    ``(A)(i) in a school that qualifies under section 
                465(a)(2)(A) for loan cancellation for Perkins loan 
                recipients who teach in such schools;
                    ``(ii) as a full-time special education teacher, as 
                described in section 465(a)(2)(C); or
                    ``(iii) as a full-time teacher in any field of 
                expertise where the State educational agency determines 
                there is a shortage of qualified teachers;''.
            (2) Federal direct loan program.--Section 460(b)(1)(A) of 
        such Act (20 U.S.C. 1087j(b)(1)(A)) is amended by striking 
        everything preceding clause (ii) and inserting the following:
                    ``(A) has been employed as a full-time teacher--
                            ``(i)(I) in a school that qualifies under 
                        section 465(a)(2)(A) for loan cancellation for 
                        Perkins loan recipients who teach in such 
                        schools;
                            ``(II) as a full-time special education 
                        teacher, as described in section 465(a)(2)(C); 
                        or
                            ``(III) as a full-time teacher in any field 
                        of expertise where the State educational agency 
                        determines there is a shortage of qualified 
                        teachers;''.
    (c) Amounts Subject to Forgiveness.--
            (1) FFEL program.--Section 428J(c) of the Higher Education 
        Act of 1965 (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 an amount that is not more than $20,000 in 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 
        school year of teaching described in subsection (b)(1) for 
        which the borrower seeks repayment under this section. Such 
        amount shall be repaid at the rate of 15 percent for the first 
        or second year of such service, 20 percent for the third or 
        fourth year of such service, and 30 percent for the fifth year 
        of such service. No borrower may receive a reduction of loan 
        obligations under both this section and section 460.''.
            (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 an amount that is not more than $20,000 in 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 
        school year of teaching described in subsection (b)(1)(A). Such 
        amount shall be canceled at the rate of 15 percent for the 
        first or second year of such service, 20 percent for the third 
        or fourth year of such service, and 30 percent for the fifth 
        year of such service.''.

Ex Output:
Amends the Elementary and Secondary Education Act of 1965 to establish a new program for teacher recruitment, retention, and training. Authorizes the Secretary of Education to award grants to local educational agencies to recruit, retain, and train high-quality teachers through one or more specified types of activities.Amends the Higher Education Act of 1965 to revise student loan forgiveness for teachers under the Federal Family Education Loan and Federal Direct Loan programs. Expands forgiveness eligibility by: (1) eliminating requirements allowing only certain new borrowers to participate; and (2) increasing the types of eligible teaching locations and subjects. Eliminates a service requirement that an individual teach at least five consecutive complete school years before being eligible for program benefits. Increases to $20,000 the aggregate amount of an individual teacher's student loan obligation which may be forgiven, and revises the rate of repayment.


Ex Input:
SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Democracy Restoration Act of 2008''.

SEC. 2. FINDINGS.

    The Congress makes the following findings:
            (1) The right to vote is the most basic constitutive act of 
        citizenship. Regaining the right to vote reintegrates offenders 
        into free society, helping to enhance public safety.
            (2) Article I, section 4 of the Constitution of the United 
        States grants Congress ultimate supervisory power over Federal 
        elections, an authority which has repeatedly been upheld by the 
        Supreme Court.
            (3) Basic constitutional principles of fairness and equal 
        protection require an equal opportunity for Americans to vote 
        in Federal elections. The right to vote may not be abridged or 
        denied by the United States or by any State on account of race, 
        color, gender or previous condition of servitude. The 14th and 
        15th Amendments to the Constitution empower Congress to enact 
        measures to protect the right to vote in Federal elections.
            (4) There are three areas where discrepancies in State laws 
        regarding felony convictions lead to unfairness in Federal 
        elections: (A) there is no uniform standard for voting in 
        Federal elections which leads to an unfair disparity and 
        unequal participation in Federal elections based solely on 
        where a person lives; (B) laws governing the restoration of 
        voting rights after a felony conviction are unequal throughout 
        the country and persons in some States can easily regain their 
        voting rights while in other States persons effectively lose 
        their right to vote permanently; and (C) State 
        disenfranchisement laws disproportionately impact racial ethnic 
        minorities.
            (5) Disenfranchisement results from varying State laws that 
        restrict voting while under some form of criminal justice 
        supervision or after the completion of a felony sentence in 
        some States. Two States do not disenfranchise felons at all 
        (Maine and Vermont). Forty-eight States and the District of 
        Columbia have disenfranchisement laws that deprive convicted 
        offenders of the right to vote while they are in prison. In 
        thirty-five States, convicted offenders may not vote while they 
        are on parole and thirty of these States disenfranchise felony 
        probationers as well. In ten States, a conviction can result in 
        lifetime disenfranchisement.
            (6) An estimated 5,300,000 Americans, or about one in 
        forty-one adults, currently cannot vote as a result of a felony 
        conviction. Nearly 4,000,000 (74 percent) of the 5,300,000 
        disqualified voters are not in prison, but are on probation or 
        parole, or are ex-offenders. Approximately 2,000,000 of those 
        individuals are individuals who have completed their entire 
        sentence, including probation and parole, yet remain 
        disenfranchised.
            (7) In those States that disenfranchise ex-offenders, the 
        right to vote can be regained in theory, but in practice this 
        possibility is often illusory. Offenders must either obtain a 
        pardon or order from the Governor or action by the parole or 
        pardon board, depending on the offense and State. Offenders 
        convicted of a Federal offense often have additional barriers 
        to regaining voting rights.
            (8) In at least 16 States, Federal offenders cannot use the 
        State procedure for restoring their civil rights. The only 
        method provided by Federal law for restoring voting rights to 
        ex-offenders is a Presidential pardon. Few persons who seek to 
        have their right to vote restored have the financial and 
        political resources needed to succeed.
            (9) State disenfranchisement laws disproportionately impact 
        ethnic minorities. Thirteen percent of the African American 
        adult male population, or 1,400,000 African American men, are 
        disenfranchised. Given current rates of incarceration, three in 
        ten of the next generation of black men will be disenfranchised 
        at some point during their lifetime. Hispanic citizens are also 
        disproportionately disenfranchised since they are 
        disproportionately represented in the criminal justice system.
            (10) Disenfranchising citizens who have been convicted of a 
        felony offense and who are living and working in the community 
        serves no compelling State interest and hinders their 
        rehabilitation and reintegration into society.
            (11) State disenfranchisement laws suppress electoral 
        participation among eligible voters and damage the integrity of 
        the electoral process. State disenfranchisement laws 
        significantly impact the rate of electoral participation among 
        the children of disenfranchised parents.
            (12) The United States in the only Western democracy that 
        permits the permanent denial of voting rights to individuals 
        with felony convictions.

SEC. 3. RIGHTS OF CITIZENS.

    The right of an individual who is a citizen of the United States to 
vote in any election for Federal office shall not be denied or abridged 
because that individual has been convicted of a criminal offense unless 
such individual is serving a felony sentence in a correctional 
institution or facility at the time of the election.

SEC. 4. ENFORCEMENT.

    (a) Attorney General.--The Attorney General may, in a civil action, 
obtain such declaratory or injunctive relief as is necessary to remedy 
a violation of this Act.
    (b) Private Right of Action.--
            (1) A person who is aggrieved by a violation of this Act 
        may provide written notice of the violation to the chief 
        election official of the State involved.
            (2) Except as provided in paragraph (3), if the violation 
        is not corrected within 90 days after receipt of a notice under 
        paragraph (1), or within 20 days after receipt of the notice if 
        the violation occurred within 120 days before the date of an 
        election for Federal office, the aggrieved person may, in a 
        civil action obtain declaratory or injunctive relief with 
        respect to the violation.
            (3) If the violation occurred within 30 days before the 
        date of an election for Federal office, the aggrieved person 
        need not provide notice to the chief election official of the 
        State under paragraph (1) before bringing a civil action to 
        obtain declaratory or injunctive relief with respect to the 
        violation.

SEC. 5. NOTIFICATION OF RESTORATION OF VOTING RIGHTS.

    (a) State Notification.--
            (1) Notification.--On the date determined under paragraph 
        (2), each State shall notify in writing any individual who has 
        been convicted of a criminal offense under the law of that 
        State that such individual has the right to vote in an election 
        for Federal office pursuant to the Democracy Restoration Act 
        and may register to vote in any such election.
            (2) Date of notification.--
                    (A) Felony conviction.--In the case of such an 
                individual who has been convicted of a felony, the 
                notification required under paragraph (1) shall be 
                given on the date on which the individual--
                            (i) is sentenced to serve only a term of 
                        probation; or
                            (ii) is released from the custody of that 
                        State (other than to the custody of another 
                        State or the Federal Government to serve a term 
                        of imprisonment for a felony conviction).
                    (B) Misdemeanor conviction.--In the case of such an 
                individual who has been convicted of a misdemeanor, the 
                notification required under paragraph (1) shall be 
                given on the date on which such individual is sentenced 
                by a State court.
    (b) Federal Notification.--
            (1) Notification.--On the date determined under paragraph 
        (2), the Director of the Bureau of Prisons shall notify in 
        writing any individual who has been convicted of a criminal 
        offense under Federal law that such individual has the right to 
        vote in an election for Federal office pursuant to the 
        Democracy Restoration Act and may register to vote in any such 
        election.
            (2) Date of notification.--
                    (A) Felony conviction.--In the case of such an 
                individual who has been convicted of a felony, the 
                notification required under paragraph (1) shall be 
                given on the date on which the individual--
                            (i) is sentenced to serve only a term of 
                        probation by a court established by an Act of 
                        Congress; or
                            (ii) is released from the custody of the 
                        Bureau of Prisons (other than to the custody of 
                        a State to serve a term of imprisonment for a 
                        felony conviction).
                    (B) Misdemeanor conviction.--In the case of such an 
                individual who has been convicted of a misdemeanor, the 
                notification required under paragraph (1) shall be 
                given on the date on which such individual is sentenced 
                by a State court.

SEC. 6. DEFINITIONS.

    For purposes of this Act:
            (1) Correctional institution or facility.--The term 
        ``correctional institution or facility'' means any prison, 
        penitentiary, jail, or other institution or facility for the 
        confinement of individuals convicted of criminal offenses, 
        whether publicly or privately operated, except that such term 
        does not include any residential community treatment center (or 
        similar public or private facility).
            (2) Election.--The term ``election'' means--
                    (A) a general, special, primary, or runoff 
                election;
                    (B) a convention or caucus of a political party 
                held to nominate a candidate;
                    (C) a primary election held for the selection of 
                delegates to a national nominating convention of a 
                political party; or
                    (D) a primary election held for the expression of a 
                preference for the nomination of persons for election 
                to the office of President.
            (3) Federal office.--The term ``Federal office'' means the 
        office of President or Vice President of the United States, or 
        of Senator or Representative in, or Delegate or Resident 
        Commissioner to, the Congress of the United States.
            (4) Probation.--The term ``probation'' means probation, 
        imposed by a Federal, State, or local court, with or without a 
        condition on the individual involved concerning--
                    (A) the individual's freedom of movement;
                    (B) the payment of damages by the individual;
                    (C) periodic reporting by the individual to an 
                officer of the court; or
                    (D) supervision of the individual by an officer of 
                the court.

SEC. 7. RELATION TO OTHER LAWS.

    (a) State Laws Relating to Voting Rights.--Nothing in this Act 
shall be construed to prohibit the States enacting any State law which 
affords the right to vote in any election for Federal office on terms 
less restrictive than those established by this Act.
    (b) Certain Federal Acts.--The rights and remedies established by 
this Act are in addition to all other rights and remedies provided by 
law, and neither rights and remedies established by this Act shall 
supersede, restrict, or limit the application of the Voting Rights Act 
of 1965 (42 U.S.C. 1973 et seq.) or the National Voter Registration Act 
(42 U.S.C. 1973-gg).

SEC. 8. FEDERAL PRISON FUNDS.

    No State, unit of local government, or other person may receive or 
use, to construct or otherwise improve a prison, jail, or other place 
of incarceration, any Federal grant amounts unless that person has in 
effect a program under which each individual incarcerated in that 
person's jurisdiction who is a citizen of the United States is 
notified, upon release from such incarceration, of that individual's 
rights under section 3.

SEC. 9. EFFECTIVE DATE.

    This Act shall apply to citizens of the United States voting in any 
election for Federal office held after the date of the enactment of 
this Act.

Ex Output:

Democracy Restoration Act of 2008 - Declares that the right of a U.S. citizen to vote in any election for federal office shall not be denied or abridged because that individual has been convicted of a criminal offense unless, at the time of the election, such individual is serving a felony sentence in a correctional institution or facility. Provides for enforcement and remedies for violations of this Act.

Specifies that: (1) nothing in this Act shall be construed to prohibit a state from enacting any state law that affords the right to vote in any election for federal office on terms less restrictive than those terms established by this Act; and (2) the rights and remedies established by this Act shall be in addition to all other rights and remedies provided by law, and shall not supersede, restrict, or limit the application of the Voting Rights Act of 1965 or the National Voter Registration Act of 1993. Prohibits any state, unit of local government, or other person from receiving or using any federal grant amounts to construct or improve a place of incarceration unless that person has a program to notify each U.S. citizen incarcerated in that person's jurisdiction, on release from such incarceration, of that individual's rights under this Act.