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H.R. 1155 (100th): Trade, Employment, and Productivity Act of 1987

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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

2/19/1987--Introduced. Trade, Employment, and Productivity Act of 1987 - Title I: Investment in Human and Intellectual Capital Act of 1987 - Investment in Human and Intellectual Capital Act of 1987 - Subtitle A: Education Consolidation and Improvement Act Amendments of 1987 - Education Consolidation and Improvement Act Amendments of 1987 - Part I: Programs to Meet the Special Educational Needs of Disadvantaged Children - Amends Chapter 1 (Financial Assistance to Meet Special Educational Needs of Disadvantaged Children) of the Education Consolidation and Improvement Act of 1981 (ECIA) to authorize appropriations for FY 1988 through 1992 for: (1) basic grants and concentration grants for local educational agencies (LEAs); (2) State programs for migratory children; (3) State programs for neglected and delinquent children; (4) State administration of Chapter 1 programs; and (5) demonstration projects, evaluations, technical assistance, and other activities. Requires each State wishing to receive a Chapter 1 grant to submit, through its State educational agency (SEA), an application for up to three years for each Chapter 1 program for which it seeks assistance. Requires such application to describe criteria, policies, and procedures to: (1) assess the educational effectiveness of LEA Chapter 1 programs; (2) direct a LEA to take corrective measures if it is failing to provide effective Chapter 1 services; (3) permit LEAs that conduct highly successful Chapter 1 programs to implement schoolwide improvement programs in attendance areas in which at least 40 percent of the children are from low-income families; and (4) award incentive grants. Sets forth factors upon which assessments of educational effectiveness may be based. Requires each SEA, at least once every three years, to evaluate the educational effectiveness of services, including those for private school children, provided under Chapter 1 by each participating State agency and local educational agency. Requires such evaluations to be made available to the public. Amends title I (Financial Assistance to Meet Special Educational Needs of Children) of the Elementary and Secondary Education Act of 1965 (ESEA) to revise provisions governing the allocation of funds for basic and concentration grants under Chapter 1 of ECIA. Directs the Secretary of Education to set aside not more than one percent of such funds for: (1) specified U.S. territories and possessions according to their respective needs; and (2) Department of the Interior Indian schools. Provides that Puerto Rico's share of such funds would be the same as its share for FY 1987. Directs the Secretary to use 95 percent of such funds for basic grants and five percent for concentration grants. Provides that allocation of basic grants to LEAs shall be on the basis of the number of poor children in excess of two percent of the total number of children in the school district. Revises requirements relating to the selection of school attendance areas for Chapter 1 programs. Requires LEAs to conduct Chapter 1 programs only in attendance areas that are among the poorest one-third of all areas in the district, in rank order of their poverty as measured by the number or percentage of poor children. Requires LEAs to provide services only to those children in greatest need of special assistance. Allows an LEA to serve attendance areas in rank order but beyond the poorest one-third if more than 25 percent of the children are from low-income families. Allows projects in attendance areas beyond the poorest one-third and without regard for the ordering requirement if the percentage of poor children in each attendance area in the district is within five percent of the district-wide percentage of poor children. Limits to one year the period during which previously eligible attendance areas and children may continue to be served under Chapter 1 programs. Revises Chapter 1 requirements relating to parental involvement in local programs. Requires each LEA to develop written policies to ensure that parents have adequate opportunity to participate in the design and implementation of its Chapter 1 project. Requires each LEA, at an annual meeting, to: (1) inform parents of their right to be consulted in such design and implementation; (2) request their comments and recommendations; and (3) inform parents of their right to establish procedures for discussing among themselves, with teachers, and with appropriate LEA officials the LEA's Chapter 1 program. Includes among resources and activities which may be provided to parents: (1) space and materials for meetings; (2) information on statutes and regulations applicable to Chapter 1 programs; and (3) training. Requires the SEA to approve LEA applications for basic and concentration grants that comply with Chapter 1 requirements. Directs the SEA to take corrective action when it finds that an LEA has substantially failed to carry out a Chapter 1 requirement. Provides that such corrective action may include withholding of funds or directing the LEA to issue compensatory education certificates. Provides for reallocation of withheld funds. Revises ECIA and ESEA provisions under which LEAs may conduct Chapter 1 projects on a schoolwide basis. Lowers from 75 percent to 60 percent the minimum percentage of poor children which a school must have in order to conduct schoolwide improvement. Eliminates a fiscal matching requirement for schoolwide improvement. Requires that local evaluations of Chapter 1 programs include an assessment of the impact that schoolwide projects have on the educational progress of educationally deprived children. Authorizes LEAs to provide compensatory education certificates to parents of educationally deprived children if such provision: (1) would be more effective in meeting the needs of eligible children than direct services provided by the LEA; or (2) is needed to provide services required under Chapter 1, including services to private school children. Allows each LEA to provide such certificates on the basis of individual grade levels, schools, attendance areas, or any combination thereof. Requires the LEA to apply the same criteria to public and private school children in determining the extent to which there is a need to provide such certificates. Sets the value of each certificate at an amount determined by the LEA to be equitable to all children selected to participate in the LEA's Chapter 1 program. Prohibits the amount of funds paid to parents from exceeding their actual cost of purchasing compensatory services. Requires use of certificate proceeds only to purchase supplementary compensatory education services that meet the identified special educational needs of the eligible child. Provides that such services may be purchased from any elementary or secondary school that the LEA determines is able to provide appropriate services. Authorizes the LEA also to specify other types of public and private organizations, such as institutions of higher education, from which parents may purchase such services. Permits each LEA to use Chapter 1 funds for the additional transportation costs of a child using such a certificate. Provides that certificate funds are not income for Federal income tax purposes. Requires LEAs to include information and assurances relating to certificates in their Chapter 1 applications. Provides that parents of educationally deprived children in private schools would be provided compensatory education certificates on the same basis as parents of public school children. Provides that use of certificate funds by parents at private schools or at LEAs outside the school district where the child resides would not subject those schools to specified maintenance of effort, supplement-not-supplant, or comparability requirements. Authorizes the Secretary of Education to carry out, directly or or through grants, activities consistent with Chapter 1 purposes, including: (1) testing and demonstrating innovative methods for educating educationally deprived students, including projects that focus on parental involvement; (2) evaluating Chapter 1 programs and projects; (3) identifying and disseminating information about outstanding local Chapter 1 programs; (4) providing technical assistance to Chapter 1 grantees. Directs SEAs to set aside one percent of Chapter 1 funds for incentive grants to LEAs. Requires an LEA to treat such an incentive grant as part of its regular Chapter 1 grant and use it to: (1) extend its program to additional students or schools or otherwise improve its programs; or (2) disseminate information on its program to other schools or LEAs. Revises ECIA and ESEA provisions relating to programs for migrant children. Gives declining weights to the numbers of formerly migrant children. Requires coordination of Chapter 1 migrant projects with other State and local programs for migrants. Gives priority for participation: first, to all currently migratory children from kindergarten through grade 12; second, to all currently migratory preschool children; and third, to formerly migrant children from kindergarten through grade 12. Repeals specified requirements relating to the Migrant Student Records Transfer System. Authorizes the Secretary to make grants to operate the records system and coordinate migrant services. Eliminates a minimum requirement for spending on coordination of migrant education activities. Revises ESEA provisions relating to transition services for neglected and delinquent children. Authorizes each State to set aside up to ten percent of funds for neglected and delinquent children to support projects that facilitate the transition of such children from State-operated institutions to locally-operated programs. Amends the Education of the Handicapped Act (EHA) to transfer funding of the Chapter 1 program for handicapped children to the EHA. Allows States, in establishing their EHA entitlement, to count children who are, or used to be, in State-operated or State-supported programs for handicapped children. Sets forth hold-harmless provisions for purposes of such transfer of funding. Revises ECIA and ESEA provisions that authorize payments to States for administrative costs of Chapter 1 programs. Provides for such payments to each State based on its share of the overall Chapter 1 appropriation. Sets a required minimum payment. Makes applicable only to compensatory education programs and not to other types of special programs for educationally disadvantaged children a provision excluding certain State and local funds from the supplement-not-supplant and comparability requirements of Chapter 1. Makes such exemption available to SEAs as well as LEAs. Repeals a provision allowing States to make certain allocations to LEAs rather than counties under specified conditions. Eliminates a requirement that State agency programs be fully funded and basic grant awards be ratably reduced where appropriations are not sufficient to fully fund all Chapter 1 programs. Revises certain ESEA definitions applicable to Chapter 1 of the ECIA. Amends the definition of "average per pupil expenditure" to provide for the use of the most recent satisfactory data. Makes technical amendments to Chapter 1 of the ECIA and to the ESEA. Amends the General Education Provisions Act (GEPA) to direct the Secretary, with specified exceptions, to return to the Treasury any funds recovered by the Department of Education from a recipient after those funds are no longer available for obligation. Repeals specified provisions of the ESEA. Part II: Educational Reform and Improvement - Changes the heading of Chapter 2 of the ECIA from "Consolidation of Federal Programs for Elementary and Secondary Education" to "Educational Reform and Improvement." Revises Chapter 2 State block grant program purposes. Provides that Chapter 2 funds are to assist State and local efforts to achieve excellence in elementary and secondary education (including preschool) through the implementation of educational reform and improvement programs for children attending both public and private schools. Provides for Chapter 2 assistance to SEAs and LEAs: (1) in accordance with those agencies' own determinations of their needs and priorities; and (2) in a manner that imposes minimal administrative and paperwork burdens upon schools and increases their ability to educate children. Authorizes appropriations for FY 1988 through 1992 to carry out Chapter 2. Changes the amount reserved for Chapter 2 payments to the Outlying Areas from a mandated one percent to no more than one percent of the Chapter 2 appropriation. Revises provisions relating to local allocations. Provides that relative enrollments shall be calculated on the basis of the total of the number of children enrolled in public schools and the number of children enrolled in private, nonprofit schools that desire their children to participate in Chapter 2 programs or projects. Provides that SEAs shall use funds not distributed to LEAs to support State programs and activities. Revises the list of authorized Chapter 2 projects and activities. Focuses such list upon educational reform and improvement. Includes among authorized projects: (1) projects designed to improve instruction in the basic skills of reading, mathematics, and written and oral communications, including projects designed to provide parents with the literacy skills needed to help their children learn to read; (2) projects designed to enhance educational opportunities for economically or academically disadvantaged children, including children who attend schools undergoing desegregation; (3) projects designed to identify and meet special educational needs of children who demonstrate extraordinary intellectual, academic, creative, artistic, or leadership capabilities; (4) the development of plans and policies to measure the academic proficiency of students, to assist students to achieve existing standards, and to raise those standards; (5) projects designed to achieve and maintain in schools an orderly environment conducive to learning, including activities to promote safety, reduce crime, drug use, and vandalism, and otherwise maintain school discipline; (6) projects designed to encourage students to stay in school or to encourage dropouts to resume their education; (7) projects designed to teach the principles and values of good citizenship and to increase students' understanding of government; (8) pre-school and in-school partnership projects in which parents participate in their children's education; (9) projects that provide parents with greater choice in the selection of their children's schools; (10) the development of merit pay, career ladder, and master teacher programs; (11) inservice training and retraining of teachers in academic subjects; (12) the development of more rigorous graduation requirements and plans to increase instructional time; (13) the recognition and dissemination of effective educational practices; (14) school partnerships with business, industry, government, and higher education; (15) the acquisition of textbooks, school library resources, and other instructional equipment and materials; and (16) any other project consistent with the purpose of Chapter 2. Provides that projects and activities may be conducted at the elementary or secondary level (including preschool). Authorizes an SEA to use Chapter 2 funds that are not distributed to LEAs to: (1) develop procedures or take other corrective actions to provide a high quality education for students who are attending public elementary and secondary schools that the SEA determines are either unable or unwilling to meet that responsibility themselves; (2) pay the additional cost of participating in the National Cooperative Education Statistics System; and (3) pay administrative costs for Chapter 2, up to five percent of the State's grant. Establishes a single list of authorized activities under subchapter A by repealing subchapters B and C. Eliminates, as outdated, provisions which repealed a number of antecedent categorical programs that were consolidated by Chapter 2. Authorizes the Secretary to carry out specified discretionary programs. Removes a limitation that required such funding to first be allocated to certain programs. Authorizes the Secretary in certain circumstances to grant a temporary waiver of the requirement that Chapter 2 funds may not be used to support funds from non-Federal sources. Part III: National Cooperative Education Statistics System - Amends the General Education Provisions Act (GEPA) to establish within the Center for Education Statistics a National Cooperative Education Statistics System to produce and maintain, with the cooperation of the States, comparable and uniform educational information and data that are useful for policy-making at the Federal, State, and local levels. Subtitle B: Bilingual Education Act Amendments of 1987 - Bilingual Education Act Amendments of 1987 - Amends the Bilingual Education Act to remove a requirement that restricts the amount of funds available for special alternative instructional programs. Removes a requirement that reserves a specified amount for transitional bilingual education programs. Subtitle C: Worker Readjustment Act - Worker Readjustment Act - Authorizes appropriations to carry out this subtitle for FY 1988 and succeeding fiscal years. Reserves specified amounts of such funds for use under specified parts of this subtitle. Part 1: Service Delivery System and Basic Program Requirements - Subpart A: Service Delivery System - Sets forth provisions for agreements between the Secretary of Labor and State Governors to carry out this subtitle. Requires each State to ensure the establishment of a rapid response capability to respond to significant dislocation events. Provides that such capability shall assess the need for and initially provide early readjustment assistance, including activities associated with the formation of joint labor-management committees. Permits, in addition, the inclusion of: (1) incentives to encourage employees to give early notification of dislocation events; (2) emergency assistance centers geared to individual plant closings; (3) the development of direct delivery teams; and (4) the development of a system for early identification of prospective dislocation events. Requires each State to establish linkages between the unemployment compensation system and the worker readjustment program system. Sets forth provisions for designation of substate areas, substate grantees, and substate plans. Sets forth the responsibilities of State training and employment councils and private industry councils. Designates as eligible for services individuals who: (1) have been terminated or laid off or have received a notice of termination or layoff from employment, are eligible for or have exhausted their entitlement to unemployment compensation, and are unlikely to return to their previous industry or occupation; (2) have been terminated or have received notice of termination of employment, as a result of any permanent closure of a plant or facility; (3) are long-term unemployed (at least 15 weeks) and have limited opportunities for employment or reemployment in the same or a similar occupation in the area in which they reside, including any older individuals; or (4) were self-employed (including farmers and ranchers) and are unemployed as a result of general economic conditions in the community in which they reside or because of natural disasters. Provides that participation by any individual in programs authorized under this subtitle shall be deemed to be acceptance of training with the approval of the State within the meaning of any other provision of Federal law relating to unemployment benefits. Sets forth provisions relating to the authority of the State legislature and interstate agreements. Subpart B: Additional Program Requirements - Sets forth general program provisions, labor standards, labor consultation requirements, and nondiscrimination provisions. Subpart C: Federal Fiscal and Administrative Provisions - Sets forth provisions relating to fund obligation, monitoring, fiscal controls, sanctions, reports, recordkeeping, investigations, administrative adjudication, judicial review, administrative provisions, utilization of services and facilities, and appeals. Part 2: Basic Readjustment Services - Directs the Secretary to allot funds for part 1 and this part among States according to relative numbers of: (1) unemployed individuals; (2) excess unemployed individuals; and (3) individuals who have been unemployed for 15 weeks or more. Authorizes the Governor to retain: (1) up to ten percent of the State allotment, or a minimum amount established by the Secretary, for overall State level administration, technical assistance, coordination, and early notification and rapid response activities; and (2) an additional amount up to ten percent of the State allotment, or a minimum amount established by the Secretary, to be allotted at the discretion of the Governor for activities allowable under parts 1, 2, or 3. Directs the Governor to allocate the remainder of the State allotment to all substate areas for basic readjustment services, based on an allocation formula which utilizes the most appropriate information to distribute amounts to address the State's worker readjustment assistance needs. Sets forth provisions for selection of service providers. Provides that basic readjustment services and activities may include: (1) development of individual readjustment plans for participants; (2) implementation of voluntary early notification procedures; (3) rapid response capability, which may include rapid response contingency grants for planning and administrative expenses involved in developing effective programmatic responses to dislocation events; (4) early readjustment assistance; (5) counseling; (6) testing; (7) orientation; (8) assessment, including evaluation of educational attainment and participant interests and aptitudes; (9) determination of occupational skills; (10) provision of future world-of-work and occupational information; (11) job placement assistance; (12) labor market information; (13) job clubs; (14) local job search; (15) job development; (16) self-directed job search; and (17) retraining services. Authorizes the substate grantee to provide appropriate supportive services. Sets forth cost limitations and reallotment and reallocation provisions. Part 3: Worker Readjustment Training Program - Directs the Secretary to allot funds for this part according to an annual availability target for each State. Sets forth cost limitations. Authorizes substate grantees to provide appropriate supportive services. Provides that training services may include: (1) entrepreneurial training; (2) classroom training; (3) occupational skill training; (4) on-the-job training; (5) out-of-area job search; (6) relocation; (7) basic and remedial education; (8) literacy and English for non-English speakers training; and (9) other appropriate training activities directly related to appropriate employment opportunities. Prohibits use of funds for public service employment or work experience. Sets forth requirements for readjustment training plans. Provides that eligible readjustment training participants shall receive retraining services, a voucher, or a certificate of continuing eligibility. Part 4: National Reserve System - Provides that funds under this part may be used to provide services of the type described in parts 2 and 3 in the following circumstances: (1) mass layoffs caused by natural disasters, when the workers are not expected to return to their previous occupations; (2) other mass layoffs; (3) industrywide projects; and (4) multistate projects. Provides that such funds may also be used to provide such services whenever the Secretary, with the agreement of the Governor, determines that an emergency exists with respect to any particular distressed industry or area. Provides that up to five percent of such funds may be used to provide staff training and technical assistance services to States, communities, businesses, labor organizations, and other entities involved in providing adjustment assistance to workers. Authorizes the Secretary to provide such services under proposals for financial assistance. Directs the Secretary to establish a Federal Worker Readjustment Advisory Council to review information on worker dislocation and the performance of programs operated under this subtitle. Part 5: Miscellaneous Provisions - Amends the Job Training Partnership Act (JTPA) to change the name of the State job training coordinating council to the State Training and Employment Council. Revises provisions for membership on private industry councils and the State Training and Employment Council to provide that in making appointment of private sector members, recognition should be given to Council responsibilities under the Wagner-Peyser Act and consideration given to appointing members of the business community who have served in an advisory capacity in providing employment services. Revises the formula for membership on the State Training and Employment Council. Authorizes the Secretary to implement appropriate procedures to terminate activities under title III (Employment and Training Assistance for Dislocated Workers) of JTPA and to provide for an orderly transition to the activities authorized under this subtitle. Ends funding for title III of JTPA at the end of FY 1987. Amends the Wagner-Peyser Act to require the private industry council to review and evaluate the provision of public employment services in a service delivery area and to provide policy guidance with respect to local labor market conditions and needs. Requires the State Training and Employment Council to review, monitor, and evaluate the activities of the State in providing public employment services. Amends the Internal Revenue Code to provide for Federal unemployment tax credits for employers who give advance notice of plant closings or mass layoffs. Allows States to give similar credits. Sets criminal penalties for embezzlement from employment and training funds, for improper inducement, and for obstructing investigations. Repeals title III of JTPA on October 1, 1988, or one year following the date of enactment of this subtitle, whichever is later. Subtitle D: AFDC and Summer Youth Employment and Training Amendments of 1987 - AFDC and Summer Youth Employment and Training Amendments of 1987 - Amends the Job Training Partnership Act (JTPA) to add provisions for an AFDC Youth Employment and Training Program. Allows each service delivery area to elect to use specified funds for such program in addition to or in lieu of services for youth available under the Summer Youth Employment and Training Program. Provides that the AFDC Youth Program may be conducted on a year-round basis. Makes an individual eligible to participate in the AFDC Youth program if such individual: (1) is aged 16 through 21, or 14 through 21 if appropriate and set forth in the job training plan; (2) is receiving payments, or whose needs are considered in determining payments, made under the Aid to Families with Dependent Children Program (AFDC) (under part A of title IV of the Social Security Act); and (3) is at risk of becoming a long-term welfare recipient or long-term unemployed. Provides for the following services: (1) basic and remedial education; (2) drug and alcohol abuse counseling; (3) pregnancy and pregnancy prevention counseling; (4) child care classes; (5) life skills planning classes; (6) classroom training, on-the-job training, work experience, job search assistance, employment counseling, world-of-work orientation, and any other educational, employment, or job training activity designed to prepare participants for, or place them in, employment; and (7) supportive services necessary to enable such individuals to participate in the program. Subtitle E: Greater Opportunities Through Work Act of 1987 - Greater Opportunities Through Work Act of 1987 - Amends part A (Aid to Families with Dependent Children) of title IV of the Social Security Act to require State plans to provide that the State agency will implement a coordinated program of activities designed to afford greater opportunities for individuals to achieve self-sufficiency through employment. Requires the State plan to provide that each recipient of aid under the plan, and each individual whose needs are included in making the determination, will be required to participate in all employment-related activities, including educational programs, to which the State agency may refer him or her. Sets forth exemptions from such requirement. Lists as employment-related activities: (1) an employment search program; (2) a community work experience program or other work experience activities; (3) an alternative employment directed program; (4) work supplementation; (5) activities under the Job Training Partnership Act; (6) courses of training continuing for only a prescribed period of time that are designed to result in immediate employment at the close of such period; (7) employment in which the individual is able to engage; and (8) in the case of an individual who has not obtained a high school diploma or equivalent degree or certificate, educational programs at the successful completion of which participants receive a high school diploma or an equivalent degree or certificate, or programs of elementary, remedial, or other special education, without which the individual is not able to participate successfully in secondary education programs. Requires the State plan to require educational activities for dependent children and teenage relatives. Requires the State plan to provide for the furnishing of child care, transportation, and other supportive services necessary for an individual's participation in employment-related activities. Sets forth sanctions for nonparticipation in employment-related activities. Requires States to reach certain participation rates in employment-related activities in order to receive full payments. Repeals the work incentives (WIN) program under part C of title IV of the Social Security Act. Sets forth special rules for territories. Directs the Secretary of Health and Human Services to carry out research and evaluation with respect to the program established under this subtitle. Directs the Secretary to promulgate performance standards applicable to State programs. Authorizes appropriations for FY 1988 through 1991 for research and evaluation. Subtitle F: Employment Security Administrative Financing Act of 1987 - Employment Security Administrative Financing Act of 1987 - Part 1: Financing Administrative Costs of State Unemployment Compensation Programs - Repeals title III (Grants to States for Unemployment Compensation Administration) of the Social Security Act, effective July 1, 1990. Authorizes expenditures from the Federal administrative account for FY 1991 (and the transition quarter beginning on July 1, 1990, and ending on September 30, 1990), and for each fiscal year thereafter, in such amounts as the Congress may deem appropriate for the purpose of assisting the States in: (1) their administration of functions under the Federal Unemployment Tax Act, the Wagner-Peyser Act, or any Federal unemployment compensation law; (2) carrying out veterans' employment representative duties; and (3) the administration of the extended unemployment compensation program. Authorizes such expenditures also for the necessary expenses of the Department of Labor under: (1) specified titles of the Social Security Act; (2) the Federal Unemployment Tax Act; (3) the Wagner-Peyser Act; (4) programs providing job counseling, training, and placement services for veterans; and (5) any Federal unemployment compensation law. Directs the Secretary of Labor from time to time to certify to the Secretary of the Treasury for payment to each State which has an unemployment compensation law approved under the Federal Unemployment Tax Act amounts necessary for the administration of specified activities. Revises the formula for transfers between the Federal Unemployment Account and the Employment Security Administration Account. Adds references to a Federal administrative account and to State administrative fund accounts. Revises the formula for transfers to the extended unemployment compensation account. Part 2: Amendments to the Internal Revenue Code of 1954 - Amends the Internal Revenue Code to revise formulas relating to credits against the Federal unemployment tax. Revises provisions relating to requirements for State unemployment compensation laws. Requires methods of administration reasonably calculated to insure full payment of compensation when due. Requires that all individuals whose claims for compensation are denied have an opportunity for a fair hearing before an impartial tribunal. Requires the State or State agency to make reports required by the Secretary of Labor. Requires that all money received by the State for administration of the State law and of State employment services be paid over the Secretary of the Treasury to the credit of the administrative fund account of such State in the Unemployment Trust Fund. Allows a deduction from unemployment compensation otherwise payable to an individual and using the amount so deducted to pay for health insurance if the individual elected to have such deduction made and such deduction was made under a program approved by the Secretary of Labor. Provides that all money withdrawn from the administrative account of the State shall be used solely for the payment of expenses of administration of the State law and public employment services, and for refunds payable under State law. Requires the State to provide public employment services pursuant to the Wagner-Peyser Act. Sets forth new compliance requirements for States and State agencies to disclose information about unemployment compensation recipients to State food stamp agencies and to State and local child support enforcement agencies. Provides for recovery of overpayments to unemployment compensation recipients. Revises certification requirements. Provides for collection of the Federal unemployment tax by the States. Part 3: Amendments to Other Statutes - Amends provisions of Federal law relating to unemployment compensation for Federal employees. Authorizes expenditures from the Federal administrative account to assist States in meeting the cost of administration of agreements. Amends the Food Stamp Act of 1977 to revise specified references. Part 4: Technical and Conforming Amendments - Amends the Social Security Act to change references to the Employment Security Administration Account to the Federal Administrative Account. Makes technical and conforming amendments to the Internal Revenue Code, the Federal Unemployment Tax Act, and the Federal-State Extended Unemployment Compensation Act of 1970. Subtitle G: Employment Services Act of 1987 - Employment Services Act of 1987 - Amends the Wagner-Peyser Act to eliminate reference to the United States Employment Service. Directs the Secretary of Labor to disseminate information that may be of assistance to States in the provision of public employment services. Authorizes the Secretary to undertake such research, analysis, job classification programs, test development, statistical studies, automation design and other activities, including technical assistance, as will further this objective. Directs the Secretary to maintain a system for clearing labor between the States. Authorizes the Secretary to provide guidance to the States with respect to their provision of public employment services, with particular attention toward promoting State review of the need for specified activities and in the implementation of national priorities. Grants the Secretary discretionary authority to enter into agreements with State Governors whereby: (1) the State carries out any authority vested in the Secretary by this or any other Act, when the Secretary determines that such activities are consistent with the provision of State public employment services, for such reimbursement as may be agreed upon and consistent with applicable law; or (2) the Secretary carries out authorized activities specifically requested by a State and for which reimbursement from the State to the Department of Labor is provided. Authorizes the Secretary to enter into an agreement with the Governor of Guam under which Guam will provide public employment services after July 1, 1990. Authorizes appropriations for such purposes. Requires State Governors to enter into agreements with the Secretary in order to receive financial assistance for public employment services. Authorizes appropriations to support public employment services in the States, but provides that no such appropriations are authorized for any program year that commences on or after July 1, 1990. Requires States in providing public employment services to give particular attention to specified needs. Allows States to charge a reasonable fee for a particular service if not otherwise prohibited by law, rule, or regulation. Allows States to make referrals of workers to agencies which may charge for their employment assistance services. Requires State Governors to provide annual plans for provision of public employment services. Requires the private industry council for a service delivery area to review and evaluate the provision of public employment services in such area. Directs the State Training and Employment Council to review, monitor, and evaluate the activities of the State in providing public employment services. Makes conforming amendments to the Job Training Partnership Act. Title II: National Science Foundation Authorization Act - National Science Foundation Authorization Act for Fiscal Years 1988 through 1992 - Expresses the finding of the Congress that the programs of the National Science Foundation (NSF) should be doubled in size over the next five years. Authorizes appropriations for FY 1988 through 1992 for the NSF. Sets forth categories for which the FY 1988 and 1989 funds are to be available. Sets limits on NSF consultation and representation expenses. Sets forth conditions for transfer of funds among categories. Amends the National Science Foundation Act of 1950 to allow portions of National Science Board meetings to be closed to the public when the Board considers possible NSF budgets for a particular fiscal year, or other legislative proposals that might be submitted to the Congress, if the President's budget for that fiscal year or the legislative proposal in question has not yet been submitted to the Congress. States that the Director is the head of the NSF. Repeals provisions which required certain oaths and statements before acceptance of NSF scholarships or fellowships and which made members of Communist organizations ineligible for such scholarships or fellowships. Amends the National Science Foundation Authorization and Science and Engineering Equal Opportunities Act to revise provisions for membership on the Committee on Equal Opportunities in Science and Engineering. Requires such Committee to report biennially rather than annually. Title III: Omnibus Intellectual Property Rights Improvement Act of 1987 - Subtitle A: Intellectual Property Reform Act of 1987 - States that licensing a patent, trade secret, or copyright is not illegal per se under the antitrust laws. Amends the patent laws to make it an infringement of patent to use, sell, or import into the United States without authority a product produced by a process patented in the United States. Requires the infringer to know or be on notice that the product was made by a process patented in the United States before a process patent holder may recover damages. Places on the defendant the burden of proof in an infringement action to show that a product was not produced by the patented process. Amends the patent laws to extend the terms of patents which encompass specified products or methods for using a product, including methods of manufacturing, any of which are subject to certain nonpatent regulatory review periods. Sets forth the terms and conditions of such extension, including a five-year limitation on the extension and a 25-year maximum patent term from the earliest filing. Directs the Commissioner of Patents to notify the appropriate Federal agency upon receipt from a product sponsor of a notice of extension. Requires the notified agency to determine the applicable regulatory review period. Permits the appropriate Secretary or Administrator to establish fees to cover review costs. Directs the Commissioner, upon a final determination of the applicable regulatory review period, to issue to the owner of record of a patent a certificate of extension stating the fact and length of the extension and identifying the product, the use, and the claim to which such extension is applicable. Makes such certificates a part of the original patent. Restricts the disclosure of any data submitted during the regulatory review period which are designated as trade secrets or as confidential. Limits the application of such patent term extension to patents for: (1) any new animal drug or antibiotic subject to regulation under the Federal Food, Drug, and Cosmetic Act; (2) any veterinary biological product subject to regulation under the Virus-Serum-Toxin Act; (3) any pesticide subject to regulation under the Federal Insecticide, Fungicide, and Rodenticide Act; and (4) any chemical substance or mixture subject to regulation under the Toxic Substances Control Act. Amends the Federal Food, Drug, and Cosmetic Act to exempt from investigative reporting requirements certain new animal drugs which are bioequivalent to animal drugs already approved. Amends the patent laws to specify conduct which does not interfere with a patent owner's entitlement to relief for patent infringement, including refusal to license, excessive or inconsistent royalty fees, and other anticompetitive activities. States that a licensee shall not be estopped from asserting in a judicial action the invalidity of any patent to which it is licensed. Requires that certain district court actions on the validity of a patent be first considered by the Commissioner for reexamination if the party asserting invalidity relies on a patent or publication as prior art when such patent or publication has not previously been considered by the Patent and Trademark Office. Subtitle B: Freedom of Information Act Amendments of 1987 - Freedom of Information Act Amendments of 1987 - Amends the Freedom of Information Act to exempt from agency disclosure requirements: (1) trade secrets or commercial or financial information which is privileged or the disclosure of which would impair the agency's ability to obtain such information in the future, cause substantial harm to the competitive position of the source, or harm an identifiable governmental interest; and (2) technical data that may not be exported without an approval, authorization, or license under Federal export laws. Subtitle C: Regulation of Commerce in Digital Audio Recording Devices Act of 1987 - Requires digital audio recording devices in commerce to contain a copy-code scanner. Prohibits the deactivation or bypassing of such scanners. Entitles an aggrieved party to damages which can include actual or statutory damages and impoundment, destruction, or modification of the violating device. Permits the Secretary of Commerce to exempt certain devices used exclusively for legitimate business purposes. Subtitle D: Effective Dates - Sets forth effective dates for provisions of this title. Title IV: Legal and Regulatory Reforms Act of 1987 - Legal and Regulatory Reforms Act of 1987 - Subtitle A: Product Liability Reform Act of 1987 - Product Liability Reform Act of 1987 - Preempts inconsistent State law, within limitations contained in this Act. States that this Act shall not apply to liability relating to certain nuclear incidents governed by the Price-Anderson Act and the Atomic Energy Act of 1954. Limits liability for damages in a product liability action to instances in which: (1) a person was negligent in the design, production, distribution, or sale of the product; or (2) the product was defective in such a way as to make it unreasonably dangerous, and the technology at the time the product was produced would have permitted discovery and elimination of such defect. Denies liability in instances when the injury is related to: (1) an unreasonable or unforeseeable use or alteration of the product; or (2) the failure to warn or instruct concerning danger associated with the product if that danger is apparent to a reasonable person or is a matter of common knowledge or if the product is used in an unreasonable or unforeseeable way. Prohibits application of the doctrine of joint and several liability to product liability actions, except in cases when persons acting in concert are the proximate cause of the injury. Limits to $200,000 the amount of noneconomic damages that can be recovered. Permits structured settlements and periodic payment of damages awarded for future economic losses exceeding $100,000. Requires that damage awards be offset by amounts received as compensation for the same injury from specified collateral sources. Establishes a contingency fee schedule to govern compensation for plaintiffs' attorneys. Directs the Attorney General to provide to the Congress recommendations to encourage the creation, adoption, and use of alternative dispute resolution techniques in civil disputes filed in Federal courts. Subtitle B: Antitrust Amendments Act of 1987 - Antitrust Amendments Act of 1987 - Part I: Antitrust Equal Enforcement Act of 1987 - Antitrust Equal Enforcement Act of 1987 - Amends the Clayton Act to direct the court, in an antitrust action, to reduce the claim of any claimant who releases any person from liability by the greatest of: (1) a stipulated amount; (2) the consideration paid for release; or (3) the actual damages fairly allocable to the released person (or treble such damages where the claim is for treble damages) and interest thereon. Requires the court, in an action based on a contract, combination, or conspiracy among competitors, to conclusively presume that a person has been released from liability if: (1) such person has not been joined as a defendant; and (2) the defendant has established that such person is legally or practically available as a party to the action. Requires damages based on a price-fixing agreement between competitors to be allocated on the basis of: (1) each competitor's proportionate share of the total competitors' overcharges or underpayments where the claim is based on damages sustained by reason of overcharges or payments resulting from a price-fixing agreement; or (2) each party's relative responsibility for the origination or perpetration of the antitrust violation, whichever method the court determines to be more equitable. Part 2: Antitrust Remedies Improvements Act of 1987 - Antitrust Remedies Improvements Act of 1987 - Amends the Clayton Act to reduce the amount recoverable in a private antitrust action from treble to actual damages sustained, except when the damages are sustained by reason of the plaintiff's being overcharged or underpaid by the liable party. Requires payment to the prevailing plaintiff in an actual damage case, or a treble damage case under specified circumstances, of interest on actual damages for the period beginning on the date of injury and ending on the date of judgment (prejudgment interest). Entitles the United States to recover treble damages when it is injured by being overcharged or underpaid by an antitrust violation. Provides for the payment of prejudgment interest on the actual damages recovered by the United States in an antitrust action. Provides for the payment of prejudgment interest on the total damage recovered in antitrust actions commenced by State attorneys general. Directs the court to award the cost of suit, including a reasonable attorney's fee, to a substantially prevailing defendant in a private antitrust action or a private action for injunctive relief against an antitrust violation if the court finds that the plaintiff's conduct was frivolous, unreasonable, without foundation, or in bad faith. Part 3: Foreign Trade Antitrust Improvements Act of 1987 - Foreign Trade Antitrust Improvements Act of 1987 - Amends the Sherman Act to require the court in an antitrust action involving commerce with foreign nations, except for good cause shown, to hear and determine a motion to dismiss the action for lack of subject matter jurisdiction before conducting or permitting the parties to conduct further proceedings. Amends the Clayton Act to require a court to dismiss any antitrust action involving foreign commerce whenever it determines that the exercise of jurisdiction would be unreasonable primarily on the basis of the following factors: (1) the relative significance of conduct within the United States compared to conduct abroad; (2) the nationality of the parties; (3) the presence of a purpose to affect United States consumers or competitors; (4) the relative significance and foreseeability of the effects of the conduct on the United States compared to the effects abroad; (5) the existence of reasonable expectations that would be furthered or defeated by the action; and (6) the degree of conflict with foreign law or foreign economic policies. Directs the court to hear and determine any motion to dismiss on such basis before conducting further proceedings. Provides that nothing in this Act authorizes the court to consider the effect of an action sought to be dismissed on the foreign political relations of the United States. Declares that the doctrine of forum non conveniens (providing that a court dismiss a case that should be tried in another more convenient and appropriate forum) shall be applicable in any antitrust action involving foreign commerce. Part 4: Interlocking Directorate Act of 1987 - Interlocking Directorate Act of 1987 - Amends the Clayton Act to prohibit any person from serving as a director in two or more corporations if each (currently, any) of such corporations has capital, surplus, and undivided profits aggregating more than $10,000,000 (currently, $1,000,000). Establishes exceptions to such interlocking directorate prohibition where the sales of each corporation of each product or service sold in competition with the other corporations: (1) are less than five percent of such corporation's total sales, unless such corporation's sales of all such products or services exceed 25 percent of its total sales; (2) added to such corporation's sales of all other such products or services are less than $1,000,000; or (3) are less than three percent of the total sales in each line of commerce in each section of the country in which such corporations compete. Increases the $10,000,000 and $1,000,000 threshold amounts by the percentage increase in the gross national product for the preceding fiscal year. Part 5: Merger Modernization Act of 1987 - Merger Modernization Act of 1987 - Amends the Clayton Act to revise the standard of anticompetitive effects required to prohibit a merger. Prohibits a merger if there is a significant probability that the merger will substantially increase the ability to exercise market power. Defines "the ability to exercise market power" as the ability of one or more firms to maintain prices above competitive levels profitably for a significant period of time. Directs the courts, in determining whether a merger will substantially increase the ability of a firm to exercise market power, to consider all economic factors relevant to the affected markets, including: (1) the difficulty of entry by foreign or domestic firms into the market; (2) efficiencies derived from the merger; and (3) any other evidence indicating whether the merger will increase the ability to exercise market power. Subtitle C: Interstate Commerce Commission Sunset Act of 1987 - Interstate Commerce Commission Sunset Act of 1987 - Amends the Interstate Commerce Act to terminate, as of October 1, 1987, the Interstate Commerce Commission (ICC) as an independent executive agency of the U.S. Government. Transfers to the Secretary of Transportation the functions, powers, and duties of the ICC relating to the regulation of rail transportation and to certain other surface transportation regulation. Prohibits any State or its political subdivison or any interstate or other political agency of two or more States from enacting or enforcing any law, rule, or standard relating to interstate or intrastate rates, routes, or services of motor carriers, motor private carriers, water carriers, freight forwarders, or transportation brokers. Authorizes the President to take certain action upon a determination that the government of a contiguous foreign country has engaged in unfair, discriminatory, or restrictive practices having a substantial adverse competitive impact upon certain U.S. transportation companies. Requires the Secretary of Transportation to submit to the Congress, two years from the effective date of this Act, a status report and evaluation concerning the implementation of the National Governors' Association Consensus Agenda on standards for uniform State regulation of interstate motor carriers. Transfers to the Federal Trade Commission (FTC) jurisdiction over certain regulation of motor carriers, water carriers, freight forwarders, and railroad passenger carriers. Grants to the FTC the exclusive power to enforce certain regulations governing the transport of household goods. Requires the FTC, within 120 days of this Act's enactment, to review and revise such regulations to eliminate unnecessary regulation and to ensure that shippers of household goods receive adequate protection in their dealings with carriers. Identifies the administrative procedure to govern such FTC rulemaking, including provisions for judicial review. Requires such rule review and revision to be completed within one year following its initiation. Requires that all U.S. departments and agencies conform their rules to those finally promulgated by the FTC within one year after such promulgation. Repeals statutory limitations on purchases by common carriers in cases of interlocking directorates. Subtitle D: Oil Pipeline Regulatory Reform Act of 1987 - Oil Pipeline Regulatory Reform Act of 1987 - Amends the Department of Energy Organization Act to authorize the Attorney General to petition the Secretary of Energy for an adjudication of whether continued regulation of an existing pipeline is in the public interest. Directs the Secretary, upon receipt of such petition, to conduct such adjudication according to prescribed guidelines. Terminates Federal Energy Regulatory Commission regulatory jurisdiction over an existing pipeline that is not the subject of such a petition 120 days after the effective date of this Act, unless before then a joint resolution is enacted directing the Secretary to conduct an adjudication of whether regulation of such pipeline is in the public interest. Prescribes adjudication guidelines under which the Secretary is directed to find that regulation of a pipeline is in the public interest only if it is demonstrated that such regulation is necessary to constrain the exercise of substantial market power in a significant portion of the markets in which the pipeline operates. Terminates Commission regulatory jurisdiction over an existing pipeline if the Secretary finds that regulation over such pipeline is not in the public interest. Prescribes guidelines under which the Secretary is authorized to conduct an adjudication of whether, as a direct result of changed circumstances, regulation of an existing pipeline not then subject to Commission regulatory jurisdiction is in the public interest. Subjects an existing pipeline to commission regulatory jurisdiction at a future time if regulation is found to be in the public interest, even though such pipeline is not currently subject to such jurisdiction. Declares that new pipelines shall not be subject to Commission regulatory jurisdiction. States that the termination of Commission regulatory jurisdiction does not apply to its jurisdiction over crude oil or refined oil products transported prior to termination. Precludes transfer of Commission regulatory jurisdiction in any manner to any Federal agency. Declares the pipeline jurisdiction provisions inapplicable to the Trans-Alaska pipeline. Confers exclusive original jurisdiction over any petition for judicial review upon the U.S. Court of Appeals for the District of Columbia Circuit. Precludes from such judicial review any action of the Attorney General under this Act, including adjudication petitions. Authorizes both the Secretary and the Attorney General to promulgate regulations under this Act. Retains the applicability of all antitrust laws to pipeline transportation of crude oil or refined oil products. Subtitle E: Natural Gas Policy Act Amendments of 1987 - Natural Gas Policy Act Amendments of 1987 - Amends the Natural Gas Policy Act of 1978 to authorize the Federal Energy Regulatory Commission (the Commission) to: (1) allow any pipeline to transport natural gas on behalf of any person; (2) require pipelines to transport gas without discrimination; and (3) require pipelines which receive gas to provide nondiscriminatory transportation services. Requires the Commission (upon request by any person) to direct an interstate pipeline to provide transportation service (without discrimination) unless such a pipeline demonstrates to the Commission that it is incapable of providing such service. Removes wellhead price controls over all natural gas first sales beginning April 1, 1988. Removes such control with respect to certain gas sales contracts executed after the date of enactment of this Act. Removes Commission jurisdiction over first sales of natural gas committed or dedicated as of the day before enactment of this Act. Repeals Commission authority to specify the minimum duration of certain natural gas contracts (thus removing all non-price regulation of first sales of natural gas). Declares that, with respect to ceiling prices of certain natural gas sales, the last price paid for such gas shall be considered a federally established rate for purposes of an area rate clause. Amends the Powerplant and Industrial Fuel Use Act of 1978 to: (1) repeal the prohibitions against the use by electric powerplants and major fuel-burning installations of petroleum and natural gas as primary energy sources; (2) remove the restrictions placed upon Federal major fuel-burning installations with respect to the use of natural gas and petroleum as primary energy sources; and (3) repeal the guidelines for the emergency use of natural gas or petroleum as a primary energy source by any person operating a peakload powerplant or a major fuel-burning installation. Revokes the authority of the Secretary of Energy to require any major fuel-burning installation to furnish certain information regarding the use of primary energy sources of fuel. Amends the Natural Gas Policy Act of 1978 to repeal the natural gas incremental pricing provisions. States that incremental pricing rules promulgated by the Commission shall continue in effect only with respect to the flow-through of costs incurred before enactment of this Act, including any surcharges based on such costs. Subtitle F: Motor Vehicle Information and Cost Savings Act of 1987 - Motor Vehicle Information and Cost Savings Act of 1987 - Amends the Motor Vehicle Information and Cost Savings Act of 1987 to repeal, with specified exemptions, the average fuel economy standards for passenger automobiles. Mandates that fuel economy for any model type be measured according to procedures (established by the Administrator of the Environmental Protection Agency (EPA)) which produce results that simulate conditions of actual use. Mandates that such procedures require that fuel economy be conducted in conjunction with specified emission tests conducted under the Clean Air Act. Directs the EPA Administrator to determine by rule that quantity of diesel oil which is the equivalent of one gallon of gasoline. Sets forth guidelines under which any manufacturer is authorized to file a petition for judicial review of certain fuel economy or record-keeping rules promulgated by the Administrator. Repeals the requirement that manufacturers submit certain reports to the Secretary of Transportation. Requires every manufacturer to maintain records and submit reports. Amends automobile labeling requirements to provide that each automobile manufactured in any model year after the enactment of this Act shall bear a label in a prominent place stating that written information regarding fuel economy comparison among automobiles shall be made available by the EPA Administrator. Directs the EPA Administrator to compile fuel economy data to be included on such labels. Treats violations of such labeling requirements as violations of: (1) the Automobile Information Disclosure Act; and (2) the Federal Trade Commission Act regarding unfair or deceptive business practices. Repeals specified sections of the Motor Vehicle Information and Cost Savings Act. Directs the EPA Administrator to determine average fuel economy for any manufacturer that has a need to determine carryback credits. Subtitle G: Export Administration Amendments Act of 1987 - Export Administration Amendments Act of 1987 - Amends the Export Administration Act of 1979 to authorize the Secretary of Commerce to establish a distribution license appropriate for cosignees in the People's Republic of China. Excludes the People's Republic of China as an "other than controlled country" for purposes of export licenses authorizing U.S. exports and reexports of technology and related goods. Defines "affiliate" to include both governmental entities and commercial entities that are controlled in fact by controlled countries with respect to the prohibition or curtailment of exports of U.S. goods and technology to embassies and affiliates of controlled countries. Sets forth specified procedures for determining foreign availability of goods and technology from outside the United States to controlled countries. Defines "foreign availability" and "non-United States origin." Requires the Secretary to review on a continuing basis the availability to countries, other than controlled countries, from sources outside the United States of goods or technology that require a validated license to export. Requires the Secretary to designate such goods and technology as eligible for export to such countries upon the determination that such goods or technology from foreign sources are of similar quality and are available to such countries without effective restrictions. Permits the Secretary to make such a foreign availability determination on his or her own initiative upon receipt of an allegation from an export license applicant that such availability exists or upon the submission of a certification by a Technical Advisory Committee of appropriate jurisdiction as to the goods or technology involved. Provides that export licenses shall become valid, unless there is a risk of diversion to proscribed countries, 20 working days after the date an application to export goods and technology is filed with the Secretary. Extends to 35 days (currently 30 days) the time period that such licenses shall become effective in cases where the Secretary takes additional time to consider an application for such licenses. Sets forth provisions relating to: (1) guidelines for the Coordinating Committee on Export Controls to negotiate agreements with governments outside the Committee to restrict the export of goods and technology on the International Control List (ICL); (2) enforcement measures with respect to such agreements; and (3) removal of items from the ICL if such items continue to be available to controlled countries or if such items no longer serve the objectives of the Committee. Provides that any person, firm, or business affiliated or otherwise connected to any party convicted of violating specified statutory criminal provisions shall not be eligible to apply for an export license for a period up to ten years after the conviction. Extends, in instances of public interest or to prevent imminent violations of this Act, the effective period of temporary orders denying export privileges to 180 days (currently 60 days). Provides that the Secretary may extend such period for an additional 180 day period. (Currently, the additional period is 60 days.) Subtitle H: Financial Services Regulatory Efficiency Act of 1987 - Financial Services Regulatory Efficiency Act of 1987 - Part 1: Functional Regulation of Financial Institutions - Amends the Home Owners' Loan Act of 1933 to provide that no Federal association or institution insured by the Federal Savings and Loan Insurance Corporation (FSLIC) shall be subject to the supervision of the Federal Home Loan Bank Board (FHLBB) or the FSLIC upon the date such association or institution loses its status as a qualified thrift lender. Amends the National Housing Act to: (1) require the payment of FSLIC insurance premiums semiannually; (2) authorize the FSLIC to assess premiums against institutions based on the risks that the institutions present to the insurance fund; (3) authorize the FSLIC to pay premium rebates to certain institutions; and (4) require premiums to be paid in advance. Provides that no funds of any institution paid to the FSLIC shall be subject to any legal process by creditors of such institution. Establishes a uniform definition of "qualified thrift lender," including asset composition requirements, for purposes of the Federal Home Loan Bank Act, the Home Owners Loan Act of 1933, and the National Housing Act. Allows a gradual restructuring over ten years of the asset portfolios of State-chartered mutual savings banks included as qualified thrift lenders. Authorizes the FSLIC to grant temporary exceptions to asset composition requirements when severe economic or financial conditions threaten the system of insured institutions. Exempts certain small institutions from asset composition requirements. Bars an institution that loses its status as a qualified thrift lender from regaining such status for five years. Directs the FHLBB to give prompt notification of the failure of an FSLIC-insured Federal institution to meet the asset composition requirements for a qualified thrift lender to the institution, the Federal Banking Agency (FBA), the Federal Deposit Insurance Corporation (FDIC), and the Federal Reserve Board (FRB). Requires a disqualified institution, within a specified period, to either apply for and receive a State bank charter or receive a national bank charter. Requires the FDIC to insure the institution upon the granting of such charter. Provides for a two-year transition from regulation of a disqualified institution as a qualified thrift institution to regulation as a bank. Terminates FSLIC insurance and membership in, or eligibility for advances from, any Federal Home Loan Bank for such institution upon the granting of such charter. Permits the FHLBB or the FSLIC to retain jurisdiction over a disqualified institution for purposes of completing any administrative or enforcement action against such institution. Requires each FDIC-insured Federal savings bank, within 90 days after enactment of this Act, to elect either: (1) to be regulated as a bank, to retain FDIC insurance, and to receive a national bank charter; or (2) to be regulated as a qualified thrift lender and, if qualified, to be insured by the FSLIC. Amends the National Bank Act to require the Director of the FBA to grant a national bank charter to any Federal savings and loan association, Federal savings bank, or State-chartered savings and loan association, savings bank, building and loan association, homestead association, or cooperative bank that is disqualified as a qualified thrift lender and that fails to apply for, or receive, a State bank charter. Amends the Home Owners' Loan Act of 1933 to require an institution which satisfies qualified thrift lender requirements to be granted a Federal association charter if, at the time it applies, it is a qualified thrift lender, has FDIC insured accounts, is not subject to any administrative or enforcement action, and is in compliance with specified banking laws and regulations. Amends the Bank Holding Company Act of 1956 to exclude any qualified thrift lender that is FSLIC-insured or chartered as a Federal association from the definition of a "bank" for purposes of such Act. Makes technical and conforming amendments to the Federal Home Loan Bank Act, the Home Owners' Loan Act of 1933, the National Housing Act, and the Federal Deposit Insurance Act. Sets forth provisions governing the liability of the FSLIC and the FDIC to indemnify each other for costs incurred as a result of the failure of institutions which have converted from insurance by one corporation to insurance by the other pursuant to this Act. Part 2: Reorganization of the Regulatory Responsibilities for Commercial Banking Organizations - Establishes the FBA within the Department of the Treasury, replacing the Office of the Comptroller of the Currency. Directs the FBA to execute all Federal laws relating to the establishment, regulation, supervision, and examination of national banks and their holding companies. Replaces the Comptroller of the Currency and the Deputy Comptrollers with the Director of the FBA and Deputy Directors. Requires the salaries of FBA employees to be considered part of the expenses of bank examinations. Requires employee compensation to be paid from bank assessments. Amends the Federal Reserve Act to transfer FDIC supervisory authority over State nonmember insured banks (State-chartered, FDIC-insured banks that are not members of the Federal Reserve System) to the FRB. Authorizes the FRB to examine State nonmember insured banks, applicants, and affiliates. Requires FRB examiners and State supervisory authorities to share examination reports. Requires such banks to maintain adequate capital in relation to the character and condition of their assets, deposit liabilities, and other corporate responsibilities. Prohibits such a bank from reducing or retiring its capital without FRB approval. Requires each Federal Reserve Bank to establish a State Advisory Council to advise such Bank on the coordination of State and Federal supervision and examination activities. Repeals provisions prohibiting ownership of competing corporations by corporations organized to engage in international or foreign banking. Part 3: Bank Holding Company Amendments - Amends the Bank Holding Company Act of 1956 to define the "appropriate regulatory agency" of a bank holding company as: (1) the FBA when the principal bank subsidiary of the holding company is a national bank; and (2) the FRB when such principal subsidiary is a State bank or when the holding company is an international class holding company. Requires 60 days' prior notice to (currently, prior approval by) the appropriate regulatory agency of bank holding company formations and acquisitions. Authorizes consummation of such formation or acquisition unless, within such 60-day period, the appropriate regulatory agency has issued an order: (1) disapproving the transaction; or (2) suspending such period in order to obtain additional relevant information or to hold a hearing to determine whether to disapprove such transaction based on the recommendation of the FRB or the State supervisor with respect to an action by a State bank or of the FBA Director with respect to action by a national bank. Establishes a 30-day notice requirement for a company's acquisition of a bank through a reorganization in which persons exchange their shares of the bank for the same proportional share interest in a newly formed bank holding company, if: (1) such bank and holding company do not conduct activities other than banking or managing and controlling banks; and (2) such holding company meets capital and financial standards prescribed by the appropriate regulatory agency. Requires the exchange of transaction notices and comments between appropriate regulatory agencies. Permits an appropriate regulatory agency to dispense with: (1) interagency notice requirements and hearing requirements if immediate action is required to prevent the probable failure of a bank or holding company involved in the transaction; and (2) hearing requirements if an emergency exists requiring expeditious action. Requires any notificant not required to file a premerger notification under the Clayton Act to file lesser information as specified by the Attorney General, unless such a need for quick action exists, in which case the appropriate agency shall provide the Attorney General an opportunity to comment on the transaction. Bars judicial review of an agency failure to disapprove a transaction or an agency order not to disapprove a transaction unless such order contains restrictions. Specifies circumstances under which a transaction may be consummated before the expiration of the 60-day notice period. Directs an appropriate regulatory agency to consider the competitive effects of a proposed transaction only when transaction information is not submitted to the Attorney General for review because of aforementioned circumstances requiring quick action. Transfers the responsibility for determining permissible activities for bank holding companies from the FRB to the FBA. Authorizes the FBA Director to designate permissible activities that are closely related to banking or managing or controlling banks and to prescribe any appropriate limitations to such activities. Provides for the review and veto by the FRB of rules proposed by the FBA to designate such activities. Permits a veto if the FRB determines that such a rule would impair the stability of the banking system or adversely affect safe and sound financial practices. Deems such a veto to be an order for purposes of judicial review. Requires a bank holding company to give the appropriate regulatory agency 60 days prior notice before engaging in any authorized activity for the first time. Permits the holding company to commence such activity unless the agency issues an order disapproving it within such period. Lists agency criteria for reviewing proposed activity. Bars judicial review of an agency failure to disapprove a proposed activity or an agency order not to disapprove an activity, unless such order contains restrictions. Provides for the suspension of the 60-day period if the appropriate agency determines that a proposed activity is not authorized in order for the FBA to determine whether such activity is permissible. Authorizes the exchange of notices and comments on proposed activities between the FBA and the FRB. Permits the appropriate regulatory agency to dispense with notice and comment requirements under emergency circumstances. Gives the rulemaking and administrative authority for bank holding companies to the appropriate regulatory agencies. Requires each agency to provide the other with notice of any proposed change in rules, policy statements, or prudential standards for bank holding companies and subsidiaries and with a report on the basis for any decision to proceed with an action despite adverse comments from the other agency. Prohibits either agency from changing capital adequacy requirements or other prudential standards without the consent of the other. Requires the FRB and the FBA to: (1) coordinate bank holding company reporting requirements; (2) submit copies of reports on the condition of such a company to the FDIC; (3) accept in fulfillment of such reporting requirements for nonbank subsidiaries information required to be submitted pursuant to the Securities Exchange Act of 1934; and (4) minimize examinations of such subsidiaries by using the reports of applicable regulatory agencies or public or private bodies and by focusing on activities adversely affecting the safety and soundness or financial condition of a bank holding company subsidiary bank. Requires a bank holding company to: (1) notify the old and the new appropriate regulatory agency within ten days of a transaction or change in asset size which causes a change in the agency with regulatory jurisdiction over such company; and (2) register with the new appropriate regulatory agency within 30 days after such change. Requires the FRB to publish annually the amount of assets sufficient to cause a bank holding company to qualify as an international class holding company. Part 4: Deposit Insurance Amendments - Amends the Federal Deposit Insurance Act and the Federal Home Loan Bank Act to direct the FDIC and the FHLBB to establish uniform minimum capital standards and accounting principles for FDIC and FSLIC-insured institutions to be phased in over seven years. Authorizes the FDIC and the FHLBB to vary such standards during periods of severe economic and financial conditions. Requires the Secretary of the Treasury to prescribe such standards if the FDIC and the FHLBB fail to agree within two years. Permits each appropriate Federal banking agency to require higher levels of capital for institutions subject to its supervision. Authorizes the FDIC to: (1) establish a formula for determining the annual assessment rates for insured banks, and set the assessments for insured banks, on the basis of risks that the banks present to the Permanent Insurance Fund; and (2) vary such rates from the minimum of one-twelfth of one percent to a maximum of one-half of one percent of the bank's average assessment base. Modifies the structure of the FDIC Board of Directors by increasing the number of Board members from three to five and adding the Chairman of the FRB and the FBA Director as nonvoting members. Requires the President to designate the Chairman and Vice Chairman of the Board from among the voting members. Authorizes the FDIC: (1) in conjunction with the appropriate regulatory agency, to examine insured institutions that are seriously troubled financially, as well as a limited sample of other insured banks; (2) to accompany the appropriate regulatory agency on other examinations of nontroubled insured banks; and (3) to conduct an independent examination of an insured bank in a condition likely to result in a loss to the FDIC. Authorizes the FDIC to request the appropriate regulatory agency to take enforcement action, or if such agency declines, to take such action independently against any FDIC-insured bank or its officers or employees about to violate statutory standards relating to unsafe or unsound banking practices. Deletes as factors to be considered by the FDIC Board when evaluating bank applications for deposit insurance: (1) the convenience and needs of the community to be served by the bank; and (2) whether the bank's corporate powers are consistent with the purposes of the Federal Deposit Insurance Act. Designates the FRB (currently, the FDIC) as the "appropriate Federal banking agency" for State-chartered nonmember insured banks and foreign banks having insured branches for purposes of the Federal Deposit Insurance Act. Requires each insured State nonmember bank and each foreign bank having an insured branch which is not a Federal branch to make reports of condition to the Federal Reserve Bank in whose district such bank is located. Transfers from the FDIC to the FRB the authority to consent to the acquisition of foreign banks by State nonmember insured banks and to consent to the conversion of insured banks into State nonmember insured banks. Authorizes the appropriate Federal agency (currently, the FDIC) to require banks to report on the identity of persons receiving federally-related mortgage loans and on the nature and amount of such loans. Subjects to disapproval by the appropriate Federal regulator or State supervisor the acquisition of a closed insured bank or the merger of a failing insured bank in mutual form. (Current law requires approval of such an acquisition or merger by the primary Federal or State supervisor.) Directs the FDIC, before authorizing such an acquisition or merger, to: (1) provide the Attorney General with an opportunity to comment; and (2) consider the competitive effects of such transaction. Requires prior notice to (currently, prior approval by) the responsible agency before certain merger transactions among insured and noninsured banks may occur. Applies to such merger transactions the notice requirements applicable to bank holding company formations and acquisitions. Amends the Clayton Act to exempt from premerger notification requirements certain bank transactions subject to agency disapproval under the Home Owners' Loan Act of 1933, the National Housing Act, the Federal Deposit Insurance Act, and the Bank Holding Company Act where the agency has found that it must act immediately to prevent probable failure of the bank involved. Part 5: Expansion of State Supervision - State Depository Institutions Supervision Certification Act of 1987 - Directs the FRB, the FBA, and the FDIC to carry out this Act in a manner designed to transfer Federal supervisory and enforcement authority over State-chartered banks and holding companies to the States. Requires the FHLBB to establish a program designed to do the same with respect to State-chartered insured institutions. Directs the FRB to solicit States' views in promulgating regulations to establish criteria for certifying State banking agencies to assume Federal supervisory and enforcement responsibilities over State banks and affiliates. Sets forth requirements for State applications for certification. Subjects a grant of certification to such conditions and limitations as the FRB deems appropriate and to the residual authority and oversight of the FRB. Authorizes the granting of various Federal responsibilities in accordance with the circumstances of each State. Permits the FDIC to decline deposit insurance recommended by a certified State banking agency. Requires the FRB to submit copies of certification applications to the FBA and the FDIC for review and comments. Empowers and directs the FDIC to disapprove an application upon finding it involves undue risks to the deposit insurance fund. Sets forth the authority and responsibility of the FRB to review the performance of certified State banking agencies. Authorizes the FRB to disapprove a State agency action on an application, policy, or rule relating to bank holding companies. Gives the FRB residual authority to take enforcement actions with respect to any institution for which the FRB is otherwise the appropriate regulatory agency. Requires certification renewal every five years. Authorizes the FRB to: (1) modify or terminate a State's certification if necessary to ensure compliance with this Act or with FRB regulations or if warranted because of changes in State supervisory programs; and (2) suspend or revoke a certification upon determining that a State agency's action is inconsistent with Federal law. Authorizes the FRB, the FDIC, the FBA, and the FHLBB to provide certification training assistance. Requires the FRB, the FDIC, and the FHLBB to cooperate with any cooperative interstate examination agency established by the States or the private sector to provide examination reports to agencies. Exempts any actions of the FRB, the FDIC, or the FHLBB with respect to certifications from judicial review. Part 6: Simplification Amendments - Eliminates requirements for prior approval from, or notification to, a Federal agency for a national or State bank to establish branches (including electronic facilities only where such facilities are considered to be branches under State law) unless the FBA or the FRB determines that prior approval or notice is necessary because of adverse considerations relating to the financial or managerial resources of the bank involved. Authorizes national banks to engage in interstate branching to the same extent that State-chartered banks are so authorized. Exempts depository institutions having total assets of less than $300,000,000 from the Home Mortgage Disclosure Act of 1975 (1985 dollars) and the Community Reinvestment Act of 1977 (1987 dollars). Repeals the Federal Financial Institutions Examination Council Act of 1978, thus terminating the Financial Institutions Examination Council. Divides the expenses and assets of the Council equally among the FBA, the FRB, the FDIC, the FHLBB, and the National Credit Union Administration. Amends the Federal Deposit Insurance Act to include FSLIC-insured institutions as "insured banks" for purposes of provisions requiring prior approval of mergers. Continues the FDIC-insured status of a State member bank that becomes a State nonmember bank. Eliminates the requirement that insured State nonmember banks receive the FDIC's prior approval to reduce or retire capital notes and debentures. Amends the Change in Bank Control Act of 1978 to authorize regulatory agencies to exempt certain transactions from change in control application requirements in the public interest. Amends the Federal Deposit Insurance Act to prohibit any person who has been convicted of any criminal offense involving dishonesty or a breach of trust from serving as a director, officer, or employee of an insured bank or a bank holding company without the written consent of the FDIC. Permits the FDIC to waive subsequent written consent requirements for such person with respect to the same offense. Exempts the FBA, the FDIC, the FRB, and the FHLBB from: (1) National Historic Preservation Act requirements for consideration of the effects of any undertaking on any site or building included as a national historic building before approving Federal expenditures or granting any license; and (2) National Environmental Policy Act requirements for detailed environmental statements on proposed actions. Amends the Federal Reserve Act to transfer to the Secretary of the Treasury authority for the engraving, printing, and delivery of Federal Reserve notes. Part 7: Securities Simplification Act of 1987 - Amends the Securities Act of 1933 to delete provisions exempting any security issued or guaranteed by a bank from registration requirements. Includes as "exempt securities": (1) any interest in a depository instrument insured by the FSLIC and issued by a savings and loan association or similar institution that is supervised and examined by a State or Federal authority; (2) any security of a savings and loan association or savings bank issued in connection with a conversion of such entity from the mutual to stock form of ownership; (3) securities exchanged as part of a reorganization of a corporation into a holding company; and (4) a bank deposit account, a bank certificate or deposit, a banker's acceptance, a bank letter of credit, a bank debit account arising from a credit card, or any other bank deposit instrument when deemed to be a "security." Deletes provisions which excluded as "exempt securities" securities issued by a savings and loan association where the issuer took a fee from the purchaser exceeding three percent of the face value of the securities. Authorizes the Securities and Exchange Commission (SEC) to exempt from registration requirements any person, security, or transaction if such exemption is necessary in the public interest and consistent with the protection of investors. Designates as the "appropriate regulatory agency" for purposes of such Act: (1) the FBA for national banks, banks operating under the Code of Law for the District of Columbia, and bank holding companies where the principal bank subsidiary is a national or district bank; and (2) the FRB for all State banks, holding companies where the principal bank subsidiary is a State bank, and international class holding companies. Prohibits the FBA or the FRB from delegating to any State pursuant to the State Depository Institutions Supervision Certification Act of 1985 specified authority over the regulation of municipal securities or the national system for clearance and settlement of securities transactions. Repeals provisions requiring various bank regulatory agencies to administer and enforce disclosure requirements under such Act in lieu of the SEC. Requires the Attorney General, in performing identification and processing of fingerprints of officers and employees of members of national securities exchanges, brokers, dealers, registered transfer agents, and registered clearing agents, to provide the SEC and self-regulatory organizations with access to all criminal history record information. Amends the Investment Company Act of 1940 to prohibit the purchase by a registered investment company of shares of a broker, dealer, or investment adviser only where such person is an investment adviser to, or principal underwriter or promoter of, such registered company. Permits joint transactions between registered investment companies that have the same investment adviser or principal underwriter without prior SEC approval, if specified conditions are met. Provides that approval by an investment company's board of directors of the company's contract with, or compensation to, its investment adviser prevents any recovery in litigation brought by the SEC or by a shareholder of such company against such adviser for breach of fiduciary duty with respect to such compensation. Imposes litigation costs on parties that knowingly bring unfounded actions. Permits the SEC to grant certain orders which present no significant legal issue without prior public notice and comment. Amends the Investment Advisers Act of 1940 to exempt from registration requirements any investment adviser who furnishes investment advice which is solely incidental to personal financial planning, without recommending specific securities or receiving any compensation in connection with a securities transaction. Amends the Trust Indenture Act of 1939 to require an indenture trustee to file an annual report to indenture security holders concerning the trustee's eligibility and specified events only if a change in such eligibility, or if such an event, has occurred within the previous 12 months. Repeals the Public Utility Holding Company Act. Amends the Racketeer Influenced and Corrupt Organization statute (RICO) provisions of the Federal criminal code to prohibit a civil action under RICO against any person who has not been convicted of a RICO violation, or of two acts of racketeering activity included in the pattern of racketeering activity, alleged in the complaint. Prohibits any recovery of damages for pain and suffering. Allows the Attorney General to sue on behalf of the Government where the United States is injured as a result of a RICO violation and to recover treble damages and legal fees. Requires a plaintiff to commence an action within two years after the latest criminal conviction of the defendant. Part 8: National Bank Reorganizations - National Bank Corporate Reorganization Act - Revises the procedures applicable to corporate restructuring of national banking associations. Describes authorized types of reorganizations, including: (1) mergers with, or conversions into, State or Federal thrift institutions; and (2) restructuring under which a national bank becomes a subsidiary of a bank holding company or is acquired by a bank holding company. Sets forth reorganization procedures. Provides that each reorganization plan must be approved by a majority of the entire board of directors and by shareholders owning at least two-thirds of the capital stock outstanding. Requires a plan to specify the amount of cash or securities to be paid to the shareholders for their shares and the date and manner of the exchange. Outlines a revised share valuation procedure which includes selection of an appraisal committee of three persons. Provides for a limited court review of the committee's determination. Requires that dissenting shareholders be promptly paid the value of their shares, including an interest allowance, upon consummation of the reorganization. Describes the corporate status of the institution resulting from such reorganization as the combined corporate existence of the institutions or companies involved. Terminates the franchise of a national bank automatically upon its conversion into, or consolidation or merger with, another Federal or State depository institution under a Federal or State charter, other than a national bank charter. Exempts certain noncompetitive types of reorganizations from requirements for FBA approval and from notice, comment, and delayed consummation periods of the Bank Merger Act and from the delayed consummation period of the Bank Holding Company Act. Reduces from two-thirds to a majority the number of national bank directors who must reside in the State, territory, or district in which the bank is located throughout their terms of office. Eliminates a prior residency requirement. Title V: International Economic Environment Improvement Act of 1987 - International Economic Environment Improvement Act of 1987 - Subtitle A: Trade Competitiveness Act of 1987 - Trade Competitiveness Act of 1987 - Sets forth congressional findings regarding: (1) the international competitive environment; (2) trade policy and competitiveness; and (3) domestic policy and competitiveness in the international environment. Declares that the overall objectives of this Act are to enhance U.S. competitiveness and to strengthen the ability of the United States to shape the international economic environment. Declares that the overall U.S. negotiating objective with respect to trade agreements shall be to obtain more open and equitable market access and the harmonization, reduction, or elimination of trade barriers. Sets forth the U.S. policy and negotiating objectives for the Uruguay Round of the Multilateral Trade Negotiations. Sets forth U.S. negotiating objectives with respect to: (1) agricultural trade; (2) trade in services; (3) trade in intellectual property; (4) foreign direct investment; (5) dispute settlement; (6) safeguard measures; (7) unfair trade practices; (8) improvement of the General Agreement on Tariffs and Trade (GATT) and of the Multilateral Trade Negotiations agreements; and (9) workers' rights. Requires U.S. negotiators to take into account legitimate domestic objectives and to consult with State authorities on the negotiations in trade in services. Grants the President the authority to enter into trade agreements with foreign countries to harmonize, reduce, or eliminate trade barriers or distortions or to ameliorate or prohibit the imposition of such barriers if the President determines that such barriers unduly burden or restrict U.S. commerce or adversely affect the U.S. economy or that the imposition of such barriers is likely to result in a burden, restriction, or adverse effect. Requires the President, before entering into any such trade agreement, to consult with specified congressional committees. Sets forth the procedure for entering into a trade agreement to reduce trade barriers or to prohibit the imposition of such barriers. Grants the President the authority, whenever the President determines that any existing duties or import restrictions of the United States or of any foreign country are unduly burdening and restricting the foreign trade of the United States, to: (1) enter into trade agreements with foreign countries during the ten years after enactment of this Act; and (2) proclaim any modification or continuance of duties, continuance of duty-free treatment, or imposition of additional duties as appropriate. Amends the Trade Act of 1974 to require the President, in connection with any proposed trade agreements under specified provisions of this Act or the Trade Act of 1974, to publish and furnish the International Trade Commission (ITC) with lists of articles which may be considered for modification or continuance of duties, continuance of duty-free or excise treatment, or additional duties. Authorizes the President in connection with non-tariff trade agreements, to publish and furnish the ITC with lists of non-tariff matters which may be considered for modification. Requires the ITC, with respect to each article or non-tariff matter, to advise the President of the probable economic effects of such modifications on: (1) industries producing like or directly competitive articles; and (2) U.S. manufacturing, agriculture, mining, fishing, services, intellectual property, investment, labor, and consumers. Requires the ITC, in order to assist the President with respect to entering proposed trade agreements and developing U.S. trade policy, to investigate and report to the President as to the effects of modification of any barrier or other distortion to international trade on domestic workers, industries or sectors, purchasers, prices, and quantities of articles in the United States. Sets forth specified actions the ITC must take in preparing advice on trade matters to the President. Requires the President, before entering certain trade agreements, to: (1) seek information and advice with regard to such agreements from the Departments of Agriculture, Commerce, Defense, Interior, Labor, State, and Treasury and from the United States Trade Representative (USTR); and (2) hold public hearings for comments. Permits the President, when seeking certain trade agreements, to make a formal offer for the modification or continuance of any U.S. duty, import restrictions, barriers or distortions to international trade, the continuance of U.S. duty-free or excise treatment, or the imposition of additional duties, import restrictions, or other barriers to international trade, including trade in services, foreign direct investment, and intellectual property, with respect to any article or matter only after receiving a summary of the public hearings on such actions and advice from the International Trade Commission. Requires the President to seek information and advice from the private and public sectors with respect to negotiating objectives of and operations under proposed trade agreements under this subtitle and with respect to the development of U.S. trade policy. Directs the President to establish an Advisory Committee for Trade Negotiations. Permits the President to establish other advisory committees for industry, labor, agriculture, or service interests to provide general advice on U.S. trade policy. Requires the Advisory Committee for Trade Negotiations and appropriate advisory committees to meet and report to the President, the Congress, and the USTR on trade agreement negotiations entered into pursuant to this subtitle. Applies the provisions of the Federal Advisory Committee Act to such committees. Restricts the disclosure of trade secrets and commercial and financial information submitted in confidence to U.S. officers or employees in connection with trade agreement negotiations. Sets forth procedures relating to: (1) consultations of executive departments with trade advisory committees; and (2) the submission of information, and exclusion from participation of private organizations in trade agreement negotiations. Provides that specified provisions of the Food and Agriculture Act of 1977 relating to agricultural advisory committees shall not apply to the advisory committees established herein for industry, labor, agriculture, or service interests. Defines "non-Federal Government" to mean: (1) any State, territory, or possession of the United States, or the District of Columbia, or any political subdivision thereof; or (2) any agency or instrumentality of such entities. Directs, at the beginning of each regular session of the Congress, the Speaker of the House of Representatives and the President pro tempore of the Senate to designate congressional advisers on trade policy and negotiations. Declares that such advisers shall provide advice on the development of trade policy. Permits the USTR to accredit additional advisers for specific policy matters or negotiations. Requires the USTR to keep such advisers informed on matters affecting U.S. trade policy through consultations to be held not less than four times per year. Requires the USTR (currently, the President), on behalf of the President, to submit to the Congress and to each member a copy of any trade agreement entered into, along with the reasons for entering into it, in the light of the advice, if any, of the ITC and any other relevant considerations. Requires the President, before entering into a new trade agreement to grant new concessions or compensation to a foreign country that has an existing trade agreement with the United States or proclaiming modification or continuance of existing duties or duty-free treatment with respect to such agreement, to determine that such country is likely to retaliate against the United States for any increase or imposition of a duty affecting the commerce of such country. Amends the Bank Holding Company Act of 1956 to redefine "export trading company" for purposes of such Act. Amends the Federal Reserve Act to exempt from affiliate-loan restrictions covered under such Act transactions with an affiliate which is an export trading company as defined above. Prohibits the Board of Governors of the Federal Reserve System (the Board) from disapproving a proposed investment solely because of the proposed assets-to-equity ratio of an export trading company unless such ratio is greater than 25 to one. Prohibits the Board from imposing a dollar limit on the amount of goods an export trading company may maintain in inventory, unless such limit is necessary to prevent risks likely to adversely affect any subsidiary bank of an investor bank holding company. Amends the Export Trading Company Act of 1982 to require an applicant for a certificate of review (authorizing the applicant to engage in export trade activities) to specify in such application the members seeking export trade protection with such applicant under the certificate. Defines "applicant" for purposes of the issuance of such certificates. Requires a certificate of review to be issued to any applicant that establishes that its specific export trade activities and methods of operation will not result in a substantial lessening of competition or restraint of trade within the United States. Revises provisions relating to the admissibility of evidence in a proceeding requested because the Secretary of Commerce has denied an application to issue a certificate of review. Protects any member named in an issued certificate of review from a civil or criminal action brought under the antitrust laws. Revises the definition of "export trade" and defines the term "member" under the Export Trading Company Act of 1982 to mean any entity or person that is seeking protection under the certificate application. Expresses certain findings of the Congress concerning the need for an export promotion data system. Directs the Secretary of Commerce to develop and maintain an export promotion data system to monitor, organize, and disseminate through the Department of Commerce specified information concerning U.S. exports of goods and services and information on foreign countries involved in such exports. Directs the Secretary to report to the Congress within six months after the enactment of this Act concerning the implementation of these provisions. Directs the Secretary to undertake a study concerning the collection of trade-related data by the United States and whether such information can be effectively disseminated to public and private entities. Directs the Secretary to consult with specified sources and departments in conducting such study. Specifies various types of data which are to be considered "trade-related data" by the Secretary in conducting such study. Requires each Federal department to cooperate fully with the Secretary in providing requested information concerning such study. Directs the Secretary, within 18 months after the enactment of this Act, to report the findings and recommendations resulting from such study to the Senate Finance Committee and the House Ways and Means Committee. Amends the Trade Act of 1974 to provide that the ITC, when determining whether an increase in imports is a substantial cause or threat of serious injury to a domestic industry, should consider the condition of the industry over the course of the business cycle and shall not aggregate the causes of declining demand associated with a recession or economic downturn into a single cause of serious injury. Repeals provisions directing the ITC to recommend adjustment assistance as a remedy for such injury. Requires the ITC, in cases where it finds that specified import relief (for a period not to exceed five years) is necessary to prevent or remedy such injury, to determine whether a domestic industry (or segment thereof) would be competitive without further import relief. Sets forth specified economic factors the ITC shall consider in making such competitiveness assessment. Requires the ITC to recommend import relief of a scope and amount designed to assist a segment of an industry to become competitive if it finds that such industry can reasonably be expected to become competitive by the end of an appropriate period of import relief. Requires that the President receive from the ITC an affirmative finding under the competitiveness assessment test in order to provide appropriate import relief. Deletes provisions relating to presidential action on adjustment assistance petitions. Adds to the factors to be considered by the President when making a determination to provide import relief: (1) the likelihood that such relief would lead an industry or segment thereof to be competitive without further import relief upon the expiration of an appropriate period of such relief; and (2) any actions proposed by a trade association, firm, certified union, or group of workers to improve an industry's international competitive position. Deletes, with respect to the granting of such relief by the President, consideration of information relating to the extent to which workers in an industry have applied for adjustment assistance. Allows import relief to be reduced or terminated by the President upon the determination that the continuation of such relief: (1) in its present form can no longer reasonably be expected to lead to an industry (or segment thereof) that would be competitive after the expiration of an appropriate period of such relief; or (2) is no longer necessary to ensure a competitive industry. Requires the ITC, upon the request of the President or upon its own motion, to advise the President of its judgment as to the probable economic effect on the competitiveness of an industry (currently, on the industry) of the extension, reduction, or termination of such import relief. Adds to the possible actions the President shall undertake if he provides import relief: (1) the initiation of multilateral negotiations with foreign governments to address or otherwise alleviate the injury or threat of serious injury to such industry; and (2) the provision of Federal regulatory relief. Directs the President, if he decides to provide regulatory relief: (1) to order an expedited review of any Federal regulatory requirement; and (2) upon completion of such review, to take appropriate action within his authority or direct the head of an executive department or agency to take action to alter, ease, or eliminate such Federal requirement or, if such action is not within his authority or that of the executive department or agency, to request that the Congress enact legislation to amend, ease, or eliminate such Federal regulatory requirement. Exempts from disclosure under the Freedom of Information Act information and documentary material filed pursuant to such regulatory relief provisions. Prohibits such information or material from being made public except as may be relevant to administrative or judicial proceedings. Permits disclosure of such information or material to the Congress. Requires the President, upon request from an industry producing a perishable agricultural product and upon a finding that there is a reasonable indication that such industry is vulnerable to serious and irreparable injury as a result of surges in imports of a like or directly competitive product, to request the ITC to investigate and monitor such imports for a period not to exceed two years. Permits a person who has filed a petition with the ITC alleging serious injury substantially caused by imports that are, on the date of filing, subject to investigation and monitoring by the ITC, to request that emergency action be taken with respect to such imports. Requires the ITC, if a request for emergency action has been made, to promptly make an investigation to determine whether: (1) an increase in such imports of a perishable agricultural product is a substantial cause or threat of serious injury to an industry producing a like or directly competitive product; (2) the serious injury is likely to be difficult to repair by reason of the perishability of the like or directly competitive agricultural product of an industry; and (3) the serious injury cannot otherwise be prevented by an ITC investigation under normal time periods. Requires the ITC, if it finds that such criteria have been met, to: (1) find that amount a duty or import restriction on such article which is necessary to prevent or remedy such injury; and (2) give preference to an increase in or imposition of a duty on such imports, if such relief is feasible and would prevent or remedy such injury. Directs the ITC to report its findings to the President not later than 21 days after such a petition is filed. Requires the President, upon receiving an affirmative finding from the ITC, to provide emergency import relief for such industry, unless within seven days it is determined that provision of such relief is not in the national economic interest of the United States. Requires the President, if it is determined appropriate to provide such relief and in order to prevent the serious and irreparable injury or threat thereof, to: (1) proclaim specified import relief; and/or (2) order the suspension of the liquidation of articles subject to such an affirmative finding that are entered or withdrawn from the warehouse after the date of such finding, and order the posting of a cash bond for the entry of such articles. Provides for the termination of such emergency relief. Requires petitions alleging serious injury from imports that are subject to ITC investigation and monitoring to indicate whether emergency action is requested. Prohibits such request from being made 90 days after the ITC initiates such investigation and monitoring. Prohibits, with specified exceptions, the payment of trade adjustment assistance or the acceptance of petitions for such assistance by the Secretary of Labor after September 30, 1987. Provides for the termination of the trade adjustment assistance program. Repeals specified provisions of the Trade Act of 1974 relating to petitions for such assistance. Authorizes the Secretary of Commerce to take such actions as may be necessary to administer or liquidate grants, contracts, agreements, loans, or other obligations made by the Secretary. Sets forth provisions relating to the repayment of such loans and other obligations arising in connection with the payment of adjustment assistance prior to the effective date of this Act. Authorizes appropriations for the termination of such assistance. Amends the Trade Act of 1974 to require the determination of whether an act, policy, or practice by a foreign country is "unreasonable" to take into account reciprocal opportunities in the United States for foreign nationals and firms. Changes the deadline by which the United States Trade Representative (USTR) must make a recommendation to the President as to action that should be taken with respect to enforcement of the General Agreement on Tariffs and Trade, of specified trade agreements under the Trade Agreements Act of 1979, or unfair trade practices of foreign countries to the earlier of 30 days after the agreement's dispute settlement procedure is concluded or two years after the date the USTR investigation is initiated. Provides that such time limits may be waived by the petitioner requesting relief. Requires the USTR to submit semiannually a report to the Congress describing the commercial effects of actions to enforce such agreements or to respond to such unfair practices. Allows the President to take action on his own motion to enforce U.S. rights under trade agreements or respond to foreign trade practices. Requires the President to publish notice of his determination, including the reasons for it, in the Federal Register. Requires the President, unless he determines that expeditious action is required, to provide a public hearing (if requested) before taking action. Requires the USTR, upon written request, to make available to any person information concerning the nature of a specific trade policy or practice of a foreign government with respect to particular goods, services, investments, or intellectual property rights. Amends the Tariff Act of 1930 to change the method of dealing with dumping by nonmarket economy countries. Requires the administering authority, if it cannot determine the foreign market value of goods exported from a country with a State-controlled economy, to determine the foreign market value of such goods on the basis of the price at which comparable goods are sold at arm's length in the United States by the eligible market economy country with the lowest import price into the United States. Permits the administering authority, if the volume of imports from such eligible market economy country is insufficient to determine the foreign market value of such goods, to include additional eligible market economy countries in its determination of foreign market value. Permits the administering authority, if it determines that the prices of the eligible market economy country with the lowest import price do not accurately reflect fair value, if such prices cannot be adequately ascertained or adjusted, or if there is no eligible market economy country, to determine foreign market value of goods on the basis of either another eligible market economy country, or the constructed value of comparable goods in any country or countries other than a nonmarket economy country. Sets forth provisions relating to the administering authority's access to public information with respect to determining import prices. Defines "eligible market economy country" to mean a foreign country which is not a nonmarket economy country, in which comparable merchandise is produced for export to the United States, and which the administering authority determines is appropriate for use in calculating foreign market value, taking into account specified factors. Defines "lowest import price" to mean the lowest average price of comparable merchandise that is sold to the United States from an eligible market economy country over the applicable period of an import investigation. Defines "comparable merchandise" to mean merchandise contained in the same applicable numbers of the Tariff Schedules of the United States. Allows the administering authority to suspend an investigation in which foreign market value is determined upon acceptance of an agreement with a nonmarket economy country to restrict the volume of imports of merchandise which is the subject of an investigation. Provides that the countervailing duty laws shall not apply to merchandise from nonmarket economy countries. Provides that component products introduced into U.S. commerce that are covered by an antidumping finding or an antidumping or countervailing duty order and that are assembled in the United States shall be covered by such orders, provided that: (1) such components are imported from the country covered by such finding or order; (2) the value added in the United States is small in relation to the total value of the merchandise entered into the United States; and (3) such components were exported by a company related to the company performing the assembly in the United States. Provides similar provisions with respect to merchandise that is assembled in third world countries and merchandise that has been slightly altered in form or appearance. Revises the method for calculating foreign market value by adding that where taxes imposed in the country of exportation on exported merchandise are rebated or not collected, such value shall be decreased by the amount of such taxes imposed on such merchandise sold for home consumption. Requires the ITC, within 180 days after the administering authority notifies the ITC that a countervailing duty order applies to merchandise for which there was no injury determination and that international obligations of the United States, as determined by the USTR require such determination to be made, to make a determination of whether: (1) an industry would be materially injured or threatened with material injury; or (2) the establishment of an industry would be materially retarded, if the outstanding countervailing duty order on imports of duty-free merchandise were revoked. Suspends, pending receipt of the ITC's injury determination, the liquidation of entries covered by such order which are entered of withdrawn from warehouse for consumption on or after the date of the injury determination. Requires the outstanding countervailing duty order, including any cash deposits, to remain in effect. Requires the administering authority, pending receipt of the ITC's injury determination, to suspend any administrative review of such order which covers such merchandise on or after the effective date of the injury requirement. Requires the administering authority, upon an affirmative determination of injury by the ITC, to liquidate entries of merchandise that were suspended and to continue the suspension of liquidation and the collection of duties required to be deposited. Requires the countervailing duty order to remain in effect until revoked. Requires the administering authority, upon a negative determination of injury by the Commission, to revoke such order, publish notice of such revocation in the Federal Register, and refund, without interest, any countervailing duties collected during the period of suspension of liquidation. Requires the ITC, if the administering authority notifies the ITC that U.S. obligations require an injury determination and if a preliminary determination of whether a subsidy is being paid with respect to imported merchandise has not been made, to commence an investigation of injury as if it had been informed by the administering authority that a countervailing duty investigation was being instituted. Requires the ITC, if the administering authority has made a preliminary determination as to whether a subsidy is being paid, to commence an investigation of injury as if such preliminary determination was made on the effective date of the injury requirement. Requires the ITC to make: (1) its preliminary determination of injury not later than 45 days after it receives notification from the administering authority that U.S. obligations require such determination; and (2) its final determination not later than 120 days after such notification. Declares that the lawfulness of acts of importation into, or sale in, the United States of articles that infringe a valid U.S. patent, copyright, trademark, mask work, or trade secret shall be determined without regard to whether such acts have the effect of destroying, substantially injuring, or preventing the establishment of a U.S. industry. Permits any person to petition the ITC for the issuance of an order to exclude such articles, during its investigation, from entry into the United States. Sets forth: (1) increased civil penalties for unfair practices in foreign trade; and (2) procedures for the modification or rescission of an ITC order with respect to such a practice. Sets forth provisions relating to: (1) default for persons who fail to appear or answer a complaint; and (2) confidentiality of information submitted to the ITC in connection with such complaint. Educational, Scientific, and Cultural Materials Importation Act of 1987 - Declares that it is the purpose of this subtitle to: (1) provide for the implementation of the Nairobi Protocol to the Agreement on the Importation of Educational, Scientific, and Cultural Materials (the Florence Agreement); (2) modify the duty-free treatment accorded under the Educational, Scientific, and Cultural Materials Importation Act of 1982 (the 1982 Act), under the Education, Scientific, and Cultural Materials Importation Act of 1966, and under another Act; and (3) continue the safeguard provisions concerning certain imported articles provided for in the 1982 Act. Amends the Tariff Schedules of the United States to provide duty-free treatment for: (1) catalogs of visual and auditory material of an educational, scientific, or cultural character; (2) architectural, engineering, industrial, or commercial drawings and plans; (3) loose illustrations, reproduction proofs or reproduction films used for the production of books; (4) certain other articles in microfilm, microfiche, and similar film media; and (5) crossword puzzle books. Provides for duty-free treatment of certain other articles whether or not in the form of microfilm, microfiches, or similar film media. Prohibits granting duty-free treatment to developed photographic film unless either: (1) a Federal agency determines that such article is visual or auditory material of an educational, scientific, or cultural character within the meaning of the Agreement for Facilitating the International Circulation of Visual and Auditory Materials of an Educational, Scientific, or Cultural Character; or (2) such article is imported by, or for the use of, an educational, scientific or cultural institution and is certified to be visual or auditory material of an educational, scientific, or cultural character or to have been produced by the United Nations or any of its specialized agencies. Provides duty-free treatment for articles determined to be visual or auditory materials in accordance with specified provisions. Provides duty-free treatment for: (1) tools specially designed to maintain or repair certain scientific instruments or apparatus; and (2) articles specially designed or adapted for the use or benefit of the blind or other physically or mentally handicapped persons. Authorizes the President to proclaim changes in the Tariff Schedules to narrow the scope of, place conditions on, or otherwise eliminate the duty-free treatment accorded the tools for scientific instruments and the articles for the blind or other handicapped persons under this Act if such duty-free treatment has significant adverse impact on a domestic industry. Authorizes the President to resume duty-free treatment of such articles under certain circumstances. Authorizes the President to proclaim changes to the Tariff Schedules to remove or modify any conditions and restrictions imposed by this Act on the importation of certain visual and auditory material in order to implement certain provisions of the Nairobi Protocol. Amends the Tariff Schedules to change the headnote relating to the method of applying for permission to import certain scientific instruments and apparatus. Directs the Secretary of the Treasury, in conjunction with the Secretary of Commerce, to obtain adequate statistical information on duty-free imports of articles for the blind and for other handicapped persons. Sets forth provisions relating to: (1) congressional approval of the International Convention on the Harmonized Commodity Description and Coding System; (2) acceptance of the final legal text of the Convention by the President; (3) implementation of amendments made by the Convention with respect to the Tariff Schedules of the United States; (4) the repeal of the current Schedules and adoption of and transition to new Schedules; and (5) the provision that the Convention shall be treated as a trade agreement obligation of the United States. Provides that a specified provision of the Trade Act of 1974 relating to termination of trade agreements shall not apply to the Convention. Amends the Tariff Schedules to repeal the prohibition against the importation into the United States of certain furskins from the Soviet Union. Amends the International Coffee Agreement Act of 1980 to extend the effective period of such Act until October 1, 1989. Amends the Tariff Act of 1930 to authorize the Secretary of the Treasury to collect fees for the provision of customs services performed in connection with the processing of merchandise that is entered, admitted into a foreign trade zone, or withdrawn from a warehouse, foreign trade zone, or other bonded status, to be paid by the importer of record of such merchandise. Directs the Secretary to establish fees sufficient to reimburse the Government for all direct and indirect costs of such commercial activities. Permits the Secretary to provide exemptions from such fees where he determines that collection of such fees is administratively impractical or inconsistent with a U.S. treaty or agreement. Requires such fees to be deposited in the Customs User Fee Account to be made available for the salaries and expenses of the Customs Service. Repeals specified provisions of the Consolidated Omnibus Budget Reconciliation Act of 1985 relating to fees for certain customs services. Subtitle B: Business Practices and Records Act of 1987 - Business Practices and Records Act of 1987 - Amends the Foreign Corrupt Practices Act to rename such Act the Business Practices and Records Act. Amends the Securities Exchange Act of 1934 to prohibit the imposition of criminal liability on securities issuers who fail to maintain an internal accounting system under such Act. Prohibits imposing civil injunctive relief with respect to: (1) an issuer who fails to maintain the required accounting system if the issuer tried in good faith to meet the requirement; or (2) any person other than an issuer in connection with an issuer's failure to comply with such requirements, unless such person knowingly caused the issuer to fail to comply. Prohibits anyone from knowingly circumventing such accounting system for a purpose inconsistent with the accountability and accuracy goals of such system. Requires only good faith efforts at ensuring compliance by issuers who hold 50 percent or less of the equity of domestic or foreign firms. Defines "reasonable assurance" and "reasonable detail." Repeals a provision of the Securities Exchange Act of 1934 relating to foreign corrupt practices by a securities broker or dealer and amends the Business Practices and Records Act to revise the prohibition against domestic concerns using the mails or any means of interstate commerce to further payments to obtain business with a foreign official. States that such a payment made directly or indirectly to a foreign official is illegal. Prohibits such payments that are made to: (1) influence a foreign official's act or induce such an official to violate a legal duty; or (2) induce a foreign official to affect a foreign government's act. Prohibits domestic concerns from using interstate commerce to direct or authorize an agent to further such a payment to a foreign official. Exempts from such prohibitions: (1) payments to foreign officials to expedite or to secure the performance of routine governmental action; (2) payments which constitute tokens of regard or esteem; (3) expenditures associated with selling, purchasing, or demonstrating goods; or (4) ordinary expenditures associated with performing a contract with a foreign government. Revises the fines and criminal penalties for violations of such Act. Empowers the Attorney General to undertake all civil investigations necessary to enforce the Act.