In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.

Example Input: SECTION 1. SHORT TITLE.

This Act may be cited as the ''Saver's Bonus Act of 2007''.

SEC. 2. FINDINGS.

Congress finds the following:
(1) According to the Department of Commerce, Americans are
currently saving less than 1 percent of their disposable
income.
(2) According to the Federal Reserve's 2004 Survey of
Consumer Finances, 17 percent of all households have zero or
negative net worth, while 30 percent have net worth of less
than $10,000.
(3) According to the Federal Reserve's 2004 Survey of
Consumer Finances, 11 percent of households do not have a
checking account and 9 percent do not have a transaction
account of any kind.
(4) According to the Retirement Security Project, in 2004
more than half of all households had zero savings in an
employer-based 401(k)-type plan or tax-preferred savings plan
account.
(5) It is in the economic interests of the United States to
promote savings among all members of society, regardless of
income.

SEC. 3. SAVER'S BONUS.

(a) In General.--The Secretary of the Treasury shall develop a
program to match deposits made by qualifying low-income individuals
into designated savings products.
(b) Qualifying Low-Income Individuals.--For purposes of this Act,
the term ''qualifying low-income individual'' means any individual
determined by the Secretary of the Treasury to be eligible for the
saver's bonus under this Act.
(c) Designated Savings Products.--For purposes of this Act, the
term ''designated savings product'' means any savings product,
including--
(1) qualified retirement plans (as defined in section
4974(c)) of such Code,
(2) qualified tuition programs under section 529 of such
Code,
(3) Coverdell education savings accounts under section 530
of such Code,
(4) United States savings bonds,
(5) certificates of deposits with durations of at least 6
months, and
(6) other types of savings products considered appropriate
by the Secretary of the Treasury for the purposes of this Act.
(d) Saver's Bonus Program.--The program established under
subsection (a) shall provide that--
(1) qualifying low-income individuals who direct their
Federal income tax refund (in its entirety or a portion
thereof) be deposited into any designated savings product shall
be eligible for a dollar-for-dollar match or saver's bonus to
be deposited directly in any designated savings product,
(2) qualifying low-income individuals who claim (when
filing a Federal income tax return) to have deposited funds
into any designated savings product during the course of the
tax year shall be eligible for a saver's bonus to be deposited
directly into any designated savings product, and
(3) the saver's bonus--
(A) shall equal $500 for qualifying low-income
individuals who are eligible for the earned income
credit under section 32 of such Code and shall be
phased out (but not below zero) for such individuals
whose earned income exceeds 120 percent of the earned
income threshold at which such eligibility ceases,
(B) shall be indexed for inflation every 5 years,
and
(C) shall be considered a refundable credit for
purposes of the Internal Revenue Code of 1986.
(e) Conforming Amendment Regarding Funding of Saver's Bonus.--
Section 1324(b)(2) of title 31, United States Code, is amended by
inserting ''or enacted by the Saver's Bonus Act of 2007,''.
(f) Effective Date.--The program under, and amendment made by, this
section shall be effective with respect to Federal income tax returns
for taxable years beginning after December 31, 2008.

SEC. 4. OPENING OF ACCOUNTS ON FEDERAL INCOME TAX RETURNS TO FACILITATE
SAVINGS.

(a) Notification of Option.--
(1) In general.--The Commissioner of Internal Revenue shall
notify qualifying low-income individuals who qualify for a
Federal income tax refund but fail to provide an ACH direct
deposit number on their Federal income tax return that they
have the option of an electronic direct deposit and that they
may be eligible for the saver's bonus program under section 3
if they deposit a refund or a portion of their refund in any
designated savings product.
(2) Method of notification.--The notification under
paragraph (1) shall be made through--
(A) a public awareness program undertaken by the
Secretary of the Treasury, in concert with the
Commissioner of the Internal Revenue and others as
necessary, at least 6 months before January 2009, and
(B) the inclusion of such a notice in the
instruction material for any Federal income tax return.
(b) Establishment of Designated Account Program.--The Secretary of
the Treasury shall develop, in consultation with the Federal Management
System, a program to minimize the delivery of non-electronic Federal
income tax refunds by depositing refunds electronically to an account
held by a depository institution. This program shall include--
(1) provisions for such tax refunds to be deposited into a
designated account,
(2) establishment of account parameters with respect to
minimum balance requirements and limitations on overdrafts,
overdraft fees, and other requirements,
(3) establishment of means for the taxpayer to access the
account electronically or through a payment card, and
(4) provisions to allow taxpayers to open an account with
their Federal income tax refunds through financial service
providers, so long such account is held at a depository
institution that is insured under the Federal Deposit Insurance
Act (12 U.S.C. 1811 et seq.).
(c) Effective Date.--The notification under subsection (a) and the
program under subsection (b) shall be effective with respect to Federal
income tax returns for taxable years beginning after December 31, 2008.

SEC. 5. PURCHASE OF SAVINGS BONDS ON FEDERAL INCOME TAX RETURNS.

(a) Notification of Option.--The Commissioner of Internal Revenue
shall notify individual taxpayers that they have the option of
purchasing United States savings bonds when they file their Federal
income tax returns and that they may be eligible for the saver's bonus
program under section 3. Such notification shall be included in the
instruction material for any Federal income tax return.
(b) Establishment of Savings Bond Purchase Program.--The Secretary
of the Treasury shall develop, in consultation with a task force, a
program for the purchase by individual taxpayers of United States
savings bonds on their Federal income tax returns.
(c) Effective Date.--The notification under subsection (a) and the
program under subsection (b) shall be effective with respect to Federal
income tax returns for taxable years beginning after December 31, 2008.
Example Output: Saver's Bonus Act of 2007 [sic] - Directs the Secretary of the Treasury to develop programs to: (1) match deposits made by low-income individuals into certain savings accounts (saver's bonus); (2) deposit tax refunds electronically into savings accounts; and (3) allow individual taxpayers to purchase U.S. savings bonds on their federal income tax returns.

Requires the Commissioner of the Internal Revenue Service (IRS) to notify low-income taxpayers of their eligibility for the saver's bonus and of their options under this Act.

Example Input: SECTION 1. SHORT TITLE.

This Act may be cited as the ''Public Voice Campaign Finance Reform
Act of 1997''.

SEC. 2. PROMOTING DISCLOSURE OF CAMPAIGN SPENDING.

(a) Requiring Intermediaries and Conduits To Report on Bundled
Contributions.--Section 315(a)(8) of the Federal Election Campaign Act
of 1971 (2 U.S.C. 441a(a)(8)) is amended--
(1) by striking ''(8)'' and inserting ''(8)(A)''; and
(2) by adding at the end the following new subparagraph:
''(B) Any person acting as an intermediary or conduit for the
collection or delivery of contributions on behalf of a candidate shall
file reports with the Commission (at the same time and in the same
manner as a political committee which is not an authorized committee of
a candidate is required to file reports under section 304(a)(4)) on the
contributions collected or delivered and on related activities
conducted on the candidate's behalf.''.
(b) Treatment of Certain Communications as Independent Expenditures
for Reporting Purposes.--Section 301(17) of such Act (2 U.S.C. 431(17))
is amended by striking ''identified candidate'' and inserting the
following: ''identified candidate, or any payment for any communication
made during the 90-day period ending on the date of an election which
includes the name or likeness of a candidate,''.
(c) Mandatory Electronic Filing for Persons Meeting Certain
Threshold.--Section 304(a)(11)(A) of such Act (2 U.S.C. 434(a)(11)(A))
is amended by striking the period at the end and inserting the
following: '', except that in the case of any person reporting an
amount of contributions, expenditures, or disbursements in an amount
exceeding a threshold established by the Commission, the person shall
file all reports required under this Act by such electronic means,
format, or method.''.

SEC. 3. ENHANCING ENFORCEMENT ABILITIES OF FEDERAL ELECTION COMMISSION.

(a) Permitting FEC To Impose Filing Fee for Reports.--Section 307
of the Federal Election Campaign Act of 1971 (2 U.S.C. 437d) is amended
by adding at the end the following new subsection:
''(f)(1) The Commission shall require each political committee
filing a report under this title to include with the report a payment
(in an amount established by the Commission) if the amount of
contributions, expenditures, or disbursements covered by the report
exceeds a threshold established by the Commission.
''(2) In establishing the amount of payment required to be included
with a report under paragraph (1), the Commission shall take into
account the costs to the Commission which are associated with the
submission of reports under this title.
''(3) The Commission may waive the application of paragraph (1)
with respect to a political committee if the Commission determines that
the payment required would result in a financial hardship to the
committee.
''(4) The Commission may charge a nominal fee for the distribution
of documents to the public.
''(5) The amount appropriated to the Commission for a fiscal year
pursuant to the authorization under section 314 may not be adjusted to
take into account any amounts anticipated to be received by the
Commission during the year pursuant to this subsection.''.
(b) Revised Standard for Referral of Certain Violations to Attorney
General.--Section 309(a)(5)(C) of such Act (2 U.S.C. 437g(a)(5)(C)) is
amended by striking ''by an affirmative vote of 4 of its members,
determined that there is probable cause to believe'' and inserting
''believes''.
(c) Permitting Random Audits.--Section 311(b) of such Act (2 U.S.C.
438(b)) is amended--
(1) by striking ''(b)'' and inserting ''(b)(1)''; and
(2) by adding at the end the following new paragraph:
''(2) Notwithstanding paragraph (1), the Commission shall conduct
random audits of the reports of political committees during the 1-year
period which begins on the date of a general election, in accordance
with such criteria as the Commission may establish.''.

SEC. 4. REDUCED BROADCAST RATES FOR CANDIDATES.

(a) In General.--Section 315(b)(1) of the Communications Act of
1934 (47 U.S.C. 315(b)(1)) is amended by striking ''the lowest unit
charge'' and inserting ''the applicable percentage of the lowest unit
charge''.
(b) Applicable Percentage Defined.--Section 315(c) of such Act (47
U.S.C. 315(c)) is amended--
(1) by striking ''and'' at the end of paragraph (1);
(2) by striking the period at the end of paragraph (2) and
inserting ''; and''; and
(3) by adding at the end the following new paragraph:
''(3) the term 'applicable percentage' means--
''(A) 70 percent, in the case of a small broadcast
station (as determined by the Commission in accordance
with ratings, market area analysis, and such other
criteria as the Commission may establish), or
''(B) 50 percent, in the case of any other
candidate and any other broadcast station.''.

SEC. 5. RESTRICTIONS ON USE OF NON-FEDERAL FUNDS.

Title III of the Federal Election Campaign Act of 1971 (2 U.S.C.
431 et seq.) is amended by adding at the end the following new section:

''restrictions on use of non-federal funds

''Sec. 323. (a) In General.--Except as provided in subsection (b),
no funds which are not subject to the limitations and prohibitions of
this Act may be expended or disbursed by any person for any activity
which significantly affects an election for Federal office or which
promotes or identifies (in whole or in part) any candidate for election
for Federal office, including any get-out-the-vote drive which
identifies or targets supporters of a candidate for election for
Federal office, or any voter registration drive or development or
maintenance of voter files which occurs during an even-numbered year.
''(b) Exceptions.--Subsection (a) shall not apply with respect to
any of the following activities:
''(1) The construction, maintenance, or operation of
buildings or broadcast facilities for political parties.
''(2) State or local political party conventions.
''(3) State or local political party administration.
''(4) Generic campaign activity to promote a political
party.
''(5) Any activity which would be described in clause (i),
(iii), or (v) of section 301(9)(B) if payment for the activity
were an expenditure under such section.''.

SEC. 6. APPOINTMENT AND SERVICE OF MEMBERS OF FEDERAL ELECTION
COMMISSION.

(a) Appointment of Additional, Independent Commissioner.--
(1) In general.--Section 306(a)(1) of the Federal Election
Campaign Act of 1971 (2 U.S.C. 437c(a)(1)) is amended--
(A) by striking ''(a)(1)'' and inserting
''(a)(1)(A)'';
(B) in the first sentence, by striking ''6 members
appointed by the President,'' and inserting the
following: ''7 members appointed by the President, of
whom one shall be a political independent nominated for
appointment by the other members serving on the
Commission,''; and
(C) by adding at the end the following new
subparagraph:
''(B) In subparagraph (A), the term 'political independent' means
an individual who at no time after January 1992--
''(i) has held elective office as a member of the
Democratic or Republican party;
''(ii) has received any wages or salary from the Democratic
or Republican party or from a Democratic or Republican party
office-holder or candidate; or
''(iii) has provided substantial volunteer services or made
any substantial contribution to the Democratic or Republican
party or to a Democratic or Republican party office-holder or
candidate.''.
(2) Deadline for initial appointment.--The members of the
Federal Election Commission shall provide the President with a
nominee for appointment to the Commission under section
306(a)(1)(A) of the Federal Election Campaign Act of 1971 (as
amended by paragraph (1)) not later than 90 days after the date
of the enactment of this Act.
(b) Limiting Commissioners to Single Term.--Section 306(a)(2)(A) of
such Act (2 U.S.C. 437c(a)(2)(A)) is amended by striking ''terms'' and
inserting ''a single term''.

SEC. 7. EFFECTIVE DATE.

The amendments made by this Act shall apply with respect to
elections occurring after January 1999.
Example Output: Public Voice Campaign Finance Reform Act of 1997 - Amends the Federal Election Campaign Act of 1971 (FECA) to provide for: (1) intermediaries and conduits to report on bundled contributions in the same time and manner as a political committee which is not an authorized committee of the candidate; (2) certain communications to be treated as independent expenditures; and (3) mandatory electronic filing for persons reporting contributions, expenditures, or disbursements in an amount exceeding a threshold established by the Federal Election Commission.
(Sec. 3) Directs the Commission to require each political committee filing a report to include with the report a filing fee when the amount of contributions, expenditures, or disbursements covered by the report exceeds a threshold established by the Commission.
Revises the standard for referral of certain violations to the Attorney General.
Requires the Commission to conduct random audits of the reports of political committees.
(Sec. 4) Amends the Communications Act of 1934 to provide for reduced broadcast media rates for candidates.
(Sec. 5) Amends FECA to set forth restrictions on the use of non-Federal funds.
(Sec. 6) Revises requirements for the composition of the Commission and terms of Commissioners and replaces them with new requirements, including one that Commissioners serve no more than a single term.

Example Input: That this Act may be
cited as the ''Small Business Administration Amendments of 1994''.

TITLE I

Sec. 101. Section 7(m)(1)(B) of the Small Business Act is amended
by adding the words '', a lender or alliance of lenders'' after the
word ''Administration'', and by adding after the word
''intermediaries'' in clause (i) thereof the following phrase '':
Provided, however, That the Administration may make in its sole
discretion up to 100 percent deferred participation loans to ten
intermediaries which will be located in urban areas and ten
intermediaries which will be located in rural areas,''.
Sec. 102. Section 7(m)(7) of the Small Business Act is amended by
deleting the number ''50'' from subparagraph (B) thereof, and replacing
it with the number ''140'', and by deleting the period at the end
thereof and adding the phrase : ''Provided, That no more than 200 total
microloan programs may be funded'', and by deleting subparagraph (C)
thereof and inserting in lieu thereof: ''(C) In no case shall a State
receive more than $5,000,000 to fund all microloan programs conducted
in that State.''.
Sec. 103. Section 7(m)(3)(C) of the Small Business Act is amended
by replacing the number ''$1,250,000'' with the number ''$1,750,000''.
Sec. 104. Section 7(m)(3)(F) of the Small Business Act is amended
by adding after the phrase ''10 years'' in clause (i) the following:
''with the first 5 years of any deferred participation loan being a
revolving line of credit on which only monthly payments of interest
will be required and the balance amortized over the second 5 year
period, with equal monthly payments of principal and interest''; and by
revising clause (ii) to read as follows: ''(ii) Applicable interest
rates.--Exception as provided in clause (iii), loans made by the
Administration under this subsection to an intermediary shall bear an
interest rate equal to the rate of interest on comparable 5 year
obligations of the United States Treasury.

TITLE II

Sec. 201. Section 7(a)(2)(B)(iv) of the Small Business Act is
amended to read as follows:
''. . . (iv) not more than 90 percent of the financing
outstanding at the time of disbursement if such financing is an
extension or a revolving line of credit made under paragraph
(14) and not less than 90 percent of the financing outstanding
at the time of disbursement if such financing is a loan under
paragraph (16).''.
Sec. 202. Section 7(a)(14) of the Small Business Act is amended to
read as follows:
''(14) (A) The Administration under this subsection may
provide extensions, specifically including guarantees of
standby letters of credit and revolving lines of credit for
export purposes, and financing to enable small business
concerns, including small business export trading companies and
small business export management companies, to develop foreign
markets. A bank or participating lending institution may
establish such rate of interest on extensions, revolving lines
of credit and financing made under this paragraph as may be
legal and reasonable.''.
Sec. 203. Section 7(a)(3)(B) of the Small Business Act is amended
to read as follows:
''. . . if the total amount outstanding and committed (on a
deferred basis) solely for the purposes provided in paragraph
(16) to the borrower from the Business Guaranteed Loan
Financing Account established by this Act would exceed
$1,000,000 such amount to be in addition to any financing
solely for working capital, supplies, or revolving lines of
credit for export purposes up to a maximum of $750,000:
Provided, however, That in no event may the aggregate amount
outstanding and committed by the Administration under this
subsection exceed $1,250,000 . . .''.

TITLE III

Sec. 301. Sections 8(b)(2), (3) and (4) of the Small Business Act
are amended by inserting the words ''and other'' after the word
''small'' wherever it appears.

TITLE IV

Sec. 401. Section 28(2)(g) of the Small Business Act is deleted and
in its place the following is substituted:
''(g) There is established within the Administration an
Office of Women's Business Ownership which shall be responsible
for the administration under the supervision by the
Administration of all authority conferred by this section. Such
office shall be headed by a director who shall be appointed by
the Administrator.''.

TITLE V

Sec. 501. Section 8(b)(1)(A) of the Small Business Act is amended
by adding at the end thereof the following sentence: ''Notwithstanding
any other provision of law, the authority provided by this subparagraph
shall remain available until expressly repealed.''.
Sec. 502. Section 411(a)(3) of the Small Business Investment Act of
1958 is amended by adding the following sentence at the end thereof:
''Notwithstanding any other provision of law, the authority granted by
this paragraph shall remain available until expressly repealed.''.
Sec. 503. Section 5(b)(8) of the Small Business Act is amended by
deleting the words ''not in excess of six months''.
Sec. 504. The second sentence of section 732 of Public Law 100-656
is repealed.
Sec. 505. Section 4(c) of the Small Business Act is amended to read
as follows:
''(c) (1) There is hereby established in the Treasury one Loan
Liquidation Fund. All repayment of loans and debentures, payments of
interest, and other receipts arising out of transactions entered into
by the Administration pursuant to sections 5(e), 5(g), 7(a), 7(b),
7(c)(2), 7(e), 7(h), 7(l), 7(m), and 8(a) of this Act, and titles III,
IV, and V of the Small Business Investment Act of 1958, prior to
October 1, 1991, shall be paid into such Loan Fund Liquidating Account.
Balances existing in those revolving funds, as in effect immediately
prior to the effective date of this paragraph, shall be transferred
into such Loan Liquidation Fund. This Loan Liquidation Fund shall have
available, without fiscal year limitation, such funds as are necessary
to finance its operational needs.
(2) The Administration shall submit to the Committees on Small
Business and Appropriations of the Senate and the House of
Representatives, as soon as possible after the beginning of each fiscal
year, a full and complete report on the status of the Loan Liquidation
Fund established pursuant to paragraph (1).''.
Sec. 506. Section 4(c)(5)(B)(ii) of the Small Business Act is
amended to read as follows:
''(ii) The Administration shall pay into the miscellaneous
receipts of the Treasury following the close of each fiscal
year, the actual interest it collects during that fiscal year
on all financings made under the authority of this Act.''.
Sec. 507. Section 3(a)(2) of the Small Business Act is amended to
read as follows:
''. . . (2) In addition to the criteria specified in
paragraph (1), the Administrator may specify detailed
definitions or standards for example, by number of employees or
dollar volume of business, by which a business concern is to be
recognized as a small business concern for the purposes of this
Act or any other Act. Unless specifically authorized by
statute, the Secretary of a department or the head of a Federal
agency, other than the Administrator of the Small Business
Administration, may not prescribe for the use of such
department or agency a size standard for categorizing a
business concern as a small business concern, unless such
proposed size standard--
''(A) is being proposed after an opportunity for
public notice and comment;
''(B) provides for determining, over a period of
not less than 3 years--
''(i) the size of a manufacturing concern
as measured by its average employment based
upon employment during each of the concern's
pay periods for the preceding completed twelve
calendar months; or
''(ii) the size of a concern providing
services on basis of the annual average gross
receipts of the concern over a period of not
less than 3 years; and
''(C) is approved by the Administrator.
''(3) When establishing or approving any size standard
pursuant to paragraph (2), the Administrator shall consider
variations in economic activity from industry to industry
unless the Administrator determines that size standards should
not vary in order to meet program needs.''.
Sec. 508. Section 5(b) of the Small Business Act is amended by
deleting the word ''and'' at the end of paragraph (10) thereof, by
removing the ''.'' at the end of paragraph (11) thereof and replacing
it with '', and'' and (b) adding a new paragraph (12) which reads as
follows:
''. . . (12) to impose reasonable fees to be charged in
connection with applications for assistance, and the provision
of assistance under this Act and the Small Business Investment
Act of 1958 and to retain such fees to offset the costs of
administration of such assistance.''.
Sec. 509. Section 8(b) of the Small Business Act is amended by
deleting the word ''and'' at the end of paragraph (15), by striking the
period at the end of paragraph 8(b)(16) and replacing it with '';
and'', and by adding a new paragraph 8(b)(17) which reads as follows:
''. . . (17) to charge and collect such fees as may be
necessary to cover all costs associated with the production and
dissemination of compilations of information produced by the
Administration under the authority of the Small Business Act
and the Small Business Investment Act of 1958, and to retain
such fees and utilize such fees to offset the costs of
production and dissemination of such compilations of
information.''.

TITLE VI

Sec. 601. Sections 20(k) through 20(p) of the Small Business Act
are repealed and the following is substituted in their place:
''(k) The following program levels are authorized for fiscal year
1995:
''(1) For the programs authorized by this Act, the
Administration is authorized to make $13,910,000,000 in
deferred participation loans and other financings; and of such
sum, the Administration is authorized to make $11,500,000,000
in general business loans as provided in section 7(a),
$110,000,000 in loans as provided in section 7(m), and
$2,300,000,000 in financings as provided in section 7(a)(13)
and section 504 of the Small Business Investment Act of 1958.
''(2) For the programs authorized by title III of the Small
Business Investment Act of 1958, the Administration is
authorized to make $23,000,000 in purchases of preferred stock,
$275,000,000 in guarantees of debentures of which $65,000,000
is authorized for guarantees of debentures of companies
operating pursuant to section 301(d) of such Act, and
$550,000,000 in guarantees of participating securities.
''(3) For the programs authorized by part B of title IV of
the Small Business Investment Act of 1958, the Administration
is authorized to enter into guarantees not to exceed
$2,000,000,000.
''(l) There are authorized to be appropriated to the Administration
for fiscal year 1995 such sums as may be necessary to carry out
subsection (k), including salaries and expenses of the Administration.
''(m) The following program levels are authorized for fiscal year
1996:
''(1) For the programs authorized by this Act, the
Administration is authorized to make $17,475,000,000 in
deferred participation loans and other financings; and of such
sum, the Administration is authorized to make $13,500,000,000
in general business loans as provided in section 7(a),
$175,000,000 in loans as provided in section 7(m), and
$3,800,000,000 in financings as provided in section 7(a)(13)
and section 504 of the Small Business Investment Act of 1958.
''(2) For the programs authorized by title III of the Small
Business Investment Act of 1958, the Administration is
authorized to make $24,000,000 in purchases of preferred stock,
$320,000,000 in guarantees of debentures of which $70,000,000
is authorized for guarantees of debentures of companies
operating pursuant to section 301(d) of such Act, and
$1,100,000,000 in guarantees of participating securities.
''(3) For the programs authorized by part B of title IV of
the Small Business Investment Act of 1958, the Administration
is authorized to enter into guarantees not to exceed
$2,000,000,000.
''(n) There are authorized to be appropriated to the Administration
for fiscal year 1996, such sums as may be necessary to carry out
subsection (m), including salaries and expenses of the Administration.
''(o) The following program levels are authorized for fiscal year
1997:
''(1) For the programs authorized by this Act, the
Administration is authorized to make $21,450,000,000 in
deferred participation loans and other financings; and of such
sum, the Administration is authorized to make $15,500,000,000
in general business loans as provided in section 7(a),
$250,000,000 in loans as provided in section 7(m), and
$5,700,000,000 in financings as provided in section 7(a)(13)
and section 504 of the Small Business Investment Act of 1958.
''(2) For the programs authorized by title III of the Small
Business Investment Act of 1958, the Administration is
authorized to make $25,000,000 in purchases of deferred stock,
$385,000,000 in guarantees of debentures of which $75,500,000
is authorized for guarantees of debentures of companies
operating pursuant to section 301(d) of such Act, and
$1,700,000,000 in guarantees of participating securities.
''(3) For the programs authorized by part B of title IV of
the Small Business Investment Act of 1958, the Administration
is authorized to enter into guarantees not to exceed
$2,000,000,000.
''(p) There are authorized to be appropriated to the Administration
for fiscal year 1997, such sums as may be necessary to carry out
subsection (o), including salaries and expenses of the
Administration.''.
Example Output:
Small Business Administration Amendments of 1994 -
Title I:
Amends the Small Business Act (the Act) to: (1) allow the Administrator of the Small Business Administration (SBA), under the microloan demonstration program, to make up to 100 percent deferred participation loans to ten small business intermediaries located in urban areas and ten intermediaries located in rural areas; (2) revise the authorized number of microloan programs for fiscal years after 1992; (3) increase from $1.5 to $5 million the annual microloan limits to a State; (4) increase from $1.25 to $1.75 million the total outstanding loan limit authorized for each intermediary; and (5) revise microloan repayment requirements.
Title II:
Revises provisions concerning the participatory amount of the SBA in small business loans provided on a deferred basis. Increases from $250,000 to $750,000 the authorized outstanding loan amounts for small businesses engaged in or adversely affected by international trade.
Title III:
Allows the SBA Administrator to inventory the productive facilities and capacities of business (currently, only small businesses) as part of a business loan process.
Title IV:
Establishes within the SBA an Office of Women's Business Ownership to administer the women's demonstration projects (projects providing financial assistance to businesses owned and controlled by women) created under the Act.
Title V:
Amends the Act and the Small Business Investment Act to provide that the authority of the SBA to make loans under such Acts shall remain available until expressly repealed.
(Sec. 503) Removes a six-month limitation on the payment of transportation expenses of SBA employees in connection with any disaster loan assistance.
(Sec. 505) Establishes in the Treasury one Loan Liquidation Fund, replacing various revolving funds, a disaster loan fund, and a business and investment loan fund under the Act. Provides for repayment of all such loans to the Fund. Requires a report from the SBA Administrator to specified congressional committees concerning Fund activities.
(Sec. 507) Authorizes the SBA Administrator to specify detailed definitions or standards by which a business shall be recognized as a small business for purposes of the Act, with certain requirements such as an opportunity for public hearing.
(Sec. 508) Empowers the SBA Administrator to impose reasonable fees in connection with assistance provided and information compiled and disseminated under the Act and the Small Business Investment Act.
Title VI:
Authorizes specified program funding levels for FY 1995 through 1997 for loans and other programs, as well as salaries and expenses, as provided or required under the Act and the Small Business Investment Act.