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

Example Input: SECTION 1. SHORT TITLE.

This Act may be cited as the ''Housing Opportunities and Mitigating
Emergencies Act of 2005''.

SEC. 2. FINDINGS.

Congress finds the following:
(1) The Gulf Coast region of the United States was recently
decimated by twin natural disasters: Hurricanes Katrina and
Rita.
(2) Hurricane Katrina crashed into the Gulf Coast on August
29, 2005, as a category 4 storm.
(3) At the time of its landing, Hurricane Katrina was
recorded as the third strongest hurricane to ever make landfall
on the United States, with sustained winds over 140 miles per
hour.
(4) The damage and destruction caused by Hurricane Katrina
along the coastal regions of Louisiana, Mississippi, and
Alabama were unmatched in their breadth and scope.
(5) A 10- to 30-foot storm surge came ashore on over 200
continuous miles of coastline from southeast Louisiana,
including Mississippi and Alabama, through to the Florida
panhandle.
(6) The 30-foot storm surge recorded at Biloxi,
Mississippi, is the highest ever observed in the United States.
(7) Hurricane Katrina's storm surge quickly breached the
levee system that protected the city of New Orleans from Lake
Pontchartrain and the Mississippi River, subsequently flooding
at least 80 percent of the city.
(8) The magnitude of Hurricane Katrina was of such an
unprecedented scale that the Federal disaster declarations
which followed its destructive path blanketed over 90,000
square miles of the United States, an area almost as large as
the United Kingdom, displacing more than 1,000,000 people--a
humanitarian crisis on a scale unseen in the United States
since the Great Depression.
(9) The storm has now become the most destructive and
costliest natural disaster in the history of the United States,
resulting in over 1,300 deaths and estimated damage between
$70,000,000,000 and $130,000,000,000.
(10) Less than one month later, on September 24, 2005, the
region was battered again, this time by the strongest-measured
hurricane to ever have entered the Gulf of Mexico--Hurricane
Rita.
(11) Hurricane Rita came ashore between Texas and Louisiana
as a category 3 hurricane, packing winds up to 120 miles per
hour and a storm surge of 10 feet.
(12) A day prior to landfall, the resultant storm surge
also reopened some of the levee breaches caused by Hurricane
Katrina a month earlier and re-flooded parts of New Orleans.
(13) Local storm surges of 15 to 20 feet in southwestern
Louisiana were reported, and damage was extensive in coastal
parishes.
(14) Thousands of residents and families in the effected
States, who lived outside the 100-year flood plain and were
told they did not need flood insurance, suffered significant
damage to their homes and in many cases total losses.
(15) These families are currently without any type of
permanent shelter or any means by which to acquire such shelter
or otherwise make themselves whole, thus crippling the Gulf
Coast region and its economy.
(16) Because of the unprecedented magnitude of the storm
and the impact that the devastation of such a large region will
have on the United States as a whole, the Federal Government
should play a role in providing emergency assistance to these
families to help them rebuild and get on with their lives.

SEC. 3. TEMPORARY EMERGENCY ASSISTANCE FOR PRIMARY RESIDENCES DAMAGED
OR DESTROYED BY HURRICANES KATRINA AND RITA.

Title IV of the Robert T. Stafford Disaster Relief and Emergency
Assistance Act (42 U.S.C. 5170 et seq.) is amended by adding at the end
the following:

''SEC. 425. TEMPORARY EMERGENCY ASSISTANCE FOR PRIMARY RESIDENCES
DAMAGED OR DESTROYED BY HURRICANES KATRINA AND RITA.

''(a) In General.--The Director shall provide emergency assistance
to owners of eligible structures in accordance with this section.
''(b) Application.--The Director shall provide for owners of
eligible structures to submit applications for assistance under this
section in such form, containing such information, and in accordance
with such procedures, as the Director may require.
''(c) Use of Funds; Scope of Coverage.--
''(1) In general.--The amount of any assistance under this
section provided to an owner of an eligible structure in a
covered disaster area of a State may be used only for paying--
''(A) the costs of repair, reconstruction, or
replacement of such structure or construction or
purchase of any other structure (including a
manufactured home) to be used as the primary residence
of the owner in the covered disaster area of such
State; or
''(B) the amount remaining to be paid by the owner
on the mortgage of the eligible structure.
''(2) Replacement cost.--
''(A) In general.--Subject to subsection (d), the
amount of any assistance provided under this section
shall be based on the replacement cost necessary for
repair, reconstruction, or replacement of the eligible
structure to its original specifications and standards
prior to--
''(i) August 29, 2005, in the case of a
structure damaged by flooding resulting from
Hurricane Katrina; or
''(ii) September 23, 2005, in the case of a
structure damaged by flooding resulting from
Hurricane Rita.
Such costs shall include adjustments as necessary for
compliance with the requirements of subsection
(e)(1)(B).
''(B) Documentation.--An owner of an eligible
structure applying for assistance under paragraph (1)
shall submit to the Director documentation and such
other evidence (including a report completed by a
State-licensed, nationally-certified home inspector) as
the Director may require to establish the replacement
cost of the eligible structure under subparagraph (A).
''(d) Cost Sharing.--
''(1) Federal share.--Subject to subsection (f) and
paragraph (2), the Federal share of the cost of assistance
provided under this section for an eligible structure that the
Director shall pay to the owner of the eligible structure shall
be 80 percent of the replacement cost of the eligible structure
as determined under subsection (c)(2).
''(2) Maximum amount.--The maximum amount of assistance
that may be provided to an owner of an eligible structure under
this section for such structure may not exceed $150,000.
''(3) Optional state share.--If the owner of an eligible
structure in a State is provided assistance under this section,
the State may provide to the owner 10 percent of the
replacement cost of the eligible structure as determined under
subsection (c)(2), but not to exceed $15,000.
''(e) Requirements Regarding Future Flood Insurance Coverage and
Mitigation Actions.--
''(1) In general.--The Director may not provide assistance
under this section for an eligible structure unless--
''(A) the owner of the property upon which the
eligible structure is located has entered into a
legally binding agreement with the Director, including
such deed restrictions as the Director considers
appropriate, to ensure that such owner, and any future
owners, will at all times after such assistance is
provided under this section with respect to the
property, purchase and maintain flood insurance, in
perpetuity, for any structures located at any time on
the same property on which, at the time of purchase,
such eligible structure is located, in an amount at
least equal to the lesser of--
''(i) the value of the structure, as
determined by the Director; or
''(ii) the maximum limit of coverage made
available with respect to the particular type
of property under the National Flood Insurance
Program, if such coverage is available; and
''(B) the owner of the property certifies to the
Director that any structure constructed, repaired, or
reconstructed with such assistance will be constructed,
repaired, or reconstructed in accordance with--
''(i) standards established by the
International Code Council in effect at the
time the building permit is issued by the local
government to the owner of the eligible
structure; and
''(ii) any final flood elevations or flood
maps in effect for purposes of the National
Flood Insurance Program at the time the
building permit is issued by the local
government to the owner of the eligible
structure and any advisory flood elevations or
advisory flood insurance rate maps issued by
the Director for purposes of such program
before such building permit is issued.
''(2) Waiver authority.--The Director may waive the
requirements of paragraph (1)(B) with respect to the repair of
an eligible structure if the Director determines that the cost
of compliance with such requirements by the owner in repairing
the eligible structure outweigh the benefit derived from such
compliance pursuant to a substantial damage analysis.
''(f) Prohibition on Duplicative Benefits in Excess of Replacement
Costs.--Notwithstanding section 312, the Director shall assure that no
owner of an eligible structure will receive assistance under this
section that, when combined with other financial assistance received by
the owner under any program, including section 404 or 408, or from
insurance or any other source for the purpose of repair,
reconstruction, or replacement of the eligible structure, is in excess
of the replacement cost of the eligible structure as determined under
subsection (c)(2). Before receipt of any assistance for which an owner
is eligible under this section for an eligible structure, the owner
shall enter into a legally binding agreement with the Director to repay
any and all of such assistance that is in excess of the replacement
cost of the eligible structure as determined under subsection (c)(2).
''(g) Verification of Use of Funds and Compliance.--
''(1) Documentation; reports.--Within 6 months after the
date on which an owner of an eligible structure receives
assistance under this section, and every 6 months thereafter
until all such assistance is accounted for, the owner shall
submit to the Director--
''(A) all receipts and documentation verifying the
use of such assistance for the purpose for which it was
provided; and
''(B) reports completed by a State-licensed,
nationally-certified home inspector verifying
compliance by the owner with the requirements of
subsection (e)(1)(B) if such requirements are not
waived by the Director.
''(2) Enforcement.--The Director may suspend assistance
under this section, and take any additional action which the
Director deems appropriate, with respect to an owner of an
eligible structure if the Director determines that the owner is
not complying with paragraph (1).
''(h) Definitions.--In this section, the following definitions
apply:
''(1) Covered disaster area.--The term 'covered disaster
area' means an area--
''(A) for which a major disaster was declared by
the Director pursuant to title IV of the Robert T.
Stafford Disaster Relief and Emergency Assistance Act
as a result of Hurricane Katrina or Hurricane Rita in
2005; and
''(B) in which the sale of flood insurance coverage
was available under the National Flood Insurance Act of
1968 (42 U.S.C. 4001 et seq.) as of--
''(i) August 29, 2005, in the case of an
area for which a declaration referred to in
subparagraph (A) was made as a result of
Hurricane Katrina; or
''(ii) September 23, 2005, in the case of
an area for which a declaration referred to in
subparagraph (A) was made as a result of
Hurricane Rita.
''(2) Eligible structure.--The term 'eligible structure'
means a structure (including a manufactured home) that--
''(A) sustained damage or losses from flooding
resulting from Hurricane Katrina or Hurricane Rita in
2005;
''(B) is located in a covered disaster area;
''(C) is a residential structure that was used as
the primary residence of the owner of the structure as
of--
''(i) August 29, 2005, in the case of a
structure damaged by flooding resulting from
Hurricane Katrina; and
''(ii) September 23, 2005, in the case of a
structure damaged by flooding resulting from
Hurricane Rita;
''(D) was covered by an insurance policy for losses
caused by wind or windstorm as of--
''(i) August 29, 2005, in the case of a
structure damaged by flooding resulting from
Hurricane Katrina; and
''(ii) September 23, 2005, in the case of a
structure damaged by flooding resulting from
Hurricane Rita;
''(E) is of a type for which coverage was generally
made available under the National Flood Insurance
Program as of August 29, 2005; and
''(F) is not located in an area that has been
identified by the Director as an area having special
flood hazards (as such term is used for purposes of
section 102 of the Flood Disaster Protection Act of
1973 (42 U.S.C. 4012a)) as of August 29, 2005.
''(3) Director.--The term 'Director' means the Director of
the Federal Emergency Management Agency.
''(i) Termination.--The Director may not provide any assistance
under this section except pursuant to an application for such
assistance submitted to the Director before the expiration of the 180-
day period beginning on the date of the enactment of this section.
''(j) Regulations.--The Director may issue any regulations
necessary to carry out this section.''.

SEC. 4. HAZARD MITIGATION.

(a) In General.--Section 404(a) of the Robert T. Stafford Disaster
Relief and Emergency Assistance Act (42 U.S.C. 5170c(a)) is amended--
(1) in the first sentence by striking ''75'' and inserting
''90''; and
(2) in the last sentence by striking ''7.5'' and inserting
''15''.
(b) Property Acquisition and Relocation Assistance.--Section 404(b)
of such Act (42 U.S.C. 5170c(b)) is amended by adding at the end the
following:
''(4) Reduction.--The amount of any assistance that would
otherwise be provided to an owner of an eligible structure
under section 425(c)(1)(B) shall be reduced by the amount of
assistance the owner receives for such structure under such
section.''.
(c) Applicability.--The amendments made by subsections (a) and (b)
shall apply with respect to a major disaster declared by the President
on or after August 24, 2005.
Example Output: Housing Opportunities and Mitigating Emergencies Act of 2005 - Amernds the Robert T. Stafford Disaster Relief and Emergency Assistance Act to require the Director of the Federal Emergency Management Agency (FEMA) to provide temporary emergency assistance for primary residences damaged or destroyed by Hurricanes Katrina and Rita.

Increases from 75% to 90% the amount the President may contribute toward the cost of cost-effective hazard mitigation measures which substantially reduce the risk of future damage, hardship, loss, or suffering in any area affected by a major disaster. Doubles from 7.5% to 15% of the estimated aggregate federal disaster relief grants to an area the limit on the total amount of such presidential contributions.

Example Input: SECTION 1. SHORT TITLE; AMENDMENT REFERENCES.

(a) Short Title.--This Act may be cited as the ''National Fish and
Wildlife Foundation Establishment Act Amendments of 1998''.
(b) Amendment of National Fish and Wildlife Foundation
Establishment Act.--Except 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 National
Fish and Wildlife Foundation Establishment Act (16 U.S.C. 3701 et
seq.).

SEC. 2. MEMBERSHIP OF BOARD OF DIRECTORS OF THE FOUNDATION.

(a) Amendments.--Section 3 (16 U.S.C. 3702) is amended--
(1) in subsection (a)--
(A) in the matter preceding paragraph (1), by
striking ''15'' and inserting ''22'';
(B) in paragraph (1), by striking ''six'' and
inserting ''4'', and by striking ''and'' after the
semicolon at the end;
(C) in paragraph (2) by striking the period at the
end and inserting ''; and'';
(D) by inserting after paragraph (2) the following:
''(3) 4 of whom must be knowledgeable and experienced in
ocean and coastal resource conservation.''; and
(E) in the material following paragraph (3) (as so
added), by striking ''shall be'' and inserting ''and
the Under Secretary of Commerce for Oceans and
Atmosphere shall each be''; and
(2) by amending subsection (b) to read as follows:
''(b) Appointment and Terms.--
''(1) In general.--The Secretary of the Interior (in this
Act referred to as the 'Secretary') shall appoint the Directors
of the Board, after considering recommendations from the Board
under paragraph (4). The Secretary of the Interior shall
consult with the Under Secretary of Commerce for Oceans and
Atmosphere before appointing any Director of the Board.
''(2) Terms.--The Directors shall be appointed for terms of
6 years; except that the Secretary, in making the initial
appointments to the Board, shall appoint 3 Directors to a term
of 2 years, 2 Directors to a term of 4 years, and 2 Directors
to a term of 6 years. No individual may serve more than 2
consecutive full terms as a Director.
''(3) Vacancies.--A vacancy on the Board shall be filled
within 60 days after the occurrence of the vacancy. Any
individual appointed to fill a vacancy occurring prior to the
expiration of any term of office shall be appointed for the
remainder of that term.
''(4) Nomination of appointees.--The Board may recommend to
the Secretary individuals to be appointed as Directors of the
Board.''.
(b) Application.--The amendments made by subsection (a) shall apply
to any appointment of a Director of the Board of the National Fish and
Wildlife Foundation on or after the date of the enactment of this Act.
(c) Appointment of Additional Members.--
(1) Nominations.--The Board of Directors on the National
Fish and Wildlife Foundation shall submit any recommendations
of individuals for appointment to positions on the Board
created by the amendment made by subsection (a)(1) by not later
than 60 days after the date of the enactment of this Act.
(2) Staggered terms.--Of the Directors on the Board of
Directors of the National Fish and Wildlife Foundation first
appointed pursuant to the amendment made by subsection (a)(1)--
(A) 3 shall be appointed to a term that expires
December 31, 1999;
(B) 2 shall be appointed to a term that expires
December 31, 2001; and
(C) 2 shall be appointed to a term that expires
December 31, 2003,
as specified by the Secretary of the Interior at the time of
appointment.

SEC. 3. RIGHTS AND OBLIGATIONS OF THE FOUNDATION.

(a) Investment and Deposit of Federal Funds.--Section 4(c) (16
U.S.C. 3703(c)) is amended--
(1) by redesignating paragraphs (3) through (7) in order as
paragraphs (8) through (12); and
(2) by inserting after paragraph (2) the following:
''(3) to invest any funds provided to the Foundation by the
Federal Government in obligations of the United States or in
obligations or securities that are guaranteed or insured by the
United States;
''(4) to deposit any funds provided to the Foundation by
the Federal Government into accounts that are insured by an
agency or instrumentality of the United States;
''(5) to make use of any interest or investment income that
accrues as a consequence of actions taken under paragraph (3)
or (4) to carry out the purposes of the Foundation;
''(6) to provide Federal funds for the purpose of entering
into cooperative agreements with willing private landowners for
restoration and enhancement of fish, wildlife, and other
natural resources on public or private land, or both, if such
cooperative agreements--
''(A) provide general conservation benefits; or
''(B) benefit fish, wildlife, or other natural
resources on public land;
''(7) to accept and manage funds provided by any Federal
agency under any other law when it is in the public
interest;''.
(b) Agency Approval of Acquisitions of Property.--Section 4(e) (16
U.S.C. 3703(e)) is amended--
(1) by amending paragraph (1)(B) to read as follows:
''(B) the Foundation notifies the Federal agency that
administers the program under which the funds were provided of
the proposed acquisition, and the agency fails to object in
writing to the proposed acquisition within 60 days after the
date of that notification.''; and
(2) in paragraph (2), by striking ''the Director'' and
inserting ''the head of the Federal agency that administers the
program under which the funds were provided''.
(c) Repeal.--Section 304 of Public Law 102-440 (16 U.S.C. 3703
note) is repealed.
(d) Agency Approval of Conveyances and Grants.--Section
4(e)(3)(B)(ii) (16 U.S.C. 3703(e)(3)(B)(ii)) is amended to read as
follows:
''(ii) the Foundation notifies the Federal agency that
administers the Federal program under which the funds were
provided of the proposed conveyance or provision of Federal
funds, and the head of the agency fails to object in writing to
such proposed conveyance or provision of Federal funds within
60 days after the date of that notification.''.
(e) Reconveyance of Real Property.--Section 4(e)(5) (16 U.S.C.
3703(e)(5)) is amended to read as follows:
''(5) The Foundation shall convey at not less than fair market
value any real property acquired by it in whole or in part with Federal
funds if the Foundation notifies the Federal agency that administers
the Federal program under which the funds were provided, and the agency
fails to disagree within 60 days after the date of that notification,
that--
''(A) the property is no longer valuable for the purposes
of fish and wildlife conservation or management; and
''(B) the purposes of the Foundation would be better served
by the use of the proceeds of the conveyance for authorized
activities of the Foundation.''.
(f) Termination of Condemnation Limitation; Expenditures for
Printing or Capital Equipment.--Section 4(d) (16 U.S.C. 3703(d)) is
amended to read as follows:
''(d) Expenditures for Printing or Capital Equipment.--The
Foundation may not make an expenditure of Federal funds for printing or
capital equipment that is greater than $10,000 unless the expenditure
is approved by the Federal agency that administers the Federal program
under which the funds were provided.''.

SEC. 4. MATCHING REQUIREMENT.

Section 10(b)(1) (16 U.S.C. 3709(b)(1)) is amended by striking
''matching, in whole or in part,'' and inserting ''matching, on a one-
to-one basis,''.

SEC. 5. RESTRICTIONS ON USE OF GRANTS PROVIDED BY FOUNDATION.

Section 10(b) (16 U.S.C. 3709(b)) is amended by adding at the end
the following:
''(3)(A) Amounts provided as a grant by the Foundation shall not be
used for--
''(i) expenses related to litigation; or
''(ii) any activity the purpose of which is to influence
legislation pending before the Congress.
''(B) Subparagraph (A)(ii) shall not be considered to prohibit
officers or employees of the Foundation from communicating to Members
or staff of Congress requests for legislation that they consider
necessary for the efficient conduct of the business of the Foundation
or that relates to the authority of the Foundation, appropriations for
use by the Foundation, or use of Federal funds by the Foundation.
''(4) Amounts provided as a grant by the Foundation shall not be
used for any activity related to the introduction of wolves or grizzly
bears in Idaho, Montana, Utah, or Wyoming.''.

SEC. 6. AUTHORIZATION OF APPROPRIATIONS.

(a) In General.--Section 10(a) (16 U.S.C. 3709(a)) is amended to
read as follows:
''(a) Authorization.--There are authorized to be appropriated to
the Secretary of the Interior and the Secretary of Commerce, in the
aggregate, $25,000,000 for fiscal year 1999.''.
(b) Repeal.--Section 10(c) (16 U.S.C. 3709(c)) is repealed.
Example Output: National Fish and Wildlife Foundation Establishment Act Amendments of 1998 - Amends the National Fish and Wildlife Foundation Establishment Act to increase the number of members of the National Fish and Wildlife Foundation's Board of Directors. Provides for four directors experienced in ocean and coastal resources conservation and adds the Under Secretary for Commerce for Oceans and Atmosphere as a nonvoting member.
Expands Foundation powers to include the right to: (1) invest and deposit Federal funds; and (2) provide Federal funds to enter into agreements with private landowners for fish, wildlife, and natural resource restoration and enhancement on public and private lands.
Revises certain limitations on the use of Federal funds by the Foundation to acquire interests in, convey, or grant such funds to another for, real property to allow such activities if the Foundation notifies the Federal agency that administers the program under which the funds were provided of the proposed activity and the agency fails to object within a certain time period.
Removes a limitation on the condemnation of Foundation lands by State or local entities. Prohibits the use of Foundation grants for litigation expenses, activities to influence legislation pending before the Congress, or for activities related to the introduction of wolves or grizzly bears in Idaho, Montana, Utah, or Wyoming.
Extends the authorization of appropriations for the Foundation through FY 1999.
Repeals a provision that states that amounts authorized under the Act are in addition to any provided for the Foundation under other Federal laws.

Example Input: SECTION 1. SHORT TITLE.

This Act may be cited as the ''Amend Misinterpreted Excessive
Regulation In Corporate America Act''.

SEC. 2. FINDINGS.

Congress finds the following:
(1) The stated intent of the Sarbanes-Oxley Act of 2002 was
to restore confidence and integrity in our nation's financial
markets through increased transparency and accountability.
(2) The regulatory interpretation of section 404 of that
Act has led to many unintended consequences, such as--
(A) diverting valuable resources away from other
legitimate business needs;
(B) creating massive and tedious documentation
requirements; and
(C) discouraging the public listing of both
international and domestic companies on United States
markets.
(3) Nine out of ten complaints about the Sarbanes-Oxley Act
of 2002 are related to section 404.
(4) Ninety percent of international small companies have
listed in international markets and not in the United States
markets.
(5) The out-of-pocket costs have been $4 million to $6
million per accelerated filer, more than 50 times original
Securities and Exchange Commission estimates.
(6) Total economic costs including opportunity costs and
social implications are up to $1.4 trillion.

SEC. 3. CREATION OF OMBUDSMAN FOR THE PCAOB.

Title I of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7211 et seq.)
is amended by adding at the end the following new section:

''SEC. 110. OMBUDSMAN.

''(a) Establishment Required.--Not later than 180 days after the
date of enactment of the Amend Misinterpreted Excessive Regulation In
Corporate America Act, the Board shall appoint an ombudsman for the
Board. The Ombudsman shall report directly to the Chairman.
''(b) Duties of Ombudsman.--The ombudsman appointed in accordance
with subsection (a) for the Board shall--
''(1) act as a liaison between the Board and--
''(A) any registered public accounting firm or
issuer with respect to issues or disputes concerning
the preparation or issuance of any audit report with
respect to that issuer; and
''(B) any affected registered public accounting
firm or issuer with respect to--
''(i) any problem such firm or issuer may
have in dealing with the Board resulting from
the regulatory activities of the Board,
particularly with regard to the implementation
of section 404; and
''(ii) issues caused by the relationships
of registered public accounting firms and
issuers generally; and
''(2) assure that safeguards exist to encourage
complainants to come forward and to preserve confidentiality;
and
''(3) carry out such activities, and any other activities
assigned by the Board, in accordance with guidelines prescribed
by the Board.''.

SEC. 4. REORGANIZATION OF THE BOARD OF THE PCAOB.

(a) Appointment to the Board.--
(1) Amendment.--Subparagraph (A) of section 101(e)(4) of
the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7211(e)(4)(B)) is
amended to read as follows:
''(A) Presidential appointment.--The members of the
Board shall be appointed by the President, by and with
the advice and consent of the Senate.''.
(2) Transition.--The members of the Public Company
Accounting Oversight Board serving on the date of enactment of
this Act may continue to serve until a successor is appointed
pursuant to the amendment made by paragraph (1) of this
subsection. The term of office of any such successor shall
expire at the time of the expiration of the term of his or her
predecessor, as designated by the President at the time of the
appointment.
(3) Compensation.--Section 5312 of title 5, United States
Code, is amended by adding at the end the following:
''Chairman and Members, Public Company Accounting Oversight
Board.''.
(4) Conforming amendments.--
(A) Sections 101(e) of the Sarbanes-Oxley Act of
2002 (15 U.S.C. 7211(e)) is amended by striking
paragraph (6).
(B) Section 107(d) of such Act (15 U.S.C. 7217(d))
is amended by striking paragraph (3).
(b) Funding.--Section 109(f) of such Act is amended by adding at
the end the following new sentence: ''The Congress reserves the
authority to establish annual or other periodic limits upon the amount
of fees which may be collected under this section on behalf of the
Board.''.

SEC. 5. REDUCTIONS OF INTERNAL CONTROL IMPLEMENTATION COSTS.

(a) Revisions Required.--Not later than December 31, 2007--
(1) the Securities and Exchange Commission shall adopt
revisions to its rules under section 404(a) of the Sarbanes-
Oxley Act of 2002 (15 U.S.C. 7211(a)) relating to management's
assessment of an issuer's internal control structure and
procedures; and
(2) the Public Company Accounting Oversight Board shall
adopt revisions to its standards under section 404(b) of such
Act for auditor attestation to and reporting on such management
assessment.
(b) Cost of Implementation Reduction.--In adopting the revisions
required by subsection (a), the Commission and the Board shall reduce
the costs of the implementation of section 404, consistent with the
intention of the Congress that such section not increase significantly
the cost of the annual audits of financial statements under section
13(a) and 15(d) of the Securities Exchange Act of 1934 (15 U.S.C.
78m(a), 78o(d)).
(c) Risk-Based Implementation.--In adopting the revisions required
by subsection (a), the Commission shall adopt a more risk-based
statement on internal control reporting that focuses internal control
review on financial controls having significant risk of failing to
prevent financial damages that would be material to the financial
statements of the issuer.

SEC. 6. SEPARATE ENGAGEMENTS FOR INTERNAL CONTROL EVALUATIONS.

Section 404(b) of the Sarbanes-Oxley Act of 2002 (15 U.S.C.
7262(b)) is amended--
(1) by inserting before the period at the end of the first
sentence the following: '', or the issuer shall separately
engage a different registered public accounting firm which
shall attest to and report on such assessment''; and
(2) by striking the last sentence.

SEC. 7. PRIVATE RIGHTS OF ACTION.

Section 404 of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7262) is
amended by adding at the end the following new subsection:
''(c) No Private Rights of Action.--No private right of action may
be brought against any registered public accounting firm in any Federal
or State court on the basis of a violation or alleged violation of the
requirements of this section or standards issued by the Board under or
for purposes of implementing this section.''.
Example Output:
Amend Misinterpreted Excessive Regulation In Corporate America Act - Amends the Sarbanes-Oxley Act of 2002 to direct the Public Company Accounting Oversight Board to appoint an ombudsman to act as a liaison between the Board and any registered public accounting firm or issuer regarding: (1) issues or disputes concerning the preparation or issuance of any audit report with respect to that issuer; and (2) problems resulting from Board regulatory activities, particularly implementation of management assessment of internal controls.

Revises requirements governing appointment of Board members. Provides for Presidential appointment of Board members, by and with the advice and consent of the Senate.

Declares that Congress reserves the authority to establish periodic limits upon the amount of fees which may be collected on behalf of the Board.

Instructs the Securities and Exchange Commission to: (1) adopt revisions to its rules regarding management's assessment of an issuer's internal control structure and procedures; and (2) adopt a more risk-based statement on internal control reporting that focuses internal control review on financial controls having significant risk of failing to prevent financial damages that would be material to the issuer's financial statements.

Instructs the Board to revise its standards for auditor attestation to and reporting on management's internal control assessment.

Revises the requirement that each registered public accounting firm that prepares or issues the audit report for an issuer attest to the internal control assessment made by the issuer's management. Allows an issuer, in the alternative, to engage separately a different registered public accounting firm to attest to such assessment. (Current law prohibits such separate attestation engagements.)

Prohibits any private right of action against a registered public accounting firm in any federal or state court on the basis of a violation or alleged violation of assessment requirements or standards issued by the Board for purposes of implementing the Sarbanes-Oxley Act of 2002.