In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
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Question: SECTION 1. SHORT TITLE.

This Act may be cited as the ''Freedom and Mobility in Consumer
Banking Act''.

SEC. 2. FEDERAL DEPOSIT INSURANCE ACT AMENDMENTS.

The Federal Deposit Insurance Act (12 U.S.C. 1811 et seq.) is
amended by adding at the end the following new section:

''SEC. 51. RIGHT TO CLOSE PERSONAL CHECKING AND SAVINGS ACCOUNTS.

''(a) In General.--An insured depository institution may not--
''(1) prohibit any person from closing a checking or
savings account, regardless of whether the balance in the
account is positive, zero, or negative; or
''(2) charge any fee to close any such account.
''(b) Time Limit.--An account at any insured depository institution
shall be closed by the institution not later than 48 hours after
receiving a request from the customer to close the account.
''(c) Methods of Requesting Closure of an Account.--
''(1) In general.--Any accountholder of an account at an
insured depository institution may request that the account be
closed in person, over the phone, or by other electronic or
remote means, as may be prescribed by regulation.
''(2) Exception for large accounts.--Notwithstanding
paragraph (1), any insured depository institution may require
an accountholder of an account which has an outstanding balance
of $25,000 or more on deposit at the depository institution to
close the account in person, to the extent the depository
institution has provided written notice of such requirement to
the account holder at any time prior to receiving a request
from the accountholder to close the account.
''(d) Repayment of Balances.--
''(1) In general.--Any balance in an account at an insured
depository institution that is closed by the institution
pursuant to a request by the accountholder shall repaid to the
accountholder in accordance with the following requirements:
''(A) In person.--If the request is made in person,
the total amount of funds on deposit in the account
shall be paid to the accountholder at the time the
request is made at the consumer's option and without a
fee, by certified check provided to the consumer at the
time of the request, by electronic fund transfer
executed on that business day to an account designated
by the consumer, or by any other means offered by the
financial institution if requested by the consumer.
''(B) Request made by other means.--If the request
is made over the phone, or by other electronic or
remote means, the total amount of funds on deposit in
the account shall promptly be remitted by the
institution to the accountholder at the consumer's
option and without a fee, by certified check issued on
the business day on which the request is received, by
electronic fund transfer executed on that business day
to an account designated by the consumer, or by any
other means offered by the financial institution if
requested by the consumer.
''(2) Time limit.--In any case, the payment by an insured
depository institution of the total amount of funds on deposit
in an account at the institution which the accountholder has
requested be closed shall be remitted to the accountholder
before the end of the 3 business day period beginning when the
accountholder submits such request.
''(e) Prohibition on Any Fees or Charges After Request To Close.--
No insured depository institution may impose any fees or charges on any
deposit account at such institution after receiving a request in
accordance with subsection (c) to close the account.
''(f) Prohibition on Reopening Account To Make Subsequent
Payment.--No insured depository institution may reopen an account that
the consumer has requested be closed in accordance with subsection (c)
to apply subsequent debits, whether preauthorized or otherwise, or for
any other reason, unless the consumer expressly requests that such
account be reopened.
''(g) Notice of Subsequent Preauthorized Recurring Debits.--During
the 30-day period beginning on the date an account at an insured
depository institution is closed pursuant to a request by the
accountholder, the insured depository institution shall promptly notify
the customer if a preauthorized recurring debit is directed to the
account.
''(h) Limitation on Reporting.--
''(1) Negative balance resulting from fees.--If, at the
time any account at an insured depository institution is
closed, the account has a negative balance resulting solely
from any fee assessed by the depository institution, the
insured depository institution may not report the fact of the
outstanding balance or any other adverse information with
respect to such account to any consumer reporting agency
described in section 603(f) of the Fair Credit Reporting Act if
such information could be used to adversely affect the
consumer's ability to open a transaction account at another
depository institution.
''(2) Treatment of negative balance resulting from
overdrafts.--If such information could be used to adversely
affect the consumer's ability to open a transaction account at
another depository institution, an insured depository
institution shall not report to any consumer reporting agency
(as defined in section 603 of the Fair Credit Reporting Act)
that an account had a negative balance at the time of the
closure of the account unless all of the following conditions
are met:
''(A) Only if the negative balance is the result of
funds actually paid by the depository institution to a
third party.
''(B) Only for the amount it actually paid to the
third party and not for any fees associated with the
transaction.
''(C) Only to the extent the negative balance is
the result of credit extended through an overdraft line
of credit program where the fee or charge incurred in
connection with the overdraft is considered a finance
charge under the Truth In Lending Act.
''(3) Notice and opportunity for repayment of overdraft.--
If an account of an accountholder at an insured depository
institution has a negative balance at the time the account is
closed, the insured depository institution--
''(A) shall promptly notify the accountholder of
the fact of the negative balance and the amount due;
and
''(B) may, after the end of the 30-day period
beginning on the date notice is provided to an
accountholder under subparagraph (A)--
''(i) report the fact of the outstanding
balance or any other adverse information with
respect to such account to any consumer
reporting agency, subject to the limitations in
paragraph (2); and
''(ii) take any other collection activity
with respect to such outstanding balance.
''(i) Transfer of Direct Deposit Received After Notice of Closure
and Payment.--If--
''(1) during the 30-day period beginning after any balance
in an account at an insured depository institution that is
closed by the institution pursuant to a request by the
accountholder has been repaid to the accountholder, a
previously scheduled amount intended for direct deposit into
such account is received by such institution, and
''(2) before the time such amount is received, the consumer
provides the insured depository institution with an account
number and insured depository institution routing number for a
successor transaction or savings account at another insured
depository institution,
the insured depository institution which receives such amount shall
transfer such amount, without a fee and by electronic fund transfer, to
the insured depository institution identified by the former
accountholder for deposit in the transaction or savings account
identified by such former accountholder.
''(j) Regulations.--The Federal banking agencies shall jointly
prescribe regulations to carry out the purposes of this section.''.

Answer: Freedom and Mobility in Consumer Banking Act - Amends the Federal Deposit Insurance Act (FDIA) to prohibit an insured depository institution from: (1) prohibiting any person from closing a checking or savings account, regardless of its balance; or (2) charging a fee to close such an account.

Requires a depository institution to close an account within 48 hours after receiving a request from the customer to do so.

Permits an account holder to request that the account be closed in person, over the phone, or by other electronic or remote means, as may be prescribed by regulation.

Sets forth financial institution procedures for closing large accounts and repaying balances, as well as notice and opportunity for accountholder repayment of overdrafts.

Prohibits a depository institution from: (1) imposing fees or charges after receiving a request to close an account, or (2) reopening an account without express account holder request.

Question: SECTION 1. SHORT TITLE; AMENDMENT OF 1986 CODE.

(a) Short Title.--This Act may be cited as the ''Long-Term
Investment Incentive Act of 1997''.
(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. REDUCTION OF TAX ON LONG-TERM CAPITAL GAINS ON ASSETS HELD MORE
THAN 2 YEARS.

(a) In General.--Part I of subchapter P of chapter 1 (relating to
treatment of capital gains) is amended by redesignating section 1202 as
section 1203 and by inserting after section 1201 the following new
section:

''SEC. 1202. CAPITAL GAINS DEDUCTION FOR ASSETS HELD BY NONCORPORATE
TAXPAYERS MORE THAN 2 YEARS.

''(a) General Rule.--If a taxpayer other than a corporation has a
net capital gain for any taxable year, there shall be allowed as a
deduction an amount equal to the sum of the applicable percentages of
the classes of net capital gain described in the table under subsection
(b).
''(b) Applicable Percentage.--For purposes of this subsection, the
applicable percentage shall be the percentage determined in accordance
with the following table:

The applicable
''In the case of:
percentage is:
2-year gain........................ 7.145
3-year gain........................ 14.29
4-year gain........................ 21.45
5-year gain........................ 28.57
6-year gain........................ 35.71
7-year gain........................ 42.86
8-year gain........................ 50.00.
''(c) Gain to Which Deduction Applies.--For purposes of this
section--
''(1) 2-year gain.--The term '2-year gain' means the lesser
of--
''(A) the net capital gain for the taxable year, or
''(B) the amount of long-term capital gain which
would be computed for the taxable year if only gain
from the sale or exchange of property held by the
taxpayer for more than 2 years but not more than 3
years were taken into account.
''(2) 3-year gain, etc.--The terms '3-, 4-,
5-, 6-, or 7-year gain' mean the amounts determined under
paragraph (1)--
''(A) by reducing the amount of the net capital
gain under subparagraph (A) thereof by an amount equal
to the long-term capital gain from the sale or exchange
of property with a holding period less than the minimum
holding period for any such category, and
''(B) by substituting 3, 4, 5, 6, or 7 years for 2
years and 4, 5, 6, 7, or 8 years for 3 years,
respectively, in subparagraph (B) thereof.
''(3) 8-year gain.--The term '8-year gain' means the lesser
of--
''(A) the net capital gain for the taxable year,
reduced by in the same manner as under paragraph
(2)(A), or
''(B) the amount of the long-term capital gain
which would be computed for the taxable year if only
gain from the sale or exchange of property held by the
taxpayer for more than 8 years were taken into account.
''(d) Estates and Trusts.--In the case of an estate or trust, the
deduction under subsection (a) shall be computed by excluding the
portion (if any) of the gains for the taxable year from sales or
exchanges of capital assets which, under sections 652 and 662 (relating
to inclusions of amounts in gross income of beneficiaries of trusts),
is includible by the income beneficiaries as gain derived from the sale
or exchange of capital assets.
''(e) Coordination With Treatment of Capital Gain Under Limitation
on Investment Interest.--For purposes of this section, the net capital
gain for any taxable year shall be reduced (but not below zero) by the
amount which the taxpayer takes into account as investment income under
section 163(d)(4)(B)(iii).
''(f) Treatment of Collectibles.--
''(1) In general.--Solely for purposes of this section, any
gain or loss from the sale or exchange of a collectible shall
be treated as a short-term capital gain or loss (as the case may be),
without regard to the period such asset was held. The preceding
sentence shall apply only to the extent the gain or loss is taken into
account in computing taxable income.
''(2) Treatment of certain sales of interest in
partnership, etc.--For purposes of paragraph (1), any gain from
the sale or exchange of an interest in a partnership, S
corporation, or trust which is attributable to unrealized
appreciation in the value of collectibles held by such entity
shall be treated as gain from the sale or exchange of a
collectible. Rules similar to the rules of section 751(f) shall
apply for purposes of the preceding sentence.
''(3) Collectible.--For purposes of this subsection, the
term 'collectible' means any capital asset which is a
collectible (as defined in section 408(m) without regard to
paragraph (3) thereof).
''(g) Transitional Rule.--
''(1) In general.--Gain may be taken into account under
subsection (c) only if such gain is properly taken into account
on or after May 7, 1997.
''(2) Special rules for pass-thru entities.--
''(A) In general.--In applying paragraph (1) with
respect to any pass-thru entity, the determination of
when gains and losses are properly taken into account
shall be made at the entity level.
''(B) Pass-thru entity defined.--For purposes of
subparagraph (A), the term 'pass-thru entity' means--
''(i) a regulated investment company,
''(ii) a real estate investment trust,
''(iii) an S corporation,
''(iv) a partnership,
''(v) an estate or trust, and
''(vi) a common trust fund.''
(b) Deduction Allowable in Computing Adjusted Gross Income.--
Subsection (a) of section 62 is amended by inserting after paragraph
(16) the following new paragraph:
''(17) Long-term capital gains.--The deduction allowed by
section 1202.''
(c) Maximum Capital Gains Rate.--Section 1(h) is amended by adding
at the end the following new sentence: ''For purposes of this
subsection, taxable income shall be computed without regard to the
deduction allowed under section 1202.''
(d) Treatment of Certain Pass-Thru Entities.--
(1) Capital gain dividends of regulated investment
companies.--
(A) Subparagraph (B) of section 852(b)(3) is
amended to read as follows:
''(B) Treatment of capital gain dividends by
shareholders.--A capital gain dividend shall be treated
by the shareholders as gain from the sale or exchange
of a capital asset held for more than 1 year but not
more than 2 years; except that the portion of any such
dividend designated by the company as allocable 2-, 3-,
4-, 5-, 6-, 7-, or 8-year gain of the company shall be
treated as gain from the sale or exchange of a capital
asset held for the amount of years in such class for
purposes of section 1202. Rules similar to the rules of
subparagraph (C) shall apply to any designation under
the preceding sentence.''
(B) Clause (i) of section 852(b)(3)(D) is amended
by adding at the end the following new sentence:
''Rules similar to the rules of subparagraph (B) shall
apply in determining character of the amount to be so
included by any such shareholder.''
(2) Capital gain dividends of real estate investment
trusts.--Subparagraph (B) of section 857(b)(3) is amended to
read as follows:
''(B) Treatment of capital gain dividends by
shareholders.--A capital gain dividend shall be treated
by the shareholders or holders of beneficial interests
as gain from the sale or exchange of a capital asset
held for more than 1 year but not more than 2 years;
except that the portion of any such dividend designated
by the company as allocable to 2-, 3-, 4-, 5-, 6-, 7-,
or 8-year gain of the company shall be treated as gain
from the sale or exchange of a capital asset held for
the amount of years in such class for purposes of
section 1202. Rules similar to the rules of
subparagraph (C) shall apply to any designation under
the preceding sentence.''
(3) Common trust funds.--Subsection (c) of section 584 is
amended--
(A) by inserting ''and not more than 2 years''
after ''1 year'' each place it appears in paragraph
(2),
(B) by striking ''and'' at the end of paragraph
(2), and
(C) by redesignating paragraph (3) as paragraph (4)
and inserting after paragraph (2) the following new
paragraph:
''(3) as part of its gains from sales or exchanges of
capital assets held for periods described in the classes of
gains under section 1202(c), its proportionate share of the
gains of the common trust fund from sales or exchanges of
capital assets held for such periods, and''.
(e) Technical and Conforming Changes.--
(1) Subparagraph (B) of section 170(e)(1) is amended by
inserting ''(or, in the case of a taxpayer other than a
corporation, the percentage of such gain equal to 100 percent
minus the percentage applicable to such gain under section
1202(a))'' after ''the amount of gain''.
(2) Subparagraph (B) of section 172(d)(2) is amended to
read as follows:
''(B) the deduction under section 1202 and the
exclusion under section 1203 shall not be allowed.''
(3)(A) Section 221 (relating to cross reference) is amended
to read as follows:

''SEC. 221. CROSS REFERENCES.

''(1) For deduction for net capital gains in the case of a taxpayer
other than a corporation, see section 1202.
''(2) For deductions in respect of a decedent, see section 691.''
(B) The table of sections for part VII of subchapter B of
chapter 1 is amended by striking ''reference'' in the item
relating to section 221 and inserting ''references''.
(4) The last sentence of section 453A(c)(3) is amended by
striking all that follows ''long-term capital gain,'' and
inserting ''the maximum rate on net capital gain under section
1(h) or 1201 or the deduction under section 1202 (whichever is
appropriate) shall be taken into account.''
(5) Paragraph (4) of section 642(c) is amended to read as
follows:
''(4) Adjustments.--To the extent that the amount otherwise
allowable as a deduction under this subsection consists of gain
from the sale or exchange of capital assets held for more than
1 year, proper adjustment shall be made for any deduction
allowable to the estate or trust under section 1202 or any
exclusion allowable to the estate or trust under section
1203(a). In the case of a trust, the deduction allowed by this
subsection shall be subject to section 681 (relating to
unrelated business income).''
(6) The last sentence of paragraph (3) of section 643(a) is
amended to read as follows: ''The deduction under section 1202
and the exclusion under section 1203 shall not be taken into
account.''
(7) Subparagraph (C) of section 643(a)(6) is amended by
inserting ''(i)'' before ''there shall'' and by inserting
before the period '', and (ii) the deduction under section 1202
(relating to capital gains deduction) shall not be taken into
account''.
(8) Paragraph (4) of section 691(c) is amended by striking
''sections 1(h), 1201, and 1211'' and inserting ''sections
1(h), 1201, 1202, and 1211''.
(9) The second sentence of section 871(a)(2) is amended by
inserting ''or 1203'' after ''1202''.
(10) Subsection (d) of section 1044 is amended by striking
''1202'' and inserting ''1203''.
(11) Paragraph (1) of section 1402(i) is amended by
inserting '', and the deduction provided by section 1202 shall
not apply'' before the period at the end thereof.
(f) Clerical Amendment.--The table of sections for part I of
subchapter P of chapter 1 is amended by inserting after the item
relating to section 1201 the following new item:

''Sec. 1202. Capital gains deduction for
assets held by noncorporate
taxpayers more than 2 years.''
(g) Effective Date.--
(1) In general.--Except as otherwise provided in this
subsection, the amendments made by this section shall apply to
taxable years ending on and after May 7, 1997.
(2) Contributions.--The amendment made by subsection (e)(1)
shall apply to contributions on or after May 7, 1997.

Answer: Long-Term Investment Incentive Act of 1997 - Amends the Internal Revenue Code to establish a sliding scale capital gains deduction on assets held between two years and eight years by noncorporate taxpayers.

Question: SECTION 1. SHORT TITLE.

This Act may be cited as the ''United States Ports of Entry Threat
and Operational Review Act''.

SEC. 2. PORTS OF ENTRY THREAT AND OPERATIONAL ANALYSIS.

(a) In General.--
(1) Requirement.--Not later than 180 days after the date of
the enactment of this Act, the Secretary of Homeland Security,
acting through the Commissioner of U.S. Customs and Border
Protection, shall submit to the Committee on Homeland Security
and the Committee on Ways and Means of the House of
Representatives and the Committee on Homeland Security and
Governmental Affairs and the Committee on Finance of the Senate
a threat and operational analysis of ports of entry.
(2) Contents.--The threat and operational analysis required
under paragraph (1) shall include an assessment of the
following:
(A) Current and potential threats posed by
individuals and organized groups seeking--
(i) to exploit security vulnerabilities at
ports of entry; or
(ii) to unlawfully enter the United States
through such ports of entry.
(B) Methods and pathways used to exploit security
vulnerabilities at ports of entry.
(C) Improvements needed at ports of entry to
prevent the unlawful movement of people, illicit drugs,
and other contraband across the borders of the United
States.
(D) Improvements needed to enhance travel and trade
facilitation and reduce wait times at ports of entry,
including--
(i) security vulnerabilities associated
with prolonged wait times;
(ii) current technology at ports of entry
that can be adapted to handle more volume,
increase efficiency, and improve accuracy of
detection efforts; and
(iii) infrastructure additions and
upgrades.
(E) Processes conducted at ports of entry that do
not require law enforcement training and could be--
(i) filled with--
(I) non-law enforcement staff; or
(II) the private sector, for
processes or activities determined to
not be inherently governmental (as such
term is defined in section 5 of the
Federal Activities Inventory Reform Act
of 1998 (Public Law 105-270)); or
(ii) automated.
(F) Improvements needed during secondary
inspections to meet food safety standards defined by
applicable statutes for the commodities being
inspected.
(3) Analysis requirements.--In compiling the threat and
operational analysis required under paragraph (1), the
Secretary of Homeland Security, acting through the Commissioner
of U.S. Customs and Border Protection, shall consider and
examine the following:
(A) Personnel needs, including K-9 Units, and
estimated costs, at each port of entry, including such
needs and challenges associated with recruitment and
hiring.
(B) Technology needs, including radiation portal
monitors and non-intrusive inspection technology, and
estimated costs at each port of entry.
(C) Infrastructure needs and estimated costs at
each port of entry.
(b) Ports of Entry Strategy and Implementation Plan.--
(1) In general.--Not later than 270 days after the
submission of the threat and operational analysis required
under subsection (a) and every 5 years thereafter for 10 years,
the Secretary of Homeland Security, acting through the
Commissioner of U.S. Customs and Border Protection (CBP), shall
provide to the Committee on Homeland Security and the Committee
on Ways and Means of the House of Representatives and the
Committee on Homeland Security and Governmental Affairs and the
Committee on Finance of the Senate a ports of entry strategy
and implementation plan.
(2) Contents.--The ports of entry strategy and
implementation plan required under paragraph (1) shall include
a consideration of the following:
(A) The ports of entry threat and operational
analysis required under subsection (a), with an
emphasis on efforts to mitigate threats and challenges
identified in such analysis.
(B) Efforts to reduce wait times at ports of entry
and standards against which the effectiveness of such
efforts may be determined.
(C) Efforts to prevent the unlawful movement of
people, illicit drugs, and other contraband across the
borders of the United States at the earliest possible
point at ports of entry and standards against which the
effectiveness of such efforts may be determined.
(D) Efforts to focus intelligence collection and
information analysis to disrupt transnational criminal
organizations attempting to exploit vulnerabilities at
ports of entry and standards against which the
effectiveness of such efforts may be determined.
(E) Efforts to verify that any new port of entry
technology acquisition can be operationally integrated
with existing technologies in use by the Department of
Homeland Security.
(F) Lessons learned from reports on the business
transformation initiative under section 802(i)(1) of
the Trade Facilitation and Trade Enforcement Act of
2015 (Public Law 114-125).
(G) CBP staffing requirements for all ports of
entry.
(H) Efforts to identify and detect fraudulent
documents at ports of entry and standards against which
the effectiveness of such efforts may be determined.
(I) Efforts to prevent, detect, investigate, and
mitigate corruption at ports of entry and standards
against which the effectiveness of such efforts may be
determined.
(c) Ports of Entry Described.--In this section, the term ''ports of
entry'' means United States air, land, and sea ports of entry.

Answer:
United States Ports of Entry Threat and Operational Review Act This bill directs U.S. Customs and Border Protection to submit to the congressional homeland security and tax committees a threat and operational analysis of U.S. air, land, and sea ports of entry.