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SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Intermodal Safe Container 
Transportation Act Amendments of 1996''.

SEC. 2. REFERENCES TO TITLE 49.

    Except as otherwise expressly provided, whenever in this Act an 
amendment or repeal is expressed in terms of an amendment to, or repeal 
of, a section or other provision, the reference shall be considered to 
be made to a section or other provision of title 49, United States 
Code.

SEC. 3. DEFINITIONS.

    Section 5901 is amended--
            (1) by striking paragraph (1) and inserting the following:
            ``(1) except as otherwise provided in this chapter, the 
        definitions in sections 10102 and 13102 of this title apply.'';
            (2) by redesignating paragraphs (6) and (7) as paragraphs 
        (7) and (8), respectively; and
            (3) by inserting after paragraph (5) the following new 
        paragraph:
            ``(6) `gross cargo weight' means the weight of the cargo, 
        packaging materials (including ice), pallets, and dunnage.''.

SEC. 4. NOTIFICATIONS AND CERTIFICATIONS.

    Section 5902 is amended to read as follows:
``Sec. 5902. Notifications and certifications
    ``(a) Prior Notification.--
            ``(1) In general.--If the first carrier to which any loaded 
        container or trailer having a projected gross cargo weight of 
        more than 29,000 pounds is tendered for intermodal 
        transportation is a motor carrier, the person tendering the 
        container or trailer shall give the motor carrier a 
        notification of the projected gross cargo weight and a 
        reasonable description of the contents of the container or 
        trailer before the tendering of the container or trailer. The 
        notification may be transmitted electronically or by telephone.
            ``(2) Applicability.--This subsection applies to any person 
        within the United States who tenders a container or trailer 
        subject to this chapter for intermodal transportation if the 
        first carrier is a motor carrier.
    ``(b) Certification.--
            ``(1) In general.--A person who tenders a loaded container 
        or trailer with an actual gross cargo weight of more than 
        29,000 pounds, to a first carrier for intermodal transportation 
        shall provide a certification of the contents of the container 
        or trailer in writing, or electronically, before or when the 
        container or trailer is so tendered.
            ``(2) Contents of certification.--The certification 
        required by paragraph (1) shall include the following:
                    ``(A) The actual gross cargo weight.
                    ``(B) A reasonable description of the contents of 
                the container or trailer.
                    ``(C) The identity of the certifying party.
                    ``(D) The container or trailer number.
                    ``(E) The date of certification or transfer of data 
                to another document, as provided for in paragraph (3).
            ``(3) Transfer of certification data.--A carrier who 
        receives a certification may transfer the information contained 
        in the certification to another document or to electronic 
        format for forwarding to a subsequent carrier. The person 
        transferring the information shall state on the forwarded 
        document the date on which the data was transferred and the 
        identity of the party who performed the transfer.
            ``(4) Shipping documents.--For purposes of this chapter, a 
        shipping document, prepared by the person tendering a container 
        or trailer to a first carrier, that contains the information 
        required by paragraph (2) meets the requirements of paragraph 
        (1).
            ``(5) Use of `freight all kinds' term.--The term `Freight 
        All Kinds' or `FAK' may not be used for the purpose of 
        certification under this subsection after December 31, 2000, as 
        a description required under paragraph (2)(B) for a trailer or 
        container if the weight of any commodity in the trailer or 
        container equals or exceeds 20 percent of the total weight of 
the contents of the trailer or container. This subsection does not 
prohibit the use of such term after December 31, 2000, for rating 
purposes.
            ``(6) Separate document marking.--If a separate document is 
        used to meet the requirements of paragraph (1), it shall be 
        conspicuously marked `INTERMODAL CERTIFICATION'.
            ``(7) Applicability.--This subsection applies to any 
        person, domestic or foreign, who first tenders a container or 
        trailer subject to this chapter for intermodal transportation 
        within the United States.
    ``(c) Forwarding Certifications to Subsequent Carriers.--
            ``(1) General rule.--A carrier, agent of a carrier, broker, 
        customs broker, freight forwarder, warehouser, or terminal 
        operator shall forward the certification provided under 
        subsection (b) to a subsequent carrier transporting the 
        container or trailer in intermodal transportation before or 
        when the container or trailer is tendered to the subsequent 
        carrier.
            ``(2) Presumption of no certification required.--If no 
        certification is received by the subsequent carrier before or 
        when the container or trailer is being tendered to it, the 
        subsequent carrier may presume that no certification is 
        required.
            ``(3) Limitation on construction of forwarding.--The act of 
        forwarding the certification may not be construed as a 
        verification or affirmation of the accuracy or completeness of 
        the information in the certification.
            ``(4) Liability.--
                    ``(A) In general.--If a person inaccurately 
                transfers the information on the certification or fails 
                to forward the certification to a subsequent carrier, 
                then that person is liable to any person who incurs any 
                bond, fine, penalty, cost (including storage), or 
                interest charge incurred as a result of the inaccurate 
                transfer of information or failure to forward the 
                certification.
                    ``(B) Lien.--A subsequent carrier incurring a bond, 
                fine, penalty, or cost (including storage), or interest 
                charge as a result of the inaccurate transfer of the 
                information or the failure to forward the certification 
                shall have a lien against the contents of the container 
                or trailer under section 5905 in the amount of the 
                bond, fine, penalty, or cost (including storage), or 
                interest charge and all court costs and legal fees 
                incurred by the carrier as a result of such inaccurate 
                transfer or failure.
            ``(5) Notice to leased operators.--If a motor carrier knows 
        that the gross cargo weight of an intermodal container or 
        trailer subject to the certification requirements of subsection 
        (b) would result in a violation of applicable State gross 
        vehicle weight laws--
                    ``(A) a motor carrier must inform the operator of a 
                vehicle which is leased by the vehicle operator to a 
                motor carrier which transports an intermodal container 
                or trailer of the gross cargo weight of the container 
                or trailer as certified to the motor carrier pursuant 
                to subsection (b);
                    ``(B) the notice must be provided to the operator 
                prior to the operator being tendered the container or 
                trailer;
                    ``(C) the notice required by this subsection must 
                be in writing, but may be transmitted electronically;
                    ``(D) the motor carrier shall bear the burden of 
                proof to establish that it tendered the required notice 
                to the operator; and
                    ``(E) if the operator of a leased vehicle 
                transporting a container or trailer subject to this 
                chapter should receive a fine because of a violation of 
                a State's gross vehicle weight laws or regulations and 
                lessee motor carrier cannot establish that it tendered 
                to the operator the notice required by this section, 
                the operator shall be entitled to reimbursement from 
                the motor carrier of the amount of any fine and court 
                costs resulting from the failure of the motor carrier 
                to tender the notice to the operator.
    ``(d) Liability to Owner or Beneficial Owner.--If--
            ``(1) a person inaccurately transfers information on a 
        certification required by subsection (b)(1) or fails to forward 
        a certification to the subsequent carrier;
            ``(2) as a result of the inaccurate transfer of such 
        information or a failure to forward a certification, the 
        subsequent carrier incurs a bond, fine, penalty, or cost 
        (including storage), or interest charge; and
            ``(3) a subsequent carrier exercises its rights to a lien 
        under section 5905,
then that person is liable to the owner or beneficial owner or to any 
other person paying the amount of the lien to the subsequent carrier 
for the amount of the lien and all costs related to the imposition of 
the lien, including court costs and legal fees incurred in connection 
with imposition of the lien.
    ``(e) Nonapplicability.--
            ``(1) Consolidated shipments.--The notification and 
        certification requirements of subsections (a) and (b) do not 
        apply to any intermodal container or trailer containing 
        consolidated shipments loaded by a motor carrier if that motor 
        carrier--
                    ``(A) performs the highway portion of the 
                intermodal movement; or
                    ``(B) assumes the responsibility for any weight-
                related fine or penalty incurred by any other motor 
                carrier that performs a part of the highway 
                transportation.
            ``(2) Intermodal transportation of loaded containers.--
                    ``(A) In general.--Subsections (a) and (b) and 
                section 5903(c) do not apply to a carrier when the 
                carrier is transferring a loaded container or trailer 
                to another carrier during intermodal transportation, 
                unless the carrier is also the person tendering the 
                loaded container or trailer to the first carrier.
                    ``(B) Special rule.--A carrier, agent of a carrier, 
                broker, customs broker, freight forwarder, warehouser, 
                or terminal operator is deemed not to be a person 
                tendering a loaded container or trailer to a first 
                carrier under this section, unless the carrier, agent, 
                broker, customs broker, freight forwarder, warehouser, 
                or terminal operator assumes legal responsibility for 
                loading property into the container or trailer.''.

SEC. 5. PROHIBITIONS.

    (a) Providing Erroneous Information.--Section 5903(a) is amended by 
inserting ``, to whom section 5902(b) applies,'' after ``A person''.
    (b) Transporting Prior To Receiving Certification.--Section 5903(b) 
is amended to read as follows:
    ``(b) Transporting Prior To Receiving Certification.--
            ``(1) Presumption.--If no certification is received by a 
        motor carrier before or when a loaded intermodal container or 
        trailer is tendered to it, the motor carrier may presume that 
        the gross cargo weight of the container or trailer is less than 
        29,001 pounds.
            ``(2) Copy of certification not required to accompany 
        container or trailer.--Notwithstanding any other provision of 
        this chapter, if a certification is required by section 
        5902(b), a copy of the certification is not required to 
        accompany the intermodal container or trailer.''.
    (c) Unlawful Coercion.--Section 5903(c)(1) is amended by striking 
``10,000 pounds (including packing materials and pallets)'' and 
inserting ``29,000 pounds''.

SEC. 6. LIENS.

    (a) General Rule.--Section 5905(a) is amended to read as follows:
    ``(a) General Rule.--If a person involved in the intermodal 
transportation of a loaded container or trailer for which a 
certification is required by section 5902(b) of this title is required, 
because of a violation of a State's gross vehicle weight laws or 
regulations, to post a bond or pay a fine, penalty, cost (including 
storage), or interest charge resulting from--
            ``(1) erroneous information provided by the certifying 
        party in the certification to the first carrier in violation of 
        section 5903(a),
            ``(2) the failure of the party required to provide the 
        certification to the first carrier to provide it,
            ``(3) the failure of a person required under section 
        5902(c) to forward the certification to forward it, or
            ``(4) an error occurring in the transfer of information on 
        the certification to another document under section 5902(b)(3) 
        or 5902(c),
then the person posting the bond, or paying any fine, penalty, cost 
(including storage), or interest charge has a lien against the contents 
equal to the amount of the bond, fine, penalty, cost (including 
storage), or interest charge incurred, until the person receives a 
payment of that amount from the owner or beneficial owner of the 
contents or from the person responsible for making or forwarding the 
certification or transferring the information from the certification to 
another document.''.
    (b) Limitations.--Section 5905(b)(1) is amended--
            (1) by inserting after ``the first carrier'' the following: 
        ``or the owner or beneficial owner of the contents''; and
            (2) by striking ``cost, or interest.'' and inserting ``cost 
        (including storage), or interest charge. The lien shall remain 
        in effect until the lien holder has received payment for all 
        costs and expenses as described in subsection (a).''.

SEC. 7. PERISHABLE AGRICULTURAL COMMODITIES.

    Section 5906 is amended by striking ``Sections 5904(a)(2) and 5905 
of this title do'' and insert ``Section 5905 does''.

SEC. 8. EFFECTIVE DATE.

    Section 5907 is amended to read as follows:
``Sec. 5907. Effective date
    ``This chapter, as amended by the Intermodal Safe Container 
Transportation Act Amendments of 1996, is effective on the date of the 
enactment of such Act. The provisions of this chapter shall be 
implemented 180 days after such date of enactment.''.

SEC. 9. RELATIONSHIP TO OTHER LAWS.

    (a) In General.--Chapter 59 is amended by adding at the end the 
following new section:
``Sec. 5908. Relationship to other laws
    ``Nothing in this chapter affects--
            ``(1) chapter 51 (relating to transportation of hazardous 
        material) or the regulations issued under that chapter; or
            ``(2) any State highway weight or size law or regulation 
        applicable to tractor-trailer combinations.''.
    (b) Conforming Amendment.--The analysis for such chapter is amended 
by striking the item relating to section 5907 and inserting the 
following:

``5907. Effective date.
``5908. Relationship to other laws.''.

            Passed the House of Representatives September 18, 1996.

            Attest:

                                                ROBIN H. CARLE,

                                                                 Clerk.
Intermodal Safe Container Transportation Act Amendments of 1996 - Amends Federal transportation law to revise the prior notification requirements for intermodal freight transportation. 
Requires a person who tenders to a first carrier that is a motor carrier (currently, any carrier) a container or trailer with a gross cargo weight of more than 29,000 pounds (currently, 10,000 pounds, including packing material and pallets) for intermodal transportation to give prior notification of the cargo weight and a reasonable description of its contents to the motor carrier. 
Allows such notification to be made by telephone, and allows the required certification of the container or trailer contents to be electronic.  Sets forth administrative and civil penalties for persons who inaccurately transfer certification information.  Makes such a person liable to the owner or beneficial owner for any lien filed by a subsequent carrier that incurred a bond, fine, or other penalty as a result of an inaccurate information transfer or a failure to forward a certification. 
Requires a motor carrier that knows that the gross cargo weight of an intermodal container or trailer violates State vehicle weight laws to give notice to the operator of a leased vehicle that transports such items.  Requires the motor carrier to reimburse the operator of the leased vehicle that are fined because of a violation of a State's gross vehicle weight laws. 
Allows a motor carrier to presume that the gross cargo weight of a container or trailer is under 29,001 pounds if it receives no certification before or when a loaded intermodal container or trailer is tendered to it.  Declares that a copy of a certification is not required to accompany the intermodal container or trailer. 
Prohibits a person from coercing a person transporting a loaded container or trailer having a gross cargo weight of more than 29,000 pounds (currently, 10,000 pounds, including packing materials and pallets) before the required certification is provided. 
Adds to the circumstances giving certain persons a lien against the contents of the container or trailer as a result of a violation of a State's gross vehicle weight laws.  Includes among such circumstances:  (1) failure of the party required to provide certification off gross cargo weight to the first carrier to provide it; (2) failure of the party required to forward such certification to forward it; or (3) error in the transfer of information on the certification to another document.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Federal Response to Energy 
Emergencies Act of 2005''.

SEC. 2. UNCONSCIONABLE PRICING OF GASOLINE, OIL, NATURAL GAS, AND 
              PETROLEUM DISTILLATES DURING EMERGENCIES.

    (a) Unconscionable Pricing.--
            (1) In general.--During any energy emergency declared by 
        the President under section 3, it is unlawful for any person to 
        sell crude oil, gasoline, natural gas, or petroleum distillates 
        in, or for use in, the area to which that declaration applies 
        at a price that--
                    (A) is unconscionably excessive; or
                    (B) indicates the seller is taking unfair advantage 
                of the circumstances to increase prices unreasonably.
            (2) Factors considered.--In determining whether a violation 
        of paragraph (1) has occurred, there shall be taken into 
        account, among other factors, whether--
                    (A) the amount charged represents a gross disparity 
                between the price of the crude oil, gasoline, natural 
                gas, or petroleum distillate sold and the price at 
                which it was offered for sale in the usual course of 
                the seller's business immediately prior to the energy 
                emergency; or
                    (B) the amount charged grossly exceeds the price at 
                which the same or similar crude oil, gasoline, natural 
                gas, or petroleum distillate was readily obtainable by 
                other purchasers in the area to which the declaration 
                applies.
            (3) Mitigating factors.--In determining whether a violation 
        of paragraph (1) has occurred, there also shall be taken into 
        account, among other factors, whether the price at which the 
        crude oil, gasoline, natural gas, or petroleum distillate was 
        sold reasonably reflects additional costs, not within the 
        control of the seller, that were paid or incurred by the 
        seller.
    (b) False Pricing Information.--It is unlawful for any person to 
report information related to the wholesale price of crude oil, 
gasoline, natural gas, or petroleum distillates to the Federal Trade 
Commission if--
            (1) that person knew, or reasonably should have known, the 
        information to be false or misleading;
            (2) the information was required by law to be reported; and
            (3) the person intended the false or misleading data to 
        affect data compiled by that department or agency for 
        statistical or analytical purposes with respect to the market 
        for crude oil, gasoline, natural gas, or petroleum distillates.
    (c) Market Manipulation.--It is unlawful for any person, directly 
or indirectly, to use or employ, in connection with the purchase or 
sale of crude oil, gasoline, natural gas, or petroleum distillates at 
wholesale, any manipulative or deceptive device or contrivance, in 
contravention of such rules and regulations as the Federal Trade 
Commission may prescribe as necessary or appropriate in the public 
interest or for the protection of United States citizens.
    (d) Rulemaking.--Not later than 180 days after the date of the 
enactment of this Act, the Federal Trade Commission shall promulgate 
rules necessary and appropriate to enforce this section.

SEC. 3. DECLARATION OF ENERGY EMERGENCY.

    (a) In General.--If the President finds that the health, safety, 
welfare, or economic well-being of the citizens of the United States is 
at risk because of a shortage or imminent shortage of adequate supplies 
of crude oil, gasoline, natural gas, or petroleum distillates due to a 
disruption of the national distribution system for crude oil, gasoline, 
natural gas, or petroleum distillates (including such a shortage 
related to a major disaster (as defined in section 102(2) of the Robert 
T. Stafford Disaster Relief and Emergency Assistance Act (42 U.S.C. 
5122))), or significant pricing anomalies in national or regional 
energy markets for crude oil, gasoline, natural gas, or petroleum 
distillates of a more than transient nature, the President may declare 
that a Federal energy emergency exists.
    (b) Scope and Duration.--The declaration shall apply to the Nation, 
a geographical region, or 1 or more States, as determined by the 
President, but may not be in effect for a period of more than 45 days.
    (c) Extensions.--The President may--
            (1) extend a declaration under subsection (a) for a period 
        of not more than 45 days; and
            (2) extend such a declaration more than once.

SEC. 4. ENFORCEMENT BY THE FEDERAL TRADE COMMISSION.

    (a) Enforcement by FTC.--A violation of section 2 shall be treated 
as a violation of a rule defining an unfair or deceptive act or 
practice prescribed under section 18(a)(1)(B) of the Federal Trade 
Commission Act (15 U.S.C. 57a(a)(1)(B)). The Federal Trade Commission 
shall enforce this Act in the same manner, by the same means, and with 
the same jurisdiction as though all applicable terms and provisions of 
the Federal Trade Commission Act were incorporated into and made a part 
of this Act. In enforcing section 2(a) of this Act, the Commission 
shall give priority to enforcement actions concerning companies with 
total United States wholesale or retail sales of crude oil, gasoline, 
and petroleum distillates in excess of $500,000,000 per year.
    (b) Civil Penalties.--
            (1) In general.--Notwithstanding the penalties set forth 
        under the Federal Trade Commission Act, any person who violates 
        this Act shall be subject to the following penalties:
                    (A) Price gouging; unjust profits.--Any person who 
                violates section 2(a) of this Act shall be subject to--
                            (i) a fine of not more than 3 times the 
                        amount of profits gained by such person through 
                        such violation; or
                            (ii) a fine of not more than $3,000,000.
                    (B) False information; market manipulation.--Any 
                person who violates section 2(b) or 2(c) of this Act 
                shall be subject to a civil penalty of not more than 
                $1,000,000.
            (2) Method of assessment.--The penalties provided by 
        paragraph (1) shall be assessed in the same manner as civil 
        penalties imposed under section 5 of the Federal Trade 
        Commission Act (15 U.S.C. 45).
            (3) Multiple offenses; mitigating factors.--In assessing 
        the penalty provided by subsection (a)--
                    (A) each day of a continuing violation shall be 
                considered a separate violation; and
                    (B) the Federal Trade Commission shall take into 
                consideration the seriousness of the violation and the 
                efforts of the person committing the violation to 
                remedy the harm caused by the violation in a timely 
                manner.

SEC. 5. CRIMINAL PENALTIES.

    Any person who violates section 2 or any rule or order issued 
thereunder shall be fined under title 18, United States Code--
            (1) if a corporation, not to exceed $100,000,000; or
            (2) if any other person, not to exceed $1,000,000, or 
        imprisoned for not more than 10 years, or both.

SEC. 6. ENFORCEMENT AT RETAIL LEVEL BY STATE ATTORNEYS GENERAL.

    (a) In General.--A State, as parens patriae, may bring a civil 
action on behalf of its residents in an appropriate district court of 
the United States to enforce the provisions of section 2(a) of this 
Act, or to impose the civil penalties authorized by section 4(b)(1)(B), 
whenever the attorney general of the State has reason to believe that 
the interests of the residents of the State have been or are being 
threatened or adversely affected by a violation of this Act or a 
regulation under this Act.
    (b) Notice.--The State shall serve written notice to the Federal 
Trade Commission of any civil action under subsection (a) prior to 
initiating such civil action. The notice shall include a copy of the 
complaint to be filed to initiate such civil action, except that if it 
is not feasible for the State to provide such prior notice, the State 
shall provide such notice immediately upon instituting such civil 
action.
    (c) Authority to Intervene.--Upon receiving the notice required by 
subsection (b), the Federal Trade Commission may intervene in such 
civil action and upon intervening--
            (1) be heard on all matters arising in such civil action; 
        and
            (2) file petitions for appeal of a decision in such civil 
        action.
    (d) Construction.--For purposes of bringing any civil action under 
subsection (a), nothing in this section shall prevent the attorney 
general of a State from exercising the powers conferred on the attorney 
general by the laws of such State to conduct investigations or to 
administer oaths or affirmations or to compel the attendance of 
witnesses or the production of documentary and other evidence.
    (e) Venue; Service of Process.--In a civil action brought under 
subsection (a)--
            (1) the venue shall be a judicial district in which--
                    (A) the defendant operates;
                    (B) the defendant was authorized to do business; or
                    (C) where the defendant in the civil action is 
                found;
            (2) process may be served without regard to the territorial 
        limits of the district or of the State in which the civil 
        action is instituted; and
            (3) a person who participated with the defendant in an 
        alleged violation that is being litigated in the civil action 
        may be joined in the civil action without regard to the 
        residence of the person.
    (f) Limitation on State Action While Federal Action Is Pending.--If 
the Federal Trade Commission has instituted a civil action or an 
administrative action for violation of this Act, no State attorney 
general, or official or agency of a State, may bring an action under 
this subsection during the pendency of that action against any 
defendant named in the complaint of the Federal Trade Commission or the 
other agency for any violation of this Act alleged in the complaint.
    (g) Enforcement of State Law.--Nothing contained in this section 
shall prohibit an authorized State official from proceeding in State 
court to enforce a civil or criminal statute of such State.

SEC. 7. LOW INCOME ENERGY ASSISTANCE.

    Amounts collected in fines and penalties under sections 4 or 5 of 
this Act shall be deposited in a separate fund in the treasury to be 
known as the Consumer Relief Trust Fund. To the extent provided for in 
advance in appropriations Acts fund shall be used to provide assistance 
under the Low Income Home Energy Assistance Program administered by the 
Secretary of Health and Human Services.

SEC. 8. EFFECT ON OTHER LAWS.

    (a) Other Authority of Federal Trade Commission.--Nothing in this 
Act shall be construed to limit or affect in any way the Federal Trade 
Commission's authority to bring enforcement actions or take any other 
measure under the Federal Trade Commission Act (15 U.S.C. 41 et seq.) 
or any other provision of law.
    (b) State Law.--Nothing in this Act preempts any State law.

SEC. 9. MARKET TRANSPARENCY FOR CRUDE OIL, GASOLINE, AND PETROLEUM 
              DISTILLATES.

    (a) In General.--The Federal Trade Commission shall facilitate 
price transparency in markets for the sale of crude oil and essential 
petroleum products at wholesale, having due regard for the public 
interest, the integrity of those markets, fair competition, and the 
protection of consumers.
    (b) Marketplace Transparency.--
            (1) Dissemination of information.--In carrying out this 
        section the Federal Trade Commission shall provide by rule for 
        the dissemination, on a timely basis, of information about the 
        availability and prices of wholesale crude oil, gasoline, and 
        petroleum distillates to the Federal Trade Commission, States, 
        wholesale buyers and sellers, and the public.
            (2) Protection of public from anticompetitive activity.--In 
        determining the information to be made available under this 
        section and time to make the information available, the Federal 
        Trade Commission shall seek to ensure that consumers and 
        competitive markets are protected from the adverse effects of 
        potential collusion or other anticompetitive behaviors that can 
        be facilitated by untimely public disclosure of transaction-
        specific information.
            (3) Protection of market mechanisms.--The Federal Trade 
        Commission shall withhold from public disclosure under this 
        section any information the Commission determines would, if 
        disclosed, be detrimental to the operation of an effective 
        market or jeopardize system security.
    (c) Information Sources.--
            (1) In general.--In carrying out subsection (b), the 
        Federal Trade Commission may--
                    (A) obtain information from any market participant; 
                and
                    (B) rely on entities other than the Commission to 
                receive and make public the information, subject to the 
                disclosure rules in subsection (b)(3).
            (2) Published data.--In carrying out this section, the 
        Federal Trade Commission shall consider the degree of price 
        transparency provided by existing price publishers and 
        providers of trade processing services, and shall rely on such 
        publishers and services to the maximum extent possible.
            (3) Electronic information systems.--The Federal Trade 
        Commission may establish an electronic information system if it 
        determines that existing price publications are not adequately 
        providing price discovery or market transparency. Nothing in 
        this section, however, shall affect any electronic information 
        filing requirements in effect under this Act as of the date of 
        enactment of this section.
            (4) De minimus exception.--The Federal Trade Commission may 
        not require entities who have a de minimus market presence to 
        comply with the reporting requirements of this section.
    (d) Cooperation With Other Federal Agencies.--
            (1) Memorandum of understanding.--Within 180 days after the 
        date of enactment of this Act, the Federal Trade Commission 
        shall conclude a memorandum of understanding with the Commodity 
        Futures Trading Commission and other appropriate agencies (if 
        applicable) relating to information sharing, which shall 
        include provisions--
                    (A) ensuring that information requests to markets 
                within the respective jurisdiction of each agency are 
                properly coordinated to minimize duplicative 
                information requests; and
                    (B) regarding the treatment of proprietary trading 
                information.
            (2) CFTC jurisdiction.--Nothing in this section may be 
        construed to limit or affect the exclusive jurisdiction of the 
        Commodity Futures Trading Commission under the Commodity 
        Exchange Act (7 U.S.C. 1 et seq.).
    (e) Rulemaking.--Within 180 days after the date of enactment of 
this Act, the Federal Trade Commission shall initiate a rulemaking 
proceeding to establish such rules as the Commission determines to be 
necessary and appropriate to carry out this section.

SEC. 10. REPORT ON UNITED STATES ENERGY EMERGENCY PREPAREDNESS.

    (a) Potential Impacts Report.--Within 30 days after the date of 
enactment of this Act, the Federal Trade Commission shall transmit to 
the Congress a confidential report describing the potential impact on 
domestic prices of crude oil, residual fuel oil, and refined petroleum 
products that would result from the disruption for periods of 1 week, 1 
year, and 5 years, respectively, of not less than--
            (1) 30 percent of United States oil production;
            (2) 20 percent of United States refinery capacity; and
            (3) 5 percent of global oil supplies.
    (b) Projections and Possible Remedies.--The President shall include 
in the report--
            (1) projections of the impact any such disruptions would be 
        likely to have on the United States economy; and
            (2) detailed and prioritized recommendations for remedies 
        under each scenario covered by the report.

SEC. 11. PROTECTIVE ACTION TO PREVENT FUTURE DISRUPTIONS OF SUPPLY.

    The Secretary of Energy and the Energy Information Administration 
shall review expenditures by, and activities undertaken by, companies 
with total United States wholesale or retail sales of crude oil, 
gasoline, and petroleum distillates in excess of $500,000,000 per year 
to protect the energy supply system from terrorist attacks, 
international supply disruptions, and natural disasters, and ensure a 
stable and reasonably priced supply of such products to consumers in 
the United States, and, not later than 180 days after the date of the 
enactment of this title, shall transmit a report of their findings to 
Congress. Such report shall include an assessment of the companies' 
preparations for the forecasted period of more frequent and more 
intense hurricane activity in the Gulf of Mexico and other vulnerable 
coastal areas.

SEC. 12. AUTHORIZATION OF APPROPRIATIONS.

    There are authorized to be appropriated such sums as may be 
necessary to carry out the provisions of this Act.
Federal Response to Energy Emergencies Act of 2005 - Declares unlawful: (1) unconscionable pricing of gasoline, oil, natural gas, and petroleum distillates during emergencies; (2) intentional reporting of false price information concerning wholesale prices of such products; and (3) market manipulation regarding the purchase or sale at wholesale of such products.

Authorizes the President to declare a federal energy emergency upon finding that the national health, safety, welfare, or economic well-being is at risk because of an actual or imminent shortage of such products due to a disruption of the national distribution system, or significant pricing anomalies in national or regional energy markets for the products.

Empowers the Federal Trade Commission (FTC) and State Attorneys General to enforce this Act.

Sets forth civil and criminal penalties for violations of this Act.

Requires fines and penalties collected under this Act to be deposited in a separate fund in the treasury to be known as the Consumer Relief Trust Fund to provide assistance under the Low Income Home Energy Assistance Program.

Directs the FTC to facilitate price transparency in wholesale markets for the sale of crude oil and essential petroleum products.

Instructs the FTC to transmit a confidential report to Congress on the potential impact on domestic prices of crude oil, residual fuel oil, and refined petroleum products that would result from the disruption for periods of one week, one year, and five years, respectively.

Directs the Secretary of Energy and the Energy Information Administration to review and report to Congress on expenditures and activities undertaken by certain size companies to protect the energy supply system from terrorist attacks, international supply disruptions, and natural disasters, and ensure a stable and reasonably priced supply of such products to consumers in the United States.

Requires such report to assess the companies' preparations for the forecasted period of more frequent and more intense hurricane activity in the Gulf of Mexico and other vulnerable coastal areas.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Taxpayer Debt Buy-Down Act''.

SEC. 2. DESIGNATION OF AMOUNTS FOR REDUCTION OF PUBLIC DEBT.

    (a) In General.--Subchapter A of chapter 61 of the Internal Revenue 
Code of 1986 (relating to returns and records) is amended by adding at 
the end the following new part:

          ``PART IX--DESIGNATION FOR REDUCTION OF PUBLIC DEBT.

                              ``Sec. 6097. Designation.

``SEC. 6097. DESIGNATION.

    ``(a) In General.--Every individual with adjusted income tax 
liability for any taxable year may designate that a portion of such 
liability (not to exceed 10 percent thereof) shall be used to reduce 
the public debt.
    ``(b) Manner and Time of Designation.--A designation under 
subsection (a) may be made with respect to any taxable year only at the 
time of filing the return of tax imposed by chapter 1 for the taxable 
year. The designation shall be made on the first page of the return or 
on the page bearing the taxpayer's signature.
    ``(c) Adjusted Income Tax Liability.--For purposes of this section, 
the term `adjusted income tax liability' means income tax liability (as 
defined in section 6096(b)) reduced by any amount designated under 
section 6096 (relating to designation of income tax payments to 
Presidential Election Campaign Fund).''
    (b) Clerical Amendment.--The table of parts for such subchapter A 
is amended by adding at the end the following new item:

                              ``Part IX. Designation for reduction of 
                                        public debt.''
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years ending after the date of the enactment of this 
Act.

SEC. 3. PUBLIC DEBT REDUCTION TRUST FUND.

    (a) In General.--Subchapter A of chapter 98 of the Internal Revenue 
Code of 1986 (relating to trust fund code) is amended by adding at the 
end the following section:

``SEC. 9512. PUBLIC DEBT REDUCTION TRUST FUND.

    ``(a) Creation of Trust Fund.--There is established in the Treasury 
of the United States a trust fund to be known as the `Public Debt 
Reduction Trust Fund', consisting of any amount appropriated or 
credited to the Trust Fund as provided in this section or section 
9602(b).
    ``(b) Transfers to Trust Fund.--There are hereby appropriated to 
the Public Debt Reduction Trust Fund amounts equivalent to the amounts 
designated under section 6097 (relating to designation for public debt 
reduction).
    ``(c) Expenditures.--Amounts in the Public Debt Reduction Trust 
Fund shall be available only for purposes of paying at maturity, or to 
redeem or buy before maturity, any obligation of the Federal Government 
included in the public debt. Any obligation which is paid, redeemed, or 
bought with amounts from such Trust Fund shall be canceled and retired 
and may not be reissued.''
    (b) Clerical Amendment.--The table of sections for such subchapter 
is amended by adding at the end the following new item:

                              ``Sec. 9512. Public Debt Reduction Trust 
                                        Fund.''
    (c) Effective Date.--The amendments made by this section shall 
apply to amounts received after the date of the enactment of this Act.

SEC. 4. TAXPAYER-GENERATED SEQUESTRATION OF FEDERAL SPENDING TO REDUCE 
              THE PUBLIC DEBT.

    (a) Sequestration To Reduce the Public Debt.--Part C of the 
Balanced Budget and Emergency Deficit Control Act of 1985 is amended by 
adding after section 253 the following new section:

``SEC. 253A. SEQUESTRATION TO REDUCE THE PUBLIC DEBT.

    ``(a) Sequestration.--Notwithstanding sections 255 and 256, within 
15 days after Congress adjourns to end a session, and on the same day 
as sequestration (if any) under sections 251, 252, and 253, but after 
any sequestration required by those sections, there shall be a 
sequestration equivalent to the estimated aggregate amount designated 
under section 6097 of the Internal Revenue Code of 1986 for the last 
taxable year ending before the beginning of that session of Congress, 
as estimated by the Department of the Treasury on May 1 and as modified 
by the total of (1) any amounts by which net discretionary spending is 
reduced by legislation below the discretionary spending limits (or, in 
the absence of such limits, any net deficit change from the baseline 
amount calculated under section 257, except that such baseline for 
fiscal year 1996 and thereafter shall be based upon fiscal year 1995 
enacted appropriations less any 1995 sequesters) and (2) the net 
deficit change that has resulted from direct spending legislation.
    ``(b) Applicability.--
            ``(1) In general.--Except as provided by paragraph (2), 
        each account of the United States shall be reduced by a dollar 
        amount calculated by multiplying the level of budgetary 
        resources in that account at that time by the uniform 
        percentage necessary to carry out subsection (a). All 
        obligational authority reduced under this section shall be done 
        in a manner that makes such reductions permanent.
            ``(2) Exempt accounts.--No order issued under this part 
        may--
                    ``(A) reduce benefits payable the old-age, 
                survivors, and disability insurance program established 
                under title II of the Social Security Act;
                    ``(B) reduce payments for net interest (all of 
                major functional category 900); or
                    ``(C) make any reduction in the following accounts:
                            ``Federal Deposit Insurance Corporation, 
                        Bank Insurance Fund;
                            ``Federal Deposit Insurance Corporation, 
                        FSLIC Resolution Fund;
                            ``Federal Deposit Insurance Corporation, 
                        Savings Association Insurance Fund;
                            ``National Credit Union Administration, 
                        credit union share insurance fund; or
                            ``Resolution Trust Corporation.''.
    (b) Reports.--Section 254 of the Balanced Budget and Emergency 
Deficit Control Act of 1985 is amended--
            (1) in subsection (a), by inserting before the item 
        relating to August 10 the following:
    ``May 1 . . . Department of Treasury report to Congress estimating 
amount of income tax designated pursuant to section 6097 of the 
Internal Revenue Code of 1986.'';
            (2) in subsection (d)(1), by inserting ``, and 
        sequestration to reduce the public debt,'';
            (3) in subsection (d), by redesignating paragraph (5) as 
        paragraph (6) and by inserting after paragraph (4) the 
        following new paragraph:
            ``(5) Sequestration to reduce the public debt reports.--The 
        preview reports shall set forth for the budget year estimates 
        for each of the following:
                    ``(A) The aggregate amount designated under section 
                6097 of the Internal Revenue Code of 1986 for the last 
                taxable year ending before the budget year.
                    ``(B) The amount of reductions required under 
                section 253A and the deficit remaining after those 
                reductions have been made.
                    ``(C) The sequestration percentage necessary to 
                achieve the required reduction in accounts under 
                section 253A(b).''; and
            (4) in subsection (g), by redesignating paragraphs (4) and 
        (5) as paragraphs (5) and (6), respectively, and by inserting 
        after paragraph (3) the following new paragraph:
            ``(4) Sequestration to reduce the public debt reports.--The 
        final reports shall contain all of the information contained in 
        the public debt taxation designation report required on May 
        1.''.
    (c) Effective Date.--Notwithstanding section 275(b) of the Balanced 
Budget and Emergency Deficit Control Act of 1985, the expiration date 
set forth in that section shall not apply to the amendments made by 
this section. The amendments made by this section shall cease to have 
any effect after the first fiscal year during which there is no public 
debt.

Taxpayer Debt Buy-Down Act - Amends the Internal Revenue Code to allow every individual with adjusted income tax liability to designate on their tax returns that a portion of such liability (not to exceed ten percent) be used to reduce the public debt. 
Establishes a Public Debt Reduction Trust Fund for the deposit of designated amounts.  Makes amounts in such Trust Fund available only to pay at maturity, or to redeem or buy before maturity, any obligation of the Federal Government included in the public debt.  Prohibits the reissuance of any obligation which is paid, redeemed, or bought with amounts from the Trust Fund. 
Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to provide for the sequestration of amounts designated to the Trust Fund.  Specifies accounts exempt from such sequestration.  Includes aggregated amounts designated to the Trust Fund and amounts sequestered to reduce the public debt in sequestration preview and final reports.