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Full Text of this Amendment
At the appropriate place, insert the following:
SEC. __. ADDITIONAL FINANCIAL REPORTING.
(1) IN GENERAL.--Beginning with the first fiscal year beginning after the date of the enactment of this Act, Amtrak shall file with the Secretary of Transportation--
(A) not later than 60 days after the end of each fiscal year, an annual report containing the information required by the Securities and Exchange Commission to be included in annual reports under such sections on Form 10-K, as such form may be revised from time to time; and
(B) periodic reports within the time frame and containing the information prescribed in Form 8-K of the Securities and Exchange Commission, as such form may be revised from time to time.
(2) REGISTRANT DEFINED.--As used in the reports required under paragraph (1)--
(A) Amtrak shall be deemed to be the ``registrant'' described in the forms of the Securities and Exchange Commission; and
(B) references contained in such forms to Securities and Exchange Commission regulations are incorporated in this section by reference.
(3) INTERNAL CONTROL REPORT.--Beginning with the annual report for fiscal year 2010, Amtrak shall comply with the rules prescribed by the Securities and Exchange Commission implementing sections 302 and 404 of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7241 and 7262).
(b) Financial Reporting.--
(1) IN GENERAL.--The report required under subsection (a)(1)(B) shall include all revenue and expenses associated with rail operations by route, including asset depreciation.
(2) SEGMENT REPORTING.--Beginning with the reports for fiscal year 2010, Amtrak shall include segment reporting in the report required under subsection (a)(1)(A). Amtrak, after consultation with the Secretary of Transportation, shall determine the appropriate segment reporting under this paragraph.
(c) Supporting Matter.--The Secretary of Transportation shall have access to the audit documentation and any other supporting matter of Amtrak and its independent auditor in connection with any information submitted under this section.
(d) Revised Requirements.--The Secretary of Transportation may initiate proceedings (to be conducted in accordance with regulations that the Secretary shall prescribe) to improve the quality, accuracy, or completeness of Amtrak data required under this section if--
(1) the data have become significantly inaccurate or can be significantly improved; or
(2) the Secretary determines that those revisions are otherwise necessitated by the public interest.
(e) Confidential Information.--If Amtrak determines that any document or portion of a document, or other matter, provided to the Secretary of Transportation in a nonpublic annex under this section or under subsection (c) contains information that is exempt from public disclosure under section 552(b) of title 5, United States Code, Amtrak shall, at the time of providing such matter to the Secretary, submit written notification to the Secretary of such determination that describes the
documents or other matter for which confidentiality is sought and the reasons for such determination.
(f) Monthly Performance Reports.--Amtrak shall include in each monthly performance report--
(1) expenses relating to food and beverage operations, including the cost of meals and food and beverage contractor performance;
(2) expenses relating to non-payroll employees, including post-retirement health care expenses, supplemental executive retirement plans, and performance bonuses; and
(3) depreciation expenses for the capital assets on each passenger rail route.
(As printed in the Congressional Record for the Senate on Oct 29, 2007.)