That the 29th Division
Association, Incorporated, a nonprofit corporation organized under the
laws of the State of New Jersey, is recognized as such and is granted a
Federal charter.

                                 powers

    Sec. 2. The 29th Division Association, Incorporated (hereinafter in
this Act referred to as the ``corporation''), shall have only those
powers granted to it through its bylaws and articles of incorporation
filed in the State or States in which it is incorporated and subject to
the laws of such State or States.

                  objects and purposes of corporation

    Sec. 3. The objects and purposes of the corporation are those
provided in its articles of incorporation and shall include--
            (1) the promotion of fellowship among its members;
            (2) the perpetuation of the record of the 29th Division,
        United States Army, in the World Wars;
            (3) the promotion of the welfare of its members, their
        families, and the families of the members of the Division who
        lost their lives in the service of Our Country;
            (4) the consideration of questions concerning the military
        policy of the United States of America; and
            (5) to uphold and defend the Constitution of the United
        States of America.

                           service of process

    Sec. 4. With respect to service of process, the corporation shall
comply with the laws of the State or States in which it is incorporated
and the State or States in which it carries on its activities in
furtherance of its corporate purposes.

                               membership

    Sec. 5. (a) Subject to subsection (b), eligibility for membership
in the corporation and the rights and privileges of members of the
corporation shall be as provided in the constitution and bylaws of the
corporation.
    (b) Terms of membership and requirements for holding office within
the corporation shall not discriminate on the basis of race, color,
national origin, sex, religion, or handicapped status.

           board of directors; composition; responsibilities

    Sec. 6. The composition of the board of directors of the
corporation and the responsibilities of such board shall be as provided
in the articles of incorporation of the corporation and shall be in
conformity with the laws of the State or States in which it is
incorporated.

                        officers of corporation

    Sec. 7. The positions of officers of the corporation and the
election of members to such positions shall be as provided in the
articles of incorporation of the corporation and shall be in conformity
with the laws of the State or States in which it is incorporated.

                              restrictions

    Sec. 8. (a) No part of the income or assets of the corporation may
inure to the benefit of any member, officer, or director of the
corporation or be distributed to any such individual during the life of
this charter. Nothing in this subsection shall be construed to prevent
the payment of reasonable compensation to the officers of the
corporation or reimbursement for actual and necessary expenses in
amounts approved by the board of directors.
    (b) The corporation may not make any loan to any officer, director,
or employee of the corporation.
    (c) The corporation may not contribute to, support, or otherwise
participate in any political activity or attempt in any manner to
influence legislation. No officer or director of the corporation,
acting as such officer or director, may commit any act prohibited under
this subsection.
    (d) The corporation shall have no power to issue any shares of
stock nor to declare or pay any dividends.
    (e) The corporation shall not claim congressional approval or
Federal Government authority for any of its activities.

                               liability

    Sec. 9. The corporation shall be liable for the acts of its
officers and agents whenever such officers and agents have acted within
the scope of their authority.

                     books and records; inspection

    Sec. 10. The corporation shall keep correct and complete books and
records of account and minutes of any proceeding of the corporation
involving any of its members, the board of directors, or any committee
having authority under the board of directors. The corporation shall
keep, at its principal office, a record of the names and addresses of
all members having the right to vote in any proceeding of the
corporation. All books and records of such corporation may be inspected
by any member having the right to vote in any corporation proceeding,
or by any agent or attorney of such member, for any proper purpose at
any reasonable time. Nothing in this section shall be construed to
contravene any applicable State law.

                    audit of financial transactions

    Sec. 11. The first section of the Act entitled ``An Act to provide
for audit of accounts of private corporations established under Federal
law'', approved August 30, 1964 (36 U.S.C. 1101), is amended by adding
at the end thereof the following:
            ``(74) 29th Division Association, Incorporated.''.

                             annual report

    Sec. 12. The corporation shall report annually to the Congress
concerning the activities of the corporation during the preceding
fiscal year. Such annual report shall be submitted at the same time as
the report of the audit of the corporation required by section 2 of the
Act entitled ``An Act to provide for audit of accounts of private
corporations established under Federal law'', approved August 30, 1964
(36 U.S.C. 1101). The report shall not be printed as a public document.

        reservation of right to amend, alter, or repeal charter

    Sec. 13. The right to amend, alter, or repeal this Act is expressly
reserved to the Congress.

                          definition of state

    Sec. 14. For purposes of this Act, the term ``State'' includes the
District of Columbia, the Commonwealth of Puerto Rico, the Commonwealth
of the Northern Mariana Islands, and the territories and possessions of
the United States.

                           tax-exempt status

    Sec. 15. The corporation shall maintain its status as an
organization exempt from taxation as provided in the Internal Revenue
Code of 1986.

                              termination

    Sec. 16. If the corporation fails to comply with any of the
restrictions or provisions of this Act, the charter granted by this Act
shall expire.

Summary: Grants a Federal Charter to the 29th Division Associated, Inc.

A bill to recognize the organization known as the 29th Division Associated, Incorporated.


SECTION 1. SHORT TITLE.

    This Act may be cited as the ``After School Education and Anti-
Crime Act of 1999''.

SEC. 2. PURPOSE.

    The purpose of this Act is to improve academic and social outcomes
for students and reduce both juvenile crime and the risk that youth
will become victims of crime by providing productive activities during
after school hours.

SEC. 3. FINDINGS.

    Congress makes the following findings:
            (1) Today's youth face far greater social risks than did
        their parents and grandparents.
            (2) Students spend more of their waking hours alone,
        without supervision, companionship, or activity, than the
        students spend in school.
            (3) Law enforcement statistics show that youth who are ages
        12 through 17 are most at risk of committing violent acts and
        being victims of violent acts between 3 p.m. and 6 p.m.
            (4) The consequences of academic failure are more dire in
        1999 than ever before.
            (5) After school programs have been shown in many States to
        help address social problems facing our Nation's youth, such as
        drugs, alcohol, tobacco, and gang involvement.
            (6) Many of our Nation's governors endorse increasing the
        number of after school programs through a Federal/State
        partnership.
            (7) Over 450 of the Nation's leading police chiefs,
        sheriffs, and prosecutors, along with presidents of the
        Fraternal Order of Police and the International Union of Police
        Associations, which together represent 360,000 police officers,
        have called upon public officials to provide after school
        programs that offer recreation, academic support, and community
        service experience, for school-age children and teens in the
        United States.
            (8) One of the most important investments that we can make
        in our children is to ensure that they have safe and positive
        learning environments in the after school hours.

SEC. 4. GOALS.

    The goals of this Act are as follows:
            (1) To increase the academic success of students.
            (2) To promote safe and productive environments for
        students in the after school hours.
            (3) To provide alternatives to drug, alcohol, tobacco, and
        gang activity.
            (4) To reduce juvenile crime and the risk that youth will
        become victims of crime during after school hours.

SEC. 5. PROGRAM AUTHORIZATION.

    Section 10903 of the 21st Century Community Learning Centers Act
(20 U.S.C. 8243) is amended--
            (1) in subsection (a)--
                    (A) in the subsection heading, by inserting ``to
                Local Educational Agencies for Schools'' after
                ``Secretary''; and
                    (B) by striking ``rural and inner-city public'' and
                all that follows through ``or to'' and inserting
                ``local educational agencies for the support of public
                elementary schools or secondary schools, including
                middle schools, that serve communities with substantial
                needs for expanded learning opportunities for children
                and youth in the communities, to enable the schools to
                establish or''; and
                    (C) by striking ``a rural or inner-city community''
                and inserting ``the communities'';
            (2) in subsection (b)--
                    (A) by striking ``States, among'' and inserting
                ``States and among''; and
                    (B) by striking ``United States,'' and all that
                follows through ``a State'' and inserting ``United
                States''; and
            (3) in subsection (c), by striking ``3'' and inserting
        ``5''.

SEC. 6. APPLICATIONS.

    Section 10904 of the 21st Century Community Learning Centers Act
(20 U.S.C. 8244) is amended--
            (1) by redesignating subsection (b) as subsection (c);
            (2) in subsection (a)--
                    (A) in the matter preceding paragraph (1)--
                            (i) in the first sentence, by striking ``an
                        elementary or secondary school or consortium''
                        and inserting ``a local educational agency'';
                        and
                            (ii) in the second sentence, by striking
                        ``Each such'' and inserting the following:
    ``(b) Contents.--Each such''; and
            (3) in subsection (b) (as so redesignated)--
                    (A) in paragraph (1), by striking ``or
                consortium'';
                    (B) in paragraph (2), by striking ``and'' after the
                semicolon; and
                    (C) in paragraph (3)--
                            (i) in subparagraph (B), by inserting ``,
                        including programs under the Child Care and
                        Development Block Grant Act of 1990 (42 U.S.C.
                        9858 et seq.)'' after ``maximized'';
                            (ii) in subparagraph (C), by inserting
                        ``students, parents, teachers, school
                        administrators, local government, including law
                        enforcement organizations such as Police
                        Athletic and Activity Leagues,'' after
                        ``agencies,'';
                            (iii) in subparagraph (D), by striking ``or
                        consortium''; and
                            (iv) in subparagraph (E)--
                                    (I) in the matter preceding clause
                                (i), by striking ``or consortium''; and
                                    (II) in clause (ii), by striking
                                the period and inserting a semicolon;
                                and
                    (E) by adding at the end the following:
            ``(4) information demonstrating that the local educational
        agency will--
                    ``(A) provide not less than 35 percent of the
                annual cost of the activities assisted under the
                project from sources other than funds provided under
                this part, which contribution may be provided in cash
                or in kind, fairly evaluated; and
                    ``(B) provide not more than 25 percent of the
                annual cost of the activities assisted under the
                project from funds provided by the Secretary under
                other Federal programs that permit the use of those
                other funds for activities assisted under the project;
                and
            ``(5) an assurance that the local educational agency, in
        each year of the project, will maintain the agency's fiscal
        effort, from non-Federal sources, from the preceding fiscal
        year for the activities the local educational agency provides
        with funds provided under this part.''.

SEC. 7. USES OF FUNDS.

    Section 10905 of the 21st Century Community Learning Centers Act
(20 U.S.C. 8245) is amended--
            (1) by striking the matter preceding paragraph (1) and
        inserting:
    ``(a) In General.--Grants awarded under this part may be used to
establish or expand community learning centers. The centers may provide
1 or more of the following activities:'';
            (2) in subsection (a)(11) (as redesignated by paragraph
        (1)), by inserting ``, and job skills preparation'' after
        ``placement''; and
            (3) by adding at the end the following:
            ``(14) After school programs, that--
                    ``(A) shall include at least 2 of the following--
                            ``(i) mentoring programs;
                            ``(ii) academic assistance;
                            ``(iii) recreational activities; or
                            ``(iv) technology training; and
                    ``(B) may include--
                            ``(i) drug, alcohol, and gang prevention
                        activities;
                            ``(ii) health and nutrition counseling; and
                            ``(iii) job skills preparation activities.
    ``(b) Limitation.--Not less than \2/3\ of the amount appropriated
under section 10907 for each fiscal year shall be used for after school
programs, as described in paragraph (14). Such programs may also
include activities described in paragraphs (1) through (13) that offer
expanded opportunities for children or youth.''.

SEC. 8. ADMINISTRATION.

    Section 10905 of the 21st Century Community Learning Centers Act
(20 U.S.C. 8245) is amended by adding at the end the following:
    ``(c) Administration.--In carrying out the activities described in
subsection (a), a local educational agency or school shall, to the
greatest extent practicable--
            ``(1) request volunteers from business and academic
        communities, and law enforcement organizations, such as Police
        Athletic and Activity Leagues, to serve as mentors or to assist
        in other ways;
            ``(2) ensure that youth in the local community participate
        in designing the after school activities;
            ``(3) develop creative methods of conducting outreach to
        youth in the community;
            ``(4) request donations of computer equipment and other
        materials and equipment; and
            ``(5) work with State and local park and recreation
        agencies so that activities carried out by the agencies prior
        to the date of enactment of this subsection are not duplicated
        by activities assisted under this part.''.

SEC. 9. COMMUNITY LEARNING CENTER DEFINED.

    Section 10906 of the 21st Century Community Learning Centers Act
(20 U.S.C. 8246) is amended in paragraph (2) by inserting ``, including
law enforcement organizations such as the Police Athletic and Activity
League'' after ``governmental agencies''.

SEC. 10. AUTHORIZATION OF APPROPRIATIONS.

    Section 10907 of the 21st Century Community Learning Centers Act
(20 U.S.C. 8247) is amended by striking ``$20,000,000 for fiscal year
1995'' and all that follows and inserting ``$600,000,000 for each of
fiscal years 2000 through 2004, to carry out this part.''.

SEC. 11. EFFECTIVE DATE.

    This Act, and the amendments made by this Act, take effect on
October 1, 1999.

Summary: Requires an LEA, to be eligible to receive a grant, to submit an application including: (1) information demonstrating that the LEA will provide not less than 35 percent of the annual cost of the activities assisted under the project from sources other than funds provided under the Act, which may be provided in cash or in kind, and provide not more than 25 percent of the annual cost of the activities assisted under the project from funds provided by the Secretary under other Federal programs that permit their use. And (2) an assurance that the LEA, in each year of the project, will maintain the agency's fiscal effort, from non-Federal sources, from the preceding fiscal year. Allows the use of grant funds to establish or expand community learning centers. Allows such centers to provide one or more of specified activities, including after school programs that: (1) include mentoring programs, academic assistance, recreational activities, or technology training. And (2) may include drug, alcohol, and gang prevention activities, health and nutrition counseling, and job skills preparation activities. Limits the amount of appropriated funds that may be used for after school programs. Directs an LEA to: (1) request volunteers from business and academic communities, and law enforcement organizations, to serve as mentors or to assist in other ways. (2) ensure that youth in the local community participate in designing the after school activities. (3) develop creative methods of conducting outreach to youth in the community. (4) request donations of computer equipment and other materials and equipment. And (5) work with State and local park and recreation agencies so that activities carried out by the agencies prior to this Act's enactment are not duplicated. Authorizes appropriations.

After School Education and Anti-Crime Act of 1999


SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Iran Congressional Oversight Act of
2015''.

SEC. 2. DEFINITIONS.

    In this Act:
            (1) Joint plan of action.--The term ``Joint Plan of
        Action''--
                    (A) means the Joint Plan of Action, signed at
                Geneva November 24, 2013, by Iran and the P5-plus-1
                countries; and
                    (B) includes all implementing materials and
                agreements related to the Joint Plan of Action,
                including the technical understandings reached on
                January 12, 2014, the extension agreed to on July 19,
                2014, and the extension agreed to on November 24, 2014.
            (2) P5-plus-1 countries.--The term ``P5-plus-1 countries''
        means the United States, France, the Russian Federation, the
        People's Republic of China, the United Kingdom, and Germany.

SEC. 3. FINDINGS.

    Congress makes the following findings:
            (1) The acquisition of a nuclear weapon by the Islamic
        Republic of Iran would pose a grave and serious threat to
        international peace and security, including the national
        security of the United States and its allies.
            (2) The United States has led the international community
        in imposing unprecedented and crippling sanctions with respect
        to the nuclear program of Iran, which have helped to persuade
        the leadership of Iran to return to the negotiating table.
            (3) On November 24, 2013, Iran and the P5-plus-1 countries,
        made up of the 5 permanent members of the United Nations
        Security Council and Germany, entered into the Joint Plan of
        Action in order to establish verifiable limits on the nuclear
        activities of Iran that are of greatest concern with respect to
        proliferation and to facilitate negotiations toward a final
        comprehensive arrangement that would prevent Iran from
        developing a nuclear weapon.
            (4) On November 24, 2014, the P5-plus-1 countries and Iran
        extended the Joint Plan of Action to allow negotiations to
        continue with the goal of achieving a political framework
        arrangement by the end of March 2015, and full technical
        details by July 1, 2015.
            (5) Under the Joint Plan of Action, the Government of Iran
        has, among other steps, ceased enrichment of uranium to near-20
        percent fissile U-235, neutralized its stockpile of 20-percent
        enriched uranium gas, halted major construction on its heavy
        water reactor at Arak, halted the installation of additional
        centrifuges and not operated its more advanced centrifuge
        machines to accumulate enriched uranium, allowed more frequent
        and intrusive inspections by the International Atomic Energy
        Agency, and allowed managed access to centrifuge production-
        related facilities and uranium mines and mills.
            (6) The International Atomic Energy Agency has reported,
        including in a January 20, 2015, report, that Iran has complied
        with its obligations under the Joint Plan of Action.
            (7) Iran has a history of deceit when it comes to its
        nuclear program and any final comprehensive arrangement must be
        airtight and verifiable to ensure that Iran will live up to its
        commitments.
            (8) The United States reserves the option to impose or
        reimpose certain sanctions in the event that Iran violates the
        Joint Plan of Action or any successor arrangement agreed to by
        the P5-plus-1 countries and Iran.
            (9) In his State of the Union address on January 20, 2015,
        President Barack Obama said, ``[We have a chance to negotiate a
        comprehensive agreement that prevents a nuclear-armed Iran,
        secures America and our allies--including Israel, while
        avoiding yet another Middle East conflict. There are no
        guarantees that negotiations will succeed, and I keep all
        options on the table to prevent a nuclear Iran.''.

SEC. 4. ASSESSMENTS OF COMPLIANCE OF IRAN WITH NUCLEAR ARRANGEMENTS.

    (a) In General.--During the period during which the Joint Plan of
Action or a successor arrangement with Iran is in effect, the President
shall submit to Congress not less frequently than once every 90 days a
report assessing the compliance of Iran with the Joint Plan of Action
or the successor arrangement, as the case may be.
    (b) Determinations Required.--Each report required by subsection
(a) with respect to the Joint Plan of Action or a successor arrangement
shall include a determination by the President, made in consultation
with the Director of National Intelligence, of the following:
            (1) Whether Iran has failed to fulfill the terms of the
        Joint Plan of Action or the successor arrangement.
            (2) Whether Iran has attempted to circumvent inspections by
        the International Atomic Energy Agency or has otherwise
        attempted to circumvent enforcement of the Joint Plan of Action
        or the successor arrangement.
            (3) Whether the International Atomic Energy Agency or any
        of the P5-plus-1 countries has accused Iran of violating the
        Joint Plan of Action or the successor arrangement and, if so,
        whether the accusation is credible and whether Iran has been
        apprised of the accusation.
    (c) Certification Required.--The President shall submit, with each
report required by subsection (a), an unclassified certification by the
President, made in consultation with the Director of National
Intelligence, of whether Iran has complied with or violated the terms
of the Joint Plan of Action or a successor arrangement.
    (d) Form of Reports.--Expect as provided in subsection (c), each
report required by subsection (a) may be submitted in classified form
or containing a classified annex, as appropriate.

SEC. 5. EXPEDITED CONSIDERATION OF LEGISLATION TO REINSTATE WAIVED OR
              SUSPENDED SANCTIONS AFTER A VIOLATION OF A NUCLEAR
              ARRANGEMENT BY IRAN.

    (a) In General.--If a report required by section 4(a) is
accompanied by a certification under section 4(c) by the President that
Iran has violated the Joint Plan of Action or any successor
arrangement, Congress may initiate expedited consideration of
qualifying legislation pursuant to this section.
    (b) Qualifying Legislation Defined.--For the purposes of this
section, the term ``qualifying legislation'' means only a bill of
either House of Congress--
            (1) that is introduced not later than 3 calendar days after
        the date on which the report described in subsection (a) is
        received by Congress;
            (2) the title of which is as follows: ``A bill reinstating
        sanctions imposed with respect to Iran and prohibiting the
        release of funds or assets to Iran.''; and
            (3) the matter after the enacting clause of which is as
        follows: ``All sanctions imposed with respect to Iran that were
        waived or suspended pursuant to the Joint Action Plan (as
        defined in section 2 of the Iran Congressional Oversight Act of
        2015) or a successor arrangement are reinstated and the release
        of funds or assets to Iran pursuant to the Joint Action Plan or
        a successor arrangement is prohibited.''.
    (c) Fast Track Consideration in House of Representatives.--
            (1) Reconvening.--Upon receipt of a report described in
        subsection (a), the Speaker of the House of Representatives, if
        the House would otherwise be adjourned, shall notify the
        Members of the House that, pursuant to this section, the House
        shall convene not later than the second calendar day after
        receipt of the report.
            (2) Reporting and discharge.--Any committee of the House of
        Representatives to which qualifying legislation is referred
        shall report it to the House not later than 5 calendar days
        after the date of receipt of the report described in subsection
        (a). If a committee fails to report the qualifying legislation
        within that period, the committee shall be discharged from
        further consideration of the qualifying legislation and the
        qualifying legislation shall be referred to the appropriate
        calendar.
            (3) Proceeding to consideration.--After each committee
        authorized to consider qualifying legislation reports it to the
        House or has been discharged from its consideration, it shall
        be in order, not later than the sixth day after Congress
        receives the report described in subsection (a), to move to
        proceed to consider the qualifying legislation in the House.
        All points of order against the motion are waived. Such a
        motion shall not be in order after the House has disposed of a
        motion to proceed on the qualifying legislation. The previous
        question shall be considered as ordered on the motion to its
        adoption without intervening motion. The motion shall not be
        debatable. A motion to reconsider the vote by which the motion
        is disposed of shall not be in order.
            (4) Consideration.--The qualifying legislation shall be
        considered as read. All points of order against the qualifying
        legislation and against its consideration are waived. The
        previous question shall be considered as ordered on the
        qualifying legislation to its passage without intervening
        motion except 2 hours of debate equally divided and controlled
        by the proponent and an opponent. A motion to reconsider the
        vote on passage of the qualifying legislation shall not be in
        order.
    (d) Fast Track Consideration in Senate.--
            (1) Reconvening.--Upon receipt of a report described in
        subsection (a), if the Senate has adjourned or recessed for
        more than 2 days, the majority leader of the Senate, after
        consultation with the minority leader of the Senate, shall
        notify the Members of the Senate that, pursuant to this
        section, the Senate shall convene not later than the second
        calendar day after receipt of the report.
            (2) Placement on calendar.--Upon introduction in the
        Senate, the qualifying legislation shall be placed immediately
        on the calendar.
            (3) Floor consideration.--
                    (A) In general.--Notwithstanding Rule XXII of the
                Standing Rules of the Senate, it is in order at any
                time during the period beginning on the fourth day
                after the date on which Congress receives a report
                described in subsection (a) and ending on the sixth day
                after the date on which Congress receives that report
                (even though a previous motion to the same effect has
                been disagreed to) to move to proceed to the
                consideration of the qualifying legislation, and all
                points of order against the qualifying legislation (and
                against consideration of the qualifying legislation)
                are waived. The motion to proceed is not debatable. The
                motion is not subject to a motion to postpone. A motion
                to reconsider the vote by which the motion is agreed to
                or disagreed to shall not be in order. If a motion to
                proceed to the consideration of the qualifying
                legislation is agreed to, the qualifying legislation
                shall remain the unfinished business until disposed of.
                    (B) Debate.--Debate on the qualifying legislation,
                and on all debatable motions and appeals in connection
                therewith, shall be limited to not more than 10 hours,
                which shall be divided equally between the majority and
                minority leaders or their designees. A motion further
                to limit debate is in order and not debatable. An
                amendment to, or a motion to postpone, or a motion to
                proceed to the consideration of other business, or a
                motion to recommit the qualifying legislation is not in
                order.
                    (C) Vote on passage.--The vote on passage shall
                occur immediately following the conclusion of the
                debate on the qualifying legislation, and a single
                quorum call at the conclusion of the debate if
                requested in accordance with the rules of the Senate.
                    (D) Rulings of the chair on procedure.--Appeals
                from the decisions of the Chair relating to the
                application of the rules of the Senate, as the case may
                be, to the procedure relating to qualifying legislation
                shall be decided without debate.
    (e) Rules Relating to Senate and House of Representatives.--
            (1) Coordination with action by other house.--If, before
        the passage by one House of qualifying legislation of that
        House, that House receives qualifying legislation from the
        other House, then the following procedures shall apply:
                    (A) The qualifying legislation of the other House
                shall not be referred to a committee.
                    (B) With respect to qualifying legislation of the
                House receiving the legislation--
                            (i) the procedure in that House shall be
                        the same as if no qualifying legislation had
                        been received from the other House; but
                            (ii) the vote on passage shall be on the
                        qualifying legislation of the other House.
            (2) Treatment of qualifying legislation of other house.--If
        one House fails to introduce or consider qualifying legislation
        under this section, the qualifying legislation of the other
        House shall be entitled to expedited floor procedures under
        this section.
            (3) Treatment of companion measures.--If, following passage
        of the qualifying legislation in the Senate, the Senate then
        receives the companion measure from the House of
        Representatives, the companion measure shall not be debatable.
            (4) Subsequent measures.--If qualifying legislation has
        been considered under this section in both Houses of Congress
        pursuant to a report described in subsection (a), no further
        qualifying legislation shall be in order until Congress
        receives a new report described in subsection (a).
    (f) Vetoes.--If the President vetoes qualifying legislation, debate
on a veto message in the Senate under this section shall be 1 hour
equally divided between the majority and minority leaders or their
designees.
    (g) Rules of House of Representatives and Senate.--This section and
section 6 are enacted by Congress--
            (1) as an exercise of the rulemaking power of the Senate
        and the House of Representatives, respectively, and as such are
        deemed a part of the rules of each House, respectively, but
        applicable only with respect to the procedure to be followed in
        that House in the case of legislation described in those
        sections, and supersede other rules only to the extent that
        they are inconsistent with such rules; and
            (2) with full recognition of the constitutional right of
        either House to change the rules (so far as relating to the
        procedure of that House) at any time, in the same manner, and
        to the same extent as in the case of any other rule of that
        House.

SEC. 6. CONSIDERATION IN THE SENATE OF ADDITIONAL LEGISLATION TO
              FURTHER RESPOND TO A VIOLATION BY IRAN OF A NUCLEAR
              ARRANGEMENT.

    (a) In General.--Notwithstanding Rule XXII of the Standing Rules of
the Senate, it is in order at any time during the 30-day period
beginning on the date on which a report described in section 5(a) is
received by Congress (even though a previous motion to the same effect
has been disagreed to) to move to proceed to the consideration of
legislation described in subsection (b), and all points of order
against the legislation (and against consideration of the legislation)
are waived. The motion to proceed is not debatable. The motion is not
subject to a motion to postpone. A motion to reconsider the vote by
which the motion is agreed to or disagreed to shall not be in order. If
a motion to proceed to the consideration of the legislation is agreed
to, the legislation shall remain the unfinished business until disposed
of.
    (b) Legislation Described.--Legislation described in this
subsection is such legislation as the majority leader of the Senate,
after consultation with the minority leader, determines necessary to
further respond to a violation by Iran the Joint Plan of Action or any
successor arrangement.

SEC. 7. ROLE OF CONGRESS IN LIFTING CONGRESSIONALLY MANDATED SANCTIONS.

    If the United States is a party to a comprehensive long-term
arrangement with Iran relating to its nuclear program under which the
United States commits to lifting sanctions imposed pursuant to any
provision of law included in a duly enacted Act of Congress, that
provision of law shall remain in effect until, consistent with section
7 of article I of the Constitution of the United States and
notwithstanding the arrangement, repealed by an Act of Congress or
terminated pursuant to another provision of law.

Summary: Iran Congressional Oversight Act of 2015 This bill directs the President, during the period which the Joint Plan of Action or a successor arrangement with Iran is in effect, to report Congress at least once every 90 days regarding Iran's compliance with the Joint Plan of Action or a successor arrangement. (The Joint Plan of Action: (1) means the November 2013 Joint Plan of Action signed by Iran and the P5-plus-1 countries, and Each report shall include a presidential determination and certification, made in consultation with the Director of National Intelligence, on whether Iran has complied with or violated the terms of the Joint Plan of Action or a successor arrangement. Congress may initiate expedited consideration of legislation to reinstate waived or suspended sanctions if a report is accompanied by a presidential certification that Iran has violated the Joint Plan of Action or any successor arrangement. It is in order during the 30-day period beginning on the date on which a report is received by Congress for the Senate to move to proceed to the consideration of legislation to further respond to an Iranian violation of the Joint Plan of Action or any successor arrangement. The following shall apply: all points of order against the legislation are waived, the motion to proceed is not debatable, the motion is not subject to a motion to postpone. A motion to reconsider the vote by which the motion is agreed to or disagreed to shall not be in order. And if a motion to proceed to the consideration of the legislation is agreed to, the legislation shall remain the unfinished business until disposed of. If the United States is a party to a comprehensive long-term arrangement with Iran relating to its nuclear program under which the United States commits to lifting sanctions imposed pursuant to a provision of law included in a duly enacted Act of Congress, that provision shall remain in effect until repealed by an Act of Congress or terminated pursuant to another provision of law.


SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Medicare Part D Improvement Act of
2007''.

SEC. 2. REFORM OF ``DONUT HOLE''.

    (a) Counting Certain Expenditures Towards Out-of-Pocket Limits.--
            (1) In general.--Section 1860D-2(b)(4)(C) of the Social
        Security Act (42 U.S.C. 1395w-102(b)(4)(C)) is amended--
                    (A) in clause (i), by striking ``and'' at the end;
                    (B) in clause (ii)--
                            (i) by striking ``such costs shall be
                        treated as incurred only if'' and inserting
                        ``subject to clause (iii), such costs shall be
                        treated as incurred if'';
                            (ii) by striking ``, under section 1860D-
                        14, or under a State Pharmaceutical Assistance
                        Program'';
                            (iii) by striking ``(other than under such
                        section or such a Program)''; and
                            (iv) by striking the period at the end and
                        inserting ``; and''; and
                    (C) by inserting after clause (ii) the following
                new clause:
                            ``(iii) such costs shall be treated as
                        incurred and shall not be considered to be
                        reimbursed under clause (ii) if such costs are
                        borne or paid--
                                    ``(I) under section 1860D-14;
                                    ``(II) under a State Pharmaceutical
                                Assistance Program;
                                    ``(III) by the Indian Health
                                Service, an Indian tribe or tribal
                                organization, or an urban Indian
                                organization (as defined in section 4
                                of the Indian Health Care Improvement
                                Act);
                                    ``(IV) by a rural health clinic or
                                Federally qualified health center (as
                                defined in section 1861(aa));
                                    ``(V) under an AIDS Drug Assistance
                                Program under part B of title XXVI of
                                the Public Health Service Act;
                                    ``(VI) by a pharmaceutical
                                manufacturer patient assistance
                                program, either directly or through the
                                distribution or donation of covered
                                part D drugs, which shall be valued at
                                the negotiated price of such covered
                                part D drug under the enrollee's
                                prescription drug plan or MA-PD plan as
                                of the date that the drug was
                                distributed or donated; or
                                    ``(VII) by a subsection (d)
                                hospital (as defined in section
                                1886(d)(1)(B) that meets the
                                requirements of clauses (i) and (ii) of
                                the section 340B(a)(4)(L) of the Public
                                Health Service Act.''.
            (2) Effective date.--The amendments made by paragraph (1)
        shall apply to costs incurred on or after January 1, 2008, for
        plan years beginning on or after such date.
    (b) Report on Closing the Gap.--The Secretary of Health and Human
Services shall conduct a study on how to eliminate the gap in Medicare
part D prescription drug coverage created through the application of an
initial coverage limit and how to finance such elimination. Not later
than 180 days after the date of the enactment of this Act, the
Secretary shall submit to Congress a report on such study.

SEC. 3. CONFORMING LATE ENROLLMENT PENALTY TO MEDICARE PART B PENALTY
              STRUCTURE.

    (a) In General.--Section 1860D-13(b)(3) of the Social Security Act
(42 U.S.C. 1395w-113(b)(3)) is amended by striking ``is the greater
of'' and all that follows and inserting the following: ``is 10 percent
of the base beneficiary premium (as computed under subsection (a)(2))
for each continuous period of 12 consecutive uncovered months in such
period''.
    (b) Not Counting Periods of Non-Enrollment During First Year of
Program.--Subparagraph (B) of such section is amended by inserting
``(after December 2007)'' after ``any month''.
    (c) Presumption of Errors in Enrollment or Nonenrollment Due to
Official Error.--Section 1837(h) of such Act (42 U.S.C. 1395p(h)) is
amended by adding at the end the following: ``In applying the previous
sentence, an individual's unintentional, inadvertent, or erroneous
enrollment or nonenrollment shall be presumed to be the result of an
error, misrepresentation, or inaction of an officer, employee, or agent
of the Federal Government, or its instrumentalities, unless the
Secretary demonstrates otherwise.''.
    (d) Effective Dates.--The amendments made by subsections (a) and
(b) shall apply to late enrollment penalties for months beginning with
January 2008. The amendment made by subsection (c) shall take effect on
January 1, 2008, and shall apply as of such date to enrollments (and
non-enrollments) occurring before, on, or after such date.

SEC. 4. MORE FREQUENT CHANGES IN PLANS PERMITTED.

    (a) In General.--Section 1860D-1(b)(3) of the Social Security Act
(42 U.S.C. 1395w-101(b)(3)) is amended by adding at the end the
following new subparagraph:
                    ``(F) Same frequency as changes in formularies.--In
                the case of an individual enrolled in a prescription
                drug plan (or MA-PD plan), as often as the Secretary
                permits such plan to make changes in its formulary.''.
    (b) Permitting Change in Enrollment During First 3 Months of Each
Year as Permitted Under the Medicare Advantage Program.--Section 1860D-
1(b)(1)(B)(iii) of such Act (42 U.S.C. 1395w-101(b)(1)(B)(iii)) is
amended by striking ``, (C),''.
    (c) Effective Date.--The amendments made by this section shall take
effect on January 1, 2008.

SEC. 5. LOW INCOME SUBSIDY IMPROVEMENTS.

    (a) Removal of Asset Test.--
            (1) In general.--Section 1860D-14(a) of the Social Security
        Act (42 U.S.C. 1395w-114(a)) is amended--
                    (A) in paragraph (1), in the matter before
                subparagraph (A), by striking ``and who meets the
                resources requirement described in paragraph (3)(D)'';
                and
                    (B) in paragraph (3)--
                            (i) in paragraph (3)(A), by adding ``and''
                        at the end of clause (i), by striking ``; and''
                        at the end of clause (ii) and inserting a
                        period, and by striking clause (iii); and
                            (ii) by striking subparagraphs (D) and (E).
            (2) Effective date.--The amendments made by paragraph (1)
        shall apply to benefits for months beginning with January 2008.
    (b) Elimination of Late Enrollment Penalties for Subsidy Eligible
Individuals.--
            (1) In general.--Section 1860D-13(b)(2) of the Social
        Security Act (42 U.S.C. 1395w-113(b)(2)) is amended by
        inserting ``who is not a subsidy eligible individual and''
        after ``an individual''.
            (2) Conforming amendments.--Section 1860D-14 of such Act
        (42 U.S.C. 1395w-114) is amended--
                    (A) in subsection (a)(1)(A), by striking ``equal
                to'' and all that follows and inserting the following:
                ``100 percent of the amount described in subsection
                (b)(1), but not to exceed the premium amount specified
                in subsection (b)(2)(B).''; and
                    (B) in subsection (b)(2)(B), by striking the last
                sentence.
            (3) Effective date.--The amendments made by this subsection
        shall apply to late enrollment penalties for months beginning
        with January 2008.

Summary: Medicare Part D Improvement Act of 2007 - Amends part D of the Social Security Act to revise requirements for the Medicare prescription drug program with respect to: (1) counting certain expenditures towards out-of-pocket limits. (2) conforming the late enrollment penalty to the Medicare part B penalty structure, (3) allowing more frequent changes in plans. And (4) removing the asset test and eliminating late enrollment penalties for low-income subsidy eligible individuals. Directs the Secretary of Health and Human Services to study and report to Congress on how to: (1) eliminate the gap in Medicare part D prescription drug coverage created through the application of an initial coverage limit, and (2) finance such elimination.

To amend part D of title XVIII of the Social Security Act to improve the Medicare part D prescription drug program.


SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Transparency and Accountability of
Failed Exchanges Act''.

SEC. 2. STATES AWARDED EXCHANGE ESTABLISHMENT GRANTS THAT TERMINATE
              STATE OPERATION OF SUCH AN EXCHANGE REQUIRED TO PROVIDE
              AUDITS OF THE USE OF GRANT FUNDS AND RETURN FUNDS TO THE
              FEDERAL GOVERNMENT.

    (a) In General.--Section 1311(a) of the Patient Protection and
Affordable Care Act (42 U.S.C. 18031(a)) is amended by adding at the
end the following new paragraph:
            ``(6) Treatment in case of exchange termination.--
                    ``(A) In general.--In the case of a State that is
                awarded a grant under this section to establish an
                Exchange and that terminates the operation of such
                Exchange or otherwise transfers the operation of such
                Exchange to an entity other than such State--
                            ``(i) not later than 30 days after the date
                        of such termination or transfer (or, in the
                        case of such a termination or transfer that
                        occurred before the date of the enactment of
                        this paragraph, not later than 30 days after
                        such date of enactment), the State shall submit
                        to Congress and the Secretary a report
                        containing the results of an audit of how
                        amounts awarded to such State pursuant to such
                        grant were used; and
                            ``(ii) not later than 30 days after the
                        date of such termination or transfer (or, in
                        the case of such a termination or transfer that
                        occurred before the date of the enactment of
                        this paragraph, not later than 30 days after
                        such date of enactment)--
                                    ``(I) in accordance with
                                subparagraph (B), there are rescinded
                                any unobligated amounts awarded to such
                                State pursuant to such grant; and
                                    ``(II) in accordance with
                                subparagraph (C), the State shall
                                provide to the Administrator of General
                                Services any property acquired by such
                                State with amounts awarded to such
                                State pursuant to such grant and shall
                                submit to Congress and the Secretary a
                                record of the provision of such
                                property to the Administrator.
                    ``(B) Retention of funds for deficit reduction.--
                Funds rescinded under subparagraph (A)(ii)(I) shall be
                retained in the general fund of the Treasury for
                Federal budget deficit reduction.
                    ``(C) Treatment of property.--The Administrator of
                General Services may--
                            ``(i) dispose of any property obtained
                        pursuant to subparagraph (A)(ii)(II) through a
                        public auction for cash and for not less than
                        the fair market value of the property, as
                        determined by the Administrator;
                            ``(ii) provide to any Federal agency such
                        property for official use by such agency; or
                            ``(iii) lease or hire such property, and
                        may insure such property.
                    ``(D) Exemption from certain property disposal
                requirements.--Any disposal of property conducted under
                subparagraph (C)(i) shall not be subject to--
                            ``(i) subchapter IV of chapter 5 of
                        subtitle I of title 40, United States Code;
                            ``(ii) sections 550 and 553 of title 40,
                        United States Code;
                            ``(iii) section 501 of the McKinney-Vento
                        Homeless Assistance Act (42 U.S.C. 11411);
                            ``(iv) any other provision of law
                        authorizing the no-cost conveyance of property
                        owned by the Federal Government; or
                            ``(v) any congressional notification
                        requirement other than that in section 545 of
                        title 40, United States Code.
                    ``(E) Income from property.--The Administrator
                shall deposit any income from the disposition, lease,
                or hire of the property obtained pursuant to
                subparagraph (A)(ii)(II) in the general fund of the
                Treasury for Federal budget deficit reduction.''.
    (b) Application of the False Claims Act.--Section 1313(a)(6)(A) of
the Patient Protection and Affordable Care Act (42 U.S.C.
18033(a)(6)(A)) is amended by adding at the end the following:
``Further, except as otherwise provided for expressly under this Act,
the False Claims Act preempts any State enforcement action of alleged
fraud, waste, and abuse of funds issued pursuant to this Act. States
that terminate or transfer their exchange will refer all current and
future matters involving fraud, waste, and abuse of funds issued
pursuant to this Act to the United States Department of Justice. Any
current or future enforcement action shall be removed to or brought in
Federal court. All fines, penalties, damages, or awards, monetary or
otherwise, arising out of any current or future enforcement action,
represent Federal funds that shall be returned to the United States.''.
    (c) Enforcement Action.--The Attorney General may bring an action
before the appropriate district court of the United States to enforce
section 1311(a)(6) of the Patient Protection and Affordable Care Act
(42 U.S.C. 18031(a)(6)).
    (d) Effective Date.--The provisions of this section, including the
amendment made by subsection (a), shall apply with respect to grants
made before, on, or after the date of the enactment of this Act and to
terminations and transfers of Exchanges occurring before, on, or after
such date.

Summary: Transparency and Accountability of Failed Exchanges Act This bill amends the Patient Protection and Affordable Care Act (PPACA) to require the Department of Health and Human Services, for certain states awarded a grant to establish a health insurance exchange, to report on how awarded amounts were used and rescind unobligated amounts. This applies to any state that terminates operation of its exchange or transfers operation to another entity. Such a state must provide to the General Services Administration any property acquired through the grant and refer matters involving fraud, waste, and abuse of funds issued pursuant to PPACA to the Department of Justice. Funds rescinded must be retained for federal budget deficit reduction.


SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Mutual Fund Transparency Act of
2005''.

SEC. 2. DISCLOSURE OF FINANCIAL RELATIONSHIPS BETWEEN BROKERS AND
              MUTUAL FUND COMPANIES.

    (a) In General.--Section 15(b) of the Securities Exchange Act of
1934 (15 U.S.C. 78o(b)) is amended by adding at the end the following:
            ``(13) Confirmation of transactions for mutual funds.--
                    ``(A) In general.--Each broker shall disclose in
                writing to customers that purchase the shares of an
                open-end company registered under section 8 of the
                Investment Company Act of 1940 (15 U.S.C. 80a-8)--
                            ``(i) the amount of any compensation
                        received or to be received by the broker in
                        connection with such transaction from any
                        sources; and
                            ``(ii) such other information as the
                        Commission determines appropriate.
                    ``(B) Revenue sharing.--The term `compensation'
                under subparagraph (A) shall include any direct or
                indirect payment made by an investment adviser (or any
                affiliate of an investment adviser) to a broker or
                dealer for the purpose of promoting the sales of
                securities of an open-end company.
                    ``(C) Timing of disclosure.--The disclosure
                required under subparagraph (A) shall be made to a
                customer not later than as of the date of the
                completion of the transaction.
                    ``(D) Limitation.--The disclosures required under
                subparagraph (A) may not be made exclusively in--
                            ``(i) a registration statement or
                        prospectus of an open-end company; or
                            ``(ii) any other filing of an open-end
                        company with the Commission.
                    ``(E) Commission authority.--
                            ``(i) In general.--The Commission shall
                        promulgate such final rules as are necessary to
                        carry out this paragraph not later than 1 year
                        after the date of enactment of the Mutual Fund
                        Transparency Act of 2005.
                            ``(ii) Form of disclosure.--Disclosures
                        under this paragraph shall be in such form as
                        the Commission, by rule, shall require.
                    ``(F) Definition.--In this paragraph, the term
                `open-end company' has the same meaning as in section 5
                of the Investment Company Act of 1940 (15 U.S.C. 80a-
                5).''.
    (b) Disclosure of Brokerage Commissions.--Section 30 of the
Investment Company Act of 1940 (15 U.S.C. 80a-29) is amended by adding
at the end the following:
    ``(k) Disclosure of Brokerage Commissions.--The Commission, by
rule, shall require that brokerage commissions as an aggregate dollar
amount and percentage of assets paid by an open-end company be included
in any disclosure of the amount of fees and expenses that may be
payable by the holder of the securities of such company for purposes
of--
            ``(1) the registration statement of that open-end company;
        and
            ``(2) any other filing of that open-end company with the
        Commission, including the calculation of expense ratios.''.

SEC. 3. MUTUAL FUND GOVERNANCE.

    (a) Independent Fund Boards.--Section 10(a) of the Investment
Company Act of 1940 (15 U.S.C. 80a-10(a)) is amended--
            (1) by striking ``shall have'' and inserting the following:
        ``shall--
            ``(1) have'';
            (2) by striking ``60 per centum'' and inserting ``25
        percent'';
            (3) by striking the period at the end and inserting a
        semicolon; and
            (4) by adding at the end the following:
            ``(2) have as chairman of its board of directors an
        interested person of such registered company; or
            ``(3) have as a member of its board of directors any person
        that is an interested person of such registered investment
        company--
                    ``(A) who has served without being approved or
                elected by the shareholders of such registered
                investment company at least once every 5 years; and
                    ``(B) unless such director has been found, on an
                annual basis, by a majority of the directors who are
                not interested persons, after reasonable inquiry by
                such directors, not to have any material business or
                familial relationship with the registered investment
                company, a significant service provider to the company,
                or any entity controlling, controlled by, or under
                common control with such service provider, that is
                likely to impair the independence of the director.''.
    (b) Action by Independent Directors.--Section 10 of the Investment
Company Act of 1940 (15 U.S.C. 80a-10) is amended by adding at the end
the following:
    ``(i) Action by Board of Directors.--No action taken by the board
of directors of a registered investment company may require the vote of
a director who is an interested person of such registered investment
company.
    ``(j) Independent Committee.--
            ``(1) In general.--The members of the board of directors of
        a registered investment company who are not interested persons
        of such registered investment company shall establish a
        committee comprised solely of such members, which committee
        shall be responsible for--
                    ``(A) selecting persons to be nominated for
                election to the board of directors; and
                    ``(B) adopting qualification standards for the
                nomination of directors.
            ``(2) Disclosure.--The standards developed under paragraph
        (1)(B) shall be disclosed in the registration statement of the
        registered investment company.''.
    (c) Definition of Interested Person.--Section 2(a)(19) of the
Investment Company Act of 1940 (15 U.S.C. 80a-2) is amended--
            (1) in subparagraph (A)--
                    (A) in clause (iv), by striking ``two'' and
                inserting ``5''; and
                    (B) by striking clause (vii) and inserting the
                following:
                            ``(vii) any natural person who has served
                        as an officer or director, or as an employee
                        within the preceding 10 fiscal years, of an
                        investment adviser or principal underwriter to
                        such registered investment company, or of any
                        entity controlling, controlled by, or under
                        common control with such investment adviser or
                        principal underwriter;
                            ``(viii) any natural person who has served
                        as an officer or director, or as an employee
                        within the preceding 10 fiscal years, of any
                        entity that has within the preceding 5 fiscal
                        years acted as a significant service provider
                        to such registered investment company, or of
                        any entity controlling, controlled by, or under
                        the common control with such service provider;
                            ``(ix) any natural person who is a member
                        of a class of persons that the Commission, by
                        rule or regulation, determines is unlikely to
                        exercise an appropriate degree of independence
                        as a result of--
                                    ``(I) a material business
                                relationship with the investment
                                company or an affiliated person of such
                                investment company;
                                    ``(II) a close familial
                                relationship with any natural person
                                who is an affiliated person of such
                                investment company; or
                                    ``(III) any other reason determined
                                by the Commission.'';
            (2) in subparagraph (B)--
                    (A) in clause (iv), by striking ``two'' and
                inserting ``5''; and
                    (B) by striking clause (vii) and inserting the
                following:
                            ``(vii) any natural person who is a member
                        of a class of persons that the Commission, by
                        rule or regulation, determines is unlikely to
                        exercise an appropriate degree of independence
                        as a result of--
                                    ``(I) a material business
                                relationship with such investment
                                adviser or principal underwriter or
                                affiliated person of such investment
                                adviser or principal underwriter;
                                    ``(II) a close familial
                                relationship with any natural person
                                who is an affiliated person of such
                                investment adviser or principal
                                underwriter; or
                                    ``(III) any other reason as
                                determined by the Commission:''.
    (d) Definition of Significant Service Provider.--Section 2(a) of
the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)) is amended by
adding at the end the following:
            ``(53) Significant service provider.--
                    ``(A) In general.--Not later than 270 days after
                the date of enactment of the Mutual Fund Transparency
                Act of 2005, the Securities and Exchange Commission
                shall issue final rules defining the term `significant
                service provider'.
                    ``(B) Requirements.--The definition developed under
                paragraph (1) shall include, at a minimum, the
                investment adviser and principal underwriter of a
                registered investment company for purposes of paragraph
                (19).''.

SEC. 4. FINANCIAL LITERACY AMONG MUTUAL FUND INVESTORS STUDY.

    (a) In General.--The Securities and Exchange Commission shall
conduct a study to identify--
            (1) the existing level of financial literacy among
        investors that purchase shares of open-end companies, as that
        term is defined under section 5 of the Investment Company Act
        of 1940, that are registered under section 8 of that Act;
            (2) the most useful and understandable relevant information
        that investors need to make sound financial decisions prior to
        purchasing such shares;
            (3) methods to increase the transparency of expenses and
        potential conflicts of interest in transactions involving the
        shares of open-end companies;
            (4) the existing private and public efforts to educate
        investors; and
            (5) a strategy to increase the financial literacy of
        investors that results in a positive change in investor
        behavior.
    (b) Report.--Not later than 1 year after the date of enactment of
this Act, the Securities and Exchange Commission shall submit a report
on the study required under subsection (a) to--
            (1) the Committee on Banking, Housing, and Urban Affairs of
        the Senate; and
            (2) the Committee on Financial Services of the House of
        Representatives.

SEC. 5. STUDY REGARDING MUTUAL FUND ADVERTISING.

    (a) In General.--The Comptroller General of the United States shall
conduct a study on mutual fund advertising to identify--
            (1) existing and proposed regulatory requirements for open-
        end investment company advertisements;
            (2) current marketing practices for the sale of open-end
        investment company shares, including the use of unsustainable
        past performance data, funds that have merged, and incubator
        funds;
            (3) the impact of such advertising on consumers; and
            (4) recommendations to improve investor protections in
        mutual fund advertising and additional information necessary to
        ensure that investors can make informed financial decisions
        when purchasing shares.
    (b) Report.--Not later than 1 year after the date of enactment of
this Act, the Comptroller General of the United States shall submit a
report on the results of the study conducted under subsection (a) to--
            (1) the Committee on Banking, Housing, and Urban Affairs of
        the United States Senate; and
            (2) the Committee on Financial Services of the House of
        Representatives.

SEC. 6. POINT-OF-SALE DISCLOSURE.

    (a) In General.--Section 15(b) of the Securities Exchange Act of
1934 (15 U.S.C. 78o(b)), as amended by section 2, is amended by adding
at the end the following:
            ``(14) Broker disclosures in mutual fund transactions.--
                    ``(A) In general.--Each broker shall disclose in
                writing to each person that purchases the shares of an
                investment company registered under section 8 of the
                Investment Company Act of 1940 (15 U.S.C. 80a-8)--
                            ``(i) the source and amount, in dollars and
                        as a percentage of assets, of any compensation
                        received or to be received by the broker in
                        connection with such transaction from any
                        sources;
                            ``(ii) the amount, in dollars and as a
                        percentage of assets, of compensation received
                        in connection with transactions in shares of
                        other investment company shares offered by the
                        broker, if materially different from the amount
                        under (i);
                            ``(iii) comparative information that shows
                        the average amount received by brokers in
                        connection with comparable transactions, as
                        determined by the Commission; and
                            ``(iv) such other information as the
                        Commission determines appropriate.
                    ``(B) Revenue sharing.--The term `compensation'
                under subparagraph (A) shall include any direct or
                indirect payment made by an investment adviser (or any
                affiliate of an investment adviser) to a broker or
                dealer for the purpose of promoting the sales of
                securities of a registered investment company.
                    ``(C) Timing of disclosure.--The disclosures
                required under subparagraph (A) shall be made to permit
                the person purchasing the shares to evaluate such
                disclosures before deciding to engage in the
                transaction.
                    ``(D) Limitation.--The disclosures required under
                subparagraph (A) may not be made exclusively in--
                            ``(i) a registration statement or
                        prospectus of a registered investment company;
                        or
                            ``(ii) any other filing of a registered
                        investment company with the Commission.
                    ``(E) Commission authority.--The Commission shall
                promulgate such final rules as are necessary to carry
                out this paragraph not later than 1 year after the date
                of enactment of the Mutual Fund Transparency Act of
                2005.''.
    (b) National Securities Association Requirements.--Section 15A of
the Securities Exchange Act of 1934 (15 U.S.C. 78o-3) is amended by
adding at the end the following:
    ``(n) National Securities Association Requirements.--Each national
securities association registered pursuant to this section shall issue
such rules as necessary not later than 1 year after the date of
enactment of the Mutual Fund Transparency Act of 2005 to require that a
broker that provides individualized investment advice to a person
shall--
            ``(1) have a fiduciary duty to that person;
            ``(2) act solely in the best interests of that person; and
            ``(3) fully disclose all potential conflicts of interest
        and other information that is material to the relationship to
        that person prior to the time that the investment advice is
        first provided to the person and at least annually
        thereafter.''.

Summary: Mutual Fund Transparency Act of 2005 - Amends the Securities Exchange Act of 1934 to require broker disclosure in writing to open-end company purchasers of the amount of any compensation due the broker in connection with the purchase transaction from any sources. Amends the Investment Company Act of 1940 to direct the Securities and Exchange Commission (SEC) to require that brokerage commissions as an aggregate dollar amount and percentage of assets paid by a mutual fund company be included in any disclosure of the fees and expenses that may be payable by the holder of the securities of such company. Revamps independent mutual fund board of directors membership to reduce from 60 percent to 25 percent the permissible number of interested persons serving on the board. Prohibits an interested person from being board chairman. Specifies conditions an interested person must meet to service as a board member. Directs the SEC to issue final rules defining an interested person who is a significant service provider, including the investment adviser and principal underwriter of a registered investment company. Requires the SEC to study and report to Congress on: (1) financial literacy among mutual fund investors. And (2) mutual fund advertising. Amends the Securities Exchange Act of 1934 to require broker disclosure to each purchaser of investment company shares in a mutual fund transaction of the compensation the broker receives, in dollars and as as a percentage of assets. Requires each national securities association to issue rules requiring a broker that provides individualized investment advice to a person to: (1) have a fiduciary duty to that person, (2) act solely in the best interests of that person. And (3) fully disclose all potential conflicts of interest and other material information before the investment advice is first provided, and at least annually thereafter.

A bill to require disclosure of financial relationships between brokers and mutual fund companies, and of certain brokerage commissions paid by mutual fund companies.


SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Hermosa Creek Watershed Protection
Act of 2012''.

SEC. 2. FINDINGS.

    Congress finds that--
            (1) the ecological health and integrity of the Hermosa
        Creek Watershed and the economic health of the surrounding
        communities that rely on the Watershed are connected;
            (2) the Watershed--
                    (A) is the only area in the State that is not a
                unit of National Wilderness Preservation System to
                achieve a designation of outstanding waters by the
                State;
                    (B) provides a crucial source of clean drinking
                water for the residents of the Animas River Valley and
                the city of Durango, Colorado; and
                    (C) provides high quality agricultural water
                supplies from Hermosa Creek and the Animas River;
            (3) the Watershed helps ensure the economic prosperity of
        local communities in the area that depend on the Watershed for
        water supplies, recreation, hunting, fishing, hiking, biking,
        camping, skiing and related winter activities, off-road vehicle
        travel for the conduct of scientific activities, scientific
        research, mineral extraction, and sustainable natural resource
        development;
            (4) the world-class Hermosa Creek trail network contains
        outstanding single track mountain bike riding, backcountry
        hiking, equestrian riding, and motorcycle riding;
            (5) the Watershed provides visitors the opportunity to
        enjoy the tremendous scenic, natural, cultural, and
        recreational resources of the area;
            (6) ecologically sustainable grazing has been conducted in
        a manner that has preserved the high quality of the Watershed;
            (7) the native Colorado River cutthroat trout fishery
        located in the Watershed--
                    (A) is one of the most important fisheries in the
                State;
                    (B) is crucial for the long-term survival of the
                cutthroat trout; and
                    (C) provides an opportunity for anglers to have a
                catch and release fishery for the cutthroat trout;
            (8) the work of the State Division of Wildlife to enhance
        the fishery referred to in paragraph (7) has been a tremendous
        success and a great example of cooperative conservation efforts
        to recover an imperiled species of fish;
            (9) the Watershed--
                    (A) provides some of the best backcountry elk
                habitat in the State; and
                    (B) supports outstanding hunting opportunities;
            (10) the large areas of undisturbed forest in the Watershed
        (including some of the best stands of old growth ponderosa pine
        in the State) provide excellent wildlife habitat and excellent
        opportunities for solitude and backcountry recreation; and
            (11) designation of the Hermosa Creek Wilderness Area,
        Watershed Protection Area, and Special Management Area would
        protect those areas in perpetuity for the benefit of the people
        of the United States.

SEC. 3. DEFINITIONS.

    In this Act:
            (1) Map.--The term ``Map'' means the map entitled ``Hermosa
        Creek Proposed Watershed Protection Area, 2012'' and dated
        March 28, 2012.
            (2) Secretary.--The term ``Secretary'' means the Secretary
        of Agriculture.
            (3) Special management area.--The term ``Special Management
        Area'' means the Hermosa Creek Special Management Area
        designated by section 5(a).
            (4) State.--The term ``State'' means the State of Colorado.
            (5) Watershed protection area.--The term ``Watershed
        Protection Area'' means the Hermosa Creek Watershed Protection
        Area designated by section 4(a).

SEC. 4. DESIGNATION OF HERMOSA CREEK WATERSHED PROTECTION AREA.

    (a) Designation.--Certain Federal land in the San Juan National
Forest comprising approximately 107,886 acres, as generally depicted on
the Map, is designated as the ``Hermosa Creek Watershed Protection
Area''.
    (b) Purposes.--The purposes of the Watershed Protection Area are--
            (1) to maintain the cultural, economic, and ecological
        health of the Hermosa Creek Watershed and the surrounding
        communities that rely on the Watershed;
            (2) to protect the purity of water that comes from the
        Hermosa Creek Watershed and supplies residents of the Animas
        River Valley and the city of Durango, Colorado, with clean
        drinking water;
            (3) to protect the purity of, and water supply from, the
        Hermosa Creek Watershed for agricultural purposes, including
        irrigation and stockwater uses;
            (4) to enhance the economic prosperity of local communities
        in the area who depend on the area for water, recreation, and
        sustainable natural resource uses;
            (5) to protect and provide visitors the opportunity to
        enjoy the recreational, geological, cultural, natural,
        scientific, recreational, wildlife, riparian, historical,
        educational, and scenic resources of the Watershed;
            (6) to provide world class opportunities for skiing,
        biking, hiking, fishing, hunting, horseback riding,
        snowmobiling, motorcycle riding, snowshoeing, and camping;
            (7) to provide for economic and natural resource
        development (including sustainable grazing, vegetation
        management, beneficial uses of water, and mineral extraction)
        in a manner consistent with protecting the overall integrity of
        the Watershed;
            (8) to protect the native Colorado River cutthroat trout
        fishery located in the Watershed;
            (9) to designate the Hermosa Creek Wilderness Area and the
        Special Management Area; and
            (10) to conserve, protect, and manage for a healthy Hermosa
        Creek Watershed for the long-term ecological integrity of the
        Watershed and the long-term economic health of surrounding
        communities by allowing sustainable economic development and
        traditional natural resource development in a matter consistent
        with the purposes described in paragraphs (1) through (9).

SEC. 5. DESIGNATION OF HERMOSA CREEK SPECIAL MANAGEMENT AREA.

    (a) Designation.--Subject to valid existing rights, certain Federal
land in the San Juan National Forest comprising approximately 68,289
acres, as generally depicted on the Map, is designated as the ``Hermosa
Creek Special Management Area''.
    (b) Purpose.--The purpose of the Special Management Area is to
conserve and protect for the benefit of present and future generations
the watershed, geological, cultural, natural, scientific, recreational,
wildlife, riparian, historical, educational, and scenic resources and
values of the Special Management Area.
    (c) Administration.--
            (1) In general.--The Secretary shall administer the Special
        Management Area--
                    (A) in a manner that--
                            (i) conserves, protects, and enhances the
                        resources and values of the Special Management
                        Area described in subsection (b); and
                            (ii) protects a viable population of
                        Colorado River Cutthroat Trout; and
                    (B) in accordance with--
                            (i) the National Forest Management Act of
                        1976 (16 U.S.C. 1600 et seq.);
                            (ii) this Act; and
                            (iii) any other applicable laws.
            (2) Uses.--
                    (A) In general.--The Secretary shall allow only
                such uses of the Special Management Area that the
                Secretary determines would further the purposes
                described in subsection (b).
                    (B) Motorized vehicles.--
                            (i) In general.--Except as provided in
                        clause (ii) and as needed for administrative
                        purposes or to respond to an emergency, the use
                        of motorized vehicles in the Special Management
                        Area shall be permitted only on roads and
                        trails designated for use by such vehicles by
                        the Secretary.
                            (ii) Over-snow vehicles.--The Secretary may
                        authorize the use of snowmobiles and other
                        over-snow vehicles within the Special
                        Management Area--
                                    (I) during periods of adequate snow
                                cover during the winter season; and
                                    (II) subject to such terms and
                                conditions as the Secretary may
                                require.
                    (C) Grazing.--The Secretary shall permit grazing
                within the Special Management Area, where established
                before the date of enactment of this Act--
                            (i) subject to all applicable laws
                        (including regulations) and Executive orders;
                        and
                            (ii) consistent with the purpose described
                        in subsection (b).
                    (D) Prohibited activities.--Within the area of the
                Special Management Area identified on the Map as ``East
                Hermosa Area'' the following activities shall be
                prohibited:
                            (i) New road construction or the renovation
                        of existing nonsystem roads, except as
                        necessary to protect public health and safety.
                            (ii) Projects undertaken for the purpose of
                        harvesting commercial timber (other than
                        activities relating to the harvest of
                        merchantable products that are byproducts of
                        activities conducted for ecological restoration
                        or to further the purposes described in this
                        Act).
    (d) Map and Legal Description.--
            (1) In general.--As soon as practicable after the date of
        enactment of this Act, the Secretary shall prepare a map and a
        legal description of the Special Management Area.
            (2) Force of law.--The map and legal description prepared
        under paragraph (1) shall have the same force and effect as if
        included in this Act, except that the Secretary may correct
        clerical and typographical errors in the map and legal
        description.
            (3) Public availability.--The map and legal description
        prepared under paragraph (1) shall be on file and available for
        public inspection in the appropriate offices of the Forest
        Service.
    (e) Incorporation of Acquired Land and Interests in Land.--Any land
or interest in land that is acquired by the United States within the
boundary of the Special Management Area shall--
            (1) become part of the Special Management Area;
            (2) be withdrawn in accordance with subsection (h); and
            (3) be managed in accordance with--
                    (A) this Act; and
                    (B) any other applicable laws.
    (f) Fish and Wildlife.--Nothing in this Act affects the
jurisdiction or responsibility of the State with respect to fish and
wildlife in the State.
    (g) State and Federal Water Management.--Nothing in this section
affects the potential development of a water storage reservoir at the
site in the Special Management Area that is identified in--
            (1) pages 17 through 20 of the Statewide Water Supply
        Initiative studies prepared by the Colorado Water Conservation
        Board and issued by the State in November 2004; and
            (2) page 27 of the Colorado Dam Site Inventory prepared by
        the Colorado Water Conservation Board and dated August 1996.
    (h) Withdrawal.--Subject to valid rights in existence on the date
of enactment of this Act, the Federal land within the Special
Management Area is withdrawn from--
            (1) all forms of entry, appropriation, and disposal under
        the public land laws;
            (2) location, entry, and patent under the mining laws; and
            (3) operation of the mineral leasing, mineral materials,
        and geothermal leasing laws.
    (i) Adjacent Management.--
            (1) In general.--Congress does not intend for the
        designation of the Special Management Area by subsection (a) or
        the wilderness designated by section 2(a)(22) of the Colorado
        Wilderness Act of 1993 (16 U.S.C. 1132 note; Public Law 103-77;
        107 Stat. 756, 114 Stat. 1955, 116 Stat. 1055) (as added by
        section 6(a)) to create a protective perimeter or buffer zone
        around the Special Management Area or wilderness.
            (2) Nonwilderness activities.--The fact that nonwilderness
        activities or uses can be seen or heard from areas within the
        wilderness designated by section 2(a)(22) of the Colorado
        Wilderness Act of 1993 (16 U.S.C. 1132 note; Public Law 103-77;
        107 Stat. 756, 114 Stat. 1955, 116 Stat. 1055) (as added by
        section 6(a)) shall not preclude the conduct of the activities
        or uses outside the boundary of the wilderness.
    (j) Winter Skiing and Related Winter Activities.--Nothing in this
Act alters or limits--
            (1) a permit held by a ski area;
            (2) the implementation of the activities governed by a ski
        area permit; or
            (3) the authority of the Secretary to modify or expand an
        existing ski area permit.
    (k) Vegetation Management.--Nothing in this section prevents the
Secretary from conducting vegetation management projects within the
Special Management Area--
            (1) subject to--
                    (A) such reasonable regulations, policies, and
                practices as the Secretary determines appropriate; and
                    (B) all applicable laws (including regulations);
                and
            (2) in a manner consistent with--
                    (A) the purposes described in subsection (b); and
                    (B) this section.
    (l) Wildfire, Insect, and Disease Management.--Consistent with this
section, the Secretary may take any measures that the Secretary
determines to be necessary to control fire, insects, and diseases in
the Special Management Area, including, as the Secretary determines to
be appropriate, the coordination of the measures with the State or a
local agency.
    (m) Management Plan.--Not later than 3 years after the date of
enactment of this Act, the Secretary shall develop a management plan
for the long-term protection and management of the Special Management
Area that takes into account public input.

SEC. 6. ADDITIONS TO THE NATIONAL WILDERNESS PRESERVATION SYSTEM.

    (a) Designation of Wilderness.--Section 2(a) of the Colorado
Wilderness Act of 1993 (16 U.S.C. 1132 note; Public Law 103-77; 107
Stat. 756, 114 Stat. 1955, 116 Stat. 1055) is amended by adding at the
end the following:
            ``(22) Certain land within the San Juan National Forest
        which comprise approximately 37,236 acres, as generally
        depicted on the map entitled `Hermosa Creek Proposed Watershed
        Protection Area, 2012' and dated March 28, 2012, and which
        shall be known as the `Hermosa Creek Wilderness'.''.
    (b) Effective Date.--Any reference in the Wilderness Act (16 U.S.C.
1131 et seq.) to the effective date of that Act shall be considered to
be a reference to the date of enactment of this Act for purposes of
administering the wilderness area designated by section 2(a)(22) of the
Colorado Wilderness Act of 1993 (16 U.S.C. 1132 note; Public Law 103-
77; 107 Stat. 756, 114 Stat. 1955, 116 Stat. 1055) (as added by
subsection (a)).
    (c) Fire, Insects, and Diseases.--As provided in section 4(d)(1) of
the Wilderness Act (16 U.S.C. 1133(d)(1)), within the wilderness areas
designated by section 2(a)(22) of the Colorado Wilderness Act of 1993
(16 U.S.C. 1132 note; Public Law 103-77; 107 Stat. 756, 114 Stat. 1955,
116 Stat. 1055) (as added by subsection (a)), the Secretary may take
any measure that the Secretary determines to be necessary to control
fire, insects, and diseases, subject to such terms and conditions as
the Secretary determines to be appropriate.

SEC. 7. PERINS PEAK AND ANIMAS CITY MOUNTAIN MINERAL WITHDRAWAL.

    (a) Withdrawal.--Subject to valid existing rights, the land and
mineral interests described in subsection (b) are withdrawn from all
forms of--
            (1) entry, appropriation, or disposal under public land
        laws;
            (2) location, entry, and patent under the mining laws; and
            (3) disposition under all laws relating to mineral leasing,
        geothermal leasing, or mineral materials.
    (b) Description of Land and Mineral Interests.--The land and
mineral interests referred to in subsection (a) are--
            (1) the approximately 8,549 acres of Federal land depicted
        on the map entitled ``Perins Peak and Animas City Mountain
        mineral withdrawal'' and dated May 3, 2012; and
            (2) all Federal mineral interests contained within the
        boundaries of the map described in paragraph (1).

Summary: Hermosa Creek Watershed Protection Act of 2012 - Designates specified federal lands in San Juan National Forest as: (1) the Hermosa Creek Watershed and Protection Area, and (2) the Hermosa Creek Special Management Area. Designates specified land within the Protection Area as the Hermosa Creek Wilderness.

A bill to designate certain Federal land in the San Juan National Forest in the State of Colorado as wilderness, and for other purposes.