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Question: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Fairness for Homeowners Act of 
2007''.

SEC. 2. ORIGINATIONS OF CONSUMER CREDIT TRANSACTIONS SECURED BY THE 
              CONSUMER'S PRINCIPAL DWELLING.

    (a) In General.--The Truth in Lending Act (15 U.S.C. 1601 et seq.) 
is amended by inserting after section 129 the following new section:
``Sec. 129A. Originations of consumer credit transactions secured by 
              the consumer's principal dwelling
    ``(a) Definitions.--For purposes of this section, the following 
definitions shall apply:
            ``(1) Fully indexed rate.--The term `fully indexed rate' 
        equals the index rate prevailing at the time a consumer credit 
        transaction secured by a consumer's principal dwelling is 
        originated, plus the margin that will apply after the 
        expiration of an introductory interest rate.
            ``(2) Mortgage broker.--The term `mortgage broker' means 
        any person who is defined as a mortgage broker under applicable 
        State law.
    ``(b) Requirements for Originators.--
            ``(1) Ability to pay.--
                    ``(A) In general.--No creditor or mortgage broker 
                may make, provide, or arrange for any consumer credit 
                transaction secured by a consumer's principal dwelling 
                without verifying the consumer's reasonable ability to 
                pay the scheduled payments of the following, as 
                applicable: principal; interest; real estate taxes; 
                homeowner's insurance, assessments, and mortgage 
                insurance premiums.
                    ``(B) Variable interest rate.--In the case of any 
                consumer credit transaction secured by a consumer's 
                principal dwelling for which the applicable annual 
                percentage rate may vary over the life of the credit, 
                the reasonable ability to pay shall be determined, for 
                purposes of this paragraph, on the basis of a fully 
                indexed rate plus 200 basis points and a repayment 
                schedule which achieves full amortization over the life 
                of the extension of credit.
                    ``(C) Verification of consumer income and financial 
                resources.--In the case of any consumer credit 
                transaction secured by a consumer's principal dwelling, 
                the income and financial resources of the consumer 
                shall be verified for purposes of this paragraph by tax 
                returns, payroll receipts, bank records, or other 
                similarly reliable documents.
                    ``(D) Other criteria.--No provision of this 
                paragraph shall be construed as prohibiting reliance on 
                criteria other than a consumer's income and financial 
                resources to establish the reasonable ability of the 
                consumer to repay any consumer credit transaction 
                secured by the consumer's principal dwelling, to the 
                extent such other criteria are also verified through 
                reasonably reliable methods and documentation.
                    ``(E) Consumer statement is insufficient proof.--A 
                statement by a consumer of the consumer's income or 
                financial resources shall not be sufficient to 
                establish the existence of any income or financial 
                resources when verifying the reasonable ability of the 
                consumer to repay any consumer credit transaction 
                secured by the consumer's principal dwelling, for 
                purposes of this paragraph.
            ``(2) Prohibition on steering.--No creditor or mortgage 
        broker may make, provide, or arrange for any consumer credit 
        transaction secured by a consumer's principal dwelling that is 
        of a lower investment grade if--
                    ``(A) the consumer's credit score; or
                    ``(B) comparable underwriting data, in any case in 
                which the creditor or mortgage broker does not utilize 
                credit scoring or a credit score for the consumer is 
                unavailable,
        indicates that the borrower may qualify for a consumer credit 
        transaction, available from or through the creditor or mortgage 
        broker, that is of a higher investment grade.
            ``(3) Prohibition on prepayment penalties for arms.--
                    ``(A) In general.--In the case of any consumer 
                credit transaction secured by a consumer's principal 
                dwelling that provides for variable rates of interest 
                on the credit extended under the transaction, the 
                transaction may not contain terms under which a 
                consumer must pay a prepayment penalty for paying all 
                or part of the principal before the date on which the 
                principal is due.
                    ``(B) Exclusion for jumbo mortgages.--Subparagraph 
                (A) shall not apply to any consumer credit transaction 
                secured by a consumer's principal dwelling the 
                principal amount (as defined in subsection (c)(2)) of 
                which exceeds the maximum dollar amount limitation (for 
                a residence of the applicable size) on the amount of 
                the principal obligation of a mortgage for a 1- to 4-
                family residence that may be purchased by the Federal 
                Home Loan Mortgage Corporation, as then in effect 
                pursuant to section 305(a)(2) of the Federal Home Loan 
                Mortgage Corporation Act.
    ``(c) Limitation on Financed Points, Charges, and Fees.--
            ``(1) In general.--No creditor or mortgage broker may, in 
        connection with any consumer credit transaction secured by the 
        consumer's principal dwelling, include in the principal amount 
        of such transaction any portion of any qualified finance charge 
        in excess of the amount which is equal to 5 percent of the 
        principal amount of the transaction.
            ``(2) Definitions.--For purposes of this subsection, the 
        following definitions shall apply:
                    ``(A) Qualified finance charge.--The term 
                `qualified finance charge' means the sum of--
                            ``(i) the finance charge as determined 
                        under section 106, minus any interest and time 
                        price differential; and
                            ``(ii) all compensation paid to a mortgage 
                        broker from any source in connection with this 
                        transaction.
                    ``(B) Principal amount.--The term `principal 
                amount' means--
                            ``(i) in the case of any consumer credit 
                        transaction under an open end credit plan 
                        secured by the consumer's principal dwelling, 
                        the maximum amount of credit that may be 
                        extended under the terms of such plan as 
                        determined without taking into account any 
                        amount included in determining the finance 
                        charge under section 106; and
                            ``(ii) in the case of any other consumer 
                        credit transaction secured by a consumer's 
                        principal dwelling, the amount financed (as 
                        defined in section 138(a)(2)).
            ``(3) Prohibition on excessive finance charges.--No 
        creditor or mortgage broker may, in connection with any 
        consumer credit transaction secured by the consumer's principal 
        dwelling, impose or receive any amount included in determining 
        the qualified finance charge for such transaction that exceeds 
        the amount which is equal to 5 percent of the principal amount 
        of the transaction.
            ``(4) Exception.--This subsection shall not apply to any 
        consumer credit transaction secured by the consumer's principal 
        dwelling that is ensured or guaranteed by the Secretary of 
        Housing and Urban Development, the Secretary of Veterans 
        Affairs, or the Farmers Home Administration.
    ``(d) Mortgage Broker Duties of Agency.--
            ``(1) In general.--Any mortgage broker acting to obtain or 
        arrange for any consumer credit transaction secured by the 
        consumer's principal dwelling shall be considered to have an 
        agency relationship with the consumer in all cases by operation 
        of law and shall comply with the following duties:
                    ``(A) Mortgage brokers shall act in the consumer's 
                best interest and in the utmost good faith toward each 
                consumer and shall not compromise a consumer's right or 
                interest in favor of another's right or interest, 
                including a right or interest of the mortgage broker.
                    ``(B) A mortgage broker shall not accept, give, or 
                charge any undisclosed compensation or realize any 
                undisclosed remuneration, either through direct or 
                indirect means, that inures to the benefit of the 
                mortgage broker on an expenditure made for the 
                consumer.
                    ``(C) Mortgage brokers shall carry out all lawful 
                instructions given by the consumer.
                    ``(D) Mortgage brokers shall disclose to consumers 
                all material facts of which the mortgage broker has 
                knowledge which might reasonably affect the consumer's 
                rights, interests, or ability to receive the consumer's 
                intended benefit from the consumer credit transaction, 
                but not facts which are reasonably susceptible to the 
                knowledge of the consumer.
                    ``(E) Mortgage brokers shall use reasonable care in 
                performing duties.
                    ``(F) Mortgage brokers shall account to a consumer 
                for all the consumer's money and property received as 
                agent.
            ``(2) Scope.--The duty of agency between mortgage broker 
        and consumer applies when the mortgage broker is acting in the 
        capacity of mortgage broker providing mortgage brokerage 
        services with respect to any consumer credit transaction 
        secured by the consumer's principal dwelling for which the 
        broker is not the creditor.
            ``(3) Rules of construction.--
                    ``(A) Fees for services rendered.--No provision of 
                this subsection shall be construed as prohibiting a 
                mortgage broker from contracting for or collecting a 
                fee for services rendered which had been disclosed to 
                the consumer in advance of the provision of such 
                services.
                    ``(B) Duty of broker.--No provision of this 
                subsection shall be construed as requiring a mortgage 
                broker--
                            ``(i) to obtain or arrange for any consumer 
                        credit transaction secured by the consumer's 
                        principal dwelling on behalf of a consumer that 
                        contains terms or conditions not available to 
                        the mortgage broker in the mortgage broker's 
                        usual course of business; or
                            ``(ii) to obtain or arrange for any 
                        consumer credit transaction secured by the 
                        consumer's principal dwelling from a creditor 
                        with whom the mortgage broker does not have a 
                        business relationship.
    ``(e) Independent Verification of Consumer Counseling Before 
Refinancing Special Mortgages.--
            ``(1) In general.--No creditor or mortgage broker may make, 
        provide, or arrange for any consumer credit transaction secured 
        by the consumer's principal dwelling all or a portion of the 
        proceeds of which are used to fully or partially pay off a 
        special mortgage unless the borrower has obtained a written 
        certification from an authorized independent loan counselor 
        that the borrower has received counseling on the advisability 
        of the transaction.
            ``(2) Definitions.--For purposes of this section, the 
        following definitions shall apply:
                    ``(A) Special mortgage.--The term `special 
                mortgage' means any consumer credit transaction secured 
                by the consumer's principal dwelling that was 
                originated, subsidized, funded, or guaranteed by or 
                through a State, tribal, or local government, or 
                nonprofit organization, that bears 1 or more of the 
                following nonstandard payment terms which substantially 
                benefit the consumer:
                            ``(i) Payments vary with income.
                            ``(ii) Payments of principal or interest 
                        are not required or can be deferred under 
                        specified conditions.
                            ``(iii) Principal or interest is forgivable 
                        under specified conditions.
                            ``(iv) Either no interest or an annual 
                        interest rate of 2 percent or less is charged 
                        in connection with the loan.
                    ``(B) Authorized loan counselor.--The term 
                `authorized independent loan counselor' means any 
                nonprofit, third-party individual or organization 
                providing homebuyer education programs, foreclosure 
                prevention services, mortgage loan counseling, or 
                credit counseling that is certified by the Secretary of 
                Housing and Urban Development, or certified by any 
                State housing agency or nonprofit organization 
                designated by such Secretary, for such purposes.
    ``(f) Minimum Financial Requirements for Mortgage Brokers.--No 
mortgage broker may obtain or arrange for any consumer credit 
transaction secured by the consumer's principal dwelling unless at all 
times the mortgage broker--
            ``(1) maintains a minimum net worth, net of intangibles, of 
        at least $500,000, as determined in accordance with generally 
        accepted accounting principles; or
            ``(2) maintains a surety bond or irrevocable letter of 
        credit in the amount of $50,000.
    ``(g) Enforcement.--For purposes of providing a cause of action for 
any failure by a mortgage broker to comply with any requirement imposed 
under this section, section 130(a) shall be applied with respect to any 
such failure--
            ``(1) by substituting `mortgage broker' for `creditor' each 
        place such term appears in such section; and
            ``(2) by treating all qualified finance charges (as defined 
        in subsection (c)(2)(A)) incurred in the origination of any 
        consumer credit transaction secured by the consumer's principal 
        dwelling as actual damages sustained by the consumer as a 
        result of the failure.
    ``(h) Exclusion of Reverse Mortgages.--This section shall not apply 
with respect to any consumer mortgage transaction that constitutes a 
reverse mortgage.''.
    (b) Technical and Conforming Amendments.--The Truth in Lending Act 
is amended--
            (1) in section 103 (u) (15 U.S.C. 1602(u)), by striking 
        ``and the disclosures required by section 129(a)'' and 
        inserting ``and the provisions of section 129 and 129A''; and
            (2) in section 130 (15 U.S.C. 1640), by inserting ``or 
        129A'' after section 129 each place such term appears.
    (c) Clerical Amendment.--The table of sections for chapter 2 of the 
Truth in Lending Act is amended by inserting after the item relating to 
section 129 the following new item:

``129A. Originations of consumer credit transactions secured by the 
                            consumer's principal dwelling.''.

Answer: Fairness for Homeowners Act of 2007 - Amends the Truth in Lending Act to prohibit any creditor or mortgage broker from making, providing, or arranging for any consumer credit transaction secured by a consumer's principal dwelling without verifying the consumer's reasonable ability to make the scheduled payments of principal, interest (including variable interest), real estate taxes, homeowner's insurance, assessments, and mortgage insurance premiums.

Prescribes criteria for determining the reasonable ability to make such payments.

Prohibits steering (arranging for a lower investment grade credit transaction if the consumer qualifies for a higher investment grade transaction) and prepayment penalties for adjustable rate mortgages (ARMs) that are not jumbo mortgages.

Limits financed points, finance charges, and fees to 5% of a transaction's principal, unless the transaction is ensured or guaranteed by the Secretary of Housing and Urban Development, the Secretary of Veterans Affairs, or the Farmers Home Administration.

Specifies duties of agency for mortgage brokers acting to obtain or arrange for any consumer credit transaction secured by the consumer's principal dwelling.

Requires creditors and mortgage brokers to obtain independent verification that a borrower seeking to refinance a special mortgage has received counseling on the transaction's advisability. Defines "special mortgage" as one that: (1) was originated, subsidized, funded, or guaranteed by or through a state, tribal, or local government, or nonprofit organization; and (2) bears one or more specified nonstandard payment terms which substantially benefit the consumer.

Prescribes minimum financial requirements for mortgage brokers.

Excludes reverse mortgages from coverage by this Act.


Question: SECTION 1. FINDINGS.

    Congress makes the following findings:
            (1) Numerous studies by the Office of the Inspector General 
        of the Department of the Interior, the General Accounting 
        Office, and independent auditors have criticized the absence of 
        independent oversight or other forms of internal control over 
        the Department's management of Indian trust assets and trust 
        funds.
            (2) Indian and tribal account holders have indicated that 
        they will have little or no confidence in the reform of the 
        trust management system if the reform is carried out by the 
        same entities that are responsible for the management of the 
        system on the date of enactment of this Act.
            (3) It would constitute an inherent conflict of interest or 
        at least the appearance of a conflict of interest if the entity 
        establishing internal controls for a trust management system 
        were to be appointed, supervised, and subject to removal by the 
        entity that such internal controls are written for.
            (4) Account holder confidence will be improved if the same 
        official is not simultaneously responsible for the immediate 
        supervision of the fiduciary and financial reporting activities 
        of both the trust fund accounting system and the trust asset 
        and accounting management system.
            (5) To the extent practicable, the reform of activities and 
        creation of internal controls as described in the Department of 
        the Interior's Trust Management Improvement Project, High Level 
        Implementation Plan dated July 1998, and any amendments or 
        modifications to that plan, should be carried out by private 
        contractors.

SEC. 2. SPECIAL TRUSTEE FOR DATA CLEANUP AND INTERNAL CONTROL.

    The American Indian Trust Fund Management Reform Act of 1994 (25 
U.S.C. 4001 et seq.) is amended--
            (1) by redesignating title IV as title V;
            (2) by redesignating section 401 as section 501; and
            (3) by inserting after title III, the following:

                  ``TITLE IV--MISCELLANEOUS PROVISIONS

``SEC. 401. SPECIAL TRUSTEE FOR DATA CLEANUP AND INTERNAL CONTROL.

    ``(a) Establishment.--There is hereby established within the 
Department of Interior the Office of Special Trustee for Data Cleanup 
and Internal Control. The Office shall be headed by the Special Trustee 
for Data Cleanup and Internal Control (referred to in this section as 
the `Special Trustee') who shall report directly to the Secretary.
    ``(b) Special Trustee.--
            ``(1) Appointment.--The Special Trustee shall be appointed 
        by the Inspector General of the Department of the Interior from 
        among individuals who possess demonstrated ability in the--
                    ``(A) development and implementation of internal 
                controls;
                    ``(B) development and implementation of trust 
                management procedures; and
                    ``(C) conversion or rehabilitation of trust 
                management systems.
            ``(2) Compensation.--The Special Trustee shall be paid at a 
        rate determined by the Secretary to be appropriate for the 
        position, but not less than the basic pay payable at Level III 
        of the Executive Schedule under Section 5313 of Title 5.
            ``(3) Term of office.--The Special Trustee shall serve for 
        a term of 2 years and may only be removed for good cause by the 
        Secretary.
    ``(c) Duties.--
            ``(1) In general.--Notwithstanding title III, the Special 
        Trustee shall oversee the following subprojects as identified 
        in the Draft Trust Management Improvement Project Subproject 
        Task Updates, dated April 1999:
                    ``(A) Subproject #1, OST Data Cleanup.
                    ``(B) Subproject #5, Trust Funds Accounting System.
                    ``(C) Subproject #9, Policies and Procedures.
                    ``(D) Subproject #10, Training.
                    ``(E) Subproject #11, Internal Controls.
            ``(2) Oversight.--The Special Trustee shall oversee the 
        expenditure of funds appropriated by Congress for each of the 
        subprojects described in paragraph (1), including the approval 
        or modification of contracts, and make employment decisions for 
        each of the positions funded for each of such projects.
            ``(3) Contracting.--To the maximum extent practicable, the 
        Special Trustee shall ensure that activities are carried out 
        under this subsection through contracts entered into with 
        private entities or through the retention of the temporary 
        services of trust management specialists.
    ``(d) Modification of Implementation Plan.--To the extent that the 
activities to be carried out under subsection (c) are altered or 
amended as a result of any modification made after the date of 
enactment of this Act to the Department of the Interior's Trust 
Management Improvement Project, High Level Implementation Plan (dated 
July 1998), the Special Trustee shall continue to be responsible for 
overseeing such activities.''.

Answer: Requires that the Special Trustee ensure that activities are carried out under this Act through contracts entered into with private entities or through the retention of the temporary services of trust management specialists.
Declares that the Special Trustee shall continue to be responsible for overseeing such activities if they are altered or amended as a result of any modifications to the Department's Trust Management Improvement Project, High Level Implementation Plan (dated July 28, 1998).


Question: SECTION 1. PERCENTAGE LIMITATIONS ON CONTRIBUTIONS.

    (a) Amendments Relating to FERS.--
            (1) In general.--Subsection (a) of section 8432 of such 
        title is amended by striking ``10 percent of''.
            (2) Justices and judges.--Subsection (b) of section 8440a 
        of such title is amended--
                    (A) by striking paragraph (2) and by redesignating 
                paragraphs (3) through (7) as paragraphs (2) through 
                (6), respectively; and
                    (B) in paragraph (6) (as so redesignated by 
                subparagraph (A)) by striking ``paragraphs (4) and 
                (5)'' and inserting ``paragraphs (3) and (4)''.
            (3) Bankruptcy judges and magistrates.--Subsection (b) of 
        section 8440b of such title is amended--
                    (A) by striking paragraph (2) and by redesignating 
                paragraphs (3) through (8) as paragraphs (2) through 
                (7), respectively;
                    (B) in paragraph (4) (as so redesignated by 
                subparagraph (A)) by striking ``paragraph (4)(A), (B), 
                or (C)'' and inserting ``paragraph (3)(A), (B), or 
                (C)''; and
                    (C) in paragraph (7) (as so redesignated by 
                subparagraph (A)) by striking ``Notwithstanding 
                paragraph (4),'' and inserting ``Notwithstanding 
                paragraph (3),''.
            (4) Court of federal claims judges.--Subsection (b) of 
        section 8440c of such title is amended--
                    (A) by striking paragraph (2) and by redesignating 
                paragraphs (3) through (8) as paragraphs (2) through 
                (7), respectively;
                    (B) in paragraph (4) (as so redesignated by 
                subparagraph (A)) by striking ``paragraph (4)(A) or 
                (B)'' and inserting ``paragraph (3)(A) or (B)''; and
                    (C) in paragraph (7) (as so redesignated by 
                subparagraph (A)) by striking ``Notwithstanding 
                paragraph (4),'' and inserting ``Notwithstanding 
                paragraph (3),''.
            (5) Judges of the united states court of veterans 
        appeals.--Paragraph (2) of section 8440d(b) of such title is 
        amended to read as follows:
    ``(2) For purposes of contributions made to the Thrift Savings 
Fund, basic pay does not include any retired pay paid pursuant to 
section 7296 of title 38.''.
    (b) Amendments Relating to CSRS.--Paragraph (2) of section 8351(b) 
of title 5, United States Code, is amended by striking ``5 percent 
of''.
    (c) Effective Date.--
            (1) In general.--The amendments made by this section shall 
        take effect on the date of the enactment of this Act.
            (2) Coordination with election periods.--The Executive 
        Director shall by regulation determine the first election 
        period in which elections may be made consistent with the 
        amendments made by this section.
            (3) Definitions.--For purposes of this section--
                    (A) the term ``election period'' means a period 
                afforded under section 8432(b) of title 5, United 
                States Code; and
                    (B) the term ``Executive Director'' has the meaning 
                given such term by section 8401(13) of title 5, United 
                States Code.

SEC. 2. ELIGIBLE ROLLOVER DISTRIBUTIONS.

    Section 8432 of title 5, United States Code, is amended by adding 
at the end the following:
    ``(j)(1) For the purpose of this subsection--
            ``(A) the term `eligible rollover distribution' has the 
        meaning given such term by section 402(c)(4) of the Internal 
        Revenue Code of 1986; and
            ``(B) the term `qualified trust' has the meaning given such 
        term by section 402(c)(8) of the Internal Revenue Code of 1986.
    ``(2) An employee or Member may contribute to the Thrift Savings 
Fund an eligible rollover distribution from a qualified trust. A 
contribution made under this subsection shall be made in the form 
described in section 401(a)(31) of the Internal Revenue Code of 1986. 
In the case of an eligible rollover distribution, the maximum amount 
transferred to the Thrift Savings Fund shall not exceed the amount 
which would otherwise have been included in the employee's or Member's 
gross income for Federal income tax purposes.
    ``(3) The Executive Director shall prescribe regulations to carry 
out this subsection.''.

SEC. 3. IMMEDIATE PARTICIPATION IN THE THRIFT SAVINGS PLAN.

    (a) Elimination of Certain Waiting Periods for Purposes of Employee 
Contributions.--Paragraph (4) of section 8432(b) of title 5, United 
States Code, is amended to read as follows:
    ``(4) The Executive Director shall prescribe such regulations as 
may be necessary to carry out the following:
            ``(A) Notwithstanding subparagraph (A) of paragraph (2), an 
        employee or Member described in such subparagraph shall be 
        afforded a reasonable opportunity to first make an election 
        under this subsection beginning on the date of commencing 
        service or, if that is not administratively feasible, beginning 
        on the earliest date thereafter that such an election becomes 
        administratively feasible, as determined by the Executive 
        Director.
            ``(B) An employee or Member described in subparagraph (B) 
        of paragraph (2) shall be afforded a reasonable opportunity to 
        first make an election under this subsection (based on the 
        appointment or election described in such subparagraph) 
        beginning on the date of commencing service pursuant to such 
        appointment or election or, if that is not administratively 
        feasible, beginning on the earliest date thereafter that such 
        an election becomes administratively feasible, as determined by 
        the Executive Director.
            ``(C) Notwithstanding the preceding provisions of this 
        paragraph, contributions under paragraphs (1) and (2) of 
        subsection (c) shall not be payable with respect to any pay 
        period before the earliest pay period for which such 
        contributions would otherwise be allowable under this 
        subsection if this paragraph had not been enacted.
            ``(D) Sections 8351(a)(2), 8440a(a)(2), 8440b(a)(2), 
        8440c(a)(2), and 8440d(a)(2) shall be applied in a manner 
        consistent with the purposes of subparagraphs (A) and (B), to 
        the extent those subparagraphs can be applied with respect 
        thereto.
            ``(E) Nothing in this paragraph shall affect paragraph 
        (3).''.
    (b) Technical and Conforming Amendments.--(1) Section 8432(a) of 
title 5, United States Code, is amended--
            (A) in the first sentence by striking ``(b)(1)'' and 
        inserting ``(b)''; and
            (B) by amending the second sentence to read as follows: 
        ``Contributions under this subsection pursuant to such an 
        election shall, with respect to each pay period for which such 
        election remains in effect, be made in accordance with a 
        program of regular contributions provided in regulations 
        prescribed by the Executive Director.''.
    (2) Section 8432(b)(1)(B) of such title is amended by inserting 
``(or any election allowable by virtue of paragraph (4))'' after 
``subparagraph (A)''.
    (3) Section 8432(b)(3) of such title is amended by striking 
``Notwithstanding paragraph (2)(A), an'' and inserting ``An''.
    (4) Section 8432(i)(1)(B)(ii) of such title is amended by striking 
``either elected to terminate individual contributions to the Thrift 
Savings Fund within 2 months before commencing military service or''.
    (5) Section 8439(a)(1) of such title is amended by inserting ``who 
makes contributions or'' after ``for each individual'' and by striking 
``section 8432(c)(1)'' and inserting ``section 8432''.
    (6) Section 8439(c)(2) of such title is amended by adding at the 
end the following: ``Nothing in this paragraph shall be considered to 
limit the dissemination of information only to the times required under 
the preceding sentence.''.
    (7) Sections 8440a(a)(2) and 8440d(a)(2) of such title are amended 
by striking all after ``subject to'' and inserting ``this chapter.''.
    (c) Effective Date.--This section shall take effect 6 months after 
the date of the enactment of this Act or such earlier date as the 
Executive Director (within the meaning of section 8401(13) of title 5, 
United States Code) may by regulation prescribe.

Answer:
Amends Federal civil service law with respect to the Civil Service Retirement System, the Federal Employees' Retirement System (FERS), and the Thrift Savings Plan (TSP) Program to:  (1) repeal the limitations on individual TSP contributions, including those from judges and other specified personnel of the Federal judicial branch; (2) allow an employee or member under FERS to contribute to the Thrift Savings Fund an eligible rollover distribution from a qualified trust; and (3) eliminate certain waiting periods for purposes of making contributions to the Thrift Savings Fund.