Bill 110-S-554 — Macroeconomics / National Budget
Subject: Economics and public finance

Act for Our Kids - Repeals the Television Broadcasting to Cuba Act. Amends the Cuban Liberty and Democratic Solidarity (LIBERTAD) Act of 1996 to prohibit federal funding of television broadcasting to Cuba. Terminates the U.S. Court of Federal Claims. Requires federal agencies to reduce administrative expenses. Eliminates the Medicare Advantage Regional Plan Stabilization (SLUSH) Fund. Amends the federal criminal code to prohibit profiteering and fraud involving a contract or the provision of goods or services in connection with a war or military action. Requires: (1) suspension and debarment of unethical contractors; (2) disclosure by federal agencies, upon request, to the appropriate committee chairman or ranking member of audit reports regarding federal contractors; and (3) public access to information on federal contractor penalties and violations through the Federal Procurement Data System website . Amends the Federal Property and Administrative Services Act of 1949 and federal armed forces law to prohibit awards of monopoly contracts exceeding $1 million. Revises the Federal Acquisition Regulation to provide competition in multiple award contracts. Sets forth prohibitions on contractor conflicts of interest. Amends the Office of Federal Procurement Policy Act to prohibit former federal officials from accepting compensation from contractors or related entities. Specifies minimum requirements for political appointees holding public contracting and safety positions. Provides protection of certain disclosures of information by federal employees. Pharmaceutical Market Access and Drug Safety Act of 2007 - Amends the Federal Food, Drug, and Cosmetic Act to revise requirements governing the importation of prescription drugs. Establishes registration conditions for importers and exporters. Declares that the resale in the United States of prescription drugs that were properly sold abroad is not patent infringement. Provides for the sale of prescription drugs through an Internet site. Prohibits the introduction of restricted transactions with unregistered foreign pharmacies into a payment system or the completion of such transactions using a payment system. Instructs the Secretary of the Interior to agree to any lessee request to amend a lease issued for any Central and Western Gulf of Mexico (Gulf) tract during 1998 and 1999 to incorporate specified price thresholds applicable to royalty suspension provisions. Reaffirms the authority of the Secretary to vary, based on the price of production from a lease, the suspension of royalties under specified leases on the Outer Continental Shelf. Cites conditions for the issuance of new leases for oil or natural gas production in the Gulf. Instructs the Secretary to establish conservation of resources fees for both producing and nonproducing federal oil and gas leases in the Gulf. Prescribes restrictions on the transfer of such leases. Amends the Internal Revenue Code to: (1) repeal various tax cuts for millionaire taxpayers; (2) prescribe tax treatment for offshore shelters and expatriation; (3) restate the economic substance doctrine; (4) deny any deduction for certain fines, penalties, and other amounts relating to trade or business expenses; (5) impose a temporary emergency duty surcharge; and (6) provide for offshore oil and gas leasing in 181 Area of Gulf of Mexico. Amends the Federal Reserve Act to require the Federal Reserve Bank to transfer specified surplus funds to the Treasury. Amends the Communications Act of 1934 to make permanent the Federal Communications Commission (FCC) authority to auction licenses to use radio spectrum. Freedom to Travel to Cuba Act of 2007 - Prohibits the President from regulating or prohibiting travel to or from Cuba by U.S. citizens or legal residents, or any of the transactions ordinarily incident to such travel.