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

[Q]: SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

(a) Short Title.--This Act may be cited as the ''Charitable Giving
Protection Act of 1995''.
(b) Table of Contents.--The table of contents for this Act is as
follows:

Sec. 1. Short title; table of contents.
Sec. 2. Findings.
TITLE I--AMENDMENTS TO THE SECURITIES LAWS

Sec. 101. Amendment to the Investment Company Act of 1940.
Sec. 102. Amendment to the Securities Act of 1933.
Sec. 103. Amendments to the Securities Exchange Act of 1934.
Sec. 104. Amendment of the Investment Advisers Act of 1940.
Sec. 105. Effective dates and applicability.
TITLE II--CLARIFICATION OF ANTITRUST LAWS

Sec. 201. Exemption from antitrust laws.
Sec. 202. Effective date and applicability.
SEC. 2. FINDINGS.

The Congress finds that--
(1) charities have served a unique and essential role in
meeting the needs of the American people;
(2) charities have healed the sick, fed the hungry,
sheltered the needy, and educated our children;
(3) in order to ensure that charities can continue to meet
the needs of the American people, the Federal Government should
do everything possible to encourage charitable giving;
(4) charities should be able to raise funds and invest
funds, both on their own and collectively with other charities,
without excessive Government intervention or unnecessary legal
or regulatory requirements;
(5) the Congress, in passing the Technical Corrections Act
of 1988, differentiated between charitable gift annuities and
annuities issued by commercial organizations for profit; and
(6) unlike commercial annuities, charitable gift annuities
are not issued for profit, and their issuance, maintenance, and
investment by charities is not subject to the anticompetitive
prohibitions of the Federal antitrust laws.

TITLE I--AMENDMENTS TO THE SECURITIES LAWS

SEC. 101. AMENDMENT TO THE INVESTMENT COMPANY ACT OF 1940.

Section 3(c) of the Investment Company Act of 1940 (15 U.S.C. 80a-
3(c)) is amended by inserting after paragraph (6) the following new
paragraph:
''(7)(A) Subject to subparagraph (B), a pooled income fund,
or any collective trust fund, collective investment fund, or
similar fund maintained by a charitable organization
exclusively for the collective investment and reinvestment of--
''(i) the general endowment fund or other funds of
one or more charitable organizations;
''(ii) assets of a pooled income fund;
''(iii) assets contributed to a charitable
organization in exchange for the issuance of charitable
gift annuities;
''(iv) assets of a charitable remainder trust or of
any other trust, the remainder interests of which are
irrevocably dedicated to any charitable organization;
''(v) assets of a charitable lead trust; or
''(vi) assets of a trust not described in clauses
(i) through (v), the remainder interests of which are
revocably dedicated to a charitable organization.
''(B) A fund described in subparagraph (A), and any
charitable organization that maintains such a fund, shall be
excluded from treatment as an investment company in accordance
with this subsection only if--
''(i) each contributor to a pooled income fund and
each settlor of a trust described in clause (iv), (v),
or (vi) of subparagraph (A) is provided with written
information describing the material terms of the
instruments governing the operation of the pooled
income fund, in the case of a contributor to such fund,
or of the fund in which any assets of such pooled
income fund or such a trust are invested, by the later
of June 30, 1996, or the date of investment in such
fund; and
''(ii) each person soliciting gifts, as described
in subparagraph (A), that will be administered in any
collective trust fund, collective investment fund, or
similar fund maintained by a charitable organization is
either a volunteer or is employed in the overall
fundraising activities of a charitable organization and
receives no commissions or other special compensation
based on the amount of gifts transferred to such fund.
''(C) The exemption provided by subparagraph (A)(vi) shall
terminate on December 31, 1998.
''(D) For purposes of this paragraph--
''(i) a trust or fund is 'maintained' by a
charitable organization that serves as a trustee or
administrator of the trust or fund or that has the
power to remove the trustees or administrators of the
trust or fund and to designate new trustees or
administrators;
''(ii) the term 'pooled income fund' has the same
meaning as in section 642(c)(5) of the Internal Revenue
Code of 1986;
''(iii) the term 'charitable organization' means an
organization described in paragraphs (1) through (5) of
section 170(c) or section 501(c)(3) of the Internal
Revenue Code of 1986;
''(iv) the term 'charitable lead trust' means a
trust described in section 170(f)(2)(B), 2055(e)(2)(B),
or 2522(c)(2)(B) of the Internal Revenue Code of 1986;
''(v) the term 'charitable remainder trust' means a
charitable remainder annuity trust or a charitable
remainder unitrust, as those terms are defined in
section 664(d) of the Internal Revenue Code of 1986;
and
''(vi) the term 'charitable gift annuity' means an
annuity issued by a charitable organization that is
described in section 501(m)(5) of the Internal Revenue
Code of 1986.''.

SEC. 102. AMENDMENT TO THE SECURITIES ACT OF 1933.

Section 3(a) of the Securities Act of 1933 (15 U.S.C. 77c(a)) is
amended by adding at the end the following new paragraph:
''(13) Any security issued by or any interest or
participation in any pooled income fund, collective trust fund,
collective investment fund, or similar fund that is deemed not
to be an investment company under section 3(c)(7) of the
Investment Company Act of 1940.''.
SEC. 103. AMENDMENTS TO THE SECURITIES EXCHANGE ACT OF 1934.

(a) Exempted Securities.--Section 3(a)(12)(A) of the Securities
Exchange Act of 1934 (15 U.S.C. 78c(a)(12)(A)) is amended--
(1) in clause (iv) by striking ''and'' at the end;
(2) by redesignating clause (v) as clause (vi); and
(3) by inserting after clause (iv) the following new
clause:
''(v) any security issued by or any
interest or participation in any pooled income
fund, collective trust fund, collective
investment fund, or similar fund that is deemed
not to be an investment company under section
3(c)(7) of the Investment Company Act of 1940;
and''.
(b) Exemption From Broker-Dealer Provisions.--Section 3(a) of the
Securities Exchange Act of 1934 (15 U.S.C. 78c(c)) is amended by adding
at the end the following new paragraph:
''(54) Charitable organizations.--Notwithstanding any other
provision of this title, a charitable organization, as defined
in section 3(c)(7) of the Investment Company Act of 1940, or
any trust-
ee, director, officer, employee, or volunteer of such a
charitable organization acting within the scope of such
person's employment or duties, shall not be deemed to be a
'broker', 'dealer', 'municipal securities broker', 'municipal
securities dealer', 'government securities broker', or
'government securities dealer' for purposes of this title
solely because such organization or person buys, holds, sells,
or trades in securities for its own account in its capacity as
trustee or administrator of, or otherwise on behalf of or for
the account of--
''(A) such a charitable organization;
''(B) a fund that is exempt from the provisions of
the Investment Company Act of 1940 under section
3(c)(7) of that Act; or
''(C) a trust or other donative instrument, the
assets of which may be contributed to or invested in
such funds in accordance with section 3(c)(7) of the
Investment Company Act of 1940, or the settlors (or
potential settlors) or beneficiaries of any such trust
or other instrument.''.

SEC. 104. AMENDMENT OF THE INVESTMENT ADVISERS ACT OF 1940.

Section 202(a)(11) of the Investment Advisers Act of 1940 (15
U.S.C. 80b-2(a)(11)) is amended--
(1) by striking ''does not include (A) a bank'' and
inserting ''does not include--
''(A) a bank'';
(2) by striking ''(B) any lawyer'' and inserting the
following:
''(B) any lawyer'';
(3) by striking ''(C) any broker'' and inserting the
following:
''(C) any broker'';
(4) by striking ''(D) the publisher'' and inserting the
following:
''(D) the publisher'';
(5) by striking ''(E) any person'' and inserting the
following:
''(E) any person'';
(6) by striking ''or (F) such other'' and inserting the
following:
''(G) such other''; and
(7) by inserting after subparagraph (E) the following new
subparagraph:
''(F) any charitable organization, as defined in
section 3(c)(7) of the Investment Company Act of 1940,
or any trustee, director, officer, employee, or
volunteer of such a charitable organization acting
within the scope of the employment or duties of such
person, whose advice, analyses, or reports are provided
only to--
''(i) any such charitable organization;
''(ii) a fund that is exempt from the
Investment Company Act of 1940 under section
3(c)(7) of that Act, or the trustees or
administrators of such fund; or
''(iii) a trust or other donative
instrument, the assets of which may be
contributed to or invested in such fund in
accordance with section 3(c)(7) of the
Investment Company Act of 1940, or the
trustees, administrators, settlors (or
potential settlors), or beneficiaries of any
such trust or other instrument; or''.

SEC. 105. EFFECTIVE DATES AND APPLICABILITY.

This title and the amendments made by this title shall apply in all
administrative and judicial actions pending on or commenced after the
date of enactment of this Act, as a defense to any claim that any
person, security, interest, or participation of the type described in
this title and the amendments made by this title is subject to the
provisions of the Securities Act of 1933, the Securities Exchange Act
of 1934, the Investment Company Act of 1940, or the Investment Advisers
Act of 1940, except as otherwise specifically provided in those Acts.

SEC. 106. PREEMPTION OF STATE LAW.

(a) Registration Requirements.--A security issued by or any
interest or participation in any pooled income fund, collective trust
fund, collective investment fund, or similar fund that is exempt from
the Investment Company Act of 1940 under section 3(c)(7) of that Act,
and the offer or sale thereof, shall be exempt from any law of a State
that requires registration or qualification of securities.
(b) Treatment of Charitable Organizations.--No charitable
organization, or any trustee, director, officer, employee, or volunteer
of a charitable organization acting within the scope of such person's
employment or duties, shall be required to register as, or be subject
to regulation as, a dealer, broker, agent, or investment adviser under
the laws of any State solely because such organization or person buys,
holds, sells, or trades in securities for its own account in its
capacity as trustee or administrator of, or otherwise on behalf of or
for the account of--
(1) a charitable organization;
(2) a fund that is exempt from the Investment Company Act
of 1940 under section 3(c)(7) of that Act; or
(3) a trust or other donative instrument, the assets of
which may be contributed to or invested in such funds in
accordance with section 3(c)(7) of the Investment Company Act
of 1940, or the settlors (or potential settlors) or
beneficiaries of any such trusts or other instruments.
(c) State Action.--Notwithstanding subsections (a) and (b), during
the 3-year period beginning on the date of enactment of this Act, a
State may enact a statute that specifically refers to this section and
provides prospectively that this section shall not preempt the laws of
that State referred to in this section.
(d) Definitions.--For purposes of this section--
(1) the term ''charitable organization'' means an
organization described in paragraphs (1) through (5) of section
170(c) or section 501(c)(3) of the Internal Revenue Code of
1986;
(2) the term ''security'' has the same meaning as in
section 3 of the Securities Exchange Act of 1934; and
(3) the term ''State'' means each of the several States of
the United States, the District of Columbia, the Commonwealth
of Puerto Rico, the Virgin Islands, Guam, American Samoa, and
the Commonwealth of the Northern Mariana Islands.

TITLE II--CLARIFICATION OF ANTITRUST LAWS

SEC. 201. EXEMPTION FROM ANTITRUST LAWS.

(a) In General.--The activities of a charitable organization
relating to the issuance, maintenance, or investment of a charitable
gift annuity are exempt from the application of the antitrust laws.
(b) Definitions.--For purposes of this section--
(1) the term ''antitrust laws'' means--
(A) the Sherman Act (15 U.S.C. 1 et seq.);
(B) the Clayton Act (15 U.S.C. 12 et seq.);
(C) the Federal Trade Commission Act (15 U.S.C. 41
et seq.); and
(D) any State law that is similar to the Acts
referred to in subparagraphs (A) through (C).
(2) the term ''charitable organization'' means an
organization described in paragraphs (1) through (5) of section
170(c) or section 501(c)(3) of the Internal Revenue Code of
1986;
(3) the term ''charitable gift annuity'' means an annuity
issued by a charitable organization that is described in
section 501(m)(5) of the Internal Revenue Code of 1986; and
(4) the term ''State'' means each of the several States of
the United States, the District of Columbia, the Commonwealth
of Puerto Rico, the Virgin Islands, Guam, American Samoa, and
the Commonwealth of the Northern Mariana Islands.
(c) State Action.--Notwithstanding subsections (a) and (b), during
the 3-year period beginning on the date of enactment of this Act, a
State may enact a statute that specifically refers to this section and
provides prospectively that this section shall not preempt the laws of
that State referred to in this section.

SEC. 202. EFFECTIVE DATE AND APPLICABILITY.

The exemption provided for in section 201 shall apply in any
judicial or administrative action pending on or commenced after the
date of enactment of this Act and shall serve as a defense to any claim
that the sale or issuance of a charitable gift annuity is subject to
any provision of antitrust laws.
[A]: TABLE OF CONTENTS:
Title I: Amendments to the Securities Laws
Title II: Clarification of Antitrust Laws
Charitable Giving Protection Act of 1995 -
Title I: Amendments to the Securities Laws
- Exempts from the jurisdiction of the Investment Company Act of 1940, the Securities Act of 1933, the Securities Exchange Act of 1934, and the Investment Advisers Act of 1940 any security issued by or any interest or participation in any pooled income fund, collective trust fund, collective investment fund, or similar fund deemed not to be an investment company under the Investment Company Act of 1940 (charitable gift annuities).
Preempts State law to extend the charitable gift annuities exemption from its jurisdiction over: (1) securities registration or qualification requirements; and (2) any charitable organization regulation.
Permits a State to enact a statute that specifically refers to this Act and provides prospectively that it does not preempt its laws.
Title II: Clarification of Antitrust Laws
- Exempts charitable gift annuities from application of the antitrust laws.

[Q]: SECTION 1. SHORT TITLE.

This Act may be cited as the ''Equitable Treatment of Investors
Act''.

SEC. 2. SECURITIES INVESTOR PROTECTION ACT OF 1970 AMENDMENTS.

(a) Net Equity Based on Last Statement.--Section 16(11) of the
Securities Investor Protection Act of 1970 (15 U.S.C. 78lll(11)) is
amended to read as follows:
''(11) Net equity.--
''(A) In general.--The term 'net equity' means the
dollar amount of the account or accounts of a customer,
to be determined by--
''(i) calculating the sum which would have
been owed by the debtor to such customer if the
debtor had liquidated, by sale or purchase on
the filing date--
''(I) all securities positions of
such customer (other than customer name
securities reclaimed by such customer);
and
''(II) all positions in futures
contracts and options on futures
contracts held in a portfolio margining
account carried as a securities account
pursuant to a portfolio margining
program approved by the Commission,
including all property collateralizing
such positions, to the extent that such
property is not otherwise included
herein; minus
''(ii) any indebtedness of such customer to
the debtor on the filing date; plus
''(iii) any payment by such customer of
such indebtedness to the debtor which is made
with the approval of the trustee and within
such period as the trustee may determine (but
in no event more than sixty days after the
publication of notice under section 8(a)).
''(B) Treatment of certain commodity futures
contracts.--A claim for a commodity futures contract
received, acquired, or held in a portfolio margining
account pursuant to a portfolio margining program
approved by the Commission or a claim for a security
futures contract, shall be deemed to be a claim with
respect to such contract as of the filing date, and
such claim shall be treated as a claim for cash.
''(C) Treatment of accounts held by a customer in
separate capacities.--In determining net equity under
this paragraph, accounts held by a customer in separate
capacities shall be deemed to be accounts of separate
customers.
''(D) Reliance on final customer statement.--
''(i) In general.--In determining net
equity under this paragraph, the positions,
options, and contracts of a customer held by
the debtor, and any indebtedness of the
customer to the debtor, shall be determined
based on--
''(I) the information contained in
the last statement received by the
customer from the debtor before the
filing date; and
''(II) any additional specific
confirmations of the customer's
positions, options, contracts, or
indebtedness received after such last
statement but before the filing date.
''(ii) Fraud exception.--The provisions of
this subparagraph shall not apply to any
customer that--
''(I) knew the debtor was involved
in fraudulent activity with respect to
any customer of the debtor; or
''(II) was a person that--
''(aa) was, or was required
to be, registered with the
Securities and Exchange
Commission under the securities
laws (as such term is defined
under section 3(a) of the
Securities Exchange Act of 1934
(15 U.S.C. 78c(a)));
''(bb) knew, or should have
known, that the debtor was
involved in fraudulent activity
with respect to any customer of
the debtor; and
''(cc) did not notify SIPC,
the Commission, or law
enforcement personnel that the
debtor was involved in such
fraudulent activity.''.
(b) Prohibition on Certain Recoveries.--Section 8 of the Securities
Investor Protection Act of 1970 (15 U.S.C. 78fff-2) is amended by
adding at the end the following new subsection:
''(g) Prohibition on Certain Recoveries.--Notwithstanding any other
provision of this Act, a trustee may not recover any property
transferred by the debtor to a customer before the filing date unless,
at the time of such transfer, such customer--
''(1) knew the debtor was involved in fraudulent activity
with respect to any customer of the debtor; or
''(2) was a person that--
''(A) was, or was required to be, registered with
the Securities and Exchange Commission under the
securities laws (as such term is defined under section
3(a) of the Securities Exchange Act of 1934 (15 U.S.C.
78c(a)));
''(B) knew, or should have known, that the debtor
was involved in fraudulent activity with respect to any
customer of the debtor; and
''(C) did not notify SIPC, the Commission, or law
enforcement personnel that the debtor was involved in
such fraudulent activity.''.
(c) Appointment of Trustees.--
(1) In general.--Section 5(b)(3) of the Securities Investor
Protection Act of 1970 (15 U.S.C. 78eee(b)(3)) is amended to
read as follows:
''(3) Appointment of trustee and attorney.--
''(A) In general.--If the court issues a protective
decree under paragraph (1), such court shall forthwith
appoint, as trustee for the liquidation of the business
of the debtor and as attorney for the trustee, such
persons as the court determines best fit to serve as
trustee and as attorney from among the persons selected
by the Commission pursuant to subparagraph (B). The
persons appointed as trustee and as attorney for the
trustee may be associated with the same firm.
''(B) Commission candidates.--With respect to a
debtor and upon the court issuing a protective decree
under paragraph (1), the Commission shall forthwith
provide the court with a list of candidates for the
position of trustee and attorney for the trustee for
such debtor.
''(C) Disinterest requirement.--No person may be
appointed to serve as trustee or attorney for the
trustee if such person is not disinterested within the
meaning of paragraph (6), except that for any specified
purpose other than to represent a trustee in conducting
a liquidation proceeding, the trustee may, with the
approval of SIPC and the court, employ an attorney who
is not disinterested.
''(D) Qualification.--A trustee appointed under
this paragraph shall qualify by filing a bond in the
manner prescribed by section 322 of title 11, United
States Code.''.
(2) Effective date.--The amendment made by paragraph (1)
shall take effect with respect to trustees and attorneys
appointed after the date of the enactment of this Act.

SEC. 3. EFFECTIVE DATE.

Except as provided under section 2(c)(2), the amendments made by
section 2 shall take effect with respect to a liquidation proceeding
under the Securities Investor Protection Act of 1970 that--
(1) was in progress on the date of the enactment of this
Act; or
(2) is initiated after the date of the enactment of this
Act.
[A]: Equitable Treatment of Investors Act - Amends the Securities Investor Protection Act of 1970 to revise the definition of "net equity."

Declares also that, in determining net equity, the positions, options, and contracts of a customer held by the debtor, and any indebtedness of the customer to the debtor, shall be determined based on: (1) the information contained in the last statement received by the customer from the debtor before the filing date; and (2) any additional specific confirmations of the customer's positions, options, contracts, or indebtedness received after such last statement but before the filing date.

Prohibits reliance on the final statement of the debtor to customer, however, if the customer: (1) knew the debtor was involved in fraudulent activity with respect to any of its customers; or (2) as a registrant under the securities laws, or a person required to be so registered, knew, or should have known, that the debtor was involved in such a fraudulent activity and did not notify the Securities Investor Protection Corporation (SIPC), the Securities Exchange Commission (SEC), or law enforcement personnel that the debtor was so involved.

Prohibits a trustee in a liquidation proceeding from recovering any property transferred by the debtor to a customer before the filing date unless, at the time of such transfer, the customer meets the same critieria.

Transfers from SIPC to the SEC authority to nominate to a court persons for appointment as trustee for the liquidation of a debtor's business and as attorney for the trustee.

[Q]: SECTION 1. SHORT TITLE.

This Act may be cited as the ''Digital Bridge Trust Fund Act''.

SEC. 2. DIGITAL BRIDGE TRUST FUND AND ASSISTANCE FROM TRUST FUND.

(a) In General.--The National Telecommunications and Information
Administration Organization Act is amended--
(1) by redesignating part C as part D; and
(2) by inserting after part B (47 U.S.C. 921 et seq.) the
following new part:

''PART C--ASSISTANCE TO BRIDGE THE DIGITAL DIVIDE

''SEC. 131. DIGITAL BRIDGE TRUST FUND.

''(a) Establishment.--There is established in the Treasury of the
United States a trust fund to be known as the Digital Bridge Trust
Fund, consisting of such amounts as may be appropriated or credited
pursuant to subsection (b) or (d).
''(b) Transfer of Amounts Equivalent to Certain Taxes.--There are
hereby appropriated to the Digital Bridge Trust Fund amounts equivalent
to 100 percent of the taxes received in the Treasury after September
30, 2000, under section 4251 of the Internal Revenue Code of 1986
(relating to tax on communications).
''(c) Expenditures.--Amounts in the Digital Bridge Trust Fund shall
be available, to the extent provided in appropriation Acts, solely for
making expenditures to provide assistance under section 133(a).
''(d) Treatment as Trust Fund.--For purposes of subchapter B of
chapter 98 of the Internal Revenue Code of 1986, the Digital Bridge
Trust Fund shall be considered to be a trust fund established by
subchapter A of such chapter.

''SEC. 132. BOARD OF TRUSTEES.

''(a) Establishment.--There is established in the Department of
Commerce a board to be known as the Board of Trustees of the Digital
Bridge Trust Fund (in this part referred to as the 'Board').
''(b) Duties.--The duties of the Board shall be--
''(1) to allocate amounts in the Digital Bridge Trust Fund
and make such amounts available in accordance with the
requirements of section 133;
''(2) to make decisions regarding the allocation of
assistance from amounts in the Digital Bridge Trust Fund under
subsections (b)(2) and (c) of section 133 and make such amounts
available in accordance with such allocation decisions;
''(3) in making such decisions, to consult with foundations
and other nongovernmental organizations involved in promoting
or providing education or training in knowledge or skills
regarding information technology; and
''(4) to prepare and submit annual reports in accordance
with subsection (g).
''(c) Membership.--The Board shall consist of 11 members as
follows:
''(1) The Secretary of Commerce (or the Secretary's
designee), who shall be the chairperson of the Board.
''(2) 2 members appointed by the Secretary of Commerce from
among the officers and employees of the Department of Commerce.
''(3) 2 members appointed by the Secretary of Education
from among the officers and employees of the Department of
Education.
''(4) 2 members appointed by the Secretary of Labor from
among the officers and employees of the Department of Labor.
''(5) 2 members appointed by the Secretary of Health and
Human Services from among the officers and employees of the
Department of Health and Human Services.
''(6) 2 members appointed by the Secretary of Housing and
Urban Development from among the officers and employees of the
Department of Housing and Urban Development.
The initial members of the Board shall be appointed not later than the
expiration of the 6-month period beginning on the date of the enactment
of the Digital Bridge Trust Fund Act.
''(d) Terms.--
''(1) In general.--Except as provided in paragraph (2),
each member shall be appointed for a term of 3 years.
''(2) Vacancies.--Any member appointed to fill a vacancy
occurring before the expiration of the term for which the
member's predecessor was appointed shall be appointed only for
the remainder of that term. A member may serve after the
expiration of that member's term until a successor has taken
office. A vacancy in the Commission shall be filled in the
manner in which the original appointment was made.
''(e) Prohibition of Compensation.--Members of the Board shall not
receive any pay, allowances, or benefits by reason of their service on
the Board.
''(f) Support Services and Facilities.--Upon the request of the
Board, the Secretary of Commerce shall provide to the Board any
facilities and administrative and other support services necessary for
the Board to carry out its responsibilities.
''(g) Annual Reports.--The Board shall submit a report annually to
the President and the Congress regarding its activities. Each report
shall describe the assistance provided from the Digital Bridge Trust
Fund during the year for which the report is made and any effects of
such assistance in meeting the information technology needs of rural,
urban, and Native American communities.

''SEC. 133. PROVISION OF DIGITAL BRIDGE ASSISTANCE.

''(a) Allocation of Assistance.--In providing assistance pursuant
to this section, the Board shall ensure that, notwithstanding any
provision of law referred to in subsection (b), all such assistance
is--
''(1) made available for the benefit of rural and urban
areas, and Native Americans, in a manner that targets such
assistance for areas, communities, and populations (including
low-income families and individuals) that are underserved with
respect to information technology needs, employment, and
education; and
''(2) to the greatest extent possible, ensure that such
assistance is appropriately allocated so that rural and urban
areas, and Native Americans, are each fairly served by such
amounts.
''(b) Required Minimum Assistance.--Except as provided in
subsections (c) and (d), from the amount made available under section
135 for each of fiscal years 2001 through 2010, the Board shall make
assistance available for the following activities in the following
amounts:
''(1) Teacher training.--For each such fiscal year, not
less than $300,000,000 for assistance under section 3122 of the
Elementary and Secondary Education Act of 1965 (20 U.S.C. 6832)
for training teachers to use technology effectively in the
classroom.
''(2) Community technology centers.--For each such fiscal
year, not less than $200,000,000 for assistance under section
3122 of the Elementary and Secondary Education Act of 1965 (20
U.S.C. 6832) for establishing community technology centers to
provide individuals who cannot afford access to computers,
technology training, and technological tools such access
appropriate to improve their educational performance and their
ability to compete for and hold jobs.
''(3) Neighborhood network learning centers.--For each such
fiscal year, not less than $200,000,000 for assistance by the
Secretary of Housing and Urban Development for public-private
partnerships to establish neighborhood learning centers
providing computer-based services to help residents of
federally assisted housing learn critical computer skills that
will improve their educational performance and employment
qualifications.
''(4) Technology development fund.--For each such fiscal
year, not less than $200,000,000 for the Technology Development
Fund under section 714 of the Communications Act of 1934 (47
U.S.C. 614) to provide loans and investment capital to small
communications businesses to stimulate new technological growth
and development, promote universal service, and enhance the
delivery of telecommunications services to rural and
underserved areas.
''(5) Technology opportunity program.--For each such fiscal
year, not less than $145,000,000 for grants under the
Technology Opportunity Program of the Secretary of Commerce
pursuant to subpart A of part IV of the Communications Act of
1934 (47 U.S.C. 390 et seq.) to provide matching funds to
State, local, and tribal governments and nonprofit entities to
extend the benefit of information technology to all Americans,
especially those in underserved areas.
''(6) Rural, urban, and native american technology
training.--For each such fiscal year, not less than
$300,000,000 for preparing residents of rural and urban areas,
and Native Americans, for careers in programming, database
development, network engineering, and other advance information
and technical fields.
''(7) Broadband network deployment.--For each such fiscal
year, not less than $100,000,000 for assistance regarding
deployment of broadband networks (including wireless and
wireline technologies), except that of such amount in each such
fiscal year--
''(A) not less than $2,000,000 shall be available
only for research activities of the National
Telecommunications and Information Administration
regarding improvement of broadband (including wireless
and wireline) technology in support of next-generation
Internet; and
''(B) not less than $98,000,000 shall be available
only for assistance under the Public Works and Economic
Development Act of 1965 (42 U.S.C. 3121 et seq.) for
implementing deployment of such networks.
''(8) Home internet access program.--For each such fiscal
year, not less than $100,000,000 for grants under a Home
Internet Access Program of the National Telecommunications and
Information Administration pursuant to subpart A of part IV of
the Communications Act of 1934 (47 U.S.C. 390 et seq.) to
assist public-private partnerships to address the needs of low-
income individuals and families in gaining access to technology
and online resources at home, except that notwithstanding
subsections (a) and (c) of section 392 of such Act, such
amounts may be used to support activities to provide low-income
individuals and families with access to the Internet in their
homes.
''(9) Falling through the net survey.--Only for fiscal
years 2004 and 2007, not less than $500,000 for each such
fiscal year for the National Telecommunications and Information
Administration for conducting the Falling Through the Net
survey, pursuant to sections 901 and 902 of the National
Telecommunications and Information Administration Organization
Act (47 U.S.C. 901, 902) to determine the extent to which
Americans have access to telephones, computers, and the
Internet.
''(c) Assistance Allocated at Discretion of Board.--The Board shall
use any amounts made available under section 135 for any fiscal year
that are in excess of the amounts required to be used for assistance
under subsection (b) to provide--
''(1) assistance under the programs referred to in such
paragraph in addition to the amounts required under such
paragraph; or
''(2) other assistance, as the Board determines
appropriate, to serve the information technology needs of, or
improve the information technology educational or employment
opportunities for, residents of rural and urban areas, and
Native Americans, that are underserved with respect to
information technology needs, jobs, and education.
The Board shall have complete discretion to make amounts available
under this paragraph for any of the purposes referred to in this
paragraph in such amounts as the Board determines appropriate.
''(d) Authority To Reduce Required Assistance in Second 5 Years.--
In any of fiscal years 2006 through 2010, the Board may, by a vote of
not less than 8 members of the Board held not more than 3 months before
the beginning of such fiscal year, waive the applicability of any one
or more of the paragraphs of subsection (b) for such fiscal year and
provide assistance for such fiscal year for the purpose referred to in
such paragraph in any reduced amount determined appropriate by the
Board. Any amounts otherwise required to be used under any such
paragraph of subsection (b) that are available by reason of action by
the Board pursuant to this subsection shall be treated as excess
amounts to be to allocated and made available by the Board under
subsection (c).
''(e) Prohibited Activities.--Notwithstanding any provision of
subsection (b) or (c), amounts made available under section 135 may not
be used for the construction, rehabilitation, or acquisition of any
structure in which to provide training or other information technology
services assisted pursuant to subsection (a).

''SEC. 134. REGULATIONS.

The Secretary of Commerce may prescribe such regulations as may be
necessary to carry out this part.

''SEC. 135. AUTHORIZATION OF APPROPRIATIONS.

For each of fiscal years 2001 through 2010 there are authorized to
be appropriated to carry out this part an amount equal to the amount
deposited to the Digital Bridge Trust Fund for such fiscal year
pursuant to section 131.''.
(b) Repeal.--Effective October 1, 2010, part C of the National
Telecommunications and Information Administration Organization Act is
repealed.

SEC. 3. REDUCTION OF EXCISE TAX ON TELEPHONE AND OTHER COMMUNICATIONS
SERVICES.

(a) Reduction.--Section 4251(b)(2) of the Internal Revenue Code of
1986 is amended to read as follows:
''(2) Applicable percentage.--The term 'applicable
percentage' means 1.5 percent.''
(b) Effective Date.--The amendment made by subsection (a) shall
apply to amounts paid pursuant to bills first rendered after September
30, 2000.
(b) Repeal.--Subchapter B of chapter 33 of the Internal Revenue
Code of 1986 is repealed effective with respect to bills rendered on or
after October 1, 2010.
(c) Sense of Congress.--It is the sense of the Congress that
providers of communications services (as such term is defined in
section 4251(b) of the Internal Revenue Code of 1986) should not
increase rates for such services based upon any reduction in the excise
tax on such services pursuant to the amendments made by this section.
[A]:
Establishes in the Department of Commerce the Board of Trustees of the Digital Bridge Trust Fund to make decisions with respect to allocations authorized under this Act. Requires the Board to submit annual reports to the President and Congress regarding its activities.
Requires the Board to ensure that assistance provided herein is: (1) made available for the benefit of rural and urban areas and Native Americans in a manner that targets such assistance for areas, communities, and populations that are underserved with respect to information technology needs, employment, and education; and (2) appropriately allocated. Directs the Board to make such assistance available for FY 2001 through 2010 for: (1) teacher training; (2) community technology centers; (3) neighborhood network learning centers; (4) the Technology Development Fund; (5) the Technology Opportunity Program; (6) rural, urban, and Native American technology training; (7) broadband network deployment; (8) the Home Internet Access Program; and (9) the Falling Through the Net survey (to determine the extent to which Americans have access to telephones, computers, and the Internet). Allows excess amounts to be allocated at the Board's discretion. Authorizes the Board, in any of fiscal years 2006 through 2010, to reduce the amounts of assistance provided during the first five years.
Authorizes appropriations for FY 2001 through 2010. Repeals this Act on October 1, 2010.
Amends the Internal Revenue Code to reduce from 3 to 1.5 percent, as of October 1, 2000, the excise tax on telephone and other communications services. Expresses the sense of Congress that providers of communications services should not increase service rates based upon such reduction.