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.

    This Act may be cited as the ``Pay It Back Act''.

SEC. 2. FINDINGS.

    Congress finds that--
            (1) the Congressional Budget Office estimates that the 
        deficit for this fiscal year will reach $1.6 trillion or 11 
        percent of the Gross Domestic Product;
            (2) this deficit represents the largest relative deficit 
        since the end of World War II;
            (3) the Congressional Budget Office estimates that the 
        fiscal year 2010 deficit will reach $1.4 trillion; and
            (4) given the choice between forcing our children to pay 
        for the national debt and requiring banks and other 
        beneficiaries of the goodwill of the taxpayer to make a down 
        payment now, we choose to help our kids.

SEC. 3. AMENDMENT TO TARP AUTHORIZATION.

    Section 115(a)(3) of the Emergency Economic Stabilization Act of 
2008 (12 U.S.C. 5225(a)(3)) is amended by striking ``outstanding at any 
one time'' and inserting ``, in the aggregate (or such higher amount, 
in the aggregate, as has been obligated or expended under this Act as 
of the date of enactment of the Pay It Back Act)''.

SEC. 4. REPORT.

    Section 106 of the Emergency Economic Stabilization Act of 2008 (12 
U.S.C. 5216) is amended by inserting at the end the following:
    ``(f) Report.--The Secretary of the Treasury shall report to 
Congress every 6 months on amounts received and transferred to the 
general fund under subsection (d).''.

SEC. 5. AMENDMENTS TO HOUSING AND ECONOMIC RECOVERY ACT OF 2008.

    (a) Sale of Fannie Mae Obligations and Securities by the Treasury; 
Deficit Reduction.--Section 304(g)(2) of the Federal National Mortgage 
Association Charter Act (12 U.S.C. 1719(g)(2)) is amended--
            (1) by redesignating subparagraph (C) as subparagraph (D); 
        and
            (2) by inserting after subparagraph (B) the following:
                    ``(C) Deficit reduction.--The Secretary of the 
                Treasury shall--
                            ``(i) deposit in the General Fund of the 
                        Treasury any amounts received by the Secretary 
                        for the sale of any obligation or security 
                        acquired by the Secretary under this 
                        subsection; and
                            ``(ii) ensure that such amounts so 
                        deposited--
                                    ``(I) are dedicated for the sole 
                                purpose of deficit reduction; and
                                    ``(II) are prohibited from use as 
                                an offset for other spending increases 
                                or revenue reductions.''.
    (b) Sale of Freddie Mac Obligations and Securities by the Treasury; 
Deficit Reduction.--Section 306(l)(2) of the Federal Home Loan Mortgage 
Corporation Act (12 U.S.C. 1455(l)(2)) is amended--
            (1) by redesignating subparagraph (C) as subparagraph (D); 
        and
            (2) by inserting after subparagraph (B) the following:
                    ``(C) Deficit reduction.--The Secretary of the 
                Treasury shall--
                            ``(i) deposit in the General Fund of the 
                        Treasury any amounts received by the Secretary 
                        for the sale of any obligation or security 
                        acquired by the Secretary under this 
                        subsection; and
                            ``(ii) ensure that such amounts so 
                        deposited--
                                    ``(I) are dedicated for the sole 
                                purpose of deficit reduction; and
                                    ``(II) are prohibited from use as 
                                an offset for other spending increases 
                                or revenue reductions.''.
    (c) Sale of Federal Home Loan Banks Obligations by the Treasury; 
Deficit Reduction.--Section 11(l)(2) of the Federal Home Loan Bank Act 
(12 U.S.C. 1431(l)(2)) is amended--
            (1) by redesignating subparagraph (C) as subparagraph (D); 
        and
            (2) by inserting after subparagraph (B) the following:
                    ``(C) Deficit reduction.--The Secretary of the 
                Treasury shall--
                            ``(i) deposit in the General Fund of the 
                        Treasury any amounts received by the Secretary 
                        for the sale of any obligation acquired by the 
                        Secretary under this subsection; and
                            ``(ii) ensure that such amounts so 
                        deposited--
                                    ``(I) are dedicated for the sole 
                                purpose of deficit reduction; and
                                    ``(II) are prohibited from use as 
                                an offset for other spending increases 
                                or revenue reductions.''.
    (d) Repayment of Fees.--Any periodic commitment fee or any other 
fee or assessment paid by the Federal National Mortgage Association or 
Federal Home Loan Mortgage Corporation to the Secretary of the Treasury 
as a result of any preferred stock purchase agreement, mortgage-backed 
security purchase program, or any other program or activity authorized 
or carried out pursuant to the authorities granted to the Secretary of 
the Treasury under the amendments made by section 1117 of the Housing 
and Economic Recovery Act of 2008 (Public Law 110-289; 122 Stat. 2683), 
including any fee agreed to by contract between the Secretary and the 
Association or Corporation, shall be deposited in the General Fund of 
the Treasury where such amounts shall be--
            (1) dedicated for the sole purpose of deficit reduction; 
        and
            (2) prohibited from use as an offset for other spending 
        increases or revenue reductions.

SEC. 6. FEDERAL HOUSING FINANCE AGENCY REPORT.

    The Director of the Federal Housing Finance Agency shall submit to 
Congress a report on the plans of the Agency to continue to support and 
maintain the Nation's vital housing industry, while at the same time 
guaranteeing that the American taxpayer will not suffer unnecessary 
losses.

SEC. 7. REPAYMENT OF UNOBLIGATED ARRA FUNDS.

    (a) Rejection of ARRA Funds by State.--Section 1607 of division A 
of the American Recovery and Reinvestment Act of 2009 (Public Law 111-
5; 123 Stat. 303) is amended by adding at the end the following:
    ``(d) Statewide Rejection of Funds.--If funds provided to any State 
in any division of this Act are not accepted for use by the Governor of 
the State pursuant to subsection (a) or by the State legislature 
pursuant to subsection (b), then all such funds shall be--
            ``(1) rescinded; and
            ``(2) deposited in the General Fund of the Treasury, where 
        such amounts shall be--
                    ``(A) dedicated for the sole purpose of deficit 
                reduction; and
                    ``(B) prohibited from use as an offset for other 
                spending increases or revenue reductions.''.
    (b) Withdrawal or Recapture of Unobligated Funds.--Title XVI of 
division A of the American Recovery and Reinvestment Act of 2009 
(Public Law 111-5; 123 Stat. 302) is amended by adding at the end the 
following:

             ``withdrawal or recapture of unobligated funds

    ``Sec. 1613. Notwithstanding any other provision of this Act, if 
the head of any executive agency withdraws or recaptures for any reason 
funds appropriated or otherwise made available under this division, and 
such funds have not been obligated by a State to a local government or 
for a specific project, such recaptured funds shall be--
            ``(1) rescinded; and
            ``(2) deposited in the General Fund of the Treasury, where 
        such amounts shall be--
                    ``(A) dedicated for the sole purpose of deficit 
                reduction; and
                    ``(B) prohibited from use as an offset for other 
                spending increases or revenue reductions.''.
    (c) Return of Unobligated Funds by End of 2012.--Section 1603 of 
division A of the American Recovery and Reinvestment Act of 2009 
(Public Law 111-5; 123 Stat. 302) is amended--
            (1) by striking ``All funds'' and inserting ``(a) In 
        General.--All funds''; and
            (2) by adding at the end the following:
    ``(b) Repayment of Unobligated Funds.--Any discretionary 
appropriations made available in this division that have not been 
obligated as of December 31, 2012, are hereby rescinded, and such 
amounts shall be deposited in the General Fund of the Treasury, where 
such amounts shall be--
            ``(1) dedicated for the sole purpose of deficit reduction; 
        and
            ``(2) prohibited from use as an offset for other spending 
        increases or revenue reductions.
    ``(c) Presidential Waiver Authority.--
            ``(1) In general.--The President may waive the requirements 
        under subsection (b), if the President determines that it is 
        not in the best interest of the Nation to rescind a specific 
        unobligated amount after December 31, 2012.
            ``(2) Requests.--The head of an executive agency may also 
        apply to the President for a waiver from the requirements under 
        subsection (b).''.

SEC. 8. REDUCTION OF STATUTORY LIMIT ON THE PUBLIC DEBT.

    Section 3101 of title 31, United States Code, is amended--
            (1) in subsection (b), by inserting ``minus the aggregate 
        amounts described in subsection (d)'' before ``, outstanding at 
        one time''; and
            (2) by adding at the end the following:
    ``(d) Amounts described in this subsection are any amounts received 
by the Secretary of the Treasury pursuant to--
            ``(1) section 106(d) of the Emergency Economic 
        Stabilization Act of 2008 before, on, or after the date of 
        enactment of this subsection; and
            ``(2) section 304(g) of the Federal National Mortgage 
        Association Charter Act (12 U.S.C. 1719(g)), section 306(l) of 
        the Federal Home Loan Mortgage Corporation Act (12 U.S.C. 
        1455(l)), section 11(l) of the Federal Home Loan Bank Act (12 
        U.S.C. 1431(l)), section 1607(d) of division A of the American 
        Recovery and Reinvestment Act of 2009 (Public Law 111-5), 
        section 1613 of division A of the American Recovery and 
        Reinvestment Act of 2009 (Public Law 111-5), and sections 5(d) 
        and 7(c) of the Pay It Back Act after the date of enactment of 
        this subsection.''.

Output: Pay It Back Act - Amends the Emergency Economic Stabilization Act of 2008 (EESA) to revise the limitation on the authority of the Secretary of the Treasury to purchase troubled assets under the Troubled Asset Relief Program (TARP) to $700 billion outstanding at any one time. Changes the maximum authority to $700 billion, in the aggregate, or such higher amount, in the aggregate, as has been obligated or expended under TARP as of the enactment of this Act.

Requires the Secretary to report to Congress every six months on transfer to the Treasury's General Fund for reduction of the public debt of revenues of, and proceeds from the sale of troubled assets purchased under TARP, or from the sale, exercise, or surrender of warrants or senior debt instruments acquired under TARP.

Amends the Federal National Mortgage Association Charter Act, the Federal Home Loan Mortgage Corporation Act, and the Federal Home Loan Bank Act to require the Secretary to deposit in the Treasury solely for debt reduction any amounts received by the Secretary for the sale of any obligation or security acquired from the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac), or a Federal Home Loan Bank for secondary market operations. Prohibits the use of any such amounts as an offset for other spending increases or revenue reductions.

Requires deposit in the Treasury solely for debt reduction of any periodic commitment fee or any other fee or assessment paid to the Secretary by Fannie Mae or Freddie Mac as a result of any preferred stock purchase agreement, mortgage-backed security purchase program, or any other program or activity under the Housing and Economic Recovery Act of 2008.

Requires the Director of the Federal Housing Finance Agency (FHFA) to report to Congress on FHFA plans to continue to support and maintain the nation's vital housing industry, while at the same time guaranteeing that the American taxpayer will not suffer unnecessary losses.

Amends the American Recovery and Reinvestment Act of 2009 (ARRA) to require: (1) rescission of any ARRA (stimulus) funds offered to but not accepted by the governor or legislature of a state; and (2) their deposit in the Treasury solely for debt reduction. Requires the same treatment for any funds withdrawn or recaptured by an executive agency head which have not been obligated by a state to a local government or for a specific project.

Rescinds for deposit in the Treasury solely for debt reduction specified discretionary appropriations that have not been obligated as of December 31, 2012.

Lowers the statutory limit on the public debt by the amounts the Secretary receives under this Act for deposit in the Treasury solely for debt reduction.


Input: Consider Input: SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

    (a) Short Title.--This Act may be cited as the ``Charitable Giving 
Protection Act of 1995''.
    (b) Table of Contents.--The table of contents for this Act is as 
follows:

Sec. 1. Short title; table of contents.
Sec. 2. Findings.
               TITLE I--AMENDMENTS TO THE SECURITIES LAWS

Sec. 101. Amendment to the Investment Company Act of 1940.
Sec. 102. Amendment to the Securities Act of 1933.
Sec. 103. Amendments to the Securities Exchange Act of 1934.
Sec. 104. Amendment of the Investment Advisers Act of 1940.
Sec. 105. Effective dates and applicability.
               TITLE II--CLARIFICATION OF ANTITRUST LAWS

Sec. 201. Exemption from antitrust laws.
Sec. 202. Effective date and applicability.
SEC. 2. FINDINGS.

    The Congress finds that--
            (1) charities have served a unique and essential role in 
        meeting the needs of the American people;
            (2) charities have healed the sick, fed the hungry, 
        sheltered the needy, and educated our children;
            (3) in order to ensure that charities can continue to meet 
        the needs of the American people, the Federal Government should 
        do everything possible to encourage charitable giving;
            (4) charities should be able to raise funds and invest 
        funds, both on their own and collectively with other charities, 
        without excessive Government intervention or unnecessary legal 
        or regulatory requirements;
            (5) the Congress, in passing the Technical Corrections Act 
        of 1988, differentiated between charitable gift annuities and 
        annuities issued by commercial organizations for profit; and
            (6) unlike commercial annuities, charitable gift annuities 
        are not issued for profit, and their issuance, maintenance, and 
        investment by charities is not subject to the anticompetitive 
        prohibitions of the Federal antitrust laws.

               TITLE I--AMENDMENTS TO THE SECURITIES LAWS

SEC. 101. AMENDMENT TO THE INVESTMENT COMPANY ACT OF 1940.

    Section 3(c) of the Investment Company Act of 1940 (15 U.S.C. 80a-
3(c)) is amended by inserting after paragraph (6) the following new 
paragraph:
            ``(7)(A) Subject to subparagraph (B), a pooled income fund, 
        or any collective trust fund, collective investment fund, or 
        similar fund maintained by a charitable organization 
        exclusively for the collective investment and reinvestment of--
                    ``(i) the general endowment fund or other funds of 
                one or more charitable organizations;
                    ``(ii) assets of a pooled income fund;
                    ``(iii) assets contributed to a charitable 
                organization in exchange for the issuance of charitable 
                gift annuities;
                    ``(iv) assets of a charitable remainder trust or of 
                any other trust, the remainder interests of which are 
                irrevocably dedicated to any charitable organization;
                    ``(v) assets of a charitable lead trust; or
                    ``(vi) assets of a trust not described in clauses 
                (i) through (v), the remainder interests of which are 
                revocably dedicated to a charitable organization.
            ``(B) A fund described in subparagraph (A), and any 
        charitable organization that maintains such a fund, shall be 
        excluded from treatment as an investment company in accordance 
        with this subsection only if--
                    ``(i) each contributor to a pooled income fund and 
                each settlor of a trust described in clause (iv), (v), 
                or (vi) of subparagraph (A) is provided with written 
                information describing the material terms of the 
                instruments governing the operation of the pooled 
                income fund, in the case of a contributor to such fund, 
                or of the fund in which any assets of such pooled 
                income fund or such a trust are invested, by the later 
                of June 30, 1996, or the date of investment in such 
                fund; and
                    ``(ii) each person soliciting gifts, as described 
                in subparagraph (A), that will be administered in any 
                collective trust fund, collective investment fund, or 
                similar fund maintained by a charitable organization is 
                either a volunteer or is employed in the overall 
                fundraising activities of a charitable organization and 
                receives no commissions or other special compensation 
                based on the amount of gifts transferred to such fund.
            ``(C) The exemption provided by subparagraph (A)(vi) shall 
        terminate on December 31, 1998.
            ``(D) For purposes of this paragraph--
                    ``(i) a trust or fund is `maintained' by a 
                charitable organization that serves as a trustee or 
                administrator of the trust or fund or that has the 
                power to remove the trustees or administrators of the 
                trust or fund and to designate new trustees or 
                administrators;
                    ``(ii) the term `pooled income fund' has the same 
                meaning as in section 642(c)(5) of the Internal Revenue 
                Code of 1986;
                    ``(iii) the term `charitable organization' means an 
                organization described in paragraphs (1) through (5) of 
                section 170(c) or section 501(c)(3) of the Internal 
                Revenue Code of 1986;
                    ``(iv) the term `charitable lead trust' means a 
                trust described in section 170(f)(2)(B), 2055(e)(2)(B), 
                or 2522(c)(2)(B) of the Internal Revenue Code of 1986;
                    ``(v) the term `charitable remainder trust' means a 
                charitable remainder annuity trust or a charitable 
                remainder unitrust, as those terms are defined in 
                section 664(d) of the Internal Revenue Code of 1986; 
                and
                    ``(vi) the term `charitable gift annuity' means an 
                annuity issued by a charitable organization that is 
                described in section 501(m)(5) of the Internal Revenue 
                Code of 1986.''.

SEC. 102. AMENDMENT TO THE SECURITIES ACT OF 1933.

    Section 3(a) of the Securities Act of 1933 (15 U.S.C. 77c(a)) is 
amended by adding at the end the following new paragraph:
            ``(13) Any security issued by or any interest or 
        participation in any pooled income fund, collective trust fund, 
        collective investment fund, or similar fund that is deemed not 
        to be an investment company under section 3(c)(7) of the 
        Investment Company Act of 1940.''.
SEC. 103. AMENDMENTS TO THE SECURITIES EXCHANGE ACT OF 1934.

    (a) Exempted Securities.--Section 3(a)(12)(A) of the Securities 
Exchange Act of 1934 (15 U.S.C. 78c(a)(12)(A)) is amended--
            (1) in clause (iv) by striking ``and'' at the end;
            (2) by redesignating clause (v) as clause (vi); and
            (3) by inserting after clause (iv) the following new 
        clause:
                            ``(v) any security issued by or any 
                        interest or participation in any pooled income 
                        fund, collective trust fund, collective 
                        investment fund, or similar fund that is deemed 
                        not to be an investment company under section 
                        3(c)(7) of the Investment Company Act of 1940; 
                        and''.
    (b) Exemption From Broker-Dealer Provisions.--Section 3(a) of the 
Securities Exchange Act of 1934 (15 U.S.C. 78c(c)) is amended by adding 
at the end the following new paragraph:
            ``(54) Charitable organizations.--Notwithstanding any other 
        provision of this title, a charitable organization, as defined 
        in section 3(c)(7) of the Investment Company Act of 1940, or 
        any trust- 
        ee, director, officer, employee, or volunteer of such a 
        charitable organization acting within the scope of such 
        person's employment or duties, shall not be deemed to be a 
        `broker', `dealer', `municipal securities broker', `municipal 
        securities dealer', `government securities broker', or 
        `government securities dealer' for purposes of this title 
        solely because such organization or person buys, holds, sells, 
        or trades in securities for its own account in its capacity as 
        trustee or administrator of, or otherwise on behalf of or for 
        the account of--
                    ``(A) such a charitable organization;
                    ``(B) a fund that is exempt from the provisions of 
                the Investment Company Act of 1940 under section 
                3(c)(7) of that Act; or
                    ``(C) a trust or other donative instrument, the 
                assets of which may be contributed to or invested in 
                such funds in accordance with section 3(c)(7) of the 
                Investment Company Act of 1940, or the settlors (or 
                potential settlors) or beneficiaries of any such trust 
                or other instrument.''.

SEC. 104. AMENDMENT OF THE INVESTMENT ADVISERS ACT OF 1940.

    Section 202(a)(11) of the Investment Advisers Act of 1940 (15 
U.S.C. 80b-2(a)(11)) is amended--
            (1) by striking ``does not include (A) a bank'' and 
        inserting ``does not include--
                    ``(A) a bank'';
            (2) by striking ``(B) any lawyer'' and inserting the 
        following:
                    ``(B) any lawyer'';
            (3) by striking ``(C) any broker'' and inserting the 
        following:
                    ``(C) any broker'';
            (4) by striking ``(D) the publisher'' and inserting the 
        following:
                    ``(D) the publisher'';
            (5) by striking ``(E) any person'' and inserting the 
        following:
                    ``(E) any person'';
            (6) by striking ``or (F) such other'' and inserting the 
        following:
                    ``(G) such other''; and
            (7) by inserting after subparagraph (E) the following new 
        subparagraph:
                    ``(F) any charitable organization, as defined in 
                section 3(c)(7) of the Investment Company Act of 1940, 
                or any trustee, director, officer, employee, or 
                volunteer of such a charitable organization acting 
                within the scope of the employment or duties of such 
                person, whose advice, analyses, or reports are provided 
                only to--
                            ``(i) any such charitable organization;
                            ``(ii) a fund that is exempt from the 
                        Investment Company Act of 1940 under section 
                        3(c)(7) of that Act, or the trustees or 
                        administrators of such fund; or
                            ``(iii) a trust or other donative 
                        instrument, the assets of which may be 
                        contributed to or invested in such fund in 
                        accordance with section 3(c)(7) of the 
                        Investment Company Act of 1940, or the 
                        trustees, administrators, settlors (or 
                        potential settlors), or beneficiaries of any 
                        such trust or other instrument; or''.

SEC. 105. EFFECTIVE DATES AND APPLICABILITY.

    This title and the amendments made by this title shall apply in all 
administrative and judicial actions pending on or commenced after the 
date of enactment of this Act, as a defense to any claim that any 
person, security, interest, or participation of the type described in 
this title and the amendments made by this title is subject to the
 provisions of the Securities Act of 1933, the Securities Exchange Act 
of 1934, the Investment Company Act of 1940, or the Investment Advisers 
Act of 1940, except as otherwise specifically provided in those Acts.

SEC. 106. PREEMPTION OF STATE LAW.

    (a) Registration Requirements.--A security issued by or any 
interest or participation in any pooled income fund, collective trust 
fund, collective investment fund, or similar fund that is exempt from 
the Investment Company Act of 1940 under section 3(c)(7) of that Act, 
and the offer or sale thereof, shall be exempt from any law of a State 
that requires registration or qualification of securities.
    (b) Treatment of Charitable Organizations.--No charitable 
organization, or any trustee, director, officer, employee, or volunteer 
of a charitable organization acting within the scope of such person's 
employment or duties, shall be required to register as, or be subject 
to regulation as, a dealer, broker, agent, or investment adviser under 
the laws of any State solely because such organization or person buys, 
holds, sells, or trades in securities for its own account in its 
capacity as trustee or administrator of, or otherwise on behalf of or 
for the account of--
            (1) a charitable organization;
            (2) a fund that is exempt from the Investment Company Act 
        of 1940 under section 3(c)(7) of that Act; or
            (3) a trust or other donative instrument, the assets of 
        which may be contributed to or invested in such funds in 
        accordance with section 3(c)(7) of the Investment Company Act 
        of 1940, or the settlors (or potential settlors) or 
        beneficiaries of any such trusts or other instruments.
    (c) State Action.--Notwithstanding subsections (a) and (b), during 
the 3-year period beginning on the date of enactment of this Act, a 
State may enact a statute that specifically refers to this section and 
provides prospectively that this section shall not preempt the laws of 
that State referred to in this section.
    (d) Definitions.--For purposes of this section--
            (1) the term ``charitable organization'' means an 
        organization described in paragraphs (1) through (5) of section 
        170(c) or section 501(c)(3) of the Internal Revenue Code of 
        1986;
            (2) the term ``security'' has the same meaning as in 
        section 3 of the Securities Exchange Act of 1934; and
            (3) the term ``State'' means each of the several States of 
        the United States, the District of Columbia, the Commonwealth 
        of Puerto Rico, the Virgin Islands, Guam, American Samoa, and 
        the Commonwealth of the Northern Mariana Islands.

               TITLE II--CLARIFICATION OF ANTITRUST LAWS

SEC. 201. EXEMPTION FROM ANTITRUST LAWS.

    (a) In General.--The activities of a charitable organization 
relating to the issuance, maintenance, or investment of a charitable 
gift annuity are exempt from the application of the antitrust laws.
    (b) Definitions.--For purposes of this section--
            (1) the term ``antitrust laws'' means--
                    (A) the Sherman Act (15 U.S.C. 1 et seq.);
                    (B) the Clayton Act (15 U.S.C. 12 et seq.);
                    (C) the Federal Trade Commission Act (15 U.S.C. 41 
                et seq.); and
                    (D) any State law that is similar to the Acts 
                referred to in subparagraphs (A) through (C).
            (2) the term ``charitable organization'' means an 
        organization described in paragraphs (1) through (5) of section 
        170(c) or section 501(c)(3) of the Internal Revenue Code of 
        1986;
            (3) the term ``charitable gift annuity'' means an annuity 
        issued by a charitable organization that is described in 
        section 501(m)(5) of the Internal Revenue Code of 1986; and
            (4) the term ``State'' means each of the several States of 
        the United States, the District of Columbia, the Commonwealth 
        of Puerto Rico, the Virgin Islands, Guam, American Samoa, and 
        the Commonwealth of the Northern Mariana Islands.
    (c) State Action.--Notwithstanding subsections (a) and (b), during 
the 3-year period beginning on the date of enactment of this Act, a 
State may enact a statute that specifically refers to this section and 
provides prospectively that this section shall not preempt the laws of 
that State referred to in this section.

SEC. 202. EFFECTIVE DATE AND APPLICABILITY.

    The exemption provided for in section 201 shall apply in any 
judicial or administrative action pending on or commenced after the 
date of enactment of this Act and shall serve as a defense to any claim 
that the sale or issuance of a charitable gift annuity is subject to 
any provision of antitrust laws.

Output: TABLE OF CONTENTS: 
     Title I:  Amendments to the Securities Laws 
     Title II:  Clarification of Antitrust Laws 
Charitable Giving Protection Act of 1995 - 
Title I:  Amendments to the Securities Laws
 - Exempts from the jurisdiction of the Investment Company Act of 1940, the Securities Act of 1933, the Securities Exchange Act of 1934, and the Investment Advisers Act of 1940 any security issued by or any interest or participation in any pooled income fund, collective trust fund, collective investment fund, or similar fund deemed not to be an investment company under the Investment Company Act of 1940 (charitable gift annuities). 
Preempts State law to extend the charitable gift annuities exemption from its jurisdiction over:  (1) securities registration or qualification requirements; and (2) any charitable organization regulation. 
Permits a State to enact a statute that specifically refers to this Act and provides prospectively that it does not preempt its laws. 
Title II:  Clarification of Antitrust Laws
 - Exempts charitable gift annuities from application of the antitrust laws.


Input: Consider Input: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Family Dairy Farmer Preservation Act 
of 2003''.

SEC. 2. NATIONAL COUNTER-CYCLICAL INCOME SUPPORT PROGRAM FOR DAIRY 
              PRODUCERS.

    (a) Income Support for Eligible Producers.--During the period 
beginning on the date of the enactment of this Act and ending on 
September 30, 2011, the Secretary shall carry out a program to support 
the income of eligible producers of milk.
    (b) Definitions.--In this section:
            (1) The term ``Board'' means a Regional Dairy Board 
        established under subsection (e).
            (2) The terms ``Class I milk'', ``Class II milk'', ``Class 
        III milk'', and ``Class IV milk'' mean milk (including 
        components of milk) classified as Class I, II, III, or IV milk, 
        respectively, under an order.
            (3) The term ``Class I mover'' means the greater of--
                    (A) the Advanced Class III milk price (as 
                determined under section 1000.50(q)(4)(i) of title 7, 
                Code of Federal Regulations (or a successor 
                regulation)); and
                    (B) the Advanced Class IV milk price (as determined 
                under section 1000.50(q)(4)(ii) of title 7, Code of 
                Federal Regulations (or a successor regulation)).
            (4) The term ``covered processor'' means a milk plant 
        located in a participating State or a milk plant that, while 
        not located in a participating State, distributes Class I milk 
        products in a participating State.
            (5) The term ``District'' means a Regional Dairy District 
        established under subsection (d).
            (6) The term ``eligible producer'' means an individual or 
        entity that directly or indirectly has an interest in the 
        production of milk in a participating State.
            (7) The term ``eligible production'' means the lesser of--
                    (A) the quantity of milk produced by an eligible 
                producer during a month; or
                    (B) 500,000 pounds per month.
            (8) The term ``marketing area'' means a marketing area 
        subject to an order.
            (9) The term ``order'' means an order issued under section 
        8c of the Agricultural Adjustment Act (7 U.S.C. 608c), 
        reenacted with amendments by the Agricultural Marketing 
        Agreement Act of 1937, or a comparable State order, as 
        determined by the Secretary.
            (10) The term ``participating State'' means a State covered 
        by subsection (c).
            (11) The term ``Secretary'' means the Secretary of 
        Agriculture.
            (12) The term ``State'' means each of the 48 contiguous 
        States of the United States.
            (13) The term ``Trust Fund'' means the National Dairy 
        Producers Trust Fund.
    (c) Participating States.--
            (1) Specified states.--The following States are 
        participating States for purposes of the program authorized by 
        this section: Alabama, Arkansas, Connecticut, Delaware, 
        Georgia, Kansas, Kentucky, Louisiana, Maine, Maryland, 
        Massachusetts, Mississippi, Missouri, New Hampshire, New 
        Jersey, New York, North Carolina, Oklahoma, Pennsylvania, Rhode 
        Island, South Carolina, Tennessee, Vermont, Virginia, and West 
        Virginia.
            (2) Other states.--The Governor of a State not specified in 
        paragraph (1) may designate the State as a participating State 
        by providing notice to the Secretary in the manner prescribed 
        by the Secretary.
            (3) Withdrawal.--To withdraw a State from participation in 
        the program, the Governor of the State (with the concurrence of 
        the legislature of the State) shall provide written notice to 
        the Secretary of the withdrawal of the State.
            (4) Effective date of withdrawal.--The withdrawal of a 
        State from participation in the program takes effect--
                    (A) in the case of written notice provided during 
                the 180-day period beginning on the date of the 
                enactment of this Act, on the date on which the notice 
                is provided to the Secretary under paragraph (3); and
                    (B) in the case of written notice provided after 
                such period, on the date that is one year after the 
                date on which the notice is provided to the Secretary 
                under paragraph (3).
            (5) Effect of participation on eligibility for other dairy 
        programs.--Eligible producers operating in a participating 
        State may not receive payments under section 1502 of the Farm 
        Security and Rural Investment Act of 2002 (7 U.S.C. 7982), 
        notwithstanding any contract entered into under subsection (b) 
        of such section before the date of the enactment of this Act. 
        Payments made under such a contract before such date shall not 
        be recovered, but no further payments shall be made under the 
        contract.
    (d) Regional Dairy Districts.--The Secretary shall establish five 
Regional Dairy Districts that are composed of the following 
participating States:
            (1) Northeast district.--A Northeast District consisting of 
        the States of Connecticut, Delaware, Maine, Maryland, 
        Massachusetts, New Hampshire, New Jersey, New York, Ohio, 
        Pennsylvania, Rhode Island, and Vermont.
            (2) Southern district.--A Southern District consisting of 
        the States of Alabama, Arkansas, Florida, Georgia, Kansas, 
        Kentucky, Louisiana, Mississippi, Missouri, Nebraska, New 
        Mexico, North Carolina, Oklahoma, South Carolina, Texas, 
        Tennessee, Virginia, and West Virginia.
            (3) Upper midwest district.--An Upper Midwest District 
        consisting of the States of Illinois, Indiana, Iowa, Michigan, 
        Minnesota, North Dakota, South Dakota, and Wisconsin.
            (4) Intermountain district.--An Intermountain District 
        consisting of the States of Arizona, Colorado, Idaho, Montana, 
        Nevada, Utah, and Wyoming.
            (5) Pacific district.--A Pacific District consisting of the 
        States of California, Oregon, and Washington.
    (e) Regional Dairy Boards.--
            (1) In general.--Each District shall be administered by a 
        Regional Dairy Board.
            (2) Composition.--The Board of a District shall be composed 
        of not less than two, and not more than three, members from 
        each participating State in the District, appointed by the 
        Secretary from nominations submitted by the Governor of the 
        State.
            (3) Nominations.--The Governor of a participating State 
        shall nominate at least five residents of the State to serve on 
        the Board, of which--
                    (A) at least one nominee shall be an eligible 
                producer at the time of nomination; and
                    (B) at least one nominee shall be a consumer 
                representative.
    (f) National Dairy Producers Trust Fund.--
            (1) Establishment and funding.--There is established in the 
        Treasury of the United States a trust fund to be known as the 
        National Dairy Producers Trust Fund, which shall consist of--
                    (A) the payments received by the Secretary and 
                deposited in the Trust Fund under subsection (g); and
                    (B) the payments made by the Secretary to the Trust 
                Fund under subsection (h).
            (2) Expenditures.--Amounts in the Trust Fund shall be 
        available to the Secretary, to the extent provided for in 
        advance in an appropriations Act, to carry out this section.
    (g) Payments From Covered Processors to Trust Fund.--
            (1) Payments required.--During any month for which the 
        Class I mover is less than $14.25, each covered processor that 
        purchases Class I milk during the month that will be sold in a 
        participating State shall pay to the Secretary for deposit in 
        the Trust Fund an amount obtained by multiplying--
                    (A) the difference between $14.25 per hundredweight 
                and the Class I mover; by
                    (B) the quantity of Class I milk purchased from 
                eligible producers during the month.
            (2) Compensatory payments.--The Secretary shall promulgate 
        regulations requiring persons who sell Class I milk into a 
        participating State to make compensatory payments into the 
        Trust Fund with respect to all such milk to the extent 
        necessary to equalize the cost of milk purchased by persons 
        subject to paragraph (1). In no case may a compensatory payment 
        be required on Class I milk on which a payment has been made 
        under paragraph (1).
    (h) Counter-Cyclical Payments From Secretary to Trust Fund.--If the 
average price for Class III milk during a month is less than $13.25 per 
hundredweight, the Secretary shall use the funds, facilities, and 
authorities of the Commodity Credit Corporation (in such amounts as may 
be necessary) to make a payment each month to the Trust Fund in an 
amount determined by multiplying--
            (1) 25 percent of the difference between $13.25 per 
        hundredweight and the weighted average of the price received by 
        producers in each participating State for Class III milk during 
        the month, as determined by the Secretary; by
            (2) the quantity of eligible production of Class II, Class 
        III, and Class IV milk produced in the various participating 
        States during the month, as determined by the Secretary.
    (i) Compensation From Trust Fund for Administrative and Increased 
Food Assistance Costs.--The Secretary shall use amounts in the Trust 
Fund to provide compensation--
            (1) to the Secretary for administrative costs incurred by 
        the Secretary and Boards in carrying out this section;
            (2) to the Secretary to cover the increased cost of any 
        milk and milk products provided under any food assistance 
        program administered by the Secretary that results from 
        carrying out this section; and
            (3) to each State for the increased costs incurred by the 
        State of any milk or milk products provided under the Special 
        Supplemental Nutrition Program for Women, Infants, and Children 
        established by section 17 of the Child Nutrition Act of 1966 
        (42 U.S.C. 1786) that results from carrying out this section
    (j) Payments From Trust Fund to Boards.--
            (1) In general.--The Secretary shall use any amounts in the 
        Trust Fund that remain after providing the compensation 
        required under subsection (i) to make monthly payments to 
        Boards.
            (2) Amount.--The amount of a payment made to a Board of a 
        District for a month under paragraph (1) shall bear the same 
        ratio to payments made to all Boards for the month as the 
        eligible production in the District during the month bears to 
        eligible production sold in all Districts.
    (k) Payments by Boards to Producers.--
            (1) In general.--With the approval of the Secretary, a 
        Board of a District shall use payments received under 
        subsection (j) to make payments to eligible producers for 
        eligible production of milk that is produced in a participating 
        State in the District.
            (2) Limitation.--An eligible producer may not receive 
        payments under this subsection on production in excess of 
        500,000 pounds of milk per month
            (3) Supply management.--In carrying out paragraph (1), a 
        Board of a District may--
                    (A) use a portion of the payments described in 
                paragraph (1) to provide bonuses or other incentives to 
                eligible producers for eligible production to manage 
                the supply of milk produced in the District; and
                    (B) request the Secretary to review a proposed 
                action under subparagraph (A).
            (4) Reimbursement of commodity credit corporation.--
                    (A) In general.--If the Secretary determines that 
                the Commodity Credit Corporation has incurred 
                additional costs in a fiscal year to carry out section 
                1501 of the Farm Security and Rural Investment Act of 
                2002 (7 U.S.C. 7981) as a result of overproduction of 
                milk in a District due solely to the operation of this 
                section in that District, the Secretary shall require 
                the Board of that District to reimburse the Commodity 
                Credit Corporation for the additional costs. The amount 
                of any reimbursement by a Board under this subparagraph 
                is limited to the amount that would otherwise be 
                available to the Board to make payments to producers 
                under subsection (j).
                    (B) Board assessment.--The Board of the District 
                may impose an assessment on producers within 
                participating States in the District to compensate the 
                Commodity Credit Corporation for the additional costs.


Output: Family Dairy Farmer Preservation Act of 2003 - Directs the Secretary of Agriculture to carry out counter-cyclical income support programs for dairy producers in participating States through September 30, 2011. Limits individual or entity payments to 550,000 pounds of milk per month.Sets forth the following participating States: (1) Alabama; (2) Arkansas; (3) Connecticut; (4) Delaware; (5) Georgia; (6) Kansas; (7) Kentucky; (8) Louisiana; (9) Maine; (10) Maryland; (11) Massachusetts; (12) Mississippi; (13) Missouri, (14) New Hampshire; (15) New Jersey; (16) New York; (17) North Carolina; (18) Oklahoma; (19) Pennsylvania; (20) Rhode Island; (21) South Carolina; (22) Tennessee; (23) Vermont; (24) Virginia; and (25) West Virginia. Provides that the Governor of another State may designate the State as a participating State by notifying the Secretary.Makes participating producers ineligible for national dairy market loss payments.Directs the Secretary to establish five Regional Dairy Districts, each of which to be administered by a Regional Dairy Board.Establishes in the Treasury a National Dairy Producers Trust Fund, to be funded by specified processor payments and counter-cyclical payments from the Secretary.States that if the Secretary determines that the Commodity Credit Corporation has incurred additional milk price support costs as a result of overproduction in a District due solely to the operation of the counter-cyclical income support program, the Board of that District shall reimburse the Commodity Credit Corporation for such costs.