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SECTION 1. SHORT TITLE.

This Act may be cited as the ''United States Commission on
Rebuilding America for the 21st Century Act''.

SEC. 2. FINDINGS.

Congress finds the following:
(1) In 1808, Albert Gallatin, while serving as President
Thomas Jefferson's Secretary of the Treasury, reported to
Congress on the infrastructure investments needed by the young
Nation.
(2) Gallatin's plan built on President George Washington's
vision of connecting the interior settlements of the Nation
with the markets and ports of the East Coast through a network
of roads and canals, and provided a roadmap for infrastructure
development in the 19th century.
(3) In 1908, President Theodore Roosevelt convened a
conference of State and territorial governors, members of his
Cabinet and Congress, professional organizations, private
citizens, and government agencies to plan for the United States
conservation and infrastructure needs in the 20th century.
(4) The resulting plan laid the groundwork for many of the
critical investments initiated by President Franklin D.
Roosevelt to jumpstart the Nation's recovery from the Great
Depression.
(5) Today, as in 1808 and 1908, the United States is faced
with significant economic, environmental, and demographic
challenges.
(6) To stave off the worst effects of global warming, the
United States will need to reduce greenhouse gas emissions
significantly.
(7) The Nation's population is projected to increase to 420
million by 2050, which is nearly a 50 percent increase from the
Nation's population size in 2000.
(8) By 2050, more than 70 percent of the Nation's
population growth and economic growth is expected to take place
in extended networks of metropolitan regions linked by
environmental systems, transportation networks, economies, and
culture.
(9) The National Surface Transportation Policy and Revenue
Study Commission recently calculated that maintaining the
Nation's existing transportation system over the next 50 years
will require $225 billion annually. The latest transportation
authorization, SAFETEA-LU, provided only $244 billion total for
the 5 years ending with fiscal year 2009.
(10) The American Society of Civil Engineers has given the
Nation's public infrastructure, consisting of water, sewer, and
transportation systems, a grade of D-minus, estimating that it
will cost $1.6 trillion over the next 5 years merely to repair
the Nation's existing infrastructure.
(11) The Nation's decaying water infrastructure and a lack
of available funding to maintain and upgrade the Nation's
wastewater infrastructure pose a serious threat to water
quality. More than 72,000 miles of municipal water and sewer
pipe are more than 80 years old, threatening the health,
environment, and economy of communities large and small.
(12) Population growth and associated development will
place the Nation's water resources under increasing stress,
including increased pollutant loads, increased potential for
flooding, diminished drinking water supplies, loss of aquatic
habitat, and stream scouring and erosion. Global warming will
exacerbate existing water challenges and make other changes to
the natural hydrology, including more extreme storm events,
more frequent droughts, higher air and water temperatures,
changes in timing of stream flows, and sea level rise. New
technologies and a comprehensive strategy will be needed to
overcome these challenges and ensure a safe, adequate,
reliable, and sustainable water supply.
(13) The Environmental Protection Agency, the Congressional
Budget Office, and other stakeholders have identified a funding
gap of between $300 billion and $400 billion over the next 20
years for the restoration and replacement of wastewater
infrastructure, and an additional $250 billion over the next 30
years will be needed to replace worn-out drinking water pipes
and associated structures.
(14) From 1999 to 2009, the Nation's electricity demand
rose by nearly 20 percent while transmission capacity grew by
only 3.5 percent. To accommodate increased demand, and to
accommodate increased electrical supply from renewable sources
by 2050, electrical transmission infrastructure requires
significant investment.
(15) The Nation's rural economy is dependant on
transportation and communications networks to grow and compete
in an increasingly globalized market.
(16) Significant under-investment in public lands
infrastructure jeopardizes the tremendous conservation,
environmental, and mixed use benefits that these lands provide
the public.
(17) Much of the Nation's infrastructure was built in the
last half of the 20th century and will reach its capacity
limits early in the 21st century. Unless new capacity is
created in roads, rails, airports, seaports, and other systems,
the Nation's economic potential will be artificially limited.
(18) Since 1980, the number of miles people in the United
States drive has grown 3 times faster than the Nation's
population. Residents of walkable cities, however, drive 26
percent fewer miles per day than those living in the most
sprawling areas.
(19) By 2050, 89 million new or replaced homes as well as
190 billion square feet of new offices, stores, and other
nonresidential buildings will be constructed.
(20) By 2050, smart growth building policies could reduce
total transportation-related CO<INF>2</INF> emissions by 7 to
10 percent.
(21) Development of a bold national plan to overcome these
challenges by 2050 will allow the United States to respond in
the most economically and environmentally sustainable way.

SEC. 3. ESTABLISHMENT.

There is established a commission to be known as the ''United
States Commission on Rebuilding America for the 21st Century'' (in this
Act referred to as the ''Commission'').

SEC. 4. MEMBERSHIP.

(a) Appointment of Members.--The Commission shall be composed of 17
members as follows:
(1) Two members, including the chairman of the Commission,
to be appointed by the Speaker of the House of Representatives.
(2) Two members to be appointed by the majority leader of
the Senate.
(3) Three members to be appointed jointly by the minority
leader of the House of Representatives and the minority leader
of the Senate.
(4) One member to be appointed by the Administrator of the
Environmental Protection Agency.
(5) One member to be appointed by the Secretary of
Transportation.
(6) One member to be appointed by the Secretary of Housing
and Urban Development.
(7) One member to be appointed by the Secretary of the
Interior.
(8) One member to be appointed by the Secretary of Energy.
(9) One member to be appointed by the President of the
Executive Committee of the Board of Directors of the National
Association of Counties, in consultation with the other members
of the Board.
(10) One member to be appointed by the Chair of the
National Governors Association.
(11) One member to be appointed by the Executive Director
of the National Conference of State Legislatures, in
consultation with the members of the Conference's executive
committee.
(12) One member to be appointed by the President of the
Board of Directors of the National Association of Regional
Councils, in consultation with the other members of the Board.
(13) One member to be appointed by the President of the
United States Conference of Mayors, in consultation with the
members of the Conference's executive board.
(b) Dates of Appointments.--The initial member appointed to the
Commission shall be the Chairman, as designated by the Speaker of the
House of Representatives under subsection (a)(1). The remainder of the
members of the Commission shall be appointed in the 30-day period
beginning on the 30th day following the date of the appointment of the
Chairman.
(c) Qualifications.--
(1) In general.--Each member of the Commission shall be
knowledgeable in--
(A) the fields of transportation finance, highway
and transit programs, and transportation policy;
(B) the fields of land use and housing policy,
including community planning and design;
(C) the fields of water supply, water
infrastructure, and water conservation policy; or
(D) the fields of energy supply, energy
infrastructure, and energy conservation policy.
(2) Eligibility of certain representatives.--The members of
the Commission--
(A) may include representatives of State and local
governments, public transportation authorities, and
other appropriate governmental units; but
(B) may not include any member of the House of
Representatives, the Senate, or the President's
Cabinet.
(d) Terms.--The members of the Commission shall be appointed for
the life of the Commission.
(e) Vacancies.--A vacancy on the Commission shall be filled
promptly and in the manner in which the original appointment was made.
(f) Meetings.--
(1) Initial meeting.--Not later than 60 days after the last
day of the appointment period described in section 4(b), the
Commission shall hold the initial meeting of the Commission.
(2) Meetings.--The Commission shall meet at the call of the
chairman of the Commission or a majority of its members.
(3) Quorum.--A majority of the members of the Commission
shall constitute a quorum, but a lesser number of members may
hold hearings.
(g) Pay.--Members of the Commission shall serve without pay.
(h) Travel Expenses.--Each member of the Commission shall receive
travel expenses, including per diem in lieu of subsistence, in
accordance with applicable provisions under subchapter I of chapter 57
of title 5, United States Code.

SEC. 5. DUTIES.

(a) Review of Published Materials.--
(1) In general.--The Commission shall review published
materials on the Nation's transportation, water, energy, public
lands, and housing infrastructure and, based on the review,
assess the challenges of meeting the Nation's infrastructure
needs in the 21st century.
(2) Report to congress.--Not later than 120 days after the
last day of the appointment period described in section 4(b),
the Commission shall submit to Congress a report on the review
and assessment conducted under paragraph (1) and make the
report available to the public.
(b) Public Hearings.--In order to facilitate a national dialogue on
the Nation's infrastructure needs, the Commission shall hold public
hearings in at least 50 congressional districts representing a cross-
section of the geographical regions of the United States, and consult
with other interested persons, before submitting a final report under
subsection (c)
(c) Final Report.--
(1) National vision of infrastructure investments.--Not
later than one year after the last day of the appointment
period described in section 4(b), the Commission shall prepare
and submit to Congress a report that--
(A) documents the challenges of meeting the
Nation's transportation, water, energy, public lands,
and housing infrastructure needs in the 21st century;
and
(B) articulates a national vision of infrastructure
investments to overcome the challenges.
(2) Specific recommendations.--The report to be submitted
under paragraph (1) shall contain specific recommendations on
appropriate policies and investments, including integration of
existing programs, to provide the people of the United States
with--
(A) improved transportation mobility, choice, and
access to economic opportunities;
(B) streamlined investment processes to facilitate
State and local transportation investments;
(C) improved community health outcomes and social
equity;
(D) improved water conservation, quality, and
quantity;
(E) an efficient, vibrant, and flexible electric
grid that delivers clean, safe, and affordable energy;
(F) reductions in greenhouse gas emissions; and
(G) improved public lands infrastructure sufficient
to accommodate the growth in users without degrading
the environmental and conservation values of the public
lands.
(3) Model principles.--The report to be submitted under
paragraph (1) shall contain a set of model principles to ensure
that future investments in the Nation's transportation, water,
energy, public lands, and housing infrastructure incorporate
the findings and recommendations contained in the report.

SEC. 6. POWERS.

(a) Hearings and Sessions.--For the purpose of carrying out this
Act, the Commission may hold such hearings, meet and act at such times
and places, take such testimony, administer such oaths, and receive
such evidence as the Commission considers appropriate.
(b) Other Evidence.--The Commission shall gather evidence through
such means as the Commission considers appropriate, including--
(1) by soliciting comments through Federal Register
notices; and
(2) by receiving testimony at public hearings conducted by
members of the Commission, at the direction of the chairman of
the Commission, subject to appropriate rules governing the
receiving of evidence.
(c) Obtaining Official Data.--The Commission may secure directly
from any department or agency of the United States information (other
than information required by any law to be kept confidential by such
department or agency) necessary for the Commission to carry out its
duties under this Act. Upon request of the Commission, the head of that
department or agency shall furnish such nonconfidential information to
the Commission.
(d) Contracts.--The Commission may enter into contracts with other
entities in carrying out the duties of the Commission.
(e) Gifts, Bequests, and Devises.--To the extent or in the amounts
provided in advance in appropriations Acts, the Commission may accept,
use, and dispose of gifts, bequests, or devises of services or
property, both real and personal, for the purpose of aiding or
facilitating the work of the Commission. Gifts, bequests, or devises of
money and proceeds from sales of other property received as gifts,
bequests, or devises shall be deposited in the Treasury and shall be
available for disbursement upon order of the Chairperson.
(f) Mails.--The Commission may use the United States mails in the
same manner and under the same conditions as other departments and
agencies of the United States.
(g) Administrative Support Services.--Upon the request of the
Commission, the Administrator of General Services shall provide to the
Commission, on a reimbursable basis, the administrative support
services necessary for the Commission to carry out its responsibilities
under this Act.

SEC. 7. STAFF.

(a) Staff.--The Commission may appoint and fix the pay of such
personnel as the Commission considers appropriate.
(b) Staff of Federal Agencies.--Upon request of the Commission, the
head of any Federal department or agency may detail, on a reimbursable
basis, any of the personnel of that department or agency to the
Commission to assist the Commission in carrying out its duties under
this Act.
(c) Experts and Consultants.--The Commission may procure temporary
and intermittent services under section 3109(b) of title 5, United
States Code, but at rates for individuals not to exceed the daily
equivalent of the maximum annual rate of basic pay for GS-15 of the
General Schedule.

SEC. 8. AUTHORIZATION OF APPROPRIATIONS.

There is authorized to be appropriated to carry out this Act
$2,500,000.

SEC. 9. TERMINATION.

The Commission shall terminate on the 180th day following the date
of transmittal of the final report required under section 5(c). All
records and papers of the Commission shall thereupon be delivered to
the Administrator of General Services for deposit in the National
Archives.
United States Commission on Rebuilding America for the 21st Century Act - Establishes the United States Commission on Rebuilding America for the 21st Century to review published materials on the nation's transportation, water, energy, public lands, and housing infrastructure and assess the challenges of meeting the nation's infrastructure needs in the 21st century.

Directs the Commission to submit to Congress a report that: (1) documents those challenges and articulates a national vision of infrastructure investments to overcome them; (2) contains specific recommendations on policies and investments to provide for streamlined state and local transportation investment processes, an electric grid that delivers clean, safe, and affordable energy, reductions in greenhouse has emissions, and improved transportation mobility, community health outcomes, water conservation, and public lands infrastructure accommodating user growth without degrading the environment; and (3) contains a set of model principles to ensure that future investments in the nation's infrastructure incorporate the report's findings and recommendations.

SECTION 1. SHORT TITLE.

This Act may be cited as the ''End-User Protection Act of 2014''.

SEC. 2. DEFINITIONS.

(a) In General.--Section 1a of the Commodity Exchange Act (7 U.S.C.
1a) is amended--
(1) by redesignating paragraphs (8) through (51) as
paragraphs (9) through (52), respectively;
(2) by inserting after paragraph (7) the following:
''(8) Commercial market participant.--The term 'commercial
market participant' means any producer, processor, merchant, or
commercial user of an exempt or agricultural commodity, or the
products or by-products of an exempt or agricultural
commodity.'';
(3) in subparagraph (B) of paragraph (48) (as so
redesignated), by striking clause (ii) and inserting the
following:
''(ii) any purchase or sale of a
nonfinancial commodity or security for deferred
shipment or delivery, so long as the
transaction is intended to be physically
settled, including any stand-alone or embedded
option for which exercise would result in a
physical delivery obligation;''; and
(4) in paragraph (50) (as redesignated by paragraph (1)),
by striking subparagraph (D) and inserting the following:
''(D) De minimis exception.--
''(i) In general.--The Commission shall
exempt from designation as a swap dealer an
entity that engages in a de minimis quantity of
swap dealing (which shall not be less than
$8,000,000,000) in connection with transactions
with or on behalf of its customers.
''(ii) Regulations.--The Commission shall
promulgate regulations to establish the factors
to be used in a determination under clause (i)
to exempt, including any monetary or other
levels established by the Commission, and those
levels shall only be amended or changed through
an affirmative action of the Commission
undertaken by rule or regulation.''.
(b) Financial Entity.--Section 2(h)(7)(C) of the Commodity Exchange
Act (7 U.S.C. 2(h)(7)(C)) is amended--
(1) in clause (iii)--
(A) by striking ''an entity whose'' and inserting
the following: ''an entity--
''(I) whose'';
(B) by striking the period at the end and inserting
a semicolon; and
(C) by adding at the end the following:
''(II) that is--
''(aa) a commercial market
participant;
''(bb) included in clause
(i)(VIII); and
''(cc) not supervised by a
prudential regulator; or
''(III) that is included in clause
(i)(VIII) because--
''(aa) the entity regularly
enters into foreign exchange or
derivatives transactions on
behalf of, or to hedge or
mitigate, whether directly or
indirectly, the commercial risk
of 1 or more entities within
the same commercial enterprise
as the entity; or
''(bb) of the making of
loans to 1 or more entities
within the same commercial
enterprise as the entity.'';
and
(2) by adding at the end the following:
''(iv) Same commercial enterprise.--For
purposes of clause (iii)(III), an entity shall
be considered to be within the same commercial
enterprise as another entity if--
''(I) 1 of the entities owns,
directly or indirectly, at least a
majority ownership interest in the
other entity and reports its financial
statements on a consolidated basis and
the consolidated financial statements
include the financial results of both
entities; or
''(II) a third party owns at least
a majority ownership interest in both
entities and reports its financial
statements on a consolidated basis and
the financial statements of the third
party include the financial results of
both entities.
''(v) Predominantly engaged.--
''(I) In general.--Not later than
90 days after the date of enactment of
this clause, the Commission shall
promulgate regulations defining the
term 'predominantly engaged' for
purposes of clause (i)(VIII).
''(II) Minimum revenues.--The
regulations shall provide that an
entity shall not be considered to be
predominantly engaged in activities
that are in the business of banking or
financial in nature if the consolidated
revenues of the entity derived from the
activities constitute less than a
percentage (as specified by the
Commission in the regulations) of the
total consolidated revenues of the
entity.
''(III) Revenues from banking or
financial activities.--In determining
the percentage of the revenues of an
entity that are derived from activities
that are in the business of banking or
financial in nature, the regulations
shall exclude all revenues that are or
result from foreign exchange or
derivatives transactions used to hedge
or mitigate commercial risk (as defined
by the Commission in the
regulations).''.

SEC. 3. REPORTING OF ILLIQUID SWAPS SO AS TO NOT DISADVANTAGE CERTAIN
NON-FINANCIAL END USERS.

Section 2(a)(13) of the Commodity Exchange Act (7 U.S.C. 2(a)(13))
is amended--
(1) in subparagraph (C), by striking ''The Commission'' and
inserting ''Except as provided in subparagraph (D), the
Commission'';
(2) by redesignating subparagraphs (D) through (G) as
subparagraphs (E) through (H), respectively; and
(3) by inserting after subparagraph (C) the following:
''(D) Requirements for swap transactions in
illiquid markets.--
''(i) Definition of illiquid markets.--In
this subparagraph, the term 'illiquid markets'
means any market in which the volume and
frequency of trading in swaps is at such a
level as to allow identification of individual
market participants.
''(ii) Requirements.--Notwithstanding
subparagraph (C), the Commission shall--
''(I) provide by rule for the
public reporting of swap transactions,
including price and volume data, in
illiquid markets that are not cleared
and entered into by a nonfinancial
entity that is hedging or mitigating
commercial risk in accordance with
subsection (h)(7)(A); and
''(II) ensure that the swap
transaction information described in
subclause (I) is available to the
public not sooner than 30 days after
the swap transaction has been executed
or at such later date as the Commission
determines appropriate to protect the
identity of participants and positions
in illiquid markets and to prevent the
elimination or reduction of market
liquidity.''.

SEC. 4. TREATMENT OF AFFILIATES.

Section 2(h)(7)(D)(i) of the Commodity Exchange Act (7 U.S.C.
2(h)(7)(D)(i)) is amended--
(1) by striking ''An affiliate'' and inserting ''A person
that is a financial entity and is an affiliate'';
(2) by striking ''(including affiliate entities
predominantly engaged in providing financing for the purchase
of the merchandise or manufactured goods of the person)''; and
(3) by striking ''and as an agent''.

SEC. 5. APPLICABILITY TO BONA FIDE HEDGE TRANSACTIONS OR POSITIONS.

Section 4a(c) of the Commodity Exchange Act (7 U.S.C. 6a(c)) is
amended--
(1) in the second sentence of paragraph (1), by striking
''into the future for which'' and inserting ''in the future, to
be determined by the Commission, for which either an
appropriate swap is available or''; and
(2) in paragraph (2)--
(A) in the matter preceding subparagraph (A), by
striking ''subsection (a)(2)'' and all that follows
through ''position that--'' and inserting ''paragraphs
(2) and (5) of subsection (a) for swaps, contracts of
sale for future delivery, or options on the contracts
or commodities, a bona fide hedging transaction or
position is a transaction or position that--''; and
(B) in subparagraph (A)(ii), by striking ''of
risks'' and inserting ''or management of current or
anticipated risks''; and
(3) by adding at the end the following:
''(3) Commission definition.--The Commission may further
define, by rule or regulation, what constitutes a bona fide
hedging transaction or position so long as the rule or
regulation is consistent with the requirements of subparagraphs
(A) and (B) of paragraph (2).''.

SEC. 6. REPORTING AND RECORDKEEPING.

Section 4g(f) of the Commodity Exchange Act (7 U.S.C. 6g(f)) is
amended--
(1) by striking ''(f) Nothing contained in this section''
and inserting the following:
''(f) Authority of Commission To Make Separate Determinations
Unimpaired.--
''(1) In general.--Except as provided in paragraph (2),
nothing in this section''; and
(2) by adding at the end the following:
''(2) Exception.--If the Commission imposes any requirement
under this section on any person that is not registered, or
required to be registered, with the Commission in any capacity,
that person shall satisfy the requirements of any rule, order,
or regulation under this section by maintaining a written
record of each cash or forward transaction related to a
reportable or hedging commodity interest transaction, futures
contract, option on a futures contract, or swap.
''(3) Sufficiency.--A written record described in paragraph
(2) shall be sufficient if the written record--
''(A) memorializes the final agreement between the
parties, including the material economic terms of the
transaction; and
''(B) is identifiable and searchable by
transaction.''.

SEC. 7. MARGIN REQUIREMENTS.

(a) Commodity Exchange Act Amendment.--Section 4s(e) of the
Commodity Exchange Act (7 U.S.C. 6s(e)) is amended by adding at the end
the following:
''(4) Applicability with respect to counterparties.--The
requirements of paragraphs (2)(A)(ii) and (2)(B)(ii), including
the initial and variation margin requirements imposed by rules
adopted pursuant to paragraphs (2)(A)(ii) and (2)(B)(ii), shall
not apply to a swap in which a counterparty qualifies for an
exception under section 2(h)(7)(A) or 2(h)(7)(D), or an
exemption issued under section 4(c)(1) from the requirements of
section 2(h)(1)(A) for cooperative entities as defined in that
exemption.''.
(b) Securities Exchange Act Amendment.--Section 15F(e) of the
Securities Exchange Act of 1934 (15 U.S.C. 78o-10(e)) is amended by
adding at the end the following:
''(4) Applicability with respect to counterparties.--The
requirements of paragraphs (2)(A)(ii) and (2)(B)(ii) shall not
apply to a security-based swap in which a counterparty
qualifies for an exception under section 3C(g)(1) or satisfies
the criteria in section 3C(g)(4).''.
(c) Implementation.--The amendments made by this section to the
Commodity Exchange Act (7 U.S.C. 1 et seq.) shall be implemented--
(1) without regard to--
(A) chapter 35 of title 44, United States Code; and
(B) the notice and comment provisions of section
553 of title 5, United States Code;
(2) through the promulgation of an interim final rule,
pursuant to which public comment is sought before a final rule
is issued; and
(3) such that paragraph (1) shall apply solely to changes
to rules and regulations, or proposed rules and regulations,
that are limited to and directly a consequence of the
amendments.

SEC. 8. ANALYSIS BY THE COMMODITY FUTURES TRADING COMMISSION OF THE
COSTS AND BENEFITS OF REGULATIONS AND ORDERS.

Section 15(a) of the Commodity Exchange Act (7 U.S.C. 19(a)) is
amended by striking paragraphs (1) and (2) and inserting the following:
''(1) In general.--Before promulgating a regulation under
this Act or issuing an order (except as provided in paragraph
(3)), the Commission, acting through the Office of the Chief
Economist, shall--
''(A) state a justification for the regulation or
order;
''(B) state the baseline for the cost-benefit
analysis and explain how the regulation or order
measures costs against the baseline;
''(C) assess the costs and benefits, both
qualitative and quantitative, of the intended
regulation or order;
''(D) measure, and seek to improve, the actual
results of regulatory requirements; and
''(E) propose or adopt a regulation or order only
on a reasoned determination that the benefits of the
intended regulation or order justify the costs of the
intended regulation or order (recognizing that some
benefits and costs are difficult to quantify).
''(2) Considerations.--In making a reasoned determination
of costs and benefits under paragraph (1), the Commission shall
consider--
''(A) the protection of market participants and the
public;
''(B) the efficiency, competitiveness, and
financial integrity of futures and swaps markets;
''(C) the impact on market liquidity in the futures
and swaps markets;
''(D) price discovery;
''(E) sound risk management practices;
''(F) the cost of available alternatives to direct
regulation;
''(G) the degree and nature of the risks posed by
various activities within the scope of the jurisdiction
of the Commission;
''(H) whether, consistent with obtaining regulatory
objectives, the regulation or order is tailored to
impose the least burden on society, including market
participants, individuals, businesses of differing
sizes, and other entities (including small communities
and governmental entities), taking into account, to the
extent practicable, the cumulative costs of regulations
and orders;
''(I) whether the regulation or order is
inconsistent, incompatible, or duplicative of other
Federal regulations and orders; and
''(J) whether, in choosing among alternative
regulatory approaches, those approaches maximize net
benefits (including potential economic, environmental,
and other benefits, distributive impacts, and
equity).''.
End-User Protection Act of 2014 - Amends the Commodity Exchange Act with respect to exceptions to the requirement that any swap be cleared by a derivatives clearing organization either registered under that Act, or exempted from registration, if the swap is required to be cleared. Revises the definition of a financial entity subject to such requirement to exclude one that: (1) is a commercial market participant predominantly engaged in activities in the business of banking, or in activities that are financial in nature, but is not supervised by a prudential regulator; or (2) is considered as predominantly engaged in activities in the business of banking or in financial activities because it regularly enters into foreign exchange or derivatives transactions on behalf of, or to hedge or mitigate the commercial risk of, one or more other entities within the entity's same commercial enterprise, or because of making loans to one or more of such other entities. Directs the Commodity Futures Trading Commission (CFTC) to provide by rule for the public reporting of swap transactions, including price and volume data, in illiquid markets that are not cleared and entered into by a nonfinancial entity that is hedging or mitigating commercial risk. Defines "illiquid" as any market in which the volume and frequency of trading in swaps is at such a level as to allow identification of individual market participants. Requires the CFTC to ensure that such swap transaction information is not available to the public until 30 days after the transaction has been executed, or at an appropriate later date, in order to: (1) protect the identity of participants and positions in illiquid markets, and (2) prevent the elimination or reduction of market liquidity. Accords financial entities exempt from swap-clearing requirements the same treatment as exempted affiliates. Revises the exemption of bona fide hedge transactions or positions from certain trading limitations to set criteria for CFTC rules or regulations treating swaps, contracts of sale for future delivery, or options on the contracts or commodities as bona fide hedge transactions or positions also exempt from those limitations. Declares that, if the CFTC imposes any reporting and recordkeeping requirement on any person that is not registered, or required to be registered, with the CFTC, that person shall satisfy the requirements of any pertinent rule, order, or regulation by maintaining a written record of each cash or forward transaction related to a reportable or hedging commodity interest transaction, futures contract, option on a futures contract, or swap. Makes such a written record sufficient if it: (1) memorializes the final agreement between the parties, including the transaction's material economic terms; and (2) is identifiable and searchable by transaction. States that certain requirements for adoption of rules governing capital and margin requirements for swap dealers and major swap participants, including the initial and variation margin requirements imposed by rules adopted according to such requirements, shall not apply to a swap in which a counterparty qualifies for specified exceptions or exemptions. Revises requirements for a CFTC cost-benefit analysis made before an order is issued. Requires the CFTC, acting through the Office of the Chief Economist, among other things to: state a justification for the regulation or order; state the baseline for the cost-benefit analysis and explain how the regulation or order measures costs against the baseline; assess the costs and benefits, both qualitative and quantitative, of the intended regulation or order; measure, and seek to improve, the actual results of regulatory requirements; and propose or adopt a regulation or order only on a reasoned determination that the benefits of the intended regulation or order justify its costs.

SECTION 1. SHORT TITLE.

This Act may be cited as the ''Mountain Park Project Act of 1994''.

SEC. 2. MODIFICATION OF MOUNTAIN PARK PROJECT.

(a) In General.--The first section of the Act entitled ''An Act to
authorize the Secretary of the Interior to construct, operate, and
maintain the Mountain Park reclamation project, Oklahoma, and for other
purposes'' (Public Law 90-503; 82 Stat. 853) is amended by striking out
''and controlling floods.'' and inserting in lieu thereof ''controlling
floods, and environmental quality activities. As used in this Act, the
term 'environmental quality activity' means any activity that primarily
benefits the quality of natural environmental resources.''.
(b) Reallocation of Project Costs.--Such Act is further amended by
adding at the end the following new section:
''Sec. 7. (a)(1) Not later than 180 days after the date of
enactment of the Mountain Park Project Act of 1994, the Secretary of
the Interior (referred to in this section as the 'Secretary') shall--
''(A) conduct appropriate investigations to determine
environmental quality activities that could be carried out for
the Mountain Park project; and
''(B) on the basis of the determination made under
subparagraph (A), make an appropriate reallocation of the costs
of the project under sections 2 and 3 (referred to in this
section as 'project costs') to accommodate the environmental
quality activities that the Secretary authorizes pursuant to
this subsection.
''(2) In conducting investigations under this subsection, the
Secretary shall examine the benefits to natural environmental resources
achievable from an environmental quality activity that requires
reallocating water or using facilities or land of the Mountain Park
project, including any of the following activities:
''(A) Developing in-stream flows.
''(B) Developing wetland habitat.
''(C) Any other environmental quality activity that the
Secretary determines to be appropriate to benefit the overall
quality of the environment.
''(b)(1) Upon completion of the investigations under subsection
(a)(2), the Secretary shall carry out the following:
''(A) The preparation of a proposed reallocation of project
costs in conformance with subsection (a)(1)(B).
''(B) Negotiations with the Mountain Park Master
Conservancy District (referred to in this section as the
'District') to amend the contract executed by the District
pursuant to this Act to adjust the obligation of the District
to repay project costs, as described in section 2, to reflect
the reallocation of nonreimbursable project costs.
''(2) For the purposes of paragraph (1), project costs associated
with an environmental quality activity specified by the Secretary
pursuant to subsection (a)(2) shall be nonreimbursable project costs.
''(c)(1) Notwithstanding any other provision of this Act, the
Secretary is authorized to accept prepayment of the repayment
obligation of the District for the reimbursable construction costs of
the project allocated to municipal and industrial water supply for the
city of Altus, Oklahoma, the city of Frederick, Oklahoma, or the city
of Snyder, Oklahoma (or any combination thereof), and, upon receipt of
such prepayment, the District's obligation to the United States shall
be reduced by the amount of such costs, and any security held therefor,
shall be released by the Secretary.
''(2) Any prepayment made pursuant to subsection (c)(1) shall
realize to the United States an amount calculated by discounting the
remaining repayment obligation by the interest rate determined in
accordance with subsection (d).
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''(d)(1) The Secretary of the Treasury shall determine the interest
rate in accordance with the guidelines set forth in Circular A-129
issued by the Office of Management and Budget and the Department of
Treasury Financial Manual. In determining the interest rate, the
Secretary shall consider the price of the District's obligation if it
were to be sold on the open market to a third party.
''(2) If the District uses tax-exempt financing to finance a
prepayment under subsection (c)(1), then the interest rate by which the
Secretary discounts the remaining payments due on the District's
obligation shall be adjusted by an amount that compensates the United
States for the direct or indirect loss of future tax revenues.
''(e) Notwithstanding any payment made by the District pursuant to
this section or pursuant to any contract with the Secretary, title to
the project facilities shall remain with the United States.''.
(c) Repeal.--Section 3101 of the Reclamation Projects Authorization
and Adjustment Act of 1992 (Public Law 102-575; 106 Stat. 4698) is
repealed.
Mountain Park Project Act of 1994 - Adds environmental quality activities to the list of activities of the Mountain Park Reclamation Project, Oklahoma.
Directs the Secretary of the Interior to: (1) conduct investigations to determine environmental quality activities that could be carried out for the Project; and (2) make an appropriate reallocation of Project costs to accommodate such activities. Requires the Secretary, in conducting such investigations, to examine the benefits to natural environmental resources achievable from an environmental quality activity that requires reallocating water using facilities or land of the Project.
Requires the Secretary, upon completion of investigations, to: (1) prepare a proposed reallocation of Project costs; and (2) negotiate with the Mountain Park Master Conservancy District to amend the contract to adjust the obligation of the District to repay Project costs to reflect the reallocation of nonreimbursable Project costs. Requires Project costs associated with an environmental quality activity to be nonreimbursable. Authorizes the Secretary to accept prepayment of the repayment obligation of the District for reimbursable construction costs allocated to municipal and industrial water supply for the cities of Altus, Frederick, or Snyder, Oklahoma, or any combination thereof, and reduces the District's obligation by the amount of such costs upon receipt of prepayment.
Directs the Secretary of the Treasury: (1) to determine the interest rate in accordance with the guidelines set forth in Circular A-129 issued by the Office of Management and Budget and the Department of Treasury Financial Manual; and (2) in determining such rate, to consider the price of the District's obligation if it were to be sold on the open market to a third party.
Provides that title to the Project facilities shall remain with the United States.
Repeals provisions of existing law regarding prepayment by the District for Project costs.