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 ``Amtrak Investment Act of 1994''.

SEC. 2. FINDINGS.

    The Congress finds that--
            (1) intercity rail passenger service is an essential 
        component of the integrated national transportation system; 
        however, to achieve its full potential the National Railroad 
        Passenger Corporation (Amtrak) must provide a quality 
        transportation product in the form of clean, comfortable, and 
        on-time service;
            (2) Amtrak's management and employees are dedicated to 
        providing the high quality service that Amtrak's customers 
        deserve; however, additional capital investment is needed to 
        acquire the modern equipment and efficient facilities that are 
        essential to satisfy the demand for superior intercity rail 
        passenger service;
            (3) significant levels of Federal capital investment will 
        enable Amtrak to provide the world class service American rail 
        passengers deserve, and will reduce operating costs in the long 
        term;
            (4) Amtrak's management should be held accountable to 
        ensure that all capital investment by the Federal Government is 
        effectively used to improve the quality of service and the 
        long-term financial health of Amtrak;
            (5) the Secretary of Transportation, as an ex officio 
        member of Amtrak's board of directors, should use this position 
        to evaluate Amtrak's costs and revenue elements to ensure that 
        Amtrak provides excellent service to its customers and that 
        Amtrak uses its Federal investment wisely and efficiently;
            (6) States can play a significant role in providing cost-
        efficient intercity rail passenger transportation and in 
        addressing local transportation needs and air quality control; 
        and
            (7) the freight railroads represent a critical part of the 
        Nation's transportation infrastructure, which should help to 
        provide expeditious and cost-effective delivery of passenger 
        trains.

SEC. 3. WORLD CLASS SERVICE.

    Section 24101(c) of title 49, United States Code, is amended--
            (1) by striking ``and'' at the end of paragraph (10);
            (2) by striking the period at the end of paragraph (11) and 
        inserting in lieu thereof ``; and''; and
            (3) by adding at the end the following new paragraph:
            ``(12) manage capital investment in such a way as to 
        provide its customers with world class service.''.

SEC. 4. RETURN ON INVESTMENT.

    Section 24315(b)(1) of title 49, United States Code, is amended--
            (1) by striking ``and'' at the end of subparagraph (A);
            (2) by striking the period at the end of subparagraph (B) 
        and inserting in lieu thereof ``; and''; and
            (3) by adding at the end the following:
            ``(C) shall include projections of the anticipated benefits 
        of the projects proposed for funding under this part and a 
        report on the benefits actually realized from all projects 
        previously funded under this part, or legislation on which this 
        part is based, beginning with funds provided in fiscal year 
        1994.
Such report shall include an identification of improvements in the 
quality of service offered by Amtrak, facility improvements that 
demonstrate a productivity gain, equipment improvements that lower 
operating costs, environmental benefits (including air quality and land 
use), enhancements to local transportation needs, enhancements to 
mobility of physically and economically disadvantaged persons, an 
improvement to the revenue-to-cost ratio, reduced dependence on Federal 
operating support, and reductions in the need for alternative 
transportation investments. To the extent practicable, the benefits 
addressed in each report shall also be expressed as return on invested 
capital.''.

SEC. 5. STATE REQUESTED RAIL PASSENGER TRANSPORTATION.

    (a) State/Federal Formula.--(1) Section 24704 of title 49, United 
States Code, is amended--
            (A) in subsection (a)(1)(C)--
                    (i) by striking ``short term'' both places it 
                appears and inserting in lieu thereof ``long-term''; 
                and
                    (ii) by striking ``65 percent'' and inserting in 
                lieu thereof ``55 percent'';
            (B) in subsection (b)--
                    (i) by adding at the end of paragraph (2) the 
                following new sentence: ``Any such renewal shall 
                require the State, agency, or person to provide a 
                statement that such State, agency, or person agrees to 
                pay in each year of operation, beginning with the first 
                year of operation of service under such renewed 
                agreement, at least 55 percent of the long-term 
                avoidable losses of operating such service and at least 
                50 percent of the associated capital costs.''; and
                    (ii) by inserting at the end the following new 
                paragraph:
    ``(3) Amtrak is authorized to contribute in each year of operation 
of any service instituted or retained pursuant to this section no more 
than--
            ``(A) 55 percent in the first year of such operation; and
            ``(B) 45 percent in each year of operation thereafter,
of the long-term avoidable losses of operating such service and no more 
than 50 percent of the associated capital costs.''.
    (2) The amendments made by paragraph (1) shall only apply with 
respect to fiscal year 1996 and subsequent fiscal years.
    (b) Review of Program.--Within 2 years after the date of enactment 
of this Act, the Secretary of Transportation shall conduct a 
comprehensive review of the program of State-assisted rail passenger 
services operated by Amtrak under section 24704 of title 49, United 
States Code, and shall submit a report to the Congress detailing the 
Secretary's findings and conclusions, including any recommendations the 
Secretary may have for revising such section 24704. The Secretary's 
report shall address, among other things, whether and at what point 
services originated under section 24704 should become a part of the 
basic system of intercity rail passenger transportation and shall 
identify any other avenues for initiating and implementing new rail 
passenger transportation.

SEC. 6. NORTHEAST CORRIDOR IMPROVEMENT PROGRAM.

    (a) Capital Improvements.--(1) Section 24902(h) of title 49, United 
States Code, is amended--
            (A) by inserting ``(1)'' before ``If practicable''; and
            (B) by adding at the end the following new paragraph:
    ``(2) Amtrak shall make capital improvements for the Northeast 
Corridor improvement program under this chapter as necessary to operate 
reliable, high-speed rail passenger service, to enhance capacity for 
intercity and commuter passenger transportation, and as otherwise may 
be necessary to ensure continued reliable high-speed service. Amtrak 
shall also acquire train equipment to be used on the Northeast 
Corridor, mitigate environmental impacts related to the Northeast 
Corridor improvement program, and provide adequate parking at and 
improve Northeast Corridor rail stations.''.
    (2) Section 24909 of title 49, United States Code, is amended--
            (A) by striking subsection (e); and
            (B) by redesignating subsections (f) and (g) as subsections 
        (e) and (f), respectively.
    (b) Boston-New Haven Electrification Project.--(1) Section 24902(f) 
of title 49, United States Code, is amended--
            (A) by inserting ``(1)'' before ``Improvements under''; and
            (B) by adding at the end the following new paragraph:
    ``(2) Amtrak shall design and construct the electrification system 
between Boston, Massachusetts, and New Haven, Connecticut, to 
accommodate the installation of a third mainline track between 
Davisville and Central Falls, Rhode Island, to be used for double-stack 
freight service to and from the Port of Davisville. Wherever 
practicable, Amtrak shall use portal structures and realign existing 
tracks on undergrade and overgrade bridges to minimize the width of the 
right-of-way required to add the third track. Amtrak shall take such 
other steps as may be required to coordinate and facilitate design and 
construction work.''.
    (2) Amtrak shall, not later than 6 months after the date of 
enactment of this Act, transmit to the Congress a report detailing its 
electrification design between Davisville and Central Falls, Rhode 
Island, and describing efforts to comply with section 24902(f)(2) of 
title 49, United States Code.

SEC. 7. AUTHORIZATION OF APPROPRIATIONS.

    Section 24104 of title 49, United States Code, is amended--
            (1) in subsection (a)(1), by inserting ``and not more than 
        $332,000,000 for fiscal year 1995 and $335,000,000 for fiscal 
        year 1996 may be appropriated to the Secretary,'' after 
        ``September 30, 1994,'';
            (2) in subsection (a)(2), by adding at the end the 
        following new subparagraphs:
            ``(C) $250,000,000 for fiscal year 1995.
            ``(D) $250,000,000 for fiscal year 1996.'';
            (3) in subsection (b)(1), by inserting ``Not more than 
        $373,000,000 for fiscal year 1995 and $373,000,000 for fiscal 
        year 1996 may be appropriated to the Secretary for the benefit 
        of Amtrak for operating expenses.'' after ``for operating 
        expenses.'';
            (4) in subsection (b)(2)(A), by adding at the end the 
        following new clauses:
            ``(iii) $17,000,000 for fiscal year 1995.
            ``(iv) $17,000,000 for fiscal year 1996.'';
            (5) in subsection (c)(1)--
                    (A) by striking ``and'' after ``September 30, 
                1993,''; and
                    (B) by inserting ``$156,000,000 for fiscal year 
                1995, and $165,000,000 for fiscal year 1996,'' after 
                ``September 30, 1994,''; and
            (6) by amending subsection (d) to read as follows:
    ``(d) Administration of Appropriations.--Notwithstanding section 
6304 of title 31, United States Code, funds appropriated pursuant to 
this section shall be provided to Amtrak upon appropriation when 
requested by Amtrak.''.

SEC. 8. CAPITAL AND EQUIPMENT ACQUISITION ACCOUNT.

    (a) Amendment.--Chapter 243 of title 49, United States Code, is 
amended by adding at the end the following new section:

``SEC. 24316. CAPITAL AND EQUIPMENT ACQUISITION ACCOUNT.

    ``(a) Establishment.--Amtrak shall establish a Capital and 
Equipment Acquisition Account. Amounts in this account shall be used by 
Amtrak to--
            ``(1) acquire passenger equipment and locomotives;
            ``(2) encourage State and local investment in facilities 
        and equipment used to provide intercity rail passenger 
        transportation; and
            ``(3) address other critical capital priorities.
    ``(b) Deposits.--Amtrak may deposit into the Capital and Equipment 
Acquisition Account--
            ``(1) payments received for the use of its equipment or 
        facilities;
            ``(2) claims recovered by Amtrak; and
            ``(3) amounts from any other source to the extent 
        authorized by Federal law.''.
    (b) Table of Sections Amendment.--The table of sections for chapter 
243 of title 49, United States Code, is amended by adding at the end 
the following new item:

``24316. Capital and equipment acquisition account.''.

SEC. 9. ON-TIME PERFORMANCE.

    (a) Comparison.--The Secretary of Transportation shall conduct a 
direct comparison of the on-time performance of Amtrak compared to 
other modes of commercial passenger transportation, using consistent 
methodologies.
    (b) Report to Congress.--The Secretary of Transportation shall, not 
later than 1 year after the date of enactment of this Act, transmit to 
the Congress a report on the results of the comparison required by 
subsection (a), along with an explanation of the differences found in 
on-time performance between modes of transportation, including 
consideration of the age and condition of equipment and any other 
differences among the modes that affect the ability to achieve on-time 
service.

SEC. 10. COOPERATION WITH STUDY.

    Amtrak shall cooperate with the efforts of the Virginia State 
Department of Transportation in designing and carrying out a study on 
the feasibility of reestablishing rail service between Washington, 
D.C., and Bristol, Virginia.

SEC. 11. BURBANK-GLENDALE-PASADENA, CALIFORNIA, STATION FACILITIES.

    Amtrak shall develop a plan for new station facilities at the 
Burbank-Glendale-Pasadena Airport to accommodate the intercity rail 
passenger requirements of Amtrak, along with the needs of the commuter 
rail services serving the Burbank-Glendale-Pasadena metropolitan area. 
In developing the plan, Amtrak shall consider use of a facility at the 
airport as a primary facility for handling intercity and commuter 
passengers, shall evaluate sources of State, local, and private funding 
for the new station facilities, and shall propose the allocation of 
space and costs in the new facilities among all transportation services 
using the facilities. The plan shall be predicated upon completing the 
project with State, local, and private funding, and without Federal 
funds appropriated for Amtrak. Amtrak shall submit a report to the 
Committee on Energy and Commerce of the House of Representatives and 
the Committee on Commerce, Science, and Transportation of the Senate 
containing such plan no later than April 1, 1995.

SEC. 12. CITY OF ONTARIO, CALIFORNIA, STATION FACILITIES.

    Amtrak shall develop a plan for new or redeveloped station 
facilities in the City of Ontario, California, to accommodate the 
intercity rail passenger requirements of Amtrak, along with the needs 
of the commuter rail services servicing the City of Ontario. In 
developing the plan, Amtrak shall consider use of a facility at the 
Ontario International Airport as the primary facility for handling 
intercity passengers, shall evaluate sources of State, local, and 
private funding for the new or redeveloped station facilities, and 
shall propose the allocation of space and costs in the new facilities 
among all transportation services using the facilities. The plan shall 
be predicated upon completing the project with State, local, and 
private funding, and without Federal funds appropriated for Amtrak. 
Amtrak shall submit a report to the Committee on Energy and Commerce of 
the House of Representatives and the Committee on Commerce, Science, 
and Transportation of the Senate containing such plan no later than 
April 1, 1995.

SEC. 13. LAND CONVEYANCE.

    (a) Validation and Confirmation.--The conveyance described in 
subsection (b)(1) involving certain real property in Tulare County, 
California, forming a part of the right-of-way granted by the United 
States to the Southern Pacific Railroad under the Act entitled ``An Act 
granting Lands to aid in the Construction of a Railroad and Telegraph 
Line from the States of Missouri and Arkansas to the Pacific Coast'', 
approved July 27, 1866 (14 Stat. 292), is legalized, validated, and 
confirmed in the Redevelopment Agency of the city of Tulare, the 
grantee in such conveyance, and their successors in interest, with 
respect to all interests of the United States in the rights to the real 
property described in subsection (b)(2).
    (b) Conveyance and Real Property Described.--
            (1) Conveyance.--The conveyance referred to in subsection 
        (a) was made by a Judgment in Condemnation and Final Order of 
        Condemnation of the Superior Court in and for the county of 
        Tulare, State of California in Action No. 150298 entitled 
        ``Redevelopment Agency of the City of Tulare v. Southern 
        Pacific Transportation Company'' filed and entered March 10, 
        1992, by the Southern Pacific Transportation Company to the 
        Redevelopment Agency of the city of Tulare.
            (2) Real property described.--The real property referred to 
        in subsection (a) is a parcel of land in the northwest quarter 
        of section 11, township 20 south, range 24 east, Mount Diablo 
        Base and meridian in the city of Tulare, county of Tulare, 
        State of California, more particularly described as follows:
            Commencing at the intersection of the centerlines of Tulare 
        Avenue and ``J'' Street;
            Thence north 10 degrees 20 minutes 00 seconds west 208.54 
        feet along the centerline of ``J'' Street;
            Thence south 79 degrees 39 minutes 36 seconds west 40.00 
        feet to the westerly right-of-way line of ``J'' Street and the 
        True Point of Beginning;
            Thence south 10 degrees 20 minutes 00 seconds east 148.54 
        feet along said westerly right-of-way line to the beginning of 
        a tangent curve concave to the northwest having a radius of 
        20.00 feet, a radial line through which bears north 79 degrees 
        40 minutes 00 seconds east;
            Thence south, southwesterly and westerly along said curve 
        and right-of-way line through a central angle of 89 degrees 59 
        minutes 36 seconds to the northerly right-of-way line of Tulare 
        Avenue;
            Thence south 79 degrees 39 minutes 36 seconds west 159.89 
        feet along last said right-of-way line;
            Thence leaving said right-of-way line north 10 degrees 20 
        minutes 00 seconds west 168.54 feet parallel with the 
        centerline of ``J'' Street;
            Thence north 79 degrees 39 minutes 36 seconds east 179.88 
        feet to the Point of Beginning.
            Containing 0.69 acres.

SEC. 14. RESIDENCE OF EMPLOYEES.

    The amendments made by section 7 of the Amtrak Reauthorization and 
Improvement Act of 1990 shall apply to all periods before and after the 
date of their enactment.

A: Amtrak Investment Act of 1994 - Amends Federal transportation law to make it a goal of the National Railroad Passenger Corporation (AMTRAK) to manage its capital investment in such a way as to provide its customers with world class service. 
(Sec. 4) Requires AMTRAK to include in its annual report on its operations to the President and the Congress projections of anticipated and realized benefits of proposed and previously funded projects. 
(Sec. 5) Requires applications by a State, agency, or person requesting AMTRAK to provide rail passenger transportation, or to keep a train, route, or service that AMTRAK intends to discontinue, to commit it to provide at least 65 percent of the long-term loss (currently, short-term loss) of providing such transportation in the first year, and at least 55 percent of such loss in each succeeding year.  Requires a State, agency, or person, with respect to the renewal of such service, to state that it agrees to pay at least 55 percent of the long-term avoidable losses of operating such service and at least 50 percent of the associated capital costs.  Authorizes AMTRAK for each year of operation to contribute no more than 55 percent of the long-term avoidable losses in the first year of operation, and no more than 45 percent in each succeeding year. 
Directs the Secretary of Transportation (Secretary) to review AMTRAK's State-assisted rail passenger services program and report the results, including recommendations for revising such program, to the Congress. 
(Sec. 6)  Directs AMTRAK to make capital improvements for the Northeast Corridor improvement project necessary for reliable, high- speed rail passenger service and enhancement of capacity for intercity and commuter passenger service. 
Requires AMTRAK to construct an electrification system between Boston, Massachusetts, and New Haven, Connecticut, to accommodate the installation of a third mainline track between Davisville and Central Falls, Rhode Island, to be used for double-stack freight service to and from the Port of Davisville.  Requires AMTRAK to report to the Congress on its electrification design between Davisville and Central Falls, Rhode Island. 
(Sec. 7)  Authorizes appropriations for:  (1) capital acquisition and corridor development; (2) AMTRAK operating expenses; (3) AMTRAK operating losses; and (4) certain mandatory payments. 
(Sec. 8) Directs AMTRAK to establish a Capital and Equipment Acquisition Account. 
(Sec. 9) Directs the Secretary to report to the Congress on the on-time performance of AMTRAK as compared to other modes of commercial transportation. 
(Sec. 10) Requires AMTRAK to cooperate with the Virginia State Department of Transportation on a study of the feasibility of reestablishing rail service between Washington, D.C., and Bristol, Virginia. 
(Sec. 11) Requires AMTRAK to develop plans for new station facilities at the Burbank-Glendale-Pasadena Airport and in Ontario, California. 
(Sec. 13) Confirms the conveyance of U.S. interests in certain real property to Tulare County, California.
****
Q: SECTION 1. SHORT TITLE.

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

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

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

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

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

                              ``Sec. 45E. Expenses for long-term 
                                        training of employees in highly 
                                        skilled small business 
                                        trades.''.
    (e) Effective Date.--The amendments made by this section shall 
apply to expenses paid or incurred in the taxable years ending after 
the date of the enactment of this Act.

A: Skilled Workforce Enhancement Act of 2001 - Amends the Internal Revenue Code to provide small employers with a highly skilled trades training credit.
****
Q: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Wire Transfer Fairness and 
Disclosure Act of 2002''.

SEC. 2. DISCLOSURE OF EXCHANGE RATES IN CONNECTION WITH INTERNATIONAL 
              MONEY TRANSFERS.

    (a) In General.--The Electronic Fund Transfer Act (15 U.S.C. 1693 
et seq.) is amended--
            (1) by redesignating sections 918 through 921 as sections 
        919 through 922, respectively; and
            (2) by inserting after section 917 the following new 
        section:

``SEC. 918. DISCLOSURE OF EXCHANGE RATES IN CONNECTION WITH 
              INTERNATIONAL MONEY TRANSFERS.

    ``(a) Definitions.--In this section, the following definitions 
shall apply:
            ``(1) International money transfer.--The term 
        `international money transfer' means any money transmitting 
        service involving an international transaction which is 
        provided by a financial institution or a money transmitting 
        business.
            ``(2) Money transmitting service.--The term `money 
        transmitting service' has the same meaning as in section 
        5330(d)(2) of title 31, United States Code.
            ``(3) Money transmitting business.--The term `money 
        transmitting business' means any business which--
                    ``(A) provides check cashing, currency exchange, or 
                money transmitting or remittance services, or issues or 
                redeems money orders, travelers' checks, or other 
                similar instruments; and
                    ``(B) is not a depository institution (as defined 
                in section 5313(g) of title 31, United States Code).
    ``(b) Exchange Rate and Fees Disclosures Required.--
            ``(1) In general.--Any financial institution or money 
        transmitting business which initiates an international money 
        transfer on behalf of a consumer (whether or not the consumer 
        maintains an account at such institution or business) shall 
        disclose, in the manner required under this section--
                    ``(A) the exchange rate used by the financial 
                institution or money transmitting business in 
                connection with such transaction;
                    ``(B) the exchange rate prevailing at a major 
                financial center of the foreign country whose currency 
                is involved in the transaction, as of the close of 
                business on the business day immediately preceding the 
                date of the transaction (or the official exchange rate, 
                if any, of the government or central bank of such 
                foreign country);
                    ``(C) all commissions and fees charged by the 
                financial institution or money transmitting business in 
                connection with such transaction; and
                    ``(D) the exact amount of foreign currency to be 
                received by the recipient in the foreign country, which 
                shall be disclosed to the consumer before the 
                transaction is consummated and printed on the receipt 
                referred to in paragraph (3).
            ``(2) Prominent disclosure inside and outside the place of 
        business where an international money transfer is initiated.--
        The information required to be disclosed under subparagraphs 
        (A), (B), and (C) of paragraph (1) shall be prominently 
        displayed on the premises of the financial institution or money 
        transmitting business both at the interior location to which 
        the public is admitted for purposes of initiating an 
        international money transfer, and on the exterior of any such 
        premises.
            ``(3) Prominent disclosure in all receipts and forms used 
        in the place of business where an international money transfer 
        is initiated.--All information required to be disclosed under 
        paragraph (1) shall be prominently displayed on all forms and 
        receipts used by the financial institution or money 
        transmitting business when initiating an international money 
        transfer in such premises.
    ``(c) Advertisements in Print, Broadcast, and Electronic Media and 
Outdoor Advertising.--The information required to be disclosed under 
subparagraphs (A) and (C) of subsection (b)(1) shall be included--
            ``(1) in any advertisement, announcement, or solicitation 
        which is mailed by the financial institution or money 
        transmitting business and pertains to international money 
        transfers; or
            ``(2) in any print, broadcast, or electronic medium or 
        outdoor advertising display not on the premises of the 
        financial institution or money transmitting business and 
        pertaining to international money transfers.
    ``(d) Disclosures in Languages Other Than English.--The disclosures 
required under this section shall be in English and in the same 
language as that principally used by the financial institution or money 
transmitting business, or any of its agents, to advertise, solicit, or 
negotiate, either orally or in writing, at that office, if other than 
English.''.
    (b) Effective Date.--The amendment made by subsection (a) shall 
take effect 3 months after the date of enactment of this Act.

A:
Wire Transfer Fairness and Disclosure Act of 2002 - Amends the Electronic Fund Transfer Act to require that the following disclosures be prominently displayed on the premises of a money transmitting business which initiates an international money transfer for a consumer: (1) the exchange rate used in connection with such transaction; (2) the exchange rate prevailing at a major financial center of the foreign country whose currency is involved in the transaction; (3) all commissions and fees charged in connection with such transaction; and (4) the exact amount of foreign currency to be received by the recipient in the foreign country, which shall be disclosed to the consumer before the transaction is consummated.Requires further that such disclosures be prominently revealed in advertisements and receipts used by the business, and in the same language as that principally used by the business to advertise, solicit, or negotiate, at that office, if other than English.
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