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SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Significant Regulation Oversight Act 
of 2001''.

SEC. 2. FINDING AND PURPOSE.

    (a) Finding.--The Congress finds that oversight of significant 
rules will be enhanced if they are subject to congressional review and 
approval after being proposed by an agency.
    (b) Purpose.--The purpose of this Act is to ensure that before a 
significant rule takes effect--
            (1) Congress is given an adequate opportunity to review the 
        rule and ensure that it is in accordance with the intent of 
        Congress in enacting the law under which the rule is proposed; 
        and
            (2) Congress approves the rule in accordance with the 
        procedures established by this Act.

SEC. 3. REVIEW OF SIGNIFICANT RULES BY CONGRESS.

    (a) Congressional Approval of Significant Rules Required.--A 
significant rule shall not take effect before the date of the enactment 
of a joint resolution described in section 4(a) comprised solely of the 
text of the significant rule.
    (b) Reporting and Review of Significant Rules.--(1) Before a 
proposed significant rule would take effect as a final rule, the agency 
proposing the rule shall submit to each House of Congress a report 
containing the following:
            (A) A copy of the proposed significant rule.
            (B) A concise summary of the proposed significant rule, its 
        purpose, and anticipated effects.
            (C) A complete copy of any cost-benefit analysis report 
        that has been prepared by the agency with respect to the 
        proposed significant rule.
            (D) An explanation of the specific statutory interpretation 
        under which a rule is proposed, including an explanation of--
                    (i) whether the interpretation is expressly 
                required by the text of the statute; or
                    (ii) if the interpretation is not expressly 
                required by the text of the statute, an explanation 
                that the interpretation is within the range of 
                permissible interpretations of the statute as 
                identified by the agency, and an explanation why the 
                interpretation selected by the agency is the agency's 
                preferred interpretation.
            (E) Any other relevant information or requirements under 
        any other Act and any relevant Executive order.
    (2) Upon receipt of a report under paragraph (1), each House of 
Congress shall provide a copy of the report to the Chairman and ranking 
minority party member of each committee with jurisdiction over the 
subject matter of the report.
    (c) No Inference To Be Drawn Where Congress Fails To Approve.--If 
Congress fails to enact a joint resolution approving a proposed 
significant rule, no court or agency may infer any intent of Congress 
from any action or inaction of Congress with regard to such rule or any 
related statute.

SEC. 4. CONGRESSIONAL APPROVAL PROCEDURE FOR SIGNIFICANT RULES.

    (a) Introduction.--The majority leader of each House of the 
Congress shall introduce (by request) a joint resolution comprised 
solely of the text of a proposed significant rule not later than 3 
session days in the Senate or 3 legislative days in the House of 
Representatives after the date on which an agency submits a report 
under section 3(b) containing the text of the proposed significant 
rule. If the joint resolution is not introduced in either House as 
provided in the preceding sentence, then any Member of that House may 
introduce the joint resolution.
    (b) Referral and Consideration.--(1) The joint resolution shall be 
referred to the appropriate committee of the House in which it is 
introduced. The committee may report the joint resolution without 
substantive revision and with or without recommendation or with an 
adverse recommendation, or the committee may vote not to report the 
joint resolution. If the committee votes to order the joint resolution 
reported, it shall be reported not later than the end of the period 
(not to exceed 45 session days in the Senate or 45 legislative days in 
the House of Representatives) established for consideration of the 
joint resolution by the Speaker of the House of Representatives or the 
majority leader of the Senate, as the case may be. Except in the case 
of a joint resolution which a committee votes not to report, a 
committee failing to report a joint resolution within such period shall 
be automatically discharged from consideration of the joint resolution, 
and it shall be placed on the appropriate calendar.
    (2) A vote on final passage of the joint resolution shall be taken 
in that House on or before the close of the 90th session day in the 
Senate or 90th legislative day in the House of Representatives after 
the date of the introduction of the joint resolution in that House.
    (3)(A) A motion in the House of Representatives to proceed to the 
consideration of a joint resolution under this section shall be highly 
privileged and not debatable. An amendment to the motion shall not be 
in order, nor shall it be in order to move to reconsider the vote by 
which the motion is agreed to or disagreed to.
    (B) Debate in the House of Representatives on a joint resolution 
under this section shall be limited to not more than 4 hours, which 
shall be divided equally between those favoring and those opposing the 
joint resolution. A motion further to limit debate shall not be 
debatable. It shall not be in order to move to recommit a joint 
resolution under this section or to move to reconsider the vote by 
which the joint resolution is agreed to or disagreed to.
    (C) All appeals from the decisions of the chair relating to the 
application of the Rules of the House of Representatives to the 
procedure relating to a joint resolution under this section shall be 
decided without debate.
    (D) Except to the extent specifically provided in the preceding 
provisions of this subsection, consideration of a joint resolution 
under this section shall be governed by the Rules of the House of 
Representatives applicable to other joint resolutions in similar 
circumstances.
    (4)(A) A motion in the Senate to proceed to the consideration of a 
joint resolution under this section shall be privileged and not 
debatable. An amendment to the motion shall not be in order, nor shall 
it be in order to move to reconsider the vote by which the motion is 
agreed to or disagreed to.
    (B) Debate in the Senate on a joint resolution under this section, 
and all debatable motions and appeals in connection therewith, shall be 
limited to not more than 10 hours. The time shall be equally divided 
between, and controlled by, the majority leader and the minority leader 
or their designees.
    (C) Debate in the Senate on any debatable motion or appeal in 
connection with a joint resolution under this section shall be limited 
to not more than 1 hour, to be equally divided between, and controlled 
by, the mover and the manager of the joint resolution, except that in 
the event the manager of the joint resolution is in favor of any such 
motion or appeal, the time in opposition thereto, shall be controlled 
by the minority leader or his designee. Such leaders, or either of 
them, may, from time under their control on the passage of a joint 
resolution, allot additional time to any Senator during the 
consideration of any debatable motion or appeal.
    (D) A motion in the Senate to further limit debate on a joint 
resolution under this section is not debatable. A motion to recommit a 
joint resolution under this section is not in order.
    (c) Amendments Prohibited.--No amendment to a joint resolution 
considered under this section shall be in order in either the House of 
Representatives or the Senate. No motion to suspend the application of 
this subsection shall be in order in either House, nor shall it be in 
order in either House for the presiding officer to entertain a request 
to suspend the application of this subsection by unanimous consent.
    (d) Treatment if the Other House Has Acted.--If, before the passage 
by one House of a joint resolution of that House described in 
subsection (a), that House receives from the other House a joint 
resolution described in subsection (a) comprised of the same text, 
then--
            (1) the procedure in that House shall be the same as if no 
        joint resolution had been received from the other House, and
            (2) the vote on final passage shall be on the joint 
        resolution of the other House.
    (e) Constitutional Authority.--This section is enacted by 
Congress--
            (1) as an exercise of the rulemaking power of the Senate 
        and the House of Representatives, respectively, and as such it 
        is deemed a part of the rules of each House, respectively, but 
        applicable only with respect to the procedure to be followed in 
        that House in the case of a joint resolution described in 
        subsection (a), and it supersedes other rules only to the 
        extent that it is inconsistent with such rules; and
            (2) with full recognition of the constitutional right of 
        either House to change the rules (so far as  relating to the 
procedure of that House) at any time, in the same manner, and to the 
same extent as in the case of any other rule of that House.

SEC. 5. EXISTING RULES.

    (a) In General.--Any existing rule may be revised or revoked in 
accordance with this section if a petition for review so requests.
    (b) Introduction.--If a petition for review is filed with the Clerk 
of the House of Representatives or the Secretary of the Senate, the 
Clerk or the Secretary shall determine whether the petition meets the 
requirements of subsection (d). If the Clerk or the Secretary 
determines that a petition meets those requirements, he or she shall 
notify the majority leader of that House. The majority leader so 
notified shall, within 3 session days in the Senate or 3 legislative 
days in the House of Representatives, introduce a joint resolution (by 
request) that makes the revision or revocation of existing rules 
proposed by the petition upon the enactment of that joint resolution. 
If the joint resolution is not introduced as provided in the preceding 
sentence, then any Member of that House may introduce the joint 
resolution.
    (c) Procedures for Consideration in the House of Representatives 
and the Senate.--Any joint resolution introduced under subsection (b) 
shall be considered in the House of Representatives and the Senate in 
accordance with the procedures respecting a joint resolution set forth 
in section 4.
    (d) Petitions for Review.--A petition for review under subsection 
(a) shall contain the following:
            (1) Any rule affected by the petition and the contents of 
        that rule as it would exist if a joint resolution revising or 
        revoking that rule pursuant to the petition were enacted.
            (2) For a petition in the Senate, the signatures of 30 
        Senators, or for a petition in the House of Representatives, 
        the signatures of 120 Members.

SEC. 6. DEFINITIONS.

    For purposes of this Act:
            (1) Agency.--The term ``agency'' has the meaning given that 
        term in section 551 of title 5, United States Code (relating to 
        administrative procedure).
            (2) Session day and legislative day.--The terms ``session 
        day'' and ``legislative day'' do not include, with respect to a 
        House of the Congress, any day throughout which that House is 
        not in session.
            (3) Rule.--(A) The term ``rule'' has the meaning given such 
        term by section 551 of title 5, United States Code, except that 
        such term does not include--
                    (i) any rule of particular applicability including 
                a rule that approves or prescribes--
                            (I) future rates, wages, prices, services, 
                        or allowances therefor,
                            (II) corporate or financial structures, 
                        reorganizations, mergers, or acquisitions 
                        thereof, or
                            (III) accounting practices or disclosures 
                        bearing on any of the foregoing, or
                    (ii) any rule of agency organization, personnel, 
                procedure, practice, or any routine matter.
            (B) The term ``final rule'' means any final rule or interim 
        final rule.
            (4) Significant rule.--The term ``significant rule'' means 
        any rule proposed by an agency that is specified or described 
        as such in the Act that authorizes the rule.

SEC. 7. EXEMPTION FOR MONETARY POLICY.

    Nothing in this Act applies to any rule concerning monetary policy 
proposed or implemented by the Board of Governors of the Federal 
Reserve System or the Federal Open Market Committee.
Significant Regulation Oversight Act of 2001 - Prohibits a significant rule from taking effect before the enactment of a joint resolution described in this Act comprising solely of the text of such rule. Calls for congressional reporting and review of significant rules before they take effect as final rules.Provides that, if Congress fails to enact a joint resolution approving the proposed rule, no court or agency may infer any intent of Congress from any action or inaction with regard to such rule or any related statute.Sets forth: (1) the congressional approval procedure for significant rules; and (2) provisions with respect to revising or revoking an existing rule.Exempts from this Act rules concerning monetary policy proposed or implemented by the Board of Governors of the Federal Reserve System or the Federal Open Market Committee.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Little Shell Tribe of Chippewa 
Indians Restoration Act of 2007''.

SEC. 2. FINDINGS.

    Congress finds that--
            (1) the Little Shell Tribe of Chippewa Indians is a 
        political successor to signatories of the Pembina Treaty of 
        1863, under which a large area of land in the State of North 
        Dakota was ceded to the United States;
            (2) the Turtle Mountain Band of Chippewa of North Dakota 
        and the Chippewa-Cree Tribe of the Rocky Boy's Reservation of 
        Montana, which also are political successors to the signatories 
        of the Pembina Treaty of 1863, have been recognized by the 
        Federal Government as distinct Indian tribes;
            (3) the members of the Little Shell Tribe continue to live 
        in the State of Montana, as their ancestors have for more than 
        100 years since ceding land in the State of North Dakota as 
        described in paragraph (1);
            (4) in the 1930s and 1940s, the Tribe repeatedly petitioned 
        the Federal Government for reorganization under the Act of June 
        18, 1934 (25 U.S.C. 461 et seq.) (commonly known as the 
        ``Indian Reorganization Act'');
            (5) Federal agents who visited the Tribe and Commissioner 
        of Indian Affairs John Collier attested to the responsibility 
        of the Federal Government for the Tribe and members of the 
        Tribe, concluding that members of the Tribe are eligible for, 
        and should be provided with, trust land, making the Tribe 
        eligible for reorganization under the Act of June 18, 1934 (25 
        U.S.C. 461 et seq.) (commonly known as the ``Indian 
        Reorganization Act'');
            (6) due to a lack of Federal appropriations during the 
        Depression, the Bureau of Indian Affairs lacked adequate 
        financial resources to purchase land for the Tribe, and the 
        members of the Tribe were denied the opportunity to reorganize;
            (7) in spite of the failure of the Federal Government to 
        appropriate adequate funding to secure land for the Tribe as 
        required for reorganization under the Act of June 18, 1934 (25 
        U.S.C. 461 et seq.) (commonly known as the ``Indian 
        Reorganization Act''), the Tribe continued to exist as a 
        separate community, with leaders exhibiting clear political 
        authority;
            (8) the Tribe, together with the Turtle Mountain Band of 
        Chippewa of North Dakota and the Chippewa-Cree Tribe of the 
        Rocky Boy's Reservation of Montana, filed 2 law suits under the 
        Act of August 13, 1946 (60 Stat. 1049) (commonly known as the 
        ``Indian Claims Commission Act''), to petition for additional 
        compensation for land ceded to the United States under the 
        Pembina Treaty of 1863 and the McCumber Agreement of 1892;
            (9) in 1971 and 1982, pursuant to Acts of Congress, the 
        tribes received awards for the claims described in paragraph 
        (8);
            (10) in 1978, the Tribe submitted to the Bureau of Indian 
        Affairs a petition for Federal recognition, which is still 
        pending as of the date of enactment of this Act; and
            (11) the Federal Government, the State of Montana, and the 
        other federally recognized Indian tribes of the State have had 
        continuous dealings with the recognized political leaders of 
        the Tribe since the 1930s.

SEC. 3. DEFINITIONS.

    In this Act:
            (1) Member.--The term ``member'' means an individual who is 
        enrolled in the Tribe pursuant to section 7.
            (2) Secretary.--The term ``Secretary'' means the Secretary 
        of the Interior.
            (3) Tribe.--The term ``Tribe'' means the Little Shell Tribe 
        of Chippewa Indians of Montana.

SEC. 4. FEDERAL RECOGNITION.

    (a) In General.--Federal recognition is extended to the Tribe.
    (b) Effect of Federal Laws.--Except as otherwise provided in this 
Act, all Federal laws (including regulations) of general application to 
Indians and Indian tribes, including the Act of June 18, 1934 (25 
U.S.C. 461 et seq.) (commonly known as the ``Indian Reorganization 
Act''), shall apply to the Tribe and members.

SEC. 5. FEDERAL SERVICES AND BENEFITS.

    (a) In General.--Beginning on the date of enactment of this Act, 
the Tribe and each member shall be eligible for all services and 
benefits provided by the United States to Indians and federally 
recognized Indian tribes, without regard to--
            (1) the existence of a reservation for the Tribe; or
            (2) the location of the residence of any member on or near 
        an Indian reservation.
    (b) Service Area.--For purposes of the delivery of services and 
benefits to members, the service area of the Tribe shall be considered 
to be the area comprised of Blaine, Cascade, Glacier, and Hill Counties 
in the State of Montana.

SEC. 6. REAFFIRMATION OF RIGHTS.

    (a) In General.--Nothing in this Act diminishes any right or 
privilege of the Tribe or any member that existed before the date of 
enactment of this Act.
    (b) Claims of Tribe.--Except as otherwise provided in this Act, 
nothing in this Act alters or affects any legal or equitable claim of 
the Tribe to enforce any right or privilege reserved by, or granted to, 
the Tribe that was wrongfully denied to, or taken from, the Tribe 
before the date of enactment of this Act.

SEC. 7. MEMBERSHIP ROLL.

    (a) In General.--As a condition of receiving recognition, services, 
and benefits pursuant to this Act, the Tribe shall submit to the 
Secretary, by not later than 18 months after the date of enactment of 
this Act, a membership roll consisting of the name of each individual 
enrolled as a member of the Tribe.
    (b) Determination of Membership.--The qualifications for inclusion 
on the membership roll of the Tribe shall be determined in accordance 
with sections 1 through 3 of article 5 of the constitution of the Tribe 
dated September 10, 1977 (including amendments to the constitution).
    (c) Maintenance of Roll.--The Tribe shall maintain the membership 
roll under this section.

SEC. 8. TRANSFER OF LAND.

    (a) Homeland.--The Secretary shall acquire, for the benefit of the 
Tribe, trust title to 200 acres of land within the service area of the 
Tribe to be used for a tribal land base.
    (b) Additional Land.--The Secretary may acquire additional land for 
the benefit of the Tribe pursuant to section 5 of the Act of June 18, 
1934 (25 U.S.C. 465) (commonly known as the ``Indian Reorganization 
Act'').
Little Shell Tribe of Chippewa Indians Restoration Act of 2007 - Extends federal recognition to the Little Shell Tribe of Chippewa Indians of Montana. Makes the Tribe and each member eligible for all services and benefits provided by the United States to Indians and federally recognized Indian tribes, without regard to the existence of a reservation for the Tribe or the location of the residence of any member on or near an Indian reservation.

Directs the Tribe, as a condition of receiving recognition, services, and benefits pursuant to this Act, to submit to the Secretary of the Interior a membership roll consisting of the name of each individual enrolled as a member of the Tribe. Requires the Tribe to maintain such membership roll.

Directs the Secretary to acquire, for the benefit of the Tribe, trust title to 200 acres of land within the Tribe's service area to be used for a tribal land base.

SECTION 1. SHORT TITLE.

    (a) Short Title.--This Act may be cited as the ``Consumer 
Automobile Lease Advertising Improvement Act of 2001''.
    (b) Reference.--Whenever in this Act an amendment or repeal is 
expressed in terms of an amendment to, or repeal of, a section or other 
provision, the reference shall be considered to be made to a section or 
other provision of the Consumer Credit Protection Act.

SEC. 2. FINDINGS AND PURPOSE.

    (a) Findings.--The Congress finds the following:
            (1) There has been a continuing trend toward leasing of 
        automobiles by consumers as an alternative to installment 
        credit sales, with automobile leases now constituting over one-
        third of all new automobile transactions.
            (2) Current automobile leasing practices do not provide 
        consumers with consistent or adequate information to permit 
        comparison shopping among lease offerings. Important 
        information about lease costs and terms are not available until 
        the consumer visits an automobile dealership, are typically 
        provided only as part of lease negotiations, and often are not 
        fully disclosed until the signing of the lease documents.
            (3) Automobile lease advertisements tend to confuse and 
        mislead consumers by highlighting the most attractive terms of 
        leases, by minimizing or omitting additional costs, terms or 
        penalties, and by advertising monthly payment amounts based on 
        lease terms that are different from those customarily offered 
        to or selected by consumers.
            (4) With leases accounting for a large and growing 
        percentage of all new automobile transactions, there is 
        increasing need for automobile manufacturers, automobile 
        dealers and other firms involved in leasing to provide more 
        relevant and easily understood information in advertising and 
        in writing at the auto dealership to permit consumers to 
        evaluate intelligently the attractiveness of leases offered by 
        an automobile dealership, to compare terms of leases offered 
        and advertised by competing dealerships, and to compare the 
        benefits of automobile leases with alternative purchase 
        transactions.
    (b) Purpose.--The purpose of the amendments made by this Act is to 
provide consumers with more relevant and easily understood information 
regarding the terms and costs of lease offerings earlier in the leasing 
process to permit consumers to compare lease and purchase options and 
to comparison shop among competing lease opportunities.

SEC. 3. APPLICABLE CONSUMER LEASES.

    Section 181(1) of the Consumer Credit Protection Act (15 U.S.C. 
1667(1)) is amended--
            (1) by striking ``$25,000'' and inserting ``$75,000''; and
            (2) by adding at the end the following: ``The limit on the 
        contractual obligation which comes within such term shall be 
        adjusted annually based upon the change reported in the 
        Consumer Price Index by the Department of Labor in June of the 
        preceding year.''.

SEC. 4. GENERAL LEASE ADVERTISING.

    (a) Amendments.--Section 184(a) (15 U.S.C. 1667c) is amended--
            (1) by striking ``(a)'' and inserting ``(a)(1)'';
            (2) by redesignating paragraphs (1) through (5) as 
        subparagraphs (A) through (E), respectively;
            (3) by adding at the end the following:
            ``(2) Identification in a television advertisement of the 
        advertised transaction as a lease, as required by paragraph 
        (1)(A), shall be included in both the audio and video portions 
        of the television advertisement.
            ``(3) The requirements of this subsection shall apply to 
        all advertisements for a consumer lease, including 
        advertisements on television, radio and videotape; print 
        advertisements in publications, newsletters and fliers; 
        advertisements by toll-free telephone numbers; and 
        advertisements in electronic media, including Internet web 
        pages, e-mail, CD-ROMs and interactive computer services.''.
    (b) Conforming Amendments.--Section 184(c) (15 U.S.C. 1667c(c)) is 
amended by striking ``subsection (a)'' each time it occurs and 
inserting ``subsection (a)(1)'' and in paragraph (1) by striking 
``paragraphs (1) and (2)'' and inserting ``subparagraphs (A) and (B)''.

SEC. 5. ADVERTISEMENT FOR AUTOMOBILE LEASE.

    Section 184 (15 U.S.C. 1667c) is amended by adding at the end the 
following new subsection:
    ``(d) Advertisement for Automobile Lease.--
            ``(1) In general.--An advertisement to promote a lease for 
        an automobile that includes a scheduled lease payment amount 
        that applies only to a single vehicle, or to a limited number 
        of vehicles of the same vehicle make, model and year, shall 
        clearly and conspicuously state that the advertised payment 
        amount applies only to a single vehicle, or shall clearly and 
        conspicuously state the number of vehicles of the same vehicle 
        make and model to be made available for lease at the advertised 
        payment amount.
            ``(2) Lease payment amounts.--
                    ``(A) An advertisement to promote a lease for an 
                automobile that states a lease payment amount, or must 
                state a lease payment amount under subsection 
                (a)(1)(D), shall calculate such payment amount on the 
                basis of a lease payment formula which the Board shall 
                set forth in regulation and which shall be based on the 
                following information--
                            ``(i) the total capitalized cost of the 
                        vehicle model advertised, which shall not be 
                        reduced or adjusted by any down payment amount, 
                        capitalized cost reduction, vehicle trade-in 
                        amount or other required payment;
                            ``(ii) a lease term of twenty-four (24) 
                        months, or such other lease term that the Board 
                        may determine in regulation as representative 
                        of prevailing industry practice; and
                            ``(iii) a mileage allowance before any 
                        excess mileage charge may be imposed of 12,000 
                        miles for each year of the lease term, or such 
                        other annual mileage allowance which the Board 
                        may determine in regulation as providing a more 
                        representative estimate of vehicle use and 
                        potential costs to the consumer.
                    ``(B) An advertisement to promote a lease for an 
                automobile that states a lease payment for a vehicle 
                model as provided under subparagraph (A) may state a 
                lease payment amount for the same vehicle model that is 
                different than that required to be stated under 
                subparagraph (A), except that--
                            ``(i) the lease payment amount is not 
                        presented more prominently than the lease 
                        payment amount required to be stated under 
                        subparagraph (A); and
                            ``(ii) the advertisement clearly and 
                        conspicuously identifies the lease terms or 
                        payment amounts that explain the difference 
                        between the lease payment amount and the 
                        payment amount required to be stated under 
                        subparagraph (A).''.

SEC. 6. AVAILABILITY OF LEASE INFORMATION.

    Section 184 (15 U.S.C. 1667c) is amended by inserting after 
subsection (d) (as added by section 5) the following new subsection:
    ``(e) Availability of Information.--An automobile dealer that 
engages in any advertising to promote or assist a consumer lease, or 
that participates in any advertised national or regional promotion for 
a consumer lease, shall make available to the public, as appropriate 
and in such format as the Board shall determine in regulation, the 
following information:
            ``(1) Customer incentives.--A written and dated statement 
        that shall be placed in a conspicuous and prominent location in 
        the dealership that sets out clearly and accurately for each 
        vehicle model offered by the dealer, as applicable, the 
        incentives, special offers or promotions available for the 
        benefit of consumers in conjunction with consumer lease, 
        purchase and installment credit transactions, that shall 
        include--
                    ``(A) special interest rates that are offered by 
                automobile manufacturers, financial institutions and 
                leasing companies;
                    ``(B) special incentives, including cash rebates 
                and vehicle residual percentages that are offered by 
                automobile manufacturers directly to consumers; and
                    ``(C) special incentives and lease terms, including 
                vehicle discounts, residual value percentages and other 
                vehicle promotions that are offered to consumers by the 
                dealer.
            ``(2) Available leases.--A written and dated statement for 
        each vehicle model that the dealer makes available for lease to 
        consumers that shall be placed in a conspicuous and prominent 
        location in the dealership, and copies of which shall be made 
        available to individual consumers upon request, that sets out 
        clearly and accurately the following terms applicable to leases 
        for such vehicle models--
                    ``(A) the rebates and other incentives available 
                for consumers;
                    ``(B) the money factor, or lease interest factor, 
                that shall be stated as a decimal number and as an 
                equivalent approximate annual percentage rate; and
                    ``(C) the vehicle residual value, that shall be 
                stated as a percentage of the retail price (MSRP) of 
                such vehicle model.''.

SEC. 7. DEFINITIONS.

    Section 184 (15 U.S.C. 1667c) is amended by inserting after 
subsection (e) (as added by section 6) the following new subsection:
    ``(f) Clearly and Conspicuously Defined.--
            ``(1) In general.--For purposes of this section, the term 
        `clearly and conspicuously' means--
                    ``(A) in print advertisements, the required 
                disclosures and explanations of lease terms shall 
                appear in a type size, shade, contrast, prominence, and 
                location as to be readily noticeable, readable, and 
                comprehensible to an ordinary consumer;
                    ``(B) in the video portion of television or 
                videotaped advertisements, the required disclosures 
                shall appear on the screen in a type size, shade, 
                contrast, prominence, and location and for a duration 
                as to be readily noticeable, readable, and 
                comprehensible to an ordinary consumer;
                    ``(C) in the audio portion of television, 
                videotaped, and radio advertisements, the required 
                disclosures shall be delivered in a volume, cadence, 
                and location and for a duration as to be readily 
                noticeable, hearable, and comprehensible to an ordinary 
                consumer; and
                    ``(D) in promotions and advertising in Internet web 
                pages, CD-ROMs, or interactive computer services, the 
                required disclosures shall appear in a type size, 
                shade, contrast, prominence, and location as to be 
                readily readable and comprehensible to users and shall 
                be separated from marketing and promotional information 
                and easily accessible under the label or heading 
                `Important Information for Consumers'.
            ``(2) Limitation.--Nothing contrary to, inconsistent with, 
        or in mitigation of, the required disclosures shall be used in 
        any advertisement in any medium and no audio, video, or print 
        technique shall be used that is likely to obscure or detract 
        significantly from the communication of the disclosures.''.

SEC. 8. ADMINISTRATIVE ENFORCEMENT.

    (a) In General.--Chapter 5 of the Consumer Credit Protection Act is 
amended by adding the following new section:

``SEC. 188. ADMINISTRATIVE ENFORCEMENT.

    ``Compliance with section 184 of this chapter shall be enforced by 
the Federal Trade Commission, except to the extent that enforcement of 
the requirements imposed under such section is specifically committed 
to another agency under section 108(a) of this title. For purposes of 
the exercise by the Commission of its functions and powers under the 
Federal Trade Commission Act, a violation of section 184 shall be 
deemed an unfair or deceptive act or practice in violation of that Act. 
All of the functions of and powers of the Commission under the Federal 
Trade Commission Act are available to the Commission to enforce 
compliance by any person with such section, irrespective of whether 
that person is engaged in commerce or meets any other jurisdictional 
tests in the Federal Trade Commission Act, including the power to 
enforce the provisions of such section in the same manner as if the 
violation had been a violation of a Federal Trade Commission trade 
regulation rule.''.
    (b) Clerical Amendment.--The table of sections for chapter 5 of the 
Truth in Lending Act is amended by adding at the end the following new 
item:

``188. Administrative enforcement.''

SEC. 9. REGULATIONS.

    The Board of Governors of the Federal Reserve System, not later 
than 6 months after the date of the enactment of this Act, shall issue 
regulations to implement the amendments made by this Act. The Board 
shall also issue regulations, together with staff commentary if 
appropriate, to update and clarify the requirements and definitions for 
lease disclosures and any other issue relating to consumer leasing to 
carry out the intent of the amendments made by this Act, to implement 
any initiative to prevent the circumvention of the amendments made by 
this Act, and to facilitate compliance with the requirements in the 
amendments.

Consumer Automobile Lease Advertising Improvement Act of 2001 - Amends the Consumer Credit Protection Act to increase from $25,000 to $75,000 the maximum amount of a contractual obligation of a consumer lease to which the Act applies.Prescribes additional lease advertising disclosure requirements.Prescribes requirements for automobile leasing advertising.