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

    This Act may be cited as the ``National High Performance Passenger 
Rail Transportation-Oriented Development Act of 2012''.

SEC. 2. TRANSPORTATION-ORIENTED DEVELOPMENT INITIATIVE.

    (a) Establishment.--The Secretary of Transportation (in this Act 
referred to as the ``Secretary'') shall establish an initiative to 
promote passenger rail operations and transportation-oriented 
development by creating incentives for communities to encourage 
dedicated revenue sources for urban and regional rail corridor 
development.
    (b) Implementation.--The Secretary shall appoint a Planning 
Developer to oversee implementation of this initiative. The Planning 
Developer shall report to the Secretary.
    (c) Coordinating Committee.--The Secretary shall harmonize planning 
requirements and direct coordination and administration of the 
initiative between the Federal Railroad Administration and the Federal 
Transit Administration. The Secretary shall appoint a Transportation-
Oriented Development Coordinating Committee composed of the Planning 
Developer as Chair, the Administrator of the Federal Railroad 
Administration, and the Administrator of the Federal Transit 
Administration.

SEC. 3. FEDERAL INCENTIVES.

    (a) Qualified Projects.--
            (1) Criteria.--The Secretary shall establish criteria for 
        the designation of projects qualified for Federal incentives 
        pursuant to this section and the amendments made by this 
        section.
            (2) Types of projects that may qualify.--Projects that may 
        qualify for Federal incentives pursuant to this section and the 
        amendments made by this section are those that contribute to 
        the generation of revenue by the capture of increasing value 
        from development around station areas, as defined by the 
        Secretary, which are likely to make long-term contributions to 
        rail corridor development funds or similar mechanisms that help 
        finance intercity and urban passenger rail infrastructure or 
        operating expenses. Such commercial development or other 
        projects designated as qualified by the Secretary may generate 
        revenue for transportation-oriented development and rail 
        operations in the region by increasing the tax base, promoting 
        job growth, promoting cost effectiveness, facilitating 
        intermodal connectivity, combining congestion relief with 
        station development, stimulating economic development, or any 
        other appropriate means. The capture of increased value shall 
        be through the establishment of special assessment districts or 
        similar mechanisms, and distribution of revenues shall be 
        through rail corridor development funds or similar mechanisms 
        established within the regions.
            (3) Designated coordinating authority.--The Secretary shall 
        designate a State authority, or regional commission in 
        appropriate regions of the country as defined by the Secretary, 
        that petitions the Secretary to participate in the initiative 
        established under section 2. Such designated entity shall 
        provide for coordination among stakeholders, local governments, 
        and private developers in the defined region, and shall endorse 
        each project of, and be the lead party in, an application for 
        Federal incentives pursuant to this section and the amendments 
        made by this section.
    (b) Railroad Rehabilitation Improvement Financing.--Section 502 of 
the Railroad Revitalization and Regulatory Reform Act of 1976 (45 
U.S.C. 822) is amended--
            (1) in subsection (a)--
                    (A) by striking ``and'' at the end of paragraph 
                (5);
                    (B) by striking the period at the end of paragraph 
                (6) and inserting ``; and''; and
                    (C) by adding at the end the following new 
                paragraph:
            ``(7) persons conducting a qualified project (as defined in 
        section 8 of the National High Performance Passenger Rail 
        Transportation-Oriented Development Act of 2012).''; and
            (2) in subsection (b)(1)--
                    (A) by striking ``and'' at the end of subparagraph 
                (B);
                    (B) by striking the period at the end of 
                subparagraph (C) and inserting ``; or''; and
                    (C) by adding at the end the following new 
                subparagraph:
                    ``(D) conduct a qualified project (as defined by 
                the Secretary under section 3 of the National High 
                Performance Passenger Rail Transportation-Oriented 
                Development Act of 2012.''.
    (c) Transportation Infrastructure Finance.--Section 601(a)(8) of 
title 23, United States Code, is amended--
            (1) by striking ``and'' at the end of subparagraph (C);
            (2) by striking the period at the end of subparagraph (D) 
        and inserting ``; and''; and
            (3) by adding at the end the following new subparagraph:
                    ``(E) a qualified project (as defined by the 
                Secretary under section 3 of the National High 
                Performance Passenger Rail Transportation-Oriented 
                Development Act of 2012).''.
    (d) Application Priority.--In general, Federal applications to the 
Federal Railroad Administration and Federal Transit Administration for 
railroad projects that participate in the transportation-oriented 
development program under this Act shall receive a priority for funding 
in the application decision process.
    (e) Administrative Costs.--For administrative costs to carry out 
this Act, including contracting with and support for the Planning 
Developer and transportation-oriented development initial 
administrative costs of the Federal Railroad Administration and Federal 
Transit Administration for the first 5 years, the Secretary may use 
such funds as necessary which are appropriated for carrying out chapter 
6 of title 23, United States Code.
    (f) Revenue Neutral Program Cost.--The Secretary may establish a 
mechanism whereby amounts used under subsection (e) will be repaid to 
the Secretary for use in carrying out chapter 6 of title 23, United 
States Code. Repayment shall be derived from a small fee to all 
recipients of funding provided under subsection (e). The repayment 
shall commence upon substantial completion of qualified projects.

SEC. 4. TECHNICAL ASSISTANCE.

    (a) National Technical Assistance.--The program established under 
this Act shall provide technical assistance to the States with respect 
to--
            (1) identification of transportation-oriented development 
        opportunities;
            (2) establishment of special assessment districts in 
        regions;
            (3) establishment of rail corridor development funds; and
            (4) expediting Federal, State, and local regulatory 
        approvals.
    (b) States and Regions Outside the Northeast Corridor.--The 
Secretary, through the initiative established by this Act, shall 
provide technical assistance to the States and regions outside the 
Northeast Corridor as identified by the Secretary, and shall provide--
            (1) technical assistance on the establishment of Regional 
        Advisory Committees appropriate to carrying out the purposes of 
        this Act at the regional level; and
            (2) technical assistance at the request of a State or 
        qualified entity provided by the Planning Developer that will 
        identify stations and potential stations within a given region, 
        and conduct a preliminary survey of property available and 
        potentially available, to maximize development and commercial 
        revenue generation to financially support the development of a 
        high performance rail passenger corridor.
    (c) Northeast Corridor.--The Secretary, through the initiative 
established under this Act, shall provide technical assistance to the 
States and entities along the Northeast Corridor as identified by the 
Secretary--
            (1) on the establishment, by the Northeast Corridor 
        Infrastructure and Operations Advisory Commission established 
        under section 24905 of title 49, United States Code, of a 
        Northeast Corridor Transportation-Oriented Development Working 
        Group, which shall--
                    (A) include outside members with expertise in 
                transportation-oriented development;
                    (B) be chaired by the Planning Developer; and
                    (C) advise the Secretary and the Northeast Corridor 
                Infrastructure and Operations Advisory Commission on 
                the ways and means for carrying out the purposes of 
                this Act at the regional level; and
            (2) technical assistance provided by the Planning Developer 
        to the Secretary and identified States and entities, not more 
        than one year after the date of enactment of this Act, that 
        will identify Northeast Corridor stations and potential 
        stations, and conduct a preliminary survey of property 
        available and potentially available, to maximize development 
        and commercial revenue generation to financially support the 
        creation of a true high-speed rail corridor in the Northeast 
        Corridor.

SOLUTION: National High Performance Passenger Rail Transportation-Oriented Development Act of 2012 - Directs the Secretary of Transportation (DOT) to establish an initiative to promote passenger rail operations and transportation-oriented development by creating rail projects qualified for federal incentives for communities to encourage dedicated revenue sources for urban and regional rail corridor development.

Amends the Railroad Revitalization and Regulatory Reform Act of 1976 to direct the Secretary to provide direct loans and loan guarantees for qualified rail projects. Authorizes the Secretary to make secured loans, loan guarantees, or lines of credit for such projects.

Directs the Secretary to provide technical assistance to: (1) states to identify transportation-oriented development opportunities, (2) states and regions outside the Northeast Corridor to establish Regional Advisory Committees and identify stations and potential stations within the region to maximize development and commercial revenue generation to support financially the development of a high performance rail passenger corridor, and (3) states and entities along the Northeast Corridor to establish a Northeast Corridor Transportation-Oriented Development Working Group and identify Northeast Corridor stations and potential stations to maximize development and commercial revenue generation to support financially the creation of a true high-speed rail corridor in the Northeast Corridor.

PROBLEM: 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.

SOLUTION: 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.

PROBLEM: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Extractive Industries Transparency 
Disclosure Act''.

SEC. 2. FINDINGS.

    The Congress finds the following:
            (1) Each year corporations pay billions of dollars to 
        foreign governments and their affiliates for natural resources, 
        such as oil, gas, coal, copper, diamonds, and other extracted 
        minerals.
            (2) Developing countries that derive a significant portion 
        of their revenues from natural resource extraction tend to have 
        higher poverty rates, weaker governance, higher rates of 
        conflict, and poorer development records than those countries 
        that do not rely on resource revenues. Since revenues derived 
        from natural resource extraction are often a singular 
        opportunity for some developing countries to structure programs 
        and institutions to broaden the collective and individual 
        wealth of their citizens, it is imperative that the uses of 
        such funds are closely monitored.
            (3) There is a growing consensus among oil, gas, and mining 
        companies that transparency is good for business, since it 
        improves the business climate in which they work and fosters 
        good governance and accountability.
            (4) Transparency benefits shareholders because of their 
        desire to know the amount of such payments in order to assess 
        financial risk, compare payments from country to country, and 
        assess whether such payments help to create a more stable 
        investment climate; moreover, undisclosed payments may be 
        perceived as corrupt and to the detriment of the image of the 
        corporation.
            (5) It is in the United States best interest to promote 
        transparency, since transparency contributes to a better 
        investment climate, a more stable commodity supply, and greater 
        energy security.

SEC. 3. ADDITIONAL ANNUAL REPORT DISCLOSURES REQUIRED.

    (a) Amendment.--Section 13 of the Securities Exchange Act of 1934 
(15 U.S.C. 78m) is amended by adding at the end the following new 
subsection:
    ``(m) Disclosure of Payment for Resource Extraction.--
            ``(1) Disclosures required.--The Commission shall modify 
        the rules prescribed under subsection (b) to require that each 
        issuer required to file an annual report with the Commission 
        shall disclose in such report the total amounts, for each 
        foreign country and for each category of payment for each 
        foreign country, of any and all payments made, directly or 
        indirectly, by the issuer or any of its subsidiaries, to an 
        agency or instrumentality of a foreign government--
                    ``(A) for natural resources in a foreign country; 
                or
                    ``(B) in any connection with the extraction of 
                natural resources from a foreign country.
            ``(2) Definitions.--For purposes of this subsection, the 
        following definitions shall apply:
                    ``(A) Agency or instrumentality of a foreign 
                government.--The term `agency or instrumentality of a 
                foreign government' means--
                            ``(i) a foreign government;
                            ``(ii) a department, ministry, agency, 
                        office, officer, employee, legislator, 
                        representative, subdivision, or agent of a 
                        foreign government;
                            ``(iii) a person that is directly or 
                        indirectly owned, controlled, or employed by 
                        one or more of the persons or entities 
                        described in clause (i) or (ii);
                            ``(iv) an account, trust, or other device 
                        held for the benefit of any of the persons or 
                        entities described in clause (i), (ii), or 
                        (iii); or
                            ``(v) an entity controlled by the state, 
                        such as a state-owned oil company, and its 
                        agents.
                    ``(B) Category of payment.--The term `category of 
                payment', for any payment or transfer, means the 
                category described in any of clauses (i) through (viii) 
                of subparagraph (G) that most closely describes such 
                payment or transfer.
                    ``(C) Extraction.--The term `extraction' means--
                            ``(i) the search for any natural resource, 
                        in its natural deposits and original locations;
                            ``(ii) the acquisition of property rights, 
                        licenses, or properties for the purpose of 
                        further exploration or for the purpose of 
                        removing any natural resource from existing 
                        deposits on those properties, or both;
                            ``(iii) the construction, drilling, and 
                        production activities necessary to retrieve any 
                        natural resource from its natural deposit, and 
                        the acquisition, construction, installation, 
                        and maintenance of field gathering and storage 
                        systems, including lifting any other natural 
                        resource to the surface and gathering, 
                        treating, field processing, and field storage;
                            ``(iv) the transportation of any natural 
                        resource through the territory of any foreign 
                        country by any means;
                            ``(v) the export of any natural resource 
                        from an intermediary country;
                            ``(vi) the acquisition of any concession, 
                        permission, permit, right, or other 
                        authorization from a foreign government 
                        necessary or desirable to conduct any of the 
                        activities described in clauses (i) through 
                        (v); or
                            ``(vii) any combination of the activities 
                        described in clauses (i) through (vi).
                    ``(D) Foreign country.--The term `foreign country' 
                means any country other than the United States.
                    ``(E) Foreign government.--The term `foreign 
                government' means the government of any foreign 
                country.
                    ``(F) Natural resources.--The term `natural 
                resources' means--
                            ``(i) oil and gas reserves, metal ores, 
                        gemstones, industrial materials, and coal; and
                            ``(ii) any other commodity of commercial 
                        value produced by the extraction of natural 
                        resources, in its natural or refined state, 
                        that the Commission shall, by regulation, 
                        determine should be subject to the reporting 
                        requirements of this subsection in order to 
                        carry out the purposes of this subsection due 
                        to the significance of the amounts being paid 
                        therefor by one or more issuers.
                    ``(G) Payments.--The term `payments' means any 
                transfer or payment of any kind, either direct or 
                indirect, and irrespective of the amount, and in any 
                form whatsoever, including--
                            ``(i) host government's production 
                        entitlements;
                            ``(ii) national state-owned company 
                        production entitlements;
                            ``(iii) profits taxes;
                            ``(iv) royalties;
                            ``(v) dividends;
                            ``(vi) bonuses (such as signature, 
                        discovery, or production bonuses);
                            ``(vii) license fees, rental fees, entry 
                        fees, and other considerations for licenses or 
                        concessions; and
                            ``(viii) other benefits to the foreign 
                        government or the agency or instrumentality of 
                        the foreign government that have a value of not 
                        less that $100,000.''.
    (b) Deadline.--The Securities and Exchange Commission shall 
prescribe the modifications to its rules required by section 13(m) of 
the Securities Exchange Act of 1934 (as added by the amendment made by 
subsection (a) of this section) not later than 90 days after the date 
of enactment of this Act, and shall make such modifications effective 
with respect to the annual reports of issuers with respect to the 
fiscal years of issuers ending on or after January 1, 2009.
    (c) Public Availability of Information.--The Securities and 
Exchange Commission shall, by rule or regulation, provide that the 
information filed by all issuers pursuant to such section 13(m) be 
compiled so that it is accessible by the public directly, and in a 
compiled format, from the website of the Commission without separately 
accessing on the EDGAR system the annual reports of each issuer filing 
such information.

SOLUTION:
Extractive Industries Transparency Disclosure Act - Amends the Securities Exchange Act of 1934 to instruct the Securities and Exchange Commission (SEC) to require specified annual reports of an issuer to disclose the total payments made to an agency or instrumentality of a foreign government: (1) for natural resources in a foreign country; or (2) in connection with the extraction of natural resources from a foreign country.

Requires compilation of such information so that it is accessible by the public directly from the SEC website without separately accessing the annual reports of each issuer filing the information on the EDGAR system.