In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.

Example Input: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``End-User Protection Act of 2014''.

SEC. 2. DEFINITIONS.

    (a) In General.--Section 1a of the Commodity Exchange Act (7 U.S.C. 
1a) is amended--
            (1) by redesignating paragraphs (8) through (51) as 
        paragraphs (9) through (52), respectively;
            (2) by inserting after paragraph (7) the following:
            ``(8) Commercial market participant.--The term `commercial 
        market participant' means any producer, processor, merchant, or 
        commercial user of an exempt or agricultural commodity, or the 
        products or by-products of an exempt or agricultural 
        commodity.'';
            (3) in subparagraph (B) of paragraph (48) (as so 
        redesignated), by striking clause (ii) and inserting the 
        following:
                            ``(ii) any purchase or sale of a 
                        nonfinancial commodity or security for deferred 
                        shipment or delivery, so long as the 
                        transaction is intended to be physically 
                        settled, including any stand-alone or embedded 
                        option for which exercise would result in a 
                        physical delivery obligation;''; and
            (4) in paragraph (50) (as redesignated by paragraph (1)), 
        by striking subparagraph (D) and inserting the following:
                    ``(D) De minimis exception.--
                            ``(i) In general.--The Commission shall 
                        exempt from designation as a swap dealer an 
                        entity that engages in a de minimis quantity of 
                        swap dealing (which shall not be less than 
                        $8,000,000,000) in connection with transactions 
                        with or on behalf of its customers.
                            ``(ii) Regulations.--The Commission shall 
                        promulgate regulations to establish the factors 
                        to be used in a determination under clause (i) 
                        to exempt, including any monetary or other 
                        levels established by the Commission, and those 
                        levels shall only be amended or changed through 
                        an affirmative action of the Commission 
                        undertaken by rule or regulation.''.
    (b) Financial Entity.--Section 2(h)(7)(C) of the Commodity Exchange 
Act (7 U.S.C. 2(h)(7)(C)) is amended--
            (1) in clause (iii)--
                    (A) by striking ``an entity whose'' and inserting 
                the following: ``an entity--
                                    ``(I) whose'';
                    (B) by striking the period at the end and inserting 
                a semicolon; and
                    (C) by adding at the end the following:
                                    ``(II) that is--
                                            ``(aa) a commercial market 
                                        participant;
                                            ``(bb) included in clause 
                                        (i)(VIII); and
                                            ``(cc) not supervised by a 
                                        prudential regulator; or
                                    ``(III) that is included in clause 
                                (i)(VIII) because--
                                            ``(aa) the entity regularly 
                                        enters into foreign exchange or 
                                        derivatives transactions on 
                                        behalf of, or to hedge or 
                                        mitigate, whether directly or 
                                        indirectly, the commercial risk 
                                        of 1 or more entities within 
                                        the same commercial enterprise 
                                        as the entity; or
                                            ``(bb) of the making of 
                                        loans to 1 or more entities 
                                        within the same commercial 
                                        enterprise as the entity.''; 
                                        and
            (2) by adding at the end the following:
                            ``(iv) Same commercial enterprise.--For 
                        purposes of clause (iii)(III), an entity shall 
                        be considered to be within the same commercial 
                        enterprise as another entity if--
                                    ``(I) 1 of the entities owns, 
                                directly or indirectly, at least a 
                                majority ownership interest in the 
                                other entity and reports its financial 
                                statements on a consolidated basis and 
                                the consolidated financial statements 
                                include the financial results of both 
                                entities; or
                                    ``(II) a third party owns at least 
                                a majority ownership interest in both 
                                entities and reports its financial 
                                statements on a consolidated basis and 
                                the financial statements of the third 
                                party include the financial results of 
                                both entities.
                            ``(v) Predominantly engaged.--
                                    ``(I) In general.--Not later than 
                                90 days after the date of enactment of 
                                this clause, the Commission shall 
                                promulgate regulations defining the 
                                term `predominantly engaged' for 
                                purposes of clause (i)(VIII).
                                    ``(II) Minimum revenues.--The 
                                regulations shall provide that an 
                                entity shall not be considered to be 
                                predominantly engaged in activities 
                                that are in the business of banking or 
                                financial in nature if the consolidated 
                                revenues of the entity derived from the 
                                activities constitute less than a 
                                percentage (as specified by the 
                                Commission in the regulations) of the 
                                total consolidated revenues of the 
                                entity.
                                    ``(III) Revenues from banking or 
                                financial activities.--In determining 
                                the percentage of the revenues of an 
                                entity that are derived from activities 
                                that are in the business of banking or 
                                financial in nature, the regulations 
                                shall exclude all revenues that are or 
                                result from foreign exchange or 
                                derivatives transactions used to hedge 
                                or mitigate commercial risk (as defined 
                                by the Commission in the 
                                regulations).''.

SEC. 3. REPORTING OF ILLIQUID SWAPS SO AS TO NOT DISADVANTAGE CERTAIN 
              NON-FINANCIAL END USERS.

    Section 2(a)(13) of the Commodity Exchange Act (7 U.S.C. 2(a)(13)) 
is amended--
            (1) in subparagraph (C), by striking ``The Commission'' and 
        inserting ``Except as provided in subparagraph (D), the 
        Commission'';
            (2) by redesignating subparagraphs (D) through (G) as 
        subparagraphs (E) through (H), respectively; and
            (3) by inserting after subparagraph (C) the following:
                    ``(D) Requirements for swap transactions in 
                illiquid markets.--
                            ``(i) Definition of illiquid markets.--In 
                        this subparagraph, the term `illiquid markets' 
                        means any market in which the volume and 
                        frequency of trading in swaps is at such a 
                        level as to allow identification of individual 
                        market participants.
                            ``(ii) Requirements.--Notwithstanding 
                        subparagraph (C), the Commission shall--
                                    ``(I) provide by rule for the 
                                public reporting of swap transactions, 
                                including price and volume data, in 
                                illiquid markets that are not cleared 
                                and entered into by a nonfinancial 
                                entity that is hedging or mitigating 
                                commercial risk in accordance with 
                                subsection (h)(7)(A); and
                                    ``(II) ensure that the swap 
                                transaction information described in 
                                subclause (I) is available to the 
                                public not sooner than 30 days after 
                                the swap transaction has been executed 
                                or at such later date as the Commission 
                                determines appropriate to protect the 
                                identity of participants and positions 
                                in illiquid markets and to prevent the 
                                elimination or reduction of market 
                                liquidity.''.

SEC. 4. TREATMENT OF AFFILIATES.

    Section 2(h)(7)(D)(i) of the Commodity Exchange Act (7 U.S.C. 
2(h)(7)(D)(i)) is amended--
            (1) by striking ``An affiliate'' and inserting ``A person 
        that is a financial entity and is an affiliate'';
            (2) by striking ``(including affiliate entities 
        predominantly engaged in providing financing for the purchase 
        of the merchandise or manufactured goods of the person)''; and
            (3) by striking ``and as an agent''.

SEC. 5. APPLICABILITY TO BONA FIDE HEDGE TRANSACTIONS OR POSITIONS.

    Section 4a(c) of the Commodity Exchange Act (7 U.S.C. 6a(c)) is 
amended--
            (1) in the second sentence of paragraph (1), by striking 
        ``into the future for which'' and inserting ``in the future, to 
        be determined by the Commission, for which either an 
        appropriate swap is available or''; and
            (2) in paragraph (2)--
                    (A) in the matter preceding subparagraph (A), by 
                striking ``subsection (a)(2)'' and all that follows 
                through ``position that--'' and inserting ``paragraphs 
                (2) and (5) of subsection (a) for swaps, contracts of 
                sale for future delivery, or options on the contracts 
                or commodities, a bona fide hedging transaction or 
                position is a transaction or position that--''; and
                    (B) in subparagraph (A)(ii), by striking ``of 
                risks'' and inserting ``or management of current or 
                anticipated risks''; and
            (3) by adding at the end the following:
            ``(3) Commission definition.--The Commission may further 
        define, by rule or regulation, what constitutes a bona fide 
        hedging transaction or position so long as the rule or 
        regulation is consistent with the requirements of subparagraphs 
        (A) and (B) of paragraph (2).''.

SEC. 6. REPORTING AND RECORDKEEPING.

    Section 4g(f) of the Commodity Exchange Act (7 U.S.C. 6g(f)) is 
amended--
            (1) by striking ``(f) Nothing contained in this section'' 
        and inserting the following:
    ``(f) Authority of Commission To Make Separate Determinations 
Unimpaired.--
            ``(1) In general.--Except as provided in paragraph (2), 
        nothing in this section''; and
            (2) by adding at the end the following:
            ``(2) Exception.--If the Commission imposes any requirement 
        under this section on any person that is not registered, or 
        required to be registered, with the Commission in any capacity, 
        that person shall satisfy the requirements of any rule, order, 
        or regulation under this section by maintaining a written 
        record of each cash or forward transaction related to a 
        reportable or hedging commodity interest transaction, futures 
        contract, option on a futures contract, or swap.
            ``(3) Sufficiency.--A written record described in paragraph 
        (2) shall be sufficient if the written record--
                    ``(A) memorializes the final agreement between the 
                parties, including the material economic terms of the 
                transaction; and
                    ``(B) is identifiable and searchable by 
                transaction.''.

SEC. 7. MARGIN REQUIREMENTS.

    (a) Commodity Exchange Act Amendment.--Section 4s(e) of the 
Commodity Exchange Act (7 U.S.C. 6s(e)) is amended by adding at the end 
the following:
            ``(4) Applicability with respect to counterparties.--The 
        requirements of paragraphs (2)(A)(ii) and (2)(B)(ii), including 
        the initial and variation margin requirements imposed by rules 
        adopted pursuant to paragraphs (2)(A)(ii) and (2)(B)(ii), shall 
        not apply to a swap in which a counterparty qualifies for an 
        exception under section 2(h)(7)(A) or 2(h)(7)(D), or an 
        exemption issued under section 4(c)(1) from the requirements of 
        section 2(h)(1)(A) for cooperative entities as defined in that 
        exemption.''.
    (b) Securities Exchange Act Amendment.--Section 15F(e) of the 
Securities Exchange Act of 1934 (15 U.S.C. 78o-10(e)) is amended by 
adding at the end the following:
            ``(4) Applicability with respect to counterparties.--The 
        requirements of paragraphs (2)(A)(ii) and (2)(B)(ii) shall not 
        apply to a security-based swap in which a counterparty 
        qualifies for an exception under section 3C(g)(1) or satisfies 
        the criteria in section 3C(g)(4).''.
    (c) Implementation.--The amendments made by this section to the 
Commodity Exchange Act (7 U.S.C. 1 et seq.) shall be implemented--
            (1) without regard to--
                    (A) chapter 35 of title 44, United States Code; and
                    (B) the notice and comment provisions of section 
                553 of title 5, United States Code;
            (2) through the promulgation of an interim final rule, 
        pursuant to which public comment is sought before a final rule 
        is issued; and
            (3) such that paragraph (1) shall apply solely to changes 
        to rules and regulations, or proposed rules and regulations, 
        that are limited to and directly a consequence of the 
        amendments.

SEC. 8. ANALYSIS BY THE COMMODITY FUTURES TRADING COMMISSION OF THE 
              COSTS AND BENEFITS OF REGULATIONS AND ORDERS.

    Section 15(a) of the Commodity Exchange Act (7 U.S.C. 19(a)) is 
amended by striking paragraphs (1) and (2) and inserting the following:
            ``(1) In general.--Before promulgating a regulation under 
        this Act or issuing an order (except as provided in paragraph 
        (3)), the Commission, acting through the Office of the Chief 
        Economist, shall--
                    ``(A) state a justification for the regulation or 
                order;
                    ``(B) state the baseline for the cost-benefit 
                analysis and explain how the regulation or order 
                measures costs against the baseline;
                    ``(C) assess the costs and benefits, both 
                qualitative and quantitative, of the intended 
                regulation or order;
                    ``(D) measure, and seek to improve, the actual 
                results of regulatory requirements; and
                    ``(E) propose or adopt a regulation or order only 
                on a reasoned determination that the benefits of the 
                intended regulation or order justify the costs of the 
                intended regulation or order (recognizing that some 
                benefits and costs are difficult to quantify).
            ``(2) Considerations.--In making a reasoned determination 
        of costs and benefits under paragraph (1), the Commission shall 
        consider--
                    ``(A) the protection of market participants and the 
                public;
                    ``(B) the efficiency, competitiveness, and 
                financial integrity of futures and swaps markets;
                    ``(C) the impact on market liquidity in the futures 
                and swaps markets;
                    ``(D) price discovery;
                    ``(E) sound risk management practices;
                    ``(F) the cost of available alternatives to direct 
                regulation;
                    ``(G) the degree and nature of the risks posed by 
                various activities within the scope of the jurisdiction 
                of the Commission;
                    ``(H) whether, consistent with obtaining regulatory 
                objectives, the regulation or order is tailored to 
                impose the least burden on society, including market 
                participants, individuals, businesses of differing 
                sizes, and other entities (including small communities 
                and governmental entities), taking into account, to the 
                extent practicable, the cumulative costs of regulations 
                and orders;
                    ``(I) whether the regulation or order is 
                inconsistent, incompatible, or duplicative of other 
                Federal regulations and orders; and
                    ``(J) whether, in choosing among alternative 
                regulatory approaches, those approaches maximize net 
                benefits (including potential economic, environmental, 
                and other benefits, distributive impacts, and 
                equity).''.
Example Output: End-User Protection Act of 2014 - Amends the Commodity Exchange Act with respect to exceptions to the requirement that any swap be cleared by a derivatives clearing organization either registered under that Act, or exempted from registration, if the swap is required to be cleared. Revises the definition of a financial entity subject to such requirement to exclude one that: (1) is a commercial market participant predominantly engaged in activities in the business of banking, or in activities that are financial in nature, but is not supervised by a prudential regulator; or (2) is considered as predominantly engaged in activities in the business of banking or in financial activities because it regularly enters into foreign exchange or derivatives transactions on behalf of, or to hedge or mitigate the commercial risk of, one or more other entities within the entity's same commercial enterprise, or because of making loans to one or more of such other entities. Directs the Commodity Futures Trading Commission (CFTC) to provide by rule for the public reporting of swap transactions, including price and volume data, in illiquid markets that are not cleared and entered into by a nonfinancial entity that is hedging or mitigating commercial risk. Defines &quot;illiquid&quot; as any market in which the volume and frequency of trading in swaps is at such a level as to allow identification of individual market participants. Requires the CFTC to ensure that such swap transaction information is not available to the public until 30 days after the transaction has been executed, or at an appropriate later date, in order to: (1) protect the identity of participants and positions in illiquid markets, and (2) prevent the elimination or reduction of market liquidity. Accords financial entities exempt from swap-clearing requirements the same treatment as exempted affiliates. Revises the exemption of bona fide hedge transactions or positions from certain trading limitations to set criteria for CFTC rules or regulations treating swaps, contracts of sale for future delivery, or options on the contracts or commodities as bona fide hedge transactions or positions also exempt from those limitations. Declares that, if the CFTC imposes any reporting and recordkeeping requirement on any person that is not registered, or required to be registered, with the CFTC, that person shall satisfy the requirements of any pertinent rule, order, or regulation by maintaining a written record of each cash or forward transaction related to a reportable or hedging commodity interest transaction, futures contract, option on a futures contract, or swap. Makes such a written record sufficient if it: (1) memorializes the final agreement between the parties, including the transaction's material economic terms; and (2) is identifiable and searchable by transaction. States that certain requirements for adoption of rules governing capital and margin requirements for swap dealers and major swap participants, including the initial and variation margin requirements imposed by rules adopted according to such requirements, shall not apply to a swap in which a counterparty qualifies for specified exceptions or exemptions. Revises requirements for a CFTC cost-benefit analysis made before an order is issued. Requires the CFTC, acting through the Office of the Chief Economist, among other things to:  state a justification for the regulation or order; state the baseline for the cost-benefit analysis and explain how the regulation or order measures costs against the baseline; assess the costs and benefits, both qualitative and quantitative, of the intended regulation or order; measure, and seek to improve, the actual results of regulatory requirements; and propose or adopt a regulation or order only on a reasoned determination that the benefits of the intended regulation or order justify its costs. 

Example Input: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Aviation Employee Screening and 
Security Enhancement Act of 2017''.

SEC. 2. DEFINITIONS.

    In this Act:
            (1) Administration.--The term ``Administration'' means the 
        Transportation Security Administration.
            (2) Administrator.--The term ``Administrator'' means the 
        Administrator of the Transportation Security Administration.
            (3) Air carrier.--The term ``air carrier'' has the meaning 
        given such term in section 40102 of title 49, United States 
        Code.
            (4) Appropriate congressional committees.--The term 
        ``appropriate congressional committees'' means the Committee on 
        Homeland Security of the House of Representatives and the 
        Committee on Homeland Security and Governmental Affairs and the 
        Committee on Commerce, Science, and Transportation of the 
        Senate.
            (5) Foreign air carrier.--The term ``foreign air carrier'' 
        has the meaning given such term in section 40102 of title 49, 
        United States Code.
            (6) Intelligence community.--The term ``intelligence 
        community'' has the meaning given such term in section 3(4) of 
        the National Security Act of 1947 (50 U.S.C. 3003(4)).
            (7) Secured area.--The term ``secured area'' has the 
        meaning given such term in section 1540.5 of title 49, Code of 
        Federal Regulations.
            (8) Security identification display area.--The term 
        ``Security Identification Display Area'' has the meaning given 
        such term in section 1540.5 of title 49, Code of Federal 
        Regulations.
            (9) Sterile area.--The term ``sterile area'' has the 
        meaning given such term in section 1540.5 of title 49, Code of 
        Federal Regulations.

SEC. 3. COST AND FEASIBILITY STUDY.

    (a) In General.--Not later than 180 days after the date of the 
enactment of this Act, the Administrator, in consultation with the 
Aviation Security Advisory Committee (established under section 44946 
of title 49, United States Code), shall submit to the appropriate 
congressional committees and the Comptroller General of the United 
States a cost and feasibility study of a statistically significant 
number of Category I, II, III, IV, and X airports assessing the impact 
if all employee access points from non-secured areas to secured areas 
of such airports are comprised of the following:
            (1) A secure door utilizing card and pin entry or biometric 
        technology.
            (2) Surveillance video recording, capable of storing video 
        data for at least 30 days.
            (3) Advanced screening technologies, including at least one 
        of the following:
                    (A) Magnetometer (walk-through or hand-held).
                    (B) Explosives detection canines.
                    (C) Explosives trace detection swabbing.
                    (D) Advanced imaging technology.
                    (E) X-ray bag screening technology.
    (b) Contents.--The study required under subsection (a) shall 
include information related to the employee screening costs of those 
category I, II, III, IV, and X airports which have already implemented 
practices of screening 100 percent of employees accessing secured areas 
of airports, including the following:
            (1) Costs associated with establishing an operational 
        minimum number of employee entry and exit points.
            (2) A comparison of estimated costs and effectiveness 
        associated with implementing the security features specified in 
        subsection (a) to--
                    (A) the Federal Government; and
                    (B) airports and the aviation community.
    (c) Comptroller General Assessment.--
            (1) In general.--Upon completion of the study required 
        under subsection (a), the Comptroller General of the United 
        States shall review such study to assess the quality and 
        reliability of such study.
            (2) Assessment.--Not later than 60 days after the receipt 
        of the study required under subsection (a), the Comptroller 
        General of the United States shall report to the Committee on 
        Homeland Security of the House of Representatives and the 
        Committee on Homeland Security and Governmental Affairs and the 
        Committee on Commerce, Science, and Transportation of the 
        Senate on the results of the review required under paragraph 
        (1).

SEC. 4. AIRPORT WORKER EDUCATION AND SECURITY AWARENESS.

    (a) Cooperative Efforts to Enhance Airport Security Awareness.--Not 
later than 180 days after the date of the enactment of this Act, the 
Administrator shall work with air carriers, foreign air carriers, 
airport operators, labor unions representing credentialed employees, 
and the Aviation Security Advisory Committee to enhance security 
awareness of credentialed airport populations regarding insider threats 
to aviation security and best practices related to airport access 
controls.
    (b) Credentialing Standards.--
            (1) In general.--Not later than 180 days after the date of 
        the enactment of this Act, the Administrator shall, in 
        consultation with air carriers, foreign air carriers, airport 
        operators, labor unions representing credentialed employees, 
        and the Aviation Security Advisory Committee, assess 
        credentialing standards, policies, and practices to ensure that 
        insider threats to aviation security are adequately addressed.
            (2) Report.--Not later than 30 days after completion of the 
        assessment required under paragraph (1), the Administrator 
        shall report to the appropriate congressional committees on the 
        results of such assessment.
    (c) SIDA Applications.--
            (1) Social security numbers required.--Not later than 60 
        days after the date of the enactment of this Act, the 
        Administrator shall require airport operators to submit the 
        social security number of an individual applying for a 
        credential granting access to the Security Identification 
        Display Area to strengthen security vetting effectiveness. An 
        applicant who does not provide such applicant's social security 
        number may be denied such a credential.
            (2) Screening notice.--The Administrator shall issue 
        requirements for airport operators to include in applications 
        for access to a Security Identification Display Area a notice 
        informing applicants that an employee holding a credential 
        granting access to a Security Identification Display Area may 
        be screened at any time while gaining access to, working in, or 
        leaving a Security Identification Display Area.

SEC. 5. SECURING AIRPORT WORKER ACCESS.

    (a) In General.--The Administrator shall work with airport 
operators and the Aviation Security Advisory Committee to identify 
advanced technologies, including biometric identification technologies, 
for securing employee access to the secured areas and sterile areas of 
airports.
    (b) Rap Back Vetting.--Not later than 180 days after the date of 
the enactment of this Act, the Administrator shall ensure that all 
credentialed aviation worker populations currently requiring a 
fingerprint-based criminal record history check are continuously vetted 
through the Federal Bureau of Investigation's Rap Back Service, in 
order to more rapidly detect and mitigate insider threats to aviation 
security.
    (c) Insider Threat Education and Mitigation.--Not later than 180 
days after the date of the enactment of this Act, the Administrator 
shall identify means of enhancing the Administration's ability to 
leverage the resources of the Department of Homeland Security and the 
intelligence community to educate Administration personnel on insider 
threats to aviation security and how the Administration can better 
mitigate such insider threats.
    (d) Playbook Operations.--The Administrator shall ensure that 
Administration-led employee physical inspection efforts of aviation 
workers, known as Playbook operations, are targeted, strategic, and 
focused on providing the greatest level of security effectiveness.
    (e) Covert Testing.--
            (1) In general.--The Administrator shall conduct covert 
        testing of Administration-led employee inspection operations at 
        airports and measure existing levels of security effectiveness. 
        The Administrator shall provide--
                    (A) the results of such testing to the airport 
                operator for the airport that is the subject of any 
                such testing, and, as appropriate, to air carriers and 
                foreign air carriers that operate at the airport that 
                is the subject of such testing; and
                    (B) recommendations and technical assistance for 
                air carriers, foreign air carriers, and airport 
                operators to conduct their own employee inspections, as 
                needed.
            (2) Annual reporting.--The Administrator shall annually, 
        for each of fiscal years 2018 through 2022, submit to the 
        appropriate congressional committees a report on the frequency, 
        methodology, strategy, and effectiveness of employee inspection 
        operations at airports.
    (f) Centralized Database.--Not later than 180 days after the date 
of the enactment of this Act, the Administrator, in consultation with 
the Aviation Security Advisory Committee, shall--
            (1) establish a national database of individuals who have 
        had either their airport or airport operator-issued badge 
        revoked for failure to comply with aviation security 
        requirements;
            (2) determine the appropriate reporting mechanisms for air 
        carriers, foreign air carriers, and airport operators to--
                    (A) submit to the Administration data regarding 
                individuals described in paragraph (1); and
                    (B) access the database established pursuant to 
                such paragraph; and
            (3) establish a process to allow individuals whose names 
        were mistakenly entered into such database to correct the 
        record and have their names removed from such database.

SEC. 6. INSIDER THREAT COORDINATION EFFORTS.

    The Department of Homeland Security is the lead interagency 
coordinator pertaining to insider threat investigations and mitigation 
efforts at airports. The Department shall make every practicable effort 
to coordinate with other relevant Government entities, as well as the 
security representatives of air carriers, foreign air carriers, and 
airport operators, as appropriate, when undertaking such investigations 
and efforts.

SEC. 7. INFORMATION TECHNOLOGY SECURITY.

    Not later than 90 days after the date of the enactment of this Act, 
the Administrator shall submit to the appropriate congressional 
committees a plan to conduct recurring reviews of the operational, 
technical, and management security controls for Administration 
information technology systems at airports.

SEC. 8. NO ADDITIONAL FUNDS AUTHORIZED.

    No additional funds are authorized to carry out the requirements of 
this Act. Such requirements shall be carried out using amounts 
otherwise authorized.

            Passed the House of Representatives April 25, 2017.

            Attest:

                                                 KAREN L. HAAS,

                                                                 Clerk.
Example Output: Aviation Employee Screening and Security Enhancement Act of 2017 (Sec. 3) This bill directs the Transportation Security Administration (TSA) of the Department of Homeland Security (DHS) to conduct, and submit to Congress and the Government Accountability Office (GAO), a cost and feasibility study of a statistically significant number of Category I, II, III, IV, and X airports assessing the impact if all airport employee access points from non-secured to secured airport areas are comprised of the following:  a secure door utilizing card and pin entry or biometric technology; surveillance video recording capable of storing video data for at least 30 days; certain advanced screening technologies, including magnetometers, explosives detection canines, explosives trace detection swabbing, advanced imaging technology, and X-ray bag screening technology; and information related to employee screening costs of such airports that have already implemented practices of screening 100% of employees accessing secured areas.  The GAO shall assess the completed study and report the results to Congress. (Sec. 4) The TSA shall:  work with air carriers, foreign air carriers, airport operators, labor unions representing credentialed airport employees, and the TSA's Aviation Security Advisory Committee to enhance security awareness of credentialed airport workers regarding insider threats to aviation security and best practices related to airport access controls; assess credentialing standards, policies, and practices to ensure that insider threats to aviation security are adequately addressed;  require airport operators to submit the social security number of an individual applying for a credential granting access to the Security Identification Display Area of an airport to strengthen security vetting effectiveness; and issue requirements for airport operators to include in applications for access to such area a notice that an employee holding a credential granting such access may be screened at any time while entering, working in, or leaving the area.  (Sec. 5) The TSA shall also:  work with airport operators and the TSA Advisory Committee to identify advanced technologies for securing employee access to secured and sterile airport areas; ensure that credentialed aviation worker populations currently requiring a fingerprint-based criminal record history check are continuously vetted through the Federal Bureau of Investigation's Rap Back Service to mitigate insider threats; identify ways to enhance TSA's ability to educate its personnel on insider threats to aviation security and on how to mitigate such threats; ensure that TSA employee physical inspection efforts of aviation workers (Playbook operations) are focused on providing the greatest level of security effectiveness; conduct covert testing of TSA employee screening operations at airports;  report on the frequency, methodology, strategy, and effectiveness of employee inspection operations at airports; and establish a national database of individuals who have had either their airport or aircraft operator-issued badge revoked for failure to comply with aviation security requirements, as well a process to allow individuals whose names were mistakenly entered into such database to correct the record and have their names removed from it.  (Sec. 6) The DHS is the lead interagency coordinator to insider threat investigations and mitigation efforts at airports. (Sec. 7) The TSA shall submit a plan to conduct recurring reviews of the operational security controls for TSA information technology systems at airports.

Example Input: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Protecting the U.S. Corporate Tax 
Base Act of 2016''.

SEC. 2. INCLUSION IN SUBPART F INCOME OF INVESTMENTS BY CONTROLLED 
              FOREIGN CORPORATIONS WITH RESPECT TO MEMBERS OF FOREIGN 
              GROUP WHICH INCLUDES UNITED STATES SHAREHOLDER.

    (a) In General.--Section 956(a)(1)(A) of the Internal Revenue Code 
of 1986 is amended to read as follows:
                    ``(A) such shareholder's pro rata share of the sum 
                of--
                            ``(i) the average of the amounts of United 
                        States property held (directly or indirectly) 
                        by the controlled foreign corporation as of the 
                        close of each quarter of such taxable year, and
                            ``(ii) in the case of a controlled foreign 
                        corporation which is a member of an expanded 
                        affiliated group the common parent of which is 
                        not a domestic corporation, the average of the 
                        amounts of foreign group property held 
                        (directly or indirectly) by the controlled 
                        foreign corporation as of the close of each 
                        quarter of such taxable year, over''.
    (b) Foreign Group Property.--Section 956 of such Code is amended by 
redesignating subsections (d) and (e) as subsections (e) and (f), 
respectively, and by inserting after subsection (c) the following new 
subsection:
    ``(d) Foreign Group Property; Expanded Affiliated Group.--For 
purposes of this section--
            ``(1) Foreign group property.--
                    ``(A) In general.--The term `foreign group 
                property' means any stock or obligation of any foreign 
                person which is not a controlled foreign corporation.
                    ``(B) Exceptions.--Such term shall not include--
                            ``(i) the stock or obligation of any entity 
                        if less than 25 percent of the total combined 
                        voting power of such entity, immediately after 
                        the acquisition of any stock in such entity by 
                        the controlled foreign corporation, is owned 
                        (directly or indirectly) by the common parent 
                        referred to in subsection (a)(1)(A)(ii), and
                            ``(ii) property described in subparagraph 
                        (C), (I), (J), (K) or (L) of subsection (c)(2), 
                        applied--
                                    ``(I) by substituting `foreign 
                                person' for `United States person' in 
                                such subparagraphs (C), (J), and (L),
                                    ``(II) by substituting `foreign 
                                corporation' for `domestic corporation' 
                                in subsection (c)(2)(L)(i), and
                                    ``(III) by treating a foreign 
                                person as a United States shareholder 
                                described in subsection 
                                (c)(2)(L)(ii)(I) if such foreign person 
                                would be so described if such person 
                                were a United States person.
                    ``(C) Limitation on treatment as a controlled 
                foreign corporation.--A foreign corporation shall not 
                be treated as a controlled foreign corporation for 
                purposes of subparagraph (A) unless more than 50 
                percent of the total combined voting power of all 
                classes of stock of such corporation entitled to vote, 
                and more than 50 percent of the total value of the 
                stock of such corporation, is owned (directly or 
                indirectly) by United States persons described in 
                subparagraph (A) or (C) of section 7701(a)(30).
                    ``(D) Foreign person.--For purposes of this 
                paragraph, the term `foreign person' means any person 
                who is not a United States person (as defined in 
                section 7701(a)(30)).
            ``(2) Expanded affiliated group.--The term `expanded 
        affiliated group' means an affiliated group as defined in 
        section 1504(a), determined--
                    ``(A) by substituting `more than 50 percent' for 
                `at least 80 percent' each place it appears, and
                    ``(B) without regard to paragraphs (2) and (3) of 
                section 1504(b).
        A partnership or any other entity (other than a corporation) 
        shall be treated as a member of an expanded affiliated group if 
        such entity controls (as determined under section 954(d)(3)), 
        or is controlled by (as so determined), members of such group 
        (including any entity treated as a member of such group by 
        reason of this sentence).
            ``(3) Application to non-corporate entities.--In the case 
        of any entity which is not a corporation--
                    ``(A) any reference in this subsection to stock 
                shall be treated as a reference to any equity or 
                profits interest in such entity, and
                    ``(B) except as otherwise provided by the 
                Secretary, paragraph (1)(B)(i) shall be applied by 
                substituting `25 percent (by value) of the beneficial 
                interests in such entity' for `25 percent of the total 
                combined voting power of such entity'.''.
    (c) Application of Rules for Pledges and Guarantees.--Section 
956(e) of such Code, as so redesignated, is amended to read as follows:
    ``(e) Pledges and Guarantees.--For purposes of subsection (a), a 
controlled foreign corporation shall, under regulations prescribed by 
the Secretary, be considered as holding--
            ``(1) an obligation of a United States person if such 
        controlled foreign corporation is a pledgor or guarantor of 
        such obligation, and
            ``(2) an obligation of a foreign person if such controlled 
        foreign corporation or, to the extent provided under such 
        regulations, any United States shareholder of such controlled 
        foreign corporation, is a pledgor or guarantor of such 
        obligation.''.
    (d) Termination of Rule Which Permits Use of Related-Party 
Transactions To Avoid Treatment as a Controlled Foreign Corporation.--
Section 958(b)(4) of such Code is amended by inserting ``if such stock 
was acquired by such person on or before May 17, 2016'' before the 
period at the end.
    (e) Application of Limitation on Amount of Foreign Taxes Deemed 
Paid With Respect to Section 956 Inclusions.--Notwithstanding section 
214(b) of Public Law 111-226, section 960(c) of the Internal Revenue 
Code of 1986 shall apply to acquisitions of foreign group property (as 
defined in 956(d) of such Code, as amended by this section) after 
December 31, 2010, in addition to acquisitions of United States 
property (as defined in section 956(c) of such Code) after such date.
    (f) Effective Date.--
            (1) In general.--Except as provided in paragraph (2), the 
        amendments made by this section shall apply to taxable years of 
        controlled foreign corporations ending after the date of the 
        enactment of this Act and to taxable years of United States 
        shareholders in which or with which such taxable years of 
        controlled foreign corporations end.
            (2) Termination of rule which permits use of related-party 
        transactions to avoid treatment as a controlled foreign 
        corporation.--The amendment made by subsection (d) shall apply 
        to taxable years of controlled foreign corporations ending on 
        or after May 17, 2016, and to taxable years of United States 
        shareholders in which or with which such taxable years of 
        controlled foreign corporations end.
Example Output:
Protecting the U.S. Corporate Tax Base Act of 2016  This bill amends the Internal Revenue Code to revise the rules for taxing the earnings and determining the stock ownership of certain controlled foreign corporations (CFCs).  The bill provides that, in the case of certain CFCs, subpart F income (income of a CFC earned outside the United States that is not tax deferred) includes a U.S. shareholder's pro rata share of any increase in the CFC's investment of earnings in certain foreign property.  The bill also revises the rules for determining stock ownership to prohibit a CFC from transferring stock to a foreign affiliate to reduce the portion of stock owned by U.S. shareholders below the level required to be considered a CFC.