-Prohibits points of order to consider bills, joint resolutions, conference reports, or amendments containing “earmarks”:
          -Returns bills, joint resolutions, and conference reports to the calendar if a point of order is sustained.

-Defines “earmark” as a “provision…providing, authorizing, or recommending a specific amount of discretionary budget authority, credit authority, or other spending authority for a contract, loan, loan guarantee, grant, loan authority, or other expenditure with or to an entity, or targeted to a specific State, locality or Congressional district”.

-Specifies that provisions of this amendment will only apply to legislation in fiscal years 2011-2013.

-Exempts legislation that authorizes appropriations to federal entities, as long as the authorization is “not specifically targeted to a State, locality, or Congressional district”.

-Eight Senators, four to be selected by the Senate majority leader and another four to be selected by the Senate minority leader; -Eight Representatives, four to be selected by the Speaker of the House and another four to be selected by the House minority leader; -The Secretary of the Treasury; and -Another officer of the Executive branch, to be appointed by the President.

-The bill must be introduced no later than November 23, 2010, and shall proceed to consideration two days after being reported from committee; -Congress is prohibited from amending, postponing, or recommitting the bill; -The bill requires a three-fifths majority vote to pass; and -The bill must receive a vote on passage in both chambers of Congress no later than December 23, 2010.