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; REFERENCES TO HIGHER EDUCATION ACT OF 1965.

(a) Short Title.--This Act may be cited as the ''Higher Education
Assistance Improvement Act''.
(b) References to Higher Education Act of 1965.--Except as
otherwise expressly provided, whenever in this Act an amendment or
reference is expressed in terms of an amendment to, or reference to, a
section or other provision, the reference shall be considered to be
made to a section or other provision of the Higher Education Act of
1965.

SEC. 2. ADDITIONAL PROGRAM FUNDING AUTHORIZATIONS.

(a) Pell Grants.--Section 401(b)(2)(A) (20 U.S.C. 1070(b)(2)(A)) is
amended by striking clauses (iv) and (v) and inserting the following:
''(iv) $7,500 for academic year 2002-2003; and
''(v) $7,900 for academic year 2003-2004,''.
(b) TRIO.--Section 402A(f) (20 U.S.C. 1070a-11(f)) is amended by
striking ''$700,000,000 for fiscal year 1999, and such sums as may be
necessary for each of the 4 succeeding fiscal years'' and inserting
''$1,460,000,000 for fiscal year 2002 and such sums as may be necessary
for the succeeding fiscal year''.
(c) GEAR UP.--Section 404H (20 U.S.C. 1070a-28) is amended by
striking ''$200,000,000 for fiscal year 1999 and such sums as may be
necessary for each of the 4 succeeding fiscal years'' and inserting
''$590,000,000 for fiscal year 2002 and such sums as may be necessary
for the succeeding fiscal year''.
(d) Supplemental Education Opportunity Grants.--Section 413A(b) (20
U.S.C. 1070b(b)) is amended by striking ''$675,000,000 for fiscal year
1999 and such sums as may be necessary for the 4 succeeding fiscal
years'' and inserting ''$1,300,000,000 for fiscal year 2002 and such
sums as may be necessary for the succeeding fiscal year''.
(e) Graduate Assistance in Areas of National Need.--Section 716 (20
U.S.C. 1135e) is amended by striking ''$35,000,000 for fiscal year 1999
and such sums as may be necessary for each of the 4 succeeding fiscal
years'' and inserting ''$62,000,000 for fiscal year 2002 and such sums
as may be necessary for the succeeding fiscal year''.
(f) Thurgood Marshall.--Section 721(h) (20 U.S.C. 1136(h)) is
amended by striking ''$5,000,000 for fiscal year 1999 and each of the 4
succeeding fiscal years'' and inserting ''$8,000,000 for fiscal year
2002 and such sums as may be necessary for the succeeding fiscal
year''.

SEC. 3. ADDITIONAL APPROPRIATIONS MANDATE.

It is the sense of Congress that the appropriations for the
following higher education programs should be increased as follows:
(1) LEAP.--The appropriations under section 415A(b)(1) (20
U.S.C. 1070c(b)(1)) should be doubled to at least $110,000,000
for fiscal year 2002 and such sums as may be necessary for the
succeeding fiscal year.
(2) CAMPIS.--The appropriations under section 419N(g) (20
U.S.C. 1070e(g)) should be doubled to at least $50,000,000 for
fiscal year 2002 and such sums as may be necessary for the
succeeding fiscal year.
(3) Work-study.--The appropriations under section 441(b)
(42 U.S.C. 2751(b)) should be increased to at least
$1,050,000,000 for fiscal year 2002 and such sums as may be
necessary for the succeeding fiscal year.
(4) National health service corps scholarship and loan
repayment programs.--The appropriations under sections 338A and
338B of the Public Health Service Act (42 U.S.C. 254l, 254l-1)
should be doubled to at least $175,850,000 for fiscal year 2002
and such sums as may be necessary for the succeeding fiscal
year.
(5) Perkins loans.--The appropriations under section
461(b)(1) (20 U.S.C. 1087aa(b)(1)) should be doubled to at
least $200,000,000 for fiscal year 2002 and such sums as may be
necessary for the succeeding fiscal year, and the amount
available under section 465 for loan cancellation should be
doubled to at least $120,000,000 for fiscal year 2002 and such
sums as may be necessary for the succeeding fiscal year.
(6) Javits fellowships.--The appropriations under section
705 (20 U.S.C. 1134d) should be increased to at least
$20,000,000 for fiscal year 2002 and such sums as may be
necessary for the succeeding fiscal year.

SEC. 4. LOAN FORGIVENESS.

(a) Expansion of Eligibility.--
(1) Elimination of new borrower restrictions.--
(A) FFEL program.--Section 428J(b) (20 U.S.C. 1078-
10(b)) is amended by striking ''for any new borrower on
or after October 1, 1998, who'' and inserting ''for any
borrower who performs the qualifying service on or
after October 1, 1998, and who''.
(B) Federal direct loan program.--Section 460(b)(1)
of such Act (20 U.S.C. 1087j(b)(1)) is amended by
striking ''for any new borrower on or after October 1,
1998, who'' and inserting ''for any borrower who
performs the qualifying service on or after October 1,
1998, and who''.
(2) Expansion of eligible service; eliminating delay in
service benefit.--
(A) FFEL program.--Section 428J(b)(1) is amended to
read as follows:
''(1) has been engaged--
''(A) in any service that qualifies for
cancellation of Federal Perkins Loans under section
465(a)(2);
''(B) in full-time employment in service to
economically disadvantaged individuals or communities,
child and elder care services, social work, public
prosecutors and defenders, and police, fire, and rescue
services, as defined by the Secretary; or
''(C) in full-time employment in any service that
the Secretary recognizes by regulation as providing
public service that is comparable to the services
described in subparagraph (A) or (B); and''.
(B) Federal direct loan program.--Section
460(b)(1)(A) (20 U.S.C. 1087j(b)(1)(A)) is amended to
read as follows:
''(A) has been engaged--
''(i) in any service that qualifies for
cancellation of Federal Perkins Loans under
section 465(a)(2); or
''(ii) in full-time employment in service
to economically disadvantaged individuals or
communities, child and elder care services,
social work, public prosecutors and defenders,
and police, fire, and rescue services, as
defined by the Secretary;
''(iii) in full-time employment in any
service that the Secretary recognizes by
regulation as providing public service that is
comparable to the services described in clause
(i) or (ii); and''.
(C) Perkins loans.--Section 465(a)(2) is amended by
adding after the last sentence thereof the following
new sentence: ''Whenever the Secretary acts pursuant to
section 428J(b)(1)(B) or (C) or 460(b)(1)(A)(ii) or
(iii) to recognize by regulation or define additional
services as comparable qualifying services under such
sections, the Secretary shall, by regulation, recognize
such services as qualifying services for purposes of
this section.''.
(b) Amount and Rate of Repayment.--
(1) FFEL program.--Section 428J(c) (20 U.S.C. 1078-10(c))
is amended by striking paragraph (1) and inserting the
following:
''(1) Amount and rate of repayment.--The Secretary shall
repay the aggregate of the loan obligation on a loan made under
section 428 or 428H that is outstanding after the completion of
the first complete year of qualifying service described in
subsection (b)(1) for which the borrower seeks repayment under
this section. Such amount shall be repaid at the rate of one-
third of such amount for each of the first three years of such
service.''.
(2) Federal direct loan program.--Section 460(c) of such
Act (20 U.S.C. 1087j(c)) is amended by striking paragraph (1)
and inserting the following:
''(1) Amount and rate of repayment.--The Secretary shall
cancel the aggregate of the loan obligation on a loan made
under section 428 or 428H that is outstanding after the
completion of the first complete year of qualifying service
described in subsection (b)(1)(A). Such amount shall be
canceled at the rate of one-third of such amount for each of
the first three years of such service.''.
(3) Perkins loans.--Section 465(a) (20 U.S.C. 1087ee(a)) is
amended by striking paragraph (3)(A) and inserting the
following:
''(3)(A) The percent of a loan which shall be canceled under
paragraph (1) of this subsection is at the rate of 33/3\ percent for
each of 3 years of service described in paragraph (2).''.

Answer: Higher Education Assistance Improvement Act - Amends the Higher Education Act of 1965 (HEA) to increase funds available for the provision of student financial assistance.Increases the maximum individual Pell grant amount to: (1) $7,500 for academic year 2002-2003; and (2) $7,900 for academic year 2003-2004.Increases amounts authorized to be appropriated for FY 2002 and 2003 under the HEA student assistance provisions: (1) Federal TRIO programs; (2) Gaining Early Awareness and Readiness for Undergraduate Programs (GEAR UP); (3) supplemental education opportunity grants; (4) graduate assistance in areas of national need; and (5) Thurgood Marshall legal educational opportunity program.Expresses the sense of Congress that appropriations for the following higher education programs should be increased by specified amounts for FY 2002 and as necessary for FY 2003: (1) Leveraging Educational Assistance Partnership (LEAP); (2) Child Care Access Means Parents in School (CAMPIS); (3) work-study; (4) National Health Service Corps scholarship and loan repayment programs; (5) Perkins loans; and (6) Javits fellowships.Expands eligibility under the Federal Family Education Loan (FFEL), Federal direct loan, and Federal Perkins loan programs by: (1) eliminating certain new borrower restrictions; (2) expanding eligible service; and (3) eliminating delays in service benefit. Directs the Secretary of Education to repay or cancel certain amounts of loan obligations under those HEA student loan programs.

Question: SECTION 1. SHORT TITLE.

This Act may be cited as the ''Spacefaring Priorities for America's
Continued Exploration Act'' or the ''SPACE Act''.

SEC. 2. FINDINGS.

Congress finds the following:
(1) Russia is not a reliable partner.--(A) Unless Space
Shuttle operations are extended beyond 2010, the United States
will be heavily reliant on Russia to supply crew and possibly
cargo transport services to the International Space Station
during the gap period of 2010 through 2015. There will be no
other way to fly our astronauts into space during this period.
(B) The United States should not increase its reliance on
Russia to transport American astronauts into space, given the
increasingly divergent views and posturing from Russia. Russia
opposes the United States plan to base an antimissile radar
system in the Czech Republic and interceptor missiles in Poland
to deal with the threat posed by the Iranian nuclear weapons
and missile programs. Russia also suspended its participation
in the Conventional Forces in Europe (CFE) treaty, one of the
most significant arms control agreements of the Cold War years.
Additionally, Russia continues to arm some of America's most
hostile adversaries, Iran and Venezuela. Despite United States
objections, Russia sold billions of dollars worth of weapons to
the regime of Hugo Chavez in 2006. Such meddling is a possible
violation of the Monroe Doctrine and a throwback to the Cold
War era. Even more troublesome is the Russian history of
weapons trading with Iran. Russia has supplied advanced
conventional arms technology, missile technology, and nuclear
technologies to this very anti-American regime.
(2) Russia has abused past nasa cooperation agreements.--
(A) In the late 1990s, Russia fell short in fulfilling its
commitment to the International Space Station.
(B) The National Aeronautics and Space Administration (in
this Act referred to as ''NASA'') was forced to transfer
hundreds of millions of dollars to enable the Russians to
complete the critical Space Station service module Zvezda,
without which the International Space Station could not
operate.
(C) Russia delayed completion of the Zvezda service module
for several years. Under the International Space Station
agreement, the Russian government had committed to fund as well
as build the Zvezda service module. Subsequent transfers from
the United States, in order to complete the module, reflect
serious Russian mismanagement in the field of space.
(D) In 2000, while Russia was failing to meet its
commitment to the International Space Station, Russia was
diverting financial and human resources away from fulfilling
its International Space Station commitments in order to keep
the Russian's Mir Space Station aloft.
(E) Russia's past shortcomings in fulfilling commitments to
its international space partners should serve as a warning to
the United States as we consider increased reliance on Russian
space services in the future. It is not prudent for the United
States to depend on Russia for access to space given our past
experience with this relationship.
(3) American space science should not be dependent on
russian support.--(A) The United States has already invested
billions of dollars in the International Space Station program
since its inception.
(B) There is much research of great value being conducted
in space, and on the International Space Station, that may
yield tremendous gains. Research being conducted on the
International Space Station may help scientists back on Earth
develop medicines to treat diseases and help us better
understand the Earth's climate. Many scientists believe that
the microgravity environment of space will enable the
development of new drugs, vaccines, and other therapies.
Equipment on the International Space Station will monitor
stratospheric gases, and investigate ozone chemistry.
(4) The united states must have assured access to space.--
(A) To ensure that the United States realizes the dividends
from the considerable investment we have made in the
International Space Station, we need to ensure continued access
to space for our astronauts. However, NASA's plan for transport
of crew to and from the International Space Station fails to
provide necessary redundancies to provide assured access to
space.
(B) NASA anticipates that the Russian Soyuz spacecraft will
be the only vehicle for astronaut crew rotation to the
International Space Station after 2010. From 2011 until the
planned operation of Orion in 2015, NASA likely has no other
option for transporting American astronauts to space other than
on Russian vehicles.
(C) NASA has conceded that without the Space Shuttle, it
will be unable to transport the Alpha Magnetic Spectrometer
(AMS) to the International Space Station. Scientists involved
in the development of the AMS acknowledge that it will enhance
scientific discoveries. While the AMS has cost over
$1,500,000,000 to develop and build, NASA has stated that the
remaining Space Shuttle manifest does not allow for transport
of the AMS and that it will not be an option to retrofit
another launch vehicle in order to fly it into space. Only by
extending Space Shuttle operations beyond 2010 will NASA be
able to transport the AMS to the International Space Station.
As long as the AMS meets all required standards to verify its
validity and justify its transport on the Space Shuttle, NASA
should fulfill its obligation to the Department of Energy and
our international partners.
(D) In addition, the Japanese Centrifuge Accommodation
Module, which can only fly to the International Space Station
on the Space Shuttle, will also be unable to reach the Space
Station absent extending Space Shuttle operations.
(5) A better approach.--(A) Due to NASA's lack of a backup
plan for reliance on the Russians for transport of American
astronauts to space, the United States needs a better approach.
The best approach is the Space Shuttle, a proven, domestic
source of space transport for assured access to space,
including the International Space Station, for crew and cargo
transport.
(B) With 2 Shuttle missions per year during the human
spaceflight program flight gap between Shuttle and Orion,
currently scheduled from 2010 through 2015, we can replace our
need to rely on the Russians for crew rotation for the
International Space Station.
(C) Savings from replacing Russian transport services to
the International Space Station with the Space Shuttle would
pay for a portion of the costs for flying 2 Space Shuttle
missions per year.
(D) Only by closing the gap between 2010 and 2015, or until
the Orion is operational, will our Nation be able to keep our
Nation's highly skilled and critically important spaceworkers
and engineers gainfully employed, and mitigate the loss of
critical skills.
(E) By extending Space Shuttle operations, NASA may realize
considerable savings by no longer having to pay retention
bonuses to critical space workers. But retention bonuses would
not be the only added costs associated with the end of Space
Shuttle operations when critical skilled workers leave NASA or
its contractors. Recruitment incentives for new workers and
contract cost increases could also be incurred by NASA since
the majority of the Kennedy Space Center's workforce are
contractors.
(F) The success of the Constellation program will depend on
having the most skilled and experienced workforce possible. The
workforce gap, as currently envisioned by NASA, will jeopardize
this. NASA has acknowledged that thousands of critical space
workers will lose their jobs in the transition from the Space
Shuttle to the Constellation program. Continued operation of
the Space Shuttle, but on a reduced flight requirement, while
also integrating these workers into the Orion program, is the
best way to retain many of these critical workers and skill
sets.
(G) An August 2007 study by the Government Accountability
Office, ''NASA Progress Made on Strategic Human Capital
Management, but Future Program Challenges Remain,'' stated that
''the agency as a whole faces challenges in recruiting and
retaining highly experienced senior-level engineers in certain
specialties. NASA's principal workforce challenge will be faced
in the transition to the next generation of human space flight
systems.''.
(H) This Act authorizes for NASA additional funding under
section 4 to fully restore the appropriation shortfalls in
fiscal years 2007 and 2008 compared to the funds that were
authorized for NASA. An additional $1,000,000,000 is authorized
in section 4(b) to reimburse NASA for the costs incurred by
NASA from the Space Shuttle return-to-flight efforts following
the Space Shuttle Columbia disaster.

SEC. 3. PROHIBITION ON USE OF RUSSIAN SPACE SERVICES.

NASA shall not rely solely on the Russian government for astronaut
transport or cargo resupply services. This prohibition does not apply
to the current Soyuz emergency escape services for astronauts on the
International Space Station.

SEC. 4. ADDITIONAL FUNDING FOR NASA.

(a) Additional Authorization for Fiscal Year 2007 Shortfall.--There
are authorized to be appropriated to NASA $1,648,000,000, 41.6 percent
of which shall be for Exploration Systems, and 28.7 percent of which
shall be available for Space Operations.
(b) Columbia Return-to-Flight.--There are authorized to be
appropriated to NASA $1,000,000,000 for emergency funding to reimburse
for Columbia return-to-flight costs, of which the Exploration Systems
and Space Operations Accounts shall receive funding at the rate
proportional to the amounts used to pay the costs associated with the
Space Shuttle return-to-flight efforts.
(c) Additional Authorization for Fiscal Year 2008 Shortfall.--There
are authorized to be appropriated to NASA $1,064,000,000, 41.7 percent
of which shall be for Exploration Systems.
(d) Preservation of Funding for Programs.--NASA shall not take any
funding from its Exploration Systems account or the Constellation
program in order to fund the continued operation of the Space Shuttle
program as required in this Act.

SEC. 5. EXTENDING SPACE SHUTTLE OPERATIONS.

(a) Use of Space Shuttle for Access to Space.--NASA shall fly at
least 2 Space Shuttle missions per year for crew transport, instead of
Russian crew and cargo services, for the period of 2010 through 2015,
or until Orion is operational. There are authorized to be appropriated
to NASA such sums as may be necessary, in addition to amounts otherwise
authorized, to carry out this subsection, including for the production
of more external tanks as may be needed.
(b) Insufficient Funding.--Except as provided under subsection (c),
the requirements of this Act shall have effect only to the extent that
sufficient funding is appropriated, as authorized under subsection (a).
Sufficient funding is defined as funds required to fully or partially
comply with the requirements of this Act.
(c) Report to Congress.--NASA shall report to Congress not later
than 90 days after the date of enactment of this Act on the specific
costs and actions needed to extend the operation of the Space Shuttle
in accordance with this Act.
(d) Operational Efficiencies.--As soon as possible, but no later
than March 31, 2011, NASA shall investigate areas of reduced operations
and enhanced cost savings and implement those that do not impinge the
safe operation of the Space Shuttle program, including the following:
(1) The possible retirement of one Space Shuttle orbiter,
leaving 2 to remain operational, in a manner that ensures the
safe operation of the Space Shuttle program.
(2) Significantly reducing changes to the design of the
Space Shuttle orbiters, in a manner that ensures the safe
operation of the Space Shuttle program. This shall include
changes to the Space Shuttle software systems.
(3) Significantly reducing Space Shuttle orbiter
configuration operations and payload configuration operations,
in a manner that ensures the safe operation of the Space
Shuttle program.
(4) Maximizing the use of shared personnel between the
continued operation of the Space Shuttle and Constellation and
other NASA programs.
(e) Facilities.--If conflicts arise in NASA's efforts to allocate
facilities, personnel, and other resources in order to fly the Space
Shuttle as well as continue the development of Constellation, then NASA
shall identify in a report to Congress in advance such conflicts, along
with recommendations as to how they can be mitigated.

SEC. 6. SHUTTLE RECERTIFICATION.

Not later than 6 months after the date of enactment of this Act,
NASA shall define achievable and attainable requirements for operation
of the Space Shuttle program beyond 2010, as recommended by the
Columbia Accident Investigation Board. NASA shall transmit these
requirements to Congress in the form of a report. NASA shall then
immediately begin the process of satisfying these requirements and
shall satisfy all requirements no later than March 31, 2010.

Answer: Spacefaring Priorities for America's Continued Exploration Act or SPACE Act - Prohibits the National Aeronautics and Space Administration (NASA) from relying solely on the Russian government for astronaut transport or cargo resupply services, except for the current Soyuz emergency escape services for astronauts on the International Space Station.

Authorizes appropriations to NASA for: (1) exploration systems; and (2) emergency funding for Columbia return-to-flight costs.

Requires NASA to fly at least two space shuttle missions per year for crew transport, instead of Russian crew and cargo services, for the period 2010-2015, or until Orion is operational. Authorizes appropriations to carry out such operations. Requires NASA to report to Congress on the specific costs and actions needed to extend the operation of the space shuttle.

Requires NASA, by March 31, 2011, to investigate areas of reduced operations and enhanced cost savings and implement those that do not impinge on the safe operation of the space shuttle program.

Directs NASA to define achievable and attainable requirements for the operation of such program beyond 2010, as recommended by the Columbia Accident Investigation Board. Requires: (1) NASA to report to Congress on such requirements; and (2) NASA to immediately begin satisfying those requirements and to satisfy all of them by March 31, 2010.

Question: SECTION 1. SHORT TITLE.

This Act may be cited as the ''Futures Investor Protection Act''.

SEC. 2. FUTURES INVESTORS PROTECTION FUND.

(a) Futures Investor Protection Corporation.--
(1) Creation and membership.--
(A) Creation.--There is established a nonprofit
corporation to be known as the ''Futures Investor
Protection Corporation'' (in this Act referred to as
the ''FIPC''), which shall not be an agency or
establishment of the United States Government.
(B) Membership.--
(i) Members of fipc.--The FIPC shall be a
membership corporation the members of which
shall be all persons registered under the
Commodity Exchange Act with the Commission as a
futures commission merchant, other than persons
whose principal business, in the determination
of the FIPC, taking into account business of
affiliated entities, is conducted outside the
United States and its territories and
possessions.
(ii) Commission review; additional
members.--Subparagraphs (B) and (C) of section
3(a)(2) of SIPA shall apply with respect to
determinations of the FIPC in the same way the
subparagraphs apply with respect to
determinations of the SIPC and to brokers and
dealers referred to in such subparagraph (D).
(iii) Disclosure.--Section 3(a)(2)(D) of
SIPA shall apply to futures commission
merchants in the same way the section applies
to brokers and dealers referred to in such
section.
(2) Powers.--The FIPC shall have all the powers conferred
on the SIPC.
(3) Board of directors.--
(A) Functions.--The FIPC shall have a Board of
Directors which, subject to the provisions of this Act,
shall determine the policies which shall govern the
operations of FIPC.
(B) Number and appointment.--The Board of Directors
shall consist of 7 persons as follows:
(i) 1 director shall be appointed by the
Secretary of the Treasury from among the
officers and employees of the Department of the
Treasury.
(ii) 1 director shall be appointed by the
Board of Governors of the Federal Reserve
System from among the officers and employees of
that Board.
(iii) 5 directors shall be appointed by the
President, by and with the advice and consent
of the Senate, as follows:
(I) 3 directors shall be selected
from among persons who are associated
with, and representative of different
aspects of, the futures industry, not
all of whom shall be from the same
geographical area of the United States.
(II) 2 directors shall be selected
from the general public from among
persons who are not associated with a
futures commission merchant or a
contract market, or similarly
associated with any self-regulatory
organization or other futures industry
group, and who have not had any such
association during the 2 years
preceding appointment.
(C) Chairman and vice chairman.--The President
shall designate a Chairman and Vice Chairman from among
those directors appointed under subparagraph
(B)(iii)(II).
(D) Terms.--
(i) In general.--Except as provided in
clauses (ii) and (iii), each director shall be
appointed for a term of 3 years.
(ii) Initially appointed members.--Of the
directors first appointed under subparagraph
(B)--
(I) 2 shall hold office for a term
expiring on December 31, 2017;
(II) 2 shall hold office for a term
expiring on December 31, 2018; and
(III) 3 shall hold office for a
term expiring on December 31, 2019,
as designated by the President at the time they
take office. The designation shall be made in a
manner which will assure that no 2 persons
appointed under the authority of the same
subclause of subparagraph (B)(iii) shall have
terms which expire simultaneously.
(iii) Vacancies.--A vacancy in the Board
shall be filled in the same manner as the
original appointment was made. Any director
appointed to fill a vacancy occurring prior to
the expiration of the term for which the
predecessor of the director was appointed shall
be appointed only for the remainder of the
term. A director may serve after the expiration
of the term for which appointed until the
successor of the director has taken office.
(E) Compensation.--All matters relating to
compensation of directors shall be as provided in the
bylaws of the FIPC.
(4) Meetings of board; bylaws and rules.--Subsections (d)
and (e) of section 3 of SIPA shall apply with respect to the
FIPC and the Commission in the same way the subsections apply
with respect to the SIPC and the Securities and Exchange
Commission.
(b) FIPC Fund.--
(1) In general.--The FIPC shall establish, and make
deposits into and payments from, an ''FIPC fund'' (in this Act
referred to as the ''fund'') in the same manner in which the
SIPC has established, and is authorized to make deposits into
and payments from, the SIPC fund.
(2) Assessments.--The FIPC shall impose on its members
assessments subject to the same rules that apply to the
imposition by the SIPC of assessments on the members of the
SIPC.
(c) Other Provisions.--Sections 5 through 16 of the SIPA shall
apply with respect to the FIPC and the members, directors, officers,
and employees of the FIPC, the Commission, the FIPC fund, futures
commission merchants and their affiliates, futures contracts, futures
transactions, customers, and debtors in the same way the sections apply
with respect to the SIPC and the members, directors, officers, and
employees of the SIPC, the Securities and Exchange Commission, the SIPC
fund, persons registered as brokers or dealers (as defined in section
16(12) of the SIPA) and their affiliates, securities, securities
transactions, customers (as defined in section 16(2) of the SIPA), and
debtors (as defined in section 16(5) of the SIPA), respectively.
(d) Definitions.--In this section:
(1) Commission.--The term ''Commission'' means the
Commodity Futures Trading Commission.
(2) Contract market.--The term ''contract market'' means a
board of trade designated as a contract market under the
Commodity Exchange Act.
(3) Futures contract.--The term ''futures contract'' means
a contract of sale of a commodity for future delivery, within
the meaning of the Commodity Exchange Act.
(4) Futures commission merchant.--The term ''futures
commission merchant'' has the meaning given the term in section
1a(28) of the Commodity Exchange Act.
(5) SIPA.--The term ''SIPA'' means the Security Investors
Protection Act of 1970.
(6) SIPC.--The term ''SIPC'' means the Security Investors
Protection Corporation.
(7) SIPC fund.--The term ''SIPC fund'' means the fund
established under section 4(a)(1) of the SIPA.

SEC. 3. SUITABILITY RULES.

(a) In General.--The Commodity Exchange Act (7 U.S.C. 1 et seq.) is
amended by inserting after section 4t the following:

''SEC. 4U. SUITABILITY RULES.

''(a) In General.--
''(1) Recommendations must be suitable for the customer.--A
futures commission merchant shall not recommend a transaction
or investment strategy involving a contract of sale of a
commodity for future delivery, unless the futures commission
merchant has a reasonable basis to believe that the transaction
or investment strategy is suitable for the customer, based on
the information obtained through the reasonable diligence of
the futures commission merchant to ascertain the customer's
investment profile. A customer's investment profile includes,
but is not limited to, the customer's age, other investments,
financial situation and needs, tax status, investment
objectives, investment experience, investment time horizon,
liquidity needs, risk tolerance, and any other information the
customer may disclose to the futures commission merchant in
connection with the recommendation.
''(2) Safe harbor in certain cases.--A futures commission
merchant is deemed to comply with paragraph (1) in the case of
a customer with an institutional account, if--
''(A) the futures commission merchant has a
reasonable basis to believe that the customer is
capable of evaluating investment risks independently,
both in general and with regard to particular
transactions and investment strategies involving a
contract of sale of a commodity for future delivery;
and
''(B) the customer affirmatively indicates that it
is exercising independent judgment in evaluating the
recommendations of the futures commission merchant.
''(b) Applicability With Respect to Certain Agents.--If a customer
with an institutional account has delegated decisionmaking authority to
an agent, subsection (a) shall be applied with respect to the agent.
''(c) Institutional Account Defined.--In this section, the term
'institutional account' means the account of--
''(1) a bank, savings and loan association, insurance
company or registered investment company;
''(2) an investment adviser registered with the Securities
and Exchange Commission under section 203 of the Investment
Advisers Act or with a State securities commission (or any
agency or office performing like functions); or
''(3) any other person (whether a natural person,
corporation, partnership, trust or otherwise) with total assets
of at least $50,000,000.
''(d) Penalties.--The Commission may impose one or more of the
following sanctions on a person found by the Commission to have
violated this section or to have neglected or refused to comply with an
order issued by the Commission under this section:
''(1) Censure.
''(2) A fine.
''(3) Expulsion of the person from, or revocation of the
membership of the person in, a registered entity.
''(4) Suspension for a definite period or a period
contingent on the performance of a particular act, or
revocation, of the registration of the person under this Act
with the Commission as a futures commission merchant.
''(5) Suspension or bar of the person from association with
any other futures commission merchant.
''(6) A temporary or permanent cease and desist order
against the person.
''(7) Any other fitting sanction.''.
(b) Effective Date.--Within 6 months after the date of the
enactment of this Act, the Commodity Futures Trading Commission shall
issue regulations for the implementation of the amendment made by
subsection (a).

SEC. 4. REVIEW OF PROOF OF CLAIMS RULES.

(a) In General.--The Commodity Futures Trading Commission shall
review the guidelines for establishing account classes and determining
the basis for pro rata shares under, and the sample claim form set
forth in, part 190 of title 17, Code of Federal Regulations, and
consider the desirability of allowing use of a set date for valuation
purposes rather than the date of actual liquidation of positions.
(b) Report to the Congress.--Within 1 year after the date of the
enactment of this Act, the Commodity Futures Trading Commission shall
submit to the Congress a written report that contains the findings of
the Commission with respect to the matters referred to in subsection
(a), and includes such changes to the regulations in such part as the
Commission deems appropriate.

Answer:
Futures Investor Protection Act This bill establishes the Futures Investor Protection Corporation (FIPC) as a nonprofit membership corporation for all futures commission merchants registered with the Commodity Futures Trading Commission (CFTC). In general, the FIPC's powers and duties shall mirror those of the Security Investors Protection Corporation (the nonprofit membership corporation for registered broker-dealers). In addition, the bill amends the Commodity Exchange Act to establish suitability rules with respect torecommendationsby afutures commission merchant to a customer. The CFTC must review certain guidelines regarding proof of claims, as specified by the bill.