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

Input: Consider Input: SECTION 1. SHORT TITLE.

This Act may be cited as the ''Shareholder Empowerment Act of
2009''.

SEC. 2. MAJORITY VOTING FOR DIRECTORS.

The Securities Exchange Act of 1934 is amended by adding after
section 16 the following new section:

''SEC. 16A. ELECTION OF DIRECTORS.

''(a) Standards Relating to Election of Directors.--
''(1) Commission rules.--Not later than 270 days after the
date of enactment of this section, the Commission shall, by
rule, direct the national securities exchanges and national
securities associations to prohibit the listing of any security
of an issuer that is not in compliance with the requirements of
any portion of paragraph (2). Such rules shall provide for
appropriate procedures for an issuer to have an opportunity to
cure any defects that would be the basis for such a prohibition
before the imposition of such prohibition.
''(2) Standards for election of directors.--
''(A) Majority voting.--Each issuer shall, to the
extent permitted under State law, provide in its
governing documents that--
''(i) directors in uncontested elections
shall be elected by a majority of the votes
cast as to each nominee; and
''(ii) in contested elections where the
number of nominees exceeds the number of
directors to be elected, directors shall be
elected by the vote of a plurality of the
shares represented at any meeting and entitled
to vote on the election of directors.
''(B) Resignation policy.--Each issuer shall also,
to the extent permitted under State law, adopt
procedures under which any director who is not elected
to a new term shall offer to tender his or her
resignation to the board of directors. The board of
directors, with the advice of a committee of the board
if such a committee has been established for that
purpose, shall determine what action should be taken as
to that resignation and shall publicly disclose its
decision and the rationale for that decision within a
reasonable period after certification of the election
results.
''(b) Shareholder Access to the Proxy in Director Elections.--
''(1) Rule.--Not later than 270 days after the date of
enactment of this section, the Commission shall, by rule,
require that in proxy statements and proxies, authorizations or
consents prepared by an issuer pursuant to section 14, the
issuer shall identify and provide security holders with an
opportunity to vote on candidates for the board of directors
who have been nominated by holders in the aggregate at least 1
percent of the issuer's voting securities for at least 2 years
prior to a record date established by the issuer for a meeting
of security holders.
''(2) Application.--This rule shall specify the information
to be provided to an issuer by security holders who nominate
candidates for inclusion in an issuer's proxy materials under
this section and shall require the issuer to disclose
information about such candidates in the issuer's proxy
materials to the same extent that information must be disclosed
about candidates nominated by the issuer. This rule shall apply
only when eligible security holders have nominated fewer than a
majority of the number of directors then authorized to serve on
the board of directors, and the rule shall specify procedures
to be followed if different security holders nominate
candidates sufficient to constitute a majority of the board of
directors.
''(3) Effective date.--The rule shall apply to proxy voting
for meetings of security holders held on or after January 1,
2010, except to the extent that a meeting was originally
scheduled to be held in 2009, but was adjourned to 2010.
''(c) Broker Discretionary Voting in Uncontested Director
Elections.--Not later than 270 days after the date of enactment of this
section, the Commission shall by, rule, require that a broker shall not
be allowed to vote securities on an uncontested election to the board
of directors of an issuer to the extent that the beneficial owner of
those securities has not provided specific instructions to the broker.
The rule shall apply to proxy voting for meetings of security holders
held on or after January 1, 2010, except to the extent that a meeting
was originally scheduled to be held in 2009, but was adjourned to 2010.
''(d) Independent Chairman of the Board of Directors.--
''(1) Commission rules.--Not later than 270 days after the
date of enactment of this section, the Commission shall, by
rule, direct the national securities exchanges and national
securities associations to prohibit the listing of any security
of an issuer that is not in compliance with the requirements of
any portion of paragraph (2). Such rules shall provide for
appropriate procedures for an issuer to have an opportunity to
cure any defects that would be the basis for such a prohibition
before the imposition of such prohibition.
''(2) Independent chairman of the board of directors.--Each
issuer shall provide in its governing documents or a public
statement of corporate policy that, to the extent possible and
consistent with the issuer's status as a publicly traded
company, the chairman of the board of directors shall be an
independent director who has not previously served as an
executive officer of the issuer. Such rule shall be implemented
with due regard for contracts in existence on the date of
enactment of this section. For purposes of this subsection, an
'independent director' shall be one who during the preceding 5
years has not been--
''(A) employed by the issuer in an executive
capacity;
''(B) an employee, director or owner greater than
20 percent of the beneficial shares of a firm that is a
paid adviser or consultant to the issuer;
''(C) employed by a significant customer or
supplier of the issuer;
''(D) a party to a personal services contract with
the issuer, as well as with the issuer's Chair, chief
executive officer, or other senior executive officer;
''(E) an employee, officer or director of a
foundation, university or other non-profit organization
that receives the greater of $100,000 or 1 percent of
total annual donations from the issuer;
''(F) a relative of an executive of the issuer;
''(G) part of an interlocking directorate in which
the issuer's chief executive officer or another
executive serves on the board of another issuer
employing that director; and
''(H) engaged in any other relationship with the
issuer or senior executives that the Commission
determines would not render that director an
independent director.''.

SEC. 3. EXECUTIVE COMPENSATION REQUIREMENTS.

The Securities Exchange Act of 1934 is further amended by adding
after the section 16A, as added by section 2, the following new section

''SEC. 16B. EXECUTIVE COMPENSATION REQUIREMENTS.

''(a) Shareholder Approval of Executive Compensation.--
''(1) Annual shareholder vote on executive compensation.--
Any proxy or consent or authorization for an annual or other
meeting of an issuer shall permit a separate vote by
shareholders to approve the compensation of senior executive
officers, as disclosed pursuant to the compensation disclosure
rules of the Commission (which disclosure shall include the
compensation discussion and analysis, the compensation tables,
and any related material).
''(2) Non-binding nature of vote.--A shareholder vote
described in paragraph (1) shall not be binding on the board of
directors of an issuer and may not be construed as overruling a
decision by such board, nor to create or imply any additional
fiduciary duty by such board, nor shall such vote be construed
to restrict or limit the ability of security holders to make
proposals for inclusion in proxy materials related to executive
compensation.
''(3) Deadline for rules.--Not later than 1 year after the
date of enactment of this section, the Commission shall issue
any final rules and regulations required by this section.
''(4) Exception.--This provision shall not apply to any
issuer who is subject to a similar recoupment requirement under
another provision of Federal law.
''(b) Independent Compensation Advisers.--
''(1) Requirement.--Not later than 1 year after the date of
enactment of this section, the Commission shall, by rule,
require that if an issuer's board of directors or a committee
thereof retains an individual adviser or advisory firm in
conjunction with negotiating employment contracts or
compensation agreements with the issuer's executives, the
individual adviser and his or her firm shall be independent of
the issuer, its executives and directors, and shall report
solely to the board of directors or the committee thereof
responsible for executive compensation. The rule shall further
require that issuers shall not agree to indemnify or limit the
liability of compensation advisers or advisory firms.
''(2) Determination.--In determining the extent to which an
adviser or advisory firm is independent of an issuer within the
meaning of this section, the Commission shall consider such
matters as--
''(A) the extent (as measured by annual fees and
other relevant metrics) to which an individual adviser
or advisory firm provides services in conjunction with
negotiating employment contracts or compensation
agreements with the issuer's executives, as compared to
other services that the adviser or advisory firm
provides to the issuer or executives;
''(B) whether individual advisers are permitted to
hold equity and do hold equity in the issuer; and
''(C) whether an advisory firm's incentive
compensation plan links the compensation of individual
advisers to the advisory firm's provision of other
services to the issuer.
''(c) Clawbacks of Unearned Performance-Based Pay.--
''(1) Commission rules.--Not later than 270 days after the
date of enactment of this section, the Commission shall, by
rule, direct the national securities exchanges and national
securities associations to prohibit the listing of any security
of an issuer that is not in compliance with the requirements of
any portion of paragraph (2). Such rules shall provide for
appropriate procedures for an issuer to have an opportunity to
cure any defects that would be the basis for such a prohibition
before the imposition of such prohibition.
''(2) Recoupment of unearned compensation.--An issuer's
board of directors or a committee thereof shall develop and
disclose a policy for reviewing unearned bonus payments,
incentive payments, or equity payments that were awarded to
executive officers owing to fraud, financial results that
require restatement, or some other cause. The policy should
require recovery or cancellation of any unearned payments to
the extent that it is feasible and practical to do so.
''(3) Exception.--This provision shall not apply to any
issuer who is subject to a similar recoupment requirement under
another provision of Federal law.
''(d) Severance Agreements Tied to Performance.--
''(1) Commission rules.--Not later than 270 days after the
date of enactment of this section, the Commission shall, by
rule, direct the national securities exchanges and national
securities associations to prohibit the listing of any security
of an issuer that is not in compliance with the requirements of
any portion of paragraph (2). Such rules shall provide for
appropriate procedures for an issuer to have an opportunity to
cure any defects that would be the basis for such a prohibition
before the imposition of such prohibition.
''(2) Severance agreements tied to performance.--An
issuer's board of directors or a committee thereof shall not
enter into agreements providing for severance payments to a
senior executive officer who is terminated because of poor
performance as an executive, as determined by the board of
directors. To the extent that an issuer is able to terminate a
senior executive officer for cause, poor performance by the
executive, as determined by the board of directors, shall be
considered as one such cause. The rule shall be implemented
with due regard for contracts in existence on the date of
enactment of this section.
''(e) Improved Disclosure of Compensation Targets.--Not later than
1 year after the date of enactment of this section, the Commission
shall, by rule, require additional disclosure of specific performance
targets that are used by issuers to determine a senior executive
officer's eligibility for bonuses, equity and incentive compensation.
The Commission shall consider methods to improve disclosure in
situations when it is claimed that disclosure would result in
competitive harm to the issuer, including, requirements that the issuer
describe its past experience with similar target levels, disclose any
inconsistencies between compensation targets and targets set in other
contexts, submit a request for confidential treatment of the
performance targets under Commission rules, or disclose the data after
disclosure would no longer be considered competitively harmful.''.

Output: Shareholder Empowerment Act of 2009 - Amends the Securities Exchange Act of 1934 to direct the Securities and Exchange Commission (SEC) to prohibit national securities exchanges and associations from listing the securities of any issuer unless, to the extent permitted by state law, such issuer requires: (1) the election of directors who receive the majority of votes in uncontested elections or a plurality of votes in contested elections; and (2) directors who are not reelected to offer to tender their resignations.

Directs the SEC to: (1) require issuers to identify and provide security holders with an opportunity to vote on director candidates who have been nominated by holders of at least 1% of the issuer's voting securities for at least two years, provided security holders have nominated fewer than a majority of the directors then authorized to serve; (2) prohibit brokers from voting securities on an uncontested election to the board of directors without having received specific instructions from the securities' beneficial owners; and (3) requires listed issuers, to the extent possible, to have an independent chairman of their board of directors who has not served as an executive of the issuer.

Requires any proxy or consent or authorization for an annual or other meeting of a securities issuer to permit a separate shareholder vote on executive compensation, though such vote shall not be binding on its board of directors.

Directs the SEC to direct the national securities exchanges and national securities associations to prohibit: (1) issuers from retaining advisors in negotiating executive employment or compensation agreements that are not independent or are protected from liability by such issuers; (2) the listing of issuers that do not have a (clawback) policy of recovering executive payments that were unearned due to fraud, faulty financial statements, or some other cause; and (3) the listing of issuers that provide severance payments to senior executives who are terminated for poor performance.

Directs the SEC to require additional disclosure of specific performance targets issuers use in determining a senior executive's eligibility for bonuses, equity, and incentive compensation.

Input: Consider Input: SECTION 1. SHORT TITLE.

This Act may be cited as the ''China Human Rights Protection Act of
2015''.

SEC. 2. DEFINITIONS.

In this Act:
(1) Appropriate congressional committees.--The term
''appropriate congressional committees'' means--
(A) the Committee on Armed Services, the Committee
on Financial Services, the Committee on Foreign
Affairs, the Committee on Homeland Security, and the
Committee on the Judiciary of the House of
Representatives; and
(B) the Committee on Armed Services, the Committee
on Banking, Housing, and Urban Affairs, the Committee
on Foreign Relations, the Committee on Homeland
Security and Governmental Affairs, and the Committee on
the Judiciary of the Senate.
(2) Gross violations of internationally recognized human
rights.--The term ''gross violations of internationally
recognized human rights'' includes--
(A) extrajudicial killings;
(B) torture or cruel, inhuman, or degrading
treatment or punishment;
(C) prolonged arbitrary detention, causing the
disappearance of individuals by the abduction and
clandestine detention of those individuals;
(D) forced abortion or sterilization;
(E) psychiatric or medical experimentation or organ
harvesting of individuals without consent or obtained
in detention; and
(F) other flagrant denial of the right to life,
liberty, or the security of an individual.
(3) United states person.--The term ''United States
person'' means--
(A) a United States citizen or an alien lawfully
admitted for permanent residence to the United States;
or
(B) an entity organized under the laws of the
United States or of any jurisdiction within the United
States, including a foreign branch of such an entity.

SEC. 3. AUTHORIZATION OF SANCTIONS FOR GROSS VIOLATIONS OF
INTERNATIONALLY RECOGNIZED HUMAN RIGHTS.

(a) In General.--The President shall impose the sanctions described
in subsection (b) with respect to an individual who is a national of
the People's Republic of China the President determines, based on
credible information--
(1) is responsible for gross violations of internationally
recognized human rights committed against other individuals in
the People's Republic of China, particularly those individuals
who seek to obtain, exercise, defend, or promote
internationally recognized human rights and freedoms, such as
the freedoms of religion, expression, association, and
assembly, and the rights to a fair trial and democratic
elections;
(2) acted as an agent of or on behalf of another individual
who is a national of the People's Republic of China in a matter
relating to an activity described in paragraph (1); or
(3) has materially assisted, sponsored, or provided
financial, material, or technological support for, or goods or
services in support of, an activity described in paragraph (1).
(b) Sanctions Described.--The sanctions described in this
subsection are the following:
(1) Inadmissibility to united states.--
(A) In general.--Ineligibility of the individual to
receive a visa to enter the United States or to be
admitted to the United States.
(B) Revocation.--If the individual has been issued
a visa or other documentation, revocation, in
accordance with section 221(i) of the Immigration and
Nationality Act (8 U.S.C. 1201(i)), of the visa or
other documentation.
(2) Blocking of property.--
(A) In general.--The blocking, in accordance with
the International Emergency Economic Powers Act (50
U.S.C. 1701 et seq.), of all transactions in all
property and interests in property of the individual if
such property and interests in property are in the
United States, come within the United States, or are or
come within the possession or control of a United
States person.
(B) Inapplicability of national emergency
requirement.--The requirements of section 202 of the
International Emergency Economic Powers Act (50 U.S.C.
1701) shall not apply for purposes of this section.
(c) Regulatory Authority.--The President shall issue such
regulations, licenses, and orders as are necessary to carry out this
section.

SEC. 4. WAIVER AUTHORITY AND EXCEPTION TO COMPLY WITH UNITED NATIONS
HEADQUARTERS AGREEMENT.

(a) Waiver Authority.--The President may waive the application of
sanctions under section 3 with respect to an individual who is a
national of the People's Republic of China if the President--
(1) determines that such a waiver is in the national
security interests of the United States; and
(2) not later than 30 days prior to granting such a waiver,
submits to the appropriate congressional committees notice of,
and a justification for, the waiver.
(b) Exception To Comply With United Nations Headquarters
Agreement.--Sanctions under sections 3(b)(1) shall not apply to an
individual who is a national of the People's Republic of China if
admitting the individual into the United States is necessary to permit
the United States to comply with the Agreement regarding the
Headquarters of the United Nations, signed at Lake Success June 26,
1947, and entered into force November 21, 1947, between the United
Nations and the United States, or other applicable international
obligations of the United States.

SEC. 5. TERMINATION OF SANCTIONS.

The President may terminate the application of sanctions under
section 3 with respect to an individual who is a national of the
People's Republic of China if the President determines and reports to
the appropriate congressional committees not later than 15 days before
the termination of the sanctions that--
(1) credible information exists that the individual did not
engage in the activity for which sanctions were imposed;
(2) the individual has been prosecuted appropriately for
the activity for which sanctions were imposed; or
(3) the individual has credibly demonstrated a significant
change in behavior, has paid an appropriate consequence for the
activity for which sanctions were imposed, and has credibly
committed to not engage in an activity described in section 3
in the future.

SEC. 6. ESTABLISHMENT OF CHINA HUMAN RIGHTS DOCUMENTATION CENTER.

(a) In General.--The Secretary of State shall seek to provide for
the establishment of and provide funding for an independent,
nongovernmental organization, to be referred to as the China Human
Rights Documentation Center, to--
(1) compile, publish, and archive credible evidence of
nationals of the People's Republic of China who commit gross
violations of internationally recognized human rights against
individuals in the People's Republic of China;
(2) receive evidence of such violations from
nongovernmental organizations and governmental entities;
(3) establish an online and searchable database, in English
and in Chinese, and establish other multi-media information
platforms, in English and in Chinese, of credible evidence of
such violations for research and educational purposes; and
(4) compile, publish, and archive credible evidence of
individuals who are nationals of the People's Republic of China
who are engaged in--
(A) censorship of the Internet, restrictions on the
freedom of expression, the free flow of news and
information, and the silencing of peaceful dissent
against government policy or practice;
(B) threats, surveillance, censorship, detention,
beatings, or the denials or delays of visas of United
States or other foreign journalists working in China;
(C) threats, beatings, surveillance, detention, or
threats to the loss of jobs or professional status made
against--
(i) individuals who are human rights
lawyers seeking to represent clients detained
in extra-legal detention centers;
(ii) individuals considered by the United
Nations Working Group on Arbitrary Detention to
be detained arbitrarily in China, including
Tibetans, Uyghurs, and individuals who are
members of the Falun Gong;
(iii) individuals who are democracy, labor,
environmental, or free speech advocates;
(iv) individuals who are petitioners or
bloggers;
(v) individuals accused in governmental
anti-corruption campaigns; and
(vi) individuals from religious communities
that are independent of government-approved
religious organizations;
(D) restrictions on the right to freedom of
religion and the ability to exercise peaceful religious
practice, in public and private, independent of
government restrictions or oversight of religious
teachings or choice of religious leaders, particularly
the arrest and detention of religious leaders, the
destruction of property or heavy fines, and the
''patriotic education'' of religious leaders;
(E) implementing China's population control
policies, including through the coercive and persistent
monitoring of fertility, the issuing of heavy fines,
and threats made for the loss of employment or the
denial of residency and other government benefits to
children born beyond the government-prescribed limit;
(F) profiting from or overseeing slave labor,
particularly in detention facilities, or from sex or
bride trafficking or those engaged in beating,
threatening, or detaining individuals seeking to
disrupt trafficking in persons networks;
(G) profiting from the sale of organs harvested
from an individual without consent or while an
individual is in detention;
(H) disrupting or prohibiting, through violence,
intimidation, discrimination, or threats, attempts to
organize independent trade unions or to engage in
efforts of collective bargaining; or
(I) prosecuting, sentencing, or those involved in
the continued detention of individuals determined by
the United Nations Working Group on Arbitrary Detention
to have been detained arbitrarily.
(b) Authorization of Appropriations.--Of the funds authorized to be
appropriated to the Department of State for each fiscal year beginning
after the date of the enactment of this Act, such funds as may be
necessary to carry out this section are authorized to be appropriated
to carry out this section for such fiscal year.
(c) Regulatory Authority.--The President shall issue such
regulations, licenses, and orders as are necessary to carry out this
section.

SEC. 7. USE OF CREDIBLE EVIDENCE FOR SANCTIONS DETERMINATIONS AND
REPORTS.

In making determinations to impose sanctions under section 3 and
for purposes of preparing and submitting reports to Congress under
sections 8 and 9, the President should use any credible evidence--
(1) compiled and published by the China Human Rights
Documentation Center established under section 6;
(2) compiled and published by the Department of State and
other appropriate Federal departments and agencies; and
(3) submitted to the President by the chairperson and
ranking member of appropriate congressional committees.

SEC. 8. REPORTS BY PRESIDENT TO CONGRESS.

(a) Report Required.--
(1) In general.--The President shall submit to the
appropriate congressional committees on an annual basis a
report that includes--
(A) a list of individuals who are nationals of the
People's Republic of China with respect to which the
President imposed sanctions pursuant to section 3
during the calendar year preceding the submission of
the report;
(B) a description of the type of sanctions imposed
with respect to each individual;
(C) the number of individuals with respect to which
the President imposed sanctions under section 3(a)
during that year;
(D) the dates on which such sanctions were imposed
or terminated, as the case may be;
(E) the reasons for imposing or terminating such
sanctions; and
(F) a description of the efforts of the President
to encourage the governments of other countries to
impose sanctions that are similar to the sanctions
authorized by section 3.
(2) Dates for submission.--
(A) Initial report.--The President shall submit the
initial report required by this subsection not later
than 180 days after the date of the enactment of this
Act.
(B) Subsequent reports.--
(i) In general.--The President shall submit
each subsequent report required by this
subsection on December 10, or the first day
thereafter on which both Houses of Congress are
in session, of--
(I) the calendar year in which the
initial report is submitted if the
initial report is submitted before
December 10 of such calendar year; and
(II) each subsequent calendar year.
(ii) Congressional statement.--Congress
notes that December 10 of each calendar year
has been recognized in the United States and
internationally since 1950 as ''Human Rights
Day'' and thus the importance of December 10 of
each calendar year as the date of submission of
the subsequent reports required by this
subsection.
(b) Form of Report.--
(1) In general.--The report required by subsection (a)
shall be submitted in unclassified form, but may include a
classified annex.
(2) Exception.--The name of an individual who is a national
of the People's Republic of China to be included in the list
required by subsection (a)(1) by reason of the imposition of
sanctions pursuant to section 3 may be submitted in the
classified annex authorized by paragraph (1) only if the
President--
(A) determines that it is vital for the national
security interests of the United States to do so; and
(B) uses the annex in a manner consistent with
congressional intent and the purposes of this Act.
(c) Public Availability.--
(1) In general.--The unclassified portion of the report
required by subsection (a) shall be made available to the
public, including through publication in the Federal Register.
(2) Nonapplicability of confidentiality requirement with
respect to visa records.--The President shall publish the list
required by subsection (a)(1) without regard to the
requirements of section 222(f) of the Immigration and
Nationality Act (8 U.S.C. 1202(f)) with respect to
confidentiality of records pertaining to the issuance or
refusal of visas or permits to enter the United States.

SEC. 9. REPORT BY COMPTROLLER GENERAL TO CONGRESS ON IMPLEMENTATION OF
THIS ACT.

(a) In General.--Not later than 1 year after the date of submission
of the initial report to Congress under section 8, the Comptroller
General of the United States shall submit to the appropriate
congressional committees a report on the following:
(1) A description and assessment of the process--
(A) to determine whether an individual who is a
national of the People's Republic of China has engaged
in an activity described in section 3 and whether
sanctions under section 3 should be imposed with
respect to the individual;
(B) to determine whether the identity of an
individual who is a national of the People's Republic
of China with respect to which the President has
imposed sanctions pursuant to section 3 should be
classified; and
(C) whether the inclusion of the identity of an
individual who is a national of the People's Republic
of China in the unclassified version of the report has
had any noticeable positive benefits in curtailing
gross violations of internationally recognized human
rights in the People's Republic of China.
(2) An assessment of the implementation of this Act.
(b) Consultation.--The Comptroller General shall consult with the
appropriate congressional committees and nongovernmental organizations
for purposes of preparing the report required by subsection (a).

Output: China Human Rights Protection Act of 2015 Directs the President to impose U.S. entry and property sanctions against a national of China who: is responsible for gross violations of internationally recognized human rights committed against individuals in China, particularly those who seek to exercise, defend, or promote internationally recognized human rights and freedoms; acted as an agent of or on behalf of a national of China in such activities; or has materially assisted or provided financial, material, or technological support for, or goods or services in support of, such activities. Authorizes the President, with regard to such sanctions, to: waive their application, with prior congressional notification, if in U.S. national security interests; and terminate them under specified conditions. States that sanctions shall not apply if necessary to comply with the Agreement between the United Nations (U.N.) and the United States regarding the U.N. Headquarters, or other applicable international obligations of the United States. Declares that the Secretary of State shall seek to provide for the establishment of, and provide funding for, a nongovernmental China Human Rights Documentation Center to: compile, publish, and archive evidence of nationals of China who commit gross violations of internationally recognized human rights against individuals in China, and against others seeking to expand freedoms in China; and establish an online and searchable database, in English and in Chinese of evidence of such violations for research and educational purposes. Directs the President to report to Congress annually regarding each foreign person sanctioned, the type of sanctions imposed, and the reason for their imposition. Directs the Government Accountability Office to assess for Congress: the process to determine whether a foreign person has engaged in a sanctionable activity, whether sanctions should be imposed, and whether the identity of a sanctioned foreign person should be classified; and implementation of this Act.

Input: Consider Input: SECTION 1. SHORT TITLE.

This Act may be cited as the ''Retirement Savings Commission Act of
1997''.

SEC. 2. ESTABLISHMENT.

There is established a commission to be known as the Commission on
Retirement Savings (in this Act referred to as the ''Commission'').

SEC. 3. DUTIES.

(a) In General.--The general purpose of the Commission shall be to
make a comprehensive study of private pension and savings issues and to
recommend policies to expand access to and encourage participation in
retirement savings vehicles.
(b) Issues To Address.--In preparation for making the specific
policy recommendations described in subsection (c), the Commission
shall conduct a full and complete study and review of--
(1) trends in coverage of American workers by workplace
retirement plans;
(2) trends in Americans' personal rates of saving;
(3) the changing nature of workplace retirement plans,
particularly the shift from defined benefit plans to defined
contribution plans;
(4) the workforce and demographic trends affecting the
retirement savings of future retirees;
(5) the increased prevalence in the workforce and the
special retirement needs of--
(A) women;
(B) part-time workers; and
(C) temporary workers;
(6) the amounts of retirement income that future retirees
will need to replace various levels of preretirement income,
including amounts necessary to pay for medical care and long-
term care;
(7) the various sources of retirement income available to
individuals in the United States;
(8) past legislative changes adopted by Congress which have
acted as disincentives to the creation of workplace retirement
plans and as disincentives to personal retirement savings;
(9) the most efficient and effective manner, considering
the needs of retirement plan sponsors for simplicity,
reasonable cost, and appropriate incentives, of encouraging the
adoption of workplace retirement plans by employers,
particularly small businesses;
(10) the amount and sources of Federal and private funds,
including tax expenditures (as defined in section 3 of the
Congressional Budget Act of 1974 (2 U.S.C. 622)), needed to
finance both existing Federal incentives and programs designed
to encourage and protect retirement savings and any new Federal
incentives or programs that the Commission recommends be
established;
(11) the proper role of tax-deferred individual retirement
savings vehicles (such as individual retirement accounts and
annuities) in individual and national retirement planning;
(12) the manner in which tax expenditures designed to
encourage pension and retirement savings are scored for budget
purposes, specifically how to reflect accurately that tax
revenues on pension and retirement income are not lost to the
Federal Government but instead are deferred until the time
these funds are withdrawn; and
(13) the role of retirement savings in the economy of the
United States.
(c) Recommendations.--
(1) In general.--The Commission shall formulate
recommendations based on the study and review conducted under
subsection (b). These recommendations shall include proposals
that are designed to--
(A) expand workplace retirement plan coverage among
American workers;
(B) encourage the accumulation of adequate
retirement income;
(C) stimulate personal savings for retirement;
(D) encourage workers with access to workplace
retirement plans to participate in these plans;
(E) ensure the security of benefits accumulated by
workers who have participated in workplace retirement
plans;
(F) help low-wage workers, who often have the
greatest difficulty saving for retirement, accumulate
adequate retirement savings; and
(G) simplify the regulatory requirements associated
with administration of workplace retirement plans.
(2) Unanimity required.--The recommendations of the
Commission shall be adopted by unanimous vote of all 16
members. Policy proposals not supported by unanimous vote of
all 16 members shall not be considered recommendations of the
Commission and shall not be included in the report described in
section 7.
(3) No recommendations regarding social security.--While
conducting the study and review outlined in subsection (b), the
Commission may consider the role of Social Security retirement
benefits as a source of retirement income. However, the
Commission shall in no circumstances make recommendations
regarding the Social Security program or reforms thereto.
(4) Effect on federal budget deficit.--A recommendation of
the Commission for a new Federal incentive or program that
would result in an increase in the Federal budget deficit shall
not appear in the report required under section 7 unless it is
accompanied by a recommendation for offsetting the increase.
(d) Definition.--For purposes of this section, the term ''workplace
retirement plan'' means any financial vehicle referred to in section
219(g)(5) of the Internal Revenue Code of 1986.

SEC. 4. MEMBERSHIP.

(a) Number and Appointment.--
(1) In general.--The Commission shall consist of 16 members
appointed not later than 90 days after the date of the
enactment of this Act.
(2) Appointments.--The Commission shall include--
(A) 4 individuals appointed by the President, 1 of
whom the President shall appoint from the Congress to
serve as co-chairperson of the Commission;
(B) 4 individuals appointed by the Speaker of the
House of Representatives, 1 of whom the Speaker shall
appoint from the Congress to serve as co-chairperson of
the Commission;
(C) 4 individuals appointed by the majority leader
of the Senate;
(D) 2 individuals appointed by the minority leader
of the House of Representatives; and
(E) 2 individuals appointed by the minority leader
of the Senate.
(3) Qualifications.--
(A) The individuals referred to in paragraph (1)
shall be Members of the Congress, leaders of business
or labor, representatives of the plan sponsor and plan
participant communities, distinguished academics,
individuals with technical expertise in pension
administration, or other individuals with distinctive
qualifications or experience in retirement income
policy.
(b) Terms.--Each member shall be appointed for the life of the
Commission.
(c) Vacancies.--A vacancy in the Commission shall be filled not
later than 30 days after the date of the creation of the vacancy in the
manner in which the original appointment was made.
(d) Compensation.--
(1) Rates of pay.--Except as provided in paragraph (2),
members of the Commission shall serve without pay.
(2) Travel expenses.--Each member of the Commission shall
receive travel expenses, including per diem in lieu of
subsistence, in accordance with sections 5702 and 5703 of title
5, United States Code.
(e) Quorum.--Ten members of the Commission shall constitute a
quorum, but 6 members may hold hearings, take testimony, or receive
evidence.
(f) Meetings.--The Commission shall meet at the call of the co-
chairpersons.
(g) Decisions.--Decisions of the Commission, other than
recommendations adopted pursuant to section 3, shall be made by
consensus when possible, or otherwise according to the majority vote of
those members who are present and voting at a meeting called pursuant
to subsection (f).

SEC. 5. STAFF AND SUPPORT SERVICES.

(a) Recommendations Regarding Staff.--There shall be two co-
directors of the staff of the Commission. Each co-chairperson of the
Commission shall recommend an individual to serve as co-director of the
staff of the Commission. Each co-chairperson shall also recommend such
additional professional staff to serve under each co-director as are
required to carry out the duties of the Commission. The 2 co-directors
of the staff shall report to their respective co-chairperson and shall
work cooperatively to manage the day-to-day operations and staff of the
Commission.
(b) Appointment of Staff.--Acting upon the recommendations of the
co-chairpersons, the Commission shall appoint and fix the pay of the
co-directors and any additional staff.
(c) Applicability of Certain Civil Service Laws.--The co-directors
and staff of the Commission may be appointed without regard to the
provisions of title 5, United States Code, governing appointments in
the competitive service, and may be paid without regard to the
provisions of chapter 51 and subchapter III of chapter 53 of that title
relating to classification and General Schedule pay rates.
(d) Experts and Consultants.--The Commission may procure temporary
and intermittent services under section 3109(b) of title 5, United
States Code, at rates the Commission determines to be appropriate.
(e) Staff of Federal Agencies.--Upon request of the Commission, the
head of any Federal agency may detail, on a reimbursable basis, any of
the personnel of the agency to the Commission to assist it in carrying
out its duties under this Act.
(f) 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. 6. POWERS.

(a) Hearings and Sessions.--
(1) In general.--The Commission may, for the purpose of
carrying out this Act, hold hearings, sit and act at times and
places, take testimony, and receive evidence as the Commission
considers appropriate. The Commission may administer oaths or
affirmations to witnesses appearing before it.
(2) Public hearings.--The Commission may hold public
hearings to receive the views of a broad spectrum of the public
on the status of the private retirement system of the United
States.
(b) Delegation of Authority.--Any member, committee, or agent of
the Commission may, if authorized by the Commission, take any action
which the Commission is authorized to take by this section.
(c) Information.--
(1) Information from federal agencies.--
(A) In general.--The Commission may secure directly
from any Federal agency information necessary to enable
it to carry out this Act. Upon request of the
Commission, the head of the Federal agency shall
furnish the information to the Commission.
(B) Exception.--Subparagraph (A) shall not apply to
any information that the Commission is prohibited to
secure or request by another law.
(2) Public surveys.--The Commission may conduct public
surveys as necessary to enable it to carry out this Act. In
conducting such surveys, the Commission shall not be considered
an agency for purposes of chapter 35 of title 44, United States
Code.
(d) Mails.--The Commission may use the United States mails in the
same manner and under the same conditions as other Federal agencies.
(e) Contract and Procurement Authority.--The Commission may make
purchases, and may contract with and compensate government and private
agencies or persons for property or services, without regard to--
(1) section 3709 of the Revised Statutes (41 U.S.C. 5); and
(2) title III of the Federal Property and Administrative
Services Act of 1949 (41 U.S.C. 251 et seq.).
(f) Gifts.--The Commission may accept, use, and dispose of gifts of
services or property, both real and personal, for the purpose of
assisting the work of the Commission. Gifts of money and proceeds from
sales of property received as gifts shall be deposited in the Treasury
and shall be available for disbursement upon order of the Commission.
For purposes of Federal income, estate, and gift taxes, property
accepted under this subsection shall be considered as a gift to the
United States.
(g) Volunteer Services.--Notwithstanding section 1342 of title 31,
United States Code, the Commission may accept and use voluntary and
uncompensated services as the Commission determines necessary.

SEC. 7. REPORT.

The Commission shall submit a report to the President, the majority
and minority leaders of the Senate, and the Speaker and minority leader
of the House of Representatives. The report shall review the matters
that the Commission is required to study under section 3, shall explain
the Commission's analysis of these matters, and shall set forth the
recommendations of the Commission. The Commission shall submit its
report not later than 1 year and 90 days after the date of enactment of
this Act.

SEC. 8. TERMINATION.

The Commission shall terminate not later than 30 days after the
date on which the Commission submits its report under section 7.

SEC. 9. AUTHORIZATION OF APPROPRIATIONS.

There are authorized to be appropriated to carry out this Act
$1,000,000 for fiscal year 1998. Sums appropriated under this section
are authorized to remain available until expended.
Output: Retirement Savings Commission Act of 1997 - Establishes the Retirement Savings Commission to study and report to the President and Congress on private pension and savings issues and to recommend policies to expand access to and encourage participation in retirement savings vehicles. Requires the Commission to address specified issues and to include in its recommendations measures addressing specified needs of future retirees.
Authorizes appropriations.