In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
--------
Question: SECTION 1. SHORT TITLE.

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

SEC. 2. FUTURES INVESTORS PROTECTION FUND.

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

SEC. 3. SUITABILITY RULES.

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

''SEC. 4U. SUITABILITY RULES.

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

SEC. 4. REVIEW OF PROOF OF CLAIMS RULES.

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

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

Question: SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

(a) Short Title.--This Act may be cited as the ''National Parks
Capital Improvements Act of 1999''.
(b) Table of Contents.--The table of contents of this Act is as
follows:

Sec. 1. Short title; table of contents.
Sec. 2. Definitions.
Sec. 3. Fundraising organization.
Sec. 4. Memorandum of agreement.
Sec. 5. National park surcharge or set-aside.
Sec. 6. Use of bond proceeds.
Sec. 7. Administration.

SEC. 2. DEFINITIONS.

In this Act:
(1) Fundraising organization.--The term ''fundraising
organization'' means an entity authorized to act as a
fundraising organization under section 3(a).
(2) Memorandum of agreement.--The term ''memorandum of
agreement'' means a memorandum of agreement entered into by the
Secretary under section 3(a) that contains the terms specified
in section 4.
(3) National park foundation.--The term ''National Park
Foundation'' means the foundation established under the Act
entitled ''An Act to establish the National Park Foundation'',
approved December 18, 1967 (16 U.S.C. 19e et seq.).
(4) National park.--The term ''national park'' means--
(A) the Grand Canyon National Park; and
(B) any other national park designated by the
Secretary that has an approved general management plan
with capital needs in excess of $5,000,000.
(5) Secretary.--The term ''Secretary'' means the Secretary
of the Interior.

SEC. 3. FUNDRAISING ORGANIZATION.

(a) In General.--The Secretary may enter into a memorandum of
agreement under section 4 with an entity to act as an authorized
fundraising organization for the benefit of a national park.
(b) Bonds.--The fundraising organization for a national park shall
issue taxable bonds in return for the surcharge or set-aside for that
national park collected under section 5.
(c) Professional Standards.--The fundraising organization shall
abide by all relevant professional standards regarding the issuance of
securities and shall comply with all applicable Federal and State law.
(d) Audit.--The fundraising organization shall be subject to an
audit by the Secretary.
(e) No Liability for Bonds.--
(1) In general.--The United States shall not be liable for
the security of any bonds issued by the fundraising
organization.
(2) Exception.--If the surcharge or set-aside described in
section 5(a) for a national park is not imposed for any reason,
or if the surcharge or set-aside is reduced or eliminated, the
full faith and credit of the United States is pledged to the
payment of--
(A) the bonds issued by a fundraising organization
under subsection (b) for that national park; and
(B) the interest accruing on the bonds.

SEC. 4. MEMORANDUM OF AGREEMENT.

The fundraising organization shall enter into a memorandum of
agreement that specifies--
(1) the amount of the bond issue;
(2) the maturity of the bonds, not to exceed 20 years;
(3) the per capita amount required to amortize the bond
issue, provide for the reasonable costs of administration, and
maintain a sufficient reserve consistent with industry
standards;
(4) the project or projects at the national park that will
be funded with the bond proceeds and the specific
responsibilities of the Secretary and the fundraising
organization with respect to each project; and
(5) procedures for modifications of the agreement with the
consent of both parties based on changes in circumstances,
including modifications relating to project priorities.

SEC. 5. NATIONAL PARK SURCHARGE OR SET-ASIDE.

(a) In General.--Notwithstanding any other provision of law, the
Secretary may authorize the superintendent of a national park for which
a memorandum of agreement is in effect--
(1) to charge and collect a surcharge in an amount not to
exceed $2 for each individual otherwise subject to an entrance
fee for admission to the national park; or
(2) to set aside not more than $2 for each individual
charged the entrance fee.
(b) Surcharge in Addition to Entrance Fees.--A surcharge under
subsection (a) shall be in addition to any entrance fee collected
under--
(1) section 4 of the Land and Water Conservation Fund Act
of 1965 (16 U.S.C. 460l-6a);
(2) the recreational fee demonstration program authorized
by section 315 of the Department of the Interior and Related
Agencies Appropriations Act, 1996 (as contained in Public Law
104-134; 110 Stat. 1321-156; 1321-200; 16 U.S.C. 460l-6a note);
or
(3) the national park passport program established under
title VI of the National Parks Omnibus Management Act of 1998
(Public Law 105-391; 112 Stat. 3518; 16 U.S.C. 5991 et seq.).
(c) Limitation.--The total amount charged or set aside under
subsection (a) may not exceed $2 for each individual charged an
entrance fee.
(d) Use.--A surcharge or set-aside under subsection (a) shall be
used by the fundraising organization to--
(1) amortize the bond issue;
(2) provide for the reasonable costs of administration; and
(3) maintain a sufficient reserve consistent with industry
standards, as determined by the bond underwriter.
(e) Excess Funds.--Any funds collected in excess of the amount
necessary to fund the uses in subsection (d) shall be remitted to the
National Park Foundation to be used for the benefit of all units of the
National Park System.

SEC. 6. USE OF BOND PROCEEDS.

(a) Eligible Projects.--
(1) In general.--Subject to paragraph (2), bond proceeds
under this Act may be used for a project for the design,
construction, operation, maintenance, repair, or replacement of
a facility in the national park for which the bond was issued.
(2) Project limitations.--A project referred to in
paragraph (1) shall be consistent with--
(A) the laws governing the National Park System;
(B) any law governing the national park in which
the project is to be completed; and
(C) the general management plan for the national
park.
(3) Prohibition on use for administration.--Other than
interest as provided in subsection (b), no part of the bond
proceeds may be used to defray administrative expenses.
(b) Interest on Bond Proceeds.--
(1) Authorized uses.--Any interest earned on bond proceeds
may be used by the fundraising organization to--
(A) meet reserve requirements; and
(B) defray reasonable administrative expenses
incurred in connection with the management and sale of
the bonds.
(2) Excess interest.--All interest on bond proceeds not
used for purposes of paragraph (1) shall be remitted to the
National Park Foundation for the benefit of all units of the
National Park System.

SEC. 7. ADMINISTRATION.

The Secretary, in consultation with the Secretary of Treasury,
shall promulgate regulations to carry out this Act.

Answer: Exempts the United States from liability for such bonds unless the surcharge is not imposed for any reason or if it is reduced or eliminated in which case the full faith and credit of the United States is pledged to bond payment.
Authorizes the Secretary to: (1) permit the Superintendent of the park to charge and collect, in addition to the entrance fee, a surcharge of not to exceed $2; or (2) set aside not more than $2 for each entrance fee. Requires: (1) the surcharge or set-aside to be used by the organization to amortize the bond issue, to provide for the reasonable costs of administration, and to maintain a sufficient reserve consistent with industry standards; and (2) any excess funds to be remitted to the National Park Foundation (NPF) to be used for the benefit of all National Park System (NPS) units.
Allows bond proceeds to be used for a park facility project that is consistent with: (1) the laws governing the NPS and the park; and (2) the general management plan for the park.
Requires interest earned on bond proceeds to be: (1) used by the organization to meet reserve requirements and defray reasonable administrative expenses; and (2) remitted to the NPF for the benefit of all NPS units, to the extent funds are available in excess of the amount required for projects.

Question: SECTION 1. SHORT TITLE.

This Act may be cited as the ''Hadiya Pendleton and Nyasia Pryear-
Yard Gun Trafficking and Crime Prevention Act of 2015''.

SEC. 2. FIREARMS TRAFFICKING.

(a) In General.--Chapter 44 of title 18, United States Code, is
amended by adding at the end the following:
''Sec. 932. Trafficking in firearms
''(a) Offenses.--It shall be unlawful for any person, regardless of
whether anything of value is exchanged--
''(1) to ship, transport, transfer, or otherwise dispose to
a person, 2 or more firearms in or affecting interstate or
foreign commerce, if the transferor knows or has reasonable
cause to believe that such use, carry, possession, or
disposition of the firearm would be in violation of, or would
result in a violation of any Federal, State, or local law
punishable by a term of imprisonment exceeding 1 year;
''(2) to receive from a person, 2 or more firearms in or
affecting interstate or foreign commerce, if the recipient
knows or has reasonable cause to believe that such receipt
would be in violation of, or would result in a violation of any
Federal, State, or local law punishable by a term of
imprisonment exceeding 1 year;
''(3) to make a statement to a licensed importer, licensed
manufacturer, or licensed dealer relating to the purchase,
receipt, or acquisition from a licensed importer, licensed
manufacturer, or licensed dealer of 2 or more firearms that
have moved in or affected interstate or foreign commerce that--
''(A) is material to--
''(i) the identity of the actual buyer of
the firearms; or
''(ii) the intended trafficking of the
firearms; and
''(B) the person knows or has reasonable cause to
believe is false; or
''(4) to direct, promote, or facilitate conduct specified
in paragraph (1), (2), or (3).
''(b) Penalties.--
''(1) In general.--Any person who violates, or conspires to
violate, subsection (a) shall be fined under this title,
imprisoned for not more than 20 years, or both.
''(2) Organizer enhancement.--If a violation of subsection
(a) is committed by a person in concert with 5 or more other
persons with respect to whom such person occupies a position of
organizer, a supervisory position, or any other position of
management, such person may be sentenced to an additional term
of imprisonment of not more than 5 consecutive years.
''(c) Definitions.--In this section--
''(1) the term 'actual buyer' means the individual for whom
a firearm is being purchased, received, or acquired; and
''(2) the term 'term of imprisonment exceeding 1 year' does
not include any offense classified by the applicable
jurisdiction as a misdemeanor and punishable by a term of
imprisonment of 2 years or less.''.
(b) Technical and Conforming Amendment.--The table of sections for
chapter 44 of title 18, United States Code, is amended by adding at the
end the following:

''932. Trafficking in firearms.''.
(c) Directive to the Sentencing Commission.--
(1) In general.--Pursuant to its authority under section
994(p) of title 28, United States Code, the United States
Sentencing Commission shall review and, if appropriate, amend
the Federal sentencing guidelines and policy statements
applicable to persons convicted of offenses under section 932
of title 18, United States Code (as added by subsection (a)).
(2) Requirements.--In carrying out this section, the
Commission shall--
(A) review the penalty structure that the
guidelines currently provide based on the number of
firearms involved in the offense and determine whether
any changes to that penalty structure are appropriate
in order to reflect the intent of Congress that such
penalties reflect the gravity of the offense; and
(B) review and amend, if appropriate, the
guidelines and policy statements to reflect the intent
of Congress that guideline penalties for violations of
section 932 of title 18, United States Code, and
similar offenses be increased substantially when
committed by a person who is a member of a gang,
cartel, organized crime ring, or other such enterprise
or in concert with another person who is a member of a
gang, cartel, organized crime ring or other such
enterprise.

Answer:
Hadiya Pendleton and Nyasia Pryear-Yard Gun Trafficking and Crime Prevention Act of 2015 This bill amends the federal criminal code to make trafficking in firearms a crime. Specifically, it prohibits, with respect to two or more firearms, the following: transfer to or receipt by a prohibited person or a person who plans a subsequent transfer that results in unlawful use, possession, or disposition of such firearms; providing false statements in connection with the purchase, receipt, or acquisition of such firearms; and directing, promoting, or facilitating such prohibited conduct. A person who commits or conspires to commit a gun trafficking offense is subject to a prison term of up to 20 years (or 25 years if such person also acted as an organizer). The U.S. Sentencing Commission must review and, if appropriate, amend the sentencing guidelines and policy statements that apply to persons convicted of trafficking in firearms.