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SECTION 1. SHORT TITLE.

This Act may be cited as the ''China Fair Trade Act of 2010''.

SEC. 2. RECIPROCAL COMPETITIVE TRADE PRACTICES.

(a) In General.--Section 302(a)(2) of the Trade Agreements Act of
1979 (19 U.S.C. 2512(a)(2)) is amended to read as follows:
''(2) Exceptions.--
''(A) In general.--Paragraph (1) shall not apply in
the case of procurements for which--
''(i) there are no offers of products or
services of the United States or of eligible
products; or
''(ii) the offers of products or services
of the United States or of eligible products
are insufficient to fulfill the requirements of
the United States Government.
''(B) Special rule with respect to the people's
republic of china.--Subparagraph (A) shall not apply in
the case of procurements of products or services of the
People's Republic of China.''.
(b) Waiver.--Section 302(b) of the Trade Agreements Act of 1979 (19
U.S.C. 2512(b)) is amended in the matter preceding paragraph (1), by
inserting '', except in the case of the People's Republic of China,''
before ''may''.

SEC. 3. REQUIREMENTS TO BUY CERTAIN ITEMS FROM AMERICAN SOURCES.

(a) Buy American Act.--
(1) American materials required for public use.--Section
2(a) of the Buy American Act (41 U.S.C. 10a(a)) is amended by
inserting after the second sentence the following: ''The
exceptions in the previous two sentences shall not apply with
respect to articles, materials, or supplies mined, produced, or
manufactured, as the case may be, in the People's Republic of
China until such time as China becomes a party to the Agreement
on Government Procurement (described in section 101(d)(17) of
the Uruguay Round Agreements Act (19 U.S.C. 3511(d)(17)).''.
(2) Contract specifications.--Section 3(a) of the Buy
American Act (41 U.S.C. 10b(a)) is amended by striking
''exception.'' and inserting ''exception: Provided further,
That such an exception may not permit the use of articles,
materials, or supplies mined, produced, or manufactured, as the
case may be, in the People's Republic of China until such time
as China becomes a party to the Agreement on Government
Procurement (described in section 101(d)(17) of the Uruguay
Round Agreements Act (19 U.S.C. 3511(d)(17)).''.
(3) Reports.--Section 2(b)(2)(A) of the Buy American Act
(41 U.S.C. 10a(b)(2)(A)) is amended by inserting before the
semicolon the following: ''and the country in which such
articles, materials, or supplies were manufactured''.
(b) Defense Contracts for Certain Articles.--Section 2533a of title
10, United States Code, is amended by adding at the end the following
new subsection:
''(l) Inapplicability of Exceptions to Articles From the People's
Republic of China.--The exceptions to the requirement in subsection (a)
provided under subsections (c) through (h) shall not apply with respect
to items grown, reprocessed, reused, or produced in the People's
Republic of China until such time as China becomes a party to the
Agreement on Government Procurement (described in section 101(d)(17) of
the Uruguay Round Agreements Act (19 U.S.C. 3511(d)(17)).''.
(c) Requirements To Use American Iron, Steel, and Manufactured
Goods Under the American Recovery and Reinvestment Act of 2009.--
Section 1605 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 new subsection:
''(e) The exceptions in subsection (b) shall not apply with respect
to iron, steel, and manufactured goods from the People's Republic of
China until such time as China becomes a party to the Agreement on
Government Procurement (described in section 101(d)(17) of the Uruguay
Round Agreements Act (19 U.S.C. 3511(d)(17)).''.

SEC. 4. REPORT ON PRODUCTIVE CAPACITY OF THE PEOPLE'S REPUBLIC OF
CHINA.

(a) In General.--Not later than 180 days, the Secretary of Commerce
shall submit to Congress a report on the productive capacity of the
major industrial sectors in the People's Republic of China.
(b) Contents.--The report required by subsection (a) shall include
an assessment of any steps taken by the Government of the People's
Republic of China to develop, expand, retract, or otherwise alter the
productive capacity of the sectors identified in the report.

SEC. 5. REPORT ON SUBSIDIES PROVIDED BY THE PEOPLE'S REPUBLIC OF CHINA
FOR RENEWABLE ENERGY PRODUCTS AND TECHNOLOGY.

(a) Report.--Not later than 180 days after the date of the
enactment of this Act, the Secretary of Energy, in consultation with
other appropriate agencies, shall report to Congress regarding the
policies of the Government of the People's Republic of China with
respect to, and the subsidies provided by the People's Republic of
China for, the development and exportation of renewable energy products
and technologies. The report shall include an analysis of the impact of
the policies and subsidies on United States manufacturers of renewable
energy products and technologies.
(b) Definitions.--
(1) Renewable energy.--The term ''renewable energy'' means
energy generated by a renewable energy resource.
(2) Renewable energy product or technology.--The term
''renewable energy product or technology'' means any product,
technology, or component of a product used in the development
or production of renewable energy.
(3) Renewable energy resource.--The term ''renewable energy
resource'' means--
(A) solar, wind, ocean, tidal, hydrokinetic, or
geothermal energy;
(B) biofuel, biomass, or hydropower; or
(C) any other renewable energy resource, as
determined by the Secretary of Energy.
China Fair Trade Act of 2010 - Amends the Trade Agreements Act of 1979 to provide that certain exceptions and waivers to the prohibition on the procurement of the products of a country that is not a party to the Agreement on Government Procurement shall not apply with respect to the procurements of products or services of the People's Republic of China.

Amends the Buy American Act to declare that certain exceptions to the Act requiring only U.S. materials be used for public use shall not apply to the procurement of Chinese made products until China becomes a party to the Agreement.

Declares that certain exceptions to Buy American requirements shall not apply to the procurement of Chinese products by the Department of Defense (DOD) until China becomes a party to such Agreement.

Amends the American Recovery and Reinvestment Act of 2009 to declare that certain exceptions to Buy American requirements under such Act shall not apply to the procurement of Chinese steel and products until China becomes a party to the Agreement.

Requires the Secretary of Commerce to report to Congress on the productive capacity of the major industrial sectors in China.

Directs the Secretary of Energy to report to Congress on: (1) Chinese policies and the subsidies China provides in the development and exportation of renewable energy products and technologies; and (2) the impact such policies and subsidies have on U.S. manufacturers of such products and technologies.

SECTION 1. SHORT TITLE.

This Act may be cited as the ''Budget Surplus Dividend Act of
1997''.

SEC. 2. 50 PERCENT OF FEDERAL BUDGET SURPLUS TO REIMBURSE EMPLOYERS AND
EMPLOYEES FOR A PORTION OF THEIR SOCIAL SECURITY TAXES.

(a) In General.--Subpart C of part IV of subchapter A of chapter 1
of the Internal Revenue Code of 1986 (relating to refundable credits)
is amended by redesignating section 35 as section 36 and by inserting
after section 34 the following new section:

''SEC. 35. CREDIT FOR PORTION OF SOCIAL SECURITY TAXES.

''(a) Allowance of Credit.--In the case of a taxable year to which
this section applies, there shall be allowed as a credit against the
tax imposed by this subtitle for the taxable year an amount equal to
the applicable percentage of the taxpayer's social security taxes for
the taxable year.
''(b) Taxable Years to Which Section Applies.--This section shall
apply to any taxable year beginning in the first calendar year
beginning after a fiscal year if there is a Federal budget surplus for
such fiscal year of more than $1,000,000,000.
''(c) Applicable Percentage.--For purposes of this section--
''(1) In general.--The term 'applicable percentage' means--
''(A) the base percentage with respect to so much
of the taxpayer's social security taxes as does not
exceed $3,000, and
''(B) the phasedown percentage with respect to so
much of the taxpayer's social security taxes as exceeds
$3,000.
''(2) Base percentage.--The term 'base percentage' means,
for taxable years beginning in a calendar year, the percentage
which the Secretary estimates will result in a reduction of
revenues to the Treasury by reason of this section for such
taxable year equal to 50 percent of the Federal budget surplus
for the most recent fiscal year ending before such calendar
year. Proper adjustments shall be made in the percentage
determined under the preceding sentence with respect to any
subsequent fiscal year to the extent that prior estimates were
in excess of or less than the proper percentage.
''(3) Phasedown percentage.--The term 'phasedown
percentage' means the base percentage reduced (but not below
zero) by the number of percentage points which bears the same
ratio to the base percentage as--
''(A) the excess of the taxpayer's social security
taxes over $3,000 bears to
''(B) the excess of the maximum social security
taxes over $3,000.
''(4) Maximum social security taxes.--The term 'maximum
social security taxes' means the amount which would be the
social security taxes of the taxpayer if the amount on which
such taxes are determined were equal to the maximum amount of
remuneration which may be taken into account under section
3101(a).
''(5) Special rules.--
''(A) Dollar limitations on per employee basis.--
The dollar limitations in paragraphs (1) and (3) shall
be applied on a per employee basis.
''(B) Self-employed individuals.--Paragraphs (1)
and (3) shall be applied by substituting '$6,000' for
'$3,000' each place it appears in the case of the taxes
referred to in subparagraph (C) or (D) of subsection
(d)(1).
''(d) Social Security Taxes.--For purposes of this section--
''(1) In general.--The term 'social security taxes' means,
with respect to any taxpayer for any taxable year--
''(A) the taxes imposed by sections 3101 and
3201(a) (relating to taxes on employees) on amounts
received by the taxpayer during the calendar year in
which the taxable year begins,
''(B) the taxes imposed by sections 3111 and
3221(a) (relating to taxes on employers) on amounts
paid by the taxpayer during the calendar year in which
the taxable year begins,
''(C) the taxes imposed by section 1401 on the
self-employment income of the taxpayer for the taxable
year, and
''(D) the taxes imposed by section 3211(a)(1) on
amounts received by the taxpayer during the calendar
year in which the taxable year begins.
''(2) Coordination with special refund of social security
taxes.--The term 'social security taxes' shall not include any
taxes to the extent the taxpayer is entitled to a special
refund of such taxes under section 6413(c).
''(3) Special rule.--Any amounts paid pursuant to an
agreement under section 3121(l) (relating to agreements entered
into by American employers with respect to foreign affiliates)
which are equivalent to the taxes referred to in paragraph
(1)(A) shall be treated as taxes referred to in such
paragraph.''
(b) Clerical Amendment.--The table of sections for subpart C of
part IV of subchapter A of chapter 1 of such Code is amended by
striking the item relating to section 35 and inserting the following:

''Sec. 35. Credit for portion of social
security taxes.
''Sec. 36. Overpayments of tax.''
(c) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 1997.

SEC. 3. APPROPRIATION TO USE 25 PERCENT OF FEDERAL BUDGET SURPLUS TO
REDUCE OUTSTANDING PUBLIC DEBT.

There is hereby appropriated for the first fiscal year following
each fiscal year for which there is a Federal budget surplus an amount
equal to 25 percent of such surplus for purpose of paying at maturity,
or to redeem or buy before maturity, obligations of the Government
included in the public debt. An obligation of the Government that is
paid, redeemed, or bought with funds appropriated by the preceding
sentence shall be canceled and retired and may not be reissued.

SEC. 4. USE 25 PERCENT OF FEDERAL BUDGET SURPLUS TO INCREASE NONDEFENSE
DISCRETIONARY SPENDING LIMITS.

For the first fiscal year following each fiscal year for which
there is a Federal budget surplus, the Director of the Office of
Management and Budget shall increase (on a pro rata basis between the
applicable nondefense categories for that fiscal year) the
discretionary spending limit for new budget authority under section
251(c) of the Balanced Budget and Emergency Deficit Control Act of 1985
by an amount equal to 25 percent of such surplus and shall adjust the
outlays flowing from that budget authority accordingly.
Budget Surplus Dividend Act of 1997 - Amends the Internal Revenue Code to allocate credits to taxpayers for social security taxes, during any year in which there is a Federal budget surplus of more than $1 billion, so as to utilize 50 percent of such surplus. Requires that, during any such year, the remainder of such surplus shall be split and used to: (1) reduce the outstanding public debt; and (2) increase nondefense discretionary spending limits.

SECTION 1. SHORT TITLE.

This Act may be cited as the ''Realtime Investor Protection Act''.

SEC. 2. CONSTITUTIONAL AUTHORITY.

The constitutional authority on which this Act rests is the power
of Congress to regulate commerce as enumerated in article I, section 8
of the United States Constitution.

SEC. 3. METHOD OF MAINTAINING BROKER/DEALER REGISTRATION, DISCIPLINARY,
AND OTHER DATA.

Subsection (i) of section 15A of the Securities Exchange Act of
1934 (15 U.S.C. 78o-3(i)) is amended to read as follows:
''(i) Obligation to Maintain Registration, Disciplinary and Other
Data.--
''(1) Maintenance of system to respond to inquiries.--A
registered securities association shall--
''(A) establish and maintain a system for
collecting and retaining registration information;
''(B) establish and maintain a toll-free telephone
listing, and a readily accessible electronic or other
process, to receive and promptly respond to inquiries
regarding--
''(i) registration information on its
members and their associated persons; and
''(ii) registration information on the
members and their associated persons of any
registered national securities exchange that
uses the system described in subparagraph (A)
for the registration of its members and their
associated persons; and
''(C) adopt rules governing the process for making
inquiries and the type, scope, and presentation of
information to be provided in response to such
inquiries in consultation with any registered national
securities exchange providing information pursuant to
subparagraph (B)(ii).
''(2) Recovery of costs.--Such an association may charge
persons making inquiries, other than individual investors,
reasonable fees for responses to such inquiries.
''(3) Process for disputed information.--Such an
association shall adopt rules establishing an administrative
process for disputing the accuracy of information provided in
response to inquiries under this subsection in consultation
with any registered national securities exchange providing
information pursuant to paragraph (1)(B)(ii).
''(4) Limitation of liability.--Such an association, or
exchange reporting information to such an association, shall
not have any liability to any person for any actions taken or
omitted in good faith under this subsection.
''(5) Definition.--For purposes of this subsection, the
term 'registration information' means the information reported
in connection with the registration or licensing of brokers and
dealers and their associated persons, including disciplinary
actions, regulatory, judicial, and arbitration proceedings, and
other information required by law, or exchange or association
rule, and the source and status of such information.''.

SEC. 4. FILING DEPOSITORIES FOR INVESTMENT ADVISERS.

(a) Amendment.--Section 204 of the Investment Advisers Act of 1940
(15 U.S.C. 80b-4) is amended--
(1) by striking ''Every investment'' and inserting the
following:
''(a) In General.--Every investment''; and
(2) by adding at the end the following:
''(b) Filing Depositories.--The Commission may, by rule, require an
investment adviser--
''(1) to file with the Commission any fee, application,
report, or notice required to be filed by this title or the
rules issued under this title through any entity designated by
the Commission for that purpose; and
''(2) to pay the reasonable costs associated with such
filing and the establishment and maintenance of the systems
required by subsection (c).
''(c) Access to Disciplinary and Other Information.--
''(1) Maintenance of system to respond to inquiries.--The
Commission shall require the entity designated by the
Commission under subsection (b)(1) to establish and maintain a
toll-free telephone listing, and a readily accessible
electronic or other process, to receive and promptly respond to
inquiries regarding registration information (including
disciplinary actions, regulatory, judicial, and arbitration
proceedings, and other information required by law or rule to
be reported) involving investment advisers and persons
associated with investment advisers.
''(2) Recovery of costs.--An entity designated by the
Commission under subsection (b)(1) may charge persons making
inquiries, other than individual investors, reasonable fees for
responses to inquiries made under paragraph (1).
''(3) Limitation on liability.--An entity designated by the
Commission under subsection (b)(1) shall not have any liability
to any person for any actions taken or omitted in good faith
under this subsection.''.
(b) Conforming Amendments.--
(1) Section 203A of the Investment Advisers Act of 1940 (15
U.S.C. 80b-3a) is amended--
(A) by striking subsection (d); and
(B) by redesignating subsection (e) as subsection
(d).
(2) Section 306 of the National Securities Markets
Improvement Act of 1996 (15 U.S.C. 80b-10, note; Public Law
104-290; 110 Stat. 3439) is repealed.
Realtime Investor Protection Act - Amends the Securities Exchange Act of 1934 to require a registered securities association to: (1) establish and maintain a registration information system on its members and their associated persons; and (2) establish and maintain a toll-free telephone listing, and a readily accessible electronic or other process, to receive and promptly respond to inquiries regarding that information. (Currently such an association is required to maintain a toll-free telephone listing to receive inquiries regarding disciplinary actions involving its members and their associated persons.)

Amends the Investment Advisers Act of 1940 to authorize the Securities and Exchange Commission (SEC) to require an investment adviser to: (1) file with the SEC any fee, application, report, or notice required to be filed through any entity designated by the SEC for that purpose; and (2) pay the reasonable costs associated with such filing and the establishment and maintenance of the telephone and electronic systems required by this Act.

Directs the SEC to require the designated entity to establish and maintain a toll-free telephone listing, and a readily accessible electronic or other process, to receive and promptly respond to inquiries regarding registration information (including disciplinary actions, regulatory, judicial, and arbitration proceedings, involving investment advisers and persons associated with investment advisers).