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PROBLEM: SECTION 1. SHORT TITLE.

This Act may be cited as the ''Student Loan Fairness Consolidation
Act of 2003''.

SEC. 2. AUTHORITY TO REFINANCE EXISTING CONSOLIDATION LOANS.

(a) FFEL Consolidation Loans.--Section 428C(a)(3)(B) of the Higher
Education Act of 1965 (20 U.S.C. 1078-3(a)(3)(B)) is amended by adding
at the end the following new clause:
''(ii) Notwithstanding clause (i) of this subparagraph, a
borrower of a consolidation loan on which the interest is
established at a fixed rate under section 427A, 428C(c), or 455
may obtain a subsequent consolidation loan for the purposes of
refinancing such earlier consolidation loan at a variable rate
of interest under section 427A(m) or 455(b)(8), except that the
authority to refinance a consolidation loan under this clause
shall not apply to a consolidation loan that was used
exclusively to repay loans made under section 428B or Federal
Direct PLUS Loans (or both such loans).''.
(b) Parallel Terms for Federal Direct Consolidation Loans.--Section
455(a) of the Higher Education Act of 1965 (20 U.S.C. 1087e(a)) is
amended--
(1) in paragraph (1), by inserting ''428C,'' after
''428B,''; and
(2) in paragraph (2)--
(A) by striking ''and'' at the end of subparagraph
(B);
(B) by redesignating subparagraph (C) as
subparagraph (D); and
(C) by inserting after subparagraph (B) the
following:
''(C) section 428C shall be known as 'Federal
Direct Consolidation Loans'.''.

SEC. 3. AVAILABILITY OF VARIABLE INTEREST RATE CONSOLIDATION LOANS.

(a) FFEL Consolidation Loans.--Section 427A of the Higher Education
Act of 1965 (20 U.S.C. 1077a) is amended--
(1) by redesignating subsection (m) and (n) as subsections
(n) and (o), respectively; and
(2) by inserting after subsection (l) the following:
''(m) Variable Interest Rate Consolidation Loans.--
''(1) Variable rate.--Notwithstanding subsections (h), (k),
and (l), with respect to any loan made pursuant to section 428C
for which the first disbursement is made on or after the date
of enactment of the Student Loan Fairness Consolidation Act of
2003, the applicable rate of interest shall, during any 12-
month period beginning on July 1 and ending on June 30, be
determined on the preceding June 1 and be equal to--
''(A) the bond equivalent rate of 91-day Treasury
bills auctioned at the final auction held prior to such
June 1; plus
''(B) 2.3 percent,
except that such rate shall not exceed 8.25 percent.
''(2) Recovery of excess interest.--If, with respect to a
consolidation loan on which the applicable interest rate is
determined under this subsection, the applicable interest rate
for any 3-month period exceeds the special allowance rate
applicable to such loan under section 438(b)(2)(I) for such
period, then an adjustment shall be made--
''(A) by calculating the excess interest in the
amount computed under paragraph (3) of this subsection;
and
''(B) by crediting the excess interest to the
Government.
''(3) Amount of adjustment.--The amount of any adjustment
of interest on a loan to be made under this subsection for any
quarter shall be equal to--
''(A) the applicable interest rate minus the
special allowance rate determined under section
438(a)(2)(I); multiplied by
''(B) the average daily principal balance of the
loan (not including unearned interest added to
principal) during such calendar quarter; divided by
''(C) four.
''(4) Inapplicability to consolidation loans used to repay
plus loans.--The provisions of paragraph (1) of this subsection
shall not apply to a consolidation loan that was used
exclusively to repay loans made under section 428B or Federal
Direct PLUS Loans (or both such loans).''.
(b) Federal Direct Consolidation Loans.--Section 455(b) of the
Higher Education Act of 1965 (20 U.S.C. 1087e(b)) is amended--
(1) by redesignating paragraphs (8) and (9) as paragraphs
(9) and (10), respectively; and
(2) by inserting after paragraph (7) the following:
''(8) Variable interest rate consolidation loans.--
''(A) Variable rate.--Notwithstanding the preceding
paragraphs of this subsection, with respect to any
Federal Direct Consolidation Loan for which the first
disbursement is made on or after the date of enactment
of the Student Loan Fairness Consolidation Act of 2003,
the applicable rate of interest shall, during any 12-
month period beginning on July 1 and ending on June 30,
be determined on the preceding June 1 and be equal to--
''(i) the bond equivalent rate of 91-day
Treasury bills auctioned at the final auction
held prior to such June 1; plus
''(ii) 2.3 percent,
except that such rate shall not exceed 8.25 percent.
''(B) Inapplicability to consolidation loans used
to repay plus loans.--The provisions of this subsection
shall not apply to a consolidation loan that was used
exclusively to repay loans made under section 428B or
Federal Direct PLUS Loans (or both such loans).''.
(c) Conforming Amendment.--Section 438(b)(2)(I) is amended by
striking ''section 427A(k)(4) or (l)(3)'' each place it appears in
clauses (iv) and (vi) and inserting ''section 427A(k)(4), (l)(3), or
(m)''.

SOLUTION: Student Loan Fairness Consolidation Act of 2003 - Amends the Higher Education Act of 1965 to revise student aid requirements for Federal consolidation loans under the Federal Family Education Loan program, and establish parallel requirements under a Federal Direct Consolidation Loan program, to: (1) allow borrowers to refinance existing consolidation loans; and (2) make available variable interest rate consolidation loans. Excludes consolidation loans for repaying Federal PLUS loans (taken out by parents of students) from such provisions for refinancing and variable interest rates.

PROBLEM: SECTION 1. NATIONAL GUARD OPERATION ABOUT FACE TO PROVIDE LIFE-SKILLS
FOR AT RISK YOUTH.

(a) Chapter 5 of title 32, United States Code, is amended by adding
at the end the following new section:
''Sec. 510. National Guard operation about face to provide life-skills
for at-risk youth
''(a) Program Authority and Purpose.--The Secretary of Defense,
through the Chief, National Guard Bureau, may use the National Guard to
conduct an at-risk youth life skills program to be known as 'National
Guard Operation About Face', which shall be a community based outreach
program for at-risk youth, which shall include after-school and summer
classes to provide academic skills, computer literacy, employability
skills, life-coping skills, and communication skills supplemented with
work experience activities to create vibrant communities that foster
economic opportunity and encourage life-long learning.
''(b) Conduct of the Program.--(1) The Secretary of Defense shall
provide for the conduct of the National Guard Operation About Face in
such States as the Secretary considers to be appropriate.
''(2) The Secretary shall carry out the National Guard Operation
About Face using--
''(A) funds appropriated directly to the Secretary of
Defense for the program; and
''(B) nondefense funds made available or transferred to the
Secretary of Defense by other Federal agencies to support the
program.
''(3) For purposes of a transfer under paragraph (2)(B),
administration of the National Guard Operation About Face is a good or
service for which an agency agreement may be entered into under section
1535 of title 31, United States Code.
''(c) Program Agreements.--(1) To carry out the National Guard
Operation About Face in a State, the Secretary of Defense shall enter
into an agreement with the Governor of the State, or in the case of the
District of Columbia National Guard, with the commanding general of the
District of Columbia National, under which the Governor or the
commanding general will establish, organize, and administer the
National Guard Operation About Face in the State.
''(2) The agreement may provide for the Secretary to provide funds
to the State for civilian personnel costs attributable to the use of
civilian employees of the National Guard in the conduct of the National
Guard Operation About Face.
''(d) Persons Eligible To Participate in Program.--Any at risk
youth may participate in the National Guard Operation About Face. The
Secretary of Defense shall prescribe the standards and procedures for
selecting participants from among at risk youth.
''(e) Authorized Benefits for Participants.--To the extent provided
in an agreement entered into in accordance with subsection (c):
''(1) Any funds made available or transferred to the
Secretary of Defense by other Federal agencies under section
(b)(2)(B) of this section may be used to provide a stipend to
participants for the work experience portion of the National
Guard Operation About Face:
''(A) For the original purpose for which the funds
were appropriated and in accordance with the
regulations of the Federal agency from which the funds
were made available or transferred.
''(B) For the purpose for which defense funds are
appropriated and in accordance with the regulations
prescribed by the Secretary of Defense for the National
Guard Operation About Face.
''(C) In the case of a conflict between the
regulations described in paragraph (A) and (B), the
regulations of the Federal agency from which the funds
were made available or transferred shall apply.
''(2) A participant in the national Guard Operation About
Face may receive the following additional benefits in
connection with the program:
''(A) Light refreshments.
''(B) Transportation.
''(C) Supplies.
''(D) Services.
''(f) Program Personnel.--Personnel of the National Guard of a
State in which the National Guard Operation About Face is conducted may
serve on full-time National Guard duty for the purpose of providing
managerial, administrative, training, or supporting services for the
program.
''(g) Equipment and Facilities.--Equipment and facilities of the
National Guard, including military property of the United States issued
to the National Guard, may be used in carrying out the National Guard
Operation About Face.
''(h) Supplemental Resources.--To carry out the National Guard
Operation About Face in a State, the Governor of the State or, in the
case of the District of Columbia, the commanding general of the
District of Columbia National Guard, may supplement funds made
available under the program out of other resources (including gifts)
available to the Governor or the commanding general. The Governor or
the commanding Federal may accept, use, and dispose of gifts or
donations of money, other property or services for the National Guard
Operation About Face.
''(i) Definitions.--In this section:
''(1) The term 'State' includes the Commonwealth of Puerto
Rico, the territories, and the District of Columbia.
''(2) The term 'at-risk youth' has the same meaning given
that term in section 1432 of the Elementary and Secondary
Education Act of 1965 (20 U.S.C. 6472.''.
(b) Clerical Amendment.--The table of sections at the beginning of
such chapter is amended by adding at the end the following new item:

''510. National Guard operation about face to provide life-skills for
at-risk youth.''.

SOLUTION: Authorizes the Secretary of Defense, through the Chief, National Guard Bureau, to use the National Guard to conduct an at-risk youth life skills program to be known as "National Guard Operation About Face." Requires such program to: (1) be a community-based outreach program for at-risk youth; and (2) include after-school and summer classes to provide academic skills, computer literacy, employability skills, life-coping skills, and communication skills supplemented with work experience activities. Requires agreements with State governors and the commanding general of the District of Columbia National Guard to carry out the program. Directs the Secretary to prescribe standards and procedures for selecting program participants from at risk youth. Authorizes the use of State National Guard personnel, equipment, and facilities, as well as State supplemental resources, in support of such program.

PROBLEM: SECTION 1. SHORT TITLE.

This Act may be cited as the ''Securities Litigation Attorney
Accountability and Transparency Act''.

SEC. 2. DISCLOSURES OF PAYMENTS, FEE ARRANGEMENTS, CONTRIBUTIONS, AND
OTHER POTENTIAL CONFLICTS OF INTEREST BETWEEN PLAINTIFF
AND ATTORNEYS.

(a) Securities Exchange Act of 1934.--Section 21D(a) of the
Securities Exchange Act of 1934 (15 U.S.C. 78u-4(a)) is amended by
adding at the end the following new paragraphs:
''(10) Disclosures regarding payments.--
''(A) Sworn certifications required.--In any
private action arising under this title, each plaintiff
and any attorney for such plaintiff shall provide sworn
certifications, which shall be personally signed by
such plaintiff and such attorney, respectively, and
filed with the complaint, that identify any direct or
indirect payment, or promise of any payment, by such
attorney, or any person affiliated with such attorney,
to such plaintiff, or any person affiliated with such
plaintiff, beyond the plaintiff's pro rata share of any
recovery, except as ordered or approved by the court in
accordance with paragraph (4). Upon disclosure of any
such payment or promise of payment, the court shall
disqualify the attorney from representing the
plaintiff.
''(B) Definition.--For purposes of this paragraph,
the term 'payment' shall include the transfer of money
and any other thing of value, including the provision
of services, other than representation of the plaintiff
in the private action arising under this title.
''(11) Disclosures regarding legal representations.--In any
private action arising under this title, each plaintiff and any
attorney for such plaintiff shall provide sworn certifications,
which shall be personally signed by such plaintiff and such
attorney, respectively, and filed with the complaint, that
identifies the nature and terms of any legal representation
provided by such attorney, or any person affiliated with such
attorney, to such plaintiff, or any person affiliated with such
plaintiff other than the representation of the plaintiff in the
private action arising under this title. The court may allow
such certifications to be made under seal. The court shall make
a determination whether the nature or terms of the fee
arrangement for any other matter influenced the selection and
retention of counsel in any private action arising under this
title and, if the court so finds, shall disqualify the attorney
from representing the plaintiff in any such action.
''(12) Disclosures regarding contributions.--In any private
action arising under this title, each plaintiff and any
attorney for such plaintiff shall provide sworn certifications,
which shall be personally signed by such plaintiff and such
attorney, respectively, and filed with the complaint, that
identifies any contribution made within five years prior to the
filing of the complaint by such attorney, any person affiliated
with such attorney, or any political action committee
controlled by such attorney, to any elected official with
authority to retain counsel for such plaintiff or to select or
appoint, influence the selection or appointment of, or oversee
any individual or group of individuals with that authority.
''(13) Disclosure regarding other conflicts of interest.--
In any private action arising under this title, each plaintiff
and any attorney for such plaintiff shall provide sworn
certifications, which shall be personally signed by such
plaintiff and such attorney, respectively, and filed with the
complaint, that identifies any other conflict of interest
(other than one specified in paragraphs (10) through (12))
between such attorney and such plaintiff. The court shall make
a determination of whether such conflict is sufficient to
disqualify the attorney from representing the plaintiff.''.
(b) Securities Act of 1933.--Section 27(a) of the Securities Act of
1933 (15 U.S.C. 77z-1(a)) is amended by adding at the end the following
new paragraph:
''(9) Disclosures regarding payments.--
''(A) Sworn certifications required.--In any
private action arising under this title, each plaintiff
and any attorney for such plaintiff shall provide sworn
certifications, which shall be personally signed by
such plaintiff and such attorney, respectively, and
filed with the complaint, that identify any direct or
indirect payment, or promise of any payment, by such
attorney, or any person affiliated with such attorney,
to such plaintiff, or any person affiliated with such
plaintiff, beyond the plaintiff's pro rata share of any
recovery, except as ordered or approved by the court in
accordance with paragraph (4). Upon disclosure of any
such payment or promise of payment, the court shall
disqualify the attorney from representing the
plaintiff.
''(B) Definition.--For purposes of this paragraph,
the term 'payment' shall include the transfer of money
and any other thing of value, including the provision
of services, other than representation of the plaintiff
in the private action arising under this title.
''(10) Disclosures regarding legal representations.--In any
private action arising under this title, each plaintiff and any
attorney for such plaintiff shall provide sworn certifications,
which shall be personally signed by such plaintiff and such
attorney, respectively, and filed with the complaint, that
identifies the nature and terms of any legal representation
provided by such attorney, or any person affiliated with such
attorney, to such plaintiff, or any person affiliated with such
plaintiff other than the representation of the plaintiff in the
private action arising under this title. The court may allow
such certifications to be made under seal. The court shall make
a determination whether the nature or terms of the fee
arrangement for any other matter influenced the selection and
retention of counsel in any private action arising under this
title and, if the court so finds, shall disqualify the attorney
from representing the plaintiff in any such action.
''(11) Disclosures regarding contributions.--In any private
action arising under this title, each plaintiff and any
attorney for such plaintiff shall provide sworn certifications,
which shall be personally signed by such plaintiff and such
attorney, respectively, and filed with the complaint, that
identifies any contribution made within five years prior to the
filing of the complaint by such attorney, any person affiliated
with such attorney, or any political action committee
controlled by such attorney, to any elected official with
authority to retain counsel for such plaintiff or to select or
appoint, influence the selection or appointment of, or oversee
any individual or group of individuals with that authority.
''(12) Disclosure regarding other conflicts of interest.--
In any private action arising under this title, each plaintiff
and any attorney for such plaintiff shall provide sworn
certifications, which shall be personally signed by such
plaintiff and such attorney, respectively, and filed with the
complaint, that identifies any other conflict of interest
(other than one specified in paragraphs (9) through (11))
between such attorney and such plaintiff. The court shall make
a determination of whether such conflict is sufficient to
disqualify the attorney from representing the plaintiff.''.

SEC. 3. SELECTION OF LEAD COUNSEL.

(a) Securities Exchange Act of 1934.--Section 21D(a)(3)(B)(v) of
the Securities Exchange Act of 1934 (15 U.S.C. 78u-4(a)(3)(B)(v)) is
amended by adding at the end the following: ''In exercising the
discretion of the court over the approval of lead counsel, the court
shall employ a competitive bidding process as one of the criteria in
the selection and retention of counsel for the most adequate plaintiff,
unless the court determines on the record that such a process is not
feasible.''.
(b) Securities Act of 1933.--Section 27(a)(3)(B)(v) of the
Securities Act of 1933 (15 U.S.C. 77z-1(a)(3)(B)(v)) is amended by
adding at the end the following: ''In exercising the discretion of the
court over the approval of lead counsel, the court shall employ a
competitive bidding process as one of the criteria in the selection and
retention of counsel for the most adequate plaintiff, unless the court
determines on the record that such a process is not feasible.''.

SEC. 4. STUDY OF AVERAGE HOURLY FEES IN SECURITIES CLASS ACTIONS.

(a) Study and Review Required.--The Comptroller General of the
United States shall conduct a study and review of fee awards to lead
counsel in securities class actions over the 5-year period preceding
the date of enactment of this Act to determine the effective average
hourly rate for lead counsel in such actions.
(b) Report Required.--Not later than 1 year after the date of
enactment of this Act, the Comptroller General shall submit a report to
the Committee on Banking, Housing, and Urban Affairs of the Senate and
the Committee on Financial Services of the House of Representatives on
the results of the study and review required by this section. The
Comptroller General shall submit an updated study every 3 years
thereafter.
(c) Definition.--For purposes of this section, the term
''securities class action'' means a private class action arising under
the Securities Act of 1933 (15 U.S.C. 77 et seq.) or the Securities
Exchange Act of 1934 (15 U.S.C. 78 et seq.) that is brought as a
plaintiff class action pursuant to the Federal Rules of Civil
Procedure.

SOLUTION:
Securities Litigation Attorney Accountability and Transparency Act - Amends the Securities Exchange Act of 1934 and the Securities Act of 1933 to require plaintiff and plaintiff's attorney to provide sworn, signed certifications that identify any actual or promised payment by the attorney to the plaintiff, beyond the plaintiff's pro rata share of any recovery.

Requires similar plaintiff and plaintiff's attorney certifications regarding: (1) legal representations; (2) contributions; and (3) conflicts of interest.

Requires the court, in exercising discretion over the approval of lead counsel, to employ a competitive bidding process as one of the criteria (unless the court determines that such a process is not feasible).

Instructs the Comptroller General to study and report to certain congressional committees on average hourly fees in securities class actions.