Summary: Congo Conflict Minerals Act of 2009 - Declares it is U.S. policy to promote peace and security in the Democratic Republic of Congo (DRC) by supporting the efforts of the DRC, other governments in the Great Lakes Region of Africa, and the international community to: (1) monitor and stop commercial activities involving the natural resources of the DRC (the minerals columbite-tantalite [coltan], cassiterite, wolframite, and gold) that contribute to illegal armed groups and human rights violations in the eastern region of the DRC; and (2) develop stronger governance and economic institutions that can facilitate and improve transparency in the cross-border trade involving such natural resources in order to reduce exploitation by illegal armed groups and promote local and regional development. Directs the President, acting through the Secretary of State, the U.S. Permanent Representative to the United Nations (UN), and other appropriate U.S. officials to use the voice of the United States at the UN Security Council to renew the mandate and strengthen the capacity of the UN Group of Experts on the DRC to investigate links between such minerals and the financing of illegal armed groups. Directs the Secretary to work with UN member states and local and international organizations to: (1) produce, and make public, a map of mineral-rich zones and illegal armed groups in the eastern region of the DRC; and (2) provide guidance to commercial entities to ensure that the raw materials used in their products do not finance armed conflict, result in labor or human rights violations, or damage the environment. Requires the Secretary, working with the Administrator of the U.S. Agency for International Development (USAID), to report to Congress on a strategy to address the links that exist between human rights abuses, armed groups, and the mining of the minerals in the DRC. Requires specified annual reports to cover such links. Amends the Securities Exchange Act of 1934 to require the Securities and Exchange Commission (SEC) to promulgate rules to require certain persons who engage in the trade or use of coltan, cassiterite, and wolframite to disclose annually to the SEC the country of origin and mine of origin of such minerals. Expresses the sense of Congress on assistance to communities in the eastern DRC that depend economically on the mineral trade, particularly those affected by sexual and gender-based violence, as well as individuals displaced by violence.

conflict minerals act declares policy promote peace security democratic republic supporting efforts governments great_lakes region africa international community monitor stop commercial activities involving natural resources minerals gold contribute illegal armed groups human rights violations eastern region develop stronger governance economic institutions facilitate improve transparency cross border trade involving natural resources order reduce exploitation illegal armed groups promote local regional development directs president acting secretary state permanent representative united_nations appropriate officials use voice united_states security_council renew mandate strengthen capacity group experts investigate links minerals financing illegal armed groups directs secretary work member states local international organizations produce public map mineral rich zones illegal armed groups eastern region provide guidance commercial entities ensure raw materials products finance armed conflict result labor human rights violations damage environment requires secretary working administrator agency international_development usaid report congress strategy address links exist human rights abuses armed groups mining minerals requires specified annual reports cover links amends securities_exchange_act require securities_and_exchange_commission sec promulgate rules require certain persons engage trade use disclose annually sec country origin origin minerals expresses sense congress assistance communities eastern depend economically mineral trade particularly affected sexual gender based violence individuals displaced violence


Summary: Credit Rating Agency Responsibility Act of 2009 - Amends the Securities and Exchange Act of 1934 to direct the Securities and Exchange Commission (SEC) to audit annually each nationally recognized statistical rating organization (NRSRO) to assure that the NRSRO is sufficiently disclosing its rating procedures and methodologies, they are sound, and it is adhering to them.

credit rating agency responsibility act amends securities exchange act direct securities_and_exchange_commission sec audit annually nationally recognized statistical rating organization assure sufficiently disclosing rating procedures methodologies sound adhering


Summary: Private Fund Transparency Act of 2009 - Amends the Investment Advisers Act of 1940 to: (1) repeal the exemption from its registration requirements for private investment advisers; and (2) continue to exempt from such requirements only foreign private advisers. Authorizes the Securities and Exchange Commission (SEC) to require any registered investment adviser to maintain and submit records for federal supervision of systemic risk. Shields the SEC from any compulsion to disclose any supervisory report or information that is required to be filed with the SEC. Repeals the general disclaimer that no provision of the Act shall be construed to require, or to authorize the SEC to require any investment adviser engaged in rendering investment supervisory services to disclose the identity, investments, or affairs of any of its clients. Empowers the SEC to ascribe different meanings to terms (including the term "client") used in different sections of the Act.

private fund transparency_act amends investment advisers act repeal exemption registration requirements private investment advisers continue exempt requirements foreign private advisers authorizes securities_and_exchange_commission sec require registered investment adviser maintain submit records federal supervision systemic risk shields sec disclose supervisory report information required filed sec repeals general disclaimer provision act shall construed require authorize sec require investment adviser engaged rendering investment supervisory services disclose identity investments affairs clients empowers sec different terms including term client different sections act


Summary: Fixed Indexed Annuities and Insurance Products Classification Act of 2009 - Amends the Securities Act of 1933 to include within the class of securities exempt from its coverage any insurance or endowment policy or annuity contract or optional annuity contract: (1) whose value does not vary according to the performance of a separate account; and (2) which satisfies standard nonforfeiture laws or similar requirements of the applicable state, Territory, or District of Columbia at time of issue or, in the absence of applicable standard nonforfeiture laws or requirements, satisfies the Model Standard Nonforfeiture Law for Life Insurance or Model Standard Nonforfeiture Law for Individual Deferred Annuities, or any successor model law, as published by the National Association of Insurance Commissioners. Declares without force or effect Rule 151A promulgated by the Securities and Exchange Commission (SEC) on January 16, 2009, and entitled "Indexed Annuities and Certain Other Insurance Contracts."

fixed indexed annuities insurance products classification act amends securities act include class securities exempt coverage insurance endowment policy annuity contract optional annuity contract value vary according performance separate account satisfies standard laws similar requirements applicable state territory district_of_columbia time issue absence applicable standard laws requirements satisfies model standard law life insurance model standard law individual deferred annuities successor model law published national_association_of_insurance_commissioners declares force effect rule promulgated securities_and_exchange_commission sec january entitled indexed annuities certain insurance contracts


Summary: Commodity Speculation Reform Act of 2009 - Amends the Commodity Exchange Act to prohibit the Commodity Futures Trading Commission (CFTC) from issuing a no action letter to any foreign board of trade that lists a contract whose price settles on the price of a contract traded on a CFTC-regulated exchange, unless the foreign board provides the CFTC with information and data accessibility comparable to those provided the CFTC by entities under its jurisdiction. Directs the CFTC to promulgate regulations to establish and enforce speculative position limits for qualifying commodities, a methodology for aggregating specified positions, and information reporting rules to facilitate monitoring and enforcement of speculative position limits and over-the-counter commodity derivatives. Prohibits a person from holding or controlling a position, separately or in combination, net long or net short, for the purchase or sale of a commodity for future delivery or, on a futures-equivalent basis, any option, or an over-the-counter commodity derivative that exceeds CFTC speculative position limits.

commodity speculation reform_act amends commodity_exchange_act prohibit commodity_futures_trading_commission cftc issuing action letter foreign board trade lists contract price price contract traded cftc regulated exchange foreign board provides cftc information data accessibility comparable provided cftc entities jurisdiction directs cftc promulgate regulations establish enforce speculative position limits qualifying commodities methodology aggregating specified positions information reporting rules facilitate monitoring enforcement speculative position limits counter commodity derivatives prohibits person holding controlling position separately combination net long net short purchase sale commodity future delivery futures equivalent basis option counter commodity derivative exceeds cftc speculative position limits


Summary: Liability for Aiding and Abetting Securities Violations Act of 2009 - Amends the Securities Exchange Act of 1934 to subject to liability in a private civil action any person that knowingly or recklessly provides substantial assistance to another person (aids and abets) in violation of such Act.

liability aiding abetting securities violations act amends securities_exchange_act subject liability private civil action person knowingly recklessly provides substantial assistance person aids abets violation act


Summary: Derivatives Market Manipulation Prevention Act of 2009 - Amends the Commodity Exchange Act to prohibit swap and other derivatives market manipulation and the reporting of false information relating to swaps. Subjects violations to specified civil penalties, and grants the Commodity Futures Trading Commission (CFTC) enforcement powers. Extends to swaps the requirements for cease and desist orders and fines against persons (other than a registered entity) for market price manipulations and other violations. Extends private rights of action to contracts connected with a swap.

derivatives market manipulation prevention act amends commodity_exchange_act prohibit swap derivatives market manipulation reporting false information relating swaps subjects violations specified civil penalties grants commodity_futures_trading_commission cftc enforcement powers extends swaps requirements cease desist orders fines persons registered entity market price violations extends private rights action contracts connected swap


Summary: Comprehensive Derivatives Regulation Act of 2009 - Amends the Securities Exchange Act of 1934, the Securities Act of 1933, and the Gramm-Leach-Bliley Act to repeal the exclusion of swap agreements from regulatory oversight. Subjects security futures and securities futures products to the Securities Exchange Act of 1934 and the Securities Act of 1933. Requires transactions of standardized security-based swaps to take place within a registered clearing agency or a registered trade repository. Requires a significant security-based derivatives market participant to register with the Securities and Exchange Commission (SEC). Sets forth capital and margin requirements for such a participant, including recordkeeping and reporting requirements. Prohibits fraduluent, deceptive, or manipulative acts or practices in connection with transactions in security-based swaps and security derivatives. Directs the SEC to prescribe position limits held in a security-based swap or security derivative. Requires trading in security-based swaps to be executed on a national securities exchange. Amends the Commodity Futures Modernization Act of 2000 to repeal the exclusion of covered swap agreements transacted by a bank from the regulatory oversight of the Commodity Futures Trading Commission (CFTC). Amends the Commodity Exchange Act to require submission of a standardized commodity-based swap to a derivatives clearing organization pursuant to CFTC rules. Directs the CFTC to collect, consolidate, and disseminate information on transactions and positions in commodity-based swaps. Sets forth registration requirements for a derivatives clearing organization. Allocates regulatory authority over significant commodity-based derivatives market participants among the following entities: (1) a federal banking agency; (2) the Federal Housing Finance Agency (FHFA); (3) the CFTC; and (4) the SEC. Requires significant commodity-based derivatives market participants to register with the CFTC. Prescribes capital and margin requirements as well as recordkeeping and reporting requirements for such participants. Revises restrictions on excessive speculation. Prohibits fraduluent, deceptive, or manipulative acts or practices in connection with transactions in commodity-based swaps. Requires registration of commodity-based swap execution facilities. Allocates enforcement powers among the following entities with respect to commodity-based derivatives market participants: (1) the CFTC; (2) the SEC; (3) the Federal Housing Finance Agency (FHFA); and (4) the appropriate federal banking agency. Directs the CFTC and the SEC to promulgate rules: (1) requiring clearing agencies and derivatives clearing organizations to have risk management controls to assure their ability to meet settlement obligations; and (2) for determining the status of certain derivatives. Directs the Comptroller General to study and report to Congress on implementation of this Act by the CFTC and the SEC.

comprehensive derivatives regulation act amends securities_exchange_act securities act gramm leach bliley act repeal exclusion swap agreements regulatory oversight subjects security futures securities futures products securities_exchange_act securities act requires transactions standardized security based swaps place registered clearing agency registered trade repository requires significant security based derivatives market participant register securities_and_exchange_commission sec sets forth capital margin requirements participant including recordkeeping reporting requirements prohibits deceptive manipulative acts practices connection transactions security based swaps security derivatives directs sec prescribe position limits held security based swap security derivative requires trading security based swaps executed national securities exchange amends commodity futures modernization act repeal exclusion covered swap agreements bank regulatory oversight commodity_futures_trading_commission cftc amends commodity_exchange_act require submission standardized commodity based swap derivatives clearing organization pursuant cftc rules directs cftc collect consolidate disseminate information transactions positions commodity based swaps sets forth registration requirements derivatives clearing organization allocates regulatory authority significant commodity based derivatives market participants following entities federal banking agency federal_housing_finance_agency fhfa cftc sec requires significant commodity based derivatives market participants register cftc prescribes capital margin requirements recordkeeping reporting requirements participants revises restrictions excessive speculation prohibits deceptive manipulative acts practices connection transactions commodity based swaps requires registration commodity based swap execution facilities allocates enforcement powers following entities respect commodity based derivatives market participants cftc sec federal_housing_finance_agency fhfa appropriate federal banking agency directs cftc sec promulgate rules requiring clearing agencies derivatives clearing organizations risk management controls assure ability meet settlement obligations determining status certain derivatives directs comptroller_general study report congress implementation act cftc sec


Summary: Wall Street Fair Share Act - Amends the Internal Revenue Code to impose an excise tax on securities trading facilities, brokers, and purchasers for certain securities transactions. Sets such tax at .25% of the fair market value of the security traded. Defines "security" to include stock in a corporation, partnership interests, debt instruments, or interests in certain derivative financial instruments. Exempts from such tax an initial issue of securities, transactions in certain retirement, education, and health savings accounts, and transactions in mutual funds. Allows the purchaser of securities a credit against the excise tax for the lesser of the tax incurred or $250 ($500 for married couples filing joint tax returns). Requires withholding of excise tax amounts by the transferor of securities subject to the tax.

wall street fair share act amends_the_internal_revenue_code impose excise tax securities trading facilities brokers purchasers certain securities transactions sets tax fair market value security traded defines security include stock corporation partnership interests debt instruments interests certain derivative financial instruments exempts tax initial issue securities transactions certain retirement education health savings_accounts transactions mutual funds allows purchaser securities credit excise tax lesser tax incurred married couples filing joint tax returns requires withholding excise tax amounts transferor securities subject tax


Summary: Citizens Right to Know Act of 2010 - Amends the Securities Exchange Act of 1934 to require issuers of securities to disclose to their shareholders electioneering communications they have made or in which they have participated. Prohibits an issuer from making or participating in any electioneering communication if 51% or more of its outstanding securities are owned or controlled by a foreign principal or agent of a foreign principal. Requires an issuer to obtain prior approval by majority vote of all shareholders before making or participating in any electioneering communication. Amends the Federal Election Campaign Act of 1971 to require that: (1) audio and television communications be made by the president or chief executive officer of the corporation paying for such communications; and (2) they identify the individual by name and position. Requires a communication paid for by an organization other than a corporation to include a statement listing the names of the three persons making the largest aggregate contributions to the organization during the 12-month period before the date of the communication. Sets forth Internet disclosure requirements for contributors to certain radio and television ads that are electioneering communications.

citizens right know act amends securities_exchange_act require issuers securities disclose shareholders electioneering communications participated prohibits issuer making participating electioneering communication outstanding securities owned controlled foreign principal agent foreign principal requires issuer obtain prior approval majority vote shareholders making participating electioneering communication amends federal_election_campaign_act require audio television communications president chief executive officer corporation paying communications identify individual position requires communication paid organization corporation include statement listing names persons making largest aggregate contributions organization month period date communication sets forth internet disclosure requirements contributors certain radio television ads electioneering communications


Summary: Maintaining Agency Direction on Financial Fraud Act - Prohibits any interpretive guidance issued by the Securities and Exchange Commission which relates to "Commission Guidance Regarding Disclosure Related to Climate Change" from taking effect with respect to any person on or after February 2, 2010.

maintaining agency direction financial fraud act prohibits interpretive guidance issued securities_and_exchange_commission relates commission guidance disclosure related climate change taking effect respect person february


Summary: Protect Our Recovery Through Oversight of Proprietary Trading Act of 2010 or the PROP Trading Act - Amends the Bank Holding Company Act of 1956 to prohibit a banking entity from: (1) engaging in proprietary trading; or (2) having an ownership interest in or sponsoring a hedge fund or a private equity fund. Subjects any specified nonbank financial company holding such proprietary trading and ownership interests to additional capital requirements and additional quantitative limits. Directs the Board of Governors of the Federal Reserve System (Board) and the Federal Deposit Insurance Corporation (FDIC) to adopt rules jointly to implement this Act. Authorizes the Board and the FDIC to exclude from such prohibitions specified transactions or activities, including: (1) the purchase or sale of obligations of the United States or any federal agency; (2) instruments issued by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae), and the Federal Home Loan Mortgage Corporation (Freddie Mac); and (3) obligations of any state or its political subdivision. Prohibits from the class of excluded activities any transactions that would: (1) result in a material conflict of interest between the banking entity or the nonbank financial company and its clients, customers, or counterparties; (2) result in exposure to high risk assets or high risk trading strategies; (3) threaten the safety and soundness of a banking entity or the nonbank financial company; or (4) threaten the financial stability of the United States. Prohibits any banking entity that serves, directly or indirectly, as the investment manager or investment adviser to a hedge fund or private equity fund from entering into a covered transaction with, or provide custody, securities lending, or other prime brokerage services to, such person. Treats a banking entity that serves as investment manager or investment adviser to a hedge fund or private equity fund as if: (1) it were a member bank subject to the Federal Reserve Act; and (2) the hedge fund or private equity fund were an affiliate thereof. Amends the Securities Act of 1933 to prohibit an underwriter, placement agent, initial purchaser, or sponsor of an asset-backed security, while the security is outstanding and held by unaffiliated investors, from engaging in any transaction that would: (1) give rise to any material conflict of interest with respect to any investor; or (2) undermine the value, risk, or performance of such security

protect recovery oversight proprietary trading act trading act_-_amends bank_holding_company_act prohibit banking entity engaging proprietary trading having ownership interest sponsoring hedge fund private equity fund subjects specified nonbank financial company holding proprietary trading ownership interests additional capital requirements additional quantitative limits directs_the_board_of_governors federal_reserve_system board federal_deposit_insurance_corporation fdic adopt rules jointly implement act authorizes board fdic exclude prohibitions specified transactions activities including purchase sale obligations united_states federal agency instruments issued government_national_mortgage_association ginnie_mae federal_national_mortgage_association fannie_mae federal_home_loan_mortgage_corporation freddie_mac obligations state political subdivision prohibits class excluded activities transactions result material conflict interest banking entity nonbank financial company clients customers counterparties result exposure high risk assets high risk trading strategies threaten safety soundness banking entity nonbank financial company threaten financial stability united_states prohibits banking entity serves directly indirectly investment manager investment adviser hedge fund private equity fund entering covered transaction provide custody securities lending prime brokerage services person treats banking entity serves investment manager investment adviser hedge fund private equity fund member bank subject federal_reserve_act hedge fund private equity fund affiliate thereof amends securities act prohibit underwriter placement agent initial purchaser sponsor asset backed security security outstanding held unaffiliated investors engaging transaction rise material conflict interest respect investor undermine value risk performance security


Summary: Modernizing and Strengthening Investor Protection Act of 2010 - Amends the following Acts to grant the Securities and Exchange Commission (SEC) nationwide subpoena power and authority to impose civil penalties in cease-and-desist proceedings: (1) the Securities Exchange Act of 1934; (2) the Securities Act of 1933; (3) the Investment Company Act of 1940; and (4) the Investment Advisers Act of 1940. Amends the Securities Exchange Act of 1934 and the Investment Company Act of 1940 to extend the class of persons subject to SEC censure or removal to those associated with or belonging to specified entities at the time of an alleged violation, abuse, or misconduct. Amends the Sarbanes-Oxley Act of 2002 to redefine the class of persons associated with a public accounting firm subject to investigative and enforcement authority of either SEC or the Public Company Accounting Oversight Board. Amends the Securities Act of 1933 and the Securities Exchange Act of 1934 to grant federal district courts extraterritorial jurisdiction with respect to the antifraud provisions of federal securities laws. Amends the cited Acts to make liable to prosecution persons who aid and abet violations of such Acts. Amends the Investment Company Act of 1940 and the Investment Advisers Act of 1940 to extend certain requirements for recordkeeping disclosures to persons having custody or use of the securities, deposits, or credits of a registered investment company. Revises requirements for appointment of candidates to any position of accountant, economist, and securities compliance examiner at the SEC to limit such requirements to positions in the competitive service, especially any such position requiring specialized knowledge of financial and capital market formation or regulation, financial market structures or surveillance, or information technology. Amends the Securities Investor Protection Act of 1970 to remove the distinction between claims for cash and claims for securities; and (2) prohibit any member of the Securities Investor Protection Corporation (SIPC) that has a customer from entering into an insolvency, receivership, or bankruptcy proceeding without SIPC consent. Amends the Investment Company Act of 1940 to revise SEC record examination requirements to specify records subject to such examination. Amends federal criminal law to authorize the court, upon motion of an attorney for the government, to grant the SEC access to grand jury information concerning possible violation of securities laws. Amends the Securities Exchange Act of 1934, the Investment Company Act of 1940, and the Investment Advisers Act of 1940 to subject specified persons to information and document requests with respect to SEC surveillance or risk assessments of the securities markets. States that the SEC shall not be compelled to disclose records obtained from registered persons pursuant to its regulatory and oversight activities. Amends the Sarbanes-Oxley Act of 2002 to: (1) modify requirements for the production of audit work papers by foreign firms that conduct audit work upon which a registered public accounting firm relies; and (2) require a foreign public accounting firm to designate a domestic registered public accounting firm for which it performs work as an agent to receive service of process, pleadings, or other papers. Amends the Securities Exchange Act of 1934: (1) with respect to SEC sharing of privileged information with other authorities; and (2) to revise requirements for the composition of the Municipal Securities Rulemaking Board, beneficial ownership reporting, short-swing profit reporting, and application of antifraud provisions. Directs the SEC to hire an independent consultant to examine: (1) the need for comprehensive SEC reform; and (2) the relationship of the SEC with, and its reliance upon, self-regulatory organizations and other entities relevant to the regulation of securities and the protection of securities investors.

modernizing strengthening investor protection act amends following acts grant securities_and_exchange_commission sec nationwide subpoena power authority impose civil penalties cease desist proceedings securities_exchange_act securities act investment company act investment advisers act amends securities_exchange_act investment company act extend class persons subject sec removal associated belonging specified entities time alleged violation abuse misconduct amends sarbanes-oxley_act redefine class persons associated public accounting firm subject investigative enforcement authority sec public_company_accounting_oversight_board amends securities act securities_exchange_act grant federal district_courts extraterritorial jurisdiction respect antifraud provisions federal securities laws amends cited acts liable prosecution persons aid violations acts amends investment company act investment advisers act extend certain requirements recordkeeping disclosures persons having custody use securities deposits credits registered investment company revises requirements appointment candidates position accountant economist securities compliance examiner sec limit requirements positions competitive service especially position requiring specialized knowledge financial capital market formation regulation financial market structures surveillance information technology amends securities investor protection act remove distinction claims cash claims securities prohibit member securities investor protection corporation customer entering insolvency receivership bankruptcy proceeding consent amends investment company act revise sec record examination requirements specify records subject examination amends federal criminal law authorize court motion attorney government grant sec access grand jury information concerning possible violation securities laws amends securities_exchange_act investment company act investment advisers act subject specified persons information document requests respect sec surveillance risk assessments securities markets states sec shall compelled disclose records obtained registered persons pursuant regulatory oversight activities amends sarbanes-oxley_act modify requirements production audit work papers foreign firms conduct audit work registered public accounting firm relies require foreign public accounting firm designate domestic registered public accounting firm performs work agent receive service process pleadings papers amends securities_exchange_act respect sec sharing privileged information authorities revise requirements composition municipal_securities_rulemaking_board beneficial ownership reporting short profit reporting application antifraud provisions directs sec hire independent consultant examine need comprehensive sec reform relationship sec reliance self regulatory organizations entities relevant regulation securities protection securities investors


Summary: Municipal Bond Market Support Act of 2010 - Amends Internal Revenue Code provisions relating to the small issuer exemption from interest expense allocation rules for financial institutions to: (1) permanently increase from $10 million to $30 million the annual limit on small issuers of tax-exempt municipal bonds; and (2) allow an inflation adjustment to such increased limit amount after 2011.

municipal_bond_market_support_act amends internal_revenue_code provisions relating small issuer exemption interest expense allocation rules financial institutions permanently increase million million annual limit small issuers tax exempt municipal bonds allow inflation adjustment increased limit


Summary: Section 8(a) Improvements Act of 2010 - Directs the Administrator of the Small Business Administration (SBA) to: (1) assign each North American Industry Classification System industry code to a category of either manufacturing, construction, professional services, or general services; and (2) for each category, establish a maximum net worth for the socially disadvantaged individuals who own or control small businesses in that category, for purposes of participation in a program for the award of federal procurement subcontracts to socially and economically disadvantaged small businesses (program). Requires an annual inflationary adjustment to the average income and maximum net worth limits of owners of such businesses, as well as a temporary adjustment within the first 30 days after the enactment of this Act. Establishes a transition period of three years after a small business has graduated from the 8(a) program, during which period such business may receive developmental assistance through the SBA. Requires the Comptroller General and the Administrator to each evaluate the program and report evaluation results to the congressional small business committees. Directs the Administrator to establish a surety bond pilot program under which the Administrator may guarantee any surety against loss resulting from a breach of the terms of a bid bond, payment bond, performance bond, or bonds ancillary thereto by a participating eligible small business. Allows the Administrator, under the pilot program, to pay a surety up to 90% of the loss incurred. Requires the Administrator to provide, for up to three years, technical assistance and educational training to a small business participating in the pilot program. Establishes a pilot program advisory board and a Small Business Surety Bond Pilot Program Fund.

section improvements act directs administrator small_business_administration sba assign north american industry classification system industry code category manufacturing construction professional services general_services category establish maximum net worth socially disadvantaged individuals control small businesses category purposes participation program award federal procurement subcontracts socially economically disadvantaged small businesses program requires annual adjustment average income maximum net worth limits owners businesses temporary adjustment days enactment act establishes transition period years small business graduated program period business receive developmental assistance sba requires comptroller_general administrator evaluate program report evaluation results congressional small business committees directs administrator establish surety bond pilot program administrator guarantee surety loss resulting breach terms bid bond payment bond performance bond bonds ancillary thereto participating eligible small business allows administrator pilot program pay surety loss incurred requires administrator provide years technical assistance educational training small business participating pilot program establishes pilot program advisory_board small business surety bond pilot program fund


Summary: Amends the Securities Exchange Act of 1934 to repeal the prohibition of the Dodd-Frank Wall Street Reform and Consumer Protection Act against compelling the Securities and Exchange Commission (SEC) to disclose records or information obtained from registered persons pursuant to its regulatory or oversight activities. Declares that for purposes of the Freedom of Information Act (FOIA): (1) the SEC is an agency responsible for the regulation or supervision of financial institutions; and (2) any entity for which the SEC is the responsible regulator, supervisor, or examiner under such Act is a financial institution. (Thus retains the general exemption from FOIA of matters contained in or related to examination, operating, or condition reports prepared by, on behalf of, or for the use of the SEC and any other agency responsible for the regulation or supervision of financial institutions.) Amends the Investment Company Act and the Investment Advisers Act to repeal similar prohibitions against compelling the SEC to disclose records or information provided to it by a registered investment company or investment adviser, or an underwriter, broker, dealer, or investment adviser that is a majority-owned subsidiary of such a company, for SEC use in furtherance of certain purposes, including surveillance, risk assessments, or other regulatory and oversight activities.

amends securities_exchange_act repeal prohibition dodd-frank_wall_street_reform consumer protection act compelling securities_and_exchange_commission sec disclose records information obtained registered persons pursuant regulatory oversight activities declares purposes freedom information act foia sec agency responsible regulation supervision financial institutions entity sec responsible regulator supervisor examiner act financial institution retains general exemption foia matters contained related examination operating condition reports prepared behalf use sec agency responsible regulation supervision financial institutions amends investment company act investment advisers act repeal similar prohibitions compelling sec disclose records information provided registered investment company investment adviser underwriter broker dealer investment adviser majority owned subsidiary company sec use furtherance certain purposes including surveillance risk assessments regulatory oversight activities


Summary: Amends the Small Business Investment Act of 1958 to make permanent the increase from $2 million to $5 million in the surety bond guaranty limit of the Small Business Administration (SBA). Relieves the SBA from reimbursing the surety if: (1) the surety obtained such guarantee or agreement, or applied for such reimbursement, by fraud or material misrepresentation; (2) the total contract amount at the time of bond execution exceeds $5 million; (3) the surety has breached a material term or condition of such guarantee agreement; or (4) the surety has substantially violated regulations promulgated by the SBA.

amends small_business_investment_act permanent increase million million surety bond guaranty limit small_business_administration sba relieves sba reimbursing surety surety obtained guarantee agreement applied reimbursement fraud material misrepresentation total contract time bond execution exceeds million surety breached material term condition guarantee agreement surety substantially violated regulations promulgated sba


Summary: Amends the American Recovery and Reinvestment Act of 2009 to make permanent the authorized increase in surety bond guaranty limits by the Small Business Administration (SBA).

amends american_recovery_and_reinvestment_act permanent authorized increase surety bond guaranty limits small_business_administration sba


Summary: Church Plan Investment Clarification Act - Amends the Securities Act of 1933 with respect to when certain securities issued in connection with retirement income accounts available only to certain kinds of church plans are treated as exempted from registration and disclosure requirements under such Act (exempted securities). Considers as an exempted security a certain kind of retirement income account (available only to church plans), to the extent that the interest or participation in a single trust fund or collective trust fund (e.g., a "stable value fund") is issued to: (1) a church, a convention or association of churches, or a specified kind of organization (including a church pension board established to maintain employee benefit programs) which establishes or maintains the retirement income account; or (2) a trust established by any such entity in connection with the retirement income account. Revises a further such exclusion from exempted security treatment of plans whose participants may include persons (in particular clergymen) who may be considered self-employed for certain tax purposes. Allows exempted security treatment of such plans. (In effect, an exemption from registration and related requirements is granted to collective trust funds that are invested in by kinds of church plans currently excluded from making such investments.)

church plan investment clarification act_-_amends securities act respect certain securities issued connection retirement income accounts available certain kinds church plans treated exempted registration disclosure requirements act exempted securities considers exempted security certain kind retirement income account available church plans extent interest participation single trust_fund collective trust_fund stable value fund issued church convention association churches specified kind organization including church pension board established maintain employee benefit programs establishes maintains retirement income account trust established entity connection retirement income account revises exclusion exempted security treatment plans participants include persons particular considered self employed certain tax purposes allows exempted security treatment plans effect exemption registration related requirements granted collective trust funds invested kinds church plans currently excluded making investments


Summary: Iran Transparency and Accountability Act of 2011 - Amends the Securities Exchange Act of 1934 to require securities issuers to disclose in their mandatory annual or quarterly reports to the Securities and Exchange Commission (SEC) whether they or their affiliates have: (1) engaged in certain activities relating to Iran, terrorism, and the proliferation of weapons of mass destruction; (2) knowingly engaged in specified activities, or knowingly violated certain regulations prescribed under the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010; (3) knowingly conducted any transaction or dealing with a person whose property and interests in property are blocked by certain Executive Orders; or (4) knowingly conducted a transaction or dealing with any person listed in the Iranian Transactions Regulations. Specifies the contents of mandatory disclosures. Requires the President to: (1) initiate an investigation into the possible imposition of sanctions when the SEC receives a report that an issuer or its affiliate has engaged in the cited activities; and (2) determine within 180 days of initiating an investigation whether sanctions should be imposed on the issuer or the affiliate concerned. Directs the SEC to make publicly available the information it has received, and to provide it to the President and to certain congressional committees. Requires promulgation within 90 days after enactment of this Act of regulations governing financial institutions maintaining accounts for foreign financial institutions.

iran transparency accountability_act amends securities_exchange_act require securities issuers disclose mandatory annual quarterly reports securities_and_exchange_commission sec affiliates engaged certain activities relating iran terrorism proliferation weapons mass destruction knowingly engaged specified activities knowingly violated certain regulations prescribed comprehensive iran_sanctions accountability divestment_act knowingly conducted transaction dealing person property interests property blocked certain executive orders knowingly conducted transaction dealing person listed iranian transactions regulations specifies contents mandatory disclosures requires president initiate investigation possible imposition sanctions sec receives report issuer affiliate engaged cited activities determine days initiating investigation sanctions imposed issuer affiliate concerned directs sec publicly available information received provide president certain congressional committees requires promulgation days enactment act regulations governing financial institutions maintaining accounts foreign financial institutions


Summary: Amends the Internal Revenue Code, with respect to taxation of U.S. shareholders of controlled foreign corporations, to permanently extend the subpart F exemption (which excludes such income from the shareholder's foreign personal holding company income) for active financing (insurance, banking, financing, or similar businesses) income earned on business operations overseas.

amends_the_internal_revenue_code respect taxation shareholders controlled foreign corporations permanently extend subpart exemption excludes income shareholder foreign personal holding company income active financing insurance banking financing similar businesses income earned business operations overseas


Summary: Equitable Treatment of Investors Act - Amends the Securities Investor Protection Act of 1970 to revise the definition of "net equity." States that, in determining net equity, the positions, options, and contracts of a customer held by the debtor, and any indebtedness of the customer to the debtor, shall be determined based on: (1) the information contained in the last statement received by the customer from the debtor before the filing date; and (2) any additional specific confirmations of the customer's positions, options, contracts, or indebtedness received after such last statement but before the filing date. Prohibits reliance on the final statement of the debtor to customer, however, if the customer: (1) knew the debtor was involved in fraudulent activity with respect to any of its customers; or (2) as a registered broker, dealer, or investment adviser under specified securities laws, or a person required to be so registered, knew, or should have known, that the debtor was involved in such a fraudulent activity and did not notify the Securities Investor Protection Corporation (SIPC), Securities and Exchange Commission (SEC), or law enforcement personnel that the debtor was so involved. Prohibits a trustee in bankruptcy in a liquidation proceeding from recovering any property transferred by the debtor to a customer before the filing date unless, at the time of such transfer, the customer meets the same criteria. Transfers from SIPC to the SEC authority to nominate to a court persons for appointment as trustee for the liquidation of a debtor's business and as attorney for the trustee.

equitable treatment investors act_-_amends securities investor protection act revise definition net equity states determining net equity positions options contracts customer held debtor indebtedness customer debtor shall determined based information contained statement received customer debtor filing date additional specific customer positions options contracts indebtedness received statement filing date prohibits reliance final statement debtor customer customer knew debtor involved fraudulent activity respect customers registered broker dealer investment adviser specified securities laws person required registered knew known debtor involved fraudulent activity notify securities investor protection corporation securities_and_exchange_commission sec law enforcement personnel debtor involved prohibits trustee bankruptcy liquidation proceeding recovering property transferred debtor customer filing date time transfer customer meets criteria transfers sec authority nominate court persons appointment trustee liquidation debtor business attorney trustee


Summary: United States Covered Bond Act of 2011 - (Sec. 3) Directs the Secretary of the Treasury to establish a regulatory oversight program for specified recourse debt obligations of an eligible issuer (covered bonds) that provides for such bonds to be maintained in a manner consistent with safe and sound asset-liability management and other financial practices. Subjects a covered bond to this Act only if it is issued by an eligible issuer under a covered bond program approved by the applicable bond regulator. Specifies as a covered bond regulator: (1) the appropriate federal banking agency, for any eligible issuer under its jurisdiction; (2) the Secretary, for any eligible issuer not subject to an appropriate federal banking agency; (3) the covered bond regulator for the sponsor of an issuer if the issuer is not subject to a federal banking agency's jurisdiction; and (4) the covered bond regulator for a sponsor whose covered bonds constitute the largest share of the issuer's cover pool, if the issuer is is not subject to a federal banking agency's jurisdiction, and is sponsored by one or more eligible issuers for the sole purpose of issuing covered bonds on a pooled basis. Prescribes an approval process for a covered bond under which the covered bond regulator must apply standards established by the Secretary pursuant to an oversight program that evaluates covered bond programs. Authorizes the approval of any covered bond program in existence on the date of enactment of this Act. Permits an eligible issuer to have more than one covered bond program. Grants covered bond regulators cease and desist authority. Requires such regulators to set, as a percentage of an issuer's total assets, and consistent with safety and soundness principles, the maximum amount of outstanding covered bonds the issuer may issue. Requires the Secretary to maintain a publicly accessible Web site registry for each covered bond program approved by a covered bond regulator. Authorizes a covered bond regulator to levy fees upon issuers of covered bonds in order to defray the costs of implementing this Act. Directs the Secretary to establish minimum over-collateralization requirements for covered bonds designed to ensure that sufficient eligible assets and substitute assets are maintained in the cover pool to satisfy all principal and interest payments on the covered bonds when due through maturity, based upon the credit, collection, and interest rate risks (excluding the liquidity risks) associated with the eligible asset class. Requires eligible and substitute assets in any cover pool to meet, in the aggregate and at all times, such minimum over-collateralization requirements. Requires a covered bonds issuer to appoint the indenture trustee for the covered bonds, or another unaffiliated entity, as an independent asset monitor to verify and report to the Secretary and specified persons whether the cover pool meets such minimum over-collateralization requirements. Treats failure of a covered pool to meet minimum over-collateralization requirements as an uncured default if such failure is not cured within the time specified in related transaction documents. Requires the issuer of covered bonds to give the Secretary and the applicable covered bond regulator prompt written notice if the cover pool securing the covered bonds fails to meet the applicable minimum over-collateralization requirements. Prescribes requirements for eligible assets, including loans, originations and double pledges. Requires an issuer of covered bonds to deliver, at least monthly, a schedule of assets that identifies all eligible assets and substitute assets in the cover pool securing the covered bonds. (Sec. 4) Prescribes a procedure for automatic creation of two separate estates when an uncured default occurs on a covered bond before its issuer enters conservatorship, receivership, liquidation, or bankruptcy following default or insolvency. Requires creation by operation of law of a separate estate for each affected covered bond program, to be administered separately and apart from the issuer or any subsequent conservatorship, receivership, liquidating agency, or estate in bankruptcy of the issuer. Prescribes treatment of the assets and liabilities of each separate estate. States that such estate consists of the cover pool securing the covered bond (including over-collateralization in the cover pool). Releases the cover pool automatically to such an estate free and clear of any claim of either the issuer or any conservator, receiver, liquidating agent, or trustee in bankruptcy for the issuer or any other assets of the issuer. Grants the holder of a covered bond or related obligation for which an estate has become liable a claim against the issuer for any deficiency regarding the covered bond or related obligation. Grants a residual interest in the separate estate to: (1) the issuer; and (2) the conservator, receiver, liquidating agent, or trustee in bankruptcy for the issuer. Specifies absolute obligations of the issuer, after creation of the separate estate, to: (1) transfer all estate property to the trustee; and (2) continue servicing the applicable cover pool for a certain time, at the election of the trustee or a servicer or administrator of the estate, in return for a fair-market-value fee payable from the estate as an administrative expense. Sets forth the rights and obligations of the Federal Deposit Insurance Corporation (FDIC), if it is appointed as conservator or receiver for a covered bond issuer before an uncured default results in the creation of an estate. Prescribes procedures for administration and resolution of estates. Directs the Comptroller General to study: (1) whether federal reserve banks should be authorized to extend credit to an estate of a covered bond in bankruptcy; and (2) if so, what conditions and limits should be established to mitigate any risk that the U.S. government could absorb credit losses on the cover pool held by the estate. Declares that taxpayers shall bear no losses from the resolution of an estate under this Act. (Sec. 5) Treats as a security within the purview of specified securities laws a covered bond issued or guaranteed under this Act by a bank or eligible issuer that is sponsored solely for the sole purpose of issuing covered bonds. Prohibits such product from being treated as an asset-backed security under the Securities and Exchange Act of 1934. Prescribes reporting and disclosure requirements. Exempts from all securities laws: (1) the separate estates created under this Act (but subjects them to reporting requirements imposed by the applicable covered bond regulator), and (2) any residual interest in a separate estate created under this Act. (Sec. 6) Amends the Secondary Mortgage Market Enhancement Act of 1984 to encompass covered bonds within its purview. Prohibits treatment of the separate estate created under this Act as an entity subject to taxation under the Internal Revenue Code separate from the owner of the residual interest. Prohibits construction of the transfer or assumption of any asset or liability to or by an estate or an eligible issuer under this Act as causing or constituting an event in which gain or loss is recognized for tax purposes. Treats as qualified mortgages for purposes of real estate mortgage investment conduits (REMICs) any covered bonds secured by eligible assets from the residential or commercial mortgage asset class. Requires such a bond to be treated as a real estate asset in the same manner as a regular interest in a REMIC. Treats acquisition of a covered bond as acquisition of an investment security for tax purposes. Authorizes the Secretary to promulgate regulations precluding state and local taxation if the separate estate is not treated as an entity subject to taxation separate from the owner of the residual interest.

united_states covered bond act sec directs secretary treasury establish regulatory oversight program specified recourse debt obligations eligible issuer covered bonds provides bonds maintained manner consistent safe sound asset liability management financial practices subjects covered bond act issued eligible issuer covered bond program approved applicable bond regulator specifies covered bond regulator appropriate federal banking agency eligible issuer jurisdiction secretary eligible issuer subject appropriate federal banking agency covered bond regulator sponsor issuer issuer subject federal banking agency jurisdiction covered bond regulator sponsor covered bonds constitute largest share issuer cover pool issuer subject federal banking agency jurisdiction sponsored eligible issuers sole purpose issuing covered bonds pooled basis prescribes approval process covered bond covered bond regulator apply standards established secretary pursuant oversight program evaluates covered bond programs authorizes approval covered bond program existence date enactment act permits eligible issuer covered bond program grants covered bond regulators cease desist authority requires regulators set percentage issuer total assets consistent safety soundness principles maximum outstanding covered bonds issuer issue requires secretary maintain publicly accessible web site registry covered bond program approved covered bond regulator authorizes covered bond regulator levy fees issuers covered bonds order defray costs implementing act directs secretary establish minimum requirements covered bonds designed ensure sufficient eligible assets substitute assets maintained cover pool satisfy principal interest payments covered bonds maturity based credit collection interest rate risks excluding liquidity risks associated eligible asset class requires eligible substitute assets cover pool meet aggregate times minimum requirements requires covered bonds issuer appoint trustee covered bonds unaffiliated entity independent asset monitor verify report secretary specified persons cover pool meets minimum requirements treats failure covered pool meet minimum requirements default failure time specified related transaction documents requires issuer covered bonds secretary applicable covered bond regulator prompt written notice cover pool securing covered bonds fails meet applicable minimum requirements prescribes requirements eligible assets including loans double pledges requires issuer covered bonds deliver monthly schedule assets identifies eligible assets substitute assets cover pool securing covered bonds sec prescribes procedure automatic creation separate estates default occurs covered bond issuer enters conservatorship receivership liquidation bankruptcy following default insolvency requires creation operation law separate estate affected covered bond program administered separately apart issuer subsequent conservatorship receivership liquidating agency estate bankruptcy issuer prescribes treatment assets liabilities separate estate states estate consists cover pool securing covered bond including cover pool releases cover pool automatically estate free clear claim issuer conservator receiver liquidating agent trustee bankruptcy issuer assets issuer grants holder covered bond related obligation estate liable claim issuer deficiency covered bond related obligation grants residual interest separate estate issuer conservator receiver liquidating agent trustee bankruptcy issuer specifies absolute obligations issuer creation separate estate transfer estate property trustee continue servicing applicable cover pool certain time election trustee servicer administrator estate return fair market value fee payable estate administrative expense sets forth rights obligations federal_deposit_insurance_corporation fdic appointed conservator receiver covered bond issuer default results creation estate prescribes procedures administration resolution estates directs comptroller_general study federal_reserve_banks authorized extend credit estate covered bond bankruptcy conditions limits established mitigate risk government credit losses cover pool held estate declares taxpayers shall bear losses resolution estate act sec treats security purview specified securities laws covered bond issued guaranteed act bank eligible issuer sponsored solely sole purpose issuing covered bonds prohibits product treated asset backed security securities exchange act prescribes reporting disclosure requirements exempts securities laws separate estates created act subjects reporting requirements imposed applicable covered bond regulator residual interest separate estate created act sec amends secondary mortgage market enhancement_act encompass covered bonds purview prohibits treatment separate estate created act entity subject taxation internal_revenue_code separate owner residual interest prohibits construction transfer assumption asset liability estate eligible issuer act causing constituting event gain loss recognized tax purposes treats qualified mortgages purposes real estate mortgage investment conduits covered bonds secured eligible assets residential commercial mortgage asset class requires bond treated real estate asset manner regular interest treats acquisition covered bond acquisition investment security tax purposes authorizes secretary promulgate regulations precluding state local taxation separate estate treated entity subject taxation separate owner residual interest


Summary: Small Company Capital Formation Act of 2011 - (Sec. 2) Amends the Securities Act of 1933 (Act) to direct the Securities and Exchange Commission (SEC) to exempt from its regulation a class of securities for which the aggregate offering amount of all securities sold within the prior 12-month period in reliance upon such exemption does not exceed $50 million. Restricts any such exemption to equity securities, debt securities, and debt securities convertible or exchangeable to equity interests, including any guarantees of such securities. Subjects to civil liability certain violations arising from offering or selling securities by use of prospectuses and communications. Authorizes the SEC to: (1) require an issuer of such exempted class of securities to make periodic disclosures available to investors regarding the issuer, its business operations, financial condition, corporate governance principles, and use of investor funds; (2) require the issuer to file electronically with the SEC and distribute to prospective investors an offering statement which includes this information; (3) provide for the suspension and termination of this disclosure requirement with respect to that issuer; and (4) prescribe exemption disqualification requirements, substantially similar to regulations adopted in accordance with the Dodd-Frank Wall Street Reform and Consumer Protection Act, under which the exemption shall not be available to the issuer and related persons, including predecessors, affiliates, officers, directors, and underwriters. Requires the SEC to: (1) review and increase biennially such offering amount limitation, as appropriate; and (2) report to certain congressional committees its reasons for not increasing the amount if it determines not to do so. Exempts from state regulation the securities covered and required exempted from SEC regulation by this Act. (Sec. 3) Directs the Comptroller General to study the impact of state laws regulating securities offerings (Blue Sky laws) on offerings made under Regulation A (which specifies the terms and conditions of exemption from the registration requirements of the Securities Act of 1933).

small company capital formation act sec amends securities act act direct securities_and_exchange_commission sec exempt regulation class securities aggregate offering securities sold prior month period reliance exemption exceed million restricts exemption equity securities debt securities debt securities convertible equity interests including guarantees securities subjects civil liability certain violations arising offering selling securities use communications authorizes sec require issuer exempted class securities periodic disclosures available investors issuer business operations financial condition corporate governance principles use investor funds require issuer file electronically sec distribute prospective investors offering statement includes information provide suspension termination disclosure requirement respect issuer prescribe exemption disqualification requirements substantially similar regulations adopted accordance dodd-frank_wall_street_reform consumer protection act exemption shall available issuer related persons including affiliates officers directors underwriters requires sec review increase biennially offering limitation appropriate report certain congressional committees reasons increasing determines exempts state regulation securities covered required exempted sec regulation act sec directs comptroller_general study impact state laws regulating securities offerings blue sky laws offerings regulation specifies terms conditions exemption registration requirements securities act


Summary: Small Business Capital Access and Job Preservation Act - Amends the Investment Advisers Act of 1940 to exempt private equity fund investment advisers from its registration and reporting requirements, provided that each private equity fund has not borrowed and does not have outstanding a principal amount exceeding twice its invested capital commitments. Directs the Securities and Exchange Commission (SEC) to promulgate final rules that: (1) require such investment advisers to maintain records the SEC determines necessary, taking into account fund size, governance, investment strategy, and risk; and (2) define the term "private equity fund" for purposes of this Act.

small business capital access job preservation act_-_amends investment advisers act exempt private equity fund investment advisers registration reporting requirements provided private equity fund borrowed outstanding principal exceeding twice invested capital commitments directs securities_and_exchange_commission sec promulgate final rules require investment advisers maintain records sec determines necessary taking account fund size governance investment strategy risk define term private equity fund purposes act


Summary: Stop Trading on Congressional Knowledge Act - Amends the Securities Exchange Act of 1934 and the Commodity Exchange Act to direct both the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) to prohibit purchase or sale of either securities, security-based swaps, or commodities for future delivery or swap by a person in possession of material nonpublic information regarding pending or prospective legislative action if the information was obtained: (1) knowingly from a Member or employee of Congress, (2) by reason of being a Member or employee of Congress, or (3) from other federal employees and derived from their federal employment. Amends the Code of Official Conduct of the Rules of the House of Representatives to prohibit any Member, officer, or employee of the House from disclosing material nonpublic information relating to any pending or prospective legislative action relating to any publicly-traded company or to any commodity if such person has reason to believe that the information will be used to buy or sell the securities of that publicly traded company or that commodity for future delivery based on such information. Directs both the Committee on Agriculture and the Committee on Financial Services of the House of Representatives to hold hearings on the implementation by the CFTC and the SEC of such financial transaction prohibitions. Amends the Ethics in Government Act of 1978 to require formal disclosure of certain securities and commodities futures transactions to either the Clerk of the House of Representatives or the Secretary of the Senate. Amends the Lobbying Disclosure Act of 1995 to subject to its registration, reporting, and disclosure requirements, as well as requirements for identification of clients and covered legislative and executive officials, all political intelligence activities, contacts, firms, and consultants. Requires the Comptroller General to include political intelligence activities, contacts, firms, and consultants in its annual compliance audits and reports.

stop trading congressional knowledge act_-_amends securities_exchange_act commodity_exchange_act direct securities_and_exchange_commission sec commodity_futures_trading_commission cftc prohibit purchase sale securities security based swaps commodities future delivery swap person possession material nonpublic information pending prospective legislative action information obtained knowingly member employee congress reason member employee congress federal employees derived federal employment amends code official conduct rules house_of_representatives prohibit member officer employee house disclosing material nonpublic information relating pending prospective legislative action relating publicly traded company commodity person reason believe information buy sell securities publicly traded company commodity future delivery based information directs committee agriculture committee financial_services house_of_representatives hold hearings implementation cftc sec financial transaction prohibitions amends ethics_in_government_act require formal disclosure certain securities commodities futures transactions clerk house_of_representatives secretary senate amends lobbying disclosure act subject registration reporting disclosure requirements requirements identification clients covered legislative executive officials political intelligence activities contacts firms consultants requires comptroller_general include political intelligence activities contacts firms consultants annual compliance audits reports


Summary: Private Company Flexibility and Growth Act - Amends the Securities Exchange Act of 1934 to change the thresholds for total assets and for class of equity security holders of record which trigger the requirement for a securities issuer to register with the Securities and Exchange Commission (SEC). Increases the total assets threshold from $1 million to $10 million, and the class of equity security holders of record threshold from 500-750 to 1,000 persons. Declares that, with respect to such registration requirement, the definition of "held of record" does not include securities held by persons who received them pursuant to an employee compensation plan in transactions exempted from specified registration requirements of the Securities Act of 1933 (exempt transactions). (Thus exempts securities held by such persons from registration requirements.) Directs the SEC to: (1) revise the definition of "held of record" in accordance with this Act, and (2) adopt safe harbor provisions issuers can follow when determining that holders of their securities received them pursuant to an employee compensation plan in an exempt transaction.

private company flexibility growth act_-_amends securities_exchange_act change thresholds total assets class equity security holders record trigger requirement securities issuer register securities_and_exchange_commission sec increases total assets threshold million million class equity security holders record threshold persons declares respect registration requirement definition held record include securities held persons received pursuant employee compensation plan transactions exempted specified registration requirements securities act exempt transactions exempts securities held persons registration requirements directs sec revise definition held record accordance act adopt safe harbor provisions issuers follow determining holders securities received pursuant employee compensation plan exempt transaction


Summary: SEC Regulatory Accountability Act - (Sec. 2) Amends the Securities Exchange Act of 1934 to direct the Securities and Exchange Commission (SEC), before issuing a regulation, to: (1) identify and evaluate the significance of the problem that the proposed regulation is designed to address in order to assess whether any new regulation is warranted; (2) use the SEC Chief Economist to assess the costs and benefits of the intended regulation and adopt it only upon a reasoned determination that its benefits justify the costs; (3) identify and assess available alternatives that were considered; and (4) ensure that any regulation is accessible, consistent, written in plain language, and easy to understand. Requires the SEC to: (1) consider whether the rulemaking will promote efficiency, competition, and capital formation; (2) consider the impact of the regulation upon investor choice, market liquidity and small business; (3) explain in its final rule the nature of comments received concerning the proposed rule or rule change; and (4) respond to those comments, explaining any changes made in response, and the reasons that it did not incorporate industry group concerns regarding potential costs or benefits. Directs the SEC to: (1) review its regulations and orders periodically to determine if they are outmoded, ineffective, insufficient, or excessively burdensome; and (2) modify, streamline, expand, or repeal them. Requires the SEC, whenever it adopts or amends a major rule, to state in its adopting release: (1) the purposes and intended consequences of the regulation, (2) the post-implementation quantitative and qualitative metrics to measure the economic impact of the regulation and the extent to which it has accomplished the stated purposes, (3) the assessment plan that will be used under the supervision of the Chief Economist to assess whether the regulation has achieved those purposes, and (4) any foreseeable unintended or negative consequences. Requires the assessment plan to: (1) consider the costs, benefits, and intended and unintended consequences of the regulation; and (2) specify the data to be collected, the methods for its collection and analysis, and an assessment completion date. Waives notice and comment requirements for the data collection if the SEC has published its assessment plan for notice and comment at least 30 days before adoption of a final regulation or amendment. (Sec. 3) Requires the SEC to report to specified congressional committees a plan to subject to the requirements of this Act the Public Company Accounting Oversight Board, the Municipal Securities Rulemaking Board, and any registered national securities association.

sec regulatory accountability_act sec amends securities_exchange_act direct securities_and_exchange_commission sec issuing regulation identify evaluate significance problem proposed regulation designed address order assess new regulation warranted use sec chief economist assess costs benefits intended regulation adopt reasoned determination benefits justify costs identify assess available alternatives considered ensure regulation accessible consistent written plain language easy understand requires sec consider rulemaking promote efficiency competition capital formation consider impact regulation investor choice market liquidity small business explain final rule nature comments received concerning proposed rule rule change respond comments explaining changes response reasons incorporate industry group concerns potential costs benefits directs sec review regulations orders periodically determine outmoded ineffective insufficient excessively burdensome modify streamline expand repeal requires sec adopts amends major rule state adopting release purposes intended consequences regulation post implementation quantitative qualitative metrics measure economic impact regulation extent accomplished stated purposes assessment plan supervision chief economist assess regulation achieved purposes foreseeable unintended negative consequences requires assessment plan consider costs benefits intended unintended consequences regulation specify data collected methods collection analysis assessment completion date waives notice comment requirements data collection sec published assessment plan notice comment days adoption final regulation amendment sec requires sec report specified congressional committees plan subject requirements act public_company_accounting_oversight_board municipal_securities_rulemaking_board registered national securities association


Summary: Amends the Internal Revenue Code to: (1) reduce from 2% to 1.39% the excise tax rate on the net investment income of tax-exempt private foundations, and (2) repeal the 1% reduction in such tax rate for private foundations that meet certain distribution requirements.

amends_the_internal_revenue_code reduce excise tax rate net investment income tax exempt private foundations repeal reduction tax rate private foundations meet certain distribution requirements


Summary: End Excessive Oil Speculation Now Act of 2011 - Directs the Chairman of the Commodity Futures Trading Commission (CFTC) to establish speculative position limits: (1) in any registered trading entity on or through which crude oil, gasoline, diesel fuel, jet fuel, or heating oil futures or swaps are traded that are equal to the position accountability levels or position limits established by the New York Mercantile Exchange (Exchange); and (2) that are equal to the position accountability levels or position limits established by such Exchange upon the aggregate number or amount of positions in contracts based upon the same underlying commodity that may be held by any person (including any group or class of traders) for each month across specified contracts, transactions, and swap contracts. Directs the Chairman to: (1) establish margin requirements of 12% for speculative swaps and futures trading in crude oil, gasoline, diesel fuel, jet fuel, and heating oil; (2) require each bank holding company, investment bank, hedge fund, or swaps dealer trading energy futures or swaps for its own benefit, or on behalf of, or as counterparty to, an index fund, exchange traded fund, or other noncommercial participant, to register with the CFTC as a noncommercial participant and be subject to position limits and margin requirements under this Act. Exempts bona-fide hedge trading from such position limits and margin requirements. Expresses the sense of Congress that, if finalized, the proposed position limits for derivatives that the CFTC included in a specified notice of proposed rulemaking do not fulfill the requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act to diminish, eliminate, or prevent excessive speculation.

end excessive oil speculation act directs chairman commodity_futures_trading_commission cftc establish speculative position limits registered trading entity crude oil gasoline diesel fuel jet fuel heating oil futures swaps traded equal position accountability levels position limits established new_york exchange exchange equal position accountability levels position limits established exchange aggregate number positions contracts based underlying commodity held person including group class traders month specified contracts transactions swap contracts directs chairman establish margin requirements speculative swaps futures trading crude oil gasoline diesel fuel jet fuel heating oil require bank holding company investment bank hedge fund swaps dealer trading energy futures swaps benefit behalf counterparty index fund exchange traded fund noncommercial participant register cftc noncommercial participant subject position limits margin requirements act exempts bona fide hedge trading position limits margin requirements expresses sense congress finalized proposed position limits derivatives cftc included specified notice_of_proposed_rulemaking fulfill requirements dodd-frank_wall_street_reform consumer protection act diminish eliminate prevent excessive speculation


Summary: Prohibits the Securities and Exchange Commission (SEC) from entering into a lease for general purpose office space except through the General Services Administration (GSA).

prohibits securities_and_exchange_commission sec entering lease general purpose office space general_services_administration gsa


Summary: Shareholder Protection Act of 2011 - Amends the Securities Exchange Act of 1934 to require that any solicitation of a proxy, consent, or authorization with respect to any security of an issuer: (1) describe the specific nature (to the extent known) and total amount of expenditures proposed for political activities for the forthcoming fiscal year but not yet authorized by a vote of the issuer's shareholders, and (2) provide for a separate shareholder vote to authorize such proposed expenditures. Prohibits an issuer from making an expenditure for political activities in any fiscal year unless: (1) such expenditure is of the nature of those proposed by the issuer according to the requirements of this Act; and (2) authorization for such expenditure has been granted by votes representing a majority of outstanding shares. Deems a violation of this requirement to be a breach of the fiduciary duty of the officers and directors who authorized such expenditure. Subjects officers and directors who authorize the expenditure without prior shareholder authorization to joint and several liability to any shareholder or class of shareholders for the amount of such expenditure. Requires certain institutional investment managers to disclose annually in mandatory reports how they voted (proxies) in certain shareholder votes. Prohibits any person from bringing any civil, criminal, or administrative action against an institutional investment manager, or any of its employees, officers, or directors, based solely upon the investment manager's decision to divest from, or not to invest in, securities of an issuer because of expenditures for political activities made by that issuer. Requires the Securities and Exchange Commission (SEC) to direct the national securities exchanges and national securities associations to prohibit the listing of any equity security of an issuer whose corporate bylaws do not expressly provide for a vote of the issuer's directors on any individual expenditure for political activities in excess of $50,000. Requires an issuer to make public, within 48 hours, the individual votes of the directors regarding any such expenditure. Directs the SEC to: (1) require issuers to disclose expenditures for political activities made during the preceding quarter and the individual votes by board members authorizing such expenditures; and (2) make such reports publicly available through the SEC website. Requires the SEC to make annual assessments of the compliance by public corporations and their management with the reporting and disclosure requirements of this Act, and the Comptroller General (GAO) to evaluate periodically the effectiveness of SEC oversight of these requirements.

shareholder protection act amends securities_exchange_act require solicitation proxy consent authorization respect security issuer describe specific nature extent known total expenditures proposed political activities forthcoming fiscal year authorized vote issuer shareholders provide separate shareholder vote authorize proposed expenditures prohibits issuer making expenditure political activities fiscal year expenditure nature proposed issuer according requirements act authorization expenditure granted votes representing majority outstanding shares deems violation requirement breach fiduciary duty officers directors authorized expenditure subjects officers directors authorize expenditure prior shareholder authorization joint liability shareholder class shareholders expenditure requires certain institutional investment managers disclose annually mandatory reports voted proxies certain shareholder votes prohibits person bringing civil criminal administrative action institutional investment manager employees officers directors based solely investment manager decision divest invest securities issuer expenditures political activities issuer requires securities_and_exchange_commission sec direct national securities exchanges national securities associations prohibit listing equity security issuer corporate bylaws expressly provide vote issuer directors individual expenditure political activities excess requires issuer public hours individual votes directors expenditure directs sec require issuers disclose expenditures political activities preceding quarter individual votes board members authorizing expenditures reports publicly available sec website requires sec annual assessments compliance public corporations management reporting disclosure requirements act comptroller_general gao evaluate periodically effectiveness sec oversight requirements


Summary: Swap Execution Facility Clarification Act - Amends the Commodity Exchange Act to prohibit the Commodity Futures Trading Commission (CFTC), in interpreting or defining a "security-based swap execution facility," from requiring it to: (1) have a minimum number of participants receive a bid or offer or respond to any trading system or platform functionality, (2) display or delay bids or offers for any period of time, (3) limit the means of interstate commerce used by market participants to enter into and execute swap transactions on the trading system or platform, or (4) require bids or offers on one trading system or platform operated by the swap execution facility to interact with bids or offers on another trading system or platform operated by that facility. Amends the Securities Exchange Act of 1934 to prohibit the Securities and Exchange Commission (SEC), in interpreting or defining a "security-based swap execution facility," from requiring such a facility to do any of the things the CFTC is prohibited by this Act from requiring, with the exception that the SEC may not require such a facility to limit the means of interstate commerce used by market participants to enter into and execute security-based swap transactions on the method of trading functionality.

swap execution facility clarification act_-_amends commodity_exchange_act prohibit commodity_futures_trading_commission cftc interpreting defining security based swap execution facility requiring minimum number participants receive bid offer respond trading system platform functionality display delay bids offers period time limit means interstate commerce market participants enter execute swap transactions trading system platform require bids offers trading system platform operated swap execution facility interact bids offers trading system platform operated facility amends securities_exchange_act prohibit securities_and_exchange_commission sec interpreting defining security based swap execution facility requiring facility things cftc prohibited act requiring exception sec require facility limit means interstate commerce market participants enter execute security based swap transactions method trading functionality


Summary: Maintaining Agency Direction on Financial Fraud Act - Prohibits any interpretive guidance issued by the Securities and Exchange Commission (SEC) which relates to "Commission Guidance Regarding Disclosure Related to Climate Change" from taking effect with respect to any person on or after February 2, 2010. Prohibits the SEC from issuing interpretive guidance: (1) with respect to disclosures related to climate change after this Act's effective date; and (2) that would establish any requirements with respect to the content of or format for any disclosures related to climate change voluntarily submitted by any entity to the SEC after such date. Prohibits the SEC from initiating any civil or administrative action or proceeding pertaining to disclosures related to climate change after this Act's enactment and terminates any such actions or proceedings that are pending. Prohibits this Act from being construed as: (1) prohibiting the SEC from issuing interpretive guidance with respect to disclosures related to non-anthropogenic or natural climate variability observed over comparable time periods; or (2) terminating an administrative action or proceeding pertaining to such disclosures.

maintaining agency direction financial fraud act prohibits interpretive guidance issued securities_and_exchange_commission sec relates commission guidance disclosure related climate change taking effect respect person february prohibits sec issuing interpretive guidance respect disclosures related climate change act effective date establish requirements respect content format disclosures related climate change voluntarily submitted entity sec date prohibits sec initiating civil administrative action proceeding pertaining disclosures related climate change act enactment terminates actions proceedings pending prohibits act construed prohibiting sec issuing interpretive guidance respect disclosures related non anthropogenic natural climate variability observed comparable time periods terminating administrative action proceeding pertaining disclosures


Summary: Amends the Internal Revenue Code to allow nonrecognition of gain in a corporate reorganization for corporations that exchange property solely for stock other than nonqualified preferred stock.

amends_the_internal_revenue_code allow nonrecognition gain corporate reorganization corporations exchange property solely stock nonqualified preferred stock


Summary: Business Risk Mitigation and Price Stabilization Act of 2012 - (Sec. 2) Amends the Commodity Exchange Act (CEA) to exempt, from the rules of prudential regulators for swap dealers and major swap participants with respect to initial and variation margin requirements for swaps not cleared by a registered derivatives clearing organization, those swaps in which one of the counterparties: (1) is eligible for an exception from clearing requirements for certain significant price discovery agreements, contracts, or transactions in a commodity exempt from regulation by the Commodity Futures Trading Commission (CFTC); or (2) satisfies specified criteria governing treatment of affiliates in connection with clearing requirements. Amends the Securities Exchange Act of 1934, regarding registration and regulation of security-based swap dealers and major security-based swap participants, to exempt from initial and variation margin requirements for swaps not cleared by a registered derivatives clearing organization a security-based swap in which one of the counterparties: (1) qualifies for a specified exception from clearing requirements, or (2) satisfies certain criteria governing the treatment of affiliates. (Sec. 3) Requires that the amendments to CEA made by this Act be implemented: (1) without regard to federal information policy requirements or the notice and comment requirements of federal administrative procedure; and (2) through promulgation of an interim final rule, pursuant to which public comment will be sought before a final rule is issued. Limits the disregard of such federal information policy and notice and comment requirements solely to changes to rules and regulations, or proposed rule and regulations, that are limited to, and directly a consequence of, the amendments to CEA made by this Act.

business risk mitigation price stabilization act sec amends commodity_exchange_act cea exempt rules prudential regulators swap dealers major swap participants respect initial variation margin requirements swaps cleared registered derivatives clearing organization swaps counterparties eligible exception clearing requirements certain significant price discovery agreements contracts transactions commodity exempt regulation commodity_futures_trading_commission cftc satisfies specified criteria governing treatment affiliates connection clearing requirements amends securities_exchange_act registration regulation security based swap dealers major security based swap participants exempt initial variation margin requirements swaps cleared registered derivatives clearing organization security based swap counterparties qualifies specified exception clearing requirements satisfies certain criteria governing treatment affiliates sec requires amendments cea act implemented regard federal information policy requirements notice comment requirements federal administrative procedure promulgation interim final rule pursuant public comment sought final rule issued limits disregard federal information policy notice comment requirements solely changes rules regulations proposed rule regulations limited directly consequence amendments cea act


Summary: Corporate Politics Transparency Act - Amends the Securities Exchange Act of 1934 to require that quarterly and annual reports of an issuer, any proxy solicitation or consent or authorization in respect of any security, and the issuer's registration statement disclose total political expenditures in support of or in opposition to any candidate for federal, state, or local public office made by the issuer during the preceding six-year period. Requires such disclosures to include: (1) the name and political party affiliation of each candidate in support of whom or in opposition to whom a political expenditure was made; (2) the amount of each such expenditure; (3) the public office that such candidate was or is seeking; (4) the relevant state, city, or district; and (5) a statement of the issuer's interest in and reason for making such expenditure.

corporate politics transparency act_-_amends securities_exchange_act require quarterly annual reports issuer proxy solicitation consent authorization respect security issuer registration statement disclose total political expenditures support opposition candidate federal state local public office issuer preceding year period requires disclosures include political party affiliation candidate support opposition political expenditure expenditure public office candidate seeking relevant state city district statement issuer interest reason making expenditure