113 HR 5405 : Promoting Job Creation and Reducing Small Business Burdens Act
U.S. House of Representatives
2014-09-17
text/xml
EN
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		IIB
		113th CONGRESS
		2d Session
		H. R. 5405
		IN THE SENATE OF THE UNITED STATES
		September 17 (legislative day, September 16), 2014Received; read twice and referred to the Committee on Banking, Housing, and Urban AffairsAN ACT
		To make technical corrections to the Dodd-Frank Wall Street Reform and Consumer Protection Act, to
			 enhance the ability of small and emerging growth companies to access
			 capital through public and private markets, to reduce regulatory burdens,
			 and for other purposes.

		1.Short titleThis Act may be cited as the Promoting Job Creation and Reducing Small Business Burdens Act.
		2.Table of contentsThe table of contents for this Act is as follows:

				Sec. 1. Short title.
				Sec. 2. Table of contents.
				Title I—Business Risk Mitigation and Price Stabilization Act
				Sec. 101. Margin requirements.
				Sec. 102. Implementation.
				Title II—Treatment of affiliate transactions
				Sec. 201. Treatment of affiliate transactions.
				Title III—Holding Company Registration Threshold Equalization Act
				Sec. 301. Registration threshold for savings and loan holding companies.
				Title IV—Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act
				Sec. 401. Registration exemption for merger and acquisition brokers.
				Sec. 402. Effective date.
				Title V—Small Cap Liquidity Reform Act
				Sec. 501. Liquidity pilot program for securities of certain emerging growth companies.
				Title VI—Improving Access to Capital for Emerging Growth Companies Act
				Sec. 601. Filing requirement for public filing prior to public offering.
				Sec. 602. Grace period for change of status of emerging growth companies.
				Sec. 603. Simplified disclosure requirements for emerging growth companies.
				Title VII—Small Company Disclosure Simplification Act
				Sec. 701. Exemption from XBRL requirements for emerging growth companies and other smaller
			 companies.
				Sec. 702. Analysis by the SEC.
				Sec. 703. Report to Congress.
				Sec. 704. Definitions.
				Title VIII—Restoring Proven Financing for American Employers Act
				Sec. 801. Rules of construction relating to collateralized loan obligations.
				Title IX—SBIC Advisers Relief Act
				Sec. 901. Advisers of SBICs and venture capital funds.
				Sec. 902. Advisers of SBICs and private funds.
				Sec. 903. Relationship to State law.
				Title X—Disclosure Modernization and Simplification Act
				Sec. 1001. Summary page for form 10–K.
				Sec. 1002. Improvement of regulation S–K.
				Sec. 1003. Study on modernization and simplification of regulation S–K.
				Title XI—Encouraging Employee Ownership Act
				Sec. 1101. Increased threshold for disclosures relating to compensatory benefit plans.

		IBusiness Risk Mitigation and Price Stabilization Act
			101.Margin requirements
				(a)Commodity Exchange Act amendmentSection 4s(e) of the Commodity Exchange Act (7 U.S.C. 6s(e)), as added by section 731 of the
			 Dodd-Frank Wall Street Reform and Consumer Protection Act, is amended by
			 adding at the end the following new paragraph:

						(4)Applicability with respect to counterpartiesThe 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 an
			 exemption issued under section 4(c)(1) from the requirements of section
			 2(h)(1)(A) for cooperative entities as defined in such exemption, or
			 satisfies the criteria in section 2(h)(7)(D)..
				(b)Securities Exchange Act amendmentSection 15F(e) of the Securities Exchange Act of 1934 (15 U.S.C. 78o–10(e)), as added by section
			 764(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act,
			 is amended by adding at the end the following new paragraph:

						(4)Applicability with respect to counterpartiesThe 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)..
				102.ImplementationThe amendments made by this title to the Commodity Exchange Act 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 will be 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 such
			 amendments.
				IITreatment of affiliate transactions
			201.Treatment of affiliate transactions
				(a)In general
					(1)Commodity Exchange Act amendmentSection 2(h)(7)(D)(i) of the Commodity Exchange Act (7 U.S.C. 2(h)(7)(D)(i)) is amended to read as
			 follows:

							(i)In generalAn affiliate of a person that qualifies for an exception under subparagraph (A) (including
			 affiliate entities predominantly engaged in providing financing for the
			 purchase of the merchandise or manufactured goods of the person) may
			 qualify for the exception only if the affiliate enters into the swap to
			 hedge or mitigate the commercial risk of the person or other affiliate of
			 the person that is not a financial entity, provided that if the transfer
			 of commercial risk is addressed by entering into a swap with a swap dealer
			 or major swap participant, an appropriate credit support measure or other
			 mechanism is utilized..
					(2)Securities Exchange Act of 1934 amendmentSection 3C(g)(4)(A) of the Securities Exchange Act of 1934 (15 U.S.C. 78c–3(g)(4)(A)) is amended to
			 read as follows:

							(A)In generalAn affiliate of a person that qualifies for an exception under paragraph (1) (including affiliate
			 entities predominantly engaged in providing financing for the purchase of
			 the merchandise or manufactured goods of the person) may qualify for the
			 exception only if the affiliate enters into the security-based swap to
			 hedge or mitigate the commercial risk of the person or other affiliate of
			 the person that is not a financial entity, provided that if the transfer
			 of commercial risk is addressed by entering into a security-based swap
			 with a security-based swap dealer or major security-based swap
			 participant, an appropriate credit support measure or other mechanism is
			 utilized..
					(b)Applicability of credit support measure requirementNotwithstanding section 371 of this Act, the requirements in section 2(h)(7)(D)(i) of the Commodity
			 Exchange Act and section 3C(g)(4)(A) of the Securities Exchange Act of
			 1934, as amended by subsection (a), requiring that a credit support
			 measure or other mechanism be utilized if the transfer of commercial risk
			 referred to in such sections is addressed by entering into a swap with a
			 swap dealer or major swap participant or a security-based swap with a
			 security-based swap dealer or major security-based swap participant, as
			 appropriate, shall not apply with respect to swaps or security-based
			 swaps, as appropriate, entered into before the date of the enactment of
			 this Act.
				IIIHolding Company Registration Threshold Equalization Act
			301.Registration threshold for savings and loan holding companiesThe Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) is amended—
				(1)in section 12(g)—
					(A)in paragraph (1)(B), by inserting after is a bank the following: , a savings and loan holding company (as defined in section 10 of the Home Owners' Loan Act),; and
					(B)in paragraph (4), by inserting after case of a bank the following: , a savings and loan holding company (as defined in section 10 of the Home Owners' Loan Act),; and
					(2)in section 15(d), by striking case of bank and inserting the following: case of a bank, a savings and loan holding company (as defined in section 10 of the Home Owners'
			 Loan Act),.
				IVSmall Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act
			401.Registration exemption for merger and acquisition brokersSection 15(b) of the Securities Exchange Act of 1934 (15 U.S.C. 78o(b)) is amended by adding at the
			 end the following:

					(13)Registration exemption for merger and acquisition brokers
						(A)In generalExcept as provided in subparagraph (B), an M&A broker shall be exempt from registration under this section.
						(B)Excluded activitiesAn M&A broker is not exempt from registration under this paragraph if such broker does any of the
			 following:
							(i)Directly or indirectly, in connection with the transfer of ownership of an eligible privately held
			 company, receives, holds, transmits, or has custody of the funds or
			 securities to be exchanged by the parties to the transaction.
							(ii)Engages on behalf of an issuer in a public offering of any class of securities that is registered,
			 or is required to be registered, with the Commission under section 12 or
			 with respect to which the issuer files, or is required to file, periodic
			 information, documents, and reports under subsection (d).
							(C)Rule of constructionNothing in this paragraph shall be construed to limit any other authority of the Commission to
			 exempt any person, or any class of persons, from any provision of this
			 title, or from any provision of any rule or regulation thereunder.
						(D)DefinitionsIn this paragraph:
							(i)ControlThe term control means the power, directly or indirectly, to direct the management or policies of a company,
			 whether through ownership of securities, by contract, or otherwise. There
			 is a presumption of control for any person who—
								(I)is a director, general partner, member or manager of a limited liability company, or officer
			 exercising executive responsibility (or has similar status or functions);
								(II)has the right to vote 20 percent or more of a class of voting securities or the power to sell or
			 direct the sale of 20 percent or more of a class of voting securities; or
								(III)in the case of a partnership or limited liability company, has the right to receive upon
			 dissolution, or has contributed, 20 percent or more of the capital.
								(ii)Eligible privately held companyThe term eligible privately held company means a company that meets both of the following conditions:
								(I)The company does not have any class of securities registered, or required to be registered, with
			 the Commission under section 12 or with respect to which the company
			 files, or is required to file, periodic information, documents, and
			 reports under subsection (d).
								(II)In the fiscal year ending immediately before the fiscal year in which the services of the M&A broker are initially engaged with respect to the securities transaction, the company meets either
			 or both of the following conditions (determined in accordance with the
			 historical financial accounting records of the company):
									(aa)The earnings of the company before interest, taxes, depreciation, and amortization are less than
			 $25,000,000.
									(bb)The gross revenues of the company are less than $250,000,000.
									(iii)M&A brokerThe term M&A broker means a broker, and any person associated with a broker, engaged in the business of effecting
			 securities transactions solely in connection with the transfer of
			 ownership of an eligible privately held company, regardless of whether the
			 broker acts on behalf of a seller or buyer, through the purchase, sale,
			 exchange, issuance, repurchase, or redemption of, or a business
			 combination involving, securities or assets of the eligible privately held
			 company, if the broker reasonably believes that—
								(I)upon consummation of the transaction, any person acquiring securities or assets of the eligible
			 privately held company, acting alone or in concert, will control and,
			 directly or indirectly, will be active in the management of the eligible
			 privately held company or the business conducted with the assets of the
			 eligible privately held company; and
								(II)if any person is offered securities in exchange for securities or assets of the eligible privately
			 held company, such person will, prior to becoming legally bound to
			 consummate the transaction, receive or have reasonable access to the most
			 recent year-end balance sheet, income statement, statement of changes in
			 financial position, and statement of owner’s equity of the issuer of the
			 securities offered in exchange, and, if the financial statements of the
			 issuer are audited, the related report of the independent auditor, a
			 balance sheet dated not more than 120 days before the date of the offer,
			 and information pertaining to the management, business, results of
			 operations for the period covered by the foregoing financial statements,
			 and material loss contingencies of the issuer.
								(E)Inflation adjustment
							(i)In generalOn the date that is 5 years after the date of the enactment of the Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2014, and every 5 years thereafter, each dollar amount in subparagraph (D)(ii)(II) shall be adjusted
			 by—
								(I)dividing the annual value of the Employment Cost Index For Wages and Salaries, Private Industry
			 Workers (or any successor index), as published by the Bureau of Labor
			 Statistics, for the calendar year preceding the calendar year in which the
			 adjustment is being made by the annual value of such index (or successor)
			 for the calendar year ending December 31, 2012; and
								(II)multiplying such dollar amount by the quotient obtained under subclause (I).
								(ii)RoundingEach dollar amount determined under clause (i) shall be rounded to the nearest multiple of
			 $100,000..
			402.Effective dateThis Act and any amendment made by this Act shall take effect on the date that is 90 days after the
			 date of the enactment of this Act.
			VSmall Cap Liquidity Reform Act
			501.Liquidity pilot program for securities of certain emerging growth companies
				(a)In generalSection 11A(c)(6) of the Securities Exchange Act of 1934 (15 U.S.C. 78k–1(c)(6)) is amended to read
			 as follows:

						(6)Liquidity pilot program for securities of certain emerging growth companies
							(A)Quoting incrementBeginning on the date that is 90 days after the date of the enactment of the Small Cap Liquidity Reform Act of 2014, the securities of a covered emerging growth company shall be quoted using—
								(i)a minimum increment of $0.05; or
								(ii)if, not later than 60 days after such date of enactment, the company so elects in the manner
			 described in subparagraph (D)—
									(I)a minimum increment of $0.10; or
									(II)the increment at which such securities would be quoted without regard to the minimum increments
			 established under this paragraph.
									(B)Trading incrementIn the case of a covered emerging growth company the securities of which are quoted at a minimum
			 increment of $0.05 or $0.10 under this paragraph, the Commission shall
			 determine the increment at which the securities of such company are
			 traded.
							(C)Future right to opt out or change minimum increment
								(i)In generalAt any time beginning on the date that is 90 days after the date of the enactment of the Small Cap Liquidity Reform Act of 2014, a covered emerging growth company the securities of which are quoted at a minimum increment of
			 $0.05 or $0.10 under this paragraph may elect in the manner described in
			 subparagraph (D)—
									(I)for the securities of such company to be quoted at the increment at which such securities would be
			 quoted without regard to the minimum increments established under this
			 paragraph; or
									(II)to change the minimum increment at which the securities of such company are quoted from $0.05 to
			 $0.10 or from $0.10 to $0.05.
									(ii)When election effectiveAn election under this subparagraph shall take effect on the date that is 30 days after such
			 election is made.
								(iii)Single election to change minimum incrementA covered emerging growth company may not make more than one election under clause (i)(II).
								(D)Manner of election
								(i)In generalAn election is made in the manner described in this subparagraph by informing the Commission of
			 such election.
								(ii)Notification of exchanges and other trading venuesUpon being informed of an election under clause (i), the Commission shall notify each exchange or
			 other trading venue where the securities of the covered emerging growth
			 company are quoted or traded.
								(E)Issuers ceasing to be covered emerging growth companies
								(i)In generalIf an issuer the securities of which are quoted at a minimum increment of $0.05 or $0.10 under this
			 paragraph ceases to be a covered emerging growth company, the securities
			 of such issuer shall be quoted at the increment at which such securities
			 would be quoted without regard to the minimum increments established under
			 this paragraph.
								(ii)ExceptionsThe Commission may by regulation, as the Commission considers appropriate, specify any
			 circumstances under which an issuer shall continue to be considered a
			 covered emerging growth company for purposes of this paragraph after the
			 issuer ceases to meet the requirements of subparagraph (L)(i).
								(F)Securities trading below $1
								(i)Initial price
									(I)At effective dateIf the trading price of the securities of a covered emerging growth company is below $1 at the
			 close of the last trading day before the date that is 90 days after the
			 date of the enactment of the Small Cap Liquidity Reform Act of 2014, the securities of such company shall be quoted using the increment at which such securities would
			 be quoted without regard to the minimum increments established under this
			 paragraph.
									(II)At IPOIf a covered emerging growth company makes an initial public offering after the day described in
			 subclause (I) and the first share of the securities of such company is
			 offered to the public at a price below $1, the securities of such company
			 shall be quoted using the increment at which such securities would be
			 quoted without regard to the minimum increments established under this
			 paragraph.
									(ii)Average trading priceIf the average trading price of the securities of a covered emerging growth company falls below $1
			 for any 90-day period beginning on or after the day before the date of the
			 enactment of the Small Cap Liquidity Reform Act of 2014, the securities of such company shall, after the end of such period, be quoted using the increment
			 at which such securities would be quoted without regard to the minimum
			 increments established under this paragraph.
								(G)Fraud or manipulationIf the Commission determines that a covered emerging growth company has violated any provision of
			 the securities laws prohibiting fraudulent, manipulative, or deceptive
			 acts or practices, the securities of such company shall, after the date of
			 the determination, be quoted using the increment at which such securities
			 would be quoted without regard to the minimum increments established under
			 this paragraph.
							(H)Ineligibility for increased minimum increment permanentThe securities of an issuer may not be quoted at a minimum increment of $0.05 or $0.10 under this
			 paragraph at any time after—
								(i)such issuer makes an election under subparagraph (A)(ii)(II);
								(ii)such issuer makes an election under subparagraph (C)(i)(I), except during the period before such
			 election takes effect; or
								(iii)the securities of such issuer are required by this paragraph to be quoted using the increment at
			 which such securities would be quoted without regard to the minimum
			 increments established under this paragraph.
								(I)Additional reports and disclosuresThe Commission shall require a covered emerging growth company the securities of which are quoted
			 at a minimum increment of $0.05 or $0.10 under this paragraph to make such
			 reports and disclosures as the Commission considers necessary or
			 appropriate in the public interest or for the protection of investors.
							(J)Limitation of liabilityAn issuer (or any officer, director, manager, or other agent of such issuer) shall not be liable to
			 any person (other than such issuer) under any law or regulation of the
			 United States, any constitution, law, or regulation of any State or
			 political subdivision thereof, or any contract or other legally
			 enforceable agreement (including any arbitration agreement) for any losses
			 caused solely by the quoting of the securities of such issuer at a minimum
			 increment of $0.05 or $0.10, by the trading of such securities at the
			 increment determined by the Commission under subparagraph (B), or by both
			 such quoting and trading, as provided in this paragraph.
							(K)Report to CongressNot later than 6 months after the date of the enactment of the Small Cap Liquidity Reform Act of 2014, and every 6 months thereafter, the Commission, in coordination with each exchange on which the
			 securities of covered emerging growth companies are quoted or traded,
			 shall submit to Congress a report on the quoting and trading of securities
			 in increments permitted by this paragraph and the extent to which such
			 quoting and trading are increasing liquidity and active trading by
			 incentivizing capital commitment, research coverage, and brokerage
			 support, together with any legislative recommendations the Commission may
			 have.
							(L)DefinitionsIn this paragraph:
								(i)Covered emerging growth companyThe term covered emerging growth company means an emerging growth company, as defined in the first paragraph (80) of section 3(a), except
			 that—
									(I)such paragraph shall be applied by substituting $750,000,000 for $1,000,000,000 each place it appears; and
									(II)subparagraphs (B), (C), and (D) of such paragraph do not apply.
									(ii)SecurityThe term security means an equity security.
								(M)Savings provisionNotwithstanding any other provision of this paragraph, the Commission may—
								(i)make such adjustments to the pilot program specified in this paragraph as the Commission considers
			 necessary or appropriate to ensure that such program can provide
			 statistically meaningful or reliable results, including adjustments to
			 eliminate selection bias among participants, expand the number of
			 participants eligible to participate in such program, and change the
			 duration of such program for one or more participants; and
								(ii)conduct any other study or pilot program, in conjunction with or separate from the pilot program
			 specified in this paragraph (as such program may be adjusted pursuant to
			 clause (i)), to evaluate quoting or trading in various minimum increments..
				(b)SunsetEffective on the date that is 5 years after the date of the enactment of this Act, section
			 11A(c)(6) of the Securities Exchange Act of 1934 (15 U.S.C. 78k–1(c)(6))
			 is repealed.
				VIImproving Access to Capital for Emerging Growth Companies Act
			601.Filing requirement for public filing prior to public offeringSection 6(e)(1) of the Securities Act of 1933 (15 U.S.C. 77f(e)(1)) is amended by striking 21 days and inserting 15 days.
			602.Grace period for change of status of emerging growth companiesSection 6(e)(1) of the Securities Act of 1933 (15 U.S.C. 77f(e)(1)) is further amended by adding at
			 the end the following: An issuer that was an emerging growth company at the time it submitted a confidential registration
			 statement or, in lieu thereof, a publicly filed registration statement for
			 review under this subsection but ceases to be an emerging growth company
			 thereafter shall continue to be treated as an emerging market growth
			 company for the purposes of this subsection through the earlier of the
			 date on which the issuer consummates its initial public offering pursuant
			 to such registrations statement or the end of the 1-year period beginning
			 on the date the company ceases to be an emerging growth company..
			603.Simplified disclosure requirements for emerging growth companiesSection 102 of the Jumpstart Our Business Startups Act (Public Law 112–106) is amended by adding at
			 the end the following:

					(d)Simplified disclosure requirementsWith respect to an emerging growth company (as such term is defined under section 2 of the
			 Securities Act of 1933):
						(1)Requirement to include notice on form S–1Not later than 30 days after the date of enactment of this subsection, the Securities and Exchange
			 Commission shall revise its general instructions on Form S–1 to indicate
			 that a registration statement filed (or submitted for confidential review)
			 by an issuer prior to an initial public offering may omit financial
			 information for historical periods otherwise required by regulation S–X
			 (17 CFR 210.1–01 et seq.) as of the time of filing (or confidential
			 submission) of such registration statement, provided that—
							(A)the omitted financial information relates to a historical period that the issuer reasonably
			 believes will not be required to be included in the Form S–1 at the time
			 of the contemplated offering; and
							(B)prior to the issuer distributing a preliminary prospectus to investors, such registration statement
			 is amended to include all financial information required by such
			 regulation S–X at the date of such amendment.
							(2)Reliance by issuersEffective 30 days after the date of enactment of this subsection, an issuer filing a registration
			 statement (or submitting the statement for confidential review) on Form
			 S–1 may omit financial information for historical periods otherwise
			 required by regulation S–X (17 CFR 210.1–01 et seq.) as of the time of
			 filing (or confidential submission) of such registration statement,
			 provided that—
							(A)the omitted financial information relates to a historical period that the issuer reasonably
			 believes will not be required to be included in the Form S–1 at the time
			 of the contemplated offering; and
							(B)prior to the issuer distributing a preliminary prospectus to investors, such registration statement
			 is amended to include all financial information required by such
			 regulation S–X at the date of such amendment..
			VIISmall Company Disclosure Simplification Act
			701.Exemption from XBRL requirements for emerging growth companies and other smaller companies
				(a)Exemption for emerging growth companiesEmerging growth companies are exempted from the requirements to use Extensible Business Reporting
			 Language (XBRL) for financial statements and other periodic reporting
			 required to be filed with the Commission under the securities laws. Such
			 companies may elect to use XBRL for such reporting.
				(b)Exemption for other smaller companiesIssuers with total annual gross revenues of less than $250,000,000 are exempt from the requirements
			 to use XBRL for financial statements and other periodic reporting required
			 to be filed with the Commission under the securities laws. Such issuers
			 may elect to use XBRL for such reporting. An exemption under this
			 subsection shall continue in effect until—
					(1)the date that is five years after the date of enactment of this Act; or
					(2)the date that is two years after a determination by the Commission, by order after conducting the
			 analysis required by section 702, that the benefits of such requirements
			 to such issuers outweigh the costs, but no earlier than three years after
			 enactment of this Act.
					(c)Modifications to regulationsNot later than 60 days after the date of enactment of this Act, the Commission shall revise its
			 regulations under parts 229, 230, 232, 239, 240, and 249 of title 17, Code
			 of Federal Regulations, to reflect the exemptions set forth in subsections
			 (a) and (b).
				702.Analysis by the SECThe Commission shall conduct an analysis of the costs and benefits to issuers described in section
			 701(b) of the requirements to use XBRL for financial statements and other
			 periodic reporting required to be filed with the Commission under the
			 securities laws. Such analysis shall include an assessment of—
				(1)how such costs and benefits may differ from the costs and benefits identified by the Commission in
			 the order relating to interactive data to improve financial reporting
			 (dated January 30, 2009; 74 Fed. Reg. 6776) because of the size of such
			 issuers;
				(2)the effects on efficiency, competition, capital formation, and financing and on analyst coverage of
			 such issuers (including any such effects resulting from use of XBRL by
			 investors);
				(3)the costs to such issuers of—
					(A)submitting data to the Commission in XBRL;
					(B)posting data on the website of the issuer in XBRL;
					(C)software necessary to prepare, submit, or post data in XBRL; and
					(D)any additional consulting services or filing agent services;
					(4)the benefits to the Commission in terms of improved ability to monitor securities markets, assess
			 the potential outcomes of regulatory alternatives, and enhance investor
			 participation in corporate governance and promote capital formation; and
				(5)the effectiveness of standards in the United States for interactive filing data relative to the
			 standards of international counterparts.
				703.Report to CongressNot later than one year after the date of enactment of this Act, the Commission shall provide the
			 Committee on Financial Services of the House of Representatives and the
			 Committee on Banking, Housing, and Urban Affairs of the Senate a report
			 regarding—
				(1)the progress in implementing XBRL reporting within the Commission;
				(2)the use of XBRL data by Commission officials;
				(3)the use of XBRL data by investors;
				(4)the results of the analysis required by section 702; and
				(5)any additional information the Commission considers relevant for increasing transparency,
			 decreasing costs, and increasing efficiency of regulatory filings with the
			 Commission.
				704.DefinitionsAs used in this title, the terms Commission, emerging growth company, issuer, and securities laws have the meanings given such terms in section 3 of the Securities Exchange Act of 1934 (15 U.S.C.
			 78c).
			VIIIRestoring Proven Financing for American Employers Act
			801.Rules of construction relating to collateralized loan obligationsSection 13(g) of the Bank Holding Company Act of 1956 (12 U.S.C. 1851(g)) is amended by adding at
			 the end the following new paragraphs:

					(4)Collateralized loan obligations
						(A)Inapplicability to certain collateralized loan obligationsNothing in this section shall be construed to require the divestiture, prior to July 21, 2017, of
			 any debt securities of collateralized loan obligations, if such debt
			 securities were issued before January 31, 2014.
						(B)Ownership interest with respect to collateralized loan obligationsA banking entity shall not be considered to have an ownership interest in a collateralized loan
			 obligation because it acquires, has acquired, or retains a debt security
			 in such collateralized loan obligation if the debt security has no indicia
			 of ownership other than the right of the banking entity to participate in
			 the removal for cause, or in the selection of a replacement after removal
			 for cause or resignation, of an investment manager or investment adviser
			 of the collateralized loan obligation.
						(C)DefinitionsFor purposes of this paragraph:
							(i)Collateralized loan obligationThe term collateralized loan obligation means any issuing entity of an asset-backed security, as defined in section 3(a)(77) of the
			 Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(77)), that is comprised
			 primarily of commercial loans.
							(ii)Removal for causeAn investment manager or investment adviser shall be deemed to be removed for cause if the investment manager or investment adviser is removed as a result of—
								(I)a breach of a material term of the applicable management or advisory agreement or the agreement
			 governing the collateralized loan obligation;
								(II)the inability of the investment manager or investment adviser to continue to perform its
			 obligations under any such agreement;
								(III)any other action or inaction by the investment manager or investment adviser that has or could
			 reasonably be expected to have a materially adverse effect on the
			 collateralized loan obligation, if the investment manager or investment
			 adviser fails to cure or take reasonable steps to cure such effect within
			 a reasonable time; or
								(IV)a comparable event or circumstance that threatens, or could reasonably be expected to threaten, the
			 interests of holders of the debt securities..
			IXSBIC Advisers Relief Act
			901.Advisers of SBICs and venture capital fundsSection 203(l) of the Investment Advisers Act of 1940 (15 U.S.C. 80b–3(l)) is amended—
				(1)by striking No investment adviser and inserting the following:

						(1)In generalNo investment adviser; and
				(2)by adding at the end the following:

						(2)Advisers of SBICsFor purposes of this subsection, a venture capital fund includes an entity described in
			 subparagraph (A), (B), or (C) of subsection (b)(7) (other than an entity
			 that has elected to be regulated or is regulated as a business development
			 company pursuant to section 54 of the Investment Company Act of 1940)..
				902.Advisers of SBICs and private fundsSection 203(m) of the Investment Advisers Act of 1940 (15 U.S.C. 80b–3(m)) is amended by adding at
			 the end the following:

					(3)Advisers of SBICsFor purposes of this subsection, the assets under management of a private fund that is an entity
			 described in subparagraph (A), (B), or (C) of subsection (b)(7) (other
			 than an entity that has elected to be regulated or is regulated as a
			 business development company pursuant to section 54 of the Investment
			 Company Act of 1940) shall be excluded from the limit set forth in
			 paragraph (1)..
			903.Relationship to State lawSection 203A(b)(1) of the Investment Advisers Act of 1940 (15 U.S.C. 80b–3a(b)(1)) is amended—
				(1)in subparagraph (A), by striking or at the end;
				(2)in subparagraph (B), by striking the period at the end and inserting ; or; and
				(3)by adding at the end the following:

						(C)that is not registered under section 203 because that person is exempt from registration as
			 provided in subsection (b)(7) of such section, or is a supervised person
			 of such person..
				XDisclosure Modernization and Simplification Act
			1001.Summary page for form 10–KNot later than the end of the 180-day period beginning on the date of the enactment of this Act,
			 the Securities and Exchange Commission shall issue regulations to permit
			 issuers to submit a summary page on form 10–K (17 CFR 249.310), but only
			 if each item on such summary page includes a cross-reference (by
			 electronic link or otherwise) to the material contained in form 10–K to
			 which such item relates.
			1002.Improvement of regulation S–KNot later than the end of the 180-day period beginning on the date of the enactment of this Act,
			 the Securities and Exchange Commission shall take all such actions to
			 revise regulation S–K (17 CFR 229.10 et seq.)—
				(1)to further scale or eliminate requirements of regulation S–K, in order to reduce the burden on
			 emerging growth companies, accelerated filers, smaller reporting
			 companies, and other smaller issuers, while still providing all material
			 information to investors;
				(2)to eliminate provisions of regulation S–K, required for all issuers, that are duplicative,
			 overlapping, outdated, or unnecessary; and
				(3)for which the Commission determines that no further study under section 1003 is necessary to
			 determine the efficacy of such revisions to regulation S–K.
				1003.Study on modernization and simplification of regulation S–K
				(a)StudyThe Securities and Exchange Commission shall carry out a study of the requirements contained in
			 regulation S–K (17 CFR 229.10 et seq.). Such study shall—
					(1)determine how best to modernize and simplify such requirements in a manner that reduces the costs
			 and burdens on issuers while still providing all material information;
					(2)emphasize a company by company approach that allows relevant and material information to be
			 disseminated to investors without boilerplate language or static
			 requirements while preserving completeness and comparability of
			 information across registrants; and
					(3)evaluate methods of information delivery and presentation and explore methods for discouraging
			 repetition and the disclosure of immaterial information.
					(b)ConsultationIn conducting the study required under subsection (a), the Commission shall consult with the
			 Investor Advisory Committee and the Advisory Committee on Small and
			 Emerging Companies.
				(c)ReportNot later than the end of the 360-day period beginning on the date of enactment of this Act, the
			 Commission shall issue a report to the Congress containing—
					(1)all findings and determinations made in carrying out the study required under subsection (a);
					(2)specific and detailed recommendations on modernizing and simplifying the requirements in regulation
			 S–K in a manner that reduces the costs and burdens on companies while
			 still providing all material information; and
					(3)specific and detailed recommendations on ways to improve the readability and navigability of
			 disclosure documents and to discourage repetition and the disclosure of
			 immaterial information.
					(d)RulemakingNot later than the end of the 360-day period beginning on the date that the report is issued to the
			 Congress under subsection (c), the Commission shall issue a proposed rule
			 to implement the recommendations of the report issued under subsection
			 (c).
				(e)Rule of constructionRevisions made to regulation S–K by the Commission under section 1002 shall not be construed as
			 satisfying the rulemaking requirements under this section.
				XIEncouraging Employee Ownership Act
			1101.Increased threshold for disclosures relating to compensatory benefit plansNot later than 60 days after the date of the enactment of this Act, the Securities and Exchange
			 Commission shall revise section 230.701(e) of title 17, Code of Federal
			 Regulations, so as to increase from $5,000,000 to $10,000,000 the
			 aggregate sales price or amount of securities sold during any consecutive
			 12-month period in excess of which the issuer is required under such
			 section to deliver an additional disclosure to investors. The Commission
			 shall index for inflation such aggregate sales price or amount every 5
			 years to reflect the change in the Consumer Price Index for All Urban
			 Consumers published by the Bureau of Labor Statistics, rounding to the
			 nearest $1,000,000.

	Passed the House of Representatives September 16, 2014.Karen L. Haas,Clerk


		I
		112th CONGRESS
		2d Session
		H. R. 5496
		IN THE HOUSE OF REPRESENTATIVES

			May 7, 2012
			Mrs. Schmidt
			 introduced the following bill; which was referred to the
			 Committee on Ways and
			 Means

		A BILL
		To amend the Harmonized Tariff Schedule of the United
		  States to make a technical correction relating to sanitary towels (pads) and
		  tampons, diapers and diaper liners for babies and similar
		  articles.

		1.Sanitary towels (pads) and
			 tampons, diapers and diaper liners for babies and similar articles
			(a)Technical
			 correctionHeading 9619.00 of
			 the Harmonized Tariff Schedule of the United States is amended by striking
			 subheadings 9619.00.05 through 9619.00.90 and inserting the following new
			 subheadings, with the article descriptions for subheadings 9619.00.10 and
			 9619.00.20 having the same degree of indentation as the article description for
			 subheading 9617.00.60:

								9619.00.10Diapers of cotton, other than knitted or
						crocheted9.3%Free (BH, CA, CL, IL, JO,
						MA, MX, OM, P, PE, SG) 3% (AU)90%

								9619.00.20OtherFree35%

					.
			(b)Effective
			 dateThe amendment made by subsection (a) applies to articles
			 entered, or withdrawn from warehouse for consumption, on or after the 15th day
			 after the date of the enactment of this Act.


117 S2162 IS: SBA Franchise Loan Default Disclosure Act
U.S. Senate
2021-06-22
text/xml
EN
Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

II117th CONGRESS1st SessionS. 2162IN THE SENATE OF THE UNITED STATESJune 22, 2021Ms. Cortez Masto (for herself and Ms. Warren) introduced the following bill; which was read twice and referred to the Committee on Small Business and EntrepreneurshipA BILLTo require the Small Business Administration to publish loan default rates by franchise brand, and for other purposes.1.Short titleThis Act may be cited as the SBA Franchise Loan Default Disclosure Act.2.Publication of default rates by franchise brand(a)DefinitionsIn this section—(1)the terms Administration and Administrator mean the Small Business Administration and the Administrator thereof, respectively; and(2)the term franchise has the meaning given the term in section 436.1 of title 16, Code of Federal Regulations, as in effect on July 1, 2007.(b)Publication of default ratesThe Administrator shall publish and update on a quarterly basis loan default rates by franchise brand during the preceding 10-year period on the website of the Administration in a manner that is publicly accessible and linked to the Franchise Directory of the Administration.


116 HR 7207 IH: To prohibit the use of funds for the 2022 and 2026 World Cup until the date on which Policy 604–1 of the United States Soccer Federation is reinstated.
U.S. House of Representatives
2020-06-15
text/xml
EN
Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I116th CONGRESS2d SessionH. R. 7207IN THE HOUSE OF REPRESENTATIVESJune 15, 2020Mr. Gaetz introduced the following bill; which was referred to the Committee on Foreign AffairsA BILLTo prohibit the use of funds for the 2022 and 2026 World Cup until the date on which Policy 604–1 of the United States Soccer Federation is reinstated.1.Prohibition on use of funds for the 2022 and 2026 World CupNotwithstanding any other provision of law, no Federal funds may be appropriated or otherwise made available to provide support for the 2022 and 2026 World Cup, including support for a host city, a participating State or local agency, the United States Soccer Federation, the Confederation of North, Central American and Caribbean Association Football (CONCACAF), or the Fédération Internationale de Football Association (FIFA), until the date on which Policy 604–1 of the United States Soccer Federation is reinstated.


113 HR 4622 IH: Federal Student Loan Refinancing Act
U.S. House of Representatives
2014-05-09
text/xml
EN
Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I
113th CONGRESS
2d Session
H. R. 4622
IN THE HOUSE OF REPRESENTATIVES

May 9, 2014
Mr. Pocan (for himself, Mr. Peters of California, Ms. Brownley of California, Ms. Loretta Sanchez of California, Mr. Ruiz, Mr. Vargas, Mrs. Bustos, Mr. Waxman, Ms. Moore, Ms. Fudge, Ms. Clarke of New York, Mr. Huffman, Mr. McGovern, Mrs. Negrete McLeod, Mr. Rush, Ms. Schakowsky, Mr. Schiff, Ms. Hahn, Ms. Chu, Ms. Lofgren, Mr. Schrader, Mr. Sarbanes, and Mr. Grijalva) introduced the following bill; which was referred to the Committee on Education and the Workforce

A BILL
To allow certain student loan borrowers to refinance Federal student loans.

1.Short titleThis Act may be cited as the Federal Student Loan Refinancing Act.
2.Student loan consolidationSection 459B of the Higher Education Act of 1965 (20 U.S.C. 1087i–2) is amended—
(1)in subsection (a)(3), by striking section and inserting subsection;
(2)in subsection (b), by striking this section and inserting subsection (a) each place the term appears; and
(3)by inserting at the end the following:

(c)Temporary Loan Consolidation Authority for certain loans made after July 1, 2006
(1)Loan consolidation authority
(A)In GeneralA borrower who has 1 or more loans in a category described in subparagraph (B) may consolidate all of the loans of the borrower that are described in subparagraph (B) into a Federal Direct Consolidation Loan during the period described in subparagraph (C).
(B)Categories of loans that may be consolidatedThe categories of loans that may be consolidated under subparagraph (A) are loans made on or after July 1, 2006, that are—
(i)loans made under this part;
(ii)loans purchased by the Secretary pursuant to section 459A; and
(iii)loans made under part B that are held by an eligible lender, as such term is defined in section 435(d).
(C)Time period in which loans may be consolidated
(i)Federal Direct LoansIn the case of a borrower who has 1 or more loans described under subparagraph (B)(i), the Secretary shall—
(I)consolidate the loans described under subparagraph (B)(i) not later than 90 days after the date of enactment of the Federal Student Loan Refinancing Act; and
(II)notify the borrower, in writing, prior to such consolidation that—
(aa)the borrower's loans under this part have been consolidated at a lower interest rate; and
(bb)the borrower's repayment plan and the other terms and conditions of the borrower's loan remain unchanged.
(ii)Other LoansIn the case of a borrower who has 1 or more loans described under clause (ii) or (iii) of subparagraph (B), the Secretary shall—
(I)initiate the loan consolidation process for the loans described under clause (ii) or (iii) of subparagraph (B), not later than 90 days after the date of enactment of the Federal Student Loan Refinancing Act, by sending a completed loan consolidation application to the borrower;
(II)notify the borrower, as part of such application, that a fee will be assessed and that the interest rate of the Federal Direct Consolidation Loan will be set in accordance with paragraph (2); and
(III)notify the borrower, as part of such application, that if the borrower wishes to consolidate in accordance with the completed application, the borrower must endorse the application and submit the application to the Secretary not more than 6 months after receipt of the application.
(2)Terms of loansThe following terms and conditions shall apply to a Federal Direct Consolidation Loan made under this subsection:
(A)The applicable rate of interest on a Federal Direct Consolidation Loan made under this subsection shall be—
(i)4 percent; or
(ii)in a case in which the weighted average of the interest rates on the outstanding loans of a borrower that will be consolidated is less than 4 percent, the lesser of—
(I)the weighted average of the interest rates on the outstanding loans of a borrower that will be consolidated; or
(II)a rate of interest equal to—
(aa)4 percent; minus
(bb)0.4 percent of the principal balance of the consolidation loan, at the time of consolidation.
(B)In the case of a loan consolidated under paragraph (1)(C)(ii), an origination fee equal to 0.4 percent of the principal balance of the consolidation loan, at the time of consolidation, will be added to the principal balance of the loan, and the Secretary shall use the fee to cover the cost of making and servicing the loan.
(C)If 1 or more of the loans being consolidated is a loan described under subparagraph (B)(iii), the interest rate on the Federal Direct Consolidation Loan under this subsection shall be reduced by 0.25 percent.
(D)Any benefit a borrower is receiving or earning at the time a Federal Direct Consolidation loan is issued under this subsection shall not be affected by consolidation under this section, including benefits such as a deferment or forbearance, accumulation of monthly payments as part of the public service loan forgiveness program under section 455(m), accumulation of monthly payments toward a loan discharge under the income-based repayment plan under section 493C, participation in a particular repayment plan, and other benefits to the borrower..
3.Exemptions from other laws
(a)Exemption from the Paperwork Reduction ActChapter 35 of title 44, United States Code, shall not apply to this Act.
(b)Inapplicability of rulemaking requirementsSections 482(c) and 492 of the Higher Education Act of 1965 (20 U.S.C. 1089(c), 1098a) and section 553 of title 5, United States Code, shall not apply to the amendments made by this Act, or to any regulations promulgated under such amendments.


		I
		112th CONGRESS
		1st Session
		H. R. 2794
		IN THE HOUSE OF REPRESENTATIVES

			August 5, 2011
			Ms. Hirono (for
			 herself, Mr. Jones,
			 Mr. Polis, and
			 Mr. Young of Alaska) introduced the
			 following bill; which was referred to the Committee on Education and the
			 Workforce

		A BILL
		To amend titles I and II of the Elementary and Secondary
		  Education Act of 1965 to strengthen connections to early childhood education
		  programs, and for other purposes.

		1.Short titleThis Act may be cited as the
			 Continuum of Learning Act of
			 2011.
		2.Table of
			 contentsThe table of contents
			 for this Act is as follows:

				Sec. 1. Short title.
				Sec. 2. Table of contents.
				Sec. 3. References.
				Sec. 4. Findings.
				TITLE I—Improving the academic achievement of the
				disadvantaged
				Sec. 101. Statement of purpose.
				Sec. 102. School improvement.
				Sec. 103. State plans.
				Sec. 104. Local educational agency plans.
				Sec. 105. Academic assessment and local educational agency and
				school improvement.
				Sec. 106. Qualifications for teachers and
				paraprofessionals.
				Sec. 107. Coordination requirements.
				Sec. 108. Prohibited use of assessments for young
				children.
				TITLE II—Preparing, training, and recruiting high-quality
				teachers and principals
				Sec. 201. Purpose.
				Sec. 202. State applications.
				Sec. 203. State use of funds.
				Sec. 204. Local applications and needs assessment.
				Sec. 205. Local use of funds.
				Sec. 206. Definitions.
				Sec. 207. Use of funds for eligible partnerships.
				TITLE III—Miscellaneous
				Sec. 301. Definitions.

		3.ReferencesExcept as otherwise expressly provided,
			 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 Elementary and
			 Secondary Education Act of 1965 (20 U.S.C. 6301 et seq.).
		4.FindingsCongress finds the following:
			(1)Research
			 conclusively shows that children's experiences in the early years of life
			 influence the developing brain and have a significant and lasting impact upon
			 their ability to succeed in school and in life.
			(2)All children
			 deserve access to high-quality early childhood education programs that support
			 their social, emotional, and cognitive development and help prepare them to
			 enter school ready to learn.
			(3)Research
			 conclusively shows that high-quality early childhood education programs lead to
			 an increase in positive outcomes for children in multiple arenas,
			 including—
				(A)improved
			 socialization skills;
				(B)higher early
			 reading and early mathematics skills;
				(C)decreased grade
			 retention;
				(D)decreased special
			 education or remedial education services, or both;
				(E)decreased
			 involvement with the juvenile justice system;
				(F)increased
			 likelihood that children will graduate from high school; and
				(G)increased likelihood of employment, thus
			 helping support America’s long-term national economic strength.
				(4)High-quality early
			 childhood education programs provide parents the means to work and be
			 financially responsible for their families.
			(5)Research
			 conclusively shows the cost-effectiveness of investments in high-quality early
			 childhood education programs, with cost savings ranging from $7 to $17 for
			 every dollar invested.
			(6)Aligning and
			 connecting Federal and State early education efforts with the Elementary and
			 Secondary Education Act of 1965 (20 U.S.C. 6301 et seq.) is critical to
			 establishing quality care and learning opportunities for children, beginning at
			 birth and continuing through adulthood, thereby closing the achievement gap,
			 and improving high school graduation rates and college enrollment rates.
			(7)Utilizing existing
			 partnerships, as well as instituting new partnerships, between high-quality
			 early childhood education programs, particularly in high-need communities, and
			 elementary schools will provide opportunities for meaningful transitions for
			 children and result in a successful elementary and secondary education
			 experience.
			(8)Under section 1112(b)(1)(K) of the
			 Elementary and Secondary Education Act of 1965 (20 U.S.C. 6312(b)(1)(K)), local
			 educational agencies may, but are not required to, support preschool-age and
			 younger children through direct services or subcontracts with Head Start or
			 other early childhood programs, but more effort is required to ensure that
			 early learning programs and elementary schools are meeting the educational
			 needs of young children.
			(9)There is
			 widespread acknowledgment among experts on child education that prior to
			 entrance in kindergarten, and in the early grades, children remain on a path of
			 development that requires attention to and support for their emotional, social,
			 and physical development and their creativity, curiosity and tenacity.
			(10)Better alignment between early childhood
			 education programs and elementary schools, and greater support for elementary
			 school leadership in instituting more developmentally appropriate and
			 comprehensive learning approaches for young children, are widely acknowledged
			 within the education community as areas ripe for improvement that would lead to
			 better outcomes for children.
			(11)Through several
			 laws enacted in the past 2 decades, Congress has signified its interest in
			 ensuring that young children’s learning opportunities are enhanced by requiring
			 States to develop and implement guidelines and standards to support
			 developmentally appropriate instruction across comprehensive domains of
			 learning.
			IImproving the
			 academic achievement of the disadvantaged
			101.Statement of
			 purposeSection 1001 (20
			 U.S.C. 6301) is amended—
				(1)in paragraph
			 (1)—
					(A)by inserting
			 and other types of after high-quality
			 academic;
					(B)by inserting
			 developmentally appropriate after challenging;
			 and
					(C)by inserting
			 and other learning after State academic;
					(2)in paragraph (3),
			 by inserting between students who are children with disabilities and
			 students without disabilities, after minority and nonminority
			 students,;
				(3)in paragraph (6),
			 by inserting and other early learning guidelines after
			 content standards; and
				(4)in paragraph (11),
			 by inserting with community-based providers of early childhood education
			 programs, after educational services,.
				102.School
			 improvementSection 1003(c)
			 (20 U.S.C. 6303(c)) is amended—
				(1)in paragraph (2),
			 by striking and after the semicolon;
				(2)in paragraph (3),
			 by striking the period and inserting ; and; and
				(3)by adding at the
			 end the following:

						(4)with respect to
				the elementary schools served by the local educational agencies, demonstrate a
				commitment to long-term, high-quality, evidence-based strategies for school
				improvement through coordination with early childhood education programs and
				early childhood home visitation programs, as described under section 511 of the
				Social Security Act (42 U.S.C. 711).
						.

				103.State
			 plansSection 1111 (20 U.S.C.
			 6311) is amended—
				(1)in subsection
			 (a)(1), by striking and parents, and inserting parents,
			 the State Advisory Council on Early Childhood Education and Care designated or
			 established under section 642B of the Head Start Act and preschool through
			 grade 20 (P–20) councils, to the extent that such councils exist, and other
			 community-based providers of early childhood education
			 programs,;
				(2)in subsection
			 (b)(1)—
					(A)in subparagraph
			 (A), by striking standards and challenging student academic achievement
			 standards and inserting standards, challenging student academic
			 achievement standards, and other learning standards (such as social, emotional,
			 and physical development and approaches to learning for children in the early
			 elementary grades and younger children) that are challenging and grounded in
			 the appropriate developmental expectations for children and
			 youth,;
					(B)by redesignating
			 subparagraphs (E) and (F) as subparagraphs (F) and (G), respectively;
			 and
					(C)by inserting after
			 subparagraph (D) the following:

							(E)Early learning
				guidelines and early grades standardsNot later than 3 years
				after the date of enactment of the Continuum
				of Learning Act of 2011, the State shall carry out the
				following:
								(i)Early learning
				guidelinesIn collaboration and agreement with the State Advisory
				Council on Early Childhood Education and Care designated or established under
				section 642B of the Head Start Act, the State agency designated to administer
				State programs under the Child Care and Development Block Grant Act of 1990 (42
				U.S.C. 9858 et seq.), and the State educational agency, shall complete a review
				and create or revise, as necessary, the State's early learning guidelines for
				young children in order to promote developmentally appropriate, high-quality
				programs so that the guidelines—
									(I)address infants,
				toddlers, and preschool age children;
									(II)are developed in
				all domains of child development and learning, as appropriate, for each age
				group (including language, literacy, mathematics, creative arts, science,
				social studies, social and emotional development, physical development and
				health, and approaches to learning);
									(III)reflect research
				and evidence-based developmental and learning expectations, including the
				foundation for and progression in how children develop and learn the requisite
				skills and content forward from one stage to the next, including what children
				should know and be able to do;
									(IV)address cultural,
				linguistic, and ability diversity of young children;
									(V)can inform
				teaching practices, improve professional development, and support quality
				services in early childhood education programs;
									(VI)are disseminated
				to parents, educators, and other stakeholders; and
									(VII)for preschool
				age children, appropriately assist in the transition of such children to
				kindergarten; and
									(ii)early learning
				standardsReview and revise, as needed, standards for
				kindergarten through grade 3 to ensure that such standards—
									(I)are developed in
				all domains of child development and learning (including language, literacy,
				mathematics, creative arts, science, social studies, social and emotional
				development, physical development and health, and approaches to
				learning);
									(II)reflect research
				and evidence-based development and learning expectations for each level and
				address cultural, linguistic, and ability-level diversity; and
									(III)across grade
				levels, reflect progression in how children develop and learn the requisite
				skills and content from earlier grades forward, including
				preschool.
									;
					(3)in subsection
			 (c)—
					(A)in paragraph (13),
			 by striking and after the semicolon;
					(B)in paragraph (14),
			 by striking the period at the end and inserting ; and;
			 and
					(C)by adding at the
			 end the following:

							(15)the State
				educational agency will develop a plan to encourage local educational agencies
				and individual elementary schools that are participating in a program assisted
				under this part to offer early childhood education programs from birth to the
				age of mandatory school entry (using funds under this part), by disseminating
				information through publications, conferences, and other events, that describe
				how such funds may best be used to support early childhood education programs
				and evidence-based and promising early childhood home visitation programs, as
				described under section 511 of the Social Security Act (42 U.S.C.
				711).
							;
					(4)in subsection
			 (d)—
					(A)in paragraph (1),
			 by striking and after the semicolon;
					(B)in paragraph (2),
			 by striking the period at the end and inserting ; and;
			 and
					(C)by adding at the
			 end the following:

							(3)reflect the
				diversity of family cultures, structures, and
				languages.
							;
					(5)in subsection
			 (h)(2)(B)(i)—
					(A)in subclause (I),
			 by striking and after the semicolon; and
					(B)by adding at the
			 end the following:

							(III)information that
				shows how children younger than the mandatory age of school entry are served
				directly by the local educational agency, or through contract or other
				collaboration with early childhood programs, including early childhood home
				visitation programs, as described under section 511 of the Social Security Act
				(42 U.S.C. 711), including—
								(aa)the number of
				children served, disaggregated by income, race, and disability status;
								(bb)a description of
				the services received; and
								(cc)the amount each
				local educational agency spent using grant funds awarded under this title on
				services for such children; and
								;
				and
					(6)by striking
			 subsection (l) and inserting the following:

						(l)Construction
							(1)Student
				Promotion or GraduationNothing in this part shall be construed
				to prescribe the use of the academic assessments described in this part for
				student promotion or graduation purposes.
							(2)Compulsory
				Education and Special Education ServicesNothing in this title
				shall be construed to limit a child's right to compulsory education under State
				law, or to special education and related services under the Individuals with
				Disabilities Education
				Act.
							.
				104.Local
			 educational agency plansSection 1112 (20 U.S.C. 6312) is amended as
			 follows:
				(1)General plan
			 provisionsSubsection (b)(1) is amended as follows:
					(A)Joint
			 professional developmentIn subparagraph (D), by inserting
			 and joint high-quality, evidence-based professional development between
			 preschool through grade 3 teachers in Head Start programs and, as feasible,
			 other community-based early childhood education programs, after
			 teachers and principals,.
					(B)Ready school
			 needs reviewBy amending subparagraph (E) to read as
			 follows:

							(E)a description of
				how the local educational agency will assist each elementary school that is
				served by the local educational agency and that receives assistance under this
				part, in conducting, not less often than once every 3 years (depending on the
				needs of the school), a ready school needs review that—
								(i)will be used by
				the school in developing and implementing policies and procedures that create a
				school environment and classroom practices that—
									(I)support each child
				in meeting State and grade level expectations and challenges, including the
				academic content standards and academic achievement standards under section
				1111(b); and
									(II)support
				successful transitions for children; and
									(ii)includes, at a
				minimum, the needs of the school regarding—
									(I)the use of
				developmentally appropriate (including culturally and linguistically
				appropriate) curricula, classroom materials, teaching practices, instructional
				assessments, and accommodations;
									(II)appropriate
				services and supports for children with disabilities and children who are
				limited English proficient;
									(III)family and
				community engagement policies and practices;
									(IV)building and
				maintaining a school climate that supports positive development and
				learning;
									(V)leadership and
				support for school staff, including—
										(aa)professional
				development for elementary school principals, other school leaders, teachers,
				and specialized instructional support personnel in the development and learning
				of young children and developmentally appropriate practice;
										(bb)the
				assignment of teachers based on degrees and certification or licensure for
				teaching children in prekindergarten through grade 3 and appropriate
				student-to-teacher ratios for such children; and
										(cc)teacher and
				student interactions in the classroom that improve instruction and learning;
				and
										(VI)outreach and
				collaboration with—
										(aa)early childhood
				care and education providers in the school attendance area, including ongoing
				channels of communication on—
											(AA)issues relating to continuity of
				high-quality, developmentally appropriate, and well-aligned standards,
				curricula, classroom practices, and instructional assessment and
				supports;
											(BB)transitions
				between program settings; and
											(CC)other services to
				support learning and development; and
											(bb)other providers
				of services that support learning and development, such as nutrition, health,
				and mental health
				services;
										.
					(C)Allowable
			 useBy striking subparagraph (K) and inserting the
			 following:

							(K)if appropriate, a
				description of how the local educational agency will use funds under this part
				to support educational and developmental opportunities for young children from
				birth to the age of mandatory school entry through early childhood education
				programs, including providing full-day and full-year services, or early
				childhood home visitation programs, as described under section 511 of the
				Social Security Act (42 U.S.C.
				711);
							.
					(2)Not an
			 evaluation under IDEASubsection (b)(2) is amended—
					(A)in subparagraph
			 (B), by striking the period at the end and inserting ; and;
			 and
					(B)by adding at the
			 end the following:

							(C)to constitute, or
				construed to constitute, an evaluation required under the Individuals with
				Disabilities Education
				Act.
							.
					(3)ConsultationBy
			 striking paragraph (1) of subsection (d) and inserting the following:

						(1)ConsultationEach
				local educational agency plan shall be developed in consultation with—
							(A)teachers,
				principals, and administrators (including administrators of programs described
				in other parts of this title);
							(B)other appropriate
				school personnel;
							(C)parents of
				children in schools served under this part; and
							(D)local early
				childhood councils and representatives of community-based early childhood
				education programs, such as Head Start, State-funded prekindergarten programs,
				early intervention programs, and child care
				providers.
							.
				105.Academic
			 assessment and local educational agency and school improvementSection 1116(c)(7)(A) (20 U.S.C. 6316(c)(7))
			 is amended—
				(1)by redesignating
			 clauses (vi), (vii), and (viii), as clauses (vii), (viii), and (ix)
			 respectively; and
				(2)by inserting after
			 clause (v) the following:

						(vi)coordinate, as
				appropriate, services for children before the age of mandatory school entry,
				who are enrolled in an early childhood education
				program.
						.
				106.Qualifications
			 for teachers and paraprofessionalsSection 1119(a)(1) (20 U.S.C. 6319(a)(1)) is
			 amended by inserting and to the extent feasible, starting with the
			 2015–2016 school year, that teachers placed in classrooms to teach children in
			 the early grades of elementary school have a specialized early childhood
			 education teaching license, credential, or endorsement before the
			 period.
			107.Coordination
			 requirementsSection 1120B (20
			 U.S.C. 6322) is amended to read as follows:

					1120B.Coordination
				requirements
						(a)In
				generalEach local educational agency receiving assistance under
				this part shall—
							(1)coordinate, as
				feasible, with early childhood education programs to carry out the activities
				described in subsection (b); and
							(2)develop agreements
				with Head Start agencies as specified in section 642A of the Head Start Act to
				carry out the activities described in subsection (b).
							(b)ActivitiesThe
				activities referred to in subsection (a) are activities that increase
				coordination between the local educational agency and a Head Start agency and,
				to the maximum extent practicable, other entities carrying out early childhood
				education programs, such as State-funded prekindergarten, and child care,
				serving children who will attend the schools served by the local educational
				agency, including—
							(1)developing and
				implementing with local Head Start agency staff and staff from other early
				childhood education programs, a systematic and comprehensive transition
				procedure, which shall include procedures for receiving records regarding such
				children, transferred with the consent of a parent or guardian;
							(2)establishing
				channels of communication between school staff and their counterparts
				(including teachers, social workers, local educational agency liaisons
				designated under section 722(g)(1)(J)(ii) of the McKinney-Vento Homeless
				Assistance Act (42 U.S.C. 11432(g)(1)(J)(ii)), and health staff) in such Head
				Start agencies and other entities carrying out early childhood education
				programs, as appropriate, to facilitate coordination of supportive service
				delivery;
							(3)establishing
				ongoing communications between the Head Start agency or other entities carrying
				out early childhood education programs and the local educational agency for
				developing continuity of developmentally appropriate curricular objectives and
				for shared expectations for children's learning and development as the children
				transition to school;
							(4)conducting meetings involving parents,
				kindergarten or elementary school teachers, and Head Start teachers or, if
				appropriate, teachers from other early childhood education programs to discuss
				the developmental and other needs of children and families, and to the
				appropriate instructional and noninstructional services;
							(5)organizing and
				participating in joint high-quality, evidence-based professional development of
				school staff, Head Start program staff, and other early childhood education
				program staff on—
								(A)developmentally
				appropriate curricula and teaching practices;
								(B)family
				engagement;
								(C)support for
				children with disabilities and dual language learners; and
								(D)transitions and
				continuity; and
								(6)linking the
				educational services provided by such local educational agency with the
				services provided by local Head Start agencies and, as feasible, other entities
				carrying out early childhood education programs.
							(c)Coordination of
				regulationsThe Secretary shall work with the Secretary of Health
				and Human Services to coordinate regulations promulgated under this part with
				regulations promulgated under the Head Start Act, including reasonable
				compliance
				measures.
						.
			108.Prohibited use
			 of assessments for young childrenPart I of title I (20 U.S.C. 6571 et seq.)
			 is amended by adding at the end the following:

					1909.Prohibited use
				of assessments for young childrenFunds available under this title may not be
				used for child assessments for children from birth through grade 2 for any of
				the following:
						(1)Assessments that
				provide or lead to rewards or sanctions for individual children, teachers,
				early childhood education programs, or schools.
						(2)A single
				assessment used as the primary or sole method for assessing program
				effectiveness.
						(3)Evaluating such
				children other than for—
							(A)improving
				instruction or classroom environment;
							(B)targeting
				high-quality, evidence-based professional development;
							(C)determining the
				need for health, mental health, disability, or family support services;
							(D)informing the
				quality improvement process at the State level;
							(E)program evaluation
				for the purposes of program improvement and parent information; or
							(F)research conducted
				as part of a national
				evaluation.
							.
			IIPreparing,
			 training, and recruiting high-quality teachers and principals
			201.PurposeSection 2101 (20 U.S.C. 6601) is
			 amended—
				(1)in paragraph (1), by striking
			 and after the semicolon;
				(2)by redesignating
			 paragraph (2) as paragraph (3); and
				(3)by inserting after
			 paragraph (1) the following:

						(2)enhance the
				knowledge of elementary school principals and other school administrators in
				early childhood development and learning and to build ongoing relationships
				with early childhood education programs to create a continuum of
				developmentally appropriate and effective learning;
				and
						.
				202.State
			 applicationsSection 2112(b)
			 (20 U.S.C. 6612(b)) is amended—
				(1)in paragraph (1), by inserting and
			 positive child development and learning for children in the early elementary
			 grades and younger after student academic
			 achievement;
				(2)by redesignating paragraphs (4) through
			 (10) and (11) and (12) as paragraphs (5) through (11) and (13) and (14),
			 respectively;
				(3)by inserting after
			 paragraph (3) the following:

						(4)A description of
				how the State educational agency, in collaboration with other agencies that
				oversee early childhood development and education programs and the State
				Advisory Council on Early Childhood Education and Care designated or
				established under section 642B of the Head Start Act, will ensure that
				high-quality, evidence-based professional development activities assisted under
				this subpart reflect research and best practices across all domains of child
				development and learning.
						;
				and
				(4)by inserting after
			 paragraph (11), as redesignated by paragraph (2), the following:

						(12)A description of
				the State’s plan for reforming, by not later than the end of the 2015–2016
				school year and consistent with section 2113(c)(1), teacher certification or
				licensing requirements that reflect the specialized knowledge and skills needed
				for teachers of children in the early grades of elementary school and younger
				children, and elementary school principal certification or licensing
				requirements to reflect knowledge of child development and
				learning.
						.
				203.State use of
			 fundsSection 2113(c) (20
			 U.S.C. 6613(c)) is amended—
				(1)by striking paragraph (1) and inserting the
			 following:

						(1)Reforming teacher
				and principal certification (including recertification) or licensing
				requirements to ensure that—
							(A)teachers have the necessary subject matter
				knowledge and teaching skills in the academic subjects that the teachers teach
				and the necessary specialized knowledge of child development and learning for
				those teachers working with children in the early grades of elementary school
				and younger children, including knowledge of State early learning guidelines
				and State early grade standards, and understanding of child instructional
				assessment, including observational assessment, to improve instruction and
				services for children;
							(B)principals have
				the instructional leadership skills, including collaboration with other early
				childhood education providers and support services, and knowledge of child
				development and learning to help teachers teach and students learn;
							(C)teacher certification (including
				recertification) or licensing requirements are aligned with challenging State
				academic content standards and State early learning guidelines, including a
				separate certification for teachers of early childhood education for the early
				grades of elementary school and younger children; and
							(D)teachers have the
				subject matter knowledge and teaching skills, including technology literacy,
				and principals have the instructional leadership skills and knowledge of child
				development and learning and collaboration with early childhood education
				providers, necessary to help—
								(i)students meet challenging State student
				academic achievement standards, and State early learning guidelines and State
				early grade standards; and
								(ii)promote
				appropriate and effective transitions from early childhood education programs
				to
				school.
								;
				(2)in paragraph
			 (2)—
					(A)in subparagraph
			 (A), by inserting or coaching after mentoring;
			 and
					(B)in subparagraph
			 (B), by inserting and State early learning guidelines, as
			 appropriate after academic achievement standards;
					(3)in paragraph (4),
			 by inserting teachers with a specialized certification or licensure in
			 early childhood education for the early grades of elementary school,
			 after core academic subjects,;
				(4)by redesignating
			 paragraphs (7) through (18) as paragraphs (9) through (20),
			 respectively;
				(5)by inserting after
			 paragraph (6) the following:

						(7)Developing
				high-quality, evidence-based professional development opportunities—
							(A)for principals,
				superintendents, and local educational agency staff with responsibility for
				curriculum, assessment, special education, and teacher professional
				development, to gain knowledge of—
								(i)child development
				and learning (including cognitive, social, emotional, and physical development
				and approaches to learning) of children from birth through the early grades of
				elementary school; and
								(ii)developmentally
				appropriate practices to support children’s positive development and learning;
				and
								(B)to create
				collaborations with community-based early childhood education programs for
				joint high-quality, evidence-based professional development and transition
				activities for young children and families.
							(8)Providing joint
				high-quality, evidence-based professional development for elementary school
				teachers and staff with early childhood education program staff, for—
							(A)a shared
				understanding and communication of continuity of expectations for students in
				all domains of learning and development (including language, literacy,
				mathematics, creative arts, science, social studies, social and emotional
				development, physical development and health, and approaches to
				learning);
							(B)appropriate
				curricula and instructional assessment practices;
							(C)family engagement;
				and
							(D)transition between community-based early
				childhood education programs and
				school.
							;
				(6)in paragraph (9),
			 as redesignated by paragraph (4), by inserting and other after
			 the academic;
				(7)in paragraph (12),
			 as redesignated by paragraph (4), by inserting teacher mentoring or
			 coaching, after peer networks,;
				(8)in paragraph (17),
			 as redesignated by paragraph (4), by inserting , including scholarships
			 with compensation rewards linked to attaining an associate's degree or a
			 bachelor's degree in early childhood education after
			 2001);
				(9)in paragraph (18),
			 as redesignated by paragraph (4), by striking State academic content
			 standards and all that follows through the period and inserting
			 State academic content standards, student academic achievement
			 standards, State early learning guidelines, and State assessments, to improve
			 instructional practices and improve student academic achievement and areas of
			 development that support student cognitive development in the early elementary
			 grades and in younger children.; and
				(10)in paragraph
			 (20), as redesignated by paragraph (4), in subparagraph (A), by inserting
			 preschool teachers (including in community-based programs) and
			 after placement of.
				204.Local
			 applications and needs assessmentSection 2122(b) (20 U.S.C. 6622(b)) is
			 amended—
				(1)in paragraph (1)(A)—
					(A)in clause (i), by striking and State
			 assessments and inserting State early learning guidelines, and
			 State assessments; and
					(B)in clause (ii), by
			 inserting age and developmentally appropriate before
			 curricula;
					(2)in paragraph (4),
			 by inserting , including joint high-quality, evidence-based professional
			 development with other early childhood education program providers such as Head
			 Start providers and providers receiving State prekindergarten funds
			 after local programs; and
				(3)in paragraph (9),
			 by striking subparagraphs (A) through (D) and inserting the following:

						(A)teach and address
				the needs of children in the early grades of elementary school and younger
				children with different learning styles, particularly students with
				disabilities, students with special learning needs (including students who are
				gifted and talented), students with limited English proficiency;
						(B)improve student
				behavior in the classroom and identify early and appropriate interventions to
				help students described in subparagraph (A) learn;
						(C)engage families in
				their child's education in a meaningful, and culturally and linguistically
				appropriate, manner;
						(D)understand and use
				data and assessments to improve classroom practice and student learning;
				and
						(E)understand and
				implement effective, developmentally appropriate curricula, teaching, and
				instructional assessment practices for children in the early grades of
				elementary school and younger children in all domains of learning and
				development (including language, literacy, mathematics, creative arts, science,
				social studies, social and emotional development, physical development and
				health, and approaches to learning), and including the principles of universal
				design for
				learning.
						.
				205.Local use of
			 fundsSection 2123(a) (20
			 U.S.C. 6623(a)) is amended—
				(1)in paragraph (1), in the matter preceding
			 subparagraph (A), by inserting teachers with a certificate or license in
			 early childhood education for the early grades of elementary school and younger
			 children, after core academic subjects,;
				(2)in paragraph
			 (3)(B), by striking clauses (i) through (v) and inserting the following:

						(i)involve
				collaborative groups of teachers and administrators;
						(ii)involve joint
				high-quality, evidence-based professional development with other early
				childhood education programs (including Head Start programs, child care
				programs, and State funded prekindergarten programs) on developmentally
				appropriate curricula, assessments for instructional improvement, and other
				supports of children’s development and learning and shared expectations for
				transitions from preschool to kindergarten and the early elementary
				grades;
						(iii)provide training
				in how to teach and address the needs of students with different learning
				styles, particularly students with disabilities, students with special learning
				needs (including students who are gifted and talented), and students with
				limited English proficiency;
						(iv)provide training
				in child development and learning (including cognitive, social, emotional, and
				physical development and approaches to learning) of children from birth through
				the early grades of elementary school;
						(v)provide training
				in methods of—
							(I)improving student
				behavior in the classroom; and
							(II)identifying early
				and appropriate interventions to help students described in clause (iii)
				learn;
							(vi)provide training
				to enable teachers and principals to involve parents in their child's
				education, especially parents of limited English proficient children and
				immigrant children;
						(vii)provide training
				on how to understand and use data and assessments to improve classroom practice
				and student learning; and
						(viii)provide
				training on how to implement the principles of universal design for
				learning.
						;
				(3)by redesignating
			 paragraphs (7), (8), and (10) as paragraphs (8), (9), and (10), respectively;
			 and
				(4)by inserting after
			 paragraph (6) the following:

						(7)Carrying out
				high-quality, evidence-based professional development for elementary school
				principals and other school administrators in early childhood development and
				education, including—
							(A)knowledge of child
				development and developmentally appropriate curricula and teaching
				practices;
							(B)collaboration with
				community-based early childhood education programs, such as Head Start
				programs, Early Head Start programs, and child care programs;
							(C)meaningful
				engagement of families in children’s learning and development; and
							(D)support for
				teachers in the early grades of elementary school to use developmentally,
				culturally, and linguistically appropriate curricula and teaching
				practices.
							.
				206.DefinitionsSection 2131(1)(B) (20 U.S.C. 6631(1)(B)) is
			 amended by inserting an organization that represents early childhood
			 education programs in community settings, after a principal
			 organization,.
			207.Use of funds
			 for eligible partnershipsSection 2134(a)(2) (20 U.S.C. 6634(a)(2)) is
			 amended by striking subparagraph (A) and inserting the following:

					(A)ensure that the
				individuals—
						(i)are able to use
				challenging State academic content standards and student academic achievement
				standards, and State assessments, to improve instructional practices and
				improve student academic achievement; and
						(ii)who serve children in the early grades of
				elementary school and younger children, are able to use State early learning
				guidelines and the full range of domains (cognitive, physical, social,
				emotional, and approaches to
				learning);
						.
			IIIMiscellaneous
			301.DefinitionsSection 9101 (20 U.S.C. 7801) is
			 amended—
				(1)by redesignating paragraphs (17) through
			 (43) as paragraphs (18) through (44), respectively;
				(2)by inserting after
			 paragraph (16) the following:

						(17)Early childhood
				education programThe term early childhood education
				program has the meaning given the term in section 103 of the Higher
				Education Act of
				1965.
						;
				(3)in paragraph (35)(A) (as redesignated by
			 paragraph (1))—
					(A)in clause (i), by
			 striking the teachers teach and inserting as well as
			 other learning standards (such as social, emotional, and physical development
			 and approaches to learning);
					(B)in clause (iii),
			 by inserting and other learning after academic
			 content;
					(C)in clause (v)(II),
			 by striking or short term; and
					(D)in clause
			 (viii)(I), by striking content standards, and inserting
			 content and other learning standards (such as social, emotional, and
			 physical development and approaches to learning), and State early learning
			 guidelines,; and
					(4)by adding at the
			 end the following:

						(45)Universal
				design for learningThe term universal design for
				learning has the meaning given the term in section 103 of the Higher
				Education Act of
				1965.
						.


110 HR 1835 IH: Rim of the Valley Corridor Study

U.S. House of Representatives
2007-03-29
text/xml
EN
Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

		I
		110th CONGRESS
		1st Session
		H. R. 1835
		IN THE HOUSE OF REPRESENTATIVES

			March 29, 2007
			Mr. Schiff (for
			 himself and Mr. Sherman) introduced
			 the following bill; which was referred to the
			 Committee on Natural
			 Resources

		A BILL
		To provide for a resource study of the area known as the
		  Rim of the Valley Corridor in the State of California to evaluate alternatives
		  for protecting resources of the corridor, and for other
		  purposes.

		1.Short titleThis Act may be cited as the
			 Rim of the Valley Corridor Study
			 Act.
		2.Resource study of
			 Rim of the Valley Corridor, California
			(a)Study
			 RequiredThe Secretary of the Interior shall conduct a resource
			 study of the lands, waters, and interests of the area known as the Rim of the
			 Valley Corridor in the State of California to evaluate a range of alternatives
			 for protecting resources of the corridor, including the alternative of
			 establishing all or a portion of the corridor as a unit of the Santa Monica
			 Mountains National Recreation Area. The Rim of the Valley Corridor generally
			 includes the mountains encircling the San Fernando, La Crescenta, Santa
			 Clarita, Simi, and Conejo Valleys in California.
			(b)Study
			 TopicsIn conducting the study, the Secretary shall seek to
			 achieve the following objectives:
				(1)Protecting wildlife
			 populations in the Santa Monica Mountains National Recreation Area by
			 preserving habitat linkages and wildlife movement corridors between large
			 blocks of habitat in adjoining regional open space.
				(2)Establishing
			 connections along the State-designated Rim of the Valley Trail System, with the
			 aim of creating a single contiguous Rim of the Valley Trail and encompassing
			 major feeder trails connecting adjoining communities and regional transit to
			 the trail system.
				(3)Preserving
			 recreational opportunities and facilitating access to open space for a variety
			 of recreational users.
				(4)Protecting rare,
			 threatened, or endangered plant and animal species, and rare or unusual plant
			 communities and habitats.
				(5)Protecting
			 historically significant landscapes, districts, sites, and structures.
				(6)Respecting the
			 needs of communities within, or in the vicinity of, the Rim of the Valley
			 Corridor.
				(c)Private
			 PropertyAs part of the study, the Secretary shall analyze the
			 potential impact that establishment of all or a portion of the Rim of the
			 Valley Corridor as a unit of the Santa Monica Mountains National Recreation
			 Area is likely to have on land within or bordering the area that is privately
			 owned at the time the study is conducted. The report required by subsection (g)
			 shall discuss the concerns of private landowners within the existing boundaries
			 of the Santa Monica Mountains National Recreation Area.
			(d)Cost
			 EffectivenessAs part of evaluating each alternative considered
			 under the study, the Secretary shall estimate the impact of implementing the
			 alternative on staffing and other potential costs to Federal, State, and local
			 agencies and other organizations.
			(e)ConsultationThe
			 Secretary shall conduct the study in consultation with appropriate Federal,
			 State, county, and local government entities.
			(f)Study
			 CriteriaIn addition to the special considerations specified in
			 this section, the Secretary shall conduct the study using the criteria
			 prescribed for the study of areas for potential inclusion in the National Park
			 System in section 8(c) of Public Law 91–383 (16 U.S.C. 1a–5(c)).
			(g)Transmission of
			 StudyWithin three years after funds are first made available for
			 the study, the Secretary shall transmit a report containing the results of the
			 study to the Committee on Energy and Natural Resources of the Senate and to the
			 Committee on Natural Resources of the House of Representatives.


 HR 2615 ENR: Gulf Islands National Seashore Land Exchange Act
U.S. House of Representatives

text/xml
EN
Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

IB
One Hundred Fifteenth Congress of the United States of AmericaAt the Second SessionBegun and held at the City of Washington on Wednesday, the third day of January, two thousand and eighteen
H. R. 2615

AN ACT
To authorize the exchange of certain land located in Gulf Islands National Seashore, Jackson County, Mississippi, between the National Park Service and the Veterans of Foreign Wars, and for other purposes.

1.Short titleThis Act may be cited as the Gulf Islands National Seashore Land Exchange Act . 2.DefinitionsIn this Act:
(1)Federal landThe term Federal land means the parcel of approximately 1.542 acres of land that is located within the Gulf Islands National Seashore in Jackson County, Mississippi, and identified as NPS Exchange Area on the Map. (2)MapThe term Map means the map entitled ‘‘Gulf Islands National Seashore, Proposed Land Exchange with VFW, Davis Bayou Area—Jackson County, MS’’, numbered 635/133309, and dated June 2016.
(3)Non-Federal landThe term non-Federal land means the parcel of approximately 2.161 acres of land that is located in Jackson County, Mississippi, and identified as VFW Exchange Area on the Map. (4)PostThe term Post means the Veterans of Foreign Wars Post 5699.
(5)SecretaryThe term Secretary means the Secretary of the Interior, acting through the Director of the National Park Service. 3.Gulf Islands National Seashore land exchange (a)In generalThe Secretary may convey to the Post all right, title, and interest of the United States in and to the Federal land in exchange for the conveyance by the Post to the Secretary of all right, title, and interest of the Post in and to the non-Federal land.
(b)Equal value exchange
(1)In generalThe values of the Federal land and non-Federal land to be exchanged under this section shall be equal, as determined by an appraisal conducted— (A)by a qualified and independent appraiser; and
(B)in accordance with nationally recognized appraisal standards. (2)EqualizationIf the values of the Federal land and non-Federal land to be exchanged under this section are not equal, the values shall be equalized through—
(A)a cash payment; or (B)adjustments to the acreage of the Federal land or non-Federal land to be exchanged, as applicable.
(c)Payment of costs of conveyance
(1)Payment requiredAs a condition of the exchange authorized under this section, the Secretary shall require the Post to pay the costs to be incurred by the Secretary, or to reimburse the Secretary for the costs incurred by the Secretary, to carry out the exchange, including— (A)survey costs;
(B)any costs relating to environmental documentation; and (C)any other administrative costs relating to the land exchange.
(2)RefundIf the Secretary collects amounts from the Post under paragraph (1) before the Secretary incurs the actual costs and the amount collected by the Secretary exceeds the costs actually incurred by the Secretary to carry out the land exchange under this section, the Secretary shall provide to the Post a refund of the excess amount paid by the Post. (3)Treatment of certain amounts receivedAmounts received by the Secretary from the Post as reimbursement for costs incurred under paragraph (1) shall be—
(A)credited to the fund or account from which amounts were used to pay the costs incurred by the Secretary in carrying out the land exchange; (B)merged with amounts in the fund or account to which the amounts were credited under subparagraph (A); and
(C)available for the same purposes as, and subject to the same conditions and limitations applicable to, amounts in the fund or account to which the amounts were credited under subparagraph (A). (d)Description of Federal land and non-Federal landThe exact acreage and legal description of the Federal land and non-Federal land to be exchanged under this section shall be determined by surveys that are determined to be satisfactory by the Secretary and the Post.
(e)Conveyance agreementThe exchange of Federal land and non-Federal land under this section shall be— (1)carried out through a quitclaim deed or other legal instrument; and
(2)subject to such terms and conditions as are mutually satisfactory to the Secretary and the Post, including such additional terms and conditions as the Secretary considers to be appropriate to protect the interests of the United States. (f)Valid existing rightsThe exchange of Federal land and non-Federal land authorized under this section shall be subject to valid existing rights.
(g)Title approvalTitle to the Federal land and non-Federal land to be exchanged under this section shall be in a form acceptable to the Secretary. (h)Treatment of acquired landAny non-Federal land and interests in non-Federal land acquired by the United States under this section shall be administered by the Secretary as part of the Gulf Islands National Seashore.
(i)Modification of boundaryOn completion of the exchange of Federal land and non-Federal land under this section, the Secretary shall modify the boundary of the Gulf Islands National Seashore to reflect the exchange of Federal land and non-Federal land.  Speaker of the House of Representatives.Vice President of the United States and President of the Senate.