Surface Transportation Reauthorization and Reform Act of 2015 (Part IV)

Read part I of  Surface Transportation Reauthorization and Reform Act of 2015

DIVISION G--FINANCIAL SERVICES

TITLE LXXI--IMPROVING ACCESS TO CAPITAL FOR EMERGING GROWTH COMPANIES

Sec. 71001. Filing requirement for public filing prior to public offering.

Sec. 71002. Grace period for change of status of emerging growth companies.

Sec. 71003. Simplified disclosure requirements for emerging growth companies.

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TITLE LXXII--DISCLOSURE MODERNIZATION AND SIMPLIFICATION

Sec. 72001. Summary page for form 10-K.

Sec. 72002. Improvement of regulation S-K.

Sec. 72003. Study on modernization and simplification of regulation S-K.


TITLE LXXIII--BULLION AND COLLECTIBLE COIN PRODUCTION EFFICIENCY AND COST SAVINGS

Sec. 73001. Technical corrections.
Sec. 73002. American Eagle Silver Bullion 30th Anniversary.

TITLE LXXIV--SBIC ADVISERS RELIEF

Sec. 74001. Advisers of SBICs and venture capital funds.
Sec. 74002. Advisers of SBICs and private funds.
Sec. 74003. Relationship to State law.

TITLE LXXV--ELIMINATE PRIVACY NOTICE CONFUSION

Sec. 75001. Exception to annual privacy notice requirement under the Gramm-Leach-Bliley Act.

TITLE LXXVI--REFORMING ACCESS FOR INVESTMENTS IN STARTUP ENTERPRISES

Sec. 76001. Exempted transactions.

TITLE LXXVII--PRESERVATION ENHANCEMENT AND SAVINGS OPPORTUNITY

Sec. 77001. Distributions and residual receipts.
Sec. 77002. Future refinancings.
Sec. 77003. Implementation.

TITLE LXXVIII--TENANT INCOME VERIFICATION RELIEF

Sec. 78001. Reviews of family incomes.

TITLE LXXIX--HOUSING ASSISTANCE EFFICIENCY

Sec. 79001. Authority to administer rental assistance.
Sec. 79002. Reallocation of funds.

TITLE LXXX--CHILD SUPPORT ASSISTANCE

Sec. 80001. Requests for consumer reports by State or local child support enforcement agencies.

TITLE LXXXI--PRIVATE INVESTMENT IN HOUSING

Sec. 81001. Budget-neutral demonstration program for energy and water conservation improvements at multifamily residential units.

TITLE LXXXII--CAPITAL ACCESS FOR SMALL COMMUNITY FINANCIAL INSTITUTIONS

Sec. 82001. Privately insured credit unions authorized to become members of a Federal home loan bank.
Sec. 82002. GAO Report.

TITLE LXXXIII--SMALL BANK EXAM CYCLE REFORM

Sec. 83001. Smaller institutions qualifying for 18-month examination cycle.

TITLE LXXXIV--SMALL COMPANY SIMPLE REGISTRATION

Sec. 84001. Forward incorporation by reference for Form S-1.

TITLE LXXXV--HOLDING COMPANY REGISTRATION THRESHOLD EQUALIZATION

Sec. 85001. Registration threshold for savings and loan holding companies.

SEC. 2. DEFINITIONS.

In this Act, the following definitions apply:
(1) DEPARTMENT- The term `Department' means the Department of Transportation.
(2) SECRETARY- The term `Secretary' means the Secretary of Transportation.

SEC. 3. EFFECTIVE DATE.

Except as otherwise provided, this Act, including the amendments made by this Act, takes effect on October 1, 2015.

SEC. 4. REFERENCES.

Except as expressly provided otherwise, any reference to `this Act' contained in this division shall be treated as referring only to the provisions of this division.

TITLE I--FEDERAL-AID HIGHWAYS

Subtitle A--Authorizations and Programs

SEC. 1101. AUTHORIZATION OF APPROPRIATIONS.

(a) In General- The following sums are authorized to be appropriated out of the Highway Trust Fund (other than the Mass Transit Account):

(1) FEDERAL-AID HIGHWAY PROGRAM- For the national highway performance program under section 119 of title 23, United States Code, the surface transportation block grant program under section 133 of that title, the highway safety improvement program under section 148 of that title, the congestion mitigation and air quality improvement program under section 149 of that title, and to carry out section 134 of that title--

(A) $38,419,500,000 for fiscal year 2016;

(B) $39,113,500,000 for fiscal year 2017;

(C) $39,927,500,000 for fiscal year 2018;

(D) $40,764,000,000 for fiscal year 2019;

(E) $41,623,000,000 for fiscal year 2020; and

(F) $42,483,000,000 for fiscal year 2021.

(2) TRANSPORTATION INFRASTRUCTURE FINANCE AND INNOVATION PROGRAM- For credit assistance under the transportation infrastructure finance and innovation program under chapter 6 of title 23, United States Code, $200,000,000 for each of fiscal years 2016 through 2021.

(3) FEDERAL LANDS AND TRIBAL TRANSPORTATION PROGRAMS-

(A) TRIBAL TRANSPORTATION PROGRAM- For the tribal transportation program under section 202 of title 23, United States Code--

(i) $465,000,000 for fiscal year 2016;

(ii) $475,000,000 for fiscal year 2017;

(iii) $485,000,000 for fiscal year 2018;

(iv) $490,000,000 for fiscal year 2019;

(v) $495,000,000 for fiscal year 2020; and

(vi) $500,000,000 for fiscal year 2021.

(B) FEDERAL LANDS TRANSPORTATION PROGRAM-

(i) IN GENERAL- For the Federal lands transportation program under section 203 of title 23, United States Code--

(I) $325,000,000 for fiscal year 2016;

(II) $335,000,000 for fiscal year 2017;

(III) $345,000,000 for fiscal year 2018;

(IV) $350,000,000 for fiscal year 2019;

(V) $375,000,000 for fiscal year 2020; and

(VI) $400,000,000 for fiscal year 2021.

(ii) ALLOCATION- Of the amount made available for a fiscal year under clause (i)--

(I) the amount for the National Park Service is--

(aa) $260,000,000 for fiscal year 2016;

(bb) $268,000,000 for fiscal year 2017;

(cc) $276,000,000 for fiscal year 2018;

(dd) $280,000,000 for fiscal year 2019;

(ee) $300,000,000 for fiscal year 2020; and

(ff) $320,000,000 for fiscal year 2021;

(II) the amount for the United States Fish and Wildlife Service is $30,000,000 for each of fiscal years 2016 through 2021; and

(III) the amount for the United States Forest Service is--

(aa) $15,000,000 for fiscal year 2016;

(bb) $16,000,000 for fiscal year 2017;

(cc) $17,000,000 for fiscal year 2018;

(dd) $18,000,000 for fiscal year 2019;

(ee) $19,000,000 for fiscal year 2020; and

(ff) $20,000,000 for fiscal year 2021.

(C) FEDERAL LANDS ACCESS PROGRAM- For the Federal lands access program under section 204 of title 23, United States Code--

(i) $250,000,000 for fiscal year 2016;

(ii) $255,000,000 for fiscal year 2017;

(iii) $260,000,000 for fiscal year 2018;

(iv) $265,000,000 for fiscal year 2019;

(v) $270,000,000 for fiscal year 2020; and

(vi) $275,000,000 for fiscal year 2021.

(4) TERRITORIAL AND PUERTO RICO HIGHWAY PROGRAM- For the territorial and Puerto Rico highway program under section 165 of title 23, United States Code, $200,000,000 for each of fiscal years 2016 through 2021.

(5) NATIONALLY SIGNIFICANT FREIGHT AND HIGHWAY PROJECTS- For nationally significant freight and highway projects under section 117 of title 23, United States Code--

(A) $725,000,000 for fiscal year 2016;

(B) $735,000,000 for fiscal year 2017; and

(C) $750,000,000 for each of fiscal years 2018 through 2021.

(b) Disadvantaged Business Enterprises-

(1) FINDINGS- Congress finds that--

(A) while significant progress has occurred due to the establishment of the disadvantaged business enterprise program, discrimination and related barriers continue to pose significant obstacles for minority- and women-owned businesses seeking to do business in federally assisted surface transportation markets across the United States;

(B) the continuing barriers described in subparagraph (A) merit the continuation of the disadvantaged business enterprise program;

(C) Congress has received and reviewed testimony and documentation of race and gender discrimination from numerous sources, including congressional hearings and roundtables, scientific reports, reports issued by public and private agencies, news stories, reports of discrimination by organizations and individuals, and discrimination lawsuits, which show that race- and gender-neutral efforts alone are insufficient to address the problem;

(D) the testimony and documentation described in subparagraph (C) demonstrate that discrimination across the United States poses a barrier to full and fair participation in surface transportation-related businesses of women business owners and minority business owners and has impacted firm development and many aspects of surface transportation-related business in the public and private markets; and

(E) the testimony and documentation described in subparagraph (C) provide a strong basis that there is a compelling need for the continuation of the disadvantaged business enterprise program to address race and gender discrimination in surface transportation-related business.

(2) DEFINITIONS- In this subsection, the following definitions apply:

(A) SMALL BUSINESS CONCERN-

(i) IN GENERAL- The term `small business concern' means a small business concern (as the term is used in section 3 of the Small Business Act (15 U.S.C. 632)).

(ii) EXCLUSIONS- The term `small business concern' does not include any concern or group of concerns controlled by the same socially and economically disadvantaged individual or individuals that have average annual gross receipts during the preceding 3 fiscal years in excess of $23,980,000, as adjusted annually by the Secretary for inflation.

(B) SOCIALLY AND ECONOMICALLY DISADVANTAGED INDIVIDUALS- The term `socially and economically disadvantaged individuals' has the meaning given the term in section 8(d) of the Small Business Act (15 U.S.C. 637(d)) and relevant subcontracting regulations issued pursuant to that Act, except that women shall be presumed to be socially and economically disadvantaged individuals for purposes of this subsection.

(3) AMOUNTS FOR SMALL BUSINESS CONCERNS- Except to the extent that the Secretary determines otherwise, not less than 10 percent of the amounts made available for any program under titles I, II, III, and VI of this Act and section 403 of title 23, United States Code, shall be expended through small business concerns owned and controlled by socially and economically disadvantaged individuals.

(4) ANNUAL LISTING OF DISADVANTAGED BUSINESS ENTERPRISES- Each State shall annually--

(A) survey and compile a list of the small business concerns referred to in paragraph (3) in the State, including the location of the small business concerns in the State; and

(B) notify the Secretary, in writing, of the percentage of the small business concerns that are controlled by--

(i) women;

(ii) socially and economically disadvantaged individuals (other than women); and

(iii) individuals who are women and are otherwise socially and economically disadvantaged individuals.

(5) UNIFORM CERTIFICATION-

(A) IN GENERAL- The Secretary shall establish minimum uniform criteria for use by State governments in certifying whether a concern qualifies as a small business concern for the purpose of this subsection.

(B) INCLUSIONS- The minimum uniform criteria established under subparagraph (A) shall include, with respect to a potential small business concern--

(i) on-site visits;

(ii) personal interviews with personnel;

(iii) issuance or inspection of licenses;

(iv) analyses of stock ownership;

(v) listings of equipment;

(vi) analyses of bonding capacity;

(vii) listings of work completed;

(viii) examination of the resumes of principal owners;

(ix) analyses of financial capacity; and

(x) analyses of the type of work preferred.

(6) REPORTING- The Secretary shall establish minimum requirements for use by State governments in reporting to the Secretary--

(A) information concerning disadvantaged business enterprise awards, commitments, and achievements; and

(B) such other information as the Secretary determines to be appropriate for the proper monitoring of the disadvantaged business enterprise program.

(7) COMPLIANCE WITH COURT ORDERS- Nothing in this subsection limits the eligibility of an individual or entity to receive funds made available under titles I, II, III, and VI of this Act and section 403 of title 23, United States Code, if the entity or person is prevented, in whole or in part, from complying with paragraph (3) because a Federal court issues a final order in which the court finds that a requirement or the implementation of paragraph (3) is unconstitutional.

(8) SENSE OF CONGRESS ON PROMPT PAYMENT OF DBE SUBCONTRACTORS- It is the sense of Congress that--

(A) the Secretary should take additional steps to ensure that recipients comply with section 26.29 of title 49, Code of Federal Regulations (the disadvantaged business enterprises prompt payment rule), or any corresponding regulation, in awarding federally funded transportation contracts under laws and regulations administered by the Secretary; and

(B) such additional steps should include increasing the Department's ability to track and keep records of complaints and to make that information publicly available.

SEC. 1102. OBLIGATION CEILING.

(a) General Limitation- Subject to subsection (e), and notwithstanding any other provision of law, the obligations for Federal-aid highway and highway safety construction programs shall not exceed--

(1) $40,867,000,000 for fiscal year 2016;

(2) $41,599,000,000 for fiscal year 2017;

(3) $42,453,000,000 for fiscal year 2018;

(4) $43,307,000,000 for fiscal year 2019;

(5) $44,201,000,000 for fiscal year 2020; and

(6) $45,096,000,000 for fiscal year 2021.

(b) Exceptions- The limitations under subsection (a) shall not apply to obligations under or for--

(1) section 125 of title 23, United States Code;

(2) section 147 of the Surface Transportation Assistance Act of 1978 (23 U.S.C. 144 note; 92 Stat. 2714);

(3) section 9 of the Federal-Aid Highway Act of 1981 (95 Stat. 1701);

(4) subsections (b) and (j) of section 131 of the Surface Transportation Assistance Act of 1982 (96 Stat. 2119);

(5) subsections (b) and (c) of section 149 of the Surface Transportation and Uniform Relocation Assistance Act of 1987 (101 Stat. 198);

(6) sections 1103 through 1108 of the Intermodal Surface Transportation Efficiency Act of 1991 (105 Stat. 2027);

(7) section 157 of title 23, United States Code (as in effect on June 8, 1998);

(8) section 105 of title 23, United States Code (as in effect for fiscal years 1998 through 2004, but only in an amount equal to $639,000,000 for each of those fiscal years);

(9) Federal-aid highway programs for which obligation authority was made available under the Transportation Equity Act for the 21st Century (112 Stat. 107) or subsequent Acts for multiple years or to remain available until expended, but only to the extent that the obligation authority has not lapsed or been used;

(10) section 105 of title 23, United States Code (as in effect for fiscal years 2005 through 2012, but only in an amount equal to $639,000,000 for each of those fiscal years);

(11) section 1603 of SAFETEA-LU (23 U.S.C. 118 note; 119 Stat. 1248), to the extent that funds obligated in accordance with that section were not subject to a limitation on obligations at the time at which the funds were initially made available for obligation;

(12) section 119 of title 23, United States Code (as in effect for fiscal years 2013 through 2015, but only in an amount equal to $639,000,000 for each of those fiscal years); and

(13) section 119 of title 23, United States Code (but, for fiscal years 2016 through 2021, only in an amount equal to $639,000,000 for each of those fiscal years).

(c) Distribution of Obligation Authority- For each of fiscal years 2016 through 2021, the Secretary--

(1) shall not distribute obligation authority provided by subsection (a) for the fiscal year for--

(A) amounts authorized for administrative expenses and programs by section 104(a) of title 23, United States Code; and

(B) amounts authorized for the Bureau of Transportation Statistics;

(2) shall not distribute an amount of obligation authority provided by subsection (a) that is equal to the unobligated balance of amounts--

(A) made available from the Highway Trust Fund (other than the Mass Transit Account) for Federal-aid highway and highway safety construction programs for previous fiscal years the funds for which are allocated by the Secretary (or apportioned by the Secretary under section 202 or 204 of title 23, United States Code); and

(B) for which obligation authority was provided in a previous fiscal year;

(3) shall determine the proportion that--

(A) the obligation authority provided by subsection (a) for the fiscal year, less the aggregate of amounts not distributed under paragraphs (1) and (2) of this subsection; bears to

(B) the total of the sums authorized to be appropriated for the Federal-aid highway and highway safety construction programs (other than sums authorized to be appropriated for provisions of law described in paragraphs (1) through (12) of subsection (b) and sums authorized to be appropriated for section 119 of title 23, United States Code, equal to the amount referred to in subsection (b)(13) for the fiscal year), less the aggregate of the amounts not distributed under paragraphs (1) and (2) of this subsection;

(4) shall distribute the obligation authority provided by subsection (a), less the aggregate amounts not distributed under paragraphs (1) and (2), for each of the programs (other than programs to which paragraph (1) applies) that are allocated by the Secretary under this Act and title 23, United States Code, or apportioned by the Secretary under sections 202 or 204 of that title, by multiplying--

(A) the proportion determined under paragraph (3); by

(B) the amounts authorized to be appropriated for each such program for the fiscal year; and

(5) shall distribute the obligation authority provided by subsection (a), less the aggregate amounts not distributed under paragraphs (1) and (2) and the amounts distributed under paragraph (4), for Federal-aid highway and highway safety construction programs that are apportioned by the Secretary under title 23, United States Code (other than the amounts apportioned for the national highway performance program in section 119 of title 23, United States Code, that are exempt from the limitation under subsection (b)(13) and the amounts apportioned under sections 202 and 204 of that title) in the proportion that--

(A) amounts authorized to be appropriated for the programs that are apportioned under title 23, United States Code, to each State for the fiscal year; bears to

(B) the total of the amounts authorized to be appropriated for the programs that are apportioned under title 23, United States Code, to all States for the fiscal year.

(d) Redistribution of Unused Obligation Authority- Notwithstanding subsection (c), the Secretary shall, after August 1 of each of fiscal years 2016 through 2021--

(1) revise a distribution of the obligation authority made available under subsection (c) if an amount distributed cannot be obligated during that fiscal year; and

(2) redistribute sufficient amounts to those States able to obligate amounts in addition to those previously distributed during that fiscal year, giving priority to those States having large unobligated balances of funds apportioned under sections 144 (as in effect on the day before the date of enactment of MAP-21 (Public Law 112-141)) and 104 of title 23, United States Code.

(e) Applicability of Obligation Limitations to Transportation Research Programs-

(1) IN GENERAL- Except as provided in paragraph (2), obligation limitations imposed by subsection (a) shall apply to contract authority for transportation research programs carried out under--

(A) chapter 5 of title 23, United States Code; and

(B) title VI of this Act.

(2) EXCEPTION- Obligation authority made available under paragraph (1) shall--

(A) remain available for a period of 4 fiscal years; and

(B) be in addition to the amount of any limitation imposed on obligations for Federal-aid highway and highway safety construction programs for future fiscal years.

(f) Redistribution of Certain Authorized Funds-

(1) IN GENERAL- Not later than 30 days after the date of distribution of obligation authority under subsection (c) for each of fiscal years 2016 through 2021, the Secretary shall distribute to the States any funds (excluding funds authorized for the program under section 202 of title 23, United States Code) that--

(A) are authorized to be appropriated for the fiscal year for Federal-aid highway programs; and

(B) the Secretary determines will not be allocated to the States (or will not be apportioned to the States under section 204 of title 23, United States Code), and will not be available for obligation, for the fiscal year because of the imposition of any obligation limitation for the fiscal year.

(2) RATIO- Funds shall be distributed under paragraph (1) in the same proportion as the distribution of obligation authority under subsection (c)(5).

(3) AVAILABILITY- Funds distributed to each State under paragraph (1) shall be available for any purpose described in section 133(b) of title 23, United States Code.

Read part V of  Surface Transportation Reauthorization and Reform Act of 2015

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