TASK DEFINITION: In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
PROBLEM: SECTION 1. MODIFICATIONS AND INCREASED VOLUME CAP WITH RESPECT TO
QUALIFIED MORTGAGE BONDS.

(a) Use of Qualified Mortgage Bonds Proceeds for Subprime
Refinancing Loans.--Section 143(k) of the Internal Revenue Code of 1986
(relating to other definitions and special rules) is amended by adding
at the end the following new paragraph:
''(12) Special rules for subprime refinancings.--
''(A) In general.--In the case of a residence which
was originally financed by the mortgagor through a
qualified subprime loan, this section shall be applied
with the following modifications:
''(i) Subsection (i)(1) (relating to
mortgages must be new mortgages) shall not
apply.
''(ii) Subsection (a)(2)(D)(i) shall be
applied by substituting '12-month period' for
'42-month period' each place it appears.
''(iii) Subsection (d) (relating to 3-year
requirement) shall not apply.
''(iv) Subsection (e) (relating to purchase
price requirement) shall be applied by using
the market value of the residence at the time
of refinancing in lieu of the acquisition cost.
''(B) Qualified subprime loan.--
''(i) In general.--The term 'qualified
subprime loan' means an adjustable rate single-
family residential mortgage loan originated
after December 31, 2001, and before January 1,
2008, that the bond issuer determines has
characteristics that suggest both a reasonably
foreseeable risk of default and a reasonable
potential to avoid default with the benefit of
a lower cost refinancing.
''(ii) Considerations.--In making the
determination under clause (i), the bond issuer
may consider the following characteristics:
''(I) Loan payments which are
scheduled to increase by more than 10
percent after December 31, 2007, and
before January 1, 2011.
''(II) A loan-to-value ratio of 97
percent or greater at the time of the
original mortgage loan or at the time
of the refinancing of such loan after
adjustment for any decline in the fair
market value of the residence.
''(III) A borrower whose
creditworthiness is relatively low in
comparison to a prime borrower, based
on a lower credit score, such as a Fair
Isaac Credit Organization credit score
at the time of the original subprime
loan of less than 660 and the absence
of an increase in such score by more
than 10 percent since the time of the
original loan.
''(IV) Whether loan payments on the
original mortgage loan generally have
been made in a current, timely manner,
subject only to isolated late payments.
''(C) Termination.--This paragraph shall not apply
to any bonds issued after December 31, 2010.''.
(b) Increased Volume Cap for Qualified Mortgage Bonds.--
(1) In general.--Subsection (d) of section 146 of the
Internal Revenue Code of 1986 is amended by adding at the end
the following new paragraph:
''(5) Increase and set aside for qualified mortgage bonds
for 2008.--
''(A) In general.--The State ceiling for calendar
year 2008 shall be increased by $15,000,000,000.
''(B) Set aside.--
''(i) In general.--Not less than an amount
equal to each State's allocable share of the
increase in the State ceiling under
subparagraph (A) shall be allocated solely for
the purpose of a qualified mortgage issue which
meets the requirement clause (ii).
''(ii) Requirement.--A qualified mortgage
issue meets the requirement of this clause if
such issue meets the requirement of section
143(a)(2)(D)(i) (determined by substituting
'12-month period' for '42-month period' each
place it appears).''.
(2) Carryforward of unused limitations.--Subsection (f) of
section 146 of such Code is amended by adding at the end the
following new paragraph:
''(6) Special rules for increased volume cap under
subsection (d)(5).--No amount which is attributable to the
increase under subsection (d)(5) may be used--
''(A) for a carryforward purpose other than issuing
qualified mortgage bonds, and
''(B) to issue any bond after calendar year
2010.''.
(c) Alternative Minimum Tax.--
(1) In general.--Clause (ii) of section 57(a)(5)(C) of the
Internal Revenue Code of 1986 is amended by striking ''shall
not include'' and all that follows and inserting ''shall not
include--
''(I) any qualified 501(c)(3) bond
(as defined in section 145), or
''(II) any qualified mortgage bond
(as defined in section 143(a)) or
qualified veterans' mortgage bond (as
defined in section 143(b)) issued after
December 31, 2007, and before January
1, 2011.''.
(2) Conforming amendment.--The heading for section
57(a)(5)(C)(ii) is amended by striking ''qualified 501(c)(3)
bonds'' and inserting ''certain bonds''.
(d) Effective Date.--The amendments made by this section shall
apply to bonds issued after December 31, 2007.

SOLUTION: Amends the Internal Revenue Code to: (1) allow proceeds of qualified mortgage bonds to be used to refinance certain residential subprime loans issued between 2002 and 2008; (2) increase in 2008 limitations on issuance amounts for qualified mortgage bonds; and (3) exempt tax-exempt interest on qualified mortgage or veterans' mortgage bonds issued before 2011 from the alternative minimum tax.

PROBLEM: TITLE I--OVERTIME RIGHTS PROTECTION

SEC. 101. CLARIFICATION OF REGULATIONS RELATING TO OVERTIME
COMPENSATION.

Section 13 of the Fair Labor Standards Act of 1938 (29 U.S.C. 213)
is amended by adding at the end the following:
''(k)(1) Notwithstanding the provisions of subchapter II of chapter
5 and chapter 7 of title 5, United States Code (commonly referred to as
the Administrative Procedures Act) or any other provision of law, any
portion of the final rule promulgated on April 23, 2004, revising part
541 of title 29, Code of Federal Regulations, that exempts from the
overtime pay provision of section 7 of this Act any employee who would
not otherwise be exempt if the regulations in effect on March 31, 2003,
remained in effect, shall have no force or effect and that portion of
such regulations (as in effect on March 31, 2003) that would prevent
such employee from being exempt shall be reinstated.
''(2) The Secretary shall adjust the minimum salary level for
exemption under section 13(a)(1) in the following manner:
''(A) Not later than 60 days after the date of enactment of
this subsection, the Secretary shall increase the minimum
salary level for exemption under subsection (a)(1) for
executive, administrative, and managerial occupations from the
level of $155 per week in 1975 to $591 per week (an amount
equal to the increase in the Employment Cost Index (published
by the Bureau of Labor Statistics) for executive,
administrative, and managerial occupations between 1975 and
2005).
''(B) Not later than December 31 of the calendar year
following the increase required in subparagraph (A), and each
December 31 thereafter, the Secretary shall increase the
minimum salary level for exemption under subsection (a)(1) by
an amount equal to the increase in the Employment Cost Index
for executive, administrative, and managerial occupations for
the year involved.''.

TITLE II--FAIR MINIMUM WAGE

SEC. 111. MINIMUM WAGE.

(a) In General.--Section 6(a)(1) of the Fair Labor Standards Act of
1938 (29 U.S.C. 206(a)(1)) is amended to read as follows:
''(1) except as otherwise provided in this section, not
less than--
''(A) $5.85 an hour, beginning on the 60th day
after the date of enactment of this paragraph;
''(B) $6.55 an hour, beginning 12 months after that
60th day; and
''(C) $7.25 an hour, beginning 24 months after that
60th day;''.
(b) Effective Date.--The amendment made by subsection (a) shall
take effect 60 days after the date of enactment of this Act.

TITLE III--SENSE OF THE SENATE REGARDING MULTIEMPLOYER PENSION PLANS

SEC. 121. SENSE OF THE SENATE REGARDING MULTIEMPLOYER PENSION PLANS.

(a) Findings.--The Senate makes the following findings:
(1) Multiemployer pension plans have been a major force in
the delivery of employee benefits to active and retired
American workers and their dependents for over half a century.
(2) There are approximately 1,700 multiemployer defined
benefit pension plans in which approximately 9,700,000 workers
and retirees participate.
(3) Three-quarters of the approximately 60,000 to 65,000
employers that participate in multiemployer plans have fewer
that 100 employees.
(4) Multiemployer plans allow for greater access and
affordability for smaller employers and pension portability for
their employees as they move from one job to another, and
permit workers to earn a pension where they might otherwise not
be able to do so.
(5) The 2000-2002 drop in the stock market and decline in
equity values has affected all investors, including
multiemployer plans.
(6) The decline in value sustained by multiemployer defined
benefit pension plans have threatened the stability of this
private sector source of secure retirement income.
(7) Participating employers could face onerous excise taxes
and other penalties as a result of the serious, adverse
financial impact due to these market losses.
(8) In 2004, the United States Senate recognized the
severity of this situation and passed by an overwhelmingly,
large bipartisan margin of 86 to 9 temporary relief provisions
for single and multiemployer defined benefit pension plans.
(b) Sense of the Senate.--It is the sense of the Senate that the
Senate--
(1) expresses its strong support for multiemployer defined
benefit pension plans;
(2) recognizes the importance of an environment in which
multiemployer plans can continue their vital role in providing
benefits to working men and women;
(3) recognizes that multiemployer pension plan relief must
be designed for the multiemployer labor-relations environment
that supports the plans; and
(4) supports legislation to strengthen and protect the
viability of multiemployer pension plans for the continued
benefit of current and retired members, and their families and
survivors, and to strengthen the ability of all plans to
address funding problems that occur.

SOLUTION: Amends the Fair Labor Standards Act of 1938 (FLSA) to deny any force or effect to any portion of a rule promulgated on April 23, 2004, that has the effect of exempting from FLSA overtime compensation requirements (which limit maximum hours at regular compensation) any employee who would not otherwise be exempted if regulations in effect on March 31, 2003, remained in effect. Reinstates that portion of such regulations that would prevent such an employee from being exempt. Directs the Secretary of Labor to increase, in a specified manner, the minimum salary level for the exemption for executive, administrative, and managerial occupations from FLSA overtime compensation requirements.

Amends the FLSA to increase the Federal minimum wage to: (1) $5.85 an hour, beginning on the 60th day after enactment of this Act; (2) $6.55 an hour, beginning 12 months after that 60th day; and (3) $7.25 an hour, beginning 24 months after that 60th day.

Expresses the sense of the Senate regarding multiemployer pension plans.

PROBLEM: SECTION 1. SHORT TITLE.

This Act may be cited as the ''Mitochondrial Medicine Research and
Treatment Enhancement Act''.

SEC. 2. FINDINGS AND PURPOSE.

(a) Findings.--Congress finds the following:
(1) Mitochondrial disease results when there is a defect
that reduces the ability of the mitochondria in a cell to
produce energy. As the mitochondria fail to produce enough
energy, the cell will cease to function properly and will
eventually die. Organ systems will begin to fail, and the life
of the individual is compromised or ended.
(2) There are more than 40 specifically identified
mitochondrial diseases, but the vast majority have not yet been
identified.
(3) Mitochondrial diseases are a relatively newly diagnosed
group of diseases, first recognized in the late 1960s.
Diagnosis is extremely difficult for a number of reasons.
(4) Mitochondrial diseases can present themselves at any
age, with associated mortality rates that vary depending upon
the particular disease. The most severe diseases result in
progressive loss of neurological and liver function, and death
within several years.
(5) According to the National Institute of Environmental
Health Sciences, half of those affected by mitochondrial
disease are children, who show symptoms before age five and
approximately 80 percent of whom will not survive beyond the
age of 20.
(6) Mitochondrial dysfunction is also associated with
numerous other related disorders, including many common
neurological diseases (such as Parkinson's, Alzheimer's, ALS,
and autism), and other diseases associated with aging,
diabetes, cancer, and obesity.
(7) Mitochondrial disease is most commonly the result of
genetic mutation, either in the nuclear DNA or in the
mitochondrial DNA. Some mitochondrial diseases also are
attributable to environmental factors, including prescription
medications, that interfere with mitochondrial function.
(8) Researchers estimate that one in 4,000 children will
develop a mitochondrial disease related to an inherited
mutation by the age of 10 years, and that 1,000-2,000 children
are born each year in the United States who will develop
mitochondrial disease in their lifetimes. However, studies of
umbilical cord blood samples show that one in 200 children are
born with both normal and mutant mitochondrial DNA, and the
number of children with these mutations who actually develop a
disease is unknown.
(9) There are no cures for any of the specifically
identified mitochondrial diseases, nor is there a specific
treatment for any of these diseases.
(10) Improving our basic understanding of mitochondrial
function and dysfunction has potential application to numerous
areas of biomedical research. The National Institutes of Health
has taken an increased interest in mitochondrial disease and
dysfunction and has sponsored a number of activities in recent
years aimed at advancing mitochondrial medicine, including
incorporating research into functional variation in
mitochondria in the Transformative Research Grants Initiative.
(b) Purpose.--It is the purpose of this Act to promote an enhanced
research effort aimed at improved understanding of mitochondrial
disease and dysfunction and the development of treatments for
mitochondrial disease.

SEC. 3. ENHANCEMENT OF RESEARCH AND TREATMENT ACTIVITIES RELATED TO
MITOCHONDRIAL MEDICINE.

(a) Mitochondrial Medicine Research Enhancement.--Part A of title
IV of the Public Health Service Act (42 U.S.C. 281 et seq.) is
amended--
(1) by redesignating section 404H as section 404I; and
(2) inserting after section 404G the following new section:

''SEC. 404H. OFFICE OF MITOCHONDRIAL MEDICINE.

''(a) Establishment.--There is established within the Office of the
Director of NIH an office to be known as the Office of Mitochondrial
Medicine (in this section referred to as the 'Office'), which shall be
headed by a Director (in this section referred to as the 'Director'),
appointed by the Director of NIH.
''(b) Mitochondrial Medicine Research Plan.--
''(1) In general.--The Director shall develop, make
publicly available, and implement a written plan to facilitate
research into mitochondrial medicine.
''(2) Contents.--The plan required under paragraph (1)
shall include the following objectives:
''(A) Improving coordination of research related to
mitochondrial medicine among the national research
institutes and between the National Institutes of
Health and outside researchers.
''(B) Providing training to research scientists and
health professionals engaged in research related to
mitochondrial medicine.
''(C) Providing training to health care providers
regarding the diagnosis of mitochondrial disease and
dysfunction.
''(D) Establishing scientific review groups with
expertise in mitochondrial medicine to oversee relevant
research projects in the National Institutes of Health.
''(3) Consultation.--In developing the plan under paragraph
(1), the Director shall consult with--
''(A) the Director of the National Cancer
Institute;
''(B) the Director of the National Institute of
Child Health and Human Development;
''(C) the Director of the National Institute of
Environmental Health Sciences;
''(D) the Director of the National Heart, Lung, and
Blood Institute;
''(E) the Director of the National Institute of
Neurological Disorders and Stroke;
''(F) the Director of the National Institute of
Diabetes and Digestive and Kidney Diseases;
''(G) the Director of the National Eye Institute;
and
''(H) the heads of such other institutes and
offices as the Director considers appropriate.
''(4) Updates.--The Director shall update the plan required
under paragraph (1) on a biennial basis.
''(c) Research Grants.--In addition to any grants otherwise awarded
by the National Institutes of Health for research in mitochondrial
medicine, the Director shall annually award--
''(1) at least five grants for integrated, multi-project
research programs related to mitochondrial medicine; and
''(2) at least five grants for planning activities
associated with integrated, multi-project research programs
related to mitochondrial medicine.
''(d) Centers of Excellence.--
''(1) In general.--The Director may award grants to
institutions or consortiums of institutions to establish
Mitochondrial Medicine Centers of Excellence to promote
interdisciplinary research and training related to
mitochondrial medicine.
''(2) Use of funds awarded.--A grant awarded under
paragraph (1) shall be used to--
''(A) conduct basic and clinical research related
to mitochondrial medicine;
''(B) facilitate training programs for research
scientists and health professionals seeking to engage
in research related to mitochondrial medicine;
''(C) develop and disseminate programs and
materials to provide continuing education to health
care professionals regarding the recognition,
diagnosis, and treatment of mitochondrial disease and
dysfunction; and
''(D) provide living stipends for research
scientists and health professionals enrolled in
mitochondrial research training programs.
''(e) National Registry; Biorepository.--
''(1) National registry.--The Director shall establish a
national registry for the maintenance and sharing for research
purposes of medical information collected from patients with
mitochondrial disease or dysfunction.
''(2) Biorepository.--The Director shall establish a
national biorepository for the maintenance and sharing for
research purposes of tissues and DNA collected from patients
with mitochondrial disease or dysfunction.
''(f) Definition.--In this section, the term 'mitochondrial
medicine' means medical treatment related to mitochondrial disease or
dysfunction.''.
(b) Development of Mitochondrial Medicine Research Plan.--The
Director of the Office of Mitochondrial Medicine shall develop and make
publicly available the mitochondrial medicine research plan required
under section 404H(b)(1) of the Public Health Service Act, as added by
subsection (a) of this section, not later than 180 days after the date
of the enactment of this Act.

SOLUTION:
Mitochondrial Medicine Research and Treatment Enhancement Act - Amends the Public Health Service Act to establish within the Office of the Director of the National Institutes of Health (NIH) an Office of Mitochondrial Medicine (OMM).

Requires the OMM Director to develop, make publicly available, implement, and biennially update a written plan to facilitate research into mitochondrial medicine. Sets forth as plan objectives: (1) improving coordination of research related to mitochondrial medicine among the national research institutes and between NIH and outside researchers; (2) providing training to research scientists and health professionals engaged in research related to mitochondrial medicine; (3) providing training to health care providers regarding the diagnosis of mitochondrial disease and dysfunction; and (4) establishing scientific review groups with expertise in mitochondrial medicine to oversee relevant research projects in NIH.

Requires the OMM Director to award at least five grants, annually, for each of the following: (1) integrated, multi-project research programs related to mitochondrial medicine; and (2) planning activities associated with such programs.

Authorizes the Director to award grants to institutions or consortiums of institutions to establish Mitochondrial Medicine Centers of Excellence to promote interdisciplinary research and training related to mitochondrial medicine.

Requires the Director to establish: (1) a national registry for the maintenance and sharing for research purposes of medical information collected from patients with mitochondrial disease or dysfunction; and (2) a national biorepository for the maintenance and sharing for research purposes of tissues and DNA collected from such patients.