SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Spending Control Act of 2004''.

SEC. 2. EXTENSION OF DISCRETIONARY SPENDING LIMITS.

    (a) Discretionary Spending Limits.--(1) Section 251(c)(2) of the
Balanced Budget and Emergency Deficit Control Act of 1985 is amended by
inserting a dash after ``2005'', by redesignating the remaining portion
of such paragraph as subparagraph (B) and by moving it two ems to the
right, and by inserting after the dash the following new subparagraph:
                    ``(A) for the general purpose discretionary
                category: $____ in new budget authority and $____ in
                outlays; and''.
    (2) Section 251(c)(3) of the Balanced Budget and Emergency Deficit
Control Act of 1985 is amended by inserting a dash after ``2006'', by
redesignating the remaining portion of such paragraph as subparagraph
(B) and by moving it two ems to the right, and by inserting after the
dash the following new subparagraph:
                    ``(A) for the general purpose discretionary
                category: $____ in new budget authority and $____ in
                outlays; and''.
    (3) Section 251(c) of the Balanced Budget and Emergency Deficit
Control Act of 1985 is amended by redesignating paragraphs (4) through
(9) as paragraphs (7) through (12) and inserting after paragraph (3)
the following new paragraphs:
            ``(4) with respect to fiscal year 2007 for the general
        purpose discretionary category: $____ in new budget authority
        and $____ in outlays;
            ``(5) with respect to fiscal year 2008 for the general
        purpose discretionary category: $____ in new budget authority
        and $____ in outlays; and
            ``(6) with respect to fiscal year 2009 for the general
        purpose discretionary category: $____ in new budget authority
        and $____ in outlays;''.
    (b) Advance Appropriations.--Section 251 of the Balanced Budget and
Emergency Deficit Control Act of 1985 is amended by adding at the end
the following new subsection:
    ``(d) Advance Appropriations.--In any of fiscal years 2005 through
2009, discretionary advance appropriations provided in appropriation
Acts in excess of $____ shall be counted against the discretionary
spending limits for the fiscal year for which the appropriation Act
containing the advance appropriation is enacted.''.

SEC. 3. EXTENSION OF PAY-AS-YOU-GO REQUIREMENT.

    (a) Purpose.--Section 252(a) of the Balanced Budget and Emergency
Deficit Control Act of 1985 is amended to read as follows:
    ``(a) Purpose.--The purpose of this section is to assure that any
legislation that is enacted before October 1, 2009, that causes a net
increase in direct spending will trigger an offsetting
sequestration.''.
    (b) Timing.--Section 252(b)(1) of the Balanced Budget and Emergency
Deficit Control Act of 1985 is amended by striking ``any net deficit
increase'' and all that follows through ``2002,'' and by inserting
``any net increase in direct spending enacted before October 1,
2009,''.
    (c) Calculation of Direct Spending Increase.--Section 252(b)(2) of
the Balanced Budget and Emergency Deficit Control Act of 1985 is
amended--
            (1) by striking ``deficit'' the first place it appears and
        inserting ``direct spending'';
            (2) in subparagraph (A) by striking ``and receipts'';
            (3) in subparagraph (C) by striking ``and receipts''; and
            (4) by amending the heading to read as follows:
        ``Calculation of direct spending increase.--''.
    (d) Conforming Amendments.--(1) The heading of section 252(c) of
the Balanced Budget and Emergency Deficit Control Act of 1985 is
amended to read as follows: ``Eliminating a Direct Spending Increase.--
''.
    (2) Paragraphs (1), (2), and (4) of section 252(d) of the Balanced
Budget and Emergency Deficit Control Act of 1985 are amended by
striking ``or receipts'' each place it appears.
    (3) Section 252(e) of the Balanced Budget and Emergency Deficit
Control Act of 1985 is amended by striking ``or receipts'' and by
striking ``, outlays, and receipts'' and inserting ``and outlays''.
    (4) Section 254(c)(3) of the Balanced Budget and Emergency Deficit
Control Act of 1985 is amended--
            (A) in subparagraph (A) by striking ``net deficit increase
        or decrease'' and by inserting ``net increase or decrease in
        direct spending'';
            (B) in subparagraph (B) by striking ``amount of deficit
        increase or decrease'' and by inserting ``increase or decrease
        in direct spending''; and
            (C) in subparagraph (C) by striking ``a deficit increase''
        and by inserting ``an increase in direct spending''.

SEC. 4. DEFINITIONS.

    (a) In General.--Section 250(c) of the Balanced Budget and
Emergency Deficit Control Act of 1985 is amended by adding at the end
the following new paragraphs:
            ``(20) The term `advance appropriation' means
        appropriations that first become available one fiscal year or
        more beyond the fiscal year for which an appropriation Act
        making such funds available is enacted.
            ``(21)(A) Except as provided by subparagraph (B), the term
        `emergency requirement' means any provision that provides new
        budget authority and resulting outlays for a situation that
        poses a threat to life, property, or national security and is--
                    ``(i) sudden, quickly coming into being, and not
                building up over time;
                    ``(ii) an urgent, pressing, and compelling need
                requiring immediate action;
                    ``(iii) subject to subparagraph (B), unforeseen,
                unpredictable, and unanticipated; and
                    ``(iv) not permanent, temporary in nature.
            ``(B) An emergency that is part of an aggregate level of
        anticipated emergencies, particularly when normally estimated
        in advance, is not unforeseen.''.
    (b) Contingency Operations Related to Global War on Terrorism.--
Section 251(b)(2) of the Balanced Budget and Emergency Deficit Control
Act of 1985 is amended by adding at the end the following new
subparagraph:
                    ``(I) Contingency operations related to global war
                on terrorism.--If supplemental appropriations for
                discretionary accounts are enacted for contingency
                operations related to the global war on terrorism that,
                pursuant to this subparagraph, the President designates
                as a contingency operation related to the global war on
                terrorism and the Congress so designates in statute,
                the adjustment shall be the total of such
                appropriations in discretionary accounts so designated
                and the outlays flowing in all fiscal years from such
                appropriations.''.
    (c) Conforming Amendment.--The second sentence of section
250(c)(4)(A) of the Balanced Budget and Emergency Deficit Control Act
of 1985 is amended to read as follows: ``The general purpose
discretionary category shall consist of accounts designated in the
joint explanatory statement of managers accompanying the conference
report on the Spending Control Act of 2004.''.

SEC. 5. PROJECTIONS UNDER SECTION 257.

    Section 257(c) of the Balanced Budget and Emergency Deficit Control
Act of 1985 is amended by inserting after paragraph (6) the following
new paragraph:
            ``(7) Emergencies.--New budgetary resources designated
        under section 251(b)(2)(A) or 251(b)(2)(I) shall not be assumed
        beyond the fiscal year for which they have been enacted.''.

SEC. 6. EXCEPTION FOR OUTLAY COMPONENTS OF EXPIRING RECEIPTS
              LEGISLATION.

    Section 252(d)(4) of the Balanced Budget and Emergency Deficit
Control Act of 1985 is amended by striking ``and'' at the end of
subparagraph (A), by striking the period and inserting ``; and'' at the
end of subparagraph (B), and by adding at the end the following new
subparagraph:
                    ``(C) extending provisions in the Economic Growth
                and Tax Relief Reconciliation Act of 2001 or provisions
                in sections 101 through 104, section 202, or sections
                301 and 302 of the Jobs and Growth Tax Relief
                Reconciliation Act of 2003.''.

SEC. 7. REPORTS.

    Subsections (c)(2) and (f)(2)(A) of section 254 of the Balanced
Budget and Emergency Deficit Control Act of 1985 are amended by
striking ``2002'' and inserting ``2009''.

SEC. 8. EXPIRATION.

    Section 275(b) of the Balanced Budget and Emergency Deficit Control
Act of 1985 is amended by striking ``2002'' and inserting ``2009'' and
by striking ``2006'' and inserting ``2013''.

SEC. 9. TECHNICAL CORRECTIONS TO THE BALANCED BUDGET AND EMERGENCY
              DEFICIT CONTROL ACT OF 1985.

    Part C of the Balanced Budget and Emergency Deficit Control Act of
1985 is amended as follows:
            (1) In section 250(a), strike ``SEC. 256. GENERAL AND
        SPECIAL SEQUESTRATION RULES'' and insert ``Sec. 256. General
        and special sequestration rules'' in the item relating to
        section 256.
            (2) In subparagraphs (F), (G), (H), (I), (J), and (K) of
        section 250(c)(4), insert ``subparagraph'' after ``described
        in'' each place it appears.
            (3) In section 250(c)(18), insert ``of'' after
        ``expenses''.
            (4) In section 251(b)(1)(A), strike ``committees'' the
        first place it appears and insert ``Committees''.
            (5) In section 251(b)(1)(C)(i), strike ``fiscal years'' and
        insert ``fiscal year''.
            (6) In section 251(b)(1)(D)(ii), strike ``fiscal years''
        and insert ``fiscal year''.
            (7) In section 252(b)(2)(B), insert ``the'' before ``budget
        year''.
            (8) In section 252(c)(1)(C)(i), strike ``paragraph (1)''
        and insert ``subsection (b)''.
            (9) In section 254(c)(3)(A), strike ``subsection'' and
        insert ``section''.
            (10) In section 254(f)(4), strike ``subsection'' and insert
        ``section'' and strike ``sequesterable'' and insert
        ``sequestrable''.
            (11) In section 255(g)(1)(B), move the fourteenth
        undesignated clause 2 ems to the right.
            (12) In section 255(g)(2), insert ``and'' after the
        semicolon at the end of the next-to-last undesignated clause.
            (13) In section 255(h)--
                    (A) strike ``and'' after the semicolon in the ninth
                undesignated clause;
                    (B) insert ``and'' after the semicolon at the end
                of the tenth undesignated clause; and
                    (C) strike the semicolon at the end and insert a
                period.
            (14) In section 256(k)(1), strike ``paragraph (5)'' and
        insert ``paragraph (6)''.
            (15) In section 257(b)(2)(A)(i), strike ``differenes'' and
        insert ``differences''.


SECTION 1. GRATUITOUS TRANSFERS FOR THE BENEFIT OF EMPLOYEES.

    (a) In General.--Subparagraph (C) of section 664(d)(1) of the
Internal Revenue Code of 1986 and subparagraph (C) of section 664(d)(2)
of such Code are each amended by striking the period at the end thereof
and inserting ``or, to the extent the remainder interest is in
qualified employer securities (as defined in paragraph (3)(C)), is to
be transferred to an employee stock ownership plan (as defined in
section 4975(e)(7)) in a qualified gratuitous transfer (as defined by
paragraph (3)).''
    (b) Qualified Gratuitous Transfer Defined.--Subsection (d) of
section 664 of such Code is amended by redesignating paragraph (3) as
paragraph (4) and by inserting after paragraph (2) the following new
paragraph:
            ``(3) Qualified gratuitous transfer of qualified employer
        securities.--
                    ``(A) In general.--For purposes of this section,
                the term `qualified gratuitous transfer' means a
                transfer of qualified employer securities to an
                employee stock ownership plan (as defined in section
                4975(e)(7)) but only to the extent that--
                            ``(i) the securities transferred previously
                        passed from a decedent to a trust described in
                        paragraph (1) or (2);
                            ``(ii) no deduction under section 404 is
                        allowable with respect to such transfer;
                            ``(iii) such plan provides that the
                        securities so transferred are allocated to plan
                        participants in a manner consistent with
                        section 401(a)(4);
                            ``(iv) such plan treats such securities as
                        being attributable to employer contributions
                        but without regard to the limitations otherwise
                        applicable to such contributions under section
                        404;
                            ``(v) such plan provides that such
                        securities are held in a suspense account under
                        the plan to be allocated each year, up to the
                        limitations under section 415(c), after first
                        allocating all other annual additions for the
                        limitation year, up to the limitations under
                        sections 415 (c) and (e); and
                            ``(vi) the employer whose employees are
                        covered by the plan described in this
                        subparagraph files with the Secretary a
                        verified written statement consenting to the
                        application of sections 4978 and 4979A with
                        respect to such employer.
                    ``(B) Qualified employer securities.--For purposes
                of this section, the term `qualified employer
                securities' means employer securities (as defined in
                section 409(l)) which are issued by a domestic
                corporation which has no outstanding stock which is
                readily tradable on an established securities market.
                    ``(C) Treatment of securities allocated by employee
                stock ownership plan to persons related to decedent or
                5-percent shareholders.--
                            ``(i) In general.--If any portion of the
                        assets of the plan attributable to securities
                        acquired by the plan in a qualified gratuitous
                        transfer are allocated to the account of--
                                    ``(I) any person who is related to
                                the decedent (within the meaning of
                                section 267(b)), or
                                    ``(II) any person who, at the time
                                of such allocation or at any time
                                during the 1-year period ending on the
                                date of the acquisition of qualified
                                employer securities by the plan, is a
                                5-percent shareholder of the employer
                                maintaining the plan,
                        the plan shall be treated as having distributed
                        (at the time of such allocation) to such person
                        or shareholder the amount so allocated.
                            ``(ii) 5-percent shareholder.--For purposes
                        of clause (i), the term `5-percent shareholder'
                        means any person who owns (directly or through
                        the application of section 318(a)) more than 5
                        percent of--
                                    ``(I) any class of outstanding
                                stock of the corporation which issued
                                such qualified employer securities or
                                of any corporation which is a member of
                                the same controlled group of
                                corporations (within the meaning of
                                section 409(l)(4)) as such corporation,
                                or
                                    ``(II) the total value of any class
                                of outstanding stock of any such
                                corporation; and
                        For purposes of the preceding sentence, section
                        318(a) shall be applied without regard to the
                        exception in paragraph (2)(B)(i) thereof.
                            ``(iii) Cross reference.--

                                ``For excise tax on allocations
described in clause (i), see section 4979A.''
    (c) Conforming Amendments.--
            (1) Section 401(a)(1) of such Code is amended by inserting
        ``or by a charitable remainder trust pursuant to a qualified
        gratuitous transfer (as defined in section 664(d)(3)(A)),''
        after ``stock bonus plans),''.
            (2) Section 404(a)(9) of such Code is amended by inserting
        after subparagraph (B) the following new subparagraph:
                    ``(C) A qualified gratuitous transfer (as defined
                in section 664(d)(3)(A)) shall have no effect on the
                amount or amounts otherwise deductible under paragraph
                (3) or (7) or under this paragraph.''
            (3) Section 415(c)(6) of such Code is amended by adding at
        the end thereof the following new sentence:
        ``The amount of any qualified gratuitous transfer (as defined
        in section 664(d)(3)(A)) allocated to a participant for any
        limitation year shall not exceed the limitations imposed by
        this section, but such amount shall not be taken into account
        in determining whether any other amount exceeds the limitations
        imposed by this section.''
            (4) Section 415(e) of such Code is amended--
                    (A) by redesignating paragraph (6) as paragraph
                (7), and
                    (B) by inserting after paragraph (5) the following
                new paragraph:
            ``(6) Special rule for qualified gratuitous transfers.--Any
        qualified gratuitous transfer of qualified employer securities
        (as defined by section 664(d)(3)) shall not be taken into
        account in calculating, and shall not be subject to, the
        limitations provided in this subsection.''
            (5) Paragraph (3) of section 644(e) of such Code is amended
        to read as follows:
            ``(3) acquired by a charitable remainder annuity trust (as
        defined in section 664(d)(1)) or a charitable remainder
        unitrust (as defined in sections 664(d) (2) and (4)), or''.
            (6) Subparagraph (B) of section 664(d)(1) of such Code and
        subparagraph (B) of section 664(d)(2) of such Code are each
        amended by inserting ``and other than qualified gratuitous
        transfers described in subparagraph (C)'' after ``subparagraph
        (A)''.
            (7) Paragraph (4) of section 674(b) of such Code is amended
        by inserting before the period ``or to an employee stock
        ownership plan (as defined in section 4975(e)(7)) in a
        qualified gratuitous transfer (as defined in section
        664(d)(3))''.
            (8)(A) Section 2055(a) of such Code is amended--
                    (i) by striking ``or'' at the end of paragraph (3),
                    (ii) by striking the period at the end of paragraph
                (4) and inserting ``; or'', and
                    (iii) by inserting after paragraph (4) the
                following new paragraph:
            ``(5) to an employee stock ownership plan if such transfer
        qualifies as a qualified gratuitous transfer of qualified
        employer securities within the meaning of section 664(d)(3).''
            (B) Clause (ii) of section 2055(e)(3)(C) of such Code is
        amended by striking ``section 664(d)(3)'' and inserting
        ``section 664(d)(4)''.
            (9) Paragraph (8) of section 2056(b) of such Code is
        amended to read as follows:
            ``(8) Special rule for charitable remainder trusts.--
                    ``(A) In general.--If the surviving spouse of the
                decedent is the only beneficiary of a qualified
                charitable remainder trust who is not a charitable
                beneficiary nor an ESOP beneficiary, paragraph (1)
                shall not apply to any interest in such trust which
                passes or has passed from the decedent to such
                surviving spouse.
                    ``(B) Definitions.--For purposes of subparagraph
                (A)--
                            ``(i) Charitable beneficiary.--The term
                        `charitable beneficiary' means any beneficiary
                        which is an organization described in section
                        170(c).
                            ``(ii) Esop beneficiary.--The term `ESOP
                        beneficiary' means any beneficiary which is an
                        employee stock ownership plan (as defined in
                        section 4975(e)(7)) that holds a remainder
                        interest in qualified employer securities (as
                        defined in section 664(d)(3)) to be transferred
                        to such plan in a qualified gratuitous transfer
                        (as defined in section 664(d)(3)).
                            ``(iii) Qualified charitable remainder
                        trust.--The term `qualified charitable
                        remainder trust' means a charitable remainder
                        annuity trust or a charitable remainder
                        unitrust (described in section 664).''
            (10) Section 4947(b) of such Code is amended by inserting
        after paragraph (3) the following new paragraph:
            ``(4) Section 507.--The provisions of section 507(a) shall
        not apply to a trust which is described in subsection (a)(2) by
        reason of a distribution of qualified employer securities (as
        defined in section 664(d)(3)) to an employee stock ownership
        plan (as defined in section 4975(e)(7)) in a qualified
        gratuitous transfer (as defined by section 664(d)(3)).''
            (11) The last sentence of section 4975(e)(7) of such Code
        is amended by inserting ``and section 664(d)(3)'' after
        ``section 409(n)''
            (12) Subsection (a) of section 4978 of such Code is amended
        by inserting ``or acquired any qualified employer securities in
        a qualified gratuitous transfer to which section 664(d)(3)
        applied'' after ``section 1042 applied''.
            (13) Paragraph (2) of section 4978(b) of such Code is
        amended--
                    (A) by inserting ``or acquired in the qualified
                gratuitous transfer to which section 664(d)(3)
                applied'' after ``section 1042 applied'', and
                    (B) by inserting ``or to which section 664(d)(3)
                applied'' after ``section 1042 applied'' in
                subparagraph (C) thereof.
            (14) Subsection (c) of section 4978 of such Code is amended
        by striking ``written statement'' and all that follows and
        inserting ``written statement described in section
        664(d)(3)(A)(vi) or in section 1042(b)(3) (as the case may
        be).''
            (15) Paragraph (2) of section 4978(e) of such Code is
        amended by striking the period and inserting ``; except that
        such section shall be applied without regard to subparagraph
        (B) thereof for purposes of applying this section and section
        4979A with respect to securities acquired in a qualified
        gratuitous transfer (as defined in section 664(d)(3)(A)).''
            (16) Subsection (a) of section 4979A of such Code is
        amended to read as follows:
    ``(a) Imposition of Tax.--If--
            ``(1) there is a prohibited allocation of qualified
        securities by any employee stock ownership plan or eligible
        worker-owned cooperative, or
            ``(2) there is an allocation described in section
        663(d)(3)(C)(i),
there is hereby imposed a tax on such allocation equal to 50 percent of
the amount involved.''
            (17) Subsection (c) of section 4979A of such Code is
        amended to read as follows:
    ``(c) Liability for Tax.--The tax imposed by this section shall be
paid by--
            ``(1) the employer sponsoring such plan, or
            ``(2) the eligible worker-owned cooperative,
which made the written statement described in section 664(d)(3)(A)(vi)
or in section 1042(b)(3)(B) (as the case may be).''
            (18) Section 4979A of such Code is amended by redesignating
        subsection (d) as subsection (e) and by inserting after
        subsection (c) the following new subsection:
    ``(d) Special Statute of Limitations for Tax Attributable to
Certain Allocations.--The statutory period for the assessment of any
tax imposed by this section on an allocation described in subsection
(a)(2) of qualified employer securities shall not expire before the
date which is 3 years from the later of--
            ``(1) the 1st allocation of such securities in connection
        with a qualified gratuitous transfer (as defined in section
        664(d)(3)(A)), or
            ``(2) the date on which the Secretary is notified of the
        allocation described in subsection (a)(2).''
    (d) Effective Date.--The amendments made by this section shall
apply to transfers made by trusts to, or for the use of, an employee
stock ownership plan after the date of the enactment of this Act.


SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Sports Agent Responsibility and
Trust Act''.

SEC. 2. DEFINITIONS.

    As used in this Act, the following definitions apply:
            (1) Agency contract.--The term ``agency contract'' means an
        oral or written agreement in which a student athlete authorizes
        a person to negotiate or solicit on behalf of the student
        athlete a professional sports contract or an endorsement
        contract.
            (2) Athlete agent.--The term ``athlete agent'' means an
        individual who enters into an agency contract with a student
        athlete, or directly or indirectly recruits or solicits a
        student athlete to enter into an agency contract, and does not
        include a spouse, parent, sibling, grandparent, or guardian of
        such student athlete, or an individual acting solely on behalf
        of a professional sports team or professional sports
        organization.
            (3) Athletic director.--The term ``athletic director''
        means an individual responsible for administering the athletic
        program of an educational institution or, in the case that such
        program is administered separately, the athletic program for
        male students or the athletic program for female students, as
        appropriate.
            (4) Commission.--The term ``Commission'' means the Federal
        Trade Commission.
            (5) Endorsement contract.--The term ``endorsement
        contract'' means an agreement under which a student athlete is
        employed or receives consideration for the use by the other
        party of that individual's person, name, image, or likeness in
        the promotion of any product, service, or event.
            (6) Intercollegiate sport.--The term ``intercollegiate
        sport'' means a sport played at the collegiate level for which
        eligibility requirements for participation by a student athlete
        are established by a national association for the promotion or
        regulation of college athletics.
            (7) Professional sports contract.--The term ``professional
        sports contract'' means an agreement under which an individual
        is employed, or agrees to render services, as a player on a
        professional sports team, with a professional sports
        organization, or as a professional athlete.
            (8) State.--The term ``State'' includes a State of the
        United States, the District of Columbia, Puerto Rico, the
        United States Virgin Islands, or any territory or insular
        possession subject to the jurisdiction of the United States.
            (9) Student athlete.--The term ``student athlete'' means an
        individual who engages in, is eligible to engage in, or may be
        eligible in the future to engage in, any intercollegiate sport.
        An individual who is permanently ineligible to participate in a
        particular intercollegiate sport is not a student athlete for
        purposes of that sport.

SEC. 3. REGULATION OF UNFAIR AND DECEPTIVE ACTS AND PRACTICES IN
              CONNECTION WITH THE CONTACT BETWEEN AN ATHLETE AGENT AND
              A STUDENT ATHLETE.

    (a) Conduct Prohibited.--It is unlawful for an athlete agent to--
            (1) directly or indirectly recruit or solicit a student
        athlete to enter into an agency contract, by--
                    (A) giving any false or misleading information or
                making a false promise or representation; or
                    (B) providing anything of value to a student
                athlete or anyone associated with the student athlete
                before the student athlete enters into an agency
                contract;
            (2) enter into an agency contract with a student athlete
        without providing the student athlete with the disclosure
        document described in subsection (b); or
            (3) predate or postdate an agency contract.
    (b) Required Disclosure by Athlete Agents to Student Athletes.--
            (1) In general.-- In conjunction with the entering into of
        an agency contract, an athlete agent shall provide to the
        student athlete, or, if the student athlete is under the age of
        18 to such student athlete's parent or legal guardian, a
        disclosure document that meets the requirements of this
        subsection. Such disclosure document is separate from and in
        addition to any disclosure which may be required under State
        law.
            (2) Signature of student athlete.--The disclosure document
        must be signed by the student athlete, or, if the student
        athlete is under the age of 18 by such student athlete's parent
        or legal guardian, prior to entering into the agency contract.
            (3) Required language.--The disclosure document must
        contain, in close proximity to the signature of the student
        athlete, or, if the student athlete is under the age of 18, the
        signature of such student athlete's parent or legal guardian, a
        conspicuous notice in boldface type stating: ``Warning to
        Student Athlete: If you agree orally or in writing to be
        represented by an agent now or in the future you may lose your
        eligibility to compete as a student athlete in your sport.
        Within 72 hours after entering into this contract or before the
        next athletic event in which you are eligible to participate,
        whichever occurs first, both you and the agent by whom you are
        agreeing to be represented must notify the athletic director of
        the educational institution at which you are enrolled, or other
        individual responsible for athletic programs at such
        educational institution, that you have entered into an agency
        contract.''.

SEC. 4. ENFORCEMENT.

    (a) Unfair or Deceptive Act or Practice.--A violation of this Act
shall be treated as a violation of a rule defining an unfair or
deceptive act or practice prescribed under section 18(a)(1)(B) of the
Federal Trade Commission Act (15 U.S.C. 57a(a)(1)(B)).
    (b) Actions by the Commission.--The Commission shall enforce this
Act in the same manner, by the same means, and with the same
jurisdiction, powers, and duties as though all applicable terms and
provisions of the Federal Trade Commission Act (15 U.S.C. 41 et seq.)
were incorporated into and made a part of this Act.

SEC. 5. ACTIONS BY STATES.

    (a) In General.--
            (1) Civil actions.--In any case in which the attorney
        general of a State has reason to believe that an interest of
        the residents of that State has been or is threatened or
        adversely affected by the engagement of any athlete agent in a
        practice that violates section 3 of this Act, the State may
        bring a civil action on behalf of the residents of the State in
        a district court of the United States of appropriate
        jurisdiction to--
                    (A) enjoin that practice;
                    (B) enforce compliance with this Act;
                    (C) obtain damage, restitution, or other
                compensation on behalf of residents of the State; or
                    (D) obtain such other relief as the court may
                consider to be appropriate.
            (2) Notice.--
                    (A) In general.--Before filing an action under
                paragraph (1), the attorney general of the State
                involved shall provide to the Commission--
                            (i) written notice of that action; and
                            (ii) a copy of the complaint for that
                        action.
                    (B) Exemption.--Subparagraph (A) shall not apply
                with respect to the filing of an action by an attorney
                general of a State under this subsection, if the
                attorney general determines that it is not feasible to
                provide the notice described in that subparagraph
                before filing of the action. In such case, the attorney
                general of a State shall provide notice and a copy of
                the complaint to the Commission at the same time as the
                attorney general files the action.
    (b) Intervention.--
            (1) In general.--On receiving notice under subsection
        (a)(2), the Commission shall have the right to intervene in the
        action that is the subject of the notice.
            (2) Effect of intervention.--If the Commission intervenes
        in an action under subsection (a), it shall have the right--
                    (A) to be heard with respect to any matter that
                arises in that action; and
                    (B) to file a petition for appeal.
    (c) Construction.--For purposes of bringing any civil action under
subsection (a), nothing in this title shall
be construed to prevent an attorney general of a State from exercising
the powers conferred on the attorney general by the laws of that State
to--
            (1) conduct investigations;
            (2) administer oaths or affirmations; or
            (3) compel the attendance of witnesses or the production of
        documentary and other evidence.
    (d) Actions by the Commission.--In any case in which an action is
instituted by or on behalf of the Commission for a violation of section
3, no State may, during the pendency of that action, institute an
action under subsection (a) against any defendant named in the
complaint in that action--
    (e) Venue.--Any action brought under subsection (a) may be brought
in the district court of the United States that meets applicable
requirements relating to venue under section 1391 of title 28, United
States Code.
    (f) Service of Process.--In an action brought under subsection (a),
process may be served in any district in which the defendant--
            (1) is an inhabitant; or
            (2) may be found.

SEC. 6. PROTECTION OF EDUCATIONAL INSTITUTION.

    (a) Notice Required.--Within 72 hours after entering into an agency
contract or before the next athletic event in which the student athlete
may participate, whichever occurs first, the athlete agent and the
student athlete shall each inform the athletic director of the
educational institution at which the student athlete is enrolled, or
other individual responsible for athletic programs at such educational
institution, that the student athlete has entered into an agency
contract, and the athlete agent shall provide the athletic director
with notice in writing of such a contract.
    (b) Civil Remedy.--
            (1) In general.--An educational institution has a right of
        action against an athlete agent for damages caused by a
        violation of this Act.
            (2) Damages.--Damages of an educational institution may
        include losses and expenses incurred because, as a result of
        the conduct of the athlete agent, the educational institution
        was injured by a violation of this Act or was penalized,
        disqualified, or suspended from participation in athletics by a
        national association for the promotion and regulation of
        athletics, by an athletic conference, or by reasonable self-
        imposed disciplinary action taken to mitigate actions likely to
        be imposed by such an association or conference.
            (3) Costs and attorneys fees.--In an action taken under
        this section, the court may award to the prevailing party costs
        and reasonable attorneys fees.
            (4) Effect on other rights, remedies and defenses.--This
        section does not restrict the rights, remedies, or defenses of
        any person under law or equity.

SEC. 7. SENSE OF CONGRESS.

    It is the sense of Congress that States should enact the Uniform
Athlete Agents Act of 2000 drafted by the National Conference of
Commissioners on Uniform State Laws, to protect student athletes and
the integrity of amateur sports from unscrupulous sports agents. In
particular, it is the sense of Congress that States should enact the
provisions relating to the registration of sports agents, the required
form of contract, the right of the student athlete to cancel an agency
contract, the disclosure requirements relating to record maintenance,
reporting, renewal, notice, warning, and security, and the provisions
for reciprocity among the States.


SECTION 1. SHORT TITLE.

    This Act may be cited as the ``State Innovation Pilot Act of
2011''.

SEC. 2. PURPOSES.

    The purposes of this Act are--
            (1) to support State, local, and tribal leadership and
        innovation in preparing all students to meet State-developed
        college and career ready academic content standards and student
        academic achievement standards, by establishing a process to
        permit State, local, and tribal educational leaders to
        implement alternative and innovative strategies to improve
        student academic achievement and otherwise meet the purposes of
        the Elementary and Secondary Education Act of 1965 (20 U.S.C.
        6301 et seq.); and
            (2) to direct the Secretary of Education to defer to State,
        local, and tribal judgments regarding how best to accomplish
        the purposes of the Elementary and Secondary Education Act of
        1965.

SEC. 3. WAIVERS OF STATUTORY AND REGULATORY REQUIREMENTS.

    Section 9401 of the Elementary and Secondary Education Act of 1965
(20 U.S.C. 7861) is amended--
            (1) by striking subsection (a) and inserting the following:
    ``(a) In General.--
            ``(1) Request for waiver.--A State educational agency,
        local educational agency, or Indian tribe that receives funds
        under a program authorized under this Act may submit a request
        to the Secretary to waive any statutory or regulatory
        requirement of this Act.
            ``(2) Receipt of waiver.--Except as provided in subsection
        (c), the Secretary shall waive any statutory or regulatory
        requirement of this Act for a State educational agency, local
        educational agency, Indian tribe, or school (through a local
        educational agency), that submits a waiver request pursuant to
        this subsection.'';
            (2) in subsection (b)--
                    (A) in paragraph (1)--
                            (i) in the matter preceding subparagraph
                        (A), by inserting ``, which shall include a
                        plan'' after ``waiver request to the
                        Secretary'';
                            (ii) in subparagraph (B), by striking ``and
                        how the waiving of those requirements will''
                        and all that follows through the end, and
                        inserting a semicolon;
                            (iii) by redesignating subparagraph (E) as
                        subparagraph (F); and
                            (iv) by striking subparagraphs (C) and (D),
                        and inserting the following:
                    ``(C) reasonably demonstrates that the waiver will
                improve instruction for students, advance student
                academic achievement, and contribute to student mastery
                of knowledge and skills, consistent with the State's
                college and career ready academic content standards and
                student academic achievement standards;
                    ``(D) describes the methods the State educational
                agency, local educational agency, or Indian tribe will
                use to--
                            ``(i) monitor the effectiveness of the
                        implementation of the plan; and
                            ``(ii) assure regular evaluation and
                        continuous improvement of the plan;
                    ``(E) as applicable to the waiver request--
                            ``(i) describes the State educational
                        agency, local educational agency, or Indian
                        tribe's process for making valid and meaningful
                        accountability determinations, based on student
                        academic achievement, to review the success of
                        schools and local educational agencies or
                        Indian tribes in implementing the State's
                        college and career ready academic content
                        standards and student academic achievement
                        standards;
                            ``(ii) describes the State educational
                        agency, local educational agency, or Indian
                        tribe's process for accurately and meaningfully
                        identifying, supporting, and intervening in
                        underperforming schools, consistent with
                        applicable State or local policy; and
                            ``(iii) includes information on how the
                        State educational agency, local educational
                        agency, or Indian tribe will maintain and
                        improve transparency in reporting to parents
                        and the public on student achievement and
                        school performance, including the achievement
                        of students according to the student subgroups
                        described in subclauses (I) through (IV) of
                        section 1111(b)(2)(B)(viii); and'';
                    (B) in paragraph (2)(B)(i)(II), by striking ``(on
                behalf of, and based on the requests of, local
                educational agencies)'' and inserting ``(on their own
                behalf, or on behalf of, and based on the requests of,
                local educational agencies in the State)'';
                    (C) in paragraph (3)(A), in the matter preceding
                clause (i), by inserting ``or on behalf of local
                educational agencies in the State,'' after ``acting on
                its own behalf,''; and
                    (D) by adding at the end the following:
            ``(4) Peer review.--
                    ``(A) Peer review team.--
                            ``(i) In general.--The Secretary shall
                        establish multi-disciplinary peer review teams
                        and appoint members to such teams, including
                        persons who have experience with a State
                        educational agency (or local educational agency
                        or Indian tribe, as appropriate) and broader
                        education reform experience, to review waiver
                        requests under this section if--
                                    ``(I) the Secretary requests such
                                input in order to approve a waiver
                                request; or
                                    ``(II) the Secretary intends to
                                disapprove a request.
                            ``(ii) Team in place for all waiver
                        requests.--The Secretary may, at the
                        Secretary's discretion, have a peer review team
                        review all waiver requests submitted under this
                        section.
                    ``(B) Applicability.--The Secretary may approve a
                waiver request under this section without conducting a
                peer review of the request, but shall use the peer
                review process under this paragraph before disapproving
                such a request.
                    ``(C) Purpose of peer review.--The peer review
                process shall be designed to--
                            ``(i) promote effective implementation of
                        State-developed college and career ready
                        academic content standards and student academic
                        achievement standards, through State and local
                        innovation; and
                            ``(ii) provide transparent feedback to
                        State educational agencies, local educational
                        agencies, or Indian tribes, designed to
                        strengthen the applicant's plan described under
                        paragraph (1)(C).
                    ``(D) Standard and nature of review.--Peer
                reviewers shall conduct a good faith review of waiver
                requests submitted to them under this section. Peer
                reviewers shall review such waiver requests--
                            ``(i) in their totality;
                            ``(ii) in deference to State and local
                        judgment; and
                            ``(iii) with the goal of promoting State-
                        and local-led innovation.
            ``(5) Waiver determination, demonstration, and revision.--
                    ``(A) In general.--The Secretary shall approve a
                waiver request not more than 90 days after the date on
                which such request is submitted, unless the Secretary
                determines and demonstrates that--
                            ``(i) the waiver request does not meet the
                        requirements of this section;
                            ``(ii) the waiver is not permitted under
                        subsection (c);
                            ``(iii) the plan that is required under
                        paragraph (1)(C), and reviewed with deference
                        to State and local judgment, provides no
                        reasonable basis to determine that a waiver
                        will enhance student academic achievement; or
                            ``(iv) the waiver request does not provide
                        for adequate evaluation to ensure review and
                        continuous improvement of the plan, consistent
                        with paragraph (1)(D).
                    ``(B) Waiver determination and revision.--If the
                Secretary determines and demonstrates that the waiver
                request does not meet the requirements of this section,
                the Secretary shall--
                            ``(i) immediately--
                                    ``(I) notify the State educational
                                agency, local educational agency, or
                                Indian tribe of such determination; and
                                    ``(II) at the request of the State
                                educational agency, local educational
                                agency, or Indian tribe, provide
                                detailed reasons for such determination
                                in writing;
                            ``(ii) offer the State educational agency,
                        local educational agency, or Indian tribe an
                        opportunity to revise and resubmit the waiver
                        request not more than 60 days after the date of
                        such determination; and
                            ``(iii) if the Secretary determines that
                        the resubmission does not meet the requirements
                        of this section, at the request of the State
                        educational agency, local educational agency,
                        or Indian tribe, conduct a public hearing not
                        more than 30 days after the date of such
                        resubmission.
                    ``(C) Waiver disapproval.--The Secretary may
                disapprove a waiver request if--
                            ``(i) the State educational agency, local
                        educational agency, or Indian tribe has been
                        notified and offered an opportunity to revise
                        and resubmit the waiver request, as described
                        under clauses (i) and (ii) of subparagraph (B);
                        and
                            ``(ii) the State educational agency, local
                        educational agency, or Indian tribe--
                                    ``(I) does not revise and resubmit
                                the waiver request; or
                                    ``(II) revises and resubmits the
                                waiver request, and the Secretary
                                determines that such waiver request
                                does not meet the requirements of this
                                section after a hearing conducted under
                                subparagraph (B)(iii).
                    ``(D) External conditions.--The Secretary shall not
                disapprove a waiver request under this section based on
                conditions outside the scope of the waiver request.'';
            (3) in subsection (d)--
                    (A) in the heading, by adding ``; Limitations''
                after ``Duration and Extension of Waiver''; and
                    (B) by adding at the end the following:
            ``(3) Specific limitations.--The Secretary shall not
        require a State educational agency, local educational agency,
        or Indian tribe, as a condition of approval of a waiver
        request, to--
                    ``(A) include in, or delete from, such request,
                specific academic content standards or academic
                achievement standards;
                    ``(B) use specific academic assessment instruments
                or items; or
                    ``(C) include in, or delete from, such waiver
                request any criterion that specifies, defines, or
                prescribes the standards or measures that a State or
                local educational agency uses to establish, implement,
                or improve--
                            ``(i) State academic content standards or
                        academic achievement standards;
                            ``(ii) assessments;
                            ``(iii) State accountability systems;
                            ``(iv) systems that measure student growth;
                            ``(v) measures of other academic
                        indicators; or
                            ``(vi) teacher and principal evaluation
                        systems.'';
            (4) in subsection (e)--
                    (A) in paragraph (1)--
                            (i) by striking the heading and inserting
                        ``Waiver reports'';
                            (ii) in the matter preceding subparagraph
                        (A)--
                                    (I) by striking ``local educational
                                agency that receives'' and inserting
                                ``State educational agency, local
                                educational agency, or Indian tribe
                                that receives''; and
                                    (II) by striking ``submit a report
                                to the State educational agency that''
                                and inserting ``submit a report to the
                                Secretary that'';
                    (B) by striking paragraphs (2) and (3);
                    (C) by redesignating paragraph (4) as paragraph
                (2); and
                    (D) in paragraph (2), (as redesignated by
                subparagraph (C)), by striking ``Beginning in fiscal
                year 2002 and for each subsequent year, the Secretary
                shall submit to the Committee'' and inserting ``The
                Secretary shall annually submit to the Committee''; and
            (5) in subsection (f), by inserting ``and the recipient of
        the waiver has failed to make revisions needed to carry out the
        purpose of the waiver,'' after ``has been inadequate to justify
        a continuation of the waiver''.


SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Stop Adolescent Smoking Without
Excessive Bureaucracy Act of 2008''.

SEC. 2. YOUTH COMPLIANCE TARGET AND ENFORCEMENT.

    (a) Amendment.--Section 1926 of the Public Health Service Act (42
U.S.C. 300x-26) is amended to read as follows:

``SEC. 1926. STRENGTHENING STATE LAWS RELATING TO TOBACCO PRODUCT SALES
              TO INDIVIDUALS UNDER THE AGE OF 18.

    ``(a) Relevant Law.--
            ``(1) In general.--Subject to paragraph (2), for fiscal
        year 2010 and subsequent fiscal years, the Secretary may make a
        grant under section 1921 only if the State involved has in
        effect a law providing that--
                    ``(A) it is unlawful for any manufacturer,
                retailer, or distributor of tobacco products to sell or
                distribute any such product to any individual under 18
                years of age;
                    ``(B) it is unlawful for an individual under 18
                years of age--
                            ``(i) to purchase or attempt to purchase,
                        or receive or attempt to receive, a tobacco
                        product; or
                            ``(ii) to possess or attempt to possess a
                        tobacco product in a public place;
                    ``(C) a law enforcement agency, upon determining
                that an individual under 18 years of age allegedly
                purchased or received a tobacco product, or allegedly
                possessed a tobacco product in a public place, shall
                notify the individual's parent or parents, custodian,
                or guardian (if the name and address of a parent,
                guardian, or custodian is reasonably ascertainable);
                    ``(D) within 180 days after the effective date of
                such State law, any person engaged in the business of
                distributing tobacco products at retail shall implement
                a program--
                            ``(i) to notify each employee employed by
                        that person who distributes tobacco products
                        that State law prohibits the sale or
                        distribution of tobacco products to any
                        individual under 18 years of age and the
                        purchase or receipt, or possession in a public
                        place, of tobacco products by any such
                        individual; and
                            ``(ii) to ensure compliance with such law;
                    ``(E) an employer shall not be in violation of the
                prohibition described in subparagraph (A) if such
                employer--
                            ``(i) relies upon proof of age that
                        appeared on its face to be valid; or
                            ``(ii) implements a program in accordance
                        with subparagraph (D); and
                    ``(F) an individual who violates the prohibition
                described in subparagraph (B) may be liable for a civil
                monetary penalty and may be required to perform
                community service.
            ``(2) Delayed applicability for certain states.--In the
        case of a State whose legislature does not convene a regular
        session in fiscal year 2010, and in the case of a State whose
        legislature does not convene a regular session in fiscal year
        2011, the requirement described in paragraph (1) as a condition
        of a receipt of a grant under section 1921 shall apply only for
        fiscal year 2012 and subsequent fiscal years.
    ``(b) State Goals for Noncompliance.--Beginning with respect to the
first applicable fiscal year, a funding agreement for a grant under
section 1921 is that the State involved has established goals for
reducing the rate of retailer violations of the law described in
subsection (a), as determined through annual, random, unannounced
inspections described in subsection (c)(2)(A), so that the rate of such
violations relative to the number of inspections does not exceed the
following:
            ``(1) 20 percent during fiscal year 2010.
            ``(2) 19 percent during fiscal year 2011.
            ``(3) 18 percent during fiscal year 2012.
            ``(4) 17 percent during fiscal year 2013.
            ``(5) 16 percent during fiscal year 2014.
            ``(6) 15 percent during fiscal year 2015.
            ``(7) 14 percent during fiscal year 2016.
            ``(8) 13 percent during fiscal year 2017.
            ``(9) 12 percent during fiscal year 2018.
            ``(10) 11 percent during fiscal year 2019.
            ``(11) 10 percent during fiscal year 2020 and each
        subsequent year.
    ``(c) Enforcement.--
            ``(1) In general.--A funding agreement for a grant under
        section 1921 is that the State involved will enforce the law
        described in subsection (a) in a manner that can reasonably be
        expected to achieve the goals established pursuant to
        subsection (b) and reduce the extent to which tobacco products
        are available to individuals under 18 years of age.
            ``(2) Activities and reports regarding enforcement.--A
        funding agreement for a grant under section 1921 is that the
        State involved will--
                    ``(A) annually conduct random, unannounced
                inspections to ensure compliance with the law described
                in subsection (a); and
                    ``(B) annually submit to the Secretary a report
                describing--
                            ``(i) the activities carried out by the
                        State to enforce such law during the fiscal
                        year preceding the fiscal year for which the
                        State is seeking the grant;
                            ``(ii) the extent of success the State has
                        achieved in meeting the goals established
                        pursuant to subsection (b) and in reducing the
                        availability of tobacco products to individuals
                        under 18 years of age; and
                            ``(iii) the strategies to be utilized by
                        the State for enforcing such law during the
                        fiscal year for which the grant is sought.
            ``(3) Use of individuals under 18 years of age in
        inspections.--A funding agreement for a grant under section
        1921 is that the State may engage an individual under 18 years
        of age to test compliance with the law described in subsection
        (a) only if--
                    ``(A) the testing is conducted with the written
                consent of a parent or legal guardian of such
                individual; and
                    ``(B) such individual acts under the direct
                supervision of the State during a random, unannounced
                inspection.
    ``(d) Use of State Settlement Proceeds.--A funding agreement for a
grant under section 1921 is that the State involved certifies to the
Secretary that, with respect to the calendar year preceding the year in
which the State is applying for such a grant, the State expended more
than 10 percent of the funds paid to the State for such calendar year
as part of the comprehensive settlement of November 1998 (as referred
to in section 1903(d)(3)(B)(i) of the Social Security Act) on health
programs, tobacco control and cessation activities, or economic
development for tobacco regions.
    ``(e) Noncompliance of State.--
            ``(1) Determination by secretary.--Before making a grant
        under section 1921 to a State for any fiscal year, the
        Secretary shall make a determination of whether the State has
        maintained compliance with subsections (a), (b), (c), and (d).
            ``(2) Reduction of allotment.--Beginning with respect to
        the first applicable fiscal year, if, after notice to the State
        and an opportunity for a hearing, the Secretary determines that
        the State is not in compliance with any of subsections (a),
        (b), or (c), the Secretary shall reduce the amount of the
        allotment under section 1921 for the State for the fiscal year
        involved by an amount equal to--
                    ``(A) in the case of fiscal year 2010, 10 percent
                of the amount determined under section 1933 for the
                State for the fiscal year;
                    ``(B) in the case of fiscal year 2011, 20 percent
                of the amount determined under section 1933 for the
                State for the fiscal year;
                    ``(C) in the case of fiscal year 2012, 30 percent
                of the amount determined under section 1933 for the
                State for the fiscal year; and
                    ``(D) in the case of fiscal year 2013 or any
                subsequent fiscal year, 40 percent of the amount
                determined under section 1933 for the State for the
                fiscal year.
            ``(3) Additional reduction.--Beginning with respect to the
        first applicable fiscal year, if the Secretary determines under
        paragraph (1) that the State is not in compliance with any of
        subsections (a), (b), or (c), and is not in compliance with
        subsection (d), the Secretary may reduce the amount of the
        allotment under section 1921 for the State for the fiscal year
        involved by an amount equal to 10 percent of the amount
        determined under section 1933 for the State for such fiscal
        year. Such reduction shall be in addition to the reduction
        under paragraph (2).
    ``(f) Assistance in Implementing Programs.--In order to assist
States in establishing and implementing State laws described in
subsection (a), the Secretary shall--
            ``(1) develop not later than January 1, 2009, and
        subsequently revise as appropriate, model legislative language;
        and
            ``(2) provide technical assistance and guidance in
        developing, enacting, and implementing such laws and in setting
        goals pursuant to subsection (b).
    ``(g) Definition.--In this section, the term `first applicable
fiscal year' means--
            ``(1) fiscal year 2012, in the case of any State described
        in subsection (a)(2); and
            ``(2) fiscal year 2010, in the case of any other State.''.
    (b) Effective Date.--
            (1) In general.--The amendment made by subsection (a) shall
        apply with respect to the first applicable fiscal year and each
        subsequent fiscal year. The provisions of section 1926 of the
        Public Health Service Act (42 U.S.C. 300x-26), as in effect on
        the day before the date of the enactment of this Act, shall
        apply with respect to fiscal years preceding the first
        applicable fiscal year.
            (2) Definition.--In this subsection, the term ``first
        applicable fiscal year'' has the meaning given such term in
        subsection (g) of section 1926 of the Public Health Service Act
        (42 U.S.C. 300x-26), as amended by subsection (a) of this
        section.

SEC. 3. PUBLIC DISCLOSURE OF INGREDIENTS.

    Section 7 of the Federal Cigarette Labeling and Advertising Act (15
U.S.C. 1335a) is amended--
            (1) in subsection (a), by striking ``the company which uses
        the ingredients or''; and
            (2) by amending subsection (b)(2) to read as follows:
    ``(2) The Secretary shall make any information provided under this
section accessible to the public on the Internet not later than 48
hours after receipt by the Secretary.''.


SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Stop Any TARP Extension Act of
2009''.

SEC. 2. FINDINGS.

    The Congress finds as follows:
            (1) On October 7, 2008, Congress established the Troubled
        Assets Relief Program (TARP) as part of the Emergency Economic
        Stabilization Act (Public Law 110-343; 122 Stat. 3765) and
        allocated $700,000,000,000 for the purchase of toxic assets
        from banks with the goal of restoring liquidity to the
        financial sector and restarting the flow of credit in our
        markets.
            (2) The Secretary of the Treasury, without consultation
        with the Congress, changed the purpose of Troubled Assets
        Relief Program and began injecting capital into financial
        institutions through a program called the Capital Purchase
        Program (CPP) rather than purchasing toxic assets.
            (3) Lending by financial institutions was not noticeably
        increased with the implementation of the Capital Purchase
        Program and the expenditure of $250,000,000,000 of the funds
        under the Troubled Assets Relief Program, despite the goal of
        the program.
            (4) The recipients of amounts under the Capital Purchase
        Program are now faced with additional restrictions related to
        accepting those funds.
            (5) A number of community banks and large financial
        institutions have expressed their desire to return their
        Capital Purchase Program funds to the Secretary of the Treasury
        and the Secretary has begun the process of accepting receipt of
        such funds.
            (6) The Secretary of the Treasury should not unilaterally
        determine how these returned funds are spent in the future and
        the Congress should play a role in any determination of future
        spending of funds returned through the Troubled Assets Relief
        Program.

SEC. 3. REPEAL OF TARP EXTENSION AUTHORITY.

    Section 120 of the Emergency Economic Stabilization Act of 2008 (12
U.S.C. 5230) is amended--
            (1) by striking ``(a) Termination.--''; and
            (2) by striking subsection (b).

SEC. 4. DEBT REDUCTION.

    Subsection (d) of section 106 of the Emergency Economic
Stabilization Act of 2008 (12 U.S.C. 5216(d)) is amended to read as
follows:
    ``(d) Debt Reduction.--
            ``(1) In general.--The Secretary of the Treasury shall
        deposit in Public Debt Reduction Payment Account--
                    ``(A) all remaining funds available under this
                title not later than 30 days after the date of
                enactment of this section;
                    ``(B) any amounts received by the Secretary for
                repayment of financial assistance, for payment of any
                interest on the receipt of such financial assistance by
                an entity that has received financial assistance under
                this title or any program enacted by the Secretary
                under the authorities granted to the Secretary under
                this title, including the Capital Purchase Program; and
                    ``(C) revenues of, and proceeds from the sale of
                troubled assets purchased under this title, or from the
                sale, exercise, or surrender of warrants or senior debt
                instruments acquired under section 113.
            ``(2) Public debt reduction payment account.--The term
        `Public Debt Reduction Payment Account' means the account
        established under section 3114 of title 31, United States
        Code.''.

SEC. 5. ESTABLISHMENT OF PUBLIC DEBT REDUCTION PAYMENT ACCOUNT.

    (a) In General.--Subchapter I of chapter 31 of title 31, United
States Code, is amended by adding at the end the following new section:
``Sec. 3114. Public Debt Reduction Payment Account
    ``(a) Account Established.--There is hereby established in the
Treasury of the United States an account to be known as the Public Debt
Reduction Payment Account (hereinafter in this section referred to as
the `Account').
    ``(b) Use of Account.--The Secretary of the Treasury shall use
amounts in the Account to pay at maturity, or to redeem or buy before
maturity, any obligation of the Government held by the public and
included in the public debt. Any obligation which is paid, redeemed, or
bought with amounts from the account shall be canceled and retired and
may not be reissued. Amounts deposited in the account are appropriated
and may only be expended to carry out this section.
    ``(c) Deposits.--There shall be deposited in the Account any
amounts which are received by the Secretary of the Treasury pursuant to
section 137 of the Emergency Economic Stabilization Act of 2008. The
funds deposited to this account shall remain available until expended.
    ``(d) Implementation.--The Secretary of the Treasury and the
Director of the Office of Management and Budget shall each take such
actions as may be necessary to promptly carry out this section in
accordance with sound debt management policies.
    ``(e) Coordination With Debt Management.--Reducing the debt
pursuant to this section shall not interfere with the debt management
policies or goals of the Secretary of the Treasury.''.
    (b) Clerical Amendment.--The table of contents for chapter 31 of
title 31, United States Code, is amended by inserting after the item
relating to section 3113 the following new item:

``3114. Public Debt Reduction Payment Account.''.

SEC. 6. REDUCTION OF STATUTORY LIMIT ON THE PUBLIC DEBT.

    Section 3101(b) of title 31, United States Code, is amended by
inserting ``minus the aggregate amounts deposited into the Public Debt
Reduction Payment Account pursuant to section 3114(c)'' before ``,
outstanding at one time''.

SEC. 7. OFF-BUDGET STATUS OF PUBLIC DEBT REDUCTION PAYMENT ACCOUNT.

    Notwithstanding any other provision of law, the receipts and
disbursements of the Public Debt Reduction Payment Account established
by section 3114 of title 31, United States Code, shall not be counted
as new budget authority, outlays, receipts, or deficit or surplus for
purposes of--
            (1) the budget of the United States Government as submitted
        by the President;
            (2) the congressional budget; or
            (3) the Balanced Budget and Emergency Deficit Control Act
        of 1985.

SEC. 8. REMOVING PUBLIC DEBT REDUCTION PAYMENT ACCOUNT FROM BUDGET
              PRONOUNCEMENTS.

    (a) In General.--Any official statement issued by the Office of
Management and Budget, the Congressional Budget Office, or any other
agency or instrumentality of the Federal Government of surplus or
deficit totals of the budget of the United States Government as
submitted by the President or of the surplus or deficit totals of the
congressional budget, and any description of, or reference to, such
totals in any official publication or material issued by either of such
Offices or any other such agency or instrumentality, shall exclude the
outlays and receipts of the Public Debt Reduction Payment Account
established by section 3114 of title 31, United States Code.
    (b) Separate Public Debt Reduction Payment Account Budget
Documents.--The excluded outlays and receipts of the Public Debt
Reduction Payment Account established by section 3114 of title 31,
United States Code, shall be submitted in separate budget documents.


SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Stop Errors in Credit Use and
Reporting Act'' or the ``SECURE Act''.

SEC. 2. LEGAL RECOURSE FOR CONSUMERS.

    (a) Injunctive Relief.--The Fair Credit Reporting Act (15 U.S.C.
1681 et seq.) is amended--
            (1) in section 616--
                    (A) in subsection (a), by striking ``(a) In
                General.--'' and inserting ``(a) Damages.--'';
                    (B) by redesignating subsections (c) and (d) as
                subsections (d) and (e), respectively; and
                    (C) by inserting after subsection (b) the
                following:
    ``(c) Injunctive Relief.--In addition to any other remedy set forth
in this section, a court may award injunctive relief to require
compliance with the requirements imposed under this title with respect
to any consumer. In the event of any successful action for injunctive
relief under this subsection, the court may award to the prevailing
party costs and reasonable attorney fees (as determined by the court)
incurred during the action by such party.''; and
            (2) in section 617--
                    (A) in subsection (a), by striking ``(a) In
                General.--'' and inserting ``(a) Damages.--'';
                    (B) by redesignating subsection (b) as subsection
                (c); and
                    (C) by inserting after subsection (a) the
                following:
    ``(b) Injunctive Relief.--In addition to any other remedy set forth
in this section, a court may award injunctive relief to require
compliance with the requirements imposed under this title with respect
to any consumer. In the event of any successful action for injunctive
relief under this subsection, the court may award to the prevailing
party costs and reasonable attorney fees (as determined by the court)
incurred during the action by such party.''.
    (b) Enforcement by Federal Trade Commission.--Section 621(a)(2)(A)
of the Fair Credit Reporting Act (15 U.S.C. 1681s(a)(2)(A)) is
amended--
            (1) by striking ``(A) Knowing violations.--'' and inserting
        ``(A) Negligent, willful, or knowing violations.--''; and
            (2) by inserting ``negligent, willful, or'' before
        ``knowing''.

SEC. 3. INCREASED REQUIREMENTS FOR CONSUMER REPORTING AGENCIES AND
              FURNISHERS OF INFORMATION.

    (a) Provision and Consideration of Documentation Provided by
Consumers.--The Fair Credit Reporting Act (15 U.S.C. 1681 et seq.) is
amended--
            (1) in section 611--
                    (A) in subsection (a)--
                            (i) in paragraph (2)--
                                    (I) in subparagraph (A), by
                                inserting ``, including all
                                documentation provided by the
                                consumer'' after ``received from the
                                consumer or reseller''; and
                                    (II) in subparagraph (B), by
                                inserting ``, including all
                                documentation provided by the
                                consumer,'' after ``from the consumer
                                or reseller''; and
                            (ii) in paragraph (4), by inserting ``,
                        including all documentation,'' after ``relevant
                        information''; and
                    (B) in subsection (f)(2)(B)(ii), by inserting ``,
                including all documentation,'' after ``relevant
                information''; and
            (2) in section 623--
                    (A) in subsection (a)(8)(E), by striking clause
                (ii) and inserting the following:
                            ``(ii) review and consider all relevant
                        information, including all documentation,
                        provided by the consumer with the notice;'';
                        and
                    (B) in subsection (b)(1), by striking subparagraph
                (B) and inserting the following:
                    ``(B) review and consider all relevant information,
                including all documentation, provided by the consumer
                reporting agency pursuant to section 611(a)(2);''.
    (b) Gathering and Reporting of Information Relating to Consumer
Disputes.--Section 611 of the Fair Credit Reporting Act (15 U.S.C. 1681
et seq.) is amended by adding at the end the following:
    ``(g) Gathering and Reporting of Information Relating to Consumer
Disputes.--
            ``(1) Reports required.--The Bureau shall provide reports
        regarding the disputes described in subsection (a)(1) received
        by consumer reporting agencies in such intervals and to such
        parties as the Bureau deems appropriate.
            ``(2) Gathering of information.--The Bureau shall prescribe
        rules for the gathering of information relating to disputes
        described in subsection (a)(1) received by consumer reporting
        agencies to be used in generating the reports under paragraph
        (1), including rules establishing--
                    ``(A) the type and format of information that shall
                be received by the Bureau from each consumer reporting
                agency; and
                    ``(B) the frequency of receipt of the information
                from consumer reporting agencies.''.
    (c) Accuracy Compliance Procedures.--Section 607 of the Fair Credit
Reporting Act (15 U.S.C. 1681e) is amended by striking subsection (b)
and inserting the following:
    ``(b) Accuracy of Report.--
            ``(1) In general.--A consumer reporting agency shall follow
        reasonable procedures when preparing a consumer report to
        assure maximum possible accuracy of the information concerning
        the individual to whom the consumer report relates.
            ``(2) Bureau rule to assure maximum possible accuracy.--
                    ``(A) Proposed rule.--Not later than 1 year after
                the date of enactment of the Stop Errors in Credit Use
                and Reporting Act, the Bureau shall issue a proposed
                rule establishing the procedures that a consumer
                reporting agency must follow to assure maximum possible
                accuracy of all consumer reports furnished by the
                agency in compliance with this subsection.
                    ``(B) Considerations.--When formulating the rule
                required under subparagraph (A), the Bureau shall
                consider if requiring the matching of the following
                information would improve the accuracy of consumer
                reports:
                            ``(i) The first name and last name of a
                        consumer.
                            ``(ii) The date of birth of a consumer.
                            ``(iii) All 9 digits of the social security
                        number of a consumer.
                            ``(iv) Any other information that the
                        Bureau determines would aid in assuring maximum
                        possible accuracy of all consumer reports
                        furnished by consumer reporting agencies in
                        compliance with this subsection.''.
    (d) Responsibilities of Furnishers of Information to Consumer
Reporting Agencies.--Section 623(a)(8)(F)(i)(II) of the Fair Credit
Reporting Act (15 U.S.C. 1681s-2(a)(8)(F)(i)(II)) is amended by
inserting ,`` and does not include any new or additional information
that would be relevant to a reinvestigation'' before the period.
    (e) Disclosures to Consumers.--Section 609 of the Fair Credit
Reporting Act (15 U.S.C. 1681g) is amended--
            (1) in subsection (a)(3)(B), by striking ``; and'' and all
        that follows through the end of subparagraph (B) and inserting
        the following:
                            ``(ii) the address and telephone number of
                        the person; and
                            ``(iii) the permissible purpose of the
                        person for obtaining the consumer report,
                        including the specific type of credit product
                        that is extended, reviewed, or collected as
                        described in section 604(a)(3)(A).'';
            (2) in subsection (f)--
                    (A) by amending paragraph (7)(A) to read as
                follows:
                    ``(A) supply the consumer with a credit score
                that--
                            ``(i) is derived from a credit scoring
                        model that is widely distributed to users by
                        the consumer reporting agency for the purpose
                        of any extension of credit or other transaction
                        designated by the consumer who is requesting
                        the credit score; or
                            ``(ii) is widely distributed to lenders of
                        common consumer loan products and predicts the
                        future credit behavior of the consumer; and'';
                        and
                    (B) in paragraph (8), by inserting ``, except that
                a credit score shall be provided free of charge to the
                consumer if requested in connection with a free annual
                consumer report described in section 612(a)'' before
                the period; and
            (3) in subsection (g)(1)--
                    (A) by striking subparagraph (C); and
                    (B) by redesignating subparagraphs (D) though (G)
                as subparagraphs (C) through (F), respectively.
    (f) Notification Requirements.--
            (1) Adverse information notification.--The Fair Credit
        Reporting Act (15 U.S.C. 1681 et seq.) is amended--
                    (A) in section 612, by striking subsection (b) and
                inserting the following:
    ``(b) Free Disclosure After Notice of Adverse Action or Offer of
Credit on Materially Less Favorable Terms.--
            ``(1) In general.--Not later than 14 days after the date on
        which a consumer reporting agency receives a notification under
        subsection (a)(2) or (h)(6) of section 615, or from a debt
        collection agency affiliated with the consumer reporting
        agency, the consumer reporting agency shall make, without
        charge to the consumer, all disclosures required in accordance
        with the rules prescribed by the Bureau under section 609(h).
            ``(2) Transition period.--After the effective date of the
        provisions of the Stop Errors in Credit Use and Reporting Act
        and before the Bureau has finalized the rule required under
        section 609(h), a consumer reporting agency that is required to
        make disclosures under this subsection shall provide to the
        consumer a copy of the current credit report on the consumer
        and any other disclosures required under this Act or the Stop
        Errors in Credit Use and Reporting Act, without charge to the
        consumer.''; and
                    (B) in section 615(a)--
                            (i) by redesignating paragraphs (2), (3)
                        and (4) as paragraphs (3), (4), and (5)
                        respectively;
                            (ii) by inserting after paragraph (1) the
                        following:
            ``(2) direct the consumer reporting agency that provided
        the consumer report used in the decision to take the adverse
        action to provide the consumer with the disclosures described
        in section 612(b);''; and
                            (iii) in paragraph (5), as redesignated by
                        this paragraph--
                                    (I) in the matter preceding
                                subparagraph (A), by striking ``of the
                                consumer's right'';
                                    (II) by striking subparagraph (A)
                                and inserting the following:
                    ``(A) that the consumer will receive a copy of the
                consumer report on the consumer, free of charge, from
                the consumer reporting agency that furnished the
                consumer report; and''; and
                                    (III) in subparagraph (B), by
                                inserting ``of the right of the
                                consumer'' before ``to dispute''.
            (2) Notification in cases of less favorable terms.--Section
        615(h) of the Fair Credit Reporting Act (15 U.S.C. 1681m(h)) is
        amended--
                    (A) in paragraph (1), by striking ``paragraph (6)''
                and inserting ``paragraph (7)'';
                    (B) in paragraph (2), by striking ``paragraph (6)''
                and inserting ``paragraph (7)'';
                    (C) in subparagraph (5)(C), by striking ``may
                obtain'' and inserting ``will receive''
                    (D) by redesignating paragraphs (6), (7), and (8)
                as paragraphs (7), (8), and (9), respectively; and
                    (E) by inserting after paragraph (5) the following:
            ``(6) Reports provided to consumers.--A person who uses a
        consumer report as described in paragraph (1) shall notify and
        direct the consumer reporting agency that provided the consumer
        report to provide the consumer with the disclosures described
        in section 612(b).''.
            (3) Notification of subsequent submissions of negative
        information.--Section 623(a)(7)(A)(ii) of the Fair Credit
        Reporting Act (15 U.S.C. 1681s-2(a)(7)(A)(ii)) by striking ``or
        customer'' and inserting ``or'' before ``account''.
            (4) Bureau rule defining certain disclosure requirements.--
        Section 609 of the Fair Credit Reporting Act (15 U.S.C. 1681g)
        is amended by adding at the end the following:
    ``(h) Bureau Rule Defining Certain Disclosure Requirements.--
            ``(1) Proposed rule.--Not later than 1 year after the date
        of enactment of the Stop Errors in Credit Use and Reporting
        Act, the Bureau shall publish a proposed rule to implement the
        disclosure requirements described in section 612(b).
            ``(2) Considerations.--In formulating the rule required
        under paragraph (1), the Bureau shall consider--
                    ``(A) what information would enable consumers to
                determine the reasons for which a person took adverse
                action or offered credit on materially less favorable
                terms and to verify the accuracy of such information;
                and
                    ``(B) how to provide the information described in
                subparagraph (A) while protecting consumer privacy,
                including procedures to ensure that such information is
                provided to the consumer at the appropriate address.''.

SEC. 4. REGULATORY REFORM.

    Section 621 of the Federal Credit Reporting Act (15 U.S.C. 1681s)
is amended by adding at the end the following:
    ``(h) Consumer Reporting Agency Registry.--
            ``(1) Establishment of registry.--Not later than 180 days
        after the date of enactment of the Stop Errors in Credit Use
        and Reporting Act, the Bureau shall establish 3 publicly
        available registries of consumer reporting agencies,
        including--
                    ``(A) a registry of nationwide consumer reporting
                agencies as described in section 603(p);
                    ``(B) a registry of nationwide specialty consumer
                reporting agencies as defined in section 603(x); and
                    ``(C) a registry of all other consumer reporting
                agencies included under subsection 603(f) that are not
                included under section 603(p) or 603(x).
            ``(2) Registration requirement.--All consumer reporting
        agencies as defined in section 603(f) must register with one of
        the registries established by the Bureau under this subsection
        in a timeframe established by the Bureau.''.

SEC. 5. STUDY OF A PUBLIC CREDIT REPORTING SYSTEM.

    (a) Study.--Not later than 6 months after the date of enactment of
this Act, the Comptroller General of the United States shall undertake
a study--
            (1) of credit systems in the international credit system
        with government-administered consumer credit reporting systems;
            (2) of available information regarding the accuracy of
        existing government-administered consumer credit reporting
        systems;
            (3) to evaluate the feasibility of a national, government-
        administered consumer credit reporting system;
            (4) of any consumer benefits that might reasonably be
        expected to result from a government-administered consumer
        credit report; and
            (5) of any costs that might result from a government-
        administered consumer credit reporting system in the United
        States.
    (b) Publication of Findings.--Not later than 18 months after the
date of enactment of this Act, the Comptroller General of the United
States shall publish the findings under subsection (a).

SEC. 6. EFFECTIVE DATE.

    Except as otherwise provided in this Act and the amendments made by
this Act, the provisions of this Act and the amendments made by this
Act shall take effect 6 months after the date of enactment of this Act.