SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Stop Errors in Credit Use and
Reporting Act'' or the ``SECURE Act''.

SEC. 2. LEGAL RECOURSE FOR CONSUMERS.

    (a) Injunctive Relief.--The Fair Credit Reporting Act (15 U.S.C.
1681 et seq.) is amended--
            (1) in section 616--
                    (A) in subsection (a), by striking ``(a) In
                General.--'' and inserting ``(a) Damages.--'';
                    (B) by redesignating subsections (c) and (d) as
                subsections (d) and (e), respectively; and
                    (C) by inserting after subsection (b) the
                following:
    ``(c) Injunctive Relief.--In addition to any other remedy set forth
in this section, a court may award injunctive relief to require
compliance with the requirements imposed under this title with respect
to any consumer. In the event of any successful action for injunctive
relief under this subsection, the court may award to the prevailing
party costs and reasonable attorney fees (as determined by the court)
incurred during the action by such party.''; and
            (2) in section 617--
                    (A) in subsection (a), by striking ``(a) In
                General.--'' and inserting ``(a) Damages.--'';
                    (B) by redesignating subsection (b) as subsection
                (c); and
                    (C) by inserting after subsection (a) the
                following:
    ``(b) Injunctive Relief.--In addition to any other remedy set forth
in this section, a court may award injunctive relief to require
compliance with the requirements imposed under this title with respect
to any consumer. In the event of any successful action for injunctive
relief under this subsection, the court may award to the prevailing
party costs and reasonable attorney fees (as determined by the court)
incurred during the action by such party.''.
    (b) Enforcement by Federal Trade Commission.--Section 621(a)(2)(A)
of the Fair Credit Reporting Act (15 U.S.C. 1681s(a)(2)(A)) is
amended--
            (1) by striking ``(A) Knowing violations.--'' and inserting
        ``(A) Negligent, willful, or knowing violations.--''; and
            (2) by inserting ``negligent, willful, or'' before
        ``knowing''.

SEC. 3. INCREASED REQUIREMENTS FOR CONSUMER REPORTING AGENCIES AND
              FURNISHERS OF INFORMATION.

    (a) Provision and Consideration of Documentation Provided by
Consumers.--The Fair Credit Reporting Act (15 U.S.C. 1681 et seq.) is
amended--
            (1) in section 611--
                    (A) in subsection (a)--
                            (i) in paragraph (2)--
                                    (I) in subparagraph (A), by
                                inserting ``, including all
                                documentation provided by the
                                consumer'' after ``received from the
                                consumer or reseller''; and
                                    (II) in subparagraph (B), by
                                inserting ``, including all
                                documentation provided by the
                                consumer,'' after ``from the consumer
                                or reseller''; and
                            (ii) in paragraph (4), by inserting ``,
                        including all documentation,'' after ``relevant
                        information''; and
                    (B) in subsection (f)(2)(B)(ii), by inserting ``,
                including all documentation,'' after ``relevant
                information''; and
            (2) in section 623--
                    (A) in subsection (a)(8)(E), by striking clause
                (ii) and inserting the following:
                            ``(ii) review and consider all relevant
                        information, including all documentation,
                        provided by the consumer with the notice;'';
                        and
                    (B) in subsection (b)(1), by striking subparagraph
                (B) and inserting the following:
                    ``(B) review and consider all relevant information,
                including all documentation, provided by the consumer
                reporting agency pursuant to section 611(a)(2);''.
    (b) Gathering and Reporting of Information Relating to Consumer
Disputes.--Section 611 of the Fair Credit Reporting Act (15 U.S.C. 1681
et seq.) is amended by adding at the end the following:
    ``(g) Gathering and Reporting of Information Relating to Consumer
Disputes.--
            ``(1) Reports required.--The Bureau shall provide reports
        regarding the disputes described in subsection (a)(1) received
        by consumer reporting agencies in such intervals and to such
        parties as the Bureau deems appropriate.
            ``(2) Gathering of information.--The Bureau shall prescribe
        rules for the gathering of information relating to disputes
        described in subsection (a)(1) received by consumer reporting
        agencies to be used in generating the reports under paragraph
        (1), including rules establishing--
                    ``(A) the type and format of information that shall
                be received by the Bureau from each consumer reporting
                agency; and
                    ``(B) the frequency of receipt of the information
                from consumer reporting agencies.''.
    (c) Accuracy Compliance Procedures.--Section 607 of the Fair Credit
Reporting Act (15 U.S.C. 1681e) is amended by striking subsection (b)
and inserting the following:
    ``(b) Accuracy of Report.--
            ``(1) In general.--A consumer reporting agency shall follow
        reasonable procedures when preparing a consumer report to
        assure maximum possible accuracy of the information concerning
        the individual to whom the consumer report relates.
            ``(2) Bureau rule to assure maximum possible accuracy.--
                    ``(A) Proposed rule.--Not later than 1 year after
                the date of enactment of the Stop Errors in Credit Use
                and Reporting Act, the Bureau shall issue a proposed
                rule establishing the procedures that a consumer
                reporting agency must follow to assure maximum possible
                accuracy of all consumer reports furnished by the
                agency in compliance with this subsection.
                    ``(B) Considerations.--When formulating the rule
                required under subparagraph (A), the Bureau shall
                consider if requiring the matching of the following
                information would improve the accuracy of consumer
                reports:
                            ``(i) The first name and last name of a
                        consumer.
                            ``(ii) The date of birth of a consumer.
                            ``(iii) All 9 digits of the social security
                        number of a consumer.
                            ``(iv) Any other information that the
                        Bureau determines would aid in assuring maximum
                        possible accuracy of all consumer reports
                        furnished by consumer reporting agencies in
                        compliance with this subsection.''.
    (d) Responsibilities of Furnishers of Information to Consumer
Reporting Agencies.--Section 623(a)(8)(F)(i)(II) of the Fair Credit
Reporting Act (15 U.S.C. 1681s-2(a)(8)(F)(i)(II)) is amended by
inserting ,`` and does not include any new or additional information
that would be relevant to a reinvestigation'' before the period.
    (e) Disclosures to Consumers.--Section 609 of the Fair Credit
Reporting Act (15 U.S.C. 1681g) is amended--
            (1) in subsection (a)(3)(B), by striking ``; and'' and all
        that follows through the end of subparagraph (B) and inserting
        the following:
                            ``(ii) the address and telephone number of
                        the person; and
                            ``(iii) the permissible purpose of the
                        person for obtaining the consumer report,
                        including the specific type of credit product
                        that is extended, reviewed, or collected as
                        described in section 604(a)(3)(A).'';
            (2) in subsection (f)--
                    (A) by amending paragraph (7)(A) to read as
                follows:
                    ``(A) supply the consumer with a credit score
                that--
                            ``(i) is derived from a credit scoring
                        model that is widely distributed to users by
                        the consumer reporting agency for the purpose
                        of any extension of credit or other transaction
                        designated by the consumer who is requesting
                        the credit score; or
                            ``(ii) is widely distributed to lenders of
                        common consumer loan products and predicts the
                        future credit behavior of the consumer; and'';
                        and
                    (B) in paragraph (8), by inserting ``, except that
                a credit score shall be provided free of charge to the
                consumer if requested in connection with a free annual
                consumer report described in section 612(a)'' before
                the period; and
            (3) in subsection (g)(1)--
                    (A) by striking subparagraph (C); and
                    (B) by redesignating subparagraphs (D) though (G)
                as subparagraphs (C) through (F), respectively.
    (f) Notification Requirements.--
            (1) Adverse information notification.--The Fair Credit
        Reporting Act (15 U.S.C. 1681 et seq.) is amended--
                    (A) in section 612, by striking subsection (b) and
                inserting the following:
    ``(b) Free Disclosure After Notice of Adverse Action or Offer of
Credit on Materially Less Favorable Terms.--
            ``(1) In general.--Not later than 14 days after the date on
        which a consumer reporting agency receives a notification under
        subsection (a)(2) or (h)(6) of section 615, or from a debt
        collection agency affiliated with the consumer reporting
        agency, the consumer reporting agency shall make, without
        charge to the consumer, all disclosures required in accordance
        with the rules prescribed by the Bureau under section 609(h).
            ``(2) Transition period.--After the effective date of the
        provisions of the Stop Errors in Credit Use and Reporting Act
        and before the Bureau has finalized the rule required under
        section 609(h), a consumer reporting agency that is required to
        make disclosures under this subsection shall provide to the
        consumer a copy of the current credit report on the consumer
        and any other disclosures required under this Act or the Stop
        Errors in Credit Use and Reporting Act, without charge to the
        consumer.''; and
                    (B) in section 615(a)--
                            (i) by redesignating paragraphs (2), (3)
                        and (4) as paragraphs (3), (4), and (5)
                        respectively;
                            (ii) by inserting after paragraph (1) the
                        following:
            ``(2) direct the consumer reporting agency that provided
        the consumer report used in the decision to take the adverse
        action to provide the consumer with the disclosures described
        in section 612(b);''; and
                            (iii) in paragraph (5), as redesignated by
                        this paragraph--
                                    (I) in the matter preceding
                                subparagraph (A), by striking ``of the
                                consumer's right'';
                                    (II) by striking subparagraph (A)
                                and inserting the following:
                    ``(A) that the consumer will receive a copy of the
                consumer report on the consumer, free of charge, from
                the consumer reporting agency that furnished the
                consumer report; and''; and
                                    (III) in subparagraph (B), by
                                inserting ``of the right of the
                                consumer'' before ``to dispute''.
            (2) Notification in cases of less favorable terms.--Section
        615(h) of the Fair Credit Reporting Act (15 U.S.C. 1681m(h)) is
        amended--
                    (A) in paragraph (1), by striking ``paragraph (6)''
                and inserting ``paragraph (7)'';
                    (B) in paragraph (2), by striking ``paragraph (6)''
                and inserting ``paragraph (7)'';
                    (C) in subparagraph (5)(C), by striking ``may
                obtain'' and inserting ``will receive''
                    (D) by redesignating paragraphs (6), (7), and (8)
                as paragraphs (7), (8), and (9), respectively; and
                    (E) by inserting after paragraph (5) the following:
            ``(6) Reports provided to consumers.--A person who uses a
        consumer report as described in paragraph (1) shall notify and
        direct the consumer reporting agency that provided the consumer
        report to provide the consumer with the disclosures described
        in section 612(b).''.
            (3) Notification of subsequent submissions of negative
        information.--Section 623(a)(7)(A)(ii) of the Fair Credit
        Reporting Act (15 U.S.C. 1681s-2(a)(7)(A)(ii)) by striking ``or
        customer'' and inserting ``or'' before ``account''.
            (4) Bureau rule defining certain disclosure requirements.--
        Section 609 of the Fair Credit Reporting Act (15 U.S.C. 1681g)
        is amended by adding at the end the following:
    ``(h) Bureau Rule Defining Certain Disclosure Requirements.--
            ``(1) Proposed rule.--Not later than 1 year after the date
        of enactment of the Stop Errors in Credit Use and Reporting
        Act, the Bureau shall publish a proposed rule to implement the
        disclosure requirements described in section 612(b).
            ``(2) Considerations.--In formulating the rule required
        under paragraph (1), the Bureau shall consider--
                    ``(A) what information would enable consumers to
                determine the reasons for which a person took adverse
                action or offered credit on materially less favorable
                terms and to verify the accuracy of such information;
                and
                    ``(B) how to provide the information described in
                subparagraph (A) while protecting consumer privacy,
                including procedures to ensure that such information is
                provided to the consumer at the appropriate address.''.

SEC. 4. REGULATORY REFORM.

    Section 621 of the Federal Credit Reporting Act (15 U.S.C. 1681s)
is amended by adding at the end the following:
    ``(h) Consumer Reporting Agency Registry.--
            ``(1) Establishment of registry.--Not later than 180 days
        after the date of enactment of the Stop Errors in Credit Use
        and Reporting Act, the Bureau shall establish 3 publicly
        available registries of consumer reporting agencies,
        including--
                    ``(A) a registry of nationwide consumer reporting
                agencies as described in section 603(p);
                    ``(B) a registry of nationwide specialty consumer
                reporting agencies as defined in section 603(x); and
                    ``(C) a registry of all other consumer reporting
                agencies included under subsection 603(f) that are not
                included under section 603(p) or 603(x).
            ``(2) Registration requirement.--All consumer reporting
        agencies as defined in section 603(f) must register with one of
        the registries established by the Bureau under this subsection
        in a timeframe established by the Bureau.''.

SEC. 5. STUDY OF A PUBLIC CREDIT REPORTING SYSTEM.

    (a) Study.--Not later than 6 months after the date of enactment of
this Act, the Comptroller General of the United States shall undertake
a study--
            (1) of credit systems in the international credit system
        with government-administered consumer credit reporting systems;
            (2) of available information regarding the accuracy of
        existing government-administered consumer credit reporting
        systems;
            (3) to evaluate the feasibility of a national, government-
        administered consumer credit reporting system;
            (4) of any consumer benefits that might reasonably be
        expected to result from a government-administered consumer
        credit report; and
            (5) of any costs that might result from a government-
        administered consumer credit reporting system in the United
        States.
    (b) Publication of Findings.--Not later than 18 months after the
date of enactment of this Act, the Comptroller General of the United
States shall publish the findings under subsection (a).

SEC. 6. EFFECTIVE DATE.

    Except as otherwise provided in this Act and the amendments made by
this Act, the provisions of this Act and the amendments made by this
Act shall take effect 6 months after the date of enactment of this Act.

Summary: Stop Errors in Credit Use and Reporting Act or the SECURE Act - Amends the Fair Credit Reporting Act, with respect to civil liability for either willful or negligent noncompliance by a consumer reporting agency with respect to consumer credit protection requirements, to authorize a court to award: (1) injunctive relief to require compliance with such Act, and (2) costs and reasonable attorney fees to the prevailing party in any successful action for injunctive relief. Requires a consumer reporting agency to include, in its mandatory notification to a furnisher of disputed information in a consumer's file, all documentation provided by the consumer. Requires the furnisher of disputed information, upon notification of a dispute, to review and consider all documentation provided by the consumer. Directs the Consumer Financial Protection Bureau (CFPB) to: (1) prepare, and deliver to appropriate parties, reports concerning disputed information received by consumer reporting agencies. And (2) prescribe rules for the gathering of information relating to such disputes. Directs the CFPB to establish mandatory procedures for a consumer reporting agency to follow to assure maximum possible accuracy of all consumer reports. Requires a consumer reporting agency to give a consumer a credit score free of charge if one is requested in connection with a free annual consumer report. Requires a consumer reporting agency to provide free disclosures, even without consumer request, to any consumer who has received either a notice of adverse action or an offer of credit on materially less favorable terms. Directs the CFPB to establish three publicly available registries of consumer reporting agencies, including registries of: (1) nationwide consumer reporting agencies. And (2) nationwide specialty consumer reporting agencies. Directs the Comptroller General (GAO) to study: (1) credit systems in the international credit system with government-administered consumer credit reporting systems. And (2) the feasibility of a national, US government-administered consumer credit reporting system.

SECURE Act


SECTION 1. SHORT TITLE.

    This Act may be cited as the ``HOPE VI Program Reauthorization and
Small Community Mainstreet Rejuvenation and Housing Act of 2003''.

SEC. 2. HOPE VI PROGRAM REAUTHORIZATION.

    (a) Selection Criteria.--Section 24(e)(2) of the United States
Housing Act of 1937 (42 U.S.C. 1437v(e)(2)) is amended--
            (1) by striking the matter preceding subparagraph (A) and
        inserting the following:
            ``(2) Selection criteria.--The Secretary shall establish
        criteria for the award of grants under this section and shall
        include among the factors--'';
            (2) in subparagraph (B), by striking ``large-scale'';
            (3) in subparagraph (D)--
                    (A) by inserting ``and ongoing implementation''
                after ``development''; and
                    (B) by inserting ``, except that the Secretary may
                not award a grant under this section unless the
                applicant has involved affected public housing
                residents at the beginning and during the planning
                process for the revitalization program, prior to
                submission of an application'' before the semicolon at
                the end;
            (4) in subparagraph (H), by striking ``and'' at the end;
            (5) by redesignating subparagraph (I) as subparagraph (M);
        and
            (6) by inserting after subparagraph (H) the following new
        subparagraphs:
                    ``(I) the extent to which the applicant can
                commence and complete the revitalization plan
                expeditiously;
                    ``(J) the extent to which the plan minimizes
                temporary or permanent displacement of current
                residents of the public housing site who wish to remain
                in or return to the revitalized community and provides
                for community and supportive services to residents
                prior to any relocation;
                    ``(K) the extent to which the plan sustains or
                creates more project-based housing units available to
                persons eligible for public housing in markets where
                there is demand for the maintenance or creation of such
                units;
                    ``(L) the extent to which the plan gives to
                existing residents priority for occupancy in dwelling
                units in the revitalized community; and''.
    (b) Definition of Severely Distressed Public Housing.--Section
24(j)(2)(A)(iii) of the United States Housing Act of 1937 (42 U.S.C.
1437v(j)(2)(A)(iii)) is amended--
            (1) in subclause (I)--
                    (A) by inserting ``or very low-income elderly or
                non-elderly disabled persons'' before the first comma;
                and
                    (B) by striking ``or'' at the end;
            (2) in subclause (II), by inserting ``or'' after the
        semicolon at the end; and
            (3) by inserting at the end the following new subclause:
                            ``(III) is lacking in sufficient
                        appropriate transportation, supportive
                        services, economic opportunity, schools, civic
                        and religious institutions, and public
                        services, resulting in severe social distress
                        in the project;''.
    (c) Authorization of Appropriations.--Paragraph (1) of section
24(m) of the United States Housing Act of 1937 (42 U.S.C. 1437v(m)(1))
is amended by inserting before the period at the end the following:
``and such sums as may be necessary for each of fiscal years 2004 and
2005''.
    (d) Extension of Program.--Section 24(n) of the United States
Housing Act of 1937 (42 U.S.C. 1437v(n)) is amended by striking
``September 30, 2004'' and inserting ``September 30, 2005''.

SEC. 3. HOPE VI GRANTS FOR ASSISTING AFFORDABLE HOUSING THROUGH MAIN
              STREET PROJECTS.

    (a)  Purposes.--Section 24(a) of the United States Housing Act of
1937 (42 U.S.C. 1437v(a)) is amended by adding after and below
paragraph (4) the following:
``It is also the purpose of this section to provide assistance to
smaller communities for the purpose of facilitating the development of
affordable housing for low-income families that is undertaken in
connection with a main street revitalization or redevelopment project
in such communities.''.
    (b) Grants for Assisting Affordable Housing Developed Through Main
Street Projects in Smaller Communities.--Section 24 of the United
States Housing Act of 1937 (42 U.S.C. 1437v) is amended--
            (1) by redesignating subsection (n) as subsection (o); and
            (2) by inserting after subsection (m) the following new
        subsection:
    ``(n) Grants for Assisting Affordable Housing Developed Through
Main Street Projects in Smaller Communities.--
            ``(1) Authority and use of grant amounts.--The Secretary
        may make grants under this subsection to smaller communities.
        Such grant amounts shall be used by smaller communities only to
        provide assistance to carry out eligible affordable housing
        activities under paragraph (3) in connection with an eligible
        project under paragraph (2).
            ``(2) Eligible project.--For purposes of this subsection,
        the term `eligible project' means a project that--
                    ``(A) the Secretary determines, under the criteria
                established pursuant to paragraph (3), is a main street
                project;
                    ``(B) is carried out within the jurisdiction of
                smaller community receiving the grant; and
                    ``(C) involves the development of affordable
                housing that is located in the commercial area that is
                the subject of the project.
            ``(3) Main street projects.--The Secretary shall establish
        requirements for a project to be consider a main street project
        for purposes of this section, which shall require that the
        project--
                    ``(A) has as its purpose the revitalization or
                redevelopment of a historic or traditional commercial
                area;
                    ``(B) involves investment, or other participation,
                by the government for, and private entities in, the
                community in which the project is carried out; and
                    ``(C) complies with such historic preservation
                guidelines or principles as the Secretary shall
                identify to preserve significant historic or
                traditional architectural and design features in the
                structures or area involved in the project.
            ``(4) Eligible affordable housing activities.--For purposes
        of this subsection, the activities described in subsection
        (d)(1) shall be considered eligible affordable housing
        activities, except that--
                    ``(A) such activities shall be conducted with
                respect to affordable housing rather than with respect
                to severely distressed public housing projects; and
                    ``(B) eligible affordable housing activities under
                this subsection shall not include the activities
                described in subparagraphs (B) through (F) or (J)
                through (L) of subsection (d)(1).
            ``(5) Maximum grant amount.--A grant under this subsection
        for a fiscal year for a single smaller community may not exceed
        $1,000,000.
            ``(6) Contribution requirement.--A smaller community
        applying for a grant under this subsection shall be considered
        an applicant for purposes of subsection (c) (relating to
        contributions by applicants), except that--
                    ``(A) such supplemental amounts shall be used only
                for carrying out eligible affordable housing
                activities; and
                    ``(B) paragraphs (1)(B) and (3) shall not apply to
                grants under this subsection.
            ``(7) Applications and selection.--
                    ``(A) Application.--Pursuant to subsection (e)(1),
                the Secretary shall provide for smaller communities to
                apply for grants under this subsection, except that the
                Secretary may establish such separate or additional
                criteria for applications for such grants as may be
                appropriate to carry out this subsection.
                    ``(B) Selection criteria.--The Secretary shall
                establish selection criteria for the award of grants
                under this subsection, which shall be based on the
                selection criteria established pursuant to subsection
                (e)(2), with such changes as may be appropriate to
                carry out the purposes of this subsection.
            ``(8) Cost limits.--The cost limits established pursuant to
        subsection (f) shall apply to eligible affordable housing
        activities assisted with grant amounts under this subsection.
            ``(9) Inapplicability of other provisions.--The provisions
        of subsections (g) (relating to disposition and replacement of
        severely distressed public housing), (h) (relating to
        administration of grants by other entities), and (i) (relating
        to withdrawal of funding) shall not apply to grants under this
        subsection.
            ``(10) Reporting.--The Secretary shall require each smaller
        community receiving a grant under this subsection to submit a
        report regarding the use of all amounts provided under the
        grant.
            ``(11) Definitions.--For purposes of this subsection, the
        following definitions shall apply:
                    ``(A) Affordable housing.--The term `affordable
                housing' means rental or homeownership dwelling units
                that--
                            ``(i) are made available for initial
                        occupancy subject to the same rules regarding
                        level of income and income mix as dwelling
                        units in public housing projects assisted with
                        a grant under this section; and
                            ``(ii) are subject to the same rules
                        regarding occupant contribution toward rent or
                        purchase and terms of rental or purchase as
                        dwelling units in public housing projects
                        assisted with a grant under this section.
                    ``(B) Smaller community.--The term `smaller
                community' means a unit of general local government (as
                such term is defined in section 102 of the Housing and
                Community Development Act of 1974 (42 U.S.C. 5302))
                that--
                            ``(i) has a population of 30,000 or fewer;
                        and
                            ``(ii)(I) is not served by a public housing
                        agency; or
                            ``(II) is served by a single public housing
                        agency, which agency administers 100 or fewer
                        public housing dwelling units.''.
    (c) Annual Report.--Section 24(l) of the United States Housing Act
of 1937 (42 U.S.C. 1437v(l)) is amended--
            (1) in paragraph (3), by striking ``; and'' and inserting
        ``, including a specification of the amount and type of
        assistance provided under subsection (n);'';
            (2) by redesignating paragraph (4) as paragraph (5); and
            (3) by inserting after paragraph (3) the following new
        paragraph:
            ``(4) the types of projects funded, and number of
        affordable housing dwelling units developed with, grants under
        subsection (n); and''.
    (d) Funding.--Section 24(m) of the United States Housing Act of
1937 (42 U.S.C. 1437v(m)) is amended by adding at the end the following
new paragraph:
            ``(3) Set-aside for main street housing grants.--Of the
        amount appropriated pursuant to paragraph (1) for any fiscal
        year, the Secretary shall provide up to 5 percent for use only
        for grants under subsection (n).''.

Summary: HOPE VI Program Reauthorization and Small Community Mainstreet Rejuvenation and Housing Act of 2003 - Amends the United States Housing Act of 1937 to revise criteria for HOPE VI grants, including addition of criteria regarding tenant displacement, existing tenant occupancy priority, and timeliness of project completion. Revises the definition of severely distressed public housing to include: (1) buildings or projects that include very low-income elderly or nonelderly disabled persons. And (2) areas lacking sufficient affordable housing, transportation, supportive services, economic opportunity, schools, civic and religious institutions, and public services. Authorizes FY 2004 and 2005 appropriations. Extends program authority through September 30, 2005. Includes within the program's purposes assisting smaller communities to provide affordable low-income housing in connection with main street revitalization or redevelopment projects. Authorizes main street grants to smaller communities for affordable low-income housing in a commercial area in connection with an eligible project. Requires that a project be focused on: (1) joint public-private revitalization or redevelopment of a historic or traditional commercial area. And (2) affordable housing rather than severely distressed public housing. Defines smaller community as a local government unit that: (1) has a population of under 30,000, and is without a public housing agency. Or (2) has a public housing agency that administers 100 or fewer public housing dwelling units. Defines affordable housing as rental or homeownership units that are made available for initial occupancy subject to the same income and occupant contribution rules as dwelling units in public housing projects assisted with HOPE VI grants. Obligates up to five percent of HOPE VI appropriations for smaller community grants.

To reauthorize the HOPE VI program for revitalization of severely distressed public housing and to provide financial assistance under such program for main street revitalization or redevelopment projects in smaller communities to support the development of affordable housing for low-income families in connection with such projects, and for other purposes.


SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Promoting Students Using the Camp
Community for Enrichment, Strength, and Success Act'' or the
``Promoting SUCCESS Act''.

SEC. 2. PURPOSES.

    The purposes of this Act are to--
            (1) reduce childhood obesity through increased physical
        activity and healthy lifestyle choices; and
            (2) strengthen high school graduation rates by reducing
        summer learning loss.

SEC. 3. GRANTS AUTHORIZED.

    From the amounts appropriated under section 11, the Secretary shall
award grants, on a competitive basis, to eligible entities to enable
the eligible entities to carry out a summertime learning pilot program.

SEC. 4. APPLICATION.

    To receive a grant under this Act, an eligible entity shall submit
an application to the Secretary at such time, in such manner, and
containing such information as the Secretary may require. An
application shall include--
            (1) a description of the needs of the youth population that
        will be served under the grant, including any data with respect
        to such youth that supports a need for the grant, including
        data on--
                    (A) summer learning loss;
                    (B) academic achievement;
                    (C) physical activity;
                    (D) childhood obesity; and
                    (E) any other relevant needs facing the youth
                population;
            (2) a description of the balanced array of activities that
        will be undertaken with the grant funds to address the needs of
        the youth population described in paragraph (1) to reduce
        summer learning loss, strengthen academic achievement, increase
        physical activity, reduce childhood obesity, and promote youth
        development;
            (3) in the case of an eligible entity consisting of at
        least 1 nonprofit or for-profit organization offering camp
        activities, a description of how the eligible entity will work
        with the local educational agencies and schools serving the
        youth participating in activities funded under the grant to--
                    (A) provide activities that complement the academic
                curriculum taught to the students; and
                    (B) address the academic and developmental needs of
                the students;
            (4) specific goals, strategies, and performance measures
        related to the academic and developmental outcomes expected to
        be achieved under the grant, including the number of indicators
        of performance described in subsection 7(b)(2), and the level
        of performance (as measured by level of performance measure
        described in section 7(b)(3)) on each of the indicators,
        expected to be achieved; and
            (5) an outreach strategy, including--
                    (A) a description of how parents will be informed
                of the opportunities made available under the grant;
                and
                    (B) a description of how diverse participants and
                staff will be recruited to participate in such
                opportunities.

SEC. 5. PRIORITY.

    The Secretary shall give priority to eligible entities--
            (1) proposing to target services to students who attend
        schools that have been identified as in need of improvement
        under section 1116 of the Elementary and Secondary Education
        Act of 1965;
            (2) that consist of not less than 1--
                    (A) nonprofit or for-profit organization offering
                camp activities; or
                    (B) a local educational agency receiving funds
                under part A of title I of the Elementary and Secondary
                Education Act of 1965; and
            (3) proposing to provide at least 1 activity from 3 or more
        categories described in section 6(b).

SEC. 6. ALLOWABLE USES OF FUNDS.

    (a) In General.--An eligible entity receiving funds under this Act
shall use such funds--
            (1) to carry out a summertime learning pilot program that
        provides the camp activities described in subsection (b) for
        students during the period beginning with the summer after
        grade 5 through the summer before grade 10 to increase on-time
        promotion to the next grade level, reduce summer learning loss,
        strengthen academic achievement, increase physical activity,
        promote healthy lifestyle choices, and promote positive youth
        development;
            (2) to provide training and technical assistance to pilot
        program staff in areas such as--
                    (A) shared leadership;
                    (B) the cultural needs of students;
                    (C) how to attract and effectively serve diverse
                students and staff; and
                    (D) experiential learning as a teaching strategy;
            (3) for the evaluation and data collection necessary to
        submit annual reports under section 7(a); and
            (4) for reasonable costs associated with program
        coordination and administration.
    (b) Camp Activities.--The camp activities described in this
subsection include activities in areas such as--
            (1) academic achievement, including--
                    (A) activities related to literacy;
                    (B) tutoring or mentoring to promote academic
                achievement;
                    (C) nature-based activities that promote
                achievement in science, technology, engineering, and
                math; and
                    (D) other activities developed to reduce summer
                learning loss and increase on-time promotion to the
                next grade level;
            (2) health and wellness activities, including activities
        that encourage--
                    (A) eating 5 fruits and vegetables a day;
                    (B) limiting computer and television screen time;
                    (C) striving for 1 hour of physical activity a day;
                and
                    (D) limiting sugar-sweetened drinks;
            (3) independent living skills, including skills related
        to--
                    (A) personal appearance and hygiene;
                    (B) first aid;
                    (C) health;
                    (D) emergency and safety;
                    (E) knowledge of community resources; and
                    (F) interpersonal skills;
            (4) environmental stewardship, including activities related
        to--
                    (A) nature-based civic engagement;
                    (B) service learning;
                    (C) environmental awareness; and
                    (D) other community-based improvement activities;
            (5) leadership development, including activities related
        to--
                    (A) leadership competencies;
                    (B) leadership styles;
                    (C) conflict-management;
                    (D) communication;
                    (E) character development;
                    (F) working effectively with others;
                    (G) emotional self-regulation;
                    (H) team building;
                    (I) making positive choices; and
                    (J) mobilizing groups to solve problems; and
            (6) workforce preparation, including a range of
        introductory workforce experiences (such as staff training,
        workplace etiquette, employee and supervisor relationships,
        performance feedback, workforce training, and care-giving and
        supervision of youth).

SEC. 7. ACCOUNTABILITY.

    (a) Annual Reporting.--An eligible entity receiving a grant under
this Act shall submit an annual report to the Secretary at such time,
in such manner, and providing such information as the Secretary may
require, including--
            (1) information on the number, and demographic information,
        of the children served under the summertime learning pilot
        program carried out with the grant funds;
            (2) the camp activities provided under the program; and
            (3) an evaluation of the program using the indicators of
        performance described in subsection (b)(2) and the level of
        performance measure described in subsection (b)(3).
    (b) Independent Evaluation.--
            (1) In general.--From the amounts appropriated under
        section 11 to carry out this subsection, the Secretary shall
        award a grant or a contract to an independent entity outside of
        the Department of Education to carry out an evaluation of the
        grants provided under this Act. Such evaluation shall evaluate
        the summertime learning pilot program carried out by each
        eligible entity using a grant under this Act by--
                    (A) analyzing and documenting the strategies (for
                increasing on-time promotion to the next grade level,
                reducing summer learning loss, strengthening academic
                achievement, increasing physical activity, promoting
                healthy lifestyle choices, and promoting positive youth
                development) implemented by the eligible entities under
                the program, and the key lessons learned by the entity
                (such as lessons with respect to program design,
                collaboration among nonprofit organizations, local
                educational agencies, and schools that offer camps, and
                program implementation);
                    (B) measuring progress toward the goals identified
                under subparagraph (A) through the strategies
                identified under such subparagraph;
                    (C) evaluating the performance of the program using
                the indicators of performance described in paragraph
                (2); and
                    (D) determining the level of performance achieved
                on each such indicator of performance as measured by
                the level of performance measure described in paragraph
                (3).
            (2) Indicators of performance.--The indicators of
        performance described in this paragraph shall consist of the
        following:
                    (A) The number and percentage of students served in
                grade 5 through grade 9 who are promoted to the next
                grade level on-time.
                    (B) The number and percentage of students passing
                the State's academic assessments in reading and
                mathematics required under section 1111(b)(3) of the
                Elementary and Secondary Education Act of 1965 (20
                U.S.C. 6311(b)(3)).
                    (C) Student school behavior during the summer and
                the regular school year, as measured by truancy or
                teacher or principal behavior reports.
                    (D) Number or percentage of students participating
                in 60 minutes or more of moderate-vigorous physical
                activity during the program.
                    (E) Developmental outcomes of the students,
                including--
                            (i) positive self-identity;
                            (ii) social and interpersonal skills;
                            (iii) responsibility and independence;
                            (iv) positive values and character;
                            (v) creativity and exploration; and
                            (vi) leadership and civic engagement.
            (3) Level of performance measure.--For each indicator of
        performance described in paragraph (2), the Secretary, in
        coordination with eligible entities, shall develop a level of
        performance measure expressed in an objective and quantifiable
        form that measures the level of performance achieved by the
        eligible entity on such indicator.

SEC. 8. TECHNICAL ASSISTANCE AND BEST PRACTICES.

    From the amounts appropriated under section 11, the Secretary shall
provide a grant or contract to 1 or more national nonprofit
organizations to collect best practices from among grantees under this
Act and provide grantees with training, technical assistance, and
professional development. A national organization receiving a grant or
contract under this section shall have demonstrated expertise in
providing technical assistance and training on quality activities for
children and youth during the summer, and shall have experience
implementing a national system of accreditation to strengthen the
quality of summer camp experiences for children and youth.

SEC. 9. MATCHING FUNDS.

    (a) In General.--The Secretary shall require each eligible entity
receiving a grant under this Act to provide matching funds from non-
Federal sources in an amount determined under subsection (b).
    (b) Determination of Amount of Match.--
            (1) Sliding scale.--Subject to paragraph (2), the Secretary
        shall determine the amount of matching funds to be required of
        an eligible entity under this subsection based on a sliding fee
        scale that takes into account--
                    (A) the poverty level of the population to be
                targeted by the eligible entity; and
                    (B) the ability of the eligible entity to obtain
                such matching funds.
            (2) Maximum amount.--The Secretary may not require any
        eligible entity under this section to provide matching funds in
        an amount that exceeds the amount of the grant award under this
        Act.
            (3) Level of poverty.--In determining the poverty level for
        purposes of subparagraph (A), the Secretary shall use the
        criteria of poverty used by the Bureau of the Census in
        compiling the most recent decennial census, as the criteria
        have been updated by increases in the Consumer Price Index for
        All Urban Consumers, published by the Bureau of Labor
        Statistics.
    (c) In-Kind Contributions.--The Secretary shall permit eligible
entities under this section to match funds in whole or in part with in-
kind contributions.
    (d) Consideration.--Notwithstanding this section, the Secretary
shall not consider an applicant's ability to match funds when
determining which applicants will receive grants under this Act.

SEC. 10. DEFINITIONS.

    In this Act:
            (1) Camp activities.--The term ``camp'' refers to an
        intentional set of evidence-based youth development and
        academic activities taking place primarily during the summer
        weeks when school is not in regular session.
            (2) Eligible entity.--The term ``eligible entity'' means--
                    (A) a nonprofit organization;
                    (B) a for-profit organization,
                    (C) a local educational agency; and
                    (D) a consortium of 2 or more local educational
                agencies.
            (3) Secretary.--The term ``Secretary'' means the Secretary
        of Education.

SEC. 11. AUTHORIZATION OF APPROPRIATIONS.

    (a) In General.--There are authorized to be appropriated to carry
out this Act such sums as may be necessary for each of fiscal years
2011 through 2015.
    (b) Allocations.--Of the amount appropriated under subsection (a),
the Secretary shall use--
            (1) not less than 90 percent for grants to eligible
        entities under this Act; and
            (2) not more than the greater of 10 percent or $5,000,000
        for technical assistance and evaluations under sections 7(b)
        and 8.

Summary: Promoting Students Using the Camp Community for Enrichment, Strength, and Success Act or the Promoting SUCCESS Act - Directs the Secretary of Education to award competitive matching grants to nonprofit organizations, for-profit organizations, and local educational agencies to carry out summertime learning pilot programs for students during their summers after grades five through nine. Requires such programs to provide students with camp activities geared toward: (1) reducing childhood obesity through increased physical activity and healthy lifestyle choices. (2) strengthening high school graduation rates by reducing summer learning loss and improving academic achievement. And (3) promoting positive youth development. Directs the Secretary to arrange for an independent evaluation of the pilot programs. Requires the Secretary to provide a grant or contract to one or more national nonprofit organizations to collect best practices from among this Act's grantees and provide grantees with training, technical assistance, and professional development.

To direct the Secretary of Education to carry out a grant program to fund pilot projects to explore how the camp experience promotes physical activity and healthy lifestyles among children and youth, reduces summer learning loss, and promotes academic achievement.


SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Small Business Health Insurance
Options Act of 2007''.

SEC. 2. HEALTH INSURANCE OPTIONS INFORMATION FOR SMALL BUSINESS
              CONCERNS.

    (a) Definitions.--In this section, the following definitions shall
apply:
            (1) Administration.--The term ``Administration'' means the
        Small Business Administration.
            (2) Administrator.--The term ``Administrator'' means the
        Administrator of the Administration.
            (3) Association.--The term ``association'' means an
        association established under section 21(a)(3)(A) of the Small
        Business Act (15 U.S.C. 648(a)(3)(A)) representing a majority
        of small business development centers.
            (4) Participating small business development center.--The
        term ``participating small business development center'' means
        a small business development center described in section 21 of
        the Small Business Act (15 U.S.C. 648) that--
                    (A) is accredited under section 21(k)(2) of the
                Small Business Act (15 U.S.C. 648(k)(2)); and
                    (B) receives a grant under the pilot program.
            (5) Pilot program.--The term ``pilot program'' means the
        small business health insurance information pilot program
        established under this section.
            (6) Small business concern.--The term ``small business
        concern'' has the meaning given that term in section 3 of the
        Small Business Act (15 U.S.C. 632).
            (7) State.--The term ``State'' means each of the several
        States of the United States, the District of Columbia, the
        Commonwealth of Puerto Rico, the Virgin Islands, American
        Samoa, and Guam.
    (b) Small Business Health Insurance Information Pilot Program.--The
Administrator shall establish a pilot program to make grants to small
business development centers to provide neutral and objective
information and educational materials regarding health insurance
options, including coverage options within the small group market, to
small business concerns.
    (c) Applications.--
            (1) Posting of information.--Not later than 90 days after
        the date of enactment of this Act, the Administrator shall post
        on the website of the Administration and publish in the Federal
        Register a guidance document describing--
                    (A) the requirements of an application for a grant
                under the pilot program; and
                    (B) the types of informational and educational
                materials regarding health insurance options to be
                created under the pilot program, including by
                referencing materials and resources developed by the
                National Association of Insurance Commissioners, the
                Kaiser Family Foundation, and the Healthcare Leadership
                Council.
            (2) Submission.--A small business development center
        desiring a grant under the pilot program shall submit an
        application at such time, in such manner, and accompanied by
        such information as the Administrator may reasonably require.
    (d) Selection of Participating Small Business Development
Centers.--
            (1) In general.--The Administrator shall select not more
        than 20 small business development centers to receive a grant
        under the pilot program.
            (2) Selection of programs.--In selecting small business
        development centers under paragraph (1), the Administrator may
        not select--
                    (A) more than 2 programs from each of the groups of
                States described in paragraph (3); and
                    (B) more than 1 program in any State.
            (3) Groupings.--The groups of States described in this
        paragraph are the following:
                    (A) Group 1.--Group 1 shall consist of Maine,
                Massachusetts, New Hampshire, Connecticut, Vermont, and
                Rhode Island.
                    (B) Group 2.--Group 2 shall consist of New York,
                New Jersey, Puerto Rico, and the Virgin Islands.
                    (C) Group 3.--Group 3 shall consist of
                Pennsylvania, Maryland, West Virginia, Virginia, the
                District of Columbia, and Delaware.
                    (D) Group 4.--Group 4 shall consist of Georgia,
                Alabama, North Carolina, South Carolina, Mississippi,
                Florida, Kentucky, and Tennessee.
                    (E) Group 5.--Group 5 shall consist of Illinois,
                Ohio, Michigan, Indiana, Wisconsin, and Minnesota.
                    (F) Group 6.--Group 6 shall consist of Texas, New
                Mexico, Arkansas, Oklahoma, and Louisiana.
                    (G) Group 7.--Group 7 shall consist of Missouri,
                Iowa, Nebraska, and Kansas.
                    (H) Group 8.--Group 8 shall consist of Colorado,
                Wyoming, North Dakota, South Dakota, Montana, and Utah.
                    (I) Group 9.--Group 9 shall consist of California,
                Guam, American Samoa, Hawaii, Nevada, and Arizona.
                    (J) Group 10.--Group 10 shall consist of
                Washington, Alaska, Idaho, and Oregon.
            (4) Deadline for selection.--The Administrator shall make
        selections under this subsection not later than 6 months after
        the later of the date on which the information described in
        subsection (c)(1) is posted on the website of the
        Administration and the date on which the information described
        in subsection (c)(1) is published in the Federal Register.
    (e) Use of Funds.--
            (1) In general.--A participating small business development
        center shall use funds provided under the pilot program to--
                    (A) create and distribute informational materials;
                and
                    (B) conduct training and educational activities.
            (2) Content of materials.--
                    (A) In general.--In creating materials under the
                pilot program, a participating small business
                development center shall evaluate and incorporate
                relevant portions of existing informational materials
                regarding health insurance options, including materials
                and resources developed by the National Association of
                Insurance Commissioners, the Kaiser Family Foundation,
                and the Healthcare Leadership Council.
                    (B) Health insurance options.--In incorporating
                information regarding health insurance options under
                subparagraph (A), a participating small business
                development center shall provide neutral and objective
                information regarding health insurance options in the
                geographic area served by the participating small
                business development center, including traditional
                employer sponsored health insurance for the group
                insurance market, such as the health insurance options
                defined in section 2791 of the Public Health Services
                Act (42 U.S.C. 300gg-91) or section 125 of the Internal
                Revenue Code of 1986, and Federal and State health
                insurance programs.
    (f) Grant Amounts.--Each participating small business development
center program shall receive a grant in an amount equal to--
            (1) not less than $150,000 per fiscal year; and
            (2) not more than $300,000 per fiscal year.
    (g) Matching Requirement.--Subparagraphs (A) and (B) of section
21(a)(4) of the Small Business Act (15 U.S.C. 648(a)(4)) shall apply to
assistance made available under the pilot program.
    (h) Reports.--Each participating small business development center
shall transmit to the Committee on Small Business and Entrepreneurship
of the Senate and the Committee on Small Business of the House of
Representatives, a quarterly report that includes--
            (1) a summary of the information and educational materials
        regarding health insurance options provided by the
        participating small business development center under the pilot
        program; and
            (2) the number of small business concerns assisted under
        the pilot program.
    (i) Authorization of Appropriations.--
            (1) In general.--There are authorized to be appropriated to
        carry out this section--
                    (A) $5,000,000 for the first fiscal year beginning
                after the date of enactment of this Act; and
                    (B) $5,000,000 for each of the 3 fiscal years
                following the fiscal year described in subparagraph
                (A).
            (2) Limitation on use of other funds.--The Administrator
        may carry out the pilot program only with amounts appropriated
        in advance specifically to carry out this section.

Summary: Small Business Health Insurance Options Act of 2007 - Directs the Administrator of the Small Business Administration (SBA) to: (1) establish a four-year pilot program to provide information and educational materials regarding health insurance options, including coverage options within the small group market, to small businesses. And (2) select up to 20 small business development centers (SBDCs) to receive grants under the pilot program. Requires: (1) a specified geographical distribution with respect to grant recipients. And (2) grant funds to be used to create and distribute informational materials and conduct training and educational activities.

A bill to establish a 4-year pilot program to provide information and educational materials to small business concerns regarding health insurance options, including coverage options within the small group market.


SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Corporate Tax Fairness and
Shareholder Rights Act of 2003''.

SEC. 2. PREVENTION OF CORPORATE EXPATRIATION TO AVOID UNITED STATES
              INCOME TAX.

    (a) In General.--Paragraph (4) of section 7701(a) of the Internal
Revenue Code of 1986 (defining domestic) is amended to read as follows:
            ``(4) Domestic.--
                    ``(A) In general.--Except as provided in
                subparagraph (B), the term `domestic' when applied to a
                corporation or partnership means created or organized
                in the United States or under the law of the United
                States or of any State unless, in the case of a
                partnership, the Secretary provides otherwise by
                regulations.
                    ``(B) Certain corporations treated as domestic.--
                            ``(i) In general.--The acquiring
                        corporation in a corporate expatriation
                        transaction shall be treated as a domestic
                        corporation.
                            ``(ii) Corporate expatriation
                        transaction.--For purposes of this
                        subparagraph, the term `corporate expatriation
                        transaction' means any transaction if--
                                    ``(I) a nominally foreign
                                corporation (referred to in this
                                subparagraph as the `acquiring
                                corporation') acquires, as a result of
                                such transaction, directly or
                                indirectly substantially all of the
                                properties held directly or indirectly
                                by a domestic corporation, and
                                    ``(II) immediately after the
                                transaction, more than 80 percent of
                                the stock (by vote or value) of the
                                acquiring corporation is held by former
                                shareholders of the domestic
                                corporation by reason of holding stock
                                in the domestic corporation.
                            ``(iii) Lower stock ownership requirement
                        in certain cases.--Subclause (II) of clause
                        (ii) shall be applied by substituting `50
                        percent' for `80 percent' with respect to any
                        nominally foreign corporation if--
                                    ``(I) such corporation does not
                                have substantial business activities
                                (when compared to the total business
                                activities of the expanded affiliated
                                group) in the foreign country in which
                                or under the law of which the
                                corporation is created or organized,
                                and
                                    ``(II) the stock of the corporation
                                is publicly traded and the principal
                                market for the public trading of such
                                stock is in the United States.
                            ``(iv) Partnership transactions.--The term
                        `corporate expatriation transaction' includes
                        any transaction if--
                                    ``(I) a nominally foreign
                                corporation (referred to in this
                                subparagraph as the `acquiring
                                corporation') acquires, as a result of
                                such transaction, directly or
                                indirectly properties constituting a
                                trade or business of a domestic
                                partnership,
                                    ``(II) immediately after the
                                transaction, more than 80 percent of
                                the stock (by vote or value) of the
                                acquiring corporation is held by former
                                partners of the domestic partnership or
                                related foreign partnerships
                                (determined without regard to stock of
                                the acquiring corporation which is sold
                                in a public offering related to the
                                transaction), and
                                    ``(III) the acquiring corporation
                                meets the requirements of subclauses
                                (I) and (II) of clause (iii).
                            ``(v) Special rules.--For purposes of this
                        subparagraph--
                                    ``(I) a series of related
                                transactions shall be treated as 1
                                transaction, and
                                    ``(II) stock held by members of the
                                expanded affiliated group which
                                includes the acquiring corporation
                                shall not be taken into account in
                                determining ownership.
                            ``(vi) Other definitions.--For purposes of
                        this subparagraph--
                                    ``(I) Nominally foreign
                                corporation.--The term `nominally
                                foreign corporation' means any
                                corporation which would (but for this
                                subparagraph) be treated as a foreign
                                corporation.
                                    ``(II) Expanded affiliated group.--
                                The term `expanded affiliated group'
                                means an affiliated group (as defined
                                in section 1504(a) without regard to
                                section 1504(b)).
                                    ``(III) Related foreign
                                partnership.--A foreign partnership is
                                related to a domestic partnership if
                                they are under common control (within
                                the meaning of section 482), or they
                                shared the same trademark or
                                tradename.''.
    (b) Effective Dates.--
            (1) In general.--The amendment made by this section shall
        apply to corporate expatriation transactions completed after
        September 11, 2001.
            (2) Special rule.--The amendment made by this section shall
        also apply to corporate expatriation transactions completed
        after December 31, 1996, and before September 11, 2001, but
        only with respect to taxable years of the acquiring corporation
        beginning after December 31, 2003.

SEC. 3. DISCLOSURE OF CORPORATE EXPATRIATION TRANSACTIONS.

    (a) In General.--Section 14 of the Securities Exchange Act of 1934
(15 U.S.C. 78n) is amended by adding at the end the following new
subsection:
    ``(i) Proxy Solicitations in Connection With Corporate Expatriation
Transactions.--
            ``(1) Disclosure to shareholders of effects of corporate
        expatriation transaction.--The Commission shall, by rule,
        require that each domestic issuer shall prominently disclose,
        as a separate and distinct document accompanying each proxy
        statement relating to a corporate expatriation transaction--
                    ``(A) the number of employees of the domestic
                issuer that would be located in the new foreign
                jurisdiction of incorporation or organization of that
                issuer upon completion of the corporate expatriation
                transaction;
                    ``(B) the percentage of the total assets of the
                domestic issuer that would be located within the new
                foreign jurisdiction of incorporation or organization
                of that issuer upon completion of the corporate
                expatriation transaction;
                    ``(C) how the rights of holders of the securities
                of the domestic issuer would be impacted by a completed
                corporate expatriation transaction;
                    ``(D) that as a result of a completed corporate
                expatriation transaction, any taxable holder of the
securities of the domestic issuer shall be subject to the taxation of
any capital gains realized with respect to such securities; and
                    ``(E) the estimated tax benefit that would be
                realized by the domestic issuer upon completion of the
                corporate expatriation transaction.
            ``(2) Disclosure to commission of results of vote.--Upon
        the approval of any corporate expatriation transaction by the
        holders of the securities of a domestic issuer, that issuer
        shall provide to the Commission, in a form and manner to be
        determined by the Commission, information as to how each holder
        of record of a voting security of that domestic issuer (or a
        proxy there for) voted with respect to the corporate
        expatriation transaction.
            ``(3) Definitions.--In this subsection, the following
        definitions shall apply:
                    ``(A) Corporate expatriation transaction.--The term
                `corporate expatriation transaction' means any
                transaction, or series of related transactions, in
                which an entity organized under the laws of a foreign
                country acquires, directly or indirectly, substantially
                all of the voting securities in, or substantially all
                of the assets of, a domestic issuer, and--
                            ``(i) immediately after completion of the
                        transaction, more than 80 percent of the
                        securities (by vote or value) of the acquiring
                        foreign entity will be held by persons that
                        were security holders of the domestic issuer
                        immediately prior to the transaction; or
                            ``(ii) immediately after completion of the
                        transaction, more than 50 percent of the
                        securities (by vote or value) of the acquiring
                        foreign entity will be held by persons that
                        were security holders of the domestic issuer
                        immediately prior to the transaction, and--
                                    ``(I) such foreign entity will not
                                have substantial business activities in
                                the foreign country in which it is
                                organized; and
                                    ``(II) the securities of the
                                foreign entity will be publicly traded,
                                and the principal market for the public
                                trading of such securities will be in
                                the United States.
                    ``(B) Domestic issuer.--The term `domestic issuer'
                means an issuer created or organized in the United
                States or under the law of the United States or of any
                State.''.
    (b) Effective Date.--Section 14(i) of the Securities Exchange Act
of 1934 (as added by this section) shall apply with respect to
corporate expatriation transactions (as defined in that section 14(i))
proposed on and after the date of enactment of this Act.

SEC. 4. MODIFICATIONS TO EXPENSING UNDER SECTION 179.

    (a) Increase of Amount Which May Be Expensed.--
            (1) In general.--Paragraph (1) of section 179(b) of the
        Internal Revenue Code of 1986 (relating to dollar limitation)
        is amended to read as follows:
            ``(1) Dollar limitation.--The aggregate cost which may be
        taken into account under subsection (a) for any taxable year
        shall not exceed $75,000 ($25,000 in the case of taxable years
        beginning after December 31, 2007).''.
            (2) Increase in phaseout threshold.--Paragraph (2) of
        section 179(b) of such Code is amended by striking ``$200,000''
        and inserting ``$325,000 ($200,000 in the case of taxable years
        beginning after December 31, 2007)''.
    (b) Effective Date.--The amendments made by this section shall
apply to property placed in service in taxable years beginning after
December 31, 2002.

Summary: Corporate Tax Fairness and Shareholder Rights Act of 2003 - Amends the Internal Revenue Code (IRC) by determining that acquiring corporations incorporate expatriation transactions shall be considered domestic corporations. Defines a corporate expatriation transaction as, with certain exceptions, one in which a nominally foreign corporation acquires substantially all of the properties held by a domestic corporation and in which, immediately after the transaction, more than 80 percent of the stock of the acquiring corporation is held by former shareholders of the domestic corporation. Lowers the 80 percent threshold to 50 percent when the acquiring nominally foreign corporation lacks substantial business activities in the foreign country in which it was created and organized compared to the total activities of the expanded affiliated group and the stock is publicly traded, with the principal market of trading being the United States. Defines the terms nominally foreign corporation and expanded affiliated group. Applies similar rules to partnership transactions. Establishes that a series of related transactions relevant to the Act shall be handled as a single transaction. Amends the Securities Act of 1934 to require: (1) disclosure to shareholders, and effects of, corporate expatriation transaction. And (2) disclosure to the SEC of the approval of any corporate expatriate transaction. Amends the IRC to temporarily increase the expensing limit and phaseout threshold.

A bill to amend the Internal Revenue Code of 1986 and the Securities Exchange Act of 1934 to provide for the treatment of corporate expatriation transactions, and for other purposes.


SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Alternative Fuel Vehicles Intermodal
Transportation Act''.

SEC. 2. DEFINITIONS.

    In this Act, the following definitions apply:
            (1) Alternative fuel vehicle.--
                    (A) In general.--The term ``alternative fuel
                vehicle'' means a motor vehicle that is powered by--
                            (i) in whole or in part, electricity,
                        including that supplied by a fuel cell that is
                        not powered by gasoline or diesel;
                            (ii) liquefied natural gas;
                            (iii) compressed natural gas;
                            (iv) liquefied petroleum gas;
                            (v) hydrogen; or
                            (vi) methanol at no less than 85 percent by
                        volume.
                    (B) Exclusions.--The term ``alternative fuel
                vehicle'' shall not include any vehicle capable of
                operating solely on gasoline or diesel.
            (2) Pilot program.--The term ``pilot program'' means the
        grant program established under section 4(a).
            (3) Secretary.--The term ``Secretary'' means the Secretary
        of Transportation.

SEC. 3. PURPOSE.

    The purpose of this Act is--
            (1) to establish a pilot program to demonstrate the use of
        alternative fuel vehicles in linked systems of transportation,
        enhance the usefulness of public transportation systems,
        protect the environment, and speed the deployment of
        alternative fuel vehicle technology; and
            (2) to encourage partnerships between the public and
        private sectors.

SEC. 4. ALTERNATIVE FUELS INTERMODAL TRANSPORTATION PILOT PROGRAM.

    (a) In General.--The Secretary shall establish a competitive grant
program to assist States, localities, and governmental authorities to
purchase, operate, and facilitate the use of alternative fuel vehicles
in linked transportation systems.
    (b) Eligible Projects.--To receive Federal assistance under the
pilot program, a proposal shall--
            (1) have been made in accordance with the application
        requirements of subsection (e);
            (2) include only projects that provide new options in a
        locality for moving passengers or goods in alternative fuel
        vehicles; and
            (3) include at least one project to enable passengers or
        goods to be transferred directly from one alternative fuel
        vehicle to another in a linked transportation system.
    (c) Funding Limitations.--
            (1) Maximum number of grants.--The Secretary shall not
        provide grants to more than 15 applicants under the pilot
        program.
            (2) Maximum amount.--The Secretary shall not provide more
        than $20,000,000 in Federal assistance under the pilot program
        to any applicant.
            (3) Cost sharing.--
                    (A) Federal share.--The Federal share of the cost
                of any project under the pilot program shall not exceed
                50 percent of the eligible costs of the project.
                    (B) Non-federal share.--Funds apportioned to a
                State under section 104(b)(2) of title 23, United
                States Code, for the congestion mitigation and air
                quality improvement program may be used by the State to
                pay for the non-Federal share of the cost of any
                project under the pilot program.
            (4) Maximum period of grants.--No applicant may receive
        Federal assistance under the pilot program for more than 5
        years.
    (d) Allowable Project Costs.--The cost of a project eligible for
Federal assistance under the pilot program may include only the
following:
            (1) The purchase of alternative fuel vehicles, including--
                    (A) passenger vehicles;
                    (B) buses used for public transportation or
                transportation to and from schools;
                    (C) delivery vehicles for goods or services;
                    (D) ground support vehicles at public airports,
                including vehicles to carry baggage or push airplanes
                away from terminal gates; and
                    (E) two-wheel bikes, scooters, or other vehicles
                for use by law enforcement personnel or other State or
                local government employees.
            (2) Infrastructure necessary to directly support a project,
        including fueling and other support equipment.
            (3) Operation and maintenance of vehicles, infrastructure,
        and equipment purchased as part of a project with Federal
        assistance under the pilot program.
    (e) Proposals.--The Secretary shall issue requirements for applying
for grants under the pilot program. At a minimum, the Secretary shall
require that applications be submitted by the head of a State or local
government or a metropolitan transportation authority, or any
combination thereof, and include--
            (1) an estimate of the ridership or degree of use of the
        projects proposed in the application;
            (2) an estimate of the air pollution emissions reduced and
        fossil fuel displaced as a result of the projects and a plan to
        collect and disseminate environmental data over the life of the
        projects;
            (3) a description of other existing modes of transportation
        to which the projects will connect or the degree to which
        proposed modes of transportation will be linked;
            (4) a description of how the projects will be sustainable
        without Federal assistance after the completion of the term of
        the demonstration;
            (5) a complete description of the costs of the project,
        including acquisition, construction, operation, and maintenance
        costs over the expected life of the project; and
            (6) a description of which costs will be supported by
        Federal assistance and which by assistance from non-Federal
        partners, including State and local governments and private
        entities.
    (f) Criteria.--In evaluating applications under the pilot program,
the Secretary shall consider each applicant's previous experience
involving alternative fuel vehicles and shall approve the proposals
that--
            (1) are most likely to maximize--
                    (A) protection of the environment, including
                reductions in air pollution emissions and the ability
                of the proposal to help achieve national, State, or
                local air quality goals;
                    (B) enhancement of the local or national public
                transportation system, especially the degree to which
                the proposal connects various modes of transportation;
                    (C) nationwide deployment of innovative
                transportation technology or important new
                configurations of intermodal transportation systems
                that increase the use of alternative fuel vehicles;
                    (D) the amount of goods transported or number of
                riders served; and
                    (E) stimulation of the national or regional
                economy;
            (2) demonstrate the greatest commitment on the part of the
        applicant to fund the proposal and the greatest likelihood that
        each project in the proposal will be maintained and expanded
        after Federal assistance is exhausted; and
            (3) assure a broad geographic distribution of project
        sites.
    (g) Schedule.--
            (1) Publication.--Not later than 90 days after the date of
        enactment of this Act, the Secretary shall publish in the
        Federal Register, and elsewhere as appropriate, a request for
        proposals to undertake projects under the pilot program.
        Applications for such proposals shall be due within 180 days of
        the publication of the notice.
            (2) Selection.--Not later than 180 days after the date by
        which applications for grants are due, the Secretary shall
        select all proposals to be carried out under the pilot program.

SEC. 5. REPORT TO CONGRESS.

    Not later than 36 months after the date of enactment of this Act,
the Secretary shall transmit to the Committee on Transportation and
Infrastructure of the House of Representatives and the Committee on
Commerce, Science, and Transportation of the Senate a report
containing--
            (1) an evaluation of the effectiveness of the pilot program
        including an assessment of the benefits to the environment
        derived from the projects included in the pilot program as well
        as an estimate of the potential benefits to the environment to
        be derived from widespread application of such intermodal
        transportation activities;
            (2) an identification of other applicants that submitted
        project applications for the pilot program; and
            (3) a description of the mechanisms used by the Secretary
        to ensure that the information and know-how gained by
        participants in the pilot program is transferred among the
        pilot program participants and to other interested parties,
        including other applicants that submitted project applications.

SEC. 6. AUTHORIZATIONS.

    (a) In General.--There is authorized to be appropriated
$200,000,000 to carry out this Act.
    (b) Availability of Amounts.--Amounts appropriated to carry out
this Act shall remain available until expended.

Summary: Directs the Secretary to report to specified congressional committees on: (1) the effectiveness of the pilot program, including an assessment of the benefits to the environment derived from the projects included in the program as well as an estimate of the potential benefits to the environment to be derived from widespread application of such intermodal transportation activities. And (2) the mechanisms used by the Secretary to ensure that the information and knowhow gained by program participants is transferred among them and to other interested parties, including other project applicants. Authorizes appropriations.


SECTION 1. SHORT TITLE.

    This Act may be cited as the ``New Aid for Trustworthy, Affordable
Drugs Act (NAFTA Drugs Act)''.

SEC. 2. HARMONIZATION OF DRUG LAWS REGARDING IMPORTATION INTO NAFTA
              COUNTRIES FROM OTHER NAFTA COUNTRIES.

    Section 803 of the Federal Food, Drug, and Cosmetic Act (21 U.S.C.
383) is amended by adding at the end the following subsection:
    ``(d)(1) Consistent with the North American Free Trade Agreement
approved by the Congress under section 101(a) of Public Law 103-182
(referred to in this subsection as `NAFTA'), the United States Trade
Representative shall seek to enter into agreements with other NAFTA
countries to harmonize regulatory requirements for drugs such that
drugs approved for commercial distribution in any NAFTA country may be
imported or exported from any NAFTA country into any NAFTA country.
    ``(2) The United States Trade Representative shall carry out this
subsection in consultation with the Secretary and the Commissioner of
Food and Drugs.
    ``(3) The United States Trade Representative may enter into a
harmonization agreement under paragraph (1) only if such Representative
determines as follows:
            ``(A) That the proposed agreement provides for regulatory
        standards for drugs that are consistent with the requirements
        of this Act.
            ``(B) That the proposed agreement provides for--
                    ``(i) the display of a seal on the labeling of the
                drugs involved, whose purpose is to indicate that the
                drugs meet the standards of the harmonization agreement
                and may be imported as provided in paragraph (1);
                    ``(ii) uniform standards applicable to the display
                of such a seal in any NAFTA country; and
                    ``(iii) approval of such a seal by the appropriate
                health authority in any NAFTA country before the
                display of the seal in that country, for the purpose of
                ensuring that the seal complies with the uniform
                standards described in clause (ii).
            ``(C) That the proposed agreement provides that a drug may
        not be imported into a NAFTA country from another NAFTA country
        unless the labeling of the drug bears a seal described in
        subparagraph (B).
            ``(D) That the proposed agreement provides for a system of
        unique tracking numbers to indicate--
                    ``(i) the manufacturer of the drug involved, the
                NAFTA country of origin, and the wholesale distributors
                of the drug; and
                    ``(ii) in the case of a prescription drug, the
                pharmacy that dispenses the drug.
            ``(E) That the proposed agreement provides for--
                    ``(i) the placement of a seal described in
                subparagraph (B) on the labeling of a drug only by a
                pharmacy registered in accordance with this
                subparagraph;
                    ``(ii) registration of pharmacies in each NAFTA
                country by the appropriate health authority in each
                such country for the purpose of authorizing such
                pharmacies to place a seal described in subparagraph
                (B) on the labeling of drugs; and
                    ``(iii) uniform standards applicable to such
                registration.
            ``(F) That the proposed agreement--
                    ``(i) requires drug manufacturers to reimburse the
                Secretary of Health and Human Services for benefits
                derived by such manufacturers from research performed
                by the National Institutes of Health; and
                    ``(ii) authorizes use of such reimbursement to pay
                the expenses incurred by the Food and Drug
                Administration in approving seals under subparagraph
                (B) and registering pharmacies under subparagraph (E).
            ``(G) That the proposed agreement prohibits any
        discrimination by any person in the manufacture, distribution,
        or sale of any drug that bears a seal described in subparagraph
        (B), on the basis of a prospective customer's citizenship or
        residency in a NAFTA country, or on the basis of a request for
        shipment of the drug to any NAFTA country.
    ``(4) The authority of the United States Trade Representative to
enter a harmonization agreement under paragraph (1) terminates one year
after the date of the enactment of New Aid for Trustworthy, Affordable
Drugs Act (NAFTA Drugs Act).
    ``(5) For purposes of this subsection, the term `NAFTA country'
means each of the United States, Canada, and the United Mexican
States--
            ``(A) for such time as NAFTA is in force with respect to
        such country; and
            ``(B) in the case of each of Canada and the United Mexican
        States, for such time as the United States applies NAFTA to
        such country.''.

Summary: New Aid for Trustworthy, Affordable Drugs Act - Directs the United States Trade Representative (USTR) to enter into agreements with other North American Free Trade Agreement (NAFTA) countries to harmonize regulatory requirements such that drugs approved for commercial distribution in any NAFTA country may be imported or exported between NAFTA countries. Permits the USTR to enter into such an agreement only if the agreement provides for: (1) regulatory standards for drugs that are consistent with the requirements of this Act. (2) a seal, to be placed only by a registered pharmacy, certifying that a given drug meets the standards of the harmonization agreement and may be imported. (3) a unique system of tracking numbers identifying certain entities, including the drug manufacturer and the NAFTA county of origin. (4) the reimbursement by drug manufacturers of the Secretary of Health and Human Services for benefits derived from National Institutes of Health research. Sets a sunset of one year after the passage of this Act for the authority of the USTR to enter into harmonization agreements under this Act.

To provide for the importation of drugs into the United States from Canada and Mexico, and for other purposes.