instruction:
In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
question:
SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Deficit Reduction Act of 2003''.

         TITLE I--REFORMED BUREAU OF RECLAMATION WATER PRICING

SECTION 101. SHORT TITLE.

    This Act may be cited as the ``Irrigation Subsidy Reduction Act of 
2001''.

SEC. 102. FINDINGS.

    Congress finds that--
            (1) the Federal reclamation program has been in existence 
        for over 90 years, with an estimated taxpayer investment of 
        over $70,000,000,000;
            (2) the program has had and continues to have an enormous 
        effect on the water resources and aquatic environments of the 
        western States;
            (3) irrigation water made available from Federal water 
        projects in the West is a very valuable resource for which 
        there are increasing and competing demands;
            (4) the justification for providing water at less than full 
        cost was to benefit and promote the development of small family 
        farms and exclude large corporate farms, but this purpose has 
        been frustrated over the years due to inadequate implementation 
        of subsidy and acreage limits;
            (5) below-cost water prices tend to encourage excessive use 
        of scarce water supplies in the arid regions of the West, and 
        reasonable price increases to the wealthiest western farmers 
        would provide an economic incentive for greater water 
        conservation;
            (6) the Federal Government has increasingly applied 
        eligibility tests based on income for Federal entitlement and 
        subsidy programs, measures that are consistent with the 
        historic approach of the reclamation program's acreage 
        limitations that seek to limit water subsidies to smaller 
        farms; and
            (7) including a means test based on gross income in the 
        reclamation program will increase the effectiveness of carrying 
        out the family farm goals of the Federal reclamation laws.

SEC. 103. AMENDMENTS.

    (a) Definitions.--Section 202 of the Reclamation Reform Act of 1982 
(43 U.S.C. 390bb) is amended--
            (1) by redesignating paragraphs (7), (8), (9), (10), and 
        (11) as paragraphs (9), (10), (11), (12), and (13), 
        respectively;
            (2) in paragraph (6), by striking ``owned or operated under 
        a lease which'' and inserting ``that is owned, leased, or 
        operated by an individual or legal entity and that'';
            (3) by inserting after paragraph (6) the following:
            ``(7) Legal entity.--The term `legal entity' includes a 
        corporation, association, partnership, trust, joint tenancy, or 
        tenancy in common, or any other entity that owns, leases, or 
        operates a farm operation for the benefit of more than 1 
        individual under any form of agreement or arrangement.
            ``(8) Operator.--
                    ``(A) In general.--The term `operator'--
                            ``(i) means an individual or legal entity 
                        that operates a single farm operation on a 
                        parcel (or parcels) of land that is owned or 
                        leased by another person (or persons) under any 
                        form of agreement or arrangement (or agreements 
                        or arrangements); and
                            ``(ii) if the individual or legal entity--
                                    ``(I) is an employee of an 
                                individual or legal entity, includes 
                                the individual or legal entity; or
                                    ``(II) is a legal entity that 
                                controls, is controlled by, or is under 
                                common control with another legal 
                                entity, includes each such other legal 
                                entity.
                    ``(B) Operation of a farm operation.--For the 
                purposes of subparagraph (A), an individual or legal 
                entity shall be considered to operate a farm operation 
                if the individual or legal entity is the person that 
                performs the greatest proportion of the decisionmaking 
                for and supervision of the agricultural enterprise on 
                land served with irrigation water.''; and
            (4) by adding at the end the following:
            ``(14) Single farm operation.--
                    ``(A) In general.--The term `single farm operation' 
                means the total acreage of land served with irrigation 
                water for which an individual or legal entity is the 
                operator.
                    ``(B) Rules for determining whether separate 
                parcels are operated as a single farm operation.--
                            ``(i) Equipment- and labor-sharing 
                        activities.--The conduct of equipment- and 
                        labor-sharing activities on separate parcels of 
                        land by separate individuals or legal entities 
                        shall not by itself serve as a basis for 
                        concluding that the farming operations of the 
                        individuals or legal entities constitute a 
                        single farm operation.
                            ``(ii) Performance of certain services.--
                        The performance by an individual or legal 
                        entity of an agricultural chemical application, 
                        pruning, or harvesting for a farm operation on 
                        a parcel of land shall not by itself serve as a 
                        basis for concluding that the farm operation on 
                        that parcel of land is part of a single farm 
                        operation operated by the individual or entity 
                        on other parcels of land.''.
    (b) Identification of Owners, Lessees, and Operators and of Single 
Farm Operations.--The Reclamation Reform Act of 1982 (43 U.S.C. 390aa 
et seq.) is amended by inserting after section 201 the following:

``SEC. 201A. IDENTIFICATION OF OWNERS, LESSEES, AND OPERATORS AND OF 
              SINGLE FARM OPERATIONS.

    ``(a) In General.--Subject to subsection (b), for each parcel of 
land to which irrigation water is delivered or proposed to be 
delivered, the Secretary shall identify a single individual or legal 
entity as the owner, lessee, or operator.
    ``(b) Shared Decisionmaking and Supervision.--If the Secretary 
determines that no single individual or legal entity is the owner, 
lessee, or other individual that performs the greatest proportion of 
decisionmaking for and supervision of the agricultural enterprise on a 
parcel of land--
            ``(1) all individuals and legal entities that own, lease, 
        or perform a proportion of decisonmaking and supervision that 
        is equal as among themselves but greater than the proportion 
        performed by any other individual or legal entity shall be 
        considered jointly to be the owner, lessee, or operator; and
            ``(2) all parcels of land of which any such individual or 
        legal entity is the owner, lessee, or operator shall be 
        considered to be part of the single farm operation of the 
        owner, lessee, or operator identified under subsection (1).''.
    (c) Pricing.--Section 205 of the Reclamation Reform Act of 1982 (43 
U.S.C. 390ee) is amended by adding at the end the following:
    ``(d) Single Farm Operations Generating More Than $500,000 in Gross 
Farm Income.--
            ``(1) In general.--Notwithstanding subsections (a), (b), 
        and (c), in the case of--
                    ``(A) a qualified recipient that reports gross farm 
                income from a single farm operation in excess of 
                $500,000 for a taxable year; or
                    ``(B) a limited recipient that received irrigation 
                water on or before October 1, 1981, and that reports 
                gross farm income from a single farm operation in 
                excess of $500,000 for a taxable year;
            irrigation water may be delivered to the single farm 
        operation of the qualified recipient or limited recipient at 
        less than full cost to a number of acres that does not exceed 
        the number of acres determined under paragraph (2).
            ``(2) Maximum number of acres to which irrigation water may 
        be delivered at less than full cost.--The number of acres 
        determined under this subparagraph is the number equal to the 
        number of acres of the single farm operation multiplied by a 
        fraction, the numerator of which is $500,000 and 
the denominator of which is the amount of gross farm income reported by 
the qualified recipient or limited recipient in the most recent taxable 
year.
            ``(3) Inflation adjustment.--
                    ``(A) In general.--The $500,000 amount under 
                paragraphs (1) and (2) for any taxable year beginning 
                in a calendar year after 2002 shall be equal to the 
                product of--
                            ``(i) $500,000, multiplied by
                            ``(ii) the inflation adjustment factor for 
                        the taxable year.
                    ``(B) Inflation adjustment factor.--The term 
                `inflation adjustment factor' means, with respect to 
                any calendar year, a fraction the numerator of which is 
                the GDP implicit price deflator for the preceding 
                calendar year and the denominator of which is the GDP 
                implicit price deflator for 2002. Not later than April 
                1 of any calendar year, the Secretary shall publish the 
                inflation adjustment factor for the preceding calendar 
                year.
                    ``(C) GDP implicit price deflator.--For purposes of 
                subparagraph (B), the term `GDP implicit price 
                deflator' means the first revision of the implicit 
                price deflator for the gross domestic product as 
                computed and published by the Secretary of Commerce.
                    ``(D) Rounding.--If any increase determined under 
                subparagraph (A) is not a multiple of $100, the 
                increase shall be rounded to the next lowest multiple 
                of $100.''.
    (d) Certification of Compliance.--Section 206 of the Reclamation 
Reform Act of 1982 (43 U.S.C. 390ff) is amended to read as follows:

``SEC. 206. CERTIFICATION OF COMPLIANCE.

    ``(a) In General.--As a condition to the receipt of irrigation 
water for land in a district that has a contract described in section 
203, each owner, lessee, or operator in the district shall furnish the 
district, in a form prescribed by the Secretary, a certificate that the 
owner, lessee, or operator is in compliance with this title, including 
a statement of the number of acres owned, leased, or operated, the 
terms of any lease or agreement pertaining to the operation of a farm 
operation, and, in the case of a lessee or operator, a certification 
that the rent or other fees paid reflect the reasonable value of the 
irrigation water to the productivity of the land.
    ``(b) Documentation.-- The Secretary may require a lessee or 
operator to submit for the Secretary's examination--
            ``(1) a complete copy of any lease or other agreement 
        executed by each of the parties to the lease or other 
        agreement; and
            ``(2) a copy of the return of income tax imposed by chapter 
        1 of the Internal Revenue Code of 1986 for any taxable year in 
        which the single farm operation of the lessee or operator 
        received irrigation water at less than full cost.''.
    (e) Trusts.--Section 214 of the Reclamation Reform Act of 1982 (43 
U.S.C. 390nn) is repealed.
    (f) Administrative Provisions.--
            (1) Penalties.--Section 224(c) of the Reclamation Reform 
        Act of 1982 (43 U.S.C. 390ww(c)) is amended--
                    (A) by striking ``(c) The Secretary'' and inserting 
                the following:
    ``(c) Regulations; Data Collection; Penalties.--
            ``(1) Regulations; data collection.--The Secretary''; and
                    (B) by adding at the end the following:
            ``(2) Penalties.--Notwithstanding any other provision of 
        law, the Secretary shall establish appropriate and effective 
        penalties for failure to comply with any provision of this Act 
        or any regulation issued under this Act.''.
            (2) Interest.--Section 224(i) of the Reclamation Reform Act 
        of 1982 (43 U.S.C. 390ww(i)) is amended by striking the last 
        sentence and inserting the following: ``The interest rate 
        applicable to underpayments shall be equal to the rate 
        applicable to expenditures under section 202(3)(C).''.
    (g) Reporting.--Section 228 of the Reclamation Reform Act of 1982 
(43 U.S.C. 390zz) is amended by inserting ``operator or'' before 
``contracting entity'' each place it appears.
    (h) Memorandum of Understanding.--The Reclamation Reform Act of 
1982 (43 U.S.C. 390aa et seq.) is amended--
            (1) by redesignating sections 229 and 230 as sections 230 
        and 231; and
            (2) by inserting after section 228 the following:

``SEC. 229. MEMORANDUM OF UNDERSTANDING.

    ``The Secretary, the Secretary of the Treasury, and the Secretary 
of Agriculture shall enter into a memorandum of understanding or other 
appropriate instrument to permit the Secretary, notwithstanding section 
6103 of the Internal Revenue Code of 1986, to have access to and use of 
available information collected or maintained by the Department of the 
Treasury and the Department of Agriculture that would aid enforcement 
of the ownership and pricing limitations of Federal reclamation law.''.

   TITLE II--TERMINATION OF THE UNIFORMED SERVICES UNIVERSITY OF THE 
                            HEALTH SCIENCES

SECTION 201. TERMINATION.

    (a) In General.--The Uniformed Services University of the Health 
Sciences is terminated.
    (b) Conforming Amendments.--
            (1) Chapter 104 of title 10, United States Code, is 
        repealed.
            (2) The table of chapters at the beginning of subtitle A of 
        such title, and at the beginning of part III of such subtitle, 
        are each amended by striking out the item relating to chapter 
        104.
    (c) Effective Dates.--
            (1) Termination.--The termination of the Uniformed Services 
        University of the Health Sciences under subsection (a)(1) shall 
        take effect on the day after the date of the graduation from 
        the university of the last class of students that enrolled in 
        such university on or before the date of the enactment of this 
        Act.
            (2) Amendments.--The amendments made by subsection (a)(2) 
        shall take effect on the date of the enactment of this Act, 
        except that the provisions of chapter 104 of title 10, United 
        States Code, as in effect on the day before such date, shall 
        continue to apply with respect to the Uniformed Services 
        University of the Health Sciences until the termination of the 
        university under this section.

 TITLE III--TERMINATION OF PRODUCTION UNDER THE D5 SUBMARINE-LAUNCHED 
                            MISSILE PROGRAM

SECTION 301. PRODUCTION TERMINATION.

    (a) Termination of Program.--The Secretary of Defense shall 
terminate production of D5 submarine-launched ballistic missiles under 
the D5 submarine-launched ballistic missile program.
    (b) Payment of Termination Costs.--Funds available on or after the 
date of the enactment of this Act for obligation for the D5 submarine-
launched ballistic missile program may be obligated for production 
under that program only for payment of the costs associated with the 
termination of production under this Act.

SEC. 302. CURRENT PROGRAM ACTIVITIES.

    Nothing in this legislation shall be construed to prohibit or 
otherwise affect the availability of funds for the following:
            (1) Production of D5 submarine-launched ballistic missiles 
        in production on the date of the enactment of this Act.
            (2) Maintenance after the date of the enactment of this Act 
        of the arsenal of D5 submarine-launched ballistic missiles in 
        existence on such date, including the missiles described in 
        paragraph (1).
answer:
Deficit Reduction Act of 2003 - Irrigation Subsidy Reduction Act of 2001 (sic) - Amends the Reclamation Reform Act of 1982 to direct the Secretary of the Interior, for each parcel of land to which irrigation water is delivered or proposed to be delivered, to identify a single individual or legal entity as the owner, lessee, or operator.Allows irrigation water to be delivered at less than the normal per-acre cost to either: (1) a qualified recipient that reports gross farm income from a single farm operation in excess of $500,000 per taxable year; or (2) a limited recipient that received such water on or before October 1, 1981, and that reports gross farm income in excess of such amount.Requires lessees (currently, only owners and operators) of an irrigation district to furnish such district a certification of compliance with the Act. Allows the Secretary to require a lessee or operator to submit for examination a copy of a tax return for any taxable year in which the single farm operation of the lessee or operator received irrigation water at less than full cost.Repeals a provision exempting from Federal reclamation ownership and cost pricing limitations district lands held in trust for a beneficiary or beneficiaries whose interests in the lands served do not exceed such limitations.Directs the Secretaries of the Interior, the Treasury, and Agriculture to enter into a memorandum of understanding to permit the Secretary of the Interior to have access to and use available information collected or maintained by either the Department of the Treasury or Agriculture that would aid in enforcement of the ownership and pricing limitations of Federal reclamation law.Terminates the Uniformed Services University of Health Science.Requires the Secretary of Defense to terminate production of D5 submarine-launched ballistic missiles under the D5 submarine-launched ballistic missile program.


question:
SECTION 1. SHORT TITLE.

    This Act may be cited as the ``American Missile Protection Act of 
1998''.

SEC. 2. FINDINGS.

    Congress makes the following findings:
            (1) The threat of weapons of mass destruction delivered by 
        long-range ballistic missiles is among the most serious 
        security issues facing the United States.
                    (A) In a 1994 Executive Order, President Clinton 
                certified, that ``I ... find that the proliferation of 
                nuclear, biological, and chemical weapons (`weapons of 
                mass destruction') and the means of delivering such 
                weapons, constitute an unusual and extraordinary threat 
                to the national security, foreign policy, and economy 
                of the United States, and hereby declare a national 
                emergency to deal with that threat.'' This state of 
                emergency was reaffirmed in 1995, 1996, and 1997.
                    (B) In 1994 the President stated, that ``there is 
                nothing more important to our security and the world's 
                stability than preventing the spread of nuclear weapons 
                and ballistic missiles''.
                    (C) Several countries hostile to the United States 
                have been particularly determined to acquire missiles 
                and weapons of mass destruction. President Clinton 
                observed in January of 1998, for example, that ``Saddam 
                Hussein has spent the better part of this decade, and 
                much of his nation's wealth, not on providing for the 
                Iraqi people, but on developing nuclear, chemical and 
                biological weapons and the missiles to deliver them''.
                    (D) In 1996, the Senate affirmed that, ``it is in 
                the supreme interest of the United States to defend 
                itself from the threat of limited ballistic missile 
                attack, whatever the source.''
            (2) The long-range ballistic missile threat to the United 
        States is increasing.
                    (A) Several adversaries of the United States have 
                stated their intention to acquire intercontinental 
                ballistic missiles capable of attacking the United 
                States.
                            (i) Libyan leader Muammar Qaddafi has 
                        stated, ``If they know that you have a 
                        deterrent force capable of hitting the United 
                        States, they would not be able to hit you. If 
                        we had possessed a deterrent--missiles that 
                        could reach New York--we would have hit it at 
                        the same moment. Consequently, we should build 
                        this force so that they and others will no 
                        longer think about an attack.''
                            (ii) Abu Abbas, the head of the Palestine 
                        Liberation Front, has stated, ``I would love to 
                        be able to reach the American shore, but this 
                        is very difficult. Someday an Arab country will 
                        have ballistic missiles. Someday an Arab 
                        country will have a nuclear bomb. It is better 
                        for the United States and for Israel to reach 
                        peace with the Palestinians before that day.''
                            (iii) Saddam Hussein has stated, ``Our 
                        missiles cannot reach Washington. If we could 
                        reach Washington, we would strike if the need 
                        arose.''
                            (iv) Iranian actions speak for themselves. 
                        Iran's aggressive pursuit of medium-range 
                        ballistic missiles capable of striking Central 
                        Europe--aided by the continuing collaboration 
                        of outside agents--demonstrates Tehran's intent 
                        to acquire ballistic missiles of ever-
                        increasing range.
                    (B) Over 30 non-NATO countries possess ballistic 
                missiles, with at least 10 of those countries 
                developing over 20 new types of ballistic missiles.
                    (C) From the end of World War II until 1980, 
                ballistic missiles were used in one conflict. Since 
                1980, thousands of ballistic missiles have been fired 
                in at least six different conflicts.
                    (D) The clear trend among countries hostile to the 
                United States is toward having ballistic missiles of 
                greater range.
                            (i) North Korea first acquired 300-
                        kilometer range Scud Bs, then developed and 
                        deployed 500-kilometer range Scud Cs, is 
                        currently deploying the 1000-kilometer range 
                        No-Dong, and is developing the 2000-kilometer 
                        range Taepo-Dong 1 and 6000-kilometer range 
                        Taepo-Dong 2, which would be capable of 
                        striking Alaska and Hawaii.
                            (ii) Iran acquired 150-kilometer range CSS-
                        8s, progressed through the Scud B and Scud C, 
                        and is developing the 1300-kilometer range 
                        Shahab-3 and 2000-kilometer range Shahab-4, 
                        which would allow Iran to strike Central 
                        Europe.
                            (iii) Iraq, in a two-year crash program, 
                        produced a new missile, the Al-Hussein, with 
                        twice the range of its Scud Bs.
                            (iv) Experience gained from extending the 
                        range of short- and medium-range ballistic 
                        missiles facilitates the development of 
                        intercontinental ballistic missiles.
                    (E) The technical information, hardware, and other 
                resources necessary to build ballistic missiles are 
                increasingly available and accessible worldwide.
                            (i) Due to advances in information 
                        technology, a vast amount of technical 
                        information relating to ballistic missile 
                        design, much of it formerly classified, has 
                        become widely available and is increasingly 
                        accessible through the Internet and other 
                        distribution avenues.
                            (ii) Components, tools, and materials to 
                        support ballistic missile development are 
                        increasingly available in the commercial 
                        aerospace industry.
                            (iii) Increasing demand for satellite-based 
                        telecommunications is adding to the demand for 
                        commercial Space Launch Vehicles, which employ 
                        technology that is essentially identical to 
                        that of intercontinental ballistic missiles. As 
                        this increasing demand is met, the technology 
                        and expertise associated with space launch 
                        vehicles also proliferate.
                    (F) Russia and China have provided significant 
                technical assistance to rogue nation ballistic missile 
                programs, accelerating the pace of those efforts. In 
                June of 1997, the Director of Central Intelligence, 
                reporting to Congress on weapons of mass destruction-
                related equipment, materials, and technology, stated 
                that ``China and Russia continued to be the primary 
                suppliers, and are key to any future efforts to stem 
                the flow of dual-use goods and modern weapons to 
                countries of concern.''
                    (G) Russia and China continue to engage in missile 
                proliferation.
                            (i) Despite numerous Russian assurances not 
                        to assist Iran with its ballistic missile 
                        program, the Deputy Assistant Secretary of 
                        State for Nonproliferation testified to the 
                        Senate, that ``the problem is this: there is a 
                        disconnect between those reassurances, which we 
                        welcome, and what we believe is actually 
                        occurring.''
                            (ii) Regarding China's actions to 
                        demonstrate the sincerity of its commitment to 
                        nonproliferation, the Director of Central 
                        Intelligence testified to the Senate on January 
                        28, 1998, that, ``the jury is still out on 
                        whether the recent changes are broad enough in 
                        scope and whether they will hold over the 
                        longer term. As such, Chinese activities in 
                        this area will require continued close 
                        watching.''
                    (H) The inability of the United States to defend 
                itself against weapons of mass destruction delivered by 
                long-range ballistic missile provides additional 
                incentive for hostile nations to develop long-range 
                ballistic missiles with which to threaten the United 
                States. Missiles are widely viewed as valuable tools 
                for deterring and coercing a vulnerable United States.
            (3) The ability of the United States to anticipate future 
        ballistic missile threats is questionable.
                    (A) The Intelligence Community has failed to 
                anticipate many past technical innovations (for 
                example, Iraq's extended-range Al-Hussein missiles and 
                its development of a space launch vehicle) and outside 
                assistance enables rogue states to surmount traditional 
                technological obstacles to obtaining or developing 
                ballistic missiles of increasing range.
                    (B) In June of 1997, the Director of Central 
                Intelligence reported to Congress that ``many Third 
                World countries--with Iran being the most prominent 
                example--are responding to Western counter-
                proliferation efforts by relying more on legitimate 
                commercial firms as procurement fronts and by 
                developing more convoluted procurement networks.''
                    (C) In June of 1997, the Director of Central 
                Intelligence stated to Congress that ``gaps and 
                uncertainties preclude a good projection of exactly 
                when `rest of the world' countries will deploy ICBMs.''
                    (D) In 1997, the Director of Central Intelligence 
                testified that Iran would have a medium-range missile 
                by 2007. One year later the Director stated, ``since I 
                testified, Iran's success in getting technology and 
                materials from Russian companies, combined with recent 
                indigenous Iranian advances, means that it could have a 
                medium-range missile much sooner than I assessed last 
                year.'' Department of State officials have testified 
                that Iran could be prepared to deploy such a missile as 
                early as late 1998, nine years earlier than had been 
                predicted one year before by the Director of Central 
                Intelligence.
            (4) The failure to prepare adequately for long-range 
        ballistic missile threats could have severe national security 
        and foreign policy consequences for the United States.
                    (A) An attack on the United States by a ballistic 
                missile equipped with a weapon of mass destruction 
                could inflict catastrophic death or injury to citizens 
                of the United States and severe damage to their 
                property.
                    (B) A rogue state's ability to threaten the United 
                States with an intercontinental ballistic missile may 
                constrain the United States' options in dealing with 
                regional threats to its interests, deter the United 
                States from taking appropriate action, or prompt allies 
                to question United States security guarantees, thereby 
                weakening alliances of the United States and the United 
                States' world leadership position.
            (5) The United States must be prepared for rogue nations 
        acquiring long-range ballistic missiles armed with weapons of 
        mass destruction.
                    (A) In its resolution of ratification for the START 
                II Treaty, the United States Senate declared that 
                ``because deterrence may be inadequate to protect the 
                United States against long-range ballistic missile 
                threats, missile defenses are a necessary part of new 
                deterrent strategies.''
                    (B) In September of 1994, Secretary of Defense 
                Perry stated that in the post-Cold War era, ``we now 
                have opportunity to create a new relationship based not 
                on MAD, not on Mutual Assured Destruction, but rather 
                on another acronym, MAS, or Mutual Assured Safety.''
                    (C) On February 12, 1997, the Under Secretary of 
                Defense for Policy testified to the Senate that ``I and 
                the administration are quite willing to acknowledge 
                that if we saw a rogue state, a potential proliferant, 
                beginning to develop a long-range ICBM capable of 
                reaching the United States, we would have to give very, 
                very serious attention to deploying a limited national 
                missile defense.''
            (6) The United States has no defense deployed against 
        weapons of mass destruction delivered by long-range ballistic 
        missiles and no policy to deploy such a national missile 
        defense system.

SEC. 3. NATIONAL MISSILE DEFENSE POLICY.

    It is the policy of the United States to deploy as soon as is 
technologically possible an effective National Missile Defense system 
capable of defending the territory of the United States against limited 
ballistic missile attack (whether accidental, unauthorized, or 
deliberate).
answer:
American Missile Protection Act of 1998 - States as U.S. policy to deploy as soon as technologically possible an effective National Missile Defense system capable of defending U.S. territory against limited ballistic missile attack (whether accidental, unauthorized, or deliberate).


question:
SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Commercial Mortgage Capital 
Availability Act of 1993''.

SEC. 2. INSURED DEPOSITORY INSTITUTION CAPITAL REQUIREMENTS FOR 
              TRANSFERS OF MORTGAGE LOANS.

    (a) Accounting Principles.--The accounting principles applicable to 
the transfer of a mortgage loan with recourse contained in reports or 
statements required to be filed with Federal banking agencies by a 
qualified insured depository institution shall be consistent with 
generally accepted accounting principles.
    (b) Capital and Reserve Requirements.--With respect to the transfer 
of a mortgage loan with recourse that is a sale under generally 
accepted accounting principles, each qualified insured depository 
institution shall--
            (1) establish and maintain a reserve equal to an amount 
        sufficient to meet the reasonable estimated liability of the 
        institution under the recourse arrangement; and
            (2) treat as an asset (for purposes of applicable capital 
        standards and other capital measures, including risk-based 
        capital requirements) only the maximum amount at risk under the 
        recourse arrangement.
    (c) Qualified Institutions Defined.--An insured depository 
institution is a qualified insured depository institution for purposes 
of this section if, without regard to the accounting principles or 
capital requirements referred to in subsections (a) and (b), the 
institution is--
            (1) well capitalized; or
            (2) with the approval, by regulation or order, of the 
        appropriate Federal banking agency, adequately capitalized.
    (d) Aggregate Amount of Recourse.--The total outstanding amount at 
risk with respect to transfers of mortgage loans under subsections (a) 
and (b) (together with the amount at risk under any provisions of law 
substantially similar to subsections (a) and (b)) shall not exceed--
            (1) the amount which is equal to 15 percent of the risk-
        based capital of the institution; or
            (2) such greater amount, as established by the appropriate 
        Federal banking agency by regulation or order.
    (e) Institutions That Cease To Be Qualified or Exceed Aggregate 
Limits.--If an insured depository institution ceases to be a qualified 
insured depository institution or exceeds the limits under subsection 
(d), this section shall remain applicable to any transfer of mortgage 
loans that occurred at a time when the institution was qualified and 
had not exceeded such limit.
    (f) Prompt Corrective Action not Affected.--The capital of an 
insured depository institution shall be computed without regard to this 
section in determining whether the institution is less than well 
capitalized.
    (g) Regulations Required.--Before the end of the 180-day period 
beginning on the date of the enactment of this Act, each appropriate 
Federal banking agency shall prescribe final regulations implementing 
this section.
    (h) Alternative System Permitted.--
            (1) In general.--At the discretion of the appropriate 
        Federal banking agency, this section shall not apply if the 
        regulations of the agency provide that the aggregate amount of 
        capital and reserves required with respect to the transfer of 
        mortgage loans with recourse does not exceed the aggregate 
        amount of capital and reserves that would be required under 
        subsection (b).
            (2) Existing transactions not affected.--Notwithstanding 
        paragraph (1), this section shall remain in effect with respect 
        to transfers of mortgage loans with recourse by qualified 
        insured depository institutions occurring before the effective 
        date of regulations referred to in paragraph (1).
    (i) Definitions.--The following definitions apply for purposes of 
this section:
            (1) Adequately capitalized.--The term ``adequately 
        capitalized'' has the same meaning as in section 38(b) of the 
        Federal Deposit Insurance Act.
            (2) Appropriate federal banking agency.--The term 
        ``appropriate Federal banking agency'' has the same meaning as 
        in section 3 of the Federal Deposit Insurance Act.
            (3) Capital standards.--The term ``capital standards'' has 
        the same meaning as in section 38(c) of the Federal Deposit 
        Insurance Act.
            (4) Federal banking agencies.--The term ``Federal banking 
        agencies'' has the same meaning as in section 3 of the Federal 
        Deposit Insurance Act.
            (5) Insured depository institution.--The term ``insured 
        depository institution'' has the same meaning as in section 3 
        of the Federal Deposit Insurance Act.
            (6) Other capital measures.--The term ``other capital 
        measures'' has the same meaning as in section 38(c) of the 
        Federal Deposit Insurance Act.
            (7) Recourse.--The term ``recourse'' has the meaning given 
        to such term under generally accepted accounting principles.
            (8) Mortgage loan.--The term ``mortgage loan'' means any--
                    (A) note or certificate of interest or 
                participation in a note (including any rights designed 
                to assure servicing of, or the timeliness of receipt by 
                the holders of such notes, certificates, or 
                participation of amounts payable under such notes, 
                certificates or participation) that is principally 
                secured by an interest in real property; or
                    (B) any security (within the meaning of section 8 
                of the Securities Exchange Act of 1934) that is secured 
                by one or more notes described in subparagraph (A) or 
                certificates of interest or participation in such notes 
                (with or without recourse to issuers thereof) and that, 
                by its terms, provides for payments of principal in 
                relation to payments, or reasonable projections of 
                payments, on notes described in subparagraph (A) or 
                certificates of interest or participation in such 
                notes.
            (9) Well capitalized.--The term ``well capitalized'' has 
        the same meaning as in section 38(b) of the Federal Deposit 
        Insurance Act.

SEC. 3. AMENDMENT TO DEFINITION OF MORTGAGE RELATED SECURITY.

    Section 3(a)(41)(A)(i) of the Securities Exchange Act of 1934 (15 
U.S.C. 78c(a)(41)(A)(i)) is amended by inserting before the semicolon 
``, or on 1 or more parcels of real estate upon which is located one or 
more commercial structures''.

SEC. 4. AUTHORITY TO EXEMPT COMMERCIAL MORTGAGE RELATED SECURITIES 
              TRANSACTIONS FROM PROHIBITED TRANSACTION RULES.

    The Secretary of Labor, in consultation with the Secretary of the 
Treasury, shall exempt, either unconditionally or on stated terms and 
conditions, transactions involving commercial mortgage related 
securities (as such term is defined in section 3(a)(41) of the 
Securities Exchange Act of 1934, as amended by section 3 of this Act) 
from--
            (1) the restrictions of sections 406(a) and 407(a) of the 
        Employee Retirement Income Security Act of 1974; and
            (2) the taxes imposed under section 4975 of the Internal 
        Revenue Code of 1986.

SEC. 5. PROVISIONS TO SAFEGUARD THE INTEGRITY OF THE SECURITIZATION 
              PROCESS, AND THE SAFETY AND SOUNDNESS OF FEDERALLY 
              INSURED INSTITUTIONS.

    (a) Compliance With Securities Regulations.--Any security relying 
on the provisions of this Act shall comply with all rules and 
regulations of Federal securities laws applicable thereto, as 
determined taking into account the provisions of this Act, including 
all provisions relating to required disclosure to investors, 
registrations, reporting and compliance, and all anti-fraud provisions.
    (b) Treatment of Bank Issued or Purchased Mortgage Backed 
Securities for Purposes of Minimum Capital Requirements.--
            (1) Mortgages held by bank to back securities.--If an issue 
        of securities backed by mortgage loans represents a liability 
        on the balance sheet of an insured depository institution and 
        the assets backing such obligation represent assets on the 
        balance sheet of such institution, the institution shall 
        maintain minimum adequate capital with regard to such assets as 
        prescribed by all applicable rules and regulations of the 
        banking agencies with supervisory and examination authority 
        over such institution, as determined taking into account the 
        provisions of this Act.
            (2) Securities held by bank.--If an insured depository 
        institution purchases a mortgage-related security to which the 
        provisions of this Act apply, the institution shall maintain 
        minimum adequate capital with respect to such security and all 
        other assets as prescribed by all applicable rules and 
        regulations of the banking agencies with supervisory and 
        examination authority over such institution, as determined 
        taking into account the provisions of this Act.
answer:

Show your work and conclude with the exact phrasing "Therefore, the final answer is [answer]." where [answer] is just the final number or expression that solves the problem.
user
Commercial Mortgage Capital Availability Act of 1993 - Sets forth a regulatory scheme under which qualified insured depository institutions meeting prescribed reserve and capital requirements may execute mortgage loan transfers with a recourse arrangement. 
Amends the Securities Exchange Act of 1934 to modify the definition of "mortgage related security" to include notes directly secured by a first lien on real estate with commercial structures located upon it (thus bringing such securities within the purview of the Act). 
Directs the Secretary of Labor to exempt commercial mortgage related securities transactions from:  (1) certain restrictions of the Employee Retirement Income Security Act of 1974; and (2) certain taxes imposed under the Internal Revenue Code. 
Mandates that securities relying on the provisions of this Act comply with all Federal securities laws relating to disclosure to investors, registrations, reporting and anti-fraud provisions. 
Requires insured depository institutions to maintain the minimum adequate capital prescribed by regulatory banking agencies when executing mortgage backed securities transactions.


