Raise the Wage Act
Sponsored By: Representative Scott (VA)
Unknown
Summary
Raise the Wage Act This bill amends the Fair Labor Standards Act of 1938 (FLSA) to increase the federal minimum wage for employees to: (1) $8.00 an hour on January 1, 2016, or, if later, on the first day of the third month after enactment of this Act; (2) $9.00 an hour after one year; (3) $10.00 an hour after two years; (4) $11.00 an hour after three years; (5) $12.00 an hour after four years; and (6) the amount the Department of Labor determines (based on increases in the median hourly wage of all employees) after five years, and annually thereafter. The federal minimum wage for tipped employees shall increase to $3.15 an hour for one year on January 1, 2016, or the first day of the third month after enactment of this Act, whichever is later. Subsequent annual adjustments of the wage increase, according to a specified formula, shall ensure that it remains equal to the wage in effect under FLSA for other employees. Employers must notify their employees of the right to retain any received tips. The separate minimum wage requirements for tipped employees shall end, effective one day after the hourly wage established for them under this Act takes effect. The Department must publish any increase in the minimum wage in the Federal Register and on the Department's website 60 days before it takes effect.
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Sponsors & CoSponsors
Sponsor
Scott (VA)
VA • D
Cosponsors
Cleaver
MO • D
Sponsored 4/30/2015
Davis (IL)
IL • D
Sponsored 4/30/2015
DeGette
CO • D
Sponsored 4/30/2015
Pelosi
CA • D
Sponsored 4/30/2015
Hoyer
MD • D
Sponsored 4/30/2015
Clyburn
SC • D
Sponsored 4/30/2015
Rep. Becerra, Xavier [D-CA-34]
CA • D
Sponsored 4/30/2015
Rep. Crowley, Joseph [D-NY-14]
NY • D
Sponsored 4/30/2015
Sen. Luján, Ben Ray [D-NM]
NM • D
Sponsored 4/30/2015
Rep. Israel, Steve [D-NY-3]
NY • D
Sponsored 4/30/2015
DeLauro
CT • D
Sponsored 4/30/2015
Rep. Edwards, Donna F. [D-MD-4]
MD • D
Sponsored 4/30/2015
Rep. Bass, Karen [D-CA-37]
CA • D
Sponsored 4/30/2015
Chris Van Hollen
MD • D
Sponsored 4/30/2015
Rep. Brady, Robert A. [D-PA-1]
PA • D
Sponsored 4/30/2015
Rep. Brown, Corrine [D-FL-5]
FL • D
Sponsored 4/30/2015
Rep. Conyers, John, Jr. [D-MI-13]
MI • D
Sponsored 4/30/2015
Rep. Cummings, Elijah E. [D-MD-7]
MD • D
Sponsored 4/30/2015
Rep. DeFazio, Peter A. [D-OR-4]
OR • D
Sponsored 4/30/2015
Rep. Engel, Eliot L. [D-NY-16]
NY • D
Sponsored 4/30/2015
Grijalva
AZ • D
Sponsored 4/30/2015
Rep. Johnson, Eddie Bernice [D-TX-30]
TX • D
Sponsored 4/30/2015
Rep. Levin, Sander M. [D-MI-9]
MI • D
Sponsored 4/30/2015
Rep. Lowey, Nita M. [D-NY-17]
NY • D
Sponsored 4/30/2015
Pallone
NJ • D
Sponsored 4/30/2015
Sanchez
CA • D
Sponsored 4/30/2015
Adam Schiff
CA • D
Sponsored 4/30/2015
Rep. Slaughter, Louise McIntosh [D-NY-25]
NY • D
Sponsored 4/30/2015
Smith (WA)
WA • D
Sponsored 4/30/2015
Thompson (MS)
MS • D
Sponsored 4/30/2015
Velazquez
NY • D
Sponsored 4/30/2015
Waters
CA • D
Sponsored 4/30/2015
Rep. Hinojosa, Ruben [D-TX-15]
TX • D
Sponsored 4/30/2015
Rep. Davis, Susan A. [D-CA-53]
CA • D
Sponsored 4/30/2015
Courtney
CT • D
Sponsored 4/30/2015
Rep. Fudge, Marcia L. [D-OH-11]
OH • D
Sponsored 4/30/2015
Del. Sablan, Gregorio Kilili Camacho [D-MP-At Large]
MP • D
Sponsored 4/30/2015
Wilson (FL)
FL • D
Sponsored 4/30/2015
Bonamici
OR • D
Sponsored 4/30/2015
Pocan
WI • D
Sponsored 4/30/2015
Takano
CA • D
Sponsored 4/30/2015
Jeffries
NY • D
Sponsored 4/30/2015
Clark (MA)
MA • D
Sponsored 4/30/2015
Adams
NC • D
Sponsored 4/30/2015
DeSaulnier
CA • D
Sponsored 4/30/2015
Aguilar
CA • D
Sponsored 4/30/2015
Beatty
OH • D
Sponsored 4/30/2015
Bera
CA • D
Sponsored 4/30/2015
Beyer
VA • D
Sponsored 4/30/2015
Rep. Blumenauer, Earl [D-OR-3]
OR • D
Sponsored 4/30/2015
Boyle (PA)
PA • D
Sponsored 4/30/2015
Brownley
CA • D
Sponsored 4/30/2015
Rep. Bustos, Cheri [D-IL-17]
IL • D
Sponsored 4/30/2015
Rep. Butterfield, G. K. [D-NC-1]
NC • D
Sponsored 4/30/2015
Rep. Capps, Lois [D-CA-24]
CA • D
Sponsored 4/30/2015
Rep. Capuano, Michael E. [D-MA-7]
MA • D
Sponsored 4/30/2015
Rep. Cárdenas, Tony [D-CA-29]
CA • D
Sponsored 4/30/2015
Carson
IN • D
Sponsored 4/30/2015
Rep. Cartwright, Matt [D-PA-17]
PA • D
Sponsored 4/30/2015
Castor (FL)
FL • D
Sponsored 4/30/2015
Castro (TX)
TX • D
Sponsored 4/30/2015
Chu
CA • D
Sponsored 4/30/2015
Rep. Cicilline, David N. [D-RI-1]
RI • D
Sponsored 4/30/2015
Clarke (NY)
NY • D
Sponsored 4/30/2015
Rep. Clay, Wm. Lacy [D-MO-1]
MO • D
Sponsored 4/30/2015
Cohen
TN • D
Sponsored 4/30/2015
Rep. Delaney, John K. [D-MD-6]
MD • D
Sponsored 4/30/2015
DelBene
WA • D
Sponsored 4/30/2015
Rep. Deutch, Theodore E. [D-FL-22]
FL • D
Sponsored 4/30/2015
Dingell
MI • D
Sponsored 4/30/2015
Doggett
TX • D
Sponsored 4/30/2015
Tammy Duckworth
IL • D
Sponsored 4/30/2015
Rep. Ellison, Keith [D-MN-5]
MN • D
Sponsored 4/30/2015
Rep. Eshoo, Anna G. [D-CA-18]
CA • D
Sponsored 4/30/2015
Rep. Esty, Elizabeth H. [D-CT-5]
CT • D
Sponsored 4/30/2015
Rep. Farr, Sam [D-CA-20]
CA • D
Sponsored 4/30/2015
Rep. Fattah, Chaka [D-PA-2]
PA • D
Sponsored 4/30/2015
Foster
IL • D
Sponsored 4/30/2015
Frankel, Lois
FL • D
Sponsored 4/30/2015
Rep. Gabbard, Tulsi [D-HI-2]
HI • D
Sponsored 4/30/2015
Ruben Gallego
AZ • D
Sponsored 4/30/2015
Garamendi
CA • D
Sponsored 4/30/2015
Rep. Grayson, Alan [D-FL-9]
FL • D
Sponsored 4/30/2015
Green, Al (TX)
TX • D
Sponsored 4/30/2015
Rep. Green, Gene [D-TX-29]
TX • D
Sponsored 4/30/2015
Rep. Gutierrez, Luis V. [D-IL-4]
IL • D
Sponsored 4/30/2015
Rep. Hahn, Janice [D-CA-44]
CA • D
Sponsored 4/30/2015
Rep. Hastings, Alcee L. [D-FL-20]
FL • D
Sponsored 4/30/2015
Rep. Heck, Denny [D-WA-10]
WA • D
Sponsored 4/30/2015
Himes
CT • D
Sponsored 4/30/2015
Rep. Honda, Michael M. [D-CA-17]
CA • D
Sponsored 4/30/2015
Huffman
CA • D
Sponsored 4/30/2015
Rep. Jackson Lee, Sheila [D-TX-18]
TX • D
Sponsored 4/30/2015
Johnson (GA)
GA • D
Sponsored 4/30/2015
Kaptur
OH • D
Sponsored 4/30/2015
Keating
MA • D
Sponsored 4/30/2015
Rep. Kennedy, Joseph P., III [D-MA-4]
MA • D
Sponsored 4/30/2015
Rep. Kildee, Daniel T. [D-MI-5]
MI • D
Sponsored 4/30/2015
Rep. Kilmer, Derek [D-WA-6]
WA • D
Sponsored 4/30/2015
Rep. Kind, Ron [D-WI-3]
WI • D
Sponsored 4/30/2015
Rep. Kuster, Ann M. [D-NH-2]
NH • D
Sponsored 4/30/2015
Rep. Langevin, James R. [D-RI-2]
RI • D
Sponsored 4/30/2015
Larsen (WA)
WA • D
Sponsored 4/30/2015
Larson (CT)
CT • D
Sponsored 4/30/2015
Rep. Lawrence, Brenda L. [D-MI-14]
MI • D
Sponsored 4/30/2015
Rep. Lee, Barbara [D-CA-13]
CA • D
Sponsored 4/30/2015
Rep. Lewis, John [D-GA-5]
GA • D
Sponsored 4/30/2015
Rep. Loebsack, David [D-IA-2]
IA • D
Sponsored 4/30/2015
Lofgren
CA • D
Sponsored 4/30/2015
Rep. Lowenthal, Alan S. [D-CA-47]
CA • D
Sponsored 4/30/2015
Rep. Lujan Grisham, Michelle [D-NM-1]
NM • D
Sponsored 4/30/2015
Rep. Maloney, Carolyn B. [D-NY-12]
NY • D
Sponsored 4/30/2015
Rep. Maloney, Sean Patrick [D-NY-18]
NY • D
Sponsored 4/30/2015
Matsui
CA • D
Sponsored 4/30/2015
McCollum
MN • D
Sponsored 4/30/2015
Rep. McDermott, Jim [D-WA-7]
WA • D
Sponsored 4/30/2015
McGovern
MA • D
Sponsored 4/30/2015
Rep. McNerney, Jerry [D-CA-9]
CA • D
Sponsored 4/30/2015
Meeks
NY • D
Sponsored 4/30/2015
Meng
NY • D
Sponsored 4/30/2015
Moore (WI)
WI • D
Sponsored 4/30/2015
Moulton
MA • D
Sponsored 4/30/2015
Rep. Murphy, Patrick [D-FL-18]
FL • D
Sponsored 4/30/2015
Nadler
NY • D
Sponsored 4/30/2015
Neal
MA • D
Sponsored 4/30/2015
Rep. Nolan, Richard M. [D-MN-8]
MN • D
Sponsored 4/30/2015
Norcross
NJ • D
Sponsored 4/30/2015
Del. Norton, Eleanor Holmes [D-DC-At Large]
DC • D
Sponsored 4/30/2015
Rep. Pascrell, Bill, Jr. [D-NJ-9]
NJ • D
Sponsored 4/30/2015
Rep. Payne, Donald M., Jr. [D-NJ-10]
NJ • D
Sponsored 4/30/2015
Pingree
ME • D
Sponsored 4/30/2015
Del. Plaskett, Stacey E. [D-VI-At Large]
VI • D
Sponsored 4/30/2015
Rep. Price, David E. [D-NC-4]
NC • D
Sponsored 4/30/2015
Rep. Rangel, Charles B. [D-NY-13]
NY • D
Sponsored 4/30/2015
Rep. Rice, Kathleen M. [D-NY-4]
NY • D
Sponsored 4/30/2015
Rep. Richmond, Cedric L. [D-LA-2]
LA • D
Sponsored 4/30/2015
Rep. Roybal-Allard, Lucille [D-CA-40]
CA • D
Sponsored 4/30/2015
Ruiz
CA • D
Sponsored 4/30/2015
Rep. Ruppersberger, C. A. Dutch [D-MD-2]
MD • D
Sponsored 4/30/2015
Rep. Rush, Bobby L. [D-IL-1]
IL • D
Sponsored 4/30/2015
Rep. Sanchez, Loretta [D-CA-46]
CA • D
Sponsored 4/30/2015
Rep. Sarbanes, John P. [D-MD-3]
MD • D
Sponsored 4/30/2015
Schakowsky
IL • D
Sponsored 4/30/2015
Rep. Serrano, Jose E. [D-NY-15]
NY • D
Sponsored 4/30/2015
Sewell
AL • D
Sponsored 4/30/2015
Sherman
CA • D
Sponsored 4/30/2015
Rep. Sires, Albio [D-NJ-8]
NJ • D
Sponsored 4/30/2015
Rep. Speier, Jackie [D-CA-14]
CA • D
Sponsored 4/30/2015
Swalwell
CA • D
Sponsored 4/30/2015
Rep. Takai, Mark [D-HI-1]
HI • D
Sponsored 4/30/2015
Thompson (CA)
CA • D
Sponsored 4/30/2015
Tonko
NY • D
Sponsored 4/30/2015
Torres (CA)
CA • D
Sponsored 4/30/2015
Rep. Tsongas, Niki [D-MA-3]
MA • D
Sponsored 4/30/2015
Vargas
CA • D
Sponsored 4/30/2015
Rep. Visclosky, Peter J. [D-IN-1]
IN • D
Sponsored 4/30/2015
Veasey
TX • D
Sponsored 4/30/2015
Wasserman Schultz
FL • D
Sponsored 4/30/2015
Watson Coleman
NJ • D
Sponsored 4/30/2015
Peter Welch
VT • D
Sponsored 4/30/2015
Rep. Yarmuth, John A. [D-KY-3]
KY • D
Sponsored 4/30/2015
Lieu
CA • D
Sponsored 5/13/2015
Rep. Ryan, Tim [D-OH-13]
OH • D
Sponsored 5/13/2015
Rep. Kirkpatrick, Ann [D-AZ-1]
AZ • D
Sponsored 5/15/2015
Rep. Polis, Jared [D-CO-2]
CO • D
Sponsored 5/20/2015
Rep. Napolitano, Grace F. [D-CA-32]
CA • D
Sponsored 6/3/2015
Lynch
MA • D
Sponsored 6/3/2015
Rep. Higgins, Brian [D-NY-26]
NY • D
Sponsored 6/3/2015
Rep. Doyle, Michael F. [D-PA-14]
PA • D
Sponsored 6/3/2015
Rep. Walz, Timothy J. [D-MN-1]
MN • D
Sponsored 6/4/2015
Kelly (IL)
IL • D
Sponsored 6/16/2015
Quigley
IL • D
Sponsored 9/8/2015
Titus
NV • D
Sponsored 12/9/2015
Scott, David
GA • D
Sponsored 2/2/2016
Rep. Graham, Gwen [D-FL-2]
FL • D
Sponsored 7/14/2016
Roll Call Votes
No roll call votes available for this bill.
View on Congress.govRelated Bills
114-hr-1619 — Paycheck Fairness Act
Paycheck Fairness Act Amends the portion of the Fair Labor Standards Act of 1938 known as the Equal Pay Act to revise remedies for, enforcement of, and exceptions to prohibitions against sex discrimination in the payment of wages. Revises the exception to the prohibition for a wage rate differential based on any other factor other than sex. Limits such factors to bona fide factors, such as education, training, or experience. States that the bona fide factor defense shall apply only if the employer demonstrates that such factor: (1) is not based upon or derived from a sex-based differential in compensation, (2) is job-related with respect to the position in question, (3) is consistent with business necessity, and (4) accounts for the entire deferential in compensation at issue. Makes such defense inapplicable where the employee demonstrates that: (1) an alternative employment practice exists that would serve the same business purpose without producing such differential, and (2) the employer has refused to adopt such alternative practice. Revises the prohibition against employer retaliation for employee complaints. Prohibits retaliation for inquiring about, discussing, or disclosing the wages of the employee or another employee in response to a complaint or charge, or in furtherance of a sex discrimination investigation, proceeding, hearing, or action, or an investigation conducted by the employer. Makes it unlawful to require an employee to sign a contract or waiver prohibiting the employee from disclosing information about the employee's wages. Makes employers who violate sex discrimination prohibitions liable in a civil action for either compensatory or (except for the federal government) punitive damages. States that any action brought to enforce the prohibition against sex discrimination may be maintained as a class action in which individuals may be joined as party plaintiffs without their written consent. Authorizes the Secretary of Labor (Secretary) to seek additional compensatory or punitive damages in a sex discrimination action. Requires the Equal Employment Opportunity Commission (EEOC) and the Office of Federal Contract Compliance Programs to train EEOC employees and affected individuals and entities on matters involving wage discrimination. Authorizes the Secretary to make grants to eligible entities for negotiation skills training programs for girls and women. Directs the Secretary and the Secretary of Education to issue regulations or policy guidance to integrate such training into certain programs under their Departments. Directs the Secretary to conduct studies and provide information to employers, labor organizations, and the general public regarding the means available to eliminate pay disparities between men and women. Establishes the Secretary of Labor's National Award for Pay Equity in the Workplace for an employer who has made a substantial effort to eliminate pay disparities between men and women. Amends the Civil Rights Act of 1964 to require the EEOC to issue regulations for collecting from employers compensation data and other employment-related data (including hiring, termination, and promotion data) disaggregated by the sex, race, and national origin of employees for use in the enforcement of federal laws prohibiting pay discrimination. Directs: (1) the Commissioner of Labor Statistics to continue to collect data on woman workers in the Current Employment Statistics survey, (2) the Office of Federal Contract Compliance Programs to use specified types of methods in investigating compensation discrimination and in enforcing pay equity, and (3) the Secretary to make accurate information on compensation discrimination readily available to the public. Directs the Secretary and the Commissioner [sic] of the EEOC jointly to develop technical assistance material to assist small businesses to comply with the requirements of this Act.
114-hr-5044 — Making supplemental appropriations for fiscal year 2016 to respond to Zika virus.
This bill provides FY2016 emergency supplemental appropriations to the Departments of State and Health and Human Services (HHS) to prevent, prepare for, and respond to the Zika virus and other infectious diseases. The bill specifies permissible uses for the funds and designates the funds as an emergency requirement, which exempts the funds from discretionary spending limits. The bill provides appropriations to HHS for: the Food and Drug Administration, the Centers for Disease Control and Prevention, the National Institutes of Health, and the Public Health and Social Services Emergency Fund. The bill amends the Public Health Service Act to permit Project BioShield to be used to support the advanced development and procurement of medical countermeasures to diagnose, mitigate, prevent, or treat harm from any infectious disease that may pose a threat to the public health. (Under current law, Project BioShield supports only countermeasures against specific chemical, biological, radiological, and nuclear terrorist threats.) The bill temporarily increases from 55% to 65% the Medicaid Federal Medical Assistance Percentage in the territories (Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, and the Northern Mariana Islands). The bill provides appropriations to the Department of State for: the Administration of Foreign Affairs, the U.S. Agency for International Development, Bilateral Economic Assistance, International Security Assistance, and Multilateral Assistance. Unobligated balances of specified funds provided for the Ebola virus may be used to respond to the Zika virus and other infectious diseases.
114-hr-1786 — James Zadroga 9/11 Health and Compensation Reauthorization Act
James Zadroga 9/11 Health and Compensation Reauthorization Act Amends the Public Health Service Act to extend the World Trade Center (WTC) Health Program Fund indefinitely and index appropriations to the medical care component of the consumer price index for urban consumers. Makes funding available for: a quality assurance program for services delivered by health care providers, the WTC Program annual report, WTC Health Program Steering Committees, and contracts with Clinical Centers of Excellence. Amends the Air Transportation Safety and System Stabilization Act to make individuals (or relatives of deceased individuals) who were injured or killed in the rescue and recovery efforts after the aircraft crashes of September 11, 2001, eligible for compensation under the September 11th Victim Compensation Fund of 2001. Allows individuals to file claims for compensation under the September 11th Victim Compensation Fund of 2001 anytime after regulations are updated based on the James Zadroga 9/11 Health and Compensation Act of 2010. Removes the cap on payments under the September 11th Victim Compensation Fund of 2001. Adds the September 11th Victim Compensation Fund and World Trade Center Health Program Fund to the list of accounts that are not subject to budget sequestration.
114-hr-2867 — Voting Rights Advancement Act of 2015
Voting Rights Advancement Act of 2015 This bill amends the Voting Rights Act of 1965 to allow a representative official of an Indian tribe, with authorization from the governing body of the tribe, to request one or more polling places to be located on tribal lands. The state or political subdivision shall provide each requested polling place at no expense to the Indian tribe if certain criteria are met. A federal court shall retain jurisdiction to enforce constitutional voting guarantees, but also certain violations of the Act as well as of any federal prohibition against discrimination on the basis of race, color, or membership in a language minority group, for an appropriate period to prevent commencement of new devices to deny or abridge the right to vote. Requirements are revised for determining which states and political subdivisions are or are not covered by criteria for declaratory judgments that they have not used devices to deny or abridge the right to vote. Any state (and all of its political subdivisions) shall be subject to such requirements for a 10-year period if: 15 or more voting rights violations occurred there during the previous 25 years; or 10 or more violations occurred during the previous 25 years, at least one of which was committed by the state itself (as opposed to a political subdivision within it). Any specific political subdivision of a state shall also be subject to those requirements for a 10-year period if 3 or more violations occurred in it during the previous 25 calendar years. A state or political subdivision that obtains a declaratory judgment that it has not used a device to deny or abridge the right to vote shall be exempt from such requirements unless new violations occur after the declaratory judgment was issued. Each state and each political subdivision shall: (1) identify any newly enacted or adopted law, regulation, or policy that includes a voting qualification or prerequisite to voting, or a voting-related standard, practice, or procedure (covered practice); and (2) ensure that no such covered practice is implemented unless or until the state or political subdivision complies with certain preclearance requirements. This bill prescribes transparency requirements, including reasonable public notice, regarding any changes to: (1) voting prerequisites, standards, or procedures; (2) polling place resources; or (3) demographics and electoral districts. Department of Justice authority to assign observers receives new extensions, including authority to assign observers to enforce bilingual election requirements. Courts shall grant preliminary injunctive relief if a complainant raises a serious question whether the challenged covered practice violates the Act or the Constitution and, on balance, the hardship imposed upon the defendant by the relief will be less than the hardship on the plaintiff if the relief were not granted.
114-hr-4592 — Naismith Memorial Basketball Hall of Fame Commemorative Coin Act
Naismith Memorial Basketball Hall of Fame Commemorative Coin Act This bill directs the Department of the Treasury to mint and issue not more than 50,000 $5 coins, 400,000 $1 coins, and 750,000 half-dollar coins in recognition and celebration of the Naismith Memorial Basketball Hall of Fame. The coins shall be in the shape of a dome, and the design on the common reverse of the coins shall depict a basketball. Treasury shall hold a competition to determine the design of the common obverse of the coins, which shall be emblematic of the game of basketball. The bill requires all sales of such coins to include specified surcharges, which shall be paid by Treasury to the Hall to fund an endowment for its operations.
114-hr-1434 — Bank on Students Emergency Loan Refinancing Act
Bank on Students Emergency Loan Refinancing Act Amends title IV (Student Assistance) of the Higher Education Act of 1965 to direct the Secretary of Education to establish a program to refinance the unpaid principal, accrued unpaid interest, and late charges on: (1) the William D. Ford Federal Direct Loans (DLs) of qualified borrowers if the DLs were first disbursed or, in the case of Direct Consolidation Loans, applied for, before July 1, 2015; and (2) the Federal Family Education Loans (FFELs) of qualified borrowers as DLs. (FFELs were not disbursed after June 30, 2010.) Refinances the FFELs as Federal Direct Stafford, Unsubsidized Stafford, PLUS, or Consolidated Loans depending on the categorization of the FFEL as a Stafford, Unsubsidized Stafford, PLUS, or Consolidated Loan. Sets the interest rate on the refinanced loans, other than the Federal Direct Consolidation Loans, at the rate for the 12 months beginning on July 1, 2013, based on: (1) the DL's categorization; and (2) in the case of Stafford Loans, whether the loan was issued to an undergraduate or graduate student. Determines a refinanced Consolidation Loan's interest rate by: (1) weighing the proportion of the unpaid balance of the Consolidation Loan that each component loan represents, (2) setting the interest rate on each component loan at the lesser of the rate on the component loan for the 12 months beginning on July 1, 2013, or its original rate, and (3) applying the weighted average of the interest rates on those loans as the interest rate on the Consolidation Loan. Fixes the interest rate on the refinanced loans for the period of such loans. Directs the Secretary to establish eligibility requirements that are based on a borrower's income or debt-to-income ratio and that take into consideration providing access to refinancing for borrowers who have the greatest financial need. Requires the Secretary to establish a program to refinance the unpaid principal, accrued unpaid interest, and late charges on private education loans as Federal Direct Refinanced Private Loans if the private education loans were first disbursed to qualified borrowers before July 1, 2015, and were for their postsecondary educational expenses. Sets the interest rate on Federal Direct Refinanced Private Loans at the rate applicable for the 12 months beginning on July 1, 2013, to: (1) Direct Stafford and Unsubsidized Stafford Loans issued to undergraduates if the private education loan was issued for undergraduate expenses, (2) Direct Unsubsidized Stafford Loans issued to graduate or professional students if the private education loan was issued for graduate or professional studies, or (3) Direct PLUS Loans if the private education loan was issued for undergraduate and graduate or professional studies. Fixes the interest rate on such loans for the period of such loans. Directs the Secretary to establish eligibility requirements that: (1) are based on a borrower's income or debt-to-income ratio and take into consideration providing access to refinancing for borrowers who have the greatest financial need, (2) ensure eligibility only for borrowers in good standing, (3) minimize inequities between Federal Direct Refinanced Private Loans and other federal student loans, and (4) preclude windfall profits for private educational lenders. Requires qualified borrowers of such loans to undergo loan counseling before their private education loan is refinanced. Requires private educational lenders to report specified loan information to the Secretary, Congress, the Secretary of the Treasury, and the Director of the Consumer Financial Protection Bureau in order to allow for an assessment of the private education loan market. Directs the Secretary to undertake a campaign to alert borrowers that they may be eligible for refinancing under this Act. Amends the Internal Revenue Code to require an individual taxpayer whose adjusted gross income exceeds $1 million to pay a minimum tax rate of 30% of the excess of the taxpayer's adjusted gross income over the taxpayer's modified charitable contribution deduction for the taxable year (tentative fair share tax). Establishes the amount of such tax as the excess (if any) of the tentative fair share tax over the excess of: (1) the sum of the taxpayer's regular tax liability, the alternative minimum tax (AMT) amount, and the payroll tax for the taxable year; over (2) certain tax credits. Provides for a phase-in of such tax. Requires an inflation adjustment to the $1 million income threshold for taxable years beginning after 2016. Requires the Secretary to terminate this Act's refinancing programs on the earlier of the date: (1) when the net cost of carrying out the programs is equal to the Secretary's estimate of the amount of additional revenue generated during the 10-year period beginning on the date of this Act's enactment due to the fair share tax, or (2) that is two years after this Act's enactment.
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