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Q: SECTION 1. SHORT TITLE.

This Act may be cited as the ''Hood Bay Land Exchange Act of
1997''.

SEC. 2. FINDINGS.

The Congress makes the following findings:
(1) The Alaska National Interest Lands Conservation Act
established the Admiralty Island National Monument which is managed
by the Secretary of Agriculture, by and through the Forest Service.
(2) The Forest Service has established a policy of encouraging
the acquisition of private land inholdings within Admiralty Island
National Monument on a willing buyer/willing seller basis. Congress
has supported this policy, for example by passage of the Greens
Creek Land Exchange Act of 1996 which provided for a land exchange
of certain public and private lands in Admiralty Island National
Monument.
(3) Lands owned by Alaska Pulp Corporation, consisting of 54
acres, more or less, located in Hood Bay on Admiralty Island within
the boundaries of the Kootznoowoo Wilderness are available for
transfer to Federal ownership on a willing seller/willing buyer
basis. The acquisition of these lands would provide Federal
ownership of this valuable land in a critical area of Admiralty
Island National Monument.
(4) The United States is the owner of certain reversionary
interests to 143.87 acres, more or less, located adjacent to Silver
Bay near Sitka, Alaska, which interests were reserved in patent No.
1213671 issued to the Alaska Pulp Corporation on October 18, 1960.
The transfer of the reversionary interests of the United States in
such lands adjacent to Silver Bay to the Alaska Pulp Corporation
would facilitate future use and development of that land.
(5) The future acquisition by the United States of the Chaik
Bay property on Admiralty Island to be incorporated into the
Kootznoowoo Wilderness would be in the public interest.

SEC. 3. DEFINITIONS.

As used in this Act:
(1) The term ''ANILCA'' means the Alaska National Interest
Lands Conservation Act (16 U.S.C. 3101 et seq.).
(2) The term ''Company'' means the Alaska Pulp Corporation, an
Alaska corporation, its successors, and assigns.
(3) The term ''Company Property'' means the property depicted
on United States Survey Plat 1058 approved March 20, 1917,
consisting of approximately 54 acres of land.
(4) The term ''Federal Property'' means the reversionary
interest of the United States described in paragraphs (6) and (7)
of the patent dated October 18, 1960, granted by the Bureau of Land
Management to Alaska Lumber & Pulp Co., which was recorded at Book
15, Pages 271-273, Sitka Recording District on November 9, 1960.
The term ''Federal Property'' does not include the interests
described in paragraphs (1) through (5) of the said patent.
(5) The term ''Monument'' means the Admiralty Island National
Monument, which was established by section 503 of ANILCA and which
is managed by the Secretary of Agriculture as a unit of the
National Forest System.
(6) The term ''Secretary'' means the Secretary of Agriculture.
(7) The term ''Sitka'' means the city and borough of Sitka,
Alaska, a home-rule borough formed in accordance with the laws of
the State of Alaska.
(8) The term ''Sitka Property'' means the property depicted on
the maps entitled ''Sitka Property'', dated August 29, 1997,
consisting of approximately 49 acres of land.

SEC. 4. LAND EXCHANGE, TRANSFER, RELINQUISHMENT.

(a) Exchange of Company and Federal Property.--After the Company
conveys to the United States, by general warranty deed, all right,
title, and interest of the Company in and to the Company Property, the
Secretary shall within 60 days of acceptance of delivery of said deed,
unconditionally and without limitation except as provided herein,
relinquish to the Company all right, title, and interest of the United
States in and to the Federal Property and shall evidence that
relinquishment by conveying to the Company a quitclaim deed to the
Federal Property.
(b) Relinquishment of Property to Sitka.--Upon relinquishment of
the Federal Property to the Company under subsection (a), the Company
shall transfer all right, title, and interest of the Company in the
Sitka Property to Sitka.
(c) Availability of Maps.--The maps referred to in section 3(3)
depicting the Company Property and in section 3(4) depicting the
Federal Property shall be on file and available for public inspection
in the Office of the Forest Supervisor, Chatham Area, Tongass National
Forest, in Sitka, Alaska. The maps referred to in section 3(8)
depicting the Sitka Property shall be on file and available for public
inspection in the Office of the Manager of the city and borough of
Sitka, Alaska, until the conveyance described in subsection (b), at
which time the maps shall be recorded along with the deed.

SEC. 5. PROCESSING OF AND TERMS AND CONDITIONS RELATING TO LAND
EXCHANGE.

(a) Surveys.--Notwithstanding any other provision of law, the
Secretary of the Interior may conduct and approve all cadastral surveys
that are necessary for completion of the exchange. The cost of any
surveys shall be borne by the Company.
(b) Equal Value Exchange.--The values of the Federal Property and
the Company Property are deemed to be of equal value.
(c) Administration.--The Secretary is directed to implement and
administer the rights and obligations of the United States under this
Act.
(d) Cleanup Obligations.--Nothing in this Act shall impact or alter
the Company's rights, duties, and obligations regarding investigation,
remediation, cleanup, and restoration under its September 10, 1995,
Commitment Agreement with the State of Alaska or other applicable law.
The Company shall use its property consistent with all restrictive
covenants, including those restrictive covenants recorded on September
4, 1997.
(e) Title Standards.--Title to the Company Property to be conveyed
to the United States shall be acceptable to the Secretary consistent
with the title review standard of the Attorney General of the United
States.

SEC. 6. GENERAL PROVISIONS.

(a) Management of Company Property.--Upon acquisition of the
Company Property by the United States pursuant to this Act, said
property shall be managed as a part of the Admiralty Island National
Monument and the Kootznoowoo Wilderness.
(b) Authorization To Negotiate for Acquisition of Property.--In
furtherance of the purposes of the Kootznoowoo Wilderness, the
Secretary, acting through the Forest Service, is authorized to enter
into negotiations with the owners of private property in Chaik Bay on
Admiralty Island, with the objective of acquiring such property. The
Secretary is authorized to enter into an option to purchase or an
exchange agreement with the owners of such property to be effected
either through existing administrative mechanisms provided by law and
regulation, or by subsequent ratification by Act of Congress.

Speaker of the House of Representatives.

Vice President of the United States and
President of the Senate.

A: Hood Bay Land Exchange Act of 1997 - Provides for: (1) the relinquishment, by quitclaim deed, of the reversionary interest of the United States in specified Federal land in Sitka, Alaska, to the Alaska Pulp Corporation in exchange, by general warranty deed, for specified Corporation property located within the Admiralty Island National Monument; and (2) the Corporation's transfer of specified property to Sitka. Deems the values of the Federal Property and the Corporation's Property to be equal. States that nothing in this Act shall impact or alter the Corporation's rights, duties, and obligations regarding investigation, remediation, cleanup, and restoration under its September 10, 1995, Commitment Agreement with the State of Alaska or other applicable law. Requires the Corporation Property acquired by the United States to be managed as a part of the Admiralty Island National Monument and the Kootznoowoo Wilderness. Authorizes the Secretary of Agriculture, acting through the Forest Service, to negotiate with the owners of private property in the Chaik Bay on Admiralty Island, with the objective of acquiring such property. Allows the Secretary to enter into an option to purchase or an exchange agreement with such property owners to be effected either through existing administrative mechanisms provided by law and regulation, or by subsequent ratification by Act of Congress.
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Q: 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.

A: 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.
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Q: SECTION 1. SHORT TITLE.

This Act may be cited as the ''Solar Utilization Now Demonstration
Act of 2006'' or the ''SUN Act of 2006''.

SEC. 2. FINDINGS.

Congress makes the following findings:
(1) Renewable energy is a growth industry around the world.
However, the United States has not been investing as heavily as
other countries, and is losing market share.
(2) Since 1996, the United States has lost significant
market share in the solar industry, dropping from 44 percent of
the world market to 13 percent in 2003.
(3) In 2003, Japan spent more than $200,000,000 on solar
research, development, demonstration, and commercial
application and other incentives, and Germany provided more
than $750,000,000 in low cost financing for solar photovoltaic
projects. This compares to United States Government spending of
$139,000,000 in 2003 for research, development, demonstration,
and commercial application and other incentives.
(4) Germany and Japan each had domestic photovoltaic
industries that employed more than 10,000 people in 2003, while
in the same year the United States photovoltaics industry
employed only 2,000 people.
(5) The United States is becoming increasingly dependent on
imported energy.
(6) The high cost of fossil fuels is hurting the United
States economy.
(7) Small reductions in peak demand can result in very
large reductions in price, according to energy market experts.
(8) Although the United States has only 2 percent of the
world's oil reserves and 3 percent of the world's natural gas
reserves, our Nation's renewable energy resources are vast and
largely untapped.
(9) Renewable energy can reduce the demand for imported
energy, reducing costs and decreasing the variability of energy
prices.
(10) By using domestic renewable energy resources, the
United States can reduce the amount of money sent into unstable
regions of the world and keep it in the United States.
(11) By supporting renewable energy research and
development, and funding demonstration and commercial
application programs for renewable energy, the United States
can create an export industry and improve the balance of trade.
(12) Renewable energy can significantly reduce the
environmental impacts of energy production.

SEC. 3. PHOTOVOLTAIC DEMONSTRATION PROGRAM.

(a) In General.--The Secretary of Energy (in this Act referred to
as the ''Secretary'') shall establish a program of grants to States to
demonstrate advanced photovoltaic technology.
(b) Requirements.--
(1) Ability to meet requirements.--To receive funding under
the program under this section, a State must submit a proposal
that demonstrates, to the satisfaction of the Secretary, that
the State will meet the requirements of subsection (f).
(2) Compliance with requirements.--If a State has received
funding under this section for the preceding year, the State
must demonstrate, to the satisfaction of the Secretary, that it
complied with the requirements of subsection (f) in carrying
out the program during that preceding year, and that it will do
so in the future, before it can receive further funding under
this section.
(3) Funding allocation.--Except as provided in subsection
(c), each State submitting a qualifying proposal shall receive
funding under the program based on the proportion of United
States population in the State according to the 2000 census. In
each fiscal year, the portion of funds attributable under this
paragraph to States that have not submitted qualifying
proposals in the time and manner specified by the Secretary
shall be distributed pro rata to the States that have submitted
qualifying proposals in the specified time and manner.
(c) Competition.--If more than $80,000,000 is available for the
program under this section for any fiscal year, the Secretary shall
allocate 75 percent of the total amount of funds available according to
subsection (b)(3), and shall award the remaining 25 percent on a
competitive basis to the States with the proposals the Secretary
considers most likely to encourage the widespread adoption of
photovoltaic technologies.
(d) Proposals.--Not later than 6 months after the date of enactment
of this Act, and in each subsequent fiscal year for the life of the
program, the Secretary shall solicit proposals from the States to
participate in the program under this section.
(e) Competitive Criteria.--In awarding funds in a competitive
allocation under subsection (c), the Secretary shall consider--
(1) the likelihood of a proposal to encourage the
demonstration of, or lower the costs of, advanced photovoltaic
technologies; and
(2) the extent to which a proposal is likely to--
(A) maximize the amount of photovoltaics
demonstrated;
(B) maximize the proportion of non-Federal cost
share; and
(C) limit State administrative costs.
(f) State Program.--A program operated by a State with funding
under this section shall provide competitive awards for the
demonstration of advanced photovoltaic technologies. Each State program
shall--
(1) require a contribution of at least 60 percent per award
from non-Federal sources, which may include any combination of
State, local, and private funds, except that at least 10
percent of the funding must be supplied by the State;
(2) limit awards for any single project to a maximum of
$1,000,000;
(3) prohibit any nongovernmental recipient from receiving
more than $1,000,000 per year;
(4) endeavor to fund recipients in the commercial,
industrial, institutional, governmental, and residential
sectors;
(5) limit State administrative costs to no more than 10
percent of the grant;
(6) report annually to the Secretary on--
(A) the amount of funds disbursed;
(B) the amount of photovoltaics purchased; and
(C) the results of the monitoring under paragraph
(7);
(7) provide for measurement and verification of the output
of a representative sample of the photovoltaics systems
demonstrated throughout the average working life of the
systems, or at least 20 years; and
(8) require that applicant buildings must have received an
independent energy efficiency audit during the 6-month period
preceding the filing of the application.
(g) Unexpended Funds.--If a State fails to expend any funds
received under subsection (b) or (c) within 3 years of receipt, such
remaining funds shall be returned to the Treasury.
(h) Reports.--The Secretary shall report to Congress 5 years after
funds are first distributed to the States under this section--
(1) the amount of photovoltaics demonstrated;
(2) the number of projects undertaken;
(3) the administrative costs of the program;
(4) the amount of funds that each State has not received
because of a failure to submit a qualifying proposal, as
described in subsection (b)(3);
(5) the results of the monitoring under subsection (f)(7);
and
(6) the total amount of funds distributed, including a
breakdown by State.
(i) Authorization of Appropriations.--There are authorized to be
appropriated to the Secretary for the purposes of carrying out this
section--
(1) $50,000,000 for fiscal year 2007;
(2) $100,000,000 for fiscal year 2008;
(3) $150,000,000 for fiscal year 2009;
(4) $200,000,000 for fiscal year 2010; and
(5) $300,000,000 for fiscal year 2011.

A:
Solar Utilization Now Demonstration Act of 2006 or the SUN Act of 2006 - Directs the Secretary of Energy to establish a program of grants to states to demonstrate advanced photovoltaic technology.
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