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

[Q]: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Northwest Straits Marine 
Conservation Initiative Reauthorization Act of 2009''.

SEC. 2. REAUTHORIZATION OF NORTHWEST STRAITS MARINE CONSERVATION 
              INITIATIVE ACT.

    The Northwest Straits Marine Conservation Initiative Act (title IV 
of Public Law 105-384; 112 Stat. 3458) is amended--
            (1) in section 402, by striking ``(in this title referred 
        to as the `Commission')'';
            (2) by striking sections 403 and 404;
            (3) by redesignating section 405 as section 410; and
            (4) by inserting after section 402 the following new 
        sections:

``SEC. 403. FINDINGS.

    ``Congress makes the following findings:
            ``(1) The marine waters and ecosystem of the Northwest 
        Straits in Puget Sound in the State of Washington represent a 
        unique resource of enormous environmental and economic value to 
        the people of the United States.
            ``(2) During the 20th century, the environmental health of 
        the Northwest Straits declined dramatically as indicated by 
        impaired water quality, declines in marine wildlife, collapse 
        of harvestable marine species, loss of critical marine 
        habitats, ocean acidification, and sea level rise.
            ``(3) At the start of the 21st century, the Northwest 
        Straits have been threatened by sea level rise, ocean 
        acidification, and other effects of climate change.
            ``(4) In 1998, the Northwest Straits Marine Conservation 
        Initiative Act (title IV of Public Law 105-384) was enacted to 
        tap the unprecedented level of citizen stewardship demonstrated 
        in the Northwest Straits and create a mechanism to mobilize 
        public support and raise capacity for local efforts to protect 
        and restore the ecosystem of the Northwest Straits.
            ``(5) The Northwest Straits Marine Conservation Initiative 
        helps the National Oceanic and Atmospheric Administration and 
        other Federal agencies with their marine missions by fostering 
        local interest in marine issues and involving diverse groups of 
        citizens.
            ``(6) The Northwest Straits Marine Conservation Initiative 
        shares many of the same goals with the National Oceanic and 
        Atmospheric Administration, including fostering citizen 
        stewardship of marine resources, general ecosystem management, 
        and protecting federally managed marine species.
            ``(7) Ocean literacy and identification and removal of 
        marine debris projects are examples of on-going partnerships 
        between the Northwest Straits Marine Conservation Initiative 
        and the National Oceanic and Atmospheric Administration.

``SEC. 404. DEFINITIONS.

    ``In this title:
            ``(1) Commission.--The term `Commission' means the 
        Northwest Straits Advisory Commission established by section 
        402.
            ``(2) Indian tribe.--The term `Indian tribe' has the 
        meaning given that term in section 4 of the Indian Self-
        Determination and Education Assistance Act (25 U.S.C. 450b).
            ``(3) Northwest straits.--The term `Northwest Straits' 
        means the marine waters of the Strait of Juan de Fuca and of 
        Puget Sound from the Canadian border to the south end of 
        Snohomish County.

``SEC. 405. MEMBERSHIP OF THE COMMISSION.

    ``(a) Composition.--The Commission shall be composed of up to 14 
members who shall be appointed as follows:
            ``(1) One member appointed by a consensus of the members of 
        a marine resources committee established under section 408 for 
        each of the following counties of the State of Washington:
                    ``(A) San Juan County.
                    ``(B) Island County.
                    ``(C) Skagit County.
                    ``(D) Whatcom County.
                    ``(E) Snohomish County.
                    ``(F) Clallam County.
                    ``(G) Jefferson County.
            ``(2) Two members appointed by the Secretary of the 
        Interior in trust capacity and in consultation with the 
        Northwest Indian Fisheries Commission or the Indian tribes 
        affected by this title collectively, as the Secretary of the 
        Interior considers appropriate, to represent the interests of 
        such tribes.
            ``(3) One member appointed by the Governor of the State of 
        Washington to represent the interests of the Puget Sound 
        Partnership.
            ``(4) Four members appointed by the Governor of the State 
        of Washington who--
                    ``(A) are residents of the State of Washington; and
                    ``(B) are not employed by a Federal, State, or 
                local government.
    ``(b) Vacancies.--A vacancy in the Commission shall be filled in 
the manner in which the original appointment was made.
    ``(c) Chairperson.--The Commission shall select a Chairperson from 
among its members.
    ``(d) Meeting.--The Commission shall meet at the call of the 
Chairperson, but not less frequently than quarterly.
    ``(e) Liaison.--
            ``(1) In general.--The Secretary of Commerce, acting 
        through the Under Secretary for Oceans and Atmosphere and in 
        consultation with the Director of the Commission appointed 
        under section 407(a), shall appoint an employee of the National 
        Oceanic and Atmospheric Administration--
                    ``(A) to serve as a liaison between the Commission 
                and the Department of Commerce; and
                    ``(B) to attend meetings and other events of the 
                Commission as a nonvoting participant.
            ``(2) Limitation.--Service of an employee as an appointee 
        under paragraph (1)--
                    ``(A) shall be limited to service as a liaison and 
                attendance of meetings and other events as a nonvoting 
                participant; and
                    ``(B) does not obligate the employee to perform any 
                duty of the Commission under section 406(b).

``SEC. 406. GOAL AND DUTIES OF THE COMMISSION.

    ``(a) Goal.--The goal of the Commission is to protect and restore 
the marine waters, habitats, and species of the Northwest Straits 
region to achieve ecosystem health and sustainable resource use by--
            ``(1) designing and initiating projects that are driven by 
        sound science, local priorities, community-based decisions, and 
        the ability to measure results;
            ``(2) building awareness and stewardship and making 
        recommendations to improve the health of the Northwest Straits 
        marine resources;
            ``(3) maintaining and expanding diverse membership and 
        partner organizations;
            ``(4) expanding partnerships with governments of Indian 
        tribes affected by this title and continuing to foster respect 
        for tribal cultures and treaties; and
            ``(5) recognizing the importance of economic and social 
        benefits that are dependent on marine environments and 
        sustainable marine resources.
    ``(b) Duties.--The duties of the Commission are the following:
            ``(1) To provide resources and technical support for marine 
        resources committees established under section 408.
            ``(2) To work with such marine resources committees and 
        appropriate entities of Federal and State governments and 
        Indian tribes affected by this title to develop programs to 
        monitor the overall health of the marine ecosystem of the 
        Northwest Straits.
            ``(3) To identify factors adversely affecting or preventing 
        the restoration of the health of the marine ecosystem and 
        coastal economies of the Northwest Straits.
            ``(4) To develop scientifically sound restoration and 
        protection recommendations, informed by local priorities, that 
        address such factors.
            ``(5) To assist in facilitating the successful 
        implementation of such recommendations by developing broad 
        support among appropriate authorities, stakeholder groups, and 
        local communities.
            ``(6) To develop regional projects based on such 
        recommendations to protect and restore the Northwest Straits 
        ecosystem.
            ``(7) To serve as a public forum for the discussion of 
        policies and actions of Federal, State, or local government, an 
        Indian tribe affected by this title, or the Government of 
        Canada with respect to the marine ecosystem of the Northwest 
        Straits.
            ``(8) To inform appropriate authorities and local 
        communities about the marine ecosystem of the Northwest Straits 
        and about issues relating to the marine ecosystem of the 
        Northwest Straits.
            ``(9) To consult with all Indian tribes affected by this 
        title to ensure that the work of the Commission does not 
        violate tribal treaty rights.
    ``(c) Benchmarks.--The Commission shall carry out its duties in a 
manner that promotes the achieving of the benchmarks described in 
subsection (f)(2).
    ``(d) Coordination and Collaboration.--The Commission shall carry 
out the duties described in subsection (b) in coordination and 
collaboration, when appropriate, with Federal, State, and local 
governments and Indian tribes affected by this title.
    ``(e) Regulatory Authority.--The Commission shall have no power to 
issue regulations.
    ``(f) Annual Report.--
            ``(1) In general.--Each year, the Commission shall prepare, 
        submit to the Committee on Commerce, Science, and 
        Transportation of the Senate, the Committee on Natural 
        Resources of the House of Representatives, and the Under 
        Secretary for Oceans and Atmosphere, and make available to the 
        public an annual report describing--
                    ``(A) the activities carried out by the Commission 
                during the preceding year; and
                    ``(B) the progress of the Commission in achieving 
                the benchmarks described in paragraph (2).
            ``(2) Benchmarks.--The benchmarks described in this 
        paragraph are the following:
                    ``(A) Protection and restoration of marine, 
                coastal, and nearshore habitats.
                    ``(B) Prevention of loss and achievement of a net 
                gain of healthy habitat areas.
                    ``(C) Protection and restoration of marine 
                populations to healthy, sustainable levels.
                    ``(D) Protection of the marine water quality of the 
                Northwest Straits region and restoration of the health 
                of marine waters.
                    ``(E) Collection of high-quality data and promotion 
                of the use and dissemination of such data.
                    ``(F) Promotion of stewardship and understanding of 
                Northwest Straits marine resources through education 
                and outreach.

``SEC. 407. COMMISSION PERSONNEL AND ADMINISTRATIVE MATTERS.

    ``(a) Director.--The Manager of the Shorelands and Environmental 
Assistance Program of the Department of Ecology of the State of 
Washington may, upon the recommendation of the Commission and the 
Director of the Padilla Bay National Estuarine Research Reserve, 
appoint and terminate a Director of the Commission. The employment of 
the Director shall be subject to confirmation by the Commission.
    ``(b) Staff.--The Director may hire such other personnel as may be 
appropriate to enable the Commission to perform its duties. Such 
personnel shall be hired through the personnel system of the Department 
of Ecology of the State of Washington.
    ``(c) Administrative Services.--If the Governor of the State of 
Washington makes available to the Commission the administrative 
services of the State of Washington Department of Ecology, the 
Commission shall use such services for employment, procurement, grant 
and fiscal management, and support services necessary to carry out the 
duties of the Commission.

``SEC. 408. MARINE RESOURCES COMMITTEES.

    ``(a) In General.--The government of each of the counties referred 
to in subparagraphs (A) through (G) of section 405(a)(1) may establish 
a marine resources committee that--
            ``(1) complies with the requirements of this section; and
            ``(2) receives from such government the mission, direction, 
        expert assistance, and financial resources necessary--
                    ``(A) to address issues affecting the marine 
                ecosystems within its county; and
                    ``(B) to work to achieve the benchmarks described 
                in section 406(f)(2).
    ``(b) Membership.--
            ``(1) In general.--Each marine resources committee 
        established pursuant to this section shall be composed of--
                    ``(A) members with relevant scientific expertise; 
                and
                    ``(B) members that represent balanced 
                representation, including representation of--
                            ``(i) local governments, including planning 
                        staff from counties and cities with marine 
                        shorelines;
                            ``(ii) affected economic interests, such as 
                        ports and commercial fishers;
                            ``(iii) affected recreational interests, 
                        such as sport fishers; and
                            ``(iv) conservation and environmental 
                        interests.
            ``(2) Tribal members.--With respect to a county referred to 
        in subparagraphs (A) through (G) of section 405(a)(1), each 
        Indian tribe with usual and accustomed fishing rights in the 
        waters of such county and each Indian tribe with reservation 
        lands in such county, may appoint one member to the marine 
        resources committee for such county. Such member may be 
        appointed by the respective tribal authority.
            ``(3) Chairperson.--
                    ``(A) In general.--Each marine resources committee 
                established pursuant to this section shall select a 
                chairperson from among members by a majority vote of 
                the members of the committee.
                    ``(B) Rotating position.--Each marine resources 
                committee established pursuant to this section shall 
                select a new chairperson at a frequency determined by 
                the county charter of the marine resources committee to 
                create a diversity of representation in the leadership 
                of the marine resources committee.
    ``(c) Duties.--The duties of a marine resources committee 
established pursuant to this section are the following:
            ``(1) To assist in assessing marine resource problems in 
        concert with governmental agencies, tribes, and other entities.
            ``(2) To assist in identifying local implications, needs, 
        and strategies associated with the recovery of Puget Sound 
        salmon and other species in the region of the Northwest Straits 
        listed under the Endangered Species Act of 1973 (16 U.S.C. 1531 
        et seq.) in coordination with Federal, State, and local 
        governments, Indian tribes affected by this title, and other 
        entities.
            ``(3) To work with other entities to enhance the scientific 
        baseline and monitoring program for the marine environment of 
        the Northwest Straits.
            ``(4) To identify local priorities for marine resource 
        conservation and develop new projects to address those needs.
            ``(5) To work closely with county leadership to implement 
        local marine conservation and restoration initiatives.
            ``(6) To coordinate with the Commission on marine ecosystem 
        objectives.
            ``(7) To educate the public and key constituencies 
        regarding the relationship between healthy marine habitats, 
        harvestable resources, and human activities.

``SEC. 409. NORTHWEST STRAITS MARINE CONSERVATION FOUNDATION.

    ``(a) Establishment.--The Director of the Commission and the 
Director of the State of Washington Department of Ecology, or his or 
her designee, may enter into an agreement with an organization 
described in section 501(c)(3) of the Internal Revenue Code of 1986 to 
establish a nonprofit foundation to support the Commission and the 
marine resources committees established under section 408 in carrying 
out their duties under this Act.
    ``(b) Designation.--The foundation authorized by subsection (a) 
shall be known as the `Northwest Straits Marine Conservation 
Foundation'.
    ``(c) Receipt of Grants.--The Northwest Straits Marine Conservation 
Foundation may, if eligible, apply for, accept, and use grants awarded 
by Federal agencies, States, local governments, regional agencies, 
interstate agencies, corporations, foundations, or other persons to 
assist the Commission and the marine resources committees in carrying 
out their duties under this Act.
    ``(d) Transfer of Funds.--The Northwest Straits Marine Conservation 
Foundation may transfer funds to the Commission or the marine resources 
committees to assist them in carrying out their duties under this 
Act.''.

            Passed the House of Representatives December 7, 2009.

            Attest:

                                            LORRAINE C. MILLER,

                                                                 Clerk.
[A]: Northwest Straits Marine Conservation Initiative Reauthorization Act of 2009 - Amends the Northwest Straits Marine Conservation Initiative Act to define "Northwest Straits" as the marine waters of the Strait of Juan de Fuca and of Puget Sound from the Canadian border to the south end of Snohomish County, Washington.

Sets forth the membership of the Northwest Straits Advisory Commission. Directs the Secretary of Commerce, acting through the Under Secretary for Oceans and Atmosphere, to appoint an employee of the National Oceanic and Atmospheric Administration (NOAA) to serve as a liaison between the Commission and the Department of Commerce and to attend the Commission's meetings and events as a nonvoting participant. States the goal of the Commission as the protection and restoration of the marine waters, habitats, and species of the Northwest Straits region in Washington to achieve ecosystem health and sustainable resource use. Enumerates the duties of the Commission and establishes benchmarks for its work. Requires the Commission to submit annual reports to Congress and the Under Secretary on its activities and its progress in achieving specified benchmarks.

Authorizes the Manager of the Shorelands and Environmental Assistance Program of Washington's Department of Ecology, upon the recommendation of the Commission and the Director of the Padilla Bay National Estuarine Research Reserve, to appoint and terminate a Director of the Commission. Requires the Director to be confirmed by the Commission.

Provides for the establishment of marine resources committees in specified counties of Washington.

Authorizes the Director of the Commission and the Director of the State of Washington Department of Ecology to establish the Northwest Straits Marine Conservation Foundation as a nonprofit foundation to support the Commission and the marine resources committees established by this Act.


[Q]: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Futures Investor Protection Act''.

SEC. 2. FUTURES INVESTORS PROTECTION FUND.

    (a) Futures Investor Protection Corporation.--
            (1) Creation and membership.--
                    (A) Creation.--There is established a nonprofit 
                corporation to be known as the ``Futures Investor 
                Protection Corporation'' (in this Act referred to as 
                the ``FIPC''), which shall not be an agency or 
                establishment of the United States Government.
                    (B) Membership.--
                            (i) Members of fipc.--The FIPC shall be a 
                        membership corporation the members of which 
                        shall be all persons registered under the 
                        Commodity Exchange Act with the Commission as a 
                        futures commission merchant, other than persons 
                        whose principal business, in the determination 
                        of the FIPC, taking into account business of 
                        affiliated entities, is conducted outside the 
                        United States and its territories and 
                        possessions.
                            (ii) Commission review; additional 
                        members.--Subparagraphs (B) and (C) of section 
                        3(a)(2) of SIPA shall apply with respect to 
                        determinations of the FIPC in the same way the 
                        subparagraphs apply with respect to 
                        determinations of the SIPC and to brokers and 
                        dealers referred to in such subparagraph (D).
                            (iii) Disclosure.--Section 3(a)(2)(D) of 
                        SIPA shall apply to futures commission 
                        merchants in the same way the section applies 
                        to brokers and dealers referred to in such 
                        section.
            (2) Powers.--The FIPC shall have all the powers conferred 
        on the SIPC.
            (3) Board of directors.--
                    (A) Functions.--The FIPC shall have a Board of 
                Directors which, subject to the provisions of this Act, 
                shall determine the policies which shall govern the 
                operations of FIPC.
                    (B) Number and appointment.--The Board of Directors 
                shall consist of 7 persons as follows:
                            (i) 1 director shall be appointed by the 
                        Secretary of the Treasury from among the 
                        officers and employees of the Department of the 
                        Treasury.
                            (ii) 1 director shall be appointed by the 
                        Board of Governors of the Federal Reserve 
                        System from among the officers and employees of 
                        that Board.
                            (iii) 5 directors shall be appointed by the 
                        President, by and with the advice and consent 
                        of the Senate, as follows:
                                    (I) 3 directors shall be selected 
                                from among persons who are associated 
                                with, and representative of different 
                                aspects of, the futures industry, not 
                                all of whom shall be from the same 
                                geographical area of the United States.
                                    (II) 2 directors shall be selected 
                                from the general public from among 
                                persons who are not associated with a 
                                futures commission merchant or a 
                                contract market, or similarly 
                                associated with any self-regulatory 
                                organization or other futures industry 
                                group, and who have not had any such 
                                association during the 2 years 
                                preceding appointment.
                    (C) Chairman and vice chairman.--The President 
                shall designate a Chairman and Vice Chairman from among 
                those directors appointed under subparagraph 
                (B)(iii)(II).
                    (D) Terms.--
                            (i) In general.--Except as provided in 
                        clauses (ii) and (iii), each director shall be 
                        appointed for a term of 3 years.
                            (ii) Initially appointed members.--Of the 
                        directors first appointed under subparagraph 
                        (B)--
                                    (I) 2 shall hold office for a term 
                                expiring on December 31, 2017;
                                    (II) 2 shall hold office for a term 
                                expiring on December 31, 2018; and
                                    (III) 3 shall hold office for a 
                                term expiring on December 31, 2019,
                        as designated by the President at the time they 
                        take office. The designation shall be made in a 
                        manner which will assure that no 2 persons 
                        appointed under the authority of the same 
                        subclause of subparagraph (B)(iii) shall have 
                        terms which expire simultaneously.
                            (iii) Vacancies.--A vacancy in the Board 
                        shall be filled in the same manner as the 
                        original appointment was made. Any director 
                        appointed to fill a vacancy occurring prior to 
                        the expiration of the term for which the 
                        predecessor of the director was appointed shall 
                        be appointed only for the remainder of the 
                        term. A director may serve after the expiration 
                        of the term for which appointed until the 
                        successor of the director has taken office.
                    (E) Compensation.--All matters relating to 
                compensation of directors shall be as provided in the 
                bylaws of the FIPC.
            (4) Meetings of board; bylaws and rules.--Subsections (d) 
        and (e) of section 3 of SIPA shall apply with respect to the 
        FIPC and the Commission in the same way the subsections apply 
        with respect to the SIPC and the Securities and Exchange 
        Commission.
    (b) FIPC Fund.--
            (1) In general.--The FIPC shall establish, and make 
        deposits into and payments from, an ``FIPC fund'' (in this Act 
        referred to as the ``fund'') in the same manner in which the 
        SIPC has established, and is authorized to make deposits into 
        and payments from, the SIPC fund.
            (2) Assessments.--The FIPC shall impose on its members 
        assessments subject to the same rules that apply to the 
        imposition by the SIPC of assessments on the members of the 
        SIPC.
    (c) Other Provisions.--Sections 5 through 16 of the SIPA shall 
apply with respect to the FIPC and the members, directors, officers, 
and employees of the FIPC, the Commission, the FIPC fund, futures 
commission merchants and their affiliates, futures contracts, futures 
transactions, customers, and debtors in the same way the sections apply 
with respect to the SIPC and the members, directors, officers, and 
employees of the SIPC, the Securities and Exchange Commission, the SIPC 
fund, persons registered as brokers or dealers (as defined in section 
16(12) of the SIPA) and their affiliates, securities, securities 
transactions, customers (as defined in section 16(2) of the SIPA), and 
debtors (as defined in section 16(5) of the SIPA), respectively.
    (d) Definitions.--In this section:
            (1) Commission.--The term ``Commission'' means the 
        Commodity Futures Trading Commission.
            (2) Contract market.--The term ``contract market'' means a 
        board of trade designated as a contract market under the 
        Commodity Exchange Act.
            (3) Futures contract.--The term ``futures contract'' means 
        a contract of sale of a commodity for future delivery, within 
        the meaning of the Commodity Exchange Act.
            (4) Futures commission merchant.--The term ``futures 
        commission merchant'' has the meaning given the term in section 
        1a(28) of the Commodity Exchange Act.
            (5) SIPA.--The term ``SIPA'' means the Security Investors 
        Protection Act of 1970.
            (6) SIPC.--The term ``SIPC'' means the Security Investors 
        Protection Corporation.
            (7) SIPC fund.--The term ``SIPC fund'' means the fund 
        established under section 4(a)(1) of the SIPA.

SEC. 3. SUITABILITY RULES.

    (a) In General.--The Commodity Exchange Act (7 U.S.C. 1 et seq.) is 
amended by inserting after section 4t the following:

``SEC. 4U. SUITABILITY RULES.

    ``(a) In General.--
            ``(1) Recommendations must be suitable for the customer.--A 
        futures commission merchant shall not recommend a transaction 
        or investment strategy involving a contract of sale of a 
        commodity for future delivery, unless the futures commission 
        merchant has a reasonable basis to believe that the transaction 
        or investment strategy is suitable for the customer, based on 
        the information obtained through the reasonable diligence of 
        the futures commission merchant to ascertain the customer's 
        investment profile. A customer's investment profile includes, 
        but is not limited to, the customer's age, other investments, 
        financial situation and needs, tax status, investment 
        objectives, investment experience, investment time horizon, 
        liquidity needs, risk tolerance, and any other information the 
        customer may disclose to the futures commission merchant in 
        connection with the recommendation.
            ``(2) Safe harbor in certain cases.--A futures commission 
        merchant is deemed to comply with paragraph (1) in the case of 
        a customer with an institutional account, if--
                    ``(A) the futures commission merchant has a 
                reasonable basis to believe that the customer is 
                capable of evaluating investment risks independently, 
                both in general and with regard to particular 
                transactions and investment strategies involving a 
                contract of sale of a commodity for future delivery; 
                and
                    ``(B) the customer affirmatively indicates that it 
                is exercising independent judgment in evaluating the 
                recommendations of the futures commission merchant.
    ``(b) Applicability With Respect to Certain Agents.--If a customer 
with an institutional account has delegated decisionmaking authority to 
an agent, subsection (a) shall be applied with respect to the agent.
    ``(c) Institutional Account Defined.--In this section, the term 
`institutional account' means the account of--
            ``(1) a bank, savings and loan association, insurance 
        company or registered investment company;
            ``(2) an investment adviser registered with the Securities 
        and Exchange Commission under section 203 of the Investment 
        Advisers Act or with a State securities commission (or any 
        agency or office performing like functions); or
            ``(3) any other person (whether a natural person, 
        corporation, partnership, trust or otherwise) with total assets 
        of at least $50,000,000.
    ``(d) Penalties.--The Commission may impose one or more of the 
following sanctions on a person found by the Commission to have 
violated this section or to have neglected or refused to comply with an 
order issued by the Commission under this section:
            ``(1) Censure.
            ``(2) A fine.
            ``(3) Expulsion of the person from, or revocation of the 
        membership of the person in, a registered entity.
            ``(4) Suspension for a definite period or a period 
        contingent on the performance of a particular act, or 
        revocation, of the registration of the person under this Act 
        with the Commission as a futures commission merchant.
            ``(5) Suspension or bar of the person from association with 
        any other futures commission merchant.
            ``(6) A temporary or permanent cease and desist order 
        against the person.
            ``(7) Any other fitting sanction.''.
    (b) Effective Date.--Within 6 months after the date of the 
enactment of this Act, the Commodity Futures Trading Commission shall 
issue regulations for the implementation of the amendment made by 
subsection (a).

SEC. 4. REVIEW OF PROOF OF CLAIMS RULES.

    (a) In General.--The Commodity Futures Trading Commission shall 
review the guidelines for establishing account classes and determining 
the basis for pro rata shares under, and the sample claim form set 
forth in, part 190 of title 17, Code of Federal Regulations, and 
consider the desirability of allowing use of a set date for valuation 
purposes rather than the date of actual liquidation of positions.
    (b) Report to the Congress.--Within 1 year after the date of the 
enactment of this Act, the Commodity Futures Trading Commission shall 
submit to the Congress a written report that contains the findings of 
the Commission with respect to the matters referred to in subsection 
(a), and includes such changes to the regulations in such part as the 
Commission deems appropriate.
[A]: Futures Investor Protection Act This bill establishes the Futures Investor Protection Corporation (FIPC) as a nonprofit membership corporation for all futures commission merchants registered with the Commodity Futures Trading Commission (CFTC). In general, the FIPC's powers and duties shall mirror those of the Security Investors Protection Corporation (the nonprofit membership corporation for registered broker-dealers). In addition, the bill amends the Commodity Exchange Act to establish suitability rules with respect to&nbsp;recommendations&nbsp;by a&nbsp;futures commission merchant to a customer. The CFTC must review certain guidelines regarding proof of claims, as specified by the bill. 


[Q]: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``National Science Foundation Scholars 
Program Act''.

SEC. 2. SCHOLARSHIP PROGRAM.

    (a) Establishment.--The Director shall establish a program to 
provide scholarships to students in science, technology, engineering, 
or mathematics programs at institutions of higher education in the 
United States.
    (b) Application Process.--
            (1) Preapplication information.--The Director shall make 
        available to potential scholarship applicants information 
        relating to the scholarship program, including--
                    (A) a description of expectations for the success 
                of scholarship recipients in school; and
                    (B) any other information the Director considers 
                appropriate.
            (2) Deadline.--Complete applications shall be due by 
        January 1 of each year. No applications received after such 
        date shall be considered.
            (3) Selection.--The Director shall select scholarship 
        recipients not later than April 15 of each year.
            (4) Notification.--The Director shall develop a system to 
        ensure prompt notification to applicants of their selection for 
        a scholarship, including notification by at least 2 of the 
        following methods:
                    (A) E-mail.
                    (B) Telephone.
                    (C) Mail.
    (c) Selection Criteria.--Scholarships shall be awarded under this 
section on the basis of merit, high school class rank, a personal essay 
on a topic chosen by the Director, and letters of recommendation of a 
number and type determined by the Director, with consideration given to 
financial need and the goal of providing support to members of 
underrepresented groups, within the meaning of the Science and 
Engineering Equal Opportunities Act (42 U.S.C. 1885 et seq.).
    (d) Amount of Scholarship.--A scholarship award under this section 
shall be in an amount sufficient to cover the cost of tuition, room and 
board, and fees at the institution of higher education the student is 
attending, not to exceed $20,000 per year.
    (e) Limitation.--A student may not receive scholarships under this 
section for more than 5 years of undergraduate study.
    (f) Termination.--A student who has received scholarship support 
under this section for a year who fails to maintain appropriate 
academic achievement, as determined by the Director on the basis of the 
student's transcript and a letter written by the student's advisor 
assessing in detail the progress of the student, shall not have the 
scholarship renewed for subsequent years.
    (g) Geographic Distribution.--To the extent possible, the Director 
shall ensure that scholarships under this section are distributed among 
the States, including commonwealths, territories, and possessions of 
the United States, proportionally to the size of their congressional 
delegations.

SEC. 3. UNIVERSITY GRANTS.

    The Director shall establish a program to award annual grants of 
$5,000 to institutions of higher education at which 10 or more 
undergraduates are receiving a scholarship under this Act to develop 
and implement programs for--
            (1) monthly gathering of such scholarship recipients to 
        hear and ask questions of a speaker in a science, technology, 
        engineering, or mathematics discipline working in business, 
        industry, elementary or secondary education, or at a museum or 
        other informal educational organization;
            (2) annual poster sessions in which such scholarship 
        recipients present their research experience to, among others, 
        high school students who are potential applicants for a 
        scholarship under this Act;
            (3) other outreach to middle school and high school 
        students; and
            (4) mentoring for the scholarship recipients.

SEC. 4. NATIONAL SCIENCE FOUNDATION RESPONSIBILITIES.

    The Director shall--
            (1) annually report to the Congress on the status of 
        programs implemented under this Act, including--
                    (A) aggregate data on scholarship recipients, not 
                including any personally identifying data;
                    (B) the geographic distribution of scholarship 
                awards;
                    (C) activities of scholarship recipients after 
                receiving their undergraduate degree;
                    (D) any changes made to those programs; and
                    (E) responses to any other congressional inquiries; 
                and
            (2) establish and maintain a website for current, former, 
        and potential scholarship recipients to share ideas, contribute 
        to issue forums, present work, and learn about research 
        opportunities.

SEC. 5. AUTHORIZATION OF APPROPRIATIONS.

    There are authorized to be appropriated to the National Science 
Foundation for carrying out this Act--
            (1) $242,000,000 for fiscal year 2007;
            (2) $726,000,000 for fiscal year 2008;
            (3) $1,695,500,000 for fiscal year 2009;
            (4) $2,180,000,000 for fiscal year 2010; and
            (5) $2,664,500,000 for fiscal year 2011.

SEC. 6. DEFINITIONS.

    For purposes of this Act--
            (1) the term ``Director'' means the Director of the 
        National Science Foundation; and
            (2) the term ``institution of higher education'' has the 
        meaning given that term in section 101 of the Higher Education 
        Act of 1965 (20 U.S.C. 1001).
[A]:
National Science Foundation Scholars Program Act - Requires the Director of the National Science Foundation to provide competitive scholarships to students in undergraduate science, engineering, technology, or mathematics programs.

Requires the Director to award annual $5,000 grants to institutions of higher education attended by at least 10 such scholarship recipients to develop programs which provide: (1) such recipients with interaction, on a monthly basis, with speakers in the science, engineering, technology, or mathematics disciplines who work in business, industry, elementary or secondary education, museums, or other informal educational settings; (2) annual poster sessions through which recipients present their research efforts; (3) outreach to middle and high school students; and (4) recipient mentoring.

Requires the Director to establish a website where current, former, and potential scholarship recipients can share ideas, present work, and learn of research opportunities.