SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Financial Security Credit Act of
2015''.

SEC. 2. FINDINGS.

    Congress finds the following:
            (1) United States households are experiencing significant
        levels of financial vulnerability, characterized by a lack of
        personal savings. The personal savings rate reached historic
        lows in the past decade, and a lack of personal savings was a
        major contributor to the recession of 2007-2009, and to the
        slow recovery of ensuing years.
            (2) Households continue to lack the savings or structures
        to meet short-term and long-term needs, as evidenced by the
        following:
                    (A) According to the Employee Benefit Research
                Institute, among full-time, full-year wage and salary
                workers ages 21-64, only 54.5 percent participated in a
                retirement plan in 2013.
                    (B) According to the Federal Deposit Insurance
                Corporation 2013 Survey of Unbanked and Underbanked
                Households, an estimated 7.7 percent of United States
                households are unbanked. These households do not have a
                checking or savings account. In total, 31.2 percent of
                households do not have a savings account.
                    (C) According to the Pew Charitable Trusts, the
                majority of American households (55 percent) are
                savings-limited, meaning they can replace less than one
                month of their income through liquid savings.
            (3) Financial shocks are common and savings make households
        more resilient to financial shocks and more upwardly mobile, as
        evidenced by the following:
                    (A) Substantial fluctuations in family income are
                the norm. In any given 2-year period, nearly half of
                households experience an income gain or drop of more
                than 25 percent, a rate of volatility that has been
                relatively constant since 1979.
                    (B) Even small sums of savings, $2,000 or less,
                have been shown to significantly reduce the incidence
                of negative financial or material outcomes, such as
                foregoing adequate nutrition.
                    (C) Children born to low-income, high-saving
                parents are much more likely (71 percent) to move up
                the economic ladder than children born to low-income,
                low-saving parents (50 percent) over a generation.
            (4) Emergency savings are necessary to protect retirement
        savings from early, penalized withdrawals and to support long-
        term retirement security.
            (5) Successful pilot programs administered through local
        Volunteer Income Tax Assistance sites in cities as diverse as
        Houston, Texas; Newark, New Jersey; New York City, New York;
        San Antonio, Texas; and Tulsa, Oklahoma, have shown that tax
        filers with low incomes can and will save when presented with
        the right incentive at the right moment and access to an
        account. The potential of increasing savings at tax time among
        low- and moderate-income households has been further validated
        by the low-touch, large-scale pilot Refund to Savings.
            (6) It is in the economic interests of the United States to
        promote savings among all members of society, regardless of
        income.

SEC. 3. FINANCIAL SECURITY CREDIT.

    (a) In General.--Subpart C of part IV of subchapter A of chapter 1
of the Internal Revenue Code of 1986 is amended by inserting after
section 36B the following new section:

``SEC. 36C. FINANCIAL SECURITY CREDIT.

    ``(a) Allowance of Credit.--There shall be allowed as a credit
against the tax imposed by this subtitle for a taxable year an amount
equal to the lesser of--
            ``(1) $500, or
            ``(2) 50 percent of the total amount deposited or
        contributed by the taxpayer in accordance with subsection
        (b)(1) into designated savings products during such taxable
        year.
    ``(b) Limitations.--
            ``(1) Credit must be deposited in or contributed to
        designated savings product.--No amount shall be allowed as a
        credit under subsection (a) for a taxable year unless the
        taxpayer designates on the taxpayer's return of tax for the
        taxable year that the amount of the credit for such taxable
        year be deposited in or contributed to one or more designated
        savings products of the taxpayer and the Secretary makes such
        deposits or contributions to the designated savings products.
            ``(2) Limitation based on adjusted gross income.--
                    ``(A) In general.--The amount of the credit
                allowable under subsection (a) shall be reduced (but
                not below zero) by an amount which bears the same ratio
                to the amount of such credit (determined without regard
                to this paragraph) as--
                            ``(i) the amount by which the taxpayer's
                        adjusted gross income exceeds the threshold
                        amount, bears to
                            ``(ii) $15,000.
                    ``(B) Threshold amount.--For purposes of
                subparagraph (A), the term `threshold amount' means--
                            ``(i) $55,500 in the case of a joint
                        return,
                            ``(ii) $41,625 in the case of an individual
                        who is not married, and
                            ``(iii) 50 percent of the dollar amount in
                        effect under clause (i) in the case of a
                        married individual filing a separate return.
                For purposes of this subparagraph, marital status shall
                be determined under section 7703.
    ``(c) Designated Savings Product.--For purposes of this section,
the term `designated savings product' means any of the following:
            ``(1) A qualified retirement plan (as defined in section
        4974(c)).
            ``(2) A qualified tuition program (as defined in section
        529).
            ``(3) A Coverdell education savings account (as defined in
        section 530).
            ``(4) A United States savings bond.
            ``(5) A certificate of deposit (or similar class of
        deposit) with a duration of at least 8 months.
            ``(6) A savings account.
            ``(7) Any other type of savings product considered to be
        appropriate by the Secretary for the purposes of this section.
    ``(d) Special Rules.--
            ``(1) Tax refunds treated as deposited or contributed in
        current taxable year.--For purposes of subsection (a)(2), the
        amount of any overpayment of taxes refunded to the taxpayer
        (reduced by any amount attributable to the credit allowed under
        this section by reason of being considered as an overpayment by
        section 6401(b)) and designated for deposit in or contribution
        to a designated savings product of the taxpayer shall be
        treated as an amount deposited or contributed in the taxable
        year in which so deposited or contributed.
            ``(2) Maintenance of deposit.--No contribution or deposit
        shall be taken into account under subsection (a) unless such
        contribution or deposit remains in the designated savings
        product for not less than 8 continuous months.
            ``(3) Reduction in deposits in designated savings
        products.--
                    ``(A) In general.--The amount of deposits or
                contributions taken into account under subsection (a)
                shall be reduced (but not below zero) by the aggregate
                amount of distributions (other than interest from
                designated savings products specified in paragraphs
                (4), (5), (6), and (7) of subsection (c)) from all
                designated savings products of the taxpayer during the
                testing period. The preceding sentence shall not apply
                to the portion of any distribution which is not
                includible in gross income by reason of a trustee-to-
                trustee transfer or a rollover distribution.
                    ``(B) Testing period.--For purposes of subparagraph
                (A), the testing period, with respect to a taxable
                year, is the period which includes--
                            ``(i) such taxable year,
                            ``(ii) the 2 preceding taxable years, and
                            ``(iii) the period after such taxable year
                        and before the due date (including extensions)
                        for filing the return of tax for such taxable
                        year.
                    ``(C) Other rules.--Rules similar to subparagraphs
                (C) and (D) of section 25B(d)(2) shall apply for
                purposes of this paragraph.
            ``(4) Denial of double benefit.--No credit shall be allowed
        under section 25B with respect to any deposit for which a
        credit is allowed under this section.
            ``(5) Coordination with other refundable credits.--The
        credit allowed by subsection (a) shall be taken into account
        after taking into account the credits allowed by (or treated as
        allowed by) this subpart (other than this section).
    ``(e) Inflation Adjustments.--
            ``(1) Credit limit.--In the case of any taxable year
        beginning in a calendar year after 2016, the dollar amount in
        subsection (a)(1) shall be increased by an amount equal to--
                    ``(A) such dollar amount, multiplied by
                    ``(B) the cost-of-living adjustment determined
                under section 1(f)(3) for the calendar year in which
                the taxable year begins, determined by substituting
                `calendar year 2015' for `calendar year 1992' in
                subparagraph (B) thereof.
            ``(2) AGI thresholds.--In the case of any taxable year
        beginning in a calendar year after 2016, each of the dollar
        amounts in clauses (i) and (ii) of subsection (b)(2)(B) shall
        be increased by an amount equal to--
                    ``(A) such dollar amount, multiplied by
                    ``(B) the cost-of-living adjustment determined
                under section 1(f)(3) for the calendar year in which
                the taxable year begins, determined by substituting
                `calendar year 2015' for `calendar year 1992' in
                subparagraph (B) thereof.
            ``(3) Rounding.--
                    ``(A) Credit limit.--If any increase under
                paragraph (1) is not a multiple of $10, such increase
                shall be rounded to the next lowest multiple of $10.
                    ``(B) AGI thresholds.--If any increase under
                paragraph (1) is not a multiple of $100, such increase
                shall be rounded to the next lowest multiple of $100.
    ``(f) Regulations.--Not later than 12 months from date of enactment
of this section, the Secretary shall issue such regulations or other
guidance as the Secretary determines necessary or appropriate to carry
out this section, including regulations or guidance--
            ``(1) to ensure that designated savings products are
        subject to appropriate reporting requirements, including the
        reporting of contributions and other deposits during the
        calendar year, end of calendar year account balances, and
        earnings from designated savings products specified in
        paragraphs (4), (5), (6), and (7) of subsection (c),
            ``(2) to carry out the maintenance of deposit provisions
        under subsection (d)(2), and
            ``(3) to prevent avoidance of the purposes of this
        subsection.''.
    (b) Conforming Amendments.--
            (1) Section 1324(b)(2) of title 31, United States Code, is
        amended by inserting ``36C,'' after ``36B,''.
            (2) The table of sections for subpart C of part IV of
        subchapter A of chapter 1 of the Internal Revenue Code of 1986
        is amended by inserting after the item relating to section 36C
        the following new item:

``Sec. 36C. Financial security credit.''.
    (c) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 2015.

SEC. 4. OPENING OF ACCOUNTS ON FEDERAL INCOME TAX RETURNS TO FACILITATE
              SAVINGS.

    (a) Notification of Option.--
            (1) In general.--The Commissioner of Internal Revenue shall
        notify individuals who may qualify for a credit under section
        36C of the Internal Revenue Code of 1986 but fail to provide
        sufficient information to allow the Secretary to deposit or
        contribute the credit amount to a designated savings product
        that they have the option of an electronic direct deposit and
        that they may be eligible for the financial security credit
        under section 36C of such Code if they deposit a refund or a
        portion of their refund in any designated savings product.
            (2) Method of notification.--The notification under
        paragraph (1) shall be made through--
                    (A) a public awareness program undertaken by the
                Secretary of the Treasury, in concert with the
                Commissioner of Internal Revenue and others as
                necessary, beginning not later than 6 months after the
                date of the enactment of this Act;
                    (B) tax return preparers and low-income taxpayer
                clinics; and
                    (C) the inclusion of such a notice in the
                instruction material for any Federal income tax return.
    (b) Establishment of Designated Account Program.--The Secretary of
the Treasury shall develop, in consultation with the Federal Management
System, a program to minimize the delivery of non-electronic Federal
income tax refunds by depositing refunds electronically to a safe, low-
cost account held by a depository institution. This program shall
include--
            (1) provisions for such tax refunds to be deposited into a
        designated account;
            (2) establishment of account parameters with respect to
        minimum balance requirements, limitations on overdrafts,
        overdraft fees, other fees, and additional requirements;
            (3) establishment of means for the taxpayer to access the
        account electronically and to have timely, direct access to the
        funds in the account; and
            (4) provisions to allow taxpayers to open an account with
        their Federal income tax refunds through financial service
        providers, so long such account is held at a depository
        institution insured under the Federal Deposit Insurance Act or
        a credit union insured under the Federal Credit Union Act.
    (c) Effective Date.--The notification under subsection (a) and the
program under subsection (b) shall be effective with respect to Federal
income tax returns for taxable years beginning after December 31, 2015.

Summary: Financial Security Credit Act of 2015 This bill amends the Internal Revenue Code to allow an income-based tax credit equal to the lesser of $500 or 50 of the total amount deposited or contributed into designated savings products in a taxable year . A designated savings product is a qualified retirement plan, a qualified tuition plan, a Coverdell education savings account, a US savings bond, a certificate of deposit with a duration of at least eight months, a savings account, or other savings product considered appropriate by thenbsp, Departmentnbsp. Of the Treasury. The Internal Revenue Service must notify individual taxpayers who may qualify for a financial security credit that they have the option of an electronic direct deposit if they deposit any portion of their tax refund into a designated savings product.

Financial Security Credit Act of 2015


SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Economic Recovery Adjustment Act of
2009''.

SEC. 2. FINDINGS.

    Congress finds that--
            (1) the deterioration of financial firms in 2008 and the
        resulting crisis of confidence in the financial markets have
        required broad intervention by the Federal Government in the
        financial sector;
            (2) the Emergency Economic Stabilization Act of 2008,
        signed by President Bush on October 3, 2008, included a
        $700,000,000,000 Troubled Asset Relief Program (or ``TARP'')
        for the express purpose of ``providing stability to and
        preventing disruption in the economy and financial system'';
            (3) the investment and commercial banks and other financial
        institutions that have received taxpayer-funded bailouts
        perform public functions supporting the operation of the
        economy, in addition to their private profit-making functions;
            (4) reports of billions of dollars in compensation and
        obligations to executives have eroded public confidence in the
        TARP, and have caused increasing opposition to other bailout
        proposals, thereby impeding the Government's ability to address
        the financial crisis;
            (5) participation in the TARP and any other Federal
        Government bailout program should be conditioned on a fair
        restructuring of executive compensation obligations;
            (6) taxpayer dollars should not support unreasonable
        compensation to executives, particularly when in the absence of
        taxpayer support, such compensation would be reduced as part of
        a bankruptcy restructuring or liquidation; and
            (7) establishing a due process forum will allow the
        Government to ensure that executive compensation relying on
        taxpayer funds is fair and reasonable, and that all sides enjoy
        an opportunity to be heard.

SEC. 3. DEFINITIONS.

    In this Act, the following definitions shall apply:
            (1) Assisted entity.--The term ``assisted entity'' means
        any recipient or applicant for assistance under the TARP.
            (2) Panel.--The term ``Panel'' means the Temporary Economic
        Recovery Oversight Panel established under section 7.
            (3) Executive compensation.--The term ``executive
        compensation'' means wages, salary, deferred compensation,
        benefits, retirement arrangements, options, bonuses, office
        fixtures, goods, or other property, travel, or entertainment,
        vacation expenses, and any other form of compensation,
        obligation, or expense that is not routinely provided to all
        other employees of the assisted entity.
            (4) Office.--The term ``Office'' means the Office of the
        Taxpayer Advocate, established under section 4.
            (5) TARP.--The terms ``TARP'' and ``TARP funds'' mean the
        Troubled Asset Relief Program established under section 101 of
        the Emergency Economic Stabilization Act of 2008 and funds
        received thereunder, respectively, or pursuant to any successor
        program.
            (6) Secretary.--The term ``Secretary'' means Secretary of
        the Treasury.

SEC. 4. TAXPAYER ADVOCATE.

    (a) Establishment.--There is established within the Department of
Justice, the Office of the Taxpayer Advocate.
    (b) Advocate.--The Office shall be headed by an Advocate, to be
appointed by the Attorney General of the United States for such
purpose.
    (c) Duties.--The Advocate is authorized to conduct ongoing audits
and oversight of the recipients of TARP funds with respect to
compensation of the officers and directors of such entities.
    (d) Access to Records.--
            (1) In general.--To the extent otherwise consistent with
        law, the Advocate and the Office shall have access, upon
        request, to any information, data, schedules, books, accounts,
        financial records, reports, files, electronic communications,
        or other papers, things, or property belonging to or in use by
        the assisted entity and to the officers, directors, employees,
        independent public accountants, financial advisors, and other
        agents and representatives thereof (as related to the agent or
        representative's activities on behalf of or under the authority
        of the assisted entity) at such reasonable time as Office may
        request.
            (2) Copies.--The Advocate may make and retain copies of
        such books, accounts, and other records as the Advocate deems
        appropriate for the purposes of this Act.
    (e) Reporting.--The Advocate shall submit quarterly reports of
findings under this Act to the appropriate committees of Congress, the
Secretary and the Special Inspector General for the TARP established
under the Emergency Economic Stabilization Act of 2008 on the
activities and performance of the Office.
    (f) Audits.--The Office is authorized to conduct an audit of any
assisted entity for purposes of this Act.

SEC. 5. POWERS OF THE OFFICE.

    (a) Investigations and Evidence.--The Office may, for purposes of
carrying out this Act--
            (1) take depositions or other testimony, receive evidence,
        and administer oaths; and
            (2) require, by subpoena or otherwise, the attendance and
        testimony of witnesses and the production of books, records,
        correspondence, memoranda, papers, and documents.
    (b) Subpoenas.--
            (1) Service.--Subpoenas issued under subsection (a)(2) may
        be served by any person designated by the Office.
            (2) Enforcement.--
                    (A) In general.--In the case of contumacy or
                failure to obey a subpoena issued under subsection
                (a)(2), the United States district court for the
                judicial district in which the subpoenaed person
                resides, is served, or may be found, or where the
                subpoena is returnable, may issue an order requiring
                such person to appear at any designated place to
                testify or to produce documentary or other evidence.
                Any failure to obey the order of the court may be
                punished by the court as a contempt of that court.
                    (B) Additional enforcement.--Sections 102 through
                104 of the Revised Statutes of the United States (2
                U.S.C. 192 through 194) shall apply in the case of any
                failure of any witness to comply with any subpoena or
                to testify when summoned under the authority of this
                section.
    (c) Information From Federal Agencies.--The Office may secure
directly from any department, agency, or instrumentality of the United
States any information related to any inquiry of the Office conducted
under this Act. Each such department, agency, or instrumentality shall,
to the extent authorized by law, furnish such information directly to
the Office, upon request.

SEC. 6. EXECUTIVE COMPENSATION AUTHORITY.

    (a) Negotiated Reductions Authorized.--The Advocate is authorized
to assist the Secretary in the negotiation of assistance under the
TARP, in order to assure that fair and reasonable executive
compensation is paid by entities receiving TARP funds, and to defend
any such agreements in the event of any challenge to the adjustments to
compensation obligations. If, after an audit authorized by this Act,
the Advocate finds reason to believe that any assisted entity would
have become insolvent if not for the receipt of assistance under the
TARP, the Advocate shall negotiate a reduction in the executive
compensation obligations of the assisted entity as a condition of the
continuing use or future receipt of such TARP assistance.
    (b) Form.--Negotiated reductions in compensation under subsection
(a)--
            (1) may include vested deferred compensation; and
            (2) shall be in an amount that is fair and reasonable in
        light of the taxpayers' assistance, but not less than the
        estimated value of the compensation obligations that would face
        the estate or debtor-in-possession if the TARP funds had not
        been granted and the entity had filed for bankruptcy
        protection.
    (c) Certification to Adjustment Panel.--The Advocate shall certify
the findings of the Office under this section to the Panel.

SEC. 7. TEMPORARY ECONOMIC RECOVERY OVERSIGHT PANEL.

    (a) Establishment.--There is established the Temporary Economic
Recovery Oversight Panel.
    (b) Makeup of Panel.--The Panel shall be comprised of 5 members,
appointed by the President for such purpose from among United States
bankruptcy court judges. The Secretary shall provide for appropriate
space and staff to support the functioning of the Panel.
    (c) Duties.--The Panel shall--
            (1) promptly evaluate each proposed settlement reached
        under section 6;
            (2) approve or deny such proposed settlement; and
            (3) if no settlement is reached under section 6, upon
        petition of the Advocate or any individual subject to the
        actions of the Advocate under section 6, issue an order
        establishing an executive compensation program for such
        individuals in accordance with this section.
    (d) Notice and Hearing Required.--The Advocate shall provide
adequate notice to all affected persons of its intention to seek an
order from the Panel in accordance with this section, and the Panel
shall hold an evidentiary hearing on any proposed settlement or
petition of the Advocate.
    (e) Standing.--Under any proceeding before the Panel, any
individual whose compensation might be adversely affected by Panel
action shall be a party in interest, having full procedural rights,
including the right to challenge a settlement between the assisted
entity and the Advocate, to challenge the certified findings of the
Advocate, or to appeal any order of the Panel.
    (f) Appeals.--The Advocate and any party having standing before the
Panel shall have the right to appeal an order under this Act directly
to the United States Court of Appeals for the District of Columbia
Circuit.
    (g) Effective Period.--Any order of the Panel setting forth a
reduction in compensation shall be effective 6 months after
confirmation, and shall remain in effect while any obligation arising
from assistance provided under the TARP remains outstanding.

Summary: Economic Recovery Adjustment Act of 2009 - Establishes within the Department of Justice the Office of the Taxpayer Advocate to conduct audits and oversight of the compensation of the officers and directors of entities assisted under the Troubled Asset Relief Program (TARP). Authorizes the Advocate to assist the Secretary of the Treasury in the negotiation of TARP assistance in order to: (1) assure that fair and reasonable executive compensation is paid by entities receiving TARP funds. And (2) defend such agreements in the event of any challenge to the adjustments to compensation obligations. States that negotiated reductions in compensation under this Act: (1) may include vested deferred compensation. And (2) shall be in an amount that is fair and reasonable in light of the taxpayers' assistance, but not less than the estimated value of the compensation obligations that would face the estate or debtor-in-possession if the TARP funds had not been granted, and the entity had filed for bankruptcy protection. Requires the Advocate to negotiate a reduction in executive compensation obligations as a prerequisite to TARP assistance if, after an audit, the Advocate finds reason to believe that the assisted entity would have become insolvent if not for the receipt of TARP assistance. Establishes the Temporary Economic Recovery Oversight Panel to: (1) either approve or deny a proposed settlement. Or (2) upon petition of the Advocate , issue an order establishing an executive compensation program if no settlement is reached.

A bill to establish the Temporary Economic Recovery Adjustment Panel to curb excessive executive compensation at firms receiving emergency economic assistance.


SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Civilian Volunteer Service Reserve
Act''.

SEC. 2. FINDINGS.

    Congress finds the following:
            (1) The changing threats and issues that face the Nation
        require a new and innovative approach to mobilizing the
        citizenry in times of need.
            (2) The Civilian Volunteer Service Reserve program offers a
        flexible approach to the needs of specific crises, such as
        natural disasters, incidents of terrorism, or other emergencies
        at home or abroad.
            (3) Citizenship entails responsibilities as well as rights.
        The Civilian Volunteer Service Reserve program will challenge
        all Americans to sacrifice for their country.
            (4) The Civilian Volunteer Service Reserve program will
        make it possible to draw on the vast array of skills and the
        ingenuity of ordinary Americans in times of need.

SEC. 3. ESTABLISHMENT.

    The Secretary of Homeland Security shall establish the Civilian
Volunteer Service Reserve (referred to in this Act as the ``Civilian
Reserve''), a national volunteer service corps ready for service in
response to domestic or international emergencies, or other
circumstances determined by the President pursuant to section 6.

SEC. 4. GENERAL AUTHORITY.

    The Secretary of Homeland Security shall appoint a Director and
such other officers as the Secretary considers appropriate to organize
and administer the Civilian Reserve program consistent with the
provisions of this Act. The Secretary is authorized to promulgate
regulations necessary to carry out this Act.

SEC. 5. ELIGIBILITY, COMMITMENT, AND REGISTRATION.

    (a) Eligibility.--All citizens and legal residents of the United
States over the age of 18 shall be eligible to serve in the Civilian
Reserve.
    (b) Commitment.--Individuals who volunteer with the Civilian
Reserve shall be enrolled for a 5-year period, and shall be expected
during such period to serve in full-time active duty status for a total
period of 6 months, when called to such service under section 6. There
shall be no limit to the number of 5-year periods of service that an
individual may register to serve.
    (c) Registration.--Registration for the Civilian Reserve shall be
administered in a manner determined by the Secretary of Homeland
Security. At minimum, such registration shall include--
            (1) the applicant's name, address, telephone number, Social
        Security number, and E-mail address;
            (2) the applicant's occupation, areas of study, and skills;
        and
            (3) the applicant's preference for local, national, or
        international service.

SEC. 6. MOBILIZATION.

    (a) Mobilization.--
            (1) In general.--The President shall have the authority to
        issue a voluntary call to action by issuing an executive order
        to mobilize certain members of the Civilian Reserve to full-
        time active duty status for a period not exceeding 6 months, in
        order to meet the pressing needs of the Nation in times of
        emergency, as determined by the President in consultation with
        the Secretary of Homeland Security.
            (2) Considerations.--In selecting members of the Civilian
        Reserve to call to action pursuant to paragraph (1), the
        President shall consider the relevant skills required by the
        emergency, the geographic location of the volunteers, and the
        logistics of such a mobilization.
            (3) Methodology of call to action.--To the extent
        practicable, for a voluntary call to action issued under
        paragraph (1), members of the Civilian Reserve shall be
        contacted via telephone, E-mail, and mail service.
    (b) Voluntary Acceptance of Call to Action.--Members of the
Civilian Reserve may choose to accept a call to action issued pursuant
to subsection (a)(1) and enter full-time active duty status for the
period specified in such call to action, not exceeding 6 months.
Members of the Civilian Reserve may also decline such a call to action,
so long as such members remain committed to serving in full-time active
duty status for some period or periods, not to exceed a total of 6
months, during their 5-year enrollment.
    (c) Mandatory Service.--The President may, under extreme
circumstances, issue a mandatory mobilization of members of the
Civilian Reserve, requiring such members to begin full-time active duty
service for a period not exceeding 6 months. Such mobilization may
apply to any members of the Civilian Reserve notwithstanding whether
such members have fulfilled their expected 6-month period of service
described in section 5(b) prior to such mandatory mobilization.
Exemptions from such mandatory service shall be made for hardship due
to family or other circumstances, upon appeal by an individual member
of the Civilian Reserve.

SEC. 7. FULL-TIME ACTIVE DUTY SERVICE AND BENEFITS.

    (a) In General.--Members of the Civilian Reserve serving in full-
time active duty status shall work side-by-side with officers and
agencies of the Federal, State, and local governments, non-profit and
non-governmental organizations, supplementing but not supplanting
existing systems for responding to emergencies and other pressing
needs.
    (b) Transportation and Accommodations.--The Civilian Reserve
program shall provide members serving in full-time active duty status
with any necessary transportation and accommodations in order to
facilitate such service.
    (c) Stipend.--Members of the Civilian Reserve serving in full-time
active duty status shall receive a stipend in order to pay for
necessary cost of living expenses, for such period of full-time active
duty status. The amount of the stipend shall be determined by the
Secretary of Homeland Security.
    (d) Health Insurance.--Members of the Civilian Reserve serving in
full-time active duty status shall be eligible for health insurance
under a program to be established, by regulation, by the Secretary of
Homeland Security.
    (e) Reemployment Protection.--The Secretary of Homeland Security
shall promulgate regulations to provide reemployment protection and
other benefits for members of the Civilian Reserve who complete a
period of full-time active duty service.

SEC. 8. AUTHORIZATION OF APPROPRIATIONS.

    There are authorized to be appropriated to the Secretary of
Homeland Security such sums as may be necessary for fiscal years 2005
through 2009 to carry out this Act.

Summary: Civilian Volunteer Service Reserve Act - Requires the Secretary of Homeland Security to establish the Civilian Volunteer Service Reserve to respond to domestic or international emergencies or other circumstances determined by the President. Permits a US citizen or legal resident over the age of 18 to enroll for a five-year commitment in the Reserve during which he or she shall be expected to serve in a full-time active duty status for 6 months. Authorizes the President to issue a voluntary call of action as an executive order to mobilize members of the Civilian Reserve to active duty status in times of emergency. Allows members of the Civilian Reserve to accept or decline a call to action except under extreme circumstances that require mandatory mobilization. Prescribes benefits and reemployment protection for members serving in full-time active duty status.

To establish a national Civilian Volunteer Service Reserve program, a national volunteer service corps ready for service in response to domestic or international emergencies.


SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Visa Waiver Program Security
Enhancement Act''.

SEC. 2. VISA REQUIRED FOR ALIENS WHO RECENTLY TRAVELED TO IRAQ, SYRIA,
              OR CERTAIN OTHER DESTINATIONS.

    Section 217(a) of the Immigration and Nationality Act (8 U.S.C.
1187(a)) is amended by adding at the end the following:
            ``(12) Visa required for aliens who have recently traveled
        to iraq or syria.--
                    ``(A) In general.--A national of a program country
                is ineligible to travel to the United States under the
                program if the national has traveled to Iraq or to
                Syria at any time during the most recent 5-year period.
                    ``(B) Other travel restrictions.--The Secretary of
                Homeland Security may prohibit a national of a program
                country from traveling to the United States under the
                program if the Secretary determines that such national
                has traveled during the past 5 years to a country in
                which--
                            ``(i) a designated foreign terrorist
                        organization has a significant presence; and
                            ``(ii) prohibiting such national from
                        traveling to the United States under the
                        program is in the national security interests
                        of the United States.
                    ``(C) Rule of construction.--Nothing in this
                paragraph may be construed to otherwise limit the
                authority of the Secretary of Homeland Security.''.

SEC. 3. ELECTRONIC PASSPORTS REQUIRED FOR VISA WAIVER PROGRAM.

    (a) Requiring the Universal Use of Electronic Passports for
Participating Visa Waiver Program Countries.--
            (1) In general.--Section 217 of the Immigration and
        Nationality Act (8 U.S.C. 1187) is amended--
                    (A) in subsection (a), by amending paragraph (3) to
                read as follows:
            ``(3) Machine-readable, electronic passport.--The alien, at
        the time of application for admission, is in possession of a
        valid, unexpired, tamper-resistant, machine-readable passport
        that incorporates biometric and document authentication
        identifiers that comply with the applicable biometric and
        document identifying standards established by the International
        Civil Aviation Organization.''; and
                    (B) in subsection (c)(2), by amending subparagraph
                (B) to read as follows:
                    ``(B) Machine-readable, electronic passport
                program.--The government of the country certifies that
                it issues to its citizens machine-readable, electronic
                passports that comply with the requirements set forth
                in subsection (a)(3).''.
            (2) Effective date.--The amendments made by paragraph (1)
        shall take effect on the date that is 90 days after the date of
        the enactment of this Act.
            (3) Certification requirement.--Section 303(c) of the
        Enhanced Border Security and Visa Entry Reform Act of 2002 (8
        U.S.C. 1732(c)) is amended--
                    (A) in paragraph (1), by striking ``Not later than
                October 26, 2005, the'' and inserting ``The''; and
                    (B) by amending paragraph (2) to read as follows:
            ``(2) Use of technology standard.--Any alien applying for
        admission under the Visa Waiver Program established under
        section 217 of the Immigration and Nationality Act (8 U.S.C.
        1187) shall present a passport that meets the requirements
        described in paragraph (1).''.

SEC. 4. INFORMATION SHARING AND COOPERATION BY VISA WAIVER PROGRAM
              COUNTRIES.

    (a) Required Information Sharing for Visa Waiver Program
Countries.--
            (1) Information sharing agreements.--
                    (A) Full implementation.--Section 217(c)(2)(F) of
                the Immigration and Nationality Act (8 U.S.C.
                1187(c)(2)(F)) is amended by inserting ``, and fully
                implements within the time frame determined by the
                Secretary of Homeland Security,'' after ``country
                enters into''.
                    (B) Federal air marshal agreement.--Section 217(c)
                of such Act, as amended by subparagraph (A), is further
                amended--
                            (i) in paragraph (2), by adding at the end
                        the following:
                    ``(G) Federal air marshal agreement.--The
                government of the country enters into, and complies
                with, an agreement with the United States to assist in
                the operation of an effective Air Marshal Program.
                    ``(H) Aviation standards.--The government of the
                country complies with United States aviation and
                airport security standards, as determined by the
                Secretary of Homeland Security.''; and
                            (ii) in paragraph (9)--
                                    (I) by striking subparagraph (B);
                                and
                                    (II) by redesignating subparagraphs
                                (C) and (D) as subparagraphs (B) and
                                (C), respectively.
                    (C) Failure to fully implement information sharing
                agreement.--Section 217(c)(5) of such Act (8 U.S.C.
                1187(c)(5)) is amended--
                            (i) by redesignating subparagraph (C) as
                        subparagraph (D); and
                            (ii) by inserting after subparagraph (B)
                        the following:
                    ``(C) Failure to fully implement information
                sharing agreement.--
                            ``(i) Determination.--If the Secretary of
                        Homeland Security, in consultation with the
                        Secretary of State, determines that the
                        government of a program country has failed to
                        fully implement the agreements set forth in
                        paragraph (2)(F), the country shall be
                        terminated as a program country.
                            ``(ii) Redesignation.--Not sooner than 90
                        days after the Secretary of Homeland Security,
                        in consultation with the Secretary of State,
                        determines that a country that has been
                        terminated as a program country pursuant to
                        clause (i) is now in compliance with the
                        requirement set forth in paragraph (2)(F), the
                        Secretary of Homeland Security may redesignate
                        such country as a program country.''.
            (2) Advance passenger information earlier than 1 hour
        before arrival.--
                    (A) In general.--Section 217(a)(10) of such Act (8
                U.S.C. 1187(a)(10)) is amended by striking ``not less
                than one hour prior to arrival'' and inserting ``as
                soon as practicable, but not later than 1 hour before
                arriving''.
                    (B) Technical amendment.--Section 217(c)(3) of such
                Act is amended, in the matter preceding subparagraph
                (A), by striking ``the initial period'' and inserting
                ``fiscal year 1989''.
    (b) Factors the Department of Homeland Security Shall Consider for
Visa Waiver Countries.--
            (1) Consideration of country's capacity to identify
        dangerous individuals.--Section 217(c)(4) of the Immigration
        and Nationality Act (8 U.S.C. 1187(c)(4)), is amended to read
        as follows:
            ``(4) Required security considerations for program
        designation and continuation.--In determining whether a country
        should be designated as a program country or whether a program
        country should retain its designation as a program country, the
        Secretary of Homeland Security shall consider the following:
                    ``(A) Capacity to collect, analyze, and share data
                concerning dangerous individuals.--Whether the
                government of the country--
                            ``(i) collects and analyzes the information
                        described in subsection (a)(10), including
                        advance passenger information and passenger
                        name records, and similar information
                        pertaining to flights not bound for the United
                        States, to identify potentially dangerous
                        individuals who may attempt to travel to the
                        United States; and
                            ``(ii) shares such information and the
                        results of such analyses with the Government of
                        the United States.
                    ``(B) Screening of traveler passports.--Whether the
                government of the country--
                            ``(i) regularly screens passports of air
                        travelers against INTERPOL's global database of
                        Stolen and Lost Travel Documents before
                        allowing such travelers to enter or board a
                        flight arriving in or departing from that
                        country, including a flight destined for the
                        United States; and
                            ``(ii) regularly and promptly shares
                        information concerning lost or stolen travel
                        documents with INTERPOL.
                    ``(C) Biometric exchanges.--Whether the government
                of the country, in addition to meeting the mandatory
                qualifications set forth in paragraph (2)--
                            ``(i) collects and analyzes biometric and
                        other information about individuals other than
                        United States nationals who are applying for
                        asylum, refugee status, or another form of non-
                        refoulment protection in such country; and
                            ``(ii) shares the information and the
                        results of such analyses with the Government of
                        the United States.
                    ``(D) Information sharing about foreign terrorist
                fighters.--Whether the government of the country shares
                intelligence about foreign fighters with the United
                States and with multilateral organizations, such as
                INTERPOL and EUROPOL.''.
            (2) Failure to report stolen passports.--Section 217(f)(5)
        of such Act is amended by inserting ``frequently and promptly''
        before ``reporting the theft''.

SEC. 5. BIOMETRIC SUBMISSION BEFORE ENTRY.

    (a) In General.--Section 217(a) of the Immigration and Nationality
Act (8 U.S.C. 1187(a)), as amended by section 2, is further amended by
adding at the end the following:
            ``(13) Submission of biometric information.--The Secretary
        of Homeland Security shall ensure that each alien traveling to
        the United States under an approved Electronic System for
        Travel Authorization has submitted biometric information,
        including photographs and fingerprints, before boarding a
        conveyance bound for the United States.''.
    (b) Implementation of Biometric Submission.--
            (1) Prioritization.--The Secretary of Homeland Security, in
        consultation with the Secretary of State, shall prioritize the
        implementation of the requirements under section 217(a)(13) of
        the Immigration and Nationality Act, as added by subsection
        (a), in Visa Waiver Program countries that have a significant
        number of nationals who have traveled to fight with, or to
        assist, the group known as the Islamic State of Iraq and the
        Levant (ISIL).
            (2) Effective date.--The requirements referred to in
        paragraph (1) shall take effect for all Visa Waiver Program
        countries not later than 1 year after the date of the enactment
        of this Act, except that the Secretary of Homeland Security may
        extend the effective date for additional periods of 6 months
        (not to exceed a total of 24 months) for particular countries
        if the Secretary determines that an extension for such a
        country does not present a significant risk to the national
        security of the United States.
            (3) Inclusion of biometric information.--Not later than 5
        years after the date of the enactment of this Act, the
        Secretary of Homeland Security shall ensure that the
        information submitted under section 217(a)(13) of the
        Immigration and Nationality Act includes photographs and
        fingerprints.
            (4) Compliance.--The Secretary of Homeland Security may
        determine that a Visa Waiver Program country is in compliance
        with section 217(a)(13) of the Immigration and Nationality Act,
        as added by subsection (a), if the country signs and implements
        an agreement--
                    (A) to collect biometric information from each
                individual seeking to travel to the United States
                through the Visa Waiver Program and to share such
                information with the United States;
                    (B) to compare the biometric information described
                in subparagraph (A) against the information, including
                the biometric information, on the prospective
                traveler's machine readable, electronic passport,
                before the prospective traveler boards a conveyance
                bound for the United States; and
                    (C) to inform the Department of Homeland Security
                of--
                            (i) the results of the comparison described
                        in subparagraph (B) before the prospective
                        traveler boards a conveyance bound for the
                        United States, and
                            (ii) any other information indicating that
                        the prospective traveler may pose a threat to
                        the United States.

SEC. 6. VISA WAIVER PROGRAM ADMINISTRATION.

    Section 217(h)(3)(B) of the Immigration and Nationality Act (8
U.S.C. 1187(h)(3)(B)) is amended--
            (1) in clause (i), by amending subclause (II) to read as
        follows:
                                    ``(II) an amount to ensure recovery
                                of the full costs of providing and
                                administering the System and
                                implementing the improvements to the
                                program provided in the Visa Waiver
                                Program Security Enhancement Act.'';
                                and
            (2) by amending clause (ii) to read as follows:
                            ``(ii) Disposition of amounts collected.--
                        Amounts collected under clause (i)(I) shall be
                        credited to the Travel Promotion Fund
                        established under subsection (d) of the Trade
                        Promotion Act of 2009 (22 U.S.C. 2131(d)).
                        Amounts collected under clause (i)(II) shall be
                        transferred to the general fund of the Treasury
                        and made available to pay the costs incurred to
                        administer the System and the improvements made
                        by the Visa Waiver Program Security Enhancement
                        Act. The portion of the fee collected under
                        clause (i)(II) to recover the costs of
                        implementing such improvements may only be used
                        for that purpose.''.

Summary: Visa Waiver Program Security Enhancement Act This bill amends the Immigration and Nationality Act regarding the visa waiver program to prohibit a national of a program country who has traveled to Iraq or Syria at any time during the most recent five-year period from traveling to the United States without a visa. The Department of Homeland Security (DHS) may prohibit a national of a program country from traveling to the United States under the program if the national has traveled during the past five years to a country in which: (1) a designated foreign terrorist organization has a significant presence, and (2) prohibiting the national from traveling to the United States under the program is in US national security interests. An alien must, at the time of application for program admission, have a valid, unexpired, tamper-resistant, machine-readable passport that incorporates biometric and document authentication identifiers that comply with standards of the International Civil Aviation Organization. Any alien applying for program admission must have a passport that meets these requirements. A program country must: (1) enter into and comply with an agreement with the United States to assist in the operation of an air marshal program, and (2) comply with US aviation and airport security standards. A country that does not fully implement information sharing agreements shall be terminated from the program. In determining whether to designate a country as a program country or whether a program country should retain its designation DHS shall consider: the country's capacity to collect, analyze, and share data concerning dangerous individuals. The country's screening and sharing of lost or stolen passport information. Whether the country collects, analyzes, and shares biometric and other information about individuals other than US nationals who are applying for asylum, refugee status, or another form of non-refoulement protection in such country. And whether a country shares intelligence about foreign fighters with the United States and with multilateral organizations. DHS shall: ensure that each alien traveling to the United States under an approved electronic system for travel authorization has submitted biometric information, including photographs and fingerprints, before boarding a US-bound conveyance. Prioritize implementation of these biometric requirements in program countries that have a significant number of nationals who have traveled to fight with, or to assist, the Islamic State of Iraq and the Levant (ISIL). And ensure within five years that such biometric information includes photographs and fingerprints. DHS may determine that a program country is in compliance with such biometric requirements if the country implements an agreement meeting specified criteria. Program fee provisions are revised.


SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Wall Street Fair Share Act''.

SEC. 2. TRANSACTION TAX.

    (a) In General.--Chapter 36 of the Internal Revenue Code of 1986 is
amended by inserting after subchapter B the following new subchapter:

             ``Subchapter C--Tax on Securities Transactions

``Sec. 4475. Tax on securities transactions.

``SEC. 4475. TAX ON SECURITIES TRANSACTIONS.

    ``(a) Imposition of Tax.--There is hereby imposed a tax on each
covered transaction with respect to any security.
    ``(b) Rate of Tax.--
            ``(1) Security.--
                    ``(A) In general.--Except as otherwise provided in
                this subsection, the rate of such tax shall be equal to
                0.25 percent of the fair market value of the security.
                    ``(B) Derivatives.--In the case of a security
                described in subsection (d)(1)(D), the rate of such tax
                shall be equal to 0.25 percent of the fair market value
                of the underlying property with respect to, or the
                notional principal amount of, the derivative financial
                instrument involved in such transaction.
                    ``(C) Short-term debt instruments.--In the case of
                a covered transaction with respect to a security
                described in subsection (d)(1)(C) which has a fixed
                maturity date not more than 1 year from the date of
                issue, the rate of such tax shall be equal to 0.02
                percent of the fair market value of such security.
            ``(2) Hedging transaction.--In the case of any covered
        transaction which is a hedging transaction (within the meaning
        of section 1221(a)(7)), subparagraphs (A) and (B) of paragraph
        (1) shall each be applied by substituting `0.02 percent' for
        `0.25 percent'.
    ``(c) Covered Transaction.--For purposes of this section, the term
`covered transaction' means--
            ``(1) except as provided in paragraph (2), any purchase
        if--
                    ``(A) such purchase occurs on a trading facility
                located in the United States, or
                    ``(B) the purchaser or seller is a United States
                person, or
            ``(2) any transaction with respect to a security described
        in subsection (d)(1)(D), if any party with rights under such
        security is a United States person or if such transaction is
        facilitated by a United States person, including a trading
        facility located in the United States or a broker.
    ``(d) Security and Other Definitions.--For purposes of this
section--
            ``(1) In general.--The term `security' means--
                    ``(A) any share of stock in a corporation,
                    ``(B) any partnership or beneficial ownership
                interest in a widely held or publicly traded
                partnership or trust,
                    ``(C) any note, bond, debenture, or other evidence
                of indebtedness issued by a nongovernmental entity the
                beneficial ownership of which is traded on an
                established market, or
                    ``(D) any evidence of an interest in, or a
                derivative financial instrument in--
                            ``(i) any security described in
                        subparagraph (A), (B), or (C),
                            ``(ii) any specified index, or
                            ``(iii) any other note, bond, or debenture
                        issued by a nongovernmental entity.
            ``(2) Derivative financial instrument.--The term
        `derivative financial instrument' means any option, forward
        contract, short position, notional principal contract, credit
        default swap, or any similar financial instrument.
            ``(3) Specified index.--The term `specified index' means
        any 1 or more of any combination of--
                    ``(A) a fixed rate, price, or amount, or
                    ``(B) a variable rate, price, or amount,
        which is based on any current objectively determinable
        information which is not within the control of any of the
        parties to the contract or instrument and is not unique to any
        of the parties' circumstances.
    ``(e) Exceptions to Imposition of Tax.--
            ``(1) Exception for initial issues.--No tax shall be
        imposed under subsection (a) on any covered transaction with
        respect to the initial issuance of any security described in
        subparagraph (A), (B), or (C) of subsection (d)(1).
            ``(2) Exception for retirement accounts, etc.--No tax shall
        be imposed under subsection (a) on any covered transaction with
        respect to any security which is held in any plan, account, or
        arrangement described in section 220, 223, 401(a), 403(a),
        403(b), 408, 408A, 529, or 530 (including assets held in a
        segregated asset account described in section 817 as part of
        any such plan, account, or arrangement).
            ``(3) Exception for certain mutual fund transactions.--No
        tax shall be imposed under subsection (a) on any covered
        transaction--
                    ``(A) with respect to the purchase of any interest
                in a regulated investment company (as defined in
                section 851) which issues only stock which is
                redeemable on the demand of the stock holder,
                    ``(B) by a regulated investment company (as so
                defined) which is 100 percent owned by 1 or more plans,
                accounts, or arrangements described in paragraph (2),
                and
                    ``(C) to the extent such tax is properly allocable
                to any class of shares of a regulated investment
                company (as so defined) which is 100 percent owned by 1
                or more plans, accounts, or arrangements described in
                paragraph (2).
    ``(f) By Whom Paid.--
            ``(1) In general.--The tax imposed by this section shall be
        paid by--
                    ``(A) in the case of a transaction which occurs on
                a trading facility located in the United States, such
                trading facility,
                    ``(B) in the case of a transaction not described in
                subparagraph (A) which is executed by a broker, such
                broker,
                    ``(C) in the case of a transaction not described in
                subparagraph (A) or (B), with respect to a security
                described in section (d)(1)(D), the party identified by
                the Secretary, or
                    ``(D) in any other case, the purchaser with respect
                to the transaction.
            ``(2) Withholding if purchaser is not a united states
        person.--See section 1447 for withholding by seller if
        purchaser is a foreign person.
    ``(g) Administration.--The Secretary shall carry out this section
in consultation with the Securities and Exchange Commission and the
Commodity Futures Trading Commission.
    ``(h) Guidance; Regulations.--The Secretary shall--
            ``(1) provide guidance regarding such information reporting
        concerning covered transactions as the Secretary deems
        appropriate, and
            ``(2) prescribe such regulations as are necessary or
        appropriate to prevent avoidance of the purposes of this
        section, including the use of non-United States persons in such
        transactions or the improper allocation of taxes to classes of
        shares described in subsection (e)(3)(C).''.
    (b) Credit for First $100,000 of Stock Transactions Per Year.--
Subpart C of part IV of subchapter A of chapter 1 of such Code is
amended by inserting after section 36A the following new section:

``SEC. 36B. CREDIT FOR SECURITIES TRANSACTION TAXES.

    ``(a) Allowance of Credit.--In the case of any individual who is a
purchaser with respect to a covered transaction, there shall be allowed
as a credit against the tax imposed by this subtitle for the taxable
year an amount equal to the lesser of--
            ``(1) the aggregate amount of tax imposed under section
        4475 on covered transactions during the taxable year with
        respect to which the taxpayer is the purchaser, or
            ``(2) $250 ($125 in the case of a married individual filing
        a separate return).
    ``(b) Definitions.--For purposes of this section, any term used in
this section which is also used in section 4475 shall have the same
meaning as when used in section 4475.''.
    (c) Withholding.--Subchapter A of chapter 3 of such Code is amended
by adding at the end the following new section:

``SEC. 1447. WITHHOLDING ON SECURITIES TRANSACTIONS.

    ``(a) In General.--In the case of any outbound securities
transaction, except as provided in subsection (b), the transferor shall
deduct and withhold a tax equal to the tax imposed under section 4475
with respect to such transaction.
    ``(b) Derivatives.--In the case of any outbound securities
transaction with respect to a security described in section
4475(d)(1)(D), the party identified by the Secretary shall so deduct
and withhold.
    ``(c) Outbound Securities Transaction.--For purposes of this
section, the term `outbound securities transaction' means any covered
transaction to which section 4475(a) applies if--
            ``(1) such transaction does not occur on a trading facility
        located in the United States, and
            ``(2) the purchaser with respect to such transaction in not
        a United States person.''.
    (d) Conforming Amendments.--
            (1) Section 6211(b)(4)(A) of such Code is amended by
        inserting ``36B,'' after ``36A,''.
            (2) Section 1324(b)(2) of title 31, United States Code, is
        amended by inserting ``36B,'' after ``36A,''.
    (e) Clerical Amendments.--
            (1) The table of subchapters for chapter 36 of the Internal
        Revenue Code of 1986 is amended by inserting after the item
        relating to subchapter B the following new item:

``Subchapter C. Tax on securities transactions.''.
            (2) The table of sections for subchapter A of chapter 3 of
        such Code is amended by adding at the end the following new
        item:

``Sec. 1447. Withholding on securities transactions.''.
            (3) The table of sections for subpart C of part IV of
        subchapter A of chapter 1 of such Code is amended by inserting
        after the item relating to section 36A the following new item:

``Sec. 36B. Credit for securities transaction taxes.''.
    (f) Effective Date.--The amendments made by this section shall
apply to transactions occurring after December 31, 2010.

Summary: Wall Street Fair Share Act - Amends the Internal Revenue Code to impose an excise tax on securities trading facilities, brokers, and purchasers for certain securities transactions. Sets such tax at .25 of the fair market value of the security traded. Defines security to include stock in a corporation, partnership interests, debt instruments, or interests in certain derivative financial instruments. Exempts from such tax an initial issue of securities, transactions in certain retirement, education, and health savings accounts, and transactions in mutual funds. Allows the purchaser of securities a credit against the excise tax for the lesser of the tax incurred or $250 . Requires withholding of excise tax amounts by the transferor of securities subject to the tax.

A bill to amend the Internal Revenue Code of 1986 to impose a tax on certain securities transactions to fund job creation and deficit reduction, and for other purposes.


SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Indian Youth Telemental Health
Demonstration Project Act of 2006''.

SEC. 2. FINDINGS AND PURPOSE.

    (a) Findings.--Congress finds that--
            (1) suicide for Indians and Alaska Natives is 2\1/2\ times
        higher than the national average and the highest for all ethnic
        groups in the United States, at a rate of more than 16 per
        100,000 males of all age groups, and 27.9 per 100,000 for males
        aged 15 through 24, according to data for 2002;
            (2) according to national data for 2002, suicide was the
        second-leading cause of death for Indians and Alaska Natives
        aged 15 through 34 and the fourth-leading cause of death for
        Indians and Alaska Natives aged 10 through 14;
            (3) the suicide rates of Indian and Alaska Native males
        aged 15 through 24 are nearly 4 times greater than suicide
        rates of Indian and Alaska Native females of that age group;
            (4)(A) 90 percent of all teens who die by suicide suffer
        from a diagnosable mental illness at the time of death; and
            (B) more than \1/2\ of the people who commit suicide in
        Indian Country have never been seen by a mental health
        provider;
            (5) death rates for Indians and Alaska Natives are
        statistically underestimated;
            (6) suicide clustering in Indian Country affects entire
        tribal communities; and
            (7) since 2003, the Indian Health Service has carried out a
        National Suicide Prevention Initiative to work with Service,
        tribal, and urban Indian health programs.
    (b) Purpose.--The purpose of this Act is to authorize the Secretary
to carry out a demonstration project to test the use of telemental
health services in suicide prevention, intervention, and treatment of
Indian youth, including through--
            (1) the use of psychotherapy, psychiatric assessments,
        diagnostic interviews, therapies for mental health conditions
        predisposing to suicide, and alcohol and substance abuse
        treatment;
            (2) the provision of clinical expertise to, consultation
        services with, and medical advice and training for frontline
        health care providers working with Indian youth;
            (3) training and related support for community leaders,
        family members and health and education workers who work with
        Indian youth;
            (4) the development of culturally-relevant educational
        materials on suicide; and
            (5) data collection and reporting.

SEC. 3. DEFINITIONS.

    In this Act:
            (1) Demonstration project.--The term ``demonstration
        project'' means the Indian youth telemental health
        demonstration project authorized under section 4(a).
            (2) Department.--The term ``Department'' means the
        Department of Health and Human Services.
            (3) Indian.--The term ``Indian'' means any individual who
        is a member of an Indian tribe or is eligible for health
        services under the Indian Health Care Improvement Act (25
        U.S.C. 1601 et seq.).
            (4) Indian tribe.--The term ``Indian tribe'' has the
        meaning given the term in section 4 of the Indian Self-
        Determination and Education Assistance Act (25 U.S.C. 450b).
            (5) Secretary.--The term ``Secretary'' means the Secretary
        of Health and Human Services.
            (6) Service.--The term ``Service'' means the Indian Health
        Service.
            (7) Telemental health.--The term ``telemental health''
        means the use of electronic information and telecommunications
        technologies to support long distance mental health care,
        patient and professional-related education, public health, and
        health administration.
            (8) Traditional health care practices.--The term
        ``traditional health care practices'' means the application by
        Native healing practitioners of the Native healing sciences (as
        opposed or in contradistinction to Western healing sciences)
        that--
                    (A) embody the influences or forces of innate
                Tribal discovery, history, description, explanation and
                knowledge of the states of wellness and illness; and
                    (B) call upon those influences or forces in the
                promotion, restoration, preservation, and maintenance
                of health, well-being, and life's harmony.
            (9) Tribal organization.--The term ``tribal organization''
        has the meaning given the term in section 4 of the Indian Self-
        Determination and Education Assistance Act (25 U.S.C. 450b).

SEC. 4. INDIAN YOUTH TELEMENTAL HEALTH DEMONSTRATION PROJECT.

    (a) Authorization.--
            (1) In general.--The Secretary is authorized to carry out a
        demonstration project to award grants for the provision of
        telemental health services to Indian youth who--
                    (A) have expressed suicidal ideas;
                    (B) have attempted suicide; or
                    (C) have mental health conditions that increase or
                could increase the risk of suicide.
            (2) Eligibility for grants.--Grants described in paragraph
        (1) shall be awarded to Indian tribes and tribal organizations
        that operate 1 or more facilities--
                    (A) located in Alaska and part of the Alaska
                Federal Health Care Access Network;
                    (B) reporting active clinical telehealth
                capabilities; or
                    (C) offering school-based telemental health
                services relating to psychiatry to Indian youth.
            (3) Grant period.--The Secretary shall award grants under
        this section for a period of up to 4 years.
            (4) Maximum number of grants.--Not more than 5 grants shall
        be provided under paragraph (1), with priority consideration
        given to Indian tribes and tribal organizations that--
                    (A) serve a particular community or geographic area
                in which there is a demonstrated need to address Indian
                youth suicide;
                    (B) enter into collaborative partnerships with
                Service or other tribal health programs or facilities
                to provide services under this demonstration project;
                    (C) serve an isolated community or geographic area
                which has limited or no access to behavioral health
                services; or
                    (D) operate a detention facility at which Indian
                youth are detained.
    (b) Use of Funds.--An Indian tribe or tribal organization shall use
a grant received under subsection (a) for the following purposes:
            (1) To provide telemental health services to Indian youth,
        including the provision of--
                    (A) psychotherapy;
                    (B) psychiatric assessments and diagnostic
                interviews, therapies for mental health conditions
                predisposing to suicide, and treatment; and
                    (C) alcohol and substance abuse treatment.
            (2) To provide clinician-interactive medical advice,
        guidance and training, assistance in diagnosis and
        interpretation, crisis counseling and intervention, and related
        assistance to Service or tribal clinicians and health services
        providers working with youth being served under the
        demonstration project.
            (3) To assist, educate, and train community leaders, health
        education professionals and paraprofessionals, tribal outreach
        workers, and family members who work with the youth receiving
        telemental health services under the demonstration project,
        including with identification of suicidal tendencies, crisis
        intervention and suicide prevention, emergency skill
        development, and building and expanding networks among those
        individuals and with State and local health services providers.
            (4) To develop and distribute culturally-appropriate
        community educational materials on--
                    (A) suicide prevention;
                    (B) suicide education;
                    (C) suicide screening;
                    (D) suicide intervention; and
                    (E) ways to mobilize communities with respect to
                the identification of risk factors for suicide.
            (5) To conduct data collection and reporting relating to
        Indian youth suicide prevention efforts.
    (c) Applications.--To be eligible to receive a grant under
subsection (a), an Indian tribe or tribal organization shall prepare
and submit to the Secretary an application, at such time, in such
manner, and containing such information as the Secretary may require,
including--
            (1) a description of the project that the Indian tribe or
        tribal organization will carry out using the funds provided
        under the grant;
            (2) a description of the manner in which the project funded
        under the grant would--
                    (A) meet the telemental health care needs of the
                Indian youth population to be served by the project; or
                    (B) improve the access of the Indian youth
                population to be served to suicide prevention and
                treatment services;
            (3) evidence of support for the project from the local
        community to be served by the project;
            (4) a description of how the families and leadership of the
        communities or populations to be served by the project would be
        involved in the development and ongoing operations of the
        project;
            (5) a plan to involve the tribal community of the youth who
        are provided services by the project in planning and evaluating
        the mental health care and suicide prevention efforts provided,
        in order to ensure the integration of community, clinical,
        environmental, and cultural components of the treatment; and
            (6) a plan for sustaining the project after Federal
        assistance for the demonstration project has terminated.
    (d) Traditional Health Care Practices.--The Secretary, acting
through the Service, shall ensure that the demonstration project
involves the use and promotion of the traditional health care practices
of the Indian tribes of the youth to be served.
    (e) Collaboration.--The Secretary, acting through the Service,
shall encourage Indian tribes and tribal organizations receiving grants
under this section to collaborate to enable comparisons about best
practices across projects.
    (f) Annual Report.--Each grant recipient shall submit to the
Secretary an annual report that--
            (1) describes the number of telemental health services
        provided; and
            (2) includes any other information that the Secretary may
        require.
    (g) Report to Congress.--Not later than 270 days after the date of
termination of the demonstration project, the Secretary shall submit to
the Committee on Indian Affairs of the Senate and the Committee on
Resources and the Committee on Energy and Commerce of the House of
Representatives a final report that--
            (1) describes the results of the projects funded by grants
        awarded under this section, including any data available that
        indicate the number of attempted suicides;
            (2) evaluates the impact of the telemental health services
        funded by the grants in reducing the number of completed
        suicides among Indian youth;
            (3) evaluates whether the demonstration project should be--
                    (A) expanded to provide more than 5 grants; and
                    (B) designated a permanent program; and
            (4) evaluates the benefits of expanding the demonstration
        project to include urban Indian organizations.
    (h) Authorization of Appropriations.--There is authorized to be
appropriated to carry out this section $1,500,000 for each of fiscal
years 2007 through 2010.

            Passed the Senate May 11, 2006.

            Attest:

                                             EMILY J. REYNOLDS,

                                                             Secretary.

Summary: Indian Youth Telemental Health Demonstration Project Act of 2006 - Authorizes the Secretary of Health and Human Services to carry out a demonstration project to award up to five grants, of up to four years each, for the provision of telemental health services to Indian youth who have expressed suicidal ideas, have attempted suicide, or have mental health conditions that increase or could increase the risk of suicide. Makes eligible for such grants any Indian tribes and tribal organizations that operate one or more facilities: (1) located in Alaska and part of the Alaska Federal Health Care Access Network, (2) reporting active clinical telehealth capabilities. Or (3) offering school-based telemental health services relating to psychiatry to Indian youth.

A bill to establish an Indian youth telemental health demonstration project.


SECTION 1. SHORT TITLE.

    This Act may be cited as ``Healthy Kids for Healthy Futures Act of
2009''.

SEC. 2. COVERAGE OF PREVENTIVE CARE FOR CHILDREN.

    (a) Amendments of ERISA.--
            (1) In general.--Subpart B of part 7 of title I of the
        Employee Retirement Income Security Act of 1974 (29 U.S.C. 1185
        et seq.) is amended by adding at the end the following:

``SEC. 714. COVERAGE OF PREVENTIVE CARE FOR CHILDREN.

    ``(a) In General.--A group health plan, and a health insurance
issuer providing health insurance coverage in connection with a group
health plan, shall provide coverage for appropriate preventive care for
each qualified dependent child of the participant.
    ``(b) Appropriate Preventive Care.--For purposes of this section,
the term `appropriate preventive care' means medical care which, under
regulations prescribed by the Secretary of Health and Human Services,
in consultation with the Secretary and the Secretary of the Treasury,
meets the most recent Bright Futures Guidelines for Health Supervision
of Infants, Children, and Adolescents.
    ``(c) Qualified Dependent Child.--For purposes of this section, the
term `qualified dependent child' means a child of the participant who--
            ``(1) is not more than 18 years of age, and
            ``(2) is a dependent child, under the terms of the plan or
        coverage, of the participant.
    ``(d) Cost-Sharing Prohibited.--A group health plan and health
insurance coverage provided in connection with a group health plan may
not impose deductibles, copayments, coinsurance, or other cost-sharing
in relation to services provided pursuant to the requirements of
subsection (a).
    ``(e) Certain Coverage Restrictions Prohibited.--A group health
plan, and a health insurance issuer providing coverage in connection
with a group health plan, may not--
            ``(1) deny to a participant or beneficiary eligibility, or
        continued eligibility, to enroll or to renew coverage under the
        terms of the plan solely for the purpose of avoiding the
        requirements of this section, or
            ``(2) penalize, or otherwise reduce or limit the
        reimbursement of, an attending provider, or provide incentives
        (monetary or otherwise) to an attending provider, so as to
        induce the provider to provide care to a beneficiary in a
        manner inconsistent with this section.
    ``(f) Allowance for Level or Type of Provider Reimbursement.--
Nothing in this section shall be construed to prevent a group health
plan or a health insurance issuer providing health insurance coverage
in connection with a group health plan from negotiating the level and
type of reimbursement with a provider for care provided in accordance
with this section.
    ``(g) Notice.--A group health plan, and a health insurance issuer
providing health insurance coverage in connection with a group health
plan, shall provide notice to each participant and beneficiary under
such plan regarding the coverage required by this section in accordance
with regulations which shall be promulgated by the Secretary, in
consultation with the Secretary of Health and Human Services and the
Secretary of the Treasury. Such notice shall be in writing and
prominently positioned in any literature or correspondence made
available or distributed to participants and beneficiaries by the plan
or issuer on an annual or other more frequent periodic basis.
    ``(h) Relation to State Laws.--Nothing in this section shall be
construed to preempt or otherwise limit any State law with respect to
health insurance coverage that requires more extensive coverage than is
otherwise required under this section.''.
            (2) Conforming amendment.--The table of contents in section
        1 of such Act is amended by inserting after the item relating
        to section 713 the following new item:

``Sec. 714. Coverage of preventive care for children.''.
    (b) Amendments to the Public Health Service Act.--
            (1) Group markets.--Subpart 2 of part A of title XXVII of
        the Public Health Service Act (42 U.S.C. 300gg-4 et seq.) is
        amended by adding at the end the following new section:

``SEC. 2707. COVERAGE OF PREVENTIVE CARE FOR CHILDREN.

    ``(a) In General.--A group health plan, and a health insurance
issuer providing health insurance coverage in connection with a group
health plan, shall provide coverage for appropriate preventive care for
each qualified dependent child of the participant.
    ``(b) Appropriate Preventive Care.--For purposes of this section,
the term `appropriate preventive care' means medical care which, under
regulations prescribed by the Secretary, in consultation with the
Secretary of Labor and the Secretary of the Treasury, meets the most
recent Bright Futures Guidelines for Health Supervision of Infants,
Children, and Adolescents.
    ``(c) Qualified Dependent Child.--For purposes of this section, the
term `qualified dependent child' means a child of the participant who--
            ``(1) is not more than 18 years of age, and
            ``(2) is a dependent child, under the terms of the plan or
        coverage, of the participant.
    ``(d) Cost-Sharing Prohibited.--A group health plan and health
insurance coverage provided in connection with a group health plan may
not impose deductibles, copayments, coinsurance, or other cost-sharing
in relation to services provided pursuant to the requirements of
subsection (a).
    ``(e) Certain Coverage Restrictions Prohibited.--A group health
plan, and a health insurance issuer providing coverage in connection
with a group health plan, may not--
            ``(1) deny to a participant or beneficiary eligibility, or
        continued eligibility, to enroll or to renew coverage under the
        terms of the plan solely for the purpose of avoiding the
        requirements of this section, or
            ``(2) penalize, or otherwise reduce or limit the
        reimbursement of, an attending provider, or provide incentives
        (monetary or otherwise) to an attending provider, so as to
        induce the provider to provide care to a beneficiary in a
        manner inconsistent with this section.
    ``(f) Allowance for Level or Type of Provider Reimbursement.--
Nothing in this section shall be construed to prevent a group health
plan or a health insurance issuer providing health insurance coverage
in connection with a group health plan from negotiating the level and
type of reimbursement with a provider for care provided in accordance
with this section.
    ``(g) Notice.--A group health plan, and a health insurance issuer
providing health insurance coverage in connection with a group health
plan, shall provide notice to each participant and beneficiary under
such plan regarding the coverage required by this section in accordance
with regulations which shall be promulgated by the Secretary of Labor,
in consultation with the Secretary and the Secretary of the Treasury.
Such notice shall be in writing and prominently positioned in any
literature or correspondence made available or distributed to
participants and beneficiaries by the plan or issuer on an annual or
other more frequent periodic basis.
    ``(h) Relation to State Laws.--Nothing in this section shall be
construed to preempt or otherwise limit any State law with respect to
health insurance coverage that requires more extensive coverage than is
otherwise required under this section.''.
            (2) Individual market.--Subpart 3 of part B of title XXVII
        of such Act (42 U.S.C. 300gg-51 et seq.) is amended by adding
        at the end the following new section:

``SEC. 2753. COVERAGE OF PREVENTIVE CARE FOR CHILDREN.

    ``The provisions of section 2707 shall apply to health insurance
coverage offered by a health insurance issuer in the individual market
in the same manner as they apply to health insurance coverage offered
by a health insurance issuer in connection with a group health plan in
the small or large group market.''.
    (c) Amendments to the Internal Revenue Code.--
            (1) In general.--Subchapter B of chapter 100 of the
        Internal Revenue Code of 1986 (relating to other group health
        plan requirements) is amended by inserting after section 9812
        the following new section:

``SEC. 9813. COVERAGE OF PREVENTIVE CARE FOR CHILDREN.

    ``(a) In General.--A group health plan shall provide coverage for
appropriate preventive care for each qualified dependent child of the
participant.
    ``(b) Appropriate Preventive Care.--For purposes of this section,
the term `appropriate preventive care' means medical care which, under
regulations prescribed by the Secretary of Health and Human Services in
consultation with the Secretary and the Secretary of Labor, meets the
most recent Bright Futures Guidelines for Health Supervision of
Infants, Children, and Adolescents.
    ``(c) Qualified Dependent Child.--For purposes of this section, the
term `qualified dependent child' means a child of the participant who--
            ``(1) is not more than 18 years of age, and
            ``(2) is a dependent child, under the terms of the plan or
        coverage, of the participant.
    ``(d) Cost-Sharing Prohibited.--A group health plan may not impose
deductibles, copayments, coinsurance, or other cost-sharing in relation
to services provided pursuant to the requirements of subsection (a).
    ``(e) Certain Coverage Restrictions Prohibited.--A group health
plan may not--
            ``(1) deny to a participant or beneficiary eligibility, or
        continued eligibility, to enroll or to renew coverage under the
        terms of the plan solely for the purpose of avoiding the
        requirements of this section, or
            ``(2) penalize, or otherwise reduce or limit the
        reimbursement of, an attending provider, or provide incentives
        (monetary or otherwise) to an attending provider, so as to
        induce the provider to provide care to a beneficiary in a
        manner inconsistent with this section.
    ``(f) Allowance for Level or Type of Provider Reimbursement.--
Nothing in this section shall be construed to prevent a group health
plan or a health insurance issuer providing health insurance coverage
in connection with a group health plan from negotiating the level and
type of reimbursement with a provider for care provided in accordance
with this section.
    ``(g) Notice.--A group health plan shall provide notice to each
participant and beneficiary under such plan regarding the coverage
required by this section in accordance with regulations which shall be
promulgated by the Secretary of Labor, in consultation with the
Secretary and the Secretary of Health and Human Services. Such notice
shall be in writing and prominently positioned in any literature or
correspondence made available or distributed to participants and
beneficiaries by the plan or issuer on an annual or other more frequent
periodic basis.
    ``(h) Relation to State Laws.--Nothing in this section shall be
construed to preempt or otherwise limit any State law with respect to
health insurance coverage that requires more extensive coverage than is
otherwise required under this section.''.
            (2) Conforming amendment.--The table of sections for
        subchapter B of chapter 100 of such Code is amended by
        inserting after the item relating to section 9812 the following
        new item:

``Sec. 9813. Coverage of preventive care for children.''.
    (d) Effective Date.--The amendments made by this Act shall apply
with respect to plan years beginning on or after January 1, 2010.
    (e) Initial Notice.--Each group health plan and health insurance
issuer to which the notice requirements of section 714(g) of the
Employee Retirement Income Security Act of 1974, section 2707(g) of the
Public Health Service Act, or section 9813(g) of the Internal Revenue
Code of 1986 apply shall be deemed not in compliance with such
requirements with respect to the first plan year beginning on or after
January 1, 2010, unless, not later than January 1, 2010, the plan or
issuer includes the information described in such section in a notice
which is provided to each participant and beneficiary in writing.

SEC. 3. COVERAGE OF PREVENTATIVE CARE FOR CHILDREN UNDER HEALTH SAVINGS
              ACCOUNTS.

    (a) In General.--Paragraph (2) of section 223(c) of the Internal
Revenue Code of 1986 (defining high deductible health plan) is amended
by adding at the end the following new subparagraph:
                    ``(E) Special rule for preventative care for
                children.--
                            ``(i) In general.--A plan shall not be
                        treated as a high deductible health plan unless
                        such plan meets the requirements of section
                        9813 (relating to coverage of preventative care
                        for children).
                            ``(ii) Plan treated as group health plan.--
                        For purposes of clause (i), the plan shall be
                        treated as a group health plan.''.
    (b) Effective Date.--The amendment made by this section shall apply
to taxable years beginning after December 31, 2009.

Summary: Healthy Kids for Healthy Futures Act of 2009 - Amends the Employee Retirement Income Security Act of 1974 (ERISA), the Public Health Service Act, and the Internal Revenue Code to require a group health plan to provide coverage for appropriate preventive care for a participant's dependent child who is not more than 18 years of age. Defines appropriate preventive care to mean medical care that meets the most recent Bright Futures Guidelines for Health Supervision of Infants, Children, and Adolescents. Prohibits a group health plan from imposing any cost-sharing for such preventive services. Prohibits a group health plan from taking specified actions to avoid the requirements of this Act. Applies the provisions of this Act to individual health insurance coverage. Excludes a plan from being treated as a high deductible health plan unless the requirements of this Act are met.

To amend the Employee Retirement Income Security Act of 1974, the Public Health Service Act, and the Internal Revenue Code of 1986 to require coverage of preventive care for children.