,i  #aaf? ,,congress  #b;d ,session  ,h4
 ,r4 #fiaf  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,may #ae1 #bjbj,mr4   
,walk] introduc$ ! foll[+ bill2 :i* 0   
ref]r$ to ! ,committee on ,homel&       
,security1 & 9 addition to ! ,committees
 on ,ways & ,means1 & ,f9ancial         
,s]vices1 = a p]iod to be subsequ5tly   
det]m9$ by ! ,speak]1 9 ea* case =      
consid]ation ( su* provisions z fall )9 
! jurisdiction ( ! committee conc]n$  ,a
 ,,bill  ,to prohibit ! li/+ ( c]ta9    
firms on national securities ex*anges1  
to provide = exp5s+ ( co/s directly     
connect$ ) mov+ manufactur+ f ,*9a to ! 
,unit$ ,/ates1 to e/abli% a             
c\nt]9tellig5ce vett+ task =ce1 & = o!r 
purposes4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,cage ! ,pap] ,tig] ,act ( 
#bjbj4  #b4 ,prohibition aga9/ ! li/+ ( 
c]ta9 firms on national securities      
ex*anges  7a7 ,9 g5]al ,section #f7;b7 (
 ! ,securities ,ex*ange ,act ( #aicd    
7#ae ,u4,s4,c4 #gh;f7b77 is am5d$ by    
add+ at ! end ! foll[+3  7#aa7 7,a7 ,!  

rules ( ! ex*ange prohibit ! initial    
li/+1 aft] ! date ( enactm5t ( ?is      
p>agraph1 ( any security ( an issu] if !
 regi/ration /atem5t fil$ ) !           
,commission = su* security includes an  
audit report prep>$ by a cov]$ =eign    
public acc\nt+ firm4  7,b7 ,no?+ 9      
subp>agraph 7,a7 may be con/ru$ to      
prev5t an ex*ange f li/+ a security on !
 ex*ange on or aft] ! date ( enactm5t ( 
?is p>agraph if t security 0 li/$ on !  
ex*ange or a national securities ex*ange
 be=e ! date ( enactm5t ( ?is p>agraph4 
7,c7 ,9 ?is p>agraph-- 7i7 ! t]m audit  
report has ! mean+ giv5 ! t]m 9 section 
#b7;a7 ( ! ,s>banes-,oxley ,act ( #bjjb 
7#ae ,u4,s4,c4 #gbja7;a772  7ii7 ! t]m  
cov]$ =eign public acc\nt+ firm means a 
=eign public acc\nt+ firm t ! ,public   
,company ,acc\nt+ ,ov]sight ,bo>d is    
unable to inspect or inve/igate "u !    
,s>banes-,oxley ,act ( #bjjb 7#ae       
,u4,s4,c4 #gbja et seq47 because ( a    
position tak5 by an au?ority outside ( !
 ,unit$ ,/ates2 &  7iii7 ! t]m =eign    

public acc\nt+ firm has ! mean+ giv5 !  
t]m 9 section #ajf7;g7 ( !              
,s>banes-,oxley ,act ( #bjjb 7#ae       
,u4,s4,c4 #gbaf7;g774  4  7b7 ,rules    
7#a7 ,proposals ,n lat] ?an #ij days    
aft] ! date ( enactm5t ( ?is ,act1 ea*  
national securities ex*ange %all file ) 
! ,commission any propos$ *ange to !    
rules ( ! ex*ange t is requir$ z a      
result ( ! am5dm5ts made by ?is section4
  7#b7 ,adoption ,n lat] ?an #a ye> aft]
 ! date ( enactm5t ( ?is ,act1 ea*      
national securities ex*ange %all h ea*  
propos$ *ange describ$ 9 p>agraph 7#a7  
approv$ by ! ,commission4  #c4 ,exp5s+ (
 co/s directly connect$ ) mov+          
manufactur+ f ,*9a to ! ,unit$ ,/ates   
7a7 ,9 g5]al ,"p ,,vi ( sub*apt] ,b (   
*apt] #a ( ! ,int]nal ,rev5ue ,code (   
#aihf is am5d$ by ins]t+ aft] section   
#agi;,e ! foll[+ new section3  #agi;,f4 
,election to exp5se c]ta9 assets        
directly connect$ to mov+ manufactur+ f 
,*9a to ! ,unit$ ,/ates  7a7 ,9 g5]al ,a
 specifi$ taxpay] may elect to treat    

am\nts paid or incurr$ = repatriation   
prop]ty z an exp5se :i* is n *>geable to
 capital acc\nt4 ,any co/ s treat$ %all 
be all[$ z a d$uction = ! taxable ye> 9 
:i* su* repatriation prop]ty is plac$ 9 
s]vice4  7b7 ,specifi$ taxpay] ,=       
purposes ( ?is section1 ! t]m specifi$  
taxpay] means any taxpay] engag$ 9 !    
trade or bus9ess ( manufactur+ any      
product if-- 7#a7 z ( ! date ( !        
enactm5t ( ?is section1 su* taxpay]     
manufactur$ su* product 9 ,*9a1 &  7#b7 
z ( ! date :i* is #c ye>s aft] ! date t 
! repatriation prop]ty is plac$ 9       
s]vice-- 7,a7 su* taxpay] does n        
manufacture su* product 9 ,*9a1 &  7,b7 
! quantity ( su* product manufactur$ 9 !
 ,unit$ ,/ates by su* taxpay] has       
increas$ 7relative to su* quantity      
det]m9$ z ( ! date ( ! enactm5t ( ?is   
section7 by an am\nt n less ?an !       
quantity ( su* product manufactur$ 9    
,*9a z ( ! date ( ! enactm5t ( ?is      
section4  7c7 ,repatriation prop]ty ,=  
purposes ( ?is section1 ! t]m           

repatriation prop]ty means any prop]ty  
7includ+ any real prop]ty7 if-- 7#a7 su*
 prop]ty is us$ by ! taxpay] 9 ! ,unit$ 
,/ates to manufacture ! product ref]r$  
to 9 subsection 7b71  7#b7 ! acquisition
 ( su* prop]ty by ! taxpay] is directly 
connect$ to replac+ ! productive        
capacity lo/ by ! taxpay] by reason (   
ceas+ manufactur+ ( su* product 9 ,*9a  
7z describ$ 9 subsection 7b77#b77;,a771 
&  7#c7 su* prop]ty is ( a "* :i* is    
subject to ! all[ance = depreciation    
provid$ 9 section #afg4  7d7            
,application ( c]ta9 rules ,rules simil>
 to ! rules ( subsection 7c71 &         
p>agraphs 7#d7 & 7#aj7 ( subsection 7d71
 ( section #agi %all apply = purposes ( 
?is section4  4  7b7 ,cl]ical am5dm5t ,!
 table ( sections = "p ,,vi ( sub*apt]  
,b ( *apt] #a ( su* ,code is am5d$ by   
ins]t+ aft] ! item relat+ to section    
#agi;,e ! foll[+ new item3  ,sec4       
#agi;,f4 ,election to exp5se c]ta9      
assets directly connect$ to mov+        
manufactur+ f ,*9a to ! ,unit$ ,/ates4  

4  7c7 ,effective date ,! am5dm5ts made 
by ?is section %all apply to prop]ty    
plac$ 9 s]vice aft] ! date ( ! enactm5t 
( ?is ,act1 9 taxable ye>s end+ aft] su*
 date4  #d4 ,dep>tm5t ( ,homel&         
,security c\nt]9tellig5ce vett+ task =ce
  7a7 ,e/abli%m5t ,n lat] ?an #ahj days 
aft] ! date ( ! enactm5t ( ?is ,act1 !  
,secret>y ( ,homel& ,security %all      
assign p]sonnel ( ! ,dep>tm5t ( ,homel& 
,security to p>ticipate 9 a             
c\nt]9tellig5ce vett+ task =ce to make  
recomm5dations to improve               
c\nt]9tellig5ce vett+ = appropriate     
dep>tm5tal programs4  7b7 ,p]sonnel ,9  
c>ry+ out subsection 7a71 ! ,secret>y ( 
,homel& ,security may assign p]sonnel f 
any compon5t ( ! ,dep>tm5t ( ,homel&    
,security ! ,secret>y det]m9es necess>y 
to p>ticipate 9 ! task =ce e/abli%$     
pursuant to su* subsection4  7c7        
,coord9ation ,9 c>ry+ out subsection    
7a71 ! ,secret>y ( ,homel& ,security may
 reque/ p>ticipation 9 ! task =ce       
e/abli%$ pursuant to su* subsection f   

o!r appropriate ,f$]al ag5cies4  7d7    
,report ,n lat] ?an "o ye> aft] ! date (
 ! enactm5t ( ?is ,act1 ! ,secret>y (   
,homel& ,security %all submit to !      
,committee on ,homel& ,security ( !     
,h\se ( ,repres5tatives & ! ,committee  
on ,homel& ,security & ,gov]nm5tal      
,affairs ( ! ,s5ate a report on !       
recomm5dations made by ! task =ce       
e/abli%$ pursuant to subsection 7a74    
#e4 ,c\nt]9tellig5ce tra9+ & vett+  7a7 
,9 g5]al ,n lat] ?an #ahj days aft] !   
date ( ! enactm5t ( ?is ,act1 9 c>ry+   
out ! program adm9i/]$ pursuant to      
section #ddb7;a77#d7 ( ! ,homel&        
,security ,act 7#f ,u4,s4,c4            
#beb7;a77#d771 ! ,secret>y ( ,homel&    
,security %all develop a c\nt]9tellig5ce
 aw>5ess tra9+ program & require        
p>ticipation 9 su* program f appropriate
 faculty1 z det]m9$ by ! ,secret>y 9    
consultation ) ! ,homel& ,security      
,academic ,advisory ,c\ncil 7e/abli%$   
pursuant to section #hga ( ! ,homel&    
,security ,act ( #bjjb 7#f ,u4,s4,c4    

#dea771 f approv$ in/itutions ( high]   
education1 o!r approv$ educational      
in/itutions1 & designat$ ex*ange visitor
 programs 9 ! ,unit$ ,/ates4  7b7       
,program enhancem5ts ,n lat] ?an "o ye> 
aft] ! date ( enactm5t ( ?is ,act1 !    
,secret>y ( ,homel& ,security %all make 
! foll[+ enhancem5ts to ! program       
adm9i/]$ pursuant to section            
#ddb7;a77#d7 ( ! ,homel& ,security ,act 
7#f ,u4,s4,c4 #beb7;a77#d773 7#a7       
,id5tify degrees & fields ( /udy det]m9$
 to be s5sitive = homel& security &     
c\nt]9tellig5ce purposes4  7#b7 ,update 
! in=mation to be collect$ to include   
any *anges to ! degree programs1 if     
applicable1 & fields ( /udy4  7#c7 ,make
 any o!r enhancem5ts det]m9$ appropriate
 by ! ,secret>y to improve              
c\nt]9tellig5ce vett+ capabilities4  7c7
 ,consultation ,9 c>ry+ out !           
id5tification requir$ pursuant to       
subsection 7b77#a71 ! ,secret>y (       
,homel& ,security %all consult ) !      
,secret>y ( ,/ate to ensure ! degrees & 

field ( /udy det]m9$ to be s5sitive =   
homel& security & c\nt]9tellig5ce       
purposes ref]r$ to 9 su* subsection are 
align$1 to ! greate/ ext5t practicable1 
betwe5 ! ,dep>tm5t ( ,homel& ,security &
 ! ,dep>tm5t ( ,/ate4  7d7 ,def9itions  
7#a7 ,approv$ in/itution ( high]        
education ,! t]m approv$ in/itution (   
high] education has ! mean+ giv5 su* t]m
 9 section #fda7;h7 ( ! ,illegal        
,immigration ,re=m & ,immigrant         
,responsibility ,act ( #aiif 7#h        
,u4,s4,c4 #acgb74  7#b7 ,designat$      
ex*ange visitor program ,! t]m designat$
 ex*ange visitor program has ! mean+    
giv5 su* t]m 9 section #fda7;h7 ( !     
,illegal ,immigration ,re=m & ,immigrant
 ,responsibility ,act ( #aiif 7#h       
,u4,s4,c4 #acgb74  7#c7 ,o!r approv$    
educational in/itution ,! t]m o!r       
approv$ educational in/itution has !    
mean+ giv5 su* t]m 9 section #fda7;h7 ( 
! ,illegal ,immigration ,re=m &         
,immigrant ,responsibility ,act ( #aiif 
7#h ,u4,s4,c4 #acgb74  #f4 ,homel&      

,security ,academic ,advisory ,c\ncil   
7a7 ,9 g5]al ,n lat] ?an #cj days aft] !
 date ( ! enactm5t ( ?is ,act1 !        
,secret>y ( ,homel& ,security %all      
conv5e a meet+ ( ! ,homel& ,security    
,academic ,advisory ,c\ncil to seek     
advice & recomm5dations f ! ,c\ncil on !
 c\nt]9tellig5ce aw>5ess tra9+ &        
appropriate faculty designat$ to receive
 su* tra9+ requir$ "u section #e4  7b7  
,notification ,n lat] ?an ,septemb] #a1 
#bjbj1 ! ,secret>y ( ,homel& ,security  
%all notify ! ,committee on ,homel&     
,security ( ! ,h\se ( ,repres5tatives & 
! ,committee on ,homel& ,security &     
,gov]nm5tal ,affairs ( ! ,s5ate if !    
,secret>y det]m9es to n ext5d ! exi/5ce 
( ! ,homel& ,security ,academic         
,advisory ,c\ncil4