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SECTION 1. SHORT TITLE.

This Act may be cited as the ''Affordable Prescription Drugs Act''.

SEC. 2. COMPULSORY LICENSING OF CERTAIN PATENTED MEDICAL INVENTIONS.

(a) In General.--Chapter 14 of title 35, United States Code, is
amended by adding at the end the following:
''Sec. 158. Compulsory licensing
''(a) Compulsory Licensing of Certain Patented Medical
Inventions.--In the case of any subject invention relating to health in
which a patent holder, contractor, exclusive licensee, or assignee has
acquired title under this title, the Secretary of Health and Human
Services shall have the right to establish other use of the subject
matter of the patent without authorization of the right holder if the
Secretary makes the determination described in subsection (b).
''(b) Determination.--The determination of the Secretary of Health
and Human Services referred to in subsection (a) is a determination
that--
''(1) the patent holder, contractor, licensee, or assignee
referred to in subsection (a) has not taken, or is not expected
to take within a reasonable time, effective steps to achieve
practical application of the subject invention in a field of
use;
''(2) such compulsory license is necessary to alleviate
health or safety needs which are not adequately satisfied by
the patent holder, contractor, licensee, or assignee; or
''(3) the patented material is priced higher than may be
reasonably expected based on criteria developed by the
Secretary of Commerce.
''(c) Factors in Authorizing Other Use.--In exercising the right
under subsection (a) to authorize other use of the subject matter of a
patent, the following shall apply:
''(1) Authorization of such use shall be considered on its
individual merits.
''(2) Such use may only be permitted if, prior to such use,
the proposed user has made efforts to obtain authorization from
the right holder on reasonable commercial terms and conditions
and that such efforts have not been successful within a
reasonable period of time. This requirement may be waived in
the case of a national emergency or other circumstances of
extreme urgency or in cases of public noncommercial use. In
situations of national emergency or other circumstances of
extreme urgency, the right holder shall, nevertheless, be
notified as soon as reasonably practicable. In the case of
public noncommercial use, where the Government or (if
applicable) a contractor of the Government, without making a
patent search, knows or has demonstrable grounds to know that a
valid patent is or will be used by or for the Government, the
right holder shall be informed promptly.
''(3) Such use shall be nonexclusive.
''(4) Such use shall be nonassignable, except with that
part of the enterprise or goodwill which enjoys such use.
''(5) Authorization for such use shall be liable, subject
to adequate protection of the legitimate interests of the
persons so authorized, to be terminated if and when the
circumstances which led to it cease to exist and are unlikely
to recur. The competent authority shall have the authority to
review, upon appropriate request, the continued existence of
such circumstances.
''(6) The right holder shall be paid adequate remuneration
in the circumstances of each case, taking into account the
economic value of the authorization.
''(7) The legal validity of any decision relating to the
authorization of such use shall be subject to judicial review
or other independent review by a distinct Federal authority.
''(8) Any decision relating to the remuneration provided in
respect of such use shall be subject to judicial review or
other independent review by a distinct Federal authority.
''(9) The condition set forth in paragraph (2) is not
applicable where such use is permitted to remedy a practice
determined after judicial or administrative process to be
anticompetitive. The need to correct anticompetitive practices
may be taken into account in determining the amount of
remuneration in such cases. The competent authorities shall
have the authority to refuse termination of authorization if
and when the conditions which led to such authorization are
likely to recur.
''(10) Where such use is authorized to permit the
exploitation of a patent ('the 2nd patent') which cannot be
exploited without infringing another patent ('the 1st patent'),
the following additional conditions shall apply:
''(A) The invention claimed in the 2nd patent shall
involve an important technical advance of considerable
economic significance in relation to the invention
claimed in the 1st patent.
''(B) The owner of the 1st patent shall be entitled
to a cross-license on reasonable terms to use the
invention claimed in the 2nd patent.
''(C) The use authorized in respect of the 1st
patent shall be nonassignable except with the
assignment of the 2nd patent.
''(d) Consistency With TRIPS.--Regulations adopted under subsection
(a) shall be consistent with provisions of the Agreement on Trade-
Related Aspects of Intellectual Property Rights referred to in section
101(d)(15) of the Uruguay Round Agreements Act.''.
(b) Conforming Amendment.--the table of contents for chapter 14 of
title 35, United States Code, is amended by adding at the end the
following new item:

''158. Compulsory licensing.''.

SEC. 3. REPORT ON PHARMACEUTICAL COSTS AND SALES.

(a) Report Requirement.--Any person engaged in the manufacture and
sale of any drug approved under section 505 or 512 of the Federal Food,
Drug, and Cosmetic Act (21 U.S.C. 355, 360b) for which a patent is
still in effect shall report to the Congress annually an audit of all
financial information relevant to the pricing of that drug nationally
and internationally, including the costs of research and development,
sufficient to assess the reasonableness of that pricing, in accordance
with specifications developed by the Secretary of Commerce in
consultation with the Commissioner of Food and Drugs.
(b) Disqualification From Participation in Federal Programs as
Penalty for Noncompliance.--In the case of a person who the Secretary
of Commerce determines has failed to submit a report required under
subsection (a) on a timely basis, the person shall be ineligible to
receive payment from the Federal Government or under any Federal
program (including under the medicare and medicaid programs) for any
prescription drug or biologic it manufactures or sells until the date
the Secretary determines that such failure has ceased.
Requires any person engaged in the manufacture and sale of any new drug or new animal drug approved under the Federal Food, Drug, and Cosmetic Act, for which a patent is still in effect, to report annually to Congress an audit of all financial information relevant to that drug's pricing nationally and internationally, including research and development costs, sufficient to assess the reasonableness of that pricing. Requires disqualification from participation in Federal programs as a penalty for noncompliance with this reporting requirement.

SECTION 1. SHORT TITLE.

This Act may be cited as the ''Equitable Treatment of Investors
Act''.

SEC. 2. SECURITIES INVESTOR PROTECTION ACT OF 1970 AMENDMENTS.

(a) Net Equity Based on Last Statement.--Section 16(11) of the
Securities Investor Protection Act of 1970 (15 U.S.C. 78lll(11)) is
amended to read as follows:
''(11) Net equity.--
''(A) In general.--The term 'net equity' means the
dollar amount of the account or accounts of a customer,
to be determined by--
''(i) calculating the sum which would have
been owed by the debtor to such customer if the
debtor had liquidated, by sale or purchase on
the filing date--
''(I) all securities positions of
such customer (other than customer name
securities reclaimed by such customer);
and
''(II) all positions in futures
contracts and options on futures
contracts held in a portfolio margining
account carried as a securities account
pursuant to a portfolio margining
program approved by the Commission,
including all property collateralizing
such positions, to the extent that such
property is not otherwise included
herein; minus
''(ii) any indebtedness of such customer to
the debtor on the filing date; plus
''(iii) any payment by such customer of
such indebtedness to the debtor which is made
with the approval of the trustee and within
such period as the trustee may determine (but
in no event more than sixty days after the
publication of notice under section 8(a)).
''(B) Treatment of certain commodity futures
contracts.--A claim for a commodity futures contract
received, acquired, or held in a portfolio margining
account pursuant to a portfolio margining program
approved by the Commission or a claim for a security
futures contract, shall be deemed to be a claim with
respect to such contract as of the filing date, and
such claim shall be treated as a claim for cash.
''(C) Treatment of accounts held by a customer in
separate capacities.--In determining net equity under
this paragraph, accounts held by a customer in separate
capacities shall be deemed to be accounts of separate
customers.
''(D) Reliance on final customer statement.--
''(i) In general.--In determining net
equity under this paragraph, the positions,
options, and contracts of a customer held by
the debtor, and any indebtedness of the
customer to the debtor, shall be determined
based on--
''(I) the information contained in
the last statement received by the
customer from the debtor before the
filing date; and
''(II) any additional specific
confirmations of the customer's
positions, options, contracts, or
indebtedness received after such last
statement but before the filing date.
''(ii) Fraud exception.--The provisions of
this subparagraph shall not apply to any
customer that--
''(I) knew the debtor was involved
in fraudulent activity with respect to
any customer of the debtor; or
''(II) was a person that--
''(aa) was, or was required
to be, registered with the
Securities and Exchange
Commission under the securities
laws (as such term is defined
under section 3(a) of the
Securities Exchange Act of 1934
(15 U.S.C. 78c(a)));
''(bb) knew, or should have
known, that the debtor was
involved in fraudulent activity
with respect to any customer of
the debtor; and
''(cc) did not notify SIPC,
the Commission, or law
enforcement personnel that the
debtor was involved in such
fraudulent activity.''.
(b) Prohibition on Certain Recoveries.--Section 8 of the Securities
Investor Protection Act of 1970 (15 U.S.C. 78fff-2) is amended by
adding at the end the following new subsection:
''(g) Prohibition on Certain Recoveries.--Notwithstanding any other
provision of this Act, a trustee may not recover any property
transferred by the debtor to a customer before the filing date unless,
at the time of such transfer, such customer--
''(1) knew the debtor was involved in fraudulent activity
with respect to any customer of the debtor; or
''(2) was a person that--
''(A) was, or was required to be, registered with
the Securities and Exchange Commission under the
securities laws (as such term is defined under section
3(a) of the Securities Exchange Act of 1934 (15 U.S.C.
78c(a)));
''(B) knew, or should have known, that the debtor
was involved in fraudulent activity with respect to any
customer of the debtor; and
''(C) did not notify SIPC, the Commission, or law
enforcement personnel that the debtor was involved in
such fraudulent activity.''.
(c) Appointment of Trustees.--
(1) In general.--Section 5(b)(3) of the Securities Investor
Protection Act of 1970 (15 U.S.C. 78eee(b)(3)) is amended to
read as follows:
''(3) Appointment of trustee and attorney.--
''(A) In general.--If the court issues a protective
decree under paragraph (1), such court shall forthwith
appoint, as trustee for the liquidation of the business
of the debtor and as attorney for the trustee, such
persons as the court determines best fit to serve as
trustee and as attorney from among the persons selected
by the Commission pursuant to subparagraph (B). The
persons appointed as trustee and as attorney for the
trustee may be associated with the same firm.
''(B) Commission candidates.--With respect to a
debtor and upon the court issuing a protective decree
under paragraph (1), the Commission shall forthwith
provide the court with a list of candidates for the
position of trustee and attorney for the trustee for
such debtor.
''(C) Disinterest requirement.--No person may be
appointed to serve as trustee or attorney for the
trustee if such person is not disinterested within the
meaning of paragraph (6), except that for any specified
purpose other than to represent a trustee in conducting
a liquidation proceeding, the trustee may, with the
approval of SIPC and the court, employ an attorney who
is not disinterested.
''(D) Qualification.--A trustee appointed under
this paragraph shall qualify by filing a bond in the
manner prescribed by section 322 of title 11, United
States Code.''.
(2) Effective date.--The amendment made by paragraph (1)
shall take effect with respect to trustees and attorneys
appointed after the date of the enactment of this Act.

SEC. 3. EFFECTIVE DATE.

Except as provided under section 2(c)(2), the amendments made by
section 2 shall take effect with respect to a liquidation proceeding
under the Securities Investor Protection Act of 1970 that--
(1) was in progress on the date of the enactment of this
Act; or
(2) is initiated after the date of the enactment of this
Act.
Equitable Treatment of Investors Act - Amends the Securities Investor Protection Act of 1970 to revise the definition of "net equity."

Declares also that, in determining net equity, the positions, options, and contracts of a customer held by the debtor, and any indebtedness of the customer to the debtor, shall be determined based on: (1) the information contained in the last statement received by the customer from the debtor before the filing date; and (2) any additional specific confirmations of the customer's positions, options, contracts, or indebtedness received after such last statement but before the filing date.

Prohibits reliance on the final statement of the debtor to customer, however, if the customer: (1) knew the debtor was involved in fraudulent activity with respect to any of its customers; or (2) as a registrant under the securities laws, or a person required to be so registered, knew, or should have known, that the debtor was involved in such a fraudulent activity and did not notify the Securities Investor Protection Corporation (SIPC), the Securities Exchange Commission (SEC), or law enforcement personnel that the debtor was so involved.

Prohibits a trustee in a liquidation proceeding from recovering any property transferred by the debtor to a customer before the filing date unless, at the time of such transfer, the customer meets the same critieria.

Transfers from SIPC to the SEC authority to nominate to a court persons for appointment as trustee for the liquidation of a debtor's business and as attorney for the trustee.

SECTION 1. AMENDMENTS TO IMPACT AID PROGRAM.

(a) Payments Relating to Federal Acquisition of Real Property.--
Section 8002 of the Elementary and Secondary Education Act of 1965 (20
U.S.C. 7702) is amended--
(1) in subsection (a), by striking ''shall be eligible''
and inserting ''is entitled''; and
(2) by striking subsections (h), (i), and (j).
(b) Payments for Eligible Federally Connected Children.--
(1) Computation of payment.--Section 8003(a)(1) of the
Elementary and Secondary Education Act of 1965 (20 U.S.C.
7703(a)(1)) is amended by striking ''is eligible'' and
inserting ''is entitled''.
(2) Basic support payments and payments with respect to
fiscal years in which insufficient funds are appropriated.--
Section 8003(b) of the Elementary and Secondary Education Act
of 1965 (20 U.S.C. 7703(b)) is amended--
(A) in the heading, by striking ''and Payments With
Respect to Fiscal Years in Which Insufficient Funds Are
Appropriated'';
(B) in paragraph (1)--
(i) in subparagraph (A), by striking ''From
the amount appropriated under section 8014(b)
for a fiscal year, the Secretary is authorized
to'' and inserting ''The Secretary shall'';
(ii) in subparagraph (B)--
(I) in the heading, by striking
''Eligibility'' and inserting
''Entitlement''; and
(II) by striking ''is eligible''
and inserting ''is entitled''; and
(iii) in subparagraph (C)--
(I) in the heading, by striking
''Maximum amount'' and inserting
''Amount'';
(II) by striking ''maximum amount''
and inserting ''amount''; and
(III) by striking ''is eligible''
and inserting ''is entitled'';
(C) in paragraph (2)--
(i) in subparagraph (A)--
(I) in clause (i), by striking
''From the amount appropriated under
section 8014(b) for a fiscal year, the
Secretary is authorized to'' and
inserting ''The Secretary shall''; and
(II) in clause (ii), by striking
''eligible'' and inserting
''entitled'';
(ii) in subparagraph (B)--
(I) in the heading, by striking
''Eligibility'' and inserting
''Entitlement'';
(II) in clause (i), by striking
''is eligible'' and inserting ''is
entitled'';
(III) in clause (ii)--
(aa) in the heading, by
striking ''eligibility'' and
inserting ''entitlement'';
(bb) by striking ''shall be
ineligible'' and inserting
''shall not be entitled''; and
(cc) by striking
''ineligibility'' and inserting
''non-entitlement''; and
(IV) in clause (iii)--
(aa) in the heading, by
striking ''eligibility'' and
inserting ''entitlement'';
(bb) by striking ''becomes
ineligible'' and inserting ''is
not entitled''; and
(cc) by striking
''eligibility'' each place it
appears and inserting
''entitlement'';
(iii) in subparagraph (C)--
(I) in the heading, by striking
''Eligibility'' and inserting
''Entitlement'';
(II) in clause (i), by striking
''is eligible'' and inserting ''is
entitled'';
(III) in clause (ii)--
(aa) in the heading, by
striking ''eligibility'' and
inserting ''entitlement''; and
(bb) by striking ''becomes
ineligible'' and inserting ''is
not entitled''; and
(IV) in clause (iii), by striking
''becoming ineligible'' and inserting
''losing entitlement status'';
(iv) in subparagraph (D)--
(I) in the heading, by striking
''Maximum amount'' and inserting
''Amount''; and
(II) in clause (i)--
(aa) by striking ''maximum
amount'' and inserting
''amount''; and
(bb) by striking ''is
eligible'' and inserting ''is
entitled''; and
(v) in subparagraph (E)--
(I) in the heading, by striking
''Maximum amount'' and inserting
''Amount''; and
(II) in clause (i)(I)--
(aa) by striking ''maximum
amount'' and inserting
''amount''; and
(bb) by striking ''is
eligible'' and inserting ''is
entitled'';
(D) by striking paragraph (3); and
(E) in paragraph (4)--
(i) in subparagraph (A), by striking
''paragraph (3)''; and
(ii) in subparagraph (B)--
(I) in the heading--
(aa) by striking ''maximum
amount'' and inserting
''amount''; and
(bb) by striking ''and
threshold payment'';
(II) by striking ''maximum'' each
place it appears; and
(III) by striking ''and the
learning opportunity threshold payment
under subparagraph (B) or (C) of
paragraph (3), as the case may be,''.
(3) Children with disabilities.--Section 8003(d)(1) of the
Elementary and Secondary Education Act of 1965 (20 U.S.C.
7703(d)(1)) is amended to read as follows:
''(1) In general.--The Secretary shall pay to each eligible
local educational agency for a fiscal year the amount equal to
the difference between--
''(A) the amount equal to the product of--
''(i) the number of children described in
subparagraphs (A)(ii), (B), (C), and (D) of
subsection (a)(1) who are eligible to receive
services under the Individuals with
Disabilities Education Act (20 U.S.C. 1400 et
seq.); and
''(ii) 40 percent of the average per-pupil
expenditure in public elementary and secondary
schools in the United States; and
''(B) the amount of a grant that the agency
received under section 611 of the Individuals with
Disabilities Education Act (20 U.S.C. 1411) for the
prior fiscal year attributable to children described in
subparagraphs (A)(ii), (B), (C), and (D) of subsection
(a)(1).''.
(4) Hold harmless.--Section 8003(e) of the Elementary and
Secondary Education Act of 1965 (20 U.S.C. 7703(e)) is
amended--
(A) in paragraph (2) to read as follows:
''(2) Amount.--The total amount provided to a local
educational agency under paragraph (1)(A) for fiscal year 2004
shall not exceed the maximum basic support payment amount for
such agency determined under paragraph (1) or (2) of subsection
(b) and the total amount provided to a local educational agency
under paragraph (1)(B) for fiscal year 2005 shall not exceed
the basic support payment amount for such agency determined
under paragraph (1) or (2) of subsection (b).''; and
(B) by striking paragraph (3).
(c) Policies and Procedures Relating to Children Residing on Indian
Lands.--Section 8004(e)(8) of the Elementary and Secondary Education
Act of 1965 (20 U.S.C. 7704(e)(8)) is amended by striking ''is
eligible'' and inserting ''is entitled''.
(d) Application for Payments Under Sections 8002 and 8003.--Section
8005(b)(1) of the Elementary and Secondary Education Act of 1965 (20
U.S.C. 7705(b)(1)) is amended by striking ''eligibility'' and inserting
''entitlement''.
(e) Construction.--Section 8007 of the Elementary and Secondary
Education Act of 1965 (20 U.S.C. 7707) is amended--
(1) in subsection (a)--
(A) in paragraph (1), by striking ''section
8014(e)'' and inserting ''subsection (c)''; and
(B) in paragraph (3), by striking ''section
8014(e)'' each place it appears and inserting
''subsection (c)'';
(2) in subsection (b)(1), by striking ''section 8014(e)''
and inserting ''subsection (c)''; and
(3) by adding at the end the following:
''(c) Authorization of Appropriations.--For the purpose of carrying
out this section, there are authorized to be appropriated sums as may
be necessary for each of the fiscal years 2004 through 2006.''.
(f) Facilities.--Section 8008 of the Elementary and Secondary
Education Act of 1965 (20 U.S.C. 7708) is amended--
(1) in subsection (a), by striking ''section 8014(f)'' and
inserting ''subsection (c)''; and
(2) by adding at the end the following:
''(c) Authorization of Appropriations.--For the purpose of carrying
out this section, there are authorized to be appropriated sums as may
be necessary for each of the fiscal years 2004 through 2006.''.
(g) Authorization of Appropriations.--Section 8014 of the
Elementary and Secondary Education Act of 1965 (20 U.S.C. 7714) is
repealed.
(h) Rule of Construction.--Title VIII of the Elementary and
Secondary Education Act of 1965 (20 U.S.C. 7701 et seq.), as amended by
this Act, is further amended by adding at the end the following:

''SEC. 8014. RULE OF CONSTRUCTION.

''Nothing in this title shall be interpreted to entitle any
individual to assistance under any program, project, or activity of a
local education agency, State agency, or other governmental entity
funded under this title.''.

SEC. 2. EFFECTIVE DATE.

The amendments made by this Act shall take effect on October 1,
2003, or the date of the enactment of this Act, whichever occurs later.
Amends the Elementary and Secondary Education Act of 1965 to entitle certain local educational agencies (LEAs) to specified payment amounts under Impact Aid programs: (1) relating to Federal acquisition of real property; and (2) for basic support for eligible federally-connected children. (Current law makes such LEAs eligible for such payments up to specified maximum amounts.)Revises the formula for calculating additional Impact Aid payments to LEAs for federally-connected children with disabilities who are eligible for services under the Individuals with Disabilities Education Act.Extends the authorization of appropriations for: (1) construction and school modernization payments for certain LEAs, including ones with high percentages of children living on Indian lands or children of military parents; and (2) facilities maintenance payments for certain schools located on military bases and serving military dependent children.