SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Recapture Excess Profits and Invest
in Roads (REPAIR) Act of 2008''.

SEC. 2. TEMPORARY WINDFALL PROFITS TAX.

    (a) In General.--Subtitle E of the Internal Revenue Code of 1986
(relating to alcohol, tobacco, and certain other excise taxes) is
amended by adding at the end thereof the following new chapter:

         ``CHAPTER 56--TEMPORARY WINDFALL PROFITS ON CRUDE OIL

``Sec. 5896. Imposition of tax.
``Sec. 5897. Windfall profit; etc.
``Sec. 5898. Special rules and definitions.

``SEC. 5896. IMPOSITION OF TAX.

    ``(a) In General.--In addition to any other tax imposed under this
title, there is hereby imposed on any applicable taxpayer an excise tax
in an amount equal to 25 percent of the windfall profit of such
taxpayer for any taxable year beginning during 2008 or 2009.
    ``(b) Applicable Taxpayer.--For purposes of this chapter, the term
`applicable taxpayer' means, with respect to operations in the United
States--
            ``(1) any integrated oil company (as defined in section
        291(b)(4)), and
            ``(2) any other producer or refiner of crude oil with gross
        receipts from the sale of such crude oil or refined oil
        products for the taxable year exceeding $1,000,000,000.

``SEC. 5897. WINDFALL PROFIT; ETC.

    ``(a) General Rule.--For purposes of this chapter, the term
`windfall profit' means the excess of the adjusted taxable income of
the applicable taxpayer for the taxable year over the reasonably
inflated average profit for such taxable year.
    ``(b) Adjusted Taxable Income.--For purposes of this chapter, with
respect to any applicable taxpayer, the adjusted taxable income for any
taxable year is equal to the taxable income for such taxable year
(within the meaning of section 63 and determined without regard to this
subsection)--
            ``(1) increased by any interest expense deduction,
        charitable contribution deduction, and any net operating loss
        deduction carried forward from any prior taxable year, and
            ``(2) reduced by any interest income, dividend income, and
        net operating losses to the extent such losses exceed taxable
        income for the taxable year.
In the case of any applicable taxpayer which is a foreign corporation,
the adjusted taxable income shall be determined with respect to such
income which is effectively connected with the conduct of a trade or
business in the United States.
    ``(c) Reasonably Inflated Average Profit.--For purposes of this
chapter, with respect to any applicable taxpayer, the reasonably
inflated average profit for any taxable year is an amount equal to the
average of the adjusted taxable income of such taxpayer for taxable
years beginning during the 2003-2007 taxable year period (determined
without regard to the taxable year with the highest adjusted taxable
income in such period) plus 10 percent of such average.

``SEC. 5898. SPECIAL RULES AND DEFINITIONS.

    ``(a) Withholding and Deposit of Tax.--The Secretary shall provide
such rules as are necessary for the withholding and deposit of the tax
imposed under section 5896.
    ``(b) Records and Information.--Each taxpayer liable for tax under
section 5896 shall keep such records, make such returns, and furnish
such information as the Secretary may by regulations prescribe.
    ``(c) Return of Windfall Profit Tax.--The Secretary shall provide
for the filing and the time of such filing of the return of the tax
imposed under section 5896.
    ``(d) Crude Oil.--The term `crude oil' includes crude oil
condensates and natural gasoline.
    ``(e) Businesses Under Common Control.--For purposes of this
chapter, all members of the same controlled group of corporations
(within the meaning of section 267(f)) and all persons under common
control (within the meaning of section 52(b) but determined by treating
an interest of more than 50 percent as a controlling interest) shall be
treated as 1 person.
    ``(f) Regulations.--The Secretary shall prescribe such regulations
as may be necessary or appropriate to carry out the purposes of this
chapter.''.
    (b) Clerical Amendment.--The table of chapters for subtitle E of
the Internal Revenue Code of 1986 is amended by adding at the end the
following new item:

        ``Chapter 56. Temporary Windfall Profit on Crude Oil.''.

    (c) Deductibility of Windfall Profit Tax.--The first sentence of
section 164(a) of the Internal Revenue Code of 1986 (relating to
deduction for taxes) is amended by inserting after paragraph (5) the
following new paragraph:
            ``(6) The windfall profit tax imposed by section 5896.''.
    (d) Transfer of Proceeds to Highway Trust Fund.--Section 9503(b)(1)
of the Internal Revenue Code of 1986 (relating to certain taxes) is
amended by striking ``and'' at the end of subparagraph (D), by striking
the period at the end of subparagraph (E) and inserting ``, and'', and
by adding at the end the following new subparagraph:
                    ``(F) section 5896 (relating to windfall profit tax
                on crude oil).''.
    (e) Effective Dates.--
            (1) In general.--Except as provided in paragraph (2), the
        amendments made by this section shall apply to taxable years
        beginning in 2008 and 2009.
            (2) Subsection (d).--The amendments made by subsection (d)
        shall take effect on the date of the enactment of this Act.

Summary: Recapture Excess Profits and Invest in Road (REPAIR) Act of 2008 - Amends the Internal Revenue Code to impose in 2008 or 2009 an excise tax of 25 on the windfall profits of integrated oil companies and other producers and refiners of crude oil with gross receipts over $1 billion. Allows a tax deduction for the payment of the windfall profit tax imposed by this Act. Requires the transfer of windfall profit tax revenues to the Highway Trust Fund.

A bill to amend the Internal Revenue Code of 1986 to impose a temporary windfall profit tax on crude oil and transfer the proceeds of the tax to the Highway Trust Fund, and for other purposes.


SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Helping Responsible Homeowners
Act''.

SEC. 2. AFFORDABLE REFINANCING OF MORTGAGES OWNED OR GUARANTEED BY
              FANNIE MAE AND FREDDIE MAC.

    (a) Definitions.--As used in this Act, the following definitions
shall apply:
            (1) Director.--The term ``Director'' means the Director of
        the Federal Housing Finance Agency.
            (2) Enterprise.--The term ``enterprise'' means the Federal
        National Mortgage Association and the Federal Home Loan
        Mortgage Corporation.
            (3) Qualified mortgage.--The term ``qualified mortgage''
        means a mortgage that--
                    (A) is an existing first mortgage that was made for
                purchase of, or refinancing another first mortgage on,
                a one- to four-family dwelling, including a condominium
                or a share in a cooperative ownership housing
                association, that is occupied by the mortgagor as the
                principal residence of the mortgagor;
                    (B) is owned or guaranteed by the Federal National
                Mortgage Association or the Federal Home Loan Mortgage
                Corporation; and
                    (C) the mortgagor is current on payments due under
                the mortgage.
            (4) Refinancing mortgage.--The term ``refinancing
        mortgage'' means a mortgage that meets the following
        requirements:
                    (A) Refinancing of qualified mortgage.--The
                principal loan amount repayment of which is secured by
                the mortgage shall be used to satisfy all indebtedness
                under an existing qualified mortgage and any closing
                costs from the refinancing of the mortgage that the
                mortgagor chooses to include in the refinanced
                mortgage.
                    (B) Single-family housing.--The property that is
                subject to the mortgage shall be the same property that
                is subject to the qualified mortgage being refinanced.
                    (C) Interest rate.--The mortgage shall bear a fair
                rate of interest, which shall not exceed 40 basis
                points above the required net yield for a 60-day
                commitment to purchase a prime conventional conforming
                fixed rate mortgage as published by the Federal
                National Mortgage Association or the Federal Home Loan
                Mortgage Corporation at the time the interest rate is
                locked in.
                    (D) Loan to value.--The mortgage shall not be
                limited by the loan-to-value ratio.
                    (E) Waiver of prepayment penalties.--All penalties
                for prepayment or refinancing of the qualified mortgage
                that is refinanced by the mortgage, and all fees and
                penalties related to the default or delinquency on such
                mortgage, shall have been waived or forgiven.
                    (F) Term to maturity.--The mortgage shall have a
                term to maturity of not more than 40 years from the
                date of the beginning of the amortization of the
                mortgage.
    (b) Authority.--The Federal National Mortgage Association and the
Federal Home Loan Mortgage Corporation shall each carry out a program
under this section to provide for the refinancing of qualified
mortgages on single-family housing owned by such enterprise through a
refinancing mortgage, and for the purchase of and securitization of
such refinancing mortgages, in accordance with this section and
policies and procedures that the Director of the Federal Housing
Finance Agency shall establish. Such program shall require the Federal
National Mortgage Association and the Federal Home Loan Mortgage
Corporation to purchase or guarantee the refinancing mortgage used to
refinance a qualified mortgage upon the request of the mortgagee.
    (c) Prohibition on Loan Level Price Adjustments and Post Settlement
Delivery Fees.--In carrying out the program established under this
section, the Federal National Mortgage Association and the Federal Home
Loan Mortgage Corporation shall not charge the mortgagee any up-front
fee beyond the standard guarantee fee for the refinancing of the
qualified mortgage through the refinancing mortgage.
    (d) Resubordination of Second Liens.--For any servicer or creditor
holding a second lien on a qualified mortgage who refuses to
resubordinate that lien, thereby preventing the refinancing of the
qualified mortgage, new mortgages originated by that servicer or
creditor shall be ineligible for purchase or guarantee by the Federal
National Mortgage Association or the Federal Home Loan Mortgage
Corporation.
    (e) Termination.--The requirement for an enterprise to refinance
qualified mortgages under this section shall not apply to any request
for refinancing made after the expiration of the 1-year period
beginning on the date of the enactment of this Act. Notwithstanding the
prior sentence, the Director, at his or her discretion, may extend the
program established under this section, and the requirements of such
program shall apply during any such extension, in 1-year increments.
    (f) Regulations.--The Director shall issue any regulations or
guidance necessary to carry out the program established under this
section.

SEC. 3. NOTICE OF THE REFINANCING PROGRAM.

    The Federal National Mortgage Association and the Federal Home Loan
Mortgage Corporation shall require each servicer of a mortgage owned or
guaranteed by each such enterprise to inform each borrower of such
mortgage of the refinancing program authorized and established under
section 2.

SEC. 4. REPORT.

    The Director shall, as part of the monthly Foreclosure Prevention &
Refinance Report published by the Director, include information on the
progress of the refinancing program authorized and established under
section 2.

Summary: Helping Responsible Homeowners Act - Directs the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation each to carry out a one-year program providing for the refinancing of qualified single-family housing mortgages it owns through a refinancing mortgage in accordance with this Act and the policies and procedures of the Federal Housing Finance Agency. Defines a qualified mortgage as one that: (1) is an existing first mortgage for purchase of, or refinancing another first mortgage on, a one- to four-family dwelling, including a condominium or a share in a cooperative ownership housing association, that is occupied by the mortgagor as principal residence, (2) is owned or guaranteed by the particular GSE. And (3) the mortgagor is current on payments due under the mortgage. Specifies the terms and conditions of a refinancing mortgage, including a 40-year term to maturity and a prohibition on borrower fees. Requires waiver or forgiveness of all fees and penalties related to any default or delinquency on the original mortgage. Prohibits the GSEs from charging a mortgagee any up-front fee beyond the standard guarantee fee for the refinancing of the qualified mortgage. Makes ineligible for purchase or guarantee by either GSE of any new mortgage originated by a servicer or creditor holding a second lien on a qualified mortgage who refuses to resubordinate that lien, and thereby prevents the refinancing of the qualified mortgage. Directs the GSEs to require each servicer of a mortgage owned or guaranteed by the GSE to inform each mortgage borrower of the refinancing program authorized and established under this Act.

A bill to provide for the affordable refinancing of mortgages held by Fannie Mae and Freddie Mac.


SECTION 1. LEGAL ASSISTANCE FOR FINANCIALLY NEEDY VETERANS IN
              CONNECTION WITH COURT OF VETERANS APPEALS PROCEEDINGS.

    (a) In General.--Subchapter III of chapter 72 of title 38, United
States Code, is amended by adding at the end the following new section:
``Sec. 7287. Legal assistance for financially needy veterans in
              proceedings before Court
    ``(a)(1) The Court of Veterans Appeals may provide funds in order
to provide financial assistance by grant or contract to legal
assistance entities for purposes of programs described in subsection
(b).
    ``(2) The Court shall seek to provide funds for such purpose
through a nonprofit organization selected by it. If the Court
determines that there exists no nonprofit organization that would be an
appropriate recipient of funds under this section for the purposes
referred to in paragraph (1) and that it is consistent with the mission
of the Court, the Court shall provide financial assistance, by grant or
contract, directly to legal assistance entities for purposes of
permitting such entities to carry out programs described in subsection
(b).
    ``(b)(1) A program referred to in subsection (a) is any program
under which a legal assistance entity uses financial assistance under
this section to provide assistance or carry out activities (including
assistance, services, or activities referred to in paragraph (3)) in
order to ensure that individuals described in paragraph (2) receive,
without charge, legal assistance in connection with decisions to which
section 7252(a) of this title may apply or with other proceedings
before the Court.
    ``(2) An individual referred to in paragraph (1) is any veteran or
other person who--
            ``(A) is or seeks to be a party to an action before the
        Court; and
            ``(B) cannot, as determined by the Court or the entity
        concerned, afford the costs of legal advice and representation
        in connection with that action.
    ``(3) Assistance, services, and activities under a program
described in this subsection may include the following for individuals
described in paragraph (2) in connection with proceedings before the
Court:
            ``(A) Financial assistance to defray the expenses of legal
        advice or representation (other than payment of attorney fees)
        by attorneys, clinical law programs of law schools, and
        veterans service organizations.
            ``(B) Case screening and referral services for purposes of
        referring cases to pro bono attorneys and such programs and
        organizations.
            ``(C) Education and training of attorneys and other legal
        personnel who may appear before the Court by attorneys and such
        programs and organizations.
            ``(D) Encouragement and facilitation of the pro bono
        representation by attorneys and such programs and
        organizations.
    ``(4) A legal assistance entity that receives financial assistance
described in subsection (a) to carry out a program under this
subsection shall make such contributions (including in-kind
contributions) to the program as the nonprofit organization or the
Court, as the case may be, shall specify when providing the assistance.
    ``(5) A legal assistance entity that receives financial assistance
under subsection (a) to carry out a program described in this
subsection may not require or request the payment of a charge or fee in
connection with the program by or on behalf of any individual described
in paragraph (2).
    ``(c)(1) There is authorized to be appropriated to the Court
$750,000 for fiscal year 1998 and the same amount for each succeeding
fiscal year through fiscal year 2001, increased by 3 percent per year,
to carry out this section.
    ``(2) Funds appropriated under this subsection may be used only for
the purposes of subsection (a). Such funds may be provided in advance
or by way of reimbursement, to cover some or all of the administrative
costs of the organization or entity receiving the funds in providing
financial assistance to carry out programs described in subsection (b).
    ``(3) Funds shall be provided under this subsection pursuant to a
written agreement entered into by the Court and the organization or
entity receiving the funds from the Court.
    ``(d) A nonprofit organization may--
            ``(1) accept funds, in advance or by way of reimbursement,
        from the Court under subsection (a) in order to provide the
        financial assistance referred to in that subsection;
            ``(2) provide financial assistance by grant or contract to
        legal assistance entities under this section for purposes of
        permitting such entities to carry out programs described in
        subsection (b);
            ``(3) administer any such grant or contract; and
            ``(4) accept funds, in advance or by way of reimbursement,
        from the Court under subsection (c) in order to cover the
        administrative costs referred to in that subsection.
    ``(e)(1) Not later than February 1 of each year, the Court shall
submit to the Congress a report on the funds and financial assistance
provided under this section during the preceding fiscal year. Based on
the information provided the Court by entities receiving such funds and
assistance, each report shall--
            ``(A) set forth the amount, if any, of funds provided to
        nonprofit organizations under paragraph (2) of subsection (a)
        during the fiscal year covered by the report;
            ``(B) set forth the amount, if any, of financial assistance
        provided to legal assistance entities pursuant to paragraph (1)
        of subsection (a) or under paragraph (2) of that subsection
        during that fiscal year;
            ``(C) set forth the amount, if any, of funds provided to
        nonprofit organizations under subsection (c) during that fiscal
        year; and
            ``(D) describe the programs carried out under this section
        during that fiscal year.
    ``(2) The Court may require that any nonprofit organization and any
legal assistance entity to which funds or financial assistance are
provided under this section provide the Court with such information on
the programs carried out under this section as the Court determines
necessary to prepare a report under this subsection.
    ``(f) For the purposes of this section:
            ``(1) The term `nonprofit organization' means any not-for-
        profit organization that is involved with the provision of
        legal assistance to persons unable to afford such assistance.
            ``(2) The term `legal assistance entity' means a not-for-
        profit organization or veterans service organization capable of
        providing legal assistance to persons with respect to matters
        before the Court.
            ``(3) The term `veterans service organization' means an
        organization referred to in section 5902(a)(1) of this title,
        including an organization approved by the Secretary under that
        section.''.
    (b) Clerical Amendment.--The table of sections at the beginning of
such chapter is amended by inserting after the item relating to section
7286 the following new item:

``7287. Legal assistance for financially needy veterans in proceedings
                            before Court.''.

Summary: Authorizes the Court of Veterans Appeals to provide funds for financial assistance to legal assistance entities to assist financially needy veterans in connection with proceedings before such Court. Permits legal assistance activities in connection with such proceedings to include: (1) financial assistance to defray the expenses of legal advice or representation, (2) case screening and referral services. (3) education and training of attorneys and other legal personnel who may appear before the Court. And (4) encouragement and facilitation of pro bono representation by attorneys, clinical law programs of law schools, and veterans' service organizations. Sets forth provisions regarding: (1) contributions by legal assistance entities receiving financial assistance. (2) a prohibition against such entities requiring or requesting the payment of a charge or fee in connection with the program, and (3) administrative and reporting requirements. Authorizes appropriations.

To amend title 38, United States Code, to authorize the provision of funds in order to provide financial assistance by grant or contract to legal assistance entities for representation of financially needy veterans in connection with proceedings before the United States Court of Veterans Appeals.


<greek-th> x <greek-th> x

SECTION 1. SHORT TITLE.<greek-th> x

    This Act may be cited as the ``Combat Meth Act of
2005''.<greek-th> x <greek-th> x

                   TITLE I--ENFORCEMENT<greek-th> x

SEC. 101. AUTHORIZATION OF APPROPRIATIONS RELATING TO COPS
              GRANTS.<greek-th> x

    (a) In General.--In addition to any other funds authorized to be
appropriated for fiscal year 2006 for grants under part Q of title I of
the Omnibus Crime Control and Safe Streets Act of 1968 (42 U.S.C.
3796dd et seq.), commonly known as the COPS program, there are
authorized to be appropriated $15,000,000 for such purpose to provide
training to State and local prosecutors and law enforcement agents for
the investigation and prosecution of methamphetamine
offenses.<greek-th> x
    (b) Rural Set-Aside.--Of amounts made available under subsection
(a), $3,000,000 shall be available only for prosecutors and law
enforcement agents for rural communities.<greek-th> x

SEC. 102. EXPANSION OF METHAMPHETAMINE HOT SPOTS PROGRAM TO INCLUDE
              PERSONNEL AND EQUIPMENT FOR ENFORCEMENT, PROSECUTION, AND
              CLEANUP.<greek-th> x

    Section 1701(d) of the Omnibus Crime Control and Safe Streets Act
of 1968 (42 U.S.C. 3796dd(d)) is amended--<greek-th> x
            (1) in paragraph (11) by striking ``and'' at the
        end;<greek-th> x
            (2) in paragraph (12) by striking the period at the end and
        inserting ``; and''; and<greek-th> x
            (3) by adding at the end the
        following:<greek-th> x <greek-th> x <greek-th> x
            ``(13) hire personnel and purchase equipment to assist in
        the enforcement and prosecution of methamphetamine offenses and
        the cleanup of methamphetamine-affected
        areas.''.<greek-th> x <greek-th> x <greek-th> x

SEC. 103. SPECIAL UNITED STATES ATTORNEYS'
              PROGRAM.<greek-th> x <greek-th> x <greek-th> x

    (a) In General.--The Attorney General shall allocate any amounts
appropriated pursuant to the authorization under subsection (c) for the
hiring and training of special assistant United States
attorneys.<greek-th> x <greek-th> x <greek-th> x
    (b) Use of Funds.--The funds allocated under subsection (a) shall
be used to--<greek-th> x <greek-th> x <greek-th> x
            (1) train local prosecutors in techniques used to prosecute
        methamphetamine cases, including the presentation of evidence
        related to the manufacture of
        methamphetamine;<greek-th> x <greek-th> x <greek-th> x
            (2) train local prosecutors in Federal and State laws
        involving methamphetamine manufacture or
        distribution;<greek-th> x <greek-th> x <greek-th> x
            (3) cross-designate local prosecutors as special assistant
        United States attorneys;
        and<greek-th> x <greek-th> x <greek-th> x
            (4) hire additional local prosecutors who--
        <greek-th> x <greek-th> x <greek-th> x
                    (A) with the approval of the United States
                attorney, shall be cross-designated to prosecute both
                Federal and State methamphetamine
                cases;<greek-th> x <greek-th> x <greek-th> x
                    (B) shall be assigned a caseload, whether in State
                court or Federal court, that gives the highest priority
                to cases in which--
                <greek-th> x <greek-th> x <greek-th> x
                            (i) charges related to methamphetamine
                        manufacture or distribution are submitted by
                        law enforcement for consideration;
                        and<greek-th> x <greek-th> x <greek-th> x
                            (ii) the defendant has been previously
                        convicted of a crime related to methamphetamine
                        manufacture or
                        distribution.<greek-th> x <greek-th> x <greek-th>
                         x
    (c) Authorization of Appropriations.--There are authorized to be
appropriated $5,000,000 for each of the fiscal years 2006 and 2007 to
carry out the provisions of this
section.<greek-th> x <greek-th> x <greek-th> x

SEC. 104. PSEUDOEPHEDRINE AMENDMENTS TO CONTROLLED SUBSTANCES
              ACT.<greek-th> x <greek-th> x <greek-th> x

    (a) Addition of Pseudoephedrine to Schedule V.--Section 202 of the
Controlled Substances Act (21 U.S.C. 812) is amended by adding at the
end the following:<greek-th> x <greek-th> x <greek-th> x
            ``(6) Any detectable quantity of pseudoephedrine, its salts
        or optical isomers, or salts of optical
        isomers.''.<greek-th> x <greek-th> x <greek-th> x
    (b) Prescriptions.--Section 309(c) of the Controlled Substances Act
(21 U.S.C. 829(c)) is amended--<greek-th> x <greek-th> x <greek-th> x
            (1) by inserting ``(1)'' before ``No controlled
        substance''; and<greek-th> x <greek-th> x <greek-th> x
            (2) by adding at the end the
        following:<greek-th> x <greek-th> x <greek-th> x
    ``(2) If the substance described in paragraph (6) of Schedule V of
section 202 is dispensed, sold, or distributed in a pharmacy--
<greek-th> x <greek-th> x <greek-th> x
            ``(A) the substance shall be dispensed, sold, or
        distributed only by a licensed pharmacist or a licensed
        pharmacy technician; and<greek-th> x <greek-th> x <greek-th> x
            ``(B) any person purchasing, receiving, or otherwise
        acquiring any such substance shall--
        <greek-th> x <greek-th> x <greek-th> x
                    ``(i) produce a photo identification showing the
                date of birth of such person;
                and<greek-th> x <greek-th> x <greek-th> x
                    ``(ii) sign a written log or receipt showing--
                <greek-th> x <greek-th> x <greek-th> x
                            ``(I) the date of the
                        transaction;<greek-th> x <greek-th> x <greek-th>
                         x
                            ``(II) the name of the person;
                        and<greek-th> x <greek-th> x <greek-th> x
                            ``(III) the name and the amount of the
                        substance purchased, received, or otherwise
                        acquired.<greek-th> x <greek-th> x <greek-th> x

    ``(3)(A) No person shall purchase, receive, or otherwise acquire
more than 9 grams of the substance described in paragraph (6) of
Schedule V of section 202 within any 30-day
period.<greek-th> x <greek-th> x <greek-th> x
    ``(B) The limit described in subparagraph (A) shall not apply to
any quantity of such substance dispensed under a valid
prescription.<greek-th> x <greek-th> x <greek-th> x
    ``(4)(A) The Director of the Federal Drug Administration, by rule,
may exempt a product from Schedule V of section 202 if the Director
determines that the produce is not used in the illegal manufacture of
methamphetamine or other controlled dangerous
substance.<greek-th> x <greek-th> x <greek-th> x
    ``(B) The Director of the Federal Drug Administration, upon the
application of a manufacturer of a drug product, may exempt the product
from Schedule V of section 202 if the Director determines that the
product has been formulated in such a way as to effectively prevent the
conversion of the active ingredient into
methamphetamine.<greek-th> x <greek-th> x <greek-th> x
    ``(C) The Director of the Federal Drug Administration, by rule, may
authorize the sale of the substance described in paragraph (6) of
Schedule V of section 202 by persons other than licensed pharmacists or
licensed pharmacy technicians if--
<greek-th> x <greek-th> x <greek-th> x
            ``(i) the Director finds evidence that the absence of a
        pharmacy creates a hardship for a community;
        and<greek-th> x <greek-th> x <greek-th> x <greek-th> x
            ``(ii) the authorized personnel follow the procedure set
        forth in this Act''.<greek-th> x <greek-th> x

      TITLE II--EDUCATION, PREVENTION, AND TREATMENT<greek-th> x

SEC. 201. GRANTS FOR SERVICES FOR CHILDREN OF SUBSTANCE
              ABUSERS.<greek-th> x

    Section 519 of the Public Health Service Act (42 U.S.C. 290bb0925)
is amended--<greek-th> x
            (1) in subsection (b), by inserting after paragraph (8) the
        following:<greek-th> x
            ``(9) Development of drug endangered children rapid
        response teams that will intervene on behalf of children
        exposed to methamphetamine as a result of residing or being
        present in a home-based clandestine drug laboratory.'';
        and<greek-th> x
            (2) in subsection (o)--<greek-th> x
                    (A) by striking ``For the purpose'' and inserting
                the following:<greek-th> x
            ``(1) In general.--For the purpose''; and<greek-th> x
                    (B) by adding at the end the
                following:<greek-th> x
            ``(2) Drug endangered children rapid response teams.--There
        are authorized to be appropriated $2,500,000 for each of the
        fiscal years 2006 and 2007 to carry out the provisions of
        subsection (b)(9).''.<greek-th> x

SEC. 202. LOCAL GRANTS FOR TREATMENT OF METHAMPHETAMINE ABUSE AND
              RELATED CONDITIONS.<greek-th> x

    Subpart 1 of part B of title V of the Public Health Service Act (42
U.S.C. 290bb et seq.) is amended--<greek-th> x
            (1) by redesignating the section 514 that relates to
        methamphetamine and appears after section 514A as section
        514B;<greek-th> x
            (2) in section 514B, as redesignated--<greek-th> x
                    (A) by amending subsection (a)(1) to read as
                follows:<greek-th> x
            ``(1) Grants authorized.--The Secretary may award grants to
        States, political subdivisions of States, American Indian
        Tribes, and private, nonprofit entities to provide treatment
        for methamphetamine abuse.'';<greek-th> x
                    (B) by amending subsection (b) to read as
                follows:<greek-th> x
    ``(b) Priority for Rural Areas.--In awarding grants under
subsection (a), the Secretary shall give priority to entities that will
serve rural areas experiencing an increase in methamphetamine abuse.'';
and<greek-th> x
                    (C) in subsection (d)(1), by striking ``2000'' and
                all that follows and inserting ``2005 and such sums as
                may be necessary for each of fiscal years 2006 through
                2009''; and<greek-th> x
            (3) by inserting after section 514B, as redesignated, the
        following:<greek-th> x

``SEC. 514C. METHAMPHETAMINE RESEARCH, TRAINING, AND TECHNICAL
              ASSISTANCE CENTER.<greek-th> x

    ``(a) Program Authorized.--The Secretary, acting through the
Administrator, and in consultation with the Director of the National
Institutes of Health, shall award grants to, or enter into contracts
with, public or private, nonprofit entities to establish a research,
training, and technical assistance center to carry out the activities
described in subsection (d).<greek-th> x
    ``(b) Application.--A public or private, nonprofit entity seeking a
grant or contract under subsection (a) shall submit an application to
the Secretary at such time, in such manner, and containing such
information as the Secretary may require.<greek-th> x
    ``(c) Condition.--In awarding grants or entering into contracts
under subsection (a), the Secretary shall ensure that not less than 1
of the centers will focus on methamphetamine abuse in rural
areas.<greek-th> x
    ``(d) Authorized Activities.--Each center established under this
section shall--<greek-th> x
            ``(1) engage in research and evaluation of the
        effectiveness of treatment modalities for the treatment of
        methamphetamine abuse;<greek-th> x
            ``(2) disseminate information to public and private
        entities on effective treatments for methamphetamine
        abuse;<greek-th> x
            ``(3) provide direct technical assistance to States,
        political subdivisions of States, and private entities on how
        to improve the treatment of methamphetamine abuse;
        and<greek-th> x
            ``(4) provide training on the effects of methamphetamine
        use and on effective ways of treating methamphetamine abuse to
        substance abuse treatment professionals and community
        leaders.<greek-th> x
    ``(e) Reports.--Each grantee or contractor under this section shall
annually submit a report to the Administrator that contains--
<greek-th> x
            ``(1) a description of the previous year's activities of
        the center established under this section;<greek-th> x
            ``(2) effective treatment modalities undertaken by the
        center; and<greek-th> x
            ``(3) evidence to demonstrate that such treatment
        modalities were successful.<greek-th> x
    ``(f) Authorization of Appropriations.--There are authorized to be
appropriated to carry out this section $3,000,000 for fiscal year 2006
and such sums as may be necessary for each of fiscal years 2007 and
2008.''.<greek-th> x

SEC. 203. METHAMPHETAMINE PRECURSOR MONITORING GRANTS.<greek-th> x

    (a) Grants Authorized.--The Attorney General, acting through the
Bureau of Justice Assistance, may award grants to States to establish
methamphetamine precursor monitoring programs.<greek-th> x
    (b) Purpose.--The purpose of the grant program established under
this section is to--<greek-th> x
            (1) prevent the sale of methamphetamine precursors, such as
        pseudoephedrine, to individuals in quantities so large that the
        only reasonable purpose of the purchase would be to manufacture
        methamphetamine;<greek-th> x
            (2) educate businesses that legally sell methamphetamine
        precursors of the need to balance the legitimate need for
        lawful access to medication with the risk that those substances
        may be used to manufacture methamphetamine; and<greek-th> x
            (3) recalibrate existing prescription drug monitoring
        programs designed to track the sale of controlled substances to
        also track the sale of pseudoephedrine in any amount greater
        than 6 grams.<greek-th> x
    (c) Use of Grant Funds.--Grant funds awarded to States under this
section may be used to--<greek-th> x
            (1) implement a methamphetamine precursor monitoring
        program, including hiring personnel and purchasing computer
        hardware and software designed to monitor methamphetamine
        precursor purchases;<greek-th> x
            (2) expand existing methamphetamine precursor or
        prescription drug monitoring programs to accomplish the
        purposes described in subsection (b);<greek-th> x
            (3) pay for training and technical assistance for law
        enforcement personnel and employees of businesses that lawfully
        sell substances, which may be used as methamphetamine
        precursors;<greek-th> x
            (4) improve information sharing between adjacent States
        through enhanced connectivity; or<greek-th> x
            (5) make grants to subdivisions of the State to implement
        methamphetamine precursor monitoring programs.<greek-th> x
    (d) Application.--Any State seeking a grant under this section
shall submit an application to the Attorney General at such time, in
such manner, and containing such information as the Attorney General
may require.<greek-th> x <greek-th> x
    (e) Authorization of Appropriations.--There are authorized to be
appropriated $5,000,000 for each of the fiscal years 2006 and 2007 to
carry out the provisions of this section.<greek-th> x <greek-th> x
                                 08  x

Summary: Combat Meth Act of 2005 - Authorizes funds to provide training to State and local prosecutors and law enforcement agents for investigation and prosecution of methamphetamine offenses, including a set-aside for prosecutors and law enforcement agents for rural communities. Amends: (1) the Omnibus Crime Control and Safe Streets Act of 1968 to expand the public safety and community policing grant program to authorize the use of grant funds to hire personnel and purchase equipment to assist in enforcing and prosecuting methamphetamine offenses and in cleaning up methamphetamine-affected areas. (2) the Controlled Substances Act to add pseudoephedrine to schedule V. And (3) the Public Health Service Act to authorize grants for the development of drug endangered children rapid response teams and grants to local governments, Indian tribes, and nonprofit private entities to provide treatment for methamphetamine abuse. Directs the Attorney General to allocate funds for the hiring and training of special assistant US attorneys. Authorizes the Attorney General, acting through the Bureau of Justice Assistance, to award grants to States to establish methamphetamine precursor monitoring programs.

To respond to the illegal production, distribution, and use of methamphetamine in the United States, and for other purposes.


SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Pharmaceutical Supply and Value
Enhancement Act'' or the ``Pharmaceutical SAVE Act''.

SEC. 2. TEMPORARY IMPORTATION OF PRESCRIPTION DRUGS.

    (a) Temporary Importation.--Section 506C of the Federal Food, Drug,
and Cosmetic Act (21 U.S.C. 356c) is amended--
            (1) by redesignating subsections (h) and (i) as subsections
        (i) and (j), respectively; and
            (2) by inserting after subsection (g) the following:
    ``(h) Temporary Importation Authority.--
            ``(1) In general.--If, based on notifications described in
        subsection (a) or any other relevant information, the Secretary
        concludes that there is, or is likely to be, a drug shortage of
        a drug described in subsection (a), except as provided in
        paragraph (3), the Secretary shall authorize importation of
        such drug for a period of up to 3 years if--
                    ``(A) the drug is a drug subject to section
                503(b)(1), other than a drug described in subparagraphs
                (A) through (F) of section 804(a)(3);
                    ``(B) the drug is authorized to be lawfully
                marketed in one or more of the countries included in
                the list under section 802(b)(1);
                    ``(C) the imported drug has the same active
                ingredient as the drug for which there is a shortage
                described in subsection (i)(2)(B) with respect to
                manufacturers in the United States;
                    ``(D) the manufacturer certifies to the Secretary
                that it intends to seek approval of the drug under
                section 505(j); and
                    ``(E) an importer (as defined in section 804(a))
                files with the Secretary information--
                            ``(i) attesting that the requirements under
                        subparagraphs (A) through (D) are satisfied;
                            ``(ii) identifying the drug the importer
                        proposes to import and the manufacturer from
                        whom the importer proposes to import such drug;
                        and
                            ``(iii) requesting authority to import the
                        drug.
            ``(2) Beginning date of importation.--If all of the
        conditions under paragraph (1) are met, the Secretary shall
        authorize importation of a drug in accordance with such
        paragraph beginning not later than 60 days after receipt of the
        information under paragraph (1)(E).
            ``(3) Discretionary denial of importation.--The Secretary
        may deny importation of a drug otherwise qualified for
        importation under paragraph (1) if the Secretary determines
        that--
                    ``(A) the drug is not safe and effective;
                    ``(B) the drug is used in conjunction with a device
                for which there is no reasonable assurance of safety
                and effectiveness; or
                    ``(C) the authorization to market the drug in one
                or more of the countries included in the list under
                section 802(b)(1) has been rescinded or withdrawn
                because of any concern relating to the safety or
                effectiveness of the drug.
            ``(4) Termination of authority.--The authority to import a
        drug pursuant to paragraph (1) shall terminate after 3 years,
        or when the drug shortage no longer applies, whichever occurs
        first.''.
    (b) Noncompetitive Drug Markets.--Chapter V of the Federal Food,
Drug, and Cosmetic Act (21 U.S.C. 351 et seq.) is amended by inserting
after section 506C-1 the following:

``SEC. 506C-2. NONCOMPETITIVE DRUG MARKETS.

    ``(a) In General.--If the Secretary determines under subsection (b)
that a noncompetitive market exists with respect to an applicable drug,
the Secretary--
            ``(1) shall treat such noncompetitive market as creating a
        drug shortage for purposes of section 506C(g), and may expedite
        the review of applications and inspections in accordance with
        such subsection; and
            ``(2) shall treat such noncompetitive market as creating a
        drug shortage for purposes of section 506C(h), and shall
        authorize importation of the drug in accordance with such
        subsection.
    ``(b) Determination of Noncompetitive Market.--
            ``(1) In general.--The Secretary shall determine that a
        noncompetitive market exists with respect to an applicable drug
        if--
                    ``(A) for at least 2 consecutive months prior to
                the determination, fewer than 5 drugs approved under
                section 505(c) (referred to in this paragraph as the
                `applicable listed drug') or under section 505(j) that
                reference the applicable listed drug were commercially
                available in the United States;
                    ``(B) the applicable listed drug was approved at
                least 10 years before such determination; and
                    ``(C) each patent which claims an active ingredient
                of the applicable listed drug has expired.
            ``(2) Commercially available.--
                    ``(A) In general.--For purposes of paragraph
                (1)(A), a drug is not commercially available in the
                United States if--
                            ``(i) the holder of an application approved
                        under subsection (c) or (j) of section 505 has
                        publicly announced that it has discontinued the
                        manufacturing of the drug;
                            ``(ii) a drug approved under subsection (c)
                        or (j) of section 505 has been withdrawn or
                        discontinued; or
                            ``(iii) the Secretary has any other
                        reasonable basis to conclude that a drug
                        approved under subsection (c) or (j) of section
                        505 is not competitively relevant.
                    ``(B) Holder of approved application.--In
                determining whether 5 drugs are commercially available
                under paragraph (1)(A), in the case of a single person
                who is the holder of more than 1 application approved
                as described in paragraph (1)(A) with respect to an
                applicable drug, only 1 such drug shall be considered
                to be commercially available.
    ``(c) Applicable Drug.--In this section, the term `applicable drug'
means a drug that is not a radio pharmaceutical drug product or any
other product as designated by the Secretary.''.
    (c) Annual Reporting on Drug Shortages.--Section 506C-1(a)(3)(B) of
the Federal Food, Drug, and Cosmetic Act (21 U.S.C. 356c-1(a)(3)(B)) is
amended--
            (1) in clause (i), by striking ``; and'' and inserting
        ``;'';
            (2) in clause (ii), by adding ``and'' after the semicolon;
        and
            (3) by inserting after clause (ii) the following:
                    ``(iii) the number of drugs authorized for
                temporary importation under section 506C(h);''.

Summary: Pharmaceutical Supply and Value Enhancement Act or the Pharmaceutical SAVE Act This bill amends the Federal Food, Drug, and Cosmetic Act to require the Food and Drug Administration (FDA) to authorize importation of life-saving drugs for which there is, or is likely to be, a shortage. For a drug to be imported, the drug's manufacturer must intend to seek FDA approval of the drug as a generic drug. The FDA may deny importation of a drug for reasons related to safety or effectiveness. Drugs in noncompetitive markets must be treated as being in a shortage for purposes of this bill and for purposes of expedited inspections and review. A drug is in a noncompetitive market if: (1) there are fewer than five holders of approved applications for commercially available brand name or generic versions of the drug, (2) the drug has been approved for at least 10 years, and (3) patents on the active ingredient of the drug have expired.


SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Preserving Access to Manufactured
Housing Act of 2013''.

SEC. 2. MORTGAGE ORIGINATOR DEFINITION.

    (a) Amendment to Definition.--Section 1401 of the Dodd-Frank Wall
Street Reform and Consumer Protection Act is amended, in paragraph
(2)(C)(ii) of the matter proposed to be added to section 103 of the
Truth in Lending Act, by striking ``an employee of a retailer of
manufactured homes who is not described in clause (i) or (iii) of
subparagraph (A) and who does not advise a consumer on loan terms
(including rates, fees, and other costs)'' and inserting ``a retailer
of manufactured or modular homes or its employees unless such retailer
or its employees receive compensation or gain for engaging in
activities described in subparagraph (A) that is in excess of any
compensation or gain received in a comparable cash transaction''.
    (b) Technical Amendments.--(1) Section 1401 of the Dodd-Frank Wall
Street Reform and Consumer Protection Act is amended, in the matter
proposed to be added to section 103 of the Truth in Lending Act, by
redesignating subsection (cc) as subsection (dd).
    (2) Section 1431(d) of the Dodd-Frank Wall Street Reform and
Consumer Protection Act is amended--
            (A) by striking ``subsection (cc)'' and inserting
        ``subsection (dd)''; and
            (B) in the matter proposed to be added to section 103 of
        the Truth in Lending Act by redesignating subsection (dd) as
        subsection (ee).
    (c) Effective Date.--The amendments made by this section shall take
effect as if included in the provisions of the Dodd-Frank Wall Street
Reform and Consumer Protection Act to which they relate.

SEC. 3. HIGH-COST MORTGAGE DEFINITION.

    Section 103 of the Truth in Lending Act (15 U.S.C. 1602) is
amended--
            (1) by redesignating subsection (aa) (relating to
        disclosure of greater amount or percentage), as so designated
        by section 1100A of Public Law 111-203, as subsection (bb);
            (2) by redesignating subsection (bb) (relating to high cost
        mortgages), as so designated by section 1100A of Public Law
        111-203, as subsection (aa), and moving such subsection to
        immediately follow subsection (z); and
            (3) in subsection (aa)(1)(A), as so redesignated--
                    (A) in clause (i)(I)--
                            (i) by striking ``(8.5 percentage points,
                        if the dwelling is personal property and the
                        transaction is for less than $50,000)''; and
                            (ii) by striking ``or'' at the end;
                    (B) in clause (i)(II), by adding ``or'' at the end;
                    (C) in clause (i), by adding at the end the
                following:
                                    ``(III) by a first mortgage on a
                                consumer's principal dwelling that is
                                considered personal property (or is a
                                consumer credit transaction that does
                                not include the purchase of real
                                property on which a dwelling is to be
                                placed), the annual percentage rate at
                                consummation of the transaction will
                                exceed the average prime offer rate, as
                                defined in section 129C(b)(2)(B), for a
                                comparable transaction, by more than--
                                            ``(aa) 8.5 percentage
                                        points, in the case of a
                                        transaction in an amount of
                                        $50,000 or more, but less than
                                        $75,000 (as such amounts are
                                        adjusted by the Bureau to
                                        reflect the change in the
                                        Consumer Price Index);
                                            ``(bb) 10.5 percentage
                                        points, in the case of a
                                        transaction in an amount of
                                        more than $30,000, but less
                                        than $50,000 (as such amounts
                                        are adjusted by the Bureau to
                                        reflect the change in the
                                        Consumer Price Index); or
                                            ``(cc) 12.5 percentage
                                        points, in the case of a
                                        transaction in an amount of
                                        $30,000 or less (as such amount
                                        is adjusted by the Bureau to
                                        reflect the change in the
                                        Consumer Price Index), or a
                                        higher percentage established
                                        by the Bureau not to exceed
                                        14.5 percentage points in such
                                        cases, if the Bureau determines
                                        that the lower rate would
                                        restrict access to credit and
                                        that raising the rate would not
                                        have a detrimental impact on
                                        consumer protection.''; and
                    (D) in clause (ii)--
                            (i) in subclause (I), by striking ``or'' at
                        the end; and
                            (ii) by adding at the end the following:
                                    ``(III) in the case of a
                                transaction for less than $75,000 (as
                                such amount is adjusted by the Bureau
                                to reflect the change in the Consumer
                                Price Index) in which the dwelling is
                                considered personal property (or is a
                                consumer credit transaction that does
                                not include the purchase of real
                                property on which a dwelling is to be
                                placed) the greater of 5 percent of the
                                total transaction amount or $3,000 (as
                                such amount is adjusted by the Bureau
                                to reflect the change in the Consumer
                                Price Index); or''.

Summary: Preserving Access to Manufactured Housing Act of 2013 - Amends the Dodd-Frank Wall Street Reform and Consumer Protection Act to revise the exclusion from the meaning of quot, mortgage originatorquot. Of any employee of a retailer of manufactured homes who does not for compensation or gain take residential mortgage loan applications, for compensation or gain offer or negotiate terms of a residential mortgage loan, or advise a consumer on loan terms . Excludes from the meaning of quot, mortgage originator,quot. Instead, any retailer of manufactured or modular homes or its employees unless the retailer or its employees receive compensation or gain for engaging in certain activities in excess of any compensation or gain received in a comparable cash transaction. Amends the Truth in Lending Act to revise the definition of high cost mortgage.


SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Southern Nevada Higher Education
Land Act of 2008''.

SEC. 2. FINDINGS; PURPOSE.

    (a) Findings.--Congress finds that--
            (1) southern Nevada is one of the fastest growing regions
        in the United States, with 750,000 new residents added since
        2000 and 250,000 residents expected to be added by 2010;
            (2) the Nevada System of Higher Education serves more than
        70,000 undergraduate and graduate students in southern Nevada,
        with enrollment in the System expected to grow by 21 percent
        during the next 10 years, which would bring enrollment to a
        total of 85,000 students in the System;
            (3) the Nevada System of Higher Education campuses in
        southern Nevada comprise 1,200 acres, one of the smallest land
        bases of any major higher education system in the western
        United States;
            (4) the University of Nevada, Las Vegas, with 28,500
        students and 3,300 faculty and staff, is the fourth fastest-
        growing research university in the United States;
            (5) the College of Southern Nevada--
                    (A) serves 39,000 students each semester; and
                    (B) is near capacity at each of the 3 urban
                campuses of the College;
            (6) Pahrump, located in rural Nye County, Nevada--
                    (A) has grown by 20 percent since 2000; and
                    (B) has a small satellite campus of Great Basin
                College to serve the 40,500 residents of Pahrump,
                Nevada; and
            (7) the Nevada System of Higher Education needs additional
        land to provide for the future growth of the System,
        particularly for the University of Nevada, Las Vegas, the
        College of Southern Nevada, and the Pahrump campus of Great
        Basin College.
    (b) Purposes.--The purposes of this Act are--
            (1) to provide additional land for a thriving higher
        education system that serves the residents of fast-growing
        southern Nevada;
            (2) to provide residents of the State with greater
        opportunities to pursue higher education and the resulting
        benefits, which include increased earnings, more employment
        opportunities, and better health; and
            (3) to provide communities in southern Nevada the economic
        and societal values of higher education, including economic
        growth, lower crime rates, greater civic participation, and
        less reliance on social services.

SEC. 3. DEFINITIONS.

    In this Act:
            (1) Board of regents.--The term ``Board of Regents'' means
        the Board of Regents of the Nevada System of Higher Education.
            (2) Campuses.--The term ``Campuses'' means the Great Basin
        College, College of Southern Nevada, and University of Las
        Vegas, Nevada, campuses.
            (3) Federal land.--The term ``Federal land'' means each of
        the 3 parcels of Bureau of Land Management land identified on
        the maps as ``Parcel to be Conveyed'', of which--
                    (A) approximately 40 acres is to be conveyed for
                the College of Southern Nevada;
                    (B) approximately 2,085 acres is to be conveyed for
                the University of Nevada, Las Vegas; and
                    (C) approximately 285 acres is to be conveyed for
                the Great Basin College.
            (4) Map.--The term ``Map'' means each of the 3 maps
        entitled ``Southern Nevada Higher Education Land Act'', dated
        July 11, 2008, and on file and available for public inspection
        in the appropriate offices of the Bureau of Land Management.
            (5) Secretary.--The term ``Secretary'' means the Secretary
        of the Interior.
            (6) State.--The term ``State'' means the State of Nevada.
            (7) System.--The term ``System'' means the Nevada System of
        Higher Education.

SEC. 4. CONVEYANCES OF FEDERAL LAND TO THE SYSTEM.

    (a) Conveyances.--
            (1) In general.--Notwithstanding section 202 of the Federal
        Land Policy and Management Act of 1976 (43 U.S.C. 1712) and
        section 1(c) of the Act of June 14, 1926 (commonly known as the
        ``Recreation and Public Purposes Act'') (43 U.S.C. 869(c)), and
        subject to all valid existing rights, the Secretary shall--
                    (A) not later than 180 days after the date of
                enactment of this Act, convey to the System, without
                consideration, all right, title, and interest of the
                United States in and to the Federal land for the Great
                Basin College and the College of Southern Nevada; and
                    (B) not later than 180 days after the receipt of
                certification of acceptable remediation of
                environmental conditions existing on the parcel to be
                conveyed for the University of Nevada, Las Vegas,
                convey to the System, without consideration, all right,
                title, and interest of the United States in and to the
                Federal land for the University of Nevada, Las Vegas.
            (2) Phases.--The Secretary may phase the conveyance of the
        Federal land under paragraph (1)(B) as remediation is
        completed.
    (b) Conditions.--
            (1) In general.--As a condition of the conveyance under
        subsection (a)(1), the Board of Regents shall agree in
        writing--
                    (A) to pay any administrative costs associated with
                the conveyance, including the costs of any
                environmental, wildlife, cultural, or historical
                resources studies;
                    (B) to use the Federal land conveyed for
                educational and recreational purposes;
                    (C) to release and indemnify the United States from
                any claims or liabilities that may arise from uses
                carried out on the Federal land on or before the date
                of enactment of this Act by the United States or any
                person;
                    (D) as soon as practicable after the date of the
                conveyance under subsection (a)(1), to erect at each of
                the Campuses an appropriate and centrally located
                monument that acknowledges the conveyance of the
                Federal land by the United States for the purpose of
                furthering the higher education of the citizens in the
                State; and
                    (E) to assist the Bureau of Land Management in
                providing information to the students of the System and
                the citizens of the State on--
                            (i) public land (including the management
                        of public land) in the Nation; and
                            (ii) the role of the Bureau of Land
                        Management in managing, preserving, and
                        protecting the public land in the State.
            (2) Agreement with nellis air force base.--As a condition
        of the conveyance of the Federal land for the University of
        Nevada, Las Vegas under subsection (a)(1)(B), the Board of
        Regents shall enter into a cooperative interlocal agreement
        with Nellis Air Force Base that is consistent with the missions
        of the System and the United States Air Force.
    (c) Use of Federal Land.--
            (1) In general.--The System may use the Federal land
        conveyed under subsection (a)(1) for--
                    (A) any purpose relating to the establishment,
                operation, growth, and maintenance of the System; and
                    (B) any uses relating to the purposes, including
                residential and commercial development that would
                generally be associated with an institution of higher
                education.
            (2) Other entities.--The System may--
                    (A) consistent with Federal and State law, lease,
                or otherwise provide property or space at, the
                Campuses, with or without consideration, to religious,
                public interest, community, or other groups for
                services and events that are of interest to the System
                or to any community located in southern Nevada;
                    (B) allow any other communities in southern Nevada
                to use facilities of the Campuses for educational and
                recreational programs of the community; and
                    (C) in conjunction with the city of Las Vegas,
                North Las Vegas, or Pahrump or Clark or Nye County
                plan, finance (including through the provision of cost-
                share assistance), construct, and operate facilities
                for the city of Las Vegas, North Las Vegas, or Pahrump
                or Clark or Nye County on the Federal land conveyed for
                educational or recreational purposes consistent with
                this section.
    (d) Reversion.--
            (1) In general.--If the Federal land or any portion of the
        Federal land conveyed under subsection (a)(1) ceases to be used
        for the System, the Federal land, or any portion of the Federal
        land shall, at the discretion of the Secretary, revert to the
        United States.
            (2) University of nevada, las vegas.--If the System fails
        to complete the first building or show progression toward
        development of the University of Nevada, Las Vegas campus on
        the applicable parcels of Federal land by the date that is 50
        years after the date of receipt of certification of acceptable
        remediation of environmental conditions, the parcels of the
        Federal land described in section 3(3)(B) shall, at the
        discretion of the Secretary, revert to the United States.

Summary: Southern Nevada Higher Education Land Act of 2008 - Directs the Secretary of the Interior to convey three parcels of Bureau of Land Management (BLM) land to: (1) the Nevada System of Higher Education for the Great Basin College and the College of Southern Nevada. And (2) the System for the University of Nevada, Las Vegas. Specifies that the Nevada System of Higher Education may use the conveyed federal land for any purpose relating to the establishment, operation, growth, and maintenance of the System and for any uses related to such purposes, including residential and commercial development that would generally be associated with an institution of higher education.

To direct the Secretary of the Interior to convey to the Nevada System of Higher Education certain Federal land located in Clark and Nye counties, Nevada, and for other purposes.


SECTION 1. SHORT TITLE.

    This Act may be cited as the ``King Holiday and Service Act of
1993''.

SEC. 2. MARTIN LUTHER KING, JR. FEDERAL HOLIDAY COMMISSION.

    The Act entitled ``An Act to establish a commission to assist in
the first observance of the Federal legal holiday honoring Martin
Luther King, Jr.'', approved August 27, 1984 (36 U.S.C. 169j et seq.;
Public Law 98-399; 98 Stat. 1473) is amended--
            (1) in section 3(1) by inserting ``including service
        opportunities'' after ``activities'';
            (2) in section 4 by adding at the end thereof the following
        new subsections:
    ``(e)(1) No less than 3 of the members appointed to the Commission
under the provisions of subsection (a)(6) shall be under the age of 29
years on the date of such appointment.
    ``(2) The requirement under paragraph (1) shall apply with regard
to appointments made during fiscal year 1994 and each fiscal year
thereafter.
    ``(f) The Chairperson of the Board of the Commission on National
and Community Service established under section 190 of the National and
Community Service Act of 1990 (42 U.S.C. 12651) shall be an ex officio
member of the Martin Luther King, Jr. Federal Holiday Commission. Such
ex officio member shall be a voting member.'';
            (3) in section 6(a) by striking out ``grade GS-18 of the
        General Schedule under section 5332'' and inserting in lieu
        thereof ``a position above GS-15 of the General Schedule under
        section 5108'';
            (4) in section 7 by striking out ``$300,000 for fiscal year
        1989 and each of the 4 succeeding fiscal years.'' and inserting
        in lieu thereof ``$300,000 for each of fiscal years 1994 and
        1995 and such funds as may be necessary for each of fiscal
        years 1996 and 1997.'';
            (5) in section 8 by inserting after ``under this Act'' the
        following: ``or under section 168 of the National and Community
        Service Act of 1990''; and
            (6) in section 9 by striking out ``April 20, 1994'' and
        inserting in lieu thereof ``until terminated by law''.

SEC. 3. NATIONAL SERVICE DAY.

    Part IV of subtitle E of title I of the National and Community
Service Act of 1990 (42 U.S.C. 12621 et seq.) is amended by adding at
the end thereof the following:

``SEC. 168. NATIONAL SERVICE DAY.

    ``(a) Grants.--The Commission may make grants under section 102 to
eligible entities to pay for the Federal share of the cost of planning
and carrying out service opportunities on the Federal legal holiday
honoring the birthday of Martin Luther King, Jr.
    ``(b) Eligible Entities.--To be eligible to receive a grant under
subsection (a), an entity shall be a State, community, institution of
higher education, local educational agency, State educational agency, a
private industry council established under section 102 of the Job
Training Partnership Act (29 U.S.C. 1512), or a community-based agency.
    ``(c) Application.--To be eligible to receive a grant under
subsection (a), an entity shall submit an application at such time, in
such manner, and containing such information as the Commission may
require.
    ``(d) Consideration of Applications.--
            ``(1) Consultation.--In making grants under subsection (a),
        the Commission shall consult with the Martin Luther King, Jr.
        Federal Holiday Commission.
            ``(2) Recommendations.--The Martin Luther King, Jr. Federal
        Holiday Commission shall review the applications submitted
        under subsection (c) and make recommendations with respect to
        the entities that shall be eligible to receive a grant under
        subsection (a).
            ``(3) Selection.--The Commission shall not make a grant
        under subsection (a) to an entity unless the Martin Luther
        King, Jr. Federal Holiday Commission has recommended that the
        entity be eligible to receive such a grant.
    ``(e) Federal Share.--
            ``(1) In general.--The Federal share of the cost of
        planning and carrying out the activities described in
        subsection (a) shall be 30 percent.
            ``(2) Calculation.--The State and local share of such cost
        may be in cash or in kind, fairly evaluated, including
        facilities, equipment, or services.''.
    (b) Definition.--Section 101(23) of such Act (42 U.S.C. 12511(23))
is amended by striking out ``students or out-of-school youth'' and
inserting in lieu thereof ``participants or volunteers in programs
under this Act''.
    (c) Report.--Section 172(b)(2) of such Act (42 U.S.C. 12632(b)(2))
is amended by adding at the end thereof the following: ``Each such
report shall also contain an evaluation, conducted under section 179,
of the service opportunities carried out under section 168.''.
    (d) Ex Officio Member.--Section 190(b)(1)(B) of such Act (42 U.S.C.
12651(b)(1)(B)) is amended by striking out ``and the Director of the
ACTION agency'' and inserting in lieu thereof ``the Director of the
ACTION Agency, and the chairperson of the Martin Luther King, Jr.
Federal Holiday Commission''.
    (e) Authorization of Appropriations.--Section 501(a) of such Act
(42 U.S.C. 12681(a)) is amended--
            (1) in paragraph (1)(A), by striking out the period and
        inserting in lieu thereof ``and such sums as may be necessary
        for each of the fiscal years 1994 through 1999.''; and
            (2) in paragraph (2)--
                    (A) at the end of subparagraph (C), by striking out
                ``and'';
                    (B) by redesignating subparagraph (D) as
                subparagraph (E); and
                    (C) by inserting after subparagraph (C) the
                following:
                    ``(D) $300,000 shall be available to carry out
                section 168; and''.
    (f) Table of Contents.--Section 1(b) of such Act (42 U.S.C. 12401
note) is amended by inserting after the item relating to section 167
the following:

``Sec. 168. National service day.''.

Summary: King Holiday and Service Act of 1993 - Amends Federal law to: (1) authorize appropriations for the Martin Luther King, Jr. Federal Holiday Commission, (2) extend the Commission. And (3) revise its membership. Amends the National and Community Service Act of 1990 to authorize the Commission to make grants to eligible entities to carry out service opportunities on Martin Luther King, Jr.'s birthday. Authorizes appropriations.

King Holiday and Service Act of 1993


SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Business Checking Freedom Act of
2002''.

SEC. 2. INTEREST-BEARING TRANSACTION ACCOUNTS AUTHORIZED.

    (a) Repeal of Prohibition on Payment of Interest on Demand
Deposits.--
            (1) Federal reserve act.--Section 19(i) of the Federal
        Reserve Act (12 U.S.C. 371a) is amended to read as follows:
    ``(i) [Repealed]''.
            (2) Home owners' loan act.--The first sentence of section
        5(b)(1)(B) of the Home Owners' Loan Act (12 U.S.C.
        1464(b)(1)(B)) is amended by striking ``savings association may
        not--'' and all that follows through ``(ii) permit any'' and
        inserting ``savings association may not permit any''.
            (3) Federal deposit insurance act.--Section 18(g) of the
        Federal Deposit Insurance Act (12 U.S.C. 1828(g)) is amended to
        read as follows:
    ``(g) [Repealed]''.
    (b) Effective Date.--The amendments made by subsection (a) shall
take effect at the end of the 2-year period beginning on the date of
the enactment of this Act.

SEC. 3. INTEREST-BEARING TRANSACTION ACCOUNTS AUTHORIZED FOR ALL
              BUSINESSES.

    Section 2 of Public Law 93-100 (12 U.S.C. 1832) is amended--
            (1) by redesignating subsections (b) and (c) as subsections
        (c) and (d), respectively; and
            (2) by inserting after subsection (a) the following:
    ``(b) Notwithstanding any other provision of law, any depository
institution may permit the owner of any deposit or account which is a
deposit or account on which interest or dividends are paid and is not a
deposit or account described in subsection (a)(2) to make up to 24
transfers per month (or such greater number as the Board of Governors
of the Federal Reserve System may determine by rule or order), for any
purpose, to another account of the owner in the same institution. An
account offered pursuant to this subsection shall be considered a
transaction account for purposes of section 19 of the Federal Reserve
Act unless the Board of Governors of the Federal Reserve System
determines otherwise.''.

SEC. 4. PAYMENT OF INTEREST ON RESERVES AT FEDERAL RESERVE BANKS.

    (a) In General.--Section 19(b) of the Federal Reserve Act (12
U.S.C. 461(b)) is amended by adding at the end the following new
paragraph:
            ``(12) Earnings on reserves.--
                    ``(A) In general.--Balances maintained at a Federal
                reserve bank by or on behalf of a depository
                institution may receive earnings to be paid by the
                Federal reserve bank at least once each calendar
                quarter at a rate or rates not to exceed the general
                level of short-term interest rates.
                    ``(B) Regulations relating to payments and
                distribution.--The Board may prescribe regulations
                concerning--
                            ``(i) the payment of earnings in accordance
                        with this paragraph;
                            ``(ii) the distribution of such earnings to
                        the depository institutions which maintain
                        balances at such banks or on whose behalf such
                        balances are maintained; and
                            ``(iii) the responsibilities of depository
                        institutions, Federal home loan banks, and the
                        National Credit Union Administration Central
                        Liquidity Facility with respect to the
                        crediting and distribution of earnings
                        attributable to balances maintained, in
                        accordance with subsection (c)(1)(A), in a
                        Federal reserve bank by any such entity on
                        behalf of depository institutions.
                    ``(C) Depository institutions defined.--For
                purposes of this paragraph, the term `depository
                institution', in addition to the institutions described
                in paragraph (1)(A), includes any trust company,
                corporation organized under section 25A or having an
                agreement with the Board under section 25, or any
                branch or agency of a foreign bank (as defined in
                section 1(b) of the International Banking Act of
                1978).''.
    (b) Authorization for Pass Through Reserves for Member Banks.--
Section 19(c)(1)(B) of the Federal Reserve Act (12 U.S.C. 461(c)(1)(B))
is amended by striking ``which is not a member bank''.
    (c) Consumer Banking Costs Assessment.--
            (1) In general.--Section 1002 of the Financial Institutions
        Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 1811
        note) is amended to read as follows:

``SEC. 1002. SURVEY OF BANK FEES AND SERVICES.

    ``(a) Annual Survey Required.--The Board of Governors of the
Federal Reserve System shall obtain annually a sample, which is
representative by type and size of the institution (including small
institutions) and geographic location, of the following retail banking
services and products provided by insured depository institutions and
insured credit unions (along with related fees and minimum balances):
            ``(1) Checking and other transaction accounts.
            ``(2) Negotiable order of withdrawal and savings accounts.
            ``(3) Automated teller machine transactions.
            ``(4) Other electronic transactions.
    ``(b) Minimum Survey Requirement.--The annual survey described in
subsection (a) shall meet the following minimum requirements:
            ``(1) Checking and other transaction accounts.--Data on
        checking and transaction accounts shall include, at a minimum,
        the following:
                    ``(A) Monthly and annual fees and minimum balances
                to avoid such fees.
                    ``(B) Minimum opening balances.
                    ``(C) Check processing fees.
                    ``(D) Check printing fees.
                    ``(E) Balance inquiry fees.
                    ``(F) Fees imposed for using a teller or other
                institution employee.
                    ``(G) Stop payment order fees.
                    ``(H) Nonsufficient fund fees.
                    ``(I) Overdraft fees.
                    ``(J) Deposit items returned fees.
                    ``(K) Availability of no-cost or low-cost accounts
                for consumers who maintain low balances.
            ``(2) Negotiable order of withdrawal accounts and savings
        accounts.--Data on negotiable order of withdrawal accounts and
        savings accounts shall include, at a minimum, the following:
                    ``(A) Monthly and annual fees and minimum balances
                to avoid such fees.
                    ``(B) Minimum opening balances.
                    ``(C) Rate at which interest is paid to consumers.
                    ``(D) Check processing fees for negotiable order of
                withdrawal accounts.
                    ``(E) Fees imposed for using a teller or other
                institution employee.
                    ``(F) Availability of no-cost or low-cost accounts
                for consumers who maintain low balances.
            ``(3) Automated teller transactions.--Data on automated
        teller machine transactions shall include, at a minimum, the
        following:
                    ``(A) Monthly and annual fees.
                    ``(B) Card fees.
                    ``(C) Fees charged to customers for withdrawals,
                deposits, and balance inquiries through institution-
                owned machines.
                    ``(D) Fees charged to customers for withdrawals,
                deposits, and balance inquiries through machines owned
                by others.
                    ``(E) Fees charged to noncustomers for withdrawals,
                deposits, and balance inquiries through institution-
                owned machines.
                    ``(F) Point-of-sale transaction fees.
            ``(4) Other electronic transactions.--Data on other
        electronic transactions shall include, at a minimum, the
        following:
                    ``(A) Wire transfer fees.
                    ``(B) Fees related to payments made over the
                Internet or through other electronic means.
            ``(5) Other fees and charges.--Data on any other fees and
        charges that the Board of Governors of the Federal Reserve
        System determines to be appropriate to meet the purposes of
        this section.
            ``(6) Federal reserve board authority.--The Board of
        Governors of the Federal Reserve System may cease the
        collection of information with regard to any particular fee or
        charge specified in this subsection if the Board makes a
        determination that, on the basis of changing practices in the
        financial services industry, the collection of such information
        is no longer necessary to accomplish the purposes of this
        section.
    ``(c) Annual Report to Congress Required.--
            ``(1) Preparation.--The Board of Governors of the Federal
        Reserve System shall prepare a report of the results of each
        survey conducted pursuant to subsections (a) and (b) of this
        section and section 136(b)(1) of the Consumer Credit Protection
        Act.
            ``(2) Contents of the report.--In addition to the data
        required to be collected pursuant to subsections (a) and (b),
        each report prepared pursuant to paragraph (1) shall include a
        description of any discernible trend, in the Nation as a whole,
        in a representative sample of the 50 States (selected with due
        regard for regional differences), and in each consolidated
        metropolitan statistical area (as defined by the Director of
        the Office of Management and Budget), in the cost and
        availability of the retail banking services, including those
        described in subsections (a) and (b) (including related fees
        and minimum balances), that delineates differences between
        institutions on the basis of the type of institution and the
        size of the institution, between large and small institutions
        of the same type, and any engagement of the institution in
        multistate activity.
            ``(3) Submission to congress.--The Board of Governors of
        the Federal Reserve System shall submit an annual report to the
        Congress not later than June 1, 2004, and not later than June 1
        of each subsequent year.
            ``(4) Transition provision.--Notwithstanding section
        4(c)(3) of the Business Checking Freedom Act of 2002, the Board
        of Governors of the Federal Reserve System shall, on an interim
        basis, continue to comply with the requirements for the bank
        fee survey under the amendment made to this section by section
        108 of the Riegle-Neal Interstate Banking and Branching
        Efficiency Act of 1994 for reports submitted to the Congress
        under this section not later than June 1, 2003, except that the
        Board shall incorporate within any such report, to the extent
        possible, any additional information on any credit card fee or
        charge that is available to the Board even though such
        information is not required by such amendment.
    ``(d) Definitions.--For purposes of this section, the term
``insured depository institution'' has the meaning given such term in
section 3 of the Federal Deposit Insurance Act, and the term ``insured
credit union'' has the meaning given such term in section 101 of the
Federal Credit Union Act.''.
            (2) Amendment to the truth in lending act.--
                    (A) In general.--Paragraph (1) of section 136(b) of
                the Truth in Lending Act (15 U.S.C. 1646(b)(1)) is
                amended to read as follows:
            ``(1) Collection required.--The Board shall collect, on a
        semiannual basis, from a broad sample of financial institutions
        which offer credit card services, credit card price and
        availability information including--
                    ``(A) the information required to be disclosed
                under section 127(c) of this chapter;
                    ``(B) the average total amount of finance charges
                paid by consumers; and
                    ``(C) the following credit card rates and fees:
                            ``(i) Application fees.
                            ``(ii) Annual percentage rates for cash
                        advances and balance transfers.
                            ``(iii) Maximum annual percentage rate that
                        may be charged when an account is in default.
                            ``(iv) Fees for the use of convenience
                        checks.
                            ``(v) Fees for balance transfers.
                            ``(vi) Fees for foreign currency
                        conversions.''.
                    (B) Effective date.--The amendment made by
                subparagraph (A) shall take effect on January 1, 2003.
            (3) Repeal of sunset provision.--Section 108 of the Riegle-
        Neal Interstate Banking and Branching Efficiency Act of 1994 is
        hereby repealed.
            (4) Nonapplicability of other provision of law.--Section
        3003(a)(1) of the Federal Reports Elimination and Sunset Act of
        1995 (31 U.S.C. 1113 note) shall not apply to any report
        required to be submitted under section 1002(b) of Financial
        Institutions Reform, Recovery, and Enforcement Act of 1989.
    (d) Technical and Conforming Amendments.--Section 19 of the Federal
Reserve Act (12 U.S.C. 461) is amended--
            (1) in subsection (b)(4) (12 U.S.C. 461(b)(4)), by striking
        subparagraph (C) and redesignating subparagraphs (D) and (E) as
        subparagraphs (C) and (D), respectively; and
            (2) in subsection (c)(1)(A) (12 U.S.C. 461(c)(1)(A)), by
        striking ``subsection (b)(4)(C)'' and inserting ``subsection
        (b)''.

SEC. 5. INCREASED FEDERAL RESERVE BOARD FLEXIBILITY IN SETTING RESERVE
              REQUIREMENTS.

    Section 19(b)(2)(A) of the Federal Reserve Act (12 U.S.C.
461(b)(2)(A)) is amended--
            (1) in clause (i), by striking ``the ratio of 3 per
        centum'' and inserting ``a ratio not greater than 3 percent
        (and which may be zero)''; and
            (2) in clause (ii), by striking ``and not less than 8 per
        centum,'' and inserting ``(and which may be zero),''.

SEC. 6. TRANSFER OF FEDERAL RESERVE SURPLUSES.

    (a) In General.--Section 7(b) of the Federal Reserve Act (12 U.S.C.
289(b)) is amended by adding at the end the following new paragraph:
            ``(4) Additional transfers to cover interest payments for
        fiscal years 2002 through 2006.--
                    ``(A) In general.--In addition to the amounts
                required to be transferred from the surplus funds of
                the Federal reserve banks pursuant to subsection
                (a)(3), the Federal reserve banks shall transfer from
                such surplus funds to the Board of Governors of the
                Federal Reserve System for transfer to the Secretary of
                the Treasury for deposit in the general fund of the
                Treasury, such sums as are necessary to equal the net
                cost of section 19(b)(12) in each of the fiscal years
                2002 through 2006.
                    ``(B) Allocation by federal reserve board.--Of the
                total amount required to be paid by the Federal reserve
                banks under subparagraph (A) for fiscal years 2002
                through 2006, the Board of Governors of the Federal
                Reserve System shall determine the amount each such
                bank shall pay in such fiscal year.
                    ``(C) Replenishment of surplus fund prohibited.--
                During fiscal years 2002 through 2006, no Federal
                reserve bank may replenish such bank's surplus fund by
                the amount of any transfer by such bank under
                subparagraph (A).''.
    (b) Technical and Conforming Amendment.--Section 7(a) of the
Federal Reserve Act (12 U.S.C. 289(a)) is amended by adding at the end
the following new paragraph:
            ``(3) Payment to treasury.--During fiscal years 2002
        through 2006, any amount in the surplus fund of any Federal
        reserve bank in excess of the amount equal to 3 percent of the
        paid-in capital and surplus of the member banks of such bank
        shall be transferred to the Secretary of the Treasury for
        deposit in the general fund of the Treasury.''.

SEC. 7. RULE OF CONSTRUCTION.

    In the case of an escrow account maintained at a depository
institution in connection with a real estate transaction--
            (1) the absorption, by the depository institution, of
        expenses incidental to providing a normal banking service with
        respect to such escrow account;
            (2) the forbearance, by the depository institution, from
        charging a fee for providing any such banking function; and
            (3) any benefit which may accrue to the holder or the
        beneficiary of such escrow account as a result of an action of
        the depository institution described in subparagraph (1) or (2)
        or similar in nature to such action,
shall not be treated as the payment or receipt of interest for purposes
of this Act and any provision of Public Law 93-100, the Federal Reserve
Act, the Home Owners' Loan Act, or the Federal Deposit Insurance Act
relating to the payment of interest on accounts or deposits at
depository institutions.

            Passed the House of Representatives April 9, 2002.

            Attest:

                                                 JEFF TRANDAHL,

                                                                 Clerk.

Summary: Business Checking Freedom Act of 2002 - Amends the Federal Reserve Act, the Home Owners' Loan Act, and the Federal Deposit Insurance Act to repeal the prohibition against the payment of interest on demand deposits. Makes such repeal effective two years from the date of enactment. Authorizes interest-bearing transaction accounts for businesses, permitting up to 24 transfers per month (or any greater number the Federal Reserve Board to another account of the owner in the same institution. Authorizes the payment of interest by a Federal reserve bank at least quarterly on balances maintained there on behalf of a depository institution. Revises the requirements for the annual survey of bank fees and services by the Board to specify the inclusion of: (1) checking and other transaction accounts, (2) negotiable order of withdrawal and savings accounts, (3) automated teller machine transactions. And (4) other electronic transactions. Establishes minimum survey requirements for each such account or transaction area. Requires such survey to address minimum balance requirements as well as fees. Amends the Truth in Lending Act to revise the requirements for the semiannual survey of credit card price and availability information to specify the inclusion of certain information, including finance charges, annual percentage rates, and various fees. Requires the Board to report annually to Congress on the results of both surveys. Amends the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994 to repeal the termination date for and so continue the annual survey by the Board of certain retail banking services provided by insured depository institutions. Amends the Federal Reserve Act to revise the ratio of reserves a depository institution must maintain against its transaction accounts, permitting a ratio of zero. Directs the Federal reserve banks in FY 2002 through 2006 to transfer to the Board for transfer to the Secretary of the Treasury, for deposit in the general fund, additional surplus funds equal to the net cost of their interest payments to depository institutions. Provides a rule of construction for escrow accounts maintained at a depository institution in connection with a real estate transaction. Declares that the institution's absorption of expenses or forbearance in charging a fee or other benefit should not be treated as the payment or receipt of interest.

To repeal the prohibition on the payment of interest on demand deposits.