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

Example Input: SECTION 1. SHORT TITLE.

This Act may be cited as the ''United States Commission on
Rebuilding America for the 21st Century Act''.

SEC. 2. FINDINGS.

Congress finds the following:
(1) In 1808, Albert Gallatin, while serving as President
Thomas Jefferson's Secretary of the Treasury, reported to
Congress on the infrastructure investments needed by the young
Nation.
(2) Gallatin's plan built on President George Washington's
vision of connecting the interior settlements of the Nation
with the markets and ports of the East Coast through a network
of roads and canals, and provided a roadmap for infrastructure
development in the 19th century.
(3) In 1908, President Theodore Roosevelt convened a
conference of State and territorial governors, members of his
Cabinet and Congress, professional organizations, private
citizens, and government agencies to plan for the United States
conservation and infrastructure needs in the 20th century.
(4) The resulting plan laid the groundwork for many of the
critical investments initiated by President Franklin D.
Roosevelt to jumpstart the Nation's recovery from the Great
Depression.
(5) Today, as in 1808 and 1908, the United States is faced
with significant economic, environmental, and demographic
challenges.
(6) To stave off the worst effects of global warming, the
United States will need to reduce greenhouse gas emissions
significantly.
(7) The Nation's population is projected to increase to 420
million by 2050, which is nearly a 50 percent increase from the
Nation's population size in 2000.
(8) By 2050, more than 70 percent of the Nation's
population growth and economic growth is expected to take place
in extended networks of metropolitan regions linked by
environmental systems, transportation networks, economies, and
culture.
(9) The National Surface Transportation Policy and Revenue
Study Commission recently calculated that maintaining the
Nation's existing transportation system over the next 50 years
will require $225 billion annually. The latest transportation
authorization, SAFETEA-LU, provided only $244 billion total for
the 5 years ending with fiscal year 2009.
(10) The American Society of Civil Engineers has given the
Nation's public infrastructure, consisting of water, sewer, and
transportation systems, a grade of D-minus, estimating that it
will cost $1.6 trillion over the next 5 years merely to repair
the Nation's existing infrastructure.
(11) The Nation's decaying water infrastructure and a lack
of available funding to maintain and upgrade the Nation's
wastewater infrastructure pose a serious threat to water
quality. More than 72,000 miles of municipal water and sewer
pipe are more than 80 years old, threatening the health,
environment, and economy of communities large and small.
(12) Population growth and associated development will
place the Nation's water resources under increasing stress,
including increased pollutant loads, increased potential for
flooding, diminished drinking water supplies, loss of aquatic
habitat, and stream scouring and erosion. Global warming will
exacerbate existing water challenges and make other changes to
the natural hydrology, including more extreme storm events,
more frequent droughts, higher air and water temperatures,
changes in timing of stream flows, and sea level rise. New
technologies and a comprehensive strategy will be needed to
overcome these challenges and ensure a safe, adequate,
reliable, and sustainable water supply.
(13) The Environmental Protection Agency, the Congressional
Budget Office, and other stakeholders have identified a funding
gap of between $300 billion and $400 billion over the next 20
years for the restoration and replacement of wastewater
infrastructure, and an additional $250 billion over the next 30
years will be needed to replace worn-out drinking water pipes
and associated structures.
(14) From 1999 to 2009, the Nation's electricity demand
rose by nearly 20 percent while transmission capacity grew by
only 3.5 percent. To accommodate increased demand, and to
accommodate increased electrical supply from renewable sources
by 2050, electrical transmission infrastructure requires
significant investment.
(15) The Nation's rural economy is dependant on
transportation and communications networks to grow and compete
in an increasingly globalized market.
(16) Significant under-investment in public lands
infrastructure jeopardizes the tremendous conservation,
environmental, and mixed use benefits that these lands provide
the public.
(17) Much of the Nation's infrastructure was built in the
last half of the 20th century and will reach its capacity
limits early in the 21st century. Unless new capacity is
created in roads, rails, airports, seaports, and other systems,
the Nation's economic potential will be artificially limited.
(18) Since 1980, the number of miles people in the United
States drive has grown 3 times faster than the Nation's
population. Residents of walkable cities, however, drive 26
percent fewer miles per day than those living in the most
sprawling areas.
(19) By 2050, 89 million new or replaced homes as well as
190 billion square feet of new offices, stores, and other
nonresidential buildings will be constructed.
(20) By 2050, smart growth building policies could reduce
total transportation-related CO<INF>2</INF> emissions by 7 to
10 percent.
(21) Development of a bold national plan to overcome these
challenges by 2050 will allow the United States to respond in
the most economically and environmentally sustainable way.

SEC. 3. ESTABLISHMENT.

There is established a commission to be known as the ''United
States Commission on Rebuilding America for the 21st Century'' (in this
Act referred to as the ''Commission'').

SEC. 4. MEMBERSHIP.

(a) Appointment of Members.--The Commission shall be composed of 17
members as follows:
(1) Two members, including the chairman of the Commission,
to be appointed by the Speaker of the House of Representatives.
(2) Two members to be appointed by the majority leader of
the Senate.
(3) Three members to be appointed jointly by the minority
leader of the House of Representatives and the minority leader
of the Senate.
(4) One member to be appointed by the Administrator of the
Environmental Protection Agency.
(5) One member to be appointed by the Secretary of
Transportation.
(6) One member to be appointed by the Secretary of Housing
and Urban Development.
(7) One member to be appointed by the Secretary of the
Interior.
(8) One member to be appointed by the Secretary of Energy.
(9) One member to be appointed by the President of the
Executive Committee of the Board of Directors of the National
Association of Counties, in consultation with the other members
of the Board.
(10) One member to be appointed by the Chair of the
National Governors Association.
(11) One member to be appointed by the Executive Director
of the National Conference of State Legislatures, in
consultation with the members of the Conference's executive
committee.
(12) One member to be appointed by the President of the
Board of Directors of the National Association of Regional
Councils, in consultation with the other members of the Board.
(13) One member to be appointed by the President of the
United States Conference of Mayors, in consultation with the
members of the Conference's executive board.
(b) Dates of Appointments.--The initial member appointed to the
Commission shall be the Chairman, as designated by the Speaker of the
House of Representatives under subsection (a)(1). The remainder of the
members of the Commission shall be appointed in the 30-day period
beginning on the 30th day following the date of the appointment of the
Chairman.
(c) Qualifications.--
(1) In general.--Each member of the Commission shall be
knowledgeable in--
(A) the fields of transportation finance, highway
and transit programs, and transportation policy;
(B) the fields of land use and housing policy,
including community planning and design;
(C) the fields of water supply, water
infrastructure, and water conservation policy; or
(D) the fields of energy supply, energy
infrastructure, and energy conservation policy.
(2) Eligibility of certain representatives.--The members of
the Commission--
(A) may include representatives of State and local
governments, public transportation authorities, and
other appropriate governmental units; but
(B) may not include any member of the House of
Representatives, the Senate, or the President's
Cabinet.
(d) Terms.--The members of the Commission shall be appointed for
the life of the Commission.
(e) Vacancies.--A vacancy on the Commission shall be filled
promptly and in the manner in which the original appointment was made.
(f) Meetings.--
(1) Initial meeting.--Not later than 60 days after the last
day of the appointment period described in section 4(b), the
Commission shall hold the initial meeting of the Commission.
(2) Meetings.--The Commission shall meet at the call of the
chairman of the Commission or a majority of its members.
(3) Quorum.--A majority of the members of the Commission
shall constitute a quorum, but a lesser number of members may
hold hearings.
(g) Pay.--Members of the Commission shall serve without pay.
(h) Travel Expenses.--Each member of the Commission shall receive
travel expenses, including per diem in lieu of subsistence, in
accordance with applicable provisions under subchapter I of chapter 57
of title 5, United States Code.

SEC. 5. DUTIES.

(a) Review of Published Materials.--
(1) In general.--The Commission shall review published
materials on the Nation's transportation, water, energy, public
lands, and housing infrastructure and, based on the review,
assess the challenges of meeting the Nation's infrastructure
needs in the 21st century.
(2) Report to congress.--Not later than 120 days after the
last day of the appointment period described in section 4(b),
the Commission shall submit to Congress a report on the review
and assessment conducted under paragraph (1) and make the
report available to the public.
(b) Public Hearings.--In order to facilitate a national dialogue on
the Nation's infrastructure needs, the Commission shall hold public
hearings in at least 50 congressional districts representing a cross-
section of the geographical regions of the United States, and consult
with other interested persons, before submitting a final report under
subsection (c)
(c) Final Report.--
(1) National vision of infrastructure investments.--Not
later than one year after the last day of the appointment
period described in section 4(b), the Commission shall prepare
and submit to Congress a report that--
(A) documents the challenges of meeting the
Nation's transportation, water, energy, public lands,
and housing infrastructure needs in the 21st century;
and
(B) articulates a national vision of infrastructure
investments to overcome the challenges.
(2) Specific recommendations.--The report to be submitted
under paragraph (1) shall contain specific recommendations on
appropriate policies and investments, including integration of
existing programs, to provide the people of the United States
with--
(A) improved transportation mobility, choice, and
access to economic opportunities;
(B) streamlined investment processes to facilitate
State and local transportation investments;
(C) improved community health outcomes and social
equity;
(D) improved water conservation, quality, and
quantity;
(E) an efficient, vibrant, and flexible electric
grid that delivers clean, safe, and affordable energy;
(F) reductions in greenhouse gas emissions; and
(G) improved public lands infrastructure sufficient
to accommodate the growth in users without degrading
the environmental and conservation values of the public
lands.
(3) Model principles.--The report to be submitted under
paragraph (1) shall contain a set of model principles to ensure
that future investments in the Nation's transportation, water,
energy, public lands, and housing infrastructure incorporate
the findings and recommendations contained in the report.

SEC. 6. POWERS.

(a) Hearings and Sessions.--For the purpose of carrying out this
Act, the Commission may hold such hearings, meet and act at such times
and places, take such testimony, administer such oaths, and receive
such evidence as the Commission considers appropriate.
(b) Other Evidence.--The Commission shall gather evidence through
such means as the Commission considers appropriate, including--
(1) by soliciting comments through Federal Register
notices; and
(2) by receiving testimony at public hearings conducted by
members of the Commission, at the direction of the chairman of
the Commission, subject to appropriate rules governing the
receiving of evidence.
(c) Obtaining Official Data.--The Commission may secure directly
from any department or agency of the United States information (other
than information required by any law to be kept confidential by such
department or agency) necessary for the Commission to carry out its
duties under this Act. Upon request of the Commission, the head of that
department or agency shall furnish such nonconfidential information to
the Commission.
(d) Contracts.--The Commission may enter into contracts with other
entities in carrying out the duties of the Commission.
(e) Gifts, Bequests, and Devises.--To the extent or in the amounts
provided in advance in appropriations Acts, the Commission may accept,
use, and dispose of gifts, bequests, or devises of services or
property, both real and personal, for the purpose of aiding or
facilitating the work of the Commission. Gifts, bequests, or devises of
money and proceeds from sales of other property received as gifts,
bequests, or devises shall be deposited in the Treasury and shall be
available for disbursement upon order of the Chairperson.
(f) Mails.--The Commission may use the United States mails in the
same manner and under the same conditions as other departments and
agencies of the United States.
(g) Administrative Support Services.--Upon the request of the
Commission, the Administrator of General Services shall provide to the
Commission, on a reimbursable basis, the administrative support
services necessary for the Commission to carry out its responsibilities
under this Act.

SEC. 7. STAFF.

(a) Staff.--The Commission may appoint and fix the pay of such
personnel as the Commission considers appropriate.
(b) Staff of Federal Agencies.--Upon request of the Commission, the
head of any Federal department or agency may detail, on a reimbursable
basis, any of the personnel of that department or agency to the
Commission to assist the Commission in carrying out its duties under
this Act.
(c) Experts and Consultants.--The Commission may procure temporary
and intermittent services under section 3109(b) of title 5, United
States Code, but at rates for individuals not to exceed the daily
equivalent of the maximum annual rate of basic pay for GS-15 of the
General Schedule.

SEC. 8. AUTHORIZATION OF APPROPRIATIONS.

There is authorized to be appropriated to carry out this Act
$2,500,000.

SEC. 9. TERMINATION.

The Commission shall terminate on the 180th day following the date
of transmittal of the final report required under section 5(c). All
records and papers of the Commission shall thereupon be delivered to
the Administrator of General Services for deposit in the National
Archives.
Example Output: United States Commission on Rebuilding America for the 21st Century Act - Establishes the United States Commission on Rebuilding America for the 21st Century to review published materials on the nation's transportation, water, energy, public lands, and housing infrastructure and assess the challenges of meeting the nation's infrastructure needs in the 21st century.

Directs the Commission to submit to Congress a report that: (1) documents those challenges and articulates a national vision of infrastructure investments to overcome them; (2) contains specific recommendations on policies and investments to provide for streamlined state and local transportation investment processes, an electric grid that delivers clean, safe, and affordable energy, reductions in greenhouse has emissions, and improved transportation mobility, community health outcomes, water conservation, and public lands infrastructure accommodating user growth without degrading the environment; and (3) contains a set of model principles to ensure that future investments in the nation's infrastructure incorporate the report's findings and recommendations.

Example Input: SECTION 1. SHORT TITLE.

This Act may be cited as the ''Border Security Enhancement Act of
2006''.

TITLE I--ALIEN SMUGGLER PROSECUTION ACT

SEC. 101. EFFECTIVE PROSECUTION OF ALIEN SMUGGLERS.

(a) Findings.--The Congress finds as follows:
(1) Recent experience shows that alien smuggling is
flourishing, is increasingly violent, and is highly profitable.
(2) Alien smuggling operations also present terrorist and
criminal organizations with opportunities for smuggling their
members into the United States practically at will.
(3) Alien smuggling is a lucrative business. Each year,
criminal organizations that smuggle or traffic in persons are
estimated to generate $9,500,000,000 in revenue worldwide.
(4) Alien smuggling frequently involves dangerous and
inhumane conditions for smuggled aliens. Migrants are
frequently abused or exploited, both during their journey and
upon reaching the United States. Consequently, aliens smuggled
into the United States are at significant risk of physical
injury, abuse, and death.
(5) Notwithstanding that alien smuggling poses a risk to
the United States as a whole, uniform guidelines for the
prosecution of smuggling offenses are not employed by the
various United States attorneys. Understanding that border-area
United States attorneys face an overwhelming workload, a lack
of sufficient prosecutions by certain United States attorneys
has encouraged additional smuggling, and demoralized Border
Patrol officers charged with enforcing our anti-smuggling laws.
(b) Sense of Congress.--It is the sense of the Congress that the
Attorney General should adopt, not later than 3 months after the date
of the enactment of this Act, uniform guidelines for the prosecution of
smuggling offenses to be followed by each United States attorney in the
United States.
(c) Additional Personnel.--In each of the fiscal years 2008 through
2013, the Attorney General shall, subject to the availability of
appropriations, increase by not less than 20 the number of attorneys in
the offices of United States attorneys employed to prosecute cases
under section 274 of the Immigration and Nationality Act (8 U.S.C.
1324), as compared to the previous fiscal year.

TITLE II--CRIMINAL ALIEN REMOVAL ACT

SEC. 201. EXPEDITED REMOVAL FOR ALIENS INADMISSIBLE ON CRIMINAL
GROUNDS.

(a) In General.--Section 238(b) of the Immigration and Nationality
Act (8 U.S.C. 1228(b)) is amended--
(1) in paragraph (1)--
(A) by striking ''Attorney General'' and inserting
''Secretary of Homeland Security in the exercise of
discretion''; and
(B) by striking ''set forth in this subsection or''
and inserting ''set forth in this subsection, in lieu
of removal proceedings under'';
(2) in paragraph (3), by striking ''paragraph (1) until 14
calendar days'' and inserting ''paragraph (1) or (3) until 7
calendar days'';
(3) by striking ''Attorney General'' each place it appears
in paragraphs (3) and (4) and inserting ''Secretary of Homeland
Security'';
(4) in paragraph (5)--
(A) by striking ''described in this section'' and
inserting ''described in paragraph (1) or (2)''; and
(B) by striking ''the Attorney General may grant in
the Attorney General's discretion'' and inserting ''the
Secretary of Homeland Security or the Attorney General
may grant, in the discretion of the Secretary or
Attorney General, in any proceeding'';
(5) by redesignating paragraphs (3), (4), and (5) as
paragraphs (4), (5), and (6), respectively; and
(6) by inserting after paragraph (2) the following new
paragraph:
''(3) The Secretary of Homeland Security in the exercise of
discretion may determine inadmissibility under section
212(a)(2) (relating to criminal offenses) and issue an order of
removal pursuant to the procedures set forth in this
subsection, in lieu of removal proceedings under section 240,
with respect to an alien who--
''(A) has not been admitted or paroled;
''(B) has not been found to have a credible fear of
persecution pursuant to the procedures set forth in
section 235(b)(1)(B); and
''(C) is not eligible for a waiver of
inadmissibility or relief from removal.''.
(b) Effective Date.--The amendments made by subsection (a) shall
take effect on the date of the enactment of this Act but shall not
apply to aliens who are in removal proceedings under section 240 of the
Immigration and Nationality Act as of such date.

TITLE III--BORDER TUNNEL PREVENTION ACT OF 2006

SEC. 301. CONSTRUCTION OF BORDER TUNNEL OR PASSAGE.

(a) In General.--Chapter 27 of title 18, United States Code, is
amended by adding at the end the following:
''Sec. 554. Border tunnels and passages
''(a) Any person who knowingly constructs or finances the
construction of a tunnel or subterranean passage that crosses the
international border between the United States and another country,
other than a lawfully authorized tunnel or passage known to the
Secretary of Homeland Security and subject to inspection by the Bureau
of Immigration and Customs Enforcement, shall be imprisoned for not
more than 20 years.
''(b) Any person who recklessly permits the construction or use of
a tunnel or passage described in subsection (a) on land that the person
owns or controls shall be imprisoned for not more than 10 years.
''(c) Any person who uses a tunnel or passage described in
subsection (a) to unlawfully smuggle an alien, goods (in violation of
section 545), controlled substances, weapons of mass destruction
(including biological weapons), or a member of a terrorist organization
(as defined in section 212(a)(3)(B)(vi) of the Immigration and
Nationality Act (8 U.S.C. 1182(a)(3)(B)(vi))) shall be subject to twice
the penalty that would have otherwise been imposed had the unlawful
activity not made use of such a tunnel or passage.''.
(b) Clerical Amendment.--The table of sections for chapter 27 of
title 18, United States Code, is amended by adding at the end the
following:

''Sec. 554. Border tunnels and passages.''.
(c) Criminal Forfeiture.--Section 982(a)(6) of title 18, United
States Code, is amended by inserting ''554,'' before ''1425,''.

SEC. 302. DIRECTIVE TO THE UNITED STATES SENTENCING COMMISSION.

(a) In General.--Pursuant to its authority under section 994 of
title 28, United States Code, and in accordance with this section, the
United States Sentencing Commission shall promulgate or amend
sentencing guidelines to provide for increased penalties for persons
convicted of offenses described in section 554 of title 18, United
States Code, as added by section 301.
(b) Requirements.--In carrying out this section, the United States
Sentencing Commission shall--
(1) ensure that the sentencing guidelines, policy
statements, and official commentary reflect the serious nature
of the offenses described in section 554 of title 18, United
States Code, and the need for aggressive and appropriate law
enforcement action to prevent such offenses;
(2) provide adequate base offense levels for offenses under
such section;
(3) account for any aggravating or mitigating circumstances
that might justify exceptions, including--
(A) the use of a tunnel or passage described in
subsection (a) of such section to facilitate other
felonies; and
(B) the circumstances for which the sentencing
guidelines currently provide applicable sentencing
enhancements;
(4) ensure reasonable consistency with other relevant
directives, other sentencing guidelines, and statutes;
(5) make any necessary and conforming changes to the
sentencing guidelines and policy statements; and
(6) ensure that the sentencing guidelines adequately meet
the purposes of sentencing set forth in section 3553(a)(2) of
title 18, United States Code.
Example Output: Border Security Enhancement Act of 2006 - Expresses the sense of Congress that the Attorney General should adopt uniform guidelines for the prosecution of smuggling offenses.

Directs the Attorney General, subject to the availability of appropriations, to increase the number of U.S. attorneys employed to prosecute alien smuggling cases by at least 20 in each of FY2008-FY2013.

Amends the Immigration and Nationality Act to authorize the Secretary of Homeland Security to determine inadmissibility based on criminal grounds under an expedited removal process for an alien who: (1) has not been admitted or paroled; (2) has not been found to have a credible fear of persecution; and (3) is not eligible for a waiver of inadmissibility or relief from removal.

Authorizes the Secretary to execute an order of removal seven days (currently, 14 days) after it's issuance.

Amends the federal criminal code to prohibit the knowing construction or financing of an unauthorized tunnel or subterranean passage that crosses the international border between the United States and another country.

Imposes a 20-year maximum prison term for such offense. Imposes a 10-year maximum prison term on any person who recklessly permits the construction or use of such a tunnel or passage on land that such person owns or controls.

Doubles penalties for persons who use such a tunnel or passage to unlawfully smuggle an alien, illegal goods, controlled substances, weapons of mass destruction, or members of a terrorist organization.

Subjects to forfeiture any property involved in, or traceable to, the construction or financing of such a tunnel or passage.

Directs the U.S. Sentencing Commission to promulgate or amend sentencing guidelines to provide for increased penalties for persons convicted of criminal offenses related to the construction or financing of such a tunnel or passage.

Example Input: SECTION 1. PRIVATELY INSURED CREDIT UNIONS AUTHORIZED TO BECOME MEMBERS
OF A FEDERAL HOME LOAN BANK.

(a) In General.--Section 4(a) of the Federal Home Loan Bank Act (12
U.S.C. 1424(a)) is amended by adding at the end the following:
''(5) Certain privately insured credit unions.--
''(A) In general.--Subject to the requirements of
subparagraph (B), a credit union that lacks insurance
of its member accounts under Federal law shall be
treated as an insured depository institution for
purposes of this Act.
''(B) Certification by appropriate state
supervisor.--For purposes of this paragraph, a credit
union that lacks insurance of its member accounts under
Federal law and that has applied for membership in a
Federal home loan bank shall be treated as an insured
depository institution if the following has occurred:
''(i) Determination by state supervisor of
the credit union.--
''(I) In general.--Subject to
subclause (II), the appropriate
supervisor of the State in which the
credit union is chartered has
determined that the credit union meets
all the eligibility requirements under
section 201(a) of the Federal Credit
Union Act (12 U.S.C. 1781(a)) to apply
for insurance of its member accounts as
of the date of the application for
membership.
''(II) Certification deemed
valid.--In the case of any credit union
to which subclause (I) applies, if the
appropriate supervisor of the State in
which such credit union is chartered
fails to make the determination
required pursuant to such subclause by
the end of the 12-month period
beginning on the date on which the
application is submitted to the
supervisor, the credit union shall be
deemed to have met the requirements of
subclause (I).
''(ii) Determination by state supervisor of
the private deposit insurer.--The licensing
entity of the private deposit insurer that is
insuring the member accounts of the credit
union--
''(I) receives, on an annual basis,
an independent actuarial opinion that
the private insurer has set aside
sufficient reserves for losses; and
''(II) obtains, as frequently as
appropriate, but not less frequently
than every 36 months, an independent
actuary's study of the capital adequacy
of the private insurer.
''(iii) Submission of financial
information.--The credit union or the
appropriate supervisor of the State in which
such credit union is chartered makes available,
and continues to make available for such time
as the credit union is a member of a Federal
home loan bank, to the Federal Housing Finance
Agency or to the Federal home loan bank all
reports, records, and other information related
to any examinations or inquiries performed by
the supervisor concerning the financial
condition of the credit union, as soon as is
practicable.
''(C) Security interests of federal home loan bank
not avoidable.--Notwithstanding any provision of State
law authorizing a conservator or liquidating agent of a
credit union to repudiate contracts, no such provision
shall apply with respect to--
''(i) any extension of credit from any
Federal home loan bank to any credit union that
is a member of any such bank pursuant to this
paragraph; or
''(ii) any security interest in the assets
of such a credit union securing any such
extension of credit.
''(D) Protection for certain federal home loan bank
advances.--Notwithstanding any State law to the
contrary, if a Bank makes an advance under section 10
to a State-chartered credit union that is not federally
insured--
''(i) the Bank's interest in any collateral
securing the advance has the same priority and
is afforded the same standing and rights that
the security interest would have had if the
advance had been made to a federally insured
credit union; and
''(ii) the Bank has the same right to
access such collateral that the Bank would have
had if the advance had been made to a federally
insured credit union.''.
(b) Copies of Audits of Private Insurers of Certain Depository
Institutions Required To Be Provided to Supervisory Agencies.--Section
43(a)(2)(A) of the Federal Deposit Insurance Act (12 U.S.C.
1831t(a)(2)(A)) is amended--
(1) in clause (i), by striking ''and'' at the end;
(2) in clause (ii), by striking the period at the end and
inserting a semicolon; and
(3) by inserting at the end the following:
''(iii) in the case of depository
institutions described in subsection (e)(2)(A),
the member accounts of which are insured by the
private deposit insurer, which are members of a
Federal home loan bank, to the Federal Housing
Finance Agency, not later than 7 days after the
audit is completed.''.
(c) GAO Report.--Not later than 18 months after the date of
enactment of this Act, the Comptroller General of the United States
shall conduct a study and submit a report to Congress--
(1) on the adequacy of insurance reserves held by a private
deposit insurer that insures the member accounts of an entity
described in section 43(e)(2)(A) of the Federal Deposit
Insurance Act (12 U.S.C. 1831t(e)(2)(A)); and
(2) for an entity described in paragraph (1), the member
accounts of which are insured by a private deposit insurer,
information on the level of compliance with Federal regulations
relating to the disclosure of a lack of Federal deposit
insurance.
Example Output:
Amends the Federal Home Loan Bank Act to treat certain privately (but not federally) insured credit unions as insured depository institutions for purposes of determining eligibility for membership in a federal home loan bank. Permits a credit union which lacks federal deposit insurance and has applied for membership in a federal home loan bank to be treated as meeting all the eligibility requirements for federal deposit insurance if specified conditions are met, including: (1) that the supervisor of the chartering state has determined that the credit union meets all federal deposit insurance eligibility requirements; (2) the state supervisor of the credit union's private deposit insurer receives annual independent actuarial opinions that the private insurer has sufficient reserves for losses, as well as periodic actuarial studies of the insurer's capital adequacy; and (3) the credit union's financial information is made available to the Federal Housing Finance Agency (FHFA) or to the federal home loan bank. Deems such a credit union to have met the eligibility criteria for federal home loan bank membership if, 12 months after its application date, the state supervisor has failed to act upon the application. Prohibits the application of a state law authorizing a conservator or liquidating agent of a credit union to repudiate contracts to any: (1) extension of credit from a federal home loan bank to a credit union which is a member of that bank, or (2) security interest in the assets of the credit union securing such extension of credit. Declares that if a federal home loan bank makes an advance to a state-chartered credit union that is not federally insured: (i) the bank's interest in any collateral securing such advance has the same priority and is afforded the same standing and rights that the security interest would have had if the advance had been made to a federally-insured credit union, and (2) the bank has the same right to access such collateral that it would have had if the advance had been made to a federally-insured credit union. Amends the Federal Deposit Insurance Act to require private deposit insurers of credit unions that are members of a federal home loan bank to submit copies of their audit reports within seven days to the FHFA. Directs the Government Accountability Office to study: (1) the adequacy of insurance reserves held by a private deposit insurer that insures deposits in an insured credit union or any credit union eligible to apply to become one, and (2) such credit unions' compliance with federal regulations governing disclosure of a lack of federal deposit insurance.