instruction:
In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
question:
SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Animal Welfare Accountability and 
Transparency Act''.

SEC. 2. PUBLIC AVAILABILITY OF REGULATORY RECORDS.

    Notwithstanding any other provision of law, not later than 90 days 
after the date of enactment of this Act, the Secretary of Agriculture 
(referred to in this section as the ``Secretary'') shall maintain and 
promptly make available to the public in an online searchable database 
in a machine-readable format on the website of the Department of 
Agriculture information relating to the administration of the Animal 
Welfare Act (7 U.S.C. 2131 et seq.) and the Horse Protection Act (15 
U.S.C. 1821 et seq.), including--
            (1) the entirety of each report of any inspection 
        conducted, and record of any enforcement action taken, under--
                    (A) either of those Acts; or
                    (B) any regulation issued under those Acts;
            (2) with respect to the Animal Welfare Act--
                    (A) the entirety of each annual report submitted by 
                a research facility under section 13 of that Act (7 
                U.S.C. 2143); and
                    (B) the name, address, and license or registration 
                number of each research facility, exhibitor, dealer, 
                and other person or establishment--
                            (i) licensed by the Secretary under section 
                        3 or 12 of that Act (7 U.S.C. 2133, 2142); or
                            (ii) registered with the Secretary under 
                        section 6 of that Act (7 U.S.C. 2136); and
            (3) with respect to the Horse Protection Act, the name and 
        address of--
                    (A) any person that is licensed to conduct any 
                inspection under section 4(c) of that Act (15 U.S.C. 
                1823(c)); or
                    (B) any organization or association that is 
                licensed by the Department of Agriculture to promote 
                horses through--
                            (i) the showing, exhibiting, sale, auction, 
                        or registry of horses; or
                            (ii) the conduct of any activity that 
                        contributes to the advancement of horses.

SEC. 3. USE OF ALTERNATIVE DEPRECIATION SYSTEM FOR TAXPAYERS VIOLATING 
              CERTAIN ANIMAL PROTECTION RULES.

    (a) In General.--Section 168(g)(1) of the Internal Revenue Code of 
1986 is amended by striking ``and'' at the end of subparagraph (D), by 
inserting ``and'' at the end of subparagraph (E), and by inserting 
after subparagraph (E) the following new subparagraph:
                    ``(F) any property placed in service by a 
                disqualified taxpayer during an applicable period,''.
    (b) Definitions.--Section 168(g) of the Internal Revenue Code of 
1986 is amended by adding at the end the following new paragraph:
            ``(8) Disqualified taxpayer; applicable period.--For 
        purposes of paragraph (1)(F)--
                    ``(A) Disqualified taxpayer.--
                            ``(i) In general.--The term `disqualified 
                        taxpayer' means any taxpayer if such taxpayer--
                                    ``(I) has been assessed a civil 
                                penalty under section 19(b) of the 
                                Animal Welfare Act (7 U.S.C. 2149(b)) 
                                or section 6(b) of the Horse Protection 
                                Act (15 U.S.C. 1825(b)) and either the 
                                period for seeking judicial review of 
                                the final agency action has lapsed or 
                                there has been a final judgment with 
                                respect to an appeal of such 
                                assessment, or
                                    ``(II) has been convicted under 
                                section 19(d) of the Animal Welfare Act 
                                (7 U.S.C. 2149(d)) or section 6(a) of 
                                the Horse Protection Act (15 U.S.C. 
                                1825(a)) and there is a final judgment 
                                with respect to such conviction.
                            ``(ii) Aggregation rules.--All persons 
                        treated as a single employer under subsection 
                        (a) or (b) of section 52, or subsection (m) or 
                        (o) of section 414, shall be treated as one 
                        taxpayer for purposes of this subparagraph.
                    ``(B) Applicable period.--The term `applicable 
                period' means, with respect to any violation described 
                in subparagraph (A), the 5-taxable-year period 
                beginning with the taxable year in which the period for 
                seeking judicial review of a civil penalty described in 
                subparagraph (A)(i) has lapsed or in which there has 
                been a final judgment entered with respect to the 
                violation, whichever is earlier.''.
    (c) Conforming Amendment.--The last sentence of section 179(d)(1) 
is amended by inserting ``or any property placed in service by a 
disqualified taxpayer (as defined in section 168(g)(8)(A)) during an 
applicable period (as defined in section 168(g)(8)(B))'' after 
``section 50(b)''.
    (d) Effective Date.--The amendments made by this section shall 
apply to property placed in service in taxable years beginning after 
the date of the enactment of this section.
answer:
Animal Welfare Accountability and Transparency Act  This bill requires the Department of Agriculture (USDA) to maintain and publicly disclose records relating to the administration of the Animal Welfare Act and the Horse Protection Act, including specified details regarding inspections, enforcement actions, regulations, registrations, and licenses under the two laws. Within 90 days of the enactment of this bill, USDA must make the records available to the public in an online searchable database in a machine-readable format on its website.  The bill also amends the Internal Revenue Code to require a taxpayer who has been convicted or assessed civil penalties for violating certain provisions of the Animal Welfare Act or the Horse Protection Act to use the alternative depreciation system that increases the number of years over which property is depreciated. The taxpayer must use the system for any property placed in service during the five-year period beginning with the year in which the period for seeking judicial review of a civil penalty has lapsed or in which there has been a final judgment entered with respect to the violation, whichever is earlier. 


question:
SECTION 1. PERMANENT EXTENSION OF ESTATE TAX AS IN EFFECT IN 2009.

    (a) Restoration of Unified Credit Against Gift Tax.--Paragraph (1) 
of section 2505(a) (relating to general rule for unified credit against 
gift tax), after the application of subsection (f), is amended by 
striking ``(determined as if the applicable exclusion amount were 
$1,000,000)''.
    (b) Exclusion Equivalent of Unified Credit Equal to $3,500,000.--
Subsection (c) of section 2010 of the Internal Revenue Code of 1986 
(relating to unified credit against estate tax) is amended to read as 
follows:
    ``(c) Applicable Credit Amount.--
            ``(1) In general.--For purposes of this section, the 
        applicable credit amount is the amount of the tentative tax 
        which would be determined under section 2001(c) if the amount 
        with respect to which such tentative tax is to be computed were 
        equal to the applicable exclusion amount.
            ``(2) Applicable exclusion amount.--
                    ``(A) In general.--For purposes of this subsection, 
                the applicable exclusion amount is $3,500,000.
                    ``(B) Inflation adjustment.--In the case of any 
                decedent dying in a calendar year after 2010, the 
                dollar amount in subparagraph (A) shall be increased by 
                an amount equal to--
                            ``(i) such dollar amount, multiplied by
                            ``(ii) the cost-of-living adjustment 
                        determined under section 1(f)(3) for such 
                        calendar year by substituting `calendar year 
                        2009' for `calendar year 1992' in subparagraph 
                        (B) thereof.
                If any amount as adjusted under the preceding sentence 
                is not a multiple of $10,000, such amount shall be 
                rounded to the nearest multiple of $10,000.''.
    (c) Maximum Estate Tax Rate Equal to 45 Percent.--
            (1) In general.--Subsection (c) of section 2001 of the 
        Internal Revenue Code of 1986 (relating to imposition and rate 
        of tax) is amended--
                    (A) by striking ``but not over $2,000,000'' in the 
                table contained in paragraph (1),
                    (B) by striking the last 2 items in such table,
                    (C) by striking ``(1) in general.--'', and
                    (D) by striking paragraph (2).
            (2) Conforming amendment.--Paragraphs (1) and (2) of 
        section 2102(b) of such Code are amended to read as follows:
            ``(1) In general.--A credit in an amount that would be 
        determined under section 2010 as the applicable credit amount 
        if the applicable exclusion amount were $60,000 shall be 
        allowed against the tax imposed by section 2101.
            ``(2) Residents of possessions of the united states.--In 
        the case of a decedent who is considered to be a `nonresident 
        not a citizen of the United States' under section 2209, the 
        credit allowed under this subsection shall not be less than the 
        proportion of the amount that would be determined under section 
        2010 as the applicable credit amount if the applicable 
        exclusion amount were $175,000 which the value of that part of 
        the decedent's gross estate which at the time of the decedent's 
        death is situated in the United States bears to the value of 
        the decedent's entire gross estate, wherever situated.''.
    (d) Modifications of Estate and Gift Taxes To Reflect Differences 
in Unified Credit Resulting From Different Tax Rates.--
            (1) Estate tax.--
                    (A) In general.--Section 2001(b)(2) of the Internal 
                Revenue Code of 1986 (relating to computation of tax) 
                is amended by striking ``if the provisions of 
                subsection (c) (as in effect at the decedent's death)'' 
                and inserting ``if the modifications described in 
                subsection (g)''.
                    (B) Modifications.--Section 2001 of such Code is 
                amended by adding at the end the following new 
                subsection:
    ``(g) Modifications to Gift Tax Payable To Reflect Different Tax 
Rates.--For purposes of applying subsection (b)(2) with respect to 1 or 
more gifts, the rates of tax under subsection (c) in effect at the 
decedent's death shall, in lieu of the rates of tax in effect at the 
time of such gifts, be used both to compute--
            ``(1) the tax imposed by chapter 12 with respect to such 
        gifts, and
            ``(2) the credit allowed against such tax under section 
        2505, including in computing--
                    ``(A) the applicable credit amount under section 
                2505(a)(1), and
                    ``(B) the sum of the amounts allowed as a credit 
                for all preceding periods under section 2505(a)(2).
        For purposes of paragraph (2)(A), the applicable credit amount 
        for any calendar year before 1998 is the amount which would be 
        determined under section 2010(c) if the applicable exclusion 
        amount were the dollar amount under section 6018(a)(1) for such 
        year.''.
            (2) Gift tax.--Section 2505(a) of such Code (relating to 
        unified credit against gift tax) is amended by adding at the 
        end the following new flush sentence:
``For purposes of applying paragraph (2) for any calendar year, the 
rates of tax in effect under section 2502(a)(2) for such calendar year 
shall, in lieu of the rates of tax in effect for preceding calendar 
periods, be used in determining the amounts allowable as a credit under 
this section for all preceding calendar periods.''.
    (e) Effective Date.--The amendments made by this section shall 
apply to estates of decedents dying, generation-skipping transfers, and 
gifts made, after December 31, 2009.
    (f) Additional Modifications to Estate Tax.--
            (1) In general.--The following provisions of the Economic 
        Growth and Tax Relief Reconciliation Act of 2001, and the 
        amendments made by such provisions, are hereby repealed:
                    (A) Subtitles A and E of title V.
                    (B) Subsection (d), and so much of subsection 
                (f)(3) as relates to subsection (d), of section 511.
                    (C) Paragraph (2) of subsection (b), and paragraph 
                (2) of subsection (e), of section 521.
        The Internal Revenue Code of 1986 shall be applied as if such 
        provisions and amendments had never been enacted.
            (2) Sunset not to apply.--
                    (A) Subsection (a) of section 901 of the Economic 
                Growth and Tax Relief Reconciliation Act of 2001 is 
                amended by striking ``this Act'' and all that follows 
                and inserting ``this Act (other than title V) shall not 
                apply to taxable, plan, or limitation years beginning 
                after December 31, 2010.''.
                    (B) Subsection (b) of such section 901 is amended 
                by striking ``, estates, gifts, and transfers''.
            (3) Repeal of deadwood.--
                    (A) Sections 2011, 2057, and 2604 of the Internal 
                Revenue Code of 1986 are hereby repealed.
                    (B) The table of sections for part II of subchapter 
                A of chapter 11 of such Code is amended by striking the 
                item relating to section 2011.
                    (C) The table of sections for part IV of subchapter 
                A of chapter 11 of such Code is amended by striking the 
                item relating to section 2057.
                    (D) The table of sections for subchapter A of 
                chapter 13 of such Code is amended by striking the item 
                relating to section 2604.

SEC. 2. UNIFIED CREDIT INCREASED BY UNUSED UNIFIED CREDIT OF DECEASED 
              SPOUSE.

    (a) In General.--Section 2010(c) of the Internal Revenue Code of 
1986, as amended by section 1(b), is amended by striking paragraph (2) 
and inserting the following new paragraphs:
            ``(2) Applicable exclusion amount.--For purposes of this 
        subsection, the applicable exclusion amount is the sum of--
                    ``(A) the basic exclusion amount, and
                    ``(B) in the case of a surviving spouse, the 
                aggregate deceased spousal unused exclusion amount.
            ``(3) Basic exclusion amount.--
                    ``(A) In general.--For purposes of this subsection, 
                the basic exclusion amount is $3,500,000.
                    ``(B) Inflation adjustment.--In the case of any 
                decedent dying in a calendar year after 2010, the 
                dollar amount in subparagraph (A) shall be increased by 
                an amount equal to--
                            ``(i) such dollar amount, multiplied by
                            ``(ii) the cost-of-living adjustment 
                        determined under section 1(f)(3) for such 
                        calendar year by substituting `calendar year 
                        2009' for `calendar year 1992' in subparagraph 
                        (B) thereof.
                If any amount as adjusted under the preceding sentence 
                is not a multiple of $10,000, such amount shall be 
                rounded to the nearest multiple of $10,000.
            ``(4) Aggregate deceased spousal unused exclusion amount.--
        For purposes of this subsection, the term `aggregate deceased 
        spousal unused exclusion amount' means the lesser of--
                    ``(A) the basic exclusion amount, or
                    ``(B) the sum of the deceased spousal unused 
                exclusion amounts computed with respect to each 
                deceased spouse of the surviving spouse.
            ``(5) Deceased spousal unused exclusion amount.--For 
        purposes of this subsection, the term `deceased spousal unused 
        exclusion amount' means, with respect to the surviving spouse 
        of any deceased spouse dying after December 31, 2009, the 
        excess (if any) of--
                    ``(A) the basic exclusion amount of the deceased 
                spouse, over
                    ``(B) the amount with respect to which the 
                tentative tax is determined under section 2001(b)(1) on 
                the estate of such deceased spouse.
            ``(6) Special rules.--
                    ``(A) Election required.--A deceased spousal unused 
                exclusion amount may not be taken into account by a 
                surviving spouse under paragraph (5) unless the 
                executor of the estate of the deceased spouse files an 
                estate tax return on which such amount is computed and 
                makes an election on such return that such amount may 
                be so taken into account. Such election, once made, 
                shall be irrevocable. No election may be made under 
                this subparagraph if such return is filed after the 
                time prescribed by law (including extensions) for 
                filing such return.
                    ``(B) Examination of prior returns after expiration 
                of period of limitations with respect to deceased 
                spousal unused exclusion amount.--Notwithstanding any 
                period of limitation in section 6501, after the time 
                has expired under section 6501 within which a tax may 
                be assessed under chapter 11 or 12 with respect to a 
                deceased spousal unused exclusion amount, the Secretary 
                may examine a return of the deceased spouse to make 
                determinations with respect to such amount for purposes 
                of carrying out this subsection.
            ``(7) Regulations.--The Secretary shall prescribe such 
        regulations as may be necessary or appropriate to carry out 
        this subsection.''.
    (b) Conforming Amendments.--
            (1) Paragraph (1) of section 2505(a) of the Internal 
        Revenue Code of 1986, as amended by section 1(a), is amended to 
        read as follows:
            ``(1) the applicable credit amount in effect under section 
        2010(c) which would apply if the donor died as of the end of 
        the calendar year, reduced by''.
            (2) Section 2631(c) of such Code is amended by striking 
        ``the applicable exclusion amount'' and inserting ``the basic 
        exclusion amount''.
            (3) Section 6018(a)(1) of such Code is amended by striking 
        ``applicable exclusion amount'' and inserting ``basic exclusion 
        amount''.
    (c) Effective Date.--The amendments made by this section shall 
apply to estates of decedents dying, generation-skipping transfers, and 
gifts made, after December 31, 2009.

SEC. 3. SENSE OF THE SENATE REGARDING REVENUE NEUTRALITY.

    It is the sense of the Senate that any reduction in Federal 
revenues resulting from the provisions of, and amendments made by, this 
Act should be fully offset.
answer:
Amends the Internal Revenue Code to: (1) establish a permanent estate tax exclusion of $3.5 million ($7 million for married couples filing joint tax returns) and a maximum 45% tax rate for decedents dying, generation-skipping transfers, and gifts made, after December 31, 2009; (2) allow an annual inflation adjustment to the exclusion amount after 2010; and (3) allow a surviving spouse an increase in the estate tax exclusion by the unused exclusion amount of a deceased spouse.

Expresses the sense of the Senate that any reduction in federal revenues resulting from this Act should be fully offset.


question:
SECTION 1. SHORT TITLE.
    This Act may be cited as the ``SEC Small Business Advocate Act of 
2016''.
SEC. 2. ESTABLISHMENT OF OFFICE OF THE ADVOCATE FOR SMALL BUSINESS 
CAPITAL FORMATION AND SMALL BUSINESS CAPITAL FORMATION ADVISORY 
COMMITTEE.
    (a) Office of the Advocate for Small Business Capital Formation.--
Section 4 of the Securities Exchange Act of 1934 (15 U.S.C. 78d) is 
amended by adding at the end the following:
    ``(j) Office of the Advocate for Small Business Capital 
Formation.--
        ``(1) Office established.--There is established within the 
    Commission the Office of the Advocate for Small Business Capital 
    Formation (hereafter in this subsection referred to as the 
    `Office').
        ``(2) Advocate for small business capital formation.--
            ``(A) In general.--The head of the Office shall be the 
        Advocate for Small Business Capital Formation, who shall--
                ``(i) report directly to the Commission; and
                ``(ii) be appointed by the Commission, from among 
            individuals having experience in advocating for the 
            interests of small businesses and encouraging small 
            business capital formation.
            ``(B) Compensation.--The annual rate of pay for the 
        Advocate for Small Business Capital Formation shall be equal to 
        the highest rate of annual pay for other senior executives who 
        report directly to the Commission.
            ``(C) No current employee of the commission.--An individual 
        may not be appointed as the Advocate for Small Business Capital 
        Formation if the individual is currently employed by the 
        Commission.
        ``(3) Staff of office.--The Advocate for Small Business Capital 
    Formation, after consultation with the Commission, may retain or 
    employ independent counsel, research staff, and service staff, as 
    the Advocate for Small Business Capital Formation determines to be 
    necessary to carry out the functions of the Office.
        ``(4) Functions of the advocate for small business capital 
    formation.--The Advocate for Small Business Capital Formation 
    shall--
            ``(A) assist small businesses and small business investors 
        in resolving significant problems such businesses and investors 
        may have with the Commission or with self-regulatory 
        organizations;
            ``(B) identify areas in which small businesses and small 
        business investors would benefit from changes in the 
        regulations of the Commission or the rules of self-regulatory 
        organizations;
            ``(C) identify problems that small businesses have with 
        securing access to capital, including any unique challenges to 
        minority-owned and women-owned small businesses;
            ``(D) analyze the potential impact on small businesses and 
        small business investors of--
                ``(i) proposed regulations of the Commission that are 
            likely to have a significant economic impact on small 
            businesses and small business capital formation; and
                ``(ii) proposed rules that are likely to have a 
            significant economic impact on small businesses and small 
            business capital formation of self-regulatory organizations 
            registered under this title;
            ``(E) conduct outreach to small businesses and small 
        business investors, including through regional roundtables, in 
        order to solicit views on relevant capital formation issues;
            ``(F) to the extent practicable, propose to the Commission 
        changes in the regulations or orders of the Commission and to 
        Congress any legislative, administrative, or personnel changes 
        that may be appropriate to mitigate problems identified under 
        this paragraph and to promote the interests of small businesses 
        and small business investors;
            ``(G) consult with the Investor Advocate on proposed 
        recommendations made under subparagraph (F); and
            ``(H) advise the Investor Advocate on issues related to 
        small businesses and small business investors.
        ``(5) Access to documents.--The Commission shall ensure that 
    the Advocate for Small Business Capital Formation has full access 
    to the documents and information of the Commission and any self-
    regulatory organization, as necessary to carry out the functions of 
    the Office.
        ``(6) Annual report on activities.--
            ``(A) In general.--Not later than December 31 of each year 
        after 2015, the Advocate for Small Business Capital Formation 
        shall submit to the Committee on Banking, Housing, and Urban 
        Affairs of the Senate and the Committee on Financial Services 
        of the House of Representatives a report on the activities of 
        the Advocate for Small Business Capital Formation during the 
        immediately preceding fiscal year.
            ``(B) Contents.--Each report required under subparagraph 
        (A) shall include--
                ``(i) appropriate statistical information and full and 
            substantive analysis;
                ``(ii) information on steps that the Advocate for Small 
            Business Capital Formation has taken during the reporting 
            period to improve small business services and the 
            responsiveness of the Commission and self-regulatory 
            organizations to small business and small business investor 
            concerns;
                ``(iii) a summary of the most serious issues 
            encountered by small businesses and small business 
            investors, including any unique issues encountered by 
            minority-owned and women-owned small businesses and their 
            investors, during the reporting period;
                ``(iv) an inventory of the items summarized under 
            clause (iii) (including items summarized under such clause 
            for any prior reporting period on which no action has been 
            taken or that have not been resolved to the satisfaction of 
            the Advocate for Small Business Capital Formation as of the 
            beginning of the reporting period covered by the report) 
            that includes--

                    ``(I) identification of any action taken by the 
                Commission or the self-regulatory organization and the 
                result of such action;
                    ``(II) the length of time that each item has 
                remained on such inventory; and
                    ``(III) for items on which no action has been 
                taken, the reasons for inaction, and an identification 
                of any official who is responsible for such action;

                ``(v) recommendations for such changes to the 
            regulations, guidance and orders of the Commission and such 
            legislative actions as may be appropriate to resolve 
            problems with the Commission and self-regulatory 
            organizations encountered by small businesses and small 
            business investors and to encourage small business capital 
            formation; and
                ``(vi) any other information, as determined appropriate 
            by the Advocate for Small Business Capital Formation.
            ``(C) Confidentiality.--No report required by subparagraph 
        (A) may contain confidential information.
            ``(D) Independence.--Each report required under 
        subparagraph (A) shall be provided directly to the committees 
        of Congress listed in such subparagraph without any prior 
        review or comment from the Commission, any commissioner, any 
        other officer or employee of the Commission, or the Office of 
        Management and Budget.
        ``(7) Regulations.--The Commission shall establish procedures 
    requiring a formal response to all recommendations submitted to the 
    Commission by the Advocate for Small Business Capital Formation, 
    not later than 3 months after the date of such submission.
        ``(8) Government-business forum on small business capital 
    formation.--The Advocate for Small Business Capital Formation shall 
    be responsible for planning, organizing, and executing the annual 
    Government-Business Forum on Small Business Capital Formation 
    described in section 503 of the Small Business Investment Incentive 
    Act of 1980 (15 U.S.C. 80c-1).
        ``(9) Rule of construction.--Nothing in this subsection may be 
    construed as replacing or reducing the responsibilities of the 
    Investor Advocate with respect to small business investors.''.
    (b) Small Business Capital Formation Advisory Committee.--Title I 
of the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) is 
amended by adding at the end the following:
  ``SEC. 40. SMALL BUSINESS CAPITAL FORMATION ADVISORY COMMITTEE.
    ``(a) Establishment and Purpose.--
        ``(1) Establishment.--There is established within the 
    Commission the Small Business Capital Formation Advisory Committee 
    (hereafter in this section referred to as the `Committee').
        ``(2) Functions.--
            ``(A) In general.--The Committee shall provide the 
        Commission with advice on the Commission's rules, regulations, 
        and policies with regard to the Commission's mission of 
        protecting investors, maintaining fair, orderly, and efficient 
        markets, and facilitating capital formation, as such rules, 
        regulations, and policies relate to--
                ``(i) capital raising by emerging, privately held small 
            businesses (`emerging companies') and publicly traded 
            companies with less than $250,000,000 in public market 
            capitalization (`smaller public companies') through 
            securities offerings, including private and limited 
            offerings and initial and other public offerings;
                ``(ii) trading in the securities of emerging companies 
            and smaller public companies; and
                ``(iii) public reporting and corporate governance 
            requirements of emerging companies and smaller public 
            companies.
            ``(B) Limitation.--The Committee shall not provide any 
        advice with respect to any policies, practices, actions, or 
        decisions concerning the Commission's enforcement program.
    ``(b) Membership.--
        ``(1) In general.--The members of the Committee shall be--
            ``(A) the Advocate for Small Business Capital Formation;
            ``(B) not fewer than 10, and not more than 20, members 
        appointed by the Commission, from among individuals--
                ``(i) who represent--

                    ``(I) emerging companies engaging in private and 
                limited securities offerings or considering initial 
                public offerings (`IPO') (including the companies' 
                officers and directors);
                    ``(II) the professional advisors of such companies 
                (including attorneys, accountants, investment bankers, 
                and financial advisors); and
                    ``(III) the investors in such companies (including 
                angel investors, venture capital funds, and family 
                offices);

                ``(ii) who are officers or directors of minority-owned 
            small businesses or women-owned small businesses;
                ``(iii) who represent--

                    ``(I) smaller public companies (including the 
                companies' officers and directors);
                    ``(II) the professional advisors of such companies 
                (including attorneys, auditors, underwriters, and 
                financial advisors); and
                    ``(III) the pre-IPO and post-IPO investors in such 
                companies (both institutional, such as venture capital 
                funds, and individual, such as angel investors); and

                ``(iv) who represent participants in the marketplace 
            for the securities of emerging companies and smaller public 
            companies, such as securities exchanges, alternative 
            trading systems, analysts, information processors, and 
            transfer agents; and
            ``(C) three non-voting members--
                ``(i) one of whom shall be appointed by the Investor 
            Advocate;
                ``(ii) one of whom shall be appointed by the North 
            American Securities Administrators Association; and
                ``(iii) one of whom shall be appointed by the 
            Administrator of the Small Business Administration.
        ``(2) Term.--Each member of the Committee appointed under 
    subparagraph (B), (C)(ii), or (C)(iii) of paragraph (1) shall serve 
    for a term of 4 years.
        ``(3) Members not commission employees.--Members appointed 
    under subparagraph (B), (C)(ii), or (C)(iii) of paragraph (1) shall 
    not be treated as employees or agents of the Commission solely 
    because of membership on the Committee.
    ``(c) Chairman; Vice Chairman; Secretary; Assistant Secretary.--
        ``(1) In general.--The members of the Committee shall elect, 
    from among the members of the Committee--
            ``(A) a chairman;
            ``(B) a vice chairman;
            ``(C) a secretary; and
            ``(D) an assistant secretary.
        ``(2) Term.--Each member elected under paragraph (1) shall 
    serve for a term of 3 years in the capacity for which the member 
    was elected under paragraph (1).
    ``(d) Meetings.--
        ``(1) Frequency of meetings.--The Committee shall meet--
            ``(A) not less frequently than four times annually, at the 
        call of the chairman of the Committee; and
            ``(B) from time to time, at the call of the Commission.
        ``(2) Notice.--The chairman of the Committee shall give the 
    members of the Committee written notice of each meeting, not later 
    than 2 weeks before the date of the meeting.
    ``(e) Compensation and Travel Expenses.--Each member of the 
Committee who is not a full-time employee of the United States shall--
        ``(1) be entitled to receive compensation at a rate not to 
    exceed the daily equivalent of the annual rate of basic pay in 
    effect for a position at level V of the Executive Schedule under 
    section 5316 of title 5, United States Code, for each day during 
    which the member is engaged in the actual performance of the duties 
    of the Committee; and
        ``(2) while away from the home or regular place of business of 
    the member in the performance of services for the Committee, be 
    allowed travel expenses, including per diem in lieu of subsistence, 
    in the same manner as persons employed intermittently in the 
    Government service are allowed expenses under section 5703 of title 
    5, United States Code.
    ``(f) Staff.--The Commission shall make available to the Committee 
such staff as the chairman of the Committee determines are necessary to 
carry out this section.
    ``(g) Review by Commission.--The Commission shall--
        ``(1) review the findings and recommendations of the Committee; 
    and
        ``(2) each time the Committee submits a finding or 
    recommendation to the Commission, promptly issue a public 
    statement--
            ``(A) assessing the finding or recommendation of the 
        Committee; and
            ``(B) disclosing the action, if any, the Commission intends 
        to take with respect to the finding or recommendation.
    ``(h) Federal Advisory Committee Act.--The Federal Advisory 
Committee Act (5 U.S.C. App.) shall not apply with respect to the 
Committee and its activities.''.
    (c) Annual Government-Business Forum on Small Business Capital 
Formation.--Section 503(a) of the Small Business Investment Incentive 
Act of 1980 (15 U.S.C. 80c-1(a)) is amended by inserting ``(acting 
through the Office of the Advocate for Small Business Capital Formation 
and in consultation with the Small Business Capital Formation Advisory 
Committee)'' after ``Securities and Exchange Commission''.

                               Speaker of the House of Representatives.

                            Vice President of the United States and    
                                               President of the Senate.
answer:

(This measure has not been amended since it was passed by the House on February 1, 2016.  SEC Small Business Advocate Act of 2016 (Sec. 2) This bill amends the Securities Exchange Act of 1934 to establish within the Securities and Exchange Commission (SEC) an Office of the Advocate for Small Business Capital Formation. The Advocate for Small Business Capital Formation shall:  assist small businesses and small business investors in resolving significant problems they may have with the SEC or with self-regulatory organizations;   identify areas in which such businesses and investors would benefit from changes in SEC regulations or the rules of such organizations;   identify problems that small businesses have with securing access to capital, including any unique challenges to minority-owned and women-owned small businesses;   analyze the potential impact on such businesses and investors of proposed SEC regulations and proposed rules that are likely to have a significant economic impact on small businesses and small business capital formation;   conduct outreach to such businesses and investors to solicit views on relevant capital formation issues;   propose to the SEC changes in its regulations or orders, and propose to Congress legislative, administrative, or personnel changes, to mitigate problems identified and to promote the interests of such businesses and investors;   consult with the Investor Advocate on such proposals and advise the Investor Advocate on small business-related issues; submit annual reports on its activities to specified congressional committees; and be responsible for planning, organizing, and executing the annual Government-Business Forum on Small Business Capital Formation.  The bill also establishes the Small Business Capital Formation Advisory Committee, which shall provide the SEC with advice on SEC rules, regulations, and policies regarding its mission of protecting investors, maintaining fair, orderly, and efficient markets, and facilitating capital formation, as they relate to:   capital raising by emerging, privately held small businesses and publicly traded companies with less than $250 million in public market capitalization through securities offerings;  trading in the securities of such businesses and companies; and   public reporting and corporate governance requirements of such businesses and companies.  The SEC shall assess the committee's recommendations and disclose any action it intends to take with respect to such recommendations.