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. PERMANENT EXTENSION OF ESTATE TAX AS IN EFFECT IN 2009.

    (a) Exclusion Equivalent of Unified Credit Equal to $3,500,000.--
Subsection (c) of section 2010 of the Internal Revenue Code of 1986 
(relating to unified credit against estate tax) is amended to read as 
follows:
    ``(c) Applicable Credit Amount.--
            ``(1) In general.--For purposes of this section, the 
        applicable credit amount is the amount of the tentative tax 
        which would be determined under section 2001(c) if the amount 
        with respect to which such tentative tax is to be computed were 
        equal to the applicable exclusion amount.
            ``(2) Applicable exclusion amount.--
                    ``(A) In general.--For purposes of this subsection, 
                the applicable exclusion amount is $3,500,000.
                    ``(B) Inflation adjustment.--In the case of any 
                decedent dying in a calendar year after 2010, the 
                dollar amount in subparagraph (A) shall be increased by 
                an amount equal to--
                            ``(i) such dollar amount, multiplied by
                            ``(ii) the cost-of-living adjustment 
                        determined under section 1(f)(3) for such 
                        calendar year by substituting `calendar year 
                        2009' for `calendar year 1992' in subparagraph 
                        (B) thereof.
                If any amount as adjusted under the preceding sentence 
                is not a multiple of $10,000, such amount shall be 
                rounded to the nearest multiple of $10,000.''.
    (b) Maximum Estate Tax Rate Equal to 45 Percent.--
            (1) In general.--Subsection (c) of section 2001 of the 
        Internal Revenue Code of 1986 (relating to imposition and rate 
        of tax) is amended--
                    (A) by striking ``but not over $2,000,000'' in the 
                table contained in paragraph (1),
                    (B) by striking the last 2 items in such table,
                    (C) by striking ``(1) in general.--'', and
                    (D) by striking paragraph (2).
            (2) Conforming amendment.--Paragraphs (1) and (2) of 
        section 2102(b) of such Code are amended to read as follows:
            ``(1) In general.--A credit in an amount that would be 
        determined under section 2010 as the applicable credit amount 
        if the applicable exclusion amount were $60,000 shall be 
        allowed against the tax imposed by section 2101.
            ``(2) Residents of possessions of the united states.--In 
        the case of a decedent who is considered to be a `nonresident 
        not a citizen of the United States' under section 2209, the 
        credit allowed under this subsection shall not be less than the 
        proportion of the amount that would be determined under section 
        2010 as the applicable credit amount if the applicable 
        exclusion amount were $175,000 which the value of that part of 
        the decedent's gross estate which at the time of the decedent's 
        death is situated in the United States bears to the value of 
        the decedent's entire gross estate, wherever situated.''.
    (c) Modifications of Estate and Gift Taxes To Reflect Differences 
in Unified Credit Resulting From Different Tax Rates.--
            (1) Estate tax.--
                    (A) In general.--Section 2001(b)(2) of the Internal 
                Revenue Code of 1986 (relating to computation of tax) 
                is amended by striking ``if the provisions of 
                subsection (c) (as in effect at the decedent's death)'' 
                and inserting ``if the modifications described in 
                subsection (g)''.
                    (B) Modifications.--Section 2001 of such Code is 
                amended by adding at the end the following new 
                subsection:
    ``(g) Modifications to Gift Tax Payable To Reflect Different Tax 
Rates.--For purposes of applying subsection (b)(2) with respect to 1 or 
more gifts, the rates of tax under subsection (c) in effect at the 
decedent's death shall, in lieu of the rates of tax in effect at the 
time of such gifts, be used both to compute--
            ``(1) the tax imposed by chapter 12 with respect to such 
        gifts, and
            ``(2) the credit allowed against such tax under section 
        2505, including in computing--
                    ``(A) the applicable credit amount under section 
                2505(a)(1), and
                    ``(B) the sum of the amounts allowed as a credit 
                for all preceding periods under section 2505(a)(2).
        For purposes of paragraph (2)(A), the applicable credit amount 
        for any calendar year before 1998 is the amount which would be 
        determined under section 2010(c) if the applicable exclusion 
        amount were the dollar amount under section 6018(a)(1) for such 
        year.''.
            (2) Gift tax.--Section 2505(a) of such Code (relating to 
        unified credit against gift tax) is amended by adding at the 
        end the following new flush sentence:
``For purposes of applying paragraph (2) for any calendar year, the 
rates of tax in effect under section 2502(a)(2) for such calendar year 
shall, in lieu of the rates of tax in effect for preceding calendar 
periods, be used in determining the amounts allowable as a credit under 
this section for all preceding calendar periods.''.
    (d) Effective Date.--The amendments made by this section shall 
apply to estates of decedents dying, generation-skipping transfers, and 
gifts made, after December 31, 2009.
    (e) Additional Modifications to Estate Tax.--
            (1) In general.--Subtitles A and E of title V of the 
        Economic Growth and Tax Relief Reconciliation Act of 2001, and 
        the amendments made by such subtitles, are hereby repealed; and 
        the Internal Revenue Code of 1986 shall be applied as if such 
        subtitles, and amendments, had never been enacted.
            (2) Sunset not to apply.--
                    (A) Subsection (a) of section 901 of the Economic 
                Growth and Tax Relief Reconciliation Act of 2001 is 
                amended by striking ``this Act'' and all that follows 
                and inserting ``this Act (other than title V) shall not 
                apply to taxable, plan, or limitation years beginning 
                after December 31, 2010.''.
                    (B) Subsection (b) of such section 901 is amended 
                by striking ``, estates, gifts, and transfers''.
            (3) Repeal of deadwood.--
                    (A) Sections 2011, 2057, and 2604 of the Internal 
                Revenue Code of 1986 are hereby repealed.
                    (B) The table of sections for part II of subchapter 
                A of chapter 11 of such Code is amended by striking the 
                item relating to section 2011.
                    (C) The table of sections for part IV of subchapter 
                A of chapter 11 of such Code is amended by striking the 
                item relating to section 2057.
                    (D) The table of sections for subchapter A of 
                chapter 13 of such Code is amended by striking the item 
                relating to section 2604.
    (f) Sense of the Senate Regarding Revenue Neutrality.--It is the 
sense of the Senate that any reduction in Federal revenues resulting 
from the provisions of, and amendments made by, this section should be 
fully offset.

A: Amends the Internal Revenue Code to: (1) restore the unified credit against the estate and gift tax after 2009; (2) establish the amount of such credit at $3.5 million adjusted for inflation in calendar years after 2010; and (3) reduce the maximum estate and gift tax rate to 45%.

Expresses the sense of the Senate that any reduction in federal revenues resulting from this Act should be fully offset.
****
Q: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``United States Commission on 
Rebuilding America for the 21st Century Act''.

SEC. 2. FINDINGS.

    Congress finds the following:
            (1) In 1808, Albert Gallatin, while serving as President 
        Thomas Jefferson's Secretary of the Treasury, reported to 
        Congress on the infrastructure investments needed by the young 
        Nation.
            (2) Gallatin's plan built on President George Washington's 
        vision of connecting the interior settlements of the Nation 
        with the markets and ports of the East Coast through a network 
        of roads and canals, and provided a roadmap for infrastructure 
        development in the 19th century.
            (3) In 1908, President Theodore Roosevelt convened a 
        conference of State and territorial governors, members of his 
        Cabinet and Congress, professional organizations, private 
        citizens, and government agencies to plan for the United States 
        conservation and infrastructure needs in the 20th century.
            (4) The resulting plan laid the groundwork for many of the 
        critical investments initiated by President Franklin D. 
        Roosevelt to jumpstart the Nation's recovery from the Great 
        Depression.
            (5) Today, as in 1808 and 1908, the United States is faced 
        with significant economic, environmental, and demographic 
        challenges.
            (6) To stave off the worst effects of global warming, the 
        United States will need to reduce greenhouse gas emissions 
        significantly.
            (7) The Nation's population is projected to increase to 420 
        million by 2050, which is nearly a 50 percent increase from the 
        Nation's population size in 2000.
            (8) By 2050, more than 70 percent of the Nation's 
        population growth and economic growth is expected to take place 
        in extended networks of metropolitan regions linked by 
        environmental systems, transportation networks, economies, and 
        culture.
            (9) The National Surface Transportation Policy and Revenue 
        Study Commission recently calculated that maintaining the 
        Nation's existing transportation system over the next 50 years 
        will require $225 billion annually. The latest transportation 
        authorization, SAFETEA-LU, provided only $244 billion total for 
        the 5 years ending with fiscal year 2009.
            (10) The American Society of Civil Engineers has given the 
        Nation's public infrastructure, consisting of water, sewer, and 
        transportation systems, a grade of D-minus, estimating that it 
        will cost $1.6 trillion over the next 5 years merely to repair 
        the Nation's existing infrastructure.
            (11) The Nation's decaying water infrastructure and a lack 
        of available funding to maintain and upgrade the Nation's 
        wastewater infrastructure pose a serious threat to water 
        quality. More than 72,000 miles of municipal water and sewer 
        pipe are more than 80 years old, threatening the health, 
        environment, and economy of communities large and small.
            (12) Population growth and associated development will 
        place the Nation's water resources under increasing stress, 
        including increased pollutant loads, increased potential for 
        flooding, diminished drinking water supplies, loss of aquatic 
        habitat, and stream scouring and erosion. Global warming will 
        exacerbate existing water challenges and make other changes to 
        the natural hydrology, including more extreme storm events, 
        more frequent droughts, higher air and water temperatures, 
        changes in timing of stream flows, and sea level rise. New 
        technologies and a comprehensive strategy will be needed to 
        overcome these challenges and ensure a safe, adequate, 
        reliable, and sustainable water supply.
            (13) The Environmental Protection Agency, the Congressional 
        Budget Office, and other stakeholders have identified a funding 
        gap of between $300 billion and $400 billion over the next 20 
        years for the restoration and replacement of wastewater 
        infrastructure, and an additional $250 billion over the next 30 
        years will be needed to replace worn-out drinking water pipes 
        and associated structures.
            (14) From 1999 to 2009, the Nation's electricity demand 
        rose by nearly 20 percent while transmission capacity grew by 
        only 3.5 percent. To accommodate increased demand, and to 
        accommodate increased electrical supply from renewable sources 
        by 2050, electrical transmission infrastructure requires 
        significant investment.
            (15) The Nation's rural economy is dependant on 
        transportation and communications networks to grow and compete 
        in an increasingly globalized market.
            (16) Significant under-investment in public lands 
        infrastructure jeopardizes the tremendous conservation, 
        environmental, and mixed use benefits that these lands provide 
        the public.
            (17) Much of the Nation's infrastructure was built in the 
        last half of the 20th century and will reach its capacity 
        limits early in the 21st century. Unless new capacity is 
        created in roads, rails, airports, seaports, and other systems, 
        the Nation's economic potential will be artificially limited.
            (18) Since 1980, the number of miles people in the United 
        States drive has grown 3 times faster than the Nation's 
        population. Residents of walkable cities, however, drive 26 
        percent fewer miles per day than those living in the most 
        sprawling areas.
            (19) By 2050, 89 million new or replaced homes as well as 
        190 billion square feet of new offices, stores, and other 
        nonresidential buildings will be constructed.
            (20) By 2050, smart growth building policies could reduce 
        total transportation-related CO&lt;INF&gt;2&lt;/INF&gt; emissions by 7 to 
        10 percent.
            (21) Development of a bold national plan to overcome these 
        challenges by 2050 will allow the United States to respond in 
        the most economically and environmentally sustainable way.

SEC. 3. ESTABLISHMENT.

    There is established a commission to be known as the ``United 
States Commission on Rebuilding America for the 21st Century'' (in this 
Act referred to as the ``Commission'').

SEC. 4. MEMBERSHIP.

    (a) Appointment of Members.--The Commission shall be composed of 17 
members as follows:
            (1) Two members, including the chairman of the Commission, 
        to be appointed by the Speaker of the House of Representatives.
            (2) Two members to be appointed by the majority leader of 
        the Senate.
            (3) Three members to be appointed jointly by the minority 
        leader of the House of Representatives and the minority leader 
        of the Senate.
            (4) One member to be appointed by the Administrator of the 
        Environmental Protection Agency.
            (5) One member to be appointed by the Secretary of 
        Transportation.
            (6) One member to be appointed by the Secretary of Housing 
        and Urban Development.
            (7) One member to be appointed by the Secretary of the 
        Interior.
            (8) One member to be appointed by the Secretary of Energy.
            (9) One member to be appointed by the President of the 
        Executive Committee of the Board of Directors of the National 
        Association of Counties, in consultation with the other members 
        of the Board.
            (10) One member to be appointed by the Chair of the 
        National Governors Association.
            (11) One member to be appointed by the Executive Director 
        of the National Conference of State Legislatures, in 
        consultation with the members of the Conference's executive 
        committee.
            (12) One member to be appointed by the President of the 
        Board of Directors of the National Association of Regional 
        Councils, in consultation with the other members of the Board.
            (13) One member to be appointed by the President of the 
        United States Conference of Mayors, in consultation with the 
        members of the Conference's executive board.
    (b) Dates of Appointments.--The initial member appointed to the 
Commission shall be the Chairman, as designated by the Speaker of the 
House of Representatives under subsection (a)(1). The remainder of the 
members of the Commission shall be appointed in the 30-day period 
beginning on the 30th day following the date of the appointment of the 
Chairman.
    (c) Qualifications.--
            (1) In general.--Each member of the Commission shall be 
        knowledgeable in--
                    (A) the fields of transportation finance, highway 
                and transit programs, and transportation policy;
                    (B) the fields of land use and housing policy, 
                including community planning and design;
                    (C) the fields of water supply, water 
                infrastructure, and water conservation policy; or
                    (D) the fields of energy supply, energy 
                infrastructure, and energy conservation policy.
            (2) Eligibility of certain representatives.--The members of 
        the Commission--
                    (A) may include representatives of State and local 
                governments, public transportation authorities, and 
                other appropriate governmental units; but
                    (B) may not include any member of the House of 
                Representatives, the Senate, or the President's 
                Cabinet.
    (d) Terms.--The members of the Commission shall be appointed for 
the life of the Commission.
    (e) Vacancies.--A vacancy on the Commission shall be filled 
promptly and in the manner in which the original appointment was made.
    (f) Meetings.--
            (1) Initial meeting.--Not later than 60 days after the last 
        day of the appointment period described in section 4(b), the 
        Commission shall hold the initial meeting of the Commission.
            (2) Meetings.--The Commission shall meet at the call of the 
        chairman of the Commission or a majority of its members.
            (3) Quorum.--A majority of the members of the Commission 
        shall constitute a quorum, but a lesser number of members may 
        hold hearings.
    (g) Pay.--Members of the Commission shall serve without pay.
    (h) Travel Expenses.--Each member of the Commission shall receive 
travel expenses, including per diem in lieu of subsistence, in 
accordance with applicable provisions under subchapter I of chapter 57 
of title 5, United States Code.

SEC. 5. DUTIES.

    (a) Review of Published Materials.--
            (1) In general.--The Commission shall review published 
        materials on the Nation's transportation, water, energy, public 
        lands, and housing infrastructure and, based on the review, 
        assess the challenges of meeting the Nation's infrastructure 
        needs in the 21st century.
            (2) Report to congress.--Not later than 120 days after the 
        last day of the appointment period described in section 4(b), 
        the Commission shall submit to Congress a report on the review 
        and assessment conducted under paragraph (1) and make the 
        report available to the public.
    (b) Public Hearings.--In order to facilitate a national dialogue on 
the Nation's infrastructure needs, the Commission shall hold public 
hearings in at least 50 congressional districts representing a cross-
section of the geographical regions of the United States, and consult 
with other interested persons, before submitting a final report under 
subsection (c)
    (c) Final Report.--
            (1) National vision of infrastructure investments.--Not 
        later than one year after the last day of the appointment 
        period described in section 4(b), the Commission shall prepare 
        and submit to Congress a report that--
                    (A) documents the challenges of meeting the 
                Nation's transportation, water, energy, public lands, 
                and housing infrastructure needs in the 21st century; 
                and
                    (B) articulates a national vision of infrastructure 
                investments to overcome the challenges.
            (2) Specific recommendations.--The report to be submitted 
        under paragraph (1) shall contain specific recommendations on 
        appropriate policies and investments, including integration of 
        existing programs, to provide the people of the United States 
        with--
                    (A) improved transportation mobility, choice, and 
                access to economic opportunities;
                    (B) streamlined investment processes to facilitate 
                State and local transportation investments;
                    (C) improved community health outcomes and social 
                equity;
                    (D) improved water conservation, quality, and 
                quantity;
                    (E) an efficient, vibrant, and flexible electric 
                grid that delivers clean, safe, and affordable energy;
                    (F) reductions in greenhouse gas emissions; and
                    (G) improved public lands infrastructure sufficient 
                to accommodate the growth in users without degrading 
                the environmental and conservation values of the public 
                lands.
            (3) Model principles.--The report to be submitted under 
        paragraph (1) shall contain a set of model principles to ensure 
        that future investments in the Nation's transportation, water, 
        energy, public lands, and housing infrastructure incorporate 
        the findings and recommendations contained in the report.

SEC. 6. POWERS.

    (a) Hearings and Sessions.--For the purpose of carrying out this 
Act, the Commission may hold such hearings, meet and act at such times 
and places, take such testimony, administer such oaths, and receive 
such evidence as the Commission considers appropriate.
    (b) Other Evidence.--The Commission shall gather evidence through 
such means as the Commission considers appropriate, including--
            (1) by soliciting comments through Federal Register 
        notices; and
            (2) by receiving testimony at public hearings conducted by 
        members of the Commission, at the direction of the chairman of 
        the Commission, subject to appropriate rules governing the 
        receiving of evidence.
    (c) Obtaining Official Data.--The Commission may secure directly 
from any department or agency of the United States information (other 
than information required by any law to be kept confidential by such 
department or agency) necessary for the Commission to carry out its 
duties under this Act. Upon request of the Commission, the head of that 
department or agency shall furnish such nonconfidential information to 
the Commission.
    (d) Contracts.--The Commission may enter into contracts with other 
entities in carrying out the duties of the Commission.
    (e) Gifts, Bequests, and Devises.--To the extent or in the amounts 
provided in advance in appropriations Acts, the Commission may accept, 
use, and dispose of gifts, bequests, or devises of services or 
property, both real and personal, for the purpose of aiding or 
facilitating the work of the Commission. Gifts, bequests, or devises of 
money and proceeds from sales of other property received as gifts, 
bequests, or devises shall be deposited in the Treasury and shall be 
available for disbursement upon order of the Chairperson.
    (f) Mails.--The Commission may use the United States mails in the 
same manner and under the same conditions as other departments and 
agencies of the United States.
    (g) Administrative Support Services.--Upon the request of the 
Commission, the Administrator of General Services shall provide to the 
Commission, on a reimbursable basis, the administrative support 
services necessary for the Commission to carry out its responsibilities 
under this Act.

SEC. 7. STAFF.

    (a) Staff.--The Commission may appoint and fix the pay of such 
personnel as the Commission considers appropriate.
    (b) Staff of Federal Agencies.--Upon request of the Commission, the 
head of any Federal department or agency may detail, on a reimbursable 
basis, any of the personnel of that department or agency to the 
Commission to assist the Commission in carrying out its duties under 
this Act.
    (c) Experts and Consultants.--The Commission may procure temporary 
and intermittent services under section 3109(b) of title 5, United 
States Code, but at rates for individuals not to exceed the daily 
equivalent of the maximum annual rate of basic pay for GS-15 of the 
General Schedule.

SEC. 8. AUTHORIZATION OF APPROPRIATIONS.

    There is authorized to be appropriated to carry out this Act 
$2,500,000.

SEC. 9. TERMINATION.

    The Commission shall terminate on the 180th day following the date 
of transmittal of the final report required under section 5(c). All 
records and papers of the Commission shall thereupon be delivered to 
the Administrator of General Services for deposit in the National 
Archives.

A: United States Commission on Rebuilding America for the 21st Century Act - Establishes the United States Commission on Rebuilding America for the 21st Century to review published materials on the nation's transportation, water, energy, public lands, and housing infrastructure and assess the challenges of meeting the nation's infrastructure needs in the 21st century.

Directs the Commission to submit to Congress a report that: (1) documents those challenges and articulates a national vision of infrastructure investments to overcome them; (2) contains specific recommendations on policies and investments to provide for streamlined state and local transportation investment processes, an electric grid that delivers clean, safe, and affordable energy, reductions in greenhouse has emissions, and improved transportation mobility, community health outcomes, water conservation, and public lands infrastructure accommodating user growth without degrading the environment; and (3) contains a set of model principles to ensure that future investments in the nation's infrastructure incorporate the report's findings and recommendations.
****
Q: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Community Bank Sensible Regulation 
Act of 2017''.

SEC. 2. EXEMPTIVE AUTHORITY FOR THE FEDERAL DEPOSIT INSURANCE 
              CORPORATION.

    Section 10 of the Federal Deposit Insurance Act (12 U.S.C. 1820) is 
amended by adding at the end the following:
    ``(l) Exemptive Authority.--
            ``(1) In general.--Notwithstanding any other provision of 
        law, the Corporation, after considering the factors in 
        paragraph (3), may exempt by rule any depository institution 
        having less than $10,000,000,000 in total assets from--
                    ``(A) any provision of this Act;
                    ``(B) any rule promulgated under this Act; or
                    ``(C) any rule promulgated under any other Act that 
                confers authority to the Corporation.
            ``(2) Conditions.--The Corporation may impose conditions on 
        an exemption granted under paragraph (1).
            ``(3) Factors to consider.--In granting an exemption under 
        paragraph (1), the Corporation shall consider, as appropriate, 
        the extent to which--
                    ``(A) the provision or rule would impose an 
                unnecessary or undue burden or cost on the depository 
                institution;
                    ``(B) the provision or rule is unnecessary or 
                unwarranted in order to promote the safety and 
                soundness of the depository institution; and
                    ``(C) the exemption is necessary, appropriate, or 
                consistent with the public interest.
            ``(4) Indexation of asset threshold.--The asset threshold 
        identified in paragraph (1) shall be increased annually at a 
        percentage equal to the percentage change in the total 
        aggregate assets of insured depository institutions for each 
        12-month period ending in December of each year, rounded to the 
        nearest $10,000,000.''.

SEC. 3. EXEMPTIVE AUTHORITY FOR THE OFFICE OF THE COMPTROLLER OF THE 
              CURRENCY.

    (a) Exemptive Authority With Respect to National Banks.--Section 
5239A of the Revised Statutes (12 U.S.C. 93a) is amended--
            (1) by striking ``Except'' and inserting the following:
    ``(a) In General.--Except''; and
            (2) by adding at the end the following:
    ``(b) Exemptive Authority.--
            ``(1) Definition.--In this subsection, the term `insured 
        depository institution' has the meaning given the term in 
        section 3(c) of the Federal Deposit Insurance Act (12 U.S.C. 
        1813(c)).
            ``(2) Exemption.--Notwithstanding any other provision of 
        law, the Comptroller of the Currency, after considering the 
        factors in paragraph (4), may exempt by rule any national bank 
        having less than $10,000,000,000 in total assets from--
                    ``(A) any provision of this title;
                    ``(B) any rule promulgated under this title; or
                    ``(C) any rule promulgated under any other title or 
                Act that confers authority to the Comptroller.
            ``(3) Conditions.--The Comptroller of the Currency may 
        impose conditions on an exemption granted under paragraph (2).
            ``(4) Factors to consider.--In granting an exemption under 
        paragraph (2), the Comptroller of the Currency shall consider, 
        as appropriate, the extent to which--
                    ``(A) the provision or rule would impose an 
                unnecessary or undue burden or cost on the national 
                bank;
                    ``(B) the provision or rule is unnecessary or 
                unwarranted in order to promote the safety and 
                soundness of the national bank; and
                    ``(C) the exemption is necessary, appropriate, or 
                consistent with the public interest.
            ``(5) Indexation of asset threshold.--The asset threshold 
        identified in paragraph (1) shall be increased annually at a 
        percentage equal to the percentage change in the total 
        aggregate assets of insured depository institutions for each 
        12-month period ending in December of each year, rounded to the 
        nearest $10,000,000.''.
    (b) Exemptive Authority With Respect to Savings Associations.--
Section 4(a) of the Home Owners' Loan Act (12 U.S.C. 1463(a)) is 
amended by adding at the end the following:
            ``(4) Exemptive authority.--
                    ``(A) Definition.--In this paragraph, the term 
                `insured depository institution' has the meaning given 
                the term in section 3(c) of the Federal Deposit 
                Insurance Act (12 U.S.C. 1813(c)).
                    ``(B) Exemption.--Notwithstanding any other 
                provision of law, the Comptroller, after considering 
                the factors in subparagraph (D), may exempt by rule any 
                savings association having less than $10,000,000,000 in 
                total assets from--
                            ``(i) any provision of this Act;
                            ``(ii) any rule promulgated under this Act; 
                        or
                            ``(iii) any rule promulgated under any 
                        other Act that confers authority on the 
                        Comptroller.
                    ``(C) Conditions.--The Comptroller may impose 
                conditions on an exemption granted under subparagraph 
                (B).
                    ``(D) Factors to consider.--In granting an 
                exemption under subparagraph (B), the Comptroller shall 
                consider, as appropriate, the extent to which--
                            ``(i) the provision or rule would impose an 
                        unnecessary or undue burden or cost on the 
                        savings association;
                            ``(ii) the provision or rule is unnecessary 
                        or unwarranted in order to promote the safety 
                        and soundness of the savings association; and
                            ``(iii) the exemption is necessary, 
                        appropriate, or consistent with the public 
                        interest.
                    ``(E) Indexation of asset threshold.--The asset 
                threshold identified in subparagraph (B) shall be 
                increased annually at a percentage equal to the 
                percentage change in the total aggregate assets of 
                insured depository institutions for each 12-month 
                period ending in December of each year, rounded to the 
                nearest $10,000,000.''.

SEC. 4. EXEMPTIVE AUTHORITY FOR THE BOARD OF GOVERNORS OF THE FEDERAL 
              RESERVE SYSTEM.

    (a) Exemptive Authority With Respect to State Member Banks.--
Section 11 of the Federal Reserve Act (12 U.S.C. 248) is amended--
            (1) by redesignating the second subsection (s) (relating to 
        assessments, fees, and other charges for certain companies) as 
        subsection (t); and
            (2) by adding at the end the following:
    ``(u) Exemptive Authority.--
            ``(1) Definition.--In this section, the term `insured 
        depository institution' has the meaning given the term in 
        section 3(c) of the Federal Deposit Insurance Act (12 U.S.C. 
        1813(c)).
            ``(2) Exemption.--Notwithstanding any other provision of 
        law, the Board, after considering the factors in paragraph (4), 
        may exempt by rule any State member bank having less than 
        $10,000,000,000 in total assets from--
                    ``(A) any provision of this Act;
                    ``(B) any rule promulgated under this Act; or
                    ``(C) any rule promulgated under any other Act that 
                confers authority on the Board.
            ``(3) Conditions.--The Board may impose conditions on an 
        exemption granted under paragraph (2).
            ``(4) Factors to consider.--In granting an exemption under 
        paragraph (2), the Board shall consider, as appropriate, the 
        extent to which--
                    ``(A) the provision or rule would impose an 
                unnecessary or undue burden or cost on the State member 
                bank;
                    ``(B) the provision or rule is unnecessary or 
                unwarranted in order to promote the safety and 
                soundness of the State member bank; and
                    ``(C) the exemption is necessary, appropriate, or 
                consistent with the public interest.''.
            ``(5) Indexation of asset threshold.--The asset threshold 
        identified in paragraph (2) shall be increased annually at a 
        percentage equal to the percentage change in the total 
        aggregate assets of insured depository institutions for each 
        12-month period ending in December of each year, rounded to the 
        nearest $10,000,000.''.
    (b) Exemptive Authority With Respect to Bank Holding Companies.--
The Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) is 
amended by adding at the end the following:

``SEC. 15. EXEMPTIVE AUTHORITY.

    ``(a) Definition.--In this section, the term `insured depository 
institution' has the meaning given the term in section 3(c) of the 
Federal Deposit Insurance Act (12 U.S.C. 1813(c)).
    ``(b) Exemption.--Notwithstanding any other provision of law, the 
Board, after considering the factors in subsection (d), may exempt by 
rule any bank holding company having less than $10,000,000,000 in total 
assets from--
            ``(1) any provision of this Act;
            ``(2) any rule promulgated under this Act; or
            ``(3) any rule promulgated under any other Act that confers 
        authority on the Board.
    ``(c) Conditions.--The Board may impose conditions on an exemption 
granted under subsection (b).
    ``(d) Factors To Consider.--In granting an exemption under 
subsection (b), the Board shall consider, as appropriate, the extent to 
which--
            ``(1) the provision or rule would impose an unnecessary or 
        undue burden or cost on the bank holding company;
            ``(2) the provision or rule is unnecessary or unwarranted 
        in order to promote the safety and soundness of the bank 
        holding company; and
            ``(3) the exemption is necessary, appropriate, or 
        consistent with the public interest.
    ``(e) Indexation of Asset Threshold.--The asset threshold 
identified in subsection (b) shall be increased annually at a 
percentage equal to the percentage change in the total aggregate assets 
of insured depository institutions for each 12-month period ending in 
December of each year, rounded to the nearest $10,000,000.''.
    (c) Exemptive Authority for Savings and Loan Holding Companies and 
Mutual Holding Companies.--Section 10 of the Home Owners' Loan Act (12 
U.S.C. 1467a) is amended by adding at the end the following:
    ``(u) Exemptive Authority.--
            ``(1) Definitions.--In this subsection--
                    ``(A) the term `insured depository institution' has 
                the meaning given the term in section 3(c) of the 
                Federal Deposit Insurance Act (12 U.S.C. 1813(c)); and
                    ``(B) the term `mutual holding company' has the 
                meaning given the term in subsection (o)(10)(A).
            ``(2) Exemption.--Notwithstanding any other provision of 
        law, the Board, after considering the factors in paragraph (4), 
        may exempt by rule any savings and loan holding company or any 
        mutual holding company having less than $10,000,000,000 in 
        total assets from--
                    ``(A) any provision of this Act;
                    ``(B) any rule promulgated under this Act; or
                    ``(C) any rule promulgated under any other Act that 
                confers authority on the Board.
            ``(3) Conditions.--The Board may impose conditions on an 
        exemption granted under paragraph (2).
            ``(4) Factors to consider.--In granting an exemption under 
        paragraph (2), the Board shall consider the extent to which--
                    ``(A) the provision or rule would impose an 
                unnecessary or undue burden or cost on the savings and 
                loan holding company or the mutual holding company;
                    ``(B) the provision or rule is unnecessary or 
                unwarranted in order to promote the safety and 
                soundness of the savings and loan holding company or 
                the mutual holding company; and
                    ``(C) the exemption is necessary, appropriate, or 
                consistent with the public interest.
            ``(5) Limitation.--The authority granted to the Board under 
        paragraph (2) shall not apply with respect to a savings and 
        loan holding company described in subsection (c)(9)(C).
            ``(6) Indexation of asset threshold.--The asset threshold 
        identified in paragraph (2) shall be increased annually at a 
        percentage equal to the percentage change in the total 
        aggregate assets of insured depository institutions for each 
        12-month period ending in December of each year, rounded to the 
        nearest $10,000,000.''.

A:
Community Bank Sensible Regulation Act of 2017 This bill amends federal finance laws to allow&nbsp;federal financial regulatory agencies&nbsp;to exempt from&nbsp;their regulatory purview, based on consideration of specified factors,&nbsp;certain depository institutions with less than $10 billion in assets.
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