Legislation


Official Summary
4/29/2010–Introduced.Democracy is Strengthened by Casting Light on Spending in Elections Act or DISCLOSE Act – Amends the Federal Election Campaign Act of 1971 (FECA) to prohibit:
(1) independent expenditures and payments for electioneering communications by government contractors if the value of the contract is at least $50,000; and
(2) recipients of assistance under the Troubled Asset Relief Program (TARP) of the Emergency Economic Stabilization Act of 2008 (EESA) from making any contribution to any political party, committee, or candidate for public office, or to any person for any political purpose or use, or from making any independent expenditure or disbursing any funds for an electioneering communication. Applies the ban on contributions and expenditures by foreign nationals to foreign-controlled domestic corporations. Treats as contributions:
(1) any payments by any person (except a candidate, a candidate’s authorized committee, or a political committee of a political party) for coordinated communications; and
(2) political party communications made on behalf of candidates if made under the control or direction of a candidate or a candidate’s authorized committee. Revises the definition of independent expenditure to mean, in part, an expenditure that, when taken as a whole, expressly advocates the election or defeat of a clearly identified candidate, or is the functional equivalent of express advocacy. Requires any person making independent expenditures exceeding $10,000 to file a report within 24 hours. Increases the period before a general election during which a communication shall be considered an electioneering communication. Requires corporations, labor organizations, and other covered organizations to include specified additional information in reports on independent expenditures of at least $10,000. Sets forth special rules for the use of general treasury funds by covered organizations for campaign-related activity. Authorizes covered organizations to make optional use of a separate Campaign-Related Activity Account for making disbursements for campaign-related activity. Prescribes additional information to be included in certain radio or television communications by persons (including significant funders of campaign-related communications of a covered organization) other than a candidate, a candidate’s authorized committee, or a political committee of a political party. Amends the Lobbying Disclosure Act of 1995 to require registered lobbyists to report information on independent expenditures or electioneering communications of at least $1,000 to the Secretary of the Senate and the Clerk of the House of Representatives. Requires certain covered organizations to disclose to shareholders, members, or donors information on disbursements for campaign-related activity. Authorizes judicial review of the provisions of this Act.

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Official Summary
9/30/2009–Introduced.Clean Energy Jobs and American Power Act – Provides for the establishment of a cap and trade system for greenhouse gas (GHG) emission allowances and sets goals of reducing U.S. emissions by 20% by 2020 and by 83% by 2050. Sets forth provisions concerning the establishment of:
(1) economy-wide GHG emission reduction goals;
(2) transportation-related GHG emissions reduction goals and standards;
(3) a coordinated approach to certifying and permitting geological storage of carbon dioxide;
(4) regulations for geological storage wells;
(5) performance standards for new coal-fired power plants;
(6) the Carbon Storage Research Corporation;
(7) programs to research the safety and performance of nuclear power plants, train nuclear workers, and develop understanding of, and new technologies for, spent nuclear waste management;
(8) water use efficiency programs, a research program to assist drinking water utilities in adapting to the effects of climate change, and a water system mitigation and adaptation partnership program to provide funds to states for water system adaptation projects;
(9) an Office of Consumer Advocacy within the Federal Energy Regulatory Commission (FERC);
(10) a national product carbon disclosure program;
(11) a State Recycling Program;
(12) a Greenhouse Gas Reduction Incentives Program to provide financial assistance to owners and operators of agricultural lands and forest land for projects that increase carbon sequestration or reduce GHG emissions;
(13) the Economic Development Climate Change Fund for sustainable economic development;
(14) efficiency standards for buildings;
(15) a program to promote dispatchable power generation projects that can accelerate the reduction of power sector carbon dioxide and other GHG emissions;
(16) the Strategic Interagency Board on International Climate Investment to develop and improve mitigation policies and actions that reduce deforestation and forest degradation or conserve and restore forests in developing countries;
(17) programs to assist developing countries in reducing emissions from deforestation;
(18) the International Clean Energy Deployment Program to assist developing countries in reducing, sequestering, or avoiding GHG emissions;
(19) an International Climate Change Adaptation and Global Security Program to assist the most vulnerable developing countries in climate change adaptation programs;
(20) a National Climate Change Adaptation Program within the United States Global Change Research Program to increase the effectiveness of climate change adaptation efforts;
(21) to create within the National Oceanic and Atmospheric Administration (NOAA) a National Climate Service;
(22) a Natural Resources Climate Change Adaptation Panel and strategies for making natural resources more resilient to the impacts of climate change;
(23) a National Climate Change and Wildlife Science Center within the United States Geological Survey (USGS) to provide assistance and tools for adaptation to climate change;
(24) habitat and corridors information systems of geographical information system databases;
(25) a Flood Control, Protection, Prevention and Response Program to provide assistance to states; and
(26) a program to reduce the risk of wildfires in fire-ready communities. Sets forth provisions concerning:
(1) advancing or encouraging clean, renewable, alternative, innovative and/or efficient energy technology, projects, research and/or practices;
(2) supporting the development of programs to aid workers in the fields of clean energy, renewable energy, energy efficiency, climate change mitigation, and adaptation;
(3) climate change adjustment assistance for workers displaced as a result of this Act;
(4) implementing a strategic action plan to assist health professionals in preparing for and responding to the impacts of climate change on public health;
(5) distributing funding to coastal states for projects addressing the impacts of climate change in the Great Lakes coastal watershed; and
(6) reducing emissions of black carbon. Green Taxis Act of 2009 – Authorizes states to prescribe requirements for fuel economy for taxicabs if they are at least as stringent as federal standards. Amends the Clean Air Act (CAA) to require the Environmental Protection Agency (EPA) to:
(1) promulgate regulations to cap and reduce GHG emissions, annually, so that GHG emissions from capped sources are reduced to 97% of 2005 levels by 2012, 80% by 2020, 58% by 2030, and 17% by 2050;
(2) set aside a specified percentage of emission allowances to be used to achieve an additional 10% reduction from 2005 U.S. emission levels in 2020 by providing incentives to reduce emissions from international deforestation; and
(3) establish a federal GHG registry. Designates carbon dioxide, methane, nitrous oxide, sulfur hexafluoride, hydrofluorocarbons (HFCs) from a chemical manufacturing process at an industrial stationary source, perfluorocarbons, and nitrogen trifluoride as GHGs. Authorizes the EPA Administrator to designate additional athropogenic GHGs. Requires EPA to establish specified emission allowances (tonnage limits) for each of 2012-2050. Authorizes the Administrator to either:
(1) regulate the production of perfluorocarbon under such limits; or
(2) subject such production to the best available control technology and regulations phasing down the consumption of perfluorocarbon and importation of products containing perfluorocarbon. Provides for the establishment and distribution of compensatory allowances for the destruction and conversionary use of fluorinated gases and the non-emissive use of petroleum-based or coal-based liquid or gaseous fuel, petroleum coke, natural gas liquid, or natural gas as a feedstock. Prohibits any person from manufacturing, introducing into interstate commerce, or emitting a significant quantity of certain fluorinated gas that is generated as a byproduct during the production or use of another fluorinated gas. Phases in prohibitions against covered entities (including electricity sources, fuel producers and importers, industrial gas producers and importers, nitrogen trifluoride sources, geological sequestration sites, industrial stationary sources, industrial fossil fuel-fired combustion devices, natural gas local distribution companies, resource and development facilities that emitted 25,000 tons per year or more of carbon dioxide equivalent, algae-based fuels, and fugitive emissions) exceeding allowable emission levels. Requires covered entities to demonstrate compliance through:
(1) holding emission allowances at least as great as attributable emissions; or
(2) using offset credits. Provides for trading, banking and borrowing, auctioning, selling, exchanging, transferring, holding, or retiring emission allowances. Sets forth provisions governing the disposition of emission allowances, including giving allowance values to:
(1) benefit energy consumers and low income consumers, energy-intensive, trade-exposed industries, local distribution companies, merchant coal units, generators, refineries, and renewable energy and energy efficiency efforts;
(2) address the impacts of climate change; and
(3) reduce the deficit. Requires EPA to promulgate regulations to phase down the consumption of, and regulate the production of, HFCs. Specifies consumption allowances for:
(1) each of 2012-2032; and
(2) 2033 and thereafter. Provides for:
(1) the distribution, auction, banking, exchange, and international transfer of such allowances; and
(2) the issuance of offset credits for the destruction of chlorofluorocarbons.

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Summary
10/8/2009–Reported to House amended. Puerto Rico Democracy Act of 2009 – Authorizes the government of Puerto Rico:
(1) to conduct a plebiscite giving voters the option to vote to continue Puerto Rico’s present political status or to have a different political status;
(2) if a majority of ballots favor continuing the present status, to conduct additional such plebiscites every eight years; and
(3) if a majority of ballots favor having a different status, to conduct a plebiscite on the options of becoming fully independent from the United States, forming with the United States a political association between sovereign nations that will not be subject to the Territorial Clause of the Constitution, or being admitted as a state of the Union. Prescribes the eligibility requirements for voting in the plebiscite. Requires the Puerto Rico State Elections Commission to:
(1) certify plebiscite results to the President and Congress; and
(2) ensure that all ballots used for the plebiscite include the full content of the ballot printed in English. Requires the Commonwealth of Puerto Rico to pay all costs associated with such plebiscite (including the costs of printing, distribution, transportation, collection, and counting of all ballots).

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This is the Democrats’ financial regulatory reform bill. It seeks to address the regulatory lapses that lead to the crisis of 2008 and fix the problem of “too big to fail” that necessitated the bailouts.

It would create a process for the government to seize and break up failing financial firms, create a new consumer protection agency specifically for financial products, reform the derivatives market, and more. An 11-page summary from the Banking Committee can be found here

See alsoH.R.4173: Wall Street Reform and Consumer Protection Act of 2009

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Official Summary
12/2/2009–Introduced.Wall Street Reform and Consumer Protection Act of 2009 – Financial Stability Improvement Act of 2009 – Directs the Comptroller General to audit and report to Congress on all actions taken by the Board of Governors of the Federal Reserve System (Federal Reserve Board) and the Federal Reserve Banks during the current economic crisis pursuant to specified authority granted under the Federal Reserve Act. Establishes a Financial Services Oversight Council, consisting of the heads of specified federal financial regulatory bodies and chaired by the Secretary of the Treasury, to:
(1) resolve a dispute among two or more federal financial regulatory agencies in specified circumstances;
(2) subject a financial company to stricter prudential standards; and
(3) require a financial holding company to undertake one or more mitigatory actions to address any grave threat its activities pose to the financial stability or economy of the United States. Directs the Federal Reserve Board to impose stricter prudential standards on a financial holding company in certain circumstances. Authorizes the Council to subject a financial activity or practice to stricter prudential standards for financial stability purposes. Amends the Home Owners’ Loan Act to establish a Division of Thrift Supervision within the Office of the Comptroller of the Currency. Abolishes the Office of Thrift Supervision and transfers its functions and personnel to the Division. Amends the Revised Statutes of the United States to direct the Secretary to appoint up to five Deputy Comptrollers of the Currency, including a Senior Deputy Comptroller for National Banks and a Senior Deputy Comptroller for Thrift Supervision. Amends the Federal Deposit Insurance Act (FDIA) to place the Chairman of the Federal Reserve Board on the Board of Directors of the Federal Deposit Insurance Corporation (FDIC) in lieu of the Director of the Office of Thrift Supervision. Amends the Bank Holding Company Act of 1956 to prescribe requirements for the treatment of industrial loan companies, savings associations, special purpose holding companies, and certain other companies. Prohibits certain conversions of troubled banks and thrifts. Amends the FDIA to revise requirements for calculating a depository institution’s assessment. Credit Risk Retention Act of 2009 – Amends the Securities Act of 1933 to direct the appropriate federal financial regulatory agencies to prescribe regulations to require any creditor to retain an economic interest in a material portion of the credit risk of any loan the creditor transfers, sells, or conveys to a third party, including for the purpose of including such loan in a pool of loans backing an issuance of asset-backed securities.Dissolution Authority for Large, Interconnected Financial Companies Act of 2009 – Prescribes a procedure under which the Secretary shall appoint the FDIC as receiver for one year to resolve, liquidate, or take other specified emergency stabilization actions with respect to a financial company whose imminent or actual default would have serious adverse effects on financial stability or economic conditions in the United States. Requires the FDIC Inspector General, if the Secretary appoints the FDIC as receiver for a financial company, to establish an Office of Resolution to audit and investigate the activities of the FDIC in its capacity as receiver for that company. Amends the Federal Reserve Act to prescribe requirements for financial crisis management actions by the Federal Reserve Board in the event of a liquidity event that could destabilize the U.S. financial system. Establishes a Council of Inspectors General on Financial Oversight. Amends the International Banking Act of 1978 to authorize the Federal Reserve Board to terminate the activities of the U.S. branch, agency, or subsidiary of a foreign bank that presents a systemic risk to the United States. Corporate and Financial Institution Compensation Fairness Act of 2009 – Amends the Securities Exchange Act of 1934 to require a separate, non-binding shareholder vote to approve the compensation, including golden parachute compensation, of corporate and financial institution executives. Requires each member of the compensation committee of the board of directors of an issuer of securities to be independent.Over-the-Counter Derivatives Markets Act of 2009 – Amends the Commodity Exchange Act to require joint regulation of swap markets by the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC). Requires swap repositories, swap dealers, major swap participants, and swap execution facilities to register with the CFTC. Repeals the exemption from CFTC regulation of derivatives transaction execution facilities and boards of trade. Revises requirements for foreign boards of trade. Authorizes the CFTC and the SEC to ban:
(1) abusive swaps; and
(2) access to the U.S. financial system of any entity domiciled in a foreign country whose regulation of swaps or security-based swaps markets in that country undermines the stability of the U.S. financial system. Amends the Securities Exchange Act of 1934 to repeal the prohibition on regulation of security-based swaps and applies specified requirements to such swaps. Consumer Financial Protection Agency Act of 2009 – Establishes the Consumer Financial Protection Agency (CFPA) as an independent agency to regulate the provision of consumer financial products or services.Prescribes related requirements for examination and enforcement for small insured depository institutions (with total assets of $10 billion or less) by the FDIC and credit unions (with total assets of $1.5 billion or less) by the National Credit Union Administration (NCUA). Directs the CFPA to develop risk-based programs to supervise nondepository covered persons. Authorizes the CFPA to take actions to prohibit unfair, deceptive, or abusive acts or practices in connection with any transaction with a consumer for, or any offering of, a consumer financial product or service. Specifies prohibited acts. Requires the CFPA Director to lead a Negotiated Rulemaking Committee to promulgate appraisal independence requirements for residential loan purposes. Specifies the preservation of the civil enforcement powers of state attorneys general. Prescribes standards for federal preemption of state law regarding national banks and subsidiaries and federal savings associations. Specifies CFPA enforcement powers. Transfers to the CFPA the consumer financial protection functions of the Federal Reserve Board, the Comptroller of the Currency, the Office of Thrift Supervision, the FDIC, the Federal Trade Commission, the NCUA, and the Secretary of Housing and Urban Development (HUD). Prescribes requirements for the collection and use by the CFPA of deposit account and small business data. Requires the CFPA Director to conduct an annual financial autopsy regarding bankruptcies and foreclosures, including any specific financial products or services that have caused substantial numbers of them. Private Fund Investment Advisers Registration Act of 2009 – Amends the Investment Advisers Act of 1940 to require private fund investment advisers to register with the SEC and maintain records and make reports on systemic risk data. Exempts venture capital fund advisers from the registration requirements. Directs the SEC to exempt from registration requirements any investment adviser of a private fund with assets under management in the United States of less than $150 million.Accountability and Transparency in Rating Agencies Act of 2009 – Amends the Securities Exchange Act of 1934 to revise requirements for regulation of nationally recognized statistical rating organizations (NRSROs). Requires the SEC to examine NRSRO credit ratings to review whether an NRSRO has established a system of internal controls and adhered to it. Directs the SEC to:
(1) establish an office to administer SEC rules with respect to NRSRO practices; and
(2) eliminate the exemption of NRSROs from the Fair Disclosure Rule. Directs the SEC to establish a Credit Ratings Agency Advisory Board. Investor Protection Act of 2009 – Amends the Securities Exchange Act of 1934 to establish an Investor Advisory Committee to the SEC. Authorizes the SEC to engage in consumer testing. Amends the Securities Exchange Act of 1934 and the Investment Advisers Act of 1940 to direct the SEC to promulgate rules to prescribe a fiduciary standard of conduct for a broker or dealer when providing personalized investment advice about securities to a retail customer. Authorizes the SEC to prohibit or limit agreements that require customers or clients of any broker, dealer, or municipal securities dealer to engage in pre-dispute arbitration. Establishes within the SEC a Capital Markets Safety Board. Directs the SEC to report to specified congressional committees on the implementation of SEC reforms in the wake of the discovery of fraud by Bernie Madoff.Authorizes the SEC and the CFTC to form and operate a joint advisory committee. Prescribes or revises prohibitions and requirements relating to:
(1) securities lending;
(2) lost and stolen securities; and
(3) fingerprinting of personnel of registered securities information processors, national securities exchanges, and national securities associations. Declares that any condition, stipulation, or provision binding any person to waive compliance with any rule of a self-regulatory organization shall be void. Directs the Comptroller General to study and report to Congress on the SEC revolving door. Establishes a Financial Reporting Forum to discuss immediate and long-term issues critical to financial reporting. Directs the SEC Chairman to appoint an SEC Ombudsman. Amends the Securities Investor Protection Act of 1970 with respect to, among other specified items, an increased:
(1) assessment paid by Securities Investor Protection Corporation (SIPC) members;
(2) borrowing limit on Treasury loans; and
(3) cash limit of protection. Amends the Sarbanes-Oxley Act of 2002 with respect to:
(1) the Public Company Accounting Oversight (PCAO) Board oversight of auditors of brokers and dealers; and
(2) foreign regulatory information sharing, and related matters. Directs the PCAO Board to appoint an ombudsman. Directs the SEC to establish a program of grants to states for enhanced protection of seniors from misleading and fraudulent marketing of financial products. Amends the Securities Exchange Act of 1934 to require municipal financial advisers to register with the SEC. Federal Insurance Office Act of 2009 – Establishes in the Treasury the Federal Insurance Office (FIO) to:
(1) monitor the insurance industry;
(2) recommend to the Financial Services Oversight Council that it designate an insurer as one subject to stricter standards;
(3) assist in administering the Terrorism Insurance Program; and
(4) perform other related duties. Preempts a state insurance measure only to the extent it:
(1) directly results in less favorable treatment of a non-U.S. insurer domiciled in a foreign jurisdiction that is subject to a covered agreement than a U.S. insurer domiciled, licensed, admitted, or otherwise authorized in that state; and
(2) is inconsistent with such a covered agreement. Requires the FIO Director to study and report to specified congressional committees on:
(1) the global reinsurance market; and
(2) how to modernize and improve the system of insurance regulation in the United States.

See alsoS.3217: Restoring American Financial Stability Act of 2010

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Student Nondiscrimination Act of 2010 – Prohibits public school students from being excluded from participating in, or subject to discrimination under, any federally-assisted educational program on the basis of their actual or perceived sexual orientation or gender identity or that of their associates. Considers harassment to be a form of discrimination. Prohibits retaliation against anyone for opposing conduct they reasonably believe to be unlawful under this Act. Authorizes federal departments and agencies to enforce these prohibitions by cutting off the educational assistance of recipients found to be violating them. Allows an aggrieved individual to assert a violation of this Act in a judicial proceeding and recover reasonable attorney’s fees should they prevail. Deems a state’s receipt of federal educational assistance for a program to constitute a waiver of sovereign immunity for conduct prohibited under this Act regarding such program.

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6/22/2009–Introduced.Denying Firearms and Explosives to Dangerous Terrorists Act of 2009 – Amends the federal criminal code to authorize the Attorney General to deny the transfer of a firearm or the issuance of a firearms or explosives license or permit (or revoke such license or permit) if the Attorney General:
(1) determines that the transferee is known (or appropriately suspected) to be engaged in terrorism or has provided material support or resources for terrorism; and
(2) has a reasonable belief that the transferee may use a firearm in connection with terrorism. Allows any individual whose firearms or explosives license application has been denied to bring legal action to challenge the denial. Extends the prohibition against the sale or distribution of firearms or explosives to include individuals whom the Attorney General has determined to be engaged in terrorist activities. Imposes criminal penalties on individuals engaged in terrorist activities who smuggle or knowingly bring firearms into the United States. Authorizes the Attorney General to withhold information in firearms and explosives license denial revocation lawsuits and from employers if the Attorney General determines that the disclosure of such information would likely compromise national security.

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Official Summary

9/17/2009–Passed Senate amended. Transportation, Housing and Urban Development, and Related Agencies Appropriations Act, 2010 – Title I: Department of Transportation – Department of Transportation Appropriations Act, 2010 – Makes appropriations for FY2010 to the Department of Transportation (DOT), including:
(1) the Office of the Secretary;
(2) the Federal Aviation Administration (FAA);
(3) the Federal Highway Administration;
(4) the Federal Motor Carrier Safety Administration;
(5) the National Highway Traffic Safety Administration (NHTSA);
(6) the Federal Railroad Administration (FRA);
(7) the Federal Transit Administration (FTA);
(8) the Saint Lawrence Seaway Development Corporation;
(9) the Maritime Administration;
(10) the Pipeline and Hazardous Materials Safety Administration;
(11) the Research and Innovative Technology Administration;
(12) the Office of Inspector General; and
(13) the Surface Transportation Board.

(Sec. 103)
Prohibits the obligation or expenditure of funds to establish or implement a program under which essential air service (EAS) communities are required to assume subsidy costs commonly referred to as the EAS local participation program.

(Sec. 104)
Authorizes the Secretary of Transportation (Secretary in this title) to engage in activities with states to consider proposals for the reduction of motorcycle fatalities.

(Sec. 105)
Authorizes funds provided in this Act to the Office of the Secretary for the Transportation Planning, Research and Development program to be used for the development, coordination, and analysis of data collection procedures and national performance measures.

(Sec. 110)
Prohibits the use of funds to compensate more than 600 technical staff-years under the federally funded research and development center contract between the FAA and the Center for Advanced Aviation Systems Development during FY2010.

(Sec. 111)
Prohibits the use of funds to pursue or adopt guidelines or regulations requiring airport sponsors to provide to the FAA without cost building construction, maintenance, utilities and expenses, or space in airport sponsor-owned buildings for services relating to air traffic control, air navigation, or weather reporting. Exempts from this prohibition any negotiations between the agency and airport sponsors to achieve agreement on “below-market” rates for these items or to grant assurances that require airport sponsors to provide land without cost to the FAA for air traffic control facilities.

(Sec. 112)
Authorizes the FAA Administrator to reimburse amounts made available to credit a certain account to carry out the essential air service program from fees credited to the FAA. Makes inapplicable to FY2010 certain requirements for the use of fee proceeds for funding for small community air service, especially rural air safety improvement and rural airport projects.

(Sec. 113)
Requires that amounts collected for safety-related training and operational services to foreign aviation authorities be credited to the appropriation current at the time of collection, to be merged with and available for the same purposes of such appropriation.

(Sec. 114)
Prohibits the availability of Airport Improvement Program (AIP) grant funds to a sponsor of a commercial service airport that fails to agree to a request from the Secretary for cost-free space in a non-revenue producing, public use area of the airport to carry out a public service air passenger rights and consumer outreach campaign.

(Sec. 115)
Prohibits the availability of funds for paying premium pay (pay for Sunday and holiday work) to a FAA employee unless such employee actually performed work during the time corresponding to such pay.

(Sec. 116)
Prohibits the obligation of funds for a FAA employee to purchase a store gift card or gift certificate through use of a government-issued credit card.

(Sec. 117)
Requires the Secretary to apportion to sponsors of airports that received scheduled or unscheduled air service from large certified air carriers, and had more than 10,000 passenger boardings in the preceding calendar year, an amount equal to the minimum apportionment for primary and cargo airports for a fiscal year.

(Sec. 120)
Prohibits for FY2009 distribution from the obligation limitation for federal-aid highways amounts authorized for specified administrative expenses and programs. Prescribes a formula for determining certain distributions of the obligation limitation. Specifies exceptions from the limitation, as well as its applicability to transportation research programs. Requires redistribution of certain authorized funds. Authorizes the obligation for any other listed project in the same state of obligation authority distributed for specified projects listed in the Safe, Accountable, Flexible, Efficient Transportation Equity Act: A Legacy for Users (SAFETEA-LU).

(Sec. 121)
Allows crediting to the federal-aid highways account of funds received by the Bureau of Transportation Statistics from the sale of data products, in order to reimburse the Bureau for necessary expenses incurred.

(Sec. 122)
Makes appropriations to the Secretary for surface transportation project priorities identified in the committee report accompanying this Act.

(Sec. 123)
Makes appropriations to the Secretary through FY2012. Earmarks an amount to pay subsidy and administrative costs of transportation infrastructure projects. Sets the federal share of project costs at 80%.

(Sec. 124)
Requires the Secretary to make an informal public notice and comment opportunity before waiving any Buy America requirement for federal-aid highway projects.

(Sec. 125)
Prohibits, with specified exceptions, the use of funds to approve or authorize the imposition of a toll on any segment of a federal highway in the state of Texas that:
(1) is not tolled;
(2) is constructed with federal assistance; and
(3) is in actual operation.

(Sec. 126)
Amends SAFETEA-LU to revise the item descriptions of specified high priority project authorizations in Rhode Island, Florida, Kansas, and Nevada.

(Sec. 128)
Makes an improvement project authorization for the Brentwood Boulevard/SR 4 Improvements, Brentwood, California, available for the John Muir Parkway Project, Brentwood, California.

(Sec. 130)
Eliminates the improvement project authorization for the City of Tuscaloosa Downtown Revitalization Project-Greensboro Avenue, Alabama.

(Sec. 135)
Subjects funds appropriated or limited in this Act to certain safety examination and other requirements of the Department of Transportation and Related Agencies Appropriations Act, 2002 and the U.S. Troop Readiness, Veterans’ Care, Katrina Recovery, and Iraq Accountability Appropriations Act, 2007 relating to Mexico-domiciled motor carriers involved in cross-border trucking between the United States and Mexico, including an annual report on the subject by the Secretary of Transportation to the congressional appropriations committees.

(Sec. 140)
Makes certain additional funds available to NHTSA to pay for:
(1) travel and related expenses for state management reviews; and
(2) core competency development training and related expenses for highway safety staff.

(Sec. 141)
States that the limitations set in this Act on obligations for NHTSA programs shall not apply to such obligations for which obligation authority was made available for multiple years in previous public laws, but only to the extent that they have not lapsed or been used.

(Sec. 142)
Rescinds specified amounts of unobligated balances in prior appropriations Acts for:
(1) transportation operations and research; and
(2) highway traffic safety grants.

(Sec. 151)
Authorizes the Secretary to purchase promotional items of nominal value for use in public outreach activities to carry out solutions to the railroad grade crossing problem and measures to protect pedestrians in densely populated areas along railroad rights-of-way.

(Sec. 152)
Declares that funds provided in this Act for the National Railroad Passenger Corporation (Amtrak) shall immediately cease to be available to the Corporation in the event that the Corporation contracts to have services provided at or from any location outside the United States. Defines any such service as one that was, as of July 1, 2006, performed by a full-time or part-time Amtrak employee whose base of employment is located within the United States.

(Sec. 153)
Authorizes the Secretary to receive and expend cash, or receive and utilize spare parts and similar items, from non-U.S. government sources to repair damages to or replace government-owned automated track inspection cars and equipment as a result of third party liability for such damages. Requires any amounts so collected to be credited directly to the FRA Safety and Operations account, and remain available until expended for the repair, operation, and maintenance of automated track inspection cars and equipment in connection with the automated track inspection program.

(Sec. 154)
Requires the FRA Administrator to report quarterly to the congressional appropriations committees on efforts at improving the on-time performance of Amtrak intercity rail service operating on non-Amtrak owned property. Requires a reduction of appropriations made available to the Office of the Secretary by $100,000 for each day that quarterly reports are not submitted to Congress.

(Sec. 155)
Declares that certain funds provided by the Omnibus Appropriations Act, 2009 for Lincoln Avenue Grade Separation, Port of Tacoma, Washington, shall be made available for this project as described in that Act.

(Sec. 156)
Authorizes the Administrator of FRA, in cooperation with the Illinois Department of Transportation (IDOT), to provide technical and financial assistance to IDOT and local and county officials to study the feasibility of 10th Street (or other alternatives) in Springfield, Illinois, as a route for consolidated freight and passenger rail operations within such city.

(Sec. 157)
Declares that amounts made available in this Act to Amtrak shall immediately cease to be available if after March 31, 2010, Amtrak prohibits the secure transportation of firearms on passenger trains. Defines “secure transportation of firearms” to mean allowing Amtrak passengers:
(1) with a ticket for a specific Amtrak route to place an unloaded firearm or starter pistol in a checked bag if before checking the bag or boarding the train they declare to Amtrak that an unloaded firearm is in the checked bag, it is carried in a locked, hard-sided container, and only they have the key or combination for such container; and
(2) to place small arms ammunition for personal use in a checked bag on an Amtrak route if it is securely packed in a specified box or in other packaging designed to carry small amounts of ammunition.

(Sec. 160)
States that the limitations on obligations for the programs of the FTA shall not apply to any grant or other authority previously made available for obligation.

(Sec. 161)
Declares that funds appropriated by this Act for specified FTA capital investment grants and bus and bus facilities projects which are not obligated by September 30, 2012, and other recoveries, shall be directed to projects eligible to use the funds for the purposes for which they were originally provided.

(Sec. 162)
Authorizes certain transfers of any public transportation funds appropriated before October 1, 2009, that remain available for expenditure.

(Sec. 163)
Authorizes the use of unobligated FTA capital investment grants funds for new fixed guideway systems projects.

(Sec. 164)
Prohibits the use of funds provided or limited under this Act to issue a final regulation for capital investment grants relating to proposed changes to the FTA New Starts fixed guideway capital projects program and a new proposed Small Starts program category. Authorizes the FTA to continue to review comments received on the proposed rule (Docket No. FTA-2006-25737).

(Sec. 165)
Authorizes the use of FTA funds made available for Alaska or Hawaii ferry boats or ferry terminal facilities to construct new vessels and facilities, or to improve existing ones, including both passenger and vehicle-related elements, and for repair facilities. Earmarks a certain amount of funds for use by the City and County of Honolulu to operate a passenger ferry boat service demonstration project to test the viability of different intra-island ferry boat routes and technologies.

(Sec. 166)
Requires the local share of costs of the Woodward Avenue Corridor projects funded with capital investment grants to include, at the option of the project sponsor, any portion of the corridor advanced with 100% non-federal funds.

(Sec. 167)
Requires the Secretary to provide Congress:
(1) recommendations on how to strengthen DOT’s role in regulating the safety of transit agencies operating heavy rail on fixed guideways; and
(2) a plan for their implementation.

(Sec. 168)
Prohibits the Secretary from reallocating funding made available for certain bus and bus-related facilities projects in Connecticut.

(Sec. 170)
Prohibits the use of funds provided or limited under this Act to enforce federal charter bus service regulations in the state of Washington.

(Sec. 176)
Requires fees charged a Midshipman for tuition, room, or board for attendance at the United States Merchant Marine Academy to be credited to the Maritime Administration’s Operations and Training appropriation. Authorizes refunds to Midshipmen of any fees in excess of actual expenses.

(Sec. 182)
Prohibits the availability of the funds in this Act for salaries and expenses of more than 110 political and presidential appointees in DOT. Prohibits any assignment on temporary detail outside DOT of any of such appointees.

(Sec. 183)
Prohibits the use of funds in this Act to implement establishment in DOT of a National Highway Safety Advisory Committee.

(Sec. 184)
Prohibits any recipient of funds made available in this Act from disseminating personal information obtained by a state department of motor vehicles in connection with a motor vehicle record, except as permitted under specified federal criminal law. Prohibits the Secretary, however, from withholding funds provided in this Act for any grantee if a state fails to comply with this prohibition.

(Sec. 187)
Authorizes the Secretary to allow the issuer of any preferred stock heretofore sold to DOT to redeem or repurchase it upon the payment to the Department of an amount the Secretary determines.

(Sec. 188)
Requires the Secretary to notify the congressional appropriations committees at least three full business days before announcing any discretionary grant award, letter of intent, or full funding grant agreement totaling $1 million or more from certain grant programs, including the federal highway emergency relief program, the FAA airport improvement program, any FRA grant, or any FTA program other than the formula grants and fixed guideway modernization programs.

(Sec. 190)
Specifies the use of recovered funds that represent improper payments by DOT to a third party contractor under a financial assistance award.

(Sec. 192)
Prohibits the use of funds by the Surface Transportation Board to charge or collect any filing fee for rate complaints filed with the Board in an amount in excess of that authorized for district court civil suit filing fees under the federal judicial code.

(Sec. 193)
Authorizes DOT’s Working Capital fund to provide advanced payments to vendors to carry out the federal transit pass transportation fringe benefit program for federal employees.

(Sec. 194)
Extends to all portions of the Interstate Highway System in the state of Maine, for one year after enactment of this Act, the application of Maine vehicle weight limit laws and regulations in effect on October 1, 1995, in lieu of federal vehicle weight limits. Declares that, at the end of such period, application of state vehicle weight limits shall revert from all portions of the Interstate Highway System to only those portions of the Maine Turnpike to which such weight limits currently apply.

(Sec. 195)
Directs the Secretary to initiate an independent and comprehensive study and analysis of the Missouri River Projects to supplement a specified study already authorized. Requires DOT to develop, in the supplemental study, a comprehensive understanding of the full value of river flow support to users in the Mississippi and Missouri Rivers.

(Sec. 196)
Requires that certain funds for the Las Vegas, Nevada, Monorail Project, the North Las Vegas Intermodal Transit Hub, and the CATRAIL RTC Rail Project, Nevada, as well as unexpended funds in the FTA grant numbers NV-03-0024 and NV-03-0027, be made available until expended to the regional Transportation Commission of Southern Nevada for bus and bus-related projects and bus rapid transit projects. Title II: Department of Housing and Urban Development – Department of Housing and Urban Development Appropriations Act, 2010 – Makes appropriations for FY2010 to the Department of Housing and Urban Development (HUD) for:
(1) administration, operations, and management;
(2) Office of Public and Indian Housing;
(3) Office of Community Planning and Development;
(4) the Office of Housing and the Federal Housing Administration (FHA);
(5) the Government National Mortgage Association (Ginnie Mae);
(6) Office of Policy Development and Research;
(7) Office of Fair Housing and Equal Opportunity;
(8) the Office of Healthy Homes and Lead Hazard Control; and
(9) the Office of Inspector General.

(Sec. 201)
Requires rescission of 50% of the amounts of budget authority (or in lieu thereof remittance to the Treasury of 50% of the associated cash amounts) that are recaptured from certain state-, local government-, or local housing agency-financed projects under the Stewart B. McKinney Homeless Assistance Amendments Act of 1988. Requires the use of such recaptured budget authority or funds, as well as any budget authority or cash recaptured and not rescinded or remitted to the Treasury, by state housing finance agencies or local governments or local housing agencies with projects approved by the HUD Secretary (Secretary in this title) for which settlement occurred after January 1, 1992. Authorizes the Secretary to award up to 15% of the budget authority or cash recaptured and not rescinded or remitted to the Treasury to provide project owners with incentives to refinance their projects at a lower interest rate.

(Sec. 202)
Prohibits the use of funds during FY2010 to investigate or prosecute under the Fair Housing Act any otherwise lawful activity engaged in by one or more persons, including the filing or maintaining of a non-frivolous legal action, that is engaged in solely to achieve or prevent action by a government official or entity, or a court of competent jurisdiction.

(Sec. 203)
Directs the Secretary to make a grant under certain authority of the AIDS Housing Opportunity Act for any state that:
(1) received an allocation in a prior fiscal year; but
(2) is not otherwise eligible for an FY2010 allocation because the areas in the state outside of qualifying metropolitan statistical areas do not have the number of cases of acquired immunodeficiency syndrome (AIDS) otherwise required. Prescribes a formula for the allocation of such grants to Jersey City and Paterson, New Jersey.

(Sec. 204)
Requires any grant, cooperative agreement, or other assistance made pursuant to this title to be made on a competitive basis and in accordance with the Department of Housing and Urban Development Reform Act of 1989.

(Sec. 205)
Makes certain funds available, without regard to limitations on administrative expenses, for:
(1) legal services on a contract or fee basis; and
(2) payment for services and facilities of the Federal National Mortgage Association (Fannie Mae), Ginnie Mae, Federal Home Loan Mortgage Corporation (Freddie Mac), the Federal Financing Bank, Federal Reserve banks, Federal Home Loan banks, and any bank insured under the Federal Deposit Insurance Corporation Act.

(Sec. 207)
Authorizes any HUD corporations and agencies subject to the Government Corporation Control Act to make expenditures, contracts, and commitments without regard to fiscal year limitations as may be necessary in carrying out the programs set forth in their FY2010 budgets. Limits the use of collections of these corporations and agencies for new loan or mortgage purchase commitments to the extent expressly provided for in this Act, except for their mortgage insurance or guaranty operations, or where loans or mortgage purchases are necessary to protect the financial interest of the U.S. Government

(Sec. 208)
Directs the Secretary to report quarterly to the congressional appropriations committees regarding all uncommitted, unobligated, recaptured and excess funds in each program and activity within HUD jurisdiction, along with additional, updated budget information upon request.

(Sec. 209)
Requires the Secretary to:
(1) adjust the funds allocated for FY2010 under the AIDS Housing Opportunity Act to Wilmington, Delaware, on behalf of the Wilmington, Delaware-Maryland-New Jersey Metropolitan Division; and
(2) allocate a portion to the state of New Jersey according to a specified formula. Directs the Secretary to allocate to Wake County, North Carolina, certain funds that otherwise would be allocated for FY2010 under such Act to Raleigh, North Carolina, on behalf of the Raleigh-Cary, North Carolina Metropolitan Statistical Area. Authorizes the Secretary to:
(1) adjust FY2010 allocations under such Act, upon the written request of a grant applicant for a formula allocation on behalf of a metropolitan statistical area; and
(2) designate the state or states in which the metropolitan statistical area is located as the eligible grantee(s) of the allocation.

(Sec. 210)
Requires the President’s formal budget request for FY2011 and HUD’s congressional budget justifications to use the identical account and sub-account structure provided under this Act.

(Sec. 211)
Declares that a public housing agency (PHA) (or other entity) that administers federal housing assistance for the Housing Authority of the county of Los Angeles, California, or the states of Alaska, Iowa, or Mississippi shall not be required to include a resident of public housing or a recipient of section 8 rental assistance (under the United States Housing Act of 1937) on the agency or entity board of directors (or similar governing board), as otherwise required by such Act. Requires each such PHA (or other entity) that chooses not to include such individuals on its agency or entity board of directors (or similar governing board) to establish an advisory board, which shall meet at least quarterly, consisting of at least six residents of public housing or section 8 rental assistance recipients to provide advice and comment on related issues.

(Sec. 212)
Authorizes the Secretary for FY2009-FY2010, subject to specified conditions, to authorize the transfer of some or all project-based assistance, debt and statutorily required low-income and very low-income use restrictions, associated with one or more multifamily housing project to another multifamily housing project or projects.

(Sec. 213)
Requires that the funds made available for Native American Housing Block Grants in title III of this Act be allocated to the same recipients that received funds in FY2005.

(Sec. 214)
Prohibits the use of funds provided under this title for an audit of Ginnie Mae that applies certain requirements under the Federal Credit Reform Act of 1990.

(Sec. 215)
Prohibits any section 8 rental assistance to any individual who:
(1) is enrolled as a student at an institution of higher education;
(2) is under age 24;
(3) is not a veteran;
(4) is unmarried;
(5) does not have a dependent child;
(6) is not a person with disabilities, and was not receiving section 8 assistance as of November 30, 2005; and
(7) is not otherwise individually eligible, or has parents who, individually or jointly, are not eligible, to receive such assistance. Declares that, for section 8 rental assistance eligibility purposes, any financial assistance (in excess of amounts received for tuition) that an individual receives under the Higher Education Act of 1965, from private sources, or an institution of higher education shall be considered income to that individual, except for a person over age 23 with dependent children.

(Sec. 216)
Authorizes the Secretary through FY2010 to insure, and enter into commitments to insure, home equity conversion mortgages (HECMs) for elderly homeowners.

(Sec. 217)
Requires the Secretary during FY2010, in managing and disposing of any multifamily property that is owned or held by HUD, to maintain any section 8 rental assistance payments attached to any dwelling units in the property. Authorizes the Secretary, however, to the extent that such a multifamily property is not feasible for continued section 8 payments, based on consideration of the costs of rehabilitating and operating the property and environmental conditions that cannot be remedied in a cost-effective fashion, to contract, in consultation with the property tenants, for project-based rental assistance payments with an owner or owners of other existing housing properties, or provide other rental assistance. Requires the Secretary also to take steps to ensure that project-based contracts remain in effect before foreclosure, subject to the exercise of contractual abatement remedies to assist relocation of tenants for imminent major threats to health and safety.

(Sec. 218)
Requires the Secretary to report quarterly to congressional appropriations committees on HUD’s use of all sole source contracts.

(Sec. 219)
Authorizes any recipient after December 26, 2000, of a grant for conversion of elderly housing to assisted living facilities, at its option, to:
(1) establish a single-asset nonprofit entity to own the project; and
(2) lend the grant funds to such entity, which may be a for-profit limited partnership the sole general partner of which is a private nonprofit organization meeting specified requirements, or a corporation wholly owned and controlled by such a private nonprofit organization.

(Sec. 220)
Authorizes the use of Community Development Loan Guarantee funds to guarantee, or make commitments to guarantee, notes or other obligations issued by any state on behalf of its non-entitlement communities.

(Sec. 221)
Amends the United States Housing Act of 1937 to extend through FY2010 the authorization of appropriations for demolition, site revitalization, replacement housing, and tenant-based assistance project grants to PHAs.

(Sec. 222)
Authorizes PHAs that own and operate 400 or fewer public housing units to elect to be exempt from any asset management requirement imposed by the Secretary in connection with the operating fund rule. Prohibits exemption from such rule, however, for an agency seeking a discontinuance of a reduction of subsidy under the operating fund formula.

(Sec. 223)
Prohibits the Secretary, with respect to the use of funds for the operation, capital improvement, and management of public housing authorized by the United States Housing Act of 1937, from imposing any asset management requirement or guideline that restricts or limits in any way the use of capital funds for central office costs. Prohibits a PHA, however, from using capital funds authorized for eligible operation and management activities with operating funds in excess of specified permitted amounts.

(Sec. 224)
Requires the Secretary to report quarterly to congressional appropriations committees on the status of all section 8 project-based housing, including the number of all project-based units by region as well as an analysis of all federally subsidized housing being refinanced under the Mark-to-Market program.

(Sec. 225)
Prohibits designation of a HUD official or employee as an allotment holder unless he or she has:
(1) implemented an adequate system of funds control; and
(2) received training in funds control procedures and directives.

(Sec. 226)
Requires:
(1) payment of attorney fees in program-related litigation from individual program office personnel benefits and compensation funding; and
(2) the annual budget submission for such funding to include the payment as a separate line item request.

(Sec. 227)
Requires the Secretary for FY2010 and thereafter to notify the public through the Federal Register and other appropriate means of the issuance of a notice of the availability of assistance or notice of funding availability (NOFA) for any program or discretionary fund that is to be awarded competitively. Requires the Secretary for such period to make the NOFA available only on the Internet at the appropriate government website(s) or through other electronic media.

(Sec. 228)
Revises requirements for prepayment of a loan providing HUD assistance for supportive housing for the elderly under the Housing Act of 1959 (as in effect before the enactment of the Cranston-Gonzalez National Affordable Housing Act). Allows prepayment of such a loan to involve refinancing if it results in:
(1) a lower interest rate on the project’s loan principal and in reductions in debt service related to such loan; or
(2) in the case of certain HUD assisted projects providing supportive housing for the elderly, a transaction in which the project owner will address the physical needs of the project. Sets forth other requirements governing such transaction, including authorizing the project owner to charge tenants rent sufficient to meet debt service payments and operating cost requirements approved by the Secretary.

(Sec. 229)
Prohibits the availability to any homeless group of designated surplus federal property unless the group is a member in good standing under any of HUD’s homeless assistance programs or is in good standing with any other program receiving federal or state funds. Allows an exception to this requirement for an entity not involved with federal homeless programs if it meets specified financial, track record, and property management requirements. Permits the Secretary to rely on the entity’s prior demonstrated fundraising ability or commitments for in-kind donations of goods and services.

(Sec. 230)
Requires the Secretary to increase the number of Moving-to-Work agencies authorized under title II of the Departments of Veterans Affairs and Housing and Urban Development and Independent Agencies Appropriations Act, 1996 by adding to the program three PHAs that:
(1) are High Performing Agencies under the Public Housing Assessment System (PHAS); and
(2) administer no more than 5,000 aggregate housing vouchers and public housing units.

(Sec. 231)
Requires the Secretary, during FY2010, to consider, but not be limited to, industry standard appraisal practices in determining the market value of any multifamily real property or loan for any noncompetitive sale to a state or local government.

(Sec. 232)
Authorizes the Secretary to transfer up to 5% of funds appropriated for any account under this title for Personnel Compensation and Benefits to any other account for such purposes, subject to approval by the congressional appropriations committees. Prohibits an appropriation for any such account from being increased or reduced by more than 10% by all such transfers.

(Sec. 233)
Considers the HUD-administered Disaster Housing Assistance Programs as a HUD program under the McKinney Act for income verifications and matching purposes.

(Sec. 234)
Requires the Secretary to prepare a report, and post it on HUD’s website, regarding the number of HUD-owned homes and the budget impact of acquiring, maintaining, and selling them.

(Sec. 235)
Prohibits the use of funds under this Act to implement or enforce the community service requirement for public housing residents.

(Sec. 236)
Amends the Department of Housing and Urban Development Appropriations Act, 2009 to set-aside up to $200 million of the $4 billion made available on October 1, 2009, for “Tenant-Based Rental Assistance” to adjust allocations for PHAs to prevent termination of section 8 assistance to families. (Sec 237) Amends chapter 10 of title I of division B of the Consolidated Security, Disaster Assistance, and Continuing Appropriations Act, 2009 to prohibit amounts under “Community Development Fund” for disaster relief to be used by a state or locality as a matching requirement, share, or contribution for any other federal program. Title III: Related Agencies – Makes appropriations for FY2010 to:
(1) the Access Board;
(2) the Federal Maritime Commission;
(3) the Office of Inspector General for the National Railroad Passenger Corporation (Amtrak);
(4) the National Transportation Safety Board;
(5) the Neighborhood Reinvestment Corporation; and
(6) the U.S. Interagency Council on Homelessness. Title IV: General Provisions (This Act) – Specifies certain uses and limits on or prohibitions against the use of funds appropriated by this Act.

(Sec. 401)
Requires any sums necessary for FY2010 pay raises for programs funded in this Act to be absorbed within the levels appropriated in this or previous appropriations Acts.

(Sec. 402)
Prohibits the use of funds for the planning or execution of any program to pay the expenses of, or otherwise compensate, nonfederal parties intervening in regulatory or adjudicatory proceedings funded in this Act.

(Sec. 407)
Requires all federal agencies and departments funded by this Act to report by July 31, 2010, to the congressional appropriations committees on all sole source contracts.

(Sec. 409)
Prohibits the use of funds to support any federal, state, or local projects that seek to use the power of eminent domain, unless eminent domain is employed only for a public use.

(Sec. 410)
Prohibits the transfer of funds to any federal department, agency, or instrumentality, except pursuant to a transfer made by, or transfer authority provided in, this Act or any other appropriations Act.

(Sec. 411)
Prohibits payment of the salary from any appropriation under this Act for any person filling a position (other than temporary) formerly held by an employee who has:
(1) left to enter the U.S. Armed Forces;
(2) satisfactorily completed his or her period of active military or naval service;
(3) within 90 days after release from such service, or from hospitalization continuing after discharge for up to one year, applied for restoration to his former position; and
(4) been certified by the Office of Personnel Management (OPM) as still qualified to perform the duties of his or her former position, but not been restored to it.

(Sec. 412)
Prohibits the expenditure of funds by an entity unless it agrees that such expenditure will comply with the Buy American Act.

(Sec. 413)
Prohibits the availability of funds to any person or entity that has been convicted of violating the Buy American Act.

(Sec. 414)
Requires federal agencies (including DOT) funded under this Act to notify the congressional appropriations committees at least seven days before any public or Internet announcement by them regarding a new program or activity or any changes to such program or activity.

(Sec. 415)
Prohibits the distribution of any funds available under this Act to the Association of Community Organizations for Reform Now (ACORN) or its subsidiaries.

(Sec. 416)
Directs a federal agency that is required to submit a report to the congressional committees on appropriations to post it on the agency’s website, except if such posting compromises national security or the report contains proprietary information.

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Official Summary

12/2/2009–Introduced.The Wall Street Reform and Consumer Protection Act of 2009 – Financial Stability Improvement Act of 2009 – Directs the Comptroller General to audit and report to Congress on all actions taken by the Board of Governors of the Federal Reserve System (Federal Reserve Board) and the Federal Reserve Banks during the current economic crisis pursuant to specified authority granted under the Federal Reserve Act. Establishes a Financial Services Oversight Council, consisting of the heads of specified federal financial regulatory bodies and chaired by the Secretary of the Treasury, to:
(1) resolve a dispute among two or more federal financial regulatory agencies in specified circumstances;
(2) subject a financial company to stricter prudential standards; and
(3) require a financial holding company to undertake one or more mitigatory actions to address any grave threat its activities pose to the financial stability or economy of the United States. Directs the Federal Reserve Board to impose stricter prudential standards on a financial holding company in certain circumstances. Authorizes the Council to subject a financial activity or practice to stricter prudential standards for financial stability purposes. Amends the Home Owners’ Loan Act to establish a Division of Thrift Supervision within the Office of the Comptroller of the Currency. Abolishes the Office of Thrift Supervision, and transfers its functions and personnel to the Division. Amends the Revised Statutes of the United States to direct the Secretary to appoint up to five Deputy Comptrollers of the Currency, including a Senior Deputy Comptroller for National Banks and a Senior Deputy Comptroller for Thrift Supervision. Amends the Federal Deposit Insurance Act (FDIA) to place the Chairman of the Federal Reserve Board on the Board of Directors of the Federal Deposit Insurance Corporation (FDIC) in lieu of the Director of the Office of Thrift Supervision. Amends the Bank Holding Company Act of 1956 to prescribe requirements for the treatment of industrial loan companies, savings associations, special purpose holding companies, and certain other companies. Prohibits certain conversions of troubled banks and thrifts. Amends the FDIA to revise requirements for calculating a depository institution’s assessment. Credit Risk Retention Act of 2009 – Amends the Securities Act of 1933 to direct the appropriate federal financial regulatory agencies to prescribe regulations to require any creditor to retain an economic interest in a material portion of the credit risk of any loan the creditor transfers, sells, or conveys to a third party, including for the purpose of including such loan in a pool of loans backing an issuance of asset-backed securities.Dissolution Authority for Large, Interconnected Financial Companies Act of 2009 – Prescribes a procedure under which the Secretary shall appoint the FDIC as receiver for one year to resolve, liquidate, or take other specified emergency stabilization actions with respect to a financial company whose imminent or actual default would have serious adverse effects on financial stability or economic conditions in the United States. Requires the FDIC Inspector General, if the Secretary appoints the FDIC as receiver for a financial company, to establish an Office of Resolution to audit and investigate the activities of the FDIC in its capacity as receiver for that company. Amends the Federal Reserve Act to prescribe requirements for financial crisis management actions by the Federal Reserve Board in the event of a liquidity event that could destabilize the U.S. financial system. Establishes a Council of Inspectors General on Financial Oversight. Amends the International Banking Act of 1978 to authorize the Federal Reserve Board to terminate the activities of the U.S. branch, agency, or subsidiary of a foreign bank that presents a systemic risk to the United States. Corporate and Financial Institution Compensation Fairness Act of 2009 – Amends the Securities Exchange Act of 1934 to require a separate, non-binding shareholder vote to approve the compensation, including golden parachute compensation, of corporate and financial institution executives. Requires each member of the compensation committee of the board of directors of an issuer of securities to be independent.Over-the-Counter Derivatives Markets Act of 2009 – Amends the Commodity Exchange Act to require joint regulation of swap markets by the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC). Requires swap repositories, swap dealers, major swap participants, and swap execution facilities to register with the CFTC. Repeals the exemption from CFTC regulation of derivatives transaction execution facilities and boards of trade. Revises requirements for foreign boards of trade. Authorizes the CFTC and the SEC to ban:
(1) abusive swaps; and
(2) access to the U.S. financial system of any entity domiciled in a foreign country whose regulation of swaps or security-based swaps markets in that country undermines the stability of the U.S. financial system. Amends the Securities Exchange Act of 1934 to repeal the prohibition on regulation of security-based swaps and applies specified requirements to such swaps. Consumer Financial Protection Agency Act of 2009 – Establishes the Consumer Financial Protection Agency (CFPA) as an independent agency to regulate the provision of consumer financial products or services.Prescribes related requirements for examination and enforcement for small insured depository institutions (with total assets of $10 billion or less) by the FDIC and credit unions (with total assets of $1.5 billion or less) by the National Credit Union Administration (NCUA). Directs the CFPA to develop risk-based programs to supervise nondepository covered persons. Authorizes the CFPA to take actions to prohibit unfair, deceptive, or abusive acts or practices in connection with any transaction with a consumer for, or any offering of, a consumer financial product or service. Specifies prohibited acts. Requires the CFPA Director to lead a Negotiated Rulemaking Committee to promulgate appraisal independence requirements for residential loan purposes. Specifies the preservation of the civil enforcement powers of state attorneys general. Prescribes standards for federal preemption of state law regarding national banks and subsidiaries and federal savings associations. Specifies CFPA enforcement powers. Transfers to the CFPA the consumer financial protection functions of the Federal Reserve Board, the Comptroller of the Currency, the Office of Thrift Supervision, the FDIC, the Federal Trade Commission, the NCUA, and the Secretary of Housing and Urban Development (HUD). Prescribes requirements for the collection and use by the CFPA of deposit account and small business data. Requires the CFPA Director to conduct an annual financial autopsy regarding bankruptcies and foreclosures, including any specific financial products or services that have caused substantial numbers of them. Private Fund Investment Advisers Registration Act of 2009 – Amends the Investment Advisers Act of 1940 to require private fund investment advisers to register with the SEC and maintain records and make reports on systemic risk data. Exempts venture capital fund advisers from the registration requirements. Directs the SEC to exempt from registration requirements any investment adviser of a private fund with assets under management in the United States of less than $150 million.Accountability and Transparency in Rating Agencies Act of 2009 – Amends the Securities Exchange Act of 1934 to revise requirements for regulation of nationally recognized statistical rating organizations (NRSROs). Requires the SEC to examine NRSRO credit ratings to review whether an NRSRO has established a system of internal controls and adhered to it. Directs the SEC to:
(1) establish an office to administer SEC rules with respect to NRSRO practices; and
(2) eliminate the exemption of NRSROs from the Fair Disclosure Rule. Directs the SEC to establish a Credit Ratings Agency Advisory Board. Investor Protection Act of 2009 – Amends the Securities Exchange Act of 1934 to establish an Investor Advisory Committee to the SEC. Authorizes the SEC to engage in consumer testing. Amends the Securities Exchange Act of 1934 and the Investment Advisers Act of 1940 to direct the SEC to promulgate rules to prescribe a fiduciary standard of conduct for a broker or dealer when providing personalized investment advice about securities to a retail customer. Authorizes the SEC to prohibit or limit agreements that require customers or clients of any broker, dealer, or municipal securities dealer to engage in pre-dispute arbitration. Establishes within the SEC a Capital Markets Safety Board. Directs the SEC to report to specified congressional committees on the implementation of SEC reforms in the wake of the discovery of fraud by Bernie Madoff.Authorizes the SEC and the CFTC to form and operate a joint advisory committee. Prescribes or revises prohibitions and requirements relating to:
(1) securities lending;
(2) lost and stolen securities; and
(3) fingerprinting of personnel of registered securities information processors, national securities exchanges, and national securities associations. Declares that any condition, stipulation, or provision binding any person to waive compliance with any rule of a self-regulatory organization shall be void. Directs the Comptroller General to study and report to Congress on the SEC revolving door. Establishes a Financial Reporting Forum to discuss immediate and long-term issues critical to financial reporting. Directs the SEC Chairman to appoint an SEC Ombudsman. Amends the Securities Investor Protection Act of 1970 with respect to, among other specified items, an increased:
(1) assessment paid by Securities Investor Protection Corporation (SIPC) members;
(2) borrowing limit on Treasury loans; and
(3) cash limit of protection. Amends the Sarbanes-Oxley Act of 2002 with respect to:
(1) the Public Company Accounting Oversight (PCAO) Board oversight of auditors of brokers and dealers; and
(2) foreign regulatory information sharing, and related matters. Directs the PCAO Board to appoint an ombudsman. Directs the SEC to establish a program of grants to states for enhanced protection of seniors from misleading and fraudulent marketing of financial products. Amends the Securities Exchange Act of 1934 to require municipal financial advisers to register with the SEC. Federal Insurance Office Act of 2009 – Establishes in the Treasury the Federal Insurance Office (FIO) to:
(1) monitor the insurance industry;
(2) recommend to the Financial Services Oversight Council that it designate an insurer as one subject to stricter standards;
(3) assist in administering the Terrorism Insurance Program; and
(4) perform other related duties. Preempts a state insurance measure only to the extent it:
(1) directly results in less favorable treatment of a non-U.S. insurer domiciled in a foreign jurisdiction that is subject to a covered agreement than a U.S. insurer domiciled, licensed, admitted, or otherwise authorized in that state; and
(2) is inconsistent with such a covered agreement. Requires the FIO Director to study and report to specified congressional committees on:
(1) the global reinsurance market; and
(2) how to modernize and improve the system of insurance regulation in the United States.

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