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

Ex Input:
SECTION 1. SHORT TITLE.

This Act may be cited as the ''Post Office Relocation Act of
1997''.

SEC. 2. GUIDELINES FOR RENOVATION, RELOCATION, CLOSING, OR
CONSOLIDATION OF POST OFFICES.

Section 404(b) of title 39, United States Code, is amended to read
as follows--
''(b)(1) The Postal Service, prior to making a determination under
subsection (a)(3) of this section as to the necessity for the
renovation, relocation, closing, or consolidation of any post office,
shall provide adequate notice of its intention to renovate, relocate,
close, or consolidate such post office at least 60 days prior to the
proposed date of such renovation, relocation, closing, or consolidation
to persons served by such post office.
''(2) Such notification shall be made in writing and shall be hand
delivered or delivered by mail to persons served by such post office,
and shall be published in one or more newspapers of general circulation
within the zip codes served by such post office. Such notification
shall include--
''(A) an identification of the renovation, relocation,
closing, or consolidation;
''(B) a summary of the reasons for the renovation,
relocation, closing, or consolidation; and
''(C) the proposed date for the renovation, relocation,
renovation, closing, or consolidation.
''(3) Any person served by the post office may offer an alternative
renovation, relocation, consolidation, or closing proposal within the
60 day notice period. The Postal Service shall deliver a response in
writing by hand delivery or certified mail to the person making the
proposal. In a case in which the Postal Service rejects a bona fide
proposal, the Postal Service shall state in writing the reasons for the
rejection.
''(4) At the end of the 60 day notice period, the Postal Service
shall make a determination under subsection (a)(3). Prior to making a
final determination, the Postal Service shall conduct a hearing, and
persons served by the post office may present oral or written testimony
with respect to the renovation, relocation, closing, or consolidation
of such post office. The Postal Service, in making a determination as
to whether or not to renovate, relocate, close, or consolidate a post
office shall consider--
''(A) the extent to which such post office is part of a
core downtown business area;
''(B) the effect of such renovation, relocation, closing,
or consolidation on the community served by such post office;
''(C) whether the community served by such post office
opposes a renovation, relocation, closing, or consolidation;
''(D) the effect of such renovation, relocation, closing,
or consolidation on employees of the Postal Service employed at
such office;
''(E) whether such renovation, relocation, closing, or
consolidation is consistent with the policy of the Government,
as stated in section 101(b) of this title, that the Postal
Service shall provide a maximum degree of effective and regular
postal services to rural areas, communities, and small towns
where post offices are not self sustaining;
''(F) the quantified long-term economic saving to the
Postal Service resulting from such renovation, relocation,
closing, or consolidation;
''(G) whether postal officials engaged in negotiations with
persons served by the post office concerning the proposed
renovation, relocation, closing, or consolidation;
''(H) whether management of the post office contributed to
a desire to relocate;
''(I) the adequacy of the existing post office, and whether
all reasonable alternatives have been explored; and
''(J) such other factors as the Postal Service determines
are necessary.
''(5) Any determination of the Postal Service to renovate,
relocate, close, or consolidate a post office shall be in writing and
shall include the findings of the Postal Service with respect to the
considerations required to be made under paragraph (4) of this
subsection. Such determination and findings shall be made available to
persons served by such post office.
''(6) The Postal Service shall take no action to renovate,
relocate, close, or consolidate a post office until 60 days after its
written determination is made available to persons served by such post
office.
''(7) A determination of the Postal Service to renovate, relocate,
close, or consolidate any post office may be appealed by any person
served by such post office to the Postal Rate Commission within 30 days
after such determination is made available to such person under
paragraph (5). The Commission shall review such determination on the
basis of the record before the Postal Service in the making of such
determination. The Commission shall make a determination based upon
such review no later than 120 days after receiving any appeal under
this paragraph. The commission shall set aside any determination,
findings, and conclusions found to be--
''(A) arbitrary, capricious, an abuse of discretion, or
otherwise not in accordance with the law;
''(B) without observance of procedure required by law; or
''(C) unsupported by substantial evidence on the record.
The Commission may affirm the determination of the Postal Service or
order that the entire matter be returned for further consideration, but
the Commission may not modify the determination of the Postal Service.
The Commission may suspend the effectiveness of the determination of
the Postal Service until the final disposition of the appeal. The
provisions of section 556, section 557, and chapter 7 of title 5 shall
not apply to any review carried out by the Commission under this
paragraph.
''(8) In a case in which a community has procedures to address the
renovation, relocation, closing, or consolidation of buildings in the
community, and the public participation requirements of such procedures
are more stringent than those provided in this subsection, the Postal
Service shall follow such procedures and disregard the procedures
established in this subsection.
''(9) The Postal Service, in making a determination to renovate,
relocate, close, or consolidate any post office, shall comply with any
zoning, planning, or land use regulations, or building codes applicable
to State or local public entities, including the zoning authority, of
the local jurisdiction.''.

SEC. 3. POLICY STATEMENT.

Section 101(g) of title 39, United States Code, is amended by
adding at the end the following: ''The Postal Service shall also
consider the effect a new postal facility may have on the community
served by the prior facility.''.

Ex Output:
Post Office Relocation Act of 1997 - Modifies Federal postal provisions to require a 60-day notice before the renovation, relocation, closing, or consolidation (currently, the closing or consolidation) of a post office. Requires such notice to be: (1) hand delivered or delivered by mail; and (2) published in one or more newspapers of general circulation within the zip codes served by such post office.
Sets forth provisions which: (1) allow any person served by the post office to offer an alternative renovation, relocation, consolidation, or closing proposal within such 60-day period; and (2) require the Postal Service to conduct a hearing to allow the individual to present oral or written testimony.
Revises the factors to be considered in deciding whether or not to renovate, relocate, close, or consolidate a post office to include: (1) the extent to which the post office is part of a core downtown business area; (2) the sentiment of the community; (3) whether postal officials negotiated with persons served; (4) whether management of the post office contributed to a desire to relocate; and (5) the adequacy of the existing post office.
Requires the Postal Service to follow a community's public participation procedures to address the renovation, relocation, closing, or consolidation of buildings in the community if participation requirements of such procedures are more stringent than those provided in this Act.
Requires the Postal Service, in making a determination to renovate, relocate, close, or consolidate any post office, to comply with any zoning, planning, or land use regulations or building codes applicable to State or local public entities, including the zoning authority of the local jurisdiction.
Includes within the Postal Service policy with respect to planning and building new postal facilities that the Service consider the effect a new facility may have on the community.

Ex Input:
SECTION 1. SHORT TITLE.

This Act may be cited as the ''National Center for Social Work
Research Act''.

SEC. 2. FINDINGS.

The Congress finds as follows:
(1) Social workers focus on the improvement of individual
and family functioning and the creation of effective health and
mental health prevention and treatment interventions in order
for individuals to become more productive members of society.
(2) Social workers provide front line prevention and
treatment services in the areas of school violence, aging, teen
pregnancy, child abuse, domestic violence, juvenile crime, and
substance abuse, particularly in rural and underserved
communities.
(3) Social workers are in a unique position to provide
valuable research information on these complex social concerns,
taking into account a wide range of social, medical, economic
and community influences from an interdisciplinary, family-
centered and community-based approach.

SEC. 3. ESTABLISHMENT OF NATIONAL CENTER FOR SOCIAL WORK RESEARCH.

Title IV of the Public Health Service Act (42 U.S.C. 281 et seq.),
as amended by title I of Public Law 106-525, is amended--
(1) in section 401(b)(2) (42 U.S.C. 281(b)(2)), by adding
at the end the following:
''(H) The National Center for Social Work Research.''; and
(2) in part E (42 U.S.C. 287 et seq.), by adding at the end
the following:

''Subpart 7--National Center for Social Work Research

''SEC. 485J. PURPOSE OF CENTER.

''The general purpose of the National Center for Social Work
Research (referred to in this subpart as the 'Center') is the conduct
and support of, and dissemination of targeted research on social work
methods and outcomes related to problems of significant social concern.
The Center shall promote research and training designed to inform
social work practice, thus increasing the knowledge base which promotes
a healthier America. In addition, the Center shall provide policymakers
with empirically-based research information to better understand
complex social issues and make informed funding decisions about service
effectiveness and cost efficiency.

''SEC. 485K. SPECIFIC AUTHORITIES.

''(a) In General.--To carry out the purpose described in section
485J, the Director of the Center may provide research training and
instruction and establish, in the Center and in other nonprofit
institutions, research traineeships and fellowships in the study and
investigation of the prevention of disease, health promotion, the
association of socioeconomic status, gender, ethnicity, age, and
geographical location and health, the social work care of persons with
and families of individuals with acute and chronic illnesses, child
abuse, neglect, and youth violence, and child and family care to
address problems of significant social concern especially in
underserved populations and underserved geographical areas.
''(b) Stipends and Allowances.--The Director of the Center may
provide individuals receiving training and instruction or traineeships
or fellowships under subsection (a) with such stipends and allowances
(including amounts for travel and subsistence and dependency
allowances) as the Director determines necessary.
''(c) Grants.--The Director of the Center may make grants to
nonprofit institutions to provide training and instruction and
traineeships and fellowships under subsection (a).

''SEC. 485L. ADVISORY COUNCIL.

''(a) Duties.--
''(1) In general.--The Secretary shall establish an
advisory council for the Center that shall advise, assist,
consult with, and make recommendations to the Secretary and the
Director of the Center on matters related to the activities
carried out by and through the Center and the policies with respect to
such activities.
''(2) Gifts.--The advisory council for the Center may
recommend to the Secretary the acceptance, in accordance with
section 231, of conditional gifts for study, investigations,
and research and for the acquisition of grounds or
construction, equipment, or maintenance of facilities for the
Center.
''(3) Other duties and functions.--The advisory council for
the Center--
''(A)(i) may make recommendations to the Director
of the Center with respect to research to be conducted
by the Center;
''(ii) may review applications for grants and
cooperative agreements for research or training and
recommend for approval applications for projects that
demonstrate the probability of making valuable
contributions to human knowledge; and
''(iii) may review any grant, contract, or
cooperative agreement proposed to be made or entered
into by the Center;
''(B) may collect, by correspondence or by personal
investigation, information relating to studies that are
being carried out in the United States or any other
country and, with the approval of the Director of the
Center, make such information available through
appropriate publications; and
''(C) may appoint subcommittees and convene
workshops and conferences.
''(b) Membership.--
''(1) In general.--The advisory council shall be composed
of the ex officio members described in paragraph (2) and not
more than 18 individuals to be appointed by the Secretary under
paragraph (3).
''(2) Ex officio members.--The ex officio members of the
advisory council shall include--
''(A) the Secretary of Health and Human Services,
the Director of NIH, the Director of the Center, the
Chief Social Work Officer of the Veterans'
Administration, the Assistant Secretary of Defense for
Health Affairs, the Associate Director of Prevention
Research at the National Institute of Mental Health,
the Director of the Division of Epidemiology and
Services Research, the Assistant Secretary of Health
and Human Services for the Administration for Children
and Families, the Assistant Secretary of Education for
the Office of Educational Research and Improvement, the
Assistant Secretary of Housing and Urban Development
for Community Planning and Development, and the
Assistant Attorney General for Office of Justice
Programs (or the designees of such officers); and
''(B) such additional officers or employees of the
United States as the Secretary determines necessary for
the advisory council to effectively carry out its
functions.
''(3) Appointed members.--The Secretary shall appoint not
to exceed 18 individuals to the advisory council, of which--
''(A) not more than two-thirds of such individual
shall be appointed from among the leading
representatives of the health and scientific
disciplines (including public health and the behavioral
or social sciences) relevant to the activities of the
Center, and at least 7 such individuals shall be
professional social workers who are recognized experts
in the area of clinical practice, education, policy, or
research; and
''(B) not more than one-third of such individuals
shall be appointed from the general public and shall
include leaders in fields of public policy, law, health
policy, economics, and management.
The Secretary shall make appointments to the advisory council
in such a manner as to ensure that the terms of the members do
not all expire in the same year.
''(4) Compensation.--Members of the advisory council who
are officers or employees of the United States shall not
receive any compensation for service on the advisory council.
The remaining members shall receive, for each day (including
travel time) they are engaged in the performance of the
functions of the advisory council, compensation at rates not to
exceed the daily equivalent of the annual rate in effect for an
individual at grade GS-18 of the General Schedule.
''(c) Terms.--
''(1) In general.--The term of office of an individual
appointed to the advisory council under subsection (b)(3) shall
be 4 years, except that any individual appointed to fill a
vacancy on the advisory council shall serve for the remainder
of the unexpired term. A member may serve after the
expiration of the member's term until a successor has been appointed.
''(2) Reappointments.--A member of the advisory council who
has been appointed under subsection (b)(3) for a term of 4
years may not be reappointed to the advisory council prior to
the expiration of the 2-year period beginning on the date on
which the prior term expired.
''(3) Vacancy.--If a vacancy occurs on the advisory council
among the members under subsection (b)(3), the Secretary shall
make an appointment to fill that vacancy not later than 90 days
after the date on which the vacancy occurs.
''(d) Chairperson.--The chairperson of the advisory council shall
be selected by the Secretary from among the members appointed under
subsection (b)(3), except that the Secretary may select the Director of
the Center to be the chairperson of the advisory council. The term of
office of the chairperson shall be 2 years.
''(e) Meetings.--The advisory council shall meet at the call of the
chairperson or upon the request of the Director of the Center, but not
less than 3 times each fiscal year. The location of the meetings of the
advisory council shall be subject to the approval of the Director of
the Center.
''(f) Administrative Provisions.--The Director of the Center shall
designate a member of the staff of the Center to serve as the executive
secretary of the advisory council. The Director of the Center shall
make available to the advisory council such staff, information, and
other assistance as the council may require to carry out its functions.
The Director of the Center shall provide orientation and training for
new members of the advisory council to provide such members with such
information and training as may be appropriate for their effective
participation in the functions of the advisory council.
''(g) Comments and Recommendations.--The advisory council may
prepare, for inclusion in the biennial report under section 485M--
''(1) comments with respect to the activities of the
advisory council in the fiscal years for which the report is
prepared;
''(2) comments on the progress of the Center in meeting its
objectives; and
''(3) recommendations with respect to the future direction
and program and policy emphasis of the center.
The advisory council may prepare such additional reports as it may
determine appropriate.

''SEC. 485M. BIENNIAL REPORT.

''The Director of the Center, after consultation with the advisory
council for the Center, shall prepare for inclusion in the biennial
report under section 403, a biennial report that shall consist of a
description of the activities of the Center and program policies of the
Director of the Center in the fiscal years for which the report is
prepared. The Director of the Center may prepare such additional
reports as the Director determines appropriate. The Director of the
Center shall provide the advisory council of the Center an opportunity
for the submission of the written comments described in section
485L(g).

''SEC. 485N. QUARTERLY REPORT.

''The Director of the Center shall prepare a quarterly report to
Congress with a summary of findings and policy implications from
research conducted or supported through the Center.

''SEC. 485O. AUTHORIZATION OF APPROPRIATIONS.

''For the purpose of carrying out this subpart, there is authorized
to be appropriated $30,000,000 for each of the fiscal years 2002
through 2006.''.

Ex Output:
National Center for Social Work Research Act - Amends the Public Health Service Act to establish the National Center for Social Work Research (and a related advisory council) to conduct, support, and disseminate targeted research on social work methods and outcomes related to problems of significant social concern.Sets forth reporting requirements.

Ex Input:
SECTION 1. SHORT TITLE; DEFINITIONS.

(a) Short Title.--This Act may be cited as the ''Online Investor
Protection Act of 1999''.
(b) Definitions.--In this Act--
(1) the term ''Commission'' means the Securities and
Exchange Commission;
(2) the term ''Internet'' means the international computer
network of both Federal and non-Federal interoperable packet
switched data networks;
(3) the term ''interactive computer service'' means any
information service, system, or access software provider that
provides or enables computer access by multiple users to a
computer server, including specifically a service or system
that provides access to the Internet and such systems operated
or services offered by libraries or educational institutions;
(4) the term ''investment adviser'' has the same meaning as
in section 202 of the Investment Advisers Act of 1940;
(5) the term ''investment company'' has the same meaning as
in section 3 of the Investment Company Act of 1940;
(6) the term ''registered broker or dealer'' has the same
meaning as in section 3 of the Securities Exchange Act of 1934;
and
(7) the term ''retail investor'' means--
(A) any investor other than an accredited investor
(as defined in section 2(a)(15) of the Securities Act
of 1933); and
(B) any other similar person or class of persons,
as the Commission determines to be appropriate.

SEC. 2. ONLINE TRADING DISCLOSURES.

The Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) is
amended by inserting after section 35A the following:

''SEC. 35B. ONLINE TRADING DISCLOSURES.

''(a) In General.--Each online broker or dealer shall, on a
quarterly basis, make available on the Internet or other interactive
computer service, such information as the Commission may require, by
rule or order, taking into account the needs of customers, and in such
format and within such time periods as the Commission may prescribe
regarding--
''(1) the date, time, and duration of any system outage or
other event that prevented or materially delayed the execution
of online securities transactions during the preceding quarter;
''(2) any steps taken to address or prevent such outages or
events; and
''(3) information regarding limiting risk of loss to
securities investors that is unique to online trading, as
required by the Commission, by rule or order.
''(b) Exceptions.--The Commission, by rule or order, may exempt
from the requirements of subsection (a) any online broker or dealer, or
class of online brokers or dealers, as the Commission determines to be
appropriate.
''(c) Definitions.--In this section--
''(1) the term 'Internet' means the international computer
network of both Federal and non-Federal interoperable packet
switched data networks;
''(2) the term 'interactive computer service' means any
information service, system, or access software provider that
provides or enables computer access by multiple users to a
computer server, including specifically a service or system
that provides access to the Internet and such systems operated
or services offered by libraries or educational institutions;
''(3) the term 'online broker or dealer' means any broker
or dealer that provides retail investors with a means to effect
securities transactions over the Internet or an interactive
computer service;
''(4) the term 'online securities transaction' means a
securities transaction effected between a retail investor and
an online broker or dealer over the Internet or an interactive computer
service; and
''(5) the term 'retail investor' means--
''(A) any customer of an online broker or dealer,
other than an accredited investor (as defined in
section 2(a)(15) of the Securities Act of 1933); and
''(B) any other similar person or class of persons,
as the Commission determines to be appropriate, by rule
or order.''.

SEC. 3. EXTENDING DISCIPLINARY DISCLOSURES TO THE INTERNET.

(a) In General.--Section l5A of the Securities Exchange Act of 1934
(15 U.S.C. 78o-3) is amended by striking subsection (i) and inserting
the following:
''(i) Obligation To Maintain Disciplinary and Other Data.--
''(1) Maintenance of system to respond to inquiries.--A
registered securities association shall--
''(A) establish and maintain a toll-free telephone
listing or other readily accessible electronic process
to receive inquiries regarding disciplinary actions and
proceedings and other information involving its members
and associated persons of those members; and
''(B) promptly respond to such inquiries.
''(2) Recovery of costs.--A registered securities
association may charge persons, other than individual
investors, reasonable fees for responses to inquiries referred
to in paragraph (1).
''(3) Limitation on liability.--A registered securities
association shall not have any liability to any person for any
action taken or omitted in good faith under this subsection.''.
(b) Records and Reports of Investment Advisers.--Section 204 of the
Investment Advisers Act of 1940 (15 U.S.C. 80b-4) is amended--
(1) by striking ''Every investment'' and inserting the
following:
''(a) In General.--Every investment''; and
(2) by adding at the end the following:
''(b) Filing Depositories.--The Commission, by rule or order, may
require an investment adviser--
''(1) to file with the Commission any fee, application,
report, or notice required to be filed by this title or the
rules issued under this title through any entity designated by
the Commission for that purpose; and
''(2) to pay the reasonable costs associated with such
filing and the establishment and maintenance of the systems
required by subsection (c).
''(c) Access to Disciplinary and Other Information.--
''(1) Maintenance of system to respond to inquiries.--The
Commission shall require an entity designated by the Commission
pursuant to subsection (b)(1)--
''(A) to establish and maintain a toll-free
telephone listing or other readily accessible
electronic process to receive inquiries regarding
disciplinary actions and proceedings and other
information involving investment advisers and persons
associated with investment advisers; and
''(B) to respond promptly to such inquiries.
''(2) Recovery of costs.--An entity designated under
subsection (b)(1) may charge persons, other than individual
investors, reasonable fees for responses to inquiries referred
to in paragraph (1).
''(3) Limitation on liability.--An entity designated under
subsection (b)(1) shall not have any liability to any person
for any action taken or omitted in good faith under this
subsection.''.
(c) Conforming Amendments.--
(1) In general.--Section 203A of the Investment Advisers
Act of 1940 (15 U.S.C. 80b-3a) is amended--
(A) by striking subsection (d); and
(B) by redesignating subsection (e) as subsection
(d).
(2) Repeal.--Section 306 of the National Securities Markets
Improvement Act of 1996 (Public Law 104-290; 110 Stat. 3438) is
repealed.

SEC. 4. ELECTRONIC ACCESS TO COMMISSION INFORMATION.

(a) Electronic Links.--Not later than 1 year after the date of
enactment of this Act, each broker or dealer, investment company, and
investment adviser that effects securities transactions with retail
investors, or makes securities market information available to retail
investors for the purpose of effecting such transactions over the
Internet or other interactive computer service, shall provide to those
investors information regarding investor education and fraud prevention
provided by the Commission, through a hypertext link to a Commission
website established for that purpose, or in such other manner as may be
prescribed by the Commission.
(b) Regulatory Action.--The Commission shall issue final
regulations to implement this section not later than 6 months after the
date of enactment of this Act.

SEC. 5. CIVIL PENALTIES FOR INTERNET-RELATED VIOLATIONS.

(a) Securities Act of 1933.--Section 20(d)(2) of the Securities Act
of 1933 (15 U.S.C. 77t(d)(2)) is amended by adding at the end the
following:
''(D) Internet-related violations.--In any case in
which the Internet or other interactive computer
service (as defined in section 35B of the Securities
Exchange Act of 1934) is used as part of the Act or
omission resulting in a violation referred to in
paragraph (1) the amount of the penalty provided for in
this paragraph shall be doubled.''.
(b) Securities Exchange Act of 1934.--
(1) Section 21.--Section 21(d)(3)(B) of the Securities
Exchange Act of 1934 (15 U.S.C. 78u(d)(3)(B)) is amended by
adding at the end the following:
''(iv) Internet-related violations.--In any
case in which the Internet or other interactive
computer service (as defined in section 35B) is used as part of the act
or omission resulting in a violation referred to in subparagraph (A),
the amount of the penalty provided for in this subparagraph shall be
doubled.''.
(2) Section 21b.--Section 21B(b) of the Securities Exchange
Act of 1934 (15 U.S.C. 78u-2(b)) is amended by adding at the
end the following:
''(4) Internet-related violations.--In any case in which
the Internet or other interactive computer service (as defined
in section 35B) is used as part of the act or omission
resulting in a violation referred to in subsection (a), the
amount of the penalty provided for in this subsection shall be
doubled.''.
(c) Investment Advisers Act of 1940.--
(1) Section 203.--Section 203(i)(2) of the Investment
Advisers Act of 1940 (15 U.S.C. 80b-3(i)(2)) is amended by
adding at the end the following:
''(D) Internet-related violations.--In any case in
which the Internet or other interactive computer
service (as defined in section 35B of the Securities
Exchange Act of 1934) is used as part of the act or
omission resulting in a violation referred to in
paragraph (1), the amount of the penalty provided for
in this paragraph shall be doubled.''.
(2) Section 209.--Section 209(e)(2) of the Investment
Advisers Act of 1940 (15 U.S.C. 80b-9(e)(2)) is amended by
adding at the end the following:
''(D) Internet-related violations.--In any case in
which the Internet or other interactive computer
service (as defined in section 35B of the Securities
Exchange Act of 1934) is used as part of the act or
omission resulting in a violation referred to in
paragraph (1), the amount of the penalty provided for
in this paragraph shall be doubled.''.
(d) Investment Company Act of 1940.--Section 9(d)(2) of the
Investment Company Act of 1940 (15 U.S.C. 80a-9(d)(2)) is amended by
adding at the end the following:
''(D) Internet-related violations.--In any case in
which the Internet or other interactive computer
service (as defined in section 35B of the Securities
Exchange Act of 1934) is used as part of the act or
omission resulting in a violation referred to in
paragraph (1), the amount of the penalty provided for
in this paragraph shall be doubled.''.

SEC. 6. STUDY AND REPORT ON MARKET IMPACT OF ONLINE TRADING.

(a) Study.--The Commission shall conduct a study of the effects
that trading in securities by retail investors over the Internet or
other interactive computer service has on the securities markets,
including--
(1) with respect to ''day trading'' activities--
(A) whether a greater risk of fraud exists;
(B) whether such trading results in market
volatility;
(C) the effects on individual companies, the stock
of which fluctuates as a result of such volatility, if
any; and
(D) the effects on investors and their investment
patterns resulting from such volatility, if any; and
(2) the quality of execution received through online
trading services, including the effect of ''payment for order
flow'' and other practices on--
(A) the promptness of execution; and
(B) the purchase or sale price obtained for the
retail investor.
(b) Report.--Not later than 1 year after the date of enactment of
this Act, the Commission shall submit to the Congress a report on the
results of its study under subsection (a).

SEC. 7. AUTHORIZATION OF APPROPRIATIONS.

There is authorized to be appropriated to the Office of Internet
Enforcement of the Securities and Exchange Commission $70,000,000 for
each of fiscal years 2000 through 2004, for the purpose of Internet
enforcement and other related investor protection activities, subject
to appropriations Acts.

Ex Output:
Amends the Investment Advisers Act of 1940 to: (1) authorize the SEC to require an investment adviser to file requisite fees and documents with an SEC designee; and (2) require the SEC to require a designee to establish and maintain a readily accessible electronic process to receive inquiries regarding disciplinary actions and proceedings regarding its members.
Sets a deadline for brokers, dealers, investment companies, and investment advisers engaged in retail transactions to make available to retail investors through a hypertext link to an SEC website access to SEC information regarding investor education and fraud prevention.
Amends the Securities Act of 1933, the Securities Exchange Act of 1934, and the Investment Advisers Act of 1940 to double the civil penalty for Internet-related violations.
Directs the SEC to study and report to Congress on the market impact of online trading.
Authorizes appropriations to the SEC Office of Internet Enforcement for investor protection activities.