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 ''Futures Investor Protection Act''.

SEC. 2. FUTURES INVESTORS PROTECTION FUND.

(a) Futures Investor Protection Corporation.--
(1) Creation and membership.--
(A) Creation.--There is established a nonprofit
corporation to be known as the ''Futures Investor
Protection Corporation'' (in this Act referred to as
the ''FIPC''), which shall not be an agency or
establishment of the United States Government.
(B) Membership.--
(i) Members of fipc.--The FIPC shall be a
membership corporation the members of which
shall be all persons registered under the
Commodity Exchange Act with the Commission as a
futures commission merchant, other than persons
whose principal business, in the determination
of the FIPC, taking into account business of
affiliated entities, is conducted outside the
United States and its territories and
possessions.
(ii) Commission review; additional
members.--Subparagraphs (B) and (C) of section
3(a)(2) of SIPA shall apply with respect to
determinations of the FIPC in the same way the
subparagraphs apply with respect to
determinations of the SIPC and to brokers and
dealers referred to in such subparagraph (D).
(iii) Disclosure.--Section 3(a)(2)(D) of
SIPA shall apply to futures commission
merchants in the same way the section applies
to brokers and dealers referred to in such
section.
(2) Powers.--The FIPC shall have all the powers conferred
on the SIPC.
(3) Board of directors.--
(A) Functions.--The FIPC shall have a Board of
Directors which, subject to the provisions of this Act,
shall determine the policies which shall govern the
operations of FIPC.
(B) Number and appointment.--The Board of Directors
shall consist of 7 persons as follows:
(i) 1 director shall be appointed by the
Secretary of the Treasury from among the
officers and employees of the Department of the
Treasury.
(ii) 1 director shall be appointed by the
Board of Governors of the Federal Reserve
System from among the officers and employees of
that Board.
(iii) 5 directors shall be appointed by the
President, by and with the advice and consent
of the Senate, as follows:
(I) 3 directors shall be selected
from among persons who are associated
with, and representative of different
aspects of, the futures industry, not
all of whom shall be from the same
geographical area of the United States.
(II) 2 directors shall be selected
from the general public from among
persons who are not associated with a
futures commission merchant or a
contract market, or similarly
associated with any self-regulatory
organization or other futures industry
group, and who have not had any such
association during the 2 years
preceding appointment.
(C) Chairman and vice chairman.--The President
shall designate a Chairman and Vice Chairman from among
those directors appointed under subparagraph
(B)(iii)(II).
(D) Terms.--
(i) In general.--Except as provided in
clauses (ii) and (iii), each director shall be
appointed for a term of 3 years.
(ii) Initially appointed members.--Of the
directors first appointed under subparagraph
(B)--
(I) 2 shall hold office for a term
expiring on December 31, 2017;
(II) 2 shall hold office for a term
expiring on December 31, 2018; and
(III) 3 shall hold office for a
term expiring on December 31, 2019,
as designated by the President at the time they
take office. The designation shall be made in a
manner which will assure that no 2 persons
appointed under the authority of the same
subclause of subparagraph (B)(iii) shall have
terms which expire simultaneously.
(iii) Vacancies.--A vacancy in the Board
shall be filled in the same manner as the
original appointment was made. Any director
appointed to fill a vacancy occurring prior to
the expiration of the term for which the
predecessor of the director was appointed shall
be appointed only for the remainder of the
term. A director may serve after the expiration
of the term for which appointed until the
successor of the director has taken office.
(E) Compensation.--All matters relating to
compensation of directors shall be as provided in the
bylaws of the FIPC.
(4) Meetings of board; bylaws and rules.--Subsections (d)
and (e) of section 3 of SIPA shall apply with respect to the
FIPC and the Commission in the same way the subsections apply
with respect to the SIPC and the Securities and Exchange
Commission.
(b) FIPC Fund.--
(1) In general.--The FIPC shall establish, and make
deposits into and payments from, an ''FIPC fund'' (in this Act
referred to as the ''fund'') in the same manner in which the
SIPC has established, and is authorized to make deposits into
and payments from, the SIPC fund.
(2) Assessments.--The FIPC shall impose on its members
assessments subject to the same rules that apply to the
imposition by the SIPC of assessments on the members of the
SIPC.
(c) Other Provisions.--Sections 5 through 16 of the SIPA shall
apply with respect to the FIPC and the members, directors, officers,
and employees of the FIPC, the Commission, the FIPC fund, futures
commission merchants and their affiliates, futures contracts, futures
transactions, customers, and debtors in the same way the sections apply
with respect to the SIPC and the members, directors, officers, and
employees of the SIPC, the Securities and Exchange Commission, the SIPC
fund, persons registered as brokers or dealers (as defined in section
16(12) of the SIPA) and their affiliates, securities, securities
transactions, customers (as defined in section 16(2) of the SIPA), and
debtors (as defined in section 16(5) of the SIPA), respectively.
(d) Definitions.--In this section:
(1) Commission.--The term ''Commission'' means the
Commodity Futures Trading Commission.
(2) Contract market.--The term ''contract market'' means a
board of trade designated as a contract market under the
Commodity Exchange Act.
(3) Futures contract.--The term ''futures contract'' means
a contract of sale of a commodity for future delivery, within
the meaning of the Commodity Exchange Act.
(4) Futures commission merchant.--The term ''futures
commission merchant'' has the meaning given the term in section
1a(28) of the Commodity Exchange Act.
(5) SIPA.--The term ''SIPA'' means the Security Investors
Protection Act of 1970.
(6) SIPC.--The term ''SIPC'' means the Security Investors
Protection Corporation.
(7) SIPC fund.--The term ''SIPC fund'' means the fund
established under section 4(a)(1) of the SIPA.

SEC. 3. SUITABILITY RULES.

(a) In General.--The Commodity Exchange Act (7 U.S.C. 1 et seq.) is
amended by inserting after section 4t the following:

''SEC. 4U. SUITABILITY RULES.

''(a) In General.--
''(1) Recommendations must be suitable for the customer.--A
futures commission merchant shall not recommend a transaction
or investment strategy involving a contract of sale of a
commodity for future delivery, unless the futures commission
merchant has a reasonable basis to believe that the transaction
or investment strategy is suitable for the customer, based on
the information obtained through the reasonable diligence of
the futures commission merchant to ascertain the customer's
investment profile. A customer's investment profile includes,
but is not limited to, the customer's age, other investments,
financial situation and needs, tax status, investment
objectives, investment experience, investment time horizon,
liquidity needs, risk tolerance, and any other information the
customer may disclose to the futures commission merchant in
connection with the recommendation.
''(2) Safe harbor in certain cases.--A futures commission
merchant is deemed to comply with paragraph (1) in the case of
a customer with an institutional account, if--
''(A) the futures commission merchant has a
reasonable basis to believe that the customer is
capable of evaluating investment risks independently,
both in general and with regard to particular
transactions and investment strategies involving a
contract of sale of a commodity for future delivery;
and
''(B) the customer affirmatively indicates that it
is exercising independent judgment in evaluating the
recommendations of the futures commission merchant.
''(b) Applicability With Respect to Certain Agents.--If a customer
with an institutional account has delegated decisionmaking authority to
an agent, subsection (a) shall be applied with respect to the agent.
''(c) Institutional Account Defined.--In this section, the term
'institutional account' means the account of--
''(1) a bank, savings and loan association, insurance
company or registered investment company;
''(2) an investment adviser registered with the Securities
and Exchange Commission under section 203 of the Investment
Advisers Act or with a State securities commission (or any
agency or office performing like functions); or
''(3) any other person (whether a natural person,
corporation, partnership, trust or otherwise) with total assets
of at least $50,000,000.
''(d) Penalties.--The Commission may impose one or more of the
following sanctions on a person found by the Commission to have
violated this section or to have neglected or refused to comply with an
order issued by the Commission under this section:
''(1) Censure.
''(2) A fine.
''(3) Expulsion of the person from, or revocation of the
membership of the person in, a registered entity.
''(4) Suspension for a definite period or a period
contingent on the performance of a particular act, or
revocation, of the registration of the person under this Act
with the Commission as a futures commission merchant.
''(5) Suspension or bar of the person from association with
any other futures commission merchant.
''(6) A temporary or permanent cease and desist order
against the person.
''(7) Any other fitting sanction.''.
(b) Effective Date.--Within 6 months after the date of the
enactment of this Act, the Commodity Futures Trading Commission shall
issue regulations for the implementation of the amendment made by
subsection (a).

SEC. 4. REVIEW OF PROOF OF CLAIMS RULES.

(a) In General.--The Commodity Futures Trading Commission shall
review the guidelines for establishing account classes and determining
the basis for pro rata shares under, and the sample claim form set
forth in, part 190 of title 17, Code of Federal Regulations, and
consider the desirability of allowing use of a set date for valuation
purposes rather than the date of actual liquidation of positions.
(b) Report to the Congress.--Within 1 year after the date of the
enactment of this Act, the Commodity Futures Trading Commission shall
submit to the Congress a written report that contains the findings of
the Commission with respect to the matters referred to in subsection
(a), and includes such changes to the regulations in such part as the
Commission deems appropriate.
Example Output: Futures Investor Protection Act This bill establishes the Futures Investor Protection Corporation (FIPC) as a nonprofit membership corporation for all futures commission merchants registered with the Commodity Futures Trading Commission (CFTC). In general, the FIPC's powers and duties shall mirror those of the Security Investors Protection Corporation (the nonprofit membership corporation for registered broker-dealers). In addition, the bill amends the Commodity Exchange Act to establish suitability rules with respect torecommendationsby afutures commission merchant to a customer. The CFTC must review certain guidelines regarding proof of claims, as specified by the bill.

Example Input: SECTION 1. SHORT TITLE.
This Act may be cited as the ''Fiscal Year 2010 Federal Aviation
Administration Extension Act''.
SEC. 2. EXTENSION OF TAXES FUNDING AIRPORT AND AIRWAY TRUST FUND.
(a) Fuel Taxes.--Subparagraph (B) of section 4081(d)(2) of the
Internal Revenue Code of 1986 is amended by striking ''September 30,
2009'' and inserting ''December 31, 2009''.
(b) Ticket Taxes.--
(1) Persons.--Clause (ii) of section 4261(j)(1)(A) of the
Internal Revenue Code of 1986 is amended by striking ''September
30, 2009'' and inserting ''December 31, 2009''.
(2) Property.--Clause (ii) of section 4271(d)(1)(A) of such
Code is amended by striking ''September 30, 2009'' and inserting
''December 31, 2009''.
(c) Effective Date.--The amendments made by this section shall take
effect on October 1, 2009.
SEC. 3. EXTENSION OF AIRPORT AND AIRWAY TRUST FUND EXPENDITURE
AUTHORITY.
(a) In General.--Paragraph (1) of section 9502(d) of the Internal
Revenue Code of 1986 is amended--
(1) by striking ''October 1, 2009'' and inserting ''January 1,
2010''; and
(2) by inserting ''or the Fiscal Year 2010 Federal Aviation
Administration Extension Act'' before the semicolon at the end of
subparagraph (A).
(b) Conforming Amendment.--Paragraph (2) of section 9502(e) of such
Code is amended by striking ''October 1, 2009'' and inserting ''January
1, 2010''.
(c) Effective Date.--The amendments made by this section shall take
effect on October 1, 2009.
SEC. 4. EXTENSION OF AIRPORT IMPROVEMENT PROGRAM.
(a) Authorization of Appropriations.--
(1) In general.--Section 48103 of title 49, United States Code,
is amended--
(A) by striking ''and'' at the end of paragraph (5);
(B) by striking the period at the end of paragraph (6) and
inserting ''; and''; and
(C) by adding at the end the following:
''(7) $1,000,000,000 for the 3-month period beginning on
October 1, 2009.''.
(2) Obligation of amounts.--Sums made available pursuant to the
amendment made by paragraph (1) may be obligated at any time
through September 30, 2010, and shall remain available until
expended.
(b) Project Grant Authority.--Section 47104(c) of such title is
amended by striking ''September 30, 2009,'' and inserting ''December
31, 2009,''.
SEC. 5. EXTENSION OF EXPIRING AUTHORITIES.
(a) Section 40117(l)(7) of title 49, United States Code, is amended
by striking ''October 1, 2009.'' and inserting ''January 1, 2010.''.
(b) Section 41743(e)(2) of such title is amended by striking
''2009'' and inserting ''2010''.
(c) Section 44302(f)(1) of such title is amended--
(1) by striking ''September 30, 2009,'' and inserting
''December 31, 2009,''; and
(2) by striking ''December 31, 2009,'' and inserting ''March
31, 2010,''.
(d) Section 44303(b) of such title is amended by striking
''December 31, 2009,'' and inserting ''March 31, 2010,''.
(e) Section 47107(s)(3) of such title is amended by striking
''October 1, 2009.'' and inserting ''January 1, 2010.''.
(f) Section 47115(j) of such title is amended by inserting ''and
for the portion of fiscal year 2010 ending before January 1, 2010,''
after ''2009,''.
(g) Section 47141(f) of such title is amended by striking
''September 30, 2009.'' and inserting ''December 31, 2009.''.
(h) Section 49108 of such title is amended by striking ''September
30, 2009,'' and inserting ''December 31, 2009,''.
(i) Section 161 of the Vision 100--Century of Aviation
Reauthorization Act (49 U.S.C. 47109 note) is amended by inserting '',
or in the portion of fiscal year 2010 ending before January 1, 2010,''
after ''fiscal year 2009''.
(j) Section 186(d) of such Act (117 Stat. 2518) is amended by
inserting ''and for the portion of fiscal year 2010 ending before
January 1, 2010,'' after ''2009,''.
(k) Section 409(d) of such Act (49 U.S.C. 41731 note) is amended by
striking ''September 30, 2009.'' and inserting ''September 30, 2010.''.
(l) The amendments made by this section shall take effect on
October 1, 2009.
SEC. 6. FEDERAL AVIATION ADMINISTRATION OPERATIONS.
Section 106(k)(1) of title 49, United States Code, is amended--
(1) by striking ''and'' at the end of subparagraph (D);
(2) by striking the period at the end of subparagraph (E) and
inserting ''; and''; and
(3) by adding at the end the following:
''(F) $2,338,287,375 for the 3-month period beginning on
October 1, 2009.''.
SEC. 7. AIR NAVIGATION FACILITIES AND EQUIPMENT.
Section 48101(a) of title 49, United States Code, is amended--
(1) by striking ''and'' at the end of paragraph (4);
(2) by striking the period at the end of paragraph (5) and
inserting ''; and''; and
(3) by adding at the end the following:
''(6) $733,444,250 for the 3-month period beginning on October
1, 2009.''.
SEC. 8. RESEARCH, ENGINEERING, AND DEVELOPMENT.
Section 48102(a) of title 49, United States Code, is amended--
(1) by striking ''and'' at the end of paragraph (12);
(2) by striking the period at the end of paragraph (13) and
inserting ''; and''; and
(3) by adding at the end the following:
''(14) $46,250,000 for the 3-month period beginning on October
1, 2009.''.

Speaker of the House of Representatives.

Vice President of the United States and
President of the Senate.
Example Output: Fiscal Year 2010 Federal Aviation Administration Extension Act - Amends the Internal Revenue Code to extend through December 31, 2009: (1) excise taxes on aviation fuels and air transportation of persons and property; and (2) the expenditure authority for the Airport and Airway Trust Fund.

Authorizes appropriations through the three-month period beginning on October 1, 2009, for airport improvement program (AIP) projects, including project grant authority.

Extends through December 31, 2009, various airport development projects, including: (1) the pilot program for passenger facility fees at nonhub airports; (2) small airport grants for airports located in the Marshall Islands, Micronesia, and Palau; (3) state and local airport land use compatibility projects; (4) the authority of the Metropolitan Washington Airports Authority to apply for an airport development grant and impose a passenger facility fee; (5) the temporary increase to 95% in the government share of certain AIP project costs; and (6) Midway Island airport development.

Extends through FY2010 the authorization of appropriations for agreements the Secretary of Transportation makes for assistance under the small community air service development program.

Extends through December 31, 2009, Department of Transportation (DOT) insurance coverage for domestic and foreign-flag air carriers. Allows further extension through March 31, 2010.

Extends through March 31, 2010, air carrier liability limits for injuries to passengers resulting from acts of terrorism.

Extends through December 31, 2009, certain competitive access assurance requirements for large or medium hub airport sponsors applying for AIP grants.

Extends through FY2010 the termination date of any order issued by the Secretary with respect to the eligibility of certain places for essential air service compensation.

Extends through the three-month period beginning on October 1, 2009, the authorization of appropriations for: (1) Federal Aviation Administration (FAA) operations; (2) air navigation facilities and equipment; and (3) research, engineering, and development.

Example Input: SECTION 1. SHORT TITLE.

This Act may be cited as the ''FAA Research, Engineering, and
Development Authorization Act of 1997''.

SEC. 2. AUTHORIZATION OF APPROPRIATIONS.

Section 48102(a) of title 49, United States Code, is amended--
(1) by striking ''and'' at the end of paragraph (2)(J);
(2) by striking the period at the end of paragraph (3)(J)
and inserting in lieu thereof a semicolon; and
(3) by adding at the end the following:
''(4) for fiscal year 1998, $229,673,000, including--
''(A) $16,379,000 for system development and
infrastructure projects and activities;
''(B) $27,089,000 for capacity and air traffic
management technology projects and activities;
''(C) $23,362,000 for communications, navigation,
and surveillance projects and activities;
''(D) $16,600,000 for weather projects and
activities;
''(E) $7,854,000 for airport technology projects
and activities;
''(F) $49,202,000 for aircraft safety technology
projects and activities;
''(G) $56,045,000 for system security technology
projects and activities;
''(H) $27,137,000 for human factors and aviation
medicine projects and activities;
''(I) $2,891,000 for environment and energy
projects and activities; and
''(J) $3,114,000 for innovative/cooperative
research projects and activities.''.

SEC. 3. RESEARCH GRANTS PROGRAM INVOLVING UNDERGRADUATE STUDENTS.

(a) Program.--Section 48102 of title 49, United States Code, is
amended by adding at the end the following new subsection:
''(h) Research Grants Program Involving Undergraduate Students.--
''(1) Establishment.--The Administrator of the Federal
Aviation Administration shall establish a program to utilize
undergraduate and technical colleges in research on subjects of
relevance to the Federal Aviation Administration. Grants may be
awarded under this subsection for--
''(A) research projects to be carried out at
primarily undergraduate institutions and technical
colleges;
''(B) research projects that combine research at
primarily undergraduate institutions and technical
colleges with other research supported by the Federal
Aviation Administration; or
''(C) research on future training requirements on
projected changes in regulatory requirements for
aircraft maintenance and power plant licensees.
''(2) Notice of criteria.--Within 6 months after the date
of the enactment of the FAA Research, Engineering, and
Development Authorization Act of 1997, the Administrator of the
Federal Aviation Administration shall establish and publish in
the Federal Register criteria for the submittal of proposals
for a grant under this subsection, and for the awarding of such
grants.
''(3) Prinicpal criteria.--The principal criteria for the
awarding of grants under this subsection shall be--
''(A) the relevance of the proposed research to
technical research needs identified by the Federal
Aviation Administration;
''(B) the scientific and technical merit of the
proposed research; and
''(C) the potential for participation by
undergraduate students in the proposed research.
''(4) Competitive, merit-based evaluation.--Grants shall be
awarded under this subsection on the basis of evaluation of
proposals through a competitive, merit-based process.''.
(b) Authorization of Appropriations.--Section 48102(a) of title 49,
United States Code, as amended by this Act, is further amended by
inserting '', of which $750,000 shall be for carrying out the grant
program established under subsection (h)'' after ''projects and
activities'' in paragraph (4)(J).

SEC. 4. LIMITATION ON APPROPRIATIONS.

No sums are authorized to be appropriated to the Administrator of
the Federal Aviation Administration for fiscal year 1998 for the
Federal Aviation Administration Research, Engineering, and Development
account, unless such sums are specifically authorized to be
appropriated by the amendments made by this Act.

SEC. 5. NOTICE OF REPROGRAMMING.

If any funds authorized by the amendments made by this Act are
subject to a reprogramming action that requires notice to be provided
to the Appropriations Committees of the House of Representatives and
the Senate, notice of such action shall concurrently be provided to the
Committees on Science and Transportation and Infrastructure of the
House of Representatives and the Committee on Commerce, Science, and
Transportation of the Senate.

SEC. 6. SENSE OF CONGRESS ON THE YEAR 2000 PROBLEM.

With the year 2000 fast approaching, it is the sense of Congress
that the Federal Aviation Administration should--
(1) give high priority to correcting all 2-digit date-
related problems in its computer systems to ensure that those
systems continue to operate effectively in the year 2000 and
beyond;
(2) assess immediately the extent of the risk to the
operations of the Federal Aviation Administration posed by the
problems referred to in paragraph (1), and plan and budget for
achieving Year 2000 compliance for all of its mission-critical
systems; and
(3) develop contingency plans for those systems that the
Federal Aviation Administration is unable to correct in time.
Example Output:
FAA Research, Engineering, and Development Authorization Act of 1997 - Amends Federal transportation law to authorize FY 1998 appropriations for specified aviation programs.
Directs the Administrator of the Federal Aviation Administration (FAA) to establish a grant program to utilize undergraduate and technical colleges in research on subjects of relevance to the FAA. Sets forth criteria for the award of such grants. Authorizes appropriations for such grants, but limits the FY 1998 authorization for the FAA Research, Engineering, and Development account to sums specified by this Act.
Expresses the sense of the Congress that the FAA should: (1) give priority to correcting all two-digit date-related problems in its computer systems to ensure its continued operation in the year 2000 and beyond; and (2) develop contingency plans for FAA systems it is unable to correct in time.