S.Amdt. 1887

TEXT OF AMENDMENTS

SA 1848. Mr. LAUTENBERG submitted an amendment intended to be
proposed by him to the bill H.R. 3606, to increase American job
creation and economic growth by improving access to the public capital
markets for emerging growth companies; which was ordered to lie on the
table; as follows:

On page 36, between lines 3 and 4, insert the following:

SEC. 304. OCCURRENCE OF FRAUD.

(a) Report on Occurrence of Fraud.--
(1) In general.--The Commission shall, once every 2 years,
beginning on the date of enactment of this Act, submit a
report to Congress which includes an affirmative finding that
the amount of fraud related to issuances made pursuant to
section 4(6) of the Securities Act of 1933, as amended by
this title, was not excessive during the reporting period.
(2) Finding of excessive fraud.--If the Commission finds
that the amount of fraud related to issuances made pursuant
to section 4(6) of the Securities Act of 1933, as amended by
this title, was excessive during the reporting period, the
Commission shall--
(A) report such finding to the Congress, together with the
reports required by this section; and
(B) initiate a rulemaking pursuant to subsection (b).
(b) Rulemaking.--
(1) In general.--If the Commission makes a finding of
excessive fraud, as described in subsection (a)(2), the
Commission shall amend its rules issued, amended, or enforced
under this title, as necessary to reduce the incidence of
fraud related to crowdfunding exemptions provided under this
title.
(2) Timing.--Amended rules shall be issued under paragraph
(1) as interim final rules not later than 30 days after a
finding by the Commission of excessive fraud, with public
comments accepted for 30 days after the date of publication
of the interim final rules.
______

SA 1849. Mr. LAUTENBERG submitted an amendment intended to be
proposed to amendment SA 1833 proposed by Mr. Reid (for Mr. Reed (for
himself, Ms. Landrieu, Mr. Levin, Mr. Brown of Ohio, Mr. Merkley, Mr.
Akaka, Mr. Whitehouse, Mr. Franken, Mr. Harkin, and Mr. Durbin)) to the
bill H.R. 3606, to increase American job creation and economic growth
by improving access to the public capital markets for emerging growth
companies; which was ordered to lie on the table; as follows:

On page 50, between lines 10 and 11, insert the following:
(e) Report on Occurrence of Fraud.--
(1) In general.--In addition to the information included
under subsection (b), the Commission shall include in each
report to Congress required by this section an affirmative
finding that the amount of fraud related to issuances made
pursuant to section 4(6) of the Securities Act of 1933, as
amended by this title, was not excessive during the reporting
period.
(2) Finding of excessive fraud.--If the Commission finds
that the amount of fraud related to issuances made pursuant
to section 4(6) of the Securities Act of 1933, as

[[Page S1795]]

amended by this title, was excessive during the reporting
period, the Commission shall--
(A) report such finding to the Congress, together with the
reports required by this section; and
(B) initiate a rulemaking pursuant to paragraph (3).
(3) Rulemaking.--
(A) In general.--If the Commission makes a finding of
excessive fraud, as described in paragraph (2), the
Commission shall amend its rules issued, amended, or enforced
under this title, as necessary to reduce the incidence of
fraud related to crowdfunding exemptions provided under this
title.
(B) Timing.--Amended rules shall be issued under
subparagraph (A) as interim final rules not later than 30
days after a finding by the Commission of excessive fraud,
with public comments accepted for 30 days after the date of
publication of the interim final rules.
______

SA 1850. Mr. LAUTENBERG submitted an amendment intended to be
proposed by him to the bill H.R. 3606, to increase American job
creation and economic growth by improving access to the public capital
markets for emerging growth companies; which was ordered to lie on the
table; as follows:

On page 41, line 19, strike ``Section'' and insert the
following:
(a) Disclosures Required for Employee Security Holders.--
Any issuer having equity securities of any class held of
record by 500 or more employee security holders shall provide
to all such employee security holders--
(1) audited financial statements, if available, or if not
available--
(A) financial statements certified by the principal
executive officer of the issuer to be true and complete in
all material respects; and
(B) income tax returns filed by the issuer for the most
recently completed year (if any);
(2) a description of the ownership and capital structure of
the issuer, including--
(A) the terms of each class of security of the issuer,
including how such terms may be modified and a summary of the
differences between such securities, including how the rights
of the securities owned by the employee may be materially
limited, diluted, or qualified by the rights of any other
class of security of the issuer;
(B) the name and ownership level of each existing
shareholder who owns more than 20 percent of any class of the
securities of the issuer;
(C) the risks to employee security holders--
(i) relating to minority ownership in the issuer; and
(ii) associated with corporate actions, including
additional issuances of shares, a sale of the issuer or of
assets of the issuer, or transactions with related parties;
and
(3) such other information as the Commission may, by rule,
prescribe for the protection of employee security holders.
(b) Definition.--As used in this section, the term
``employee security holder'' means an individual who received
securities of the issuer pursuant to an employee compensation
plan, which securities are exempt from registration
requirements by virtue of the provisions of section 12(g)(5)
of the Securities Exchange Act of 1934, as amended by this
section.
(c) Exemption.--Section
______

SA 1851. Mr. LAUTENBERG submitted an amendment intended to be
proposed to amendment SA 1833 proposed by Mr. Reid (for Mr. Reed (for
himself, Ms. Landrieu, Mr. Levin, Mr. Brown of Ohio, Mr. Merkley, Mr.
Akaka, Mr. Whitehouse, Mr. Franken, Mr. Harkin, and Mr. Durbin)) to the
bill H.R. 3606, to increase American job creation and economic growth
by improving access to the public capital markets for emerging growth
companies; which was ordered to lie on the table; as follows:

On page 69, line 16, strike ``Section'' and insert the
following:
(a) Disclosures Required for Employee Security Holders.--
Any issuer having equity securities of any class held of
record by 500 or more employee security holders shall provide
to all such employee security holders--
(1) audited financial statements, if available, or if not
available--
(A) financial statements certified by the principal
executive officer of the issuer to be true and complete in
all material respects; and
(B) income tax returns filed by the issuer for the most
recently completed year (if any);
(2) a description of the ownership and capital structure of
the issuer, including--
(A) the terms of each class of security of the issuer,
including how such terms may be modified and a summary of the
differences between such securities, including how the rights
of the securities owned by the employee may be materially
limited, diluted, or qualified by the rights of any other
class of security of the issuer;
(B) the name and ownership level of each existing
shareholder who owns more than 20 percent of any class of the
securities of the issuer;
(C) the risks to employee security holders--
(i) relating to minority ownership in the issuer; and
(ii) associated with corporate actions, including
additional issuances of shares, a sale of the issuer or of
assets of the issuer, or transactions with related parties;
and
(3) such other information as the Commission may, by rule,
prescribe for the protection of employee security holders.
(b) Definition.--As used in this section, the term
``employee security holder'' means an individual who received
securities of the issuer pursuant to an employee compensation
plan, which securities are exempt from registration
requirements by virtue of the provisions of section 12(g)(5)
of the Securities Exchange Act of 1934, as amended by this
section.
(c) Exemption.--Section
______

SA 1852. Mr. SANDERS (for himself, Mr. Blumenthal, Mr. Cardin, and
Mr. Franken) submitted an amendment intended to be proposed by him to
the bill H.R. 3606, to increase American job creation and economic
growth by improving access to the public capital markets for emerging
growth companies; which was ordered to lie on the table; as follows:

At the end of title I, add the following:

SEC. 1__. ENERGY MARKETS.

(a) Findings.--Congress finds that--
(1) the Commodity Futures Trading Commission was created as
an independent agency, in 1974, with a mandate--
(A) to enforce and administer the Commodity Exchange Act (7
U.S.C. 1 et seq.);
(B) to ensure market integrity;
(C) to protect market users from fraud and abusive trading
practices; and
(D) to prevent and prosecute manipulation of the price of
any commodity in interstate commerce;
(2) Congress has given the Commodity Futures Trading
Commission authority under the Commodity Exchange Act (7
U.S.C. 1 et seq.) to take necessary actions to address market
emergencies;
(3) the Commodity Futures Trading Commission may use the
emergency authority of the Commission with respect to any
major market disturbance that prevents the market from
accurately reflecting the forces of supply and demand for a
commodity;
(4) Congress declared in section 4a of the Commodity
Exchange Act (7 U.S.C. 6a) that excessive speculation imposes
an undue and unnecessary burden on interstate commerce;
(5) according to an article published in Forbes on February
27, 2012, excessive oil speculation ``translates out into a
premium for gasoline at the pump of $.56 a gallon'' based on
a recent report from Goldman Sachs;
(6) on March 9, 2012--
(A) the supply of crude oil and gasoline was higher than
the supply was on March 6, 2009, when the national average
price for a gallon of regular unleaded gasoline was just
$1.94; and
(B) demand for gasoline in the United States was lower than
demand was on June 20, 1997;
(7) on March 12, 2012, the national average price of
regular unleaded gasoline was over $3.82 a gallon, the
highest price ever recorded in the United States during the
month of March;
(8) during the last quarter of 2011, according to the
International Energy Agency--
(A) the world oil supply rose by 1,300,000 barrels per day
while demand only increased by 700,000 barrels per day; but
(B) the price of Texas light sweet crude rose by over 12
percent;
(9) on November 3, 2011, Gary Gensler, the Chairman of the
Commodity Futures Trading Commission testified before the
Senate Permanent Subcommittee on Investigations that ``80 to
87 percent of the [oil futures] market'' is dominated by
``financial participants, swap dealers, hedge funds, and
other financials,'' a figure that has more than doubled over
the past decade;
(10) excessive oil and gasoline speculation is creating
major market disturbances that prevent the market from
accurately reflecting the forces of supply and demand; and
(11) the Commodity Futures Trading Commission has a
responsibility --
(A) to ensure that the price discovery for oil and gasoline
accurately reflects the fundamentals of supply and demand;
and
(B) to take immediate action to implement strong and
meaningful position limits to regulated exchange markets to
eliminate excessive oil speculation.
(b) Actions.--Not later than 14 days after the date of
enactment of this Act, the Commodity Futures Trading
Commission shall use the authority of the Commission
(including emergency powers)--
(1) to curb immediately the role of excessive speculation
in any contract market within the jurisdiction and control of
the Commission, on or through which energy futures are
traded; and
(2) to eliminate excessive speculation, price distortion,
sudden or unreasonable fluctuations, or unwarranted changes
in prices, or other unlawful activity that is causing major
market disturbances that prevent the market from accurately
reflecting the forces of supply and demand for energy
commodities.
______

SA 1853. Mr. REED submitted an amendment intended to be proposed

[[Page S1796]]

to amendment SA 1833 proposed by Mr. Reid (for Mr. Reed (for himself,
Ms. Landrieu, Mr. Levin, Mr. Brown of Ohio, Mr. Merkley, Mr. Akaka, Mr.
Whitehouse, Mr. Franken, Mr. Harkin, and Mr. Durbin)) to the bill H.R.
3606, to increase American job creation and economic growth by
improving access to the public capital markets for emerging growth
companies; which was ordered to lie on the table; as follows:

On page 5, line 2, strike ``may'' and insert ``shall''.
______

SA 1854. Mr. BROWN of Ohio submitted an amendment intended to be
proposed to amendment SA 1833 proposed by Mr. Reid (for Mr. Reed (for
himself, Ms. Landrieu, Mr. Levin, Mr. Brown of Ohio, Mr. Merkley, Mr.
Akaka, Mr. Whitehouse, Mr. Franken, Mr. Harkin, and Mr. Durbin)) to the
bill H.R. 3606, to increase American job creation and economic growth
by improving access to the public capital markets for emerging growth
companies; which was ordered to lie on the table; as follows:

At the end, add the following:

TITLE VIII--LIMITATION ON CHANGES TO U.S. AND CANADIAN COMPANIES

SEC. 801. LIMITATION OF CHANGES TO U.S. AND CANADIAN
COMPANIES.

No issuer of securities (as that term is defined in section
3 of the Securities Exchange Act of 1934 (15 U.S.C. 78c)),
other than an issuer that is domiciled in the United States
or Canada, shall be affected by, subject to, or eligible for
any exemption under, this Act, the amendments made by this
Act, or any rules or regulations adopted or issued pursuant
to this Act.
______

SA 1855. Mr. BROWN of Ohio submitted an amendment intended to be
proposed to amendment SA 1833 proposed by Mr. Reid (for Mr. Reed (for
himself, Ms. Landrieu, Mr. Levin, Mr. Brown of Ohio, Mr. Merkley, Mr.
Akaka, Mr. Whitehouse, Mr. Franken, Mr. Harkin, and Mr. Durbin)) to the
bill H.R. 3606, to increase American job creation and economic growth
by improving access to the public capital markets for emerging growth
companies; which was ordered to lie on the table; as follows:

On page 3, before line 1, insert the following:

SEC. 3. PROSPECTIVE REPEAL.

This Act and the amendments made by this Act are repealed
effective on the date that is 5 years after the date of
enactment of this Act.
______

SA 1856. Mr. LEE (for himself and Mr. DeMint) submitted an amendment
intended to be proposed by him to the bill H.R. 3606, to increase
American job creation and economic growth by improving access to the
public capital markets for emerging growth companies; which was ordered
to lie on the table; as follows:

At the appropriate place, insert the following:

SEC. __. TERMINATION OF EXPORT-IMPORT BANK OF THE UNITED
STATES.

(a) One-year Extension of Authority.--Notwithstanding any
other provision of this Act or any other provision of law,
the authority of the Export-Import Bank of the United States
under section 7 of the Export-Import Bank Act of 1945 (12
U.S.C. 635f) terminates on May 31, 2013.
(b) Termination of Authority.--Notwithstanding any other
provision of this Act or any other provision of law, on and
after June 1, 2013--
(1) the Export-Import Bank of the United States may not
enter into any new agreement for the provision of a loan, a
loan guarantee, or insurance, the extension of credit, or any
other form of financing;
(2) the Bank shall continue to operate only to the extent
necessary to fulfill the obligations of the Bank pursuant to
agreements described in paragraph (1) entered into before
June 1, 2013; and
(3) the President of the Bank shall take such measures as
are necessary to wind up the affairs of the Bank, including
by reducing the operations of the Bank and the number of
employees of the Bank as the number of remaining agreements
described in paragraph (1) decreases.
(c) Repeal of Export-Import Bank Act of 1945.--
Notwithstanding any other provision of this Act or any other
provision of law, effective on the date on which the Export-
Import Bank of the United States has fulfilled all
outstanding obligations of the Bank pursuant to agreements
described in subsection (b)(1) entered into before June 1,
2013, the Export-Import Bank Act of 1945 (12 U.S.C. 635 et
seq.) is repealed.

SEC. __. NEGOTIATIONS TO END EXPORT CREDIT FINANCING.

(a) In General.--The President shall initiate and pursue
negotiations with other major exporting countries, including
members of the Organisation for Economic Co-operation and
Development and countries that are not members of that
Organisation, to end subsidized export financing programs and
other forms of export subsidies.
(b) Report Required.--Not later than 180 days after the
date of the enactment of this Act, and annually thereafter,
the President shall submit to the Committee on Banking,
Housing, and Urban Affairs of the Senate and the Committee on
Financial Services of the House of Representatives a report
on the progress of the negotiations described in subsection
(a) until the President certifies in writing to those
committees that all countries that support subsidized export
financing programs have agreed to end the support.
______

SA 1857. Mr. LEE (for himself and Mr. DeMint) submitted an amendment
intended to be proposed to amendment SA 1833 proposed by Mr. Reid (for
Ms. Cantwell (for herself, Mr. Johnson of South Dakota, Mr. Graham, Mr.
Shelby, Mr. Warner, Mr. Schumer, Mr. Brown of Ohio, Mrs. Hagan, Mr.
Coons, Mr. Akaka, Mrs. Murray, Ms. Landrieu, Mr. Kerry, and Mr. Kirk))
to the bill H.R. 3606, to increase American job creation and economic
growth by improving access to the public capital markets for emerging
growth companies; which was ordered to lie on the table; as follows:

In lieu of the matter proposed to be inserted, insert the
following:

TITLE VIII--TERMINATION OF EXPORT-IMPORT BANK OF THE UNITED STATES

SEC. 801. TERMINATION OF EXPORT-IMPORT BANK OF THE UNITED
STATES.

(a) One-year Extension of Authority.--Section 7 of the
Export-Import Bank Act of 1945 (12 U.S.C. 635f) is amended by
striking ``September 30, 2011'' and inserting ``May 31,
2013''.
(b) Termination of New Financing Authority.--On and after
June 1, 2013, the Export-Import Bank of the United States may
not enter into any new agreement for the provision of a loan,
a loan guarantee, or insurance, the extension of credit, or
any other form of financing.
(c) Wind up of Affairs.--
(1) In general.--On and after June 1, 2013, the Export-
Import Bank of the United States shall continue to operate
only to the extent necessary to fulfill the obligations of
the Bank pursuant to agreements described in subsection (b)
entered into before June 1, 2013.
(2) Reductions in operations and personnel.--The President
of the Export-Import Bank shall take such measures as are
necessary to wind up the affairs of the Bank, including by
reducing the operations of the Bank and the number of
employees of the Bank as the number of remaining agreements
described in subsection (b) decreases.
(d) Repeal of Export-Import Bank Act of 1945.--Effective on
the date on which the Export-Import Bank of the United States
has fulfilled all outstanding obligations of the Bank
pursuant to agreements described in subsection (b) entered
into before June 1, 2013, the Export-Import Bank Act of 1945
(12 U.S.C. 635 et seq.) is repealed.

SEC. 802. NEGOTIATIONS TO END EXPORT CREDIT FINANCING.

(a) In General.--The President shall initiate and pursue
negotiations with other major exporting countries, including
members of the Organisation for Economic Co-operation and
Development and countries that are not members of that
Organisation, to end subsidized export financing programs and
other forms of export subsidies.
(b) Report Required.--Not later than 180 days after the
date of the enactment of this Act, and annually thereafter,
the President shall submit to the Committee on Banking,
Housing, and Urban Affairs of the Senate and the Committee on
Financial Services of the House of Representatives a report
on the progress of the negotiations described in subsection
(a) until the President certifies in writing to those
committees that all countries that support subsidized export
financing programs have agreed to end the support.
______

SA 1858. Mr. VITTER submitted an amendment intended to be proposed to
amendment SA 1836 proposed by Mr. Reid (for Ms. Cantwell (for herself,
Mr. Johnson of South Dakota, Mr. Graham, Mr. Shelby, Mr. Warner, Mr.
Schumer, Mr. Brown of Ohio, Mrs. Hagan, Mr. Coons, Mr. Akaka, Mrs.
Murray, Ms. Landrieu, Mr. Kerry, and Mr. Kirk)) to the bill H.R. 3606,
to increase American job creation and economic growth by improving
access to the public capital markets for emerging growth companies;
which was ordered to lie on the table; as follows:

At the end of the amendment, add the following:

SEC. 817. FINANCING OF DOMESTIC FOSSIL FUEL PROJECTS;
RESTRICTION ON FINANCING OF FOSSIL FUEL
PROJECTS OUTSIDE THE UNITED STATES.

(a) Identification of Domestic Fossil Fuel Projects.--Not
later than 90 days after the date of the enactment of this
Act, the Export-Import Bank of the United States shall
identify projects involving the production of fossil fuels in
the United States that could benefit from the provision of
financing by the Bank.
(b) Financing of Fossil Fuel Projects.--Notwithstanding any
other provision of law,

[[Page S1797]]

if the Export-Import Bank of the United States identifies
projects involving the production of fossil fuels in the
United States that could benefit from the provision of
financing by the Bank under subsection (a)--
(1) the Bank may provide financing (including guarantees,
insurance, or extensions of credit, or participation in the
extension of credit) with respect to those projects; and
(2) the Bank shall not provide financing with respect to
any project that involves the production of fossil fuels in a
foreign country until the Bank certifies to Congress that--
(A) all projects identified under subsection (a) have been
reviewed; and
(B) with respect to each such project, the Bank--
(i) has provided financing; or
(ii) has determined that the persons conducting the project
have no interest in receiving financing from the Bank.
(c) Definition of Fossil Fuel.--In this section, the term
``fossil fuel'' means natural gas, petroleum, coal, or any
form of solid, liquid, or gaseous fuel derived from natural
gas, petroleum, or coal.

SEC. 818. PROHIBITION ON, AND REPEAL OF MINIMUM INVESTMENT
GOALS FOR, FINANCING OF RENEWABLE ENERGY
PROJECTS.

(a) Prohibition on Financing of Certain Renewable Energy
Projects.--Notwithstanding any other provision of law, the
Export-Import Bank of the United States may not provide any
guarantee, insurance, or extension of credit (or participate
in the extension of credit) with respect to any project that
involves the manufacture of renewable energy products in a
foreign country.
(b) Repeal of Minimum Investment Goal for Financing of
Renewable Energy Projects.--Section 534(d) of the Foreign
Operations, Export Financing, and Related Programs
Appropriations Act, 1990 (12 U.S.C. 635g note) is repealed.

SEC. 819. PROHIBITION ON PROVIDING OR GUARANTEEING LOANS THAT
ARE SUBORDINATE TO OTHER LOANS.

Notwithstanding any other provision of law, the Export-
Import Bank of the United States may not make or guarantee a
loan that is subordinate to any other loan.
______

SA 1859. Mr. VITTER submitted an amendment intended to be proposed to
amendment SA 1836 proposed by Mr. Reid (for Ms. Cantwell (for herself,
Mr. Johnson of South Dakota, Mr. Graham, Mr. Shelby, Mr. Warner, Mr.
Schumer, Mr. Brown of Ohio, Mrs. Hagan, Mr. Coons, Mr. Akaka, Mrs.
Murray, Ms. Landrieu, Mr. Kerry, and Mr. Kirk)) to the bill H.R. 3606,
to increase American job creation and economic growth by improving
access to the public capital markets for emerging growth companies;
which was ordered to lie on the table; as follows:

At the end of the amendment, add the following:

SEC. 817. PROHIBITION ON PROVIDING OR GUARANTEEING LOANS THAT
ARE SUBORDINATE TO OTHER LOANS.

Notwithstanding any other provision of law, the Export-
Import Bank of the United States may not make or guarantee a
loan that is subordinate to any other loan.
______

SA 1860. Mr. HELLER submitted an amendment intended to be proposed by
him to the bill H.R. 3606, to increase American job creation and
economic growth by improving access to the public capital markets for
emerging growth companies; which was ordered to lie on the table; as
follows:

At the appropriate place, insert the following:

TITLE _--NO BUDGET, NO PAY ACT

SEC. _01. SHORT TITLE.

This title may be cited as the ``No Budget, No Pay Act''.

SEC. _02. DEFINITION.

In this title, the term ``Member of Congress''--
(1) has the meaning given under section 2106 of title 5,
United States Code; and
(2) does not include the Vice President.

SEC. _03. TIMELY APPROVAL OF CONCURRENT RESOLUTION ON THE
BUDGET AND THE APPROPRIATIONS BILLS.

If both Houses of Congress have not approved a concurrent
resolution on the budget as described under section 301 of
the Congressional Budget and Impoundment Control Act of 1974
(2 U.S.C. 632) for a fiscal year before October 1 of that
fiscal year and have not passed all the regular
appropriations bills for the next fiscal year before October
1 of that fiscal year, the pay of each Member of Congress may
not be paid for each day following that October 1 until the
date on which both Houses of Congress approve a concurrent
resolution on the budget for that fiscal year and all the
regular appropriations bills.

SEC. _04. NO PAY WITHOUT CONCURRENT RESOLUTION ON THE BUDGET
AND THE APPROPRIATIONS BILLS.

(a) In General.--Notwithstanding any other provision of
law, no funds may be appropriated or otherwise be made
available from the United States Treasury for the pay of any
Member of Congress during any period determined by the
Chairpersons of the Committee on the Budget and the Committee
on Appropriations of the Senate or the Chairpersons of the
Committee on the Budget and the Committee on Appropriations
of the House of Representatives under section _05.
(b) No Retroactive Pay.--A Member of Congress may not
receive pay for any period determined by the Chairpersons of
the Committee on the Budget and the Committee on
Appropriations of the Senate or the Chairpersons of the
Committee on the Budget and the Committee on Appropriations
of the House of Representatives under section _05, at any
time after the end of that period.

SEC. _05. DETERMINATIONS.

(a) Senate.--
(1) Request for certifications.--On October 1 of each year,
the Secretary of the Senate shall submit a request to the
Chairpersons of the Committee on the Budget and the Committee
on Appropriations of the Senate for certification of
determinations made under paragraph (2) (A) and (B).
(2) Determinations.--The Chairpersons of the Committee on
the Budget and the Committee on Appropriations of the Senate
shall--
(A) on October 1 of each year, make a determination of
whether Congress is in compliance with section _03 and
whether Senators may not be paid under that section;
(B) determine the period of days following each October 1
that Senators may not be paid under section _03; and
(C) provide timely certification of the determinations
under subparagraphs (A) and (B) upon the request of the
Secretary of the Senate.
(b) House of Representatives.--
(1) Request for certifications.--On October 1 of each year,
the Chief Administrative Officer of the House of
Representatives shall submit a request to the Chairpersons of
the Committee on the Budget and the Committee on
Appropriations of the House of Representatives for
certification of determinations made under paragraph (2) (A)
and (B).
(2) Determinations.--The Chairpersons of the Committee on
the Budget and the Committee on Appropriations of the House
of Representatives shall--
(A) on October 1 of each year, make a determination of
whether Congress is in compliance with section _03 and
whether Member of the House of Representatives may not be
paid under that section;
(B) determine the period of days following each October 1
that Member of the House of Representatives may not be paid
under section _03; and
(C) provide timely certification of the determinations
under subparagraph (A) and (B) upon the request of the Chief
Administrative Officer of the House of Representatives.

SEC. _06. EFFECTIVE DATE.

This title shall take effect on February 1, 2013.
______

SA 1861. Ms. SNOWE (for herself, Ms. Landrieu, and Mr. Brown of
Massachusetts) submitted an amendment intended to be proposed by her to
the bill H.R. 3606, to increase American job creation and economic
growth by improving access to the public capital markets for emerging
growth companies; which was ordered to lie on the table; as follows:

At the end, add the following:

TITLE _--SMALL BUSINESS TAX EXTENDERS

SEC. _01. SHORT TITLE; REFERENCES.

(a) Short Title.--This title may be cited as the ``Small
Business Tax Extenders Act of 2012''.
(b) References.--Except as otherwise expressly provided,
whenever in this title an amendment or repeal is expressed in
terms of an amendment to, or repeal of, a section or other
provision, the reference shall be considered to be made to a
section or other provision of the Internal Revenue Code of
1986.

SEC. _02. EXTENSION OF TEMPORARY EXCLUSION OF 100 PERCENT OF
GAIN ON CERTAIN SMALL BUSINESS STOCK.

(a) In General.--Paragraph (4) of section 1202(a) is
amended--
(1) by striking ``January 1, 2012'' and inserting ``January
1, 2013'', and
(2) by striking ``and 2011'' and inserting ``, 2011, and
2012'' in the heading thereof.
(b) Effective Date.--The amendments made by this section
shall apply to stock acquired after December 31, 2011.

SEC. _03. EXTENSION OF 5-YEAR CARRYBACK OF GENERAL BUSINESS
CREDITS OF ELIGIBLE SMALL BUSINESSES.

(a) In General.--Subparagraph (A) of section 39(a)(4) is
amended by inserting ``, 2011, or 2012'' after ``2010''.
(b) Effective Date.--The amendment made by this section
shall apply to credits determined in taxable years beginning
after December 31, 2010.

SEC. _04. EXTENSION OF ALTERNATIVE MINIMUM TAX RULES FOR
GENERAL BUSINESS CREDITS OF ELIGIBLE SMALL
BUSINESSES.

(a) In General.--Subparagraph (A) of section 38(c)(5) is
amended by inserting ``, 2011, or 2012'' after ``2010''.
(b) Effective Date.--The amendments made by this section
shall apply to credits determined in taxable years beginning
after December 31, 2010, and to carrybacks of such credits.

SEC. _05. EXTENSION OF REDUCTION IN RECOGNITION PERIOD FOR
BUILT-IN GAINS TAX.

(a) In General.--Clause (ii) of section 1374(d)(7)(B) of
the Internal Revenue Code of 1986 is amended by inserting
``or 2012'' after ``2011''.
(b) Conforming Amendment.--The heading for section
1374(d)(7)(B) is amended by striking ``and 2011'' and
inserting ``2011, and 2012''.

[[Page S1798]]

(c) Technical Amendment.--Subparagraph (B) of section
1374(d)(7) of such Code is amended by striking ``The
preceding sentence'' and inserting the following: ``For
purposes of applying this subparagraph to an installment
sale, each portion of such installment sale shall be treated
as a sale occurring in the taxable year in which the first
portion of such installment sale occurred. This
subparagraph''.
(d) Effective Date.--The amendments made by this section
shall apply to taxable years beginning after December 31,
2011.

SEC. _06. EXTENSION OF INCREASED EXPENSING LIMITATIONS AND
TREATMENT OF CERTAIN REAL PROPERTY AS SECTION
179 PROPERTY.

(a) In General.--Section 179(b) is amended--
(1) by striking ``2010 or 2011'' each place it appears in
paragraph (1)(B) and (2)(B) and inserting ``2010, 2011, or
2012'',
(2) by striking ``2012'' each place it appears in paragraph
(1)(C) and (2)(C) and inserting ``2013'', and
(3) by striking ``2012'' each place it appears in paragraph
(1)(D) and (2)(D) and inserting ``2013''.
(b) Inflation Adjustment.--Subparagraph (A) of section
179(b)(6) is amended by striking ``2012'' and inserting
``2013''.
(c) Computer Software.--Section 179(d)(1)(A)(ii) is amended
by striking ``2013'' and inserting ``2014''.
(d) Election.--Section 179(c)(2) is amended by striking
``2013'' and inserting ``2014''.
(e) Special Rules for Treatment of Qualified Real
Property.--Section 179(f)(1) is amended by striking ``2010 or
2011'' and inserting ``2010, 2011, or 2012''.
(f) Effective Date.--The amendments made by this section
shall apply to taxable years beginning after December 31,
2011.

SEC. _07. EXTENSION OF SPECIAL RULE FOR LONG-TERM CONTRACT
ACCOUNTING.

(a) In General.--Clause (ii) of section 460(c)(6)(B) is
amended by striking ``January 1, 2011 (January 1, 2012'' and
inserting ``January 1, 2013 (January 1, 2014''.
(b) Effective Date.--The amendment made by this section
shall apply to property placed in service after December 31,
2010.

SEC. _08. EXTENSION OF INCREASED AMOUNT ALLOWED AS A
DEDUCTION FOR START-UP EXPENDITURES.

(a) In General.--Paragraph (3) of section 195(b) is
amended--
(1) by inserting ``, 2001, or 2012'' after ``2010'', and
(2) by inserting ``2011, and 2012'' in the heading thereof.
(b) Effective Date.--The amendments made by this section
shall apply to amounts paid or incurred in taxable years
beginning after December 31, 2010.

SEC. _09. EXTENSION OF ALLOWANCE OF DEDUCTION FOR HEALTH
INSURANCE IN COMPUTING SELF-EMPLOYMENT TAXES.

(a) In General.--Paragraph (4) of section 162(l) is amended
by striking ``December 31, 2010'' and inserting ``December
31, 2012''.
(b) Effective Date.--The amendment made by this section
shall apply to taxable years beginning after December 31,
2010.
______

SA 1862. Mr. REID submitted an amendment intended to be proposed by
him to the bill H.R. 3606, to increase American job creation and
economic growth by improving access to the public capital markets for
emerging growth companies; which was ordered to lie on the table; as
follows:

At the end, add the following:
(  ) Effective Date.
This section shall become effective 14 days after
enactment.
______

SA 1863. Mr. REID submitted an amendment intended to be proposed by
him to the bill H.R. 3606, to increase American job creation and
economic growth by improving access to the public capital markets for
emerging growth companies; which was ordered to lie on the table; as
follows:

(  ) Effective Date.
This section shall become effective 13 days after
enactment.
______

SA 1864. Mr. REID submitted an amendment intended to be proposed by
him to the bill H.R. 3606, to increase American job creation and
economic growth by improving access to the public capital markets for
emerging growth companies; which was ordered to lie on the table; as
follows:

SEC. __. EFFECTIVE DATE.

This Act shall become effective 12 days after enactment.
______

SA 1865. Mr. REID submitted an amendment intended to be proposed to
amendment SA 1864 submitted by Mr. Reid and intended to be proposed to
the bill H.R. 3606, to increase American job creation and economic
growth by improving access to the public capital markets for emerging
growth companies; which was ordered to lie on the table; as follows:

In the amendment, strike ``12 days'' and insert ``11
days''.
______

SA 1866. Mr. REID submitted an amendment intended to be proposed by
him to the bill H.R. 3606, to increase American job creation and
economic growth by improving access to the public capital markets for
emerging growth companies; which was ordered to lie on the table; as
follows:

At the end, add the following:

SEC. __. EFFECTIVE DATE.

This Act shall become effective 10 days after enactment.
______

SA 1867. Mr. REID submitted an amendment intended to be proposed to
amendment SA 1866 submitted by Mr. Reid and intended to be proposed to
the bill H.R. 3606, to increase American job creation and economic
growth by improving access to the public capital markets for emerging
growth companies; which was ordered to lie on the table; as follows:

In the amendment, strike ``10 days'' and insert ``9 days''.
______

SA 1868. Mr. WYDEN submitted an amendment intended to be proposed by
him to the bill H.R. 3606, to increase American job creation and
economic growth by improving access to the public capital markets for
emerging growth companies; which was ordered to lie on the table; as
follows:

At the end, add the following:

TITLE VIII--MISCELLANEOUS

SEC. 801. LIMITATION ON ENTRY INTO FORCE OF CERTAIN TRADE
AGREEMENTS.

Notwithstanding section 303 of the Prioritizing Resources
and Organization for Intellectual Property Act of 2008 (15
U.S.C. 8113) or any other provision of law, the President may
not accept, or provide for the entry into force with respect
to the United States of, any legally binding trade agreement
that imposes obligations on the United States with respect to
the enforcement of intellectual property rights, including
the Anti-Counterfeiting Trade Agreement, without the formal
and express approval of Congress.
______

SA 1869. Mr. WYDEN submitted an amendment intended to be proposed by
him to the bill H.R. 3606, to increase American job creation and
economic growth by improving access to the public capital markets for
emerging growth companies; which was ordered to lie on the table; as
follows:

At the end, add the following:

TITLE VIII--TRADE

SEC. 801. DISCLOSURE OF UNITED STATES POSITIONS RELATING TO
INTELLECTUAL PROPERTY OR THE INTERNET IN THE
TRANS-PACIFIC PARTNERSHIP NEGOTIATIONS.

(a) Disclosure of Existing Documents.--Not later than 30
days after the date of the enactment of this Act, the
President shall make available to the public on the website
of the Office of the United States Trade Representative each
document--
(1) describing a position of, or proposal made by, the
United States with respect to intellectual property, the
Internet, or entities that use the Internet, including
electronic commerce; and
(2) that was shared with other parties to negotiations for
a Trans-Pacific Partnership Agreement before such date of
enactment.
(b) Ongoing Disclosure of Documents.--On and after the date
of the enactment of this Act, the President shall make
available to the public on the website of the Office of the
United States Trade Representative any document describing a
position of, or proposal made by, the United States with
respect to intellectual property, the Internet, or entities
that use the Internet, including electronic commerce, not
later than 24 hours after the document is shared with other
parties to negotiations for a Trans-Pacific Partnership
Agreement.
(c) Waiver.--The President may waive the application of
subsection (a) or (b) if the President--
(1) determines that making a document described in
subsection (a) or (b) (as the case may be) available to the
public would pose a threat to the national security of the
United States; and
(2) submits to Congress a report describing the reasons for
that determination.
______

SA 1870. Mr. CARDIN (for himself and Ms. Snowe) submitted an
amendment intended to be proposed by him to the bill H.R. 3606, to
increase American job creation and economic growth by improving access
to the public capital markets for emerging growth companies; which was
ordered to lie on the table; as follows:

At the end, add the following:

TITLE _--OTHER PROVISIONS

SEC. _01. EXTENSION OF REDUCTION IN RECOGNITION PERIOD FOR
BUILT-IN GAINS TAX.

(a) In General.--Clause (ii) of section 1374(d)(7)(B) of
the Internal Revenue Code of 1986 is amended by inserting
``2012, or 2013,'' after ``2011,''.
(b) Technical Amendment.--Subparagraph (B) of section
1374(d)(7) of such Code is

[[Page S1799]]

amended by striking ``The preceding sentence'' and inserting
the following: ``For purposes of applying this subparagraph
to an installment sale, each portion of such installment sale
shall be treated as a sale occurring in the taxable year in
which the first portion of such installment sale occurred.
This subparagraph''.
(c) Effective Dates.--
(1) In general.--The amendment made by this subsection (a)
shall apply to taxable years beginning after December 31,
2011.
(2) Technical amendment.--The amendment made by subsection
(b) shall apply to taxable years beginning after the date of
the enactment of this Act.
______

SA 1871. Mr. COBURN submitted an amendment intended to be proposed by
him to the bill H.R. 3606, to increase American job creation and
economic growth by improving access to the public capital markets for
emerging growth companies; which was ordered to lie on the table; as
follows:

At the appropriate place, insert the following:

SEC. ___. RESTRICTIONS ON FINANCING OF CERTAIN FOSSIL FUEL
PROJECTS BY THE EXPORT-IMPORT BANK OF THE
UNITED STATES.

(a) In General.--The Export-Import Bank of the United
States may not provide any financing (including any
guarantee, insurance, extension of credit, or participation
in the extension of credit) with respect to any project that
involves the exploration for or production of fossil fuels in
a foreign country if similar exploration or production is
illegal in the United States or is largely prohibited in
certain areas within the United States.
(b) Definition of Fossil Fuel.--In this section, the term
``fossil fuel'' means natural gas, petroleum, coal, or any
form of solid, liquid, or gaseous fuel derived from any such
material.
______

SA 1872. Mr. COBURN submitted an amendment intended to be proposed to
amendment SA 1836 proposed by Mr. Reid (for Ms. Cantwell (for herself,
Mr. Johnson of South Dakota, Mr. Graham, Mr. Shelby, Mr. Warner, Mr.
Schumer, Mr. Brown of Ohio, Mrs. Hagan, Mr. Coons, Mr. Akaka, Mrs.
Murray, Ms. Landrieu, Mr. Kerry, and Mr. Kirk)) to the bill H.R. 3606,
to increase American job creation and economic growth by improving
access to the public capital markets for emerging growth companies;
which was ordered to lie on the table; as follows:

At the end of the amendment, add the following:

SEC. 817. ELIMINATION OF EXEMPTION FROM SUBSTANTIAL INJURY
DETERMINATIONS FOR TRANSACTIONS OF LESS THAN
$10,000,000.

Section 2(e)(1) of the Export-Import Bank Act of 1945 (12
U.S.C. 635(e)(1)) is amended, in the matter preceding
subparagraph (A)--
(1) by striking ``credit of financial'' and inserting
``credit or financial''; and
(2) by inserting ``without regard to whether the credit or
guarantee relates to a transaction involving more than
$10,000,000,'' after ``United States,''.

SEC. 818. PUBLICATION OF GUIDELINES FOR ECONOMIC IMPACT
ANALYSES AND DOCUMENTATION OF SUCH ANALYSES.

Section 2(e)(7) of the Export-Import Bank Act of 1945 (12
U.S.C. 635(e)(7)) is amended--
(1) by redesignating subparagraphs (E) and (F) as
subparagraphs (G) and (H), respectively; and
(2) by inserting after subparagraph (D) the following:
``(E) Guidelines for economic impact analyses.--Not later
than 90 days after the date of the enactment of the Export-
Import Bank Reauthorization Act of 2012, the Bank shall
develop and make publicly available methodological guidelines
to be used by the Bank in conducting economic impact analyses
or similar studies under this subsection. In developing such
guidelines, the Bank shall take into consideration any
relevant guidance from the Office of Management and Budget.
``(F) Maintenance of documentation.--The Bank shall
maintain documentation relating to economic impact analyses
and similar studies conducted under this subsection in a
manner consistent with the Standards for Internal Control of
the Federal Government issued by the Comptroller General of
the United States.''.

SEC. 819. LIMITATION ON ASSISTANCE TO FOREIGN AIR CARRIERS.

Section 2 of the Export-Import Bank Act of 1945 (12 U.S.C.
635) is amended by adding at the end the following:
``(h) Limitation on Assistance to Foreign Air Carriers.--
``(1) Definitions.--In this subsection:
``(A) Home country.--A country is the `home country' of an
applicant for a loan or financial guarantee if--
``(i) in the case of an individual, the individual is a
citizen or resident of that country; and
``(ii) in the case of an entity, the entity is organized
under the laws of that country or otherwise subject to the
jurisdiction of the government of that country.
``(B) Long-range aircraft.--The term `long-range aircraft',
with respect to an aircraft that may be purchased by an
applicant for a loan or financial guarantee, means an
aircraft with a range that is equal to or greater than the
shortest distance between the home country of the applicant
and the continental United States.
``(C) United states air carrier.--The term `United States
air carrier' means an air carrier organized under the laws of
the United States or any jurisdiction within the United
States.
``(2) Procedures to reduce adverse effects of loans and
guarantees on united states air carriers and employment in
united states.--
``(A)  Notice and comment requirements.--
``(i) In general.--Before considering or approving any
application for any loan or financial guarantee that may be
used in whole or in part to purchase any long-range aircraft,
the Bank shall--

``(I) publish in the Federal Register a notice of the
application;
``(II) provide a period of not less than 14 days (which, on
request by any affected party, shall be extended to a period
of not more than 30 days) for the submission to the Bank of
comments on the economic or other potentially adverse effects
of the provision of the loan or guarantee; and
``(III) seek comments on the economic or other potentially
adverse effects of the provision of the loan or guarantee
from the Department of Commerce, the Office of Management and
Budget, the Committee on Banking, Housing, and Urban Affairs
of the Senate, and the Committee on Financial Services of the
House of Representatives.

``(ii) Content of notice.--The notice published under
clause (i)(I) with respect to an application for any loan or
financial guarantee that may be used in whole or in part to
purchase any long-range aircraft shall include appropriate
information about--

``(I) the country to which the aircraft will be shipped;
``(II) the type of aircraft being exported;
``(III) the amount of the loan or guarantee;
``(IV) the number of aircraft that would be produced as a
result of the provision of the loan or guarantee;
``(V) the number of available seats on flights that would
result from the provision of the loan or guarantee;
``(VI) the percentage of each aircraft that would be
manufactured exclusively within the United States;
``(VII) the number of jobs for pilots, flight attendants,
and other employees of United States air carriers that would
be lost if the aircraft to be purchased using the loan or
guarantee were to displace aircraft operated by a United
States air carrier on any route between the United States and
any foreign country; and
``(VIII) the number of other jobs in the United States that
would be lost if the loan or guarantee were approved.

``(iii) Procedure regarding materially changed
applications.--

``(I) In general.--If a material change is made to an
application for a loan or guarantee that may be used in whole
or in part to purchase any long-range aircraft after a notice
with respect to the application is published under clause
(i), the Bank shall publish in the Federal Register a revised
notice of the application and shall provide for an additional
comment period as described in clause (i)(II).
``(II) Material change defined.--For purposes of subclause
(I), the term `material change', with respect to application
for a loan or guarantee that may be used in whole or in part
to purchase any long-range aircraft, includes--

``(aa) a change of at least 25 percent in the amount of a
loan or guarantee requested in the application; or
``(bb) a change in the type or number of aircraft to be
produced as a result of any transaction that would be
facilitated by the provision of the loan or guarantee.
``(B) Requirement to consider views of adversely affected
persons.--Before issuing a final commitment for, or otherwise
taking final action on, an application for any loan or
guarantee that may be used in whole or in part to purchase
any long-range aircraft, the Board of Directors of the Bank
shall consider the views of any person that submitted
comments pursuant to subparagraph (A).
``(C) Notification of final decision.--Not later than 7
days after the Board of Directors issues a final commitment
for, or otherwise takes final action on, an application for
any loan or guarantee that may be used in whole or in part to
purchase any long-range aircraft, the Bank shall provide
notice of the commitment or action in the Federal Register.
``(D) Publication of conclusions.--Not later than 30 days
after a party affected by a final decision of the Board of
Directors to issue a final commitment for, or otherwise take
final action on, an application for a loan or guarantee that
may be used in whole or in part to purchase any long-range
aircraft makes a written request for an explanation of the
decision, the Bank shall provide to the affected party a
reasoned explanation for the decision that includes a
nonarbitrary and noncapricious response to any comments that
the party submitted pursuant to subparagraph (A).
``(3) Prohibition on loans or guarantees that will cause
substantial injury to united states air carriers or their
employees.--
``(A) Prohibition.--Notwithstanding any other provision of
this Act, the Bank may not provide any loan or financial
guarantee

[[Page S1800]]

that may be used in whole or in part to purchase any long-
range aircraft if the provision of the loan or guarantee will
cause substantial injury to any United States air carrier or
the employees of any United States air carrier.
``(B) Definition.--For purposes of subparagraph (A), the
provision of a loan or guarantee will cause substantial
injury to a United States air carrier or its employees if the
number of available seats on flights between the United
States and the home country of the applicant for the loan or
guarantee that will result from the provision of the loan or
guarantee will equal or exceed 1 percent of the number of
available seats on flights operated by United States air
carriers between the United States and the home country of
the applicant.
``(C) Calculation.--In calculating under subparagraph (B)
the number of available seats on flights between the United
States and the home country of an applicant for a loan or
financial guarantee that will result from the provision of
the loan or guarantee, the Bank shall--
``(i) presume that the applicant will use 20 percent of the
long-range aircraft specified in the application, or 20
percent of the total long-range aircraft specified in all
applications approved by the Bank for the applicant in the
preceding 12 months, whichever is larger, to fly between the
United States and the home country of the applicant; and
``(ii) multiply the number of aircraft determined under
clause (i) by the average number of seats on all long-range
aircraft specified in the application.
``(4) Administrative procedure act.--The actions of the
Bank under this subsection shall comply with, and be
reviewable under, chapter 7 of title 5, United States Code.
This subsection shall not be construed to make subchapter II
of chapter 5 of title 5, United States Code, applicable to
the Bank.''.

SEC. 820. REPORT ON IMPLEMENTATION OF RECOMMENDATIONS OF THE
GOVERNMENT ACCOUNTABILITY OFFICE.

Not later than 90 days after the date of the enactment of
this Act, the Export-Import Bank of the United States shall
submit to the Committee on Banking, Housing, and Urban
Affairs of the Senate and the Committee on Financial Services
of the House of Representatives a report on the progress of
the Bank in implementing the recommendations contained in the
report of the Government Accountability Office entitled
``Export-Import Bank: Improvements Needed in Assessment of
Economic Impact'', dated September 12, 2007 (GAO 07 1071),
that includes--
(1) a detailed description of the progress made in
implementing each such recommendation; and
(2) for any such recommendation that has not yet been
implemented, an explanation of the reasons the recommendation
has not been implemented.
______

SA 1873. Mr. COBURN submitted an amendment intended to be proposed by
him to the bill H.R. 3606, to increase American job creation and
economic growth by improving access to the public capital markets for
emerging growth companies; which was ordered to lie on the table; as
follows:

At the appropriate place, insert the following:

SEC. ___. RESTRICTION ON FINANCING OF EXPORTATION OF AIRCRAFT
BY THE EXPORT-IMPORT BANK OF THE UNITED STATES.

(a) In General.--The Export-Import Bank of the United
States may not provide any financing (including any
guarantee, insurance, extension of credit, or participation
in the extension of credit), on or after the date of the
enactment of this Act, with respect to the exportation of an
aircraft unless each entity to which the financing will be
provided certifies to the Bank that the entity will not
subsequently enter into an agreement with a United States
entity for the sale and leaseback of the aircraft.
(b) United States Entity Defined.--In this section, the
term ``United States entity'' means an entity organized under
the laws of the United States or any jurisdiction within the
United States.
______

SA 1874. Mr. COBURN submitted an amendment intended to be proposed by
him to the bill H.R. 3606, to increase American job creation and
economic growth by improving access to the public capital markets for
emerging growth companies; which was ordered to lie on the table; as
follows:

At the end, add the following:

TITLE VIII--EXPORT-IMPORT BANK OF THE UNITED STATES

SEC. 801. ELIMINATION OF EXEMPTION FROM SUBSTANTIAL INJURY
DETERMINATIONS FOR TRANSACTIONS OF LESS THAN
$10,000,000.

Section 2(e)(1) of the Export-Import Bank Act of 1945 (12
U.S.C. 635(e)(1)) is amended, in the matter preceding
subparagraph (A)--
(1) by striking ``credit of financial'' and inserting
``credit or financial''; and
(2) by inserting ``without regard to whether the credit or
guarantee relates to a transaction involving more than
$10,000,000,'' after ``United States,''.

SEC. 802. PUBLICATION OF GUIDELINES FOR ECONOMIC IMPACT
ANALYSES AND DOCUMENTATION OF SUCH ANALYSES.

Section 2(e)(7) of the Export-Import Bank Act of 1945 (12
U.S.C. 635(e)(7)) is amended--
(1) by redesignating subparagraphs (E) and (F) as
subparagraphs (G) and (H), respectively; and
(2) by inserting after subparagraph (D) the following:
``(E) Guidelines for economic impact analyses.--Not later
than 90 days after the date of the enactment of the Jumpstart
Our Business Startups Act, the Bank shall develop and make
publicly available methodological guidelines to be used by
the Bank in conducting economic impact analyses or similar
studies under this subsection. In developing such guidelines,
the Bank shall take into consideration any relevant guidance
from the Office of Management and Budget.
``(F) Maintenance of documentation.--The Bank shall
maintain documentation relating to economic impact analyses
and similar studies conducted under this subsection in a
manner consistent with the Standards for Internal Control of
the Federal Government issued by the Comptroller General of
the United States.''.

SEC. 803. LIMITATION ON ASSISTANCE TO FOREIGN AIR CARRIERS.

Section 2 of the Export-Import Bank Act of 1945 (12 U.S.C.
635) is amended by adding at the end the following:
``(h) Limitation on Assistance to Foreign Air Carriers.--
``(1) Definitions.--In this subsection:
``(A) Home country.--A country is the `home country' of an
applicant for a loan or financial guarantee if--
``(i) in the case of an individual, the individual is a
citizen or resident of that country; and
``(ii) in the case of an entity, the entity is organized
under the laws of that country or otherwise subject to the
jurisdiction of the government of that country.
``(B) Long-range aircraft.--The term `long-range aircraft',
with respect to an aircraft that may be purchased by an
applicant for a loan or financial guarantee, means an
aircraft with a range that is equal to or greater than the
shortest distance between the home country of the applicant
and the continental United States.
``(C) United states air carrier.--The term `United States
air carrier' means an air carrier organized under the laws of
the United States or any jurisdiction within the United
States.
``(2) Procedures to reduce adverse effects of loans and
guarantees on united states air carriers and employment in
united states.--
``(A)  Notice and comment requirements.--
``(i) In general.--Before considering or approving any
application for any loan or financial guarantee that may be
used in whole or in part to purchase any long-range aircraft,
the Bank shall--

``(I) publish in the Federal Register a notice of the
application;
``(II) provide a period of not less than 14 days (which, on
request by any affected party, shall be extended to a period
of not more than 30 days) for the submission to the Bank of
comments on the economic or other potentially adverse effects
of the provision of the loan or guarantee; and
``(III) seek comments on the economic or other potentially
adverse effects of the provision of the loan or guarantee
from the Department of Commerce, the Office of Management and
Budget, the Committee on Banking, Housing, and Urban Affairs
of the Senate, and the Committee on Financial Services of the
House of Representatives.

``(ii) Content of notice.--The notice published under
clause (i)(I) with respect to an application for any loan or
financial guarantee that may be used in whole or in part to
purchase any long-range aircraft shall include appropriate
information about--

``(I) the country to which the aircraft will be shipped;
``(II) the type of aircraft being exported;
``(III) the amount of the loan or guarantee;
``(IV) the number of aircraft that would be produced as a
result of the provision of the loan or guarantee;
``(V) the number of available seats on flights that would
result from the provision of the loan or guarantee;
``(VI) the percentage of each aircraft that would be
manufactured exclusively within the United States;
``(VII) the number of jobs for pilots, flight attendants,
and other employees of United States air carriers that would
be lost if the aircraft to be purchased using the loan or
guarantee were to displace aircraft operated by a United
States air carrier on any route between the United States and
any foreign country; and
``(VIII) the number of other jobs in the United States that
would be lost if the loan or guarantee were approved.

``(iii) Procedure regarding materially changed
applications.--

``(I) In general.--If a material change is made to an
application for a loan or guarantee that may be used in whole
or in part to purchase any long-range aircraft after a notice
with respect to the application is published under clause
(i), the Bank shall publish in the Federal Register a revised
notice of the application and shall provide for an additional
comment period as described in clause (i)(II).
``(II) Material change defined.--For purposes of subclause
(I), the term `material change', with respect to application
for a loan or guarantee that may be used in whole or in part
to purchase any long-range aircraft, includes--

[[Page S1801]]

``(aa) a change of at least 25 percent in the amount of a
loan or guarantee requested in the application; or
``(bb) a change in the type or number of aircraft to be
produced as a result of any transaction that would be
facilitated by the provision of the loan or guarantee.
``(B) Requirement to consider views of adversely affected
persons.--Before issuing a final commitment for, or otherwise
taking final action on, an application for any loan or
guarantee that may be used in whole or in part to purchase
any long-range aircraft, the Board of Directors of the Bank
shall consider the views of any person that submitted
comments pursuant to subparagraph (A).
``(C) Notification of final decision.--Not later than 7
days after the Board of Directors issues a final commitment
for, or otherwise takes final action on, an application for
any loan or guarantee that may be used in whole or in part to
purchase any long-range aircraft, the Bank shall provide
notice of the commitment or action in the Federal Register.
``(D) Publication of conclusions.--Not later than 30 days
after a party affected by a final decision of the Board of
Directors to issue a final commitment for, or otherwise take
final action on, an application for a loan or guarantee that
may be used in whole or in part to purchase any long-range
aircraft makes a written request for an explanation of the
decision, the Bank shall provide to the affected party a
reasoned explanation for the decision that includes a
nonarbitrary and noncapricious response to any comments that
the party submitted pursuant to subparagraph (A).
``(3) Prohibition on loans or guarantees that will cause
substantial injury to united states air carriers or their
employees.--
``(A) Prohibition.--Notwithstanding any other provision of
this Act, the Bank may not provide any loan or financial
guarantee that may be used in whole or in part to purchase
any long-range aircraft if the provision of the loan or
guarantee will cause substantial injury to any United States
air carrier or the employees of any United States air
carrier.
``(B) Definition.--For purposes of subparagraph (A), the
provision of a loan or guarantee will cause substantial
injury to a United States air carrier or its employees if the
number of available seats on flights between the United
States and the home country of the applicant for the loan or
guarantee that will result from the provision of the loan or
guarantee will equal or exceed 1 percent of the number of
available seats on flights operated by United States air
carriers between the United States and the home country of
the applicant.
``(C) Calculation.--In calculating under subparagraph (B)
the number of available seats on flights between the United
States and the home country of an applicant for a loan or
financial guarantee that will result from the provision of
the loan or guarantee, the Bank shall--
``(i) presume that the applicant will use 20 percent of the
long-range aircraft specified in the application, or 20
percent of the total long-range aircraft specified in all
applications approved by the Bank for the applicant in the
preceding 12 months, whichever is larger, to fly between the
United States and the home country of the applicant; and
``(ii) multiply the number of aircraft determined under
clause (i) by the average number of seats on all long-range
aircraft specified in the application.
``(4) Administrative procedure act.--The actions of the
Bank under this subsection shall comply with, and be
reviewable under, chapter 7 of title 5, United States Code.
This subsection shall not be construed to make subchapter II
of chapter 5 of title 5, United States Code, applicable to
the Bank.''.

SEC. 804. REPORT ON IMPLEMENTATION OF RECOMMENDATIONS OF THE
GOVERNMENT ACCOUNTABILITY OFFICE.

Not later than 90 days after the date of the enactment of
this Act, the Export-Import Bank of the United States shall
submit to the Committee on Banking, Housing, and Urban
Affairs of the Senate and the Committee on Financial Services
of the House of Representatives a report on the progress of
the Bank in implementing the recommendations contained in the
report of the Government Accountability Office entitled
``Export-Import Bank: Improvements Needed in Assessment of
Economic Impact'', dated September 12, 2007 (GAO 07 1071),
that includes--
(1) a detailed description of the progress made in
implementing each such recommendation; and
(2) for any such recommendation that has not yet been
implemented, an explanation of the reasons the recommendation
has not been implemented.
______

SA 1875. Ms. SNOWE (for herself and Mr. Coburn) submitted an
amendment intended to be proposed by her to the bill H.R. 3606, to
increase American job creation and economic growth by improving access
to the public capital markets for emerging growth companies; which was
ordered to lie on the table; as follows:

At the end of the bill, add the following:

TITLE __--FREEDOM FROM RESTRICTIVE EXCESSIVE EXECUTIVE DEMANDS AND
ONEROUS MANDATES

SEC. _01. SHORT TITLE.

This title may be cited as the ``Freedom from Restrictive
Excessive Executive Demands and Onerous Mandates Act of
2012''.

SEC. _02. FINDINGS.

Congress finds the following:
(1) A vibrant and growing small business sector is critical
to the recovery of the economy of the United States.
(2) Regulations designed for application to large-scale
entities have been applied uniformly to small businesses and
other small entities, sometimes inhibiting the ability of
small entities to create new jobs.
(3) Uniform Federal regulatory and reporting requirements
in many instances have imposed on small businesses and other
small entities unnecessary and disproportionately burdensome
demands, including legal, accounting, and consulting costs,
thereby threatening the viability of small entities and the
ability of small entities to compete and create new jobs in a
global marketplace.
(4) Since 1980, Federal agencies have been required to
recognize and take account of the differences in the scale
and resources of regulated entities, but in many instances
have failed to do so.
(5) In 2009, there were nearly 70,000 pages in the Federal
Register, and, according to research by the Office of
Advocacy of the Small Business Administration, the annual
cost of Federal regulations totals $1,750,000,000,000. Small
firms bear a disproportionate burden, paying approximately 36
percent more per employee than larger firms in annual
regulatory compliance costs.
(6) All agencies in the Federal Government should fully
consider the costs, including indirect economic impacts and
the potential for job loss, of proposed rules, periodically
review existing regulations to determine their impact on
small entities, and repeal regulations that are unnecessarily
duplicative or have outlived their stated purpose.
(7) It is the intention of Congress to amend chapter 6 of
title 5, United States Code, to ensure that all impacts,
including foreseeable indirect effects, of proposed and final
rules are considered by agencies during the rulemaking
process and that the agencies assess a full range of
alternatives that will limit adverse economic consequences,
enhance economic benefits, and fully address potential job
loss.

SEC. _03. INCLUDING INDIRECT ECONOMIC IMPACT IN SMALL ENTITY
ANALYSES.

Section 601 of title 5, United States Code, is amended by
adding at the end the following:
``(9) the term `economic impact' means, with respect to a
proposed or final rule--
``(A) the economic effects on small entities directly
regulated by the rule; and
``(B) the reasonably foreseeable economic effects of the
rule on small entities that--
``(i) purchase products or services from, sell products or
services to, or otherwise conduct business with entities
directly regulated by the rule;
``(ii) are directly regulated by other governmental
entities as a result of the rule; or
``(iii) are not directly regulated by the agency as a
result of the rule but are otherwise subject to other agency
regulations as a result of the rule.''.

SEC. _04. JUDICIAL REVIEW TO ALLOW SMALL ENTITIES TO
CHALLENGE PROPOSED REGULATIONS.

Section 611(a) of title 5, United States Code, is amended--
(1) in paragraph (1), by inserting ``603,'' after ``601,'';
(2) in paragraph (2), by inserting ``603,'' after ``601,'';
(3) by striking paragraph (3) and inserting the following:
``(3) A small entity may seek such review during the 1-year
period beginning on the date of final agency action, except
that--
``(A) if a provision of law requires that an action
challenging a final agency action be commenced before the
expiration of 1 year, the lesser period shall apply to an
action for judicial review under this section; and
``(B) in the case of noncompliance with section 603 or
605(b), a small entity may seek judicial review of agency
compliance with such section before the close of the public
comment period.''; and
(4) in paragraph (4)--
(A) in subparagraph (A), by striking ``, and'' and
inserting a semicolon;
(B) in subparagraph (B), by striking the period and
inserting ``; or''; and
(C) by adding at the end the following:
``(C) issuing an injunction prohibiting an agency from
taking any agency action with respect to a rulemaking until
that agency is in compliance with the requirements of section
603 or 605.''.

SEC. _05. PERIODIC REVIEW.

Section 610 of title 5, United States Code, is amended to
read as follows:

``Sec.  610. Periodic review of rules

``(a)(1) Not later than 180 days after the date of
enactment of the Freedom from Restrictive Excessive Executive
Demands and Onerous Mandates Act of 2012, each agency shall
establish a plan for the periodic review of--
``(A) each rule issued by the agency that the head of the
agency determines has a significant economic impact on a
substantial number of small entities, without regard to
whether the agency performed an analysis under section 604
with respect to the rule; and
``(B) any small entity compliance guide required to be
published by the agency under section 212 of the Small
Business Regulatory Enforcement Fairness Act of 1996 (5
U.S.C. 601 note).

[[Page S1802]]

``(2) In reviewing rules and small entity compliance guides
under paragraph (1), the agency shall determine whether the
rules and guides should--
``(A) be amended or rescinded, consistent with the stated
objectives of applicable statutes, to minimize any
significant adverse economic impacts on a substantial number
of small entities (including an estimate of any adverse
impacts on job creation and employment by small entities); or
``(B) continue in effect without change.
``(3) Each agency shall publish the plan established under
paragraph (1) in the Federal Register and on the Web site of
the agency.
``(4) An agency may amend the plan established under
paragraph (1) at any time by publishing the amendment in the
Federal Register and on the Web site of the agency.
``(b) Each plan established under subsection (a) shall
provide for--
``(1) the review of each rule and small entity compliance
guide described in subsection (a)(1) in effect on the date of
enactment of the Freedom from Restrictive Excessive Executive
Demands and Onerous Mandates Act of 2012--
``(A) not later than 9 years after the date of publication
of the plan in the Federal Register; and
``(B) every 9 years thereafter; and
``(2) the review of each rule adopted and small entity
compliance guide described in subsection (a)(1) that is
published after the date of enactment of the Freedom from
Restrictive Excessive Executive Demands and Onerous Mandates
Act of 2012--
``(A) not later than 9 years after the publication of the
final rule in the Federal Register; and
``(B) every 9 years thereafter.
``(c) In reviewing rules under the plan required under
subsection (a), the agency shall consider--
``(1) the continued need for the rule;
``(2) the nature of complaints received by the agency from
small entities concerning the rule;
``(3) comments by the Regulatory Enforcement Ombudsman and
the Chief Counsel for Advocacy of the Small Business
Administration;
``(4) the complexity of the rule;
``(5) the extent to which the rule overlaps, duplicates, or
conflicts with other Federal rules and, unless the head of
the agency determines it to be infeasible, State and local
rules;
``(6) the contribution of the rule to the cumulative
economic impact of all Federal rules on the class of small
entities affected by the rule, unless the head of the agency
determines that such a calculation cannot be made;
``(7) the length of time since the rule has been evaluated,
or the degree to which technology, economic conditions, or
other factors have changed in the area affected by the rule;
and
``(8) the economic impact of the rule, including--
``(A) the estimated number of small entities to which the
rule will apply;
``(B) the estimated number of small entity jobs that will
be lost or created due to the rule; and
``(C) the projected reporting, recordkeeping, and other
compliance requirements of the proposed rule, including--
``(i) an estimate of the classes of small entities that
will be subject to the requirement; and
``(ii) the type of professional skills necessary for
preparation of the report or record.
``(d)(1) Each agency shall submit an annual report
regarding the results of the review required under subsection
(a) to--
``(A) Congress; and
``(B) in the case of an agency that is not an independent
regulatory agency (as defined in section 3502(5) of title
44), the Administrator of the Office of Information and
Regulatory Affairs of the Office of Management and Budget.
``(2) Each report required under paragraph (1) shall
include a description of any rule or guide with respect to
which the agency made a determination of infeasibility under
paragraph (5) or (6) of subsection (c), together with a
detailed explanation of the reasons for the determination.
``(e) Each agency shall publish in the Federal Register and
on the Web site of the agency a list of the rules and small
entity compliance guides to be reviewed under the plan
required under subsection (a) that includes--
``(1) a brief description of each rule or guide;
``(2) for each rule, the reason why the head of the agency
determined that the rule has a significant economic impact on
a substantial number of small entities (without regard to
whether the agency had prepared a final regulatory
flexibility analysis for the rule); and
``(3) a request for comments from the public, the Chief
Counsel for Advocacy of the Small Business Administration,
and the Regulatory Enforcement Ombudsman concerning the
enforcement of the rules or publication of the guides.
``(f)(1) Not later than 6 months after each date described
in subsection (b)(1), the Inspector General for each agency
shall--
``(A) determine whether the agency has conducted the review
required under subsection (b) appropriately; and
``(B) notify the head of the agency of--
``(i) the results of the determination under subparagraph
(A); and
``(ii) any issues preventing the Inspector General from
determining that the agency has conducted the review under
subsection (b) appropriately.
``(2)(A) Not later than 6 months after the date on which
the head of an agency receives a notice under paragraph
(1)(B) that the agency has not conducted the review under
subsection (b) appropriately, the agency shall address the
issues identified in the notice.
``(B) Not later than 30 days after the last day of the 6-
month period described in subparagraph (A), the Inspector
General for an agency that receives a notice described in
subparagraph (A) shall--
``(i) determine whether the agency has addressed the issues
identified in the notice; and
``(ii) notify Congress if the Inspector General determines
that the agency has not addressed the issues identified in
the notice; and
``(C) Not later than 30 days after the date on which the
Inspector General for an agency transmits a notice under
subparagraph (B)(ii), an amount equal to 1 percent of the
amount appropriated for the fiscal year to the appropriations
account of the agency that is used to pay salaries shall be
rescinded.
``(D) Nothing in this paragraph may be construed to prevent
Congress from acting to prevent a rescission under
subparagraph (C).''.

SEC. _06. REQUIRING SMALL BUSINESS REVIEW PANELS FOR
ADDITIONAL AGENCIES.

(a) Agencies.--Section 609 of title 5, United States Code,
is amended--
(1) in subsection (b)--
(A) in the matter preceding paragraph (1), by striking ``a
covered agency'' and inserting ``an agency designated under
subsection (d)''; and
(B) by striking ``a covered agency'' each place it appears
and inserting ``the agency'';
(2) by striking subsection (d) and inserting the following:
``(d)(1) On and after the date of enactment of the Freedom
from Restrictive Excessive Executive Demands and Onerous
Mandates Act of 2012, the Environmental Protection Agency,
the Bureau of Consumer Financial Protection, and the
Occupational Safety and Health Administration of the
Department of Labor shall be--
``(A) agencies designated under this subsection; and
``(B) subject to the requirements of subsection (b).
``(2) The Chief Counsel for Advocacy shall designate as
agencies that shall be subject to the requirements of
subsection (b) on and after the date of the designation--
``(A) 3 agencies for the first year after the date of
enactment of the Freedom from Restrictive Excessive Executive
Demands and Onerous Mandates Act of 2012;
``(B) in addition to the agencies designated under
subparagraph (A), 3 agencies for the second year after the
date of enactment of the Freedom from Restrictive Excessive
Executive Demands and Onerous Mandates Act of 2012; and
``(C) in addition to the agencies designated under
subparagraphs (A) and (B), 3 agencies for the third year
after the date of enactment of the Freedom from Restrictive
Excessive Executive Demands and Onerous Mandates Act of 2012.
``(3) The Chief Counsel for Advocacy shall designate
agencies under paragraph (2) based on the economic impact of
the rules of the agency on small entities, beginning with
agencies with the largest economic impact on small
entities.''; and
(3) in subsection (e)(1), by striking ``the covered
agency'' and inserting ``the agency''.
(b) Technical and Conforming Amendments.--
(1) Section 603.--Section 603(d) of title 5, United States
Code, is amended--
(A) in paragraph (1), by striking ``a covered agency, as
defined in section 609(d)(2)'' and inserting ``the Bureau of
Consumer Financial Protection''; and
(B) in paragraph (2), by striking ``A covered agency, as
defined in section 609(d)(2),'' and inserting ``The Bureau of
Consumer Financial Protection''.
(2) Section 604.--Section 604(a) of title 5, United States
Code, is amended--
(A) by redesignating the second paragraph designated as
paragraph (6) (relating to covered agencies), as added by
section 1100G(c)(3) of Public Law 111 203 (124 Stat. 2113),
as paragraph (7); and
(B) in paragraph (7), as so redesignated--
(i) by striking ``a covered agency, as defined in section
609(d)(2)'' and inserting ``the Bureau of Consumer Financial
Protection''; and
(ii) by striking ``the agency'' and inserting ``the
Bureau''.

SEC. _07. EXPANDING THE REGULATORY FLEXIBILITY ACT TO AGENCY
GUIDANCE DOCUMENTS.

Section 601(2) of title 5, United States Code, is amended
by inserting after ``public comment'' the following: ``and
any significant guidance document, as defined in the Office
of Management and Budget Final Bulletin for Agency Good
Guidance Procedures (72 Fed. Reg. 3432; January 25, 2007)''.

SEC. _08. REQUIRING THE INTERNAL REVENUE SERVICE TO CONSIDER
SMALL ENTITY IMPACT.

(a) In General.--Section 603(a) of title 5, United States
Code, is amended, in the fifth sentence, by striking ``but
only'' and all that follows through the period at the end and
inserting ``but only to the extent that such interpretative
rules, or the statutes upon

[[Page S1803]]

which such rules are based, impose on small entities a
collection of information requirement or a recordkeeping
requirement.''.
(b) Definitions.--Section 601 of title 5, United States
Code, as amended by section _03 of this title, is amended--
(1) in paragraph (6), by striking ``and'' at the end; and
(2) by striking paragraphs (7) and (8) and inserting the
following:
``(7) the term `collection of information' has the meaning
given that term in section 3502(3) of title 44;
``(8) the term `recordkeeping requirement' has the meaning
given that term in section 3502(13) of title 44; and''.

SEC. _09. REPORTING ON ENFORCEMENT ACTIONS RELATING TO SMALL
ENTITIES.

Section 223 of the Small Business Regulatory Enforcement
Fairness Act of 1996 (5 U.S.C. 601 note) is amended--
(1) in subsection (a)--
(A) by striking ``Each agency'' and inserting the
following:
``(1) Establishment of policy or program.--Each agency'';
and
(B) by adding at the end the following:
``(2) Review of civil penalties.--Not later than 2 years
after the date of enactment of the Freedom from Restrictive
Excessive Executive Demands and Onerous Mandates Act of 2012,
and every 2 years thereafter, each agency regulating the
activities of small entities shall review the civil penalties
imposed by the agency for violations of a statutory or
regulatory requirement by a small entity to determine whether
a reduction or waiver of the civil penalties is
appropriate.''; and
(2) in subsection (c)--
(A) by striking ``Agencies shall report'' and all that
follows through ``the scope'' and inserting ``Not later than
2 years after the date of enactment of the Freedom from
Restrictive Excessive Executive Demands and Onerous Mandates
Act of 2012, and every 2 years thereafter, each agency shall
submit to the Committee on Small Business and
Entrepreneurship and the Committee on Homeland Security and
Governmental Affairs of the Senate and the Committee on Small
Business and the Committee on the Judiciary of the House of
Representatives a report discussing the scope''; and
(B) by striking ``and the total amount of penalty
reductions and waivers'' and inserting ``the total amount of
penalty reductions and waivers, and the results of the most
recent review under subsection (a)(2)''.

SEC. _10. REQUIRING MORE DETAILED SMALL ENTITY ANALYSES.

(a) Initial Regulatory Flexibility Analysis.--Section 603
of title 5, United States Code, is amended--
(1) by striking subsection (b) and inserting the following:
``(b) Each initial regulatory flexibility analysis required
under this section shall contain a detailed statement--
``(1) describing the reasons why action by the agency is
being considered;
``(2) describing the objectives of, and legal basis for,
the proposed rule;
``(3) estimating the number and type of small entities to
which the proposed rule will apply;
``(4) describing the projected reporting, recordkeeping,
and other compliance requirements of the proposed rule,
including an estimate of the classes of small entities which
will be subject to the requirement and the type of
professional skills necessary for preparation of the report
and record;
``(5) describing all relevant Federal rules which may
duplicate, overlap, or conflict with the proposed rule, or
the reasons why such a description could not be provided; and
``(6) estimating the additional cumulative economic impact
of the proposed rule on small entities, including job loss by
small entities, beyond that already imposed on the class of
small entities by the agency, or the reasons why such an
estimate is not available.''; and
(2) by adding at the end the following:
``(e) An agency shall notify the Chief Counsel for Advocacy
of the Small Business Administration of any draft rules that
may have a significant economic impact on a substantial
number of small entities--
``(1) when the agency submits a draft rule to the Office of
Information and Regulatory Affairs of the Office of
Management and Budget under Executive Order 12866, if that
order requires the submission; or
``(2) if no submission to the Office of Information and
Regulatory Affairs is required--
``(A) a reasonable period before publication of the rule by
the agency; and
``(B) in any event, not later than 3 months before the date
on which the agency publishes the rule.''.
(b) Final Regulatory Flexibility Analysis.--
(1) In general.--Section 604(a) of title 5, United States
Code, is amended--
(A) by inserting ``detailed'' before ``description'' each
place it appears;
(B) in paragraph (2)--
(i) by inserting ``detailed'' before ``statement'' each
place it appears; and
(ii) by inserting ``(or certification of the proposed rule
under section 605(b))'' after ``initial regulatory
flexibility analysis'';
(C) in paragraph (4), by striking ``an explanation'' and
inserting ``a detailed explanation''; and
(D) in paragraph (6) (relating to a description of steps
taken to minimize significant economic impact), as added by
section 1601 of the Small Business Jobs Act of 2010 (Public
Law 111 240; 124 Stat. 2251), by inserting ``detailed''
before ``statement''.
(2) Publication of analysis on web site, etc.--Section
604(b) of title 5, United States Code, is amended to read as
follows:
``(b) The agency shall--
``(1) make copies of the final regulatory flexibility
analysis available to the public, including by publishing the
entire final regulatory flexibility analysis on the Web site
of the agency; and
``(2) publish in the Federal Register the final regulatory
flexibility analysis, or a summary of the analysis that
includes the telephone number, mailing address, and address
of the Web site where the complete final regulatory
flexibility analysis may be obtained.''.
(c) Cross-References to Other Analyses.--Section 605(a) of
title 5, United States Code, is amended to read as follows:
``(a) A Federal agency shall be deemed to have satisfied a
requirement regarding the content of a regulatory flexibility
agenda or regulatory flexibility analysis under section 602,
603, or 604, if the Federal agency provides in the agenda or
regulatory flexibility analysis a cross-reference to the
specific portion of an agenda or analysis that is required by
another law and that satisfies the requirement under section
602, 603, or 604.''.
(d) Certifications.--Section 605(b) of title 5, United
States Code, is amended, in the second sentence, by striking
``statement providing the factual'' and inserting ``detailed
statement providing the factual and legal''.
(e) Quantification Requirements.--Section 607 of title 5,
United States Code, is amended to read as follows:

``Sec.  607. Quantification requirements

``In complying with sections 603 and 604, an agency shall
provide--
``(1) a quantifiable or numerical description of the
effects of the proposed or final rule, including an estimate
of the potential for job loss, and alternatives to the
proposed or final rule; or
``(2) a more general descriptive statement regarding the
potential for job loss and a detailed statement explaining
why quantification under paragraph (1) is not practicable or
reliable.''.

SEC. _11. ENSURING THAT AGENCIES CONSIDER SMALL ENTITY IMPACT
DURING THE RULEMAKING PROCESS.

Section 605(b) of title 5, United States Code, is amended--
(1) by inserting ``(1)'' after ``(b)''; and
(2) by adding at the end the following:
``(2) If, after publication of the certification required
under paragraph (1), the head of the agency determines that
there will be a significant economic impact on a substantial
number of small entities, the agency shall comply with the
requirements of section 603 before the publication of the
final rule, by--
``(A) publishing an initial regulatory flexibility analysis
for public comment; or
``(B) re-proposing the rule with an initial regulatory
flexibility analysis.
``(3) The head of an agency may not make a certification
relating to a rule under this subsection, unless the head of
the agency has determined--
``(A) the average cost of the rule for small entities
affected or reasonably presumed to be affected by the rule;
``(B) the number of small entities affected or reasonably
presumed to be affected by the rule; and
``(C) the number of affected small entities for which that
cost will be significant.
``(4) Before publishing a certification and a statement
providing the factual basis for the certification under
paragraph (1), the head of an agency shall--
``(A) transmit a copy of the certification and statement to
the Chief Counsel for Advocacy of the Small Business
Administration; and
``(B) consult with the Chief Counsel for Advocacy of the
Small Business Administration on the accuracy of the
certification and statement.''.

SEC. _12. ADDITIONAL POWERS OF THE OFFICE OF ADVOCACY.

Section 203 of Public Law 94 305 (15 U.S.C. 634c) is
amended--
(1) in paragraph (5), by striking ``and'' at the end;
(2) in paragraph (6), by striking the period at the end and
inserting ``; and''; and
(3) by inserting after paragraph (6) the following:
``(7) at the discretion of the Chief Counsel for Advocacy,
comment on regulatory action by an agency that affects small
businesses, without regard to whether the agency is required
to file a notice of proposed rulemaking under section 553 of
title 5, United States Code, with respect to the action.''.

SEC. _13. FUNDING AND OFFSET.

(a) Authorization.--There are authorized to be appropriated
to the Small Business Administration, for any costs of
carrying out this title and the amendments made by this title
(including the costs of hiring additional employees)--
(1) $1,000,000 for fiscal year 2013;
(2) $2,000,000 for fiscal year 2014; and
(3) $3,000,000 for fiscal year 2015.
(b) Offset.--The amount appropriated for the appropriations
account appropriated under the heading ``salaries and
expenses'' under the heading ``Small Business
Administration'' under the heading ``INDEPENDENT AGENCIES''--
(1) for fiscal year 2013 may not exceed the amount that is
$1,000,000 less than the amount so appropriated for fiscal
year 2012;

[[Page S1804]]

(2) for fiscal year 2014 may not exceed the amount that is
$2,000,000 less than the amount so appropriated for fiscal
year 2012; and
(3) for fiscal year 2015 may not exceed the amount that is
$3,000,000 less than the amount so appropriated for fiscal
year 2012.

SEC._14. TECHNICAL AND CONFORMING AMENDMENTS.

(a) Heading.--Section 605 of title 5, United States Code,
is amended, in the section heading, by striking ``Avoidance''
and all that follows and inserting the following:
``Incorporations by reference and certification.''.
(b) Table of Sections.--The table of sections for chapter 6
of title 5, United States Code, is amended--
(1) by striking the item relating to section 605 and
inserting the following:

``605. Incorporations by reference and certifications.'';

and
(2) by striking the item relating to section 607 inserting
the following:

``607. Quantification requirements.''.
______

SA 1876. Mrs. HAGAN (for herself and Mr. Casey) submitted an
amendment intended to be proposed by her to the bill H.R. 3606, to
increase American job creation and economic growth by improving access
to the public capital markets for emerging growth companies; which was
ordered to lie on the table; as follows:

On page 36, between lines 3 and 4, insert the following:

SEC. 304. RULE OF CONSTRUCTION.

Notwithstanding any other provision of this title, the
amendments made by this title shall not apply to a security
offered or sold in any State or territory of the United
States or the District of Columbia pursuant to an exemption
that is substantially equivalent to a model crowdfunding rule
adopted or amended, through the affirmative vote of a
majority of duly constituted representatives of State
governments, by an association composed of duly constituted
representatives of State governments whose primary assignment
is the regulation of the securities business within those
States.

SEC. 305. SEVERABILITY.

If any provision of this title, an amendment made by this
title, or the application of such provision or amendment to
any person or circumstance is held to be unconstitutional by
a court of competent jurisdiction, the remainder of this
title, the amendments made by this title, and the application
of the provisions of such to any person or circumstance shall
not be affected thereby.
______

SA 1877. Mrs. HAGAN (for herself and Mr. Casey) submitted an
amendment intended to be proposed to amendment SA 1833 proposed by Mr.
Reid (for Mr. Reed (for himself, Ms. Landrieu, Mr. Levin, Mr. Brown of
Ohio, Mr. Merkley, Mr. Akaka, Mr. Whitehouse, Mr. Franken, Mr. Harkin,
and Mr. Durbin)) to the bill H.R. 3606, to increase American job
creation and economic growth by improving access to the public capital
markets for emerging growth companies; which was ordered to lie on the
table; as follows:

On page 46, line 8, strike ``in which'' and all that
follows through line 22 and insert the following: ``in
which--
``(i) the principal place of business of a registered
funding portal is located, provided that such law, rule,
regulation, or administrative action is not in addition to or
different from the requirements for registered funding
portals established by the Commission; or
``(ii) the State has established a crowdfunding exemption
that is substantially equivalent to a model crowdfunding rule
adopted or amended, through the affirmative vote of a
majority of duly constituted representatives of State
governments, by an association composed of duly constituted
representatives of State governments whose primary assignment
is the regulation of the securities business within those
States.
``(C) Definition.--For purposes of this paragraph, the term
`State' includes the District of Columbia and the territories
of the United States.''.
(2) State fraud authority.--Section 18(c)(1) of the
Securities Act of 1933 (15 U.S.C. 77r(c)(1)) is amended by
striking ``or dealer'' and inserting ``, dealer, or funding
portal''.
(e) Rule of Construction.--The amendments made by
subsection (a) shall not apply to a security offered or sold
in any State or territory of the United States or the
District of Columbia pursuant to an exemption that is
substantially equivalent to a model crowdfunding rule adopted
or amended, through the affirmative vote of a majority of
duly constituted representatives of State governments, by an
association composed of duly constituted representatives of
State governments whose primary assignment is the regulation
of the securities business within those States.

SEC. 306. SEVERABILITY.

If any provision of this title, an amendment made by this
title, or the application of such provision or amendment to
any person or circumstance is held to be unconstitutional by
a court of competent jurisdiction, the remainder of this
title, the amendments made by this title, and the application
of the provisions of such to any person or circumstance shall
not be affected thereby.

SEC. 307. REPORTS TO CONGRESS.

______

SA 1878. Mr. PORTMAN (for himself and Ms. Collins) submitted an
amendment intended to be proposed to amendment SA 1833 proposed by Mr.
Reid (for Mr. Reed (for himself, Ms. Landrieu, Mr. Levin, Mr. Brown of
Ohio, Mr. Merkley, Mr. Akaka, Mr. Whitehouse, Mr. Franken, Mr. Harkin,
and Mr. Durbin)) to the bill H.R. 3606, to increase American job
creation and economic growth by improving access to the public capital
markets for emerging growth companies; which was ordered to lie on the
table; as follows:

At the appropriate place, insert the following:

TITLE __--INDEPENDENT AGENCY REGULATORY PLANNING AND ANALYSIS

SEC. __1. SHORT TITLE.

This title may be cited as the ``Independent Agency
Regulatory Planning and Analysis Act of 2012''.

SEC. __2. DEFINITIONS.

In this title--
(1) the term ``Administrator'' means the Administrator of
the Office of Information and Regulatory Affairs;
(2) the term ``agency'' has the same meaning as in section
3502(1) of title 44, United States Code;
(3) the term ``independent regulatory agency'' has the same
meaning as in section 3502(5) of title 44, United States
Code;
(4) the term ``rule''--
(A) means a rule, as that term is defined in section 551 of
title 5, United States Code; and
(B) does not include a rule of the Board of Governors of
the Federal Reserve System or the Federal Open Market
Committee relating to monetary policy; and
(5) the term ``significant rule'' means any rule that the
Administrator determines is likely to--
(A) have an annual effect on the economy of $100,000,000 or
more;
(B) adversely affect in a material way the economy, a
sector of the economy, productivity, competition, jobs, the
environment, public health or safety, or State, local, or
tribal governments or communities;
(C) materially alter the budgetary impact of entitlements,
grants, user fees, or loan programs or the rights and
obligations of recipients thereof; or
(D) create a serious inconsistency or otherwise interfere
with an action taken or planned by another agency.

SEC. __3. REGULATORY ANALYSIS BY INDEPENDENT AGENCIES.

(a) In General.--The President may, by executive order,
require an independent regulatory agency to comply with
regulatory planning and analysis requirements applicable to
other agencies, including the requirements to--
(1) assess the costs and the benefits of a rule;
(2) adopt a rule only upon a reasoned determination that
the benefits of the rule justify the costs of the rule;
(3) use the best reasonably obtainable scientific,
technical, economic, and other information concerning the
need for, and consequences of, a rule;
(4) identify and assess alternative forms of regulation
and, to the extent feasible, specific performance objectives,
rather than specifying the behavior or manner of compliance
that regulated entities are required adopt;
(5) seek the views, whenever feasible, of appropriate
State, local, and tribal officials before imposing regulatory
requirements that might significantly or uniquely affect
State, local, or tribal governmental entities;
(6) avoid rules that are inconsistent or incompatible with,
or duplicative of, other rules of the independent regulatory
agency or other agencies;
(7) examine whether an existing rule (or other law) has
created, or contributed to, the problem that a new rule is
intended to correct and whether the rule (or other law)
should be modified to achieve the intended goal of the rule
more effectively;
(8) tailor the rules of the independent regulatory agency
to impose the least burden on society, consistent with
achieving the regulatory objectives, and taking into account,
among other factors, and to the extent practicable, the
cumulative cost of rules; and
(9) draft each rule to be simple and easy to understand,
with the goal of minimizing the potential for uncertainty and
litigation arising from uncertainty.
(b) Review by Office of Information and Regulatory
Affairs.--
(1) Requirement to seek review.--The President may, by
executive order, require an independent regulatory agency to
submit any proposed or final significant rule to the
Administrator for review.
(2) Nonbinding determination.--An executive order issued
under paragraph (1) may require that the Administrator place
in the rulemaking record of a significant rule the
Administrator's determination whether the rule complies with
any regulatory planning and analysis requirement made
applicable to the independent regulatory agency by executive
order.
(3) Reasoned explanation by independent agency.--An
executive order issued under

[[Page S1805]]

paragraph (1) may require that, if the Administrator makes a
determination under paragraph (2) that a proposed or final
significant rule does not comply with the requirements
described in paragraph (2), the head of the independent
regulatory agency that issued the rule shall include in the
record of the rulemaking--
(A) a reasoned determination that the rule complies with
the requirements, notwithstanding the determination of the
Administrator; or
(B) a reasoned determination, based on the statute
authorizing the rule, why the independent regulatory agency
chose not to comply with the requirements.

SEC. __4. LIMITED JUDICIAL REVIEW.

(a) In General.--Except as provided in subsection (b),
nothing in this title shall be construed to create any right
or benefit, substantive or procedural, enforceable by any
person in any administrative or judicial action.
(b) Review.--
(1) Jurisdiction.--Except as provided in paragraph (2), any
person that is adversely affected or aggrieved by a
determination by the head of an independent regulatory agency
under section __3(b)(3) is entitled to judicial review in
accordance with chapter 7 of title 5, United States Code.
(2) Standard of review.--A court reviewing a determination
by the head of an independent regulatory agency under section
__3(b)(3) shall hold unlawful and set aside the determination
if the determination is arbitrary, capricious, an abuse of
discretion, or otherwise not in accordance with law.

SEC. __5. RULE OF CONSTRUCTION.

Nothing in this title shall be construed to limit the
authority of the President with respect to independent
regulatory agencies under any other applicable law.
______

SA 1879. Mr. PORTMAN submitted an amendment intended to be proposed
by him to the bill H.R. 3606, to increase American job creation and
economic growth by improving access to the public capital markets for
emerging growth companies; which was ordered to lie on the table; as
follows:

At the appropriate place, insert the following:

TITLE __--INDEPENDENT AGENCY REGULATORY PLANNING AND ANALYSIS

SEC. __1. SHORT TITLE.

This title may be cited as the ``Independent Agency
Regulatory Planning and Analysis Act of 2012''.

SEC. __2. DEFINITIONS.

In this title--
(1) the term ``Administrator'' means the Administrator of
the Office of Information and Regulatory Affairs;
(2) the term ``agency'' has the same meaning as in section
3502(1) of title 44, United States Code;
(3) the term ``independent regulatory agency'' has the same
meaning as in section 3502(5) of title 44, United States
Code;
(4) the term ``rule''--
(A) means a rule, as that term is defined in section 551 of
title 5, United States Code; and
(B) does not include a rule of the Board of Governors of
the Federal Reserve System or the Federal Open Market
Committee relating to monetary policy; and
(5) the term ``significant rule'' means any rule that the
Administrator determines is likely to--
(A) have an annual effect on the economy of $100,000,000 or
more;
(B) adversely affect in a material way the economy, a
sector of the economy, productivity, competition, jobs, the
environment, public health or safety, or State, local, or
tribal governments or communities;
(C) materially alter the budgetary impact of entitlements,
grants, user fees, or loan programs or the rights and
obligations of recipients thereof; or
(D) create a serious inconsistency or otherwise interfere
with an action taken or planned by another agency.

SEC. __3. REGULATORY ANALYSIS BY INDEPENDENT AGENCIES.

(a) In General.--The President may, by executive order,
require an independent regulatory agency to comply with
regulatory planning and analysis requirements applicable to
other agencies, including the requirements to--
(1) assess the costs and the benefits of a rule;
(2) adopt a rule only upon a reasoned determination that
the benefits of the rule justify the costs of the rule;
(3) use the best reasonably obtainable scientific,
technical, economic, and other information concerning the
need for, and consequences of, a rule;
(4) identify and assess alternative forms of regulation
and, to the extent feasible, specific performance objectives,
rather than specifying the behavior or manner of compliance
that regulated entities are required adopt;
(5) seek the views, whenever feasible, of appropriate
State, local, and tribal officials before imposing regulatory
requirements that might significantly or uniquely affect
State, local, or tribal governmental entities;
(6) avoid rules that are inconsistent or incompatible with,
or duplicative of, other rules of the independent regulatory
agency or other agencies;
(7) examine whether an existing rule (or other law) has
created, or contributed to, the problem that a new rule is
intended to correct and whether the rule (or other law)
should be modified to achieve the intended goal of the rule
more effectively;
(8) tailor the rules of the independent regulatory agency
to impose the least burden on society, consistent with
achieving the regulatory objectives, and taking into account,
among other factors, and to the extent practicable, the
cumulative cost of rules; and
(9) draft each rule to be simple and easy to understand,
with the goal of minimizing the potential for uncertainty and
litigation arising from uncertainty.
(b) Review by Office of Information and Regulatory
Affairs.--
(1) Requirement to seek review.--The President may, by
executive order, require an independent regulatory agency to
submit any proposed or final significant rule to the
Administrator for review.
(2) Nonbinding determination.--An executive order issued
under paragraph (1) may require that the Administrator place
in the rulemaking record of a significant rule the
Administrator's determination whether the rule complies with
any regulatory planning and analysis requirement made
applicable to the independent regulatory agency by executive
order.
(3) Reasoned explanation by independent agency.--An
executive order issued under paragraph (1) may require that,
if the Administrator makes a determination under paragraph
(2) that a proposed or final significant rule does not comply
with the requirements described in paragraph (2), the head of
the independent regulatory agency that issued the rule shall
include in the record of the rulemaking--
(A) a reasoned determination that the rule complies with
the requirements, notwithstanding the determination of the
Administrator; or
(B) a reasoned determination, based on the statute
authorizing the rule, why the independent regulatory agency
chose not to comply with the requirements.

SEC. __4. LIMITED JUDICIAL REVIEW.

(a) In General.--Except as provided in subsection (b),
nothing in this title shall be construed to create any right
or benefit, substantive or procedural, enforceable by any
person in any administrative or judicial action.
(b) Review.--
(1) Jurisdiction.--Except as provided in paragraph (2), any
person that is adversely affected or aggrieved by a
determination by the head of an independent regulatory agency
under section __3(b)(3) is entitled to judicial review in
accordance with chapter 7 of title 5, United States Code.
(2) Standard of review.--A court reviewing a determination
by the head of an independent regulatory agency under section
__3(b)(3) shall hold unlawful and set aside the determination
if the determination is arbitrary, capricious, an abuse of
discretion, or otherwise not in accordance with law.

SEC. __5. RULE OF CONSTRUCTION.

Nothing in this title shall be construed to limit the
authority of the President with respect to independent
regulatory agencies under any other applicable law.
______

SA 1880. Mr. PORTMAN (for himself and Mr. Coburn) submitted an
amendment intended to be proposed to amendment SA 1836 proposed by Mr.
Reid (for Ms. Cantwell (for herself, Mr. Johnson of South Dakota, Mr.
Graham, Mr. Shelby, Mr. Warner, Mr. Schumer, Mr. Brown of Ohio, Mrs.
Hagan, Mr. Coons, Mr. Akaka, Mrs. Murray, Ms. Landrieu, Mr. Kerry, and
Mr. Kirk)) to the bill H.R. 3606, to increase American job creation and
economic growth by improving access to the public capital markets for
emerging growth companies; which was ordered to lie on the table; as
follows:

At the end of title IV of the amendment, add the following:

SEC. 817. REPORT BY THE EXPORT-IMPORT BANK OF THE UNITED
STATES ON IMPLEMENTATION OF RECOMMENDATIONS OF
THE GOVERNMENT ACCOUNTABILITY OFFICE.

Not later than 90 days after the date of the enactment of
this Act, the Export-Import Bank of the United States shall
submit to the Committee on Banking, Housing, and Urban
Affairs of the Senate and the Committee on Financial Services
of the House of Representatives a report on the progress of
the Bank in implementing the recommendations contained in the
report of the Government Accountability Office entitled
``Export-Import Bank: Improvements Needed in Assessment of
Economic Impact'', dated September 12, 2007 (GAO 07 1071),
that includes--
(1) a detailed description of the progress made in
implementing each such recommendation; and
(2) for any such recommendation that has not yet been
implemented, an explanation of the reasons the recommendation
has not been implemented.
______

SA 1881. Mr. PORTMAN (for himself and Mr. Coburn) submitted an
amendment intended to be proposed to amendment SA 1833 proposed by Mr.
Reid (for Mr. Reed (for himself, Ms. Landrieu, Mr. Levin, Mr. Brown of
Ohio, Mr. Merkley, Mr. Akaka, Mr. Whitehouse, Mr. Franken, Mr. Harkin,
and Mr. Durbin)) to the bill H.R.

[[Page S1806]]

3606, to increase American job creation and economic growth by
improving access to the public capital markets for emerging growth
companies; which was ordered to lie on the table; as follows:

At the end of title IV of the amendment, add the following:

SEC. 417. REPORT BY THE EXPORT-IMPORT BANK OF THE UNITED
STATES ON IMPLEMENTATION OF RECOMMENDATIONS OF
THE GOVERNMENT ACCOUNTABILITY OFFICE.

Not later than 90 days after the date of the enactment of
this Act, the Export-Import Bank of the United States shall
submit to the Committee on Banking, Housing, and Urban
Affairs of the Senate and the Committee on Financial Services
of the House of Representatives a report on the progress of
the Bank in implementing the recommendations contained in the
report of the Government Accountability Office entitled
``Export-Import Bank: Improvements Needed in Assessment of
Economic Impact'', dated September 12, 2007 (GAO 07 1071),
that includes--
(1) a detailed description of the progress made in
implementing each such recommendation; and
(2) for any such recommendation that has not yet been
implemented, an explanation of the reasons the recommendation
has not been implemented.
______

SA 1882. Mr. CASEY submitted an amendment intended to be proposed by
him to the bill H.R. 3606, to increase American job creation and
economic growth by improving access to the public capital markets for
emerging growth companies; which was ordered to lie on the table; as
follows:

At the appropriate place, insert the following:

SEC. __. SUBCONTRACTOR NOTIFICATIONS.

Section 8(d) of the Small Business Act (15 U.S.C. 637(d))
is amended by adding at the end the following:
``(13) Notification Requirement.--An offeror with respect
to a contract let by a Federal agency that is to be awarded
pursuant to the negotiated method of procurement that intends
to identify a small business concern as a potential
subcontractor in the offer relating to the contract shall
notify the small business concern that the offeror intends to
identify the small business concern as a potential
subcontractor in the offer.
``(14) Reporting by Subcontractors.--The Administrator
shall establish a reporting mechanism that allows a
subcontractor to report fraudulent activity by a contractor
with respect to a subcontracting plan submitted to a
procurement authority under paragraph (4)(B).''.
______

SA 1883. Mr. AKAKA submitted an amendment intended to be proposed to
amendment SA 1833 proposed by Mr. Reid (for Mr. Reed (for himself, Ms.
Landrieu, Mr. Levin, Mr. Brown of Ohio, Mr. Merkley, Mr. Akaka, Mr.
Whitehouse, Mr. Franken, Mr. Harkin, and Mr. Durbin)) to the bill H.R.
3606, to increase American job creation and economic growth by
improving access to the public capital markets for emerging growth
companies; which was ordered to lie on the table; as follows:

On page 72, after line 25, add the following:
(d) Definition of Accredited Investor Rules.--Not later
than the date on which the Commission revises its rules
pursuant to subsection (a), the Commission shall, by rule or
regulation, revise its rules to modify the definition of the
term ``accredited investor'' in section 230.501 of title 17,
Code of Federal Regulations--
(1) to include a natural person under section 230.501(a)(5)
of title 17, Code of Federal Regulations, only if the person
has an individual net worth, or joint net worth with the
spouse of that person, at the time of the purchase that
exceeds $3,000,000, or such higher amount as the Commission
may determine better serves the public interest;
(2) to include a natural person under section 230.501(a)(6)
of title 17, Code of Federal Regulations, only if the
person--
(A) had an individual income in excess of $600,000 in each
of the 2 most recently completed calendar years, or joint
income with the spouse of that person in excess of $900,000
in each of those years; and
(B) has a reasonable expectation of reaching the same
income level in the current year, or such higher amounts as
the Commission may determine better serve the public
interest; and
(3) to increase the amounts specified in paragraphs (1) and
(2) (or such higher amounts as the Commission may determine
better serve the public interest) not less than frequently
than annually, at a rate at least equal to the rate of any
growth in the gross national product for the preceding year.
______

SA 1884. Mr. MERKLEY (for himself, Mr. Bennet, and Mr. Brown of
Massachusetts) submitted an amendment intended to be proposed by him to
the bill H.R. 3606, to increase American job creation and economic
growth by improving access to the public capital markets for emerging
growth companies; which was ordered to lie on the table; as follows:

Strike title III and insert the following:

TITLE III--CROWDFUNDING

SEC. 301. SHORT TITLE.

This title may be cited as the ``Capital Raising Online
While Deterring Fraud and Unethical Non-Disclosure Act of
2012'' or the ``CROWDFUND Act''.

SEC. 302. CROWDFUNDING EXEMPTION.

(a) Securities Act of 1933.--Section 4 of the Securities
Act of 1933 (15 U.S.C. 77d) is amended by adding at the end
the following:
``(6) transactions involving the offer or sale of
securities by an issuer (including all entities controlled by
or under common control with the issuer), provided that--
``(A) the aggregate amount sold to all investors by the
issuer, including any amount sold in reliance on the
exemption provided under this paragraph during the 12-month
period preceding the date of such transaction, is not more
than $1,000,000;
``(B) the aggregate amount sold to any investor by an
issuer, including any amount sold in reliance on the
exemption provided under this paragraph during the 12-month
period preceding the date of such transaction, does not
exceed--
``(i) the greater of $2,000 or 5 percent of the annual
income or net worth of such investor, as applicable, if
either the annual income or the net worth of the investor is
less than $100,000; and
``(ii) 10 percent of the annual income or net worth of such
investor, as applicable, not to exceed a maximum aggregate
amount sold of $100,000, if either the annual income or net
worth of the investor is equal to or more than $100,000;
``(C) the transaction is conducted through a broker or
funding portal that complies with the requirements of section
4A(a); and
``(D) the issuer complies with the requirements of section
4A(b).''.
(b) Requirements To Qualify for Crowdfunding Exemption.--
The Securities Act of 1933 (15 U.S.C. 77a et seq.) is amended
by inserting after section 4 the following:

``SEC. 4A. REQUIREMENTS WITH RESPECT TO CERTAIN SMALL
TRANSACTIONS.

``(a) Requirements on Intermediaries.--A person acting as
an intermediary in a transaction involving the offer or sale
of securities for the account of others pursuant to section
4(6) shall--
``(1) register with the Commission as--
``(A) a broker; or
``(B) a funding portal (as defined in section 3(a)(80) of
the Securities Exchange Act of 1934);
``(2) register with any applicable self-regulatory
organization (as defined in section 3(a)(26) of the
Securities Exchange Act of 1934);
``(3) provide such disclosures, including disclosures
related to risks and other investor education materials, as
the Commission shall, by rule, determine appropriate;
``(4) ensure that each investor--
``(A) reviews investor-education information, in accordance
with standards established by the Commission, by rule;
``(B) positively affirms that the investor understands that
the investor is risking the loss of the entire investment,
and that the investor could bear such a loss; and
``(C) answers questions demonstrating--
``(i) an understanding of the level of risk generally
applicable to investments in startups, emerging businesses,
and small issuers;
``(ii) an understanding of the risk of illiquidity; and
``(iii) an understanding of such other matters as the
Commission determines appropriate, by rule;
``(5) take such measures to reduce the risk of fraud with
respect to such transactions, as established by the
Commission, by rule, including obtaining a background and
securities enforcement regulatory history check on each
officer, director, and person holding more than 20 percent of
the outstanding equity of every issuer whose securities are
offered by such person;
``(6) not later than 21 days prior to the first day on
which securities are sold to any investor (or such other
period as the Commission may establish), make available to
the Commission and to potential investors any information
provided by the issuer pursuant to subsection (b);
``(7) ensure that all offering proceeds are only provided
to the issuer when the aggregate capital raised from all
investors is equal to or greater than a target offering
amount, and allow all investors to cancel their commitments
to invest, as the Commission shall, by rule, determine
appropriate;
``(8) make such efforts as the Commission determines
appropriate, by rule, to ensure that no investor in a 12-
month period has purchased securities offered pursuant to
section 4(6) that, in the aggregate, from all issuers, exceed
the investment limits set forth in section 4(6)(B);
``(9) take such steps to protect the privacy of information
collected from investors as the Commission shall, by rule,
determine appropriate;
``(10) not compensate promoters, finders, or lead
generators for providing the broker or funding portal with
the personal identifying information of any potential
investor;
``(11) prohibit its directors, officers, or partners (or
any person occupying a similar status or performing a similar
function) from having any financial interest in an issuer
using its services; and
``(12) meet such other requirements as the Commission may,
by rule, prescribe, for the

[[Page S1807]]

protection of investors and in the public interest.
``(b) Requirements for Issuers.--For purposes of section
4(6), an issuer who offers or sells securities shall--
``(1) file with the Commission and provide to investors and
the relevant broker or funding portal, and make available to
potential investors--
``(A) the name, legal status, physical address, and website
address of the issuer;
``(B) the names of the directors and officers (and any
persons occupying a similar status or performing a similar
function), and each person holding more than 20 percent of
the shares of the issuer;
``(C) a description of the business of the issuer and the
anticipated business plan of the issuer;
``(D) a description of the financial condition of the
issuer, including, for offerings that, together with all
other offerings of the issuer under section 4(6) within the
preceding 12-month period, have, in the aggregate, target
offering amounts of--
``(i) $100,000 or less--

``(I) the income tax returns filed by the issuer for the
most recently completed year (if any); and
``(II) financial statements of the issuer, which shall be
certified by the principal executive officer of the issuer to
be true and complete in all material respects;

``(ii) more than $100,000, but not more than $500,000,
financial statements reviewed by a public accountant who is
independent of the issuer, using professional standards and
procedures for such review or standards and procedures
established by the Commission, by rule, for such purpose; and
``(iii) more than $500,000 (or such other amount as the
Commission may establish, by rule), audited financial
statements;
``(E) a description of the stated purpose and intended use
of the proceeds of the offering sought by the issuer with
respect to the target offering amount;
``(F) the target offering amount, the deadline to reach the
target offering amount, and regular updates regarding the
progress of the issuer in meeting the target offering amount;
``(G) the price to the public of the securities or the
method for determining the price, provided that, prior to
sale, each investor shall be provided in writing the final
price and all required disclosures, with a reasonable
opportunity to rescind the commitment to purchase the
securities;
``(H) a description of the ownership and capital structure
of the issuer, including--
``(i) terms of the securities of the issuer being offered
and each other class of security of the issuer, including how
such terms may be modified, and a summary of the differences
between such securities, including how the rights of the
securities being offered may be materially limited, diluted,
or qualified by the rights of any other class of security of
the issuer;
``(ii) a description of how the exercise of the rights held
by the principal shareholders of the issuer could negatively
impact the purchasers of the securities being offered;
``(iii) the name and ownership level of each existing
shareholder who owns more than 20 percent of any class of the
securities of the issuer;
``(iv) how the securities being offered are being valued,
and examples of methods for how such securities may be valued
by the issuer in the future, including during subsequent
corporate actions; and
``(v) the risks to purchasers of the securities relating to
minority ownership in the issuer, the risks associated with
corporate actions, including additional issuances of shares,
a sale of the issuer or of assets of the issuer, or
transactions with related parties; and
``(I) such other information as the Commission may, by
rule, prescribe, for the protection of investors and in the
public interest;
``(2) not advertise the terms of the offering, except for
notices which direct investors to the funding portal or
broker;
``(3) not compensate or commit to compensate, directly or
indirectly, any person to promote its offerings through
communication channels provided by a broker or funding
portal, without taking such steps as the Commission shall, by
rule, require to ensure that such person clearly discloses
the receipt, past or prospective, of such compensation, upon
each instance of such promotional communication;
``(4) not less than annually, file with the Commission and
provide to investors reports of the results of operations and
financial statements of the issuer, as the Commission shall,
by rule, determine appropriate, subject to such exceptions
and termination dates as the Commission may establish, by
rule; and
``(5) comply with such other requirements as the Commission
may, by rule, prescribe, for the protection of investors and
in the public interest.
``(c) Liability for Material Misstatements and Omissions.--
``(1) Actions authorized.--
``(A) In general.--Subject to paragraph (2), a person who
purchases a security in a transaction exempted by the
provisions of section 4(6) may bring an action against an
issuer described in paragraph (2), either at law or in equity
in any court of competent jurisdiction, to recover the
consideration paid for such security with interest thereon,
less the amount of any income received thereon, upon the
tender of such security, or for damages if such person no
longer owns the security.
``(B) Liability.--An action brought under this paragraph
shall be subject to the provisions of section 12(b) and
section 13, as if the liability were created under section
12(a)(2).
``(2) Applicability.--An issuer shall be liable in an
action under paragraph (1), if the issuer--
``(A) by the use of any means or instruments of
transportation or communication in interstate commerce or of
the mails, by any means of any written or oral communication,
in the offering or sale of a security in a transaction
exempted by the provisions of section 4(6), makes an untrue
statement of a material fact or omits to state a material
fact required to be stated or necessary in order to make the
statements, in the light of the circumstances under which
they were made, not misleading, provided that the purchaser
did not know of such untruth or omission; and
``(B) does not sustain the burden of proof that such issuer
did not know, and in the exercise of reasonable care could
not have known, of such untruth or omission.
``(3) Definition.--As used in this subsection, the term
`issuer' includes any person who is a director or partner of
the issuer, and the principal executive officer or officers,
principal financial officer, and controller or principal
accounting officer of the issuer (and any person occupying a
similar status or performing a similar function) that offers
or sells a security in a transaction exempted by the
provisions of section 4(6), and any person who offers or
sells the security in such offering.
``(d) Information Available to States.--The Commission
shall make, or shall cause to be made by the relevant broker
or funding portal, the information described in subsection
(b) and such other information as the Commission, by rule,
determines appropriate, available to the securities
commission (or any agency or office performing like
functions) of each State and territory of the United States
and the District of Columbia.
``(e) Restrictions on Sales.--Securities issued pursuant to
a transaction described in section 4(6)--
``(1) may not be transferred by the purchaser of such
securities during the 1-year period beginning on the date of
purchase, unless such securities are transferred--
``(A) to the issuer of the securities;
``(B) to an accredited investor;
``(C) as part of an offering registered with the
Commission; or
``(D) to a member of the family of the purchaser or the
equivalent, or in connection with the death or divorce of the
purchaser or other similar circumstance, in the discretion of
the Commission; and
``(2) shall be subject to such other limitations as the
Commission shall, by rule, establish.
``(f) Applicability.--Section 4(6) shall not apply to
transactions involving the offer or sale of securities by any
issuer that--
``(1) is not organized under and subject to the laws of a
State or territory of the United States or the District of
Columbia;
``(2) is subject to the requirement to file reports
pursuant to section 13 or section 15(d) of the Securities
Exchange Act of 1934;
``(3) is an investment company, as defined in section 3 of
the Investment Company Act of 1940, or is excluded from the
definition of investment company by section 3(b) or section
3(c) of that Act; or
``(4) the Commission, by rule or regulation, determines
appropriate.
``(g) Rule of Construction.--Nothing in this section or
section 4(6) shall be construed as preventing an issuer from
raising capital through methods not described under section
4(6).
``(h) Certain Calculations.--
``(1) Dollar amounts.--Dollar amounts in section 4(6) and
subsection (b) of this section shall be adjusted by the
Commission not less frequently than once every 5 years, by
notice published in the Federal Register to reflect any
change in the Consumer Price Index for All Urban Consumers
published by the Bureau of Labor Statistics.
``(2) Income and net worth.--The income and net worth of a
natural person under section 4(6)(B) shall be calculated in
accordance with any rules of the Commission under this title
regarding the calculation of the income and net worth,
respectively, of an accredited investor.''.
(c) Rulemaking.--Not later than 270 days after the date of
enactment of this Act, the Securities and Exchange Commission
(in this title referred to as the ``Commission'') shall issue
such rules as the Commission determines may be necessary or
appropriate for the protection of investors to carry out
sections 4(6) and section 4A of the Securities Act of 1933,
as added by this title. In carrying out this section, the
Commission shall consult with any securities commission (or
any agency or office performing like functions) of the
States, any territory of the United States, and the District
of Columbia, which seeks to consult with the Commission, and
with any applicable national securities association.
(d) Disqualification.--
(1) In general.--Not later than 270 days after the date of
enactment of this Act, the Commission shall, by rule,
establish disqualification provisions under which--
(A) an issuer shall not be eligible to offer securities
pursuant to section 4(6) of the Securities Act of 1933, as
added by this title; and
(B) a broker or funding portal shall not be eligible to
effect or participate in transactions pursuant to that
section 4(6).

[[Page S1808]]

(2) Inclusions.--Disqualification provisions required by
this subsection shall--
(A) be substantially similar to the provisions of section
230.262 of title 17, Code of Federal Regulations (or any
successor thereto); and
(B) disqualify any offering or sale of securities by a
person that--
(i) is subject to a final order of a State securities
commission (or an agency or officer of a State performing
like functions), a State authority that supervises or
examines banks, savings associations, or credit unions, a
State insurance commission (or an agency or officer of a
State performing like functions), an appropriate Federal
banking agency, or the National Credit Union Administration,
that--

(I) bars the person from--

(aa) association with an entity regulated by such
commission, authority, agency, or officer;
(bb) engaging in the business of securities, insurance, or
banking; or
(cc) engaging in savings association or credit union
activities; or

(II) constitutes a final order based on a violation of any
law or regulation that prohibits fraudulent, manipulative, or
deceptive conduct within the 10-year period ending on the
date of the filing of the offer or sale; or

(ii) has been convicted of any felony or misdemeanor in
connection with the purchase or sale of any security or
involving the making of any false filing with the Commission.

SEC. 303. EXCLUSION OF CROWDFUNDING INVESTORS FROM
SHAREHOLDER CAP.

(a) Exemption.--Section 12(g) of the Securities Exchange
Act of 1934 (15 U.S.C. 78l(g)) is amended by adding at the
end the following:
``(6) Exclusion for persons holding certain securities.--
The Commission shall, by rule, exempt, conditionally or
unconditionally, securities acquired pursuant to an offering
made under section 4(6) of the Securities Act of 1933 from
the provisions of this subsection.''.
(b) Rulemaking.--The Commission shall issue a rule to carry
out section 12(g)(6) of the Securities Exchange Act of 1934
(15 U.S.C. 78c), as added by this section, not later than 270
days after the date of enactment of this Act.

SEC. 304. FUNDING PORTAL REGULATION.

(a) Exemption.--
(1) In general.--Section 3 of the Securities Exchange Act
of 1934 (15 U.S.C. 78c) is amended by adding at the end the
following:
``(h) Limited Exemption for Funding Portals.--
``(1) In general.--The Commission shall, by rule, exempt,
conditionally or unconditionally, a registered funding portal
from the requirement to register as a broker or dealer under
section 15(a)(1), provided that such funding portal--
``(A) remains subject to the examination, enforcement, and
other rulemaking authority of the Commission;
``(B) is a member of a national securities association
registered under section 15A; and
``(C) is subject to such other requirements under this
title as the Commission determines appropriate under such
rule.
``(2) National securities association membership.--For
purposes of sections 15(b)(8) and 15A, the term `broker or
dealer' includes a funding portal and the term `registered
broker or dealer' includes a registered funding portal,
except to the extent that the Commission, by rule, determines
otherwise, provided that a national securities association
shall only examine for and enforce against a registered
funding portal rules of such national securities association
written specifically for registered funding portals.''.
(2) Rulemaking.--The Commission shall issue a rule to carry
out section 3(h) of the Securities Exchange Act of 1934 (15
U.S.C. 78c), as added by this subsection, not later than 270
days after the date of enactment of this Act.
(b) Definition.--Section 3(a) of the Securities Exchange
Act of 1934 (15 U.S.C. 78c(a)) is amended by adding at the
end the following:
``(80) Funding portal.--The term `funding portal' means any
person acting as an intermediary in a transaction involving
the offer or sale of securities for the account of others,
solely pursuant to section 4(6) of the Securities Act of 1933
(15 U.S.C. 77d(6)), that does not--
``(A) offer investment advice or recommendations;
``(B) solicit purchases, sales, or offers to buy the
securities offered or displayed on its website or portal;
``(C) compensate employees, agents, or other persons for
such solicitation or based on the sale of securities
displayed or referenced on its website or portal;
``(D) hold, manage, possess, or otherwise handle investor
funds or securities; or
``(E) engage in such other activities as the Commission, by
rule, determines appropriate.''.

SEC. 305. RELATIONSHIP WITH STATE LAW.

(a) In General.--Section 18(b)(4) of the Securities Act of
1933 (15 U.S.C. 77r(b)(4)) is amended--
(1) by redesignating subparagraphs (C) and (D) as
subparagraphs (D) and (E), respectively; and
(2) by inserting after subparagraph (B) the following:
``(C) section 4(6);''.
(b) Clarification of the Preservation of State Enforcement
Authority.--
(1) In general.--The amendments made by subsection (a)
relate solely to State registration, documentation, and
offering requirements, as described under section 18(a) of
Securities Act of 1933 (15 U.S.C. 77r(a)), and shall have no
impact or limitation on other State authority to take
enforcement action with regard to an issuer, funding portal,
or any other person or entity using the exemption from
registration provided by section 4(6) of that Act.
(2) Clarification of state jurisdiction over unlawful
conduct of funding portals and issuers.--Section 18(c)(1) of
the Securities Act of 1933 (15 U.S.C. 77r(c)(1)) is amended
by striking ``with respect to fraud or deceit, or unlawful
conduct by a broker or dealer, in connection with securities
or securities transactions.'' and inserting the following:
``, in connection with securities or securities transactions
``(A) with respect to--
``(i) fraud or deceit; or
``(ii) unlawful conduct by a broker or dealer; and
``(B) in connection to a transaction described under
section 4(6), with respect to--
``(i) fraud or deceit; or
``(ii) unlawful conduct by a broker, dealer, funding
portal, or issuer.''.
(c) Notice Filings Permitted.--Section 18(c)(2) of the
Securities Act of 1933 (15 U.S.C. 77r(c)(2)) is amended by
adding at the end the following:
``(F) Fees not permitted on crowdfunded securities.--
Notwithstanding subparagraphs (A), (B), and (C), no filing or
fee may be required with respect to any security that is a
covered security pursuant to subsection (b)(4)(B), or will be
such a covered security upon completion of the transaction,
except for the securities commission (or any agency or office
performing like functions) of the State of the principal
place of business of the issuer, or any State in which
purchasers of 50 percent or greater of the aggregate amount
of the issue are residents, provided that for purposes of
this subparagraph, the term `State' includes the District of
Columbia and the territories of the United States.''.
(d) Funding Portals.--
(1) State exemptions and oversight.--Section 15(i) of the
Securities Exchange Act of 1934 (15 U.S.C. 78o(i)) is
amended--
(A) by redesignating paragraphs (2) and (3) as paragraphs
(3) and (4), respectively; and
(B) by inserting after paragraph (1) the following:
``(2) Funding portals.--
``(A) Limitation on state laws.--Except as provided in
subparagraph (B), no State or political subdivision thereof
may enforce any law, rule, regulation, or other
administrative action against a registered funding portal
with respect to its business as such.
``(B) Examination and enforcement authority.--Subparagraph
(A) does not apply with respect to the examination and
enforcement of any law, rule, regulation, or administrative
action of a State or political subdivision thereof in which
the principal place of business of a registered funding
portal is located, provided that such law, rule, regulation,
or administrative action is not in addition to or different
from the requirements for registered funding portals
established by the Commission.
``(C) Definition.--For purposes of this paragraph, the term
`State' includes the District of Columbia and the territories
of the United States.''.
(2) State fraud authority.--Section 18(c)(1) of the
Securities Act of 1933 (15 U.S.C. 77r(c)(1)) is amended by
striking ``or dealer'' and inserting ``, dealer, or funding
portal''.
______

SA 1885. Mr. FRANKEN (for himself and Ms. Landrieu) submitted an
amendment intended to be proposed by him to the bill H.R. 3606, to
increase American job creation and economic growth by improving access
to the public capital markets for emerging growth companies; which was
ordered to lie on the table; as follows:

At the appropriate place, insert the following:

SEC. __. TIMELY PAYMENT OF SMALL BUSINESS CONCERNS.

(a) In General.--Section 15 of the Small Business Act (15
U.S.C. 644) is amended by adding at the end the following:
``(s) Regulations Relating to Timely Payments.--
``(1) Regulations required.--
``(A) In general.--Subject to subparagraph (B), not later
than 12 months after the date of enactment of this
subsection, the Federal Acquisition Regulatory Council, in
consultation with the Director of the Office of Management
and Budget and the Administrator, shall propose regulations
to require prime contractors awarded a contract by the
Federal Government to make timely payments to their
subcontractors that are small business concerns. Such
regulations may provide for exemptions, as appropriate.
``(B) Other regulations.--If the Administrator, in
consultation with the Federal Acquisition Regulatory Council
and the Director of the Office of Management and Budget,
determines that the requirements under section 8(d)(12) are
sufficient to ensure that prime contractors make timely
payments to subcontractors that are small business concerns,
the regulations issued under section 8(d)(12)(E) shall be
deemed to satisfy the requirement to propose regulations
under subparagraph (A) of this paragraph.
``(2) Considerations.--In proposing the regulations under
paragraph (1), the Administrator, in consultation with the
Federal

[[Page S1809]]

Acquisition Regulatory Council and the Director of the Office
of Management and Budget, shall consider--
``(A) requiring a prime contractor to pay a subcontractor
that is a small business concern for satisfactory performance
that fulfills the terms of the subcontract not later than 30
days after the date on which the prime contractor receives a
payment from the Federal Government, unless the prime
contractor has a legal obligation to make an earlier payment;
``(B) developing--
``(i) incentives for prime contractors that pay
subcontractors in accordance with the regulations; or
``(ii) late interest payments or penalties for prime
contractors that do not pay subcontractors in accordance with
the regulations;
``(C) requiring that any subcontracting plan under
paragraph (4) or (5) of section 8(d) contain a detailed
description of when and how subcontractors will be paid; and
``(D) including data in the Past Performance Information
Retrieval System relating to whether contractors have made
timely payments to subcontractors that are small business
concerns.''.
(b) Technical and Conforming Amendments.--Section 8(d)(6)
of the Small Business Act (15 U.S.C. 638(d)(6)) is amended--
(1) in subparagraph (F), by striking ``and'' at the end;
(2) in subparagraph (G)(ii), by striking the period at the
end and inserting ``; and''; and
(3) by adding at the end the following:
``(H) any information required to be included under the
regulations issued under section 15(s).''.
______

SA 1886. Mr. INHOFE submitted an amendment intended to be proposed to
amendment SA 1833 proposed by Mr. Reid (for Mr. Reed (for himself, Ms.
Landrieu, Mr. Levin, Mr. Brown of Ohio, Mr. Merkely, Mr. Akaka, Mr.
Whitehouse, Mr. Franken, Mr. Harkin, and Mr. Durbin)) to the bill H.R.
3606, to increase American job creation and economic growth by
improving access to the public capital markets for emerging growth
companies; which was ordered to lie on the table; as follows:

At the end of title IV of the amendment, add the following:

SEC. 417. POLICY OF THE UNITED STATES WITH RESPECT TO
FINANCING BY EXPORT CREDIT AGENCIES FOR THE
SALE OF LONG-RANGE AIRCRAFT.

(a) In General.--It is the policy of the United States,
when negotiating export credit arrangements or similar
agreements at the Organisation for Economic Co-operation and
Development or similar multilateral institutions, to seek the
elimination of financial assistance provided by export credit
agencies for the sale of long-range aircraft.
(b) Long-range Aircraft Defined.--In this section, the term
``long-range aircraft'', with respect to the sale of aircraft
for which an export credit agency provides export financing,
means aircraft that have a range that is equal to or greater
than the shortest distance between--
(1) the country the government of which has primary
jurisdiction over the air carrier that receives the export
financing; and
(2) the country in which the export credit agency is
located.
______

SA 1887. Mr. INHOFE submitted an amendment intended to be proposed to
amendment SA 1833 proposed by Mr. Reid (for Mr. Reed (for himself, Ms.
Landrieu, Mr. Levin, Mr. Brown of Ohio, Mr. Merkely, Mr. Akaka, Mr.
Whitehouse, Mr. Franken, Mr. Harkin, and Mr. Durbin)) to the bill H.R.
3606, to increase American job creation and economic growth by
improving access to the public capital markets for emerging growth
companies; which was ordered to lie on the table; as follows:

At the end of title IV of the amendment, add the following:

SEC. 417. REPORT ON MEASURES TO REMEDY SUBSIDIES PROVIDED BY
FOREIGN EXPORT CREDIT AGENCIES TO UNITED STATES
ENTITIES.

(a) Report Required.--Not later than 60 days after the date
of the enactment of this Act, the United States Trade
Representative and the Secretary of Commerce shall jointly
submit to Congress a report identifying and assessing
measures that may be taken by the United States Government to
counteract subsidies described in subsection (b).
(b) Subsidies Described.--A subsidy described in this
subsection is a subsidy--
(1) provided by an export credit agency of a foreign
country to a United States entity; and
(2) that is inconsistent with the limitations imposed on
the Export-Import Bank of the United States--
(A) by the Organisation for Economic Co-operation and
Development or any other multilateral institution; or
(B) pursuant to any international agreement.
(c) United States Entities Defined.--In this section, the
term ``United States entity'' means an entity organized under
the laws of the United States or any jurisdiction within the
United States.
______

SA 1888. Mr. INHOFE submitted an amendment intended to be proposed to
amendment SA 1833 proposed by Mr. Reid (for Mr. Reed (for himself, Ms.
Landrieu, Mr. Levin, Mr. Brown of Ohio, Mr. Merkely, Mr. Akaka, Mr.
Whitehouse, Mr. Franken, Mr. Harkin, and Mr. Durbin)) to the bill H.R.
3606, to increase American job creation and economic growth by
improving access to the public capital markets for emerging growth
companies; which was ordered to lie on the table; as follows:

Strike section 413.
______

SA 1889. Mr. INHOFE submitted an amendment intended to be proposed to
amendment SA 1833 proposed by Mr. Reid (for Mr. Reed (for himself, Ms.
Landrieu, Mr. Levin, Mr. Brown of Ohio, Mr. Merkely, Mr. Akaka, Mr.
Whitehouse, Mr. Franken, Mr. Harkin, and Mr. Durbin)) to the bill H.R.
3606, to increase American job creation and economic growth by
improving access to the public capital markets for emerging growth
companies; which was ordered to lie on the table; as follows:

At the end, add the following:

TITLE VIII--STORM SHELTER TAX RELIEF

SEC. 801. DEDUCTION FOR PURCHASE, CONSTRUCTION, AND
INSTALLATION OF A SAFE ROOM OR STORM SHELTER.

(a) In General.--Part VII of subchapter B of chapter 1 of
the Internal Revenue Code of 1986 is amended--
(1) by redesignating section 224 as section 225, and
(2) by inserting after section 223 the following new
section:

``SEC. 224. SAFE ROOM OR STORM SHELTER PURCHASE,
CONSTRUCTION, AND INSTALLATION EXPENSES.

``(a) Allowance of Deduction.--
``(1) In general.--In the case of an individual, there
shall be allowed as a deduction for the taxable year an
amount equal to the qualified storm shelter expenses paid by
the taxpayer during the taxable year.
``(2) Maximum dollar amount per shelter.--The deduction
allowed by paragraph (1) with respect to each qualified storm
shelter shall not exceed $2,500.
``(b) Definitions.--For purposes of this section--
``(1) Qualified storm shelter expenses.--The term
`qualified storm shelter expenses' means expenses (including
labor) for the purchase, construction, and installation of a
qualified storm shelter.
``(2) Qualified storm shelter.--The term `qualified storm
shelter' means a storm shelter or safe room--
``(A) the design of which is capable of withstanding an EF5
tornado, and
``(B) which is first placed in service by the taxpayer as
an attachment to a dwelling--
``(i) which was placed in service prior to the placed in
service date of such storm shelter or safe room,
``(ii) which serves as the principal residence (within the
meaning of section 121) of the taxpayer, and
``(iii) with respect to which no other qualified storm
shelter is attached.
``(c) Special Rules.--
``(1) Denial of double benefit.--No deduction shall be
allowed under subsection (a) for any expense for which a
deduction or credit is allowed to the taxpayer under any
other provision of this chapter.
``(2) Basis reduction.--For purposes of this title, the
basis of any property shall be reduced by the portion of the
cost of such property taken into account under subsection
(a).
``(d) Termination.--This section shall not apply to taxable
years beginning after December 31, 2012.''.
(b) Conforming Amendment.--Section 1016(a) of the Internal
Revenue Code of 1986 is amended by striking ``and'' at the
end of paragraph (36), by striking the period at the end of
paragraph (37) and inserting ``, and'', and by adding at the
end the following new paragraph:
``(38) to the extent provided in section 224(c)(2).''.
(c) Clerical Amendment.--The table of sections for part VII
of subchapter B of chapter 1 of the Internal Revenue Code of
1986 is amended by striking the item relating to section 224
and inserting the following new items:

``224. Safe room or storm shelter purchase, construction, and
installation expenses.
``225. Cross reference.''.
(d) Effective Date.--The amendments made by this section
shall apply to amounts paid or incurred after the date of the
enactment of this Act.

SEC. 802. COMMUNITY DEVELOPMENT FUND.

Of amounts made available under the heading ``community
development fund'' under the heading ``Community Planning and
Development'' under the heading ``DEPARTMENT OF HOUSING AND
URBAN DEVELOPMENT'' under title II of the Department of
Housing and Urban Development Appropriations Act, 2010
(Public Law 111 117; 123 Stat. 3083) and under section 2240
of the Department of Defense and Full-Year Continuing
Appropriations Act, 2011 (Public Law 112 10; 125 Stat. 195)
and not otherwise obligated, $60,000,000 are rescinded.
______

SA 1890. Mr. INHOFE submitted an amendment intended to be proposed by
him to the bill H.R. 3606, to increase American job creation and
economic growth by improving access to the public capital markets for
emerging

[[Page S1810]]

growth companies; which was ordered to lie on the table; as follows:

At the appropriate place, insert the following:

SEC. __. REGISTRATION AND REPORTING EXEMPTIONS RELATING TO
PRIVATE EQUITY FUNDS ADVISORS.

Section 203 of the Investment Advisers Act of 1940 (15
U.S.C. 80b 3) is amended by adding at the end the following:
``(o) Exemption of and Reporting Requirements by Private
Equity Funds Advisors.--
``(1) In general.--Except as provided in this subsection,
no investment adviser shall be subject to the registration or
reporting requirements of this title with respect to the
provision of investment advice relating to a private equity
fund or funds, provided that each such fund has not borrowed
and does not have outstanding a principal amount in excess of
twice its invested capital commitments.
``(2) Maintenance of records and access by commission.--Not
later than 6 months after the date of enactment of this
subsection, the Commission shall issue final rules--
``(A) to require investment advisers described in paragraph
(1) to maintain such records and provide to the Commission
such annual or other reports as the Commission taking into
account fund size, governance, investment strategy, risk, and
other factors, as the Commission determines necessary and
appropriate in the public interest and for the protection of
investors; and
``(B) to define the term private equity fund for purposes
of this subsection.''.
______

SA 1891. Mr. SANDERS (for himself, Mr. Blumenthal, Mr. Cardin, Mr.
Franken, and Ms. Klobuchar) submitted an amendment intended to be
proposed by him to the bill H.R. 3606, to increase American job
creation and economic growth by improving access to the public capital
markets for emerging growth companies; which was ordered to lie on the
table; as follows:

At the end of title I, add the following:

SEC. 1__. ENERGY MARKETS.

(a) Findings.--Congress finds that--
(1) the Commodity Futures Trading Commission was created as
an independent agency, in 1974, with a mandate--
(A) to enforce and administer the Commodity Exchange Act (7
U.S.C. 1 et seq.);
(B) to ensure market integrity;
(C) to protect market users from fraud and abusive trading
practices; and
(D) to prevent and prosecute manipulation of the price of
any commodity in interstate commerce;
(2) Congress has given the Commodity Futures Trading
Commission authority under the Commodity Exchange Act (7
U.S.C. 1 et seq.) to take necessary actions to address market
emergencies;
(3) the Commodity Futures Trading Commission may use the
emergency authority of the Commission with respect to any
major market disturbance that prevents the market from
accurately reflecting the forces of supply and demand for a
commodity;
(4) Congress declared in section 4a of the Commodity
Exchange Act (7 U.S.C. 6a) that excessive speculation imposes
an undue and unnecessary burden on interstate commerce;
(5) according to an article published in Forbes on February
27, 2012, excessive oil speculation ``translates out into a
premium for gasoline at the pump of $.56 a gallon'' based on
a recent report from Goldman Sachs;
(6) on March 9, 2012--
(A) the supply of crude oil and gasoline was higher than
the supply was on March 6, 2009, when the national average
price for a gallon of regular unleaded gasoline was just
$1.94; and
(B) demand for gasoline in the United States was lower than
demand was on June 20, 1997;
(7) on March 12, 2012, the national average price of
regular unleaded gasoline was over $3.82 a gallon, the
highest price ever recorded in the United States during the
month of March;
(8) during the last quarter of 2011, according to the
International Energy Agency--
(A) the world oil supply rose by 1,300,000 barrels per day
while demand only increased by 700,000 barrels per day; but
(B) the price of Texas light sweet crude rose by over 12
percent;
(9) on November 3, 2011, Gary Gensler, the Chairman of the
Commodity Futures Trading Commission testified before the
Senate Permanent Subcommittee on Investigations that ``80 to
87 percent of the [oil futures] market'' is dominated by
``financial participants, swap dealers, hedge funds, and
other financials,'' a figure that has more than doubled over
the past decade;
(10) excessive oil and gasoline speculation is creating
major market disturbances that prevent the market from
accurately reflecting the forces of supply and demand; and
(11) the Commodity Futures Trading Commission has a
responsibility --
(A) to ensure that the price discovery for oil and gasoline
accurately reflects the fundamentals of supply and demand;
and
(B) to take immediate action to implement strong and
meaningful position limits to regulated exchange markets to
eliminate excessive oil speculation.
(b) Actions.--Not later than 14 days after the date of
enactment of this Act, the Commodity Futures Trading
Commission shall use the authority of the Commission
(including emergency powers)--
(1) to curb immediately the role of excessive speculation
in any contract market within the jurisdiction and control of
the Commission, on or through which energy futures are
traded; and
(2) to eliminate excessive speculation, price distortion,
sudden or unreasonable fluctuations, or unwarranted changes
in prices, or other unlawful activity that is causing major
market disturbances that prevent the market from accurately
reflecting the forces of supply and demand for energy
commodities.
______

SA 1892. Mr. PAUL submitted an amendment intended to be proposed to
amendment SA 1836 proposed by Mr. Reid (for Ms. Cantwell (for herself,
Mr. Johnson of South Dakota, Mr. Graham, Mr. Shelby, Mr. Warner, Mr.
Schumer, Mr. Brown of Ohio, Mrs. Hagan, Mr. Coons, Mr. Akaka, Mrs.
Murray, Ms. Landrieu, Mr. Kerry, and Mr. Kirk)) to the bill H.R. 3606,
to increase American job creation and economic growth by improving
access to the public capital markets for emerging growth companies;
which was ordered to lie on the table; as follows:

At the appropriate place, insert the following:

SEC. __. PROHIBITION ON FINANCING BY THE EXPORT-IMPORT BANK
OF THE UNITED STATES FOR PERSONS OR PROJECTS IN
COUNTRIES THAT HOLD DEBT INSTRUMENTS OF THE
UNITED STATES.

(a) In General.--Notwithstanding any other provision of the
Export-Import Bank Act of 1945 (12 U.S.C. 635 et seq.), the
Export-Import Bank of the United States may not provide any
guarantee, insurance, or extension of credit (or participate
in the extension of credit) to a person or with respect to a
project in a country the government or central bank of which
holds debt instruments of the United States.
(b) Debt Instruments of the United States Defined.--In this
section, the term ``debt instruments of the United States''
means bills, notes, and bonds issued or guaranteed by the
United States or by an entity of the United States
Government.
______

SA 1893. Mr. PAUL submitted an amendment intended to be proposed to
amendment SA 1836 proposed by Mr. Reid (for Ms. Cantwell (for herself,
Mr. Johnson of South Dakota, Mr. Graham, Mr. Shelby, Mr. Warner, Mr.
Schumer, Mr. Brown of Ohio, Mrs. Hagan, Mr. Coons, Mr. Akaka, Mrs.
Murray, Ms. Landrieu, Mr. Kerry, and Mr. Kirk)) to the bill H.R. 3606,
to increase American job creation and economic growth by improving
access to the public capital markets for emerging growth companies;
which was ordered to lie on the table; as follows:

At the appropriate place, insert the following:

SEC. ___. PROHIBITION ON FINANCING BY THE EXPORT-IMPORT BANK
OF THE UNITED STATES FOR ENTITIES THAT GENERATE
MORE THAN $1,000,000,000 IN REVENUE ANNUALLY.

Notwithstanding any other provision of the Export-Import
Bank Act of 1945 (12 U.S.C. 635 et seq.), the Export-Import
Bank of the United States may not provide any financing
(including any guarantee, insurance, extension of credit, or
participation in the extension of credit) to an entity that
generated more than $1,000,000,000 in revenue in the
preceding calendar year.
______

SA 1894. Mr. PAUL submitted an amendment intended to be proposed to
amendment SA 1836 proposed by Mr. Reid (for Ms. Cantwell (for herself,
Mr. Johnson of South Dakota, Mr. Graham, Mr. Shelby, Mr. Warner, Mr.
Schumer, Mr. Brown of Ohio, Mrs. Hagan, Mr. Coons, Mr. Akaka, Mrs.
Murray, Ms. Landrieu, Mr. Kerry, and Mr. Kirk)) to the bill H.R. 3606,
to increase American job creation and economic growth by improving
access to the public capital markets for emerging growth companies;
which was ordered to lie on the table; as follows:

At the appropriate place, insert the following:

SEC. __. LIMITATION ON FINANCING BY THE EXPORT-IMPORT BANK OF
THE UNITED STATES TO FINANCING EXPORTS BY SMALL
BUSINESS CONCERNS.

Section 2(b)(1)(E)(v) of the Export-Import Bank Act of 1945
(12 U.S.C. 635(b)(1)(E)(v)) is amended by striking ``20
percent'' and inserting ``100 percent''.
______

SA 1895. Mr. JOHNSON of Wisconsin submitted an amendment intended to
be proposed by him to the bill H.R. 3606, to increase American job
creation and economic growth by improving access to the public capital
markets for emerging growth companies; which was ordered to lie on the
table; as follows:

On page 9, line 8, strike ``company'' and all that follows
through page 10, line 4 and insert the following: ``company
need not

[[Page S1811]]

present more than 2 years of audited financial statements in
order for the registration statement of such emerging growth
company with respect to an initial public offering of its
common equity securities to be effective, and in any other
registration statement to be filed with the Commission, an
emerging growth company need not present selected financial
data in accordance with section 229.301 of title 17, Code of
Federal Regulations (or any successor thereto), for any
period prior to the earliest audited period presented in
connection with its initial public offering.''.
______

SA 1896. Ms. SNOWE (for herself, Mrs. Gillibrand, Ms. Murkowski and
Ms. Landrieu) submitted an amendment intended to be proposed by her to
the bill H.R. 3606, to increase American job creation and economic
growth by improving access to the public capital markets for emerging
growth companies; which was ordered to lie on the table; as follows:

At the appropriate place, insert the following:

SEC. __. FAIRNESS IN WOMEN-OWNED SMALL BUSINESS CONTRACTING.

(a) Procurement Program for Women-owned Small Business
Concerns.--Section 8(m) of the Small Business Act (15 U.S.C.
637(m)) is amended--
(1) in paragraph (2)--
(A) in subparagraph (A), by striking ``who are economically
disadvantaged'';
(B) in subparagraph (C), by striking ``paragraph (3)'' and
inserting ``paragraph (4)'';
(C) by striking subparagraph (D); and
(D) by redesignating subparagraphs (E) and (F) as
subparagraphs (D) and (E), respectively; and
(2) by adding at the end the following:
``(7) Sole source contracts.--A contracting officer may
award a sole source contract under this subsection to a small
business concern owned and controlled by women under the same
conditions as a sole source contract may be awarded to a
qualified HUBZone small business concern under section
31(b)(2)(A).''.
(b) Study and Report on Representation of Women.--Section
29 of the Small Business Act (15 U.S.C. 656) is amended by
adding at the end the following:
``(o) Study and Report on Representation of Women.--
``(1) Study.--The Administrator shall periodically conduct
a study to identify any United States industry, as defined
under the North American Industry Classification System, in
which women are underrepresented.
``(2) Report.--Not later than 5 years after the date of
enactment of this subsection, and every 5 years thereafter,
the Administrator shall submit to the Committee on Small
Business and Entrepreneurship of the Senate and the Committee
on Small Business of the House of Representatives a report on
the results of each study under paragraph (1) conducted
during the 5-year period ending on the date of the report.''.
______

SA 1897. Mr. PAUL submitted an amendment intended to be proposed to
amendment SA 1836 proposed by Mr. Reid (for Ms. Cantwell (for herself,
Mr. Johnson of South Dakota, Mr. Graham, Mr. Shelby, Mr. Warner, Mr.
Schumer, Mr. Brown of Ohio, Mrs. Hagan, Mr. Coons, Mr. Akaka, Mrs.
Murray, Ms. Landrieu, Mr. Kerry, and Mr. Kirk)) to the bill H.R. 3606,
to increase American job creation and economic growth by improving
access to the public capital markets for emerging growth companies;
which was ordered to lie on the table; as follows:

At the appropriate place, insert the following:

SEC. ___. LIMITATION ON AMOUNT OF FINANCING THAT MAY BE
PROVIDED TO AN ENTITY BY THE EXPORT-IMPORT BANK
OF THE UNITED STATES.

Section 6(a) of the Export-Import Bank Act of 1945 (12
U.S.C. 635e(a)) is amended by adding at the end the
following:
``(4) Limitation.--The Bank shall not have outstanding at
any one time loans, guarantees, and insurance in an aggregate
amount in excess of 5 percent of the applicable amount in
paragraph (2) with respect to exports by a single entity
(including any entities owned or controlled by that
entity).''.
______

SA 1898. Ms. SNOWE (for herself and Ms. Landrieu) submitted an
amendment intended to be proposed by her to the bill H.R. 3606, to
increase American job creation and economic growth by improving access
to the public capital markets for emerging growth companies; which was
ordered to lie on the table; as follows:

At the appropriate place, insert the following:

SEC. __. PROGRAMS OF THE SMALL BUSINESS ADMINISTRATION.

(a) Authorization.--For fiscal year 2013, the Administrator
may make $4,000,000,000 in guarantees of debentures for
programs under title III of the Small Business Investment Act
of 1958 (15 U.S.C. 681 et seq.).
(b) Family of Funds.--Section 303(b)(2)(B) of the Small
Business Investment Act of 1958 (15 U.S.C. 683(b)(2)(B)) is
amended by striking ``$225,000,000'' and inserting
``$350,000,000''.
(c) Low-interest Refinancing Under the Local Development
Business Loan Program.--Section 1122(b) of the Small Business
Jobs Act of 2010 (15 U.S.C. 696 note) is amended by striking
``2 years'' and inserting ``3 years''.
______

SA 1899. Ms. SNOWE (for herself and Ms. Landrieu) submitted an
amendment intended to be proposed by her to the bill H.R. 3606, to
increase American job creation and economic growth by improving access
to the public capital markets for emerging growth companies; which was
ordered to lie on the table; as follows:

At the appropriate place, insert the following:

TITLE __--JUMPSTARTING SMALL BUSINESSES

Subtitle A--Small Business Administration

SEC. _11. FAIRNESS IN WOMEN-OWNED SMALL BUSINESS CONTRACTING.

(a) Procurement Program for Women-owned Small Business
Concerns.--Section 8(m) of the Small Business Act (15 U.S.C.
637(m)) is amended--
(1) in paragraph (2)--
(A) in subparagraph (A), by striking ``who are economically
disadvantaged'';
(B) in subparagraph (C), by striking ``paragraph (3)'' and
inserting ``paragraph (4)'';
(C) by striking subparagraph (D); and
(D) by redesignating subparagraphs (E) and (F) as
subparagraphs (D) and (E), respectively; and
(2) by adding at the end the following:
``(7) Sole source contracts.--A contracting officer may
award a sole source contract under this subsection to a small
business concern owned and controlled by women under the same
conditions as a sole source contract may be awarded to a
qualified HUBZone small business concern under section
31(b)(2)(A).''.
(b) Study and Report on Representation of Women.--Section
29 of the Small Business Act (15 U.S.C. 656) is amended by
adding at the end the following:
``(o) Study and Report on Representation of Women.--
``(1) Study.--The Administrator shall periodically conduct
a study to identify any United States industry, as defined
under the North American Industry Classification System, in
which women are underrepresented.
``(2) Report.--Not later than 5 years after the date of
enactment of this subsection, and every 5 years thereafter,
the Administrator shall submit to the Committee on Small
Business and Entrepreneurship of the Senate and the Committee
on Small Business of the House of Representatives a report on
the results of each study under paragraph (1) conducted
during the 5-year period ending on the date of the report.''.

SEC. _12. GUARANTEES OF DEBENTURES UNDER THE SMALL BUSINESS
INVESTMENT ACT OF 1958.

(a) Authorization.--For fiscal year 2013, the Administrator
may make $4,000,000,000 in guarantees of debentures for
programs under title III of the Small Business Investment Act
of 1958 (15 U.S.C. 681 et seq.).
(b) Family of Funds.--Section 303(b)(2)(B) of the Small
Business Investment Act of 1958 (15 U.S.C. 683(b)(2)(B)) is
amended by striking ``$225,000,000'' and inserting
``$350,000,000''.
(c) Low-interest Refinancing Under the Local Development
Business Loan Program.--Section 1122(b) of the Small Business
Jobs Act of 2010 (15 U.S.C. 696 note) is amended by striking
``2 years'' and inserting ``3 years''.

SEC. _13. NATIONAL VETERANS BUSINESS DEVELOPMENT CORPORATION.

(a) In General.--The Small Business Act (15 U.S.C. 631 et
seq.) is amended by striking section 33 (15 U.S.C. 657c).
(b) Corporation.--On and after the date of enactment of
this Act, the National Veterans Business Development
Corporation and any successor thereto may not represent that
the corporation is federally chartered or in any other manner
authorized by the Federal Government.
(c) Conforming Amendments.--
(1) Small business act.--The Small Business Act (15 U.S.C.
631 et seq.), as amended by this section, is amended--
(A) by redesignating sections 34 through 45 as sections 33
through 44, respectively;
(B) in section 9(k)(1)(D) (15 U.S.C. 638(k)(1)(D)), by
striking ``section 34(d)'' and inserting ``section 33(d)'';
(C) in section 33 (15 U.S.C. 657d), as so redesignated--
(i) by striking ``section 35'' each place it appears and
inserting ``section 34'';
(ii) in subsection (a)--

(I) in paragraph (2), by striking ``section 35(c)(2)(B)''
and inserting ``section 34(c)(2)(B)'';
(II) in paragraph (4), by striking ``section 35(c)(2)'' and
inserting ``section 34(c)(2)''; and
(III) in paragraph (5), by striking ``section 35(c)'' and
inserting ``section 34(c)''; and

(iii) in subsection (h)(2), by striking ``section 35(d)''
and inserting ``section 34(d)'';
(D) in section 34 (15 U.S.C. 657e), as so redesignated--
(i) by striking ``section 34'' each place it appears and
inserting ``section 33''; and
(ii) in subsection (c)(1), by striking section
``34(c)(1)(E)(ii)'' and inserting section
``33(c)(1)(E)(ii)'';
(E) in section 36(d) (15 U.S.C. 657i(d)), as so
redesignated, by striking ``section 43'' and inserting
``section 42'';

[[Page S1812]]

(F) in section 39(d) (15 U.S.C. 657l(d)), as so
redesignated, by striking ``section 43'' and inserting
``section 42''; and
(G) in section 40(b) (15 U.S.C. 657m(b)), as so
redesignated, by striking ``section 43'' and inserting
``section 42''.
(2) Title 10.--Section 1142(b)(13) of title 10, United
States Code, is amended by striking ``and the National
Veterans Business Development Corporation''.
(3) Title 38.--Section 3452(h) of title 38, United States
Code, is amended by striking ``any of the'' and all that
follows and inserting ``any small business development center
described in section 21 of the Small Business Act (15 U.S.C.
648), insofar as such center offers, sponsors, or cosponsors
an entrepreneurship course, as that term is defined in
section 3675(c)(2).''.
(4) Food, conservation, and energy act of 2008.--Section
12072(c)(2) of the Food, Conservation, and Energy Act of 2008
(15 U.S.C. 636g(c)(2)) is amended by striking ``section 43 of
the Small Business Act, as added by this Act'' and inserting
``section 42 of the Small Business Act (15 U.S.C. 657o)''.
(5) Veterans entrepreneurship and small business
development act of 1999.--Section 203(c)(5) of the Veterans
Entrepreneurship and Small Business Development Act of 1999
(15 U.S.C. 657b note) is amended by striking ``In cooperation
with the National Veterans Business Development Corporation,
develop'' and inserting ``Develop''.

SEC. _14. SMALL BUSINESS INTERMEDIARY LENDING PILOT PROGRAM
TECHNICAL CORRECTION.

Section 7(l)(4)(B) of the Small Business Act (15 U.S.C.
636(l)(4)(B)) is amended by inserting ``under the Program''
after ``to the eligible intermediary by the Administrator''.

SEC. _15. REMOVAL OF SUNSET DATES FOR CERTAIN PROVISIONS OF
THE SMALL BUSINESS INVESTMENT ACT OF 1958.

(a) Maximum Bond Amount.--Section 411(a)(1) of the Small
Business Investment Act of 1958 (15 U.S.C. 694b(a)(1)) is
amended by striking ``does not exceed'' and all that follows
and inserting ``does not exceed $5,000,000.''.
(b) Denial of Liability.--Section 411(e)(2) of the Small
Business Investment Act of 1958 (15 U.S.C. 694b(e)(2)) is
amended by striking ``bonds exceeds'' and all that follows
and inserting ``bonds exceeds $5,000,000,''.

Subtitle B--Contracting Fraud Prevention

SEC. _21. SHORT TITLE.

This subtitle may be cited as the ``Small Business
Contracting Fraud Prevention Act of 2012''.

SEC. _22. DEFINITIONS.

In this subtitle--
(1) the term ``8(a) program'' means the program under
section 8(a) of the Small Business Act (15 U.S.C. 637(a));
(2) the term ``Administrator'' means the Administrator of
the Small Business Administration;
(3) the terms ``HUBZone'' and ``HUBZone small business
concern'' and ``HUBZone map'' have the meanings given those
terms in section 3(p) of the Small Business Act (15 U.S.C.
632(p)), as amended by this subtitle; and
(4) the term ``recertification'' means a determination by
the Administrator that a business concern that was previously
determined to be a qualified HUBZone small business concern
is a qualified HUBZone small business concern under section
3(p)(5) of the Small Business Act (15 U.S.C. 632(p)(5)).

SEC. _23. FRAUD DETERRENCE AT THE SMALL BUSINESS
ADMINISTRATION.

Section 16 of the Small Business Act (15 U.S.C. 645) is
amended--
(1) in subsection (d)--
(A) in paragraph (1)--
(i) in the matter preceding subparagraph (A), by striking
``Whoever'' and all that follows through ``oneself or
another'' and inserting the following: ``A person shall be
subject to the penalties and remedies described in paragraph
(2) if the person misrepresents the status of any concern or
person as a small business concern, a qualified HUBZone small
business concern, a small business concern owned and
controlled by socially and economically disadvantaged
individuals, a small business concern owned and controlled by
women, or a small business concern owned and controlled by
service-disabled veterans, in order to obtain for any
person'';
(ii) by amending subparagraph (A) to read as follows:
``(A) prime contract, subcontract, grant, or cooperative
agreement to be awarded under subsection (a) or (m) of
section 8, or section 9, 15, 31, or 35;'';
(iii) by striking subparagraph (B);
(iv) by redesignating subparagraphs (C) and (D) as
subparagraphs (B) and (C), respectively; and
(v) in subparagraph (C), as so redesignated, by striking
``, shall be'' and all that follows and inserting a period;
(B) in paragraph (2)--
(i) by redesignating subparagraphs (C) and (D) as
subparagraphs (D) and (E), respectively; and
(ii) by inserting after subparagraph (B) the following:
``(C) be subject to the civil remedies under subchapter III
of chapter 37 of title 31, United States Code (commonly known
as the `False Claims Act');''; and
(C) by adding at the end the following:
``(3)(A) In the case of a violation of paragraph (1)(A),
(g), or (h), for purposes of a proceeding described in
subparagraph (A) or (C) of paragraph (2), the amount of the
loss to the Federal Government or the damages sustained by
the Federal Government, as applicable, shall be an amount
equal to the amount that the Federal Government paid to the
person that received a contract, grant, or cooperative
agreement described in paragraph (1)(A), (g), or (h),
respectively.
``(B) In the case of a violation of subparagraph (B) or (C)
of paragraph (1), for the purpose of a proceeding described
in subparagraph (A) or (C) of paragraph (2), the amount of
the loss to the Federal Government or the damages sustained
by the Federal Government, as applicable, shall be an amount
equal to the portion of any payment by the Federal Government
under a prime contract that was used for a subcontract
described in subparagraph (B) or (C) of paragraph (1),
respectively.
``(C) In a proceeding described in subparagraph (A) or (B),
no credit shall be applied against any loss or damages to the
Federal Government for the fair market value of the property
or services provided to the Federal Government.'';
(2) by striking subsection (e) and inserting the following:
``(e) Any representation of the status of any concern or
person as a small business concern, a HUBZone small business
concern, a small business concern owned and controlled by
socially and economically disadvantaged individuals, a small
business concern owned and controlled by women, or a small
business concern owned and controlled by service-disabled
veterans, in order to obtain any prime contract, subcontract,
grant, or cooperative agreement described in subsection
(d)(1) shall be made in writing or through the Online
Representations and Certifications Application process
required under section 4.1201 of the Federal Acquisition
Regulation, or any successor thereto.''; and
(3) by adding at the end the following:
``(g) A person shall be subject to the penalties and
remedies described in subsection (d)(2) if the person
misrepresents the status of any concern or person as a small
business concern, a qualified HUBZone small business concern,
a small business concern owned and controlled by socially and
economically disadvantaged individuals, a small business
concern owned and controlled by women, or a small business
concern owned and controlled by service-disabled veterans--
``(1) in order to allow any person to participate in any
program of the Administration; or
``(2) in relation to a protest of a contract award or
proposed contract award made under regulations issued by the
Administration.
``(h)(1) A person that submits a request for payment on a
contract or subcontract that is awarded under subsection (a)
or (m) of section 8, or section 9, 15, 31, or 35, shall be
deemed to have submitted a certification that the person
complied with regulations issued by the Administration
governing the percentage of work that the person is required
to perform on the contract or subcontract, unless the person
states, in writing, that the person did not comply with the
regulations.
``(2) A person shall be subject to the penalties and
remedies described in subsection (d)(2) if the person--
``(A) uses the services of a business other than the
business awarded the contract or subcontract to perform a
greater percentage of work under a contract than is permitted
by regulations issued by the Administration; or
``(B) willfully participates in a scheme to circumvent
regulations issued by the Administration governing the
percentage of work that a contractor is required to perform
on a contract.''.

SEC. _24. VETERANS INTEGRITY IN CONTRACTING.

(a) Definition.--Section 3(q)(1) of the Small Business Act
(15 U.S.C. 632(q)(1)) is amended by striking ``means a
veteran'' and all that follows and inserting the following:
``means--
``(A) a veteran with a service-connected disability rated
by the Secretary of Veterans Affairs as zero percent or more
disabling; or
``(B) a former member of the Armed Forces who is retired,
separated, or placed on the temporary disability retired list
for physical disability under chapter 61 of title 10, United
States Code.''.
(b) Veterans Contracting.--Section 4 of the Small Business
Act (15 U.S.C. 633) is amended by adding at the end the
following:
``(g) Veteran Status.--
``(1) In general.--A business concern seeking status as a
small business concern owned and controlled by service-
disabled veterans shall--
``(A) submit an annual certification indicating that the
business concern is a small business concern owned and
controlled by service-disabled veterans by means of the
Online Representations and Certifications Application process
required under section 4.1201 of the Federal Acquisition
Regulation, or any successor thereto; and
``(B) register with--
``(i) the Central Contractor Registration database
maintained under subpart 4.11 of the Federal Acquisition
Regulation, or any successor thereto; and
``(ii) the VetBiz database of the Department of Veterans
Affairs, or any successor thereto.
``(2) Verification of status.--
``(A) Veterans affairs.--The Secretary of Veterans Affairs
shall determine whether a business concern registered with
the VetBiz database of the Department of Veterans Affairs, or
any successor thereto, as a small

[[Page S1813]]

business concern owned and controlled by veterans or a small
business concern owned and controlled by service-disabled
veterans is owned and controlled by a veteran or a service-
disabled veteran, as the case may be.
``(B) Federal agencies generally.--The head of each Federal
agency shall--
``(i) for a sole source contract awarded to a small
business concern owned and controlled by service-disabled
veterans or a contract awarded with competition restricted to
small business concerns owned and controlled by service-
disabled veterans under section 36, determine whether a
business concern submitting a proposal for the contract is a
small business concern owned and controlled by service-
disabled veterans; and
``(ii) use the VetBiz database of the Department of
Veterans Affairs, or any successor thereto, in determining
whether a business concern is a small business concern owned
and controlled by service-disabled veterans.
``(3) Debarment and suspension.--If the Administrator
determines that a business concern knowingly and willfully
misrepresented that the business concern is a small business
concern owned and controlled by service-disabled veterans,
the Administrator may debar or suspend the business concern
from contracting with the United States.''.
(c) Integration of Databases.--Not later than 1 year after
the date of enactment of this Act, the Administrator for
Federal Procurement Policy and the Secretary of Veterans
Affairs shall ensure that data is shared on an ongoing basis
between the VetBiz database of the Department of Veterans
Affairs and the Central Contractor Registration database
maintained under subpart 4.11 of the Federal Acquisition
Regulation.

SEC. _25. SECTION 8(A) PROGRAM IMPROVEMENTS.

(a) Review of Effectiveness.--Section 8(a) of the Small
Business Act (15 U.S.C. 637(a)) is amended by adding at the
end the following:
``(22) Not later than 3 years after the date of enactment
of this paragraph, and every 3 years thereafter, the
Comptroller General of the United States shall--
``(A) conduct an evaluation of the effectiveness of the
program under this subsection, including an examination of--
``(i) the number and size of contracts applied for, as
compared to the number received by, small business concerns
after successfully completing the program;
``(ii) the percentage of small business concerns that
continue to operate during the 3-year period beginning on the
date on which the small business concerns successfully
complete the program;
``(iii) whether the business of small business concerns
increases during the 3-year period beginning on the date on
which the small business concerns successfully complete the
program; and
``(iv) the number of training sessions offered under the
program; and
``(B) submit to the Committee on Small Business and
Entrepreneurship of the Senate and the Committee on Small
Business of the House of Representatives a report regarding
each evaluation under subparagraph (A).''.
(b) Other Improvements.--In order to improve the 8(a)
program, the Administrator shall--
(1) not later than 90 days after the date of enactment of
this Act, begin to--
(A) evaluate the feasibility of--
(i) using additional third-party data sources;
(ii) making unannounced visits of sites that are selected
randomly or using risk-based criteria;
(iii) using fraud detection tools, including data-mining
techniques; and
(iv) conducting financial and analytical training for the
business opportunity specialists of the Administration;
(B) evaluate the feasibility and advisability of amending
regulations applicable the 8(a) program to require that
calculations of the adjusted net worth or total assets of an
individual include assets held by the spouse of the
individual; and
(C) develop a more consistent enforcement strategy that
includes the suspension or debarment of contractors that
knowingly make misrepresentations in order to qualify for the
8(a) program; and
(2) not later than 1 year after the date on which the
Comptroller General submits the report under section
8(a)(22)(B) of the Small Business Act, as added by subsection
(c), issue, in final form, proposed regulations of the
Administration that--
(A) determine the economic disadvantage of a participant in
the 8(a) program based on the income and asset levels of the
participant at the time of application and annual
recertification for the 8(a) program; and
(B) limit the ability of a small business concern to
participate in the 8(a) program if an immediate family member
of an owner of the small business concern is, or has been, a
participant in the 8(a) program, in the same industry.

SEC. _26. HUBZONE IMPROVEMENTS.

(a) Purpose.--The purpose of this section is to reform and
improve the HUBZone program of the Administration.
(b) In General.--The Administrator shall--
(1) ensure the HUBZone map is--
(A) accurate and up-to-date; and
(B) revised as new data is made available to maintain the
accuracy and currency of the HUBZone map;
(2) implement policies for ensuring that only HUBZone small
business concerns determined to be qualified under section
3(p)(5) of the Small Business Act (15 U.S.C. 632(p)(5)) are
participating in the HUBZone program, including through the
appropriate use of technology to control costs and maximize,
among other benefits, uniformity, completeness, simplicity,
and efficiency;
(3) submit to the Committee on Small Business and
Entrepreneurship of the Senate and the Committee on Small
Business of the House of Representatives a report regarding
any application to be designated as a HUBZone small business
concern or for recertification for which the Administrator
has not made a determination as of the date that is 60 days
after the date on which the application was submitted or
initiated, which shall include a plan and timetable for
ensuring the timely processing of the applications; and
(4) develop measures and implement plans to assess the
effectiveness of the HUBZone program that--
(A) require the identification of a baseline point in time
to allow the assessment of economic development under the
HUBZone program, including creating additional jobs; and
(B) take into account--
(i) the economic characteristics of the HUBZone; and
(ii) contracts being counted under multiple socioeconomic
subcategories.
(c) Employment Percentage.--Section 3(p) of the Small
Business Act (15 U.S.C. 632(p)) is amended--
(1) in paragraph (5), by adding at the end the following:
``(E) Employment percentage during interim period.--
``(i) Definition.--In this subparagraph, the term `interim
period' means the period beginning on the date on which the
Administrator determines that a HUBZone small business
concern is qualified under subparagraph (A) and ending on the
day before the date on which a contract under the HUBZone
program for which the HUBZone small business concern submits
a bid is awarded.
``(ii) Interim period.--During the interim period, the
Administrator may not determine that the HUBZone small
business is not qualified under subparagraph (A) based on a
failure to meet the applicable employment percentage under
subparagraph (A)(i)(I), unless the HUBZone small business
concern--

``(I) has not attempted to maintain the applicable
employment percentage under subparagraph (A)(i)(I); or
``(II) does not meet the applicable employment percentage--

``(aa) on the date on which the HUBZone small business
concern submits a bid for a contract under the HUBZone
program; or
``(bb) on the date on which the HUBZone small business
concern is awarded a contract under the HUBZone program.'';
and
(2) by adding at the end the following:
``(8) Hubzone program.--The term `HUBZone program' means
the program established under section 31.
``(9) Hubzone map.--The term `HUBZone map' means the map
used by the Administration to identify HUBZones.''.
(d) Redesignated Areas.--Section 3(p)(4)(C)(i) of the Small
Business Act (15 U.S.C. 632(p)(4)(C)(i)) is amended to read
as follows:
``(i) 3 years after the first date on which the
Administrator publishes a HUBZone map that is based on the
results from the 2010 decennial census; or''.

SEC. _27. ANNUAL REPORT ON SUSPENSION, DEBARMENT, AND
PROSECUTION.

The Administrator shall submit an annual report to the
Committee on Small Business and Entrepreneurship of the
Senate and the Committee on Small Business of the House of
Representatives that contains--
(1) the number of debarments from participation in programs
of the Administration issued by the Administrator during the
1-year period preceding the date of the report, including--
(A) the number of debarments that were based on a
conviction; and
(B) the number of debarments that were fact-based and did
not involve a conviction;
(2) the number of suspensions from participation in
programs of the Administration issued by the Administrator
during the 1-year period preceding the date of the report,
including--
(A) the number of suspensions issued that were based upon
indictments; and
(B) the number of suspensions issued that were fact-based
and did not involve an indictment;
(3) the number of suspension and debarments issued by the
Administrator during the 1-year period preceding the date of
the report that were based upon referrals from offices of the
Administration, other than the Office of Inspector General;
(4) the number of suspension and debarments issued by the
Administrator during the 1-year period preceding the date of
the report based upon referrals from the Office of Inspector
General; and
(5) the number of persons that the Administrator declined
to debar or suspend after a referral described in paragraph
(4), and the reason for each such decision.
______

SA 1900. Ms. SNOWE (for herself, Ms. Landrieu, Mr. Coburn, and Mr.
Kerry) submitted an amendment intended to be proposed by her to the
bill H.R. 3606, to increase American job creation and economic growth
by improving access to the public capital markets for

[[Page S1814]]

emerging growth companies; which was ordered to lie on the table; as
follows:

At the appropriate place, insert the following:

SEC. __. NATIONAL VETERANS BUSINESS DEVELOPMENT CORPORATION.

(a) In General.--The Small Business Act (15 U.S.C. 631 et
seq.) is amended by striking section 33 (15 U.S.C. 657c).
(b) Corporation.--On and after the date of enactment of
this Act, the National Veterans Business Development
Corporation and any successor thereto may not represent that
the corporation is federally chartered or in any other manner
authorized by the Federal Government.
(c) Conforming Amendments.--
(1) Small business act.--The Small Business Act (15 U.S.C.
631 et seq.), as amended by this section, is amended--
(A) by redesignating sections 34 through 45 as sections 33
through 44, respectively;
(B) in section 9(k)(1)(D) (15 U.S.C. 638(k)(1)(D)), by
striking ``section 34(d)'' and inserting ``section 33(d)'';
(C) in section 33 (15 U.S.C. 657d), as so redesignated--
(i) by striking ``section 35'' each place it appears and
inserting ``section 34'';
(ii) in subsection (a)--

(I) in paragraph (2), by striking ``section 35(c)(2)(B)''
and inserting ``section 34(c)(2)(B)'';
(II) in paragraph (4), by striking ``section 35(c)(2)'' and
inserting ``section 34(c)(2)''; and
(III) in paragraph (5), by striking ``section 35(c)'' and
inserting ``section 34(c)''; and

(iii) in subsection (h)(2), by striking ``section 35(d)''
and inserting ``section 34(d)'';
(D) in section 34 (15 U.S.C. 657e), as so redesignated--
(i) by striking ``section 34'' each place it appears and
inserting ``section 33''; and
(ii) in subsection (c)(1), by striking section
``34(c)(1)(E)(ii)'' and inserting section
``33(c)(1)(E)(ii)'';
(E) in section 36(d) (15 U.S.C. 657i(d)), as so
redesignated, by striking ``section 43'' and inserting
``section 42'';
(F) in section 39(d) (15 U.S.C. 657l(d)), as so
redesignated, by striking ``section 43'' and inserting
``section 42''; and
(G) in section 40(b) (15 U.S.C. 657m(b)), as so
redesignated, by striking ``section 43'' and inserting
``section 42''.
(2) Title 10.--Section 1142(b)(13) of title 10, United
States Code, is amended by striking ``and the National
Veterans Business Development Corporation''.
(3) Title 38.--Section 3452(h) of title 38, United States
Code, is amended by striking ``any of the'' and all that
follows and inserting ``any small business development center
described in section 21 of the Small Business Act (15 U.S.C.
648), insofar as such center offers, sponsors, or cosponsors
an entrepreneurship course, as that term is defined in
section 3675(c)(2).''.
(4) Food, conservation, and energy act of 2008.--Section
12072(c)(2) of the Food, Conservation, and Energy Act of 2008
(15 U.S.C. 636g(c)(2)) is amended by striking ``section 43 of
the Small Business Act, as added by this Act'' and inserting
``section 42 of the Small Business Act (15 U.S.C. 657o)''.
(5) Veterans entrepreneurship and small business
development act of 1999.--Section 203(c)(5) of the Veterans
Entrepreneurship and Small Business Development Act of 1999
(15 U.S.C. 657b note) is amended by striking ``In cooperation
with the National Veterans Business Development Corporation,
develop'' and inserting ``Develop''.
______

SA 1901. Mr. RUBIO (for himself, Mr. Nelson of Florida, and Mr.
Cornyn) submitted an amendment intended to be proposed by him to the
bill H.R. 3606, to increase American job creation and economic growth
by improving access to the public capital markets for emerging growth
companies; which was ordered to lie on the table; as follows:

At the end, add the following:

TITLE _--OTHER PROVISIONS

SEC. _01. PROHIBITION ON TREASURY REGULATIONS WITH RESPECT TO
INFORMATION REPORTING ON CERTAIN INTEREST PAID
TO NONRESIDENT ALIENS.

Except to the extent provided in Treasury Regulations as in
effect on February 21, 2011, the Secretary of the Treasury
shall not require (by regulation or otherwise) that an
information return be made by a payor of interest in the case
of interest--
(1) which is described in section 871(i)(2)(A) of the
Internal Revenue Code of 1986, and
(2) which is paid--
(A) to a nonresident alien, and
(B) on a deposit maintained at an office within the United
States.
______

SA 1902. Ms. LANDRIEU submitted an amendment intended to be proposed
by her to the bill H.R. 3606, to increase American job creation and
economic growth by improving access to the public capital markets for
emerging growth companies; which was ordered to lie on the table; as
follows:

Strike section 602 and insert the following:

SEC. 602. THRESHOLD FOR REGISTRATION.

Section 12(g)(1) of the Securities Exchange Act of 1934 (15
U.S.C. 78l(g)(1)) is amended by striking ``shall--'' and all
that follows through ``register such'' and inserting ``shall,
not later than 120 days after the last day of any fiscal year
of the issuer on which the issuer has total assets exceeding
$10,000,000 and a class of equity securities (other than an
exempted security) held of record by 750 persons or more (or,
in the case of an issuer that is a bank or a bank holding
company, as such term is defined in section 2 of the Bank
Holding Company Act of 1956 (12 U.S.C. 1841), by 1,250
persons or more), register such''.
______

SA 1903. Mr. REID (for Mrs. Boxer) proposed an amendment to the bill
S. 1813, to reauthorize Federal-aid highway and highway safety
construction programs, and for other purposes; as follows:

Strike title V of division C with the heading entitled
``Research and Innovative Technology Administration
Reauthorization Act of 2012''.

____________________