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. JUDICIAL STRUCTURE OF GUAM.

(a) Judicial Authority; Courts.--Section 22(a) of the Organic Act
of Guam (48 U.S.C. 1424(a)) is amended to read as follows:
''(a)(1) The judicial authority of Guam shall be vested in a court
established by Congress designated as the 'District Court of Guam', and
a judicial branch of Guam which branch shall constitute a unified
judicial system and include an appellate court designated as the
'Supreme Court of Guam', a trial court designated as the 'Superior
Court of Guam', and such other lower local courts as may have been or
shall hereafter be established by the laws of Guam.
''(2) The Supreme Court of Guam may, by rules of such court, create
divisions of the Superior Court of Guam and other local courts of Guam.
''(3) The courts of record for Guam shall be the District Court of
Guam, the Supreme Court of Guam, the Superior Court of Guam (except the
Traffic and Small Claims divisions of the Superior Court of Guam) and
any other local courts or divisions of local courts that the Supreme
Court of Guam shall designate.''.
(b) Jurisdiction and Powers of Local Courts.--Section 22A of the
Organic Act of Guam (48 U.S.C. 1424-1) is amended to read as follows:
''Sec. 22A. (a) The Supreme Court of Guam shall be the highest
court of the judicial branch of Guam (excluding the District Court of
Guam) and shall--
''(1) have original jurisdiction over proceedings necessary
to protect its appellate jurisdiction and supervisory authority
and such other original jurisdiction as the laws of Guam may
provide;
''(2) have jurisdiction to hear appeals over any cause in
Guam decided by the Superior Court of Guam or other courts
established under the laws of Guam;
''(3) have jurisdiction to issue all orders and writs in
aid of its appellate, supervisory, and original jurisdiction,
including those orders necessary for the supervision of the
judicial branch of Guam;
''(4) have supervisory jurisdiction over the Superior Court
of Guam and all other courts of the judicial branch of Guam;
''(5) hear and determine appeals by a panel of three of the
justices of the Supreme Court of Guam and a concurrence of two
such justices shall be necessary to a decision of the Supreme
Court of Guam on the merits of an appeal;
''(6) make and promulgate rules governing the
administration of the judiciary and the practice and procedure
in the courts of the judicial branch of Guam, including
procedures for the determination of an appeal en banc; and
''(7) govern attorney and judicial ethics and the practice
of law in Guam, including admission to practice law and the
conduct and discipline of persons admitted to practice law.
''(b) The Chief Justice of the Supreme Court of Guam--
''(1) shall preside over the Supreme Court unless
disqualified or unable to act;
''(2) shall be the administrative head of, and have general
supervisory power over, all departments, divisions, and other
instrumentalities of the judicial branch of Guam; and
''(3) may issue such administrative orders on behalf of the
Supreme Court of Guam as necessary for the efficient
administration of the judicial branch of Guam.
''(c) The Chief Justice of the Supreme Court of Guam, or a justice
sitting in place of such Chief Justice, may make any appropriate order
with respect to--
''(1) an appeal prior to the hearing and determination of
that appeal on the merits; or
''(2) dismissal of an appeal for lack of jurisdiction or
failure to take or prosecute the appeal in accordance with
applicable laws or rules of procedure.
''(d) Except as granted to the Supreme Court of Guam or otherwise
provided by this Act or any other Act of Congress, the Superior Court
of Guam and all other local courts established by the laws of Guam
shall have such original and appellate jurisdiction over all causes in
Guam as the laws of Guam provide, except that such jurisdiction shall
be subject to the exclusive or concurrent jurisdiction conferred on the
District Court of Guam under section 22 of this Act.
''(e) The qualifications and duties of the justices and judges of
the Supreme Court of Guam, the Superior Court of Guam, and all other
local courts established by the laws of Guam shall be governed by the
laws of Guam and the rules of such courts.''.
(c) Technical Amendments.--(1) Section 22C(a) of the Organic Act of
Guam (48 U.S.C. 1424-3(a)) is amended by inserting ''which is known as
the Supreme Court of Guam,'' after ''appellate court authorized by
section 22A(a) of this Act,''.
(2) Section 22C(d) of the Organic Act of Guam (48 U.S.C. 1424-3(d))
is amended--
(A) by inserting '', which is known as the Supreme Court of
Guam,'' after ''appellate court provided for in section 22A(a)
of this Act''; and
(B) by striking ''taken to the appellate court'' and
inserting ''taken to such appellate court''.

SEC. 2. APPEALS TO UNITED STATES SUPREME COURT.

Section 22B of the Organic Act of Guam (48 U.S.C. 1424-2) is
amended by striking '': Provided, That'' and all that follows through
the end and inserting a period.
Example Output: Amends the Organic Act of Guam to revise the local judicial structure of Guam to vest judicial authority, not only in the District Court of Guam (as currently), but also in a unified judicial system composed of: (1) an appellate court designated as the "Supreme Court of Guam"; (2) a trial court designated as the "Superior Court of Guam"; and (3) such other lower local courts as may have been or may hereafter be established by the laws of Guam.

Authorizes the Supreme Court of Guam to create divisions of the Superior Court and other local courts of Guam.Lists the courts of record for Guam.Outlines the jurisdiction and powers of the local courts.Provides that the qualifications and duties of the justices and judges of the courts shall be governed by the laws of Guam and the rules of such courts.Repeals provisions granting the United States Court of Appeals for the Ninth Circuit jurisdiction to review all final decisions of the Supreme Court of Guam (effectively allowing direct review of such decisions to the Supreme Court of the United States).

Example Input: SECTION 1. SHORT TITLE.

This Act may be cited as the ''Municipal Bond Market Support Act of
2008''.

SEC. 2. MODIFICATION OF SMALL ISSUER EXCEPTION TO TAX-EXEMPT INTEREST
EXPENSE ALLOCATION RULES FOR FINANCIAL INSTITUTIONS.

(a) Increase in Limitation.--Subparagraphs (C)(i), (D)(i), and
(D)(iii)(II) of section 265(b)(3) of the Internal Revenue Code of 1986
are each amended by striking ''$10,000,000'' and inserting
''$30,000,000''.
(b) Repeal of Aggregation Rules Applicable to Small Issuer
Determination.--Paragraph (3) of section 265(b) of such Code is amended
by striking subparagraphs (E) and (F).
(c) Election To Apply Limitation at Borrower Level.--Paragraph (3)
of section 265(b) of such Code, as amended by subsection (b), is
amended by adding at the end the following new subparagraph:
''(E) Election to apply limitation on amount of
obligations at borrower level.--
''(i) In general.--An issuer, the proceeds
of the obligations of which are to be used to
make or finance eligible loans, may elect to
apply subparagraphs (C) and (D) by treating
each borrower as the issuer of a separate
issue.
''(ii) Eligible loan.--For purposes of this
subparagraph--
''(I) In general.--The term
'eligible loan' means one or more loans
to a qualified borrower the proceeds of
which are used by the borrower and the
outstanding balance of which in the
aggregate does not exceed $30,000,000.
''(II) Qualified borrower.--The
term 'qualified borrower' means a
borrower which is an organization
described in section 501(c)(3) and
exempt from taxation under section
501(a) or a State or political
subdivision thereof.
''(iii) Manner of election.--The election
described in clause (i) may be made by an
issuer for any calendar year at any time prior
to its first issuance during such year of
obligations the proceeds of which will be used
to make or finance one or more eligible
loans.''.
(d) Inflation Adjustment.--Paragraph (3) of section 265(b) of such
Code, as amended by subsections (b) and (c), is amended by adding at
the end the following new subparagraph:
''(F) Inflation adjustment.--In the case of any
calendar year after 2009, the $30,000,000 amounts
contained in subparagraphs (C)(i), (D)(i),
(D)(iii)(II), and (E)(ii)(I) shall each be increased by
an amount equal to--
''(i) such dollar amount, multiplied by
''(ii) the cost-of-living adjustment
determined under section 1(f)(3) for such
calendar year, determined by substituting
'calendar year 2008' 'for calendar year 1992'
in subparagraph (B) thereof.
Any increase determined under the preceding sentence
shall be rounded to the nearest multiple of
$100,000.''.
(e) Effective Date.--The amendments made by this section shall
apply to obligations issued after December 31, 2008.

SEC. 3. DE MINIMIS SAFE HARBOR EXCEPTION FOR TAX-EXEMPT INTEREST
EXPENSE OF FINANCIAL INSTITUTIONS AND BROKERS.

(a) Financial Institutions.--Subsection (b) of section 265 of the
Internal Revenue Code of 1986 is amended by adding at the end the
following new paragraph:
''(7) De minimis exception.--Paragraph (1) shall not apply
to any financial institution if the portion of the taxpayer's
holdings of tax-exempt securities is less than 2 percent of the
taxpayer's assets.''.
(b) Brokers.--Subsection (a) of section 265 of the Internal Revenue
Code of 1986 is amended by adding at the end the following new
paragraph:
''(7) De minimis exception.--Paragraph (2) shall not apply
to any broker (as defined in section 6045(c)(1)) if the portion
of the taxpayer's holdings of tax-exempt securities is less
than 2 percent of the taxpayer's assets.''.
(c) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after the date of the enactment of
this Act.
Example Output: Municipal Bond Market Support Act of 2008 - Amends Internal Revenue Code provisions relating to the small issuer exemption from interest expense allocation rules for financial institutions to: (1) increase from $10 to $30 million the annual limit on small issuers of tax-exempt municipal bonds; (2) allow an inflation adjustment to such increased limit amount after 2009; (3) repeal aggregation rules relating to the determination of small issuer eligibility; (4) allow small issuers an election to treat borrowers separately for purposes of issuance limitations; and (5) allow financial institutions and brokers to hold up to 2% of their assets in tax-exempt securities without affecting their interest expense tax deduction.

Example Input: SECTION 1. SHORT TITLE.

This Act may be cited as the ''Vietnam Education Foundation
Amendments Act of 2008''.

SEC. 2. TRANSFER OF THE FOUNDATION TO THE DEPARTMENT OF STATE.

(a) In General.--Section 204 of the Vietnam Education Foundation
Act of 2000 (22 U.S.C. 2452 note) is amended to read as follows:

''SEC. 204. ESTABLISHMENT.

''There is established, within the Bureau of Educational and
Cultural Affairs of the Department of State, the Vietnam Education
Foundation (referred to in this title as the 'Foundation').''.
(b) Replacement of Board of Directors With Advisory Committee.--
Section 205 of such Act is amended to read as follows:

''SEC. 205. VIETNAM EDUCATION FOUNDATION ADVISORY COMMITTEE.

''(a) Establishment.--
''(1) In general.--There is established a Vietnam Education
Foundation Advisory Committee (referred to in this section as
the 'Advisory Committee'), which shall provide advice to the
Secretary and the Assistant Secretary for Educational and
Cultural Affairs regarding the Foundation's activities.
''(2) Membership.--The Advisory Committee shall be composed
of 7 members, of whom--
''(A) 3 shall be appointed by the Secretary;
''(B) 1 shall be appointed by the majority leader
of the Senate;
''(C) 1 shall be appointed by the minority leader
of the Senate;
''(D) 1 shall be appointed by the Speaker of the
House of Representatives; and
''(E) 1 shall be appointed by the minority leader
of the House of Representatives.
''(3) Appointment of incumbent members of board of
directors.--Members appointed to the Advisory Committee under
paragraph (2) may include individuals who were members of the
Board of Directors of the Foundation on the date immediately
preceding the date of the enactment of the Vietnam Education
Foundation Amendments Act of 2008.
''(b) Supervision.--The Foundation shall be subject to the
supervision and direction of the Secretary, working through the
Assistant Secretary for Educational and Cultural Affairs, and in
consultation with the Advisory Committee established under subsection
(a).''.
(c) Fellowship Program.--Section 206(a) of such Act is amended--
(1) in paragraph (1)(A), by striking ''to study at
institutions of higher education in the United States at
graduate and post-graduate levels'' and inserting ''for post-
secondary studies at institutions of higher education in the
United States'';
(2) in paragraph (2)--
(A) by striking ''may include funding to improve''
and inserting the following: ''may include funding to--
''(A) improve''; and
(B) by striking the period at the end and inserting
the following: ''; and
''(B) prepare the fellowship recipient for post-
secondary education in any field described in paragraph
(1)(A).''; and
(3) by adding at the end the following:
''(3) Priority for basic sciences.--In awarding fellowships
under this subsection, the Foundation shall give priority to
individuals described in paragraph (1)(A) who are studying the
basic sciences.''.
(d) Conforming Amendments.--Such Act is amended--
(1) in section 203--
(A) by striking paragraph (1);
(B) by redesignating paragraphs (2) and (3) as
paragraphs (1) and (2), respectively; and
(C) by inserting after paragraph (2), as
redesignated, the following:
''(3) Secretary.--The term 'Secretary' means the Secretary
of State.'';
(2) in section 206(e), by striking ''of the Board'' and
inserting ''promulgated by the Secretary'';
(3) in section 208--
(A) in subsection (a)--
(i) in the subsection heading, by striking
''Board'' and inserting ''Secretary''; and
(ii) by striking ''Board'' each place it
appears and inserting ''Secretary''; and
(B) in subsection (d), by striking ''Board'' and
inserting ''Secretary''; and
(4) in section 209(b), by striking ''Board'' and inserting
''Secretary''.
(e) Mutual Educational and Cultural Exchange Act of 1961.--Section
112(a) of the Mutual Educational and Cultural Exchange Act of 1961 (22
U.S.C. 2460(a)) is amended--
(1) in paragraph (8), by striking ''and'' at the end;
(2) in paragraph (9), by striking the period at the end and
inserting ''; and''; and
(3) by adding at the end the following:
''(10) programs administered by the Vietnam Education
Foundation.''.
(f) Transfer of Functions.--All functions and assets of the Vietnam
Education Foundation are transferred to the Bureau of Educational and
Cultural Affairs of the Department of State. The Assistant Secretary
for Educational and Cultural Affairs may hire personnel who were
employed by the Vietnam Education Foundation on the date before the
date of the enactment of this Act, and such other personnel as may be
necessary to support the Foundation, in accordance with part III of
title 5, United States Code.

SEC. 3. AMERICAN RESEARCH COLLEGE IN VIETNAM.

(a) Grants Authorized.--The Secretary of State, acting through the
Assistant Secretary for Educational and Cultural Affairs, is authorized
to award 1 or more grants to institutions of higher education (as
defined in section 101(a) of the Higher Education Act of 1965 (20
U.S.C. 1001(a))), which shall be used to participate in a partnership
with the Government of the Socialist Republic of Vietnam to establish
an American Research College in Vietnam. The purpose of the American
Research College shall be to provide a high quality general education
to Vietnamese undergraduate students.
(b) Application.--
(1) In general.--Each institution of higher education
desiring the grant under this section shall submit an
application to the Secretary of State at such time, in such
manner, and accompanied by such information as the Secretary
may reasonably require.
(2) Competitive basis.--Each grant authorized under
subsection (a) shall be awarded on a competitive basis.
(c) Source of Grant Funds.--The Secretary of State may use funds
made available to the Vietnam Education Foundation under section 207(c)
of the Vietnam Education Foundation Act of 2000 (22 U.S.C. 2452 note)
for the grant awarded under this section.
(d) Limitation.--The Secretary of State shall encourage the
Government of the Socialist Republic of Vietnam to make an appropriate
financial or in-kind contribution to establish and maintain the college
established with grant funds awarded under this section.

SEC. 4. EFFECTIVE DATE.

This Act and the amendments made by this Act shall take effect on
the date that is 90 days after the date of the enactment of this Act.
Example Output:
Vietnam Education Foundation Amendments Act of 2008 - Amends the Vietnam Education Foundation Act of 2000 to establish the Vietnam Education Foundation within the Bureau of Educational and Cultural Affairs of the Department of State. (Current law establishes the Foundation as an independent establishment in the executive branch.) Transfers all functions and assets of the Foundation to the Bureau.

Replaces the existing Board of Directors with a Vietnam Education Foundation Advisory Committee.

Revises fellowship provisions to provide: (1) fellowships for post-secondary studies at U.S. institutions of higher education (current law provides fellowships for graduate and postgraduate levels); and (2) fellowship priority for students studying the basic sciences.

Authorizes the Secretary of State, through the Assistant Secretary for Educational and Cultural Affairs, to award grants to institutions of higher education for a partnership with the government of the Socialist Republic of Vietnam to establish an American Research College in Vietnam for undergraduate studies.