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 ''Student Loan Fairness Consolidation
Act of 2003''.

SEC. 2. AUTHORITY TO REFINANCE EXISTING CONSOLIDATION LOANS.

(a) FFEL Consolidation Loans.--Section 428C(a)(3)(B) of the Higher
Education Act of 1965 (20 U.S.C. 1078-3(a)(3)(B)) is amended by adding
at the end the following new clause:
''(ii) Notwithstanding clause (i) of this subparagraph, a
borrower of a consolidation loan on which the interest is
established at a fixed rate under section 427A, 428C(c), or 455
may obtain a subsequent consolidation loan for the purposes of
refinancing such earlier consolidation loan at a variable rate
of interest under section 427A(m) or 455(b)(8), except that the
authority to refinance a consolidation loan under this clause
shall not apply to a consolidation loan that was used
exclusively to repay loans made under section 428B or Federal
Direct PLUS Loans (or both such loans).''.
(b) Parallel Terms for Federal Direct Consolidation Loans.--Section
455(a) of the Higher Education Act of 1965 (20 U.S.C. 1087e(a)) is
amended--
(1) in paragraph (1), by inserting ''428C,'' after
''428B,''; and
(2) in paragraph (2)--
(A) by striking ''and'' at the end of subparagraph
(B);
(B) by redesignating subparagraph (C) as
subparagraph (D); and
(C) by inserting after subparagraph (B) the
following:
''(C) section 428C shall be known as 'Federal
Direct Consolidation Loans'.''.

SEC. 3. AVAILABILITY OF VARIABLE INTEREST RATE CONSOLIDATION LOANS.

(a) FFEL Consolidation Loans.--Section 427A of the Higher Education
Act of 1965 (20 U.S.C. 1077a) is amended--
(1) by redesignating subsection (m) and (n) as subsections
(n) and (o), respectively; and
(2) by inserting after subsection (l) the following:
''(m) Variable Interest Rate Consolidation Loans.--
''(1) Variable rate.--Notwithstanding subsections (h), (k),
and (l), with respect to any loan made pursuant to section 428C
for which the first disbursement is made on or after the date
of enactment of the Student Loan Fairness Consolidation Act of
2003, the applicable rate of interest shall, during any 12-
month period beginning on July 1 and ending on June 30, be
determined on the preceding June 1 and be equal to--
''(A) the bond equivalent rate of 91-day Treasury
bills auctioned at the final auction held prior to such
June 1; plus
''(B) 2.3 percent,
except that such rate shall not exceed 8.25 percent.
''(2) Recovery of excess interest.--If, with respect to a
consolidation loan on which the applicable interest rate is
determined under this subsection, the applicable interest rate
for any 3-month period exceeds the special allowance rate
applicable to such loan under section 438(b)(2)(I) for such
period, then an adjustment shall be made--
''(A) by calculating the excess interest in the
amount computed under paragraph (3) of this subsection;
and
''(B) by crediting the excess interest to the
Government.
''(3) Amount of adjustment.--The amount of any adjustment
of interest on a loan to be made under this subsection for any
quarter shall be equal to--
''(A) the applicable interest rate minus the
special allowance rate determined under section
438(a)(2)(I); multiplied by
''(B) the average daily principal balance of the
loan (not including unearned interest added to
principal) during such calendar quarter; divided by
''(C) four.
''(4) Inapplicability to consolidation loans used to repay
plus loans.--The provisions of paragraph (1) of this subsection
shall not apply to a consolidation loan that was used
exclusively to repay loans made under section 428B or Federal
Direct PLUS Loans (or both such loans).''.
(b) Federal Direct Consolidation Loans.--Section 455(b) of the
Higher Education Act of 1965 (20 U.S.C. 1087e(b)) is amended--
(1) by redesignating paragraphs (8) and (9) as paragraphs
(9) and (10), respectively; and
(2) by inserting after paragraph (7) the following:
''(8) Variable interest rate consolidation loans.--
''(A) Variable rate.--Notwithstanding the preceding
paragraphs of this subsection, with respect to any
Federal Direct Consolidation Loan for which the first
disbursement is made on or after the date of enactment
of the Student Loan Fairness Consolidation Act of 2003,
the applicable rate of interest shall, during any 12-
month period beginning on July 1 and ending on June 30,
be determined on the preceding June 1 and be equal to--
''(i) the bond equivalent rate of 91-day
Treasury bills auctioned at the final auction
held prior to such June 1; plus
''(ii) 2.3 percent,
except that such rate shall not exceed 8.25 percent.
''(B) Inapplicability to consolidation loans used
to repay plus loans.--The provisions of this subsection
shall not apply to a consolidation loan that was used
exclusively to repay loans made under section 428B or
Federal Direct PLUS Loans (or both such loans).''.
(c) Conforming Amendment.--Section 438(b)(2)(I) is amended by
striking ''section 427A(k)(4) or (l)(3)'' each place it appears in
clauses (iv) and (vi) and inserting ''section 427A(k)(4), (l)(3), or
(m)''.
Example Output: Student Loan Fairness Consolidation Act of 2003 - Amends the Higher Education Act of 1965 to revise student aid requirements for Federal consolidation loans under the Federal Family Education Loan program, and establish parallel requirements under a Federal Direct Consolidation Loan program, to: (1) allow borrowers to refinance existing consolidation loans; and (2) make available variable interest rate consolidation loans. Excludes consolidation loans for repaying Federal PLUS loans (taken out by parents of students) from such provisions for refinancing and variable interest rates.

Example Input: SECTION 1. SHORT TITLE; AMENDMENT OF 1986 CODE.

(a) Short Title.--This Act may be cited as the ''Working Family
Child Care Tax Relief Act of 1996''.
(b) Amendment of 1986 Code.--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 Internal Revenue Code of 1986.

SEC. 2. EXPANSION OF CHILD AND DEPENDENT CARE CREDIT.

(a) Increase in Credit.--Paragraph (2) of section 21(a) (relating
to credit for expenses for household and dependent care services
necessary for gainful employment) is amended to read as follows:
''(2) Applicable percentage defined.--For purposes of
paragraph (1), the term 'applicable percentage' means 30
percent reduced (but not below 20 percent) by 1 percentage
point for each $3,000 (or fraction thereof) by which the
taxpayer's adjusted gross income exceeds $50,000.''
(b) Increase in Maximum Amount Creditable.--
(1) In general.--Section 21(c) (relating to dollar limit on
amount creditable) is amended--
(A) by striking ''$2,400'' in paragraph (1) and
inserting ''$4,000'', and
(B) by striking ''$4,800'' in paragraph (2) and
inserting ''$8,000''.
(2) Phaseout for taxpayers with adjusted gross income in
excess of $50,000.--
(A) In general.--Section 21(c) is amended by adding
at the end the following new paragraph:
''(2) Limitation based on adjusted gross income.--If the
taxpayer's adjusted gross income for the taxable year exceeds
$50,000, the applicable dollar amount under paragraph (1) shall
be reduced as follows:
''(A) The $4,000 amount under paragraph (1)(A)
shall be reduced (but not below $2,400) by $53.33 for
each $1,000 (or fraction thereof) of such excess.
''(B) The $8,000 amount under paragraph (1)(B)
shall be reduced (but not below $4,800) by $106.66 for
each $1,000 (or fraction thereof) of such excess.''
(2) Conforming amendments.--Section 21(c), as amended by
subsection (b), is amended--
(A) by striking ''The amount'' and inserting:
''(1) In general.--The amount'',
(B) by redesignating paragraphs (1) and (2) as
subparagraphs (A) and (B), respectively, and
(C) by striking ''paragraph (1) or (2)'' and
inserting ''subparagraph (A) or (B)''.
(c) Credit Made Refundable.--
(1) In general.--Section 21 (relating to credit for
expenses for household and dependent care services), as amended
by this section, is transferred to subpart C of part IV of
subchapter A of chapter 1, inserted after section 35, and
redesignated as section 36.
(2) Conforming amendments.--
(A) Section 129 is amended--
(i) by striking ''21(e)'' in subsection
(a)(2)(C) and inserting ''36(e)'',
(ii) by striking ''21(d)(2)'' in subsection
(b)(2) and inserting ''36(d)(2)'', and
(iii) by striking ''21(b)(2)'' in
subsection (e)(1) and inserting ''36(b)(2)''.
(B) Section 213(e) is amended by striking ''section
21'' and inserting ''section 36''.
(3) Clerical amendments.--
(A) The table of sections for subpart A of part IV
of subchapter A of chapter 1 is amended by striking the
item relating to section 21.
(B) The table of sections for subpart C of part IV
of subchapter A of chapter 1 is amended by adding at
the end the following new item:

''Sec. 36. Expenses for household and
dependent care services
necessary for gainful
employment.''
(d) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 1997.

SEC. 3. OFFSETS OF REVENUE LOSS.

(a) Modifications to Foreign Earned Income Exclusion.--
(1) Repeal of $70,000 exclusion.--Paragraph (1) of section
911(a) (relating to exclusion from gross income) is amended by
inserting ''in the case of taxable years beginning before
January 1, 1998,'' before ''the foreign earned income''.
(2) Qualified schooling expenses.--
(A) In general.--Section 911(a) is amended by
striking ''and'' at the end of paragraph (1), by
striking the period at the end of paragraph (2) and
inserting '', and'', and by adding at the end the
following new paragraph:
''(3) the qualified schooling expenses of such
individual.''
(B) Qualified schooling expenses.--Section 911 is
amended by redesignating subsections (e) and (f) as
subsections (f) and (g) and by inserting after
subsection (d) the following new subsection:
''(e) Qualified Schooling Expenses.--For purposes of this section--
''(1) In general.--For purposes of this section, the term
'qualified schooling expenses' means the reasonable schooling
expenses paid or incurred by or on behalf of the individual
during the taxable year for the education of each dependent of
the individual at the elementary or secondary level. For
purposes of the preceding sentence, the elementary or secondary
level means education which is the equivalent of education from
the kindergarten through the 12th grade in a United States-type
school.
''(2) Expenses included.--For purposes of paragraph (1),
the term 'schooling expenses' means the cost of tuition, fees,
books, and local transportation and of other expenses required
by the school. Except as provided in paragraph (3), such term
does not include expenses of room and board or expenses of
transportation other than local transportation.
''(3) Room, board, and travel allowed in certain cases.--If
an adequate United States-type school is not available within a
reasonable commuting distance of the individual's tax home, the
expenses of room and board of the dependent and the expenses of
the transportation of the dependent each school year between
such tax home and the location of the school shall be treated
as schooling expenses.
''(4) Determination of reasonable expenses.--If--
''(A) there is an adequate United States-type
school available within a reasonable commuting distance
of the individual's tax home, and
''(B) the dependent attends a school other than the
school referred to in subparagraph (A),
then the amount taken into account under paragraph (2) shall
not exceed the aggregate amount which would be charged for the
period by the school referred to in subparagraph (A).
''(5) Period taken into account.--An amount shall be taken
into account as a qualified schooling expense only if it is
attributable to education for a period during which the
individual's tax home is in a foreign country.
''(6) Special rules where schooling expenses not provided
by employer.--
''(A) In general.--To the extent the qualified
schooling expenses of any individual for any taxable
year is not attributable to employer provided amounts,
such expenses shall be treated as a deduction allowable
in computing adjusted gross income to the extent of the
limitation of subparagraph (B).
''(B) Limitation.--For purposes of subparagraph
(A), the limitation of this subparagraph is the excess
of--
''(i) the foreign earned income of the
individual for the taxable year, over
''(ii) the amount of such income excluded
from gross income under subsection (a) for the
taxable year.
''(C) 1-year carryover of expenses not allowed by
reason of subparagraph (b).--
''(i) In general.--The amount not allowable
as a deduction for any taxable year under
subparagraph (A) by reason of the limitation of
subparagraph (B) shall be treated as a
deduction allowable in computing adjusted gross
income for the succeeding taxable year (and
only for the succeeding taxable year) to the
extent of the limitation of clause (ii) for
such succeeding taxable year.
''(ii) Limitation.--For purposes of clause
(i), the limitation of this clause for any
taxable year is the excess of--
''(I) the limitation of
subparagraph (B) for such taxable year,
over
''(II) amounts treated as a
deduction under subparagraph (A) for
such taxable year.
''(D) Employer provided amounts.--For purposes of
this paragraph, the term 'employer provided amounts'
means any amount paid or incurred on behalf of the
individual by the individual's employer which is
foreign earned income included in the individual's
gross income for the taxable year (without regard to
this section).''
(C) Conforming amendment.--Section 911(d)(7) is
amended by inserting ''or (e)(6)(A)'' after
''subsection (c)(3)(A)''.
(3) Effective date.--The amendments made by this subsection
shall apply to taxable years beginning after December 31, 1997.
(b) Savings From Welfare Reform.--If there is an overall decrease
in Federal revenues for any fiscal year by reason of this Act (without
regard to this subsection), such decrease shall be offset by the
decrease in Federal expenditures for such fiscal year by reason of the
amendments made by, and provisions of, the Personal Responsibility and
Work Opportunity Reconciliation Act of 1996 (Public Law 104-193).
Example Output: Working Family Child Care Tax Relief Act of 1996 - Amends the Internal Revenue Code with respect to the child and dependent care credit to: (1) increase such credit and make it refundable; and (2) provide it with an income-based phaseout and limitation.
Eliminates the foreign earned income exclusion as of a specified date. Allows an exclusion for overseas qualified elementary and secondary schooling expenses.

Example Input: SECTION 1. SHORT TITLE.

This Act may be cited as the ''Financial Accounting Standards Board
Act''.

SEC. 2. DEFINITIONS.

As used in this Act--
(1) FASB.--The term ''FASB'' means the Financial Accounting
Standards Board.
(2) Federal regulatory program.--The term ''Federal
regulatory program'' means a program enacted under the
authority of the Commerce Clause of the Constitution and
providing for the regulation of the interstate or foreign
commerce of the United States, or the use of the means or
instrumentalities of such commerce.
(3) Person.--The term ''person'' includes corporations,
companies, associations, firms, partnerships, societies, and
joint stock companies, as well as individuals, but does not
include an agency or instrumentality of Federal, State, or
local government.

SEC. 3. STANDARDS AUTHORITATIVE.

The standards of financial accounting and reporting promulgated by
the FASB shall be authoritative for the purpose of determining
compliance with generally accepted accounting principles by any person
under any Federal regulatory program.

SEC. 4. DUTY OF FASB.

The duty of the FASB shall be to establish and improve, after
independent and impartial deliberation, standards of financial
accounting and reporting for any person. To accomplish its duty, the
FASB shall act to--
(1) improve the usefulness to present and potential
investors, creditors, and other users, of financial reporting
made by firms in interstate commerce focusing on the primary
characteristics of relevance and reliability;
(2) keep standards current to reflect changes in methods of
doing business and changes in the economic environment;
(3) consider promptly any significant areas of deficiency
in financial reporting that might be improved through the
standard-setting process;
(4) promote the international convergence of accounting
standards concurrent with improving the quality of financial
reporting; and
(5) improve the common understanding of the nature and
purposes of information contained in financial reports.

SEC. 5. REQUIREMENTS FOR ESTABLISHMENT OF ACCOUNTING STANDARDS.

(a) General Principles.--In promulgating and revising standards of
financial accounting and reporting, the FASB shall follow the following
principles:
(1) Financial reporting should provide information that is
useful to present and potential investors and creditors and
other users in making rational investment, credit, and similar
decisions. The information should be comprehensible to those
who have a reasonable understanding of business and economic
activities and are willing to study the information with
reasonable diligence.
(2) Financial reporting should provide information to help
present and potential investors and creditors and other users
in assessing the amounts, timing, and uncertainty of
prospective cash receipts from dividends or interest and the
proceeds from the sale, redemption, or maturity of the
securities or loans.
(3) Financial reporting should provide information about
the economic resources of an enterprise, the claims to those
resources (obligations of the enterprise to transfer resources
to other entities and owners' equity), and the effects of
transactions, events, and circumstances that change resources
and claims to those resources.
(b) Operating Objectives.--The FASB shall promote the following
objectives in the conduct of its activities:
(1) To be objective in its decision making and to ensure,
insofar as possible, the neutrality of information resulting
from its standards. To be neutral, information must report
economic activity as faithfully as possible without coloring
the image it communicates for the purpose of influencing
behavior in any particular direction.
(2) To weigh carefully the views of its constituents in
developing concepts and standards. However, the ultimate
determinant of concepts and standards must be the FASB's
judgment, based on research, public input, and careful
deliberation about the usefulness of the resulting information.
(3) To bring about needed changes in ways that minimize
disruption to the continuity of reporting practice, including
establishment of reasonable effective dates and transition
provisions when new standards are introduced. Change should be
evolutionary to the extent that it can be accommodated by the
need for relevance, reliability, comparability, and
consistency.
(4) To review the effects of past decisions and interpret,
amend, or replace standards in a timely fashion when such
action is indicated.
(c) Primary Standard Requiring Adherence to Principles.--
(1) Promulgation required.--The FASB shall promulgate a
primary standard requiring the application of the principles
articulated in subsection (a) of this section to financial
accounting and reporting. Except as provided in paragraph (2),
such primary standard shall prohibit the application of any
other standard of financial accounting and reporting
promulgated by the FASB in a manner, or with a result, that
fails to comply with such principles.
(2) Deviations explained and justified.--The primary
standard promulgated pursuant to this subsection may allow for
deviation from the application of such principles only if an
explanation and justification for the basis of the deviation is
specifically articulated and made public.
(d) Establishment of Additional Standards.--The FASB shall develop
additional standards of financial accounting and reporting to address
issues relating to--
(1) off-balance-sheet accounting practices and standards,
and accounting requirements for special-purpose entities, in a
manner that is based on principles for determining bona fide
economic control; and
(2) requirements for marked-to-market accounting, including
consideration of the application of fair value to agreements
involving commitments on the part of an issuer.
(e) Additional Projects.--
(1) Fair value project.--Within one year after the date of
enactment of this Act, FASB shall complete work on the project
entitled ''Measuring All Financial Assets and Liabilities at
Fair Value''.
(2) Revenue and liability recognition proposal.--Within 18
months after the date of enactment of this Act, FASB shall
complete work on the proposal entitled ''Proposal for new
agenda project: Issues relating to the recognition of revenues
and liabilities''.

SEC. 6. PRESERVATION OF AUTHORITY.

Nothing in this Act shall be construed to limit--
(1) the authority of the Securities and Exchange Commission
under the securities laws (as such term is defined in section
3(a)(47) of the Securities Exchange Act of 1934 (15 U.S.C.
78c(a)(47)); or
(2) the authority of any other Federal agency under the
laws applicable to a Federal regulatory program administered by
such agency.

SEC. 7. REPORTS.

(a) FASB Reports.--
(1) Annual reports.--The FASB shall transmit annual reports
to the President, the Committee on Energy and Commerce of the
House of Representatives, and the Committee on Banking,
Housing, and Urban Affairs of the Senate.
(2) Contents of reports.--Each report transmitted under
this subsection shall include the following:
(A) Assessment of resources.--An assessment by the
FASB of the resources available, and the sufficiency of
those resources, to carry out the purposes and
requirements of this Act.
(B) Evaluation of compliance.--An evaluation by the
FASB of the extent of the compliance of financial
statements with the standards of financial accounting
and reporting promulgated by the FASB and with the
requirements, objectives, and principles of sections 4
and 5.
(C) Progress on unresolved issues.--A statement by
the FASB of the progress made by the FASB in the
resolution of unresolved accounting standards issues.
(D) Progress on treatment of intangible assets.--A
statement of progress made by the FASB in modernizing
and improving the accounting treatment for intellectual
property and other intangible assets.
(3) Report on primary principle resolution.--The first
report transmitted under this subsection shall indicate the
resolution by the FASB of the issues identified in section
5(c).
(b) GAO Reports.--
(1) Annual reports required.--The Comptroller General shall
transmit annual reports to the President, the Committee on
Energy and Commerce of the House of Representatives, and the
Committee on Banking, Housing, and Urban Affairs of the Senate
on the FASB.
(2) Contents of reports.--Each report transmitted under
this subsection shall include the following:
(A) Progress on unresolved issues.--An evaluation
of the FASB's progress in resolving unresolved
accounting standards issues, including a description of
such issues, the plans and timetables concerning, and
resources available for, the resolution of such issues,
and the reasons for any delays in resolving such
issues.
(B) Assessment of fasb independence.--An assessment
of the extent to which the FASB has maintained its
independence and objectivity, including an assessment
of any impairment of such independence and objectivity
resulting from the methods by which the FASB obtains
the resources required for its operations.
(C) Evaluation of procedures.--An evaluation of the
procedures followed by the FASB in accounting standard
setting, including the due process accorded to
interested parties, the efficiency of FASB procedures
in resolving issues, and the extent of the compliance
by the FASB with its own procedural requirements.
(c) Unresolved Accounting Standards Issues.--For the purposes of
this section, the term ''unresolved accounting standards issue'' means
the open agenda items of the FASB and the FASB's Emerging Issues Task
Force, and any other issues that this Act has added to that agenda.
Example Output:
Financial Accounting Standards Board Act - States that the duty of the Financial Accounting Standards Board (FASB) is to establish and improve standards of financial accounting and reporting.Cites general principles and operating objectives to be followed when establishing financial accounting and reporting standards.Instructs the FASB to develop additional standards relating to: (1) off-balance-sheet accounting practices and standards, and accounting requirements for special-purpose entities, in a manner that is based on principles for determining bona fide economic control; and (2) marked-to-market accounting, including consideration of fair value to agreements involving commitments on the part of an issuer.Instructs the FASB to complete work on: (1) the project entitled "Measuring All Financial Assets and Liabilities at Fair Value;" and (2) the proposal entitled "Proposal for new agenda project: Issues relating to the recognition of revenues and liabilities."