To provide for the rescission of unused transportation earmarks and to establish a general reporting requirement for any unused earmarks.

SA 3470. Mr. FEINGOLD (for himself, Mr. Coburn, Mr. Brown of Ohio,
and Mr. McCain) submitted an amendment intended to be proposed to
amendment SA 3452 proposed by Mr. Rockefeller to the bill H.R. 1586, to
impose an additional tax on bonuses received from certain TARP
recipients; as follows:

At the end, insert the following:

TITLE _.--RESCISSION OF UNUSED TRANSPORTATION EARMARKS AND GENERAL
REPORTING REQUIREMENT

SEC. _01. DEFINITION.

In this title, the term ``earmark'' means the following:
(1) A congressionally directed spending item, as defined in
Rule XLIV of the Standing Rules of the Senate.
(2) A congressional earmark, as defined for purposes of
Rule XXI of the Rules of the House of Representatives.

SEC. _02. RESCISSION.

Any earmark of funds provided for the Department of
Transportation with more than 90 percent of the appropriated
amount remaining available for obligation at the end of the
9th fiscal year following the fiscal year in which the
earmark was made available is rescinded effective at the end
of that 9th fiscal year, except that the Secretary of
Transportation may delay any such rescission if the Secretary
determines that an additional obligation of the earmark is
likely to occur during the following 12-month period.

SEC. _03. AGENCY WIDE IDENTIFICATION AND REPORTS.

(a) Agency Identification.--Each Federal agency shall
identify and report every project that is an earmark with an
unobligated balance at the end of each fiscal year to the
Director of OMB.
(b) Annual Report.--The Director of OMB shall submit to
Congress and publically post on the website of OMB an annual
report that includes--
(1) a listing and accounting for earmarks with unobligated
balances summarized by agency including the amount of the
original earmark, amount of the unobligated balance, the year
when the funding expires, if applicable, and recommendations
and justifications for whether each earmark should be
rescinded or retained in the next fiscal year;
(2) the number of rescissions resulting from this title and
the annual savings resulting from this title for the previous
fiscal year; and
(3) a listing and accounting for earmarks provided for the
Department of Transportation scheduled to be rescinded at the
end of the current fiscal year.
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