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 ''Pay It Back Act''.

SEC. 2. FINDINGS.

Congress finds that--
(1) the Congressional Budget Office estimates that the
deficit for this fiscal year will reach $1.6 trillion or 11
percent of the Gross Domestic Product;
(2) this deficit represents the largest relative deficit
since the end of World War II;
(3) the Congressional Budget Office estimates that the
fiscal year 2010 deficit will reach $1.4 trillion; and
(4) given the choice between forcing our children to pay
for the national debt and requiring banks and other
beneficiaries of the goodwill of the taxpayer to make a down
payment now, we choose to help our kids.

SEC. 3. AMENDMENT TO TARP AUTHORIZATION.

Section 115(a)(3) of the Emergency Economic Stabilization Act of
2008 (12 U.S.C. 5225(a)(3)) is amended by striking ''outstanding at any
one time'' and inserting '', in the aggregate (or such higher amount,
in the aggregate, as has been obligated or expended under this Act as
of the date of enactment of the Pay It Back Act)''.

SEC. 4. REPORT.

Section 106 of the Emergency Economic Stabilization Act of 2008 (12
U.S.C. 5216) is amended by inserting at the end the following:
''(f) Report.--The Secretary of the Treasury shall report to
Congress every 6 months on amounts received and transferred to the
general fund under subsection (d).''.

SEC. 5. AMENDMENTS TO HOUSING AND ECONOMIC RECOVERY ACT OF 2008.

(a) Sale of Fannie Mae Obligations and Securities by the Treasury;
Deficit Reduction.--Section 304(g)(2) of the Federal National Mortgage
Association Charter Act (12 U.S.C. 1719(g)(2)) is amended--
(1) by redesignating subparagraph (C) as subparagraph (D);
and
(2) by inserting after subparagraph (B) the following:
''(C) Deficit reduction.--The Secretary of the
Treasury shall--
''(i) deposit in the General Fund of the
Treasury any amounts received by the Secretary
for the sale of any obligation or security
acquired by the Secretary under this
subsection; and
''(ii) ensure that such amounts so
deposited--
''(I) are dedicated for the sole
purpose of deficit reduction; and
''(II) are prohibited from use as
an offset for other spending increases
or revenue reductions.''.
(b) Sale of Freddie Mac Obligations and Securities by the Treasury;
Deficit Reduction.--Section 306(l)(2) of the Federal Home Loan Mortgage
Corporation Act (12 U.S.C. 1455(l)(2)) is amended--
(1) by redesignating subparagraph (C) as subparagraph (D);
and
(2) by inserting after subparagraph (B) the following:
''(C) Deficit reduction.--The Secretary of the
Treasury shall--
''(i) deposit in the General Fund of the
Treasury any amounts received by the Secretary
for the sale of any obligation or security
acquired by the Secretary under this
subsection; and
''(ii) ensure that such amounts so
deposited--
''(I) are dedicated for the sole
purpose of deficit reduction; and
''(II) are prohibited from use as
an offset for other spending increases
or revenue reductions.''.
(c) Sale of Federal Home Loan Banks Obligations by the Treasury;
Deficit Reduction.--Section 11(l)(2) of the Federal Home Loan Bank Act
(12 U.S.C. 1431(l)(2)) is amended--
(1) by redesignating subparagraph (C) as subparagraph (D);
and
(2) by inserting after subparagraph (B) the following:
''(C) Deficit reduction.--The Secretary of the
Treasury shall--
''(i) deposit in the General Fund of the
Treasury any amounts received by the Secretary
for the sale of any obligation acquired by the
Secretary under this subsection; and
''(ii) ensure that such amounts so
deposited--
''(I) are dedicated for the sole
purpose of deficit reduction; and
''(II) are prohibited from use as
an offset for other spending increases
or revenue reductions.''.
(d) Repayment of Fees.--Any periodic commitment fee or any other
fee or assessment paid by the Federal National Mortgage Association or
Federal Home Loan Mortgage Corporation to the Secretary of the Treasury
as a result of any preferred stock purchase agreement, mortgage-backed
security purchase program, or any other program or activity authorized
or carried out pursuant to the authorities granted to the Secretary of
the Treasury under the amendments made by section 1117 of the Housing
and Economic Recovery Act of 2008 (Public Law 110-289; 122 Stat. 2683),
including any fee agreed to by contract between the Secretary and the
Association or Corporation, shall be deposited in the General Fund of
the Treasury where such amounts shall be--
(1) dedicated for the sole purpose of deficit reduction;
and
(2) prohibited from use as an offset for other spending
increases or revenue reductions.

SEC. 6. FEDERAL HOUSING FINANCE AGENCY REPORT.

The Director of the Federal Housing Finance Agency shall submit to
Congress a report on the plans of the Agency to continue to support and
maintain the Nation's vital housing industry, while at the same time
guaranteeing that the American taxpayer will not suffer unnecessary
losses.

SEC. 7. REPAYMENT OF UNOBLIGATED ARRA FUNDS.

(a) Rejection of ARRA Funds by State.--Section 1607 of division A
of the American Recovery and Reinvestment Act of 2009 (Public Law 111-
5; 123 Stat. 303) is amended by adding at the end the following:
''(d) Statewide Rejection of Funds.--If funds provided to any State
in any division of this Act are not accepted for use by the Governor of
the State pursuant to subsection (a) or by the State legislature
pursuant to subsection (b), then all such funds shall be--
''(1) rescinded; and
''(2) deposited in the General Fund of the Treasury, where
such amounts shall be--
''(A) dedicated for the sole purpose of deficit
reduction; and
''(B) prohibited from use as an offset for other
spending increases or revenue reductions.''.
(b) Withdrawal or Recapture of Unobligated Funds.--Title XVI of
division A of the American Recovery and Reinvestment Act of 2009
(Public Law 111-5; 123 Stat. 302) is amended by adding at the end the
following:

''withdrawal or recapture of unobligated funds

''Sec. 1613. Notwithstanding any other provision of this Act, if
the head of any executive agency withdraws or recaptures for any reason
funds appropriated or otherwise made available under this division, and
such funds have not been obligated by a State to a local government or
for a specific project, such recaptured funds shall be--
''(1) rescinded; and
''(2) deposited in the General Fund of the Treasury, where
such amounts shall be--
''(A) dedicated for the sole purpose of deficit
reduction; and
''(B) prohibited from use as an offset for other
spending increases or revenue reductions.''.
(c) Return of Unobligated Funds by End of 2012.--Section 1603 of
division A of the American Recovery and Reinvestment Act of 2009
(Public Law 111-5; 123 Stat. 302) is amended--
(1) by striking ''All funds'' and inserting ''(a) In
General.--All funds''; and
(2) by adding at the end the following:
''(b) Repayment of Unobligated Funds.--Any discretionary
appropriations made available in this division that have not been
obligated as of December 31, 2012, are hereby rescinded, and such
amounts shall be deposited in the General Fund of the Treasury, where
such amounts shall be--
''(1) dedicated for the sole purpose of deficit reduction;
and
''(2) prohibited from use as an offset for other spending
increases or revenue reductions.
''(c) Presidential Waiver Authority.--
''(1) In general.--The President may waive the requirements
under subsection (b), if the President determines that it is
not in the best interest of the Nation to rescind a specific
unobligated amount after December 31, 2012.
''(2) Requests.--The head of an executive agency may also
apply to the President for a waiver from the requirements under
subsection (b).''.

SEC. 8. REDUCTION OF STATUTORY LIMIT ON THE PUBLIC DEBT.

Section 3101 of title 31, United States Code, is amended--
(1) in subsection (b), by inserting ''minus the aggregate
amounts described in subsection (d)'' before '', outstanding at
one time''; and
(2) by adding at the end the following:
''(d) Amounts described in this subsection are any amounts received
by the Secretary of the Treasury pursuant to--
''(1) section 106(d) of the Emergency Economic
Stabilization Act of 2008 before, on, or after the date of
enactment of this subsection; and
''(2) section 304(g) of the Federal National Mortgage
Association Charter Act (12 U.S.C. 1719(g)), section 306(l) of
the Federal Home Loan Mortgage Corporation Act (12 U.S.C.
1455(l)), section 11(l) of the Federal Home Loan Bank Act (12
U.S.C. 1431(l)), section 1607(d) of division A of the American
Recovery and Reinvestment Act of 2009 (Public Law 111-5),
section 1613 of division A of the American Recovery and
Reinvestment Act of 2009 (Public Law 111-5), and sections 5(d)
and 7(c) of the Pay It Back Act after the date of enactment of
this subsection.''.
Example Output: Pay It Back Act - Amends the Emergency Economic Stabilization Act of 2008 (EESA) to revise the limitation on the authority of the Secretary of the Treasury to purchase troubled assets under the Troubled Asset Relief Program (TARP) to $700 billion outstanding at any one time. Changes the maximum authority to $700 billion, in the aggregate, or such higher amount, in the aggregate, as has been obligated or expended under TARP as of the enactment of this Act.

Requires the Secretary to report to Congress every six months on transfer to the Treasury's General Fund for reduction of the public debt of revenues of, and proceeds from the sale of troubled assets purchased under TARP, or from the sale, exercise, or surrender of warrants or senior debt instruments acquired under TARP.

Amends the Federal National Mortgage Association Charter Act, the Federal Home Loan Mortgage Corporation Act, and the Federal Home Loan Bank Act to require the Secretary to deposit in the Treasury solely for debt reduction any amounts received by the Secretary for the sale of any obligation or security acquired from the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac), or a Federal Home Loan Bank for secondary market operations. Prohibits the use of any such amounts as an offset for other spending increases or revenue reductions.

Requires deposit in the Treasury solely for debt reduction of any periodic commitment fee or any other fee or assessment paid to the Secretary by Fannie Mae or Freddie Mac as a result of any preferred stock purchase agreement, mortgage-backed security purchase program, or any other program or activity under the Housing and Economic Recovery Act of 2008.

Requires the Director of the Federal Housing Finance Agency (FHFA) to report to Congress on FHFA plans to continue to support and maintain the nation's vital housing industry, while at the same time guaranteeing that the American taxpayer will not suffer unnecessary losses.

Amends the American Recovery and Reinvestment Act of 2009 (ARRA) to require: (1) rescission of any ARRA (stimulus) funds offered to but not accepted by the governor or legislature of a state; and (2) their deposit in the Treasury solely for debt reduction. Requires the same treatment for any funds withdrawn or recaptured by an executive agency head which have not been obligated by a state to a local government or for a specific project.

Rescinds for deposit in the Treasury solely for debt reduction specified discretionary appropriations that have not been obligated as of December 31, 2012.

Lowers the statutory limit on the public debt by the amounts the Secretary receives under this Act for deposit in the Treasury solely for debt reduction.

Example Input: SECTION 1. SHORT TITLE.

This Act may be cited as the ''Assessing Progress in Haiti Act''.

SEC. 2. FINDINGS.

Congress finds the following:
(1) On January 12, 2010, an earthquake measuring 7.0 on the
Richter magnitude scale struck the country of Haiti.
(2) According to the United States Geological Survey
(USGS)--
(A) the earthquake epicenter was located
approximately 15 miles southwest of Port-au-Prince, the
capital of Haiti; and
(B) the earthquake was followed by 59 aftershocks
of magnitude 4.5 or greater, the most severe measuring
6.0.
(3) According to the Government of Haiti, more than 316,000
people died as a result of the earthquake, including 103
citizens of the United States and more than 100 United Nations
personnel.
(4) According to the United Nations and the International
Organization for Migration--
(A) an estimated 3,000,000 people were directly
affected by the disaster, nearly one-third of the
country's population; and
(B) more than 2,100,000 people were displaced from
their homes to settlements.
(5) Casualty numbers and infrastructure damage, including
to roads, ports, hospitals, and residential dwellings, place
the earthquake as the worst cataclysm to hit Haiti in over two
centuries and, proportionally, one of the world's worst natural
disasters in modern times.
(6) The Post Disaster Needs Assessment (PDNA) conducted by
the Government of Haiti, the United Nations, the World Bank,
the Inter-American Development Bank, and other experts
estimates that damage and economic losses totaled
$7,804,000,000, approximately 120 percent of Haiti's gross
domestic product in 2009.
(7) Haiti is the poorest, least developed country in the
Western Hemisphere with, prior to the earthquake--
(A) more than 70 percent of Haitians living on less
than $2 per day; and
(B) a ranking of 149 out of 182 countries on the
United Nations Human Development Index.
(8) House Resolution 1021, which was passed on January 21,
2010, on a vote of 411 to 1 expressed--
(A) the House of Representatives' ''deepest
condolences and sympathy for the horrific loss of
life'' caused by the earthquake; and
(B) bipartisan support for Haiti's recovery and
reconstruction.
(9) The initial emergency response of the men and women of
the United States Government, led by the United States Agency
for International Development and United States Southern
Command, was swift and resolute.
(10) United States urban search and rescue (USAR) teams
were immediately activated after the earthquake and deployed
from Fairfax County, Virginia, Los Angeles County, California,
Miami-Dade, Florida, the City of Miami, Florida, and Virginia
Beach, Virginia, to assist the United States Agency for
International Development (USAID) Disaster Assistance Response
Team (DART), and New York City's first responders asked the
Office of U.S. Foreign Disaster Assistance (OFDA) to activate a
New York City urban search and rescue shortly thereafter.
(11) A month after the earthquake, the House of
Representatives unanimously passed House Resolution 1059 which
expressed gratitude to these USAR units, and highlighted that
the 511 United States rescue workers comprised roughly one-
third of the entire international USAR effort in Haiti, and
more than 130 people were rescued from under the rubble in
Haiti by these units.
(12) Individuals, businesses, and philanthropic
organizations across the United States and throughout the
international community responded in support of Haiti and its
populace during this crisis, sometimes in innovative ways such
as fundraising through text messaging.
(13) The Haitian diaspora in the United States, which was
integral to emergency relief efforts--
(A) has annually contributed significant monetary
support to Haiti through remittances; and
(B) continues to seek opportunities to partner with
the United States Agency for International Development
and other agencies to substantively contribute to the
reconstruction of Haiti.
(14) Significant challenges still remain in Haiti as it
works to recover and rebuild.
(15) According to the International Organization for
Migration, approximately 680,000 people remain in spontaneous
and organized camps in Haiti.
(16) According to numerous nongovernmental organizations
and United States contractors, the pace of reconstruction has
lagged significantly behind the original emergency relief
phase.
(17) The widespread irregularities that occurred in the
elections held in Haiti on November 28, 2010, led to outbursts
of violence which undermined the recovery efforts.
(18) On October 21, 2010, an outbreak of cholera was
detected in the Lower Artibonite region.
(19) Initial efforts to contain the epidemic were disrupted
by Hurricane Tomas and resulting widespread flooding, which led
to the spreading and entrenchment of the disease throughout the
country.
(20) According to the Haitian Ministry of Public Health and
Population, as of March 28, 2011--
(A) approximately 4,766 people have died from
cholera; and
(B) approximately 270,991 have been infected from
the disease.
(21) According to the Pan American Health Organization and
the Centers for Disease Control and Prevention, cholera could
spread to as many as 400,000 people within the first year of
the epidemic, potentially causing 7,600 deaths at the current
case fatality rate.
(22) The United States has provided more than $62,523,017
worth of assistance to combat the cholera epidemic, including
by assisting with stockpiling health commodities, equipping
cholera treatments centers, providing public information, and
improving water and sanitation systems.
(23) The efforts to combat the cholera epidemic have helped
to drive the mortality rate from cholera down from nearly 7
percent to 1.7 percent of all contracted cases as of February
25, 2011.
(24) Throughout the series of crises, the people of Haiti
continue to demonstrate unwavering resilience, dignity, and
courage.
(25) On March 20, 2011, presidential and parliamentary
elections were held in Haiti without major disruptions or
problems.
(26) At the international donors conference ''Towards a New
Future for Haiti'' held on March 31, 2010, 59 donors pledged
over $5,000,000,000 to support Haiti.
(27) The United Nations Office of the Special Envoy for
Haiti estimates that nearly $1,900,000,000 has been disbursed,
with an additional amount of approximately $2,000,000,000
committed.
(28) Haiti will need the support of the international
community in order to confront the ongoing cholera epidemic and
to promote reconstruction and development.

SEC. 3. REPORT.

(a) Report Required.--Not later than six months after the date of
the enactment of this Act, the President, in consultation with the
heads of all relevant agencies, including the Department of State, the
United States Agency for International Development, the Department of
Defense, the Department of Health and Human Services, and the Centers
for Disease Control and Prevention shall transmit to Congress a report
on the status of post-earthquake humanitarian, reconstruction, and
development efforts in Haiti, including efforts to prevent the spread
of cholera and treat persons infected with the disease.
(b) Contents.--The report required by subsection (a) shall include
a description, analysis, and evaluation of the--
(1) overall progress of relief, recovery, and
reconstruction in Haiti, including--
(A) programs and projects of the United States
Government;
(B) programs and projects to protect vulnerable
populations, such as internally displaced persons,
children, women and girls, and persons with
disabilities; and
(C) projects to improve water, sanitation, and
health, and plans for improvements in these areas in
the long-term;
(2) extent to which United States and international efforts
are in line with the priorities of the Government of Haiti and
are actively engaging and working through Haitian ministries
and local authorities;
(3) coordination among United States Government agencies,
and coordination between the United States Government and
United Nations agencies, international financial institutions,
and other bilateral donors;
(4) mechanisms for communicating the progress of recovery
and reconstruction efforts to Haitian citizens, as well as
recommendations on how these can be improved;
(5) mechanisms through which Haitian civil society,
including vulnerable populations, is actively participating in
all major stages of recovery and reconstruction efforts, and
recommendations on how these can be improved;
(6) mechanisms through which the Haitian diaspora is
involved in recovery and reconstruction efforts; and
(7) suitability of Haiti to receive aliens who are removed,
excluded, or deported from the United States pursuant to United
States law, and steps Haiti is taking to strengthen its
capacity in this regard.
(c) Use of Previously Appropriated Funds.--Funding for the report
required under subsection (a) shall derive from existing discretionary
funds of the departments and agencies specified in such subsection.
Example Output: Assessing Progress in Haiti Act - Directs the President to report to Congress on the status of post-earthquake humanitarian, reconstruction, and development efforts in Haiti, including efforts to prevent the spread of cholera and treat persons infected with the disease.

Requires such report to evaluate: (1) the overall progress of relief, recovery, and reconstruction in Haiti, including U.S. government programs, programs to protect vulnerable populations, and projects to improve water, sanitation, and health; (2) the extent to which U.S. and international efforts are in line with the government of Haiti's priorities and are working through Haitian ministries and local authorities; (3) coordination among U.S. government agencies and coordination between the U.S. government and U.N. agencies, international financial institutions, and other bilateral donors; (4) mechanisms for communicating the progress of recovery and reconstruction to Haitian citizens; (5) mechanisms through which Haitian civil society and the Haitian diaspora are participating in recovery and reconstruction; and (6) Haiti's suitability to receive aliens who are removed, excluded, or deported from the United States and steps Haiti is taking to strengthen its capacity in this regard.

Example Input: SECTION 1. SHORT TITLE.

This Act may be cited as the ''Generate Retirement Ownership
Through Long-Term Holding Act of 2005''.

SEC. 2. DEFERRAL OF REINVESTED CAPITAL GAIN DIVIDENDS OF REGULATED
INVESTMENT COMPANIES.

(a) In General.--Part III of subchapter O of chapter 1 of the
Internal Revenue Code of 1986 (relating to common nontaxable exchanges)
is amended by inserting after section 1045 the following new section:

''SEC. 1046. REINVESTED CAPITAL GAIN DIVIDENDS OF REGULATED INVESTMENT
COMPANIES.

''(a) Nonrecognition of Gain.--In the case of an individual, no
gain shall be recognized on the receipt of a capital gain dividend
distributed by a regulated investment company to which part I of
subchapter M applies if such capital gain dividend is automatically
reinvested in additional shares of the company pursuant to a dividend
reinvestment plan.
''(b) Definitions and Special Rules.--For purposes of this
section--
''(1) Capital gain dividend.--The term 'capital gain
dividend' has the meaning given to such term by section
852(b)(3)(C).
''(2) Recognition of deferred capital gain dividends.--
''(A) In general.--Gain treated as unrecognized in
accordance with subsection (a) shall be recognized in
accordance with subparagraph (B)--
''(i) upon a subsequent sale or redemption
by such individual of stock in the distributing
company, or
''(ii) upon the death of the individual.
''(B) Gain recognition.--
''(i) In general.--Upon a sale or
redemption described in subparagraph (A), the
taxpayer shall recognize that portion of total
gain treated as unrecognized in accordance with
subsection (a) (and not previously recognized
pursuant to this subparagraph) that is
equivalent to the portion of the taxpayer's
shares in the distributing company that are
sold or redeemed.
''(ii) Death of individual.--Except as
provided by regulations, any portion of such
total gain not recognized under clause (i)
prior to the taxpayer's death shall be
recognized upon the death of the taxpayer and
included in the taxpayer's gross income for the
taxable year ending on the date of the
taxpayer's death.
''(3) Holding period.--
''(A) General rule.--The taxpayer's holding period
in shares acquired through reinvestment of a capital
gain dividend to which subsection (a) applies shall be
determined by treating the shareholder as having held
such shares for one year and a day as of the date such
shares are acquired.
''(B) Special rule for distributions of qualified
5-year gains.--In the case of a distribution of a
capital gain dividend (or portion thereof) in a taxable
year beginning after December 31, 2008, and properly
treated as qualified 5-year gain (within the meaning of
section 1(h), as in effect after such date),
subparagraph (A) shall apply by substituting '5 years
and a day' for 'one year and a day'.
''(c) Section not to Apply to Certain Taxpayers.--This section
shall not apply to--
''(1) an individual with respect to whom a deduction under
section 151 is allowable to another taxpayer for a taxable year
beginning in the calendar year in which such individual's
taxable year begins, or
''(2) an estate or trust.
''(d) Regulations.--The Secretary shall prescribe such regulations
as may be necessary to carry out the purposes of this section.''.
(b) Conforming Amendments.--
(1) Section 852(b)(3)(B) of such Code is amended by adding
at the end the following new sentence: ''For rules regarding
nonrecognition of gain with respect to reinvested capital gain
dividends received by individuals, see section 1046.''.
(2) The table of sections for part III of subchapter O of
chapter 1 of such Code is amended by inserting after the item
relating to section 1045 the following new item:

''Sec. 1046. Reinvested capital gain dividends of regulated investment
companies.''.
(c) Effective Date.--The amendments made by this section shall
apply to taxable years ending after the date of the enactment of this
Act.
Example Output:
Generate Retirement Ownership Through Long-Term Holding Act of 2005 - Amends the Internal Revenue Code to provide that no gain shall be recognized on the receipt of a capital gain dividend distributed by a regulated investment company if such dividend is automatically reinvested in additional shares of the company pursuant to a dividend reinvestment plan.