Summary: (Sec. 1) Amends the Securities Exchange Act of 1934 to permit a non-registered municipal securities advisor, on behalf of a municipal entity or an obligated person, to: (1) provide advice regarding either municipal financial products or the issuance of such products, and (2) undertake the solicitation of a municipal entity. (Sec. 2) Prohibits the rules of the Municipal Securities Rulemaking Board (MSRB) from regulating as municipal advisors the activities of certain persons specifically excluded from the definition of municipal advisor, namely: (1) a broker, dealer, or municipal securities dealer serving as an underwriter; (2) an investment adviser registered under the Investment Advisers Act of 1940 (or persons associated with such investment advisers who are providing investment advice); (3) a commodity trading advisor registered under the Commodity Exchange Act (or associated persons who are providing advice related to swaps); (4) attorneys providing legal advice or services that are of a traditional legal nature; and (5) engineers providing engineering advice. (Sec. 3) Limits the fiduciary duty a municipal advisor and any associated person owe to a municipal entity (or associated person) the advisor advises to those times when the advisor acts pursuant to an engagement, for compensation, by the municipal entity or obligated person to advise on either municipal financial products or the issuance of municipal securities. Directs the MSRB to require that a municipal advisor act in accordance with its fiduciary duty to municipal entity clients, but only in connection with specified activities involving those clients. Prohibits the MSRB from barring: (1) principal transactions by municipal advisors, or (2) the receipt of compensation based on standard compensation involving the purchase or sale of a security or other instrument (including deposit or foreign exchange). Authorizes the MSRB to: (1) issue rules requiring a municipal advisor to engage only in transactions or receive compensation consistent with the advisor's fiduciary duty, and (2) prohibit a municipal advisor who has been engaged to provide advice with respect to an underwritten offering of securities from acting concurrently as underwriter of such offering. (Sec. 4) Redefines "investment strategies" as plans or programs for: (1) investment of the direct proceeds of municipal securities (but not other public funds) which are neither municipal derivatives nor guaranteed investment contracts, and (2) the recommendation and brokerage of municipal escrow investments, where such proceeds and investments are either known to the municipal advisor to comprise funds or investments maintained exclusively in a segregated account, or have been identified in writing as funds or investments constituting the proceeds of municipal securities or municipal escrow investments. Excludes specified practices from "investment strategies" (and, therefore, from regulation under this Act), including: (1) merely acting as a broker or principal for the purchase or sale of a security or other instrument (including deposit or foreign exchange); (2) furnishing a list of, or price quotations for, investment options or securities or other instruments which may be available for purchase or investment or which satisfy investment criteria specified by a municipal entity; (3) acting as a custodian; (4) providing generalized information concerning investments not tailored to the specific investment objectives of the municipal entity; or (5) providing advice with respect to matters other than the investment of funds or financial products. (Sec. 5) Limits the definition of "municipal advisor" to a person (who is not a municipal entity or obligated person, or an employee of a municipal entity or obligated person) but who is engaged for compensation by a municipal entity to advise on either municipal financial products or the issuance of municipal securities. Excludes from the definition of municipal advisors solely as a result of their performing the following activities: (1) a financial institution engaging in specified excluded activities pursuant to an exemption from registration, when acting as a dealer or principal with respect to deposits, foreign exchange, or identified banking products, providing other traditional banking or trust services otherwise subject to a fiduciary duty under state or federal law, providing administrative or operational services or support, or providing advice that is related to or in connection with any such activities and not for separate compensation; (2) a person providing state-regulated insurance products, services, or advice and not for separate compensation; (3) an accountant providing customary and usual accounting services or advising in connection with such activities and not for separate compensation; and (4) an attorney offering traditional legal advice or services. (Sec. 6) Redefines "solicitation of a municipal entity" to: (1) eliminate solicitation for the purpose of obtaining or retaining an engagement by an investment adviser providing investment advisory services on behalf of a municipal entity, but (2) state that communications on behalf of a collective investment vehicle (investment fund) shall not be deemed to be on behalf of any investment adviser that advises or manages such collective investment vehicle. (Sec. 7) Defines "municipal derivative" as a swap or security-based swap in which a municipal entity is a counterparty. (Sec. 8) Defines the term to provide advice "on behalf of a municipal entity or obligated person" as providing advice to a person known to be engaged by a municipal entity to provide services to the municipal entity in connection with the issuance of municipal securities.

sec amends securities_exchange_act permit non registered municipal securities advisor behalf municipal entity obligated person provide advice municipal financial products issuance products undertake solicitation municipal entity sec prohibits rules municipal_securities_rulemaking_board regulating municipal advisors activities certain persons specifically excluded definition municipal advisor broker dealer municipal securities dealer serving underwriter investment adviser registered investment advisers act persons associated investment advisers providing investment advice commodity trading advisor registered commodity_exchange_act associated persons providing advice related swaps attorneys providing legal advice services traditional legal nature engineers providing engineering advice sec limits fiduciary duty municipal advisor associated person owe municipal entity associated person advisor advises times advisor acts pursuant engagement compensation municipal entity obligated person advise municipal financial products issuance municipal securities directs require municipal advisor act accordance fiduciary duty municipal entity clients connection specified activities involving clients prohibits barring principal transactions municipal advisors receipt compensation based standard compensation involving purchase sale security instrument including deposit foreign exchange authorizes issue rules requiring municipal advisor engage transactions receive compensation consistent advisor fiduciary duty prohibit municipal advisor engaged provide advice respect underwritten offering securities acting concurrently underwriter offering sec redefines investment strategies plans programs investment direct proceeds municipal securities public funds municipal derivatives guaranteed investment contracts recommendation brokerage municipal escrow investments proceeds investments known municipal advisor comprise funds investments maintained exclusively segregated account identified writing funds investments constituting proceeds municipal securities municipal escrow investments excludes specified practices investment strategies regulation act including merely acting broker principal purchase sale security instrument including deposit foreign exchange furnishing list price investment options securities instruments available purchase investment satisfy investment criteria specified municipal entity acting custodian providing generalized information concerning investments tailored specific investment objectives municipal entity providing advice respect matters investment funds financial products sec limits definition municipal advisor person municipal entity obligated person employee municipal entity obligated person engaged compensation municipal entity advise municipal financial products issuance municipal securities excludes definition municipal advisors solely result performing following activities financial institution engaging specified excluded activities pursuant exemption registration acting dealer principal respect deposits foreign exchange identified banking products providing traditional banking trust services subject fiduciary duty state federal law providing administrative operational services support providing advice related connection activities separate compensation person providing state regulated insurance products services advice separate compensation accountant providing customary usual accounting services advising connection activities separate compensation attorney offering traditional legal advice services sec redefines solicitation municipal entity eliminate solicitation purpose obtaining retaining engagement investment adviser providing investment advisory services behalf municipal entity state communications behalf collective investment vehicle investment fund shall deemed behalf investment adviser advises manages collective investment vehicle sec defines municipal derivative swap security based swap municipal entity counterparty sec defines term provide advice behalf municipal entity obligated person providing advice person known engaged municipal entity provide services municipal entity connection issuance municipal securities


Summary: Entrepreneur Access to Capital Act - (Sec. 2) Amends the Securities Act of 1933 to exempt from its registration requirements and prohibitions any transactions involving the offer or sale of (crowdfunded) securities by an issuer if the aggregate amount sold within the previous 12-month period in reliance upon the exemption is: (1) $1 million, adjusted for inflation, or less; or (2) $2 million, adjusted for inflation, or less if the issuer provides potential investors with audited financial statements. Requires the aggregate amount sold to any investor in reliance on this exemption within the previous 12-month period, in either case, not to exceed the lesser of $10,000, adjusted for inflation, or 10% of the investor's annual income. (Crowdfunding is a method of capital formation where groups of people pool money, typically composed of very small individual contributions, and often via internet platforms, to invest in a company or otherwise support an effort by others to accomplish a specific goal.) Requires an intermediary between the issuer and the investor, if there is one, and an issuer, if there is no intermediary, to meet specified requirements. Requires both intermediaries and issuers (if there is no intermediary) with respect to such exempted transactions to: (1) warn investors of the speculative nature generally applicable to investments in startups, emerging businesses, and small issuers; (2) warn investors that there are restrictions on the re-sale of the securities; (3) take reasonable measures to reduce the risk of fraud with respect to the transaction; (4) provide the Securities and Exchange Commission (SEC) with information about the intermediary or about the issuer and the offering, as the case may be; (5) provide the SEC with continuous investor-level access to the intermediary's or the issuer's website; (6) require each investor to answer questions demonstrating a basic understanding of the nature of the securities offered, including the risk of illiquidity; (7) outsource cash-management functions to a qualified third party custodian; (8) maintain books and records the SEC deems appropriate; (9) allow for communication between the issuer and investors via the intermediary's or the issuer's website; (10) not offer investment advice; and (11) notify the SEC upon completion of the offering. Requires the issuer (and requires an intermediary to require the issuer) to state a target offering amount as well as a deadline to reach it, and ensure that the third party custodian withholds offering proceeds until the aggregate capital raised from investors other than the issuer is no less than 60 % of the target offering amount. Requires an intermediary, in addition, to: (1) carry out background checks on the issuer's principals, and (2) provide the SEC and potential investors with information about the issuer and the offering. Requires an issuer to disclose its interest in the issuance to investors. Authorizes an issuer or intermediary to rely upon certifications as to annual income provided by the person to whom the securities are sold to verify the investor's income. Directs the SEC to make available to the states information it receives about the intermediary, issuer, and offering. Restricts investor sales of certain securities during the one-year period beginning on the date of purchase, unless such securities are sold to either the issuer of the securities or to an accredited investor. Declares that an intermediary shall not be treated as a broker under the securities laws solely by reason of participation in a crowdfunded transaction. States that this Act does not preclude an issuer from raising capital through other means. Directs the SEC to establish disqualification criteria that render either an issuer or intermediary ineligible to utilize a specified exemption under the Securities Act of 1933 based upon the disciplinary history of the issuer or its predecessors, affiliates, officers, directors, or persons fulfilling similar roles. Requires such criteria to be substantially similar to rules adopted for disqualifying felons from Regulation D offerings in accordance with the Dodd-Frank Wall Street Reform and Consumer Protection Act. (Sec. 3) Amends the Securities Exchange Act of 1934 to exclude securities held by persons who purchase them in crowdfunded transactions under this Act from application of the 500-to-750 shareholder "held of record" criterion for a class of equity security subject to mandatory registration. (Sec. 4) Amends the Securities Act of 1933 to exempt such crowdfunded securities from state regulation of securities offerings; but retains state jurisdiction over fraud, deceit, or the unlawful conduct of intermediaries, issuers, and custodians.

entrepreneur access capital act sec amends securities act exempt registration requirements prohibitions transactions involving offer sale securities issuer aggregate sold previous month period reliance exemption million adjusted inflation million adjusted inflation issuer provides potential investors audited financial statements requires aggregate sold investor reliance exemption previous month period case exceed lesser adjusted inflation investor annual income method capital formation groups people pool money typically composed small individual contributions internet platforms invest company support effort accomplish specific goal requires intermediary issuer investor issuer intermediary meet specified requirements requires intermediaries issuers intermediary respect exempted transactions warn investors speculative nature generally applicable investments startups emerging businesses small issuers warn investors restrictions sale securities reasonable measures reduce risk fraud respect transaction provide securities_and_exchange_commission sec information intermediary issuer offering case provide sec continuous investor level access intermediary issuer website require investor answer questions demonstrating basic understanding nature securities offered including risk cash management functions qualified party custodian maintain books records sec deems appropriate allow communication issuer investors intermediary issuer website offer investment advice notify sec completion offering requires issuer requires intermediary require issuer state target offering deadline reach ensure party custodian withholds offering proceeds aggregate capital raised investors issuer target offering requires intermediary addition carry background checks issuer principals provide sec potential investors information issuer offering requires issuer disclose interest issuance investors authorizes issuer intermediary rely certifications annual income provided person securities sold verify investor income directs sec available states information receives intermediary issuer offering restricts investor sales certain securities year period beginning date purchase securities sold issuer securities accredited investor declares intermediary shall treated broker securities laws solely reason participation transaction states act preclude issuer raising capital means directs sec establish disqualification criteria render issuer intermediary ineligible utilize specified exemption securities act based disciplinary history issuer affiliates officers directors persons fulfilling similar roles requires criteria substantially similar rules adopted disqualifying felons regulation offerings accordance dodd-frank_wall_street_reform consumer protection act sec amends securities_exchange_act exclude securities held persons purchase transactions act application shareholder held record criterion class equity security subject mandatory registration sec amends securities act exempt securities state regulation securities offerings retains state jurisdiction fraud unlawful conduct intermediaries issuers


Summary: Access to Capital for Job Creators Act - Amends the Securities Act of 1933 to exempt from specified prohibitions relating to interstate commerce and the mails any transactions by an issuer that do not involve a public offering (as under current law), whether or not such transactions involve general solicitation or general advertising. Directs the Securities and Exchange Commission (SEC) to revise rules governing an exemption from public offering requirements for limited offers and sales without regard to the dollar amount of the offering (Regulation D), so as to provide that a specified prohibition against general solicitation or general advertising does not apply to offers and sales of securities made pursuant to Regulation D if all purchasers of the securities are accredited investors. Requires such rules to require the issuer to take reasonable steps to verify that purchasers of the securities are accredited investors, using methods determined by the SEC.

access capital job act_-_amends securities act exempt specified prohibitions relating interstate commerce mails transactions issuer involve public offering current law transactions involve general solicitation general advertising directs securities_and_exchange_commission sec revise rules governing exemption public offering requirements limited offers sales regard dollar offering regulation provide specified prohibition general solicitation general advertising apply offers sales securities pursuant regulation purchasers securities accredited investors requires rules require issuer reasonable steps verify purchasers securities accredited investors methods determined sec


Summary: Anti-Excessive Speculation Act of 2011 - Amends the Commodity Exchange Act to revise the registration requirements for foreign boards of trade. Directs the Commodity Futures Trading Commission (CFTC) to consider whether foreign boards are subject to rules and restrictions prohibiting excessive speculation by governmental authorities that are comparable to the law, regulations, and orders applicable to boards of trade in the United States. Sets forth a presumption of excessive speculation if the CFTC, using specified criteria, determines that speculative traders in a commodity market have a substantial impact on price discovery. Establishes individual position limits on energy contracts (referencing the price of crude oil, gasoline, diesel fuel, jet fuel, heating oil, or natural gas) that are applicable to long or short positions. Defines an "excessive speculative position" as a position that affects more than 5% of: (1) the estimated deliverable supply of the same commodity in the spot month, and (2) the open interest in a contract in a single month or all months combined. Prohibits any person from holding or controlling an excessive speculative position, long or short, in an energy contract in any single market and aggregated across all markets in the spot month, a single month, or all-months combined. Directs the CFTC to establish aggregate speculative position limits for long energy contracts held by speculators as a class of traders in any single market and in all markets. Requires that such positions be capped at the average annual percentage of long open interest held by speculators in any single energy contract market and in all such markets during the preceding 25-year period (or the period during which the contract has been traded if held for less than the 25-year period). Excludes bona fide energy hedging from the computation of positions held or controlled by a person. Defines "bona fide energy hedging" as a transaction or position that is proportionate and economically appropriate for the reduction of risks in the conduct and management of a trade or business that produces, processes, merchandises, manufactures, or consumes an energy commodity. Declares that the management of financial risk associated with swaps or other similar contracts, by itself, shall not constitute bona fide hedging.

anti excessive speculation act amends commodity_exchange_act revise registration requirements foreign boards trade directs commodity_futures_trading_commission cftc consider foreign boards subject rules restrictions prohibiting excessive speculation governmental authorities comparable law regulations orders applicable boards trade united_states sets forth presumption excessive speculation cftc specified criteria determines speculative traders commodity market substantial impact price discovery establishes individual position limits energy contracts referencing price crude oil gasoline diesel fuel jet fuel heating oil natural gas applicable long short positions defines excessive speculative position position affects estimated supply commodity spot month open interest contract single month months combined prohibits person holding controlling excessive speculative position long short energy contract single market aggregated markets spot month single month months combined directs cftc establish aggregate speculative position limits long energy contracts held class traders single market markets requires positions capped average annual percentage long open interest held single energy contract market markets preceding year period period contract traded held year period excludes bona fide energy hedging computation positions held controlled person defines bona fide energy hedging transaction position proportionate economically appropriate reduction risks conduct management trade business produces processes manufactures energy commodity declares management financial risk associated swaps similar contracts shall constitute bona fide hedging


Summary: Amends the Dodd-Frank Wall Street Reform and Consumer Protection Act to add March 31, 2010, as a date for calculation of total consolidated assets, for purposes of exempting certain debt or equity instruments of smaller financial institutions from capital deductions requirements.

amends dodd-frank_wall_street_reform consumer protection act add march date calculation total consolidated assets purposes exempting certain debt equity instruments smaller financial institutions capital deductions requirements


Summary: Swap Jurisdiction Certainty Act - (Sec. 2) Amends the Commodity Exchange Act regarding extra-territorial swap transactions between: (1) a registered swap dealer who is either a U.S. person or a person whose parent company is a U.S. person; and (2) a person who is a U.S. or non-U.S. subsidiary, branch, or affiliate of such swap dealer, or any other non-U.S. person not registered as a swap dealer. Exempts swaps from regulation under the Wall Street Transparency and Accountability Act of 2010 (WSTAA) (title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act) as long as the swap dealer: (1) is either a U.S. person or a person whose parent company is a U.S. person, and (2) reports such swap to a swap data repository registered with the Commodity Futures Trading Commission (CFTC). Subjects to WSTAA requirements any non-U.S. person that is a registered swaps dealer but only for swaps entered into with a U.S. person who is not a U.S. subsidiary, branch, or affiliate of that non-U.S. person. Requires the CFTC to permit non-U.S. persons that are registered swaps dealers to comply with WSTAA capital requirements by complying with comparable requirements established by the appropriate governmental authorities in their respective home countries, so long as those home countries are signatories to the Basel Accords. Subjects each registered swap dealer to any rules or regulations as the CFTC may prescribe or promulgate as are necessary or appropriate to prevent the evasion of any provision of the Commodity Exchange Act enacted by WSTAA. (Sec. 3) Amends the Securities Exchange Act of 1934 regarding extra-territorial securities-based swap transactions between: (1) a registered securities-based swap dealer who is either a U.S. person or a person whose parent company is a U.S. person; and (2) a person who is a U.S. or non-U.S. subsidiary, branch, or affiliate of such securities-based swap dealer. Exempts security-based swaps from regulation under WSTAA as long as the securities-based swap dealer: (1) is either a U.S. person or a person whose parent company is a U.S. person, and (2) reports such security-based swap to a securities-based swap data repository registered with a security-based swap data repository registered with the Securities and Exchange Commission (SEC). Subjects to WSTAA requirements any non-U.S. person that is a registered security-based swaps dealer but only for security-based swaps entered into with a U.S. person who is not a U.S. subsidiary, branch, or affiliate of that non-U.S. person. Requires the SEC to permit non-U.S. persons that are registered security-based swaps dealers to comply with WSTAA capital requirements by complying with comparable requirements established by the appropriate governmental authorities in their respective home countries, so long as those home countries are signatories to the Basel Accords. Prohibits registered security-based swap dealers from conducting any activities designed to evade any provision of the Securities Exchange Act of 1934 enacted by WSTAA. Declares that nothing in this section shall: (1) exempt a transaction from specified restrictions on member bank transactions with affiliates under the Federal Reserve Act or implementing regulations; or (2) affect the authorities of the prudential regulators over certain kinds of swap dealers, major swap participants, security-based swap dealers, or major security-based swap participants under the Commodity Excgange Act as such authorites are established in law other than under WSTAA

swap jurisdiction certainty act sec amends commodity_exchange_act extra territorial swap transactions registered swap dealer person person parent company person person non subsidiary branch affiliate swap dealer non person registered swap dealer exempts swaps regulation wall street transparency accountability_act title vii dodd-frank_wall_street_reform consumer protection act long swap dealer person person parent company person reports swap swap data repository registered commodity_futures_trading_commission cftc subjects requirements non person registered swaps dealer swaps entered person subsidiary branch affiliate non person requires cftc permit non persons registered swaps dealers comply capital requirements complying comparable requirements established appropriate governmental authorities respective home countries long home countries signatories basel accords subjects registered swap dealer rules regulations cftc prescribe promulgate necessary appropriate prevent evasion provision commodity_exchange_act enacted sec amends securities_exchange_act extra territorial securities based swap transactions registered securities based swap dealer person person parent company person person non subsidiary branch affiliate securities based swap dealer exempts security based swaps regulation long securities based swap dealer person person parent company person reports security based swap securities based swap data repository registered security based swap data repository registered securities_and_exchange_commission sec subjects requirements non person registered security based swaps dealer security based swaps entered person subsidiary branch affiliate non person requires sec permit non persons registered security based swaps dealers comply capital requirements complying comparable requirements established appropriate governmental authorities respective home countries long home countries signatories basel accords prohibits registered security based swap dealers conducting activities designed evade provision securities_exchange_act enacted declares section shall exempt transaction specified restrictions member bank transactions affiliates federal_reserve_act implementing regulations affect authorities prudential regulators certain kinds swap dealers major swap participants security based swap dealers major security based swap participants commodity act established law


Summary: Protecting Main Street End-Users From Excessive Regulation - (Sec. 2) Amends the Commodity Exchange Act to revise the current exception to the definition of "swap dealer" to state that, in determining whether a person is a "swap dealer," no consideration shall be given to any transaction entered into for the person's own account for the purpose of hedging or mitigating commercial risk. Directs the Commodity Futures Trading Commission (CFTC) to adopt standards distinguishing: (1) the activities of a swap dealer specified in current law, and (2) entering into swaps for a person's own account in order to achieve its own trading objectives as determined by the CFTC. Directs the CFTC to exempt from designation as a swap dealer an entity that enters into swap dealing transactions with or on behalf of its customers if the aggregate gross notional amount of the outstanding swap dealing transactions entered into over the course of the preceding calendar year does not exceed $3 billion (or a greater amount, as market conditions warrant), adjusted for inflation. (Sec. 3) States that this Act shall be implemented: (1) without regard to federal law regarding coordination of federal information policy or rulemaking requirements concerning notice and comment, and (2) through promulgation of an interim final rule.

protecting main street end users excessive regulation sec amends commodity_exchange_act revise current exception definition swap dealer state determining person swap dealer consideration shall given transaction entered person account purpose hedging mitigating commercial risk directs commodity_futures_trading_commission cftc adopt standards distinguishing activities swap dealer specified current law entering swaps person account order achieve trading objectives determined cftc directs cftc exempt designation swap dealer entity enters swap dealing transactions behalf customers aggregate gross notional outstanding swap dealing transactions entered course preceding calendar year exceed billion greater market conditions warrant adjusted inflation sec states act shall implemented regard federal law coordination federal information policy rulemaking requirements concerning notice comment promulgation interim final rule


Summary: Congressional Blind Trust Act of 2011 - Amends the Ethics in Government Act of 1978 to require each Member of Congress to place all of his or her stocks, bonds, commodities futures, and other forms of securities, including securities held jointly with a spouse, in a qualified blind trust. Exempts from such requirement any financial interests in or income derived from: (1) the Civil Service Retirement System (CSRS) or the Federal Employees' Retirement System (FERS), including the Thrift Savings Plan (TSP); (2) any other federal retirement system for U.S. officers and employees, including the President, or for members of the uniformed services; or (3) benefits received under the Social Security Act. Requires new Members to comply with this Act within 30 days after taking office, and incumbent Members within 30 days after enactment of this Act. Allows a Member to file, as appropriate, with the Clerk of the House of Representative or the Secretary of the Senate for an additional 30-day extension in order to comply. Authorizes the Attorney General to bring a civil action against any Member of Congress for noncompliance.

congressional blind trust act amends ethics_in_government_act require member congress place stocks bonds commodities futures forms securities including securities held jointly spouse qualified blind trust exempts requirement financial interests income derived civil_service_retirement_system csrs federal employees retirement system fers including thrift savings plan tsp federal retirement system officers employees including president members uniformed_services benefits received social_security_act requires new members comply act days taking office incumbent members days enactment act allows member file appropriate clerk house representative secretary senate additional day extension order comply authorizes attorney general bring civil action member congress noncompliance


Summary: Restoring Ethical Standards, Transparency, and Responsibility in Congressional Trading Act or RESTRICT Act - Amends the Ethics in Government Act of 1978 to require the President, the Vice President, Members of Congress, and certain federal officers and employees to: (1) place all of his or her stocks, bonds, commodities futures, and other forms of securities, including securities held jointly with a spouse or dependent child, in a qualified blind trust; or (2) file a report with the appropriate ethics officer, within three business days after a transaction is settled, on any purchase, sale, or exchange in stocks, bonds, commodities futures, and other forms of securities, including those jointly held with the individual's spouse or dependent child. Exempts from this requirement any financial interests in or income derived from: (1) the Civil Service Retirement System (CSRS) or the Federal Employees' Retirement System (FERS), including the Thrift Savings Plan (TSP); (2) any other federal retirement system for U.S. officers and employees, including the President, or for members of the uniformed services; or (3) benefits received under the Social Security Act. Subjects violators of this Act to specified civil and criminal penalties.

restoring ethical standards transparency responsibility congressional trading act restrict act_-_amends ethics_in_government_act require president vice president members congress certain federal officers employees place stocks bonds commodities futures forms securities including securities held jointly spouse dependent child qualified blind trust file report appropriate ethics officer business days transaction settled purchase sale exchange stocks bonds commodities futures forms securities including jointly held individual spouse dependent child exempts requirement financial interests income derived civil_service_retirement_system csrs federal employees retirement system fers including thrift savings plan tsp federal retirement system officers employees including president members uniformed_services benefits received social_security_act subjects violators act specified civil criminal penalties


Summary: Wall Street Accountability through Sustainable Funding Act - Amends the Commodity Exchange Act to require the Commodity Futures Trading Commission (CFTC) to impose a fee on each agreement, contract, or transaction that is a contract of sale of a commodity for future delivery, an option on such a contract, or a swap to recover the government's cost of the annual CFTC appropriation for the fiscal year.

wall street accountability sustainable funding act_-_amends commodity_exchange_act require commodity_futures_trading_commission cftc impose fee agreement contract transaction contract sale commodity future delivery option contract swap recover government cost annual cftc appropriation fiscal year


Summary: Amends the Securities Exchange Act of 1934 to direct the Securities and Exchange Commission (SEC) to promulgate final rules requiring each securities issuer required to file annual reports to: (1) determine the 5 compensation brackets in which its employees reside (where such brackets contain an equal number of employees and range from the 20% of employees with the lowest compensation to the 20% with the highest compensation), and (2) include in the issuer's annual reports the number of minorities and women employed that fall into each of the compensation brackets. Requires such issuers, for purposes of identifying an employee as a minority or woman under this Act, to rely on self-reporting by the employee.

amends securities_exchange_act direct securities_and_exchange_commission sec promulgate final rules requiring securities issuer required file annual reports determine compensation brackets employees reside brackets contain equal number employees range employees lowest compensation highest compensation include issuer annual reports number minorities women employed fall compensation brackets requires issuers purposes identifying employee minority woman act rely self reporting employee


Summary: Outsourcing Accountability Act of 2012 - Amends the Securities Exchange Act of 1934 to require registered securities issuers to disclose annually to the Securities and Exchange Commission (SEC) and to shareholders: (1) the total number of employees domiciled in the United States and listed by number in each state (including those of consolidated subsidiaries); (2) the total number of such employees physically working in and domiciled in any country other than the United States, listed by number in each country; and (3) the percentage increase or decrease in such numbers from the previous reporting year. Exempts from such requirements: (1) certain new public companies, and (2) issuers with total annual gross revenues of less than $1 billion during the most recently completed fiscal year.

outsourcing accountability_act amends securities_exchange_act require registered securities issuers disclose annually securities_and_exchange_commission sec shareholders total number employees domiciled united_states listed number state including consolidated subsidiaries total number employees physically working domiciled country united_states listed number country percentage increase decrease numbers previous reporting year exempts requirements certain new public companies issuers total annual gross revenues billion recently completed fiscal year


Summary: Improving Security for Investors and Providing Closure Act of 2012 or Improving SIPC Act of 2012 - Amends the Securities Investor Protection Act of 1970 with respect to any action in a U.S. district court by the Securities and Exchange Commission (SEC) against the Securities Investor Protection Corporation (SIPC) in the event that the SIPC refuses to commit its funds or otherwise act for the protection of customers of any SIPC member (debtor broker or dealer). Authorizes the SIPC, at the time such an SEC action against it is initiated, to allow all customers of the debtor broker or dealer to elect to receive a one-time payment from the SIPC Fund to settle their net equity claims against the debtor. Prescribes procedures for such a customer election. Limits the amount paid to a customer under this election to the customer's net equity claims against the debtor. Caps at $500,000 the amount of a one-time payment the SIPC can make under this election. Subrogates SIPC to all rights of the customer against the debtor, regardless of whether the one-time payment was in an amount to fully satisfy the customer's claims against the debtor. Treats a certificate of deposit (CD) purchased by a person through an account with the debtor as cash deposited and held by the debtor in an amount equal to the amount the person paid for the CD, less any amounts paid to such person on the CD.

improving security investors providing closure act improving act amends securities investor protection act respect action district_court securities_and_exchange_commission sec securities investor protection corporation event refuses commit funds act protection customers member debtor broker dealer authorizes time sec action initiated allow customers debtor broker dealer elect receive time payment fund settle net equity claims debtor prescribes procedures customer election limits paid customer election customer net equity claims debtor caps time payment election rights customer debtor regardless time payment fully satisfy customer claims debtor treats certificate deposit purchased person account debtor cash deposited held debtor equal person paid amounts paid person


Summary: Capital Expansion Act - Amends the Securities Exchange Act of 1934 regarding registration of securities to modify the registration threshold for an issuer that is either a bank or a bank holding company as well as for an issuer that is neither a bank nor a bank holding company. Raises from $1 million to $10 million the threshold for total assets of an issuer that requires registration of a certain class of equity security. Divides the holding threshold that requires registration of such a class of equity security, however, into: (1) 2,000 holders of record if the issuer is a bank or a bank holding company, and (2) 500 holders of record if the issuer is neither. Requires termination of a security registration in the case of a bank or a bank holding company if the number of holders of record of the class of security is reduced to less than 1,200. Directs the Securities and Exchange Commission (SEC) to issue final regulations to implement this Act.

capital expansion act_-_amends securities_exchange_act registration securities modify registration threshold issuer bank bank holding company issuer bank bank holding company raises million million threshold total assets issuer requires registration certain class equity security divides holding threshold requires registration class equity security holders record issuer bank bank holding company holders record issuer requires termination security registration case bank bank holding company number holders record class security reduced directs securities_and_exchange_commission sec issue final regulations implement act


Summary: Swap Data Repository and Clearinghouse Indemnification Correction Act of 2012 - Amends the Commodity Exchange Act, with respect to derivatives clearing organizations and swap data repositories, to repeal the prerequisite that, before the Commodity Futures Trading Commission (CFTC) may share information with specified regulatory agencies, such agencies must agree to indemnify the CFTC for expenses arising from litigation relating to information so provided. Amends the Securities Exchange Act of 1934 to repeal similarly the prerequisite that, before a security-based swap data repository may share information with specified regulatory entities, such entities must agree to indemnify both such repository and the Securities and Exchange Commission (SEC) for expenses arising from litigation relating to information so provided.

swap data repository clearinghouse indemnification correction act amends commodity_exchange_act respect derivatives clearing organizations swap data repositories repeal prerequisite commodity_futures_trading_commission cftc share information specified regulatory agencies agencies agree indemnify cftc expenses arising litigation relating information provided amends securities_exchange_act repeal similarly prerequisite security based swap data repository share information specified regulatory entities entities agree indemnify repository securities_and_exchange_commission sec expenses arising litigation relating information provided


Summary: Instructs the Commodity Futures Trading Commission (CFTC) to use its authority (including emergency powers) to: (1) to curb immediately the role of excessive speculation in any contract market within its jurisdiction and control that is serving as a platform for the trading of energy futures or swaps; and (2) eliminate excessive speculation, price distortion, sudden or unreasonable fluctuations, unwarranted changes in prices, or other unlawful activity that is causing major market disturbances that prevent the market from accurately reflecting the forces of supply and demand for energy commodities; and (3) prioritize finalizing and enforcing a position limits regime designed to diminish, eliminate, or prevent excessive speculation in energy markets.

instructs commodity_futures_trading_commission cftc use authority including emergency powers curb immediately role excessive speculation contract market jurisdiction control serving platform trading energy futures swaps eliminate excessive speculation price sudden unreasonable fluctuations unwarranted changes prices unlawful activity causing major market disturbances prevent market accurately reflecting forces supply demand energy commodities prioritize finalizing enforcing position limits regime designed diminish eliminate prevent excessive speculation energy markets


Summary: Instructs the Commodity Futures Trading Commission (CFTC) to use its authority (including emergency powers) to: (1) to curb immediately the role of excessive speculation in any contract market within its jurisdiction and control that is serving as a platform for the trading of energy futures or swaps; and (2) eliminate excessive speculation, price distortion, sudden or unreasonable fluctuations, unwarranted changes in prices, or other unlawful activity that is causing major market disturbances that prevent the market from accurately reflecting the forces of supply and demand for energy commodities.

instructs commodity_futures_trading_commission cftc use authority including emergency powers curb immediately role excessive speculation contract market jurisdiction control serving platform trading energy futures swaps eliminate excessive speculation price sudden unreasonable fluctuations unwarranted changes prices unlawful activity causing major market disturbances prevent market accurately reflecting forces supply demand energy commodities


Summary: Halt Index Trading of Energy Commodities (HITEC) Act - Amends the Commodity Exchange Act to declare unlawful for: (1) a commodity index fund to engage in an energy commodity transaction if any person investing in the fund is an excluded investor, (2) an energy commodity index fund to accept an investment from a person who is an excluded investor, or (3) a commodity index fund to hold an investment in an energy commodity if any person investing in the fund is an excluded investor. Defines "excluded investor" as a person with respect to whom there is no position in an energy commodity which, if held by the person, would be considered a bona fide hedging position.

halt index trading energy commodities act_-_amends commodity_exchange_act declare unlawful commodity index fund engage energy commodity transaction person investing fund excluded investor energy commodity index fund accept investment person excluded investor commodity index fund hold investment energy commodity person investing fund excluded investor defines excluded investor person respect position energy commodity held person considered bona fide hedging position


Summary: Manufacturing Certainty and Captive Finance Affiliate Clarification Act - Amends the Commodity Exchange Act to redefine an exclusion from "major swap participant" (and as a result from the swap clearing requirement) an entity (captive finance company) whose primary business is providing financing that facilitates the sale or lease of products by or on behalf of the parent company or its subsidiary, and uses derivatives only for the purpose of hedging underlying commercial risks in a consolidated financing and leasing portfolio at least 90% of which, as of the end of its preceding fiscal year, is qualifying financing (including loans, notes, installment sales contracts, receivables, and operating and financing leases). Declares amendments made by this Act effective as of the enactment of the Wall Street Transparency and Accountability Act of 2010 (title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act).

manufacturing certainty captive finance affiliate clarification act_-_amends commodity_exchange_act redefine exclusion major swap participant result swap clearing requirement entity captive finance company primary business providing financing facilitates sale lease products behalf parent company subsidiary uses derivatives purpose hedging underlying commercial risks consolidated financing leasing portfolio end preceding fiscal year qualifying financing including loans notes installment sales contracts receivables operating financing leases declares amendments act effective enactment wall street transparency accountability_act title vii dodd-frank_wall_street_reform consumer protection act


Summary: Next Steps for Credit Availability Act - Amends the Investment Company Act of 1940 to allow a business development company (BDC) to own or acquire securities or other interests in the business of a registered investment adviser or adviser to an investment company. Reduces from 200% to 150% the asset coverage requirements applicable to BDCs. Allows a BDC to issue stock. Directs the Securities and Exchange Commission (SEC) to revise various rules under the Securities Act of 1933 and to revise forms as necessary to allow a BDC to use security offering rules available to other issuers that are required to file security issuance reports under the Securities Exchange Act of 1934.

steps credit availability act_-_amends investment company act allow business development company acquire securities interests business registered investment adviser adviser investment company reduces asset coverage requirements applicable allows issue stock directs securities_and_exchange_commission sec revise rules securities act revise forms necessary allow use security offering rules available issuers required file security issuance reports securities_exchange_act


Summary: Liquidity Enhancement for Small Public Companies Act - Amends the Securities Exchange Act of 1934 to prohibit the Securities and Exchange Commission (SEC) from proposing, adopting, maintaining, or enforcing any rule, regulation, policy, or procedure that bars a national securities exchange from implementing a program under which either the exchange, an entity that lists securities on a national securities exchange, an entity determined appropriate by the SEC, or any other entity determined appropriate by a national securities exchange provides financial incentives to market makers that adhere to standards of market quality established by the rules of the exchange. Prohibits a registered national securities association from adopting, maintaining, or proposing any rule, regulation, policy, or procedure that bars a national securities exchange from implementing a program under which the securities of an issuer determined appropriate by the SEC for listing on a national securities exchange provides financial incentives to market makers that adhere to standards of market quality established by the exchange.

liquidity enhancement small public companies act_-_amends securities_exchange_act prohibit securities_and_exchange_commission sec proposing adopting maintaining enforcing rule regulation policy procedure bars national securities exchange implementing program exchange entity lists securities national securities exchange entity determined appropriate sec entity determined appropriate national securities exchange provides financial incentives market makers adhere standards market quality established rules exchange prohibits registered national securities association adopting maintaining proposing rule regulation policy procedure bars national securities exchange implementing program securities issuer determined appropriate sec listing national securities exchange provides financial incentives market makers adhere standards market quality established exchange


Summary: Fostering Innovation Act - Directs the Securities and Exchange Commission (SEC) to redefine "accelerated filer" with respect to issuers of securities required to meet accelerated deadlines for filing their Form 10-Q quarterly reports. Requires the SEC to include among accelerated filers any issuers of securities that have: (1) annual revenues in excess of $100 million, and (2) an aggregated worldwide market value of the voting and non-voting common equity held by non-affiliates of between $250 million and $700 million.

fostering innovation act_-_directs securities_and_exchange_commission sec redefine accelerated filer respect issuers securities required meet accelerated deadlines filing form quarterly reports requires sec include accelerated filers issuers securities annual revenues excess million aggregated worldwide market value voting non voting common equity held non affiliates million million


Summary: Investment Adviser Examination Improvement Act of 2012 - Declares the sense of Congress that the Securities and Exchange Commission (SEC) should increase the number and frequency of examinations of investment advisers. Amends the Investment Advisers Act of 1940 to direct the SEC to collect an annual fee from investment advisers subject to SEC inspection or examination to defray the cost of such inspections and examinations. Exempts certain state-regulated investment advisers from the requirement to pay an annual fee. Prescribes a fee calculation formula. Requires the SEC to make the formula publicly available on its website along with the factors used to reach the fee determination. Requires the Comptroller General to audit biennially the use of such fees, SEC reviews of the fee formula, and any adjustments to it. Makes such fees available to the SEC, without further appropriation or fiscal year limitation, to pay costs associated with inspecting and examining investment advisers.

investment adviser examination improvement act declares sense congress securities_and_exchange_commission sec increase number frequency examinations investment advisers amends investment advisers act direct sec collect annual fee investment advisers subject sec inspection examination defray cost inspections examinations exempts certain state regulated investment advisers requirement pay annual fee prescribes fee calculation formula requires sec formula publicly available website factors reach fee determination requires comptroller_general audit biennially use fees sec reviews fee formula adjustments makes fees available sec appropriation fiscal year limitation pay costs associated inspecting examining investment advisers


Summary: Credible Ratings Act of 2012 - Amends the Securities Exchange Act of 1934 to require the annual internal controls report of each nationally recognized statistical rating organization (NRSRO) to the Securities and Exchange Commission (SEC) to contain a certification that the NRSRO monitors the credit ratings it issues, at least quarterly, in order to ensure that they are as accurate as possible based upon the NRSRO's procedures and methodologies as furnished to the SEC.

credible ratings act amends securities_exchange_act require annual internal controls report nationally recognized statistical rating organization securities_and_exchange_commission sec contain certification monitors credit ratings issues quarterly order ensure accurate possible based procedures methodologies furnished sec


Summary: Markets and Trading Reorganization Act - Establishes the Securities and Derivatives Commission as an independent regulatory commission. Directs such Commission to establish three principal divisions: (1) a Markets and Trading Division with oversight of market conduct and utilities, the conduct of market professionals, and self-regulatory organizations with regard to such market professionals, including related examination functions; (2) an Issuers and Financial Disclosures Division with oversight of the issuance of securities, including investment companies and related rules and examinations; and (3) an Enforcement Division responsible for the enforcement of all Commission rules. Transfers to the Commission all functions and personnel of: (1) the Commodity Futures Trading Commission (CFTC), and (2) the Securities and Exchange Commission (SEC). Grants the Commission fee and funding authority.

markets trading reorganization act establishes securities derivatives commission independent regulatory commission directs commission establish principal divisions markets trading division oversight market conduct utilities conduct market professionals self regulatory organizations regard market professionals including related examination functions issuers financial disclosures division oversight issuance securities including investment companies related rules examinations enforcement division responsible enforcement commission rules transfers commission functions personnel commodity_futures_trading_commission cftc securities_and_exchange_commission sec grants commission fee funding authority


Summary: Postpones until April 15, 2013, the effective date of the requirement under the Stop Trading on Congressional Knowledge Act of 2012 (STOCK Act) that the Secretary of the Senate, the Sergeant at Arms of the Senate, and the Clerk of the House of Representatives ensure that financial disclosure forms filed by congressional officers and employees be made available to the public on the respective official Senate and House websites within 30 days after filing. Postpones until the same date the effective date of the requirement that the President ensure that financial disclosure forms filed by executive branch employees are publicly available on appropriate official websites of executive branch agencies within such period. Excludes from these effective date postponements the President, Vice President, Members of Congress, congressional candidates, and any officer occupying a position listed under Level I and Level II of the Executive Schedule having been nominated by the President and confirmed by the Senate. (Thus maintains September 30, 2012, as the effective date of the requirement that such individuals make their financial disclosure forms available to the public.)

postpones april effective date requirement stop trading congressional knowledge act stock act secretary senate sergeant arms senate clerk house_of_representatives ensure financial disclosure forms filed congressional officers employees available public respective official senate house websites days filing postpones date effective date requirement president ensure financial disclosure forms filed executive branch employees publicly available appropriate official websites executive branch agencies period excludes effective date president vice president members congress congressional candidates officer occupying position listed level level executive schedule having nominated president confirmed senate maintains september effective date requirement individuals financial disclosure forms available public


Summary: Equitable Treatment of Investors Act - Amends the Securities Investor Protection Act of 1970 to revise the definition of "net equity." Bases the determination of net equity, the positions, options, and contracts of a customer reported to the customer as held by the debtor, and any indebtedness of the customer to the debtor, upon: (1) the information contained in the last statement issued by the debtor to the customer before the filing date; and (2) any additional written confirmations of the customer's positions, options, contracts, or indebtedness received after such last statement but before the filing date. Makes an exception to this requirement when a debtor's recorders indicate a higher value. Requires determination of the customer's net equity using the debtor's books and records instead of the customer's last statement when the debtor's books and records indicate that the net value of a customer's positions, options, and contracts reported to the customer as held by the debtor, and any indebtedness of the customer to the debtor, is greater than the customer's net value as calculated on the basis specified by this Act. 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 which reasonably indicated a fraud adversely affecting a substantial number of 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 a fraudulent activity and did not notify the Securities Investor Protection Corporation (SIPC), the Securities and Exchange Commission (SEC), or law enforcement personnel. 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 regarding actual or constructive knowledge of the debtor's involvement in fraudulent activity. Prescribes alternative methodologies for allocation of customer property to customers by a trustee in a liquidation proceeding. Requires public notice and comment as a prerequisite to court approval of a proposed allocation methodology. Transfers from the 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. Prohibits a trustee from serving in multiple liquidations if the trustee is currently serving as such under this Act for the liquidation of the business of another debtor. Sets forth requirements for trustee and attorney compensation. Requires the SIPC to issue quarterly public reports on its payments to the trustee, as well as all other costs in connection with the liquidation proceeding. Prescribes the timing of: (1) SIPC advances, and (2) payments to customers.

equitable treatment investors act_-_amends securities investor protection act revise definition net equity bases determination net equity positions options contracts customer reported customer held debtor indebtedness customer debtor information contained statement issued debtor customer filing date additional written customer positions options contracts indebtedness received statement filing date makes exception requirement debtor recorders indicate higher value requires determination customer net equity debtor books records instead customer statement debtor books records indicate net value customer positions options contracts reported customer held debtor indebtedness customer debtor greater customer net value calculated basis specified act prohibits reliance final statement debtor customer customer knew debtor involved fraudulent activity respect customers reasonably indicated fraud adversely affecting substantial number 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 prohibits trustee bankruptcy liquidation proceeding recovering property transferred debtor customer filing date time transfer customer meets criteria actual constructive knowledge debtor involvement fraudulent activity prescribes alternative methodologies allocation customer property customers trustee liquidation proceeding requires public notice comment prerequisite court approval proposed allocation methodology transfers sec authority nominate court persons appointment trustee liquidation debtor business attorney trustee prohibits trustee serving multiple trustee currently serving act liquidation business debtor sets forth requirements trustee attorney compensation requires issue quarterly public reports payments trustee costs connection liquidation proceeding prescribes timing advances payments customers


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 Securities Exchange Act of 1934 regarding registration of securities to modify the registration threshold for an issuer that is either a bank or a bank holding company as well as for an issuer that is neither a bank nor a bank holding company. Raises from $1 million to $10 million the threshold for total assets of an issuer that requires registration of a certain class of equity security. Divides the holding threshold that requires registration of such a class of equity security, however, into: (1) 2,000 holders of record if the issuer is a bank or a bank holding company, and (2) 500 holders of record if the issuer is neither. Requires termination of a security registration in the case of a bank or a bank holding company if the the number of holders of record of the class of security is reduced to less than 1,200. Directs the Chief Economist and the Director of the Division of Corporation Finance of the Securities and Exchange Commission (SEC) to study and make a cost-benefit analysis of shareholder registration thresholds.

amends securities_exchange_act registration securities modify registration threshold issuer bank bank holding company issuer bank bank holding company raises million million threshold total assets issuer requires registration certain class equity security divides holding threshold requires registration class equity security holders record issuer bank bank holding company holders record issuer requires termination security registration case bank bank holding company number holders record class security reduced directs chief economist director division corporation finance securities_and_exchange_commission sec study cost benefit analysis shareholder registration thresholds


Summary: Building and Upgrading Infrastructure for Long-Term Development - Establishes the American Infrastructure Financing Authority (AIFA) as a wholly-owned government corporation, headed by a Chief Executive Officer and managed by a Board of Directors, which shall provide direct loans and loan guarantees to facilitate transportation, water, or energy infrastructure projects. Requires infrastructure projects assisted under this Act to have costs that are reasonably anticipated to equal or exceed $100 million ($25 million for rural infrastructure projects). Sets forth special requirements for infrastructure projects in rural areas. Establishes an Office of Rural Assistance to provide technical assistance in the development and financing of rural infrastructure projects. Establishes an Office of Special Inspector General to conduct, supervise, and coordinate audits and investigations of the business activities of AIFA. Prohibits financial assistance from AIFA for any private project for which no public benefit is created. Sets forth terms for loans or loan guarantees for infrastructure projects and for the repayment of such loans. Requires an annual independent audit of AIFA finances. Requires the Chief Executive Officer of AIFA to: (1) establish fees with respect to loans and loan guarantees that are sufficient to cover AIFA's administrative costs, and (2) take actions to make AIFA a self-sustaining entity, with administrative and federal credit subsidy costs fully funded by fees and risk premiums on loans and loan guarantees. Amends the Internal Revenue Code to extend through 2012 the exemption from alternative minimum tax (AMT) for tax-exempt private activity bonds.

building upgrading infrastructure long term development establishes american infrastructure financing authority wholly owned government corporation headed chief executive officer managed board_of_directors shall provide direct_loans loan guarantees facilitate transportation water energy infrastructure projects requires infrastructure projects assisted act costs reasonably anticipated equal exceed million million rural infrastructure projects sets forth special requirements infrastructure projects rural areas establishes office rural assistance provide technical assistance development financing rural infrastructure projects establishes office special inspector_general conduct supervise coordinate audits investigations business activities prohibits financial assistance private project public benefit created sets forth terms loans loan guarantees infrastructure projects repayment loans requires annual independent audit finances requires chief executive officer establish fees respect loans loan guarantees sufficient cover administrative costs actions self sustaining entity administrative federal credit subsidy costs fully funded fees risk premiums loans loan guarantees amends_the_internal_revenue_code extend exemption alternative minimum tax amt tax exempt private activity bonds


Summary: Amends the Commodity Exchange Act and the Securities Exchange Act of 1934 to exempt from specified margin requirements: (1) swaps in which one of the counterparties is neither a swap dealer nor a major swap participant, (2) certain investment funds, (3) specified regulated entities, and (4) a commodity pool. Exempts from such margin requirements, also, any swaps or security-based swaps entered into before the date on which final rules are required to be promulgated or published under the Dodd-Frank Wall Street Reform and Consumer Protection Act or the Wall Street Transparency and Accountability Act of 2010, respectively.

amends commodity_exchange_act securities_exchange_act exempt specified margin requirements swaps counterparties swap dealer major swap participant certain investment funds specified regulated entities commodity pool exempts margin requirements swaps security based swaps entered date final rules required promulgated published dodd-frank_wall_street_reform consumer protection act wall street transparency accountability_act respectively


Summary: Municipal Bond Market Support Act of 2011 - 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 the amount of tax-exempt obligations that a small issuer may issue, 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 tax exempt obligations small issuer issue allow inflation adjustment increased limit


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: National Domestic Preparedness Consortium Enhancement Act of 2011 - Requires the National Domestic Preparedness Consortium to include the SUNY (State University of New York) National Center for Security and Preparedness.

national domestic preparedness consortium enhancement_act requires national domestic preparedness consortium include state university new_york national center security preparedness


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: 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 to: (1) prohibit 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) terminate 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 prohibit sec issuing interpretive guidance respect disclosures related non anthropogenic natural climate variability observed comparable time periods terminate administrative action proceeding pertaining disclosures


Summary: Small Company Capital Formation Act of 2011 - Amends the Securities Act of 1933 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 offered and sold within the prior 12-month period in reliance on such exemption is between $5 million and $50 million, subject to specified terms and conditions. Limits such an exemption to equity securities, debt securities, and debt securities convertible or exchangeable to equity interests, including any guarantees of such securities. 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, its financial condition, and its use of investor funds; and (2) provide for the suspension and termination of such a requirement with respect to that issuer. Requires the SEC to: (1) review and increase biennially such offering amount limitation, as appropriate; and (2) report to certain congressional committees on its reasons for not increasing the amount if it determines not to do so. Treats as a covered security with respect to a transaction exempt from registration requirements pursuant to a rule or regulation adopted under this Act any such security offered or sold: (1) on a national securities exchange, or (2) to a qualified purchaser. 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 amends securities act direct securities_and_exchange_commission sec exempt regulation class securities aggregate offering securities offered sold prior month period reliance exemption million million subject specified terms conditions limits exemption equity securities debt securities debt securities convertible equity interests including guarantees securities authorizes sec require issuer exempted class securities periodic disclosures available investors issuer business operations financial condition use investor funds provide suspension termination requirement respect issuer requires sec review increase biennially offering limitation appropriate report certain congressional committees reasons increasing determines treats covered security respect transaction exempt registration requirements pursuant rule regulation adopted act security offered sold national securities exchange qualified purchaser directs comptroller_general study impact state laws regulating securities offerings blue sky laws offerings regulation specifies terms conditions exemption registration requirements securities act


Summary: Anti-Excessive Speculation Act of 2011 - Amends the Commodity Exchange Act to revise the registration requirements for foreign boards of trade. Directs the Commodity Futures Trading Commission (CFTC) to consider whether foreign boards are subject to rules and restrictions prohibiting excessive speculation by governmental authorities that are comparable to the law, regulations, and orders applicable to boards of trade in the United States. Sets forth a presumption of excessive speculation if the CFTC, using specified criteria, determines that speculative traders in a commodity market have a substantial impact on price discovery. Establishes individual position limits on energy contracts (referencing the price of crude oil, gasoline, diesel fuel, jet fuel, heating oil, or natural gas) that are applicable to long or short positions. Defines an "excessive speculative position" as a position that affects more than 5% of: (1) the estimated deliverable supply of the same commodity in the spot month, and (2) the open interest in a contract in a single month or all months combined. Prohibits any person from holding or controlling an excessive speculative position, long or short, in an energy contract in any single market and aggregated across all markets in the spot month, a single month, or all-months combined. Directs the CFTC to establish aggregate speculative position limits for long energy contracts held by speculators as a class of traders in any single market and in all markets. Requires that such positions be capped at the average annual percentage of long open interest held by speculators in any single energy contract market and in all such markets during the preceding 25-year period (or the period during which the contract has been traded if held for less than the 25-year period). Excludes bona fide energy hedging from the computation of positions held or controlled by a person. Defines "bona fide energy hedging" as a transaction or position that is proportionate and economically appropriate for the reduction of risks in the conduct and management of a trade or business that produces, processes, merchandises, manufactures, or consumes an energy commodity. Declares that the management of financial risk associated with swaps or other similar contracts, by itself, shall not constitute bona fide hedging.

anti excessive speculation act amends commodity_exchange_act revise registration requirements foreign boards trade directs commodity_futures_trading_commission cftc consider foreign boards subject rules restrictions prohibiting excessive speculation governmental authorities comparable law regulations orders applicable boards trade united_states sets forth presumption excessive speculation cftc specified criteria determines speculative traders commodity market substantial impact price discovery establishes individual position limits energy contracts referencing price crude oil gasoline diesel fuel jet fuel heating oil natural gas applicable long short positions defines excessive speculative position position affects estimated supply commodity spot month open interest contract single month months combined prohibits person holding controlling excessive speculative position long short energy contract single market aggregated markets spot month single month months combined directs cftc establish aggregate speculative position limits long energy contracts held class traders single market markets requires positions capped average annual percentage long open interest held single energy contract market markets preceding year period period contract traded held year period excludes bona fide energy hedging computation positions held controlled person defines bona fide energy hedging transaction position proportionate economically appropriate reduction risks conduct management trade business produces processes manufactures energy commodity declares management financial risk associated swaps similar contracts shall constitute bona fide hedging


Summary: Financial Regulatory Responsibility Act of 2011- Prohibits a federal financial regulatory agency from issuing notices of proposed or final rulemakings unless specified analyses have been included in them. Prohibits an agency from publishing a notice of final rulemaking if it determines that the quantified costs are greater than the quantified benefits. Requires an agency to make available on its public website sufficient information about the data, methodologies, and assumptions underlying its analyses so that its analytical results are capable of being substantially reproduced. Requires the chief economist of an agency, within five years after publication in the Federal Register of a notice of final rulemaking, to report to certain congressional committees on the economic impact of the subject regulation, including its direct and indirect costs and benefits. Requires each federal agency to develop, report to certain congressional committees, and post on its public website a plan to modify, streamline, expand, or repeal existing regulations so as to make the agency's regulatory program more effective or less burdensome in achieving its regulatory objectives. Authorizes judicial review for a person adversely affected or aggrieved by a regulation. Establishes the Chief Economists Council to report to certain congressional committees on activities of the financial regulatory agencies. Requires the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) to report separately to certain congressional committees their plans for subjecting to the requirements of this Act the Public Company Accounting Oversight Board, the Municipal Securities Rulemaking Board, and registered national securities associations on the one hand, and registered futures associations on the other.

financial regulatory responsibility act prohibits federal financial regulatory agency issuing notices proposed final rulemakings specified analyses included prohibits agency publishing notice final rulemaking determines costs greater benefits requires agency available public website sufficient information data methodologies assumptions underlying analyses analytical results capable substantially requires chief economist agency years publication federal_register notice final rulemaking report certain congressional committees economic impact subject regulation including direct indirect costs benefits requires federal agency develop report certain congressional committees post public website plan modify streamline expand repeal existing regulations agency regulatory program effective burdensome achieving regulatory objectives authorizes judicial review person adversely affected aggrieved regulation establishes chief council report certain congressional committees activities financial regulatory agencies requires securities_and_exchange_commission sec commodity_futures_trading_commission cftc report separately certain congressional committees plans subjecting requirements act public_company_accounting_oversight_board municipal_securities_rulemaking_board registered national securities associations hand registered futures associations


Summary: Democratizing Access to Capital Act of 2011 - Amends the Securities Act of 1933 to exempt from its prohibitions against use of interstate commerce and the mails for sale (or delivery after sale) of unregistered securities, including unregistered security-based swaps, any transactions involving the issuance of securities through a crowdfunding intermediary, whether or not the transaction involves a public offering, for which: (1) the aggregate annual amount raised through the issue of the securities during any 12-month period by an incorporated entity formed under state law is $1 million or less, and (2) individual investments in the securities are limited to a maximum aggregate annual amount of $1,000. (Crowdfunding is a method of capital formation where groups of people pool money, typically composed of very small individual contributions, and often via internet platforms, to invest in a company or otherwise support an effort by others to accomplish a specific goal.) Sets forth criteria for the crowdfunding exemption. Amends the Securities Act of 1934 to exclude: (1) persons holding crowdfunded securities under this Act from application of the 500-to-750 shareholder "held of record" criterion for a class of equity security subject to mandatory registration, and (2) crowdfunding intermediaries from regulation under such Act as "brokers" or "dealers." Amends the Securities Act of 1933 to preempt state law with respect to regulation of crowdfunded securities. Subjects crowdfunding intermediaries, however, to state authority to investigate and bring enforcement actions with respect to fraud, deceit, or unlawful conduct in connection with securities or securities transactions. Limits authority to impose fees on crowdfunded securities to: (1) the securities commission of the issuer's state of organization, or (2) any state in which purchasers of 50% or greater of the aggregate amount of the issue are residents.

access capital act amends securities act exempt prohibitions use interstate commerce mails sale delivery sale unregistered securities including unregistered security based swaps transactions involving issuance securities intermediary transaction involves public offering aggregate annual raised issue securities month period incorporated entity formed state law million individual investments securities limited maximum aggregate annual method capital formation groups people pool money typically composed small individual contributions internet platforms invest company support effort accomplish specific goal sets forth criteria exemption amends securities act exclude persons holding securities act application shareholder held record criterion class equity security subject mandatory registration intermediaries regulation act brokers dealers amends securities act preempt state law respect regulation securities subjects intermediaries state authority investigate bring enforcement actions respect fraud unlawful conduct connection securities securities transactions limits authority impose fees securities securities commission issuer state organization state purchasers greater aggregate issue residents