In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``One Dollar Coin and Community 
Development Act of 1994''.

SEC. 2. ONE DOLLAR COINS.

    (a) Color and Content.--Section 5112(b) of title 31, United States 
Code, is amended--
            (1) in the 1st sentence, by striking ``dollar,''; and
            (2) by inserting after the 4th sentence, the following new 
        sentence: ``The dollar coin shall be golden in color, have an 
        unreeded edge, have tactile and visual features that make the 
        denomination of the coin readily discernible, be minted and 
        fabricated in the United States, and have such metallic, 
        anticounterfeiting properties as United States clad coinage in 
        circulation on the date of the enactment of the One Dollar Coin 
        and Community Development Act of 1994.''.
    (b) Design of Dollar Coin.--Section 5112(d)(1) of title 31, United 
States Code, is amended by striking the 5th and 6th sentences and 
inserting the following new sentence: ``The Secretary of the Treasury 
shall select an appropriate design for the obverse side of the 
dollar.''.
    (c) Effective Date.--Not later than 18 months after the date of 
enactment of this Act, the Secretary of the Treasury shall place into 
circulation 1 dollar coins authorized under subsection (a)(1) of 
section 5112 of title 31, United States Code, which comply with the 
design requirements of subsections (b) and (d)(1) of such section, as 
amended by subsections (a) and (b) of this section. The Secretary may 
include such coins in any numismatic set produced by the United States 
Mint before the date the coins are placed in circulation.

SEC. 3. CEASING ISSUANCE OF ONE DOLLAR NOTES.

    (a) In General.--After the date that coins described in section 
2(c) are first placed in circulation, no Federal reserve bank may order 
or place into circulation any $1 Federal reserve note.
    (b) Redemption of $1 Notes.--
            (1) In general.--Section 5119(b)(1) of title 31, United 
        States Code, is amended by adding at the end the following new 
        subparagraph:
                    ``(F) Federal reserve notes in the denomination of 
                $1.''.
            (2) Effective date.--
                    (A) In general.--The amendment made by paragraph 
                (1) shall take effect on the date on which coins minted 
                pursuant to the amendments made by section 2 are first 
                placed in circulation.
                    (B) Notice of effective date.--The Secretary of the 
                Treasury shall publish a notice in the Federal Register 
                of the date on which the amendment made by paragraph 
                (1) takes effect in accordance with subparagraph (A) of 
                this paragraph.
    (c) Exception.--The Secretary of the Treasury shall produce only 
such Federal reserve notes of 1 dollar denomination as are required 
from time to time to meet the needs of collectors of this series. Such 
notes shall be produced in sheets and sold by the Secretary, in whole, 
or in part, at a price that exceeds the face value of the currency by 
an amount that, at a minimum, reimburses the Secretary for the cost of 
production.

SEC. 4. RESERVE FUND FOR CIRCULATING COINAGE.

    (a) Establishment.--Section 5111(b) of title 31, United States 
Code, is amended to read as follows:
    ``(b) Coinage Funds.--
            ``(1) Coinage metal fund.--The Secretary of the Treasury--
                    ``(A) shall maintain a coinage metal fund in the 
                Department of the Treasury; and
                    ``(B) may use the fund to buy metal to mint coins.
            ``(2) Circulating coinage reserve fund.--
                    ``(A) Establishment.--The Secretary of the Treasury 
                shall maintain a circulating coinage reserve fund in 
                the Department of the Treasury.
                    ``(B) Credits and debits.--The Secretary shall--
                            ``(i) credit the coinage reserve fund with 
                        the amount by which the nominal value of the 
                        coins minted and placed into circulation under 
                        this subchapter (other than numismatic items) 
                        exceeds the cost of the metal; and
                            ``(ii) charge the account with--
                                    ``(I) the waste incurred in minting 
                                the coins referred to in clause (i); 
                                and
                                    ``(II) the cost of distributing the 
                                coins, including the cost of coin bags 
                                and pallets.
                    ``(C) Availability of funds for community 
                development.--
                            ``(i) In general.--Effective for any fiscal 
                        year only to the extent and in such amounts as 
                        are provided in advance in appropriation Acts, 
                        the Secretary may lend excess amounts in the 
                        circulating coinage reserve fund to the 
                        Community Development Institutions Fund for the 
                        provision of financial assistance by such Fund 
                        through deposits, credit union shares, and 
                        loans in accordance with section 108 of the 
                        Community Development Banking and Financial 
                        Institutions Act of 1994.
                            ``(ii) Terms and conditions.--Any loan by 
                        the Secretary to the Community Development 
                        Institutions Fund in accordance with clause (i) 
                        shall bear such rate of interest and be subject 
                        to such other terms and conditions as the 
                        Secretary determines to be appropriate.
                    ``(D) Investment of balance in account.--Subject to 
                subparagraph (C), the Secretary of the Treasury shall 
                invest excess amounts in the circulating coinage 
                reserve fund in--
                            ``(i) instruments issued by the Secretary 
                        under chapter 31; and
                            ``(ii) other instruments to the extent, and 
                        in such amounts, as may be authorized by law.
                    ``(E) Payment to general fund.--Interest, 
                dividends, and other earnings on investments of the 
                circulating coinage reserve fund, including interest on 
                loans to the Community Development Financial 
                Institutions Fund, shall be paid into the general fund 
                of the Treasury to assist in reducing the deficit.''.
    (b) Termination of Coinage Profit Fund.--The coinage profit fund is 
hereby abolished and any balance in the account as of such termination 
shall be transferred by the Secretary to the circulating coinage 
reserve fund established pursuant to the amendment made by subsection 
(a) as soon as practicable after the date of the enactment of this Act.
One Dollar Coin and Community Development Act of 1994 - Amends Federal monetary law to prescribe specifications for and design of dollar coins, including a golden color. 
Proscribes any issuance of one dollar notes after the date that dollar coins are first placed in circulation.  Prescribes guidelines for the redemption of one dollar notes. 
Directs the Secretary of the Treasury to establish:  (1) a coinage metal fund; and (2) a circulating coinage reserve fund. 
Authorizes the Secretary to lend excess amounts in the circulating coinage reserve fund to the Community Development Institutions Fund to enable it to provide financial assistance.  Mandates that earnings on investments of the circulating coinage reserve fund be paid into the general fund of the Treasury. 
Abolishes the coinage profit fund.  Transfers the balance of its account to the circulating coinage reserve fund.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Skilled Workforce Enhancement Act of 
2001''.

SEC. 2. CREDIT FOR EXPENSES FOR LONG-TERM TRAINING OF EMPLOYEES IN 
              HIGHLY SKILLED SMALL BUSINESS TRADES.

    (a) In General.--Subpart D of part IV of subchapter A of chapter 1 
of the Internal Revenue Code of 1986 (relating to business-related 
credits) is amended by adding at the end the following new section:

``SEC. 45E. EXPENSES FOR LONG-TERM TRAINING OF EMPLOYEES IN HIGHLY 
              SKILLED SMALL BUSINESS TRADES.

    ``(a) General Rule.--For purposes of section 38, in the case of a 
small business employer, the highly skilled trades training credit 
determined under this section for the taxable year is $15,000 for each 
employee having a qualified training year ending with or within such 
taxable year (whether or not such employee is an employee of the 
taxpayer as of the close of such taxable year).
    ``(b) Definitions.--For purposes of this section--
            ``(1) Small business employer.--
                    ``(A) In general.--The term `small business 
                employer' means, with respect to any taxable year, any 
                employer who employed an average of 250 or fewer 
                employees on business days during such taxable year.
                    ``(B) Controlled groups.--For purposes of 
                subparagraph (A), all persons treated as a single 
                employer under subsection (b), (c), (m), or (o) of 
                section 414 shall be treated as a single employer.
            ``(2) Qualified training year.--
                    ``(A) In general.--The term `qualified training 
                year' means each year during the training period in 
                which the employee received at least 1,500 hours of 
                training (including on-the-job training and training at 
                multi-employer training facilities) from the taxpayer 
                (or any predecessor) under a qualified training program 
                as an apprentice in any highly skilled trade.
                    ``(B) Highly skilled trades.--For purposes of 
                subparagraph (A), the term `highly skilled trades' 
                means--
                            ``(i) precision machinists,
                            ``(ii) die makers,
                            ``(iii) mold makers,
                            ``(iv) tool and die designers,
                            ``(v) heating, ventilating, air 
                        conditioning, refrigeration, and roofing 
                        contractors,
                            ``(vi) the trade of masonry,
                            ``(vii) plumbers,
                            ``(viii) pipefitters,
                            ``(ix) patternmakers,
                            ``(x) foundry technicians,
                            ``(xi) electricians,
                            ``(xii) recreational marine production and 
                        design workers,
                            ``(xiii) 2-way radio technicians,
                            ``(xiv) welders,
                            ``(xv) shipfitters,
                            ``(xvi) propellor machinists,
                            ``(xvii) electronic instrumentation 
                        specialists, and
                            ``(xviii) other highly skilled trades 
                        specified in regulations prescribed by the 
                        Secretary.
                Such term shall not include any trade if the customary 
                apprenticeship period for such trade is less than 2 
                years.
                    ``(C) Qualified training program.--
                            ``(i) In general.--The term `qualified 
                        training program' means a written plan of study 
                        and training for individuals in, or entering 
                        into, highly skilled trades.
                            ``(ii) Description of programs.--A plan 
                        under clause (i) must be a program described in 
                        one of the following subclauses:
                                    ``(I) An apprenticeship program 
                                registered and certified with the 
                                Secretary of Labor under section 1 of 
                                the National Apprenticeship Act (29 
                                U.S.C. 50).
                                    ``(II) A program licensed, 
                                registered, or certified by the 
                                workforce investment board or 
                                apprenticeship agency or council of a 
                                State or administered in compliance 
                                with apprenticeship laws of a State.
                                    ``(III) A program conducted by a 
                                vocational or technical education 
                                school, community college, or 
                                industrial or trade training 
                                organization.
                                    ``(IV) A program which conforms to 
                                apprentice training programs developed 
                                or administered by an employer trade 
                                group or committee.
                                    ``(V) An industry sponsored or 
                                administered program which is clearly 
                                identified and commonly 
recognized within an industry and which meets the requirements of 
clause (iii).
                            ``(iii) Requirements.--A program meets the 
                        requirements of this clause if such program--
                                    ``(I) is accessible to individuals 
                                without discrimination on the basis of 
                                race, sex, color, religion, or national 
                                origin,
                                    ``(II) provides an overview of the 
                                trade, including the history and modern 
                                developments in such trade,
                                    ``(III) provides related 
                                instruction of the fundamental, 
                                intermediate, and advanced skills, 
                                techniques, and materials of the trade,
                                    ``(IV) provides training in math, 
                                measurement, and blueprint reading 
                                skills, if such skills are required in 
                                the trade,
                                    ``(V) provides training on trade 
                                specific tools and equipment,
                                    ``(VI) provides on-the-job training 
                                which allows performance of work under 
                                close supervision of an instructor or 
                                skilled worker, and
                                    ``(VII) provides periodic review 
                                and evaluation of participants to 
                                demonstrate proficiency in skills, 
                                including the use of tests and 
                                assessment of individual and group 
                                projects.
            ``(3) Training period.--The term `training period' means, 
        with respect to an employee, the period--
                    ``(A) beginning on the date that the employee 
                begins employment with the taxpayer as an apprentice in 
                the highly skilled trade, and
                    ``(B) ending on the earlier of--
                            ``(i) the date that such apprenticeship 
                        with the employer ends, or
                            ``(ii) the date which is 4 years after the 
                        date referred to in subparagraph (A).
    ``(c) Coordination With Other Credits.--The amount of credit 
otherwise allowable under sections 51(a) and 1396(a) with respect to 
any employee shall be reduced by the credit allowed by this section 
with respect to such employee.''.
    (b) Credit Made Part of General Business Credit.--Subsection (b) of 
section 38 of such Code is amended by striking ``plus'' at the end of 
paragraph (12), by striking the period at the end of paragraph (13) and 
inserting ``, plus'', and by adding at the end the following new 
paragraph:
            ``(14) in the case of a small business employer (as defined 
        in section 45E(b)), the highly skilled trades training credit 
        determined under section 45E(a).''.
    (c) Denial of Double Benefit.--Section 280C of such Code is amended 
by adding at the end the following new subsection:
    ``(d) Credit for Training Expenses for Employees in Highly Skilled 
Small Business Trades.--No deduction shall be allowed for that portion 
of the expenses otherwise allowable as a deduction for the taxable year 
which is equal to the amount of the credit determined for the taxable 
year under section 45E(a).''.
    (d) Clerical Amendment.--The table of sections for subpart D of 
part IV of subchapter A of chapter 1 of such Code is amended by adding 
at the end the following new item:

                              ``Sec. 45E. Expenses for long-term 
                                        training of employees in highly 
                                        skilled small business 
                                        trades.''.
    (e) Effective Date.--The amendments made by this section shall 
apply to expenses paid or incurred in the taxable years ending after 
the date of the enactment of this Act.
Skilled Workforce Enhancement Act of 2001 - Amends the Internal Revenue Code to provide small employers with a highly skilled trades training credit.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Prompt Notification of Short Sales 
Act''.

SEC. 2. DEFINITIONS.

    For purposes of this Act, the following definitions shall apply:
     (a) Residential Mortgage Loan.--The term ``residential mortgage 
loan'' means any consumer credit transaction that is secured by a 
mortgage, deed of trust, or other equivalent consensual security 
interest on a dwelling or on residential real property that includes a 
dwelling, other than a consumer credit transaction under an open end 
credit plan or an extension of credit relating to a plan described in 
section 101(53D) of title 11, United States Code.
    (b) Securitization Vehicle.--The term ``securitization vehicle'' 
means a trust, special purpose entity, or other legal structure that is 
used to facilitate the issuing of securities, participation 
certificates, or similar instruments backed by or referring to a pool 
of assets that includes residential mortgage loans (or instruments that 
are related to residential mortgage loans, such as credit-linked 
notes).
    (c) Servicer.--The term ``servicer'' has the same meaning as in 
section 129A of the Truth in Lending Act (15 U.S.C. 1639a), as so 
designated by section 1402(a)(1) of Public Law 111-203, except that 
such term includes a person who makes or holds a residential mortgage 
loan (including a pool of residential mortgage loans), if such person 
also services the loan.
    (d) Short Sale.--The term ``short sale'' means the sale of the 
dwelling or residential real property that is subject to the mortgage, 
deed or trust, or other security interest that secures a residential 
mortgage loan that--
            (1) will result in proceeds in an amount that is less than 
        the remaining amount due under the mortgage loan; and
            (2) requires authorization by the securitization vehicle or 
        other investment vehicle or holder of the mortgage loan, or the 
        servicer acting on behalf of such a vehicle or holder.

SEC. 3. PROMPT NOTIFICATIONS AND DECISION REGARDING SHORT SALE.

    (a) Requirement for Prompt Notifications, Decisions.--
            (1) Notifications.--
                    (A) In general.--Each servicer shall provide in 
                writing to a mortgagor of a residential mortgage loan--
                            (i) an acknowledgment of receipt of a 
                        written request of the mortgagor, not later 
                        than 3 days after the date of such receipt;
                            (ii) a notice of any missing or incomplete 
                        information required with respect to such 
                        request, not later than 5 days after the date 
                        of such receipt; and
                            (iii) a definitive response to such request 
                        approving or denying such request, not later 
                        than 30 days after the date of such receipt.
                    (B) Exceptional circumstances.--In any case in 
                which a servicer is unable to provide a decision with 
                respect to a written request of a mortgagor of a 
                residential mortgage loan during the 30-day period 
                required by subparagraph (A), such period may be 
                extended to not later than 60 days after the date of 
                receipt of a completed application, except that the 
                servicer shall, verbally or in writing--
                            (i) notify the mortgagor during the initial 
                        30-day period that the application is still 
                        under review; and
                            (ii) each week thereafter provide to the 
                        mortgagor a status update indicating the 
                        reasons why a decision is pending beyond the 
                        required 30-day period.
                    (C) Applicability.--Subparagraph (A) shall apply, 
                except as provided in subsection (b), and 
                notwithstanding any other provision of law or of any 
                contract, including a contract between a servicer of a 
                residential mortgage loan and a securitization vehicle 
                or other investment vehicle.
                    (D) Content.--A written response by a servicer 
                under subparagraph (A) shall specify a decision on 
                whether such request has been denied, approved, or that 
                such request has been approved subject to specified 
                changes.
            (2) Mortgagor submission.--Paragraph (1) shall apply in any 
        case in which the mortgagor under a residential mortgage loan 
        submits to the servicer thereof--
                    (A) a written offer for a short sale of the 
                dwelling or residential real property that is subject 
                to the mortgage, deed of trust, or other security 
                interest that secures the mortgage loan; and
                    (B) all information required by the servicer in 
                connection with such a request (including a copy of an 
                executed contract between the owner of the dwelling or 
                property and the prospective buyer that is subject to 
                approval by the servicer).
            (3) Civil actions authorized.--An aggrieved individual may 
        bring an action in a court of competent jurisdiction, asserting 
        a violation of this Act. Aggrieved individuals may be awarded 
        all appropriate relief, including equitable relief, and a 
        monetary award of $1,000 per violation, plus reasonable 
        attorneys' fees, or such higher amount as may be appropriate in 
        the case of an established pattern or practice of such 
        failures.
    (b) Inapplicability to Certain Existing Mortgages.--Subsection (a) 
shall not apply with respect to any residential mortgage with respect 
to which the mortgagor and the mortgagee or servicer have entered into 
a written agreement before the date of enactment of this Act explicitly 
providing a procedure or terms for approval of a short sale.
    (c) Treatment of Other Time Limits.--This section may not be 
construed to preempt, annul, or otherwise affect any other provision of 
law or of any contract or program that provides a shorter period than 
is provided under subsection (a) for a decision by the servicer of a 
residential mortgage loan regarding a short sale of the dwelling or 
residential real property that is subject to the mortgage, deed or 
trust, or other security interest that secures the mortgage loan.

Prompt Notification of Short Sales Act - Requires each servicer of a home mortgage to provide in writing to a mortgagor of a residential mortgage loan specified prompt notifications and decisions regarding a written request of the mortgagor for a short sale of the dwelling or residential real property that is subject to the mortgage, deed of trust, or other security interest securing the mortgage loan. Authorizes an aggrieved individual to bring a civil action for equitable relief and a monetary award of $1,000 for any violation of this Act.  Declares this Act inapplicable to certain residential mortgages entered into before its enactment whose mortgage agreements explicitly provide a procedure or terms for a short sale approval